Document:

EX-4.1

 EXHIBIT 4.1 

CITIBANK CREDIT CARD ISSUANCE TRUST 

Citiseries 
 Class 2018-A5 Notes 
 Issuer Certificate 

Pursuant to Sections 202 and 301(h) of the Indenture 

Reference is made to the Second Amended and Restated Indenture dated as of September 26, 2000, as amended and restated as of
August 9, 2011, and as further amended and restated as of November 10, 2016, between Citibank Credit Card Issuance Trust (the “Issuer”) and Deutsche Bank Trust Company Americas, as trustee (as so further amended and restated, the
“Indenture”). Capitalized terms used herein that are not otherwise defined have the meanings set forth in the Indenture. All references herein to designated Sections are to the designated Sections of the Indenture. 

Section 301(h) provides that the Issuer may from time to time create a tranche of Notes either by or pursuant to an Issuer Certificate
setting forth the principal terms thereof. Pursuant to this Issuer Certificate, there is hereby created a tranche of Notes having the following terms: 

Series Designation: Citiseries. This series is included in Group 1. 

Tranche Designation: $375,000,000 Floating Rate Class 2018-A5 Notes of August 2025 (Legal Maturity Date
August 2027) (hereinafter, the “Class 2018-A5 Notes”) 
 Currency: The Class 2018-A5 Notes will be payable, and denominated, in Dollars. 
 Denominations: The Class 2018-A5 Notes will be issuable in minimum denominations of $100,000 and multiples of $1,000 in excess of that amount. 

Issuance Date: August 8, 2018 
 Initial Principal
Amount: $375,000,000 
 Issue Price: 100% 

Interest Rate: The Class 2018-A5 Notes will accrue interest with respect to any interest period at a per
annum rate equal to the Class 2018-A5 Note Rate for such interest period, calculated on the basis of the actual number of days in such interest period divided by 360. The
“Class 2018-A5 Note Rate” means, with respect to the first interest period, [To Be Determined on August 6, 2018] per annum and, with respect to each interest period thereafter, a per annum
rate equal to LIBOR for such interest period plus 0.61%. 
 The Issuer will determine LIBOR for each applicable interest period on the second business day
before the beginning each interest determination date which is two business days before the beginning of that interest period. For purposes of determining LIBOR, a business day is any day on which dealings in deposits in U.S. Dollars are transacted
in the London interbank market. The “Designated Maturity” means one month. 

 “LIBOR” means, as of any date of determination, the rate for deposits in U.S. Dollars for
the Designated Maturity (commencing on the first day of the relevant interest period) which appears on the Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, on such date. Reuters Screen LIBOR01 Page” means the display page
currently so designated on the Reuters service for the purpose of displaying the London interbank offered rates of major banks for U.S. Dollars (or any other page as may replace that page on that service or any successor service displaying the
London interbank offered rates of major banks for U.S. Dollars). If such rate does not appear on the Reuters Screen LIBOR01 Page, the rate for that day will be determined on the basis of the rates at which deposits in U.S. Dollars are offered by
four major banks in the London interbank market selected by the Issuer (the “Reference Banks”) at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for the Designated Maturity
(commencing on the first day of the relevant interest period). The Issuer will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day
will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that day will be the arithmetic mean of the rates quoted by three major banks in New York City, selected by the Issuer, at
approximately 11:00 a.m., New York City time, on that day for loans in U.S. Dollars to leading European banks for a period of the Designated Maturity (commencing on the first day of the relevant interest period). If fewer than three New York City
banks selected by the Issuer are quoting rates as provided in the immediately preceding sentence, then the rate for the applicable date of determination for the current interest period will be the same as the rate determined for the immediately
preceding date of determination for the immediately preceding interest period. 
 Notwithstanding anything in the preceding three paragraphs herein under
“Interest Rate:” or in the Indenture to the contrary, if, on or prior to any interest determination date, Citibank, N.A. (or one of its affiliates) determines that LIBOR has been discontinued or is permanently no longer being published,
the Issuer will use a substitute or successor base rate that Citibank, N.A. (or one of its affiliates) has determined, in its sole discretion after consulting any source it deems to be reasonable, is (a) the industry-accepted substitute or
successor base rate or (b) if there is no such industry-accepted substitute or successor base rate, a substitute or successor base rate that is most comparable to LIBOR. Upon selection of a substitute or successor base rate, Citibank, N.A. (or
such affiliate) may determine, in its sole discretion after consulting any source it deems to be reasonable, the day count, the business day convention, the definition of business day, the interest determination date and any other relevant
methodology for calculating such substitute or successor base rate, including any adjustment factor it determines is needed to make such substitute or successor base rate comparable to LIBOR, in a manner that is consistent with industry-accepted
practices for such substitute or successor base rate. 
 Scheduled Interest Payment Dates: The 7th day of each month, beginning September 7,
2018. 
 Each payment of interest on the Class 2018-A5 Notes will include all interest accrued from and
including the preceding Interest Payment Date — or, for the first interest period, from and including the Issuance Date — to and including the day preceding the current Interest Payment Date, plus any interest accrued but not previously
paid. 

  
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 The first deposit targeted to be made to the Interest Funding
sub-Account for the Class 2018-A5 Notes will be on the September 6, 2018 Interest Deposit Date and in an amount equal to $[To Be Determined on August 6,
2018]. 
 Expected Principal Payment Date: August 7, 2025 

Legal Maturity Date: August 9, 2027 
 Monthly
Principal Date: For the month in which the Expected Principal Payment Date occurs, August 7, 2025, and for each other month, the 7th day of such month, or if such day is not a Business Day, the next following Business Day. 

Required Subordinated Amount of Class B Notes: $22,435,912.50 

Required Subordinated Amount of Class C Notes: $29,914,537.50 

Controlled Accumulation Amount: $31,250,000 
 Form of
Notes: The Class 2018-A5 Notes will be issued as Global Notes. The Global Notes will initially be registered in the name of Cede & Co., as nominee of The Depository Trust Company, and will be
exchangeable for individual Notes only in accordance with the provisions of Section 204(c). 
 Additional Issuances of Class 2018-A5 Notes: The Issuer may at any time and from time to time issue additional Class 2018-A5 Notes, subject to the satisfaction of (i) the conditions
precedent set forth in Section 311(a) and (ii) the following conditions: 
  

	 	(a)	 The Issuer has obtained written confirmation from each Rating Agency that there will be no Ratings Effect with
respect to the then outstanding Class 2018-A5 Notes as a result of the issuance of such additional Class 2018-A5 Notes; 

 

	 	(b)	 As of the date of issuance of the additional Class 2018-A5 Notes,
all amounts due and owing to the Holders of the then outstanding Class 2018-A5 Notes have been paid and there is no Nominal Liquidation Amount Deficit with respect to the then outstanding Class 2018-A5 Notes; 

  

	 	(c)	 The additional Class 2018-A5 Notes will be fungible with the
original Class 2018-A5Notes for federal income tax purposes; 

  

	 	(d)	 If Holders of the then outstanding Class 2018-A5 Notes have the
benefit of a Derivative Agreement, the Issuer will have obtained a Derivative Agreement for the benefit of the Holders of the additional Class 2018-A5 Notes; and 

 

	 	(e)	 The ratio of the Controlled Accumulation Amount to the Initial Dollar Principal Amount of the Class 2018-A5 Notes, including the additional Class 2018-A5 Notes, will be equal to the ratio of the Controlled Accumulation Amount (before giving effect to the
additional issuance) to the Initial Dollar Principal Amount of the Class 2018-A5 Notes, excluding the additional Class 2018-A5 Notes. 

  
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 As of the date of issuance of additional Class 2018-A5 Notes,
the Outstanding Dollar Principal Amount and Nominal Liquidation Amount of the Class 2018-A5 Notes will be increased to reflect the Initial Dollar Principal Amount of the additional Class 2018-A5 Notes. 
 Any outstanding Class 2018-A5 Notes and any
additional Class 2018-A5 Notes will be equally and ratably entitled to the benefits of the Indenture without preference, priority or distinction. 

Optional Redemption Provisions other than Section 1202 “Clean-Up Call”: None 

Additional Early Redemption Events or changes to Early Redemption Events: None 

Additional Events of Default or changes to Events of Default: None 

Business Day: means any day other than (a) a Saturday or Sunday or (b) any other day on which national banking associations or state banking
institutions in New York, New York or South Dakota, or any other state in which the principal executive offices of any Additional Seller are located, are authorized or obligated by law, executive order or governmental decree to be closed. 

Securities Exchange Listing: None 

  
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 The Class 2018-A5 Notes shall have such other
terms as are set forth in the form of Note attached hereto as Exhibit A. Pursuant to Section 202, the form of Note attached hereto has been approved by the Issuer. 

 

			
	CITIBANK CREDIT CARD ISSUANCE TRUST
		
	By 	 	Citibank, N.A.,
		 	as Managing Beneficiary
		
		 	 
		 	[Name]
		 	[Title]

 Dated: August 8, 2018 

  
 5 

 Citiseries 

Class 2018-A5 Notes 

Reference is made to the resolutions adopted by the Board of Directors of Citibank, N.A. on January 18, 2018, and April 25, 2018.
The resolutions authorize Citibank, N.A. from time to time to issue and sell, or to arrange for or participate in the issuance and sale of, one or more series and/or classes of pass-through certificates, participation certificates, commercial paper,
notes, bonds or other securities representing ownership interests in, or backed or secured by, pools of credit card receivables or interests therein (the “Receivables”) in an aggregate principal amount such that up to $45,000,000,000 of
such certificates, commercial paper, notes, bonds or other securities are outstanding at any one time and to sell, transfer, convey, assign or pledge or grant a security interest in all or any portion of its Receivables to Citibank Credit Card
Master Trust I, Citibank Omni Trust or any direct or indirect subsidiaries of Citibank, N.A., affiliates of Citigroup Inc., additional trusts or other entities or trustees in connection therewith on such terms as to be determined by the Citibank,
N.A. Securitization Pricing and Loan Committee (the “Pricing and Loan Committee”). 
 The undersigned, a duly authorized member of
the Pricing and Loan Committee, on behalf of such Pricing and Loan Committee, does hereby certify that the preceding Issuer Certificate, the terms of the tranche of Notes set forth in and to be created by the Issuer Certificate and the increase in
the Invested Amount of the Collateral Certificate resulting from the issuance of such Notes have been approved by such Pricing and Loan Committee. In addition, the following underwriting/selling agent terms with respect to this tranche of Notes have
been approved by the Pricing and Loan Committee: 
 Issue Price: 100% 

Underwriting Commission: 0.325% 

Proceeds to Issuer: 99.675% 

Representative of the Underwriters: Citigroup Global Markets Inc. 

The preceding Issuer Certificate and this certification of Pricing and Loan Committee approval shall be, continuously from the time of their
execution, official records of Citibank, N.A. 
  

	
	   

	[Name]
	Member of the Securitization Pricing and Loan Committee
	Citibank, N.A.

 Dated: August 8, 2018 

  
 6 

 Exhibit A 

FORM OF 
 CITISERIES 

FLOATING RATE CLASS 2018-A5 NOTES OF AUGUST 2025 

(Legal Maturity Date August 2027) 
  

			
	$375,000,000	  	REGISTERED
	CUSIP No. 17305E GP4	  	No. R-1

 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 AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN AND IN THE
INDENTURE REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

CITIBANK CREDIT CARD ISSUANCE TRUST 

CITISERIES 
 FLOATING RATE CLASS 2018-A5 NOTES OF AUGUST 2025 
 (Legal Maturity Date August 2027) 

CITIBANK CREDIT CARD ISSUANCE TRUST, a trust formed and existing under the laws of the State of Delaware (including any successor, the “Issuer”),
for value received, hereby promises to pay to CEDE & CO., or its registered assigns, the principal amount of THREE HUNDRED SEVENTY-FIVE MILLION DOLLARS ($375,000,000). The Expected Principal Payment Date for this Note is August 7,
2025. The Legal Maturity Date for this Note is August 9, 2027. 
 The Issuer hereby promises to pay interest on this Note on the 7th day of each month,
beginning September 2018, until the principal of this Note is paid or made available for payment, subject to certain limitations set forth in the Indenture. Interest will accrue on the outstanding principal amount of this Note for each interest
period in an amount equal to the product of (i) the actual number of days in such interest period divided by 360, (ii) a rate per annum equal to the Class 

 
2018-A5 Note Rate for such interest period, and (iii) the outstanding principal amount of this Note as of the preceding Interest Payment Date (after
giving effect to any payments of principal made on the preceding Interest Payment Date) or, with respect to the first Interest Payment Date, the initial principal amount of this Note. The Class 2018-A5
Note Rate will be determined as provided in the Indenture. 
 If any Interest Payment Date or Principal Payment Date of this Note falls on a day that is not
a Business Day, the required payment of interest or principal will be made on the following Business Day. 
 This Note is one of the Citiseries, Class 2018-A5 Notes issued pursuant to the Second Amended and Restated Indenture dated as of September 26, 2000, as amended and restated as of August 9, 2011, and as further amended and restated as of
November 10, 2016 (as so further amended and restated and otherwise modified from time to time, the “Indenture”), between the Issuer and Deutsche Bank Trust Company Americas, as Trustee. For purposes of this Note, the term
“Indenture” includes any supplemental indenture or Issuer Certificate relating to the Citiseries, Class 2018-A5 Notes. This Note is subject to all of the terms of the Indenture. All terms used
in this Note that are not otherwise defined herein and that are defined in the Indenture will have the meanings assigned to them therein. 
 The principal
of and interest on this Note are payable 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. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, which will have the same effect as though fully set forth on the
face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this
Note will not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by an
Issuer Authorized Officer. 
  

					
	CITIBANK CREDIT CARD ISSUANCE TRUST
		
	By: 	 	CITIBANK, N.A.,
		 	as Managing Beneficiary of
		 	Citibank Credit Card Issuance Trust
			
		 	By: 	 	 
		 		 	[Name]
		 		 	[Title]

 Dated: August 8, 2018 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within mentioned Indenture. 

 

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee under the Indenture

 
			
		
	By:	 	 
		 	Authorized Signatory

 Dated: August 8, 2018 

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Citiseries Floating Rate
Class 2018-A5 Notes of August 2025 (Legal Maturity Date August 2027) (herein called the “Notes”), all issued under an Indenture, to which Indenture reference is hereby made for a statement of
the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. 
 This Note ranks pari passu with all other
Class A Notes of the same series, as set forth in the Indenture. This Note is secured to the extent, and by the collateral, described in the Indenture. 

The Issuer will pay interest on overdue interest as set forth in the Indenture to the extent lawful. 

Each Holder by acceptance of this Note, and each owner of a beneficial interest in this Note by acceptance of a beneficial interest in this Note, agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Trustee on the Notes, against the Issuer, the Issuer Trustee, Citibank, N.A., the Trustee or any affiliate, officer, employee or director of any
of them, and the obligation of the Issuer to pay principal of or interest on this Note or any other amount payable to the Holder of this Note will be subject to Article V of the Indenture. 

Each Holder by acceptance of this Note, and each owner of a beneficial interest in this Note by acceptance of a beneficial interest in this Note, in each case
other than Citibank, N.A. as Holder or owner, agrees that this Note is intended to be debt of Citibank, N.A. for federal, state and local income and franchise tax purposes, and agrees to treat this Note accordingly for all such purposes, unless
otherwise required by a taxing authority. 
 Each Holder by acceptance of this Note, and each owner of a beneficial interest in this Note by acceptance of a
beneficial interest in this Note, agrees that it will not at any time institute against the Issuer, or join in any institution against the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other
proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to this Note, the Indenture or any Derivative Agreement. 

This Note and the Indenture will be construed in accordance with and governed by the laws of the State of New York. 

Certain amendments may be made to the Indenture without the consent of the Holder of this Note. This Note must be surrendered for final payment of principal
and interest. 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee:     
                                         
                                         
             
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

  
  

 
  

(name and address of assignee) 
 the within Note
and all rights thereunder, and hereby irrevocably constitutes and appoints                              
                                                 
                                                 
    , attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

					
	Dated:                                     
                                	  		  	                                      
                  *
		  		  	Signature Guaranteed:

  
  

	*	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note in every particular without alteration, enlargement or any change whatsoever.EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
 NORTHERN TRUST CORPORATION 

AND 
 THE BANK OF NEW
YORK MELLON TRUST COMPANY, N.A., as Trustee 
  

 
 3.65% Senior
Notes due 2028 
  
  

SECOND SUPPLEMENTAL INDENTURE 
  

 
 Dated as of
August 3, 2018 
 to 

Indenture dated as of May 8, 2017 
  

 
  

 SECOND SUPPLEMENTAL INDENTURE, dated as of August 3, 2018 (this “Supplemental
Indenture”), between NORTHERN TRUST CORPORATION, a Delaware corporation (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association (the “Trustee”). 

Recitals of the Company 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture (the “Base Indenture”), dated as of
May 8, 2017 (as amended and supplemented by this Supplemental Indenture, the “Indenture”), providing for the issuance from time to time of one or more series of Securities; 

WHEREAS, Section 13.01(p) of the Base Indenture provides that the Company and the Trustee may, without the consent of any Holders of
Securities, enter into an indenture supplemental to the Base Indenture to establish the form and terms of Securities of any series as permitted by Sections 2.01 and 3.01 of the Base Indenture; 

WHEREAS, the Company has duly authorized the execution and delivery of this Supplemental Indenture to provide for the issuance of $500,000,000
aggregate principal amount of its 3.65% Senior Notes due 2028 (the “Notes”); and 
 WHEREAS, the Company has requested, and
hereby requests, that the Trustee execute and deliver this Supplemental Indenture; all the conditions and requirements necessary to make this Supplemental Indenture, when duly executed and delivered, a valid and binding agreement in accordance with
its terms and for the purposes herein expressed, have been performed and fulfilled; and the execution and delivery of this Supplemental Indenture has been duly authorized in all respects. 

NOW THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: For and in consideration of the premises and the issuance of the series of Securities
provided for herein, the Company and the Trustee mutually covenant and agree as follows: 

 ARTICLE 1 

RELATION TO THE BASE INDENTURE; DEFINITIONS; RULES OF 

CONSTRUCTION 

Section 1.1 Relation to the Base Indenture. This Supplemental Indenture constitutes an integral part of the Base Indenture. 

Section 1.2 Definitions. For all purposes of this Supplemental Indenture, the following terms shall have the respective meanings
set forth in this Section 1.2. 
 “Bank” means The Northern Trust Company, an Illinois banking
corporation, and its successors (whether by consolidation, merger, conversion or transfer of substantially all their assets and business or otherwise) so long as The Northern Trust Company or any successor is a Subsidiary of the Company. 

“Base Indenture” has the meaning set forth in the recitals hereto. 

“Company” has the meaning set forth in the introductory paragraph hereof. 

“Indenture” has the meaning set forth in the recitals hereto. 

“Notes” has the meaning set forth in the recitals hereto. 

“Supplemental Indenture” has the meaning set forth in the introductory paragraph hereof. 

“Trustee” has the meaning set forth in the introductory paragraph hereof until a successor replaces it in accordance with the
applicable provisions of the Indenture and thereafter means the successor serving thereunder. 
 “Voting Stock” means
the class or classes of stock which ordinarily have voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency. 

Section 1.3 Rules of Construction. For all purposes of this Supplemental Indenture, except as expressly provided or unless the
context otherwise requires: 
 (a) capitalized terms used herein without definition shall have the meanings specified in the Base Indenture;

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

  
 2 

 (c) the words “herein,” “hereof” and “hereunder” and other
words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; and 

(d) in the event of a conflict with the definition of terms in the Base Indenture, the definitions in this Supplemental Indenture shall
control. 
 ARTICLE 2 

THE NOTES 

Section 2.1 Designation. There is hereby authorized and established a new series of Securities under the Base Indenture designated
as the “3.65% Senior Notes due 2028.” 
 Section 2.2 Maturity. The principal of the Notes will become due and payable
on August 3, 2028. 
 Section 2.3 Principal Amount; Further Issues. The Notes are initially limited in aggregate principal
amount to $500,000,000, except for Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 3.04, 3.06, 3.07, 4.06 or 13.05 of the Base Indenture. The Company may, from time to time,
without the consent of the Holders of the Notes (or the Securities of any other series), create and issue additional Notes. Any such additional Notes shall have the same ranking, interest rate, maturity date and other terms and conditions as
the Notes herein provided for, except for the issue date and the issue price. Any such additional Notes, together with the Notes herein provided for, shall constitute a single series of Securities under the
Indenture; provided that if any such additional Notes are not fungible with the existing Notes for U.S. federal income tax purposes, such additional Notes shall have a separate CUSIP number. Any such increase in the authorized
aggregate principal amount of the Notes shall be evidenced by an Officers’ Certificate without further action by the Company. 

Section 2.4 Interest. 

(a) Rate of Interest; Accrual. The Notes shall bear interest on their principal amount from, and including, August 3, 2018 at
the rate of 3.65% per annum, computed on the basis of a 360-day year consisting of twelve 30-day months. 

(b) Interest Payment Dates. Accrued interest on the Notes shall be payable semi-annually in arrears on February 3 and
August 3 of each year, beginning on February 3, 2019, or if any such day is not a Business Day, the next Business Day (but no interest will accrue as a result of that postponement), to the Holders of the Notes at the close of business on
the immediately preceding January 19 and July 19 (whether or not a Business Day), as the case may be. 
 Section 2.5
Redemption. On or after May 3, 2028, the Notes will be redeemable at the option of the Company in accordance with the procedures set forth in Article IV of the Base Indenture, in whole or in part at any time and from time to time, at a
redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

  
 3 

 Section 2.6 Global Securities. Upon the original issuance, the Notes shall be
represented by one or more Global Securities. The Company shall deposit the Global Securities with, or on behalf of, The Depository Trust Company (“DTC”) as Depositary (pursuant to Section 3.01 of the Base Indenture) in
New York, New York, and register the Global Securities in the name of Cede & Co., DTC’s nominee. The terms and conditions upon which interests in such Global Securities may be exchanged for Individual Securities, as well as certain
restrictions and conditions on transferability of the Notes, are set forth in the Base Indenture. 
 Section 2.7 Securities Not
Subordinated. The Notes are not subject to subordination. 
 Section 2.8 Waiver. The provisions of Section 6.06 of the
Base Indenture shall apply to the covenant of the Company set forth in Section 6.07 of the Base Indenture added hereby for the benefit of the Notes. 

Section 2.9 Discharge and Covenant Defeasance. The provisions of Article XI of the Base Indenture that specify the conditions upon
which the Company may be deemed to have been Discharged from its obligations with respect to the Notes or upon which the Company may be deemed to have effected Covenant Defeasance with respect to the Notes shall apply to the Notes (including the
obligation of the Company to comply with Section 6.07 of the Base Indenture added hereby). 
 Section 2.10 Form of Notes.
The Notes shall have such other terms and provisions as are set forth in, and shall be substantially in the form of, Exhibit A hereto. The terms and provisions set forth in Exhibit A hereto are hereby expressly made a part of the
Indenture and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. Except as otherwise expressly permitted by
the Indenture, all Notes shall be identical in all respects. Notwithstanding any differences among them, all Notes issued under the Indenture, including any Notes issued after the date hereof pursuant to and in accordance with the terms hereof,
shall vote and consent together on all matters as one class. 
 ARTICLE 3 

AMENDMENTS TO BASE INDENTURE 

Section 3.1 Limitation on Disposition of Stock or Assets of the Bank. Solely for the purpose of establishing the terms of the
Notes (and for the sole benefit of the Notes), Article VI of the Base Indenture shall be amended to add the following as a new Section 6.07 immediately after Section 6.06: 

Section 6.07. Limitation on Disposition of Stock or Assets of the Bank. So long as any Securities remain outstanding, but subject
to the provisions of Section 6.04, the Company shall not, nor shall it permit any Subsidiary of the Company to, sell, assign, transfer, grant a security interest in or otherwise dispose of any shares of, or securities convertible into or
options, warrants or rights to subscribe for or purchase shares of, Voting Stock of the 

  
 4 

 
Bank or of any Subsidiary of the Company which owns shares of, or securities convertible into or options, warrants or rights to subscribe for or purchase shares of, Voting Stock of the Bank, nor
will it permit the Bank to issue any shares of, or securities convertible into, or options, warrants or rights to subscribe for or purchase shares of, Voting Stock of the Bank or to sell, lease or otherwise dispose of all or substantially all of its
property, assets and business except that (a) the Company, any Subsidiary of the Company or the Bank, as the case may be, may make any such sale, assignment, transfer, grant of a security interest, lease or other disposition, or any such
issuance, for fair market value on the date thereof, as determined by the Board of Directors of the Company (which determination shall be conclusive) and evidenced by a duly adopted Board Resolution, and (b) if, in the case of any sale,
assignment, transfer, grant of a security interest or other disposition of shares of, or securities convertible into or options, warrants or rights to subscribe for or purchase shares of, Voting Stock of the Bank or of any such Subsidiary, or in the
case of any such issuance, after giving effect thereto (and assuming, for purposes of this clause (b), that all such convertible securities have been fully converted and all such options, warrants or rights have been fully exercised), the Company
and any one or more Wholly-Owned Subsidiaries of the Company shall together own at least 80% of the Voting Stock of the Bank then issued and outstanding free and clear of any security interest. Notwithstanding the foregoing, and subject to
provisions of Section 6.04, the Company may merge, consolidate or combine with the Bank or the Company and the Bank may merge, consolidate or combine with a third corporation. 

ARTICLE 4 

MISCELLANEOUS PROVISIONS 

Section 4.1 Ratification. This Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Base
Indenture and, as provided in the Base Indenture, this Supplemental Indenture forms a part of the Indenture for all purposes and every Holder of a Note heretofore or hereafter authenticated and delivered shall be bound hereby. The Base Indenture, as
amended and supplemented by this Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed. 
 Section 4.2
Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
The exchange of copies of this Supplemental Indenture and of signature pages by facsimile transmission or by transmission as a PDF e-mail attachment shall constitute effective execution and delivery of this
Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF e-mail
attachment shall be deemed to be their original signatures for all purposes. 
 Section 4.3 Governing Law. THIS SUPPLEMENTAL
INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 5 

 Section 4.4 Trustee. The Trustee makes no representations as to, and shall not
be responsible for, the validity, adequacy or sufficiency of this Supplemental Indenture or the Notes. The statements and recitals herein and in the Notes are deemed to be those of the Company and not of the Trustee and the Trustee assumes no
responsibility for their correctness. The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof. 

Section 4.5 Separability Clause. In case any provision in this Indenture or in the Notes shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 4.6 Effects of Headings and Table of Contents. The Article and Section headings herein are for convenience only and shall
not affect the construction hereof. 
 Section 4.7 Trust Indenture Act. This Supplemental Indenture is subject to the provisions
of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions. If any provision in this Supplemental Indenture limits, qualifies or conflicts with another provision
hereof which is required to be included herein by any provisions of the Trust Indenture Act, such required provision shall control. 

[Signature Page Follows] 

  
 6 

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

			
	NORTHERN TRUST CORPORATION, as Issuer
		
	By	 	 /s/ David L. Tentinger

		 	Name: David L. Tentinger
		 	Title:   Executive Vice President and Treasurer
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By	 	 /s/ R. Tarnas

		 	Name: R. Tarnas
		 	Title:   Vice President

 EXHIBIT A 

Form of Notes 

 [THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR DEPOSITARY. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT AND ANY SUCH CERTIFICATE 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.] 
 CUSIP No. 665859AT1 

ISIN No. US665859AT17 
 NORTHERN
TRUST CORPORATION 
 3.65% Senior Notes due 2028 
  

			
	No. A-[    ]	  	$[        ]

 Northern Trust Corporation, a Delaware corporation (the “Company”), for value received,
hereby promises to pay to ______________ or registered assigns, the principal sum of [                ] U.S. dollars
($[                ]) on August 3, 2028, or if such day is not a Business Day (as defined below), the following Business Day. 

The Company further promises to pay interest on said principal sum from and including August 3, 2018 at the annual rate of 3.65% (computed on
the basis of a 360-day year consisting of twelve 30-day months) semi-annually in arrears on February 3 and August 3 of each year (or if any of these days is
not a Business Day, on the next Business Day, and no interest will accrue as a result of that postponement), beginning on February 3, 2019 (each, an “Interest Payment Date”). A “Business Day” means each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in New York, New York are authorized or obligated by law, regulation or executive order to close. 

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, as provided in said Indenture, will be paid
to the Person in whose name this Security (or one or more Predecessor Securities) are registered at the close of business on the Record Date for such interest, which shall be January 19 and July 19 (whether or not a Business Day),
immediately preceding such Interest Payment Date. 

 Reference is made to the further provisions of this Note set forth on the reverse hereof.
Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This Note shall not be valid
or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Trustee under the Indenture referred to on the reverse hereof. 

 IN WITNESS WHEREOF, Northern Trust Corporation has caused this instrument to be duly
executed on the date set forth below. 
 Dated: 
  

			
	NORTHERN TRUST CORPORATION
		
	By:	 	  

		 	Name: David L. Tentinger
		 	Title: Executive Vice President and Treasurer

 TRUSTEE’S 

CERTIFICATE OF AUTHENTICATION 

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

 

			
	 THE BANK OF NEW YORK MELLON TRUST

COMPANY, N.A., as Trustee

		
	By:	 	  

		 	Authorized Officer

 Dated: 

 REVERSE OF NOTE 

NORTHERN TRUST CORPORATION 

3.65% Senior Notes due 2028 

This Note is one of a duly authorized issue of Securities of the Company of the series hereinafter specified, all issued or to be issued under
and pursuant to an Indenture, dated as of May 8, 2017 (the “Base Indenture”), as amended and supplemented by the Second Supplemental Indenture, dated as of August 3, 2018 (the Base Indenture, as so amended and
supplemented, the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., 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 description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Securities.
This Note is one of a series of Securities of the Company designated as the 3.65% Senior Notes due 2028 (the “Notes”), initially limited in aggregate principal amount of $500,000,000 subject to the issuance of additional Notes as
provided in the Indenture. Terms used but not defined herein shall have the respective meanings set forth in the Indenture. 
 The Indenture
contains provisions for the discharge of the Company’s obligations with respect to the Notes or the defeasance of certain covenants set forth in the Indenture applicable to the Notes upon compliance by the Company of certain conditions set
forth therein, which provisions apply to this Note. 
 On or after May 3, 2028, the Notes will be redeemable at the option of the
Company in accordance with the procedures set forth in the Indenture, in whole or in part at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest
thereon to, but excluding, the Redemption Date. 
 If an Event of Default with respect to the Notes shall have occurred and be continuing,
the principal of this Note may be declared due and payable in the manner and with the effect set forth in the Indenture. 
 No reference
herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligations of the Company, which are absolute and unconditional, to pay the principal of (and premium, if any) and interest on, this Note as and
when the same shall become due and payable as herein provided. 
 The Notes are issuable in registered form without coupons in denominations
of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series of
any different authorized denomination or denominations, as requested by the Holder surrendering the same. 
 As provided in the Indenture
and subject to certain limitations therein set forth, including Section 3.06 of the Base Indenture, the transfer of this Note is registrable in the Register, upon surrender of this Note for registration of transfer at the Registrar accompanied
by a written 

 
request for transfer in form satisfactory to the Company and the Registrar duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of
this series of any different authorized denomination or denominations and for the same aggregate principal amount shall be issued to the designated transferee or transferees. 

No service charge shall be made for any such registration of transfer or exchange, but the Company or the Trustee may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 The Notes of this series are not entitled to
the benefit of any sinking fund. 
 This Note shall be deemed to be a contract made under the law of the State of New York, and for all
purposes shall be governed by and construed in accordance with the law of said State.

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