Document:

Ex 10.1

    2006
      AUXILIARY COMPENSATION PLAN FOR OUTSIDE CONSULTANTS

    

    1. PURPOSE
      OF PLAN

    

    1.1
      This
      2006 Auxiliary Compensation Plan for Outside Consultants (the "Plan") of
      International Food Products Group, Inc., a Nevada corporation (the "Company")
      for persons that render outside consulting services to the Company, is intended
      to advance the best interests of the Company by providing outside consultants
      with compensation for bone fide consulting services rendered to the Company.
      

    

    2. DEFINITIONS

    

    2.1
      For
      Plan purposes, except where the context might clearly indicate other wise,
      the
      following terms shall have the meanings set forth below:

    

    "Board"
      shall mean the Board of Directors of the Company.

    

    "Committee"
      shall mean the Compensation Committee, or such other committee appointed by
      the
      Board, which shall be designated by the Board to administer the Plan, or the
      Board if no committees have been established. If no committees have been
      established the Board will designate one member of the Board as the Plan
      Administrator. The Committee shall be composed of three or more persons as
      from
      time to time are appointed to serve by the Board. Each member of the Committee,
      while serving as such, shall be a disinterested person with the meaning of
      Rule
      16b-3 promulgated under the Securities Exchange Act of 1934.

    

    "Common
      Shares" shall mean the Company's Common Shares, $.001 par value per share,
      or,
      in the event that the outstanding Common Shares are hereafter changed into
      or
      exchanged for different shares of securities of the Company, such other shares
      or securities.

    

    "Company"
      shall mean International Food Products Group, Inc., a Nevada
      corporation.

    

    "Common
      Stock" shall mean shares of common stock which are issued by the Company
      pursuant to Section 5, below.

    

    "Common
      Stockholder" means the consultant to the Company to whom shares of Common Stock
      are issued pursuant to this Plan.

    

    “Common
      Stock Agreement" means an agreement executed by a Common Stockholder and the
      Company as contemplated by Section 5, below, which imposes on the shares of
      Common Stock held by the Common Stockholder such restrictions as the Board
      or
      Committee deem appropriate.

    

    
      
         

      

      
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          1 -

        
          

        

      

      
         

      

    

    3. ADMINISTRATION
      OF THE PLAN

    

    3.1
      The
      Committee shall administer the Plan and accordingly, it shall have full power
      to
      grant Common Stock issuances, construe and interpret the Plan, establish rules
      and regulations and perform all other acts, including the delegation of
      administrative responsibilities, it believes reasonable and proper.

    

    3.2
      The
      determination of those eligible to receive Common Stock, and the amount, type
      and timing of each grant and the terms and conditions of the Common Stock
      agreements shall rest in the sole discretion of the Committee, subject to the
      provisions of the Plan.

    

    3.3
      The
      Board, or the Committee, may correct any defect, supply any omission or
      reconcile any inconsistency in the Plan, or in any Common Stock agreement,
      in
      the manner and to the extent it shall deem necessary to carry it into
      effect.

    

    3.4
      Any
      decision made, or action taken, by the Committee or the Board arising out of
      or
      in connection with the interpretation and administration of the Plan shall
      be
      final and conclusive.

    

    3.5
      Meetings of the Committee shall be held at such times and places as shall be
      determined by the Committee. A majority of the members of the Committee shall
      constitute a quorum for the transaction of business, and the vote of a majority
      of those members present at any meeting shall decide any question brought before
      that meeting. In addition, the Committee may take any action otherwise proper
      under the Plan by the affirmative vote, taken without a

    meeting,
      of a majority of its members.

    

    3.6
      No
      member of the Committee shall be liable for any act or omission of any other
      member of the Committee or for any act or omission on his own part, including,
      but not limited to, the exercise of any power or discretion given to him under
      the Plan, except those resulting from his own gross negligence or willful
      misconduct.

    

    3.7
      The
      Company, through its management, shall supply full and timely information to
      the
      Committee on all matters relating to the eligibility of persons to receive
      Common Stock under the Plan ("Plan Participants"), their duties and performance,
      and current information on any Plan Participant's termination of association
      with the Company, and such other pertinent information as the Committee may
      require. The Company shall furnish the Committee with such clerical and other
      assistance as is necessary in the performance of its duties
      hereunder.

    

    4. SHARES
      SUBJECT TO THE PLAN

    

    4.1
      The
      total number of shares of the Company available for grants of Common Stock
      under
      the Plan shall be 10,000,000 Common Shares, subject to adjustment in accordance
      with Article 7 of the Plan, which shares may be either authorized but unissued
      or re-acquired Common Shares of the Company.

    

    
      
         

      

      
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    5. AWARD
      OF COMMON STOCK

    

    5.1
      The
      Board or Committee from time to time, in its absolute discretion, may award
      Common Stock to outside consultants of the Company. All such recipients of
      Common Shares shall be collectively referred to throughout this Plan as Plan
      Participants. The Board or Committee, as the case maybe, is specifically
      authorized to grant the issuance of Common Stock under this Plan, as
      compensation that would otherwise be payable to the Plan Participants in
      exchange for their services to the Company.

    

    5.2
      Common Stock shall be issued only pursuant to a Common Stock Agreement, which
      shall be executed by the Common Stockholder and the Company and which shall
      contain such terms and conditions as the Board or Committee shall determine
      consistent with this Plan, including such restrictions on transfer as are
      imposed by the Common Stock Agreement.

    

    5.3
      Upon
      delivery of the shares of Common Stock to the Common Stockholder, below, the
      Common Stockholder shall have, unless otherwise provided by the Board or
      Committee, all the rights of a stockholder with respect to said shares, subject
      to the restrictions in the Common Stock Agreement, including the right to
      receive all dividends and other distributions paid or made with respect to
      the
      Common Stock.

    

    5.4
      All
      shares of Common Stock issued under this Plan (including any shares of Common
      Stock and other securities issued with respect to the shares of Common Stock
      as
      a result of stock dividends, stock splits or similar changes in the capital
      structure of the Company) shall be subject to such restrictions as the Board
      or
      Committee shall provide, which restrictions may include, without limitation,
      restrictions concerning voting rights, transferability of the Common Stock;
      provided that the Board or Committee may, on such terms and conditions as it
      may
      determine to be appropriate, remove any or all of such restrictions. Common
      Stock may not be sold or encumbered until all applicable restrictions have
      terminated or expire. The restrictions, if any, imposed by the Board or
      Committee of the Board under this Section 5 need not be identical for all Common
      Stock and the imposition of any restrictions with respect to any Common Stock
      shall not require the imposition of the same or

    any
      other
      restrictions with respect to any other Common Stock.

    

    5.5
      The
      Board or Committee shall cause a legend or legends to be placed on certificates
      representing shares of Common Stock that are subject to restrictions under
      Common Stock Agreements, which legend or legends shall make appropriate
      reference to the applicable restrictions.

    

    
      
         

      

      
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    6. ADJUSTMENTS
      OR CHANGES IN CAPITALIZATION

    

    6.1
      In
      the event that the outstanding Common Shares of the Company are hereafter
      changed into or exchanged for a different number or kind of shares or other
      securities of the Company by reason of merger, consolidation, other
      reorganization, recapitalization, reclassification, combination of shares,
      stock
      split-up or stock dividend, prompt, proportionate, equitable, lawful and
      adequate adjustment shall be made of the aggregate number and kind of shares
      subject to all Common Stock Agreements which may be granted under the Plan,
      such
      that the Plan Participants shall have the right to receive such Common Shares
      as
      may be issued in exchange for the Common Shares had such merger, consolidation,
      other reorganization, recapitalization, reclassification, combination of shares,
      stock split-up or stock dividend not taken place;

    

    6.2
      The
      foregoing adjustments and the manner of application of the foregoing provisions
      shall be determined solely by the Committee, whose determination as to what
      adjustments shall be made and the extent thereof, shall be final, binding and
      conclusive. No fractional Shares shall be issued under the Plan on account
      of
      any such adjustments.

    

    7. AMENDMENT
      AND TERMINATION OF PLAN

    

    7.1
      The
      Board may at any time, and from time to time, suspend or terminate the Plan
      in
      whole or in part or amend it from time to time in such respects as the Board
      may
      deem appropriate and in the best interest of the Company.

    

    7.2
      No
      amendment, suspension or termination of this Plan shall, without the Plan
      Participant's consent, alter or impair any of the rights or obligations under
      any Common Stock Agreement theretofore granted to him under the
      Plan.

    

    7.3
      The
      Board may amend the Plan, subject to the limitations cited above, in such manner
      as it deems necessary to permit the granting of Stock Options meeting the
      requirements of future amendments or issued regulations, if any, to the
      Code.

    

    8. GOVERNMENT
      AND OTHER REGULATIONS

    

    8.1
      The
      obligation of the Company to issue, transfer and deliver Common Shares received
      under the Plan shall be subject to all applicable laws, regulations, rules,
      orders and approvals which shall then be in effect and required by the relevant
      stock exchanges on which the Common Shares are traded and by government entities
      as set forth below or as the Committee in its sole discretion shall deem
      necessary or advisable. Specifically, in connection with the Securities Act
      of
      1933, as amended, the receipt of any Common Shares under the Plan by Plan
      Participants shall be governed by the rules and regulations promulgated under
      the Securities Act of 1933, as amended, as to the permitted uses of Form S-8
      and
      the issuance of securities registered on such Form S-8. Any determination in
      this connection by the Committee shall be final, binding and conclusive. The
      Company may, but shall in no event be obligated to, take any other affirmative
      action in order to cause the issuance of Common Shares pursuant thereto to
      comply with any law or regulation of any government authority.

    

    
      
         

      

      
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    9. MISCELLANEOUS
      PROVISIONS

    

    9.1
      No
      person shall have any claim or right to be granted Common Stock under the Plan,
      and the grant of Common Stock under the Plan shall not be construed as giving
      a
      Common Stockholder the right to be retained by the Company. Furthermore, the
      Company expressly reserves the right at any time to terminate its relationship
      with an Plan Participant with or without cause, free from any liability, or
      any
      claim under the Plan, except as provided herein, in

    any
      agreement between the Company and the Plan Participant.

    

    9.2
      Any
      expenses of administering this Plan shall be borne by the Company.

    

    9.3
      The
      place of administration of the Plan shall be in the City of Newport Beach,
      California, but the validity, construction, interpretation, administration
      and
      effect of the Plan and of its rules and regulations, and rights relating to
      the
      Plan, shall be determined solely in

    accordance
      with the laws of the State of Nevada.

    

    9.4
      Without amending the Plan, grants may be made to persons who are foreign
      nationals or employed outside the United States, or both, on such terms and
      conditions, consistent with the Plan's purpose, different from those specified
      in the Plan as may, in the judgment of the Committee, be necessary or desirable
      to create equitable opportunities given differences in tax laws in other
      countries.

    

    9.5
      In
      addition to such other rights of indemnification as they may have as members
      of
      the Board or the Committee, the members of the Committee shall be indemnified
      by
      the Company against all costs and expenses reasonably incurred by them in
      connection with any action, suit or proceeding to which they or any of them
      may
      be party by reason of any action taken or failure to act under or in connection
      with the Plan or any Common Stock Agreement granted thereunder, and against
      all
      amounts paid by them in settlement thereof (provided such settlement is approved
      by independent legal counsel selected by the Company) or paid by them in
      satisfaction of a judgment in any such action, suit or proceeding, except a
      judgment based upon a finding of bad faith; provided that upon the institution
      of any such action, suit or proceeding a Committee member shall, in writing,
      give the Company notice thereof and an opportunity, at its own expense, to
      handle and defend the same, with counsel acceptable to the

    Plan
      Participant, before such Committee member undertakes to handle and defend it
      on
      his own behalf.

    

    9.6
      Notwithstanding anything to the contrary in the Plan, if the Committee finds
      by
      a majority vote, after full consideration of the facts presented on behalf
      of
      both the Company and the Plan Participant, that the Plan Participant has been
      engaged in fraud, embezzlement, theft, insider trading in the Company's stock,
      commission of a felony or proven dishonesty in the course of his association
      with the Company or any subsidiary corporation which damaged the Company or
      any
      subsidiary corporation, or for disclosing trade secrets of the Company or any
      subsidiary corporation, the Plan Participant shall forfeit all Common Shares
      that remain in the beneficial ownership of the Plan Participant and that were
      received by him under the Plan. The decision of the Committee as to the cause
      of
      a Plan Participant's discharge and the damage done

    to
      the
      Company shall be final. No decision of the Committee, however, shall affect
      the
      finality of the discharge of such Plan Participant by the Company or any
      subsidiary corporation in any manner.

    

    
      
         

      

      
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    10. WRITTEN
      AGREEMENT

    

    10.1
      All
      Common Shares granted hereunder shall be embodied in a written Common Stock
      Agreement which shall be subject to the terms and conditions prescribed above
      and shall be signed by the Plan Participant and by the President of the Company,
      or by the Chief Executive Officer of the Company or by the Plan Administrator
      of
      the Board, for and in the name and on behalf of the Company. Such Common Stock
      Agreement shall contain such other provisions as the Committee, in its
      discretion shall deem advisable.

    

    The
      undersigned duly appointed secretary of the Company, does hereby certify that
      this Plan, and its terms and provisions, were duly approved by the Company's
      Board of Directors on this 6th day of June, 2006.

    

    

    /s/
      Richard Damion

    _________________________________________
      

    Richard
      Damion 

    CEO

     

    
      
         

      

      
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          6 -Exhibit 4.1

AETNA INC.

Certificate of Designated Officers

June 9, 2006

     Alan M. Bennett, Senior Vice President and Chief Financial Officer, and Alfred P. Quirk, Jr., Vice President, Finance and Treasurer, each of Aetna Inc., a Pennsylvania corporation
(the “Company”), pursuant to Sections 201 and 301 of the Senior Indenture, dated as of March 2, 2001 (the “Indenture”), between the Company, as issuer, and U.S. Bank National Association, successor in interest to State Street Bank and Trust Company, as trustee (the “Trustee”), and pursuant to resolutions adopted by the Board of Directors of the Company on December 2, 2005 and the Delegation of Authority of Ronald A. Williams,
Chief Executive Officer and President of the Company, dated as of June 5, 2006 (the “Company 
Resolutions”), hereby certify that there are hereby approved and established pursuant to the Indenture three series of securities (the “Securities”) of the Company under the Indenture whose terms shall be as set forth in Annexes A, B and C attached hereto.

     The undersigned officers (i) have read the applicable provisions of the Indenture, (ii) have reviewed the forms and terms of the Securities, (iii) in the opinion of the undersigned,
have made such examination or investigation as is necessary to enable the undersigned to express an informed opinion as to whether or not the applicable covenants and conditions of the Indenture have been complied with, (iv) hereby certify that the
applicable covenants and conditions of the Indenture have been complied with and (v) hereby certify that the forms and terms of the Securities comply with the Indenture. 

     Capitalized terms used but not defined herein have the meanings ascribed thereto in the Indenture. 

     IN WITNESS WHEREOF, we have hereunto signed our names as of the date first written above. 

  	 	 
	/s/ Alan M. Bennett
	

	Name:	Alan M. Bennett 
	Title:	Senior Vice President and Chief

      Financial Officer 

  

  

  	 	 
	/s/ Alfred P. Quirk, Jr.
	

	Name:	Alfred P. Quirk, Jr. 
	Title:	Vice President, Finance and

Treasurer 

   

2

ANNEX A

5.750% Senior Notes due 2011

     1. One series of the Securities shall be known and designated as the “5.750% Senior Notes due 2011” of the Company (the “2011 Notes”). 

     2. The aggregate principal amount of 2011 Notes which may be authenticated and delivered under the Indenture is initially limited to $450,000,000 (except for such
  Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other 2011 Notes pursuant to Sections 304, 305, 306, 906 or 1107 of the Indenture and except for any Securities which, pursuant to Section
  303 of the Indenture, are deemed never to have been authenticated and delivered thereunder). Additional 2011 Notes may be authenticated and delivered from time to time as contemplated in Section 301 of the Indenture. 

     3. The Stated Maturity of the principal of the 2011 Notes shall be June 15, 2011. 

     4. The 2011 Notes shall bear interest at the rate of 5.750% per annum, which will accrue from June 9, 2006, or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, as the case may be, payable semi-annually on June 15 and December 15 in each year, commencing December 15, 2006, to the Person in whose name such 2011 Notes (or one or more predecessor 2011 Notes) are registered at the
close of business on the Regular Record Date next preceding the Interest Payment Date. Each June 15 and December 15 shall be an “Interest Payment Date” for such 2011 Notes, and the May 31 or November 30 (whether or not a Business Day), as the case may be, next preceding an Interest Payment Date shall be the “Regular Record
Date” for the interest payable on such Interest Payment Date. 

     5. The 2011 Notes are unsecured. 

     6. Payment of the principal of and interest on the 2011 Notes will be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, City of New
York; provided, however, that at any time that the 2011 Notes are not represented by Global Securities, at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register. 

     7. The 2011 Notes will be redeemable upon not less than 30 calendar days’ nor more than 60 calendar days’ notice by mail, at any time, in whole or in part, at the election
of the Company, at a Redemption Price equal to the greater of:

	
    100% of the principal amount of the 2011 Notes to be redeemed, or

3

	
the sum of the present values of the remaining scheduled payments of principal and interest on the 2011 Notes to be redeemed from the Redemption Date to the date of Maturity for the 2011 Notes discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate (as defined below) plus 15 basis points,

     plus any interest accrued but not paid to the Redemption Date. 

      “Treasury Rate” means, with respect to any Redemption Date for any portion of the 2011 Notes, 

	
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 which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States 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 date of Maturity for the 2011 Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue
will be determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a straight line basis, rounding to the nearest month)
or

	
if the release referred to in the previous bullet (or any successor release) is not published during the week preceding the calculation date or does not contain the yields referred to above, the rate per annum equal to the semi- annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price
for that Redemption Date.

The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date. 

      “Comparable Treasury Issue” means the United States Treasury security selected by an “Independent
Investment Banker” as having a maturity comparable to the remaining term of the 2011 Notes that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities
of comparable maturity to the remaining term of the 2011 Notes.

4 

      “Comparable Treasury Price” means, with respect to any Redemption Date for any 2011 Notes, the average of all
Reference Treasury Dealer Quotations (as defined below) obtained. 

      “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Trustee after
consultation with the Company. 

      “Reference Treasury Dealer” means each of Citigroup Global Markets Inc., Goldman, Sachs & Co. and J.P.
Morgan Securities Inc. If any Reference Treasury Dealer ceases to be a primary U.S. government securities dealer in New York City (a “Primary
Treasury Dealer”), the Company shall substitute another Primary Treasury Dealer for that dealer. 

      “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Trustee, 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 Trustee by that Reference Treasury
Dealer at 5:00 p.m. on the third Business Day preceding the Redemption Date. 

      Notice of any redemption will be mailed at least 30 calendar days but no more than 60 calendar days before the Redemption Date to each holder of the 2011 Notes.

      Unless the Company defaults in payment of the Redemption Price, interest will cease to accrue on the 2011 Notes called for redemption on and after the Redemption Date. 

     8. The Company shall not be obligated to redeem or purchase the 2011 Notes pursuant to any sinking fund or analogous provision, or at the option of any Holder thereof. 

     9. The 2011 Notes shall be issued in the form of one or more Global Securities registered in the name of The Depository Trust Company (“DTC”) or its nominee, to be deposited with, or on behalf of, The Depository Trust Company, New York, New York.

     10. U.S. Bank National Association shall act as paying agent and registrar with respect to the 2011 Notes. 

     11. The 2011 Notes shall be in such form or forms as may be approved by the officers of the Company as provided in the Company Resolutions, such approval to be evidenced by any such
officer’s manual or facsimile signature on the 2011 Notes, provided that such form or forms of the 2011 Notes are not inconsistent with the requirements of the Indenture or the Company Resolutions and are substantially in the form or forms
attached hereto as Exhibit A-1. 

5

ANNEX B

6.000% Senior Notes due 2016

     1. One series of the Securities shall be known and designated as the “6.000% Senior Notes due 2016” of the Company (the “2016 Notes”). 

     2. The aggregate principal amount of 2016 Notes which may be authenticated and delivered under the Indenture is initially limited to $750,000,000 (except for such
  Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other 2016 Notes pursuant to Sections 304, 305, 306, 906 or 1107 of the Indenture and except for any Securities which, pursuant to Section
  303 of the Indenture, are deemed never to have been authenticated and delivered thereunder). Additional 2016 Notes may be authenticated and delivered from time to time as contemplated in Section 301 of the Indenture. 

     3. The Stated Maturity of the principal of the 2016 Notes shall be June 15, 2016. 

     4. The 2016 Notes shall bear interest at the rate of 6.000% per annum, which will accrue from June 9, 2006, or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, as the case may be, payable semi-annually on June 15 and December 15 in each year, commencing December 15, 2006, to the Person in whose name such 2016 Notes (or one or more predecessor 2016 Notes) are registered at the
close of business on the Regular Record Date next preceding the Interest Payment Date. Each June 15 and December 15 shall be an “Interest Payment Date” for such 2016 Notes, and the May 31 or November 30 (whether or not a Business Day), as the case may be, next preceding an Interest Payment Date shall be the “Regular Record
Date” for the interest payable on such Interest Payment Date. 

     5. The 2016 Notes are unsecured. 

     6. Payment of the principal of and interest on the 2016 Notes will be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, City of New
York; provided, however, that at any time that the 2016 Notes are not represented by Global Securities, at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register. 

     7. The 2016 Notes will be redeemable upon not less than 30 calendar days’ nor more than 60 calendar days’ notice by mail, at any time, in whole or in part, at the election
of the Company, at a Redemption Price equal to the greater of:

	
    100% of the principal amount of the 2016 Notes to be redeemed, or

6

	
the sum of the present values of the remaining scheduled payments of principal and interest on the 2016 Notes to be redeemed from the Redemption Date to the date of Maturity for the 2016 Notes discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate (as defined below) plus 20 basis points,

     plus any interest accrued but not paid to the Redemption Date.

      “Treasury Rate” means, with respect to any Redemption Date for any portion of the 2016 Notes, 

	
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 which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States 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 date of Maturity for the 2016 Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue
will be determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a straight line basis, rounding to the nearest month)
or

	
if the release referred to in the previous bullet (or any successor release) is not published during the week preceding the calculation date or does not contain the yields referred to above, the rate per annum equal to the semi- annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price
for that Redemption Date.

The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date. 

      “Comparable Treasury Issue” means the United States Treasury security selected by an “Independent
Investment Banker” as having a maturity comparable to the remaining term of the 2016 Notes that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities
of comparable maturity to the remaining term of the 2016 Notes. 

7

      “Comparable Treasury Price” means, with respect to any Redemption Date for any 2016 Notes, the average of all
Reference Treasury Dealer Quotations (as defined below) obtained. 

      “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Trustee after
consultation with the Company. 

      “Reference Treasury Dealer” means each of Citigroup Global Markets Inc., Goldman, Sachs & Co. and J.P.
Morgan Securities Inc. If any Reference Treasury Dealer ceases to be a primary U.S. government securities dealer in New York City (a “Primary
Treasury Dealer”), the Company shall substitute another Primary Treasury Dealer for that dealer. 

      “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Trustee, 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 Trustee by that Reference Treasury
Dealer at 5:00 p.m. on the third Business Day preceding the Redemption Date. 

      Notice of any redemption will be mailed at least 30 calendar days but no more than 60 calendar days before the Redemption Date to each holder of the 2016 Notes.

      Unless the Company defaults in payment of the Redemption Price, interest will cease to accrue on the 2016 Notes called for redemption on and after the Redemption Date. 

     8. The Company shall not be obligated to redeem or purchase the 2016 Notes pursuant to any sinking fund or analogous provision, or at the option of any Holder thereof. 

     9. The 2016 Notes shall be issued in the form of one or more Global Securities registered in the name of The Depository Trust Company (“DTC”) or its nominee, to be deposited with, or on behalf of, The Depository Trust Company, New York, New York.

     10. U.S. Bank National Association shall act as paying agent and registrar with respect to the 2016 Notes. 

     11. The 2016 Notes shall be in such form or forms as may be approved by the officers of the Company as provided in the Company Resolutions, such approval to be evidenced by s any such
officer’s manual or facsimile signature on the 2016 Notes, provided that such form or forms of the 2016 Notes are not inconsistent with the requirements of the Indenture or the Company Resolutions and are substantially in the form or forms
attached hereto as Exhibit B-1. 

8

ANNEX C

6.625% Senior Notes due 2036

     1. One series of the Securities shall be known and designated as the “6.625% Senior Notes due 2036” of the Company (the “2036 Notes”). 

     2. The aggregate principal amount of 2036 Notes which may be authenticated and delivered under the Indenture is initially limited to $800,000,000 (except for such
  Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other 2036 Notes pursuant to Sections 304, 305, 306, 906 or 1107 of the Indenture and except for any Securities which, pursuant to Section
  303 of the Indenture, are deemed never to have been authenticated and delivered thereunder). Additional 2036 Notes may be authenticated and delivered from time to time as contemplated in Section 301 of the Indenture. 

     3. The Stated Maturity of the principal of the 2036 Notes shall be June 15, 2036. 

     4. The 2036 Notes shall bear interest at the rate of 6.625% per annum, which will accrue from June 9, 2006, or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, as the case may be, payable semi-annually on June 15 and December 15 in each year, commencing December 15, 2006, to the Person in whose name such 2036 Notes (or one or more predecessor 2036 Notes) are registered at the
close of business on the Regular Record Date next preceding the Interest Payment Date. Each June 15 and December 15 shall be an “Interest Payment Date” for such 2036 Notes, and the May 31 or November 30 (whether or not a Business Day), as the case may be, next preceding an Interest Payment Date shall be the “Regular Record
Date” for the interest payable on such Interest Payment Date. 

     5. The 2036 Notes are unsecured. 

     6. Payment of the principal of and interest on the 2036 Notes will be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, City of New
York; provided, however, that at any time that the 2036 Notes are not represented by Global Securities, at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register. 

     7. The 2036 Notes will be redeemable upon not less than 30 calendar days’ nor more than 60 calendar days’ notice by mail, at any time, in whole or in part, at the election
of the Company, at a Redemption Price equal to the greater of: 

	
100% of the principal amount of the 2036 Notes to be redeemed, or

9

	
the sum of the present values of the remaining scheduled payments of principal and interest on the 2036 Notes to be redeemed from the Redemption Date to the date of Maturity for the 2036 Notes discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate (as defined below) plus 25 basis points,

     plus any interest accrued but not paid to the Redemption Date.

      “Treasury Rate” means, with respect to any Redemption Date for any portion of the 2036 Notes, 

	
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 which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States 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 date of Maturity for the 2036 Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue
will be determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a straight line basis, rounding to the nearest month)
or

	
if the release referred to in the previous bullet (or any successor release) is not published during the week preceding the calculation date or does not contain the yields referred to above, the rate per annum equal to the semi- annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price
for that Redemption Date.

The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date. 

      “Comparable Treasury Issue” means the United States Treasury security selected by an “Independent
Investment Banker” as having a maturity comparable to the remaining term of the 2036 Notes that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities
of comparable maturity to the remaining term of the 2036 Notes.

10

      “Comparable Treasury Price” means, with respect to any Redemption Date for any 2036 Notes, the average of all
Reference Treasury Dealer Quotations (as defined below) obtained. 

      “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Trustee after
consultation with the Company. 

      “Reference Treasury Dealer” means each of Citigroup Global Markets Inc., Goldman, Sachs & Co. and J.P.
Morgan Securities Inc. If any Reference Treasury Dealer ceases to be a primary U.S. government securities dealer in New York City (a “Primary
Treasury Dealer”), the Company shall substitute another Primary Treasury Dealer for that dealer. 

      “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Trustee, 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 Trustee by that Reference Treasury
Dealer at 5:00 p.m. on the third Business Day preceding the Redemption Date. 

      Notice of any redemption will be mailed at least 30 calendar days but no more than 60 calendar days before the Redemption Date to each holder of the 2036 Notes.

      Unless the Company defaults in payment of the Redemption Price, interest will cease to accrue on the 2036 Notes called for redemption on and after the Redemption Date. 

     8. The Company shall not be obligated to redeem or purchase the 2036 Notes pursuant to any sinking fund or analogous provision, or at the option of any Holder thereof. 

     9. The 2036 Notes shall be issued in the form of one or more Global Securities registered in the name of The Depository Trust Company (“DTC”) or its nominee, to be deposited with, or on behalf of, The Depository Trust Company, New York, New York.

     10. U.S. Bank National Association shall act as paying agent and registrar with respect to the 2036 Notes. 

     11. The 2036 Notes shall be in such form or forms as may be approved by the officers of the Company as provided in the Company Resolutions, such approval to be evidenced by any such
officer’s manual or facsimile signature on the 2036 Notes, provided that such form or forms of the 2036 Notes are not inconsistent with the requirements of the Indenture or the Company Resolutions and are substantially in the form or forms
attached hereto as Exhibit C-1. 

11

Exhibit A-1

Form of 2011 Note

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR
REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY
SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 

  Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to Aetna Inc. 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 an interest herein. 

AETNA INC.

5.750% SENIOR NOTE DUE 2011

	
CUSIP: 00817Y AD 0
        	 

        
	 	 
	
No. 2011-1
        	
$450,000,000
        

      AETNA INC., a Pennsylvania 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 FOUR HUNDRED FIFTY MILLION Dollars ($450,000,000) upon presentation and surrender of
this Security on June 15, 2011, and to pay interest thereon from June 9, 2006 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on June 15 and December 15 in each year, commencing
December 15, 2006, at the rate of 5.750% per annum until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly 

12

provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on
the Regular Record Date for such interest, which shall be the May 31 or November 30 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 calendar days prior to such Special Record Date, or be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

      Payment of the principal of and premium, if any, and interest on this Security will be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, City of New York, in
such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

      Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. Such
provisions include, without limitation, provisions relating to redemption of this Security by the Company. 

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

13

      IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal. 

Dated: June 9, 2006

  	AETNA INC.
	 	 	 
	By:	 
	 	

	 	Name:	Alfred P. Quirk, Jr. 
	 	Title:	Vice President, Finance and

      Treasurer 

	[SEAL]
	 
	Attest:
	 
	
    
	William C. Baskin III

 

TRUSTEE'S CERTIFICATE OF AUTHENTICATION 

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

  	U.S. BANK NATIONAL ASSOCIATION, as Trustee 
	 	 
	By:	 
	 	
        

	 	Authorized Officer
	 	 

14 

(Back of Note) 

      This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under a Senior Indenture, dated as of March 2, 2001 (herein called the “Indenture”), between the Company, as issuer, and U.S. Bank National Association (as successor in interest to State Street Bank and Trust Company), as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one
of the series designated on the face hereof, initially limited in aggregate principal amount to $450,000,000, subject to future issuances of additional Securities pursuant to Section 301 of the Indenture. 

      The Securities of this series are subject to redemption upon not less than 30 calendar days’ nor more than 60 calendar days’ notice by mail, at any time, in whole or in part, at the election of the
Company, at a Redemption Price equal to the greater of:

	100% of the principal amount of the Securities to be redeemed, or 

      

    
	the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed from the Redemption Date to the date of Maturity for such Securities discounted
              to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 15 basis points, 

      plus any interest accrued but not paid to the Redemption Date. 

      “Treasury Rate” means, with respect to any Redemption Date for any portion of the Securities, 

	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 which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption 

15 

  
    
      “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the date of Maturity for the Securities to be
        redeemed, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a straight line basis, rounding to the
      nearest month) or 

  

  	if the release referred to in the previous bullet (or any successor release) is not published during the week preceding the calculation date or does not contain the yields referred to above, the rate per
        annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
        that Redemption Date. 

The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date. 

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

      “Comparable Treasury Price” means, with respect to any Redemption Date for any Securities, the average of all
Reference Treasury Dealer Quotations (as defined below) obtained. 

      “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Trustee after
consultation with the Company. 

      “Reference Treasury Dealer” means each of Citigroup Global Markets Inc., Goldman, Sachs & Co. and J.P.
Morgan Securities Inc. If any Reference Treasury Dealer ceases to be a primary U.S. government securities dealer in New York City (a “Primary
Treasury Dealer”), the Company shall substitute another Primary Treasury Dealer for that dealer. 

      “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Trustee, 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 Trustee by that Reference Treasury
Dealer at 5:00 p.m. on the third Business Day preceding the Redemption Date. 

16 

      Notice of any redemption will be mailed at least 30 calendar days but no more than 60 calendar days before the Redemption Date to each holder of the Securities of this series.

      Unless the Company defaults in payment of the Redemption Price, interest will cease to accrue on the Securities of this series called for redemption on and after the Redemption Date. 

      If this Security is redeemed in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof.

      If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect
provided in the Indenture. 

      The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each
series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also
contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

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

      As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register upon surrender of this Security for registration of
transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security 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 such Holder’s attorney duly authorized in writing, and thereupon one or more new Securities 

17

of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

      The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and any multiple of $1,000 in excess thereof. As provided in the Indenture and subject to
certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same. 

      No service charge shall be made for any such registration of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 906 or 1107 of the Indenture not involving any transfer. 

      Prior to due and proper presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

      The Indenture provides that the Company, at the Company’s option, (a) will be discharged from any and all obligations in respect of the Securities (except for certain obligations to register the transfer or
exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies and hold moneys for payment in trust) or (b) need not comply with certain restrictive covenants of the Indenture, in each case if the Company deposits, in
trust, with the Trustee money or U.S. Government Obligations which through the payment of interest thereon and principal thereof in accordance with their terms will provide money, in an amount sufficient to pay all the principal of and premium, if
any, and interest on, the Securities on the dates such payments are due in accordance with the terms of such Securities, and certain other conditions are satisfied. 

      No recourse shall be had for the payment of the principal of and premium, if any, or interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the
Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer, employee, agent or director, as such, past, present or future, of the Company or of any successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 

18

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

19

Exhibit B-1 

Forms of 2016 Notes 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR
REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY
SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE
FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 

  Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to Aetna Inc. 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 an interest herein. 

AETNA INC. 

6.000% SENIOR NOTE DUE 2016 

	 CUSIP: 00817Y AE 8  	  
	 	 
	 No. 2016-1 	 $500,000,000 

      AETNA INC., a Pennsylvania 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 FIVE HUNDRED MILLION Dollars ($500,000,000) upon presentation and surrender of this
Security on June 15, 2016, and to pay interest thereon from June 9, 2006 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on June 15 and December 15 in each year, commencing December
15, 2006, at the rate of 6.000% per annum until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any 

20 

Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record
Date for such interest, which shall be the May 31 or November 30 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be
payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 calendar days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

      Payment of the principal of and premium, if any, and interest on this Security will be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, City of New York, in
such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

      Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. Such
provisions include, without limitation, provisions relating to redemption of this Security by the Company. 

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

21

      IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal. 

Dated: June 9, 2006 

  	AETNA INC.
	 	 	 
	By:	 
	 	

	 	Name:	Alfred P. Quirk, Jr. 
	 	Title:	Vice President, Finance and

      Treasurer 

  

	[SEAL]
	 
	Attest:
	 
	

    
	William C. Baskin III

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

  	U.S. BANK NATIONAL ASSOCIATION, as Trustee 
	 	 
	By:	 
	 	
        

	 	Authorized Officer
	 	 

  

22

(Back of Note) 

      This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under a Senior Indenture, dated as of March 2, 2001 (herein called the “Indenture”), between the Company, as issuer, and U.S. Bank National Association (as successor in interest to State Street Bank and Trust Company), as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one
of the series designated on the face hereof, initially limited in aggregate principal amount to $750,000,000, subject to future issuances of additional Securities pursuant to Section 301 of the Indenture. 

      The Securities of this series are subject to redemption upon not less than 30 calendar days’ nor more than 60 calendar days’ notice by mail, at any time, in whole or in part, at the election of the
Company, at a Redemption Price equal to the greater of:

	100% of the principal amount of the Securities to be redeemed, or 

      

    
	the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed from the Redemption Date to the date of Maturity for such Securities discounted
        to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 20 basis points, 

      plus any interest accrued but not paid to the Redemption Date. 

      “Treasury Rate” means, with respect to any Redemption Date for any portion of the Securities, 

	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 which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption 23 

  
    
      “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the date of Maturity for the Securities to be
        redeemed, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a straight line basis, rounding to the
      nearest month) or 

  

  	if the release referred to in the previous bullet (or any successor release) is not published during the week preceding the calculation date or does not contain the yields referred to above, the rate per
                annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
                that Redemption Date. 

The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date. 

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

      “Comparable Treasury Price” means, with respect to any Redemption Date for any Securities, the average of all
Reference Treasury Dealer Quotations (as defined below) obtained. 

      “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Trustee after
consultation with the Company. 

      “Reference Treasury Dealer” means each of Citigroup Global Markets Inc., Goldman, Sachs & Co. and J.P.
Morgan Securities Inc. If any Reference Treasury Dealer ceases to be a primary U.S. government securities dealer in New York City (a “Primary
Treasury Dealer”), the Company shall substitute another Primary Treasury Dealer for that dealer. 

      “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Trustee, 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 Trustee by that Reference Treasury
Dealer at 5:00 p.m. on the third Business Day preceding the Redemption Date. 

24

      Notice of any redemption will be mailed at least 30 calendar days but no more than 60 calendar days before the Redemption Date to each holder of the Securities of this series.

      Unless the Company defaults in payment of the Redemption Price, interest will cease to accrue on the Securities of this series called for redemption on and after the Redemption Date. 

      If this Security is redeemed in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof.

      If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect
provided in the Indenture. 

      The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each
series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also
contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

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

      As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register upon surrender of this Security for registration of
transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security 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 such Holder’s attorney duly authorized in writing, and thereupon one or more new Securities 

25

of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

      The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and any multiple of $1,000 in excess thereof. As provided in the Indenture and subject to
certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same. 

      No service charge shall be made for any such registration of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 906 or 1107 of the Indenture not involving any transfer. 

      Prior to due and proper presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

      The Indenture provides that the Company, at the Company’s option, (a) will be discharged from any and all obligations in respect of the Securities (except for certain obligations to register the transfer or
exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies and hold moneys for payment in trust) or (b) need not comply with certain restrictive covenants of the Indenture, in each case if the Company deposits, in
trust, with the Trustee money or U.S. Government Obligations which through the payment of interest thereon and principal thereof in accordance with their terms will provide money, in an amount sufficient to pay all the principal of and premium, if
any, and interest on, the Securities on the dates such payments are due in accordance with the terms of such Securities, and certain other conditions are satisfied. 

      No recourse shall be had for the payment of the principal of and premium, if any, or interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the
Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer, employee, agent or director, as such, past, present or future, of the Company or of any successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 

26

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

27

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR
REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY
SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE
FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 

  Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to Aetna Inc. 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 an interest herein. 

AETNA INC.

6.000% SENIOR NOTE DUE 2016

	 CUSIP: 00817Y AE 8  	  
	 	 
	 No. 2016-2 	 $250,000,000 

      AETNA INC., a Pennsylvania 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 TWO HUNDRED FIFTY MILLION Dollars ($250,000,000) upon presentation and surrender of
this Security on June 15, 2016, and to pay interest thereon from June 9, 2006 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on June 15 and December 15 in each year, commencing
December 15, 2006, at the rate of 6.000% per annum until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture,
be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which 

28

shall be the May 31 or November 30 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease
to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 calendar days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

      Payment of the principal of and premium, if any, and interest on this Security will be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, City of New York, in
such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

      Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. Such
provisions include, without limitation, provisions relating to redemption of this Security by the Company. 

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

29

      IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal. 

Dated: June 9, 2006

  	AETNA INC.
	 	 	 
	By:	 
	 	

	 	Name:	Alfred P. Quirk, Jr. 
	 	Title:	Vice President, Finance and

      Treasurer 

  

  

  
    	[SEAL]
	 
	Attest:
	 
	

        
	William C. Baskin III

    

  

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

  	U.S. BANK NATIONAL ASSOCIATION, as Trustee 
	 	 
	By:	 
	 	
        

	 	Authorized Officer
	 	 

  

30

(Back of Note)

      This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under a Senior Indenture, dated as of March 2, 2001 (herein called the “Indenture”), between the Company, as issuer, and U.S. Bank National Association (as successor in interest to State Street Bank and Trust Company), as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one
of the series designated on the face hereof, initially limited in aggregate principal amount to $750,000,000, subject to future issuances of additional Securities pursuant to Section 301 of the Indenture. 

      The Securities of this series are subject to redemption upon not less than 30 calendar days’ nor more than 60 calendar days’ notice by mail, at any time, in whole or in part, at the election of the
Company, at a Redemption Price equal to the greater of:

	100% of the principal amount of the Securities to be redeemed, or 

      

    
	the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed from the Redemption Date to the date of Maturity for such Securities discounted
        to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 20 basis points, 

     plus any interest accrued but not paid to the Redemption Date.

      “Treasury Rate” means, with respect to any Redemption Date for any portion of the Securities, 

	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 which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption

31

  
    
      “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the date of Maturity for the Securities to be
        redeemed, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a straight line basis, rounding to the
      nearest month) or 

  

  	if the release referred to in the previous bullet (or any successor release) is not published during the week preceding the calculation date or does not contain the yields referred to above, the rate per
        annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
        that Redemption Date. 

The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date. 

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

      “Comparable Treasury Price” means, with respect to any Redemption Date for any Securities, the average of all
Reference Treasury Dealer Quotations (as defined below) obtained. 

      “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Trustee after
consultation with the Company. 

      “Reference Treasury Dealer” means each of Citigroup Global Markets Inc., Goldman, Sachs & Co. and J.P.
Morgan Securities Inc. If any Reference Treasury Dealer ceases to be a primary U.S. government securities dealer in New York City (a “Primary
Treasury Dealer”), the Company shall substitute another Primary Treasury Dealer for that dealer. 

      “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Trustee, 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 Trustee by that Reference Treasury
Dealer at 5:00 p.m. on the third Business Day preceding the Redemption Date. 

32

      Notice of any redemption will be mailed at least 30 calendar days but no more than 60 calendar days before the Redemption Date to each holder of the Securities of this series.

      Unless the Company defaults in payment of the Redemption Price, interest will cease to accrue on the Securities of this series called for redemption on and after the Redemption Date. 

      If this Security is redeemed in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof.

      If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect
provided in the Indenture. 

      The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each
series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also
contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

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

      As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register upon surrender of this Security for registration of
transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security 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 such Holder’s attorney duly authorized in writing, and thereupon one or more new Securities 

33

of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

      The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and any multiple of $1,000 in excess thereof. As provided in the Indenture and subject to
certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same. 

      No service charge shall be made for any such registration of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 906 or 1107 of the Indenture not involving any transfer. 

      Prior to due and proper presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

      The Indenture provides that the Company, at the Company’s option, (a) will be discharged from any and all obligations in respect of the Securities (except for certain obligations to register the transfer or
exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies and hold moneys for payment in trust) or (b) need not comply with certain restrictive covenants of the Indenture, in each case if the Company deposits, in
trust, with the Trustee money or U.S. Government Obligations which through the payment of interest thereon and principal thereof in accordance with their terms will provide money, in an amount sufficient to pay all the principal of and premium, if
any, and interest on, the Securities on the dates such payments are due in accordance with the terms of such Securities, and certain other conditions are satisfied. 

      No recourse shall be had for the payment of the principal of and premium, if any, or interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the
Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer, employee, agent or director, as such, past, present or future, of the Company or of any successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 

34

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

35

Exhibit C-1

Forms of 2036 Notes

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR
REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY
SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 

  Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to Aetna Inc. 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 an interest herein. 

AETNA INC.

6.625% SENIOR NOTE DUE 2036

	 CUSIP: 00817Y AF 5  	  
	 	 
	 No. 2036-1 	 $500,000,000 

      AETNA INC., a Pennsylvania 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 FIVE HUNDRED MILLION Dollars ($500,000,000) upon presentation and surrender of this
Security on June 15, 2036, and to pay interest thereon from June 9, 2006 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on June 15 and December 15 in each year, commencing December
15, 2006, at the rate of 6.625% per annum until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any 

36

Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record
Date for such interest, which shall be the May 31 or November 30 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be
payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 calendar days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

      Payment of the principal of and premium, if any, and interest on this Security will be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, City of New York, in
such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

      Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. Such
provisions include, without limitation, provisions relating to redemption of this Security by the Company. 

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

37

      IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal. 

Dated: June 9, 2006

  	AETNA INC.
	 	 	 
	By:	 
	 	

	 	Name:	Alfred P. Quirk, Jr. 
	 	Title:	Vice President, Finance and

      Treasurer 

  

    

    	[SEAL]
	 
	Attest:
	 
	

        
	William C. Baskin III

  

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

  	U.S. BANK NATIONAL ASSOCIATION, as Trustee 
	 	 
	By:	 
	 	
        

	 	Authorized Officer
	 	 

  

38

(Back of Note)

      This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under a Senior Indenture, dated as of March 2, 2001 (herein called the “Indenture”), between the Company, as issuer, and U.S. Bank National Association (as successor in interest to State Street Bank and Trust Company), as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one
of the series designated on the face hereof, initially limited in aggregate principal amount to $800,000,000, subject to future issuances of additional Securities pursuant to Section 301 of the Indenture. 

      The Securities of this series are subject to redemption upon not less than 30 calendar days’ nor more than 60 calendar days’ notice by mail, at any time, in whole or in part, at the election of the
Company, at a Redemption Price equal to the greater of:

  	
      100% of the principal amount of the Securities to be redeemed, or

      

      
	
      the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed from the Redemption Date to the date of Maturity for such Securities discounted
      to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 25 basis points, 

     plus any interest accrued but not paid to the Redemption Date.

      “Treasury Rate” means, with respect to any Redemption Date for any portion of the Securities, 

  	
      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 which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant
      Maturities,” for the maturity corresponding to the 

39

  
    
      Comparable Treasury Issue (if no maturity is within three months before or after the date of Maturity for the Securities to be redeemed, yields for the two published maturities most closely corresponding to the
      Comparable Treasury Issue will be determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a straight line basis, rounding to the nearest month) or 

  

  	
      if the release referred to in the previous bullet (or any successor release) is not published during the week preceding the calculation date or does not contain the yields referred to above, the rate per
        annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
      that Redemption Date. 

The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date. 

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

      “Comparable Treasury Price” means, with respect to any Redemption Date for any Securities, the average of all
Reference Treasury Dealer Quotations (as defined below) obtained. 

      “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Trustee after
consultation with the Company. 

      “Reference Treasury Dealer” means each of Citigroup Global Markets Inc., Goldman, Sachs & Co. and J.P.
Morgan Securities Inc. If any Reference Treasury Dealer ceases to be a primary U.S. government securities dealer in New York City (a “Primary
Treasury Dealer”), the Company shall substitute another Primary Treasury Dealer for that dealer. 

      “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Trustee, 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 Trustee by that Reference Treasury
Dealer at 5:00 p.m. on the third Business Day preceding the Redemption Date. 

40

      Notice of any redemption will be mailed at least 30 calendar days but no more than 60 calendar days before the Redemption Date to each holder of the Securities of this series.

      Unless the Company defaults in payment of the Redemption Price, interest will cease to accrue on the Securities of this series called for redemption on and after the Redemption Date. 

      If this Security is redeemed in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof. 

      If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect
provided in the Indenture. 

      The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each
series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also
contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

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

      As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register upon surrender of this Security for registration of
transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security 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 such Holder’s attorney duly authorized in writing, and thereupon one or more new Securities 

41

of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

      The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and any multiple of $1,000 in excess thereof. As provided in the Indenture and subject to
certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same. 

      No service charge shall be made for any such registration of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 906 or 1107 of the Indenture not involving any transfer. 

      Prior to due and proper presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

      The Indenture provides that the Company, at the Company’s option, (a) will be discharged from any and all obligations in respect of the Securities (except for certain obligations to register the transfer or
exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies and hold moneys for payment in trust) or (b) need not comply with certain restrictive covenants of the Indenture, in each case if the Company deposits, in
trust, with the Trustee money or U.S. Government Obligations which through the payment of interest thereon and principal thereof in accordance with their terms will provide money, in an amount sufficient to pay all the principal of and premium, if
any, and interest on, the Securities on the dates such payments are due in accordance with the terms of such Securities, and certain other conditions are satisfied. 

      No recourse shall be had for the payment of the principal of and premium, if any, or interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the
Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer, employee, agent or director, as such, past, present or future, of the Company or of any successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 

42

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

43

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR
REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY
SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 

  Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to Aetna Inc. 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 an interest herein. 

AETNA INC.

6.625% SENIOR NOTE DUE 2036

	 CUSIP: 00817Y AF 5  	  
	 	 
	 No. 2036-2 	 $300,000,000 

      AETNA INC., a Pennsylvania 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 THREE HUNDRED MILLION Dollars ($300,000,000) upon presentation and surrender of this
Security on June 15, 2036, and to pay interest thereon from June 9, 2006 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on June 15 and December 15 in each year, commencing December
15, 2006, at the rate of 6.625% per annum until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid
to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which 

44

shall be the May 31 or November 30 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease
to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 calendar days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

      Payment of the principal of and premium, if any, and interest on this Security will be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, City of New York, in
such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

      Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. Such
provisions include, without limitation, provisions relating to redemption of this Security by the Company. 

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

45

      IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal. 

Dated: June 9, 2006

  	AETNA INC.
	 	 	 
	By:	 
	 	

	 	Name:	Alfred P. Quirk, Jr. 
	 	Title:	Vice President, Finance and

      Treasurer 

  

	[SEAL]
	 
	Attest:
	 
	

    
	William C. Baskin III

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

  	U.S. BANK NATIONAL ASSOCIATION, as Trustee 
	 	 
	By:	 
	 	
        

	 	Authorized Officer
	 	 

  

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(Back of Note)

      This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under a Senior Indenture, dated as of March 2, 2001 (herein called the “Indenture”), between the Company, as issuer, and U.S. Bank National Association (as successor in interest to State Street Bank and Trust Company), as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one
of the series designated on the face hereof, initially limited in aggregate principal amount to $800,000,000, subject to future issuances of additional Securities pursuant to Section 301 of the Indenture. 

      The Securities of this series are subject to redemption upon not less than 30 calendar days’ nor more than 60 calendar days’ notice by mail, at any time, in whole or in part, at the election of the
Company, at a Redemption Price equal to the greater of:

  	
      100% of the principal amount of the Securities to be redeemed, or

      

      
	
      the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed from the Redemption Date to the date of Maturity for such Securities discounted
      to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 25 basis points, 

     plus any interest accrued but not paid to the Redemption Date.

      “Treasury Rate” means, with respect to any Redemption Date for any portion of the Securities, 

  	
      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 which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption

47

  
    
      “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the date of Maturity for the Securities to be
        redeemed, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a straight line basis, rounding to the
      nearest month) or 

  

  	
      if the release referred to in the previous bullet (or any successor release) is not published during the week preceding the calculation date or does not contain the yields referred to above, the rate per
            annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
      that Redemption Date. 

The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date. 

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

      “Comparable Treasury Price” means, with respect to any Redemption Date for any Securities, the average of all
Reference Treasury Dealer Quotations (as defined below) obtained. 

      “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Trustee after
consultation with the Company. 

      “Reference Treasury Dealer” means each of Citigroup Global Markets Inc., Goldman, Sachs & Co. and J.P.
Morgan Securities Inc. If any Reference Treasury Dealer ceases to be a primary U.S. government securities dealer in New York City (a “Primary
Treasury Dealer”), the Company shall substitute another Primary Treasury Dealer for that dealer. 

      “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Trustee, 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 Trustee by that Reference Treasury
Dealer at 5:00 p.m. on the third Business Day preceding the Redemption Date. 

48

      Notice of any redemption will be mailed at least 30 calendar days but no more than 60 calendar days before the Redemption Date to each holder of the Securities of this series.

      Unless the Company defaults in payment of the Redemption Price, interest will cease to accrue on the Securities of this series called for redemption on and after the Redemption Date. 

      If this Security is redeemed in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof. 

      If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect
provided in the Indenture. 

      The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each
series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also
contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

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

      As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register upon surrender of this Security for registration of
transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security 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 such Holder’s attorney duly authorized in writing, and thereupon one or more new Securities 

49

of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

      The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and any multiple of $1,000 in excess thereof. As provided in the Indenture and subject to
certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same. 

      No service charge shall be made for any such registration of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 304, 906 or 1107 of the Indenture not involving any transfer. 

      Prior to due and proper presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

      The Indenture provides that the Company, at the Company’s option, (a) will be discharged from any and all obligations in respect of the Securities (except for certain obligations to register the transfer or
exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies and hold moneys for payment in trust) or (b) need not comply with certain restrictive covenants of the Indenture, in each case if the Company deposits, in
trust, with the Trustee money or U.S. Government Obligations which through the payment of interest thereon and principal thereof in accordance with their terms will provide money, in an amount sufficient to pay all the principal of and premium, if
any, and interest on, the Securities on the dates such payments are due in accordance with the terms of such Securities, and certain other conditions are satisfied. 

      No recourse shall be had for the payment of the principal of and premium, if any, or interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the
Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer, employee, agent or director, as such, past, present or future, of the Company or of any successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 

50

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

51

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