Document:

Exhibit

Exhibit 4.3

MARKEL CORPORATION
Issuer
TO
THE BANK OF NEW YORK MELLON
(as successor to The Chase Manhattan Bank)
Trustee

---------------------------------

Twelfth Supplemental Indenture
Dated as of November 2, 2017
---------------------------------

$300,000,000
4.30% Senior Notes due 2047

TABLE OF CONTENTS

	
				
	 
	 
	Page

	ARTICLE I 4.30% SENIOR NOTES DUE 2047
	 
	1
	

	SECTION 101.    ESTABLISHMENT
	 
	1
	

	SECTION 102.    DEFINITIONS
	 
	2
	

	SECTION 103.    PAYMENT OF PRINCIPAL AND INTEREST
	 
	4
	

	SECTION 104.    DENOMINATIONS
	 
	5
	

	SECTION 105.    GLOBAL SECURITIES
	 
	5
	

	SECTION 106.    OPTIONAL REDEMPTION
	 
	6
	

	SECTION 107.    SINKING FUND
	 
	6
	

	SECTION 108.    ADDITIONAL INTEREST
	 
	6
	

	SECTION 109.    PAYING AGENT
	 
	7
	

	SECTION 110.    LIMITATION ON LIENS
	 
	7
	

	SECTION 111.    EVENTS OF DEFAULT
	 
	7
	

	SECTION 112.    DEFEASANCE
	 
	9
	

	ARTICLE II MISCELLANEOUS PROVISIONS
	 
	9
	

	SECTION 201.    RECITALS BY COMPANY
	 
	9
	

	SECTION 202.    INCORPORATION OF ORIGINAL INDENTURE
	 
	10
	

	SECTION 203.    EXECUTED IN COUNTERPARTS
	 
	10
	

	SECTION 204.    ASSIGNMENT
	 
	10
	

	SECTION 205.    THE TRUSTEE
	 
	10
	

	SECTION 206.    REQUESTS BY TRUSTEE FOR CERTIFICATES
	 
	10
	

	SECTION 207.    CONSENT TO JURISDICTION
	 
	10
	

	SECTION 208.    TRIAL BY JURY
	 
	10
	

	SECTION 209.    DAMAGES
	 
	11
	

	SECTION 210.    FORCE MAJEURE
	 
	11
	

	SECTION 211.    DELIVERY OF REPORTS
	 
	11
	

	SECTION 212.    FATCA
	 
	11
	

* This Table of Contents does not constitute part of the Indenture or have any bearing upon the interpretation of any of its terms and provisions. 

THIS TWELFTH SUPPLEMENTAL INDENTURE is made as of November 2, 2017, by and between MARKEL CORPORATION, a Virginia corporation, having its principal office at 4521 Highwoods Parkway, Glen Allen, Virginia 23060 (the “Company”), and THE BANK OF NEW YORK MELLON (as successor to THE CHASE MANHATTAN BANK), a New York banking corporation, as Trustee (herein called the “Trustee”).
W I T N E S S E T H:
WHEREAS, the Company has heretofore entered into a Senior Indenture, dated as of June 5, 2001 (the “Original Indenture”), as heretofore supplemented and amended, with the Trustee;
WHEREAS, the Original Indenture is incorporated herein by this reference and the Original Indenture, as heretofore supplemented and amended and as further supplemented by this Twelfth Supplemental Indenture, is herein called the “Indenture”;
WHEREAS, under the Original Indenture, a new series of Securities may at any time be established in accordance with the provisions of the Original Indenture and the terms of such series may be described by a supplemental indenture executed by the Company and the Trustee;
WHEREAS, the Company proposes to create under the Indenture a series of Securities;
WHEREAS, additional Securities of other series hereafter established, except as may be limited in the Original Indenture as at the time supplemented and modified, may be issued from time to time pursuant to the Indenture as at the time supplemented and modified; and
WHEREAS, all conditions necessary to authorize the execution and delivery of this Twelfth Supplemental Indenture and to make it a valid and binding obligation of the Company have been done or performed.
NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

ARTICLE I
4.30% SENIOR NOTES DUE 2047

SECTION 101.    Establishment. There is hereby established a new series of Securities to be issued under the Indenture, to be designated as the Company’s 4.30% Senior Notes due 2047 (the “4.30% Senior Notes”).
There are to be authenticated and delivered $300,000,000 principal amount of 4.30% Senior Notes, and such principal amount of the 4.30% Senior Notes may be increased from time to time pursuant to Section 301 of the Indenture. All 4.30% Senior Notes need not be issued at the same time and such series may be reopened at any time, without the consent of any Holder, for issuances of additional 4.30% Senior Notes. Any such additional 4.30% Senior Notes will

have the same interest rate, maturity and other terms as those initially issued. Further 4.30% Senior Notes may also be authenticated and delivered as provided by Sections 304, 305, 306 or 905 of the Original Indenture.
The 4.30% Senior Notes shall be issued in definitive fully registered form without coupons, in substantially the form set out in Exhibit A hereto. The entire initially issued principal amount of the 4.30% Senior Notes shall initially be evidenced by one or more certificates issued to Cede & Co., as nominee for The Depository Trust Company.
The form of the Trustee’s Certificate of Authentication for the 4.30% Senior Notes shall be in substantially the form set forth in Exhibit B hereto.
Each 4.30% Senior Note shall be dated the date of authentication thereof and shall bear interest from the Original Issue Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for.

SECTION 102.    Definitions. The following defined terms used herein shall, unless the context otherwise requires, have the meanings specified below. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Original Indenture.
“Business Day” means a day other than (i) a Saturday or a Sunday, (ii) a day on which banks in New York, New York are authorized or obligated by law or executive order to remain closed or (iii) a day on which the Corporate Trust Office is closed for business.
“Comparable Treasury Issue” means the United States Treasury security selected by a Reference Treasury Dealer as having an actual or interpolated maturity comparable to the remaining term of the 4.30% Senior Notes called for redemption (assuming, for this purpose, that the 4.30% Senior Notes matured on the Par Call Date), 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 the 4.30% Senior Notes called for redemption.
“Comparable Treasury Price” means, with respect to any applicable Redemption Date, the average, as determined by the Company, of the Reference Treasury Dealer Quotations for that Redemption Date.
“Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered in the Borough of Manhattan, The City of New York, which office at the date of original execution of this Indenture is located at 101 Barclay Street 7W, New York, New York 10286.
“DTC” means The Depository Trust Company, a limited purpose trust company organized under New York Banking Law.
“Interest Payment Dates” means May 1 and November 1 of each year, commencing on May 1, 2018.

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“Lien” means any mortgage, lien, pledge, security interest or other encumbrance of any kind.
“Material Subsidiary” means a Subsidiary of the Company whose total assets (as determined in accordance with GAAP) represent at least 20% of the total assets of the Company on a consolidated basis.
“Original Issue Date” means November 2, 2017.
“Outstanding”, when used with respect to the 4.30% Senior Notes, means, as of the date of determination, all 4.30% Senior Notes, theretofore authenticated and delivered under the Indenture, except:
(i)    4.30% Senior Notes theretofore canceled by the Trustee or delivered to the Trustee for cancellation;
(ii)    4.30% Senior Notes for whose payment at Maturity the necessary amount of money or money’s worth has been theretofore deposited (other than pursuant to Section 402 of the Original Indenture) with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such 4.30% Senior Notes.
(iii)    4.30% Senior Notes with respect to which the Company has effected defeasance, or covenant defeasance has been effected, pursuant to Section 402 of the Original Indenture; and 
(iv)    4.30% Senior Notes that have been paid pursuant to Section 306 of the Original Indenture or in exchange for or in lieu of which other 4.30% Senior Notes have been authenticated and delivered pursuant to the Indenture, other than any such 4.30% Senior Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it that such 4.30% Senior Notes are held by a bona fide purchaser in whose hands such 4.30% Senior Notes are valid obligations of the Company; provided, however, that in determining whether the Holders of the requisite principal amount of Outstanding 4.30% Senior Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders of 4.30% Senior Notes for quorum purposes, 4.30% Senior Notes owned by the Company or any other obligor upon the 4.30% Senior Notes or any Affiliate of the Company or such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making any such determination or relying upon any such request, demand, authorization, direction, notice, consent or waiver, only 4.30% Senior Notes which a Responsible Officer of the Trustee knows to be so owned shall be so disregarded. 4.30% Senior Notes so owned which shall have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee (A) the pledgee’s right so to act with respect to such 4.30% Senior Notes and (B) that the pledgee is not the Company or any other obligor upon the 4.30% Senior Notes or an Affiliate of the Company or such other obligor.
“Par Call Date” means May 1, 2047, the date that is six months prior to the Stated Maturity of the 4.30% Senior Notes.

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“Reference Treasury Dealer” means Citigroup Global Markets Inc. and Wells Fargo Securities, LLC and one other U.S. Government securities dealer selected by the Company, and each of their respective successors.
“Reference Treasury Dealer Quotations” means, on any applicable Redemption Date, the average, as determined by the Company, 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 Company by each Reference Treasury Dealer at 3:30 p.m., New York City time, on the third business day preceding that Redemption Date.
“Regular Record Date” means, with respect to each Interest Payment Date, the close of business on the Business Day preceding such Interest Payment Date; provided that with respect to 4.30% Senior Notes that are not represented by one or more Global Securities, the Regular Record Date shall be the close of business on the 15th calendar day (whether or not a Business Day) preceding such Interest Payment Date.
“Remaining Scheduled Payments” means the remaining scheduled payments of principal of and interest on the 4.30% Senior Notes called for redemption that would be due after the related Redemption Date but for that redemption (assuming, for this purpose, that the 4.30% Senior Notes matured on the Par Call Date). If that Redemption Date is not an interest payment date with respect to the 4.30% Senior Notes called for redemption, the amount of the next succeeding scheduled interest payment on such 4.30% Senior Notes will be reduced by the amount of interest accrued to such Redemption Date.
“Stated Maturity” means November 1, 2047.
“Treasury Rate” means, with respect to any applicable Redemption Date, the rate per year equal to the semi-annual equivalent yield to maturity (computed as of the third business day immediately preceding that Redemption Date) 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 that Redemption Date.

SECTION 103.    Payment of Principal and Interest. The principal of the 4.30% Senior Notes shall be due at the Stated Maturity. The unpaid principal amount of the 4.30% Senior Notes shall bear interest at the rate of 4.30% per annum until paid or duly provided for, such interest to accrue from the Original Issue Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for. Interest shall be paid semiannually in arrears on each Interest Payment Date to the Person in whose name the 4.30% Senior Notes are registered on the Regular Record Date for such Interest Payment Date; provided that interest payable at the Stated Maturity of principal or upon redemption or repurchase as provided herein will be paid to the Person to whom principal is payable. Any such interest that is not so punctually paid or duly provided for will forthwith cease to be payable to the Holders on such Regular Record Date and may either be paid to the Person or Persons in whose name the 4.30% Senior Notes are registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee (in accordance with Section 307 of the Original Indenture), notice whereof shall be given to Holders of the 4.30% Senior Notes not less than ten (10) days prior to such Special Record Date, or be paid at any time in any other lawful manner

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not inconsistent with the requirements of any securities exchange, if any, on which the 4.30% Senior Notes may be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Original Indenture.
Payments of interest on the 4.30% Senior Notes will include interest accrued to but excluding the respective Interest Payment Dates. Interest payments for the 4.30% Senior Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In the event that any date on which interest is payable on the 4.30% Senior Notes is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay), in each case with the same force and effect as if made on the date the payment was originally payable.
Payment of the principal and interest on the 4.30% Senior Notes shall be made at the office of the Paying Agent 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, with any such payment that is due at the Stated Maturity of any 4.30% Senior Notes being made upon surrender of such 4.30% Senior Notes to the Paying Agent. Payments of interest (including interest on any Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by the Person entitled thereto. In the event that any date on which principal and interest is payable on the 4.30% Senior Notes is not a Business Day, then payment of the principal and interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay), in each case with the same force and effect as if made on the date the payment was originally payable.

SECTION 104.    Denominations. The 4.30% Senior Notes may be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

SECTION 105.    Global Securities. The 4.30% Senior Notes will be issued initially in the form of one or more Global Securities registered in the name of the Depositary (which shall be DTC) or its nominee. Except under the limited circumstances described below, 4.30% Senior Notes represented by such Global Securities will not be exchangeable for, and will not otherwise be issuable as, 4.30% Senior Notes in definitive form. The Global Securities described above may not be transferred except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or to a successor Depositary or its nominee.
Owners of beneficial interests in such a Global Security will not be considered the Holders thereof for any purpose under the Indenture, and no Global Security representing a 4.30% Senior Note shall be exchangeable, except for another Global Security of like denomination and tenor to be registered in the name of the Depositary or its nominee or to a successor Depositary or its nominee or except as described below. The rights of Holders of such Global Security shall be exercised only through the Depositary.

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A Global Security shall be exchangeable for 4.30% Senior Notes registered in the names of persons other than the Depositary or its nominee only if (i) the Depositary notifies the Company that it is unwilling or unable to continue as a Depositary for such Global Security and no successor Depositary shall have been appointed by the Company within 90 days of receipt by the Company of such notification, or if at any time the Depositary ceases to be a clearing agency registered under the Exchange Act at a time when the Depositary is required to be so registered to act as such Depositary and no successor Depositary shall have been appointed by the Company within 90 days after it becomes aware of such cessation, or (ii) the Company in its sole discretion determines that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for 4.30% Senior Notes registered in such names as the Depositary shall direct.

SECTION 106.    Optional Redemption. At any time prior to May 1, 2047, the 4.30% Senior Notes are redeemable, at the Company’s option, in whole at any time or in part from time to time, upon notice transmitted to the registered address of each Holder of the 4.30% Senior Notes at least 30 days but not more than 60 days before the Redemption Date, at a Redemption Price equal to the greater of (1) 100% of the principal amount of the 4.30% Senior Notes to be redeemed and (2) the sum of the present values of the Remaining Scheduled Payments on such 4.30% Senior Notes if such 4.30% Senior Notes matured on the Par Call Date, exclusive of interest accrued to the Redemption Date, and discounted to the Redemption Date, on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at a rate equal to the sum of the applicable Treasury Rate plus 25 basis points. Accrued and unpaid interest will be paid to, but excluding, the Redemption Date. 
At any time on or after May 1, 2047, the 4.30% Senior Notes are redeemable, at the Company’s option, in whole at any time or in part from time to time, upon notice transmitted to the registered address of each Holder of the 4.30% Senior Notes at least 30 days but not more than 60 days before the Redemption Date, at a Redemption Price equal to 100% of the principal amount of the 4.30% Senior Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. 
On and after a Redemption Date, interest will cease to accrue on the 4.30% Senior Notes called for redemption (unless the Company defaults in the payment of the Redemption Price and accrued interest). On or before a Redemption Date, the Company shall deposit with the Paying Agent or the Trustee money sufficient to pay the Redemption Price of and accrued interest on the 4.30% Senior Notes to be redeemed on that date. If less than all of the 4.30% Senior Notes are to be redeemed, the 4.30% Senior Notes to be redeemed shall be selected by DTC in accordance with its then applicable procedures.
This Section 106 has been included in this Twelfth Supplemental Indenture expressly and solely for the benefit of the 4.30% Senior Notes.

SECTION 107.    Sinking Fund. The 4.30% Senior Notes shall not have a sinking fund.

SECTION 108.    Additional Interest. Any principal of and installment of interest on the 4.30% Senior Notes that is overdue shall bear interest at the rate of 4.30% (to the extent that

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the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand.

SECTION 109.    Paying Agent. The Trustee shall initially serve as Paying Agent with respect to the 4.30% Senior Notes, with the Place of Payment initially being the Corporate Trust Office of the Trustee.

SECTION 110.    Limitation on Liens. The Company and its Material Subsidiaries may not issue, assume, incur or guarantee any indebtedness for borrowed money secured by a mortgage, pledge, lien or other encumbrance, directly or indirectly, upon any shares of the Voting Stock of a Material Subsidiary which shares are owned by the Company or its Material Subsidiaries without effectively providing that the 4.30% Senior Notes (and if the Company so elects, any other indebtedness of the Company ranking on a parity with the 4.30% Senior Notes) shall be secured equally and ratably with, or prior to, any such secured indebtedness so long as such indebtedness remains outstanding. This Section 110 shall not apply to:
(i)    liens for taxes or assessments or governmental charges or levies not then due and delinquent or the validity of which is being contested in good faith or which are less than $1,000,000 in amount and liens created by or resulting from any litigation or legal proceeding which is currently being contested in good faith by appropriate proceedings or which involves claims of less than $1,000,000, or 
(ii)    any mortgage, pledge, lien or other encumbrance upon any shares of Voting Stock of any corporation existing at the time such corporation becomes a Material Subsidiary and any extensions, renewals or replacements thereof.
(iii)    This Section 110 has been included in this Twelfth Supplemental Indenture expressly and solely for the benefit of the 4.30% Senior Notes and shall be subject to covenant defeasance pursuant to Section 402(3) of the Original Indenture.

SECTION 111.    Events of Default. Article V of the Original Indenture is amended solely with respect to the 4.30% Senior Notes as follows:
(a)    Section 501 is amended and restated in its entirety as follows:
“Section 501. Events of Default.
‘Event of Default’, wherever used herein with respect to the 4.30% Senior Notes, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):
(1)    default in the payment of any interest on the 4.30% Senior Notes when such interest becomes due and payable, and continuance of such default for a period of 30 days; or

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(2)    default in the payment of the principal of the 4.30% Senior Notes when due upon Maturity; or
(3)    default in the performance, or breach, of any covenant or warranty of the Company in this Indenture or the Security representing the 4.30% Senior Notes (other than (i) a covenant or warranty for which the consequences of breach or nonperformance are addressed elsewhere in this Section 501 or (ii) a covenant or warranty which has expressly been included in this Indenture or a Security of a series, whether or not by means of a supplemental indenture, solely for the benefit of Securities of a series other than the 4.30% Senior Notes), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding 4.30% Senior Notes a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a ‘Notice of Default’ hereunder; or
(4)    (a) the failure of the Company to make any payment by the end of any applicable grace period after maturity of indebtedness, which term as used in this Section 501 means obligations (other than nonrecourse obligations) of the Company for borrowed money or evidenced by bonds, debentures, notes or similar instruments in an aggregate principal amount in excess of $100,000,000 (“Indebtedness”) and continuance of such failure, or (b) the acceleration of Indebtedness because of a default with respect to such Indebtedness without such Indebtedness having been discharged or such acceleration having been cured, waived, rescinded or annulled, in each case, for a period of 10 days after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of not less than 25% in aggregate principal amount of the Outstanding 4.30% Senior Notes; however, if any such failure or acceleration referred to in (a) or (b) above ceases or is cured, waived, rescinded or annulled, then the Event of Default by reason thereof shall be deemed not to have occurred; or
(5)    the Company pursuant to or under or within the meaning of any Bankruptcy Law:
(a)    commences a voluntary case or proceeding;
(b)    consents to the entry of an order for relief against it in an involuntary case or proceeding or the commencement of any case against it;
(c)    consents to the appointment of a Custodian of it or for any substantial part of its property;
(d)    makes a general assignment for the benefit of its creditors;
(e)    files a petition in bankruptcy or answer or consent seeking reorganization or relief; or
(f)    consents to the filing of such petition or the appointment of or taking possession by a Custodian; or

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(6)    a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
(a)    is for relief against the Company in an involuntary case or proceeding, or adjudicates the Company insolvent or bankrupt;
(b)    appoints a Custodian of the Company or for any substantial part of its property; or
(c)    orders the winding up or liquidation of the Company; and the order or decree remains unstayed and in effect for 90 days.
‘Bankruptcy Law’ means Title 11, United States Code, or any similar Federal or state law for the relief of debtors. “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law.”
(d)    Section 502 is amended as follows:
(1)    The first paragraph shall be amended by deleting “33%” and replacing it with “25%” and by adding the following sentence at the end of the paragraph: “If an Event of Default specified in clauses (5) or (6) of Section 501 occurs and is continuing, then the principal of, and accrued interest on, all of the Outstanding 4.30% Senior Notes shall become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.”
(2)    The second paragraph shall be amended by deleting the period at the end and replacing it with “; and” and by adding the following clause immediately after clause (2): “(3) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction.”

SECTION 112.    Defeasance. In addition to the conditions set forth in Section 402 of the Original Indenture, in order for the Company to effect defeasance or covenant defeasance of the 4.30% Senior Notes, the Company must have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the then Outstanding 4.30% Senior Notes will not recognize income, gain or loss for federal income tax purposes as a result of the defeasance or covenant defeasance and will be subject to federal income tax in the same amounts, in the same manner and at the same time as would have been the case if the defeasance or covenant defeasance had not occurred. In the case of a defeasance (but not of a covenant defeasance), the opinion must refer to and be based upon a ruling of the Internal Revenue Service or a change in applicable federal income tax laws.

ARTICLE II
MISCELLANEOUS PROVISIONS

SECTION 201.    Recitals by Company. The recitals in this Twelfth Supplemental Indenture are made by the Company only and not by the Trustee (who makes no representation for or in respect of the validity or sufficiency of this Twelfth Supplemental Indenture or for or in 

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respect of the recitals contained herein), and all of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of the 4.30% Senior Notes and of this Twelfth Supplemental Indenture as fully and with like effect as if set forth herein in full.

SECTION 202.    Incorporation of Original Indenture. As supplemented hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this Twelfth Supplemental Indenture shall be read, taken and construed as one and the same instrument.

SECTION 203.    Executed in Counterparts. This Twelfth Supplemental Indenture may be executed in several counterparts, each of which shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument.

SECTION 204.    Assignment. The Company shall have the right at all times to assign any of its rights or obligations under the Indenture with respect to the 4.30% Senior Notes to a direct or indirect wholly owned subsidiary of the Company; provided that, in the event of any such assignment, the Company shall remain primarily liable for the performance of all such obligations. The Indenture may also be assigned by the Company in connection with a transaction described in Article Eight of the Original Indenture.

SECTION 205.    The Trustee. Any corporation or association into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or association to which all or substantially all of the corporate trust business of the Trustee may be sold or otherwise transferred, shall be the successor trustee hereunder without any further act.

SECTION 206.    Requests by Trustee for Certificates. The Trustee may request that the Issuer deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture.

SECTION 207.    Consent to Jurisdiction. Any suit, action or proceeding arising out of or based upon this Twelfth Supplemental Indenture or the 4.30% Senior Notes may be instituted in any state or Federal court in the Borough of Manhattan, New York, New York, and any appellate court from any thereof, and each of the Company and the Trustee irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding.  Each of the Company and the Trustee irrevocably waives, to the fullest extent permitted by law, any objection to any suit, action or proceeding that may be brought in connection with this Twelfth Supplemental Indenture or the 4.30% Senior Notes, including such actions, suits or proceedings relation to securities laws of the United States of America or any state thereof, in such courts whether on the grounds of venue, residence or domicile or on the ground that any such suit, action or proceeding has been brought in an inconvenient forum. Each of the Company and the Trustee agrees that final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon it and may be enforced in any court to the jurisdiction of which it is subject by a suit upon such judgment.

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SECTION 208.    Trial By Jury. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS TWELFTH SUPPLEMENTAL INDENTURE, THE 4.30% SENIOR NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

SECTION 209.    Damages. In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

SECTION 210.    Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

SECTION 211.    Delivery of Reports. Delivery of such information, documents or reports to the Trustee pursuant to Section 704 is for informational purposes only and the Trustee’s receipt thereof shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including, in the case of Section 704(2), the Company’s compliance with any of the covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

SECTION 212.    FATCA. In order to comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time ("Applicable Law") to which a foreign financial institution, issuer, trustee, paying agent, holder or other institution is or has agreed to be subject to related to this Twelfth Supplemental Indenture and the 4.30% Senior Notes, the Company agrees (i) to provide the Trustee with such reasonable information as it has in its possession to enable the Trustee to determine whether it has tax related obligations under Applicable Law and (ii) that the Trustee shall be entitled to make any withholding or deduction from payments under this Twelfth Supplemental Indenture and the 4.30% Senior Notes to the extent necessary to comply with Applicable Law for which the Trustee shall not have any liability. The terms of this section shall survive the termination of this Twelfth Supplemental Indenture.
[signature page follows]

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IN WITNESS WHEREOF, each party hereto has caused this instrument to be signed in its name and behalf by its duly authorized officer, all as of the day and year first above written.
MARKEL CORPORATION

By:  _/s/ Anne G. Waleski_____________________
Name:    Anne G. Waleski 
Title:    Executive Vice President and Chief Financial Officer

By:  _/s/ Richard R. Grinnan__________________
Name:    Richard R. Grinnan 
Title:    General Counsel and Secretary 

THE BANK OF NEW YORK MELLON, as Trustee 

By:  __/s/ Francine Kincaid___________________
Name:    __Francine Kincaid___________________
Title:    __Vice President_____________________

EXHIBIT A
FORM OF 
4.30% SENIOR NOTE DUE 2047
[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER 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 REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO [CEDE & CO.], ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, [CEDE & CO.], HAS AN INTEREST HEREIN.]1 
[THIS 4.30% SENIOR NOTE 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 THEREOF. THIS 4.30% SENIOR NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS 4.30% SENIOR NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.]
	
		
	REGISTERED
	REGISTERED

------------------------------------------------
MARKEL CORPORATION
------------------------------------------------
$[__________]
4.30% SENIOR NOTES DUE 2047

	
		
	No. A-[_____]
	CUSIP No. 570535 AS3
ISIN No. US570535AS38

Markel Corporation, a corporation duly organized and existing under the laws of Virginia (herein called the “Company,” 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 “Holder”), the principal sum of____________ Dollars ($____________) on November 1, 2047 and to pay interest thereon from November 2, 2017 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semiannually in arrears on May 1 and November 1 of each year, commencing on November 1, 2018, at the rate of 4.30% per annum, until the principal hereof is paid or made available for payment, provided that any principal, and any such installment of interest, that is overdue shall bear interest at the rate of 4.30% per annum (to the extent that the payment of such interest shall be legally

1 Insert in Global Securities

enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. 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 4.30% Senior Note (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 close of business on the Business Day preceding such Interest Payment Date; provided that with respect to 4.30% Senior Notes that are not represented by one or more Global Securities, the Regular Record Date shall be the close of business on the 15th calendar day (whether or not a Business Day) 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 4.30% Senior Note (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 4.30% Senior Notes not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the 4.30% Senior Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.
Payments of interest on the 4.30% Senior Notes will include interest accrued to but excluding the respective Interest Payment Dates. Interest payments for the 4.30% Senior Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In the event that any date on which interest is payable on the 4.30% Senior Notes is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay), in each case with the same force and effect as if made on the date the payment was originally payable.
Payment of the principal of and interest on this 4.30% Senior Note will be made at the office of the Paying Agent, in the Borough of Manhattan, City and State of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, with any such payment that is due at the Stated Maturity of any 4.30% Senior Note being made upon surrender of such 4.30% Senior Note to such office or agency; provided, however, that at the option of the Company payment of interest, subject to such surrender where applicable, may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by the Person entitled thereto.
Reference is hereby made to the further provisions of this 4.30% Senior 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 4.30% Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.
	
			
	Dated:
	 
	Markel Corporation

	 
	 
	By:  ____________________________

	 
	 
	Name:    __________________________

	 
	 
	Title:    __________________________

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.
	
			
	Dated:
	 
	THE BANK OF NEW YORK MELLON, 

	 
	 
	as Trustee

	 
	 
	By:       ___________________________

	 
	 
	Authorized Officer 

	 
	 
	 

	 
	 
	 

REVERSE OF 4.30% SENIOR NOTE
This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of June 5, 2001, as heretofore supplemented and amended and as further supplemented by a Twelfth Supplemental Indenture, dated as of November 2, 2017 (collectively, as amended or supplemented from time to time, herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York Mellon (as successor to The Chase Manhattan Bank), as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof (the “4.30% Senior Notes”) which is unlimited in aggregate principal amount.
If an Event of Default with respect to 4.30% Senior Notes shall occur and be continuing, the principal of the 4.30% Senior Notes may be declared due and payable in the manner and with the effect provided in the Indenture.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this 4.30% Senior Note shall be conclusive and binding upon such Holder and upon all future Holders of this 4.30% Senior Note and of any 4.30% Senior Note issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this 4.30% Senior Note.
As provided in and subject to the provisions of the Indenture, the Holder of this 4.30% Senior Note shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the 4.30% Senior Notes, the Holders of not less than a majority in principal amount of the 4.30% Senior Notes at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of 4.30% Senior Notes at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this 4.30% Senior Note for the enforcement of any payment of principal hereof or premium, if any, or interest hereon on or after the respective due dates expressed or provided for herein.

No reference herein to the Indenture and no provision of this 4.30% Senior Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this 4.30% Senior Note 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 4.30% Senior Note is registrable in the Security Register, upon surrender of this 4.30% Senior Note for registration of transfer at the office or agency of the Company in any place where the principal of, premium, if any, and interest on this 4.30% Senior Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or the Holder’s attorney duly authorized in writing, and thereupon one or more new 4.30% Senior Notes and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.
The 4.30% Senior Notes are issuable only 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, 4.30% Senior Notes are exchangeable for a like aggregate principal amount of 4.30% Senior Notes having the same Stated Maturity and of like tenor of any authorized denominations as requested by the Holder upon surrender of the 4.30% Senior Note or 4.30% Senior Notes to be exchanged at the office or agency of the Company.
No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.
Prior to due presentment of this 4.30% Senior Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this 4.30% Senior Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
The 4.30% Senior Notes are redeemable, at the Company’s option, in whole at any time or in part from time to time, in the manner and with the effect provided in the Indenture.
All terms used in this 4.30% Senior Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture.

ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:
	
			
	TEN COM --
	 
	as tenants in common

	 
	 
	 

	TEN ENT --
	 
	as tenants by the entireties

	 
	 
	 

	JT TEN --
	 
	as joint tenants with rights of survivorship

	 
	 
	and not as tenants in common

	 
	 
	 

	UNIF GIFT MIN ACT --
	 
	______________________ Custodian for

	 
	 
	(Cust)

	 
	 
	 

	 
	 
	______________________ 

	 
	 
	(Minor)

	 
	 
	 

	 
	 
	Under Uniform Gifts to Minors Act of 

	 
	 
	______________________ 

	 
	 
	(State)

	 
	 
	 

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

	_________________________________________________________

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto___________________________  (please insert Social Security or other identifying number of assignee).
_____________________________________________________________________________ 
_____________________________________________________________________________ 
_____________________________________________________________________________
PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
the within 4.30% Senior Note and all rights thereunder, hereby irrevocably constituting and appointing 
______________________________________________________________________________ 
______________________________________________________________________________ 
______________________________________________________________________________
agent to transfer said 4.30% Senior Note on the books of the Company, with full power of substitution in the premises.
Dated:    _________________, ____

NOTICE:  The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement, or any change whatever.

EXHIBIT B 
CERTIFICATE OF AUTHENTICATION
This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.
	
			
	Dated:
	 
	THE BANK OF NEW YORK MELLON, 

	 
	 
	as Trustee

	 
	 
	By:       ___________________________

	 
	 
	Authorized OfficerEX-4.2

 Exhibit 4.2 

Execution Version 

OFFICER’S CERTIFICATE 

OF 
 AMGEN INC. 

Dated as of November 2, 2017 
 The
undersigned officer of the Company certifies, pursuant to resolutions duly adopted by the Board of Directors at a meeting duly held on October 27, 2017 (the “Resolutions”), and in accordance with Sections 2.1, 2.2 and 2.3 of
the Indenture, dated as of May 22, 2014 (the “Indenture”; capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Indenture), between Amgen Inc., a Delaware corporation (the
“Company”), and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), the following matters related to the issuance of $1,000,000,000 aggregate principal amount of the Company’s 3.200%
Senior Notes due 2027 (the “Notes”): 
 1. Attached hereto as Annex A is a true and correct copy of a specimen
note (the “Form of Note”) representing the Notes. The Form of Note sets forth certain of the terms required to be set forth in this Certificate pursuant to Section 2.2 of the Indenture, and said terms are incorporated herein by
reference.  
 2. The title of the Notes shall be the “3.200% Senior Notes due 2027.” 

3. The Notes shall be issued at the initial offering price of 99.601% of the principal amount. 

4. The Company will initially issue $1,000,000,000 aggregate principal amount of Notes (except for Notes authenticated and delivered upon
registration of transfer of, in exchange for, or in lieu of, other Notes pursuant to Sections 2.7, 2.8, 2.11, 3.6 or 9.6 of the Indenture). The Company may issue additional Notes from time to time after the date hereof, and such Notes will be
treated as part of the series of Notes for all purposes under the Indenture. 
 5. The Notes shall be issued as Global Securities only and
will be exchangeable for certificated notes (“Certificated Notes”) only if: 
  

	 	(a)	DTC (x) notifies the Company that it is unwilling or unable to continue as depository for the Global Securities or (y) at any time has ceased to be a clearing agency registered under the Exchange Act at a time
when it is required to be registered and, in either case, the Company fails to appoint a successor depository registered as a clearing agency under the Exchange Act within 90 days of notification to the Company or the Company becoming aware of
DTC’s ceasing to be so registered, as the case may be; 

  

	 	(b)	the Company, at its option, notifies the Trustee in writing to the effect that the Company elects to cause the issuance of the Certificated Notes; or 

	 	(c)	there has occurred and is continuing an Event of Default with respect to the Notes. 

Certificated Notes delivered in exchange for any Global Security or beneficial interests in Global Securities will be registered in the names,
and issued in any approved denominations, requested by or on behalf of the depository (in accordance with its customary procedures). 
 6.
The Notes shall be denominated in Dollars and payments of principal and interest shall be made in Dollars. 
 7. In addition to the
provisions set forth in Article IV of the Indenture, the following additional provisions shall apply to the Notes and shall be incorporated into the Indenture with respect to the Notes: 

Section 4.5 Change of Control Offer 

(a) If a Change of Control Triggering Event occurs, unless the Company has exercised its option to redeem the Notes as described in
Section 5 of the Security, the Company will be required to make an offer (the “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that
Holder’s Notes on the terms set forth in such Security. In the Change of Control Offer, the Company shall be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid
interest, if any, on the Notes repurchased to the date of repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event, a notice will be provided to Holders describing the transaction
that constitutes the Change of Control Triggering Event and offering to repurchase the Notes on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is provided (the
“Change of Control Payment Date”); provided, however, that in no event will the Change of Control Payment Date occur prior to the date 90 days following the First Issue Date.  

(b) On the Change of Control Payment Date, the Company shall, to the extent lawful: 

 

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

  

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

 

	 	(iii)	deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased.

 (c) Notwithstanding the foregoing, the Company shall not repurchase any Notes if there has occurred and is continuing on
the Change of Control Payment Date an Event of Default under the Indenture, other than a Default in the payment of the Change of Control Payment upon a Change of Control Triggering Event. 

  
 2 

 (d) The Company will comply with the requirements of Rule 14e-1 under 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 Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any
such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company will comply with those securities laws and regulations and will not be deemed to have breached its obligations under the Change of
Control Offer provisions of the Notes by virtue of any such conflict. 
 (e) For the purposes of this Section 4.5 only, the following
definitions shall apply: 
 “Beneficial Owner” shall be determined in accordance with Rules 13d-3 and 13d-5 under
the Exchange Act or any successor provisions, except that a Person will be deemed to have beneficial ownership of all shares that Person has the right to acquire irrespective of whether that right is exercisable immediately or only after the passage
of time.  
 “Change of Control” means the occurrence of any of the following: (1) the consummation of any
transaction (including, without limitation, any merger or consolidation) the result of which is that any Person or Group (other than the Company or one of its Subsidiaries) becomes the Beneficial Owner, directly or indirectly, of more than 50% of
the Company’s Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; provided, however, that a
Person shall not be deemed Beneficial Owner of, or to own beneficially, (A) any securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person or any of such Person’s affiliates until such tendered
securities are accepted for purchase or exchange thereunder, or (B) any securities if such beneficial ownership (i) arises solely as a result of a revocable proxy delivered in response to a proxy or consent solicitation made pursuant to
the applicable rules and regulations under the Exchange Act, and (ii) is not also then reportable on Schedule 13D (or any successor schedule) under the Exchange Act; (2) the direct or indirect sale, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the Company’s assets and the assets of the Company’s Subsidiaries, taken as a whole, to one or more
Persons or Groups (other than the Company or one of its Subsidiaries); provided that none of the circumstances in this clause (2) will be a Change of Control if the Persons that beneficially own the Company’s Voting Stock
immediately prior to the transaction own, directly or indirectly, shares with a majority of the total voting power of all outstanding voting securities of the surviving or transferee Person that are entitled to vote generally in the election of that
Person’s board of directors, managers or trustees immediately after the transaction; (3) the Company consolidates with, or merges with or into any Person, or any Person consolidates with, or merges with or into, the Company, in any such
event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the Voting Stock of such other Person is converted into or exchanged for cash, securities or other property, other than such transaction where the shares
of the Company’s Voting Stock outstanding immediately prior to such transaction 

  
 3 

 
constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person or any direct or indirect parent company of the surviving Person immediately after
giving effect to such transaction; or (4) the adoption of a plan relating to the Company’s liquidation or dissolution. Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control under clause
(1) above if (i) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (ii) (A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction
are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or (B) immediately following that transaction no Person (other than a holding company satisfying the requirements of this
sentence) is the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event.  

“Group” has the meaning given by Section 13(d) and 14(d) of the Exchange Act or any successor provisions and
includes any group acting for the purpose of acquiring, holding or disposing of securities within the meaning of Rule 13d-5(b)(1) under the Exchange Act or any successor provision.  

“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, and the equivalent investment grade credit rating from any additional Rating Agency or Rating Agencies selected by the Company.  

“Moody’s” means Moody’s Investors Service, Inc., and its successors.  

“Person” has the meaning given by Section 13(d) and 14(d) of the Exchange Act or any successor provisions. 

 “Rating Agencies” means (1) each of Moody’s and S&P; and (2) if either Moody’s or
S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of
Section 3(a)(62) of the Exchange Act selected by the Company (as certified by a resolution of the Board of Directors) as a replacement agency for Moody’s or S&P, or both of them, as the case may be.  

“Rating Event” means the rating on the Notes is lowered by both of the Rating Agencies and the Notes are rated below
an Investment Grade Rating by both of the Rating Agencies on any day during the period commencing 60 days prior to the first public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control and
ending 60 days following consummation of such Change of Control (which period will be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies).  

“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., and
its successors. 

  
 4 

 “Voting Stock” as applied to stock of any Person, means shares,
interests, participations or other equivalents in the equity interest (however designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other than shares, interests,
participations or other equivalents having such power only by reason of the occurrence of a contingency. 
 Section 4.6
Limitation on Liens.  
 (a) The Company shall not, nor shall it permit any of its Subsidiaries to, create or incur any Lien
on any of their respective Properties, whether now owned or hereafter acquired, or upon any income or profits therefrom, in order to secure any Indebtedness of the Company, without effectively providing that the Notes shall be equally and ratably
secured until such time as such Indebtedness is no longer secured by such Lien, except: 
 (1) Liens existing as of the First Issue Date;

 (2) Liens granted after the First Issue Date on any of the Company or any of its Subsidiaries’ Properties securing Indebtedness of
the Company created in favor of the Holders of the Notes; 
 (3) Liens securing Indebtedness of the Company which are incurred to extend,
renew or refinance Indebtedness which is secured by Liens permitted to be incurred under the Indenture; provided that those Liens do not extend to or cover any of the Company or any of its Subsidiaries’ Property other than the Property
securing the Indebtedness being refinanced and that the principal amount of such Indebtedness does not exceed the principal amount of the Indebtedness being refinanced; 

(4) Liens created in substitution of or as replacements for any Liens permitted by the preceding clauses (1) through (3) directly
above, provided that, based on a good faith determination of an Officer of the Company, the Property encumbered under any such substitute or replacement Lien is substantially similar in nature to the Property encumbered by the otherwise
permitted Lien which is being replaced; and 
 (5) Permitted Liens. 

(b) Notwithstanding the foregoing, the Company and any of its Subsidiaries may, without securing the Notes, create or incur Liens which would
otherwise be subject to the restrictions set forth in the preceding paragraph, if after giving effect thereto, Exempted Debt does not exceed the greater of (x) 35% of Consolidated Net Worth calculated as of the date of the creation or
incurrence of the Lien or (y) 35% of Consolidated Net Worth calculated as of the First Issue Date. 
 Section 4.7
Limitation on Sale and Lease-Back Transactions.  
 (a) The Company shall not and shall not permit any of its Subsidiaries to,
enter into any sale and lease-back transaction for the sale and leasing back of any Property, whether now owned or hereafter acquired, of the Company or any Subsidiary of the Company, unless: 

(1) such transaction was entered into prior to the First Issue Date; 

  
 5 

 (2) such transaction was for the sale and leasing back of any Property by a Subsidiary of the
Company to the Company; 
 (3) such transaction involves a lease for less than three years; 

(4) the Company would be entitled to incur Indebtedness secured by a mortgage on the property to be leased in an amount equal to the
Attributable Liens with respect to such sale and lease-back transaction without equally and ratably securing the Notes pursuant to Section 4.6; or 

(5) the Company applies an amount equal to the fair value of the proceeds of the Property sold to the purchase of Property or to the
retirement of long-term Indebtedness of the Company or any of its Subsidiaries within 120 days of the effective date of any such sale and lease-back transaction. In lieu of applying such amount to such retirement, the Company may, or may cause any
of its Subsidiaries to, deliver debt securities to the Trustee therefor for cancellation, such debt securities to be credited at the cost thereof to the Company. 

(b) Notwithstanding the foregoing, the Company and any of its Subsidiaries may enter into any sale and lease-back transaction which would
otherwise be subject to the foregoing restrictions if after giving effect thereto and at the time of determination, Exempted Debt does not exceed the greater of (a) 35% of Consolidated Net Worth calculated as of the closing date of the sale and
lease-back transaction or (b) 35% of Consolidated Net Worth calculated as of the First Issue Date. 
 8. In addition to the definitions
set forth in Article I of the Indenture, the Notes shall include the following additional definitions, which, in the event of a conflict with the definition of terms in the Indenture, shall control: 

“Attributable Liens” means in connection with a sale and lease-back transaction the lesser of:  

(1) the fair market value of the assets subject to such transaction; and 

(2) the present value (discounted at a rate per annum equal to the average interest borne by all outstanding debt securities issued under the
Indenture (which may include debt securities in addition to the Notes) determined on a weighted average basis and compounded semi-annually) of the obligations of the lessee for rental payments during the term of the related lease. 

“Business Day” means any day except a Saturday, Sunday or a legal holiday in the City of New York, New York (or in
connection with any payment, the place of payment) on which banking institutions are authorized or required by law, regulation or executive order to close. 

“Capital Lease” means any Indebtedness represented by a lease obligation of a Person incurred with respect to real
property or equipment acquired or leased by such Person and used in its business that is required to be recorded as a capital lease in accordance with GAAP.  

  
 6 

 “Consolidated Net Worth” means, as of any date of determination, the
Stockholders’ Equity of the Company and its Consolidated Subsidiaries on that date.  
 “Consolidated
Subsidiary” means, as of any date of determination and with respect to any Person, any Subsidiary of that Person whose financial data is, in accordance with GAAP, reflected in that Person’s consolidated financial statements. 

 “Credit Facilities” means, one or more debt facilities (including, without limitation, the Revolving Credit
Agreement) or commercial paper facilities, in each case, with banks or other institutional lenders providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special
purpose entities formed to borrow from such lenders against such receivables) or letters of credit, in each case, as amended, restated, modified, renewed, refunded, replaced (whether upon or after termination or otherwise) or refinanced (including
by means of sales of debt securities to institutional investors) in whole or in part from time to time.  
 “Exempted
Debt” means the sum of the following as of the date of determination:  
 (1) Indebtedness of the Company incurred after the
First Issue Date and secured by Liens not permitted by Section 4.6(a) above; and 
 (2) Attributable Liens of the Company and any of
its Subsidiaries in respect of sale and lease-back transactions entered into after the First Issue Date pursuant to Section 4.7(b) above. 

“First Issue Date” means November 2, 2017. 

“GAAP” means accounting principles generally accepted in the United States set forth in the Accounting Standards
Codification of the Financial Accounting Standards Board or in such other documents by such other entity as have been approved by a significant segment of the accounting profession, which are in effect as of the date of determination. 

“Governmental Agency” means:  

(1) any foreign, federal, state, county or municipal government, or political subdivision thereof; 

(2) any governmental or quasi-governmental agency, authority, board, bureau, commission, department, instrumentality or public body; 

(3) any court or administrative tribunal; and 

(4) with respect to any Person, any arbitration tribunal or other nongovernmental authority to whose jurisdiction that Person has
consented. 
 “Hedging Obligations” means, with respect to any specified Person, the obligations of such Person
under:  
 (1) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap
agreements and interest rate collar agreements; 

  
 7 

 (2) other agreements or arrangements designed to manage interest rates or interest rate
risk; and 
 (3) other agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates or
commodity prices. 
 “Indebtedness” of any Person means, without duplication, any indebtedness, whether or not
contingent, in respect of borrowed money or evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements with respect thereto) or representing the balance deferred and unpaid of the purchase price of
any Property (including pursuant to Capital Leases), except any such balance that constitutes an accrued expense or trade payable, if and to the extent any of the foregoing indebtedness would appear as a liability upon a balance sheet of such Person
prepared on a consolidated basis in accordance with GAAP (but does not include contingent liabilities which appear only in a footnote to a balance sheet), and shall also include, to the extent not otherwise included, the guaranty of items which
would be included within this definition.  
 “Laws” means, collectively, all foreign, federal, state and
local statutes, treaties, rules, regulations, ordinances, codes and administrative or controlling precedents of any Governmental Agency.  

“Lien” means any lien, security interest, charge or encumbrance of any kind (including any conditional sale or other
title retention agreement, any lease in the nature thereof, and any agreement to give any security interest).  

“Make-Whole Amount” means the excess of (1) the net present value, on the redemption date, of the principal being
redeemed or paid and the amount of interest (exclusive of interest accrued to the date of redemption) that would have been payable if such redemption had not been made (calculated as if the maturity date of the Notes was the par call date, over
(2) the aggregate principal amount of the Notes being redeemed or paid. Net present value shall be determined by discounting, on a semi-annual basis, such principal and interest at the Reinvestment Rate (as determined on the third Business Day
preceding the date of redemption) from the respective dates on which such principal and interest would have been payable if such redemption had not been made.  

“Permitted Liens” means:  

(1) Liens securing Indebtedness under Credit Facilities; 

(2) Liens on accounts receivable, merchandise inventory, equipment, and patents, trademarks, trade names and other intangibles, securing
Indebtedness of the Company; 
 (3) Liens on any assets of the Company, any of its Subsidiaries’ assets, or the assets of any
joint venture to which the Company or any of its Subsidiaries is a party, created solely to secure obligations incurred to finance the refurbishment, improvement or construction of such asset, which obligations are incurred no later than 24 months
after completion of such refurbishment, improvement or construction, and all renewals, extensions, refinancings, replacements or refundings of such obligations; 

  
 8 

 (4) (a) Liens given to secure the payment of the purchase price incurred in
connection with the acquisition (including acquisition through merger or consolidation) of Property (including shares of stock), including Capital Lease transactions in connection with any such acquisition, and (b) Liens existing on Property at
the time of acquisition thereof or at the time of acquisition by the Company or one of its Subsidiaries of any Person then owning such Property whether or not such existing Liens were given to secure the payment of the purchase price of the Property
to which they attach; provided that, with respect to clause (a), the Liens shall be given within 24 months after such acquisition and shall attach solely to the Property acquired or purchased and any improvements then or thereafter placed
thereon;  
 (5) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs
duties in connection with the importation of goods; 
 (6) Liens upon specific items of inventory or other goods and proceeds of any
Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(7) Liens securing reimbursement obligations with respect to letters of credit that encumber documents and other Property relating to
such letters of credit and the products and proceeds thereof; 
 (8) Liens on key-man life insurance policies granted to secure
Indebtedness of the Company against the cash surrender value thereof; 
 (9) Liens encumbering customary initial deposits and margin
deposits and other Liens in the ordinary course of business, in each case securing Hedging Obligations and forward contract, option, futures contracts, futures options or similar agreements or arrangements designed to protect the Company or any of
its Subsidiaries from fluctuations in interest rates, currencies or the price of commodities; 
 (10) Liens arising out of conditional
sale, title retention, consignment or similar arrangements for the sale of goods entered into by Company or any of its Subsidiaries in the ordinary course of business; 

(11) pre-existing Liens on assets acquired by the Company or any of its Subsidiaries after the First Issue Date; 

(12) Liens in favor of the Company or in favor of any of its Subsidiaries; 

(13) inchoate Liens incident to construction or maintenance of real property, or Liens incident to construction or maintenance of real
property, now or hereafter filed of record for sums not yet delinquent or being contested in good faith, if reserves or other appropriate provisions, if any, as shall be required by GAAP shall have been made therefore; 

  
 9 

 (14) statutory Liens arising in the ordinary course of business with respect to obligations
which are not delinquent or are being contested in good faith, if reserves or other appropriate provisions, if any, as shall be required by GAAP shall have been made therefore; 

(15) Liens consisting of pledges or deposits to secure obligations under workers’ compensation laws or similar legislation,
including Liens of judgments thereunder which are not currently dischargeable; 
 (16) Liens consisting of pledges or deposits of
Property to secure performance in connection with operating leases made in the ordinary course of business to which Company or any of its Subsidiaries is a party as lessee, provided the aggregate value of all such pledges and deposits in
connection with any such lease does not at any time exceed 16 2⁄3% of the annual fixed rentals payable under such lease;  

(17) Liens consisting of deposits of Property to secure statutory obligations of the Company or statutory obligations of any of its
Subsidiaries in the ordinary course of its business; 
 (18) Liens consisting of deposits of Property to secure (or in lieu of) surety,
appeal or customs bonds in proceedings to which the Company or any of its Subsidiaries is a party in the ordinary course of its business, but not in excess of $75,000,000; 

(19) purchase money Liens or purchase money security interests upon or in any Property acquired or held by Company or any of its
Subsidiaries in the ordinary course of business to secure the purchase price of such Property or to secure Indebtedness incurred solely for the purpose of financing the acquisition of such Property; 

(20) Liens on an asset created in connection with the acquisition, construction or development of additions, extensions or improvements to
such asset which shall be financed by obligations described in Sections 142, 144(a) or 144(c) of the Internal Revenue Code of 1986, as amended, or by obligations entitled to substantially similar tax benefits under other legislation or regulations
in effect from time to time; and 
 (21) Liens on Property subject to escrow or similar arrangements established in connection with
litigation settlements. 
 “Person” means any individual, corporation, partnership, joint venture, association,
limited liability company, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Property” means any property or asset, whether real, personal or mixed, or tangible or intangible. 

“Reinvestment Rate” means 0.15%, plus the weekly yield for the most recent week set forth in the most recent Statistical
Release for the constant maturity U.S. Treasury security (rounded to the nearest month) corresponding to the remaining life to maturity, as of the payment date of the principal being redeemed or paid. If no maturity exactly corresponds to such
maturity, yields for the two published maturities most closely corresponding to such maturity shall be calculated pursuant to the immediately preceding sentence and the Reinvestment Rate shall be 

  
 10 

 
interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. For the purpose of calculating the Reinvestment Rate, the
most recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used. 
 “Revolving
Credit Agreement” means the Amended and Restated Credit Agreement, dated as of July 30, 2014, among the Company, the banks therein named, Citibank, N.A., as administrative agent, JPMorgan Chase Bank, N.A., as syndication agent, and
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Barclays Bank PLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley Senior Funding, Inc. and Goldman Sachs Bank USA, as joint lead arrangers and joint book
runners, as such agreement may be amended (including any amendment, restatement, refinancing and successors thereof), supplemented or otherwise modified from time to time, including any increase in the principal amount of the obligations thereunder.

 “Statistical Release” means the statistical release designated “H.15” or any comparable online data
source or publication which is made available by the Federal Reserve System and which establishes yields on actively traded U.S. government securities adjusted to constant maturities, or, if such Statistical Release is not published at the time of
any determination under the Indenture, then such other reasonably comparable index which shall be designated by the Company.  

“Stockholders’ Equity” means, as of any date of determination, stockholders’ equity as of that date
determined in accordance with GAAP; provided that there shall be excluded from Stockholders’ Equity any amount attributable to capital stock that is, directly or indirectly, required to be redeemed or repurchased by the
issuer thereof at a specified date or upon the occurrence of specified events or at the election of the holder thereof.  

“Subsidiary” of any specified person means any corporation, association or other business entity of which more than 50% of
the total voting power of shares of capital stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such
person or one or more of the other Subsidiaries of that person or a combination thereof. 
 9. Section 9.1(h) of the Indenture shall be
amended and restated solely with respect to the Notes as follows: 
 (h) to make any change that does not adversely affect the rights of any
Securityholder in any material respect; 
 10. The Depository for the Notes shall be The Depository Trust Company (“DTC”).

 11. The undersigned is authorized to approve the form, terms and conditions of the Notes. 

  
 11 

 12. The undersigned has read the provisions of the Indenture, including the covenants and
conditions precedent, pertaining to the issuance of the Notes. 
 13. In connection with this Certificate, the undersigned has examined the
documents, corporate records and certificates and has made such inquiries of the other officers of the Company, which he or she has deemed necessary to enable him or her to express an informed opinion as to whether or not such comments and
conditions have been complied with. 
 14. In the opinion of the undersigned, all of the conditions and covenants related to the issuance of
the Notes have been complied with. 
 [Signature follows] 

  
 12 

 IN WITNESS WHEREOF, the undersigned has executed this Officer’s Certificate as of the
date first set forth above. 
  

					
	By:	 	/s/ Mary A. Lehmann
		 	Name:	 	Mary A. Lehmann
		 	Title:	 	Vice President, Finance and Treasurer

 Annex A 

Form of Note 

  
 14 

 [Face of Note] 

 
 CUSIP 031162 CQ1 

3.200% Senior Notes due 2027 
  

			
	No.             	  	$            

 AMGEN INC. 

promises to pay to CEDE & CO. or registered assigns, 

the principal sum of              DOLLARS on November 2, 2027. 

Interest Payment Dates: May 2 and November 2 
 Record
Dates: 15th day prior to May 2 and November 2 
 Dated:
                     
  

			
	AMGEN INC.
		
	By:	 	 
		 	Name:
		 	Title:

 This is one of the Notes referred to 

in the within-mentioned Indenture: 

THE BANK OF NEW YORK MELLON 

TRUST COMPANY, N.A., as Trustee 

			
		
	By:	 	 
		 	Authorized Officer

			
		
	Authentication Date:	 	 

  
 15 

 [REVERSE SIDE OF NOTE] 

3.200% SENIOR NOTES DUE 2027 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY
OR A NOMINEE OF THE DEPOSITORY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT
AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, 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 A SUCCESSOR
DEPOSITORY. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY
PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 Capitalized terms used herein have the meanings assigned
to them in the Indenture referred to below unless otherwise indicated. 
  

	 	(1)	INTEREST. Amgen Inc., a Delaware corporation (the “Company”), promises to pay interest on the principal amount of this Note at 3.200% per annum from November 2, 2017 until maturity. The
Company will pay interest in cash semi-annually in arrears on May 2 and November 2 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on
the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that the first Interest Payment Date shall be May 2, 2018; provided further that
after May 2, 2018, if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such
next succeeding Interest Payment Date. The interest rate will be computed on the basis of a 360-day year of twelve 30-day calendar months. 

  

	 	(2)	 METHOD OF PAYMENT. The Company will pay interest on the Notes (except defaulted interest) to the Persons who are
registered Holders of Notes at the close of business on the day that is 15 days prior to the next succeeding Interest Payment Date (whether or not such day is a Business Day), even if such Notes are canceled after such record date and on or before
such Interest Payment Date, except as provided in Section 2.13 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal and interest at the office or agency of the Company maintained for such purpose in the
Borough of Manhattan, the City and State of New York (or, if the Company fails to maintain such office or agency, at the corporate trust office of the trustee in New York, New York or if the trustee does not maintain an office in New York, at the
office of a 

  
 16 

	 	
paying agent in New York), or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders;
provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest on all Global Securities and all other Notes the Holders of which will have provided wire transfer instructions
to the Company or the Paying Agent. Such payment will be in the currency of the United States of America. 

  

	 	(3)	PAYING AGENT AND REGISTRAR. Initially, The Bank of New York Mellon Trust Company, N.A., the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar
without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

  

	 	(4)	INDENTURE. The terms of the Notes include those stated in the Indenture dated May 22, 2014, between the Company and the Trustee (the “Indenture”), and those made part of the Indenture by the
Officer’s Certificate dated November 2, 2017, delivered pursuant thereto (the “Officer’s Certificate”) and the TIA. The Notes are subject to all such terms, and the Holders are referred to the Indenture and the TIA
for a statement of them. 

  

	 	(5)	OPTIONAL REDEMPTION. At any time prior to maturity, the Company will have the option to redeem all or a part of the Notes upon not less than 15 nor more than 60 days’ notice. If the Notes are redeemed before
August 2, 2027 (three months prior to the maturity date of the Notes), the redemption price will equal the sum of (1) 100% of the principal amount of any Notes being redeemed, plus accrued and unpaid interest to, but not including, the
redemption date, and (2) the Make-Whole Amount. If the Notes are redeemed on or after August 2, 2027 (three months prior to the maturity date of the Notes), the redemption price will equal 100% of the principal amount being redeemed, plus
accrued and unpaid interest to, but not including, the redemption date. Unless the Company defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable
redemption date. 

  

	 	(6)	NOTICE OF REDEMPTION. Notice of redemption will be mailed at least 15 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address, except that
redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction or discharge of the Indenture. Notes in denominations larger than $2,000 may be
redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. 

  

	 	(7)	MANDATORY REDEMPTION. Except as provided in Section 8 below, the Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 

 

	 	(8)	CHANGE OF CONTROL TRIGGERING EVENT. In the event of a Change of Control Triggering Event, the Holders may require the Company to purchase for cash all or a portion of their Notes at a purchase price equal to 101% of the
principal amount of the notes, plus accrued and unpaid interest, if any, pursuant to the provisions of Section 7 of the Officer’s Certificate. 

  
 17 

	 	(9)	DEFEASANCE PRIOR TO MATURITY. The Indenture contains provisions for defeasance of (i) the entire indebtedness of the Notes or (ii) certain covenants and Events of Default with respect to the Notes, in each
case upon compliance with certain conditions set forth therein. 

  

	 	(10)	RESTRICTIVE COVENANTS. The Indenture and the Officer’s Certificate impose certain limitations on the Company and its Subsidiaries, including limitations on the Company’s and its Subsidiaries’ ability to
create or incur certain Liens on any of their respective properties or assets and to enter into certain sale and lease-back transactions and on the Company’s ability to engage in mergers or consolidations or the conveyance, transfer or lease of
all or substantially all of its properties and assets. These limitations are subject to a number of important qualifications and exceptions and reference is made to the Indenture and the Officer’s Certificate for a description thereof.

  

	 	(11)	DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000. The transfer of Notes may be registered and Notes may be exchanged as
provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted
by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register
the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 

 

	 	(12)	PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 

  

	 	(13)	AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then
outstanding Notes voting as a single class, and any existing Default or Event or Default or compliance with any provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority in aggregate principal amount of the
then outstanding Notes voting as a single class. Without the consent of any Holder of a Note, the Indenture or the Notes may be amended or supplemented to cure any ambiguity, defect or inconsistency; to comply with Article V of the Indenture; to
provide for uncertificated Notes in addition to or in place of certificated Notes; to add guarantees with respect to the Notes or secure the Notes; to surrender any of the Company’s rights or powers under the Indenture; to add covenants or
events of default for the benefit of the Holders of the Notes; to comply with the applicable procedures of the applicable depositary; to make any change that would not adversely affect the rights under the Indenture of any such Holder in any
material respect; to provide for the issuance of and establish the form and terms and conditions of Notes of any series as permitted by the Indenture; to evidence and provide for the acceptance of appointment under the Indenture by a successor
trustee with respect to the Notes and to add to or change any of the provisions of the Indenture necessary to provide for the administration of the trusts in the Indenture by more than one trustee; or to comply with the requirements of the SEC in
order to effect or maintain the qualification of the Indenture under the TIA. No amendment to cure any ambiguity, defect or inconsistency in the Indenture made solely to conform the Indenture to the description of notes contained in the Prospectus
Supplement related to the Notes, dated October 31, 2017, will be deemed to adversely affect the interests of the Holders of the Notes. 

  
 18 

	 	(14)	DEFAULTS AND REMEDIES. If an Event of Default shall occur and be continuing, the principal of the Notes may be declared (or, in certain cases, shall ipso facto become) due and payable in the manner and with the effect
provided in the Indenture. 

  

	 	(15)	TRUSTEE DEALINGS WITH COMPANY. The Trustee under the Indenture, in its individual or any other capacity, may deal with the Company or an Affiliate of the Company with the same rights it would have if it were not
Trustee. 

  

	 	(16)	NO RECOURSE AGAINST OTHERS. A director, officer, employee or stockholder of the Company shall not have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 

 

	 	(17)	AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 

  

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

  

	 	(19)	CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP
numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other
identification numbers placed thereon. 

  

	 	(20)	GOVERNING LAW. THE INDENTURE AND THIS NOTE, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATED TO THE INDENTURE OR THIS NOTE, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture and/or the Officer’s Certificate.

 Requests may be made to: 

Amgen Inc. 
 One Amgen Center Drive

 Thousand Oaks, CA 91320-1799 

Attention: Investor Relations 

  
 19 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

(I) or (we) assign and transfer this Note to:
                                         
                                

                          
                                         
             (Insert assignee’s legal name) 
  

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

 
  
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                                         
                                         
                                         
                              to transfer this Note on the books of the Company. The agent may
substitute another to act for him. 
 Date:
                     

			
		
	Your Signature:	 	 
		 	(Sign exactly as your name appears on the face of this Note)

			
		
	Signature Guarantee*:	 	 

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 20

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