Document:

Exhibit 4.4

ASTRAZENECA
FINANCE LLC

 

OFFICERS’
CERTIFICATE

 

In connection with the issuance
of the U.S.$1,600,000,000 0.700% Fixed Rate Notes due 2024 (the “2024 Notes”), the U.S.$1,250,000,000 1.200% Fixed
Rate Notes due 2026 (the “2026 Notes”), the U.S.$1,250,000,000 1.750% Fixed Rate Notes due 2028 (the “2028
Notes”) and the U.S.$750,000,000 2.250% Fixed Rate Notes due 2031 (the “2031 Notes” and, together with the
2024 Notes, the 2026 Notes and the 2028 Notes, the “Notes” or the “Securities”) of AstraZeneca Finance
LLC (the “Issuer”), in each case guaranteed by AstraZeneca PLC (the “Guarantor”), pursuant to the
Indenture, dated as of May 28, 2021 (the “Indenture”), among the Issuer, the Guarantor and The Bank of New York
Mellon as Trustee (section references herein being to the Indenture), and pursuant to the authorization of the Board of Directors of the
Issuer by unanimous written consent dated May 24, 2021, the undersigned hereby confirms that, to the extent not otherwise provided
for in the Indenture, the following forms, terms and conditions of the Notes were established as required pursuant to Section 2.01
and Section 2.08 of the Indenture:

 

	Title of Notes	0.700% Notes due 2024

                            

                           1.200% Notes due 2026

                            

                           1.750% Notes due 2028

                            

                           2.250% Notes due 2031

	 	 
	Initial Aggregate Principal Amount of Notes	2024 Notes: U.S.$1,600,000,000

         

        2026 Notes: U.S.$1,250,000,000

         

        2028 Notes: U.S.$1,250,000,000

         

        2031 Notes: U.S.$750,000,000

	 	 
	Price to Public	
    2024
    Notes: 99.991% of the Principal Amount per 2024 Note, plus accrued interest, if any, from May 28, 2021

     

    2026
    Notes: 99.874% of the Principal Amount per 2026 Note, plus accrued interest, if any, from May 28, 2021

     

    2028
    Notes: 99.830% of the Principal Amount per 2028 Note, plus accrued interest, if any, from May 28, 2021

     

    2031
    Notes: 99.875% of the Principal Amount per 2031 Note, plus accrued interest, if any, from May 28, 2021

	 	 
	Issue Date	
    2024
    Notes: May 28, 2021

     

    2026
    Notes: May 28, 2021

     

    2028 Notes: May 28, 2021

     

    2031 Notes: May 28, 2021

	 	 
	Form of Notes	The Notes will be issued in the form of global notes that will be deposited with The Depository Trust Company, New York, New York (“DTC”) on the closing date. Twelve global notes will be issued to DTC, which will be executed and delivered in substantially the form of Notes set forth in Exhibits A, B, C and D hereto. In certain circumstances described in the Indenture, Notes may be issued in definitive form.

 

     

     

    

 

	Maturity	2024 Notes: May 28, 2024

                            

                           2026 Notes: May 28, 2026

                            

                           2028 Notes: May 28, 2028

                            

                           2031 Notes: May 28, 2031

	 	 
	Guarantee	The Notes are fully and unconditionally guaranteed by the Guarantor.  The Guarantee is an unsubordinated and unsecured obligation of the Guarantor and ranks equally in right of payment with all of the Guarantor’s other unsecured and unsubordinated indebtedness.  The terms of the Guarantee are set forth in the Indenture and in the Guarantee attached to the Notes.
	 	 
	Interest Rate	2024 Notes: 0.700% per annum, accruing from May 28, 2021

         

        2026 Notes: 1.200% per annum, accruing from May 28, 2021

         

        2028 Notes: 1.750% per annum, accruing from May 28, 2021

         

        2031 Notes: 2.250% per annum, accruing from May 28, 2021

	 	 
	Interest Periods	The first interest period for the Notes will be the period from and including the original issue date to, but excluding, the first Interest Payment Date (as defined below). Thereafter, the interest periods for the Notes will be the periods from and including the Interest Payment Dates to, but excluding, the immediately succeeding Interest Payment Date (together with the first interest period, each an “Interest Period”). The final Interest Period will be the period from and including the Interest Payment Date immediately preceding the maturity date or the redemption date to, but excluding, the maturity date or the redemption date.
	 	 
	Interest Payment Dates	
    Interest on the 2024 Notes shall be payable semi-annually in arrears
    on May 28 and November 28 of each year, commencing November 28, 2021 (each, a “2024 Interest Payment Date”).

     

    Interest on the 2026 Notes shall be payable semi-annually in arrears
    on May 28 and November 28 of each year, commencing November 28, 2021 (each, a “2026 Interest Payment Date”).

     

    Interest on the 2028 Notes shall be payable semi-annually in arrears
    on May 28 and November 28 of each year, commencing November 28, 2021 (each, a “2028 Interest Payment Date”).

     

    Interest on the 2031 Notes shall be payable semi-annually in arrears
    on May 28 and November 28 of each year, commencing November 28, 2021 (each, a “2031 Interest Payment Date”
    and together with each 2024 Interest Payment Date, each 2026 Interest Payment Date and each 2028 Interest Payment Date, each an “Interest
    Payment Date”).

     

    Notwithstanding the above, if an Interest Payment Date would fall on
    a day that is not a Business Day (as defined below), the Interest Payment Date will be postponed to the next succeeding day that is a
    Business Day, but no additional interest shall be paid unless the issuer fails to make payment on such date (and such adjustment shall
    not affect the determination of any Interest Period).

 

     

     

    

 

	Record Dates for Interest	Interest shall be paid to the holder in whose name the Notes are registered at the close of business on the 15th calendar day preceding each Interest Payment Date, whether or not such day is a Business Day.
	 	 
	Business Day	Any day which is not, in London, England or New York, New York, or the place of payment of amounts payable in respect of the Notes, a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation or executive order to close.
	 	 
	Trustee	The Bank of New York Mellon
	 	 
	Place of Payment, Registration of Transfer and Exchange, Paying 

Agent	The Bank of New York Mellon

240 Greenwich Street

New York, NY  10286

United States
	 	 
	Notice and Demands to Issuer	
    AstraZeneca Finance LLC

    1209 Orange Street

    Wilmington, Delaware 19801

    United States of America

     

    With a copy to:

     

    AstraZeneca PLC

    1 Francis Crick Avenue

    Cambridge Biomedical Campus

     

    Cambridge CB2 OAA

    England, United Kingdom

    Attn: The Company Secretary

 

     

     

    

 

	Redemption Provisions:	 
	 	 
	Special Mandatory Redemption	
    The 2026 Notes, 2028 Notes and 2031 Notes (the “Special Mandatory
    Redemption Notes”) will be subject to special mandatory redemption.

     

    If (x) the consummation of the Alexion Acquisition (as defined
    below) does not occur on or before March 12, 2022 or (y) prior to such date, the Issuer notifies the Trustee that it will not
    pursue the consummation of the Alexion Acquisition (each of (x) and (y), a “Special Mandatory Redemption Trigger”),
    then, in either case, the Issuer will be required to redeem the Special Mandatory Redemption Notes then outstanding (such redemption,
    the “Special Mandatory Redemption”) at a redemption price equal to 101% of the principal amount of the Special Mandatory
    Redemption Notes plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date (the “Special
    Mandatory Redemption Price”).

     

    The 2024 Notes will not be subject to Special Mandatory Redemption.

     

    In the event that the Issuer becomes obligated to redeem the relevant
    Special Mandatory Redemption Notes pursuant to the Special Mandatory Redemption, the Issuer will promptly, and in any event not more than
    five Business Days after the date on which a Special Mandatory Redemption Trigger occurred, deliver notice to the Trustee of the Special
    Mandatory Redemption and the date upon which the relevant Special Mandatory Redemption Notes will be redeemed (the “Special Mandatory
    Redemption Date,” which date shall be no later than the third Business Day following the date of such notice) together with
    a notice of Special Mandatory Redemption for the Trustee to deliver to each registered holder of Special Mandatory Redemption Notes to
    be redeemed. The Trustee will then promptly mail, or electronically deliver, according to the procedures of DTC, such notice of Special
    Mandatory Redemption to each registered holder of the Special Mandatory Redemption Notes to be redeemed. Unless the Issuer defaults in
    payment of the Special Mandatory Redemption Price, on and after such Special Mandatory Redemption Date, interest will cease to accrue
    on the Special Mandatory Redemption Notes to be redeemed.

     

    Notwithstanding the foregoing, installments of interest on any series
    of the Special Mandatory Redemption Notes of the Issuer that are due and payable on an Interest Payment Date falling on or prior to the
    Special Mandatory Redemption Date will be payable on such Interest Payment Date to the registered holders as of the close of business
    on the relevant record dates in accordance with the Special Mandatory Redemption Notes and the Indenture.

     

    “Alexion Acquisition” means the transactions contemplated
    by the Agreement and Plan of Merger, dated as of December 12, 2020, among the Guarantor and the other parties thereto, with respect
    to the acquisition by the Guarantor of Alexion Pharmaceuticals, Inc., a Delaware corporation, as it may be amended from time to time
    prior to or subsequent to the date hereof.

 

     

     

    

 

	Optional Tax Redemption	Optional, in whole but not in part, at the option of the Issuer, at any time in accordance with the terms set forth in the relevant form of Notes set forth in Exhibits A, B, C and D hereto.
	 	 
	
    Optional Redemption

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     
	
    Optional, in whole or in part, at the option of the Issuer, from time
    to time as follows: (i) prior to the applicable Par Call Date (as set forth below), at a redemption price equal to the greater of
    (A) 100% of the principal amount of such Notes to be redeemed, and (B) as determined by the Quotation Agent (as defined below),
    the sum of the present values of the remaining scheduled payments of principal and interest on such Notes to be redeemed (assuming for
    this purpose that such series of Notes matured on the applicable Par Call Date and not including any portion of such payments of interest
    accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting
    of twelve 30-day months) at the Treasury Rate plus the Make Whole Spread (as set forth below) and (ii) on or after the applicable
    Par Call Date, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus, in each case, accrued interest
    thereon to, but excluding, the date of redemption.

     

    “Treasury
    Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of
    the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
    equal to the Comparable Treasury Price for such redemption date.

     

    “Comparable
    Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated
    maturity comparable to the remaining term of the applicable series of Notes to be redeemed that would be utilized, at the time of selection
    and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the
    remaining term of such series of Notes (assuming for this purpose that such series of Notes matured on the applicable Par Call Date).

     

    “Comparable
    Treasury Price” means, with respect to any redemption date, (i) the average, as determined by the Quotation Agent, of the
    Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations,
    or (ii) if the Quotation Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

     

    “Quotation
    Agent” means the Reference Treasury Dealer appointed by the Issuer.

     

    “Reference
    Treasury Dealer” means (i) each of Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley &
    Co. LLC and their respective successors or affiliates; provided, however, that if any of the foregoing shall cease to be a primary
    U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor
    another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Issuer.

     

    “Reference
    Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined
    by the Quotation Agent, 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 such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day
    preceding such redemption date.

     

    “Make-Whole
    Spread” means, with respect to (i) the 2024 Notes, 10 basis points, (ii) the 2026 Notes, 10 basis points, (iii) the
    2028 Notes, 10 basis points and (iv) the 2031 Notes, 12.5 basis points.

     

    “Par
    Call Date” means, with respect to (i) the 2024 Notes, May 28, 2022, (ii) the 2026 Notes, April 28, 2026,
    (iii) the 2028 Notes, March 28, 2028 and (iv) the 2031 Notes, February 28, 2031.

 

     

     

    

 

	Redemption Notices	
    Notice of any redemption will be given to DTC at least 10 days but
    not more than 60 days prior to the redemption date unless otherwise stated herein. Unless the Issuer defaults in payment of the Redemption
    Price, on and after the redemption date, interest will cease to accrue on the Notes or portions thereof called for redemption.

     

    Any redemption or notice may, at the Issuer’s discretion, be
    subject to one or more conditions precedent and, at the Issuer’s discretion, the redemption date may be delayed until such time
    as any or all such conditions precedent included at the Issuer’s discretion shall be satisfied (or waived by the Issuer) (even if
    more than 60 days after the giving of notice of redemption) or the redemption date may not occur and such notice may be rescinded if all
    such conditions precedent included at the Issuer’s discretion shall not have been satisfied (or waived by the Issuer).

     

    The Issuer will notify the Trustee of the redemption price of any series
    of Notes to be redeemed promptly after the calculation thereof, and the Trustee shall have no responsibility for any calculation or determination
    in respect of the redemption price of any Notes, or any component thereof, and shall be entitled to receive, and fully-protected in relying
    upon, an Officers’ Certificate from the Issuer that states such redemption price.

	 	 
	Defeasance and Discharge of the Notes (Section 9.03)	Applicable. 
	 	 
	Further Issuances	The Issuer may, at its option, at any time and without the consent of the then existing Holders, reopen any series of Notes and issue additional Notes in one or more transactions after the date of the Prospectus Supplement (as defined below) with terms (other than the issuance date and, possibly, first Interest Payment Date, original interest accrual date and issue price) identical to the original series of Notes. These additional Notes will be deemed to have been part of the applicable original series of Notes and will provide the Holders of these additional Notes the right to vote together with Holders of the applicable original series of Notes; provided, however, that if these additional Notes are not fungible with the applicable original series of Notes for U.S. federal income tax purposes, these additional Notes will have a different CUSIP or other identifying number.

 

     

     

    

 

	Sinking Fund	None.
	 	 
	Additional Amounts	Pursuant to the relevant form of Notes set forth in Exhibits A, B, C and D hereto, the Issuer may, subject to certain exceptions, be obligated to pay additional amounts.
	 	 
	Electronic Execution	The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to the Indenture or any document to be signed in connection with the Indenture (including the certificate of authentication, certificate of the Trustee and the Securities (as defined in the Indenture)) shall be deemed to include electronic signatures (e.g., by DocuSign or Adobe Sign), deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper- based recordkeeping system, as the case may be, and the parties hereto and thereto consent to conduct the transactions contemplated hereunder by electronic means. 
	 	 
	Other Terms of the Notes	The other terms of the Notes shall be substantially as set forth in the Indenture, the relevant form of Notes attached hereto as Exhibits A, B, C and D, the Prospectus dated May 24, 2021 (the “Prospectus”) relating to the Notes and the Prospectus Supplement dated May 25, 2021 relating to the Notes (the “Prospectus Supplement”).

 

     

     

    

 

Each
of the undersigned hereby certifies that:

 

1.            He
or she has read the provisions of the Indenture setting forth covenants and conditions to the Trustee’s execution of the Indenture
and authentication and delivery of the Securities and the definitions in the Indenture relating thereto.

 

2.            He
or she has examined the resolutions of the Board of Directors of the Issuer adopted prior to the date hereof relating to execution of
the Indenture and the authorization, issuance, authentication and delivery of the Securities, such other corporate records of the Issuer,
as applicable, and such other documents deemed necessary as a basis for the opinion hereinafter expressed.

 

3.            In
his or her opinion, such examination is sufficient to enable him or her to express an informed opinion as to whether or not the covenants
and conditions referred to above have been complied with.

 

4.            He
or she is of the opinion that the covenants and conditions referred to above have been complied with.

 

     

     

    

 

IN WITNESS WHEREOF, each of the undersigned has
hereunto signed his or her name.

 

	Dated: May 28, 2021	
	 	 
	 	/s/ Mariam Koohdary
	 	Name: Mariam Koohdary
	 	Title: President and Secretary
	 	 
	 	/s/ David E. White
	 	Name: David E. White
	 	Title: Treasurer

 

[Signature Page -
Officers’ Certificate Pursuant to the Indenture]

 

     

     

    

 

Exhibit A

 

     

     

    

 

THIS SECURITY IS A GLOBAL REGISTERED 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 EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

ASTRAZENECA FINANCE LLC

 

0.700%
Notes due 2024

 

FULLY
AND UNCONDITIONALLY GUARANTEED BY

ASTRAZENECA
PLC

 

	No. 001	     U.S.$500,000,000

 

CUSIP
No. 04636NAC7

ISIN No. US04636NAC74

 

ASTRAZENECA
FINANCE LLC, a Delaware limited liability company (herein called the “Issuer”, 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 United States Dollars on May 28, 2024 and to pay interest thereon from and including
May 28, 2021 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for,
semiannually in arrears on May 28 and November 28 in each year, commencing November 28, 2021 (each, an “Interest
Payment Date”), at the rate of 0.700% per annum, to, but excluding, the date on which the principal hereof is paid or made available
for payment. Interest will be calculated on the basis of a 360-day year and twelve 30-day months. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture (as defined below), 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
(as defined below) for such interest which shall be the 15th calendar day preceding such Interest Payment Date (whether or
not such day is a Business Day (as defined below)), as the case may be. 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 subsequent record date (the “Special Record
Date”) for the payment of such defaulted interest to be fixed by the Trustee (which shall not be less than five Business Days
prior to the date of payment of such defaulted interest), notice whereof shall be given to Holders of Securities of this series not less
than 15 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the 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 any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose
in New York City, 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; provided, however, that at the option of the Issuer 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.

 

Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

 

Unless the certificate of
authentication hereon has been executed by the Trustee by manual or pdf or other electronic image scan signature of the Trustee created
on an electronic platform (such as DocuSign) or by digital signing (such as Adobe Sign) of an authorized signatory, this Security shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

 

IN WITNESS WHEREOF, the Issuer
has caused this instrument to be duly executed.

 

Dated: May 28, 2021

 

	 	ASTRAZENECA FINANCE LLC
	 	 	 
		By:	/s/ David E. White

                                                                    

                                                                    

	 	 	Name: David E. White
	 	 	Title: Treasurer

 

		By:	/s/ Thomaz Bonato

                                                                    

                                                                    

	 	 	Name: Thomaz Bonato
	 	 	Title: Director

 

[Signature Page —
Global Note]

 

     

     

    

 

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

 

	Dated: May 28, 2021 	
	 	 
	 	THE
                                            BANK OF NEW YORK MELLON 

As Trustee

	 	 
	 	By:	/s/ Latoya S. Elvin

 

     

     

    

 

 

GUARANTY

 

For
value received, AstraZeneca PLC, an English public limited company (the “Guarantor,” which term includes any
Person as a successor Guarantor under the Indenture referred to in the Security upon which this Guaranty is endorsed), hereby fully and
unconditionally guarantees to the Holder of the Security upon which this Guaranty is endorsed and to the Trustee on behalf of each such
Holder the due and punctual payment of the principal of, interest on and any additional amounts payable in respect of such Security and
the due and punctual payment of the sinking fund or analogous payments referred to therein, if any, when and as the same shall become
due and payable, whether on the stated maturity date, by declaration of acceleration, call for redemption or otherwise, according to the
terms thereof and of the Indenture referred to therein. In case of the failure of AstraZeneca Finance LLC, a limited liability company
organized under the laws of the State of Delaware (the “Issuer,” which term includes any successor Person under such
Indenture), to punctually make any such payment of principal, interest or additional amounts or any such sinking fund or analogous payment,
the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether
on the stated maturity date or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the
Issuer. The indebtedness evidenced by this Guaranty ranks equally and pari passu with all other unsecured and unsubordinated indebtedness
of the Guarantor.

 

The Guarantor hereby agrees
that its obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity
or unenforceability of such Security or such Indenture, any failure to enforce the provisions of such Security or such Indenture, or any
waiver, modification or indulgence granted to the Issuer with respect thereto, by the Holder of such Security or the Trustee or any other
circumstance that may otherwise constitute a legal or equitable discharge of a guarantor. The Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of a merger or bankruptcy of the Issuer, any right to require a proceeding
first against the Issuer, protest or notice with respect to such Security or the indebtedness evidenced thereby or with respect to any
sinking fund or analogous payment required under such Security and all demands whatsoever, and covenants that this Guaranty will not be
discharged except by payment in full of the principal of, interest on and additional amounts payable in respect of such Security. This
Guaranty is a guarantee of payment and not of collection.

 

The Guarantor shall be subrogated
to all rights of the Holder of such Security and the Trustee against the Issuer in respect of any amounts paid to such Holder by the Guarantor
pursuant to the provisions of this Guaranty; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any
payments arising out of or based upon such right of subrogation until the principal of, interest on and additional amounts payable in
respect of all Securities of the same series issued under such Indenture shall have been paid in full.

 

By executing this Guaranty,
the Guarantor becomes subject to all of the provisions contained in the Indenture applicable to the Guarantor, including without limitation
the provisions of Article XII (“Guaranty”).

 

     

     

    

 

No reference herein to such
Indenture and no provision of such Indenture shall alter or impair the guarantees of the Guarantor, which are absolute and unconditional,
of the due and punctual payment of the principal of, interest on and additional amounts payable in respect of, and any sinking fund or
analogous payments with respect to, the Security upon which this Guaranty is endorsed. This Guaranty shall not be valid or obligatory
for any purpose until the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee
under such Indenture. All terms used in this Guaranty that are defined in such Indenture shall have the meanings assigned to them in such
Indenture. This Guaranty shall be governed by and construed in accordance with the laws of the State of New York.

 

IN WITNESS whereof, the Guarantor
has caused this Guaranty to be duly executed this 28th day of May, 2021.

 

	 	ASTRAZENECA PLC
	 	 	 
	 	By:	/s/ Jonathan Slade
			Name: Jonathan Slade

Title: Group Treasurer

 

	 	By:	/s/ Matthew Bowden
			Name: Matthew Bowden

Title: Deputy Company Secretary

 

     

     

    

 

This Security is one of a
duly authorized issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of May 28, 2021 (herein called the “Indenture” which term shall have
the meaning assigned to it in such instrument), among the Issuer, AstraZeneca PLC, as Guarantor, and The Bank of New York Mellon, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture and to the Officers’ Certificate delivered pursuant to Section 2.08 of the Indenture with respect to
this Security for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, 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 U.S.$1,600,000,000.

 

The Securities of this series
are subject to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 10 nor more than
60 days’ notice, as follows: (i) prior to May 28, 2022 (the “Par Call Date”), at a Redemption Price
equal to the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation
Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming
for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest accrued
as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 10 basis points, and (ii) on or after the Par Call Date, at a redemption price equal to
100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest thereon
to, but excluding, the date of redemption.

 

“Business
Day” means any day which is not, in London, England or New York, New York, or the place of payment of amounts payable in respect
of the Securities, a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation
or executive order to close.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated
maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
such Securities (assuming for this purpose that such Securities matured on the Par Call Date).

 

“Comparable
Treasury Price” means, with respect to any redemption date, (i) the average, as determined by the Quotation Agent, of the
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations,
or (ii) if the Quotation Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation
Agent” means the Reference Treasury Dealer appointed by the Issuer.

 

“Reference
Treasury Dealer” means (i) each of Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley &
Co. LLC and their respective successors or affiliates; provided, however, that if any of the foregoing shall cease to be a primary
U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor
another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Issuer.

 

     

     

    

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined
by the Quotation Agent, 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 such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day
preceding such redemption date.

 

“Treasury
Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of
the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date.

 

The Indenture contains provisions
to the effect that, in the event of certain tax law changes and other limited circumstances relating to tax matters, the Issuer may redeem
all, but not less than all, of the Securities of this series, upon not less than 10 nor more than 60 days’ notice, at a price equal
to 100% of the principal amount of the Securities plus accrued interest thereon to, but excluding, the date of redemption, which provisions
apply to this Security.

 

The Issuer will give notice
of any redemption it proposes to make to DTC at least 10 days, but no more than 60 days, before the applicable redemption date, unless
provided otherwise. Any redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent and,
at the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions precedent included
at the Issuer’s discretion shall be satisfied (or waived by the Issuer) (even if more than 60 days after the giving of notice of
redemption) or the redemption date may not occur and such notice may be rescinded if all such conditions precedent included at the Issuer’s
discretion shall not have been satisfied (or waived by the Issuer).

 

In the event of redemption
of this Security 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.

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth
thereon, which provisions apply to this Security.

 

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 Issuer may, at its option,
at any time and without the consent of the Holders, reopen the Securities of this series and issue additional Securities in one or more
transactions with terms (other than the issuance date and, possibly, first Interest Payment Date, original interest accrual date and issue
price) identical to the Securities of this series. These additional Securities will be deemed to have been part of the Securities of this
series and will provide the Holders of these additional Securities the right to vote together with Holders of the Securities of this series;
provided, however, that if these additional Securities are not fungible with the Securities of this series for U.S. federal income tax
purposes, these additional Securities will have a different CUSIP or other identifying number.

 

     

     

    

 

Any
amounts to be paid by the Issuer or the Guarantor under this Security will be paid without deduction or withholding for any and all present
and future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected by or for the account
of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision or taxing authority thereof
or therein, unless such withholding or deduction is required by law. The Relevant Taxing Jurisdiction for the Guarantor is the jurisdiction
in which it is resident for tax purposes (presently, the United Kingdom) and for the Issuer is the United States. If any deduction or
withholding for any present or future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected
by or for the account of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision
or taxing authority thereof or therein shall at any time be required by such jurisdiction (or any such political subdivision or taxing
authority) in respect of any amounts to be paid by the Issuer or the Guarantor under this Security, the Issuer or the Guarantor, as applicable,
will (subject to compliance by the Holder with any administrative requirements) pay such additional amounts (“Additional
Amounts”) as may be necessary in order that the net amounts paid to the Holder after such deduction or withholding, shall
be not less than the amounts to which the Holder was entitled had no such withholding or deduction been required; provided, however, that
neither the Issuer nor the Guarantor shall be required to make any payment of additional amounts for or on account of:

 

(i)            any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that the Holder (or a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder,
if such Holder is an estate, trust, partnership or corporation) is or has been a domiciliary, national or resident of, or is or has been
engaged in a trade or business in, or maintains or has maintained a permanent establishment in, or is or has been physically present in,
the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein or otherwise has or has had some
connection with the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein other than the holding
or ownership of this Security or the collection of principal, premium or interest, if any, on, or the enforcement of, this Security;

 

(ii)           any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that, where presentation is required, this Security was presented more than 30 days after the date on which such payment
became due or was provided for, whichever is later;

 

(iii)          any
estate, inheritance, gift, sale, transfer, personal property or similar tax, levy, impost or other governmental charge;

 

(iv)          any
present or future tax, levy, impost or other governmental charge which is payable otherwise than by deduction or withholding from payments
on or in respect of this Security;

 

     

     

    

 

(v)           any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the failure of the Holder or beneficial owner of this Security to comply with any certification, identification or other reporting
requirements concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with the Relevant
Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein, if compliance is required by treaty or by statute,
regulation or administrative practice of such jurisdiction or of any such political subdivision or taxing authority thereof or therein
as a condition to relief or exemption from such tax, levy, impost or other governmental charge;

 

(vi)          any
present or future tax, levy, impost or other governmental charge which the Holder would have been able to avoid by authorizing the paying
agent to report information in accordance with the procedure laid down by the relevant tax authority or by producing, in the form requested
by the relevant tax authority, a declaration, claim, certificate, document or other evidence establishing exemption therefrom;

 

(vii)         any
present or future tax, levy, impost or other governmental charge which is required by Sections 1471 through 1474 (“FATCA”)
of the Internal Revenue Code of 1986, as amended (the “Code”), any current or future U.S. Treasury regulations or rulings
promulgated thereunder, any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”),
any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with the U.S.
Internal Revenue Service under or with respect to FATCA;

 

(viii)        any
present or future tax, levy, impost or other governmental charge which is imposed or withheld because the Holder of the Security
is (1) considered a 10% shareholder (within the meaning of Sections 871(h)(3) or 881(c)(3) of the Code) of the issuer of
the Security or (2) a controlled foreign corporation related (within the meaning of Section 864(d)(4) of the Code) to the
issuer of the Security;

 

(ix)           any
present or future tax, levy, impost or other governmental charge which is imposed because the Holder (1) is a bank purchasing this
Security in the ordinary course of its lending business or (2) is a bank that is neither (A) buying this Security for investment
purposes only nor (B) buying this Security for resale to a third party that either is not a bank or will hold the Security for investment
purposes only;

 

(x)           any
present or future tax, levy, impost or other governmental charge which is imposed, assessed, levied or collected in respect of a payment
under or with respect to this Security to any Holder of this Security that is a fiduciary, partnership or a person other than the sole
beneficial owner of such payment or Security to the extent that the beneficiary or settlor with respect to the fiduciary, member of that
partnership or beneficial owner would not have been entitled to the Additional Amounts or would not have been subject to such tax, levy,
impost or charge had that beneficiary, settlor, member or beneficial owner been the actual Holder of this Security; or

 

(xi)           any
combination of the exceptions listed above in (i) through (x) above,

 

nor shall Additional Amounts
be paid in the event that the obligation to pay Additional Amounts is the result of the issuance of a Security in definitive form to a
Holder of a Predecessor Security at such Holder’s request upon the occurrence of an Event of Default and at the time payment is
made Securities in definitive form have not been issued in exchange for the entire principal amount of the Predecessor Securities.

 

     

     

    

 

The Issuer and the Guarantor
will remit the full amount of any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer
and the Guarantor will also provide the Trustee with documentation satisfactory to the Trustee evidencing the payment of any taxes in
respect of which the Issuer and the Guarantor have paid Additional Amounts. The Issuer and the Guarantor will provide copies of such documentation
to the Holder of this Security upon request.

 

Any reference in the Indenture
or this Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts
that may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the
Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer,
the Guarantor 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 Issuer and the Guarantor 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 herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.

 

As set forth in, and subject
to, the provisions of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect
to the Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of
the Outstanding Securities of this series shall have made written request, and offered indemnity and/or security satisfactory to the Trustee,
to the Trustee to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal
of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the
enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due dates expressed
herein.

 

No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, 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 or to convert this Security as provided in the Indenture.

 

The Securities of this series
are issuable only in registered form without coupons in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

 

     

     

    

 

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

 

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

 

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

 

Unless otherwise defined herein,
all terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

 

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security shall
be U.S.$500,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	
    Date of

 Decrease/Increase
	
    Decrease in
    

Principal

 Amount
	
    Increase in
    

Principal

 Amount
	
    Total Principal
    

Amount

    Following such

 Decrease/Increase
	
    Notation Made

    by or on Behalf 

of Trustee

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

     

     

    

 

THIS SECURITY IS A GLOBAL REGISTERED 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 EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

ASTRAZENECA FINANCE LLC

 

0.700%
Notes due 2024

 

FULLY
AND UNCONDITIONALLY GUARANTEED BY

ASTRAZENECA
PLC

 

		No. 002	     U.S.$500,000,000

 

CUSIP
No. 04636NAC7

ISIN No. US04636NAC74

 

ASTRAZENECA
FINANCE LLC, a Delaware limited liability company (herein called the “Issuer”, 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 United States Dollars on May 28, 2024 and to pay interest thereon from and including
May 28, 2021 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for,
semiannually in arrears on May 28 and November 28 in each year, commencing November 28, 2021 (each, an “Interest
Payment Date”), at the rate of 0.700% per annum, to, but excluding, the date on which the principal hereof is paid or made available
for payment. Interest will be calculated on the basis of a 360-day year and twelve 30-day months. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture (as defined below), 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
(as defined below) for such interest which shall be the 15th calendar day preceding such Interest Payment Date (whether or
not such day is a Business Day (as defined below)), as the case may be. 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 subsequent record date (the “Special Record
Date”) for the payment of such defaulted interest to be fixed by the Trustee (which shall not be less than five Business Days
prior to the date of payment of such defaulted interest), notice whereof shall be given to Holders of Securities of this series not less
than 15 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the 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 any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose
in New York City, 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; provided, however, that at the option of the Issuer 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.

 

Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

 

Unless the certificate of
authentication hereon has been executed by the Trustee by manual or pdf or other electronic image scan signature of the Trustee created
on an electronic platform (such as DocuSign) or by digital signing (such as Adobe Sign) of an authorized signatory, this Security shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

 

IN WITNESS WHEREOF, the Issuer
has caused this instrument to be duly executed.

 

Dated: May 28, 2021

 

 

	 	ASTRAZENECA FINANCE LLC
	 	 	 
	 	By:	/s/ David E. White
			Name: David E. White

Title: Treasurer

 

	 	By:	/s/ Thomaz Bonato
			Name: Thomaz Bonato

Title: Director

 

[Signature
Page — Global Note]

 

     

     

    

 

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

 

Dated: May 28, 2021

 

	 	THE BANK OF NEW YORK MELLON
 As Trustee
	 	 	 
		By:	/s/ Latoya S. Elvin

 

     

     

    

 

 

 

GUARANTY

 

For
value received, AstraZeneca PLC, an English public limited company (the “Guarantor,” which term includes any
Person as a successor Guarantor under the Indenture referred to in the Security upon which this Guaranty is endorsed), hereby fully and
unconditionally guarantees to the Holder of the Security upon which this Guaranty is endorsed and to the Trustee on behalf of each such
Holder the due and punctual payment of the principal of, interest on and any additional amounts payable in respect of such Security and
the due and punctual payment of the sinking fund or analogous payments referred to therein, if any, when and as the same shall become
due and payable, whether on the stated maturity date, by declaration of acceleration, call for redemption or otherwise, according to the
terms thereof and of the Indenture referred to therein. In case of the failure of AstraZeneca Finance LLC, a limited liability company
organized under the laws of the State of Delaware (the “Issuer,” which term includes any successor Person under such
Indenture), to punctually make any such payment of principal, interest or additional amounts or any such sinking fund or analogous payment,
the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether
on the stated maturity date or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the
Issuer. The indebtedness evidenced by this Guaranty ranks equally and pari passu with all other unsecured and unsubordinated indebtedness
of the Guarantor.

 

The Guarantor hereby agrees
that its obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity
or unenforceability of such Security or such Indenture, any failure to enforce the provisions of such Security or such Indenture, or any
waiver, modification or indulgence granted to the Issuer with respect thereto, by the Holder of such Security or the Trustee or any other
circumstance that may otherwise constitute a legal or equitable discharge of a guarantor. The Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of a merger or bankruptcy of the Issuer, any right to require a proceeding
first against the Issuer, protest or notice with respect to such Security or the indebtedness evidenced thereby or with respect to any
sinking fund or analogous payment required under such Security and all demands whatsoever, and covenants that this Guaranty will not be
discharged except by payment in full of the principal of, interest on and additional amounts payable in respect of such Security. This
Guaranty is a guarantee of payment and not of collection.

 

The Guarantor shall be subrogated
to all rights of the Holder of such Security and the Trustee against the Issuer in respect of any amounts paid to such Holder by the Guarantor
pursuant to the provisions of this Guaranty; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any
payments arising out of or based upon such right of subrogation until the principal of, interest on and additional amounts payable in
respect of all Securities of the same series issued under such Indenture shall have been paid in full.

 

By executing this Guaranty,
the Guarantor becomes subject to all of the provisions contained in the Indenture applicable to the Guarantor, including without limitation
the provisions of Article XII (“Guaranty”).

 

No reference herein to such
Indenture and no provision of such Indenture shall alter or impair the guarantees of the Guarantor, which are absolute and unconditional,
of the due and punctual payment of the principal of, interest on and additional amounts payable in respect of, and any sinking fund or
analogous payments with respect to, the Security upon which this Guaranty is endorsed. This Guaranty shall not be valid or obligatory
for any purpose until the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee
under such Indenture. All terms used in this Guaranty that are defined in such Indenture shall have the meanings assigned to them in such
Indenture. This Guaranty shall be governed by and construed in accordance with the laws of the State of New York.

 

     

     

    

 

IN WITNESS whereof, the Guarantor
has caused this Guaranty to be duly executed this 28th day of May, 2021.

 

	 	ASTRAZENECA PLC
	 	 
	 	 	 
		By:	/s/ Jonathan Slade

                                                                    

                                                                    

	 	 	Name: Jonathan Slade
	 	 	Title: Group Treasurer
	 	 	 
	 	 	 
		By:	/s/ Matthew Bowden

                                                                    

                                                                    

	 	 	Name: Matthew Bowden
	 	 	Title: Deputy Company Secretary

 

     

     

    

 

This Security is one of a
duly authorized issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of May 28, 2021 (herein called the “Indenture” which term shall have
the meaning assigned to it in such instrument), among the Issuer, AstraZeneca PLC, as Guarantor, and The Bank of New York Mellon, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture and to the Officers’ Certificate delivered pursuant to Section 2.08 of the Indenture with respect to
this Security for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, 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 U.S.$1,600,000,000.

 

The Securities of this series
are subject to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 10 nor more than
60 days’ notice, as follows: (i) prior to May 28, 2022 (the “Par Call Date”), at a Redemption Price
equal to the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation
Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming
for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest accrued
as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 10 basis points, and (ii) on or after the Par Call Date, at a redemption price equal to
100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest thereon
to, but excluding, the date of redemption.

 

“Business
Day” means any day which is not, in London, England or New York, New York, or the place of payment of amounts payable in respect
of the Securities, a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation
or executive order to close.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated
maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
such Securities (assuming for this purpose that such Securities matured on the Par Call Date).

 

“Comparable
Treasury Price” means, with respect to any redemption date, (i) the average, as determined by the Quotation Agent, of the
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations,
or (ii) if the Quotation Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation
Agent” means the Reference Treasury Dealer appointed by the Issuer.

 

“Reference
Treasury Dealer” means (i) each of Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley &
Co. LLC and their respective successors or affiliates; provided, however, that if any of the foregoing shall cease to be a primary
U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor
another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Issuer.

 

     

     

    

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined
by the Quotation Agent, 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 such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day
preceding such redemption date.

 

“Treasury
Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of
the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date.

 

The Indenture contains provisions
to the effect that, in the event of certain tax law changes and other limited circumstances relating to tax matters, the Issuer may redeem
all, but not less than all, of the Securities of this series, upon not less than 10 nor more than 60 days’ notice, at a price equal
to 100% of the principal amount of the Securities plus accrued interest thereon to, but excluding, the date of redemption, which provisions
apply to this Security.

 

The Issuer will give notice
of any redemption it proposes to make to DTC at least 10 days, but no more than 60 days, before the applicable redemption date, unless
provided otherwise. Any redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent and,
at the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions precedent included
at the Issuer’s discretion shall be satisfied (or waived by the Issuer) (even if more than 60 days after the giving of notice of
redemption) or the redemption date may not occur and such notice may be rescinded if all such conditions precedent included at the Issuer’s
discretion shall not have been satisfied (or waived by the Issuer).

 

In the event of redemption
of this Security 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.

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth
thereon, which provisions apply to this Security.

 

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 Issuer may, at its option,
at any time and without the consent of the Holders, reopen the Securities of this series and issue additional Securities in one or more
transactions with terms (other than the issuance date and, possibly, first Interest Payment Date, original interest accrual date and issue
price) identical to the Securities of this series. These additional Securities will be deemed to have been part of the Securities of this
series and will provide the Holders of these additional Securities the right to vote together with Holders of the Securities of this series;
provided, however, that if these additional Securities are not fungible with the Securities of this series for U.S. federal income tax
purposes, these additional Securities will have a different CUSIP or other identifying number.

 

     

     

    

 

Any
amounts to be paid by the Issuer or the Guarantor under this Security will be paid without deduction or withholding for any and all present
and future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected by or for the account
of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision or taxing authority thereof
or therein, unless such withholding or deduction is required by law. The Relevant Taxing Jurisdiction for the Guarantor is the jurisdiction
in which it is resident for tax purposes (presently, the United Kingdom) and for the Issuer is the United States. If any deduction or
withholding for any present or future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected
by or for the account of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision
or taxing authority thereof or therein shall at any time be required by such jurisdiction (or any such political subdivision or taxing
authority) in respect of any amounts to be paid by the Issuer or the Guarantor under this Security, the Issuer or the Guarantor, as applicable,
will (subject to compliance by the Holder with any administrative requirements) pay such additional amounts (“Additional
Amounts”) as may be necessary in order that the net amounts paid to the Holder after such deduction or withholding, shall
be not less than the amounts to which the Holder was entitled had no such withholding or deduction been required; provided, however, that
neither the Issuer nor the Guarantor shall be required to make any payment of additional amounts for or on account of:

 

(i)            any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that the Holder (or a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder,
if such Holder is an estate, trust, partnership or corporation) is or has been a domiciliary, national or resident of, or is or has been
engaged in a trade or business in, or maintains or has maintained a permanent establishment in, or is or has been physically present in,
the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein or otherwise has or has had some
connection with the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein other than the holding
or ownership of this Security or the collection of principal, premium or interest, if any, on, or the enforcement of, this Security;

 

(ii)          any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that, where presentation is required, this Security was presented more than 30 days after the date on which such payment
became due or was provided for, whichever is later;

 

(iii)          any
estate, inheritance, gift, sale, transfer, personal property or similar tax, levy, impost or other governmental charge;

 

(iv)        any
present or future tax, levy, impost or other governmental charge which is payable otherwise than by deduction or withholding from payments
on or in respect of this Security;

 

(v)           any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the failure of the Holder or beneficial owner of this Security to comply with any certification, identification or other reporting
requirements concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with the Relevant
Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein, if compliance is required by treaty or by statute,
regulation or administrative practice of such jurisdiction or of any such political subdivision or taxing authority thereof or therein
as a condition to relief or exemption from such tax, levy, impost or other governmental charge;

 

     

     

    

 

(vi)          any
present or future tax, levy, impost or other governmental charge which the Holder would have been able to avoid by authorizing the paying
agent to report information in accordance with the procedure laid down by the relevant tax authority or by producing, in the form requested
by the relevant tax authority, a declaration, claim, certificate, document or other evidence establishing exemption therefrom;

 

(vii)         any
present or future tax, levy, impost or other governmental charge which is required by Sections 1471 through 1474 (“FATCA”)
of the Internal Revenue Code of 1986, as amended (the “Code”), any current or future U.S. Treasury regulations or rulings
promulgated thereunder, any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”),
any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with the U.S.
Internal Revenue Service under or with respect to FATCA;

 

(viii)        any
present or future tax, levy, impost or other governmental charge which is imposed or withheld because the Holder of the Security
is (1) considered a 10% shareholder (within the meaning of Sections 871(h)(3) or 881(c)(3) of the Code) of the issuer of
the Security or (2) a controlled foreign corporation related (within the meaning of Section 864(d)(4) of the Code) to the
issuer of the Security;

 

(ix)         any
present or future tax, levy, impost or other governmental charge which is imposed because the Holder (1) is a bank purchasing this
Security in the ordinary course of its lending business or (2) is a bank that is neither (A) buying this Security for investment
purposes only nor (B) buying this Security for resale to a third party that either is not a bank or will hold the Security for investment
purposes only;

 

(x)           any
present or future tax, levy, impost or other governmental charge which is imposed, assessed, levied or collected in respect of a payment
under or with respect to this Security to any Holder of this Security that is a fiduciary, partnership or a person other than the sole
beneficial owner of such payment or Security to the extent that the beneficiary or settlor with respect to the fiduciary, member of that
partnership or beneficial owner would not have been entitled to the Additional Amounts or would not have been subject to such tax, levy,
impost or charge had that beneficiary, settlor, member or beneficial owner been the actual Holder of this Security; or

 

(xi)           any
combination of the exceptions listed above in (i) through (x) above, nor shall Additional Amounts be paid in the event
that the obligation to pay Additional Amounts is the result of the issuance of a Security in definitive form to a Holder of a
Predecessor Security at such Holder’s request upon the occurrence of an Event of Default and at the time payment is made
Securities in definitive form have not been issued in exchange for the entire principal amount of the Predecessor Securities.

 

     

     

    

 

The Issuer and the Guarantor
will remit the full amount of any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer
and the Guarantor will also provide the Trustee with documentation satisfactory to the Trustee evidencing the payment of any taxes in
respect of which the Issuer and the Guarantor have paid Additional Amounts. The Issuer and the Guarantor will provide copies of such documentation
to the Holder of this Security upon request.

 

Any reference in the Indenture
or this Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts
that may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the
Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer,
the Guarantor 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 Issuer and the Guarantor 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 herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.

 

As set forth in, and subject
to, the provisions of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect
to the Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of
the Outstanding Securities of this series shall have made written request, and offered indemnity and/or security satisfactory to the Trustee,
to the Trustee to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal
of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the
enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due dates expressed
herein.

 

No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, 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 or to convert this Security as provided in the Indenture.

 

The Securities of this series
are issuable only in registered form without coupons in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

 

     

     

    

 

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

 

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

 

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

 

Unless otherwise defined herein,
all terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

 

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security shall
be U.S.$500,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	Date of
 Decrease/Increase
	 	Decrease in
 Principal
 Amount
	 	Increase in
 Principal
 Amount
	 	Total Principal
 Amount
 Following such
 Decrease/Increase
	 	Notation Made
 by or on Behalf
 of Trustee

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

THIS SECURITY IS A GLOBAL REGISTERED 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 EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

ASTRAZENECA FINANCE LLC

 

0.700%
Notes due 2024

 

FULLY
AND UNCONDITIONALLY GUARANTEED BY

ASTRAZENECA
PLC

 

	No. 003	 	     U.S.$500,000,000

 

CUSIP
No. 04636NAC7

ISIN No. US04636NAC74

 

ASTRAZENECA
FINANCE LLC, a Delaware limited liability company (herein called the “Issuer”, 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 United States Dollars on May 28, 2024 and to pay interest thereon from and including
May 28, 2021 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for,
semiannually in arrears on May 28 and November 28 in each year, commencing November 28, 2021 (each, an “Interest
Payment Date”), at the rate of 0.700% per annum, to, but excluding, the date on which the principal hereof is paid or made available
for payment. Interest will be calculated on the basis of a 360-day year and twelve 30-day months. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture (as defined below), 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
(as defined below) for such interest which shall be the 15th calendar day preceding such Interest Payment Date (whether or
not such day is a Business Day (as defined below)), as the case may be. 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 subsequent record date (the “Special Record
Date”) for the payment of such defaulted interest to be fixed by the Trustee (which shall not be less than five Business Days
prior to the date of payment of such defaulted interest), notice whereof shall be given to Holders of Securities of this series not less
than 15 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the 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 any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose
in New York City, 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; provided, however, that at the option of the Issuer 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.

 

Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

 

Unless the certificate of
authentication hereon has been executed by the Trustee by manual or pdf or other electronic image scan signature of the Trustee created
on an electronic platform (such as DocuSign) or by digital signing (such as Adobe Sign) of an authorized signatory, this Security shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

 

IN WITNESS WHEREOF, the Issuer
has caused this instrument to be duly executed.

 

Dated: May 28, 2021

 

	 	ASTRAZENECA FINANCE LLC
	 	 
	 	 	 
		By:	/s/ David E. White

                                                                    

                                                                    

	 	 	Name: David E. White
	 	 	Title: Treasurer
	 	 	 
	 	 	 
		By:	/s/ Thomaz Bonato

                                                                    

                                                                    

	 	 	Name: Thomaz Bonato
	 	 	Title: Director

 

[Signature Page —
Global Note]

 

     

     

    

 

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

 

Dated: May 28, 2021

 

	 	THE BANK OF NEW YORK MELLON
	 	As Trustee
	 	 
	 	By:	/s/ Latoya S. Elvin

 

     

     

    

 

GUARANTY

 

For
value received, AstraZeneca PLC, an English public limited company (the “Guarantor,” which term includes any
Person as a successor Guarantor under the Indenture referred to in the Security upon which this Guaranty is endorsed), hereby fully and
unconditionally guarantees to the Holder of the Security upon which this Guaranty is endorsed and to the Trustee on behalf of each such
Holder the due and punctual payment of the principal of, interest on and any additional amounts payable in respect of such Security and
the due and punctual payment of the sinking fund or analogous payments referred to therein, if any, when and as the same shall become
due and payable, whether on the stated maturity date, by declaration of acceleration, call for redemption or otherwise, according to the
terms thereof and of the Indenture referred to therein. In case of the failure of AstraZeneca Finance LLC, a limited liability company
organized under the laws of the State of Delaware (the “Issuer,” which term includes any successor Person under such
Indenture), to punctually make any such payment of principal, interest or additional amounts or any such sinking fund or analogous payment,
the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether
on the stated maturity date or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the
Issuer. The indebtedness evidenced by this Guaranty ranks equally and pari passu with all other unsecured and unsubordinated indebtedness
of the Guarantor.

 

The Guarantor hereby agrees
that its obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity
or unenforceability of such Security or such Indenture, any failure to enforce the provisions of such Security or such Indenture, or any
waiver, modification or indulgence granted to the Issuer with respect thereto, by the Holder of such Security or the Trustee or any other
circumstance that may otherwise constitute a legal or equitable discharge of a guarantor. The Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of a merger or bankruptcy of the Issuer, any right to require a proceeding
first against the Issuer, protest or notice with respect to such Security or the indebtedness evidenced thereby or with respect to any
sinking fund or analogous payment required under such Security and all demands whatsoever, and covenants that this Guaranty will not be
discharged except by payment in full of the principal of, interest on and additional amounts payable in respect of such Security. This
Guaranty is a guarantee of payment and not of collection.

 

The Guarantor shall be subrogated
to all rights of the Holder of such Security and the Trustee against the Issuer in respect of any amounts paid to such Holder by the Guarantor
pursuant to the provisions of this Guaranty; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any
payments arising out of or based upon such right of subrogation until the principal of, interest on and additional amounts payable in
respect of all Securities of the same series issued under such Indenture shall have been paid in full.

 

By executing this Guaranty,
the Guarantor becomes subject to all of the provisions contained in the Indenture applicable to the Guarantor, including without limitation
the provisions of Article XII (“Guaranty”).

 

No reference herein to such
Indenture and no provision of such Indenture shall alter or impair the guarantees of the Guarantor, which are absolute and unconditional,
of the due and punctual payment of the principal of, interest on and additional amounts payable in respect of, and any sinking fund or
analogous payments with respect to, the Security upon which this Guaranty is endorsed. This Guaranty shall not be valid or obligatory
for any purpose until the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee
under such Indenture. All terms used in this Guaranty that are defined in such Indenture shall have the meanings assigned to them in such
Indenture. This Guaranty shall be governed by and construed in accordance with the laws of the State of New York.

 

[Signature Page - Officers’ Certificate
Pursuant to the Indenture]

 

     

     

    

 

IN WITNESS whereof, the Guarantor
has caused this Guaranty to be duly executed this 28th day of May, 2021.

 

 

	 	ASTRAZENECA PLC
	 	 
	 	 	 
		By:	/s/ Jonathan Slade

                                                                    

                                                                    

	 	 	Name: Jonathan Slade
	 
	 	Title: Group Treasurer
	 	 	 
	 	 	 
		By:	/s/ Matthew Bowden

                                                                    

                                                                    

	 	 	Name: Matthew Bowden
	 	 	Title: Deputy Company Secretary

 

     

     

    

 

This Security is one of a
duly authorized issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of May 28, 2021 (herein called the “Indenture” which term shall have
the meaning assigned to it in such instrument), among the Issuer, AstraZeneca PLC, as Guarantor, and The Bank of New York Mellon, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture and to the Officers’ Certificate delivered pursuant to Section 2.08 of the Indenture with respect to
this Security for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, 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 U.S.$1,600,000,000.

 

The Securities of this series
are subject to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 10 nor more than
60 days’ notice, as follows: (i) prior to May 28, 2022 (the “Par Call Date”), at a Redemption Price
equal to the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation
Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming
for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest accrued
as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 10 basis points, and (ii) on or after the Par Call Date, at a redemption price equal to
100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest thereon
to, but excluding, the date of redemption.

 

“Business
Day” means any day which is not, in London, England or New York, New York, or the place of payment of amounts payable in respect
of the Securities, a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation
or executive order to close.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated
maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
such Securities (assuming for this purpose that such Securities matured on the Par Call Date).

 

“Comparable
Treasury Price” means, with respect to any redemption date, (i) the average, as determined by the Quotation Agent, of the
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations,
or (ii) if the Quotation Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation
Agent” means the Reference Treasury Dealer appointed by the Issuer.

 

“Reference
Treasury Dealer” means (i) each of Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley &
Co. LLC and their respective successors or affiliates; provided, however, that if any of the foregoing shall cease to be a primary
U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor
another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Issuer.

 

     

     

    

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined
by the Quotation Agent, 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 such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day
preceding such redemption date.

 

“Treasury
Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of
the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date.

 

The Indenture contains provisions
to the effect that, in the event of certain tax law changes and other limited circumstances relating to tax matters, the Issuer may redeem
all, but not less than all, of the Securities of this series, upon not less than 10 nor more than 60 days’ notice, at a price equal
to 100% of the principal amount of the Securities plus accrued interest thereon to, but excluding, the date of redemption, which provisions
apply to this Security.

 

The Issuer will give notice
of any redemption it proposes to make to DTC at least 10 days, but no more than 60 days, before the applicable redemption date, unless
provided otherwise. Any redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent and,
at the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions precedent included
at the Issuer’s discretion shall be satisfied (or waived by the Issuer) (even if more than 60 days after the giving of notice of
redemption) or the redemption date may not occur and such notice may be rescinded if all such conditions precedent included at the Issuer’s
discretion shall not have been satisfied (or waived by the Issuer).

 

In the event of redemption
of this Security 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.

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth
thereon, which provisions apply to this Security.

 

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 Issuer may, at its option,
at any time and without the consent of the Holders, reopen the Securities of this series and issue additional Securities in one or more
transactions with terms (other than the issuance date and, possibly, first Interest Payment Date, original interest accrual date and issue
price) identical to the Securities of this series. These additional Securities will be deemed to have been part of the Securities of this
series and will provide the Holders of these additional Securities the right to vote together with Holders of the Securities of this series;
provided, however, that if these additional Securities are not fungible with the Securities of this series for U.S. federal income tax
purposes, these additional Securities will have a different CUSIP or other identifying number.

 

     

     

    

 

Any
amounts to be paid by the Issuer or the Guarantor under this Security will be paid without deduction or withholding for any and all present
and future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected by or for the account
of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision or taxing authority thereof
or therein, unless such withholding or deduction is required by law. The Relevant Taxing Jurisdiction for the Guarantor is the jurisdiction
in which it is resident for tax purposes (presently, the United Kingdom) and for the Issuer is the United States. If any deduction or
withholding for any present or future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected
by or for the account of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision
or taxing authority thereof or therein shall at any time be required by such jurisdiction (or any such political subdivision or taxing
authority) in respect of any amounts to be paid by the Issuer or the Guarantor under this Security, the Issuer or the Guarantor, as applicable,
will (subject to compliance by the Holder with any administrative requirements) pay such additional amounts (“Additional
Amounts”) as may be necessary in order that the net amounts paid to the Holder after such deduction or withholding, shall
be not less than the amounts to which the Holder was entitled had no such withholding or deduction been required; provided, however, that
neither the Issuer nor the Guarantor shall be required to make any payment of additional amounts for or on account of:

 

(i)            any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that the Holder (or a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder,
if such Holder is an estate, trust, partnership or corporation) is or has been a domiciliary, national or resident of, or is or has been
engaged in a trade or business in, or maintains or has maintained a permanent establishment in, or is or has been physically present in,
the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein or otherwise has or has had some
connection with the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein other than the holding
or ownership of this Security or the collection of principal, premium or interest, if any, on, or the enforcement of, this Security;

 

(ii)         any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that, where presentation is required, this Security was presented more than 30 days after the date on which such payment
became due or was provided for, whichever is later;

 

(iii)          any
estate, inheritance, gift, sale, transfer, personal property or similar tax, levy, impost or other governmental charge;

 

(iv)        any
present or future tax, levy, impost or other governmental charge which is payable otherwise than by deduction or withholding from payments
on or in respect of this Security;

 

(v)          any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the failure of the Holder or beneficial owner of this Security to comply with any certification, identification or other reporting
requirements concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with the Relevant
Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein, if compliance is required by treaty or by statute,
regulation or administrative practice of such jurisdiction or of any such political subdivision or taxing authority thereof or therein
as a condition to relief or exemption from such tax, levy, impost or other governmental charge;

 

     

     

    

 

(vi)         any
present or future tax, levy, impost or other governmental charge which the Holder would have been able to avoid by authorizing the paying
agent to report information in accordance with the procedure laid down by the relevant tax authority or by producing, in the form requested
by the relevant tax authority, a declaration, claim, certificate, document or other evidence establishing exemption therefrom;

 

(vii)        any
present or future tax, levy, impost or other governmental charge which is required by Sections 1471 through 1474 (“FATCA”)
of the Internal Revenue Code of 1986, as amended (the “Code”), any current or future U.S. Treasury regulations or rulings
promulgated thereunder, any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”),
any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with the U.S.
Internal Revenue Service under or with respect to FATCA;

 

(viii)       any
present or future tax, levy, impost or other governmental charge which is imposed or withheld because the Holder of the Security
is (1) considered a 10% shareholder (within the meaning of Sections 871(h)(3) or 881(c)(3) of the Code) of the issuer of
the Security or (2) a controlled foreign corporation related (within the meaning of Section 864(d)(4) of the Code) to the
issuer of the Security;

 

(ix)        any
present or future tax, levy, impost or other governmental charge which is imposed because the Holder (1) is a bank purchasing this
Security in the ordinary course of its lending business or (2) is a bank that is neither (A) buying this Security for investment
purposes only nor (B) buying this Security for resale to a third party that either is not a bank or will hold the Security for investment
purposes only;

 

(x)           any
present or future tax, levy, impost or other governmental charge which is imposed, assessed, levied or collected in respect of a payment
under or with respect to this Security to any Holder of this Security that is a fiduciary, partnership or a person other than the sole
beneficial owner of such payment or Security to the extent that the beneficiary or settlor with respect to the fiduciary, member of that
partnership or beneficial owner would not have been entitled to the Additional Amounts or would not have been subject to such tax, levy,
impost or charge had that beneficiary, settlor, member or beneficial owner been the actual Holder of this Security; or

 

(xi)          any
combination of the exceptions listed above in (i) through (x) above, nor shall Additional Amounts be paid in the event
that the obligation to pay Additional Amounts is the result of the issuance of a Security in definitive form to a Holder of a
Predecessor Security at such Holder’s request upon the occurrence of an Event of Default and at the time payment is made
Securities in definitive form have not been issued in exchange for the entire principal amount of the Predecessor Securities.

 

     

     

    

 

The Issuer and the Guarantor
will remit the full amount of any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer
and the Guarantor will also provide the Trustee with documentation satisfactory to the Trustee evidencing the payment of any taxes in
respect of which the Issuer and the Guarantor have paid Additional Amounts. The Issuer and the Guarantor will provide copies of such documentation
to the Holder of this Security upon request.

 

Any reference in the Indenture
or this Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts
that may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the
Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer,
the Guarantor 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 Issuer and the Guarantor 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 herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.

 

As set forth in, and subject
to, the provisions of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect
to the Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of
the Outstanding Securities of this series shall have made written request, and offered indemnity and/or security satisfactory to the Trustee,
to the Trustee to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal
of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the
enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due dates expressed
herein.

 

No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, 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 or to convert this Security as provided in the Indenture.

 

The Securities of this series
are issuable only in registered form without coupons in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

 

     

     

    

 

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

 

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

 

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

 

Unless otherwise defined herein,
all terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

 

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security shall
be U.S.$500,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	Date of 

Decrease/Increase	 	Decrease in
 Principal
 Amount
	 	Increase in
 Principal
 Amount
	 	Total Principal
 Amount
 Following such Decrease/Increase
	 	Notation Made
 by or on Behalf
 of Trustee

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

THIS SECURITY IS A GLOBAL REGISTERED 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 EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

ASTRAZENECA FINANCE LLC

 

0.700%
Notes due 2024

 

FULLY
AND UNCONDITIONALLY GUARANTEED BY

ASTRAZENECA
PLC

 

	No. 004	 	     U.S.$100,000,000

 

CUSIP
No. 04636NAC7

ISIN No. US04636NAC74

 

ASTRAZENECA
FINANCE LLC, a Delaware limited liability company (herein called the “Issuer”, 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 One Hundred Million United States Dollars on May 28, 2024 and to pay interest thereon from and including
May 28, 2021 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for,
semiannually in arrears on May 28 and November 28 in each year, commencing November 28, 2021 (each, an “Interest
Payment Date”), at the rate of 0.700% per annum, to, but excluding, the date on which the principal hereof is paid or made available
for payment. Interest will be calculated on the basis of a 360-day year and twelve 30-day months. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture (as defined below), 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
(as defined below) for such interest which shall be the 15th calendar day preceding such Interest Payment Date (whether or
not such day is a Business Day (as defined below)), as the case may be. 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 subsequent record date (the “Special Record
Date”) for the payment of such defaulted interest to be fixed by the Trustee (which shall not be less than five Business Days
prior to the date of payment of such defaulted interest), notice whereof shall be given to Holders of Securities of this series not less
than 15 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the 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 any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose
in New York City, 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; provided, however, that at the option of the Issuer 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.

 

Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

 

Unless the certificate of
authentication hereon has been executed by the Trustee by manual or pdf or other electronic image scan signature of the Trustee created
on an electronic platform (such as DocuSign) or by digital signing (such as Adobe Sign) of an authorized signatory, this Security shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

 

IN WITNESS WHEREOF, the Issuer
has caused this instrument to be duly executed.

 

Dated: May 28, 2021

 

	 	ASTRAZENECA FINANCE LLC
	 	 
	 	 	 
		By:	/s/ David E. White
	 	 	Name: David E. White
	 	 	Title: Treasurer
	 	 	 
	 	 	 
		By:	/s/ Thomaz Bonato
	 	 	Name: Thomaz Bonato
	 	 	Title: Director

 

[Signature Page —
Global Note]

 

     

     

    

 

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

 

Dated: May 28, 2021

 

	 	THE BANK OF NEW YORK MELLON
 As Trustee
	 	 
	 	By:	/s/ Latoya S. Elvin

 

     

     

    

 

 

GUARANTY

 

For
value received, AstraZeneca PLC, an English public limited company (the “Guarantor,” which term includes any
Person as a successor Guarantor under the Indenture referred to in the Security upon which this Guaranty is endorsed), hereby fully and
unconditionally guarantees to the Holder of the Security upon which this Guaranty is endorsed and to the Trustee on behalf of each such
Holder the due and punctual payment of the principal of, interest on and any additional amounts payable in respect of such Security and
the due and punctual payment of the sinking fund or analogous payments referred to therein, if any, when and as the same shall become
due and payable, whether on the stated maturity date, by declaration of acceleration, call for redemption or otherwise, according to the
terms thereof and of the Indenture referred to therein. In case of the failure of AstraZeneca Finance LLC, a limited liability company
organized under the laws of the State of Delaware (the “Issuer,” which term includes any successor Person under such
Indenture), to punctually make any such payment of principal, interest or additional amounts or any such sinking fund or analogous payment,
the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether
on the stated maturity date or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the
Issuer. The indebtedness evidenced by this Guaranty ranks equally and pari passu with all other unsecured and unsubordinated indebtedness
of the Guarantor.

 

The Guarantor hereby agrees
that its obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity
or unenforceability of such Security or such Indenture, any failure to enforce the provisions of such Security or such Indenture, or any
waiver, modification or indulgence granted to the Issuer with respect thereto, by the Holder of such Security or the Trustee or any other
circumstance that may otherwise constitute a legal or equitable discharge of a guarantor. The Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of a merger or bankruptcy of the Issuer, any right to require a proceeding
first against the Issuer, protest or notice with respect to such Security or the indebtedness evidenced thereby or with respect to any
sinking fund or analogous payment required under such Security and all demands whatsoever, and covenants that this Guaranty will not be
discharged except by payment in full of the principal of, interest on and additional amounts payable in respect of such Security. This
Guaranty is a guarantee of payment and not of collection.

 

The Guarantor shall be subrogated
to all rights of the Holder of such Security and the Trustee against the Issuer in respect of any amounts paid to such Holder by the Guarantor
pursuant to the provisions of this Guaranty; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any
payments arising out of or based upon such right of subrogation until the principal of, interest on and additional amounts payable in
respect of all Securities of the same series issued under such Indenture shall have been paid in full.

 

By executing this Guaranty,
the Guarantor becomes subject to all of the provisions contained in the Indenture applicable to the Guarantor, including without limitation
the provisions of Article XII (“Guaranty”).

 

     

     

    

 

No reference herein to such
Indenture and no provision of such Indenture shall alter or impair the guarantees of the Guarantor, which are absolute and unconditional,
of the due and punctual payment of the principal of, interest on and additional amounts payable in respect of, and any sinking fund or
analogous payments with respect to, the Security upon which this Guaranty is endorsed. This Guaranty shall not be valid or obligatory
for any purpose until the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee
under such Indenture. All terms used in this Guaranty that are defined in such Indenture shall have the meanings assigned to them in such
Indenture. This Guaranty shall be governed by and construed in accordance with the laws of the State of New York.

 

IN WITNESS whereof, the Guarantor
has caused this Guaranty to be duly executed this 28th day of May, 2021.

 

	 	ASTRAZENECA PLC
	 	 
	 	 
		By:	/s/ Jonathan Slade

                                                                    

                                                                    

	 	 	Name: Jonathan Slade
	 	 	Title: Group Treasurer
	 	 	 
	 	 	 
	 	By:	/s/ Matthew Bowden
	 	 	Name: Matthew Bowden
	 	 	Title: Deputy Company Secretary

 

     

     

    

 

This Security is one of a
duly authorized issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of May 28, 2021 (herein called the “Indenture” which term shall have
the meaning assigned to it in such instrument), among the Issuer, AstraZeneca PLC, as Guarantor, and The Bank of New York Mellon, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture and to the Officers’ Certificate delivered pursuant to Section 2.08 of the Indenture with respect to
this Security for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, 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 U.S.$1,600,000,000.

 

The Securities of this series
are subject to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 10 nor more than
60 days’ notice, as follows: (i) prior to May 28, 2022 (the “Par Call Date”), at a Redemption Price
equal to the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation
Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming
for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest accrued
as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 10 basis points, and (ii) on or after the Par Call Date, at a redemption price equal to
100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest thereon
to, but excluding, the date of redemption.

 

“Business
Day” means any day which is not, in London, England or New York, New York, or the place of payment of amounts payable in respect
of the Securities, a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation
or executive order to close.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated
maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
such Securities (assuming for this purpose that such Securities matured on the Par Call Date).

 

“Comparable
Treasury Price” means, with respect to any redemption date, (i) the average, as determined by the Quotation Agent, of the
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations,
or (ii) if the Quotation Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation
Agent” means the Reference Treasury Dealer appointed by the Issuer.

 

“Reference
Treasury Dealer” means (i) each of Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley &
Co. LLC and their respective successors or affiliates; provided, however, that if any of the foregoing shall cease to be a primary
U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor
another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Issuer.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined
by the Quotation Agent, 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 such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day
preceding such redemption date.

 

     

     

    

 

“Treasury
Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of
the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date.

 

The Indenture contains provisions
to the effect that, in the event of certain tax law changes and other limited circumstances relating to tax matters, the Issuer may redeem
all, but not less than all, of the Securities of this series, upon not less than 10 nor more than 60 days’ notice, at a price equal
to 100% of the principal amount of the Securities plus accrued interest thereon to, but excluding, the date of redemption, which provisions
apply to this Security.

 

The Issuer will give notice
of any redemption it proposes to make to DTC at least 10 days, but no more than 60 days, before the applicable redemption date, unless
provided otherwise. Any redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent and,
at the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions precedent included
at the Issuer’s discretion shall be satisfied (or waived by the Issuer) (even if more than 60 days after the giving of notice of
redemption) or the redemption date may not occur and such notice may be rescinded if all such conditions precedent included at the Issuer’s
discretion shall not have been satisfied (or waived by the Issuer).

 

In the event of redemption
of this Security 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.

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth
thereon, which provisions apply to this Security.

 

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 Issuer may, at its option,
at any time and without the consent of the Holders, reopen the Securities of this series and issue additional Securities in one or more
transactions with terms (other than the issuance date and, possibly, first Interest Payment Date, original interest accrual date and issue
price) identical to the Securities of this series. These additional Securities will be deemed to have been part of the Securities of this
series and will provide the Holders of these additional Securities the right to vote together with Holders of the Securities of this series;
provided, however, that if these additional Securities are not fungible with the Securities of this series for U.S. federal income tax
purposes, these additional Securities will have a different CUSIP or other identifying number.

 

     

     

    

 

Any
amounts to be paid by the Issuer or the Guarantor under this Security will be paid without deduction or withholding for any and all present
and future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected by or for the account
of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision or taxing authority thereof
or therein, unless such withholding or deduction is required by law. The Relevant Taxing Jurisdiction for the Guarantor is the jurisdiction
in which it is resident for tax purposes (presently, the United Kingdom) and for the Issuer is the United States. If any deduction or
withholding for any present or future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected
by or for the account of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision
or taxing authority thereof or therein shall at any time be required by such jurisdiction (or any such political subdivision or taxing
authority) in respect of any amounts to be paid by the Issuer or the Guarantor under this Security, the Issuer or the Guarantor, as applicable,
will (subject to compliance by the Holder with any administrative requirements) pay such additional amounts (“Additional
Amounts”) as may be necessary in order that the net amounts paid to the Holder after such deduction or withholding, shall
be not less than the amounts to which the Holder was entitled had no such withholding or deduction been required; provided, however, that
neither the Issuer nor the Guarantor shall be required to make any payment of additional amounts for or on account of:

 

(i)              any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that the Holder (or a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder,
if such Holder is an estate, trust, partnership or corporation) is or has been a domiciliary, national or resident of, or is or has been
engaged in a trade or business in, or maintains or has maintained a permanent establishment in, or is or has been physically present in,
the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein or otherwise has or has had some
connection with the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein other than the holding
or ownership of this Security or the collection of principal, premium or interest, if any, on, or the enforcement of, this Security;

 

(ii)             any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that, where presentation is required, this Security was presented more than 30 days after the date on which such payment
became due or was provided for, whichever is later;

 

(iii)            any
estate, inheritance, gift, sale, transfer, personal property or similar tax, levy, impost or other governmental charge;

 

(iv)            any
present or future tax, levy, impost or other governmental charge which is payable otherwise than by deduction or withholding from payments
on or in respect of this Security;

 

(v)            any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the failure of the Holder or beneficial owner of this Security to comply with any certification, identification or other reporting
requirements concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with the Relevant
Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein, if compliance is required by treaty or by statute,
regulation or administrative practice of such jurisdiction or of any such political subdivision or taxing authority thereof or therein
as a condition to relief or exemption from such tax, levy, impost or other governmental charge;

 

     

     

    

 

(vi)            any
present or future tax, levy, impost or other governmental charge which the Holder would have been able to avoid by authorizing the paying
agent to report information in accordance with the procedure laid down by the relevant tax authority or by producing, in the form requested
by the relevant tax authority, a declaration, claim, certificate, document or other evidence establishing exemption therefrom;

 

(vii)           any
present or future tax, levy, impost or other governmental charge which is required by Sections 1471 through 1474 (“FATCA”)
of the Internal Revenue Code of 1986, as amended (the “Code”), any current or future U.S. Treasury regulations or rulings
promulgated thereunder, any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”),
any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with the U.S.
Internal Revenue Service under or with respect to FATCA;

 

(viii)          any
present or future tax, levy, impost or other governmental charge which is imposed or withheld because the Holder of the Security
is (1) considered a 10% shareholder (within the meaning of Sections 871(h)(3) or 881(c)(3) of the Code) of the issuer of
the Security or (2) a controlled foreign corporation related (within the meaning of Section 864(d)(4) of the Code) to the
issuer of the Security;

 

(ix)            any
present or future tax, levy, impost or other governmental charge which is imposed because the Holder (1) is a bank purchasing this
Security in the ordinary course of its lending business or (2) is a bank that is neither (A) buying this Security for investment
purposes only nor (B) buying this Security for resale to a third party that either is not a bank or will hold the Security for investment
purposes only;

 

(x)             any
present or future tax, levy, impost or other governmental charge which is imposed, assessed, levied or collected in respect of a payment
under or with respect to this Security to any Holder of this Security that is a fiduciary, partnership or a person other than the sole
beneficial owner of such payment or Security to the extent that the beneficiary or settlor with respect to the fiduciary, member of that
partnership or beneficial owner would not have been entitled to the Additional Amounts or would not have been subject to such tax, levy,
impost or charge had that beneficiary, settlor, member or beneficial owner been the actual Holder of this Security; or

 

(xi)            any
combination of the exceptions listed above in (i) through (x) above, 

 

nor shall Additional Amounts be paid in the event that
the obligation to pay Additional Amounts is the result of the issuance of a Security in definitive form to a Holder of a Predecessor
Security at such Holder’s request upon the occurrence of an Event of Default and at the time payment is made Securities in definitive
form have not been issued in exchange for the entire principal amount of the Predecessor Securities.

 

     

     

    

 

The Issuer and the Guarantor
will remit the full amount of any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer
and the Guarantor will also provide the Trustee with documentation satisfactory to the Trustee evidencing the payment of any taxes in
respect of which the Issuer and the Guarantor have paid Additional Amounts. The Issuer and the Guarantor will provide copies of such documentation
to the Holder of this Security upon request.

 

Any reference in the Indenture
or this Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts
that may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the
Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer,
the Guarantor 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 Issuer and the Guarantor 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 herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.

 

As set forth in, and subject
to, the provisions of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect
to the Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of
the Outstanding Securities of this series shall have made written request, and offered indemnity and/or security satisfactory to the Trustee,
to the Trustee to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal
of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the
enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due dates expressed
herein.

 

No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, 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 or to convert this Security as provided in the Indenture.

 

The Securities of this series
are issuable only in registered form without coupons in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

 

     

     

    

 

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

 

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

 

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

 

Unless otherwise defined herein,
all terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

 

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security shall
be U.S.$100,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	
    Date of

    Decrease/Increase
	 	
    Decrease in

    Principal

    Amount
	 	
    Increase in

    Principal

    Amount
	 	
    Total Principal

    Amount

    Following such Decrease/Increase
	 	
    Notation Made

    by or on Behalf

    of Trustee

	
 

	 	
 

	 	
 

	 	
 

	 	
 

	
 

	 	
 

	 	
 

	 	
 

	 	
 

	
 

	 	
 

	 	
 

	 	
 

	 	
 

	
 

	 	
 

	 	
 

	 	
 

	 	
 

	
 

	 	
 

	 	
 

	 	
 

	 	
 

	
 

	 	
 

	 	
 

	 	
 

	 	
 

	
 

	 	
 

	 	
 

	 	
 

	 	
 

	
 

	 	
 

	 	
 

	 	
 

	 	
 

	
 

	 	
 

	 	
 

	 	
 

	 	
 

	
 

	 	
 

	 	
 

	 	
 

	 	
 

	
 

	 	
 

	 	
 

	 	
 

	 	
 

	
 

	 	
 

	 	
 

	 	
 

	 	
 

	
 

	 	
 

	 	
 

	 	
 

	 	
 

	
 

	 	
 

	 	
 

	 	
 

	 	
 

	
 

	 	
 

	 	
 

	 	
 

	 	
 

	
 

	 	
 

	 	
 

	 	
 

	 	
 

	
 

	 	
 

	 	
 

	 	
 

	 	
 

	
 

	 	
 

	 	
 

	 	
 

	 	
 

	
 

	 	
 

	 	
 

	 	
 

	 	
 

	
 

	 	
 

	 	
 

	 	
 

	 	
 

	
 

	 	
 

	 	
 

	 	
 

	 	
 

	
 

	 	
 

	 	
 

	 	
 

	 	
 

 

     

     

    

 

Exhibit B

 

     

     

    

 

THIS SECURITY IS A GLOBAL REGISTERED 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 EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

ASTRAZENECA FINANCE LLC

 

1.200%
Notes due 2026

 

FULLY
AND UNCONDITIONALLY GUARANTEED BY

ASTRAZENECA
PLC

 

	No. 001	 	U.S.$500,000,000

 

CUSIP
No. 04636NAA1

ISIN No. US04636NAA19

 

ASTRAZENECA
FINANCE LLC, a Delaware limited liability company (herein called the “Issuer”, 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 United States Dollars on May 28, 2026 and to pay interest thereon from and including
May 28, 2021 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for,
semiannually in arrears on May 28 and November 28 in each year, commencing November 28, 2021 (each, an “Interest
Payment Date”), at the rate of 1.200% per annum, to, but excluding, the date on which the principal hereof is paid or made available
for payment. Interest will be calculated on the basis of a 360-day year and twelve 30-day months. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture (as defined below), 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
(as defined below) for such interest which shall be the 15th calendar day preceding such Interest Payment Date (whether or
not such day is a Business Day (as defined below)), as the case may be. 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 subsequent record date (the “Special Record
Date”) for the payment of such defaulted interest to be fixed by the Trustee (which shall not be less than five Business Days
prior to the date of payment of such defaulted interest), notice whereof shall be given to Holders of Securities of this series not less
than 15 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the 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 any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose
in New York City, 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; provided, however, that at the option of the Issuer 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.

 

Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

 

Unless the certificate of
authentication hereon has been executed by the Trustee by manual or pdf or other electronic image scan signature of the Trustee created
on an electronic platform (such as DocuSign) or by digital signing (such as Adobe Sign) of an authorized signatory, this Security shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

 

IN WITNESS WHEREOF, the Issuer
has caused this instrument to be duly executed.

 

Dated: May 28, 2021

 

	 	ASTRAZENECA FINANCE LLC
	 	 
	 	 	 
		By:	/s/ David E. White

                                                                    

	 	 	Name: David E. White
	 	 	Title: Treasurer
	 	 	 
	 	 	 
		By:	/s/ Thomaz Bonato
	 	 	Name: Thomaz Bonato
	 	 	Title: Director

 

[Signature Page —
Global Note]

 

     

     

    

 

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

 

Dated: May 28, 2021

 

	 	THE BANK OF NEW YORK MELLON
	 	As Trustee
	 	 	 
	 	By:	/s/ Latoya S. Elvin

 

     

     

    

 

 

GUARANTY

 

For
value received, AstraZeneca PLC, an English public limited company (the “Guarantor,” which term includes any
Person as a successor Guarantor under the Indenture referred to in the Security upon which this Guaranty is endorsed), hereby fully and
unconditionally guarantees to the Holder of the Security upon which this Guaranty is endorsed and to the Trustee on behalf of each such
Holder the due and punctual payment of the principal of, interest on and any additional amounts payable in respect of such Security and
the due and punctual payment of the sinking fund or analogous payments referred to therein, if any, when and as the same shall become
due and payable, whether on the stated maturity date, by declaration of acceleration, call for redemption or otherwise, according to the
terms thereof and of the Indenture referred to therein. In case of the failure of AstraZeneca Finance LLC, a limited liability company
organized under the laws of the State of Delaware (the “Issuer,” which term includes any successor Person under such
Indenture), to punctually make any such payment of principal, interest or additional amounts or any such sinking fund or analogous payment,
the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether
on the stated maturity date or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the
Issuer. The indebtedness evidenced by this Guaranty ranks equally and pari passu with all other unsecured and unsubordinated indebtedness
of the Guarantor.

 

The Guarantor hereby agrees
that its obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity
or unenforceability of such Security or such Indenture, any failure to enforce the provisions of such Security or such Indenture, or any
waiver, modification or indulgence granted to the Issuer with respect thereto, by the Holder of such Security or the Trustee or any other
circumstance that may otherwise constitute a legal or equitable discharge of a guarantor. The Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of a merger or bankruptcy of the Issuer, any right to require a proceeding
first against the Issuer, protest or notice with respect to such Security or the indebtedness evidenced thereby or with respect to any
sinking fund or analogous payment required under such Security and all demands whatsoever, and covenants that this Guaranty will not be
discharged except by payment in full of the principal of, interest on and additional amounts payable in respect of such Security. This
Guaranty is a guarantee of payment and not of collection.

 

The Guarantor shall be subrogated
to all rights of the Holder of such Security and the Trustee against the Issuer in respect of any amounts paid to such Holder by the Guarantor
pursuant to the provisions of this Guaranty; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any
payments arising out of or based upon such right of subrogation until the principal of, interest on and additional amounts payable in
respect of all Securities of the same series issued under such Indenture shall have been paid in full.

 

By executing this Guaranty,
the Guarantor becomes subject to all of the provisions contained in the Indenture applicable to the Guarantor, including without limitation
the provisions of Article XII (“Guaranty”).

 

No reference herein to such
Indenture and no provision of such Indenture shall alter or impair the guarantees of the Guarantor, which are absolute and unconditional,
of the due and punctual payment of the principal of, interest on and additional amounts payable in respect of, and any sinking fund or
analogous payments with respect to, the Security upon which this Guaranty is endorsed. This Guaranty shall not be valid or obligatory
for any purpose until the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee
under such Indenture. All terms used in this Guaranty that are defined in such Indenture shall have the meanings assigned to them in such
Indenture. This Guaranty shall be governed by and construed in accordance with the laws of the State of New York.

 

     

     

    

 

IN WITNESS whereof, the Guarantor
has caused this Guaranty to be duly executed this 28th day of May, 2021.

 

	 	ASTRAZENECA PLC
	 	 
	 	By:	 /s/ Jonathan Slade
	 	 	Name: Jonathan Slade
	 	 	Title: Group Treasurer
	 	 
	 	By:	 /s/ Matthew Bowden
	 	 	Name: Matthew Bowden
	 	 	Title: Deputy Company Secretary

 

     

     

    

 

This Security is one of a
duly authorized issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of May 28, 2021 (herein called the “Indenture” which term shall have
the meaning assigned to it in such instrument), among the Issuer, AstraZeneca PLC, as Guarantor, and The Bank of New York Mellon, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture and to the Officers’ Certificate delivered pursuant to Section 2.08 of the Indenture with respect to
this Security for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, 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 U.S.$1,250,000,000.

 

The Securities of this series
are subject to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 10 nor more than
60 days’ notice, as follows: (i) prior to April 28, 2026 (the “Par Call Date”), at a Redemption Price
equal to the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation
Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming
for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest accrued
as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 10 basis points, and (ii) on or after the Par Call Date, at a redemption price equal to
100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest thereon
to, but excluding, the date of redemption.

 

“Business
Day” means any day which is not, in London, England or New York, New York, or the place of payment of amounts payable in respect
of the Securities, a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation
or executive order to close.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated
maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
such Securities (assuming for this purpose that such Securities matured on the Par Call Date).

 

“Comparable
Treasury Price” means, with respect to any redemption date, (i) the average, as determined by the Quotation Agent, of the
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations,
or (ii) if the Quotation Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation
Agent” means the Reference Treasury Dealer appointed by the Issuer.

 

“Reference
Treasury Dealer” means (i) each of Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley &
Co. LLC and their respective successors or affiliates; provided, however, that if any of the foregoing shall cease to be a primary
U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor
another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Issuer.

 

     

     

    

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined
by the Quotation Agent, 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 such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day
preceding such redemption date.

 

“Treasury
Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of
the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date.

 

The Indenture contains provisions
to the effect that, in the event of certain tax law changes and other limited circumstances relating to tax matters, the Issuer may redeem
all, but not less than all, of the Securities of this series, upon not less than 10 nor more than 60 days’ notice, at a price equal
to 100% of the principal amount of the Securities plus accrued interest thereon to, but excluding, the date of redemption, which provisions
apply to this Security.

 

The Issuer will give notice
of any redemption it proposes to make to DTC at least 10 days, but no more than 60 days, before the applicable redemption date, unless
provided otherwise. Any redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent and,
at the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions precedent included
at the Issuer’s discretion shall be satisfied (or waived by the Issuer) (even if more than 60 days after the giving of notice of
redemption) or the redemption date may not occur and such notice may be rescinded if all such conditions precedent included at the Issuer’s
discretion shall not have been satisfied (or waived by the Issuer).

 

In the event of redemption
of this Security 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 (x) the consummation
of the Alexion Acquisition (as defined below) does not occur on or before March 12, 2022 or (y) prior to such date, the Issuer
notifies the Trustee that it will not pursue the consummation of the Alexion Acquisition (each of (x) and (y), a “Special
Mandatory Redemption Trigger”), then, in either case, the Issuer will be required to redeem the Securities (such redemption,
the “Special Mandatory Redemption”) at a redemption price equal to 101% of the principal amount of the Securities then
outstanding plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date (the “Special
Mandatory Redemption Price”).

 

In the event that the Issuer
becomes obligated to redeem the Securities pursuant to the Special Mandatory Redemption, the Issuer will promptly, and in any event not
more than five Business Days after the date on which a Special Mandatory Redemption Trigger occurred, deliver notice to the Trustee of
the Special Mandatory Redemption and the date upon which the Securities will be redeemed (the “Special Mandatory Redemption Date,”
which date shall be no later than the third Business Day following the date of such notice) together with a notice of Special Mandatory
Redemption for the Trustee to deliver to each registered Holder of Securities to be redeemed. The Trustee will then promptly mail, or
electronically deliver, according to the procedures of DTC, such notice of Special Mandatory Redemption to each registered Holder of Securities
to be redeemed. Unless the Issuer defaults in payment of the Special Mandatory Redemption Price, on and after such Special Mandatory Redemption
Date, interest will cease to accrue on this Security.

 

     

     

    

 

Notwithstanding the foregoing,
installments of interest on this Security that are due and payable on an Interest Payment Date falling on or prior to the Special Mandatory
Redemption Date will be payable on such Interest Payment Date to the registered Holders as of the close of business on the relevant record
dates in accordance with the terms of this Security and the Indenture.

 

“Alexion Acquisition”
means the transactions contemplated by the Agreement and Plan of Merger, dated as of December 12, 2020, among AstraZeneca PLC and
the other parties thereto, with respect to the acquisition by AstraZeneca PLC of Alexion Pharmaceuticals, Inc., a Delaware corporation,
as it may be amended from time to time prior to or subsequent to the date hereof.

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth
thereon, which provisions apply to this Security.

 

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 Issuer may, at its option,
at any time and without the consent of the Holders, reopen the Securities of this series and issue additional Securities in one or more
transactions with terms (other than the issuance date and, possibly, first Interest Payment Date, original interest accrual date and issue
price) identical to the Securities of this series. These additional Securities will be deemed to have been part of the Securities of this
series and will provide the Holders of these additional Securities the right to vote together with Holders of the Securities of this series;
provided, however, that if these additional Securities are not fungible with the Securities of this series for U.S. federal income tax
purposes, these additional Securities will have a different CUSIP or other identifying number.

 

     

     

    

 

Any
amounts to be paid by the Issuer or the Guarantor under this Security will be paid without deduction or withholding for any and all present
and future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected by or for the account
of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision or taxing authority thereof
or therein, unless such withholding or deduction is required by law. The Relevant Taxing Jurisdiction for the Guarantor is the jurisdiction
in which it is resident for tax purposes (presently, the United Kingdom) and for the Issuer is the United States. If any deduction or
withholding for any present or future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected
by or for the account of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision
or taxing authority thereof or therein shall at any time be required by such jurisdiction (or any such political subdivision or taxing
authority) in respect of any amounts to be paid by the Issuer or the Guarantor under this Security, the Issuer or the Guarantor, as applicable,
will (subject to compliance by the Holder with any administrative requirements) pay such additional amounts (“Additional
Amounts”) as may be necessary in order that the net amounts paid to the Holder after such deduction or withholding, shall
be not less than the amounts to which the Holder was entitled had no such withholding or deduction been required; provided, however, that
neither the Issuer nor the Guarantor shall be required to make any payment of additional amounts for or on account of:

 

(i)            any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that the Holder (or a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder,
if such Holder is an estate, trust, partnership or corporation) is or has been a domiciliary, national or resident of, or is or has been
engaged in a trade or business in, or maintains or has maintained a permanent establishment in, or is or has been physically present in,
the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein or otherwise has or has had some
connection with the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein other than the holding
or ownership of this Security or the collection of principal, premium or interest, if any, on, or the enforcement of, this Security;

 

(ii)           any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that, where presentation is required, this Security was presented more than 30 days after the date on which such payment
became due or was provided for, whichever is later;

 

(iii)          any
estate, inheritance, gift, sale, transfer, personal property or similar tax, levy, impost or other governmental charge;

 

(iv)          any
present or future tax, levy, impost or other governmental charge which is payable otherwise than by deduction or withholding from payments
on or in respect of this Security;

 

(v)           any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the failure of the Holder or beneficial owner of this Security to comply with any certification, identification or other reporting
requirements concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with the Relevant
Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein, if compliance is required by treaty or by statute,
regulation or administrative practice of such jurisdiction or of any such political subdivision or taxing authority thereof or therein
as a condition to relief or exemption from such tax, levy, impost or other governmental charge;

 

(vi)          any
present or future tax, levy, impost or other governmental charge which the Holder would have been able to avoid by authorizing the paying
agent to report information in accordance with the procedure laid down by the relevant tax authority or by producing, in the form requested
by the relevant tax authority, a declaration, claim, certificate, document or other evidence establishing exemption therefrom;

 

     

     

    

 

(vii)         any
present or future tax, levy, impost or other governmental charge which is required by Sections 1471 through 1474 (“FATCA”)
of the Internal Revenue Code of 1986, as amended (the “Code”), any current or future U.S. Treasury regulations or rulings
promulgated thereunder, any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”),
any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with the U.S.
Internal Revenue Service under or with respect to FATCA;

 

(viii)        any
present or future tax, levy, impost or other governmental charge which is imposed or withheld because the Holder of the Security
is (1) considered a 10% shareholder (within the meaning of Sections 871(h)(3) or 881(c)(3) of the Code) of the issuer of
the Security or (2) a controlled foreign corporation related (within the meaning of Section 864(d)(4) of the Code) to the
issuer of the Security;

 

(ix)           any
present or future tax, levy, impost or other governmental charge which is imposed because the Holder (1) is a bank purchasing this
Security in the ordinary course of its lending business or (2) is a bank that is neither (A) buying this Security for investment
purposes only nor (B) buying this Security for resale to a third party that either is not a bank or will hold the Security for investment
purposes only;

 

(x)            any
present or future tax, levy, impost or other governmental charge which is imposed, assessed, levied or collected in respect of a payment
under or with respect to this Security to any Holder of this Security that is a fiduciary, partnership or a person other than the sole
beneficial owner of such payment or Security to the extent that the beneficiary or settlor with respect to the fiduciary, member of that
partnership or beneficial owner would not have been entitled to the Additional Amounts or would not have been subject to such tax, levy,
impost or charge had that beneficiary, settlor, member or beneficial owner been the actual Holder of this Security; or

 

(xi)            any
combination of the exceptions listed above in (i) through (x) above,

 

nor shall Additional Amounts
be paid in the event that the obligation to pay Additional Amounts is the result of the issuance of a Security in definitive form to a
Holder of a Predecessor Security at such Holder’s request upon the occurrence of an Event of Default and at the time payment is
made Securities in definitive form have not been issued in exchange for the entire principal amount of the Predecessor Securities.

 

The Issuer and the Guarantor
will remit the full amount of any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer
and the Guarantor will also provide the Trustee with documentation satisfactory to the Trustee evidencing the payment of any taxes in
respect of which the Issuer and the Guarantor have paid Additional Amounts. The Issuer and the Guarantor will provide copies of such documentation
to the Holder of this Security upon request.

 

Any reference in the Indenture
or this Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts
that may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

     

     

    

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the
Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer,
the Guarantor 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 Issuer and the Guarantor 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 herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.

 

As set forth in, and subject
to, the provisions of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect
to the Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of
the Outstanding Securities of this series shall have made written request, and offered indemnity and/or security satisfactory to the Trustee,
to the Trustee to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal
of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the
enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due dates expressed
herein.

 

No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, 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 or to convert this Security as provided in the Indenture.

 

The Securities of this series
are issuable only in registered form without coupons in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

 

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

 

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

 

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

 

Unless otherwise defined herein,
all terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

 

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security shall
be U.S.$500,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	Date of 

Decrease/Increase	 	Decrease in

Principal

Amount	 	Increase in 

Principal

Amount	 	Total Principal 

Amount
 Following such

Decrease/Increase	 	Notation Made

by or on Behalf 

of Trustee
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

THIS SECURITY IS A GLOBAL REGISTERED 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 EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

ASTRAZENECA FINANCE LLC

 

1.200%
Notes due 2026

 

FULLY
AND UNCONDITIONALLY GUARANTEED BY

ASTRAZENECA
PLC

 

	No.002	U.S.$500,000,000

 

CUSIP
No. 04636NAA1

ISIN No. US04636NAA19

 

ASTRAZENECA
FINANCE LLC, a Delaware limited liability company (herein called the “Issuer”, 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 United States Dollars on May 28, 2026 and to pay interest thereon from and including
May 28, 2021 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for,
semiannually in arrears on May 28 and November 28 in each year, commencing November 28, 2021 (each, an “Interest
Payment Date”), at the rate of 1.200% per annum, to, but excluding, the date on which the principal hereof is paid or made available
for payment. Interest will be calculated on the basis of a 360-day year and twelve 30-day months. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture (as defined below), 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
(as defined below) for such interest which shall be the 15th calendar day preceding such Interest Payment Date (whether or
not such day is a Business Day (as defined below)), as the case may be. 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 subsequent record date (the “Special Record
Date”) for the payment of such defaulted interest to be fixed by the Trustee (which shall not be less than five Business Days
prior to the date of payment of such defaulted interest), notice whereof shall be given to Holders of Securities of this series not less
than 15 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the 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 any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose
in New York City, 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; provided, however, that at the option of the Issuer 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.

 

Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

 

Unless the certificate of
authentication hereon has been executed by the Trustee by manual or pdf or other electronic image scan signature of the Trustee created
on an electronic platform (such as DocuSign) or by digital signing (such as Adobe Sign) of an authorized signatory, this Security shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

 

IN WITNESS WHEREOF, the Issuer
has caused this instrument to be duly executed.

 

Dated: May 28, 2021

 

	 	ASTRAZENECA FINANCE LLC
	 	 
	 	By:	 /s/ David E. White
	 	 	Name: David E. White
	 	 	Title: Treasurer
	 	 
	 	 
	 	By:	/s/ Thomaz Bonato
	 	 	Name: Thomaz Bonato
	 	 	Title: Director

 

[Signature Page —
Global Note]

 

     

     

    

 

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

 

Dated: May 28, 2021

 

	 	THE BANK OF NEW YORK MELLON
	 	As Trustee
	 	 
	 	 
	 	By:	/s/ Latoya S. Elvin

 

     

     

    

 

 

GUARANTY

 

For
value received, AstraZeneca PLC, an English public limited company (the “Guarantor,” which term includes any
Person as a successor Guarantor under the Indenture referred to in the Security upon which this Guaranty is endorsed), hereby fully and
unconditionally guarantees to the Holder of the Security upon which this Guaranty is endorsed and to the Trustee on behalf of each such
Holder the due and punctual payment of the principal of, interest on and any additional amounts payable in respect of such Security and
the due and punctual payment of the sinking fund or analogous payments referred to therein, if any, when and as the same shall become
due and payable, whether on the stated maturity date, by declaration of acceleration, call for redemption or otherwise, according to the
terms thereof and of the Indenture referred to therein. In case of the failure of AstraZeneca Finance LLC, a limited liability company
organized under the laws of the State of Delaware (the “Issuer,” which term includes any successor Person under such
Indenture), to punctually make any such payment of principal, interest or additional amounts or any such sinking fund or analogous payment,
the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether
on the stated maturity date or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the
Issuer. The indebtedness evidenced by this Guaranty ranks equally and pari passu with all other unsecured and unsubordinated indebtedness
of the Guarantor.

 

The Guarantor hereby agrees
that its obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity
or unenforceability of such Security or such Indenture, any failure to enforce the provisions of such Security or such Indenture, or any
waiver, modification or indulgence granted to the Issuer with respect thereto, by the Holder of such Security or the Trustee or any other
circumstance that may otherwise constitute a legal or equitable discharge of a guarantor. The Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of a merger or bankruptcy of the Issuer, any right to require a proceeding
first against the Issuer, protest or notice with respect to such Security or the indebtedness evidenced thereby or with respect to any
sinking fund or analogous payment required under such Security and all demands whatsoever, and covenants that this Guaranty will not be
discharged except by payment in full of the principal of, interest on and additional amounts payable in respect of such Security. This
Guaranty is a guarantee of payment and not of collection.

 

The Guarantor shall be subrogated
to all rights of the Holder of such Security and the Trustee against the Issuer in respect of any amounts paid to such Holder by the Guarantor
pursuant to the provisions of this Guaranty; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any
payments arising out of or based upon such right of subrogation until the principal of, interest on and additional amounts payable in
respect of all Securities of the same series issued under such Indenture shall have been paid in full.

 

By executing this Guaranty,
the Guarantor becomes subject to all of the provisions contained in the Indenture applicable to the Guarantor, including without limitation
the provisions of Article XII (“Guaranty”).

 

     

     

    

 

No reference herein to such
Indenture and no provision of such Indenture shall alter or impair the guarantees of the Guarantor, which are absolute and unconditional,
of the due and punctual payment of the principal of, interest on and additional amounts payable in respect of, and any sinking fund or
analogous payments with respect to, the Security upon which this Guaranty is endorsed. This Guaranty shall not be valid or obligatory
for any purpose until the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee
under such Indenture. All terms used in this Guaranty that are defined in such Indenture shall have the meanings assigned to them in such
Indenture. This Guaranty shall be governed by and construed in accordance with the laws of the State of New York.

 

IN WITNESS whereof, the Guarantor
has caused this Guaranty to be duly executed this 28th day of May, 2021.

 

	 	ASTRAZENECA PLC
	 	 	 
	 	By:	/s/ Jonathan Slade
	 	 	Name: Jonathan Slade
	 	    	Title: Group Treasurer   

 

	 	By:	/s/ Matthew Bowden
	 	 	Name: Matthew Bowden
	 	 	Title: Deputy Company Secretary

 

     

     

    

 

This Security is one of a
duly authorized issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of May 28, 2021 (herein called the “Indenture” which term shall have
the meaning assigned to it in such instrument), among the Issuer, AstraZeneca PLC, as Guarantor, and The Bank of New York Mellon, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture and to the Officers’ Certificate delivered pursuant to Section 2.08 of the Indenture with respect to
this Security for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, 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 U.S.$1,250,000,000.

 

The Securities of this series
are subject to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 10 nor more than
60 days’ notice, as follows: (i) prior to April 28, 2026 (the “Par Call Date”), at a Redemption Price
equal to the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation
Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming
for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest accrued
as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 10 basis points, and (ii) on or after the Par Call Date, at a redemption price equal to
100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest thereon
to, but excluding, the date of redemption.

 

“Business
Day” means any day which is not, in London, England or New York, New York, or the place of payment of amounts payable in respect
of the Securities, a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation
or executive order to close.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated
maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
such Securities (assuming for this purpose that such Securities matured on the Par Call Date).

 

“Comparable
Treasury Price” means, with respect to any redemption date, (i) the average, as determined by the Quotation Agent, of the
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations,
or (ii) if the Quotation Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation
Agent” means the Reference Treasury Dealer appointed by the Issuer.

 

“Reference
Treasury Dealer” means (i) each of Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley &
Co. LLC and their respective successors or affiliates; provided, however, that if any of the foregoing shall cease to be a primary
U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor
another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Issuer.

 

     

     

    

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined
by the Quotation Agent, 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 such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day
preceding such redemption date.

 

“Treasury
Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of
the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date.

 

The Indenture contains provisions
to the effect that, in the event of certain tax law changes and other limited circumstances relating to tax matters, the Issuer may redeem
all, but not less than all, of the Securities of this series, upon not less than 10 nor more than 60 days’ notice, at a price equal
to 100% of the principal amount of the Securities plus accrued interest thereon to, but excluding, the date of redemption, which provisions
apply to this Security.

 

The Issuer will give notice
of any redemption it proposes to make to DTC at least 10 days, but no more than 60 days, before the applicable redemption date, unless
provided otherwise. Any redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent and,
at the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions precedent included
at the Issuer’s discretion shall be satisfied (or waived by the Issuer) (even if more than 60 days after the giving of notice of
redemption) or the redemption date may not occur and such notice may be rescinded if all such conditions precedent included at the Issuer’s
discretion shall not have been satisfied (or waived by the Issuer).

 

In the event of redemption
of this Security 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 (x) the consummation
of the Alexion Acquisition (as defined below) does not occur on or before March 12, 2022 or (y) prior to such date, the Issuer
notifies the Trustee that it will not pursue the consummation of the Alexion Acquisition (each of (x) and (y), a “Special
Mandatory Redemption Trigger”), then, in either case, the Issuer will be required to redeem the Securities (such redemption,
the “Special Mandatory Redemption”) at a redemption price equal to 101% of the principal amount of the Securities then
outstanding plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date (the “Special
Mandatory Redemption Price”).

 

     

     

    

 

In the event that the Issuer
becomes obligated to redeem the Securities pursuant to the Special Mandatory Redemption, the Issuer will promptly, and in any event not
more than five Business Days after the date on which a Special Mandatory Redemption Trigger occurred, deliver notice to the Trustee of
the Special Mandatory Redemption and the date upon which the Securities will be redeemed (the “Special Mandatory Redemption Date,”
which date shall be no later than the third Business Day following the date of such notice) together with a notice of Special Mandatory
Redemption for the Trustee to deliver to each registered Holder of Securities to be redeemed. The Trustee will then promptly mail, or
electronically deliver, according to the procedures of DTC, such notice of Special Mandatory Redemption to each registered Holder of Securities
to be redeemed. Unless the Issuer defaults in payment of the Special Mandatory Redemption Price, on and after such Special Mandatory Redemption
Date, interest will cease to accrue on this Security.

 

Notwithstanding the foregoing,
installments of interest on this Security that are due and payable on an Interest Payment Date falling on or prior to the Special Mandatory
Redemption Date will be payable on such Interest Payment Date to the registered Holders as of the close of business on the relevant record
dates in accordance with the terms of this Security and the Indenture.

 

“Alexion Acquisition”
means the transactions contemplated by the Agreement and Plan of Merger, dated as of December 12, 2020, among AstraZeneca PLC and
the other parties thereto, with respect to the acquisition by AstraZeneca PLC of Alexion Pharmaceuticals, Inc., a Delaware corporation,
as it may be amended from time to time prior to or subsequent to the date hereof.

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth
thereon, which provisions apply to this Security.

 

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 Issuer may, at its option,
at any time and without the consent of the Holders, reopen the Securities of this series and issue additional Securities in one or more
transactions with terms (other than the issuance date and, possibly, first Interest Payment Date, original interest accrual date and issue
price) identical to the Securities of this series. These additional Securities will be deemed to have been part of the Securities of this
series and will provide the Holders of these additional Securities the right to vote together with Holders of the Securities of this series;
provided, however, that if these additional Securities are not fungible with the Securities of this series for U.S. federal income tax
purposes, these additional Securities will have a different CUSIP or other identifying number.

 

     

     

    

 

Any
amounts to be paid by the Issuer or the Guarantor under this Security will be paid without deduction or withholding for any and all present
and future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected by or for the account
of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision or taxing authority thereof
or therein, unless such withholding or deduction is required by law. The Relevant Taxing Jurisdiction for the Guarantor is the jurisdiction
in which it is resident for tax purposes (presently, the United Kingdom) and for the Issuer is the United States. If any deduction or
withholding for any present or future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected
by or for the account of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision
or taxing authority thereof or therein shall at any time be required by such jurisdiction (or any such political subdivision or taxing
authority) in respect of any amounts to be paid by the Issuer or the Guarantor under this Security, the Issuer or the Guarantor, as applicable,
will (subject to compliance by the Holder with any administrative requirements) pay such additional amounts (“Additional
Amounts”) as may be necessary in order that the net amounts paid to the Holder after such deduction or withholding, shall
be not less than the amounts to which the Holder was entitled had no such withholding or deduction been required; provided, however, that
neither the Issuer nor the Guarantor shall be required to make any payment of additional amounts for or on account of:

 

(i)            any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that the Holder (or a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder,
if such Holder is an estate, trust, partnership or corporation) is or has been a domiciliary, national or resident of, or is or has been
engaged in a trade or business in, or maintains or has maintained a permanent establishment in, or is or has been physically present in,
the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein or otherwise has or has had some
connection with the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein other than the holding
or ownership of this Security or the collection of principal, premium or interest, if any, on, or the enforcement of, this Security;

 

(ii)           any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that, where presentation is required, this Security was presented more than 30 days after the date on which such payment
became due or was provided for, whichever is later;

 

(iii)          any
estate, inheritance, gift, sale, transfer, personal property or similar tax, levy, impost or other governmental charge;

 

(iv)          any
present or future tax, levy, impost or other governmental charge which is payable otherwise than by deduction or withholding from payments
on or in respect of this Security;

 

(v)           any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the failure of the Holder or beneficial owner of this Security to comply with any certification, identification or other reporting
requirements concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with the Relevant
Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein, if compliance is required by treaty or by statute,
regulation or administrative practice of such jurisdiction or of any such political subdivision or taxing authority thereof or therein
as a condition to relief or exemption from such tax, levy, impost or other governmental charge;

 

(vi)          any
present or future tax, levy, impost or other governmental charge which the Holder would have been able to avoid by authorizing the paying
agent to report information in accordance with the procedure laid down by the relevant tax authority or by producing, in the form requested
by the relevant tax authority, a declaration, claim, certificate, document or other evidence establishing exemption therefrom;

 

(vii)         any
present or future tax, levy, impost or other governmental charge which is required by Sections 1471 through 1474 (“FATCA”)
of the Internal Revenue Code of 1986, as amended (the “Code”), any current or future U.S. Treasury regulations or rulings
promulgated thereunder, any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”),
any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with the U.S.
Internal Revenue Service under or with respect to FATCA;

 

     

     

    

 

(viii)       any
present or future tax, levy, impost or other governmental charge which is imposed or withheld because the Holder of the Security
is (1) considered a 10% shareholder (within the meaning of Sections 871(h)(3) or 881(c)(3) of the Code) of the issuer of
the Security or (2) a controlled foreign corporation related (within the meaning of Section 864(d)(4) of the Code) to the
issuer of the Security;

 

(ix)         any
present or future tax, levy, impost or other governmental charge which is imposed because the Holder (1) is a bank purchasing this
Security in the ordinary course of its lending business or (2) is a bank that is neither (A) buying this Security for investment
purposes only nor (B) buying this Security for resale to a third party that either is not a bank or will hold the Security for investment
purposes only;

 

(x)          any
present or future tax, levy, impost or other governmental charge which is imposed, assessed, levied or collected in respect of a payment
under or with respect to this Security to any Holder of this Security that is a fiduciary, partnership or a person other than the sole
beneficial owner of such payment or Security to the extent that the beneficiary or settlor with respect to the fiduciary, member of that
partnership or beneficial owner would not have been entitled to the Additional Amounts or would not have been subject to such tax, levy,
impost or charge had that beneficiary, settlor, member or beneficial owner been the actual Holder of this Security; or

 

(xi)         any
combination of the exceptions listed above in (i) through (x) above,

 

nor shall Additional Amounts
be paid in the event that the obligation to pay Additional Amounts is the result of the issuance of a Security in definitive form to a
Holder of a Predecessor Security at such Holder’s request upon the occurrence of an Event of Default and at the time payment is
made Securities in definitive form have not been issued in exchange for the entire principal amount of the Predecessor Securities.

 

The Issuer and the Guarantor
will remit the full amount of any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer
and the Guarantor will also provide the Trustee with documentation satisfactory to the Trustee evidencing the payment of any taxes in
respect of which the Issuer and the Guarantor have paid Additional Amounts. The Issuer and the Guarantor will provide copies of such documentation
to the Holder of this Security upon request.

 

Any reference in the Indenture
or this Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts
that may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

     

     

    

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the
Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer,
the Guarantor 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 Issuer and the Guarantor 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 herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.

 

As set forth in, and subject
to, the provisions of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect
to the Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of
the Outstanding Securities of this series shall have made written request, and offered indemnity and/or security satisfactory to the Trustee,
to the Trustee to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal
of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the
enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due dates expressed
herein.

 

No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, 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 or to convert this Security as provided in the Indenture.

 

The Securities of this series
are issuable only in registered form without coupons in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

 

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

 

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

 

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

 

Unless otherwise defined herein,
all terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

    	 

    	 

    

 

 

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security shall
be U.S.$500,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	
    Date of

 Decrease/Increase
	
    Decrease in

    Principal

 Amount
	
    Increase in

    Principal

 Amount
	
    Total Principal

    Amount

    Following such

 Decrease/Increase
	
    Notation Made

    by or on Behalf

 of Trustee

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

     

     

    

 

THIS SECURITY IS A GLOBAL REGISTERED 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 EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

ASTRAZENECA FINANCE LLC

 

1.200%
Notes due 2026

 

FULLY
AND UNCONDITIONALLY GUARANTEED BY

ASTRAZENECA
PLC

 

	No.003	U.S.$250,000,000

 

CUSIP
No. 04636NAA1

ISIN No. US04636NAA19

 

ASTRAZENECA
FINANCE LLC, a Delaware limited liability company (herein called the “Issuer”, 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 United States Dollars on May 28, 2026 and to pay interest thereon from and
including May 28, 2021 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided
for, semiannually in arrears on May 28 and November 28 in each year, commencing November 28, 2021 (each, an “Interest
Payment Date”), at the rate of 1.200% per annum, to, but excluding, the date on which the principal hereof is paid or made available
for payment. Interest will be calculated on the basis of a 360-day year and twelve 30-day months. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture (as defined below), 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
(as defined below) for such interest which shall be the 15th calendar day preceding such Interest Payment Date (whether or
not such day is a Business Day (as defined below)), as the case may be. 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 subsequent record date (the “Special Record
Date”) for the payment of such defaulted interest to be fixed by the Trustee (which shall not be less than five Business Days
prior to the date of payment of such defaulted interest), notice whereof shall be given to Holders of Securities of this series not less
than 15 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the 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 any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose
in New York City, 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; provided, however, that at the option of the Issuer 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.

 

Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

 

Unless the certificate of
authentication hereon has been executed by the Trustee by manual or pdf or other electronic image scan signature of the Trustee created
on an electronic platform (such as DocuSign) or by digital signing (such as Adobe Sign) of an authorized signatory, this Security shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

 

IN WITNESS WHEREOF, the Issuer
has caused this instrument to be duly executed.

 

Dated: May 28, 2021

 

	 	ASTRAZENECA FINANCE LLC
	 	 	 
	 	By:	/s/ David E. White
	 	 	Name: David E. White
	 	 	Title: Treasurer

 

	 	By:	/s/ Thomaz Bonato
	 	 	Name: Thomaz Bonato
	 	 	Title: Director 

 

[Signature Page —
Global Note]

 

     

     

    

 

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

 

Dated: May 28, 2021

 

	 	THE BANK OF NEW YORK MELLON
	 	As Trustee
	 	 	 
	 	By:	/s/ Latoya S. Elvin

 

     

     

    

 

 

GUARANTY

 

For
value received, AstraZeneca PLC, an English public limited company (the “Guarantor,” which term includes any
Person as a successor Guarantor under the Indenture referred to in the Security upon which this Guaranty is endorsed), hereby fully and
unconditionally guarantees to the Holder of the Security upon which this Guaranty is endorsed and to the Trustee on behalf of each such
Holder the due and punctual payment of the principal of, interest on and any additional amounts payable in respect of such Security and
the due and punctual payment of the sinking fund or analogous payments referred to therein, if any, when and as the same shall become
due and payable, whether on the stated maturity date, by declaration of acceleration, call for redemption or otherwise, according to the
terms thereof and of the Indenture referred to therein. In case of the failure of AstraZeneca Finance LLC, a limited liability company
organized under the laws of the State of Delaware (the “Issuer,” which term includes any successor Person under such
Indenture), to punctually make any such payment of principal, interest or additional amounts or any such sinking fund or analogous payment,
the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether
on the stated maturity date or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the
Issuer. The indebtedness evidenced by this Guaranty ranks equally and pari passu with all other unsecured and unsubordinated indebtedness
of the Guarantor.

 

The Guarantor hereby agrees
that its obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity
or unenforceability of such Security or such Indenture, any failure to enforce the provisions of such Security or such Indenture, or any
waiver, modification or indulgence granted to the Issuer with respect thereto, by the Holder of such Security or the Trustee or any other
circumstance that may otherwise constitute a legal or equitable discharge of a guarantor. The Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of a merger or bankruptcy of the Issuer, any right to require a proceeding
first against the Issuer, protest or notice with respect to such Security or the indebtedness evidenced thereby or with respect to any
sinking fund or analogous payment required under such Security and all demands whatsoever, and covenants that this Guaranty will not be
discharged except by payment in full of the principal of, interest on and additional amounts payable in respect of such Security. This
Guaranty is a guarantee of payment and not of collection.

 

The Guarantor shall be subrogated
to all rights of the Holder of such Security and the Trustee against the Issuer in respect of any amounts paid to such Holder by the Guarantor
pursuant to the provisions of this Guaranty; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any
payments arising out of or based upon such right of subrogation until the principal of, interest on and additional amounts payable in
respect of all Securities of the same series issued under such Indenture shall have been paid in full.

 

By executing this Guaranty,
the Guarantor becomes subject to all of the provisions contained in the Indenture applicable to the Guarantor, including without limitation
the provisions of Article XII (“Guaranty”).

 

     

     

    

 

No reference herein to such
Indenture and no provision of such Indenture shall alter or impair the guarantees of the Guarantor, which are absolute and unconditional,
of the due and punctual payment of the principal of, interest on and additional amounts payable in respect of, and any sinking fund or
analogous payments with respect to, the Security upon which this Guaranty is endorsed. This Guaranty shall not be valid or obligatory
for any purpose until the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee
under such Indenture. All terms used in this Guaranty that are defined in such Indenture shall have the meanings assigned to them in such
Indenture. This Guaranty shall be governed by and construed in accordance with the laws of the State of New York.

 

IN WITNESS whereof, the Guarantor
has caused this Guaranty to be duly executed this 28th day of May, 2021.

 

 

	 	ASTRAZENECA PLC
	 	 
	 	 	 
	 	By:	/s/ Jonathan Slade
			Name: Jonathan Slade

Title: Group Treasurer

 

	 	 	 
	 	By:	/s/ Matthew Bowden
			Name: Matthew Bowden

Title: Deputy Company Secretary

 

     

     

    

 

This Security is one of a
duly authorized issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of May 28, 2021 (herein called the “Indenture” which term shall have
the meaning assigned to it in such instrument), among the Issuer, AstraZeneca PLC, as Guarantor, and The Bank of New York Mellon, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture and to the Officers’ Certificate delivered pursuant to Section 2.08 of the Indenture with respect to
this Security for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, 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 U.S.$1,250,000,000.

 

The Securities of this series
are subject to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 10 nor more than
60 days’ notice, as follows: (i) prior to April 28, 2026 (the “Par Call Date”), at a Redemption Price
equal to the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation
Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming
for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest accrued
as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 10 basis points, and (ii) on or after the Par Call Date, at a redemption price equal to
100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest thereon
to, but excluding, the date of redemption.

 

“Business
Day” means any day which is not, in London, England or New York, New York, or the place of payment of amounts payable in respect
of the Securities, a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation
or executive order to close.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated
maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
such Securities (assuming for this purpose that such Securities matured on the Par Call Date).

 

“Comparable
Treasury Price” means, with respect to any redemption date, (i) the average, as determined by the Quotation Agent, of the
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations,
or (ii) if the Quotation Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation
Agent” means the Reference Treasury Dealer appointed by the Issuer.

 

“Reference
Treasury Dealer” means (i) each of Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley &
Co. LLC and their respective successors or affiliates; provided, however, that if any of the foregoing shall cease to be a primary
U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor
another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Issuer.

 

     

     

    

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined
by the Quotation Agent, 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 such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day
preceding such redemption date.

 

“Treasury
Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of
the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date.

 

The Indenture contains provisions
to the effect that, in the event of certain tax law changes and other limited circumstances relating to tax matters, the Issuer may redeem
all, but not less than all, of the Securities of this series, upon not less than 10 nor more than 60 days’ notice, at a price equal
to 100% of the principal amount of the Securities plus accrued interest thereon to, but excluding, the date of redemption, which provisions
apply to this Security.

 

The Issuer will give notice
of any redemption it proposes to make to DTC at least 10 days, but no more than 60 days, before the applicable redemption date, unless
provided otherwise. Any redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent and,
at the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions precedent included
at the Issuer’s discretion shall be satisfied (or waived by the Issuer) (even if more than 60 days after the giving of notice of
redemption) or the redemption date may not occur and such notice may be rescinded if all such conditions precedent included at the Issuer’s
discretion shall not have been satisfied (or waived by the Issuer).

 

In the event of redemption
of this Security 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 (x) the consummation
of the Alexion Acquisition (as defined below) does not occur on or before March 12, 2022 or (y) prior to such date, the Issuer
notifies the Trustee that it will not pursue the consummation of the Alexion Acquisition (each of (x) and (y), a “Special
Mandatory Redemption Trigger”), then, in either case, the Issuer will be required to redeem the Securities (such redemption,
the “Special Mandatory Redemption”) at a redemption price equal to 101% of the principal amount of the Securities then
outstanding plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date (the “Special
Mandatory Redemption Price”).

 

     

     

    

 

In the event that the Issuer
becomes obligated to redeem the Securities pursuant to the Special Mandatory Redemption, the Issuer will promptly, and in any event not
more than five Business Days after the date on which a Special Mandatory Redemption Trigger occurred, deliver notice to the Trustee of
the Special Mandatory Redemption and the date upon which the Securities will be redeemed (the “Special Mandatory Redemption Date,”
which date shall be no later than the third Business Day following the date of such notice) together with a notice of Special Mandatory
Redemption for the Trustee to deliver to each registered Holder of Securities to be redeemed. The Trustee will then promptly mail, or
electronically deliver, according to the procedures of DTC, such notice of Special Mandatory Redemption to each registered Holder of Securities
to be redeemed. Unless the Issuer defaults in payment of the Special Mandatory Redemption Price, on and after such Special Mandatory Redemption
Date, interest will cease to accrue on this Security.

 

Notwithstanding the foregoing,
installments of interest on this Security that are due and payable on an Interest Payment Date falling on or prior to the Special Mandatory
Redemption Date will be payable on such Interest Payment Date to the registered Holders as of the close of business on the relevant record
dates in accordance with the terms of this Security and the Indenture.

 

“Alexion Acquisition”
means the transactions contemplated by the Agreement and Plan of Merger, dated as of December 12, 2020, among AstraZeneca PLC and
the other parties thereto, with respect to the acquisition by AstraZeneca PLC of Alexion Pharmaceuticals, Inc., a Delaware corporation,
as it may be amended from time to time prior to or subsequent to the date hereof.

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth
thereon, which provisions apply to this Security.

 

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 Issuer may, at its option,
at any time and without the consent of the Holders, reopen the Securities of this series and issue additional Securities in one or more
transactions with terms (other than the issuance date and, possibly, first Interest Payment Date, original interest accrual date and issue
price) identical to the Securities of this series. These additional Securities will be deemed to have been part of the Securities of this
series and will provide the Holders of these additional Securities the right to vote together with Holders of the Securities of this series;
provided, however, that if these additional Securities are not fungible with the Securities of this series for U.S. federal income tax
purposes, these additional Securities will have a different CUSIP or other identifying number.

 

     

     

    

 

Any
amounts to be paid by the Issuer or the Guarantor under this Security will be paid without deduction or withholding for any and all present
and future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected by or for the account
of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision or taxing authority thereof
or therein, unless such withholding or deduction is required by law. The Relevant Taxing Jurisdiction for the Guarantor is the jurisdiction
in which it is resident for tax purposes (presently, the United Kingdom) and for the Issuer is the United States. If any deduction or
withholding for any present or future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected
by or for the account of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision
or taxing authority thereof or therein shall at any time be required by such jurisdiction (or any such political subdivision or taxing
authority) in respect of any amounts to be paid by the Issuer or the Guarantor under this Security, the Issuer or the Guarantor, as applicable,
will (subject to compliance by the Holder with any administrative requirements) pay such additional amounts (“Additional
Amounts”) as may be necessary in order that the net amounts paid to the Holder after such deduction or withholding, shall
be not less than the amounts to which the Holder was entitled had no such withholding or deduction been required; provided, however, that
neither the Issuer nor the Guarantor shall be required to make any payment of additional amounts for or on account of:

 

(i)            any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that the Holder (or a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder,
if such Holder is an estate, trust, partnership or corporation) is or has been a domiciliary, national or resident of, or is or has been
engaged in a trade or business in, or maintains or has maintained a permanent establishment in, or is or has been physically present in,
the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein or otherwise has or has had some
connection with the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein other than the holding
or ownership of this Security or the collection of principal, premium or interest, if any, on, or the enforcement of, this Security;

 

(ii)           any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that, where presentation is required, this Security was presented more than 30 days after the date on which such payment
became due or was provided for, whichever is later;

 

(iii)          any
estate, inheritance, gift, sale, transfer, personal property or similar tax, levy, impost or other governmental charge;

 

(iv)          any
present or future tax, levy, impost or other governmental charge which is payable otherwise than by deduction or withholding from payments
on or in respect of this Security;

 

(v)           any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the failure of the Holder or beneficial owner of this Security to comply with any certification, identification or other reporting
requirements concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with the Relevant
Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein, if compliance is required by treaty or by statute,
regulation or administrative practice of such jurisdiction or of any such political subdivision or taxing authority thereof or therein
as a condition to relief or exemption from such tax, levy, impost or other governmental charge;

 

(vi)          any
present or future tax, levy, impost or other governmental charge which the Holder would have been able to avoid by authorizing the paying
agent to report information in accordance with the procedure laid down by the relevant tax authority or by producing, in the form requested
by the relevant tax authority, a declaration, claim, certificate, document or other evidence establishing exemption therefrom;

 

     

     

    

 

(vii)         any
present or future tax, levy, impost or other governmental charge which is required by Sections 1471 through 1474 (“FATCA”)
of the Internal Revenue Code of 1986, as amended (the “Code”), any current or future U.S. Treasury regulations or rulings
promulgated thereunder, any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”),
any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with the U.S.
Internal Revenue Service under or with respect to FATCA;

 

(viii)        any
present or future tax, levy, impost or other governmental charge which is imposed or withheld because the Holder of the Security
is (1) considered a 10% shareholder (within the meaning of Sections 871(h)(3) or 881(c)(3) of the Code) of the issuer of
the Security or (2) a controlled foreign corporation related (within the meaning of Section 864(d)(4) of the Code) to the
issuer of the Security;

 

(ix)           any
present or future tax, levy, impost or other governmental charge which is imposed because the Holder (1) is a bank purchasing this
Security in the ordinary course of its lending business or (2) is a bank that is neither (A) buying this Security for investment
purposes only nor (B) buying this Security for resale to a third party that either is not a bank or will hold the Security for investment
purposes only;

 

(x)            any
present or future tax, levy, impost or other governmental charge which is imposed, assessed, levied or collected in respect of a payment
under or with respect to this Security to any Holder of this Security that is a fiduciary, partnership or a person other than the sole
beneficial owner of such payment or Security to the extent that the beneficiary or settlor with respect to the fiduciary, member of that
partnership or beneficial owner would not have been entitled to the Additional Amounts or would not have been subject to such tax, levy,
impost or charge had that beneficiary, settlor, member or beneficial owner been the actual Holder of this Security; or

 

(xi)           any
combination of the exceptions listed above in (i) through (x) above,

 

nor shall Additional Amounts
be paid in the event that the obligation to pay Additional Amounts is the result of the issuance of a Security in definitive form to a
Holder of a Predecessor Security at such Holder’s request upon the occurrence of an Event of Default and at the time payment is
made Securities in definitive form have not been issued in exchange for the entire principal amount of the Predecessor Securities.

 

The Issuer and the Guarantor
will remit the full amount of any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer
and the Guarantor will also provide the Trustee with documentation satisfactory to the Trustee evidencing the payment of any taxes in
respect of which the Issuer and the Guarantor have paid Additional Amounts. The Issuer and the Guarantor will provide copies of such documentation
to the Holder of this Security upon request.

 

Any reference in the Indenture
or this Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts
that may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

     

     

    

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the
Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer,
the Guarantor 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 Issuer and the Guarantor 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 herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.

 

As set forth in, and subject
to, the provisions of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect
to the Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of
the Outstanding Securities of this series shall have made written request, and offered indemnity and/or security satisfactory to the Trustee,
to the Trustee to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal
of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the
enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due dates expressed
herein.

 

No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, 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 or to convert this Security as provided in the Indenture.

 

The Securities of this series
are issuable only in registered form without coupons in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

 

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

 

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

 

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

 

Unless otherwise defined herein,
all terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

 

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security shall
be U.S.$250,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	Date of 
 Decrease/Increase	 	Decrease in 
 Principal 
 Amount	 	Increase in 
 Principal 
 Amount	 	Total Principal 
 Amount
 Following such 
 Decrease/Increase	 	Notation Made 
 by or on Behalf 
 of Trustee
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

Exhibit C

 

     

     

    

 

THIS SECURITY IS A GLOBAL REGISTERED 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 EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

ASTRAZENECA FINANCE LLC

 

1.750%
Notes due 2028

 

FULLY
AND UNCONDITIONALLY GUARANTEED BY

ASTRAZENECA
PLC

 

	No. 001	U.S.$500,000,000

 

CUSIP
No. 04636NAE3

ISIN No. US04636NAE31

 

ASTRAZENECA
FINANCE LLC, a Delaware limited liability company (herein called the “Issuer”, 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 United States Dollars on May 28, 2028 and to pay interest thereon from and including
May 28, 2021 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for,
semiannually in arrears on May 28 and November 28 in each year, commencing November 28, 2021 (each, an “Interest
Payment Date”), at the rate of 1.750% per annum, to, but excluding, the date on which the principal hereof is paid or made available
for payment. Interest will be calculated on the basis of a 360-day year and twelve 30-day months. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture (as defined below), 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
(as defined below) for such interest which shall be the 15th calendar day preceding such Interest Payment Date (whether or
not such day is a Business Day (as defined below)), as the case may be. 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 subsequent record date (the “Special Record
Date”) for the payment of such defaulted interest to be fixed by the Trustee (which shall not be less than five Business Days
prior to the date of payment of such defaulted interest), notice whereof shall be given to Holders of Securities of this series not less
than 15 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the 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 any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose
in New York City, 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; provided, however, that at the option of the Issuer 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.

 

Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

 

Unless the certificate of
authentication hereon has been executed by the Trustee by manual or pdf or other electronic image scan signature of the Trustee created
on an electronic platform (such as DocuSign) or by digital signing (such as Adobe Sign) of an authorized signatory, this Security shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

 

IN WITNESS WHEREOF, the Issuer
has caused this instrument to be duly executed.

 

Dated: May 28, 2021

 

 

	 	ASTRAZENECA FINANCE LLC
	 	 	 
	 	 	 
	 	By:	/s/ David E. White
			Name: David E. White

Title: Treasurer

 

	 	 	 
	 	By:	/s/ Thomaz Bonato
			Name: Thomaz Bonato

Title: Director

 

[Signature
Page — Global Note]

 

     

     

    

 

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

 

Dated: May 28, 2021

 

	 	THE BANK OF NEW YORK MELLON

As Trustee
	 	 
	 	 
	 	By:	/s/ Latoya S. Elvin

 

     

     

    

 

 

GUARANTY

 

For
value received, AstraZeneca PLC, an English public limited company (the “Guarantor,” which term includes any
Person as a successor Guarantor under the Indenture referred to in the Security upon which this Guaranty is endorsed), hereby fully and
unconditionally guarantees to the Holder of the Security upon which this Guaranty is endorsed and to the Trustee on behalf of each such
Holder the due and punctual payment of the principal of, interest on and any additional amounts payable in respect of such Security and
the due and punctual payment of the sinking fund or analogous payments referred to therein, if any, when and as the same shall become
due and payable, whether on the stated maturity date, by declaration of acceleration, call for redemption or otherwise, according to the
terms thereof and of the Indenture referred to therein. In case of the failure of AstraZeneca Finance LLC, a limited liability company
organized under the laws of the State of Delaware (the “Issuer,” which term includes any successor Person under such
Indenture), to punctually make any such payment of principal, interest or additional amounts or any such sinking fund or analogous payment,
the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether
on the stated maturity date or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the
Issuer. The indebtedness evidenced by this Guaranty ranks equally and pari passu with all other unsecured and unsubordinated indebtedness
of the Guarantor.

 

The Guarantor hereby agrees
that its obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity
or unenforceability of such Security or such Indenture, any failure to enforce the provisions of such Security or such Indenture, or any
waiver, modification or indulgence granted to the Issuer with respect thereto, by the Holder of such Security or the Trustee or any other
circumstance that may otherwise constitute a legal or equitable discharge of a guarantor. The Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of a merger or bankruptcy of the Issuer, any right to require a proceeding
first against the Issuer, protest or notice with respect to such Security or the indebtedness evidenced thereby or with respect to any
sinking fund or analogous payment required under such Security and all demands whatsoever, and covenants that this Guaranty will not be
discharged except by payment in full of the principal of, interest on and additional amounts payable in respect of such Security. This
Guaranty is a guarantee of payment and not of collection.

 

The Guarantor shall be subrogated
to all rights of the Holder of such Security and the Trustee against the Issuer in respect of any amounts paid to such Holder by the Guarantor
pursuant to the provisions of this Guaranty; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any
payments arising out of or based upon such right of subrogation until the principal of, interest on and additional amounts payable in
respect of all Securities of the same series issued under such Indenture shall have been paid in full.

 

By executing this Guaranty,
the Guarantor becomes subject to all of the provisions contained in the Indenture applicable to the Guarantor, including without limitation
the provisions of Article XII (“Guaranty”).

 

     

     

    

 

No reference herein to such
Indenture and no provision of such Indenture shall alter or impair the guarantees of the Guarantor, which are absolute and unconditional,
of the due and punctual payment of the principal of, interest on and additional amounts payable in respect of, and any sinking fund or
analogous payments with respect to, the Security upon which this Guaranty is endorsed. This Guaranty shall not be valid or obligatory
for any purpose until the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee
under such Indenture. All terms used in this Guaranty that are defined in such Indenture shall have the meanings assigned to them in such
Indenture. This Guaranty shall be governed by and construed in accordance with the laws of the State of New York.

 

IN WITNESS whereof, the Guarantor
has caused this Guaranty to be duly executed this 28th day of May, 2021.

 

 

	 	ASTRAZENECA PLC
	 	 
	 	 	 
	 	By:	/s/ Jonathan Slade
			Name: Jonathan Slade

Title: Group Treasurer

 

	 	 	 
	 	By:	/s/ Matthew Bowden
			Name: Matthew Bowden

Title: Deputy Company Secretary

 

     

     

    

 

This Security is one of a
duly authorized issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of May 28, 2021 (herein called the “Indenture” which term shall have
the meaning assigned to it in such instrument), among the Issuer, AstraZeneca PLC, as Guarantor, and The Bank of New York Mellon, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture and to the Officers’ Certificate delivered pursuant to Section 2.08 of the Indenture with respect to
this Security for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, 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 U.S.$1,250,000,000.

 

The Securities of this series
are subject to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 10 nor more than
60 days’ notice, as follows: (i) prior to March 28, 2028 (the “Par Call Date”), at a Redemption Price
equal to the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation
Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming
for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest accrued
as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 10 basis points, and (ii) on or after the Par Call Date, at a redemption price equal to
100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest thereon
to, but excluding, the date of redemption.

 

“Business
Day” means any day which is not, in London, England or New York, New York, or the place of payment of amounts payable in respect
of the Securities, a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation
or executive order to close.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated
maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
such Securities (assuming for this purpose that such Securities matured on the Par Call Date).

 

“Comparable
Treasury Price” means, with respect to any redemption date, (i) the average, as determined by the Quotation Agent, of the
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations,
or (ii) if the Quotation Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation
Agent” means the Reference Treasury Dealer appointed by the Issuer.

 

“Reference
Treasury Dealer” means (i) each of Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley &
Co. LLC and their respective successors or affiliates; provided, however, that if any of the foregoing shall cease to be a primary
U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor
another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Issuer.

 

     

     

    

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined
by the Quotation Agent, 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 such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day
preceding such redemption date.

 

“Treasury
Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of
the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date.

 

The Indenture contains provisions
to the effect that, in the event of certain tax law changes and other limited circumstances relating to tax matters, the Issuer may redeem
all, but not less than all, of the Securities of this series, upon not less than 10 nor more than 60 days’ notice, at a price equal
to 100% of the principal amount of the Securities plus accrued interest thereon to, but excluding, the date of redemption, which provisions
apply to this Security.

 

The Issuer will give notice
of any redemption it proposes to make to DTC at least 10 days, but no more than 60 days, before the applicable redemption date, unless
provided otherwise. Any redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent and,
at the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions precedent included
at the Issuer’s discretion shall be satisfied (or waived by the Issuer) (even if more than 60 days after the giving of notice of
redemption) or the redemption date may not occur and such notice may be rescinded if all such conditions precedent included at the Issuer’s
discretion shall not have been satisfied (or waived by the Issuer).

 

In the event of redemption
of this Security 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 (x) the consummation
of the Alexion Acquisition (as defined below) does not occur on or before March 12, 2022 or (y) prior to such date, the Issuer
notifies the Trustee that it will not pursue the consummation of the Alexion Acquisition (each of (x) and (y), a “Special
Mandatory Redemption Trigger”), then, in either case, the Issuer will be required to redeem the Securities (such redemption,
the “Special Mandatory Redemption”) at a redemption price equal to 101% of the principal amount of the Securities then
outstanding plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date (the “Special
Mandatory Redemption Price”).

 

     

     

    

 

In the event that the Issuer
becomes obligated to redeem the Securities pursuant to the Special Mandatory Redemption, the Issuer will promptly, and in any event not
more than five Business Days after the date on which a Special Mandatory Redemption Trigger occurred, deliver notice to the Trustee of
the Special Mandatory Redemption and the date upon which the Securities will be redeemed (the “Special Mandatory Redemption Date,”
which date shall be no later than the third Business Day following the date of such notice) together with a notice of Special Mandatory
Redemption for the Trustee to deliver to each registered Holder of Securities to be redeemed. The Trustee will then promptly mail, or
electronically deliver, according to the procedures of DTC, such notice of Special Mandatory Redemption to each registered Holder of Securities
to be redeemed. Unless the Issuer defaults in payment of the Special Mandatory Redemption Price, on and after such Special Mandatory Redemption
Date, interest will cease to accrue on this Security.

 

Notwithstanding the foregoing,
installments of interest on this Security that are due and payable on an Interest Payment Date falling on or prior to the Special Mandatory
Redemption Date will be payable on such Interest Payment Date to the registered Holders as of the close of business on the relevant record
dates in accordance with the terms of this Security and the Indenture.

 

“Alexion Acquisition”
means the transactions contemplated by the Agreement and Plan of Merger, dated as of December 12, 2020, among AstraZeneca PLC and
the other parties thereto, with respect to the acquisition by AstraZeneca PLC of Alexion Pharmaceuticals, Inc., a Delaware corporation,
as it may be amended from time to time prior to or subsequent to the date hereof.

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth
thereon, which provisions apply to this Security.

 

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 Issuer may, at its option,
at any time and without the consent of the Holders, reopen the Securities of this series and issue additional Securities in one or more
transactions with terms (other than the issuance date and, possibly, first Interest Payment Date, original interest accrual date and issue
price) identical to the Securities of this series. These additional Securities will be deemed to have been part of the Securities of this
series and will provide the Holders of these additional Securities the right to vote together with Holders of the Securities of this series;
provided, however, that if these additional Securities are not fungible with the Securities of this series for U.S. federal income tax
purposes, these additional Securities will have a different CUSIP or other identifying number.

 

     

     

    

 

Any
amounts to be paid by the Issuer or the Guarantor under this Security will be paid without deduction or withholding for any and all present
and future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected by or for the account
of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision or taxing authority thereof
or therein, unless such withholding or deduction is required by law. The Relevant Taxing Jurisdiction for the Guarantor is the jurisdiction
in which it is resident for tax purposes (presently, the United Kingdom) and for the Issuer is the United States. If any deduction or
withholding for any present or future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected
by or for the account of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision
or taxing authority thereof or therein shall at any time be required by such jurisdiction (or any such political subdivision or taxing
authority) in respect of any amounts to be paid by the Issuer or the Guarantor under this Security, the Issuer or the Guarantor, as applicable,
will (subject to compliance by the Holder with any administrative requirements) pay such additional amounts (“Additional
Amounts”) as may be necessary in order that the net amounts paid to the Holder after such deduction or withholding, shall
be not less than the amounts to which the Holder was entitled had no such withholding or deduction been required; provided, however, that
neither the Issuer nor the Guarantor shall be required to make any payment of additional amounts for or on account of:

 

(i)            any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that the Holder (or a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder,
if such Holder is an estate, trust, partnership or corporation) is or has been a domiciliary, national or resident of, or is or has been
engaged in a trade or business in, or maintains or has maintained a permanent establishment in, or is or has been physically present in,
the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein or otherwise has or has had some
connection with the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein other than the holding
or ownership of this Security or the collection of principal, premium or interest, if any, on, or the enforcement of, this Security;

 

(ii)           any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that, where presentation is required, this Security was presented more than 30 days after the date on which such payment
became due or was provided for, whichever is later;

 

(iii)          any
estate, inheritance, gift, sale, transfer, personal property or similar tax, levy, impost or other governmental charge;

 

(iv)          any
present or future tax, levy, impost or other governmental charge which is payable otherwise than by deduction or withholding from payments
on or in respect of this Security;

 

(v)           any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the failure of the Holder or beneficial owner of this Security to comply with any certification, identification or other reporting
requirements concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with the Relevant
Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein, if compliance is required by treaty or by statute,
regulation or administrative practice of such jurisdiction or of any such political subdivision or taxing authority thereof or therein
as a condition to relief or exemption from such tax, levy, impost or other governmental charge;

 

     

     

    

 

(vi)          any
present or future tax, levy, impost or other governmental charge which the Holder would have been able to avoid by authorizing the paying
agent to report information in accordance with the procedure laid down by the relevant tax authority or by producing, in the form requested
by the relevant tax authority, a declaration, claim, certificate, document or other evidence establishing exemption therefrom;

 

(vii)         any
present or future tax, levy, impost or other governmental charge which is required by Sections 1471 through 1474 (“FATCA”)
of the Internal Revenue Code of 1986, as amended (the “Code”), any current or future U.S. Treasury regulations or rulings
promulgated thereunder, any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”),
any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with the U.S.
Internal Revenue Service under or with respect to FATCA;

 

(viii)        any
present or future tax, levy, impost or other governmental charge which is imposed or withheld because the Holder of the Security
is (1) considered a 10% shareholder (within the meaning of Sections 871(h)(3) or 881(c)(3) of the Code) of the issuer of
the Security or (2) a controlled foreign corporation related (within the meaning of Section 864(d)(4) of the Code) to the
issuer of the Security;

 

(ix)          any
present or future tax, levy, impost or other governmental charge which is imposed because the Holder (1) is a bank purchasing this
Security in the ordinary course of its lending business or (2) is a bank that is neither (A) buying this Security for investment
purposes only nor (B) buying this Security for resale to a third party that either is not a bank or will hold the Security for investment
purposes only;

 

(x)           any
present or future tax, levy, impost or other governmental charge which is imposed, assessed, levied or collected in respect of a payment
under or with respect to this Security to any Holder of this Security that is a fiduciary, partnership or a person other than the sole
beneficial owner of such payment or Security to the extent that the beneficiary or settlor with respect to the fiduciary, member of that
partnership or beneficial owner would not have been entitled to the Additional Amounts or would not have been subject to such tax, levy,
impost or charge had that beneficiary, settlor, member or beneficial owner been the actual Holder of this Security; or

 

(xi)          any
combination of the exceptions listed above in (i) through (x) above,

 

nor shall Additional Amounts
be paid in the event that the obligation to pay Additional Amounts is the result of the issuance of a Security in definitive form to a
Holder of a Predecessor Security at such Holder’s request upon the occurrence of an Event of Default and at the time payment is
made Securities in definitive form have not been issued in exchange for the entire principal amount of the Predecessor Securities.

 

The Issuer and the Guarantor
will remit the full amount of any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer
and the Guarantor will also provide the Trustee with documentation satisfactory to the Trustee evidencing the payment of any taxes in
respect of which the Issuer and the Guarantor have paid Additional Amounts. The Issuer and the Guarantor will provide copies of such documentation
to the Holder of this Security upon request.

 

Any reference in the Indenture
or this Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts
that may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

     

     

    

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the
Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer,
the Guarantor 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 Issuer and the Guarantor 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 herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.

 

As set forth in, and subject
to, the provisions of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect
to the Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of
the Outstanding Securities of this series shall have made written request, and offered indemnity and/or security satisfactory to the Trustee,
to the Trustee to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal
of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the
enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due dates expressed
herein.

 

No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, 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 or to convert this Security as provided in the Indenture.

 

The Securities of this series
are issuable only in registered form without coupons in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

 

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

 

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

 

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

 

Unless otherwise defined herein,
all terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

 

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security shall
be U.S.$500,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	Date of 
 Decrease/Increase	 	Decrease in 
 Principal 
 Amount	 	Increase in 
 Principal 
 Amount	 	Total Principal 
 Amount
 Following such 
 Decrease/Increase	 	Notation Made 
 by or on Behalf 
 of Trustee
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

THIS SECURITY IS A GLOBAL REGISTERED 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 EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

ASTRAZENECA FINANCE LLC

 

1.750%
Notes due 2028

 

FULLY
AND UNCONDITIONALLY GUARANTEED BY

ASTRAZENECA
PLC

 

	No. 002	U.S.$500,000,000

 

CUSIP
No. 04636NAE3

ISIN No. US04636NAE31

 

ASTRAZENECA
FINANCE LLC, a Delaware limited liability company (herein called the “Issuer”, 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 United States Dollars on May 28, 2028 and to pay interest thereon from and including
May 28, 2021 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for,
semiannually in arrears on May 28 and November 28 in each year, commencing November 28, 2021 (each, an “Interest
Payment Date”), at the rate of 1.750% per annum, to, but excluding, the date on which the principal hereof is paid or made available
for payment. Interest will be calculated on the basis of a 360-day year and twelve 30-day months. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture (as defined below), 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
(as defined below) for such interest which shall be the 15th calendar day preceding such Interest Payment Date (whether or
not such day is a Business Day (as defined below)), as the case may be. 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 subsequent record date (the “Special Record
Date”) for the payment of such defaulted interest to be fixed by the Trustee (which shall not be less than five Business Days
prior to the date of payment of such defaulted interest), notice whereof shall be given to Holders of Securities of this series not less
than 15 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the 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 any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose
in New York City, 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; provided, however, that at the option of the Issuer 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.

 

Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

 

Unless the certificate of
authentication hereon has been executed by the Trustee by manual or pdf or other electronic image scan signature of the Trustee created
on an electronic platform (such as DocuSign) or by digital signing (such as Adobe Sign) of an authorized signatory, this Security shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

 

IN WITNESS WHEREOF, the Issuer
has caused this instrument to be duly executed.

 

Dated: May 28, 2021

 

 

	 	ASTRAZENECA FINANCE LLC
	 	 	 
	 	 	 
	 	By:	/s/ David E. White
			Name: David E. White

Title: Treasurer

 

	 	 	 
	 	By:	/s/ Thomaz Bonato
			Name: Thomaz Bonato

                                            Title: Director

 

[Signature
Page — Global Note]

 

     

     

    

 

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

 

Dated: May 28, 2021

 

	 	THE BANK OF NEW YORK MELLON

As Trustee
	 	 
	 	 
	 	By:	/s/ Latoya S. Elvin

 

     

     

    

 

 

GUARANTY

 

For
value received, AstraZeneca PLC, an English public limited company (the “Guarantor,” which term includes any
Person as a successor Guarantor under the Indenture referred to in the Security upon which this Guaranty is endorsed), hereby fully and
unconditionally guarantees to the Holder of the Security upon which this Guaranty is endorsed and to the Trustee on behalf of each such
Holder the due and punctual payment of the principal of, interest on and any additional amounts payable in respect of such Security and
the due and punctual payment of the sinking fund or analogous payments referred to therein, if any, when and as the same shall become
due and payable, whether on the stated maturity date, by declaration of acceleration, call for redemption or otherwise, according to the
terms thereof and of the Indenture referred to therein. In case of the failure of AstraZeneca Finance LLC, a limited liability company
organized under the laws of the State of Delaware (the “Issuer,” which term includes any successor Person under such
Indenture), to punctually make any such payment of principal, interest or additional amounts or any such sinking fund or analogous payment,
the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether
on the stated maturity date or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the
Issuer. The indebtedness evidenced by this Guaranty ranks equally and pari passu with all other unsecured and unsubordinated indebtedness
of the Guarantor.

 

The Guarantor hereby agrees
that its obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity
or unenforceability of such Security or such Indenture, any failure to enforce the provisions of such Security or such Indenture, or any
waiver, modification or indulgence granted to the Issuer with respect thereto, by the Holder of such Security or the Trustee or any other
circumstance that may otherwise constitute a legal or equitable discharge of a guarantor. The Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of a merger or bankruptcy of the Issuer, any right to require a proceeding
first against the Issuer, protest or notice with respect to such Security or the indebtedness evidenced thereby or with respect to any
sinking fund or analogous payment required under such Security and all demands whatsoever, and covenants that this Guaranty will not be
discharged except by payment in full of the principal of, interest on and additional amounts payable in respect of such Security. This
Guaranty is a guarantee of payment and not of collection.

 

The Guarantor shall be subrogated
to all rights of the Holder of such Security and the Trustee against the Issuer in respect of any amounts paid to such Holder by the Guarantor
pursuant to the provisions of this Guaranty; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any
payments arising out of or based upon such right of subrogation until the principal of, interest on and additional amounts payable in
respect of all Securities of the same series issued under such Indenture shall have been paid in full.

 

By executing this Guaranty,
the Guarantor becomes subject to all of the provisions contained in the Indenture applicable to the Guarantor, including without limitation
the provisions of Article XII (“Guaranty”).

 

     

     

    

 

No reference herein to such
Indenture and no provision of such Indenture shall alter or impair the guarantees of the Guarantor, which are absolute and unconditional,
of the due and punctual payment of the principal of, interest on and additional amounts payable in respect of, and any sinking fund or
analogous payments with respect to, the Security upon which this Guaranty is endorsed. This Guaranty shall not be valid or obligatory
for any purpose until the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee
under such Indenture. All terms used in this Guaranty that are defined in such Indenture shall have the meanings assigned to them in such
Indenture. This Guaranty shall be governed by and construed in accordance with the laws of the State of New York.

 

IN WITNESS whereof, the Guarantor
has caused this Guaranty to be duly executed this 28th day of May, 2021.

 

	 	ASTRAZENECA PLC
	 	 	 
		By:	/s/ Jonathan Slade

                                                                    

                                                                    

	 	 	Name: Jonathan Slade
	 	 	Title: Group Treasurer

 

		By:	/s/ Matthew Bowden
	 	 	Name: Matthew Bowden
	 	 	Title: Deputy Company Secretary

 

     

     

    

 

This Security is one of a
duly authorized issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of May 28, 2021 (herein called the “Indenture” which term shall have
the meaning assigned to it in such instrument), among the Issuer, AstraZeneca PLC, as Guarantor, and The Bank of New York Mellon, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture and to the Officers’ Certificate delivered pursuant to Section 2.08 of the Indenture with respect to
this Security for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, 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 U.S.$1,250,000,000.

 

The Securities of this series
are subject to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 10 nor more than
60 days’ notice, as follows: (i) prior to March 28, 2028 (the “Par Call Date”), at a Redemption Price
equal to the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation
Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming
for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest accrued
as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 10 basis points, and (ii) on or after the Par Call Date, at a redemption price equal to
100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest thereon
to, but excluding, the date of redemption.

 

“Business
Day” means any day which is not, in London, England or New York, New York, or the place of payment of amounts payable in respect
of the Securities, a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation
or executive order to close.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated
maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
such Securities (assuming for this purpose that such Securities matured on the Par Call Date).

 

“Comparable
Treasury Price” means, with respect to any redemption date, (i) the average, as determined by the Quotation Agent, of the
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations,
or (ii) if the Quotation Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation
Agent” means the Reference Treasury Dealer appointed by the Issuer.

 

“Reference
Treasury Dealer” means (i) each of Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley &
Co. LLC and their respective successors or affiliates; provided, however, that if any of the foregoing shall cease to be a primary
U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor
another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Issuer.

 

     

     

    

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined
by the Quotation Agent, 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 such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day
preceding such redemption date.

 

“Treasury
Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of
the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date.

 

The Indenture contains provisions
to the effect that, in the event of certain tax law changes and other limited circumstances relating to tax matters, the Issuer may redeem
all, but not less than all, of the Securities of this series, upon not less than 10 nor more than 60 days’ notice, at a price equal
to 100% of the principal amount of the Securities plus accrued interest thereon to, but excluding, the date of redemption, which provisions
apply to this Security.

 

The Issuer will give notice
of any redemption it proposes to make to DTC at least 10 days, but no more than 60 days, before the applicable redemption date, unless
provided otherwise. Any redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent and,
at the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions precedent included
at the Issuer’s discretion shall be satisfied (or waived by the Issuer) (even if more than 60 days after the giving of notice of
redemption) or the redemption date may not occur and such notice may be rescinded if all such conditions precedent included at the Issuer’s
discretion shall not have been satisfied (or waived by the Issuer).

 

In the event of redemption
of this Security 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 (x) the consummation
of the Alexion Acquisition (as defined below) does not occur on or before March 12, 2022 or (y) prior to such date, the Issuer
notifies the Trustee that it will not pursue the consummation of the Alexion Acquisition (each of (x) and (y), a “Special
Mandatory Redemption Trigger”), then, in either case, the Issuer will be required to redeem the Securities (such redemption,
the “Special Mandatory Redemption”) at a redemption price equal to 101% of the principal amount of the Securities then
outstanding plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date (the “Special
Mandatory Redemption Price”).

 

     

     

    

 

In the event that the Issuer
becomes obligated to redeem the Securities pursuant to the Special Mandatory Redemption, the Issuer will promptly, and in any event not
more than five Business Days after the date on which a Special Mandatory Redemption Trigger occurred, deliver notice to the Trustee of
the Special Mandatory Redemption and the date upon which the Securities will be redeemed (the “Special Mandatory Redemption Date,”
which date shall be no later than the third Business Day following the date of such notice) together with a notice of Special Mandatory
Redemption for the Trustee to deliver to each registered Holder of Securities to be redeemed. The Trustee will then promptly mail, or
electronically deliver, according to the procedures of DTC, such notice of Special Mandatory Redemption to each registered Holder of Securities
to be redeemed. Unless the Issuer defaults in payment of the Special Mandatory Redemption Price, on and after such Special Mandatory Redemption
Date, interest will cease to accrue on this Security.

 

Notwithstanding the foregoing,
installments of interest on this Security that are due and payable on an Interest Payment Date falling on or prior to the Special Mandatory
Redemption Date will be payable on such Interest Payment Date to the registered Holders as of the close of business on the relevant record
dates in accordance with the terms of this Security and the Indenture.

 

“Alexion Acquisition”
means the transactions contemplated by the Agreement and Plan of Merger, dated as of December 12, 2020, among AstraZeneca PLC and
the other parties thereto, with respect to the acquisition by AstraZeneca PLC of Alexion Pharmaceuticals, Inc., a Delaware corporation,
as it may be amended from time to time prior to or subsequent to the date hereof.

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth
thereon, which provisions apply to this Security.

 

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 Issuer may, at its option,
at any time and without the consent of the Holders, reopen the Securities of this series and issue additional Securities in one or more
transactions with terms (other than the issuance date and, possibly, first Interest Payment Date, original interest accrual date and issue
price) identical to the Securities of this series. These additional Securities will be deemed to have been part of the Securities of this
series and will provide the Holders of these additional Securities the right to vote together with Holders of the Securities of this series;
provided, however, that if these additional Securities are not fungible with the Securities of this series for U.S. federal income tax
purposes, these additional Securities will have a different CUSIP or other identifying number.

 

     

     

    

 

Any
amounts to be paid by the Issuer or the Guarantor under this Security will be paid without deduction or withholding for any and all present
and future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected by or for the account
of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision or taxing authority thereof
or therein, unless such withholding or deduction is required by law. The Relevant Taxing Jurisdiction for the Guarantor is the jurisdiction
in which it is resident for tax purposes (presently, the United Kingdom) and for the Issuer is the United States. If any deduction or
withholding for any present or future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected
by or for the account of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision
or taxing authority thereof or therein shall at any time be required by such jurisdiction (or any such political subdivision or taxing
authority) in respect of any amounts to be paid by the Issuer or the Guarantor under this Security, the Issuer or the Guarantor, as applicable,
will (subject to compliance by the Holder with any administrative requirements) pay such additional amounts (“Additional
Amounts”) as may be necessary in order that the net amounts paid to the Holder after such deduction or withholding, shall
be not less than the amounts to which the Holder was entitled had no such withholding or deduction been required; provided, however, that
neither the Issuer nor the Guarantor shall be required to make any payment of additional amounts for or on account of:

 

(i)            any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that the Holder (or a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder,
if such Holder is an estate, trust, partnership or corporation) is or has been a domiciliary, national or resident of, or is or has been
engaged in a trade or business in, or maintains or has maintained a permanent establishment in, or is or has been physically present in,
the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein or otherwise has or has had some
connection with the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein other than the holding
or ownership of this Security or the collection of principal, premium or interest, if any, on, or the enforcement of, this Security;

 

(ii)          any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that, where presentation is required, this Security was presented more than 30 days after the date on which such payment
became due or was provided for, whichever is later;

 

(iii)          any
estate, inheritance, gift, sale, transfer, personal property or similar tax, levy, impost or other governmental charge;

 

(iv)         any
present or future tax, levy, impost or other governmental charge which is payable otherwise than by deduction or withholding from payments
on or in respect of this Security;

 

(v)          any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the failure of the Holder or beneficial owner of this Security to comply with any certification, identification or other reporting
requirements concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with the Relevant
Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein, if compliance is required by treaty or by statute,
regulation or administrative practice of such jurisdiction or of any such political subdivision or taxing authority thereof or therein
as a condition to relief or exemption from such tax, levy, impost or other governmental charge;

 

(vi)         any
present or future tax, levy, impost or other governmental charge which the Holder would have been able to avoid by authorizing the paying
agent to report information in accordance with the procedure laid down by the relevant tax authority or by producing, in the form requested
by the relevant tax authority, a declaration, claim, certificate, document or other evidence establishing exemption therefrom;

 

     

     

    

 

(vii)         any
present or future tax, levy, impost or other governmental charge which is required by Sections 1471 through 1474 (“FATCA”)
of the Internal Revenue Code of 1986, as amended (the “Code”), any current or future U.S. Treasury regulations or rulings
promulgated thereunder, any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”),
any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with the U.S.
Internal Revenue Service under or with respect to FATCA;

 

(viii)         any
present or future tax, levy, impost or other governmental charge which is imposed or withheld because the Holder of the Security
is (1) considered a 10% shareholder (within the meaning of Sections 871(h)(3) or 881(c)(3) of the Code) of the issuer of
the Security or (2) a controlled foreign corporation related (within the meaning of Section 864(d)(4) of the Code) to the
issuer of the Security;

 

(ix)         any
present or future tax, levy, impost or other governmental charge which is imposed because the Holder (1) is a bank purchasing this
Security in the ordinary course of its lending business or (2) is a bank that is neither (A) buying this Security for investment
purposes only nor (B) buying this Security for resale to a third party that either is not a bank or will hold the Security for investment
purposes only;

 

(x)            any
present or future tax, levy, impost or other governmental charge which is imposed, assessed, levied or collected in respect of a payment
under or with respect to this Security to any Holder of this Security that is a fiduciary, partnership or a person other than the sole
beneficial owner of such payment or Security to the extent that the beneficiary or settlor with respect to the fiduciary, member of that
partnership or beneficial owner would not have been entitled to the Additional Amounts or would not have been subject to such tax, levy,
impost or charge had that beneficiary, settlor, member or beneficial owner been the actual Holder of this Security; or

 

(xi)            any
combination of the exceptions listed above in (i) through (x) above,

 

nor shall Additional Amounts
be paid in the event that the obligation to pay Additional Amounts is the result of the issuance of a Security in definitive form to a
Holder of a Predecessor Security at such Holder’s request upon the occurrence of an Event of Default and at the time payment is
made Securities in definitive form have not been issued in exchange for the entire principal amount of the Predecessor Securities.

 

The Issuer and the Guarantor
will remit the full amount of any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer
and the Guarantor will also provide the Trustee with documentation satisfactory to the Trustee evidencing the payment of any taxes in
respect of which the Issuer and the Guarantor have paid Additional Amounts. The Issuer and the Guarantor will provide copies of such documentation
to the Holder of this Security upon request.

 

Any reference in the Indenture
or this Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts
that may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

     

     

    

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the
Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer,
the Guarantor 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 Issuer and the Guarantor 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 herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.

 

As set forth in, and subject
to, the provisions of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect
to the Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of
the Outstanding Securities of this series shall have made written request, and offered indemnity and/or security satisfactory to the Trustee,
to the Trustee to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal
of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the
enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due dates expressed
herein.

 

No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, 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 or to convert this Security as provided in the Indenture.

 

The Securities of this series
are issuable only in registered form without coupons in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

 

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

 

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

 

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

 

Unless otherwise defined herein,
all terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

 

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security shall
be U.S.$500,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	
    Date of

 Decrease/Increase
	 	
    Decrease in

    Principal 

Amount
	 	
    Increase in
    

Principal

 Amount
	 	
    Total Principal

    Amount

    Following such

 Decrease/Increase
	 	
    Notation Made
    

by or on Behalf

 of Trustee

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

THIS SECURITY IS A GLOBAL REGISTERED 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 EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

ASTRAZENECA FINANCE LLC

 

1.750%
Notes due 2028

 

FULLY
AND UNCONDITIONALLY GUARANTEED BY

ASTRAZENECA
PLC

 

	No. 003	 	     U.S.$250,000,000

 

CUSIP
No. 04636NAE3

ISIN No. US04636NAE31

 

ASTRAZENECA
FINANCE LLC, a Delaware limited liability company (herein called the “Issuer”, 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 United States Dollars on May 28, 2028 and to pay interest thereon from and
including May 28, 2021 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided
for, semiannually in arrears on May 28 and November 28 in each year, commencing November 28, 2021 (each, an “Interest
Payment Date”), at the rate of 1.750% per annum, to, but excluding, the date on which the principal hereof is paid or made available
for payment. Interest will be calculated on the basis of a 360-day year and twelve 30-day months. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture (as defined below), 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
(as defined below) for such interest which shall be the 15th calendar day preceding such Interest Payment Date (whether or
not such day is a Business Day (as defined below)), as the case may be. 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 subsequent record date (the “Special Record
Date”) for the payment of such defaulted interest to be fixed by the Trustee (which shall not be less than five Business Days
prior to the date of payment of such defaulted interest), notice whereof shall be given to Holders of Securities of this series not less
than 15 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the 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 any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose
in New York City, 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; provided, however, that at the option of the Issuer 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.

 

Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

 

Unless the certificate of
authentication hereon has been executed by the Trustee by manual or pdf or other electronic image scan signature of the Trustee created
on an electronic platform (such as DocuSign) or by digital signing (such as Adobe Sign) of an authorized signatory, this Security shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

 

IN WITNESS WHEREOF, the Issuer
has caused this instrument to be duly executed.

 

Dated: May 28, 2021

 

	 	ASTRAZENECA FINANCE LLC
	 	 	 
		By:	/s/ David E. White

                                                                    

                                                                    

	 	 	Name: David E. White
	 	 	Title: Treasurer

 

		By:	/s/ Thomaz Bonato

                                                                    

                                                                    

	 	 	Name: Thomaz Bonato
	 	 	Title: Director

 

[Signature
Page — Global Note]

 

     

     

    

 

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

 

Dated: May 28, 2021

 

	 	THE BANK OF NEW YORK MELLON
	 	As Trustee

 

	 	By:	/s/ Latoya S. Elvin

 

     

     

    

 

 

GUARANTY

 

For
value received, AstraZeneca PLC, an English public limited company (the “Guarantor,” which term includes any
Person as a successor Guarantor under the Indenture referred to in the Security upon which this Guaranty is endorsed), hereby fully and
unconditionally guarantees to the Holder of the Security upon which this Guaranty is endorsed and to the Trustee on behalf of each such
Holder the due and punctual payment of the principal of, interest on and any additional amounts payable in respect of such Security and
the due and punctual payment of the sinking fund or analogous payments referred to therein, if any, when and as the same shall become
due and payable, whether on the stated maturity date, by declaration of acceleration, call for redemption or otherwise, according to the
terms thereof and of the Indenture referred to therein. In case of the failure of AstraZeneca Finance LLC, a limited liability company
organized under the laws of the State of Delaware (the “Issuer,” which term includes any successor Person under such
Indenture), to punctually make any such payment of principal, interest or additional amounts or any such sinking fund or analogous payment,
the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether
on the stated maturity date or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the
Issuer. The indebtedness evidenced by this Guaranty ranks equally and pari passu with all other unsecured and unsubordinated indebtedness
of the Guarantor.

 

The Guarantor hereby agrees
that its obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity
or unenforceability of such Security or such Indenture, any failure to enforce the provisions of such Security or such Indenture, or any
waiver, modification or indulgence granted to the Issuer with respect thereto, by the Holder of such Security or the Trustee or any other
circumstance that may otherwise constitute a legal or equitable discharge of a guarantor. The Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of a merger or bankruptcy of the Issuer, any right to require a proceeding
first against the Issuer, protest or notice with respect to such Security or the indebtedness evidenced thereby or with respect to any
sinking fund or analogous payment required under such Security and all demands whatsoever, and covenants that this Guaranty will not be
discharged except by payment in full of the principal of, interest on and additional amounts payable in respect of such Security. This
Guaranty is a guarantee of payment and not of collection.

 

The Guarantor shall be subrogated
to all rights of the Holder of such Security and the Trustee against the Issuer in respect of any amounts paid to such Holder by the Guarantor
pursuant to the provisions of this Guaranty; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any
payments arising out of or based upon such right of subrogation until the principal of, interest on and additional amounts payable in
respect of all Securities of the same series issued under such Indenture shall have been paid in full.

 

By executing this Guaranty,
the Guarantor becomes subject to all of the provisions contained in the Indenture applicable to the Guarantor, including without limitation
the provisions of Article XII (“Guaranty”).

 

No reference herein to such
Indenture and no provision of such Indenture shall alter or impair the guarantees of the Guarantor, which are absolute and unconditional,
of the due and punctual payment of the principal of, interest on and additional amounts payable in respect of, and any sinking fund or
analogous payments with respect to, the Security upon which this Guaranty is endorsed. This Guaranty shall not be valid or obligatory
for any purpose until the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee
under such Indenture. All terms used in this Guaranty that are defined in such Indenture shall have the meanings assigned to them in
such Indenture. This Guaranty shall be governed by and construed in accordance with the laws of the State of New York. 

 

     

     

    

 

IN WITNESS whereof, the Guarantor
has caused this Guaranty to be duly executed this 28th day of May, 2021.

 

	 	ASTRAZENECA PLC
	 	 	 
		By:	/s/ Jonathan Slade 
	 	 	Name: Jonathan Slade
	 	 	Title: Group Treasurer

 

		By:	/s/ Matthew Bowden 
	 	 	Name: Matthew Bowden
	 	 	Title: Deputy Company Secretary

 

     

     

    

 

This Security is one of a
duly authorized issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of May 28, 2021 (herein called the “Indenture” which term shall have
the meaning assigned to it in such instrument), among the Issuer, AstraZeneca PLC, as Guarantor, and The Bank of New York Mellon, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture and to the Officers’ Certificate delivered pursuant to Section 2.08 of the Indenture with respect to
this Security for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, 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 U.S.$1,250,000,000.

 

The Securities of this series
are subject to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 10 nor more than
60 days’ notice, as follows: (i) prior to March 28, 2028 (the “Par Call Date”), at a Redemption Price
equal to the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation
Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming
for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest accrued
as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 10 basis points, and (ii) on or after the Par Call Date, at a redemption price equal to
100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest thereon
to, but excluding, the date of redemption.

 

“Business
Day” means any day which is not, in London, England or New York, New York, or the place of payment of amounts payable in respect
of the Securities, a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation
or executive order to close.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated
maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
such Securities (assuming for this purpose that such Securities matured on the Par Call Date).

 

“Comparable
Treasury Price” means, with respect to any redemption date, (i) the average, as determined by the Quotation Agent, of the
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations,
or (ii) if the Quotation Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation
Agent” means the Reference Treasury Dealer appointed by the Issuer.

 

“Reference
Treasury Dealer” means (i) each of Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley &
Co. LLC and their respective successors or affiliates; provided, however, that if any of the foregoing shall cease to be a primary
U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor
another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Issuer.

 

     

     

    

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined
by the Quotation Agent, 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 such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day
preceding such redemption date.

 

“Treasury
Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of
the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date.

 

The Indenture contains provisions
to the effect that, in the event of certain tax law changes and other limited circumstances relating to tax matters, the Issuer may redeem
all, but not less than all, of the Securities of this series, upon not less than 10 nor more than 60 days’ notice, at a price equal
to 100% of the principal amount of the Securities plus accrued interest thereon to, but excluding, the date of redemption, which provisions
apply to this Security.

 

The Issuer will give notice
of any redemption it proposes to make to DTC at least 10 days, but no more than 60 days, before the applicable redemption date, unless
provided otherwise. Any redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent and,
at the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions precedent included
at the Issuer’s discretion shall be satisfied (or waived by the Issuer) (even if more than 60 days after the giving of notice of
redemption) or the redemption date may not occur and such notice may be rescinded if all such conditions precedent included at the Issuer’s
discretion shall not have been satisfied (or waived by the Issuer).

 

In the event of redemption
of this Security 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 (x) the consummation
of the Alexion Acquisition (as defined below) does not occur on or before March 12, 2022 or (y) prior to such date, the Issuer
notifies the Trustee that it will not pursue the consummation of the Alexion Acquisition (each of (x) and (y), a “Special
Mandatory Redemption Trigger”), then, in either case, the Issuer will be required to redeem the Securities (such redemption,
the “Special Mandatory Redemption”) at a redemption price equal to 101% of the principal amount of the Securities then
outstanding plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date (the “Special
Mandatory Redemption Price”).

 

In the event that the Issuer
becomes obligated to redeem the Securities pursuant to the Special Mandatory Redemption, the Issuer will promptly, and in any event not
more than five Business Days after the date on which a Special Mandatory Redemption Trigger occurred, deliver notice to the Trustee of
the Special Mandatory Redemption and the date upon which the Securities will be redeemed (the “Special Mandatory Redemption Date,”
which date shall be no later than the third Business Day following the date of such notice) together with a notice of Special Mandatory
Redemption for the Trustee to deliver to each registered Holder of Securities to be redeemed. The Trustee will then promptly mail, or
electronically deliver, according to the procedures of DTC, such notice of Special Mandatory Redemption to each registered Holder of Securities
to be redeemed. Unless the Issuer defaults in payment of the Special Mandatory Redemption Price, on and after such Special Mandatory Redemption
Date, interest will cease to accrue on this Security.

 

Notwithstanding the foregoing,
installments of interest on this Security that are due and payable on an Interest Payment Date falling on or prior to the Special Mandatory
Redemption Date will be payable on such Interest Payment Date to the registered Holders as of the close of business on the relevant record
dates in accordance with the terms of this Security and the Indenture.

 

“Alexion Acquisition”
means the transactions contemplated by the Agreement and Plan of Merger, dated as of December 12, 2020, among AstraZeneca PLC and
the other parties thereto, with respect to the acquisition by AstraZeneca PLC of Alexion Pharmaceuticals, Inc., a Delaware corporation,
as it may be amended from time to time prior to or subsequent to the date hereof.

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth
thereon, which provisions apply to this Security.

 

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 Issuer may, at its option,
at any time and without the consent of the Holders, reopen the Securities of this series and issue additional Securities in one or more
transactions with terms (other than the issuance date and, possibly, first Interest Payment Date, original interest accrual date and issue
price) identical to the Securities of this series. These additional Securities will be deemed to have been part of the Securities of this
series and will provide the Holders of these additional Securities the right to vote together with Holders of the Securities of this series;
provided, however, that if these additional Securities are not fungible with the Securities of this series for U.S. federal income tax
purposes, these additional Securities will have a different CUSIP or other identifying number.

 

     

     

    

 

Any
amounts to be paid by the Issuer or the Guarantor under this Security will be paid without deduction or withholding for any and all present
and future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected by or for the account
of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision or taxing authority thereof
or therein, unless such withholding or deduction is required by law. The Relevant Taxing Jurisdiction for the Guarantor is the jurisdiction
in which it is resident for tax purposes (presently, the United Kingdom) and for the Issuer is the United States. If any deduction or
withholding for any present or future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected
by or for the account of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision
or taxing authority thereof or therein shall at any time be required by such jurisdiction (or any such political subdivision or taxing
authority) in respect of any amounts to be paid by the Issuer or the Guarantor under this Security, the Issuer or the Guarantor, as applicable,
will (subject to compliance by the Holder with any administrative requirements) pay such additional amounts (“Additional
Amounts”) as may be necessary in order that the net amounts paid to the Holder after such deduction or withholding, shall
be not less than the amounts to which the Holder was entitled had no such withholding or deduction been required; provided, however, that
neither the Issuer nor the Guarantor shall be required to make any payment of additional amounts for or on account of:

 

(i)            any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that the Holder (or a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder,
if such Holder is an estate, trust, partnership or corporation) is or has been a domiciliary, national or resident of, or is or has been
engaged in a trade or business in, or maintains or has maintained a permanent establishment in, or is or has been physically present in,
the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein or otherwise has or has had some
connection with the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein other than the holding
or ownership of this Security or the collection of principal, premium or interest, if any, on, or the enforcement of, this Security;

 

(ii)            any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that, where presentation is required, this Security was presented more than 30 days after the date on which such payment
became due or was provided for, whichever is later;

 

(iii)            any
estate, inheritance, gift, sale, transfer, personal property or similar tax, levy, impost or other governmental charge;

 

(iv)            any
present or future tax, levy, impost or other governmental charge which is payable otherwise than by deduction or withholding from payments
on or in respect of this Security;

 

(v)            any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the failure of the Holder or beneficial owner of this Security to comply with any certification, identification or other reporting
requirements concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with the Relevant
Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein, if compliance is required by treaty or by statute,
regulation or administrative practice of such jurisdiction or of any such political subdivision or taxing authority thereof or therein
as a condition to relief or exemption from such tax, levy, impost or other governmental charge;

 

     

     

    

 

(vi)            any
present or future tax, levy, impost or other governmental charge which the Holder would have been able to avoid by authorizing the paying
agent to report information in accordance with the procedure laid down by the relevant tax authority or by producing, in the form requested
by the relevant tax authority, a declaration, claim, certificate, document or other evidence establishing exemption therefrom;

 

(vii)            any
present or future tax, levy, impost or other governmental charge which is required by Sections 1471 through 1474 (“FATCA”)
of the Internal Revenue Code of 1986, as amended (the “Code”), any current or future U.S. Treasury regulations or rulings
promulgated thereunder, any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”),
any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with the U.S.
Internal Revenue Service under or with respect to FATCA;

 

(viii)            any
present or future tax, levy, impost or other governmental charge which is imposed or withheld because the Holder of the Security
is (1) considered a 10% shareholder (within the meaning of Sections 871(h)(3) or 881(c)(3) of the Code) of the issuer of
the Security or (2) a controlled foreign corporation related (within the meaning of Section 864(d)(4) of the Code) to the
issuer of the Security;

 

(ix)            any
present or future tax, levy, impost or other governmental charge which is imposed because the Holder (1) is a bank purchasing this
Security in the ordinary course of its lending business or (2) is a bank that is neither (A) buying this Security for investment
purposes only nor (B) buying this Security for resale to a third party that either is not a bank or will hold the Security for investment
purposes only;

 

(x)            any
present or future tax, levy, impost or other governmental charge which is imposed, assessed, levied or collected in respect of a payment
under or with respect to this Security to any Holder of this Security that is a fiduciary, partnership or a person other than the sole
beneficial owner of such payment or Security to the extent that the beneficiary or settlor with respect to the fiduciary, member of that
partnership or beneficial owner would not have been entitled to the Additional Amounts or would not have been subject to such tax, levy,
impost or charge had that beneficiary, settlor, member or beneficial owner been the actual Holder of this Security; or

 

(xi)            any
combination of the exceptions listed above in (i) through (x) above,

 

nor shall Additional Amounts be paid in the event
that the obligation to pay Additional Amounts is the result of the issuance of a Security in definitive form to a Holder of a
Predecessor Security at such Holder’s request upon the occurrence of an Event of Default and at the time payment is made
Securities in definitive form have not been issued in exchange for the entire principal amount of the Predecessor Securities.

 

     

     

    

 

The Issuer and the Guarantor
will remit the full amount of any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer
and the Guarantor will also provide the Trustee with documentation satisfactory to the Trustee evidencing the payment of any taxes in
respect of which the Issuer and the Guarantor have paid Additional Amounts. The Issuer and the Guarantor will provide copies of such documentation
to the Holder of this Security upon request.

 

Any reference in the Indenture
or this Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts
that may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the
Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer,
the Guarantor 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 Issuer and the Guarantor 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 herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.

 

As set forth in, and subject
to, the provisions of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect
to the Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of
the Outstanding Securities of this series shall have made written request, and offered indemnity and/or security satisfactory to the Trustee,
to the Trustee to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal
of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the
enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due dates expressed
herein.

 

No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, 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 or to convert this Security as provided in the Indenture.

 

     

     

    

 

The Securities of this series
are issuable only in registered form without coupons in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

 

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

 

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

 

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

 

Unless otherwise defined herein,
all terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

 

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security shall
be U.S.$250,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	Date of 

Decrease/Increase
	 	Decrease in 

Principal 

Amount	 	Increase in 

Principal 

Amount	 	Total Principal

 Amount

Following such

Decrease/Increase	 	Notation Made 

by or on Behalf 

of Trustee
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

Exhibit D

 

     

     

    

 

THIS SECURITY IS A GLOBAL REGISTERED 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 EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

ASTRAZENECA FINANCE LLC

 

2.250%
Notes due 2031

 

FULLY
AND UNCONDITIONALLY GUARANTEED BY

ASTRAZENECA
PLC

 

	No. 001	     U.S.$500,000,000

 

CUSIP
No. 04636NAB9

ISIN No. US04636NAB91

 

ASTRAZENECA
FINANCE LLC, a Delaware limited liability company (herein called the “Issuer”, 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 United States Dollars on May 28, 2031 and to pay interest thereon from and including
May 28, 2021 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for,
semiannually in arrears on May 28 and November 28 in each year, commencing November 28, 2021 (each, an “Interest
Payment Date”), at the rate of 2.250% per annum, to, but excluding, the date on which the principal hereof is paid or made available
for payment. Interest will be calculated on the basis of a 360-day year and twelve 30-day months. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture (as defined below), 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
(as defined below) for such interest which shall be the 15th calendar day preceding such Interest Payment Date (whether or
not such day is a Business Day (as defined below)), as the case may be. 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 subsequent record date (the “Special Record
Date”) for the payment of such defaulted interest to be fixed by the Trustee (which shall not be less than five Business Days
prior to the date of payment of such defaulted interest), notice whereof shall be given to Holders of Securities of this series not less
than 15 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the 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 any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose
in New York City, 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; provided, however, that at the option of the Issuer 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.

 

Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

 

Unless the certificate of
authentication hereon has been executed by the Trustee by manual or pdf or other electronic image scan signature of the Trustee created
on an electronic platform (such as DocuSign) or by digital signing (such as Adobe Sign) of an authorized signatory, this Security shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

 

IN WITNESS WHEREOF, the Issuer
has caused this instrument to be duly executed.

 

	Dated: May 28, 2021	 
	 	 
	 	ASTRAZENECA FINANCE LLC
	 	 	 
		By:	/s/ David E. White
	 	 	Name: David E. White
	 	 	Title: Treasurer

 

		By:	/s/
Thomaz Bonato

	 	 	Name: Thomaz Bonato
	 	 	Title: Director

 

[Signature
Page — Global Note]

 

     

     

    

 

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

 

	Dated: May 28, 2021	 
	 
	 	THE BANK OF NEW YORK MELLON 

As Trustee
	 
	 	By:	/s/ Latoya S. Elvin

 

     

     

    

 

 

GUARANTY

 

For
value received, AstraZeneca PLC, an English public limited company (the “Guarantor,” which term includes any
Person as a successor Guarantor under the Indenture referred to in the Security upon which this Guaranty is endorsed), hereby fully and
unconditionally guarantees to the Holder of the Security upon which this Guaranty is endorsed and to the Trustee on behalf of each such
Holder the due and punctual payment of the principal of, interest on and any additional amounts payable in respect of such Security and
the due and punctual payment of the sinking fund or analogous payments referred to therein, if any, when and as the same shall become
due and payable, whether on the stated maturity date, by declaration of acceleration, call for redemption or otherwise, according to the
terms thereof and of the Indenture referred to therein. In case of the failure of AstraZeneca Finance LLC, a limited liability company
organized under the laws of the State of Delaware (the “Issuer,” which term includes any successor Person under such
Indenture), to punctually make any such payment of principal, interest or additional amounts or any such sinking fund or analogous payment,
the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether
on the stated maturity date or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the
Issuer. The indebtedness evidenced by this Guaranty ranks equally and pari passu with all other unsecured and unsubordinated indebtedness
of the Guarantor.

 

The Guarantor hereby agrees
that its obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity
or unenforceability of such Security or such Indenture, any failure to enforce the provisions of such Security or such Indenture, or any
waiver, modification or indulgence granted to the Issuer with respect thereto, by the Holder of such Security or the Trustee or any other
circumstance that may otherwise constitute a legal or equitable discharge of a guarantor. The Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of a merger or bankruptcy of the Issuer, any right to require a proceeding
first against the Issuer, protest or notice with respect to such Security or the indebtedness evidenced thereby or with respect to any
sinking fund or analogous payment required under such Security and all demands whatsoever, and covenants that this Guaranty will not be
discharged except by payment in full of the principal of, interest on and additional amounts payable in respect of such Security. This
Guaranty is a guarantee of payment and not of collection.

 

The Guarantor shall be subrogated
to all rights of the Holder of such Security and the Trustee against the Issuer in respect of any amounts paid to such Holder by the Guarantor
pursuant to the provisions of this Guaranty; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any
payments arising out of or based upon such right of subrogation until the principal of, interest on and additional amounts payable in
respect of all Securities of the same series issued under such Indenture shall have been paid in full.

 

By executing this Guaranty,
the Guarantor becomes subject to all of the provisions contained in the Indenture applicable to the Guarantor, including without limitation
the provisions of Article XII (“Guaranty”).

 

     

     

    

 

No reference herein to such
Indenture and no provision of such Indenture shall alter or impair the guarantees of the Guarantor, which are absolute and unconditional,
of the due and punctual payment of the principal of, interest on and additional amounts payable in respect of, and any sinking fund or
analogous payments with respect to, the Security upon which this Guaranty is endorsed. This Guaranty shall not be valid or obligatory
for any purpose until the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee
under such Indenture. All terms used in this Guaranty that are defined in such Indenture shall have the meanings assigned to them in such
Indenture. This Guaranty shall be governed by and construed in accordance with the laws of the State of New York.

 

IN WITNESS whereof, the Guarantor
has caused this Guaranty to be duly executed this 28th day of May, 2021.

 

	 	ASTRAZENECA PLC
	 	 	 
		By:	/s/ Jonathan
Slade

	 	 	Name: Jonathan Slade
	 	 	Title: Group Treasurer
	 	 	 
		By:	/s/ Matthew Bowden

	 	 	Name: Matthew Bowden
	 	 	Title: Deputy Company Secretary

 

     

     

    

 

This Security is one of a
duly authorized issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of May 28, 2021 (herein called the “Indenture” which term shall have
the meaning assigned to it in such instrument), among the Issuer, AstraZeneca PLC, as Guarantor, and The Bank of New York Mellon, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture and to the Officers’ Certificate delivered pursuant to Section 2.08 of the Indenture with respect to
this Security for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, 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 U.S.$750,000,000.

 

The Securities of this series
are subject to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 10 nor more than
60 days’ notice, as follows: (i) prior to February 28, 2031 (the “Par Call Date”), at a Redemption
Price equal to the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the
Quotation Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon
(assuming for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest
accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 12.5 basis points, and (ii) on or after the Par Call Date, at a redemption price
equal to 100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest
thereon to, but excluding, the date of redemption.

 

“Business
Day” means any day which is not, in London, England or New York, New York, or the place of payment of amounts payable in respect
of the Securities, a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation
or executive order to close.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated
maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
such Securities (assuming for this purpose that such Securities matured on the Par Call Date).

 

“Comparable
Treasury Price” means, with respect to any redemption date, (i) the average, as determined by the Quotation Agent, of the
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations,
or (ii) if the Quotation Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation
Agent” means the Reference Treasury Dealer appointed by the Issuer.

 

“Reference
Treasury Dealer” means (i) each of Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley &
Co. LLC and their respective successors or affiliates; provided, however, that if any of the foregoing shall cease to be a primary
U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor
another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Issuer.

 

     

     

    

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined
by the Quotation Agent, 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 such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day
preceding such redemption date.

 

“Treasury
Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of
the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date.

 

The Indenture contains provisions
to the effect that, in the event of certain tax law changes and other limited circumstances relating to tax matters, the Issuer may redeem
all, but not less than all, of the Securities of this series, upon not less than 10 nor more than 60 days’ notice, at a price equal
to 100% of the principal amount of the Securities plus accrued interest thereon to, but excluding, the date of redemption, which provisions
apply to this Security.

 

The Issuer will give notice
of any redemption it proposes to make to DTC at least 10 days, but no more than 60 days, before the applicable redemption date, unless
provided otherwise. Any redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent and,
at the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions precedent included
at the Issuer’s discretion shall be satisfied (or waived by the Issuer) (even if more than 60 days after the giving of notice of
redemption) or the redemption date may not occur and such notice may be rescinded if all such conditions precedent included at the Issuer’s
discretion shall not have been satisfied (or waived by the Issuer).

 

In the event of redemption
of this Security 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 (x) the consummation
of the Alexion Acquisition (as defined below) does not occur on or before March 12, 2022 or (y) prior to such date, the Issuer
notifies the Trustee that it will not pursue the consummation of the Alexion Acquisition (each of (x) and (y), a “Special
Mandatory Redemption Trigger”), then, in either case, the Issuer will be required to redeem the Securities (such redemption,
the “Special Mandatory Redemption”) at a redemption price equal to 101% of the principal amount of the Securities then
outstanding plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date (the “Special
Mandatory Redemption Price”).

 

In the event that the Issuer
becomes obligated to redeem the Securities pursuant to the Special Mandatory Redemption, the Issuer will promptly, and in any event not
more than five Business Days after the date on which a Special Mandatory Redemption Trigger occurred, deliver notice to the Trustee of
the Special Mandatory Redemption and the date upon which the Securities will be redeemed (the “Special Mandatory Redemption Date,”
which date shall be no later than the third Business Day following the date of such notice) together with a notice of Special Mandatory
Redemption for the Trustee to deliver to each registered Holder of Securities to be redeemed. The Trustee will then promptly mail, or
electronically deliver, according to the procedures of DTC, such notice of Special Mandatory Redemption to each registered Holder of Securities
to be redeemed. Unless the Issuer defaults in payment of the Special Mandatory Redemption Price, on and after such Special Mandatory Redemption
Date, interest will cease to accrue on this Security.

 

Notwithstanding the foregoing,
installments of interest on this Security that are due and payable on an Interest Payment Date falling on or prior to the Special Mandatory
Redemption Date will be payable on such Interest Payment Date to the registered Holders as of the close of business on the relevant record
dates in accordance with the terms of this Security and the Indenture.

 

“Alexion Acquisition”
means the transactions contemplated by the Agreement and Plan of Merger, dated as of December 12, 2020, among AstraZeneca PLC and
the other parties thereto, with respect to the acquisition by AstraZeneca PLC of Alexion Pharmaceuticals, Inc., a Delaware corporation,
as it may be amended from time to time prior to or subsequent to the date hereof.

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth
thereon, which provisions apply to this Security.

 

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 Issuer may, at its option,
at any time and without the consent of the Holders, reopen the Securities of this series and issue additional Securities in one or more
transactions with terms (other than the issuance date and, possibly, first Interest Payment Date, original interest accrual date and issue
price) identical to the Securities of this series. These additional Securities will be deemed to have been part of the Securities of this
series and will provide the Holders of these additional Securities the right to vote together with Holders of the Securities of this series;
provided, however, that if these additional Securities are not fungible with the Securities of this series for U.S. federal income tax
purposes, these additional Securities will have a different CUSIP or other identifying number.

 

     

     

    

 

Any
amounts to be paid by the Issuer or the Guarantor under this Security will be paid without deduction or withholding for any and all present
and future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected by or for the account
of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision or taxing authority thereof
or therein, unless such withholding or deduction is required by law. The Relevant Taxing Jurisdiction for the Guarantor is the jurisdiction
in which it is resident for tax purposes (presently, the United Kingdom) and for the Issuer is the United States. If any deduction or
withholding for any present or future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected
by or for the account of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision
or taxing authority thereof or therein shall at any time be required by such jurisdiction (or any such political subdivision or taxing
authority) in respect of any amounts to be paid by the Issuer or the Guarantor under this Security, the Issuer or the Guarantor, as applicable,
will (subject to compliance by the Holder with any administrative requirements) pay such additional amounts (“Additional
Amounts”) as may be necessary in order that the net amounts paid to the Holder after such deduction or withholding, shall
be not less than the amounts to which the Holder was entitled had no such withholding or deduction been required; provided, however, that
neither the Issuer nor the Guarantor shall be required to make any payment of additional amounts for or on account of:

 

(i)            any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that the Holder (or a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder,
if such Holder is an estate, trust, partnership or corporation) is or has been a domiciliary, national or resident of, or is or has been
engaged in a trade or business in, or maintains or has maintained a permanent establishment in, or is or has been physically present in,
the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein or otherwise has or has had some
connection with the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein other than the holding
or ownership of this Security or the collection of principal, premium or interest, if any, on, or the enforcement of, this Security;

 

(ii)            any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that, where presentation is required, this Security was presented more than 30 days after the date on which such payment
became due or was provided for, whichever is later;

 

(iii)            any
estate, inheritance, gift, sale, transfer, personal property or similar tax, levy, impost or other governmental charge;

 

(iv)            any
present or future tax, levy, impost or other governmental charge which is payable otherwise than by deduction or withholding from payments
on or in respect of this Security;

 

(v)            any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the failure of the Holder or beneficial owner of this Security to comply with any certification, identification or other reporting
requirements concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with the Relevant
Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein, if compliance is required by treaty or by statute,
regulation or administrative practice of such jurisdiction or of any such political subdivision or taxing authority thereof or therein
as a condition to relief or exemption from such tax, levy, impost or other governmental charge;

 

     

     

    

 

(vi)            any
present or future tax, levy, impost or other governmental charge which the Holder would have been able to avoid by authorizing the paying
agent to report information in accordance with the procedure laid down by the relevant tax authority or by producing, in the form requested
by the relevant tax authority, a declaration, claim, certificate, document or other evidence establishing exemption therefrom;

 

(vii)            any
present or future tax, levy, impost or other governmental charge which is required by Sections 1471 through 1474 (“FATCA”)
of the Internal Revenue Code of 1986, as amended (the “Code”), any current or future U.S. Treasury regulations or rulings
promulgated thereunder, any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”),
any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with the U.S.
Internal Revenue Service under or with respect to FATCA;

 

(viii)            any
present or future tax, levy, impost or other governmental charge which is imposed or withheld because the Holder of the Security
is (1) considered a 10% shareholder (within the meaning of Sections 871(h)(3) or 881(c)(3) of the Code) of the issuer of
the Security or (2) a controlled foreign corporation related (within the meaning of Section 864(d)(4) of the Code) to the
issuer of the Security;

 

(ix)            any
present or future tax, levy, impost or other governmental charge which is imposed because the Holder (1) is a bank purchasing this
Security in the ordinary course of its lending business or (2) is a bank that is neither (A) buying this Security for investment
purposes only nor (B) buying this Security for resale to a third party that either is not a bank or will hold the Security for investment
purposes only;

 

(x)            any
present or future tax, levy, impost or other governmental charge which is imposed, assessed, levied or collected in respect of a payment
under or with respect to this Security to any Holder of this Security that is a fiduciary, partnership or a person other than the sole
beneficial owner of such payment or Security to the extent that the beneficiary or settlor with respect to the fiduciary, member of that
partnership or beneficial owner would not have been entitled to the Additional Amounts or would not have been subject to such tax, levy,
impost or charge had that beneficiary, settlor, member or beneficial owner been the actual Holder of this Security; or

 

(xi)            any
combination of the exceptions listed above in (i) through (x) above,

 

nor shall Additional Amounts
be paid in the event that the obligation to pay Additional Amounts is the result of the issuance of a Security in definitive form to a
Holder of a Predecessor Security at such Holder’s request upon the occurrence of an Event of Default and at the time payment is
made Securities in definitive form have not been issued in exchange for the entire principal amount of the Predecessor Securities.

 

     

     

    

 

The Issuer and the Guarantor
will remit the full amount of any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer
and the Guarantor will also provide the Trustee with documentation satisfactory to the Trustee evidencing the payment of any taxes in
respect of which the Issuer and the Guarantor have paid Additional Amounts. The Issuer and the Guarantor will provide copies of such documentation
to the Holder of this Security upon request.

 

Any reference in the Indenture
or this Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts
that may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the
Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer,
the Guarantor 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 Issuer and the Guarantor 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 herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.

 

As set forth in, and subject
to, the provisions of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect
to the Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of
the Outstanding Securities of this series shall have made written request, and offered indemnity and/or security satisfactory to the Trustee,
to the Trustee to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal
of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the
enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due dates expressed
herein.

 

No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, 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 or to convert this Security as provided in the Indenture.

 

The Securities of this series
are issuable only in registered form without coupons in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

 

     

     

    

 

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

 

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

 

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

 

Unless otherwise defined herein,
all terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

 

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security shall
be U.S.$500,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	
    Date of 

Decrease/Increase
	 	
    Decrease in
    

Principal

 Amount
	 	
    Increase in
    

Principal 

Amount
	 	
    Total Principal

    Amount

Following such

Decrease/Increase
	 	
    Notation Made

    by or on Behalf

 of Trustee

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     

     

    

 

THIS SECURITY IS A GLOBAL REGISTERED 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 EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

ASTRAZENECA FINANCE LLC

 

2.250%
Notes due 2031

 

FULLY
AND UNCONDITIONALLY GUARANTEED BY

ASTRAZENECA
PLC

 

	No. 002	     U.S.$250,000,000

 

CUSIP
No. 04636NAB9

ISIN No. US04636NAB91

 

ASTRAZENECA
FINANCE LLC, a Delaware limited liability company (herein called the “Issuer”, 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 United States Dollars on May 28, 2031 and to pay interest thereon from and
including May 28, 2021 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided
for, semiannually in arrears on May 28 and November 28 in each year, commencing November 28, 2021 (each, an “Interest
Payment Date”), at the rate of 2.250% per annum, to, but excluding, the date on which the principal hereof is paid or made available
for payment. Interest will be calculated on the basis of a 360-day year and twelve 30-day months. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture (as defined below), 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
(as defined below) for such interest which shall be the 15th calendar day preceding such Interest Payment Date (whether or
not such day is a Business Day (as defined below)), as the case may be. 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 subsequent record date (the “Special Record
Date”) for the payment of such defaulted interest to be fixed by the Trustee (which shall not be less than five Business Days
prior to the date of payment of such defaulted interest), notice whereof shall be given to Holders of Securities of this series not less
than 15 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the 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 any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose
in New York City, 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; provided, however, that at the option of the Issuer 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.

 

Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

 

Unless the certificate of
authentication hereon has been executed by the Trustee by manual or pdf or other electronic image scan signature of the Trustee created
on an electronic platform (such as DocuSign) or by digital signing (such as Adobe Sign) of an authorized signatory, this Security shall
not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

 

IN WITNESS WHEREOF, the Issuer
has caused this instrument to be duly executed.

 

Dated: May 28, 2021

 

	 	ASTRAZENECA FINANCE LLC
	 	 	 
		By:	/s/ David E. White
	 	 	Name: David E. White
	 	 	Title: Treasurer

 

		By:	/s/ Thomaz Bonato
	 	 	Name: Thomaz Bonato
	 	 	Title: Director

 

[Signature
Page — Global Note]

 

     

     

    

 

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

 

 

	Dated: May 28, 2021	 
	 
	 	THE BANK OF NEW YORK MELLON
 As Trustee
	 
	 	By:	/s/ Latoya S. Elvin

 

     

     

    

 

 

GUARANTY

 

For
value received, AstraZeneca PLC, an English public limited company (the “Guarantor,” which term includes any
Person as a successor Guarantor under the Indenture referred to in the Security upon which this Guaranty is endorsed), hereby fully and
unconditionally guarantees to the Holder of the Security upon which this Guaranty is endorsed and to the Trustee on behalf of each such
Holder the due and punctual payment of the principal of, interest on and any additional amounts payable in respect of such Security and
the due and punctual payment of the sinking fund or analogous payments referred to therein, if any, when and as the same shall become
due and payable, whether on the stated maturity date, by declaration of acceleration, call for redemption or otherwise, according to the
terms thereof and of the Indenture referred to therein. In case of the failure of AstraZeneca Finance LLC, a limited liability company
organized under the laws of the State of Delaware (the “Issuer,” which term includes any successor Person under such
Indenture), to punctually make any such payment of principal, interest or additional amounts or any such sinking fund or analogous payment,
the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, whether
on the stated maturity date or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the
Issuer. The indebtedness evidenced by this Guaranty ranks equally and pari passu with all other unsecured and unsubordinated indebtedness
of the Guarantor.

 

The Guarantor hereby agrees
that its obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity
or unenforceability of such Security or such Indenture, any failure to enforce the provisions of such Security or such Indenture, or any
waiver, modification or indulgence granted to the Issuer with respect thereto, by the Holder of such Security or the Trustee or any other
circumstance that may otherwise constitute a legal or equitable discharge of a guarantor. The Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of a merger or bankruptcy of the Issuer, any right to require a proceeding
first against the Issuer, protest or notice with respect to such Security or the indebtedness evidenced thereby or with respect to any
sinking fund or analogous payment required under such Security and all demands whatsoever, and covenants that this Guaranty will not be
discharged except by payment in full of the principal of, interest on and additional amounts payable in respect of such Security. This
Guaranty is a guarantee of payment and not of collection.

 

The Guarantor shall be subrogated
to all rights of the Holder of such Security and the Trustee against the Issuer in respect of any amounts paid to such Holder by the Guarantor
pursuant to the provisions of this Guaranty; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any
payments arising out of or based upon such right of subrogation until the principal of, interest on and additional amounts payable in
respect of all Securities of the same series issued under such Indenture shall have been paid in full.

 

By executing this Guaranty,
the Guarantor becomes subject to all of the provisions contained in the Indenture applicable to the Guarantor, including without limitation
the provisions of Article XII (“Guaranty”).

 

     

     

    

 

No reference herein to such
Indenture and no provision of such Indenture shall alter or impair the guarantees of the Guarantor, which are absolute and unconditional,
of the due and punctual payment of the principal of, interest on and additional amounts payable in respect of, and any sinking fund or
analogous payments with respect to, the Security upon which this Guaranty is endorsed. This Guaranty shall not be valid or obligatory
for any purpose until the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee
under such Indenture. All terms used in this Guaranty that are defined in such Indenture shall have the meanings assigned to them in such
Indenture. This Guaranty shall be governed by and construed in accordance with the laws of the State of New York.

 

IN WITNESS whereof, the Guarantor
has caused this Guaranty to be duly executed this 28th day of May, 2021.

 

	 	ASTRAZENECA PLC

 

	 	By:	 /s/ Jonathan Slade
	 	 	Name: Jonathan Slade
	 	 	Title: Group Treasurer
	 	 	 
	 	By:	/s/ Matthew Bowden
	 	 	Name: Matthew Bowden
	 	 	Title: Deputy Company Secretary

 

     

     

    

 

This Security is one of a
duly authorized issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of May 28, 2021 (herein called the “Indenture” which term shall have
the meaning assigned to it in such instrument), among the Issuer, AstraZeneca PLC, as Guarantor, and The Bank of New York Mellon, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture and to the Officers’ Certificate delivered pursuant to Section 2.08 of the Indenture with respect to
this Security for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, 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 U.S.$750,000,000.

 

The Securities of this series
are subject to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 10 nor more than
60 days’ notice, as follows: (i) prior to February 28, 2031 (the “Par Call Date”), at a Redemption
Price equal to the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the
Quotation Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon
(assuming for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest
accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 12.5 basis points, and (ii) on or after the Par Call Date, at a redemption price
equal to 100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest
thereon to, but excluding, the date of redemption.

 

“Business
Day” means any day which is not, in London, England or New York, New York, or the place of payment of amounts payable in respect
of the Securities, a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation
or executive order to close.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated
maturity comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
such Securities (assuming for this purpose that such Securities matured on the Par Call Date).

 

“Comparable
Treasury Price” means, with respect to any redemption date, (i) the average, as determined by the Quotation Agent, of the
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations,
or (ii) if the Quotation Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation
Agent” means the Reference Treasury Dealer appointed by the Issuer.

 

“Reference
Treasury Dealer” means (i) each of Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley &
Co. LLC and their respective successors or affiliates; provided, however, that if any of the foregoing shall cease to be a primary
U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor
another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Issuer.

 

     

     

    

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined
by the Quotation Agent, 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 such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day
preceding such redemption date.

 

“Treasury
Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of
the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date.

 

The Indenture contains provisions
to the effect that, in the event of certain tax law changes and other limited circumstances relating to tax matters, the Issuer may redeem
all, but not less than all, of the Securities of this series, upon not less than 10 nor more than 60 days’ notice, at a price equal
to 100% of the principal amount of the Securities plus accrued interest thereon to, but excluding, the date of redemption, which provisions
apply to this Security.

 

The Issuer will give notice
of any redemption it proposes to make to DTC at least 10 days, but no more than 60 days, before the applicable redemption date, unless
provided otherwise. Any redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent and,
at the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions precedent included
at the Issuer’s discretion shall be satisfied (or waived by the Issuer) (even if more than 60 days after the giving of notice of
redemption) or the redemption date may not occur and such notice may be rescinded if all such conditions precedent included at the Issuer’s
discretion shall not have been satisfied (or waived by the Issuer).

 

In the event of redemption
of this Security 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 (x) the consummation
of the Alexion Acquisition (as defined below) does not occur on or before March 12, 2022 or (y) prior to such date, the Issuer
notifies the Trustee that it will not pursue the consummation of the Alexion Acquisition (each of (x) and (y), a “Special
Mandatory Redemption Trigger”), then, in either case, the Issuer will be required to redeem the Securities (such redemption,
the “Special Mandatory Redemption”) at a redemption price equal to 101% of the principal amount of the Securities then
outstanding plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date (the “Special
Mandatory Redemption Price”).

 

     

     

    

 

In the event that the Issuer
becomes obligated to redeem the Securities pursuant to the Special Mandatory Redemption, the Issuer will promptly, and in any event not
more than five Business Days after the date on which a Special Mandatory Redemption Trigger occurred, deliver notice to the Trustee of
the Special Mandatory Redemption and the date upon which the Securities will be redeemed (the “Special Mandatory Redemption Date,”
which date shall be no later than the third Business Day following the date of such notice) together with a notice of Special Mandatory
Redemption for the Trustee to deliver to each registered Holder of Securities to be redeemed. The Trustee will then promptly mail, or
electronically deliver, according to the procedures of DTC, such notice of Special Mandatory Redemption to each registered Holder of Securities
to be redeemed. Unless the Issuer defaults in payment of the Special Mandatory Redemption Price, on and after such Special Mandatory Redemption
Date, interest will cease to accrue on this Security.

 

Notwithstanding the foregoing,
installments of interest on this Security that are due and payable on an Interest Payment Date falling on or prior to the Special Mandatory
Redemption Date will be payable on such Interest Payment Date to the registered Holders as of the close of business on the relevant record
dates in accordance with the terms of this Security and the Indenture.

 

“Alexion Acquisition”
means the transactions contemplated by the Agreement and Plan of Merger, dated as of December 12, 2020, among AstraZeneca PLC and
the other parties thereto, with respect to the acquisition by AstraZeneca PLC of Alexion Pharmaceuticals, Inc., a Delaware corporation,
as it may be amended from time to time prior to or subsequent to the date hereof.

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth
thereon, which provisions apply to this Security.

 

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 Issuer may, at its option,
at any time and without the consent of the Holders, reopen the Securities of this series and issue additional Securities in one or more
transactions with terms (other than the issuance date and, possibly, first Interest Payment Date, original interest accrual date and issue
price) identical to the Securities of this series. These additional Securities will be deemed to have been part of the Securities of this
series and will provide the Holders of these additional Securities the right to vote together with Holders of the Securities of this series;
provided, however, that if these additional Securities are not fungible with the Securities of this series for U.S. federal income tax
purposes, these additional Securities will have a different CUSIP or other identifying number.

 

     

     

    

 

Any
amounts to be paid by the Issuer or the Guarantor under this Security will be paid without deduction or withholding for any and all present
and future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected by or for the account
of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision or taxing authority thereof
or therein, unless such withholding or deduction is required by law. The Relevant Taxing Jurisdiction for the Guarantor is the jurisdiction
in which it is resident for tax purposes (presently, the United Kingdom) and for the Issuer is the United States. If any deduction or
withholding for any present or future taxes, levies, imposts or other governmental charges whatsoever imposed, assessed, levied or collected
by or for the account of the Relevant Taxing Jurisdiction of the Issuer or the Guarantor (as applicable) or any political subdivision
or taxing authority thereof or therein shall at any time be required by such jurisdiction (or any such political subdivision or taxing
authority) in respect of any amounts to be paid by the Issuer or the Guarantor under this Security, the Issuer or the Guarantor, as applicable,
will (subject to compliance by the Holder with any administrative requirements) pay such additional amounts (“Additional
Amounts”) as may be necessary in order that the net amounts paid to the Holder after such deduction or withholding, shall
be not less than the amounts to which the Holder was entitled had no such withholding or deduction been required; provided, however, that
neither the Issuer nor the Guarantor shall be required to make any payment of additional amounts for or on account of:

 

(i)            any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that the Holder (or a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder,
if such Holder is an estate, trust, partnership or corporation) is or has been a domiciliary, national or resident of, or is or has been
engaged in a trade or business in, or maintains or has maintained a permanent establishment in, or is or has been physically present in,
the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein or otherwise has or has had some
connection with the Relevant Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein other than the holding
or ownership of this Security or the collection of principal, premium or interest, if any, on, or the enforcement of, this Security;

 

(ii)            any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the fact that, where presentation is required, this Security was presented more than 30 days after the date on which such payment
became due or was provided for, whichever is later;

 

(iii)            any
estate, inheritance, gift, sale, transfer, personal property or similar tax, levy, impost or other governmental charge;

 

(iv)            any
present or future tax, levy, impost or other governmental charge which is payable otherwise than by deduction or withholding from payments
on or in respect of this Security;

 

(v)            any
present or future tax, levy, impost or other governmental charge which would not have been so imposed, assessed, levied or collected but
for the failure of the Holder or beneficial owner of this Security to comply with any certification, identification or other reporting
requirements concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with the Relevant
Taxing Jurisdiction or any political subdivision or taxing authority thereof or therein, if compliance is required by treaty or by statute,
regulation or administrative practice of such jurisdiction or of any such political subdivision or taxing authority thereof or therein
as a condition to relief or exemption from such tax, levy, impost or other governmental charge;

 

(vi)            any
present or future tax, levy, impost or other governmental charge which the Holder would have been able to avoid by authorizing the paying
agent to report information in accordance with the procedure laid down by the relevant tax authority or by producing, in the form requested
by the relevant tax authority, a declaration, claim, certificate, document or other evidence establishing exemption therefrom;

 

     

     

    

 

(vii)            any
present or future tax, levy, impost or other governmental charge which is required by Sections 1471 through 1474 (“FATCA”)
of the Internal Revenue Code of 1986, as amended (the “Code”), any current or future U.S. Treasury regulations or rulings
promulgated thereunder, any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”),
any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with the U.S.
Internal Revenue Service under or with respect to FATCA;

 

(viii)            any
present or future tax, levy, impost or other governmental charge which is imposed or withheld because the Holder of the Security
is (1) considered a 10% shareholder (within the meaning of Sections 871(h)(3) or 881(c)(3) of the Code) of the issuer of
the Security or (2) a controlled foreign corporation related (within the meaning of Section 864(d)(4) of the Code) to the
issuer of the Security;

 

(ix)            any
present or future tax, levy, impost or other governmental charge which is imposed because the Holder (1) is a bank purchasing this
Security in the ordinary course of its lending business or (2) is a bank that is neither (A) buying this Security for investment
purposes only nor (B) buying this Security for resale to a third party that either is not a bank or will hold the Security for investment
purposes only;

 

(x)            any
present or future tax, levy, impost or other governmental charge which is imposed, assessed, levied or collected in respect of a payment
under or with respect to this Security to any Holder of this Security that is a fiduciary, partnership or a person other than the sole
beneficial owner of such payment or Security to the extent that the beneficiary or settlor with respect to the fiduciary, member of that
partnership or beneficial owner would not have been entitled to the Additional Amounts or would not have been subject to such tax, levy,
impost or charge had that beneficiary, settlor, member or beneficial owner been the actual Holder of this Security; or

 

(xi)            any
combination of the exceptions listed above in (i) through (x) above,

 

nor shall Additional Amounts
be paid in the event that the obligation to pay Additional Amounts is the result of the issuance of a Security in definitive form to a
Holder of a Predecessor Security at such Holder’s request upon the occurrence of an Event of Default and at the time payment is
made Securities in definitive form have not been issued in exchange for the entire principal amount of the Predecessor Securities.

 

The Issuer and the Guarantor
will remit the full amount of any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer
and the Guarantor will also provide the Trustee with documentation satisfactory to the Trustee evidencing the payment of any taxes in
respect of which the Issuer and the Guarantor have paid Additional Amounts. The Issuer and the Guarantor will provide copies of such documentation
to the Holder of this Security upon request.

 

Any reference in the Indenture
or this Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts
that may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

     

     

    

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the
Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer,
the Guarantor 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 Issuer and the Guarantor 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 herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.

 

As set forth in, and subject
to, the provisions of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect
to the Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of
the Outstanding Securities of this series shall have made written request, and offered indemnity and/or security satisfactory to the Trustee,
to the Trustee to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal
of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the
enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due dates expressed
herein.

 

No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, 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 or to convert this Security as provided in the Indenture.

 

The Securities of this series
are issuable only in registered form without coupons in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

 

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

 

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

 

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

 

Unless otherwise defined herein,
all terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

 

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security shall
be U.S.$250,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	Date of 
 Decrease/Increase	 	Decrease in 
 Principal 
 Amount	 	Increase in 
 Principal 
 Amount	 	Total Principal 
 Amount
 Following such 
 Decrease/Increase	 	Notation Made 
 by or on Behalf 
 of TrusteeEX-4.2

 Exhibit 4.2 

AMENDED AND RESTATED ATERIAN, INC. 2018 EQUITY
INCENTIVE PLAN 
  

 
 Plan Document

  
  

Adopted by the Board of Directors: October 11, 2018 

Approved by the Stockholders: May 24, 2019 

Termination Date: October 11, 2028 
  

	1.	 General.  

(a)    Purpose. Aterian, Inc. (the “Company”) hereby establishes this “Amended and
Restated Aterian, Inc. 2018 Equity Incentive Plan” (this “Plan”). This Plan is intended: (i) to attract and retain the best available personnel to ensure the Company’s success and accomplish the Company’s
goals; (ii) to incentivize Employees, Directors, and Consultants with long-term, equity-based compensation to align their interests with the interests of the Company’s stockholders; and (iii) to promote the success of the
Company’s business. 
 (b)    Eligible Award Recipients. Employees, Consultants, Directors, Investor
Director Providers or individuals or Persons to whom an offer of a service relationship as an Employee, Consultant, or Director has been or is being extended (together, “Eligible Persons”) may receive Awards of Options,
Restricted and Unrestricted Shares, and RSUs, subject to the terms of this Plan. 
 (c)    Definitions.
Capitalized terms in this Plan are defined in Section 22. 
 (d)    Effective Date.
This Plan shall become effective on the date it is approved by the Board.  
 (e)    Effect on Other Plans,
Awards, and Arrangements. No payment pursuant to this Plan shall be taken into account in determining any benefits under any Company or any Affiliate benefit plan, except to the extent otherwise expressly provided in writing in such other plan.

  

	2.	 Shares Available for Awards.  

(a)    Share Reserve; In General. A total of 8,104,326 Shares may be issued under this Plan, subject to
Section 9 below (the “Share Reserve”); and provided further that the Share Reserve shall increase, on each January 1st beginning after 2019, by the lesser of: (i) such number of
Shares as is equal to 15% of the number of Shares Deemed Outstanding on the immediately preceding December 31st (as determined below), minus the number of Shares in the Share Reserve as of immediately prior to such increase, and (ii) such
number of Shares determined by the Board; provided, however, that such determination under clause (ii) will be made no later than the immediately preceding December 31st. The Shares deliverable pursuant to Awards shall be
authorized but unissued or reacquired Shares, including Shares that the Company repurchased on the open market or otherwise, or that the Company otherwise holds in treasury or trust. For purposes of the foregoing, the number of Shares
“Deemed Outstanding” as of a given date shall be the sum of (A) the number of Shares then outstanding, (B) the number of Shares into which the then-outstanding shares of preferred stock of the Company could be

 
converted if fully converted on such date, (C) the number of Shares that are issuable upon the exercise or conversion of all other rights, options, and convertible securities then
outstanding, and (D) the number of shares reserved for future issuance under the Company’s equity incentive plans, including for this purpose any increase in the Share Reserve to be effected in accordance with clause (i) above. 

(b)    Replenishment; Counting of Shares. Any Shares reserved for a given Award will again be available for future
Awards if the Shares for any reason will never be issued to a Participant or Beneficiary (e.g., due to the Award’s forfeiture, cancellation, or expiration, or pursuant to an Award providing for settlement solely in cash rather than in Shares).
Furthermore, (i) Shares withheld in connection with any exercise price or Withholding Taxes relating to an Award shall not constitute shares delivered to the Participant and shall again be available for Awards under this Plan, and
(ii) Shares tendered by a Participant in satisfaction of Withholding Taxes or payment of exercise price shall be available for future Awards under this Plan. 

(c)    ISO Share Reserve. The number of Shares that are available for ISO Awards shall not exceed 8,104,326 Shares
(as adjusted under Section 9, and to the full extent allowable under Treasury Regulation Section 1.422-2(b)(3)(iii), as in effect on the Effective Date). 

 

	3.	 Eligibility.  

(a)    General Rule. The Committee shall determine which Eligible Persons may receive Awards. Each Award shall be
evidenced by an Award Agreement that: sets forth the Grant Date and all other terms and conditions of the Award; is signed on behalf of the Company; and (unless waived by the Committee) is signed by the Eligible Person in acceptance of the Award.
The grant of an Award shall not obligate the Company or any Affiliate to continue the employment or service of any Eligible Person, or to provide any future Awards or other remuneration at any time thereafter. 

(b)    Consultants. A Consultant is eligible for an Award only if, at grant, the offer and/or sale of
Company securities to the Consultant is exempt under Rule 701 or satisfies another exemption under the Securities Act of 1933, as amended, and complies with all other Applicable Law. 

 

	4.	 Stock Options. 

(a)    Grants. For U.S. Taxpayers, Options only may be granted if the Eligible Person is providing services
to the Company or any of its subsidiaries, such as to qualify the Company as an eligible issuer of service recipient stock within the meaning of Code Section 409A, unless the Award is an ISO. Subject to the special rules for ISOs set
forth in Section 4(b) below, the Committee may grant Options to Eligible Persons pursuant to Award Agreements setting forth the type of Option (ISO or Non-ISO) and terms and
conditions for exercisability, vesting and other requirements consistent with this Plan, as the Committee deems appropriate, and that may differ for any reason between Eligible Persons, provided in all instances that, for U.S.
Taxpayers: 
  

	 	(i)	 the exercise price of each Option shall be at least 100% of the Fair Market Value of the underlying Shares on
the Grant Date (except the exercise 

  
 2 

	 	
price may be lower than 100% of such Fair Market Value if the Award replaces a previously issued Option or the Award is designated as a “Section 409A
Award” and has a fixed exercise date or is otherwise designed to comply with Code Section 409A); and 

  

	 	(ii)	 no Option can be exercised beyond 10 years after its Grant Date (or any such shorter period specified in the
Award Agreement). 

 (b)    Special ISO Provisions. ISOs may not be granted more than 10 years
after Board approval of this Plan. The following provisions control any ISO grants: 
  

	 	(i)	 Eligibility. The Committee may grant ISOs only to Employees (including officers who are Employees) of
the Company or an Affiliate that is a “parent corporation” or “subsidiary corporation” within the meaning of Code Section 424. 

  

	 	(ii)	 Documentation. Each Option intended to be an ISO must be specifically designated as an ISO in the Award
Agreement; provided that any Option designated as an ISO will be a Non-ISO, to the extent the Option does not meet the requirements of Code Section 422 or the provisions of this
Section 4(b). In the case of an ISO, the Committee shall determine on the Grant Date the acceptable methods of paying the exercise price for Shares, and it shall be included in the Award Agreement. 

 

	 	(iii)	 $100,000 Limit. To the extent that the aggregate Fair Market Value (determined at the Grant Date) of
Shares with respect to which ISOs are exercisable for the first time by a Participant during any calendar year (under all plans of the Company and any Affiliates) exceeds $100,000 (or any other limit established in the Code), the excess Options or
part thereof shall be treated as Non-ISOs (starting with the most recently granted Options), notwithstanding anything to the contrary in an Award Agreement. If the limitations of Code Section 422 are
amended, the limitations of this subsection automatically shall be adjusted accordingly. 

  

	 	(iv)	 Grants to Ten Percent Holders. An ISO may be granted to an Employee who on the Grant Date owns (within
the meaning of Code Section 422) stock representing more than 10% of the combined voting power of all classes of stock of the Company only if (A) the term of the ISO is no more than five years from the Grant Date, and (B) the exercise
price is at least 110% of the Fair Market Value of the underlying Shares on the Grant Date. If the limitations in Code Section 422 are amended, the limitations of this subsection automatically shall be adjusted accordingly.

  

	 	(v)	 Substitution of Options. If the Company or an Affiliate acquires (whether by purchase, merger or
otherwise) all or substantially all of the outstanding capital stock or assets of another corporation, or in the event of any reorganization or other transaction qualifying under Code Section

  
 3 

	 	
424, the Committee may, in accordance with the provisions of that Code Section, substitute ISOs for ISOs previously granted under the plan of the acquired company or its Affiliate,
provided (A) the excess of the aggregate Fair Market Value of the Shares subject to an ISO immediately after the substitution over the aggregate exercise price of such Shares is not more than the similar excess immediately before
the substitution, and (B) the new ISO does not give additional benefits to the Participant, including any extension of the exercise period. 

  

	 	(vi)	 Notice of Disqualifying Dispositions. By executing an ISO Award Agreement, a Participant agrees to
notify the Company in writing immediately after the Participant sells, transfers, or otherwise disposes of any Shares acquired through exercise of the ISO, if such disposition occurs within either (A) two years of the Grant Date, or
(B) one year after the exercise of the ISO being exercised. Each Participant further agrees to provide any information about a disposition of Shares as may be requested by the Company to assist it in complying with any Applicable Laws.

 (c)    Method of Exercise. Unless otherwise provided in an Award Agreement, each Option may
be exercised in whole or in part (provided that the Company shall not be required to issue fractional shares) before it expires, but only pursuant to the applicable Award Agreement, and not during any exercise blackout periods the
Committee implements from time to time in its sole discretion. Exercise shall occur by delivery of both (A) written or electronic notice of exercise to the secretary of the Company, and (B) payment of the full exercise price for the Shares
being purchased. The methods of payment that the Committee may in its discretion accept or commit to accept in an Award Agreement include: 
  

	 	(i)	 cash or check payable to the Company (in U.S. dollars); 

 

	 	(ii)	 other Shares that (A) are owned by the Participant, (B) have a Fair Market Value on the date of
surrender equal to the aggregate exercise price of the Shares as to which the Option is being exercised, (C) at the time of the surrender are free and clear of any and all claims, pledges, liens, and encumbrances, or any restrictions on the
transfer of such Shares to or by the Company (other than such restrictions as may have existed prior to an issuance of such Shares by the Company to the Participant), and (D) are duly endorsed for transfer to the Company; provided
that doing so would not violate the provisions of any Applicable Law or agreement restricting the redemption of the Company’s stock; 

  

	 	(iii)	 a net exercise by surrendering to the Company Shares otherwise receivable on exercise of the Option (e.g., the
Company will reduce the number of Shares issued on exercise of the Option by the largest whole number of Shares with a Fair Market Value that does not exceed the aggregate exercise price); provided that the Company consents at the time
of exercise, the Option is a Non-ISO, the Participant pays any remaining balance of the aggregate exercise price not satisfied by the “net exercise”

  
 4 

	 	
in cash or other permitted form of payment, and Shares will no longer be outstanding under the Option and will not be exercisable thereafter if those Shares (A) are used to pay the exercise
price pursuant to the “net exercise,” (B) are delivered to the Participant as a result of such exercise, or (C) are withheld to satisfy the Participant’s Withholding Taxes; 

 

	 	(iv)	 a cashless exercise program that the Committee may approve, from time to time in its discretion, pursuant to
which a Participant may elect to concurrently provide irrevocable instructions (A) to the Participant’s broker or dealer to effect the immediate sale of the purchased Shares and remit to the Company, out of the sale proceeds available on
the settlement date, sufficient funds to cover the exercise price of the Option plus all applicable Withholding Taxes, and (B) to the Company to deliver the certificates for the purchased Shares directly to the broker or dealer in order to
complete the sale; 

  

	 	(v)	 any combination of the foregoing methods of payment; or 

 

	 	(vi)	 any other form of legal consideration acceptable to the Committee in its sole discretion.

 The Company shall not be required to deliver Shares pursuant to the exercise of an Option, and an Option will not be
deemed exercised until the Company has received sufficient funds or value to cover the full exercise price due and all applicable Withholding Taxes. 

(d)    Exercise of Unvested Non-ISO Options. The Committee may in its sole
discretion set forth in an Award Agreement that a Participant may exercise an unvested Non-ISO Option, in which case the Shares then issued shall be Restricted Shares having the same vesting restrictions as
the unvested Option. 
 (e)    Termination of Continuous Service. The Committee may set forth in the applicable
Award Agreement the terms and conditions by which an Option is exercisable, if at all, after the date of a Participant’s termination of Continuous Service. The Committee may waive or modify these provisions at any time. To the extent that a
Participant is not entitled to exercise an Option on the date of a Participant’s termination of Continuous Service, or if the Participant (or other Person entitled to exercise the Option) does not exercise the Option within the time specified
in the Award Agreement or below (as applicable), the Option shall terminate. Notwithstanding the foregoing, if the Company has a contingent contractual obligation to provide for accelerated vesting or extended exercisability of a Participant’s
Options after termination of the Participant’s Continuous Service, such Options shall remain outstanding until the maximum contractual time for determining whether such contingency will occur, and terminate at such time if the contingency has
not then occurred; provided that for Options held by U.S. Taxpayers the foregoing shall not cause an Option to be exercisable after the 10-year anniversary of its Grant Date or the date such
Option otherwise would have terminated had the Participant remained in Continuous Service. 

  
 5 

 Subject to the preceding paragraph and Section 4(g) and to the
extent an Award Agreement does not otherwise specify the terms and conditions upon which an Option shall terminate when a Participant terminates Continuous Service, the following provisions apply: 

 

			
	 Reason for Terminating Continuous
Service
	  	 Option Termination Date

	(I) For Cause.	  	All Options, whether or not vested, shall immediately expire effective on the date of termination of the Participant’s Continuous Service, or when Cause first existed if earlier.
		
	(II) The Participant dies or becomes Disabled during Continuous Service (in either case unless Reason (I) applies).	  	All unvested Options shall immediately expire, effective as of the date of termination of the Participant’s Continuous Service, and all vested and unexercised Options shall expire 12 months after such termination.
		
	(III) Any other reason.	  	All unvested Options shall immediately expire effective on the date of termination of the Participant’s Continuous Service. All vested and unexercised Options shall expire 90 days after the date of termination of the
Participant’s Continuous Service.

 (f)    Blackout Periods. If there is a blackout period (whether under the
Company’s insider trading policy, Applicable Law, or a Committee-imposed blackout period) that prohibits buying or selling Shares during any part of the 10-day period before an Option expires due to a
Participant’s termination of Continuous Service, the Option exercise period shall be extended until 10 days after the end of the blackout period. Notwithstanding anything to the contrary in this Plan or any Award Agreement, no Option can be
exercised beyond the date its original term expires, as set forth in the Award Agreement, or the date on which the Option otherwise would become unexercisable, absent termination of Continuous Service. 

(g)    Company Cancellation Right. Subject to Applicable Law, if the Fair Market Value for Shares subject to any
Option is more than 33% below their exercise price for more than 90 consecutive business days, the Committee unilaterally may declare the Option terminated, effective on the date the Committee provides written notice to the Option holder. The
Committee may take such action with respect to any or all Options granted under this Plan or with respect to any individual Option holder or class(es) of Option holders. 

  
 6 

 (h)    Exchange Program. The Committee may at any time offer to
buy out an Option, in exchange for a payment in cash or Shares, based on such terms and conditions as the Committee shall establish and communicate to the Participant at the time that such offer is made. 

(i)    Non-Exempt Employees. An Option granted to an Employee who is non-exempt for purposes of the Fair Labor Standards Act of 1938, as amended, will not be first exercisable for any Shares until at least six months after the Grant Date of the Option (although the Award may vest
prior to such date). Notwithstanding the foregoing, consistent with the provisions of the Worker Economic Opportunity Act, the vested portion of any Option may be exercised earlier than six months after the Grant Date: (A) if the non-exempt Employee dies or becomes Disabled; (B) upon a corporate transaction in which the Option is not assumed, continued, or substituted; (C) upon a Change in Control; or (D) upon the
Participant’s retirement (as may be defined in the Participant’s Award Agreement or other agreement with the Company, or, if no such definition, in accordance with the Company’s then-current employment policies and guidelines). The
foregoing provision is intended to operate so that any income derived by a non-exempt Employee in connection with the exercise or vesting of an Option will be exempt from his or her regular rate of pay.
Notwithstanding Section 4(e), to the extent necessary to accomplish the foregoing, a vested Option will not terminate until six months after the Grant Date. 

 

	5.	 Restricted Shares, RSUs, and Unrestricted Shares. 

(a)    Grant. The Committee may grant Restricted Shares, RSUs or Unrestricted Shares to Eligible Persons, in
all cases pursuant to Award Agreements, setting forth terms and conditions consistent with this Plan. As to each Restricted Share or RSU Award, the Committee shall establish the number of Shares deliverable or subject to the Award (which may be
determined by a written formula), and the period(s) of time at the end of which all or some restrictions specified in an Award Agreement shall lapse, and the Participant shall receive vested Shares (or cash to the extent provided in the Award
Agreement) in settlement of the Award. Such conditions may include restrictions concerning voting rights and transferability, and may lapse separately or in combination at such times and pursuant to such circumstances or based on such criteria as
selected by the Committee, including, without limitation, criteria based on the Participant’s duration of Continuous Service; individual, group, or divisional performance criteria; or Company performance. Subject to applicable law, the
Committee may make Restricted Share and RSU Awards with or without the requirement for payment of consideration. In addition, the Committee may grant Awards hereunder in the form of Unrestricted Shares, which shall be vested on the Grant Date or
which the Committee may issue pursuant to any program under which one or more Eligible Persons (selected by the Committee in its sole discretion) elect to pay for such Shares or to receive Unrestricted Shares in lieu of compensation that otherwise
would be paid. 
 (b)    Vesting and Forfeiture. In an Award Agreement granting Restricted Shares or RSUs,
the Committee shall set forth the terms and conditions that establish a “substantial risk of forfeiture” under Code Section 83, and when the Participant’s interest in the Restricted Shares or Shares subject to RSUs become vested
and non-forfeitable. Except as set forth in the Award Agreement or as the Committee otherwise determines, the Participant shall forfeit his or her non-vested Restricted
Shares and RSUs upon termination of his or her Continuous Service for any 

  
 7 

 
reason; provided that if the Participant purchases Restricted Shares and forfeits them for any reason, the Company shall repurchase such Shares for the consideration described in
Section 6(c). Notwithstanding the foregoing, if the Company has a contingent contractual obligation to provide for accelerated vesting of Restricted Shares or RSUs after termination of a Participant’s Continuous
Service, such Restricted Shares or RSUs such shall remain outstanding until the maximum contractual time for determining whether such contingency will occur, and terminate or be forfeited, as applicable, at such time if the contingency has not then
occurred. 
 (c)    Certificates for Restricted Shares. Unless otherwise provided in an Award Agreement,
the Company shall hold certificates or, if not certificated, other indicia representing Restricted Shares until the restrictions lapse, and, if Restricted Shares are certificated, the Participant shall provide the Company with appropriate stock
powers endorsed in blank. The Participant’s failure to provide such stock powers within 10 days after a written request from the Company shall entitle the Committee to unilaterally declare all or some of the Participant’s Restricted Shares
forfeited.  
 (d)    Section 83(b) Elections. A Participant may make an election under Code
Section 83(b) with respect to Restricted Shares. 
 (e)    Issuance of Shares upon Vesting. As soon as
practicable after a Participant’s Restricted Shares vest (or the right to receive Shares underlying RSUs vests) and unless a deferral election has been validly made, if so permitted by the Committee, the Company shall deliver to the
Participant, free from vesting restrictions, one Share for each surrendered and vested Restricted Share (or deliver one Share free of the vesting restriction for each vested RSU), unless an Award Agreement provides otherwise and subject to
Section 7 regarding Withholding Taxes. No fractional Shares shall be distributed, and cash shall be paid in lieu thereof; provided, however, the Committee may provide that fractional Shares shall accumulate.
Subject to any deferral election, if there is a blackout period (whether under the Company’s insider trading policy, Applicable Law, or a Committee-imposed blackout period) that prohibits a Participant from buying or selling Shares, the
settlement of RSUs held by such Participant shall be automatically deferred to the first to occur of (i) the first trading day after the expiration of the blackout period, or (ii) March 1 of the year following the year when vesting
occurs. 
  

	6.	 Right of First Refusal; Right of Repurchase. 

(a)    Right of Repurchase. Subject to the Repurchase Limitation, the Award Agreement for an Option,
Restricted Shares, RSUs, or Unrestricted Shares may include a provision whereby the Company or its designee may elect to repurchase all or any part of the vested Shares acquired by the Participant pursuant to an Award. 

(b)    Right of First Refusal. The Award Agreement for an Option, Restricted Shares, RSUs or Unrestricted
Shares, may include a provision whereby the Company or its designee may elect to exercise a right of first refusal following receipt of notice from the Participant of the intent to transfer all or any part of the Shares received upon the exercise of
the Award. Such right of first refusal shall be subject to the Repurchase Limitation. The Shares also shall be subject to whatever right of first refusal and other limitations that may exist in the Bylaws or other organizational documents of the
Company. 

  
 8 

 (c)    Repurchase Limitation. Unless otherwise determined by the
Committee and set forth in the applicable Award Agreement, the repurchase price for vested Shares shall be the Fair Market Value of the Shares on the date of repurchase, except that, if the Participant’s service relationship with the Company or
its Affiliates was terminated by the Company for Cause, then the repurchase price shall be the lower of (i) the Fair Market Value of the Shares on the date of repurchase, or (ii) their original purchase price. The repurchase price for
Restricted Shares shall be the lower of (A) the Fair Market Value of the Shares on the date of repurchase, or (B) their original purchase price. However, the Company shall not exercise its repurchase right until at least six months (or
such longer or shorter period of time necessary to avoid classification of the Award as a liability for financial accounting purposes) have elapsed following delivery of the Shares subject to the Award, unless otherwise specifically provided by the
Committee (the “Repurchase Limitation”). 
  

	7.	 Taxes; Withholding; Code Section 409A.
 

 (a)    General Rule. Notwithstanding any provision of this Plan or an
Award Agreement to the contrary, Participants are solely responsible and liable for the satisfaction of all taxes and penalties that may arise in connection with Awards, and neither the Company, nor the Committee, nor any Affiliate, nor any of their
employees, directors, or agents shall have any duty or obligation to mitigate, minimize, indemnify, or to otherwise hold any Participant harmless from any such consequences. 

(b)    Withholding. The Company’s obligation to deliver Shares (or to pay cash) to Participants pursuant to
Awards is at all times subject to their prior or coincident satisfaction of all Withholding Taxes. Except as otherwise provided under this Plan or in an Award Agreement, no later than the date as of which an amount first becomes includible in a
Participant’s taxable income for U.S. federal, state, local or non-U.S. income or social insurance tax purposes with respect to an Award, the Participant shall pay to the Company (or to the Affiliate
employing the Participant), or make arrangements satisfactory to the Company (or such Affiliate) for the payment of, any such Withholding Taxes (which normally will not apply to non-Employees). Notwithstanding
the foregoing, the Company and its Affiliates may, in each of their sole discretion, withhold a sufficient number of Shares that are otherwise issuable to the Participant pursuant to the Award (and/or cash that is otherwise payable to the
Participant) in order to satisfy all or part of Withholding Taxes. 
 (c)    U.S. Code
Section 409A. To the extent that the Committee determines that any Award granted under this Plan is subject to Code Section 409A, the Award Agreement evidencing such Award shall incorporate the terms and conditions
required by Code Section 409A. To the extent applicable, this Plan and Award Agreements shall be interpreted in accordance with Code Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder. The
Committee may adopt such amendments to this Plan and the applicable Award Agreement or adopt other policies and procedures (including amendments, policies, and procedures or cancelling all or some Awards with retroactive effect), or take any other
actions, that the Committee determines are necessary or appropriate (i) to exempt an Award from Code Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (ii) to comply with
the requirements of Code Section 409A and related Department of Treasury guidance and thereby avoid the application of any penalty taxes under Code Section 409A. 

  
 9 

 (d)    Unfunded Tax Status. This Plan is an “unfunded”
plan for incentive compensation. With respect to any payments not yet made to a Person pursuant to an Award, nothing in this Plan or any Award Agreement shall give the Person any rights greater than those of a general creditor of the Company or any
Affiliate, and a Participant’s rights under this Plan at all times constitute an unsecured claim against the Company’s general assets for the collection of benefits as they come due. Neither the Participant nor his or her duly-authorized
transferee or Beneficiaries shall have any claim against nor rights in any specific assets, Shares, or other funds of the Company, except as may be the case with respect to Restricted Shares. 

 

	8.	 Non-Transferability of Awards.

 (a)    General. Except as set forth in this Section, or as otherwise approved by the
Committee and subject to restrictions on transfer contained in the Bylaws or other organizational documents of the Company, Awards may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by
the laws of descent or distribution. The designation of a death Beneficiary by a Participant will not constitute a transfer. An Award may be exercised, during the lifetime of the holder of an Award, only by such holder, by the duly-authorized legal
representative of a holder who is disabled, or by a transferee permitted by this Section. 
 (b)    Limited
Transferability Rights. Subject to restrictions on transfer contained in the Bylaws or other organizational documents of the Company, the Committee may in its discretion provide in an Award Agreement that an Award in the form of a Non-ISO, Restricted Shares, or RSUs may be transferred, on such terms and conditions as the Committee deems appropriate, either (i) by instrument to the Participant’s Immediate Family, (ii) by
instrument to an inter vivos or testamentary trust (or other entity) in which the Award is to be passed to the Participant’s designated Beneficiaries, (iii) even in the case of an ISO, pursuant to a domestic relations order
(provided, however, that if an Option is an ISO, such Option may be deemed a non-ISO as a result of such transfer), or (iv) by gift to charitable institutions. Any transferee of the
Participant’s rights shall succeed and be subject to all of the terms of the applicable Award Agreement and this Plan. 

(c)    Death. In the event of the death of a Participant, any outstanding vested Awards issued to the Participant
shall automatically be transferred to the Participant’s Beneficiary (or, if no Beneficiary is designated or surviving, to the person or persons to whom the Participant’s rights under the Award pass by will or the laws of descent and
distribution in the state in which the Participant was domiciled at the time of his or her death).  
  

	9.	 Change in Capital Structure; Change in Control; Etc. 

(a)    Changes in Capitalization. The Committee shall equitably adjust the number of Shares covered by each
outstanding Award, and the number of Shares that have been authorized for issuance under this Plan, but as to which no Awards have yet been granted, or that have been returned to this Plan upon cancellation, forfeiture, or expiration of an Award, or
any other Plan 

  
 10 

 
limits, as well as the exercise or other price per Share covered by each such outstanding Award, to reflect any increase or decrease in the number of issued Shares resulting from a stock-split,
reverse stock-split, stock dividend, combination, recapitalization, or reclassification of the Shares, merger, consolidation, change in organization form, or any other increase or decrease in the number of issued Shares effected without receipt or
payment of consideration by the Company. In the event of any such transaction or event, the Committee may provide in substitution for any or all outstanding Awards, or as an alternative to an adjustment, such alternative consideration (including
cash or securities of any surviving entity) as it may in good faith determine to be equitable under the circumstances and may, if substitute consideration is provided, require in connection therewith the surrender of all Awards so substituted. In
any case, such substitution of consideration shall not require the consent of any Participant. 
 (b)    Dissolution
or Liquidation. Except as otherwise provided in an Award Agreement, in the event of the dissolution or liquidation of the Company, other than as part of a Change in Control, each Award will terminate immediately prior to the consummation of such
dissolution or liquidation, subject to the ability of the Committee to exercise any discretion authorized in the case of a Change in Control. 

(c)    Change in Control. In the event of a Change in Control but subject to the terms of any Award
Agreements or employment-related agreements between the Company or any Affiliates and any Participant, each outstanding Award may be assumed, or a substantially equivalent award may be substituted by the surviving or successor company or a parent or
subsidiary of such successor company (in each case, the “Successor Company”) upon consummation of the transaction. Notwithstanding the foregoing, instead of having outstanding Awards be assumed or substituted with equivalent
awards by the Successor Company, the Committee may, in its sole and absolute discretion and authority, without obtaining the approval or consent of the Company’s stockholders or any Participant, take one or more of the following actions, in
each case subject to the terms of any Award Agreements or employment-related agreements between the Company or any Affiliates and any Participant: 
  

	 	(i)	 accelerate the vesting of Awards so that some or all Awards shall vest (and, to the extent applicable, become
exercisable) as to some or all of the Shares that otherwise would have been unvested, and/or provide that repurchase rights of the Company, if any, with respect to Shares issued pursuant to an Award shall lapse; 

 

	 	(ii)	 arrange or otherwise provide for the payment of cash or other consideration to Participants in exchange for the
satisfaction and cancellation of all or some outstanding Awards (based on the Fair Market Value, on the date of the Change in Control, of the Award being cancelled, based on any reasonable valuation method selected by the Committee; provided
that the Committee shall have full discretion to unilaterally cancel (A) either all Awards or only select Awards (such as only those that have vested on or before the Change in Control), and (B) any Options whose exercise price is equal to
or greater than the Fair Market Value of the Shares, as of the date of the Change in Control, with such cancellation being without the payment of any consideration whatsoever to those Participants whose Options are being cancelled;

  
 11 

	 	(iii)	 terminate all or some Awards upon the consummation of the transaction; or 

 

	 	(iv)	 make such other modifications, adjustments, or amendments to outstanding Awards or this Plan as the Committee
deems necessary or appropriate. 

  

	10.	 Termination, Rescission, and Recapture of Awards. 

(a)    Each Award under this Plan is intended to align the Participant’s long-term interests with those of the
Company. Accordingly, unless otherwise expressly provided in an Award Agreement, the Committee may terminate any outstanding, unexercised, unexpired, unpaid, or deferred Awards (“Termination”), rescind any exercise, payment,
or delivery pursuant to the Award (“Rescission”), or recapture any Shares or proceeds from the Participant’s sale of Shares issued pursuant to the Award (“Recapture”), if the Participant does not
comply with the conditions of subsections 10(b), 10(c), and 10(e) (collectively, the “Conditions”) at all times from the date of an Award through the later of its vesting or exercise.

(b)    A Participant shall not, without the Company’s prior written authorization, disclose to anyone outside the
Company, or use in other than the Company’s business, any proprietary or confidential information or material, as those or other similar terms are used in any applicable patent, confidentiality, inventions, secrecy, or other agreement between
the Participant and the Company or one of its Affiliates (or policy applicable to the Participant), including but not limited to those with regard to proprietary or confidential information or intellectual property (including but not limited to
patents, trademarks, copyrights, trade secrets, inventions, developments, improvements, proprietary information, confidential business, and personnel information) (each a “Confidentiality Agreement”), and a Participant shall
promptly disclose and assign to the Company or its designee all right, title, and interest in such intellectual property, and shall take all reasonable steps necessary to enable the Company to secure all right, title, and interest in such
intellectual property in the United States and in any foreign country. Notwithstanding the Participant’s confidentiality obligations set forth in this Plan or any Confidentiality Agreements, pursuant to the Defend Trade Secrets Act of 2016, the
Participant will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (i) is made (A) in confidence to a federal, state, or local government official, either
directly or indirectly, or to an attorney, and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing
is made under seal. If the Participant files a lawsuit for retaliation by the Company for reporting a suspected violation of law, he or she may disclose the trade secret to his or her attorney and use the trade secret information in the court
proceeding, if he or she: (1) files any document containing the trade secret under seal; and (2) does not disclose the trade secret, except pursuant to court order. In the event it is determined that disclosure of Company trade secrets was
not done in good faith pursuant to the above, the Participant may be subject to substantial damages under federal criminal and civil law, including punitive damages and attorneys’ fees. 

  
 12 

 (c)    Upon exercise, payment, or delivery of cash or Shares pursuant to
an Award, the Participant shall, if requested in writing by the Committee (or the Company), certify on a form acceptable to the Committee (or, if applicable, the Company) that he or she is in compliance with the terms and conditions of this Plan.

 (d)    The Committee may, in its sole and absolute discretion, impose a Termination, Rescission, and/or Recapture
with respect to any or all of a Participant’s relevant Awards or restricted Shares if the Committee determines, in its sole and absolute discretion that (i) the Participant has materially violated any agreement between the Participant and
the Company or one of its Affiliates, (ii) within six months after the termination of the Participant’s Continuous Service, the Participant has solicited any non-administrative employee of the
Company to terminate employment with the Company, or (iii) during his or her Continuous Service, a Participant: (A) has rendered services to or otherwise directly or indirectly engaged in or assisted any organization or business that, in
the judgment of the Committee, in its sole and absolute discretion, is or is working to become competitive with the Company or one of its Affiliates; (B) has solicited any non-administrative employee of
the Company to terminate employment with the Company; or (C) has engaged in activities which are materially prejudicial to or in conflict with the interests of the Company, including any breaches of fiduciary duty or the duty of loyalty. 

(e)    Within 10 days after receiving notice from the Committee of any such activity described in
Section 10(d) above, the Participant shall deliver to the Company the Shares acquired pursuant to the Award, or, if Participant has sold the Shares, the gain realized, or payment received as a result of the rescinded
exercise, payment, or delivery; provided, that if the Participant returns Shares that the Participant purchased pursuant to the exercise of an Option (or the gains realized from the sale of such Shares), the Company shall promptly
refund the exercise price, without earnings, that the Participant paid for the Shares or, if Fair Market Value of the Shares is less than the exercise price, promptly pay to the Participant Fair Market Value of the returned Shares. Any payment by
the Participant to the Company pursuant to this Section 10 shall be made either in cash or by returning to the Company the number of Shares that the Participant received in connection with the rescinded exercise, payment,
or delivery. 
 (f)    Notwithstanding the foregoing provisions of this Section 10, the
Committee has sole and absolute discretion not to require Termination, Rescission, and/or Recapture, and its determination not to require Termination, Rescission, and/or Recapture with respect to any particular act by a particular Participant or
Award shall not in any way reduce or eliminate the Committee’s authority to require Termination, Rescission, and/or Recapture with respect to any other act or Participant or Award. Nothing in this Section 10 shall be
construed to impose obligations on the Participant to refrain from engaging in lawful competition with the Company after the termination of Continuous Service that does not violate the Conditions, other than any obligations that are part of any
separate agreement between the Company and the Participant or that arise under Applicable Law. 
 (g)    If any
provision within this Section 10 is determined to be unenforceable or invalid under any Applicable Law, such provision will be applied to the maximum extent permitted by Applicable Law, and shall automatically be deemed
amended in a manner consistent with its objectives and any limitations required under Applicable Law. 

  
 13 

 (h)    This Section 10 shall is supplemental
to, and does not supersede, any other written agreement between the Participant, on the one hand, and the Company or any of its Affiliates, on the other hand. 
  

	11.	 Recoupment of Awards.  

(a)    Unless otherwise specifically provided in an Award Agreement, and to the extent permitted by Applicable Law, the
Committee may in its sole and absolute discretion, without obtaining the approval or consent of the Company’s stockholders or of any Participant, require that any Participant reimburse the Company for all or any portion of any Awards granted
under this Plan (“Reimbursement”), or the Committee may require the Termination or Rescission of, or the Recapture relating to, any Award held by the Participant, if and to the extent: 

 

	 	(i)	 the granting, vesting, or payment of an Award was predicated upon the achievement of certain financial results
that were subsequently the subject of a material financial restatement; 

  

	 	(ii)	 in the Committee’s view the Participant either benefited from a calculation that later proves to be
materially inaccurate, or engaged in fraud or misconduct that caused or partially caused the need for a material financial restatement by the Company or any Affiliate; or 

 

	 	(iii)	 a lower granting, vesting, or payment of an Award would have occurred based on the conduct described in
Section 10(b) above. 

 In each instance, the Committee may, to the extent practicable and
allowable or required under Applicable Laws, require Reimbursement, Termination or Rescission of, or Recapture relating to, any such Award granted to a Participant. Notwithstanding any other provision of this Plan, all Awards shall be subject to
Reimbursement, Termination, Rescission, and/or Recapture to the extent required by Applicable Law, including but not limited to Section 10D of the Exchange Act. 
  

	12.	 Administration of this Plan.  

(a)    In General. The Committee shall administer this Plan in accordance with its terms, provided
that the Board may act in lieu of the Committee on any matter. The Committee shall hold meetings at such times and places as it may determine and may prescribe, amend, and rescind such rules and regulations, and procedures for the conduct of its
business as it deems advisable. In the absence of a Committee, the Board shall function as the Committee for all purposes of this Plan. 

(b)    Committee Composition. The Board shall appoint the members of the Committee. Subject to Applicable Law and
the restrictions set forth in this Plan, the Committee may delegate administrative functions to individuals who are Directors or Employees, and may authorize one or more executive officers to make Awards to Eligible Persons other than themselves.
The Board may at any time appoint additional members to the Committee, remove and replace members of the Committee with or without Cause, and fill vacancies on the Committee however caused. The Committee shall have the power to delegate to a
subcommittee of the Board any of the administrative powers the Committee is authorized to exercise, subject to such resolutions, consistent with this Plan, as the Board may adopt from time to time. 

  
 14 

 (c)    Powers of the Committee. Subject to the provisions of this
Plan, the Committee shall have the authority, in its sole discretion: 
  

	 	(i)	 to grant Awards and to determine Eligible Persons to whom Awards shall be granted from time to time, and the
number of Shares, units, or dollars to be covered by each Award; 

  

	 	(ii)	 to determine, from time to time, the Fair Market Value of Shares; 

 

	 	(iii)	 to determine, and to set forth in Award Agreements, the terms and conditions of all Awards, including what type
or combination of types of Awards shall be granted; any applicable exercise or purchase price; the installments and conditions under which an Award shall become vested (which may be based on performance), terminated, expired, cancelled, or replaced;
the circumstances for vesting acceleration or waiver of forfeiture restrictions; and other restrictions and limitations; 

  

	 	(iv)	 to approve the forms of Award Agreements and all other documents, notices, and certificates in connection
therewith, which need not be identical either as to type of Award or among Participants; 

  

	 	(v)	 to construe and interpret the terms of this Plan and any Award Agreement, to determine the meaning of their
terms, to correct any defect, omission, or inconsistency in this Plan or any Award Agreement, in a manner and to the extent it shall deem necessary or expedient to make this Plan or an Award fully effective, and to prescribe, amend, and rescind
rules and procedures relating to this Plan and its administration; 

  

	 	(vi)	 to the extent consistent with the purposes of this Plan and without amending this Plan, to modify, to cancel,
or to waive the Company’s rights with respect to any Awards, to adjust or to modify Award Agreements for changes in Applicable Law, and to recognize differences in foreign law, tax policies, or customs; 

 

	 	(vii)	 to require, as a condition precedent to the grant, vesting, exercise, settlement, and/or issuance of Shares
pursuant to any Award, that a Participant agree to execute a general release of claims (in any form that the Committee may require, in its sole discretion, which form may include any other provisions, e.g., confidentiality and restrictions on
competition, that are found in general claims release agreements that the Company utilizes or expects to utilize); 

  

	 	(viii)	 in the event that the Company establishes, for itself or using the services of a third party, an automated
system for the documentation, granting, settlement, or exercise of Awards, such as a system using an Internet 

  
 15 

	 	
website or interactive voice response, to implement paperless documentation, granting, settlement, or exercise of Awards by a Participant through the use of such an automated system; and

  

	 	(ix)	 to make all determinations and to take all other actions that the Committee may consider necessary or desirable
to administer this Plan or to effectuate its purposes. 

 (d)    Powers of the Company. Unless
applicable law requires otherwise, all administrative and discretionary authority given to the Company under this Plan shall be exercised by the most senior human resources executive of the Company, or such other person or committee (including
without limitation the Committee) as the Committee may designate from time to time. 
 (e)    Local Law Adjustments
and Sub-plans. 
  

	 	(i)	 To facilitate the making of any grant of an Award under this Plan, the Committee may adopt rules and provide
for such special terms for Awards to Participants who are located within the United States, foreign nationals, or employed by the Company or any Affiliate outside of the United States of America as the Committee may consider necessary or appropriate
to accommodate differences in local law, tax policy, or custom. Without limiting the foregoing, the Committee is specifically authorized to adopt rules and procedures regarding the conversion of local currency, taxes, withholding procedures, and
handling of stock certificates, which vary with the customs and requirements of particular countries. The Committee may adopt procedures or sub-plans and establish escrow accounts and trusts, and settle Awards
in cash in lieu of shares, as may be appropriate, required, or applicable to particular locations and countries. 

  

	 	(ii)	 Action by Committee (e.g., to permit participation in this Plan by Eligible Persons who are non-United States nationals or are primarily employed or providing services outside the United States). The Committee may modify the terms of any Award under this Plan made to or held by a Participant who is then a
resident, or is primarily employed or providing services, outside of the United States, in any manner deemed by the Committee to be necessary or appropriate in order that such Award shall conform to laws, regulations, and customs of the country in
which the Participant is then a resident or primarily employed or providing services, or so that the value and other benefits of the Award to the Participant, as affected by non-United States tax laws and
other restrictions applicable as a result of the Participant’s residence, employment, or providing services abroad, shall be comparable to the value of such Award to a Participant who is a resident, or is primarily employed or providing
services, in the United States. An Award may be modified under this subsection in a manner that is inconsistent with the express terms of this Plan, so long as such modifications will not contravene any Applicable Law or regulation

  
 16 

	 	
or result in actual liability under Section 16(b) of the Exchange Act for the Participant whose Award is modified. Each member of the Committee is entitled to, in good faith, rely or act
upon any report or other information furnished to that member by an officer or other Employee of the Company or any Affiliate, the Company’s independent certified public accountants, or any executive compensation Consultant or other
professional retained by the Company or the Committee to assist in the administration of this Plan, or by any Participant or Beneficiary. 

(f)    Deference to Committee Determinations. The Committee shall have the discretion to interpret or construe
ambiguous, unclear, or implied (but omitted) terms as it deems to be appropriate in its sole discretion, and to make any findings of fact needed in the administration of this Plan or Award Agreements. The Committee’s prior exercise of its
discretionary authority shall not obligate it to exercise its authority in a like fashion thereafter. The Committee’s interpretation and construction of any provision of this Plan, or of any Award or Award Agreement, and all determinations the
Committee makes pursuant to this Plan shall be final, binding, and conclusive (subject only to the Committee’s inherent authority to change its determinations). The validity of any such interpretation, construction, decision or finding of fact
shall not be given de novo review if challenged in court, by arbitration, or in any other forum, and shall be upheld unless clearly made in bad faith or materially affected by fraud. 

(g)    Any determination made by the Committee with respect to any provisions of this Plan may be made on an Award-by-Award basis; the Committee has no obligation to be uniform, consistent, or nondiscriminatory between classes of similarly-situated Awards, except as required by
Applicable Law. 
 (h)    Claims Limitations Period. Any Participant who believes he or she is being denied any
benefit or right under this Plan or under any Award may file a written claim with the Committee. Any claim must be delivered to the Committee within 45 days of the specific event-giving rise to the claim. Untimely claims will not be processed and
shall be deemed denied. The Committee, or its designee, will notify the Participant of its decision in writing as soon as administratively practicable. Claims shall be deemed denied if the Committee does not respond in writing within 120 days of the
date the written claim is delivered to the Committee. The Committee’s decision is final and conclusive, and binding on all persons. No lawsuit relating to this Plan may be filed before a written claim is filed with the Committee and is denied
or deemed denied, and any lawsuit must be filed within one year of such denial or deemed denial or be forever barred. 

(i)    No Liability; Indemnification. Neither the Board nor any Committee member, nor any Person acting at the
direction of the Board or the Committee, shall be liable for any act, omission, interpretation, construction, or determination made in good faith with respect to this Plan, any Award, or any Award Agreement. The Company shall pay or reimburse any
Director, Employee, or Consultant who in good faith takes action on behalf of this Plan, for all expenses incurred with respect to this Plan, and to the full extent allowable under Applicable Law shall indemnify each and every one of them for any
claims, liabilities, and costs (including reasonable attorney’s fees) arising out of their good faith performance of duties on behalf of this Plan. The Company and its Affiliates may, but shall not be required to, obtain liability insurance for
this purpose. 

  
 17 

 (j)    Expenses. The Company shall bear the expenses of
administering this Plan. 
  

	13.	 Modification of Awards and Substitution of Options.  

Within the limitations of this Plan, the Committee may modify an Award to accelerate the rate at which an Option may be exercised, to
accelerate the vesting of any Award, to extend or renew outstanding Awards, to accept the cancellation of outstanding Awards to the extent not previously exercised, or to make any change that this Plan would permit for a new Award. Notwithstanding
the foregoing, no modification of an outstanding Award may materially and adversely affect a Participant’s rights thereunder unless (a) the Participant provides written consent to the modification, (b) before a Change in Control, the
Committee determines in good faith that the modification is not materially adverse to the Participant, or (c) such modification is permitted by another Section of this Plan. Notwithstanding the foregoing, subject to the limitations of
Applicable Law, if any, and without the affected Participant’s consent, the Board may amend the terms of any one or more Awards if necessary to maintain the qualified status of the Award as an ISO or to bring the Award into compliance with
Section 409A of the Code. 
  

	14.	 Plan Amendment and Termination.  

The Board may amend or terminate this Plan as it shall deem advisable; provided that no change shall be made that increases the total
number of Shares reserved for issuance pursuant to Awards (except pursuant to Section 9 above), unless such change is authorized by the stockholders of the Company to the extent required by Applicable Law. A termination or
amendment of this Plan shall not materially and adversely affect a Participant’s rights under an Award previously granted to him or her unless the Participant consents in writing to such termination or amendment. Notwithstanding the foregoing,
the Committee may amend this Plan to comply with changes in tax or securities laws or regulations, or in the interpretation thereof. 
  

	15.	 Term of Plan.  

If not sooner terminated by the Board, this Plan shall terminate at the close of business on the date 10 years after the earlier of Board
approval of this Plan and its Effective Date. No Awards shall be made under this Plan after its termination. 
  

	16.	 Governing Law.  

The terms of this Plan and all agreements hereunder shall be governed by the laws of the State of Delaware, without regard to the State’s
conflict of laws rules. 
  

	17.	 Laws and Regulations. 

(a)    General Rules. This Plan, the granting of Awards, the exercise of Options, and the obligations of the
Company and Committee hereunder (including those to pay cash or to deliver, sell or accept the surrender of any of its Shares or other securities) shall be subject to all Applicable Law. In the event that any Shares are not registered under any
Applicable Law prior 

  
 18 

 
to the required delivery of them pursuant to Awards, the Committee may require, as a condition to their issuance or delivery, that the persons to whom the Shares are to be issued or delivered
make any written representations and warranties (such as that such Shares are being acquired by the Participant for investment for the Participant’s own account and not with a view to, for resale in connection with, or with an intent of
participating directly or indirectly in, any distribution of such Shares) that the Committee may reasonably require, and the Committee may in its sole discretion include a legend to such effect on the certificates representing any Shares issued or
delivered pursuant to this Plan. 
 (b)    Blackout Periods. Notwithstanding any contrary terms within
this Plan or any Award Agreement, the Committee shall have the absolute discretion to impose a “blackout” period on the exercise of any Option, as well as the settlement of any Award, with respect to any or all Participants (including
those whose Continuous Service has ended) to the extent the Committee determines that doing so is desirable or required to comply with applicable securities laws. 

(c)    Data Privacy. As a condition of receipt of any Award, each Participant explicitly and unambiguously consents
to the collection, use, and transfer, in electronic or other form, of personal data as described in this Section by and among, as applicable, the Company and its Affiliates for the exclusive purpose of implementing, administering, and managing this
Plan and Awards and the Participant’s participation in this Plan. In furtherance of such implementation, administration, and management, the Company and its Affiliates may hold certain personal information about a Participant with respect to
one or more Awards under this Plan, including, but not limited to, the Participant’s name, home address, telephone number, date of birth, social security or insurance number or other identification number, salary, nationality, job title(s),
information regarding any securities of the Company or any of its Affiliates, and details of all Awards (the “Data”). In addition to transferring the Data amongst themselves as necessary for the purpose of implementation,
administration, and management of this Plan and Awards, and the Participant’s participation in this Plan, the Company and its Affiliates each may transfer the Data to any third parties assisting the Company (including the Committee) in the
implementation, administration, and management of this Plan and Awards and the Participant’s participation in this Plan. Recipients of the Data may be located in the Participant’s country or elsewhere, and the Participant’s country
and any given recipient’s country may have different data privacy laws and protections. By accepting an Award, each Participant authorizes such recipients to receive, possess, use, retain, and transfer the Data, in electronic or other form, for
the purposes of assisting the Company (including the Committee) in the implementation, administration, and management of this Plan and Awards and the Participant’s participation in this Plan, including any requisite transfer of such Data as may
be required to a broker or other third party with whom the Company or the Participant may elect to deposit any Shares. A Participant may, at any time, view the Data held by the Company with respect to such Participant, request additional information
about the storage and processing of the Data with respect to such Participant, recommend any necessary corrections to the Data with respect to the Participant, or refuse or withdraw the consents herein in writing, in any case without cost, by
contacting such Participant’s local human resources representative. The Company or the Committee may cancel the Participant’s eligibility to participate in this Plan, and in the Committee’s discretion, the Participant may forfeit any
outstanding Awards if the Participant refuses or withdraws the consents described herein. For more information on the consequences of refusal to consent or withdrawal of consent, Participants may contact their local human resources representative.

  
 19 

 (d)    Severability; Blue Pencil. In the event that any
provision(s) of this Plan shall be or become invalid, illegal, or unenforceable in any respect, the validity, legality, and enforceability of the remaining provisions shall not be affected thereby. If in the opinion of any court of competent
jurisdiction such covenants are not reasonable in any respect, such court shall have the right, power, and authority to excise or modify such provision or provisions of these covenants as to the court shall appear not reasonable and to enforce the
remainder of these covenants as so amended. Any arbitrator shall have the same rights, powers, and authority. 
  

	18.	 No Stockholder Rights.  

Neither a Participant nor any transferee or Beneficiary of a Participant shall have any rights as a stockholder of the Company with respect to
any Shares underlying any Award until the date of issuance of a share certificate to such Participant, transferee, or Beneficiary for such Shares in accordance with the Company’s governing instruments and Applicable Law. Prior to the issuance
of Shares or Restricted Shares pursuant to an Award, a Participant shall not have the right to vote or to receive dividends or any other rights as a stockholder with respect to the Shares underlying the Award (unless otherwise provided in the Award
Agreement for Restricted Shares), notwithstanding its exercise in the case of Options. No adjustment will be made for a dividend or other right that is determined based on a record date prior to the date the stock certificate is issued, except as
otherwise specifically provided for in this Plan or an Award Agreement. 
  

	19.	 No Obligation to Notify.  

The Company and the Committee shall have no duty or obligation to any Participant to advise such holder as to the time or manner of exercising
an Award. Furthermore, the Company and the Committee shall have no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of an Award, or a possible period in which the Award may not be exercised. 

 

	20.	 Miscellaneous.  

(a)    Use of Proceeds from Sales of Common Stock. Proceeds from the sale of Shares pursuant to Awards shall
constitute general funds of the Company. 
 (b)    Corporate Action Constituting Grant of Awards. Unless
otherwise determined by the Board, corporate action constituting a grant by the Company of an Award to any Participant shall be deemed completed as of the date of such corporate action, regardless of when the instrument, certificate, or letter
evidencing the Award is communicated to, or actually received or accepted by, the Participant. 
 (c)    Share
Replacement. Unless prohibited by Applicable Law, the Company may substitute any consideration in lieu of providing Shares to a Participant on the exercise of an Option, or the vesting of an RSU, to the extent such consideration is equal to the
Fair Market Value of the Shares the Participant otherwise would receive. 

  
 20 

	21.	 Pre-IPO Provisions.  

Subject to any contrary terms set forth in any Award Agreement, for any period preceding the date of the Initial Public Offering, this Section
shall be applicable to any Shares subject to or issued pursuant to Awards. The provisions set forth below shall become null and void upon the occurrence of the Initial Public Offering. 

(a)    Stockholders’ Agreement. As a condition for the delivery of any Shares pursuant to any Award, the
Committee may require the Participant to execute and be bound by any agreement that generally exists between the Company and similarly-situated stockholders. 

(b)    Market Stand-Off. In connection with any underwritten public
offering by the Company of its equity securities pursuant to an effective registration statement filed under the federal securities laws, including the Initial Public Offering, Participants shall not directly or indirectly sell, make any short sale
of, loan, hypothecate, pledge, offer, grant, or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose or transfer, or agree to engage in any of the foregoing transactions
with respect to, any Shares acquired pursuant to Awards without the prior written consent of the Company or its underwriters. Such restriction (the “Market Stand-Off”) shall be in
effect for such period of time, not exceeding 180 days, following the date of the final prospectus for the offering as may be requested by the Company or such underwriters. In the event of the declaration of a stock dividend, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities without receipt of consideration, any new, substituted, or
additional securities, which are by reason of such transaction distributed with respect to any Shares subject to the Market Stand-Off, or into which such Shares thereby become convertible, shall immediately be
subject to such Market Stand-Off. In order to enforce the Market Stand-Off, the Company may impose stop-transfer instructions with respect to the Shares acquired
pursuant to Awards until the end of the applicable stand-off period. The Company and its underwriters shall be beneficiaries of the agreement in this Section. Participants who are not Directors or officers
shall be subject to this Section only if Directors and officers are subject to it. 
 (c)    California Law
Provisions. In order to conform with Applicable Laws for Awards to California residents, to the extent required by Section 260.140.8 of Title 10 of the California Code of Regulations, and to the extent compliance with such section is
required for the Shares subject to the Award to be exempt from registration in California, any repurchase right granted prior to the date on which the Shares become publicly-traded to a person who is not an officer, Director or Consultant shall be
upon the following terms: 
  

	 	(i)	 if the repurchase option gives the Company the right to repurchase the Shares upon termination of Continuous
Service at not less than the Fair Market Value of the Shares to be purchased on the date of termination of Continuous Service, then: 

  

	 	(A)	 the right to repurchase shall be exercised for cash or cancellation of purchase money indebtedness for the
Shares within six months of termination of Continuous Service (or in the case of Shares issued upon exercise of Options after such date of termination, within six months after the date of the exercise), and 

  
 21 

	 	(B)	 the right terminates when the Shares become publicly traded; or 

 

	 	(ii)	 if the repurchase option gives the Company the right to repurchase the Shares upon termination of the
Participant’s Continuous Service at the original purchase price for such Shares, then: 

  

	 	(A)	 the right to repurchase at the original purchase price shall lapse at the rate of at least 20% of the Shares
per year over five years from the Date of Grant (without respect to the date the Option was exercised or became exercisable), and 

  

	 	(B)	 the right to repurchase must be exercised for cash or cancellation of purchase money indebtedness for the
Shares within six months of termination of Continuous Service (or, in the case of Shares issued upon exercise of Options, after such date of termination, within six months after the date of the exercise) or such longer period as may be agreed to by
the Company and the Participant. 

 Furthermore, at no time while there is any Option outstanding and held by a
Participant who was a resident of the State of California on the date of grant of such Option, shall the total number of Shares issuable upon exercise of all outstanding stock options and the total number of Shares provided for under any stock bonus
or similar plan or agreement of the Company (in each case whether the grants occur as Awards or under another plan of the Company or any Affiliate) exceed the applicable percentage as calculated in accordance with the conditions and exclusions of
Section 260.140.45 of the California Code of Regulations, based on the Shares that are outstanding at the time the calculation is made. 
  

	22.	 Definitions. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls or is controlled
by or under common control with such Person. For the purposes of this definition, “control,” when used with respect to any Person, means the possession, direct or indirect, of the power to direct or cause the direction of the management
and policies of such Person or the power to elect directors, whether through the ownership of voting securities, by contract or otherwise; and the terms “affiliated,” “controlling,” and “controlled” have meanings
correlative to the foregoing. 
 “Applicable Law” means the legal requirements as shall be in place from time to
time under any statute, law, ordinance, regulation, rule, code, executive order, injunction, judgment, decree, or order of any governmental authority, whether of the United States, any other country, and any provincial, state, or local subdivision,
that relate to the administration of equity plans or equity awards, as well as any applicable stock exchange or automated quotation system rules or regulations. 

  
 22 

 “Award” means any award made, in writing or by an electronic medium,
pursuant to this Plan, including awards made in the form of an Option, a Restricted Share, a RSU, an Unrestricted Share, or any combination thereof, whether alternative or cumulative. 

“Award Agreement” means any written document (including in any electronic medium) setting forth the terms of an Award
that has been authorized by the Committee. The Committee shall determine the form or forms of documents to be used, and may change them from time to time for any reason. 

“Beneficiary” means the person or entity designated by the Participant, in a form approved by the Company, to exercise
the Participant’s rights with respect to an Award or receive payment or settlement under an Award after the Participant’s death. 

“Board” means the Board of Directors of the Company. 

“Cause” has the same meaning as set forth in any unexpired employment agreement or independent contractor agreement
between the Company or an Affiliate and the Participant for purposes of providing severance upon a termination without “Cause” or, in the absence of such agreement, as set forth in the Participant’s Award Agreement. If no such
alternative definitions for “Cause” exist, “Cause” means that the Company determines in its reasonable discretion that any of the following situations gave rise to a Participant’s termination from Continuous Service:
(a) the Participant committed, was convicted, or pled no contest or any similar plea to a misdemeanor involving acts of dishonesty or breach of fiduciary duty or any felony; (b) the Participant willfully failed to substantially perform his
or her duties and responsibilities to the Company or deliberately violated a Company policy; (c) the Participant committed any act or acts of fraud, embezzlement, dishonesty, or other willful misconduct; (d) without authorization, the
Participant used or disclosed any proprietary information or trade secrets of the Company or any other party to whom the Participant owes an obligation of nondisclosure as a result of his or her relationship with the Company; or (e) the
Participant breached any of his or her material obligations under any written agreement with the Company. The foregoing definition does not in any way limit the Company’s ability to terminate a Participant’s employment or other service
relationship at any time, and the term “Company” will be interpreted herein to include any Affiliate or successor thereto, if appropriate. Furthermore, a Participant’s Continuous Service shall be deemed to have terminated for Cause
within the meaning hereof if, at any time (whether before, on, or after termination of the Participant’s Continuous Service), facts or circumstances are discovered that would have justified a termination for Cause, regardless of whether the
Participant initiated the termination of the Participant’s Continuous Service. 
 “Change in Control” means,
unless another definition is set forth in an Award Agreement, the first of the following to occur after the Effective Date: 
  

	 	(i)	 Acquisition of Controlling Interest. Any Person (other than Persons who are Employees or service
providers at any time more than one year before a transaction) becomes the Beneficial Owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities of the
Company representing 50% or more of the combined voting power of the Company’s then outstanding securities; provided that 

  
 23 

	 	
the foregoing shall exclude any bona fide sale of securities of the Company by the Company to one or more third parties for purposes of raising capital. In applying the preceding sentence, an
agreement to vote securities shall be disregarded unless its ultimate purpose is to cause what would otherwise be a Change in Control, as reasonably determined by the Board. 

 

	 	(ii)	 Change in Board Control. During any consecutive one-year period
commencing after the Initial Public Offering, individuals who constituted the Board at the beginning of the period (or their approved replacements, as defined in the next sentence) cease for any reason to constitute a majority of the Board. A new
Director shall be considered an “approved replacement” Director if his or her election (or nomination for election) was approved by a vote of at least a majority of the Directors then still in office who either were Directors at the
beginning of the period or were themselves approved replacement Directors, but in either case excluding any Director whose initial assumption of office occurred as a result of an actual or threatened solicitation of proxies or consents by or on
behalf of any Person other than the Board. 

  

	 	(iii)	 Merger. The Company consummates a merger or consolidation of the Company with any other corporation
unless: (a) the voting securities of the Company outstanding immediately before the merger or consolidation would continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at
least 50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; and (b) no Person (other than Persons who are Employees or service providers at
any time more than one year before the transaction) becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities.

  

	 	(iv)	 Sale of Assets. The Company sells or disposes of all, or substantially all, of the Company’s
assets. 

  

	 	(v)	 Liquidation or Dissolution. The stockholders of the Company approve a plan or proposal for liquidation
or dissolution of the Company. 

 Notwithstanding the foregoing, a “Change in Control” shall not
be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following, which (I) the record holders of the common stock of the Company immediately prior to such transaction or
series of transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions, or (II) any
Person who was a Beneficial Owner, directly or indirectly, of securities in the Company representing 50% or more acquires additional securities in the Company, or (III) the Company converting from an incorporated entity to an unincorporated
entity. 

  
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 “Code” means the Internal Revenue Code of 1986, as amended. 

“Committee” means the Compensation Committee of the Board or its successor; provided that the
term “Committee” means (a) the Board when acting at any time in lieu of the Committee, (b) with respect to any decision involving an Award intended to satisfy the requirements of Code Section 162(m), a committee consisting
of two or more Directors of the Company who are “outside directors” within the meaning of Code Section 162(m), and (c) with respect to any decision relating to a Reporting Person, a committee consisting solely of two or more
Directors who are disinterested within the meaning of Rule 16b-3 promulgated under the Exchange Act, as amended from time to time, or any successor provision. The mere fact that a Committee member shall fail
to qualify as an “outside director” or as a “disinterested director” within the meaning of Code Section 162(m) and Rule 16b-3, respectively, shall not invalidate any Award made by the
Committee, which Award is otherwise validly made under this Plan. 
 “Common Stock” means common stock, $0.0001 par
value per share, of the Company. In the event of a change in the capital structure of the Company affecting the common stock (as provided in Section 9), the Shares resulting from such a change in the common stock shall be
deemed to be Common Stock within the meaning of this Plan. 
 “Company” means Aterian, Inc., a Delaware corporation;
provided that in the event the Company reincorporates to another jurisdiction, all references to the term “Company” shall refer to the Company in such new jurisdiction. 

“Conditions” has the meaning set forth in Section 10(a). 

“Confidentiality Agreement” has the meaning set forth in Section 10(a). 

“Consultant” means any natural person (other than an Employee or Director), including an advisor, who provides bona
fide services to the Company, its parents, its majority-owned subsidiaries or majority-owned subsidiaries of the Company’s parent, if such services are not in connection with the offer or sale of securities in a capital-raising transaction, and
do not directly or indirectly promote or maintain a market for the Company’s securities. 
 “Continuous
Service” means a Participant’s period of service in the absence of any interruption or termination as an Employee, Director, or Consultant. Continuous Service shall not be considered interrupted in the case of: (a) sick leave;
(b) military leave; (c) any other leave of absence approved by the Committee, provided that such leave is for a period of not more than 90 days, unless reemployment upon the expiration of such leave is guaranteed by contract
or statute, or unless provided otherwise pursuant to Company policy adopted from time to time; (d) changes in status from Director to advisory director or emeritus status; or (e) transfers between locations of the Company or between the
Company and its Affiliates. Changes in status between service as an Employee, Director, and a Consultant will not constitute an interruption of Continuous Service if the individual continues to perform bona fide services for the Company. The
Committee shall have the discretion to determine whether and to what extent the vesting of any Awards shall be tolled during any paid or unpaid leave of absence; provided, however, that

  
 25 

 
in the absence of such determination, vesting for all Awards shall be tolled during any such unpaid leave (but not for a paid leave). Notwithstanding anything to the contrary contained in the
Plan, an Investor Director Provider shall be deemed to have Continuous Service for so long as the Investor Director Provider makes available, for service as a member of the Board, at least one individual who provides services to, owns equity
interests in, or is otherwise employed by, such investor or any of its Affiliates. 
 “Data” has the meaning set
forth in Section 17(c). 
 “Deemed Outstanding” has the meaning set forth in
Section 2(a). 
 “Director” means a member of the Board, or a member of the board of
directors of an Affiliate. 
 “Disabled” means (a) for an ISO, that the Participant is disabled within the
meaning of Code section 22(e)(3), and (b) for other Awards, a physical or mental condition under which the Participant is receiving benefits under the Company’s long-term disability plan applicable to such Participant, and, in the absence
of such a plan, that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment, which is expected to result in death or is expected to last for a continuous period
of not less than 12 months. 
 “Effective Date” means the date determined in accordance with
Section 1(d). 
 “Eligible Persons” has the meaning set forth in
Section 1(b). 
 “Employee” means any person whom the Company or any Affiliate classifies
as an employee (including an officer) for employment tax purposes or, if in a jurisdiction that does not have employment taxes, any person whom the Company or any Affiliate classifies as an employee (including an officer), in either case whether or
not that classification is correct. The payment by the Company of a director’s fee to a Director shall not be sufficient to constitute “employment” of such Director by the Company. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Fair Market Value” means, unless otherwise determined or provided by the Committee in the circumstances: 

 

	 	(i)	 If the Shares are listed or admitted to trade on the New York Stock Exchange, The Nasdaq Stock Market LLC or
other national securities exchange (the “Exchange”), the Fair Market Value shall equal the closing sales price of Shares as reported by the Exchange for securities on the Exchange for the date in question, or, if no sales of
Shares were made on the Exchange on that date, the closing sales price of Shares as reported by the Exchange for the next preceding day on which sales of Shares were made on the Exchange. 

  
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	 	(ii)	 If the Shares are not listed or admitted to trade on an Exchange, but are regularly quoted by a recognized
securities dealer, but selling prices are not reported, the Fair Market Value shall equal the average of the high and low trading prices of Shares, as reported by such recognized securities dealer for the date in question or the most recent trading
day. 

  

	 	(iii)	 If Shares are not listed or admitted to trade on an Exchange, the Fair Market Value shall be the value as
reasonably determined by the Committee for purposes of the Award in the circumstances; provided that Fair Market Value shall be determined pursuant to a valuation of the Company by an independent appraisal that meets the requirements of
Section 401(a)(28)(C) of the Code, as of a date that is no more than 12 months before the date of grant of the Award or another methodology for determining fair market value that complies with Section 409A of the Code.

 The Committee also may adopt a different methodology for determining Fair Market Value with respect to one or more
Awards if a different methodology is necessary or advisable to secure any intended favorable tax, legal or other treatment for the particular Awards (for example, and without limitation, the Committee may provide that Fair Market Value for purposes
of one or more Awards will be based on an average of closing sales prices (or the average of high and low daily trading prices) for a specified period preceding the relevant date). Any determination as to Fair Market Value made pursuant to this Plan
shall be made without regard to any restriction other than a restriction in which, by its terms, will never lapse, and shall be final, binding and conclusive on all persons with respect to Awards granted under this Plan. 

“Grant Date” means the later of (a) the date designated as the “Grant Date” within an Award Agreement,
and (b) the date on which the Committee determines the key terms of an Award, provided that as soon as reasonably practical thereafter the Committee both notifies the Eligible Person of the Award and enters into an Award Agreement
with the Eligible Person. 
 “Immediate Family” means any child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and shall include adoptive relationships. “Immediate Family” also shall include a trust in which these persons have more than 50% of the beneficial
interest, a foundation in which these persons (or the employee) control the management of assets, any other entity in which these persons (or the employee) own more than 50% of the voting interests, and any person sharing the employee’s
household (other than a tenant or employee). 
 “Initial Public Offering” means the closing of the Company’s
first firm commitment underwritten public offering of Common Stock registered pursuant to an effective registration statement under the Securities Act (other than a registration statement relating solely to the sale of securities to employees of the
Company or a registration relating solely to a Securities and Exchange Commission Rule 145 transaction). 

  
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 “Investor Director Provider” means any investor in the Company (or
the Affiliate of an investor in the Company) that has an employee, direct or indirect owner, or service provider serving on the Board as a Director, provided that such Director has agreed with the investor (or Affiliate) that such investor
(or Affiliate) will receive any Awards that such Director otherwise would receive. 
 “ISO” means an Option that
qualifies for favorable income tax treatment under Code Section 422 and is specifically designated as an incentive stock option in an Award Agreement. 

“Market Stand-Off” has the meaning set forth in
Section 21(b). 
 “Non-ISO” means an Option not
specifically designated as an ISO in an Award Agreement or not otherwise qualifying as an ISO. 
 “Option” means any
right to buy Shares that is granted to a Participant pursuant to Section 4. 
 “Person”
means any natural person, association, trust, business trust, cooperative, corporation, general partnership, joint venture, joint-stock company, limited partnership, limited liability company, real estate investment trust, regulatory body,
governmental agency or instrumentality, unincorporated organization or organizational entity. 
 “Plan” means this
Amended and Restated Aterian, Inc. 2018 Equity Incentive Plan, as may be amended or restated from time to time. 

“Recapture” has the meaning set forth in Section 10(a). 

“Rescission” has the meaning set forth in Section 10(a). 

“Reimbursement” has the meaning set forth in Section 11(a). 

“Reporting Person” means an Employee, Director, or Consultant who is required to file reports with the Securities and
Exchange Commission pursuant to Section 16(a) of the Exchange Act and the rules promulgated thereunder. 
 “Repurchase
Limitation” has the meaning set forth in Section 6(c), 
 “Restricted Share”
means a Share awarded with restrictions imposed under Section 5. 
 “Restricted Share
Unit” or “RSU” means a right granted to a Participant to receive Shares or cash upon the lapse of restrictions imposed under Section 5. 

“Section 409A Award” has the meaning set forth in
Section 4(a)(i). 
 “Share” means a share of Common Stock, as adjusted in accordance with
Section 9. 
 “Share Reserve” has the meaning set forth in
Section 2(a). 
 “Termination” has the meaning set forth in
Section 10(a). 

  
 28 

 “Successor Company” has the meaning set forth in
Section 9(c). 
 “Unrestricted Shares” mean Shares that are both awarded to Participants
pursuant to Section 5, and not subject to a “substantial risk of forfeiture” within the meaning of Code Section 83. 

“U.S. Taxpayer” means an Eligible Person who is subject to U.S. taxation. 

“Withholding Taxes” means the aggregate amount of federal, state, local, and foreign income, social insurance,
payroll, and other taxes that the Company and any Affiliates are required or permitted to withhold in connection with any Award. 

  
 29

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