Document:

Exhibit 4.2

 

McGRAW HILL FINANCIAL, INC.

 

STANDARD & POOR’S FINANCIAL
SERVICES LLC

as Guarantor

 

2.500% Senior Notes due 2018

3.300% Senior Notes due 2020

4.400% Senior Notes due 2026

 

SECOND SUPPLEMENTAL INDENTURE

 

Dated as of August 18, 2015

 

to the Indenture Dated as of May 26,
2015

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Trustee

 

     

     

    

TABLE OF CONTENTS

 

 

 

Page

 

Article
1

Definitions

 

	Section 1.01 . Certain Terms Defined in the Indenture; Additional Terms.	2

 

Article
2

Form and Terms of the Notes

 

	Section 2.01 . Form and Dating.	7
	Section 2.02 . Paying Agent; Depository.	8
	Section 2.03 . Registration, Transfer and Exchange.	8
	Section 2.04 . Restrictions on Transfer and Exchange.	10
	Section 2.05 . Temporary Offshore Global Notes.	12
	Section 2.06 . Terms of the Notes.	13
	Section 2.07 . Optional Redemption.	15
	Section 2.08 . Special Redemption.	16
	Section 2.09 . Offer to Repurchase Upon A Change of Control Triggering Event.	17

 

 

Article
3

Supplemental Indentures

 

	Section 3.01 . Supplemental Indentures Without Consent of Holders. 	19

 

Article
4

Miscellaneous

 

	Section 4.01 . Trust Indenture Act Controls.	19
	Section 4.02 . Governing Law.	19
	Section 4.03 . Payment of Notes.	19
	Section 4.04 . Multiple Counterparts.	19
	Section 4.05 . Severability.	19
	Section 4.06 . Relation to Indenture.	20
	Section 4.07 . Ratification.	20
	Section 4.08 . Effectiveness.	20
	Section 4.09 . Trustee Not Responsible for Recitals or Issuance of Securities.	20

 

	EXHIBITS	 
	 	 
	EXHIBIT A-1	Form of 2018 Note
	EXHIBIT A-2	Form of 2020 Note
	EXHIBIT A-3	Form of 2026 Note

 

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	EXHIBIT B	Restricted Legend
	EXHIBIT C	DTC Legend
	EXHIBIT D	Regulation S Certificate
	EXHIBIT E	Rule 144A Certificate
	EXHIBIT F	Certificate of Beneficial Ownership
	EXHIBIT G	Temporary Offshore Global Note Legend

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SECOND SUPPLEMENTAL INDENTURE

 

SECOND SUPPLEMENTAL INDENTURE (this
“Second Supplemental Indenture”), dated as of August 18, 2015, among McGRAW HILL FINANCIAL, INC., a New York
corporation (the “Company”), having its principal executive offices at 55 Water Street, New York, New York 10041,
STANDARD & POOR’S FINANCIAL SERVICES LLC, a Delaware limited liability company, as Guarantor hereunder, and U.S.
BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”).

 

RECITALS

 

WHEREAS, the Company, the Guarantor and
the Trustee have heretofore executed and delivered an Indenture, dated as of May 26, 2015 (the “Indenture”),
to provide for the issuance by the Company from time to time of Securities to be issued in one or more series as provided in the
Indenture;

 

WHEREAS, the issuance and sale of $400,000,000
aggregate principal amount of a new series of the Securities of the Company designated as its 2.500% Senior Notes due 2018 and,
if and when issued, any Additional Notes of the same series, together with any Exchange Notes issued therefor, as provided herein
(the “2018 Notes”), to be fully and unconditionally guaranteed by the Guarantor, have been authorized by resolutions
adopted by the Board of Directors of the Company and the board of managers of the Guarantor; and the Company desires to issue and
sell $400,000,000 aggregate principal amount of the 2018 Notes on the date hereof, to be fully and unconditionally guaranteed by
the Guarantor in accordance with Article 12 of the Indenture;

 

WHEREAS, the issuance and sale of $700,000,000
aggregate principal amount of a new series of the Securities of the Company designated as its 3.300% Senior Notes due 2020 and,
if and when issued, any Additional Notes of the same series, together with any Exchange Notes issued therefor, as provided herein
(the “2020 Notes”), to be fully and unconditionally guaranteed by the Guarantor, have been authorized by resolutions
adopted by the Board of Directors of the Company and the board of managers of the Guarantor; and the Company desires to issue and
sell $700,000,000 aggregate principal amount of the 2020 Notes on the date hereof, to be fully and unconditionally guaranteed by
the Guarantor in accordance with Article 12 of the Indenture;

 

WHEREAS, the issuance and sale of $900,000,000
aggregate principal amount of a new series of the Securities of the Company designated as its 4.400% Senior Notes due 2026 and,
if and when issued, any Additional Notes of the same series, together with any Exchange Notes issued therefor, as provided herein
(the “2026 Notes”, and together with the 2018 Notes and the 2020 Notes, the “Notes”), to
be fully and unconditionally guaranteed by the Guarantor, have been authorized by resolutions adopted by the Board of Directors
of the Company and the board of managers of the Guarantor; and the Company desires to issue and sell $900,000,000 aggregate principal
amount of the 2026 Notes on the date hereof, to be fully and unconditionally guaranteed by the Guarantor in accordance with Article
12 of the Indenture;

 

     

     

    

WHEREAS, Sections 2.01 and 10.01 of the
Indenture provide that the Company, when authorized by a Board Resolution, and the Trustee may amend or supplement the Indenture
to provide for the issuance of and to establish the form or terms and conditions of Securities of any series as permitted by the
Indenture;

 

WHEREAS, the Company desires to establish
the form, terms and conditions of the Notes; and

 

WHEREAS, all things necessary to make this
Second Supplemental Indenture a legal, valid and binding supplement to the Indenture according to its terms and the terms of the
Indenture have been done;

 

NOW, THEREFORE, for and in consideration
of the premises and the purchase of the Notes by the Holders thereof, the Company, the Guarantor and the Trustee mutually covenant
and agree, for the equal and proportionate benefit of all Holders of the Notes, as follows:

 

Article
1

Definitions

 

Section 1.01.
Certain Terms Defined in the Indenture; Additional Terms.

 

(a) 
For purposes of this Second Supplemental Indenture, all capitalized terms used but not defined herein shall have the meanings
ascribed to such terms in the Indenture, as amended hereby.

 

(b) 
The following capitalized terms used herein shall be defined accordingly:

 

“Additional Interest”
means additional interest owed to the Holders pursuant to a Registration Rights Agreement.

 

“Agent Member” means
a member of, or a participant in, the Depository.

 

“Additional
Notes” shall have the meaning set forth in ‎Section 2.06(b).

 

“Below Investment Grade Rating
Event” means the Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any date from the
date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following
public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of the Notes
is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided that a Below Investment
Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect
of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition
of Change of Control Triggering Event hereunder) if the Rating Agencies making the reduction in rating to which this definition
would otherwise apply do not announce or publicly confirm or inform the Trustee or the Company in writing at the Trustee’s
or the Company’s request that the reduction was the

 

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result, in whole or in part, of any event
or circumstances comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the
applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).

 

“Certificated Note” means
a Note in registered individual certificated form without interest coupons.

 

“Certificate of Beneficial Ownership”
means a certificate substantially in the form of Exhibit F.

 

“Change of Control” means
the occurrence of any of the following: (1) the direct or indirect sale, transfer, conveyance or other disposition (other than
by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or
assets of the Company and its Subsidiaries taken as a whole to any person (as defined in the Indenture, and in addition as that
term is used in Section 13(d)(3) and Section 14(d)(2) of the Exchange Act) or group of related persons for purposes of Section
13(d) of the Exchange Act other than the Company or one of its Subsidiaries; (2) the approval by the holders of the Company’s
common stock of any plan or proposal for the liquidation or dissolution of the Company (whether or not otherwise in compliance
with the provisions hereof); or (3) the consummation of any transaction or series of related transactions (including, without limitation,
any merger or consolidation) the result of which is that any person becomes the beneficial owner, directly or indirectly, of more
than 50% of the then outstanding number of shares of the Company’s Voting Stock.

 

“Change
of Control Offer” has the meaning set forth in ‎Section 2.08(a) hereof.

 

“Change
of Control Payment” has the meaning set forth in ‎Section 2.08(a) hereof.

 

“Change
of Control Payment Date” has the meaning set forth in ‎Section 2.08(b)(iii)
hereof.

 

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

 

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

 

“Comparable Treasury Price”
means, with respect to any Optional Redemption Date, (1) the average of five Reference Treasury Dealer Quotations for such Optional
Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment
Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

 

“DTC Legend” means the
legend set forth in Exhibit C.

 

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“Exchange Notes” means
the Notes of the Company issued pursuant to the Indenture in exchange for, and in an aggregate principal amount equal to, the Initial
Notes, in compliance with the terms of the Registration Rights Agreement and containing terms substantially identical to the Initial
Notes (except that (i) such Exchange Notes will be registered under the Securities Act and will not be subject to transfer restrictions
or bear the Restricted Legend, and (ii) the provisions relating to rights under the Registration Rights Agreement will be eliminated).

 

“Exchange Offer” means
an offer by the Company to the Holders of the Initial Notes to exchange outstanding Notes for Exchange Notes, as provided for in
a Registration Rights Agreement.

 

“Fitch” means Fitch Ratings
Ltd.

 

“Global Note” means a
Note in registered global form without interest coupons.

 

“Independent Investment Banker”
means any of Goldman, Sachs & Co., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc.
or Morgan Stanley & Co. LLC, as specified by the Company, or if these firms are unwilling or unable to select the Comparable
Treasury Issue, an independent investment banking institution of national standing appointed by the Company, in the Company’s
sole discretion.

 

“Initial Additional Notes”
means Additional Notes issued in an offering not registered under the Securities Act and any Notes issued in replacement thereof,
but not including any Exchange Notes issued in exchange therefor.

 

“Initial Notes” means
the Notes issued on the Issue Date and any Notes issued in replacement thereof, but not including any Exchange Notes issued in
exchange therefor.

 

“Initial Purchasers”
means the initial purchasers party to a Purchase Agreement dated August 13, 2015 with the Company and the Guarantor relating to
the sale of the Notes by the Company.

 

“Investment Grade Rating”
means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s, BBB- (or the equivalent) by Fitch and the equivalent
by any other Rating Agency.

 

“Issue Date” means the
date on which the Notes are originally issued under this Indenture.

 

“Moody’s” means
Moody’s Investors Service, Inc.

 

“Offshore Global Note”
means a Global Note representing Notes issued and sold pursuant to Regulation S.

 

“Optional
Redemption Date” means any such date fixed for redemption pursuant to ‎Section
2.07(a) or ‎Section 2.07(b).

 

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“Permanent Offshore Global Note”
means an Offshore Global Note that does not bear the Temporary Offshore Global Note Legend.

 

“Rating Agencies” means
(1) Moody’s and Fitch; (2) if Moody’s or Fitch 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 Company’s
board of directors) as a replacement agency for Moody’s or Fitch; and (3) at the Company’s option, any other “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 Company’s board of directors) to rate the Notes.

 

“Redemption Price”, when
used with respect to any Security to be redeemed, means the price specified in the Security at which it is to be redeemed pursuant
to this Indenture.

 

“Reference Treasury Dealer”
means (1) any of Goldman, Sachs & Co., J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities
Inc. or Morgan Stanley & Co. LLC and their respective successors; provided, however, that if any of the foregoing
shall cease to be a primary U.S. government securities dealer in New York City (a “Primary Treasury Dealer”),
the Company will substitute therefor another Primary Treasury Dealer and (2) any three other Primary Treasury Dealers selected
by the Company after consultation with the Independent Investment Banker.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Optional Redemption Date, the average, as determined by the Independent
Investment Banker, 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 Independent Investment Banker at 5:00 p.m., New York City time, on the third business
day preceding such Optional Redemption Date.

 

“Registration Rights Agreement”
means (i) the Registration Rights Agreement dated as of August 18, 2015 between the Company, the Guarantor and the Initial Purchasers
party thereto with respect to the Initial Notes, and (ii) with respect to any Additional Notes, any registration rights agreements
between the Company, the Guarantor and the Initial Purchasers party thereto relating to rights given by the Company to the purchasers
of Additional Notes to register such Additional Notes or exchange them for Notes registered under the Securities Act.

 

“Regulation S” means
Regulation S under the Securities Act.

 

“Regulation S Certificate”
means a certificate substantially in the form of Exhibit D hereto.

 

“Restricted Legend” means
the legend set forth in Exhibit B.

 

“Restricted Period” means
the relevant 40-day distribution compliance period as defined in Regulation S.

 

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“Rule 144A” means Rule
144A under the Securities Act.

 

“Rule 144A Certificate”
means (i) a certificate substantially in the form of Exhibit E hereto or (ii) a written certification addressed to the Company
and the Trustee to the effect that the Person making such certification (x) is acquiring such Note (or beneficial interest) for
its own account or one or more accounts with respect to which it exercises sole investment discretion and that it and each such
account is a qualified institutional buyer within the meaning of Rule 144A, (y) is aware that the transfer to it or exchange, as
applicable, is being made in reliance upon the exemption from the provisions of Section 5 of the Securities Act provided by Rule
144A, and (z) acknowledges that it has received such information regarding the Company as it has requested pursuant to Rule 144A(d)(4)
or has determined not to request such information.

 

“SNL Financial Acquisition”
means the Company’s proposed acquisition of SNL Financial LC.

 

“SNL Financial Acquisition Agreement”
means the Agreement and Plan of Merger, dated as of July 24, 2015, among the Company, a wholly owned subsidiary of the Company,
SNL Financial LC, and Nightingale Partners III (AIV-C), L.P.

 

“Special Redemption Deadline”
means May 14, 2016, if and only if the SNL Financial Acquisition has not been completed on or before such date.

 

“Special Redemption Date”
means the 15th Business Day following the earlier to occur of (a) the Special Redemption Deadline, if any, and (b) the
date, if any, the SNL Financial Acquisition Agreement is terminated.

 

“Special Redemption Notice”
means a notice to Holders of Notes stating that the Notes shall be redeemed and specifying the Special Redemption Date and such
other information as required, to the extent applicable, by Section 3.04 of the Indenture.

 

“Special Redemption Price”
means a price equal to 101% of the aggregate principal amount of the Notes, in each case plus accrued and unpaid interest from
and including the date of initial issuance, or the most recent date to which interest has been paid, whichever is later, to but
excluding the Special Redemption Date.

 

“Temporary Offshore Global Note”
means an Offshore Global Note that bears the Temporary Offshore Global Note Legend.

 

“Temporary Offshore Global Note
Legend” means the legend set forth in Exhibit G.

 

“Treasury Rate” means,
with respect to any Optional Redemption Date, (a) the yield, under the heading which represents the average for the immediately
preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor
publication that is published weekly by the Board of Governors of the Federal Reserve System and that establishes yields on actively
traded U.S. treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities”, for
the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining

 

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Life, yields for the two published maturities
most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated
from such yields on a straight line basis, rounding to the nearest month); or (b) if such release (or any successor release) is
not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual
equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Price for such
Optional Redemption Date.

 

“U.S. Global Note” means
a Global Note that bears the Restricted Legend representing Notes issued and sold pursuant to Rule 144A.

 

  (c) 
As used in the Indenture, for purposes of the Notes, the term “interest” shall be deemed to include any
“Additional Interest” payable as a consequence of a “Registration Default,” in each case as defined in,
and in accordance with, the Registration Rights Agreement.

 

Article
2

Form and Terms of the Notes

 

Section 2.01.
Form and Dating. (a) The Notes and the Trustee’s certificate of authentication shall be substantially in the form of
Exhibit A-1 (with respect to the 2018 Notes), Exhibit A-2 (with respect to the 2020 Notes) and Exhibit A-3 (with respect to the
2026 Notes) attached hereto. The Notes shall be executed on behalf of the Company by any Officer and attested by its Secretary
or one of its Assistant Secretaries. The signature of any of these Officers on the Notes may be manual or facsimile The Notes may
have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its
authentication. The Notes shall be in denominations of $2,000 and integral multiples of $1,000, in excess thereof.

 

The terms and notations contained in the
Notes shall constitute, and are hereby expressly made, a part of the Indenture as supplemented by this Second Supplemental Indenture
and the Company, the Guarantor and the Trustee, by their execution and delivery of this Second Supplemental Indenture, expressly
agree to such terms and provisions and to be bound thereby.

 

(b) 
(i) Except as otherwise provided in paragraph (c), ‎Section 2.04(b)(iii), ‎Section
2.04(b)(v), or ‎Section 2.04(c) or ‎Section
2.03(a)(iii), each Initial Note or Additional Note (other than a Permanent Offshore Global Note) will bear the Restricted Legend.

 

    
(ii) 
Each Global Note, whether or not an Initial Note or Additional Note or Exchange Note, will bear the DTC Legend.

 

    
(iii) 
Each Temporary Offshore Global Note will bear the Temporary Offshore Global Note Legend.

 

    
(iv) 
Initial Notes and Additional Notes offered and sold in reliance on Regulation S will be issued as provided in ‎Section
2.05(a).

 

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(v) 
Initial Notes and Additional Notes offered and sold in reliance on any exception under the Securities Act other than Regulation
S and Rule 144A will be issued, and upon the request of the Company to the Trustee, Initial Notes offered and sold in reliance
on Rule 144A may be issued, in the form of Certificated Notes.

 

 (c) 
(i) If the Company determines (upon the advice of counsel and such other certifications and evidence as the Company may
reasonably require) that a Note is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision)
without compliance with any limits thereunder and that the Restricted Legend is no longer necessary or appropriate in order to
ensure that subsequent transfers of the Note (or a beneficial interest therein) are effected in compliance with the Securities
Act,

 

(ii) 
after an Initial Note or any Initial Additional Note is (x) sold pursuant to an effective registration statement under
the Securities Act, pursuant to the Registration Rights Agreement or otherwise, or (y) is validly tendered for exchange into an
Exchange Note pursuant to an Exchange Offer,

 

the Company may instruct the Trustee in an
Officers’ Certificate to cancel the Note and issue to the Holder thereof (or to its transferee) a new Note of like tenor
and amount, registered in the name of the Holder thereof (or its transferee), that does not bear the Restricted Legend, and the
Trustee will comply with such instruction.

 

(d) 
By its acceptance of any Note bearing the Restricted Legend (or any beneficial interest in such a Note), each Holder thereof
and each owner of a beneficial interest therein acknowledges the restrictions on transfer of such Note (and any such beneficial
interest) set forth in this Indenture and in the Restricted Legend and agrees that it will transfer such Note (and any such beneficial
interest) only in accordance with this Indenture and such legend.

 

Section 2.02.
Paying Agent; Depository. (a) The Company appoints the Trustee as the initial agent of the Company for the payment of the principal
of (and premium, if any) and interest on the Notes, and the office of the Trustee located in the Borough of Manhattan, the City
of New York, be and hereby is, designated as the office or agency where the Notes may be presented for payment and where notices
to or demands upon the Company in respect of the Notes and the Indenture pursuant to which the Notes are to be issued may be served.
The Company may at any time designate additional paying agents or rescind the designation of any paying agent or approve a change
in the office through which the paying agent acts.

 

(b) 
The Depository shall initially be DTC and any and all successors thereto appointed as Depository by the Company.

 

Section 2.03.
Registration, Transfer and Exchange. (a) Each Global Note will be registered in the name of the Depository or its nominee and,
so long as DTC is serving as the Depository thereof, will bear the DTC Legend.

 

(i) 
Each Global Note will be delivered to the Trustee as custodian for the Depository. Transfers of a Global Note (but not
a beneficial interest therein) will be limited to transfers thereof in whole, but not in part, to the Depository, its successors
or

 

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their
respective nominees, except (y) as set forth in ‎(iii) of this ‎Section
2.03‎(a) and (z) transfers of portions thereof in the form of Certificated Notes may be
made upon request of an Agent Member (for itself or on behalf of a beneficial owner) by written notice given to the Trustee by
or on behalf of the Depository in accordance with customary procedures of the Depository and in compliance with this ‎Section
2.03 and ‎Section 2.04.

 

(ii) 
Agent Members will have no rights under this Indenture with respect to any Global Note held on their behalf by the Depository,
and the Depository may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner
and Holder of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, the Depository or its nominee may grant
proxies and otherwise authorize any Person (including any Agent Member and any Person that holds a beneficial interest in a Global
Note through an Agent Member) to take any action which a Holder is entitled to take under this Indenture or the Notes, and nothing
herein will impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise
of the rights of a holder of any security.

 

(iii) 
If (x) the Depository notifies the Company that it is unwilling or unable to continue as Depository for a Global Note and
a successor depositary is not appointed by the Company within 90 days of such notice or (y) an Event of Default has occurred and
is continuing and the Trustee has received a written request from the Depository, the Trustee will promptly exchange each beneficial
interest in the Global Note for one or more Certificated Notes in authorized denominations having an equal aggregate principal
amount registered in the name of the owner of such beneficial interest, as identified to the Trustee by the Depository, and thereupon
the Global Note will be deemed canceled. If such Note does not bear the Restricted Legend, then the Certificated Notes issued
in exchange therefor will not bear the Restricted Legend. If such Note bears the Restricted Legend, then the Certificated Notes
issued in exchange therefor will bear the Restricted Legend, provided that any Holder of any such Certificated Note issued
in exchange for a beneficial interest in a Temporary Offshore Global Note will have the right upon presentation to the Trustee
of a duly completed Certificate of Beneficial Ownership after the Restricted Period to exchange such Certificated Note for a Certificated
Note of like tenor and amount that does not bear the Restricted Legend, registered in the name of such Holder.

 

(b) 
Each Certificated Note will be registered in the name of the Holder thereof or its nominee.

 

(c) 
(i) Global Note to Global Note. If a beneficial interest in a Global Note is transferred or exchanged for a beneficial
interest in another Global Note, the Trustee will (y) record a decrease in the principal amount of the Global Note being
transferred or exchanged equal to the principal amount of such transfer or exchange and (z) record a like increase in the
principal amount of the other Global Note. Any beneficial interest in one Global Note that is transferred to a Person who takes
delivery in the form of an interest in another Global Note, or exchanged for an interest in another Global Note, will, upon transfer
or exchange, cease to be an interest in such Global Note and become an interest in the other Global Note and, accordingly, will
thereafter be subject to all transfer and exchange restrictions, if any, and other procedures

 

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applicable to beneficial interests in such
other Global Note for as long as it remains such an interest.

 

(ii) 
Global Note to Certificated Note. If a beneficial interest in a Global Note is transferred or exchanged for a Certificated
Note, the Trustee will (y) record a decrease in the principal amount of such Global Note equal to the principal amount of such
transfer or exchange and (z) deliver one or more new Certificated Notes in authorized denominations having an equal aggregate
principal amount to the transferee (in the case of a transfer) or the owner of such beneficial interest (in the case of an exchange),
registered in the name of such transferee or owner, as applicable.

 

(iii) 
Certificated Note to Global Note. If a Certificated Note is transferred or exchanged for a beneficial interest in
a Global Note, the Trustee will (x) cancel such Certificated Note, (y) record an increase in the principal amount of such Global
Note equal to the principal amount of such transfer or exchange and (z) in the event that such transfer or exchange involves less
than the entire principal amount of the canceled Certificated Note, deliver to the Holder thereof one or more new Certificated
Notes in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the
canceled Certificated Note, registered in the name of the Holder thereof.

 

(iv) 
Certificated Note to Certificated Note. If a Certificated Note is transferred or exchanged for another Certificated
Note, the Trustee will (x) cancel the Certificated Note being transferred or exchanged, (y) deliver one or more new Certificated
Notes in authorized denominations having an aggregate principal amount equal to the principal amount of such transfer or exchange
to the transferee (in the case of a transfer) or the Holder of the canceled Certificated Note (in the case of an exchange), registered
in the name of such transferee or Holder, as applicable, and (z) if such transfer or exchange involves less than the entire principal
amount of the canceled Certificated Note, deliver to the Holder thereof one or more Certificated Notes in authorized denominations
having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Certificated Note, registered
in the name of the Holder thereof.

 

Section 2.04.
Restrictions on Transfer and Exchange. (a) The transfer or exchange of any Note
(or a beneficial interest therein) may only be made in accordance with this   ‎Section
2.04 and  ‎Section 2.03 and, in the case of a Global Note (or a beneficial interest therein),
the applicable rules and procedures of the Depository. The Security Registrar shall refuse to register any requested transfer or
exchange that does not comply with the preceding sentence.

 

(b) 
Subject to paragraph (c) of this ‎Section 2.04, the transfer or exchange of any
Note (or a beneficial interest therein) of the type set forth in column A below for a Note (or a beneficial interest therein)
of the type set forth opposite in column B below may only be made in compliance with the certification requirements (if any) described
in the clause of this paragraph set forth opposite in column C below.

 

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	A 
	B 
	C 

	U.S. Global Note	U.S. Global Note	(i)
	U.S. Global Note	Offshore Global Note	(ii)
	U.S. Global Note	Certificated Note	(iii)
	Offshore Global Note	U.S. Global Note	(iv)
	Offshore Global Note	Offshore Global Note	(i)
	Offshore Global Note	Certificated Note	(v)
	Certificated Note	U.S. Global Note	(iv)
	Certificated Note	Offshore Global Note	(ii)
	Certificated Note	Certificated Note	(iii)

  

(i) 
No certification is required.

 

(ii) 
The Person requesting the transfer or exchange must deliver or cause to be delivered to the Security Registrar a duly completed
Regulation S Certificate; provided that if the requested transfer or exchange is made by the Holder of a Certificated Note
that does not bear the Restricted Legend, then no certification is required.

 

(iii) 
The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee (y) a duly completed
Rule 144A Certificate or (z) a duly completed Regulation S Certificate, and/or an Opinion of Counsel and such other certifications
and evidence as the Company may reasonably require in order to determine that the proposed transfer or exchange is being made
in compliance with the Securities Act and any applicable securities laws of any state of the United States; provided that
if the requested transfer or exchange is made by the Holder of a Certificated Note that does not bear the Restricted Legend, then
no certification is required. In the event that (y) the requested transfer or exchange takes place after the Restricted Period
and a duly completed Regulation S Certificate is delivered to the Security Registrar or (z) a Certificated Note that does not
bear the Restricted Legend is surrendered for transfer or exchange, upon transfer or exchange the Trustee will deliver a Certificated
Note that does not bear the Restricted Legend.

 

(iv) 
The Person requesting the transfer or exchange must deliver or cause to be delivered to the Security Registrar a duly completed
Rule 144A Certificate.

 

(v) 
Notwithstanding anything to the contrary contained herein, no such exchange is permitted if the requested exchange involves
a beneficial interest in a Temporary Offshore Global Note. If the requested transfer involves a beneficial interest in a Temporary
Offshore Global Note, the Person requesting the transfer must deliver or cause to be delivered to the Security Registrar a duly
completed Rule 144A Certificate or and/or an Opinion of Counsel and such other certifications and evidence as the Company may
reasonably require in order to determine that the proposed transfer is being made in compliance with the Securities Act and any
applicable securities laws of any state of the United States. If the requested transfer or exchange involves a beneficial interest
in a Permanent Offshore Global Note, no certification is required and the Trustee will deliver a Certificated Note that does not
bear the Restricted Legend.

 

    11

    

    

(c) 
No certification is required in connection with any transfer or exchange of any Note (or a beneficial interest therein):

 

(i) 
after such Note is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision) without
the need for current public information; provided that the Company has provided the Trustee with an Officer’s Certificate
to that effect, and the Company may require from any Person requesting a transfer or exchange in reliance upon this clause (i)
an opinion of counsel and any other reasonable certifications and evidence in order to support such certificate; or

 

(ii) 
(y) sold pursuant to an effective registration statement, pursuant to the Registration Rights Agreement or otherwise or
(z) which is validly tendered for exchange into an Exchange Note pursuant to an Exchange Offer.

 

Any Certificated Note delivered in reliance
upon this paragraph will not bear the Restricted Legend.

 

(d) 
The Trustee will retain copies of all certificates, opinions and other documents received in connection with the transfer
or exchange of a Note (or a beneficial interest therein), and the Company will have the right to inspect and make copies thereof
at any reasonable time upon written notice to the Trustee.

 

(e) 
The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including
any transfers between or among Depository participants or beneficial owners of interests in any Global Note) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly
required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof.

 

Section 2.05.
Temporary Offshore Global Notes. (a) Each Note originally sold by the Initial Purchasers in reliance upon Regulation S will
be evidenced by one or more Offshore Global Notes that bear the Temporary Offshore Global Note Legend.

 

(b) 
An owner of a beneficial interest in a Temporary Offshore Global Note (or a Person acting on behalf of such an owner) may
provide to the Trustee (and the Trustee will accept) a duly completed Certificate of Beneficial Ownership at any time after the
Restricted Period (it being understood that the Trustee will not accept any such certificate during the Restricted Period). Promptly
after acceptance of a Certificate of Beneficial Ownership with respect to such a beneficial interest, the Trustee will cause such
beneficial interest to be exchanged for an equivalent beneficial interest in a Permanent Offshore Global Note, and will (x) permanently
reduce the principal amount of such Temporary Offshore Global Note by the amount of such beneficial interest and (y) increase the
principal amount of such Permanent Offshore Global Note by the amount of such beneficial interest.

 

    12

    

    

(c) 
Notwithstanding paragraph (b), if after the Restricted Period any Initial Purchaser owns a beneficial interest in a Temporary
Offshore Global Note, such Initial Purchaser may, upon written request to the Trustee accompanied by a certification as to its
status as an Initial Purchaser, exchange such beneficial interest for an equivalent beneficial interest in a Permanent Offshore
Global Note, and the Trustee will comply with such request and will (x) permanently reduce the principal amount of such Temporary
Offshore Global Note by the amount of such beneficial interest and (y) increase the principal amount of such Permanent Offshore
Global Note by the amount of such beneficial interest.

 

(d) 
Notwithstanding anything to the contrary contained herein, any owner of a beneficial interest in a Temporary Offshore Global
Note shall not be entitled to receive payment of principal or interest on such beneficial interest or other amounts in respect
of such beneficial interest until such beneficial interest is exchanged for an interest in a Permanent Offshore Global Note or
transferred for an interest in another Global Note or a Certificated Note.

 

Section 2.06.
Terms of the Notes. The following terms relating to the Notes are hereby established:

 

(a) 
Title. The 2018 Notes shall constitute a series of Securities having the title “2.500% Senior Notes due 2018.”
The 2020 Notes shall constitute a series of Securities having the title “3.300% Senior Notes due 2020.” The 2026 Notes
shall constitute a series of Securities having the title “4.400% Senior Notes due 2026.”

 

(b)  Principal Amount. The aggregate principal
amount of the 2018 Notes that may be initially authenticated and delivered under the Indenture shall be $400,000,000. The aggregate
principal amount of the 2020 Notes that may be initially authenticated and delivered under the Indenture shall be $700,000,000.
The aggregate principal amount of the 2026 Notes that may be initially authenticated and delivered under the Indenture shall be
$900,000,000. The Company may from time to time, without the consent of the Holders of Notes, issue additional Notes (in any such
case “Additional Notes”) of a series having the same ranking and the same interest rate, maturity and other
terms as the Notes of such series including any Exchange Notes issued in exchange for such Additional Notes, except for the issue
date, the public offering price and, in some cases, the first Interest Payment Date and interest accrual date, provided
that no Event of Default with respect to the Notes of such series shall have occurred and be continuing, provided further
that if any such Additional Notes are not fungible with the Notes of such series initially issued hereunder for U.S. federal income
tax purposes, such Additional Notes shall have a separate CUSIP number. Any such Additional Notes and the existing Notes of such
series will constitute a single series under the Indenture and all references to the relevant Notes shall include the Additional
Notes unless the context otherwise requires.

 

  
(c) 
Maturity Date. The entire outstanding principal of the 2018 Notes shall be payable on August 15, 2018. The entire
outstanding principal of the 2020 Notes shall be payable on August 14, 2020. The entire outstanding principal of the 2026 Notes
shall be payable on February 15, 2026.

 

  
(d) 
Interest Rate.

 

    13

    

    

(i) 
The rate at which the 2018 Notes shall bear interest shall be 2.500% per annum; the date from which interest shall accrue
on the 2018 Notes shall be August 18, 2015, or the most recent Interest Payment Date to which interest has been paid or provided
for; the Interest Payment Dates for the 2018 Notes shall be February 15 and August 15 of each year, beginning February 15, 2016;
the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid, in immediately
available funds, to the Persons in whose names the 2018 Notes (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 February 1 or August 1, as the case may be, next
preceding such Interest Payment Date (whether or not a Business Day), provided, that interest payable at the Stated Maturity
or upon redemption will be paid to the person to whom principal is payable. Payment of principal and interest on the 2018 Notes
will be made at the Corporate Trust Office of the Trustee or such other office or agency of the Company as may be designated for
such purpose, in such currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts; provided, however, that each installment of interest and principal on the 2018 Notes may at the Company’s
option be paid in immediately available funds by transfer to an account maintained by the payee located in the United States of
America.

 

(ii) 
The rate at which the 2020 Notes shall bear interest shall be 3.300% per annum; the date from which interest shall accrue
on the 2020 Notes shall be August 18, 2015, or the most recent Interest Payment Date to which interest has been paid or provided
for; the Interest Payment Dates for the 2020 Notes shall be February 14 and August 14 of each year, beginning February 14, 2016;
the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid, in immediately
available funds, to the Persons in whose names the 2020 Notes (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 January 31 or July 31, as the case may be, next preceding
such Interest Payment Date (whether or not a Business Day), provided, that interest payable at the Stated Maturity or upon
redemption will be paid to the person to whom principal is payable. Payment of principal and interest on the 2020 Notes will be
made at the Corporate Trust Office of the Trustee or such other office or agency of the Company as may be designated for such
purpose, in such currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts; provided, however, that each installment of interest and principal on the 2020 Notes may at the Company’s
option be paid in immediately available funds by transfer to an account maintained by the payee located in the United States of
America.

 

(iii) 
The rate at which the 2026 Notes shall bear interest shall be 4.400% per annum; the date from which interest shall accrue
on the 2026 Notes shall be August 18, 2015, or the most recent Interest Payment Date to which interest has been paid or provided
for; the Interest Payment Dates for the 2026 Notes shall be February 15 and August 15 of each year, beginning February 15, 2016;
the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid, in immediately
available funds, to the Persons in whose names the 2026 Notes (or one or more predecessor Securities) is registered at the close
of business on the Regular Record

 

    14

    

    

Date for such interest, which shall
be the February 1 or August 1, as the case may be, next preceding such Interest Payment Date (whether or not a Business Day), provided,
that interest payable at the Stated Maturity or upon redemption will be paid to the person to whom principal is payable. Payment
of principal and interest on the 2026 Notes will be made at the Corporate Trust Office of the Trustee or such other office or agency
of the Company as may be designated for such purpose, in such currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts; provided, however, that each installment of interest and principal
on the 2026 Notes may at the Company’s option be paid in immediately available funds by transfer to an account maintained
by the payee located in the United States of America.

 

(e) 
Currency. The currency of denomination of the Notes is United States Dollars. Payment of principal of and interest
and premium, if any, on the Notes will be made in United States Dollars.

 

Section 2.07.
Optional Redemption.  (a) Par Call.

 

(i) 
On or after July 14, 2020, the Company may redeem the 2020 Notes, at its option, at any time in whole, or from time to
time in part, at a Redemption Price equal to 100% of the principal amount of the 2020 Notes to be redeemed, plus accrued and unpaid
interest to the Optional Redemption Date.

 

(ii) 
On or after November 15, 2025, the Company may redeem the 2026 Notes, at its option, at any time in whole, or from time
to time in part, at a Redemption Price equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and
unpaid interest to the Optional Redemption Date.

 

(b) 
Make-Whole Call.

 

(i) 
The Company may redeem the 2018 Notes, at its option, at any time in whole, or from time to time in part, at a Redemption
Price equal to the greater of (1) 100% of the principal amount of the 2018 Notes to be redeemed or (2) the sum of the present
values of the remaining scheduled payments of principal and interest on the 2018 Notes to be redeemed, exclusive of interest accrued
to the Optional Redemption Date, discounted to the Optional Redemption Date on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the applicable Treasury Rate plus 25 basis points, plus, in each case, accrued and unpaid interest
to the Optional Redemption Date.

 

(ii) 
Prior to July 14, 2020, the Company may redeem the 2020 Notes, at its option, at any time in whole, or from time to time
in part, at a Redemption Price equal to the greater of (1) 100% of the principal amount of the 2020 Notes to be redeemed or (2)
the sum of the present values of the remaining scheduled payments of principal and interest on the 2020 Notes to be redeemed,
exclusive of interest accrued to the Optional Redemption Date, discounted to the Optional Redemption Date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus 30 basis points, plus, in each
case, accrued and unpaid interest to the Optional Redemption Date.

 

    15

    

    

(iii) 
Prior to November 15, 2025, the Company may redeem the 2026 Notes, at its option, at any time in whole, or from time to
time in part, at a Redemption Price equal to the greater of (1) 100% of the principal amount of the 2026 Notes to be redeemed
or (2) the sum of the present values of the remaining scheduled payments of principal and interest on the 2026 Notes to be redeemed,
exclusive of interest accrued to the Optional Redemption Date, discounted to the Optional Redemption Date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus 35 basis points, plus, in each
case, accrued and unpaid interest to the Optional Redemption Date.

 

(c) 
The Treasury Rate shall be calculated on the third Business Day preceding the Optional Redemption Date. The Company shall
calculate the Redemption Price with respect to the Notes in accordance with the terms and provisions of this Indenture.

 

(d) 
On and after the Optional Redemption Date for the Notes, interest will cease to accrue on the Notes or any portion thereof
called for redemption, unless the Company defaults in the payment of the redemption price. On or before the Redemption Date for
the Notes, the Company will deposit with a Paying Agent, or the Trustee, funds sufficient to pay the redemption price of and accrued
and unpaid interest on the Notes to be redeemed on such date. If less than all of the Notes are to be redeemed, the Trustee shall
select, not more than 60 days prior to the Optional Redemption Date the Notes or portions of the Notes to be redeemed by such method
as the Trustee shall deem fair and appropriate. The Trustee may select for redemption Notes and portions of Notes in amounts of
$1,000 and integral multiples of $1,000 in excess thereof, provided that the unredeemed portion of any Note to be redeemed
in part will not be less than $2,000, and shall thereafter promptly notify the Company in writing of the numbers of Notes to be
redeemed, in whole or in part.

 

(e) 
Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days
prior to the Optional Redemption Date, to each Holder of Notes to be redeemed, at his address appearing in the Security Register.

 

Section 2.08.
Special Redemption. (a) If, for any reason, the SNL Financial Acquisition is not consummated on or prior to the Special Redemption
Deadline or if the SNL Financial Acquisition Agreement is terminated prior to such Special Redemption Deadline, the Company shall
redeem all of the Outstanding Notes on the Special Redemption Date at the applicable Special Redemption Price.

 

(b) 
Section 3.02 of the Indenture shall not apply in connection with a Special Redemption pursuant to this Section 2.08.
The Special Redemption Notice shall be mailed, with a copy to the Trustee, promptly after the occurrence of the event triggering
such special redemption to each Holder of Notes at such Holder’s registered address. At the Company’s request, the
Special Redemption Notice may be given by the Trustee in the name and at the expense of the Company.

 

(c) 
If funds sufficient to pay the Special Redemption Price of all of the Notes to be redeemed on the Special Redemption Date
are deposited with a Paying Agent or the Trustee on or before such Special Redemption Date, on and after such Special Redemption
Date, the Notes

 

    16

    

    

shall cease to bear interest and, other than
the right to receive the Special Redemption Price, all rights under such Notes shall terminate.

 

(d) 
Notwithstanding anything to the contrary, the SNL Financial Acquisition Agreement may be amended and the form of the SNL
Financial Acquisition may be modified at any time, in each case, without the consent of any Holder of the Notes.

 

Section 2.09.
Offer to Repurchase Upon A Change of Control Triggering Event. (a) Upon the occurrence of a Change of Control Triggering
Event, unless the Company has exercised its right to redeem all of the Notes pursuant to ‎Section
2.07 hereof, each Holder shall have the right to require the Company 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 pursuant to the offer described below (the “Change
of Control Offer”) on the terms set forth in the Notes at a purchase price in cash equal to 101% of the aggregate principal
amount of the Notes repurchased plus accrued and unpaid interest, if any, to the date of purchase (the “Change of Control
Payment”), pursuant to and in accordance with the offer described in this ‎Section
2.08. 

 

(b) 
Within 30 days following any Change of Control Triggering Event, the Company shall send, by first class mail, a notice to
each Holder of Notes, with a written copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. Such
notice shall state:

 

(i) 
a description of the transaction or transactions that constitute the Change of Control Triggering Event;

 

(ii) 
that the Change of Control Offer is being made pursuant to this ‎Section 2.08
and that all Notes validly tendered will be accepted for payment;

 

(iii) 
that the Change of Control Payment and the “Change of Control Payment Date”, which shall be a Business
Day that is no earlier than 30 days nor later than 60 days from the date such notice is mailed, other than as may be required
by law;

 

(iv) 
that any Note not tendered will continue to accrue interest;

 

(v) 
that any Note accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change
of Control Payment Date unless the Company shall default in the payment of the Change of Control Payment of the Securities and
the only remaining right of the Holder is to receive payment of the Change of Control Payment upon surrender of the Notes to the
Paying Agent;

 

(vi) 
that Holders electing to have a portion of a Note purchased pursuant to a Change of Control Offer may only elect to have
such Note purchased in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof;

 

(vii) 
that if a Holder elects to have a Note purchased pursuant to the Change of Control Offer it will be required to surrender
the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed,
or transfer by book-

 

    17

    

    

entry transfer, to the Paying Agent
at the address specified in the notice prior to the close of business on the third Business Day prior to the Change of Control
Payment Date;

 

(viii) 
that a Holder will be entitled to withdraw its election if the Company receives, not later than the third Business Day
preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of such
Holder, the principal amount of Notes such Holder delivered for purchase, and a statement that such Holder is withdrawing its
election to have such Note purchased; and

 

(ix) 
that if Notes are purchased only in part a new Note of the same type will be issued in a principal amount equal to the
unpurchased portion of the Notes surrendered.

 

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

 

(i) 
accept for payment all Notes or portions thereof 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 thereof
properly tendered; and

 

(iii) 
deliver or cause to be delivered for cancellation to the Trustee the Notes properly accepted, together with an Officers’
Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company.

 

(d) 
The Paying Agent shall promptly mail to each Holder of Notes properly tendered the Change of Control Payment for the Notes,
and the Trustee, upon receipt of a Company Request, shall promptly authenticate and mail (or cause to be transferred by book-entry)
to each Holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered by such Holder, if any;
provided that each new Note will be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof.

 

(e) 
The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such 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 securities laws or regulations conflict with this
‎Section 2.08, the Company will comply with the applicable securities laws and regulations
and will not be deemed to have breached its obligations under this ‎Section 2.08 by virtue
of such conflicts.

 

(f) 
Notwithstanding the foregoing, the Company will not be required to make an offer to repurchase the Securities upon a Change
of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the
requirements for an offer made by the Company herein and such third party purchases all the Notes properly tendered and not withdrawn
under its offer.

 

    18

    

    

Article
3

Supplemental Indentures

 

Section 3.01.
Supplemental Indentures Without Consent of Holders. Without the consent of any Holders, the Company, when authorized by a Board
Resolution, the Subsidiary Grantor and the Trustee (at the direction of the Company) at any time and from time to time, may enter
into one or more indentures supplemental hereto for any of the purposes set forth in Section 10.01 of the Indenture and, in addition
for the following purpose: to conform any provision of the Indenture, the Second Supplemental Indenture or the Notes to the “Description
of the notes” appearing in the Company’s offering memorandum dated August 13, 2015 pursuant to which the Notes were
originally sold.

 

Article
4

Miscellaneous

 

Section 4.01.
Trust Indenture Act Controls. If any provision of this Second Supplemental Indenture limits, qualifies or conflicts with another
provision which is required to be included in this Second Supplemental Indenture by the Trust Indenture Act, the required provision
shall control. If any provision of this Second Supplemental Indenture modifies or excludes any provision of the Trust Indenture
Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Second Supplemental Indenture as
so modified or to be excluded, as the case may be.

 

Section 4.02.
Governing Law. This Second Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws
of the State of New York, without giving effect to any choice of law or conflict of law provision or rule that would cause the
application of the laws of any other jurisdiction.

 

Section 4.03.
Payment of Notes. Payments in respect of the Notes represented by the Global Notes are to be made by wire transfer of immediately
available funds to the accounts specified by the Holders of the Global Notes. With respect to Certificated Notes, the Company will
make all payments through the Paying Agent by mailing a check to each Holder’s registered address; provided, however,
that payments may also be made, in the case of a Holder of at least $1.0 million aggregate principal amount of Notes, by wire transfer
to the account specified by the Holder thereof.

 

Section 4.04.
Multiple Counterparts. The parties may sign multiple counterparts of this Second Supplemental Indenture. Each signed counterpart
shall be deemed an original, but all of them together represent one and the same Second Supplemental Indenture.

 

Section 4.05.
Severability. Each provision of this Second Supplemental Indenture shall be considered separable and if for any reason any
provision which is not essential to the effectuation of the basic purpose of this Second Supplemental Indenture or the Notes shall
be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way
be affected or impaired thereby and a Holder shall have no claim therefor against any party hereto.

 

    19

    

    

Section 4.06.
Relation to Indenture. This Second Supplemental Indenture constitutes a part of the Indenture, the provisions of which (as
modified by this Second Supplemental Indenture) shall apply to the series of Securities established by this Second Supplemental
Indenture but shall not modify, amend or otherwise affect the Indenture insofar as it relates to any other series of Securities
or modify, amend or otherwise affect in any manner the terms and conditions of the Securities of any other series.

 

Section 4.07.
Ratification. The Indenture, as supplemented and amended by this Second Supplemental Indenture, is in all respects ratified
and confirmed. The Indenture and this Second Supplemental Indenture shall be read, taken and construed as one and the same instrument.
All provisions included in this Second Supplemental Indenture supersede any conflicting provisions included in the Indenture unless
not permitted by law. The Trustee accepts the trusts created by the Indenture, as supplemented by this Second Supplemental Indenture,
and agrees to perform the same upon the terms and conditions of the Indenture, as supplemented by this Second Supplemental Indenture.

 

Section 4.08.
Effectiveness. The provisions of this Second Supplemental Indenture shall become effective as of the date hereof.

 

Section 4.09.
Trustee Not Responsible for Recitals or Issuance of Securities. The recitals contained herein and in the Securities, except
the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee or any Authenticating
Agent assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of
this Second Supplemental Indenture or of the Securities. The Trustee or any Authenticating Agent shall not be accountable for the
use or application by the Company of Securities or the proceeds thereof.

 

This instrument may
be executed in any number of counterparts,

each of which so executed shall be deemed to be an original,

but all such counterparts shall together constitute one and the same instrument.

 

[remainder of page intentionally left
blank; signature pages follow]

 

    20

    

    

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

 

	 	McGRAW HILL FINANCIAL, INC.
	 	 	 
	 	By:	
        /s/
Elizabeth O’Melia 
	 
	 	 	Name: Elizabeth O’Melia	 
	 	 	Title: SR VP and Treasurer 	 
	 	 	 	 
	 	 	 	 

	 	STANDARD & POOR’S FINANCIAL SERVICES LLC, as Guarantor
	 	 	 
	 	By:	
        /s/
Edward J. Haran 
	 
	 	 	Name: Edward J. Haran	 
	 	 	Title: VP and Treasurer 	 
	 	 	 	 
	 	 	 	 

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By:	
        /s/
Steven V. Vaccarello 
	 
	 	 	Name: Steven V. Vaccarello	 
	 	 	Title: Vice President	 

     

     

    

EXHIBIT
A-1

 

[FORM OF 2.500% SENIOR NOTE DUE 2018]

 

McGraw
Hill Financial, Inc.

 

2.500% SENIOR NOTE DUE 2018

 

Fully and Unconditionally Guaranteed
by

Standard & Poor’s Financial Services LLC

 

Principal Amount: $_____

 

No._____

 

CUSIP: 580645 AJ81

U58028 AB42 

ISIN: US580645AJ841

USU58028AB482

 

McGRAW HILL FINANCIAL, INC., a New York
corporation (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 principal sum of $_____
on August 15, 2018 (the “Maturity Date”) (except to the extent redeemed or repaid prior to the Maturity Date)
and to pay interest thereon from August 18, 2015 (the “Original Issue Date”) or from the most recent Interest
Payment Date to which interest has been paid or duly provided for semi-annually at the rate of 2.500% per annum, on February 15
and August 15 (each such date, an “Interest Payment Date”), commencing February 15, 2016, until the principal
hereof is paid or made available for payment. The rate of interest payable hereon is subject to adjustment as provided in the Indenture
(as defined below), but shall in no event be less than the rate stated above.

 

Payment of Interest. The interest
so payable, and punctually paid or made available for payment, on any Interest Payment Date, will, as provided in the Indenture,
be paid, in immediately available funds, to the Person in whose name this Note (or one or more predecessor securities) is registered
at the close of business on February 1 or August 1 (whether or not a Business Day, as defined in the Indenture), as the case may
be, next preceding such Interest Payment Date (the “Regular Record Date”). Any such interest not punctually
paid or duly

 

 

1 For Rule 144A Note(s).

 

2 For Regulation S Note(s).

    A-1-1

    

    

provided for (“Defaulted Interest”)
will forthwith cease to be payable to the Holder on such Regular Record Date, and such Defaulted Interest, may be paid to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a special record date
(the “Special Record Date”) for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof
shall be given to Holders of Notes not less than ten days prior to such Special Record Date, or may be paid at any time in any
other lawful manner not inconsistent with requirements of any securities exchange on which the Notes may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in said Indenture.

 

Place of Payment. Payment of principal,
premium, if any, and interest on this Note will be made at the Corporate Trust Office of the Trustee or such other office or agency
of the Company as may be designated for such purpose, in such currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts; provided, however, that each installment of interest, premium,
if any, and principal on this Note may at the Company’s option be paid in immediately available funds by transfer to an account
maintained by the payee located in the United States of America.

 

Time of Payment. In any case where
any Interest Payment Date, the Maturity Date or any date fixed for redemption or repayment of the Notes shall not be a Business
Day, then (notwithstanding any other provision of the Indenture or this Note), payment of principal or interest, if any, need not
be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest
Payment Date, the Maturity Date or the date so fixed for redemption or repayment, and no interest shall accrue in respect of the
delay.

 

General. This Note is one of a duly
authorized issue of Securities of the Company, issued and to be issued in one or more series under an indenture (the “Base
Indenture”), dated as of May 26, 2015, among the Company, Standard & Poor’s Financial Services LLC, as Guarantor,
and U.S. Bank National Association (herein called the “Trustee,” which term includes any successor Trustee under
the Indenture with respect to a series of which this Note is a part), as supplemented by a Second Supplemental Indenture thereto,
dated as of August 18, 2015 (the “Second Supplemental Indenture” and, together with the Base Indenture, the
“Indenture”), among the Company, the Guarantor party thereto and the Trustee. 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
Guarantor, 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 Note is one of a duly authorized series of Securities designated as “2.500% Senior Notes due 2018”
(collectively, the “Notes”), initially limited in aggregate principal amount to $400,000,000.

 

    A-1-2

    

    

Further Issuance. The Company may
from time to time, without the consent of the Holders of the Notes, issue additional Securities (the “Additional Securities”)
of this series having the same ranking and the same interest rate, maturity and other terms as the Notes. Any Additional Securities
of this series and the Notes will constitute a single series under the Indenture and all references to the Notes shall include
the Additional Securities unless the context otherwise requires; provided that if any such Additional Securities are not
fungible with the Notes for U.S. federal income tax purposes, such Additional Securities shall have a separate CUSIP number.

 

Events of Default. If an Event of
Default with respect to the Notes shall have occurred and be continuing, the principal of the Notes may be declared due and payable
in the manner and with the effect provided in the Indenture.

 

Sinking Fund. The Notes are not subject
to any sinking fund.

 

Redemption and Repurchase. The Notes
are subject to optional redemption, and may be the subject of a special redemption or an offer to purchase upon the occurrence
of a Change of Control Triggering Event, as further described in the Indenture. There is no sinking fund or mandatory redemption
applicable to the Notes.

 

Restrictive Covenants. The Indenture
contains certain covenants that, among other things, limit the ability of the Company and its Subsidiaries to create liens or the
ability of the Company to consolidate, merge or sell, transfer or lease all or substantially all of its assets.

 

Defeasance and Covenant Defeasance.
The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company on this Note and (b)
certain restrictive covenants and the related Defaults and Events of Default, upon compliance by the Company with certain conditions
set forth therein, which provisions apply to this Note.

 

Modification and Waivers; Obligations
of the Company Absolute. 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. Such
amendment may be effected under the Indenture at any time by the Company, and the Trustee with the consent of the Holders of not
less than a majority in aggregate principal amount of the outstanding Notes of each series affected thereby. The Indenture also
contains provisions permitting the Holders of not less than a majority in aggregate principal amount of the Securities at the time
outstanding, on behalf of the Holders of all outstanding Securities, to waive compliance by the Company with certain provisions
of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority in aggregate principal
amount of the outstanding Securities of individual series to waive on behalf of all of the Holders

 

    A-1-3

    

    

of Securities of such individual series certain
past defaults under the Indenture and their consequences. Any such consent or waiver shall be conclusive and binding upon the Holder
of this Note and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

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

 

Guarantee. This Note will be entitled
to the benefits of a Guarantee made for the benefit of the Holders. Reference is hereby made to the Indenture for a statement of
the respective rights, limitations of rights, duties and obligations thereunder of the Guarantor, the Trustee and the Holders.

 

Registration Rights. The Note will
be entitled to the benefits of the Registration Rights Agreement, dated August 18, 2015, between the Company, the Guarantor and
the Initial Purchasers named therein, including the right to receive Additional Interest (as defined in the Registration Rights
Agreement) as and when set forth therein.3

 

No Recourse Against Others. No director,
officer, agent, employee, incorporator, stockholder, partner, member, or manager of the Company or the Guarantor shall have any
liability for any obligations of the Company or the Guarantor under any Notes, the Indenture or the Guarantee or for any claim
based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives
and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

 

Limitation on Suits. As set forth
in, and subject to, the provisions of the Indenture, no Holder of any Note will have any right to institute any proceeding with
respect to the Indenture or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to this series, the Holders of not less than 25% in principal amount of the outstanding
Notes shall have made written request, and offered indemnity satisfactory to the Trustee to institute such proceedings as Trustee,
and the Trustee shall not have received from the Holders of a majority in principal amount of the outstanding Notes a direction
inconsistent with such request and shall have failed to institute such proceeding within 60 days; provided, however, that
such limitations do not apply to a suit instituted by the Holder hereof for the

 

 

 

3 Include only for Initial Note
or Additional Note.

 

    A-1-4

    

    

enforcement of payment of the principal of
or interest on this Note on or after the respective due dates expressed herein.

 

Authorized Denominations. The Notes
are issuable only in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess
thereof.

 

Registration of Transfer or Exchange.
As provided in the Indenture and subject to certain limitations herein and therein set forth, the transfer of this Note is registrable
in the register of the Notes maintained by the Security Registrar upon surrender of this Note for registration of transfer, at
the office or agency of the Company in any place where the principal of and interest on this 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 his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

As provided in the Indenture and subject
to certain limitations herein and therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes
of different authorized denominations, as requested by the Holders surrendering the same.

 

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 Note for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Holder as the owner
hereof for all purposes (except with respect to certain payments of Defaulted Interest), whether or not this Note be overdue, and
neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

Defined Terms. All terms used in
this Note, which are defined in the Indenture and are not otherwise defined herein, shall have the meanings assigned to them in
the Indenture.

 

Governing Law. This Note shall be
governed by and construed in accordance with the laws of the State of New York.

 

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

 

[remainder of page intentionally left
blank]

 

    A-1-5

    

    

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed and its seal to be hereunto affixed and attested.

 

Dated: August 18, 2015

 

	 	McGRAW HILL FINANCIAL, INC.	 
	 	 	 
	 	By:	
   	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 

	Attest:	 
	 	 
	By:	
   	 
	 	Name:	 
	 	Title:	 

    A-1-6

    

    

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture, as such is supplemented by the within-mentioned Second Supplemental
Indenture.

 

Dated: August 18, 2015

 

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

    A-1-7

    

    

ASSIGNMENT
FORM

 

I or we assign and transfer this Note to

 

 

 

 

 

(Print or type name, address and zip code of assignee or transferee)

 

 

 

(Insert Social Security or other identifying number of assignee or transferee)

 

and irrevocably appoint ______________________________________________
agent to transfer this Note on the books of the Company. The agent may substitute another to act for him.

 

	Dated:	 	 	Signed: 
	 	 	 	   
	 	 	 	(Sign exactly as name appears on the other side of this Note)
	 	 	 	 
	Signature Guarantee:	 	  
	 	 	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

 

    A-1-8

    

    

[THE FOLLOWING PROVISION TO BE INCLUDED
ON ALL CERTIFICATES BEARING A RESTRICTED LEGEND]

 

In connection with any transfer of this
Note occurring prior to August 18, 2016, the undersigned confirms that such transfer is made without utilizing any general solicitation
or general advertising and further as follows:

 

Check One

 

☐           (1) This Note is being
transferred to a “qualified institutional buyer” in compliance with Rule 144A under the Securities Act of 1933, as
amended and certification in the form of Exhibit F to the Indenture is being furnished herewith. 

 

☐          (2) This Note is being
transferred to a Non-U.S. Person in compliance with the exemption from registration under the Securities Act of 1933, as amended,
provided by Regulation S thereunder, and certification in the form of Exhibit E to the Indenture is being furnished herewith.

 

or

 

☐           (3) This Note is being
transferred other than in accordance with (1) or (2) above and documents are being furnished which comply with the conditions of
transfer set forth in this Note and the Indenture.

 

If none of the foregoing boxes is checked,
the Trustee is not obligated to register this Note in the name of any Person other than the Holder hereof unless and until the
conditions to any such transfer of registration set forth herein and in the Indenture have been satisfied.

 

 

	Date:	 	 

	 	 
	 	Seller
	 	 
	 	By	 

 

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

    A-1-9

    

    

	Signature Guarantee:1	 	 
	 	 	 
	 	 	 

	 	By	 	 
	 	To be executed by an executive officer	 

 

 

 

 

 

1 Signatures must be guaranteed
by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements
include membership or participation in the Securities Transfer Association Medallion Program (“STAMP”) or such
other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

    A-1-10

    

    

[Attach to Global Note only]

 

SCHEDULE OF INCREASES AND DECREASES IN GLOBAL
NOTE

 

McGraw
Hill Financial, Inc.

 

2.500%
SENIOR NOTE DUE 2018

 

Fully and Unconditionally Guaranteed by

Standard & Poor’s Financial Services LLC

 

The initial principal amount of this Global
Note is $_____. The following increases or decreases in this Global Note have been made:

 

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

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    A-1-11

    

    

EXHIBIT
A-2

 

[FORM OF 3.300% SENIOR NOTE DUE 2020]

 

McGraw
Hill Financial, Inc.

 

3.300% SENIOR NOTE DUE 2020

 

Fully and Unconditionally Guaranteed
by

Standard & Poor’s Financial Services LLC

 

Principal Amount: $_____

 

No._____

 

CUSIP: 580645 AK51

U58028 AC22

ISIN: US580645AK571

USU58028AC22

 

McGRAW HILL FINANCIAL, INC., a New York
corporation (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 principal sum of $_____
on August 14, 2020 (the “Maturity Date”) (except to the extent redeemed or repaid prior to the Maturity Date)
and to pay interest thereon from August 18, 2015 (the “Original Issue Date”) or from the most recent Interest
Payment Date to which interest has been paid or duly provided for semi-annually at the rate of 3.300% per annum, on February 14
and August 14 (each such date, an “Interest Payment Date”), commencing February 14, 2016, until the principal
hereof is paid or made available for payment. The rate of interest payable hereon is subject to adjustment as provided in the Indenture
(as defined below), but shall in no event be less than the rate stated above.

 

Payment of Interest. The interest
so payable, and punctually paid or made available for payment, on any Interest Payment Date, will, as provided in the Indenture,
be paid, in immediately available funds, to the Person in whose name this Note (or one or more predecessor securities) is registered
at the close of business on January 31 or July 31 (whether or not a Business Day, as defined in the Indenture), as the case may
be, next preceding such Interest Payment Date (the “Regular Record Date”). Any such interest not punctually
paid or duly

 

 

 

1 For Rule 144A Note(s).

 

2 For Regulation S Note(s).

 

    A-2-1

    

    

provided for (“Defaulted Interest”)
will forthwith cease to be payable to the Holder on such Regular Record Date, and such Defaulted Interest, may be paid to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a special record date
(the “Special Record Date”) for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof
shall be given to Holders of Notes not less than ten days prior to such Special Record Date, or may be paid at any time in any
other lawful manner not inconsistent with requirements of any securities exchange on which the Notes may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in said Indenture.

 

Place of Payment. Payment of principal,
premium, if any, and interest on this Note will be made at the Corporate Trust Office of the Trustee or such other office or agency
of the Company as may be designated for such purpose, in such currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts; provided, however, that each installment of interest, premium,
if any, and principal on this Note may at the Company’s option be paid in immediately available funds by transfer to an account
maintained by the payee located in the United States of America.

 

Time of Payment. In any case where
any Interest Payment Date, the Maturity Date or any date fixed for redemption or repayment of the Notes shall not be a Business
Day, then (notwithstanding any other provision of the Indenture or this Note), payment of principal or interest, if any, need not
be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest
Payment Date, the Maturity Date or the date so fixed for redemption or repayment, and no interest shall accrue in respect of the
delay.

 

General. This Note is one of a duly
authorized issue of Securities of the Company, issued and to be issued in one or more series under an indenture (the “Base
Indenture”), dated as of May 26, 2015, among the Company, Standard & Poor’s Financial Services LLC, as Guarantor,
and U.S. Bank National Association (herein called the “Trustee,” which term includes any successor Trustee under
the Indenture with respect to a series of which this Note is a part), as supplemented by a Second Supplemental Indenture thereto,
dated as of August 18, 2015 (the “Second Supplemental Indenture” and, together with the Base Indenture, the
“Indenture”), among the Company, the Guarantor party thereto and the Trustee. 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
Guarantor, 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 Note is one of a duly authorized series of Securities designated as “3.300% Senior Notes due 2020”
(collectively, the “Notes”), initially limited in aggregate principal amount to $700,000,000.

 

    A-2-2

    

    

Further Issuance. The Company may
from time to time, without the consent of the Holders of the Notes, issue additional Securities (the “Additional Securities”)
of this series having the same ranking and the same interest rate, maturity and other terms as the Notes. Any Additional Securities
of this series and the Notes will constitute a single series under the Indenture and all references to the Notes shall include
the Additional Securities unless the context otherwise requires; provided that if any such Additional Securities are not
fungible with the Notes for U.S. federal income tax purposes, such Additional Securities shall have a separate CUSIP number.

 

Events of Default. If an Event of
Default with respect to the Notes shall have occurred and be continuing, the principal of the Notes may be declared due and payable
in the manner and with the effect provided in the Indenture.

 

Sinking Fund. The Notes are not subject
to any sinking fund.

 

Redemption and Repurchase. The Notes
are subject to optional redemption, and may be the subject of a special redemption or an offer to purchase upon the occurrence
of a Change of Control Triggering Event, as further described in the Indenture. There is no sinking fund or mandatory redemption
applicable to the Notes.

 

Restrictive Covenants. The Indenture
contains certain covenants that, among other things, limit the ability of the Company and its Subsidiaries to create liens or the
ability of the Company to consolidate, merge or sell, transfer or lease all or substantially all of its assets.

 

Defeasance and Covenant Defeasance.
The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company on this Note and (b)
certain restrictive covenants and the related Defaults and Events of Default, upon compliance by the Company with certain conditions
set forth therein, which provisions apply to this Note.

 

Modification and Waivers; Obligations
of the Company Absolute. 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. Such
amendment may be effected under the Indenture at any time by the Company, and the Trustee with the consent of the Holders of not
less than a majority in aggregate principal amount of the outstanding Notes of each series affected thereby. The Indenture also
contains provisions permitting the Holders of not less than a majority in aggregate principal amount of the Securities at the time
outstanding, on behalf of the Holders of all outstanding Securities, to waive compliance by the Company with certain provisions
of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority in aggregate principal
amount of the outstanding Securities of individual series to waive on behalf of all of the Holders

 

    A-2-3

    

    

of Securities of such individual series certain
past defaults under the Indenture and their consequences. Any such consent or waiver shall be conclusive and binding upon the Holder
of this Note and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

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

 

Guarantee. This Note will be entitled
to the benefits of a Guarantee made for the benefit of the Holders. Reference is hereby made to the Indenture for a statement of
the respective rights, limitations of rights, duties and obligations thereunder of the Guarantor, the Trustee and the Holders.

 

Registration Rights. The Note will
be entitled to the benefits of the Registration Rights Agreement, dated August 18, 2015, between the Company, the Guarantor and
the Initial Purchasers named therein, including the right to receive Additional Interest (as defined in the Registration Rights
Agreement) as and when set forth therein.3

 

No Recourse Against Others. No director,
officer, agent, employee, incorporator, stockholder, partner, member, or manager of the Company or the Guarantor shall have any
liability for any obligations of the Company or the Guarantor under any Notes, the Indenture or the Guarantee or for any claim
based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives
and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

 

Limitation on Suits. As set forth
in, and subject to, the provisions of the Indenture, no Holder of any Note will have any right to institute any proceeding with
respect to the Indenture or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to this series, the Holders of not less than 25% in principal amount of the outstanding
Notes shall have made written request, and offered indemnity satisfactory to the Trustee to institute such proceedings as Trustee,
and the Trustee shall not have received from the Holders of a majority in principal amount of the outstanding Notes a direction
inconsistent with such request and shall have failed to institute such proceeding within 60 days; provided, however, that
such limitations do not apply to a suit instituted by the Holder hereof for the

 

 

3 Include only for Initial Note
or Additional Note.

 

    A-2-4

    

    

enforcement of payment of the principal of
or interest on this Note on or after the respective due dates expressed herein.

 

Authorized Denominations. The Notes
are issuable only in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess
thereof.

 

Registration of Transfer or Exchange.
As provided in the Indenture and subject to certain limitations herein and therein set forth, the transfer of this Note is registrable
in the register of the Notes maintained by the Security Registrar upon surrender of this Note for registration of transfer, at
the office or agency of the Company in any place where the principal of and interest on this 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 his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

As provided in the Indenture and subject
to certain limitations herein and therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes
of different authorized denominations, as requested by the Holders surrendering the same.

 

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 Note for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Holder as the owner
hereof for all purposes (except with respect to certain payments of Defaulted Interest), whether or not this Note be overdue, and
neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

Defined Terms. All terms used in
this Note, which are defined in the Indenture and are not otherwise defined herein, shall have the meanings assigned to them in
the Indenture.

 

Governing Law. This Note shall be
governed by and construed in accordance with the laws of the State of New York.

 

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

 

[remainder of page intentionally left
blank]

 

    A-2-5

    

    

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed and its seal to be hereunto affixed and attested.

 

Dated: August 18, 2015

 

	 	McGRAW HILL FINANCIAL, INC.	 
	 	 	 
	 	By:	
 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 

	Attest:	 
	 	 
	By:	
 	 
	 	Name:	 
	 	Title:	 

    A-2-6

    

    

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture, as such is supplemented by the within-mentioned Second Supplemental
Indenture.

 

Dated: August 18, 2015

 

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

    A-2-7

    

    

ASSIGNMENT
FORM

 

I or we assign and transfer this Note to

 

 

 

 

 

(Print or type name, address and zip code of assignee or transferee)

 

 

 

(Insert Social Security or other identifying number of assignee or transferee)

 

and irrevocably appoint ______________________________________________
agent to transfer this Note on the books of the Company. The agent may substitute another to act for him.

 

 

	Dated:	 	 	Signed: 
	 	 	 	   
	 	 	 	(Sign exactly as name appears on the other side of this Note)
	 	 	 	 
	Signature Guarantee:	 	  
	 	 	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

 

    A-2-8

    

    

[THE FOLLOWING PROVISION TO BE INCLUDED
ON ALL CERTIFICATES BEARING A RESTRICTED LEGEND]

 

In connection with any transfer of this
Note occurring prior to August 18, 2016, the undersigned confirms that such transfer is made without utilizing any general solicitation
or general advertising and further as follows:

 

Check One

 

☐           (1) This Note is being
transferred to a “qualified institutional buyer” in compliance with Rule 144A under the Securities Act of 1933, as
amended and certification in the form of Exhibit F to the Indenture is being furnished herewith. 

 

☐           (2) This Note is being
transferred to a Non-U.S. Person in compliance with the exemption from registration under the Securities Act of 1933, as amended,
provided by Regulation S thereunder, and certification in the form of Exhibit E to the Indenture is being furnished herewith.

 

or

 

☐           (3) This Note is being
transferred other than in accordance with (1) or (2) above and documents are being furnished which comply with the conditions of
transfer set forth in this Note and the Indenture.

 

If none of the foregoing boxes is checked,
the Trustee is not obligated to register this Note in the name of any Person other than the Holder hereof unless and until the
conditions to any such transfer of registration set forth herein and in the Indenture have been satisfied.

 

	Date:	 	 

	 	 
	 	Seller
	 	 
	 	By	 

  

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

 

    A-2-9

    

    

 

 

	Signature Guarantee:1	 	 
	 	 	 
	 	 	 

	 	By	 	 
	 	To be executed by an executive officer	 

 

 

 

 

1 Signatures must be guaranteed
by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements
include membership or participation in the Securities Transfer Association Medallion Program (“STAMP”) or such
other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

  

    A-2-10

    

    

[Attach to Global Note only]

 

SCHEDULE OF INCREASES AND DECREASES IN GLOBAL
NOTE

 

McGraw
Hill Financial, Inc.

 

3.300%
SENIOR NOTE DUE 2020

 

Fully and Unconditionally Guaranteed by

Standard & Poor’s Financial Services LLC

 

The initial principal amount of this Global
Note is $_____. The following increases or decreases in this Global Note have been made:

 

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

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    A-2-11

    

    

EXHIBIT
A-3

 

[FORM OF 4.400% SENIOR NOTE DUE 2026]

 

McGraw
Hill Financial, Inc.

 

4.400% SENIOR NOTE DUE 2026

 

Fully and Unconditionally Guaranteed
by

Standard & Poor’s Financial Services LLC

 

Principal Amount: $_____

 

No._____

 

CUSIP: 580645 AL31

U58028 AD02

ISIN: US580645AL311

USU58028AD042

 

McGRAW HILL FINANCIAL, INC., a New York
corporation (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 principal sum of $_____
on February 15, 2026 (the “Maturity Date”) (except to the extent redeemed or repaid prior to the Maturity Date)
and to pay interest thereon from August 18, 2015 (the “Original Issue Date”) or from the most recent Interest
Payment Date to which interest has been paid or duly provided for semi-annually at the rate of 4.400% per annum, on February 15
and August 15 (each such date, an “Interest Payment Date”), commencing February 15, 2016, until the principal
hereof is paid or made available for payment. The rate of interest payable hereon is subject to adjustment as provided in the Indenture
(as defined below), but shall in no event be less than the rate stated above.

 

Payment of Interest. The interest
so payable, and punctually paid or made available for payment, on any Interest Payment Date, will, as provided in the Indenture,
be paid, in immediately available funds, to the Person in whose name this Note (or one or more predecessor securities) is registered
at the close of business on February 1 or August 1 (whether or not a Business Day, as defined in the Indenture), as the case may
be, next preceding such Interest Payment Date (the “Regular Record Date”). Any such interest not punctually
paid or duly

 

 

 

1For Rule 144A Note(s).

 

2 For Regulation S Note(s).

 

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provided for (“Defaulted Interest”)
will forthwith cease to be payable to the Holder on such Regular Record Date, and such Defaulted Interest, may be paid to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a special record date
(the “Special Record Date”) for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof
shall be given to Holders of Notes not less than ten days prior to such Special Record Date, or may be paid at any time in any
other lawful manner not inconsistent with requirements of any securities exchange on which the Notes may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in said Indenture.

 

Place of Payment. Payment of principal,
premium, if any, and interest on this Note will be made at the Corporate Trust Office of the Trustee or such other office or agency
of the Company as may be designated for such purpose, in such currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts; provided, however, that each installment of interest, premium,
if any, and principal on this Note may at the Company’s option be paid in immediately available funds by transfer to an account
maintained by the payee located in the United States of America.

 

Time of Payment. In any case where
any Interest Payment Date, the Maturity Date or any date fixed for redemption or repayment of the Notes shall not be a Business
Day, then (notwithstanding any other provision of the Indenture or this Note), payment of principal or interest, if any, need not
be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest
Payment Date, the Maturity Date or the date so fixed for redemption or repayment, and no interest shall accrue in respect of the
delay.

 

General. This Note is one of a duly
authorized issue of Securities of the Company, issued and to be issued in one or more series under an indenture (the “Base
Indenture”), dated as of May 26, 2015, among the Company, Standard & Poor’s Financial Services LLC, as Guarantor,
and U.S. Bank National Association (herein called the “Trustee,” which term includes any successor Trustee under
the Indenture with respect to a series of which this Note is a part), as supplemented by a Second Supplemental Indenture thereto,
dated as of August 18, 2015 (the “Second Supplemental Indenture” and, together with the Base Indenture, the
“Indenture”), among the Company, the Guarantor party thereto and the Trustee. 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
Guarantor, 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 Note is one of a duly authorized series of Securities designated as “4.400% Senior Notes due 2026”
(collectively, the “Notes”), initially limited in aggregate principal amount to $900,000,000.

 

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Further Issuance. The Company may
from time to time, without the consent of the Holders of the Notes, issue additional Securities (the “Additional Securities”)
of this series having the same ranking and the same interest rate, maturity and other terms as the Notes. Any Additional Securities
of this series and the Notes will constitute a single series under the Indenture and all references to the Notes shall include
the Additional Securities unless the context otherwise requires; provided that if any such Additional Securities are not
fungible with the Notes for U.S. federal income tax purposes, such Additional Securities shall have a separate CUSIP number.

 

Events of Default. If an Event of
Default with respect to the Notes shall have occurred and be continuing, the principal of the Notes may be declared due and payable
in the manner and with the effect provided in the Indenture.

 

Sinking Fund. The Notes are not subject
to any sinking fund.

 

Redemption and Repurchase. The Notes
are subject to optional redemption, and may be the subject of a special redemption or an offer to purchase upon the occurrence
of a Change of Control Triggering Event, as further described in the Indenture. There is no sinking fund or mandatory redemption
applicable to the Notes.

 

Restrictive Covenants. The Indenture
contains certain covenants that, among other things, limit the ability of the Company and its Subsidiaries to create liens or the
ability of the Company to consolidate, merge or sell, transfer or lease all or substantially all of its assets.

 

Defeasance and Covenant Defeasance.
The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company on this Note and (b)
certain restrictive covenants and the related Defaults and Events of Default, upon compliance by the Company with certain conditions
set forth therein, which provisions apply to this Note.

 

Modification and Waivers; Obligations
of the Company Absolute. 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. Such
amendment may be effected under the Indenture at any time by the Company, and the Trustee with the consent of the Holders of not
less than a majority in aggregate principal amount of the outstanding Notes of each series affected thereby. The Indenture also
contains provisions permitting the Holders of not less than a majority in aggregate principal amount of the Securities at the time
outstanding, on behalf of the Holders of all outstanding Securities, to waive compliance by the Company with certain provisions
of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority in aggregate principal
amount of the outstanding Securities of individual series to waive on behalf of all of the Holders

 

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of Securities of such individual series certain
past defaults under the Indenture and their consequences. Any such consent or waiver shall be conclusive and binding upon the Holder
of this Note and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

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

 

Guarantee. This Note will be entitled
to the benefits of a Guarantee made for the benefit of the Holders. Reference is hereby made to the Indenture for a statement of
the respective rights, limitations of rights, duties and obligations thereunder of the Guarantor, the Trustee and the Holders.

 

Registration Rights. The Note will
be entitled to the benefits of the Registration Rights Agreement, dated August 18, 2015, between the Company, the Guarantor and
the Initial Purchasers named therein, including the right to receive Additional Interest (as defined in the Registration Rights
Agreement) as and when set forth therein.3

 

No Recourse Against Others. No director,
officer, agent, employee, incorporator, stockholder, partner, member, or manager of the Company or the Guarantor shall have any
liability for any obligations of the Company or the Guarantor under any Notes, the Indenture or the Guarantee or for any claim
based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives
and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

 

Limitation on Suits. As set forth
in, and subject to, the provisions of the Indenture, no Holder of any Note will have any right to institute any proceeding with
respect to the Indenture or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to this series, the Holders of not less than 25% in principal amount of the outstanding
Notes shall have made written request, and offered indemnity satisfactory to the Trustee to institute such proceedings as Trustee,
and the Trustee shall not have received from the Holders of a majority in principal amount of the outstanding Notes a direction
inconsistent with such request and shall have failed to institute such proceeding within 60 days; provided, however, that
such limitations do not apply to a suit instituted by the Holder hereof for the

 

 

 

3 Include only for Initial Note
or Additional Note.

 

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enforcement of payment of the principal of
or interest on this Note on or after the respective due dates expressed herein.

 

Authorized Denominations. The Notes
are issuable only in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess
thereof.

 

Registration of Transfer or Exchange.
As provided in the Indenture and subject to certain limitations herein and therein set forth, the transfer of this Note is registrable
in the register of the Notes maintained by the Security Registrar upon surrender of this Note for registration of transfer, at
the office or agency of the Company in any place where the principal of and interest on this 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 his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

As provided in the Indenture and subject
to certain limitations herein and therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes
of different authorized denominations, as requested by the Holders surrendering the same.

 

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 Note for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Holder as the owner
hereof for all purposes (except with respect to certain payments of Defaulted Interest), whether or not this Note be overdue, and
neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

Defined Terms. All terms used in
this Note, which are defined in the Indenture and are not otherwise defined herein, shall have the meanings assigned to them in
the Indenture.

 

Governing Law. This Note shall be
governed by and construed in accordance with the laws of the State of New York.

 

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

 

[remainder of page intentionally left
blank]

 

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IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed and its seal to be hereunto affixed and attested.

 

Dated: August 18, 2015

 

	 	McGRAW HILL FINANCIAL, INC.	 
	 	 	 
	 	By:	
 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 

	Attest:	 
	 	 
	By:	
 	 
	 	Name:	 
	 	Title:

 

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TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture, as such is supplemented by the within-mentioned Second Supplemental
Indenture.

 

Dated: August 18, 2015

 

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

 

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ASSIGNMENT
FORM

 

I or we assign and transfer this Note to

 

 

 

 

 

(Print or type name, address and zip code of assignee or transferee)

 

 

 

(Insert Social Security or other identifying number of assignee or transferee)

 

and irrevocably appoint ______________________________________________
agent to transfer this Note on the books of the Company. The agent may substitute another to act for him.

 

	Dated:	 	 	Signed: 
	 	 	 	   
	 	 	 	(Sign exactly as name appears on the other side of this Note)
	 	 	 	 
	Signature Guarantee:	 	  
	 	 	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

  

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[THE FOLLOWING PROVISION TO BE INCLUDED
ON ALL CERTIFICATES BEARING A RESTRICTED LEGEND]

 

In connection with any transfer of this
Note occurring prior to August 18, 2016, the undersigned confirms that such transfer is made without utilizing any general solicitation
or general advertising and further as follows:

 

Check One

 

☐           (1) This Note is being
transferred to a “qualified institutional buyer” in compliance with Rule 144A under the Securities Act of 1933, as
amended and certification in the form of Exhibit F to the Indenture is being furnished herewith. 

 

☐           (2) This Note is being
transferred to a Non-U.S. Person in compliance with the exemption from registration under the Securities Act of 1933, as amended,
provided by Regulation S thereunder, and certification in the form of Exhibit E to the Indenture is being furnished herewith.

 

or

 

☐           (3) This Note is being
transferred other than in accordance with (1) or (2) above and documents are being furnished which comply with the conditions of
transfer set forth in this Note and the Indenture.

 

If none of the foregoing boxes is checked,
the Trustee is not obligated to register this Note in the name of any Person other than the Holder hereof unless and until the
conditions to any such transfer of registration set forth herein and in the Indenture have been satisfied.

  

	Date:	 	 

	 	 
	 	Seller
	 	 
	 	By	 

  

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

 

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	Signature Guarantee:1	 	 
	 	 	 
	 	 	 

	 	By	 	 
	 	To be executed by an executive officer	 

 

 

 

 

 

 

1 Signatures must be guaranteed
by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements
include membership or participation in the Securities Transfer Association Medallion Program (“STAMP”) or such
other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

 

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[Attach to Global Note only]

 

SCHEDULE OF INCREASES AND DECREASES IN GLOBAL
NOTE

 

McGraw
Hill Financial, Inc.

 

4.400%
SENIOR NOTE DUE 2026

 

Fully and Unconditionally Guaranteed by

Standard & Poor’s Financial Services LLC

 

The initial principal amount of this Global
Note is $_____. The following increases or decreases in this Global Note have been made:

 

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

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

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EXHIBIT
B

 

[RESTRICTED LEGEND]

 

THIS NOTE AND THE RELATED GUARANTEE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES
LAWS. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES FOR THE BENEFIT OF McGRAW HILL FINANCIAL, INC. (THE “COMPANY”)
THAT THIS NOTE OR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO
THE COMPANY, (2) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”),
TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A)
IN ACCORDANCE WITH RULE 144A, (3) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER
THE SECURITIES ACT, (4) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE) OR (5) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND IN EACH OF SUCH CASES IN ACCORDANCE WITH ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR OTHER APPLICABLE JURISDICTION. THE HOLDER HEREOF, BY PURCHASING THIS NOTE, REPRESENTS
AND AGREES THAT IT SHALL NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO ABOVE.

 

PRIOR TO THE REGISTRATION OF ANY TRANSFER
IN ACCORDANCE WITH (2) OR (3) ABOVE, A DULY COMPLETED AND SIGNED CERTIFICATE (THE FORM OF WHICH IS AN EXHIBIT TO THE INDENTURE)
MUST BE DELIVERED TO THE TRUSTEE EXCEPT AS OTHERWISE PROVIDED IN THE INDENTURE UNDER WHICH THIS NOTE WAS ISSUED. PRIOR TO THE REGISTRATION
OF ANY TRANSFER IN ACCORDANCE WITH (4) ABOVE, THE COMPANY RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS
OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH
THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY RULE 144 EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

THE FOREGOING LEGEND MAY BE REMOVED FROM THIS
NOTE ONLY AT THE DIRECTION OF THE COMPANY.

 

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EXHIBIT
C

 

[DTC LEGEND]

 

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

 

TRANSFERS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS IN WHOLE,
BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS
OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE.

 

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EXHIBIT
D

 

[REGULATION S CERTIFICATE]

 

_________, ____             

 

U.S. Bank National Association, as Trustee

Steven V. Vaccarello

U.S. Bank Corporate Trust Services

100 Wall Street, 16th Floor

New York, NY 10005

Phone: (212) 951-8542

steven.vaccarello@usbank.com

 

		Re:	McGraw Hill Financial, Inc. [2.500%/3.300%/4.400%] Senior Notes due [2018/2020/2026] (the “Notes”) issued
under the Indenture dated as of May 26, 2015, as supplemented by the Second Supplemental Indenture (collectively, the “Indenture”),
dated as of August 18, 2015 relating to the Notes

 

Ladies and Gentlemen:

 

Terms are used in this Certificate as used
in Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”),
except as otherwise stated herein.

 

[CHECK A OR B AS APPLICABLE.]

 

	☐ 	A.	This Certificate relates
to our proposed transfer of $____ principal amount of Notes issued under the Indenture. We hereby certify as follows:

 

		1.	The offer and sale of the Notes was not and will not be made to a person in the United States (unless such person is excluded
from the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi) or the account held by it for which it is acting
is excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances described in
Rule 902(h)(3)) and such offer and sale was not and will not be specifically targeted at an identifiable group of U.S. citizens
abroad.

 

		2.	Unless the circumstances described in the parenthetical in paragraph 1 above are applicable, either (a) at the time the

 

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buy order was originated, the buyer
was outside the United States or we and any person acting on our behalf reasonably believed that the buyer was outside the United
States or (b) the transaction was executed in, on or through the facilities of a designated offshore securities market, and neither
we nor any person acting on our behalf knows that the transaction was pre-arranged with a buyer in the United States.

 

		3.	Neither we, any of our affiliates, nor any person acting on our or their behalf has made any directed selling efforts in the
United States with respect to the Notes.

 

		4.	The proposed transfer of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

		5.	If we are a dealer or a person receiving a selling concession, fee or other remuneration in respect of the Notes, and the proposed
transfer takes place during the Restricted Period (as defined in the Indenture), or we are an officer or director of the Company
or an Initial Purchaser (as defined in the Indenture), we certify that the proposed transfer is being made in accordance with the
provisions of Rule 904(b) of Regulation S.

 

	☐ 	B.	This Certificate relates
to our proposed exchange of $____ principal amount of Notes issued under the Indenture for an equal principal amount of Notes
to be held by us. We hereby certify as follows:

 

		1.	At the time the offer and sale of the Notes was made to us, either (i) we were not in the United States or (ii) we were excluded
from the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi) or the account held by us for which we were acting
was excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances described in
Rule 902(h)(3); and we were not a member of an identifiable group of U.S. citizens abroad.

 

		2.	Unless the circumstances described in paragraph 1(ii) above are applicable, either (a) at the time our buy order was originated,
we were outside the United States or (b) the transaction was executed in, on or through the facilities of a designated offshore
securities market and we did not pre-arrange the transaction in the United States.

 

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		3.	The proposed exchange of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

You and the Company are entitled to rely
upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any
administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

 

	 	Very
truly yours,	 
	 	 	 
	 	[NAME OF SELLER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	Address:	 	 

 

Date: ______________

 

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EXHIBIT
E

 

[RULE 144A CERTIFICATE]

 

_________, ____                     

 

U.S. Bank National Association, as Trustee

Steven V. Vaccarello

U.S. Bank Corporate Trust Services

100 Wall Street, 16th Floor

New York, NY 10005

Phone: (212) 951-8542

steven.vaccarello@usbank.com

 

		Re:	McGraw Hill Financial, Inc. [2.500%/3.300%/4.400%] Senior Notes due [2018/2020/2026] (the “Notes”) issued
under the Indenture dated as of May 26, 2015, as supplemented by the Second Supplemental Indenture (collectively, the “Indenture”),
dated as of August 18, 2015 relating to the Notes

 

Ladies and Gentlemen:

 

[TO BE COMPLETED BY PURCHASER IF (1)
ABOVE IS CHECKED]

 

This Certificate relates to:

 

[CHECK A OR B AS APPLICABLE.]

 

	☐ 	A.	Our proposed purchase
of $____ principal amount of Notes issued under the Indenture.

 

	☐ 	B.	Our proposed exchange
of $____ principal amount of Notes issued under the Indenture for an equal principal amount of Notes to be held by us.

 

We and, if applicable, each account for
which we are acting in the aggregate owned and invested more than $100,000,000 in securities of issuers that are not affiliated
with us (or such accounts, if applicable), as of _________, 20__, which is a date on or since close of our most recent fiscal year.
We and, if applicable, each account for which we are acting, are a qualified institutional buyer within the meaning of Rule 144A
(“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities Act”). If we
are acting on behalf of an account, we exercise sole investment discretion with respect to such account. We are aware that the
transfer of Notes to us, or such exchange, as applicable, is being made in reliance upon the exemption from the provisions of Section
5 of the

 

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Securities Act provided by Rule 144A. Prior
to the date of this Certificate we have received such information regarding the Company as we have requested pursuant to Rule 144A(d)(4)
or have determined not to request such information.

 

You and the Company are entitled to rely
upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any
administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

 

	 	Very
truly yours,	 
	 	 	 
	 	[NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]

	 	 	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	Address:	 	 

 

Date: ______________

 

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EXHIBIT
F

 

[COMPLETE FORM I OR FORM II AS APPLICABLE.]

[FORM I]

Certificate of Beneficial Ownership

 

[U.S. Bank National Association, as Trustee

Steven V. Vaccarello

U.S. Bank Corporate Trust Services

100 Wall Street, 16th Floor

New York, NY 10005

Phone: (212) 951-8542

steven.vaccarello@usbank.com]

 

[or]

 

[Name of DTC Participant]

 

		Re:	McGraw Hill Financial, Inc. [2.500%/3.300%/4.400%] Senior Notes due [2018/2020/2026] (the “Notes”) issued
under the Indenture dated as of May 26, 2015, as supplemented by the Second Supplemental Indenture (collectively, the “Indenture”),
dated as of August 18, 2015 relating to the Notes

 

Ladies and Gentlemen:

 

We are the beneficial owner of $____ principal
amount of Notes issued under the Indenture and represented by a Temporary Offshore Global Note (as defined in the Indenture).

 

We hereby certify as follows:

 

[CHECK A OR B AS APPLICABLE.]

 

	☐ 	A.	We are a non-U.S. person
(within the meaning of Regulation S under the Securities Act of 1933, as amended).

 

	☐ 	B.	We are a U.S. person (within
the meaning of Regulation S under the Securities Act of 1933, as amended) that purchased the Notes in a transaction that did not
require registration under the Securities Act of 1933, as amended.

 

You and the Company are entitled to rely
upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any

 

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interested party in any administrative or
legal proceeding or official inquiry with respect to the matters covered hereby.

 

 

	 	Very
truly yours,	 
	 	 	 
	 	[NAME OF BENEFICIAL
    OWNER]
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	Address:	 	 

 

Date: ______________

 

[FORM II]

Certificate of Beneficial Ownership

 

U.S. Bank National Association, as Trustee

Steven V. Vaccarello

U.S. Bank Corporate Trust Services

100 Wall Street, 16th Floor

New York, NY 10005

Phone: (212) 951-8542

steven.vaccarello@usbank.com

 

		Re:	McGraw Hill Financial, Inc. [2.500%/3.300%/4.400%] Senior Notes due [2018/2020/2026] (the “Notes”) issued
under the Indenture dated as of May 26, 2015, as supplemented by the Second Supplemental Indenture (collectively, the “Indenture”),
dated as of August 18, 2015 relating to the Notes

 

Ladies and Gentlemen:

 

This is to certify that based solely on
certifications we have received in writing, by tested telex or by electronic transmission from Institutions appearing in our records
as persons being entitled to a portion of the principal amount of Notes represented by a Temporary Offshore Global Note issued
under the above-referenced Indenture, that as of the date hereof, $____ principal amount of Notes represented by the Temporary
Offshore Global Note being submitted herewith for exchange is beneficially owned by persons that are either (i) non-U.S. persons
(within the meaning of Regulation S under the Securities Act of 1933, as amended) or (ii) U.S. persons that purchased the Notes
in a transaction that did not require registration under the Securities Act of 1933, as amended.

 

    F-2

     

    

We further certify that (i) we are not submitting
herewith for exchange any portion of such Temporary Offshore Global Note excepted in such certifications and (ii) as of the date
hereof we have not received any notification from any Institution to the effect that the statements made by such Institution with
respect to any portion of such Temporary Offshore Global Note submitted herewith for exchange are no longer true and cannot be
relied upon as of the date hereof.

 

You and the Company are entitled to rely
upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any
administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

 

	 	Yours faithfully,	 
	 	 	 
	 	[Name of
    DTC Participant]
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	Address:	 	 

 

Date: ______________

 

    F-3

     

    

EXHIBIT
G

 

[TEMPORARY OFFSHORE GLOBAL NOTE LEGEND]

 

THIS NOTE AND THE RELATED GUARANTEE HAVE NOT BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS.
THE HOLDER HEREOF, BY PURCHASING THIS NOTE, AGREES THAT NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT
TO, SUCH REGISTRATION AND IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY OTHER APPLICABLE JURISDICTION.

 

THIS NOTE IS A TEMPORARY OFFSHORE GLOBAL NOTE. PRIOR TO THE
EXPIRATION OF THE RESTRICTED PERIOD APPLICABLE HERETO, BENEFICIAL INTERESTS HEREIN MAY NOT BE HELD BY ANY PERSON OTHER THAN (1)
A NON-U.S. PERSON OR (2) A U.S. PERSON THAT PURCHASED SUCH INTEREST IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES
ACT. BENEFICIAL INTERESTS HEREIN ARE NOT EXCHANGEABLE FOR PHYSICAL NOTES OTHER THAN A PERMANENT OFFSHORE GLOBAL NOTE IN ACCORDANCE
WITH THE TERMS OF THE INDENTURE UNDER WHICH THE NOTES WERE ISSUED. TERMS IN THIS LEGEND ARE USED AS USED IN REGULATION S UNDER
THE SECURITIES ACT.

 

NO BENEFICIAL OWNER OF THIS TEMPORARY OFFSHORE GLOBAL NOTE SHALL
BE ENTITLED TO RECEIVE PAYMENT OF PRINCIPAL OR INTEREST HEREON UNTIL SUCH BENEFICIAL INTEREST IS EXCHANGED OR TRANSFERRED FOR AN
INTEREST IN ANOTHER NOTE.

 

THE FOREGOING LEGEND MAY BE REMOVED FROM THIS NOTE AT THE DIRECTION
OF THE COMPANY AFTER 40 DAYS BEGINNING ON AND INCLUDING THE LATER OF (A) THE DATE ON WHICH THE NOTES ARE OFFERED TO PERSONS
OTHER THAN DISTRIBUTORS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AND (B) THE ORIGINAL ISSUE DATE OF THE
NOTES.

 

    G-1Exhibit 10.32

 

SERIES A WARRANT AGREEMENT

Blue Calypso, Inc.

 

and

 

Action Stock Transfer Corp., as Warrant Agent

 

SERIES A WARRANT AGREEMENT

 

THIS SERIES A WARRANT AGREEMENT (this “Agreement”),
dated as of [________________], 2015, is by and between Blue Calypso, Inc., a Delaware corporation (the “Company”),
and Action Stock Transfer Corp., as Warrant Agent (the “Warrant Agent”).

 

WHEREAS, the Company is engaged in a public
offering (the “Offering”) consisting of common stock of the Company, par value $0.0001 per share (“Common
Stock”) together with warrants to purchase shares of Common Stock of the Company (“Warrants”).
Each Warrant entitles the holder thereof to purchase [____] shares of Common Stock for [$______] per share, subject to adjustment
as described herein; and

 

WHEREAS, the Company has filed with the Securities
and Exchange Commission (the “Commission”) a registration statement, as amended, on Form S-1, No. 333-204442
(the “Registration Statement”) and prospectus (the “Prospectus”), for the registration,
under the Securities Act of 1933, as amended (the “Securities Act”), of the Common Stock and the Warrants
to be sold in the Offering and the shares of Common Stock underlying the Warrants; and

 

WHEREAS, the Company desires the Warrant Agent
to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer,
exchange and exercise of the Warrants; and

 

WHEREAS, the Company desires to provide for
the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation
of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants (each a “Holder”);
and

 

WHEREAS, all acts and things have been done
and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf
of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution
and delivery of this Agreement.

 

    	1

    	 

    

NOW, THEREFORE, in consideration of the mutual
agreements herein contained, the parties hereto agree as follows:

 

		1.	Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the
Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and
conditions set forth in this Agreement.

 

		2.	Warrants.

 

		2.1	Form of Warrant. Each Warrant shall be issued in registered form only and shall be in substantially the form of Exhibit
A hereto, the provisions of which are incorporated herein. Each Warrant shall be signed by, or bear the facsimile signature of,
the Chairman of the Board, President, Chief Executive Officer, Secretary or other principal officer of the Company. In the event
the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such
person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to
be such at the date of issuance.

 

		2.2	Effect of Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant
shall be invalid and of no effect and may not be exercised by the holder thereof.

 

		2.3	Registration.

 

		2.3.1	Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the
registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants,
the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and
otherwise in accordance with instructions delivered to the Warrant Agent by the Company.

 

		2.3.2	Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant
Agent may deem and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered
Holder”) as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation
of ownership or other writing on the Warrant Certificate (as defined below) made by anyone other than the Company or the Warrant
Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall
be affected by any notice to the contrary.

 

		3.	Terms and Exercise of Warrants.

 

		3.1	Exercise Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof,
subject to the provisions of such Warrant and of this Warrant Agreement, to purchase from the Company the number of shares of Common
Stock stated therein, at the price of $[_____] per share, subject to the adjustments provided herein. The term “Exercise
Price” as used in this Warrant Agreement shall mean the price per share at which shares of Common Stock may be purchased
at the time a Warrant is exercised.

    	2

    	 

    

		3.2	Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”)
commencing on the date of issuance thereof and ending on [___________], 2020 (the “Expiration Date”);
provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth
in subsection 3.3.2 below with respect to an effective registration statement. Each Warrant not exercised on or before the Expiration
Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m.
New York City time on the Expiration Date.

 

		3.3	Exercise of Warrants.

 

		3.3.1	Payment. Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by the Warrant
Agent, may be exercised by the Registered Holder thereof by submitting a duly executed election to purchase attached to the applicable
Warrant, at the office of the Warrant Agent in the City of Cottonwood Heights, State of Utah or at the office of its successor
as Warrant Agent, in the [Borough of Manhattan, City and State of New York], which may be done by fax or email delivery, and by
paying, within two days of the date of exercise, in full the Exercise Price for each full share of Common Stock as to which the
Warrant is exercised, in lawful money of the United States, by wire transfer or in good certified check or good bank draft payable
to the order of the Company or by Cashless Exercise in accordance with Section 3.2.2 hereof. The Registered Holder shall not be
required to deliver the original Warrant in order to effect an exercise hereunder. Upon delivery of an exercise notice, the Holder
shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which a Warrant
has been exercised, irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date of
delivery of the certificates evidencing such Warrant Shares (as the case may be).

 

***Checks should be payable to [_________________].
Notice of cash exercise should be made by e-mail (not fax) to [_______________]. Originals need to be mailed to [_________________].
Wired funds for exercise should be wired to:

 

[____________________]

 

		3.3.2	Cashless Exercise. Notwithstanding anything contained herein to the contrary, if and only if an effective registration
statement covering the issuance of the shares of Common Stock that are subject to the exercise notice is not available for the
issuance of such shares of Common Stock, the Registered Holder may exercise this Warrant in whole or in part and, in lieu of making
the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate Exercise Price,
elect instead to receive upon such exercise the “Net Number” of shares of Common Stock determined according to the
following formula (a “Cashless Exercise”):

 

Net Number = (A × B) – (A × C)

       B

 

    	3

    	 

    

For purposes of the foregoing
formula:

 

	 	A  	=	the total number of shares with respect to which this Warrant is then being exercised.
	 	 	 	 
	 	B  	=	the VWAP (as defined below) of the Common Stock for the five (5) consecutive Trading Days ending on the date immediately preceding the date of the Exercise Notice.
	 	 	 	 
	 	C  	=	the Exercise Price then in effect for the applicable shares of Common Stock at the time of such exercise.

  

The term “VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if the OTC Bulletin Board is not a Trading
Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin
Board, (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common
Stock are then reported on the OTCQX, OTCQB or OTC Pink Marketplace maintained by the OTC Markets Group, Inc. (or a similar organization
or agency succeeding to its functions of reporting prices), the volume weighted average price of the Common Stock on the first
such facility (or a similar organization or agency succeeding to its functions of reporting prices), or (d) in all other cases,
the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers
of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of
which shall be paid by the Company.

 

For purposes of Rule 144(d) promulgated
under the Securities Act, as in effect on the date hereof, assuming the Registered Holder is not an affiliate of the Company, the
shares of Common Stock issued in a Cashless Exercise shall be deemed to have been acquired by the Registered Holder, and the holding
period for the shares of Common Stock shall be deemed to have commenced, on the date this Warrant was originally issued.

    	4

    	 

    

 

		3.3.3	Issuance of Common Stock on Exercise. Assuming funds for exercise are paid on or before the second trading day following
the date of receipt by the Company of an exercise notice, then on or before the third trading day following the date upon which
the Company has received an exercise notice for a Warrant, the Company shall cause its transfer agent to (i) provided that the
transfer agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program
credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder’s
or its designee’s balance account with DTC through its Deposit/Withdrawal at Custodian System, or (ii) if the transfer agent
is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver to the Holder, or at the Holder’s
instruction pursuant to the delivered exercise notice, the Holder’s agent or designee, in each case pursuant to this clause
(ii), sent by reputable overnight courier to the address specified in the applicable exercise notice, a certificate, registered
in the Company’s share register in the name of the Holder or its designee (as indicated in the applicable exercise notice),
for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise.

 

		3.3.4	Valid Issuance. All Common Stock issued or issuable upon the proper exercise of a Warrant in conformity with this Agreement
shall be validly issued, fully paid and nonassessable.

 

		3.3.5	[Intentionally Omitted].

 

		3.3.6	Share Delivery Failure. If the Company shall fail, for any reason or for no reason, to issue to the Holder within three
(3) trading days after receipt of the applicable exercise notice (the “Share Delivery Deadline”), a certificate
for the number of shares of Common Stock to which the Holder is entitled upon Holder’s exercise of a Warrant or credit the
Holder’s balance account with DTC for such number of shares of Common Stock to which the Holder is entitled upon the Holder’s
exercise of this Warrant (as the case may be, but in each case without a restrictive legend) (a “Delivery Failure”),
and if on such or after such Share Delivery Deadline the Holder purchases (in an open market transaction or otherwise) shares of
Common Stock to deliver in satisfaction of a sale by the Holder of all or any portion of the number of shares of Common Stock issuable
upon such exercise that the Holder so anticipated receiving from the Company, then, in addition to all other remedies available
to it, the Company shall, within three (3) Business Days after the Holder’s request and in the Holder’s discretion,
either (i) pay cash to the Holder in an amount equal to 100% of the Holder’s total purchase price (including brokerage commissions
and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including, without limitation, by any other
person in respect, or on behalf, of the Holder) (the “Buy-In Price”), at which point the Company’s
obligation to so issue and deliver such certificate or credit the Holder’s balance account with DTC for the number of shares
of Common Stock to which the Holder is entitled upon the Holder’s exercise hereunder (as the case may be) (and to issue such
shares of Common Stock) shall terminate, or (ii) promptly honor its obligation to so issue and deliver to the Holder a certificate
or certificates representing such shares of Common Stock or credit the Holder’s balance account with DTC for the number of
shares of Common Stock to which the Holder is entitled upon the Holder’s exercise hereunder (as the case may be) and pay
cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares
of Common Stock multiplied by (B) the lowest Closing Sale Price of the shares of Common Stock on any trading day during the period
commencing on the date of the applicable exercise notice and ending on the date immediately preceding the date of such issuance
and payment under this clause (ii)

 

    	5

    	 

    

		3.4	Beneficial Ownership Limitation on Exercises. The Company shall not affect the exercise of any portion of a Warrant,
and the Registered Holder of such Warrant shall not have the right to exercise any portion of such Warrant, to the extent that
after giving effect to such exercise, the Registered Holder (together with the Registered Holder’s affiliates, and any persons
acting as a group together with the Holder or any Registered Holder’s affiliates) would beneficially own in excess of 4.99%
(the “Maximum Percentage”) of the Common Stock outstanding immediately after giving effect to such exercise,
provided, however, that the foregoing limitation on exercise shall not apply to any Registered Holder who, together with such Registered
Holder’s affiliates, and any persons acting as a group together with such Registered Holder and such Registered Holder’s
affiliates, owns in excess of the Maximum Percentage immediately prior to the closing of the Offering. For purposes of the foregoing
sentence, the aggregate number of shares of Common Stock beneficially owned by such Registered Holder and its affiliates shall
include the number of shares of Common Stock issuable upon exercise of the Warrant with respect to which the determination of such
sentence is being made, but shall exclude shares of Common Stock which would be issuable upon (i) exercise of the remaining, unexercised
portion of the Warrant beneficially owned by the Registered Holder and its affiliates and (ii) exercise or conversion of the unexercised
or unconverted portion of any other securities of the Company beneficially owned by the Registered Holder and its affiliates (including,
without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or
exercise analogous to the limitation contained herein beneficially owned by the Registered Holder or any of its affiliates. Except
as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance
with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). To the extent
that the limitation contained in this Section 3.4 applies, the Registered Holder’s submission of an Election to Purchase
shall be deemed to be the Registered Holder’s determination of whether a Warrant is exercisable (in relation to any other
securities owned by the Registered Holder together with any affiliates) and of which portion of a Warrant is exercisable, in each
case subject to the Maximum Percentage, and the Company shall have no obligation to verify or confirm the accuracy of such determination.
In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d)
of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of the Warrants, in determining the number
of outstanding shares of Common Stock, the Registered Holder may rely on the number of outstanding shares of Common Stock as reflected
in the most recent of (1) the Company’s most recent Form 10-K, Form 10-Q, Current Report on Form 8-K or other public filing
with the Commission, as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company
or its transfer agent setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written
or oral request of the Registered Holder, the Company shall within three (3) trading days confirm to the Registered Holder the
number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined
after giving effect to the conversion or exercise of securities of the Company, including any Warrant, by the Registered Holder
and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. By written notice
to the Company, the Registered Holder may from time to time increase or decrease the Maximum Percentage to any other percentage
of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock
upon exercise of a Warrant and the provisions of this Section 3.4 shall continue to apply; provided that (i) any such increase
will not be effective until the sixty-first (61st) day after such notice is delivered to the Company, and (ii) any such
increase or decrease will apply only to that Registered Holder. For purposes of clarity, the Common Stock underlying any Warrant
in excess of the Maximum Percentage for a Registered Holder shall not be deemed to be beneficially owned by that Registered Holder
for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the Exchange Act. The provisions of this paragraph
shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 3.4 to the extent
necessary to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended beneficial
ownership limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such
limitation.

 

    	6

    	 

    

		4.	Adjustments.

 

		4.1	Stock Dividends.

 

		4.1.1	Split-Ups. If after the date hereof, and subject to the provisions of Section 4.5 below, the number of outstanding shares
of Common Stock is increased by a stock dividend payable in Common Stock, or by a split-up of Common Stock or other similar event,
then, on the effective date of such stock dividend, split-up or similar event, the number of shares of Common Stock issuable on
exercise of each Warrant shall be increased in proportion to such increase in the outstanding shares of Common Stock and the Exercise
Price shall be proportionally decreased such that the aggregate Exercise Price, after such adjustments, remains the same for each
Warrant.

 

		4.1.2	Dividends and Other Distributions. If the Company shall declare or make any dividend or other distribution of its assets
(or rights to acquire its assets) to holders of Common Stock, by way of return of capital or otherwise (including, without limitation,
any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate
rearrangement, scheme of arrangement or other similar transaction), except to the extent an adjustment was already made pursuant
to Section 4.1.1 or 4.2 (a “Distribution”), at any time after the issuance of this Warrant, then, in
each such case, the Company shall reserve and put aside the maximum Distribution amount the Holder would have been entitled to
receive if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Maximum Percentage) immediately before the date
on which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Common
Stock are to be determined for the participation in such Distribution. Upon exercise of this Warrant, in whole or in part, the
Company shall, contemporaneously with the delivery of the Warrant Shares, distribute to the Holder a pro rata portion of such Distribution
based on the portion of the Warrant that has been exercised (provided, however, to the extent that the Holder’s right to
participate in any such Distributions would result in the Holder exceeding the Maximum Percentage, then the Holder shall not be
entitled to participate in such Distribution at such time and to such extent (or the beneficial ownership of any such Common Stock
as a result of such Distribution to such extent) and such Distribution to such extent shall be held in abeyance for the benefit
of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Maximum Percentage, at
which time or times the Holder shall be granted such Distribution (and any Distributions declared or made on such initial Distribution
or on any subsequent Distribution to be held similarly in abeyance) to the same extent as if there had been no such limitation).

 

    	7

    	 

    

		4.2	Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 4.5 hereof, the number of
outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of Common
Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification
or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to
such decrease in outstanding shares of Common Stock and the Exercise Price shall be proportionally increased such that the aggregate
Exercise Price, after such adjustments, remains the same for each Warrant.

 

		4.3	Purchase Rights. If at any time the Company grants, issues or sells any options, convertible securities or rights to
purchase stock, warrants, securities or other property pro rata to the record holders of any class of Common Stock (the “Purchase
Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate
Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon
complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Maximum
Percentage) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or,
if no such record is taken, the date as of which the record holders of Common Stock are to be determined for the grant, issue or
sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase
Right would result in the Holder exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such
Purchase Right to such extent (or beneficial ownership of such Common Stock as a result of such Purchase Right to such extent)
and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto
would not result in the Holder exceeding the Maximum Percentage, at which time or times the Holder shall be granted such right
(and any Purchase Right granted, issued or sold on such initial Purchase Right or on any subsequent Purchase Right to be held similarly
in abeyance) to the same extent as if there had been no such limitation).

 

    	8

    	 

    

		4.4	Fundamental Transactions. If, at any time while the Warrants are outstanding, (i) the Company, directly or indirectly,
in one or more related transactions effects any merger or consolidation of the Company with or into another person (other
than a merger or consolidation with another corporation in which the Company is the surviving corporation and which does not result
in any reclassification or change—other than a change in par value, or from par value to no par value, or from no par value
to par value), or as a result of a subdivision or combination—of outstanding Common Stock issuable upon such exercise, and
which is not subject to Subsection (iii) or (v) below), (ii) the Company, directly or indirectly, effects any sale, lease,
license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of
related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or
another person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for
other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the
Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization
of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged
for other securities, cash or property, (v) the Company, directly or indirectly, in one or more related transactions consummates
a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with another person or group of persons whereby such other person or group acquires more than
50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other person or other persons
making or party to, or associated or affiliated with the other persons making or party to, such stock or share purchase agreement
or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise
of a Warrant, the Registered Holder of each Warrant shall have the right to receive, for each share of Common Stock that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the
Registered Holder (without regard to any limitation in Section 3.4 on the exercise of the Warrants), the number of shares of Common
Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of
the number of shares of Common Stock for which a Warrant is exercisable immediately prior to such Fundamental Transaction (without
regard to any limitation in Section 3.4 on the exercise of the Warrants). For purposes of any such exercise, the determination
of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate
Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion
the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components
of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then each Registered Holder shall be given the same choice as to the Alternate Consideration such
Registered Holder receives upon any exercise of a Warrant following such Fundamental Transaction. Notwithstanding anything to the
contrary, in the event of a Fundamental Transaction, the Company shall, at a Registered Holder’s option, exercisable at any
time prior to the consummation of the Fundamental Transaction, purchase such Registered Holder’s Warrant immediately prior
to the consummation of such Fundamental Transaction from the Registered Holder by paying cash by wire transfer of immediately available
funds in an amount equal to the Black Scholes Value of the remaining unexercised portion of such Registered Holder’s Warrant
immediately prior to the consummation of such Fundamental Transaction. “Black Scholes Value” means the
value of a Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg,
L.P. (“Bloomberg”) determined immediately prior to the consummation of the applicable Fundamental Transaction
for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to
the time between the date of the public announcement of the applicable Fundamental Transaction and the Expiration Date, (B) an
expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the
trading day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per
share used in such calculation shall be the sum of the price per share of Common Stock being offered in cash, if any, plus the
value of any non-cash consideration, if any, being offered in such Fundamental Transaction (the “FMV”)
and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction
and the Expiration Date. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not
the survivor (the “Successor Entity”) to assume in writing all obligations of the Company under each
Warrant in accordance with the provisions of this Section 4.3 pursuant to agreements in form and substance reasonably satisfactory
to the Registered Holders and approved by the Registered Holder (without unreasonable delay) prior to such Fundamental Transaction
and shall, at the option of each Registered Holder, deliver to such Registered Holder in exchange for such Registered Holder’s
Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to such
Registered Holder’s Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor
Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of such Warrant
(without regard to the limitations on exercise set forth in Section 3.4) prior to such Fundamental Transaction, and with an exercise
price which applies the Exercise Price hereunder to such shares of capital stock (but taking into account the relative value of
the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number
of shares of capital stock and such exercise price being for the purpose of protecting the economic value of such Warrant immediately
prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Registered
Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for
(so that from and after the date of such Fundamental Transaction, the provisions of this Agreement and each Warrant referring to
the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and
shall assume all of the obligations of the Company under this Agreement and each Warrant with the same effect as if such Successor
Entity had been named as the Company herein.

 

    	9

    	 

    

		4.5	Calculations. All calculations under this Section 4 shall be made to the nearest cent or the nearest whole share, as
the case may be. For purposes of this Section 4, any calculation of the number of shares of Common Stock deemed to be issued and
outstanding as of a given date shall not include treasury shares, if any. Notwithstanding anything to the contrary in this Section
4, no adjustment in the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least
1% in such price; provided however, that any adjustments which by reason of the immediately preceding sentence are not required
to be made shall be carried forward and taken into account in any subsequent adjustment. In any case in which this Section 4 shall
require that an adjustment in the Exercise Price be made effective as of a record date for a specified event, if the Registered
Holder exercises a Warrant after such record date, the Company may elect to defer, until the occurrence of such event, the issuance
of the shares of Common Stock and other capital stock of the Company in excess of the shares of Common Stock and other capital
stock of the Company, if any, issuable upon such exercise on the basis of the Exercise Price in effect prior to such adjustment;
provided, however, that in such case the Company or the Warrant Agent shall deliver to the Registered Holder a due bill or other
appropriate instrument evidencing the Registered Holder’s right to receive such additional shares and/or other capital securities
upon the occurrence of the event requiring such adjustment.

 

		4.6	Notices of Changes in Warrant. Upon every adjustment of the Exercise Price or the number of shares issuable upon exercise
of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Exercise Price resulting
from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise
of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based.
Upon occurrence of any event specified in Sections 4.1, 4.2 or 4.3, the Company shall give written notice of the occurrence of
such event to each Warrant holder, at the last address set forth for such holder in the Warrant Register, of the record date or
the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity
of such event.

 

		4.7	No Fractional Shares. Notwithstanding any provision contained in this Warrant Agreement to the contrary, the Company
shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the
holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company
shall, upon such exercise, round to the nearest whole number, the number of the shares of Common Stock to be issued to such holder.

 

		4.8	Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants
issued after such adjustment may state the same Exercise Price and the same number of shares as is stated in the Warrants initially
issued pursuant to this Agreement.

 

		4.9	Other Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections
of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid
an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company
shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing,
which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate
the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment.
The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

    	10

    	 

    

		5.	Transfer and Exchange of Warrants.

 

		5.1	Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant
upon the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and
accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number
of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered
by the Warrant Agent to the Company from time to time upon request.

 

		5.2	Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request
for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested
by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants.

 

		5.3	Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which
shall result in the issuance of a warrant certificate for a fraction of a warrant.

 

		5.4	Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance
with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5.

 

		6.	Other Provisions Relating to Rights of Holders of Warrants.

 

		6.1	No Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder
of the Company, including, without limitation, except as otherwise set forth herein or in any Warrant, the right to receive dividends,
or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of
the meetings of stockholders or the election of directors of the Company or any other matter.

 

		6.2	Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company
and the Warrant Agent may on such terms as to indemnity bond or otherwise as they may in their discretion impose (which shall,
in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as
the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation
of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by
anyone.

 

		6.3	Reservation of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but
unissued shares of Common Stock that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant
to this Agreement.

 

    	11

    	 

    

		6.4	Registration of Common Stock. The Company registered the Warrants and shares of Common Stock underlying the Warrants
in the Registration Statement. The Company will use its reasonable best efforts to maintain the effectiveness of such Registration
Statement and the current status of the Prospectus or to file and maintain the effectiveness of another registration statement
and another current prospectus covering the shares of Common Stock issuable upon exercise of the Warrants at any time that the
Warrants are exercisable. In addition, the Company agrees to use its reasonable best efforts to register such shares of Common
Stock under the blue sky laws of the states of residence of the exercising Warrant holders to the extent an exemption from such
registration is not available. If at any time, the Company does not have an effective registration statement covering the shares
of Common Stock underlying the Warrants, and Rule 144 is not available to cover such shares of Common Stock due to the failure
of the Company to be currently reporting under the Securities Exchange Act of 1934 (“Public Information Failure”),
then the Company shall pay in cash by wire transfer of immediately available funds an amount per month equal to 1% of the aggregate
VWAP of the shares into which a Holder elected to convert its Warrant into which are not able to be delivered without legend because
of such Public Information Failure to the Holder thereof until such shares are able to be delivered without legend (to be pro-rated
for any periods which are less than one month).

 

		7.	Concerning the Warrant Agent and Other Matters.

 

		7.1	Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the
Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of the Warrants,
but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares.

 

		7.2	Resignation, Consolidation, or Merger of Warrant Agent.

 

		7.2.1	Appointment of Successor Warrant Agent. The Warrant Agent, or any successor hereafter appointed, may resign its duties
and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the
Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall
appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment
within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent
or by the holder of a Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder
of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor
Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall
be a corporation in good standing in the State of New York and having its principal office in the Borough of Manhattan, City and
State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination
by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights,
immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder,
without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall
execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority,
powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall
make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming
to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

    	12

    	 

    

		7.2.2	Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give
notice thereof to the predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of
any such appointment.

 

		7.2.3	Merger or Consolidation of Warrant Agent. Any company into which the Warrant Agent may be merged or with which it may
be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall
be the successor Warrant Agent under this Agreement without any further act.

 

		7.3	Fees and Expenses of Warrant Agent.

 

		7.3.1	Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent
hereunder and any transfer agent fees which are in addition thereto and shall, pursuant to its obligations under this Agreement,
reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its
duties hereunder.

 

		7.3.2	Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed,
acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant
Agent for the carrying out or performing of the provisions of this Agreement.

 

		7.4	Liability of Warrant Agent.

 

		7.4.1	Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall
deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any
action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed
to be conclusively proved and established by a statement signed by the President or Chairman of the Board of the Company and delivered
to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant
to the provisions of this Agreement.

 

    	13

    	 

    

		7.4.2	Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad
faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments,
costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except
as a result of the Warrant Agent’s gross negligence, willful misconduct or bad faith.

 

		7.4.3	Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect
to the validity or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for
any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not
be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method,
or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall
it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of
Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock shall, when issued,
be valid and fully paid and nonassessable.

 

		7.5	Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform
the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect
to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase
of shares of Common Stock through the exercise of the Warrants.

 

		8.	Miscellaneous Provisions.

 

		8.1	Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent
shall bind and inure to the benefit of their respective successors and assigns.

 

    	14

    	 

    

		8.2	Notices. Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent
or by the holder of any Warrant to or on the Company shall be sufficiently given (i) when so delivered if by hand or overnight
delivery, (ii) when sent, if delivered by facsimile (provided confirmation of transmission is mechanically or electronically generated
and kept on file by the sending party) or by electronic mail, or (iii) if sent by certified mail or private courier service within
five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company
with the Warrant Agent), as follows:

 

Blue Calypso, Inc.

101 W. Renner Road, Suite 280

Richardson, Texas 75082

Attn: Andrew Levi, CEO

By Telefax (which constitutes notice): [_____________]

By Email (which constitutes notice): alevi@bluecalypso.com

 

with copies to:

 

Fox Rothschild LLP

997 Lenox Drive, Building 3

Lawrenceville, New Jersey 08648

Attention: Sean F. Reid

 

By Telefax (which constitutes notice): (609) 896-1469

By Email (which constitutes notice): sreid@foxrothschild.com

 

Any notice, statement or demand authorized by this
Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given
(i) upon receipt if by hand or overnight delivery, (ii) when sent, if delivered by facsimile (provided confirmation of transmission
is mechanically or electronically generated and kept on file by the sending party) or by electronic mail, or (iii) if sent by certified
mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address
is filed in writing by the Warrant Agent with the Company), as follows:

 

Action Stock Transfer Corp.

2469 Fort Union Blvd.#214

Cottonwood Heights, Utah 84121

Attention: Justeene Blankenship

By Telefax (which constitutes notice): (801) 274-1099

By Email (which constitutes notice): jb@actionstocktransfer.com

 

		8.3	Applicable Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed
in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in
the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim
against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of
New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum.

 

    	15

    	 

    

		8.4	Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to,
any person or corporation other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim
under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants,
conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit
of the parties hereto and their successors and assigns and of the Registered Holders of the Warrants.

 

		8.5	Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office
of the Warrant Agent in the City of Cottonwood Heights, State of Utah, for inspection by the Registered Holder of any Warrant.
The Warrant Agent may require any such holder to submit his Warrant for inspection by it.

 

		8.6	Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

		8.7	Effect of Headings. The section headings herein are for convenience only and are not part of this Warrant Agreement
and shall not affect the interpretation thereof.

 

		8.8	Amendments. This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the
purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing
any other provisions with respect to matters arising under this Agreement as the parties may deem necessary or desirable and that
the parties deem shall not adversely affect the interest of the Registered Holders. All other modifications or amendments shall
require the written consent of the Company and the Registered Holders holding Warrants to purchase at least 65% of the shares of
Common Stock underlying the then outstanding Warrants. No consideration shall be offered by the Company to any Registered Holder
in connection with a modification, amendment or waiver of this Warrant Agreement or any Warrant without also offering the same
consideration to all Registered Holders.

 

		8.9	Severability. This Warrant Agreement shall be deemed severable, and the invalidity or unenforceability of any term or
provision hereof shall not affect the validity or enforceability of this Warrant Agreement or of any other term or provision hereof.
Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added
as a part of this Warrant Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible
and be valid and enforceable.

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed as of the date first above written.

 

	 	BLUE CALYPSO, INC.	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	[____________________________________], 

as Warrant Agent
	 	 
	 	By:  	 	 
	 	 	Name:	 
	 	 	Title:	 

 

    	16

    	 

    

EXHIBIT A

 

[FORM OF SERIES A WARRANT CERTIFICATE]

 

Number

 

Series A Warrants

 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

BLUE CALYPSO, INC.

 

Incorporated Under the Laws of the
State of Delaware

 

CUSIP [_________]

 

Series A Warrant Certificate

 

This Warrant Certificate certifies that,
or registered assigns, is the registered holder of warrant(s) (the “Warrants” and each, a “Warrant”)
to purchase shares of Common Stock, no par value (“Common Stock”), of Blue Calypso, Inc., a Delaware
corporation (the “Company”). Each Warrant entitles the holder, upon exercise during the period set forth
in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and nonassessable shares of Common
Stock as set forth below, at the exercise price (the “Exercise Price”) as determined pursuant to the
Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided for in the Warrant
Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the
office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement.
Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement
(as defined on the reverse hereof).

 

Each Warrant is initially exercisable for
one fully paid and non-assessable share of Common Stock. The number of the shares of Common Stock issuable upon exercise of the
Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

 

The initial Exercise Price per share of Common
Stock for any Warrant is equal to $[___] per share. The Exercise Price is subject to adjustment upon the occurrence of certain
events set forth in the Warrant Agreement.

 

Subject to the conditions set forth in the
Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of
such Exercise Period, such Warrants shall become void.

 

    	A-1

    	 

    

Reference is hereby made to the further
provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have
the same effect as though fully set forth at this place.

 

This Warrant Certificate shall not be valid
unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

 

This Warrant Certificate shall be governed
by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles
thereof.

 

	 	BLUE CALYPSO, INC.	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	[____________________________________], 

as Warrant Agent
	 	 
	 	By:  	 	 
	 	 	Name:	 
	 	 	Title:	 

 

 

[Signature Page to Warrant Certificate]

 

    	A-2

    	 

    

 

[Form of Series A Warrant Certificate]

 

[Reverse]

 

The Warrants evidenced by this Warrant Certificate
are part of a duly authorized issue of Warrants entitling the holder on exercise to receive shares of Common Stock and are issued
or to be issued pursuant to a Warrant Agreement dated as of [__________], 2015 (the “Warrant Agreement”),
duly executed and delivered by the Company to [________________________], as warrant agent (the “Warrant Agent”),
which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for
a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company
and the holders (the words “holders” or “holder” meaning the Registered Holders
or Registered Holder) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request
to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in
the Warrant Agreement.

 

Warrants may be exercised at any time during
the Exercise Period set forth in Section 3.3 of the Warrant Agreement.

 

Notwithstanding anything else in this Warrant
Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration statement covering
the shares of Common Stock to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder relating
to the shares of Common Stock is current, except through “cashless exercise” as provided for in the Warrant
Agreement.

 

The Warrant Agreement provides that upon the
occurrence of certain events the number of shares of Common Stock issuable upon exercise of the Warrants set forth on the face
hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled to
receive a fractional interest in a share of Common Stock, the Company shall, upon exercise, round up to the nearest whole number
of shares of Common Stock to be issued to the holder of the Warrant.

 

Warrant Certificates, when surrendered at
the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by legal representative
or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant
Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing
in the aggregate a like number of Warrants.

 

Upon due presentation for registration of
transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like
tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant
Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental
charge imposed in connection therewith.

 

The Company and the Warrant Agent may deem
and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of
ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s)
hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.
Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company.

 

    	A-3

    	 

    

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

The undersigned hereby irrevocably elects
to exercise the right, represented by this Warrant Certificate, to receive shares of Common Stock and herewith tenders payment
for such shares to the order of Blue Calypso, Inc. (the “Company”) in the amount of $_______ in accordance
with the terms hereof. The undersigned requests that a certificate for such shares be registered in the name of __________________,
whose address is and that such shares be delivered to whose address is ______________________________________. If said number of
shares is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests that a new Warrant Certificate
representing the remaining balance of such shares be registered in the name of ___________________, whose address is ______________________________________,
and that such Warrant Certificate be delivered to __________________, whose address is ______________________________________.

 

In the event that the Warrant is to be exercised
on a “cashless” basis pursuant to Section 3.3.2 of the Warrant Agreement, the number of shares that this Warrant
is exercisable for shall be determined in accordance with Section 3.3.2 of the Warrant Agreement.

 

	 	 	a “Cash Exercise” with respect to _____ Warrant Shares; and/or
	 	 	 
	 	 	a “Cashless Exercise” with respect to Warrant Shares, resulting in a delivery obligation by the Company to the Holder of shares of Common Stock representing the applicable Net Number, subject to adjustment.
	 	 

 

In the event that the Warrant may be exercised,
to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of shares that this Warrant is exercisable
for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such cashless exercise
and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise the right, represented
by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive shares of Common Stock.
If said number of shares is less than all of the shares of Common Stock purchasable hereunder (after giving effect to the cashless
exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares be registered
in the name of ___________________, whose address is ____________________________________, and that such Warrant Certificate be
delivered to ___________________, whose address is ______________________________________.

 

	Date:  ____________, 20__	(Signature)
	 	 
	 	(Address)
	 	 
	 	 
	 	(Tax Identification Number)

 

    	A-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00248-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00248-of-00352.parquet"}]]