Document:

EX-4.3

 Exhibit 4.3 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Corporation (as defined below) or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or 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 in as much as the registered owner hereof, Cede & Co., has an interest herein. 
 Unless and until it is exchanged
in whole or in part for Securities in definitive registered form, this certificate may not be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or another nominee of DTC or by DTC or any such nominee to a
successor Depositary or a nominee of such successor Depositary. 
 THE MOSAIC COMPANY 

5.625% Senior Notes due 2043 
  

			
	R-00	  	Principal Amount: $
	CUSIP No. 61945C AE3	  	

 The Mosaic Company, a Delaware corporation (herein called the “Corporation”, which term
includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
                     ($         ) on November 15, 2043, at the office or agency of the Corporation
referred to below, and to pay interest thereon from November 13, 2013 and semi-annually thereafter, on May 15 and November 15 in each year, commencing May 15, 2014, or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, at the rate of 5.625% per annum, until the principal hereof is paid or duly provided for, and (to the extent lawful) to pay on demand interest on any overdue interest at the rate borne by the Securities from
the date on which such overdue interest becomes payable to the date payment of such interest has been made or duly provided for. 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 the May 1 or November 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 shall forthwith cease to be payable to the Holder on such Regular Record Date, and such defaulted
interest, and (to the extent lawful) interest on such defaulted interest at the rate borne by the Securities, may 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 not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on
which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been duly 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 Corporation has caused this instrument to be duly executed. 

Dated: November 13, 2013 
  

			
	THE MOSAIC COMPANY,
		
	by	 	 
		 	Richard L. Mack
		 	Executive Vice President,
		 	General Counsel and Corporate Secretary
		
	by	 	 
		 	Anthony T. Brausen
		 	Senior Vice President – Finance and Chief Accounting Officer

  

			
	Attest:	 	 
		 	Authorized Signature

  
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 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

		
	by	 	 
		 	Authorized Officer

  
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 5.625% Senior Notes due 2043 

This Security is one of a duly authorized issue of securities of the Corporation designated as its 5.625% Senior Notes due 2043 (hereinafter
referred to as the “Securities”), limited (except as otherwise provided in the Indenture referred to below) in aggregate principal amount to $        , which may be issued under an indenture
(hereinafter referred to as the “Indenture”) dated as of October 24, 2011 between the Corporation and U.S. Bank 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, obligations and immunities thereunder of the Corporation, 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 a global Security representing $         aggregate
principal amount of the Securities. 
 Payment of the principal of (and premium, if any, on) and interest on this global Security will be
made to DTC for the purpose of permitting DTC to credit the principal and interest received by it in respect of this global Security to the accounts of the beneficial owners thereof; provided, however, that if this Security is not a
global Security, payment of the principal of (and premium, if any, on) and interest on this Security will be made at the office or agency of the Corporation maintained for that purpose in New York, New York or at such other office or agency of the
Corporation as may be maintained for such purpose, in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts; and provided, further, that payment of interest may be
made at the option of the Corporation (i) by check mailed to the address of the Person entitled thereto as such address shall appear on the Security Register or (ii) by transfer to an account maintained by the payee located in the United
States. 
 The Securities will be redeemable at any time and from time to time. Prior to May 15, 2043, the Securities will be redeemable, in whole or
in part, at the option of the Corporation, at a Redemption Price equal to the greater of (i) 100% of their principal amount and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon
(exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 30 basis points, plus accrued and unpaid interest
thereon to, but not including, the Redemption Date. 
 On or after May 15, 2043, the Securities will be redeemable, in whole or in part, at the option
of the Corporation, at a Redemption Price equal to 100% of their principal amount, plus accrued and unpaid interest thereon to, but not including, the Redemption Date. 

“Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking
institutions are authorized or required by law or regulation (including any executive order) to close in The City of New York. 

  
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 “Comparable Treasury Issue” means the U.S. Treasury security or securities
selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities. 

“Comparable Treasury Price” means, with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer
Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Corporation is unable to obtain at least five such Reference Treasury Dealer Quotations, the average of all
such quotations. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers selected by the
Corporation. 
 “Reference Treasury Dealer” means each of Goldman, Sachs & Co., J.P. Morgan Securities LLC, Morgan
Stanley & Co. LLC and a Primary Treasury Dealer (as defined herein) selected by Wells Fargo Securities, LLC or any designee selected by any named Reference Treasury Dealer plus two others or their affiliates which are primary U.S.
Government securities dealers and their respective successors, provided, however, that if any of the foregoing Reference Treasury Dealers shall cease to be a primary U.S. Government securities dealer in the United States of America (a
“Primary Treasury Dealer”), the Corporation shall substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Corporation, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Corporation by such Reference Treasury Dealer at 3:30
p.m. (New York time) on the third Business Day preceding such Redemption Date. 
 “Treasury Rate” means, with respect to
any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of
its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 
 In the case of any redemption of Securities,
interest installments whose Stated Maturity is on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Date referred to on
the face hereof. Securities (or portions thereof) for whose redemption provision is made in accordance with the Indenture shall cease to bear interest from and after the Redemption Date. 

  
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 In the event of redemption of this Security in part only, a new Security or Securities for the
unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
 If a Change of Control
Triggering Event occurs with respect to the Securities, unless the Corporation has exercised its right to redeem the Securities, Holders of the Securities that have not been redeemed shall have the right to require the Corporation to repurchase all
or any part equal to $2,000 or an integral multiple of $1,000 in excess thereof of the Securities pursuant to the offer described below (the “Change of Control Offer”). In the Change of Control Offer, the Corporation shall be
required to offer payment in cash equal to 101% of the aggregate principal amount of the Securities repurchased plus accrued and unpaid interest, if any, on the Securities repurchased to, but not including, the date of purchase (“Change of
Control Payment”), subject to the right of Holders of the Securities being repurchased on the relevant record date to receive interest due on the relevant interest payment date. No later than 30 days following any Change of Control
Triggering Event with respect to the Securities or, at its option, prior to a Change of Control, but after such public announcement of the Change of Control, the Corporation shall be required to mail a notice to Holders of the Securities, with a
copy to the Trustee, describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase the Securities on the date specified in the notice, which date shall be no earlier than 30 days and no
later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”), pursuant to the procedures described in such notice. The notice shall, if mailed prior to the date of consummation of the Change of
Control, state that the Change of Control Offer is conditioned on a Change of Control Triggering Event occurring prior to the Change of Control Payment Date. The Corporation shall comply with the requirements of Rule 14e-1 under the United
States Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the
Securities as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions of the Indenture, the Corporation shall be required to comply with
the applicable securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control provisions of the Indenture by virtue of such conflicts. 

On or before the Change of Control Payment Date with respect to Securities, the Corporation shall be required to: 

 

	 	(a)	accept for payment all Securities or portions of Securities properly tendered pursuant to the Change of Control Offer; 

  

	 	(b)	deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Securities or portions of Securities properly tendered; and 

 

	 	(c)	 deliver or cause to be delivered to the Trustee the Securities properly accepted, together with an officers’ certificate stating the

  
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aggregate principal amount of Securities or portions of Securities being purchased. 

For purposes of the foregoing discussion of a repurchase at the option of Holders of Securities, the following definitions are applicable:

 “Below Investment Grade Rating Event” means the Securities are rated below an Investment Grade Rating by each of the
Rating Agencies, on any date from the earlier of (i) the date of the Change of Control and (ii) the date of the public notice of an arrangement or transaction that could result in a Change of Control, until the end of the 60-day period
following such date, which 60-day period shall be extended if, by the end of the 60-day period, the rating of the Securities is under publicly announced consideration for a possible downgrade by either of the Rating Agencies if the other Rating
Agency has already lowered its ratings on the Securities as aforesaid, such extension to continue for so long as consideration for a possible downgrade continues by such Rating Agency. 

“Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, lease, transfer,
conveyance or other disposition (other than by way of merger, consolidation or amalgamation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Corporation and its subsidiaries, taken as a
whole, to one or more “persons” (as such term is used in Section 13(d) of the Exchange Act) other than the Corporation or any of its subsidiaries; (2) the consummation of any transaction (including, without limitation, any merger
or amalgamation) the result of which is that one or more “persons” (as such term is used in Section 13(d) of the Exchange Act) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50 percent of the total voting power in the aggregate of all classes of the Corporation’s voting stock normally entitled to vote in the
elections of directors, other than any such transaction where shares of the Corporation’s voting stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the total voting power of
the voting stock of such person immediately after giving effect to such transaction; (3) the first day on which a majority of the members of the Corporation’s Board of Directors are not Continuing Directors; (4) the Corporation
consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into, the Corporation, in any such event pursuant to a transaction in which any of the Corporation’s outstanding common shares or such
other person’s outstanding common shares is converted into or exchanged for cash, securities or other property, other than any such transaction where shares of the Corporation’s voting stock outstanding immediately prior to such
transaction constitute, or are converted into or exchanged for, a majority of the total voting power of the voting stock of the surviving person immediately after giving effect to such transaction; or (5) the adoption of a plan relating to the
liquidation or dissolution of the Corporation. 
 Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of
Control if (1) the Corporation becomes a direct or indirect wholly-owned Subsidiary of a Person and (2) the direct or indirect holders of the 

  
 7 

 
common shares of such Person immediately following that transaction are substantially the same as the holders of the Corporation’s common shares, or other voting shares into which the
Corporation’s common shares are reclassified, consolidated, exchange or changed immediately prior to that transaction. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating
Event. 
 “Continuing Directors” means, as of any date of determination, any member of the Corporation’s Board of
Directors who (1) was a member of such Board of Directors on the date of the issuance of the Securities, or (2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors
who were members of such Board of Directors at the time of such nomination or election (either by a specific vote or by approval of the Corporation’s proxy circular in which such member was named as a nominee for election as a director, without
objection to such nomination). 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent)
by Moody’s and BBB- (or the equivalent) by S&P. 
 “Moody’s” means Moody’s Investors Service, Inc., a
subsidiary of Moody’s Corporation, and its successors. 
 “Rating Agencies” means (1) each of Moody’s and
S&P, and (2) if any of Moody’s or S&P ceases to rate the Securities or fails to make a rating of the Securities publicly available for any reason, a “nationally recognized statistical rating organization” within the
meaning of Section 3(a)(62) under the Exchange Act, selected by the Corporation (by a resolution of its Board of Directors) as a replacement agency with respect to the Securities for Moody’s or S&P, or both of them, as the case may be.

 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its
successors. 
 The Corporation shall not be required to make a Change of Control Offer with respect to the Securities upon a Change of
Control Triggering Event if a third party makes an equivalent offer in the manner, at the times and otherwise in compliance with the requirements for a Change of Control Offer made by the Corporation and such third party purchases all the Securities
properly tendered and not withdrawn under its offer. 
 The failure by the Corporation to comply with its obligations in the event of a
Change of Control Triggering Event described above for a period of 60 days after written notice to the Corporation by the Trustee or to the Corporation and the Trustee by the Holders of not less than 25% in principal amount of the Outstanding
Securities will constitute an Event of Default with respect to the Securities. If such an Event of Default occurs and is continuing, the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities may declare the
principal amount of such Securities and all interest thereon to be due and payable immediately, by notice in writing to the 

  
 8 

 
Corporation (and to the Trustee if given by Holders), and upon any such declaration the same shall become immediately due and payable. 

If an Event of Default shall occur and be continuing, the principal of all the Securities may be declared due and payable in the manner and
with the effect provided in the Indenture. 
 The Indenture contains provisions for defeasance at any time of (a) the entire
indebtedness of the Corporation on this Security and (b) certain restrictive covenants and the related Defaults and Events of Default, upon compliance by the Corporation, with certain conditions set forth therein, which provisions apply to this
Security. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Corporation and the rights of the Holders under the Indenture at any time by the Corporation 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
Corporation with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by or on behalf of 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. 

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

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registerable on the
Security Register of the Corporation, upon surrender of this Security for registration of transfer at the office or agency of the Corporation maintained for such purpose in New York, New York duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Corporation 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 authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities are issuable only in registered
form without coupons in denominations of $2,000 and integral multiples of $1,000. As provided in the Indenture and subject to certain limitations therein set forth, the Securities are exchangeable for a like aggregate principal amount of Securities
of a different authorized denomination, as requested by the Holder surrendering the same. 

  
 9 

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

Prior to the time of due presentment of this Security for registration of transfer, the Corporation, the Trustee and any agent of the
Corporation 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 Corporation, the Trustee nor any agent shall be affected by
notice to the contrary. 
 Interest on this Security shall be computed on the basis of a 360-day year of twelve 30-day months. 

If at any time, (i) the Depositary notified the Corporation that it is unwilling or unable to continue as Depositary or if at any time
the Depositary shall no longer be registered or in good standing under the Exchange Act or other applicable statute or regulation and a successor Depositary is not appointed by the Corporation within 90 days after the Corporation received such
notice or becomes aware of such condition, as the case may be, (ii) the Corporation determines that the Securities shall no longer be represented by a global Security or Securities or (iii) any Event of Default shall have occurred and be
continuing, then in such event the Corporation will execute and the Trustee will authenticate and deliver Securities in definitive registered form, in authorized denominations, and in an aggregate principal amount equal to the principal amount of
this Security in exchange for this Security. Such Securities in definitive registered form shall be registered in such names and issued in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Persons in whose names such Securities are so registered. 

The Indenture and this Security 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. 

  
 10EX-4.1

 Exhibit 4.1 

[Form of Note] 
 (FACE
OF NOTE) 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY
OR A NOMINEE OF A DEPOSITORY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN ACCORDANCE WITH THE PROVISIONS OF THE INDENTURE AND THE TERMS OF THE SECURITIES, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITORY. 
 AT&T INC. 

2.650% Global Notes due 2021 

ISIN NO. [—] 

No. [—] 

AT&T Inc., a corporation duly organized and existing under the laws of the State of Delaware (herein called “AT&T”, which
term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to The Bank of New York Depository (Nominees) Limited (the “Depository”), or registered assigns, the principal sum
of euro appearing on the attached Schedule of Increases and Decreases on December 17, 2021 (the “Maturity Date”), and to pay interest on said principal sum from November 13, 2013 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, annually in arrears on December 17 in each year, commencing on December 17, 2014 (each an “Interest Payment Date”) and on the Maturity Date, at the interest rate of
2.650% 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 Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be the close of business on December 1 (the “Regular Record Date”) 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 such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more
Predecessor Notes) 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 Notes not less than 15 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 Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided
in said Indenture. 

 Any money that AT&T deposits with the Trustee or any Paying Agent for the payment of
principal or any interest on this Note that remains unclaimed for two years after the date upon which the principal and interest are due and payable, will be repaid to AT&T upon AT&T’s request unless otherwise required by mandatory
provisions of any applicable unclaimed property law. After that time, unless otherwise required by mandatory provisions of any unclaimed property law, the Holder of this Note will be able to seek any payment to which such Holder may be entitled to
collect only from AT&T. 
 If the Notes are issued in definitive form, payment of the principal and interest on this Note due at the
Maturity Date or upon redemption will be made at the Maturity Date or upon redemption, as the case may be, upon presentation of this Note, in immediately available funds, at the office of The Bank of New York Mellon Trust Company, N.A., the
Paying Agent for the Notes, currently located at One Canada Square, London E14 5AL. The Transfer Agent and Registrar for the Notes is The Bank of New York Mellon Trust Company, N.A., currently located at 601 Travis Street, 16th Floor, Houston, Texas 77002. 
 Payment of interest on this Note due on an Interest
Payment Date, other than interest at maturity or upon redemption, may be paid by check mailed to the address of the Holder entitled thereto as such address shall appear in the Note register. Notwithstanding the foregoing, (1) the Depository as
Holder of the Notes or (2) a Holder of more than €5,000,000 in aggregate principal amount of Notes in definitive form is entitled to require the Paying Agent to make payments of interest, other than interest due at maturity or upon
redemption, by wire transfer of immediately available funds into an account maintained by the Holder, by sending appropriate wire transfer instructions as long as the Paying Agent receives the instructions not less than ten days prior to the
applicable Interest Payment Date. The principal and interest payable in euro on any of the Notes at maturity, or upon redemption, will be paid by wire transfer of immediately available funds against presentation of a Note at the office of the Paying
Agent. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed
by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 2 

 IN WITNESS WHEREOF, AT&T INC. has caused this instrument to be signed in its corporate name,
manually or by facsimile, by its duly authorized officers and has caused its corporate seal to be imprinted hereon. 
  

					
	Dated: November 13, 2013	 	AT&T INC.
			
	[SEAL]	 		 	
			
		 	By:	 	 
		 		 	 John J. Stephens
 Senior Executive Vice
President
 and Chief Financial Officer

			
		 	By:	 	 
		 		 	 Jonathan P. Klug
 Senior Vice President

and Treasurer

  
 3 

 Trustee’s Certificate of Authentication 

This is one of the 2.650% Global Notes due 2021 
 of the series
designated herein referred to 
 in the within-mentioned Indenture. 

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

as Trustee 
  

					
	By:	  	 	  	Dated: November 13, 2013
		  	Authorized Signatory	  	

  
 4 

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of debt securities of AT&T issued under and pursuant to an Indenture, dated as of May 15,
2013, between AT&T and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee,” which term includes any successor Trustee under the Indenture), to which indenture and all indentures supplemental thereto
(collectively, the “Indenture”) reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, AT&T and the Holders of the Notes and of the terms upon
which the Notes are, and are to be, authenticated and delivered. The Notes will be issued in fully registered form only and in denominations of €100,000 and integral multiples of €1,000 in excess thereof. This Note is one of the series
designated on the face hereof initially limited in aggregate principal amount to €1,000,000,000. 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of AT&T and the rights of the Holders of the Notes under the Indenture at any time by AT&T and the Trustee with the consent of the
Holders of a majority in principal amount of the Notes at the time outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes at the time outstanding to waive compliance by
AT&T with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note 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 Note. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of AT&T, which
is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

Principal and interest payments in respect of the Notes are payable by AT&T in euro. Interest will be computed on the basis of the actual
number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Notes (or November 13, 2013 if no interest has been paid on the Notes), to but
excluding the next scheduled interest payment date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. 

Payment Without Withholding 

All payments in respect of the Notes by or on behalf of AT&T shall be made without withholding or deduction for, or on account of, any
present or future taxes, duties, assessments or governmental charges of whatever nature (“Taxes”) imposed, collected, withheld, assessed or levied by or on behalf of the Relevant Jurisdiction (as defined herein), unless the withholding or

  
 5 

 
deduction of the Taxes is required by law. In that event, AT&T will pay such additional amounts to a Holder who is a United States Alien (as defined herein) as may be necessary in order that
the net amounts received by the Holder after the withholding or deduction shall equal the respective amounts which would have been receivable in respect of the Notes in the absence of the withholding or deduction; except that no such additional
amounts shall be payable in relation to any payment in respect of any Note: 
 (a) where such withholding or deduction would not have been so
imposed but for: 
 (i) in the case of payment by AT&T, the existence of any present or former connection between the Holder (or between
a fiduciary, settlor, shareholder, beneficiary or member of the Holder, if such Holder is an estate, a trust, a corporation or a partnership) and the United States, including, without limitation, such Holder (or such fiduciary, settlor, shareholder,
beneficiary or member) being or having been a citizen or resident or treated as a resident thereof, or being or having been engaged in trade or business or presence therein, or having or having had a permanent establishment therein; 

(ii) in the case of payment by AT&T, the present or former status of the Holder as a personal holding company, a foreign personal holding
company, a passive foreign investment company, or a controlled foreign corporation for United States federal income tax purposes or a corporation which accumulates earnings to avoid United States federal income tax; 

(iii) in the case of payment by AT&T, the past or present or future status of the Holder as the actual or constructive owner of 10% or more
of either the total combined voting power of all classes of stock of AT&T entitled to vote if AT&T was treated as a corporation, or the capital or profits interest in AT&T, if AT&T is treated as a partnership for United States
federal income tax purposes or as a bank receiving interest described in Section 881(c) (3) (A) of the Internal Revenue Code of 1986, as amended; or 

(iv) the failure by the Holder to comply with any certification, identification or other reporting requirements concerning the nationality,
residence, identity or connection with the United States (in the case of payment by AT&T) of such Holder, if compliance is required by statute or by regulation as a precondition to exemption from such withholding or deduction; 

(b) in the case of payment by AT&T to any United States Alien, if such person is a fiduciary or partnership or other than the sole
beneficial owner of any such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such partnership or the beneficial owner would not have been entitled to the additional amounts had such beneficiary,
settlor, member or beneficial owner been the bearer of such Note. As used herein, “United States Alien” means any person who, for United 

  
 6 

 
States federal income tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident alien fiduciary of a foreign estate or trust, or a foreign partnership one or more of
the members of which is, for United States federal income tax purposes, a foreign corporation, a non-resident alien individual or a non-resident alien fiduciary of a foreign estate or trust; 

(c) to the extent that the withholding or deduction is as a result of the imposition of any gift, inheritance, estate, sales, transfer,
personal property or any similar tax, assessment or other governmental charge; 
 (d) to, or to a third party on behalf of, a Holder who is
liable for the Taxes in respect of the Note by reason of his having any or some present or former connection, including but not limited to fiscal residency, fiscal deemed residency and substantial interest shareholdings, with the Relevant
Jurisdiction, other than the mere holding of the Note; 
 (e) presented for payment more than 30 days after the Relevant Date except to the
extent that a Holder would have been entitled to additional amounts on presenting the relevant Note for payment on the last day of the period of 30 days assuming that day to have been an Interest Payment Date; 

(f) any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of principal or of interest
on any Note, if such payment can be made without withholding by any other paying agent; 
 (g) any tax, assessment or governmental charge
that is imposed or withheld solely because the beneficial owner or any other person failed to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the
United States of the holder or beneficial owner of AT&T’s Notes, if compliance is required by statute, by regulation of the United States Treasury Department or by an applicable income tax treaty to which the United States is a party as a
precondition to exemption from such tax, assessment or other governmental charge; 
 (h) any tax, assessment or governmental charge that is
imposed or withheld solely because of a change in law, regulation, or administrative or judicial interpretation that becomes effective after the day on which the payment becomes due or is duly provided for, whichever occurs later; or 

(i) any combination of (a), (b), (c), (d), (e), (f), (g) or (h) immediately above. 

Optional Redemption by AT&T 

At any time prior to September 17, 2021, the Notes will be redeemable, as a whole or in part, at AT&T’s option, at any time and
from time to time on at least 30 days’, but not more than 60 days’, prior notice mailed to the registered address of each Holder of the Notes. The 

  
 7 

 
redemption price will be equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed or (2) the sum of the present values of the Remaining Scheduled Payments
discounted to the redemption date, on an annual basis (ACTUAL/ACTUAL (ICMA)), at a rate equal to the Treasury Rate and 25 basis points. In either case, accrued interest will be payable to the redemption date. Any time on or after
September 17, 2021, the Notes will be redeemable, as a whole or in part, at AT&T’s option, at any time on at least 30 days’, but not more than 60 days’, prior notice mailed to the registered address of each Holder
of the Notes at a redemption price equal to 100% of the principal amount of the Notes to be redeemed. Accrued interest will be payable to the redemption date. 

“Treasury Rate” means the price, expressed as a percentage (rounded to three decimal places, 0.0005 being rounded upwards), at which
the gross redemption yield on the Notes, if they were to be purchased at such price on the third dealing day prior to the date fixed for redemption, would be equal to the gross redemption yield on such dealing day of the Reference Bond on the basis
of the middle market price of the Reference Bond prevailing at 11:00 a.m. (London time) on such dealing day as determined by AT&T or an investment bank appointed by AT&T. 

“Reference Bond” means, in relation to any Treasury Rate calculation, a German government bond whose maturity is closest to the
maturity of the Notes, or if AT&T or an investment bank appointed by AT&T considers that such similar bond is not in issue, such other German government bond as AT&T or an investment bank appointed by AT&T may, with the advice of
three brokers of, and/or market makers in, German government bonds selected by AT&T or an investment bank appointed by AT&T, determine to be appropriate for determining the Treasury Rate. 

“Remaining Scheduled Payments” means, with respect to each Note to be redeemed, the remaining scheduled payments of principal of and
interest on the Note that would be due after the related redemption date but for the redemption. If that redemption date is not an interest payment date with respect to a Note, the amount of the next succeeding scheduled interest payment on the Note
will be reduced by the amount of interest accrued on the Note to the redemption date. 
 On and after the redemption date, interest will
cease to accrue on the Notes or any portion of the Notes called for redemption, unless AT&T defaults in the payment of the redemption price and accrued interest. On or before the redemption date, AT&T will deposit with a Paying Agent or the
Trustee money sufficient to pay the redemption price of and accrued interest on the Notes to be redeemed on that date. If less than all of the Notes of any series are to be redeemed, the Notes to be redeemed shall be selected by the Trustee by lot
or by such other method as the Trustee in its sole discretion deems to be fair and appropriate. 

  
 8 

 Redemption for Taxation Reasons 

If (a) as a result of any change in, or amendment to, the laws or regulations of a Relevant Jurisdiction, or any change in the official
interpretation of the laws or regulations of a Relevant Jurisdiction, which change or amendment becomes effective after November 5, 2013, on the next Interest Payment Date AT&T would be required to pay additional amounts as provided or
referred to above under “Payment Without Withholding” and (b) the requirement cannot be avoided by AT&T’s taking reasonable measures available to it, AT&T may at its option, having given not less than 30 nor more than 60
calendar days’ notice to the Holders (which notice shall be irrevocable), redeem all, but not a portion of, the Notes at any time at their principal amount together with interest accrued to, but excluding, the date of redemption provided that
no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which AT&T would be obliged to pay such additional amounts were a payment in respect of the Notes then due. Prior to the publication of any notice of
redemption pursuant to this paragraph, AT&T shall deliver to the Trustee a certificate signed by two executive officers of AT&T stating that the requirement referred to in (a) above will apply on the next Interest Payment Date and
setting forth a statement of facts showing that the conditions precedent to the right of AT&T so to redeem have occurred, cannot be avoided by AT&T taking reasonable measures available to it and an opinion of independent legal advisers of
recognized international standing to the effect that AT&T has or will become obliged to pay such additional amounts as a result of the change or amendment, in each case to be held by the Trustee and made available for viewing at the offices of
the Trustee on request by any Holder. 
 “Relevant Date” means the date on which the payment first becomes due but, if the full
amount of the money payable has not been received by the Trustee on or before the due date, it means the date which is seven days after the date on which, the full amount of the money having been so received, notice to that effect shall have been
duly given to the Holders by AT&T. 
 “Relevant Jurisdiction” means the State of Delaware and the United States or any
political subdivision or any authority thereof or therein having power to tax or any other jurisdiction or any political subdivision or any authority thereof or therein having power to tax to which AT&T becomes subject in respect of payments
made by it of principal and interest on the Notes. 
 Any reference in the terms of the Notes to any amounts in respect of the Notes shall
be deemed also to refer to any additional amounts which may be payable herein. 
 Registrar and Paying Agent 

The Paying Agent for the Notes is The Bank of New York Mellon (London Branch) currently located at One Canada Square, London E14 5AL
(“Paying Agent”). In addition, AT&T shall maintain in the Borough of Manhattan, The City of New York, an office or agency where Notes may be surrendered for registration of transfer or exchange (“Registrar”). AT&T has
initially appointed an affiliate of the Trustee, The Bank of New York Mellon (London Branch), as its Paying Agent. AT&T may vary or terminate the appointment of any of its paying or transfer agencies, and may appoint additional paying or
transfer agencies. 

  
 9 

 Further Issues 

AT&T reserves the right from time to time, without notice to or the consent of the Holders of the Notes, to create and issue further notes
ranking equally and ratably with the Notes in all respects, or in all respects except for the payment of interest accruing prior to the issue date or except for the first payment of interest following the issue date of those further notes. Any
further notes will have the same terms as to status, redemption or otherwise as the Notes. Any further notes shall be issued pursuant to a resolution of the board of directors of AT&T, a supplement to the Indenture, or under an officers’
certificate pursuant to the Indenture. 
 Notes in Definitive Form 

If (1) an Event of Default has occurred with regard to the Notes represented by this Note and has not been cured or waived in accordance
with the Indenture, or (2) the Depository is at any time unwilling or unable to continue as depository and a successor depository is not appointed by AT&T within 90 days, AT&T may issue notes in definitive form in exchange for this
Note. In either instance, an owner of a beneficial interest in the Notes will be entitled to the physical delivery in definitive form in exchange for this Note, equal in principal amount to such beneficial interest and to have such Notes registered
in its name. 
 Notes so issued in definitive form will be issued as registered notes in minimum denominations of €100,000 and integral
multiples of €1,000, unless otherwise specified by AT&T. 
 Notes so issued in definitive form may be transferred by presentation
for registration to the Registrar at its New York office and must be duly endorsed by the Holder or the Holder’s attorney duly authorized in writing, or accompanied by a written instrument or instruments of transfer in form satisfactory to
AT&T or the Trustee duly executed by the Holder or his attorney duly authorized in writing. 
 AT&T may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any exchange or registration of transfer of definitive Notes. 

Default 
 In case an Event
of Default, as defined in the Indenture, shall have occurred and be continuing, the principal hereof may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in
the Indenture. 

  
 10 

 Miscellaneous 

For purposes of the Notes, the term “Business Day” means any day other than a Saturday or Sunday or a day on which banking
institutions in The City of New York or the City of London are authorized or required by law or executive order to close. 
 No director,
officer, employee or stockholder, as such, of AT&T shall have any liability for any obligations of AT&T under this Note, the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder
by accepting this Note waives and releases all such liability. The waiver and release are part of the consideration for the issue of this Note. 

The Notes are the unsecured and unsubordinated obligations of AT&T and will rank pari passu with all other evidences of
indebtedness issued in accordance with the Indenture. 
 Prior to due presentment of this Note for registration of transfer, AT&T, the
Trustee and any agent of AT&T or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither AT&T, the Trustee nor any such agent shall be
affected by notice to the contrary. 
 All terms used in this Note which are defined in the Indenture shall have the meanings assigned to
them in the Indenture. 
 The Indenture and this Note shall be governed by and construed in accordance with the laws of the State of New
York. 

  
 11 

 SCHEDULE OF INCREASES OR DECREASES 

The initial principal amount of this Global Note is €1,000,000,000. The following increases or decreases in this Global Note have been
made: 
  

									
	 Date of Exchange
	  	Amount of
decrease in
Principal
Amount of this
Global Note	  	Amount of
increase in
Principal
Amount of this
Global Note	  	Principal amount
of this Global
Note following
such decrease or
increase	  	Signature of
authorized
signatory of
Trustee or
Securities
Custodian

  
 12

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