[Form of Face of Security]
                        [Fixed Rate Medium-Term Note]

          REGISTERED                              REGISTERED       
          No. FXR-                                PRINCIPAL AMOUNT:
          CUSIP

                             THE MEAD CORPORATION

                          MEDIUM-TERM NOTE, SERIES A

                    [Insert if the Security is to be a Global
          Security -- This Security is a Global Security within the
          meaning of the Indenture referred to on the reverse
          hereof and is registered in the name of a Depositary or a
          nominee of a Depositary.  This Security is exchangeable
          for Securities registered in the name of a Person other
          than the Depositary or its nominee only in the limited
          circumstances described in the Indenture, and this
          Security may not be transferred except as a whole by the
          Depositary to a nominee of the Depositary or by a nominee
          of the Depositary to the Depositary or another nominee of
          the Depositary.

                    Unless this certificate is presented by an
          authorized representative of The Depository Trust Company
          (55 Water Street, New York, New York), a New York
          corporation, to the Company or its agent for registration
          of transfer, exchange or payment, and any certificate
          issued is registered in the name of Cede & Co. or such
          other name as requested by an authorized representative
          of The Depository Trust Company (and any payment is made
          to Cede & Co. or to such other entity as is requested by
          an authorized representative of The Depository Trust
          Company), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
          VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
          inasmuch as the registered owner hereof, Cede & Co., has
          an interest herein.]


          SPECIFIED CURRENCY:                EXCHANGE RATE
                                             AGENT:[Citibank, N.A.]
                                             (Only applicable if
          PAYING AGENT:                      Specified Currency
          INTEREST PAYMENT DATES:            is other than U.S.
          REGULAR RECORD DATES:              dollars)

          EXCHANGE RATE: U.S.$1.00= _______  AUTHORIZED
                                             DENOMINATIONS:
                                             (Only applicable if
          TRUSTEE'S NAME:                    Specified Currency
          [Citibank, N.A.]                   is other than U.S.
                                             dollars)

          ORIGINAL                           STATED MATURITY:
          ISSUE DATE:

          INTEREST RATE:      %              REDEMPTION
                                             COMMENCEMENT
                                             DATE:

          REDEMPTION                         REDEMPTION
          PERIODS:                           PRICES:

          OID AMOUNT:                        MAKE-WHOLE
          (Only applicable if                PREMIUM
          issued at Original Issue           DEFAULT AMOUNT:
          Discount)

          ORIGINAL ISSUE                     DEFAULT RATE:
          DISCOUNT SECURITY:                 (applicable only if
                                             Security  is  an
            Yes:___  No:___                  Original Issue
                                             Discount Security)

          AMORTIZATION                       AMORTIZATION PAYMENT
          FORMULA:                           DATE(S):

                                             OPTIONAL REPAYMENT
                                             DATE(S):

                                             REPAYMENT DATE:

                                             REPAYMENT PRICE:


          OTHER PROVISIONS:

                    The Mead Corporation, a corporation duly
          organized and existing under the laws of the State of
          Ohio (herein called the "Company," which term includes
          any successor corporation under the Indenture referred to
          on the reverse hereof), for value received, hereby
          promises to pay to
          _______________________________________________
          ___________________________________, or registered
          assigns, the principal sum of
          _____________________________ on the Stated Maturity
          specified above [If the Security is to bear interest
          prior to Stated Maturity, insert --, and to pay interest
          thereon from the Original Issue Date specified above or
          from the most recent Interest Payment Date to which
          interest has been paid or duly provided for, on the
          Interest Payment Dates specified above in each year and
          at Stated Maturity, commencing on the first such Interest
          Payment Date next succeeding the Original Issue Date (or,
          if the Original Issue Date is after a Regular Record Date
          and before the Interest Payment Date immediately
          following such Regular Record Date, on the second such
          Interest Payment Date next succeeding the Original Issue
          Date), at the Interest Rate per annum specified above,
          until the principal hereof is paid or made available for
          payment, and (to the extent that the payment of such
          interest shall be legally enforceable) at the Interest
          Rate per annum on any overdue principal and premium
          (including any overdue sinking fund or redemption
          payment) and on any overdue installment of interest.  The
          interest so payable, and punctually paid or duly provided
          for, on any Interest Payment Date will, as provided in
          such Indenture, be paid to the Person in whose name this
          Security (or one or more Predecessor Securities) is
          registered at the close of business on the Regular Record
          Date for such interest, which shall be the 15th calendar
          day (whether or not a Business Day), next preceding the
          Interest Payment Date; provided, however, that interest
          payable at Stated Maturity will be payable to the Person
          to whom principal shall be payable.  If this Security is
          designated above as an Amortizing Security, then payments
          of principal and interest will be made in installments
          over the life of this Security on each Interest Payment
          Date set forth above, and at Stated Maturity or upon
          earlier redemption or repayment or otherwise in
          accordance with any Amortization Formula or on any
          Amortization Date set forth above.  Any such interest not
          so punctually paid or duly provided for shall forthwith
          cease to be payable to the Holder on such Regular Record
          Date and may either be paid to the Person in whose name
          this Security (or one or more Predecessor Securities) is
          registered at the close of business on a Special Record
          Date for the payment of such Defaulted Interest to be
          fixed by the Trustee, notice of which shall be given to
          Holders of Securities of this series not less than 10
          days prior to such Special Record Date, or be paid at any
          time in any other lawful manner not inconsistent with the
          requirements of any securities exchange on which the
          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].

                    [If the Security is not to bear interest prior
          to Stated Maturity, insert -- *  The principal of this
          Security shall not bear interest except in the case of a
          default in payment of principal upon acceleration, upon
          redemption, repayment or at Stated Maturity and in such
          case the overdue principal of this Security shall bear
          interest at the Default Rate per annum specified above
          (to the extent that the payment of such interest shall be
          legally enforceable), which shall accrue from the date of
          such default in payment to the date payment of such
          principal has been made or duly provided for.  Interest
          on any overdue principal shall be payable on demand.  Any
          such interest on any overdue principal that is not so
          paid on demand shall bear interest at the Default Rate
          per annum specified above (to the extent that the payment
          of such interest shall be legally enforceable), which
          shall accrue from the date of such demand for payment to
          the date payment of such interest has been made or duly
          provided for, and such interest shall also be payable on
          demand.]

                    Payment of principal of (and premium, if any)
          and any such interest on this Security will be made in
          the Specified Currency specified above; provided,
          however, that, if this Security is denominated in other
          than U.S. dollars, payments of principal (and premium, if
          any) and interest on this Security will nevertheless be
          made in U.S. dollars:  (a) at the option of the Holder of
          this Security under the procedures described in the two
          next succeeding paragraphs and (b) at the Company's
          option in the case of imposition of exchange controls or
          other circumstances beyond the Company's control as
          described in the fourth succeeding paragraph.  The
          Company will at all times appoint and maintain a Paying
          Agent (which may be the Trustee) authorized by the
          Company to pay the principal of (and premium, if any) or
          interest on any Securities of this series on behalf of
          the Company and having an office or agency (the "Paying
          Agent Office") in The City of New York (the "Place of
          Payment"), where Securities of this series may be
          presented or surrendered for payment and where notices,
          designations or requests in respect of payments with
          respect to Securities of this series may be served.  The
          Company has initially appointed Citibank, N.A. as such
          Paying Agent.  The Company will give prompt written
          notice to the Trustee of any change in such appointment.

                    Except as provided in the next paragraph,
          payments of interest and principal (and premium, if any)
          on this Security, if denominated in a Specified Currency
          other than U.S. dollars, will be made in U.S. dollars if
          the registered Holder of this Security on the relevant
          Regular Record Date, or at the Stated Maturity,
          redemption or repayment of such Security, as the case may
          be, has transmitted a written request for such payment in
          U.S. dollars to the Paying Agent at the Paying Agent
          Office in the Place of Payment on or before such Regular
          Record Date, or the date 16 days before such Stated
          Maturity, redemption or repayment, as the case may be. 
          Such request may be in writing (mailed or hand delivered)
          or by cable, telex or other form of facsimile
          transmission.  Any such request made for any Security by
          a registered Holder will remain in effect for any further
          payments of interest and principal (and premium, if any)
          on such Security payable to such Holder, unless such
          request is revoked on or before the relevant Regular
          Record Date or the date 16 days before the Stated
          Maturity, redemption or repayment of such Security, as
          the case may be.

                    The U.S. dollar amount to be received by a
          Holder of this Security, if denominated in a Specified
          Currency other than U.S. dollars, who elects to receive
          payment in U.S. dollars will be based on the highest bid
          quotation in The City of New York received by the
          Exchange Rate Agent as of 11:00 a.m., New York City time
          on the second Business Day next preceding the applicable
          payment date from three recognized foreign exchange
          dealers (one of which may be the Exchange Rate Agent) for
          the purchase by the quoting dealer of such Specified
          Currency for U.S. dollars for settlement on such payment
          date in the aggregate amount of such Specified Currency
          payable to all Holders of Securities of this series, if
          denominated in such Specified Currency, electing to
          receive U.S. dollar payments on such payment date and at
          which the applicable dealer commits to execute a
          contract.  If three such bid quotations are not available
          on the second Business Day preceding the payment of
          principal (and premium, if any) or interest for any such
          Security, such payment will be made in the Specified
          Currency.  The Holder by his or her acceptance of this
          Security hereby agrees that all currency exchange costs
          associated with any payment in U.S. dollars on this
          Security will be borne by the Holder hereof by deductions
          from such payment.  If this Security is denominated in a
          Specified Currency other than U.S. dollars, (i) the
          Company will at all times appoint and maintain a banking
          institution that is not an Affiliate of the Company as
          Exchange Rate Agent hereunder; and (ii) the Company has
          initially appointed the Exchange Rate Agent specified
          above as such Exchange Rate Agent and will give prompt
          written notice to the Trustee of any change in such
          appointment.

                    Payment of the principal of (and premium, if
          any) and interest on any Security of this series due at
          the Stated Maturity, redemption or repayment of such
          Security will be made in immediately available funds upon
          surrender of such Security to the Paying Agent at the
          Paying Agent Office in the Place of Payment; provided
          that such Security is presented to the Paying Agent in
          time for the Paying Agent to make such payment in
          accordance with its normal procedures.  Payments of
          interest on any Security of this series (other than at
          the Stated Maturity, redemption or repayment of such
          Security) will be made by check mailed to the address of
          the Person entitled thereto as it appears in the Security
          Register or by wire transfer to such account as may have
          been appropriately designated to the Paying Agent by such
          Person.

                    If the principal of (and premium, if any) or
          interest on any Security of this series is payable in
          other than U.S. dollars and such Specified Currency is
          not available, due to the imposition of exchange controls
          or other circumstances beyond the control of the Company,
          the Company will be entitled to satisfy its obligations
          to the Holder of such Security by making such payments in
          U.S. dollars on the basis of the most recently available
          Exchange Rate (as defined on the reverse hereof) and the
          payment in U.S. dollars shall not be an event of Default
          hereunder.

                    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 referred to on the
          reverse hereof or its Authenticating Agent by manual
          signature, this Security shall not be entitled to any
          benefit under the Indenture or be valid or obligatory for
          any purpose.

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

          Dated:                        THE MEAD CORPORATION

          [SEAL]                        By ________________________
                                             Name:
                                             Title:

          Attest:

          _______________________
               Secretary

                   TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                    This is one of the Securities issued under the
          within-mentioned Indenture.

          CITIBANK, N.A.
            As Trustee

          By _______________________
               Authorized Signatory


                        [Form of Reverse of Security]
                        [Fixed Rate Medium-Term Note]

                             THE MEAD CORPORATION

                          MEDIUM-TERM NOTE, SERIES A

                    This Security is one of a duly authorized issue
          of securities of the Company (herein called the
          "Securities"), issued and to be issued in one or more
          series under an Indenture, dated as of October 20, 1997
          (the "Indenture"), between the Company and Citibank,
          N.A., as Trustee (herein called the "Trustee," which term
          includes any successor trustee under the Indenture), to
          which Indenture and all indentures supplemental thereto
          reference is hereby made for a statement of the
          respective rights, limitations of rights, duties and
          immunities thereunder of the Company, the Trustee and the
          Holders of the Securities and of the terms upon which the
          Securities are, and are to be, authenticated and
          delivered.  This Security is one of the series designated
          on the face hereof.  The Securities of this series may be
          issued upon original issuance under the Indenture from
          time to time at an aggregate initial public offering
          price not to exceed $154,000,000 or its equivalent in
          foreign currencies, currency units or composite
          currencies.  The aggregate principal amount of Securities
          of this series which may be issued under the Indenture
          will be limited to the aggregate of the principal amounts
          of the Securities of this series so issued upon original
          issuance in accordance with such limit.

                    Payments of interest hereon with respect to any
          Interest Payment Date will include interest accrued from
          and including the immediately preceding Interest Payment
          Date (or from and including the Original Issue Date, if
          no interest has been paid or duly made available for
          payment) to but excluding the applicable Interest Payment
          Date or Stated Maturity Date, as the case may be. 
          Interest hereon shall be computed on the basis of a 360-
          day year of twelve 30-day months.

                    Any payment on this Security due on any day
          which is not a Market Day (and, if the Specified Currency
          specified on the face hereof is other than U.S. dollars,
          a Business Day in the country issuing such Specified
          Currency (or, for ECUs, Brussels)) need not be made on
          such day, but may be made on the next succeeding day that
          is a Market Day with respect to this Security (and, if
          the Specified Currency of this Security is other than
          U.S. dollars, a Business Day in the country issuing the
          Specified Currency (or, for ECUs, Brussels)) with the
          same force and effect as if made on such due date, and no
          interest shall accrue for the period from and after such
          date.  "Business Day," for any particular location, means
          each Monday, Tuesday, Wednesday, Thursday, and Friday
          that is not a day on which banking institutions in such
          location are authorized or obligated by law or executive
          order to close.  "Market Day" means any Business Day in
          the City of New York.

                    This Security may be subject to repayment at
          the option of the Holder prior to the Stated Maturity
          specified on the face of this Security on the Optional
          Repayment Date(s), if any, specified on the face of this
          Security.  If no Repayment Dates are specified on the
          face of this Security, this Security may not be so repaid
          at the option of the Holder hereof prior to the Stated
          Maturity.  On any Repayment Date, this Security shall be
          repayable in whole or in part in increments of $1,000 or
          such other minimum denomination specified on the face
          hereof (provided that any remaining principal amount
          shall be at least $1,000 or such other minimum
          denomination) at the option of the Holder hereof at a
          repayment price equal to 100% of the principal amount to
          be repaid (or, if this Security is an Original Issue
          Discount Security, such lesser amount as is provided
          herein), together with accrued but unpaid interest hereon
          to the date of repayment.  For this Security to be repaid
          in whole or in part at the option of the Holder hereof,
          this Security must be received, together with the form
          entitled "Option to Elect Repayment" (set forth below)
          duly completed, by the Trustee at its Corporate Trust
          Office (or such other address of which the Company shall
          from time to time notify the Holders), not more than 60
          nor less than 30 days prior to the date of repayment. 
          Exercise of such repayment option by the Holder hereof
          shall be irrevocable.  In the event of repayment of this
          Security in part only, a new Security for the unpaid
          portion hereof shall be issued in the name of the Holder
          hereof.

                    If so designated on the face of this Security,
          this Security may be redeemed prior to its Stated
          Maturity by the Company on any date on or after the
          Redemption Commencement Date indicated on the face
          hereof.  If a Redemption Commencement Date is not
          designated on the face hereof, then this Security may not
          be redeemed by the Company prior to its Stated Maturity.

                    If a Redemption Commencement Date is specified
          on the face of this Security, this Security may be
          redeemed prior to its Stated Maturity at the option of
          the Company in whole or in part in increments of $1,000
          or such other minimum denomination specified on the face
          hereof (provided that any remaining principal amount of
          this Security shall be at least $1,000 or such other
          minimum denomination specified on the face hereof), at
          the Redemption Price, together with accrued interest to
          the Redemption Date and a Make-Whole Premium, if any, on
          notice given not more than 60 nor less than 30 days prior
          to the Redemption Date.  Interest installments whose
          Stated Maturity is on or prior to such Redemption Date
          will be payable to the Holder of this Security, or one or
          more Predecessor Securities, of record at the close of
          business on the relevant Record Dates referred to on the
          face hereof, all as provided in the Indenture.  If less
          than all of the Securities of this series are to be
          redeemed, the Securities of this series to be redeemed
          shall be selected by the Trustee by such method as the
          Trustee shall deem fair and appropriate.  In the event of
          redemption of this Security in part only, a new Security
          for the unredeemed portion hereof shall be issued in the
          name of the Holder hereof upon surrender hereof.

                    The Company shall mail to each Security Holder
          whose Security is to be redeemed in whole or in part a
          notice setting forth the portion of such Security to be
          redeemed and such notice shall be mailed to such Holder
          at his address as it appears in the Security Register.

                    The amount of the "Make-Whole Premium" in
          respect of the principal amount of this Security to be
          redeemed will be the excess, if any, of (i) the sum of
          the present values, as of the Redemption Date of this
          Security, of (A) the respective interest payments
          (exclusive of the amount of accrued interest to the
          Redemption Date) on this Security that, but for such
          redemption, would have been payable on their respective
          Interest Payment Dates after such Redemption Date, and
          (B) the payment of such principal amount that, but for
          such redemption, would have been payable on the Stated
          Maturity over (ii) the amount of such principal to be
          redeemed.  Such present values will be determined in
          accordance with generally accepted principles of
          financial analysis by discounting the amounts of such
          payments of interest and principal from their respective
          Stated Maturities to such Redemption Date at a discount
          rate equal to the Treasury Yield.

                    The "Treasury Yield" in respect of this
          Security shall be determined as of the date on which
          notice of redemption of this Security is sent to the
          Holder hereof by reference to the most recent Board of
          Governors of the Federal Reserve System "Statistical
          Release H.15 (519)" (or any successor publication of the
          Federal Reserve System) which has become publicly
          available not more than two Business Days prior to such
          date (or, if such Statistical Release (or successor
          publication) is no longer published or no longer contains
          the applicable data, to the most recently published issue
          of The Wall Street Journal (Eastern Edition) published
          not more than two Business Days prior to such date that
          contains such data or, if The Wall Street Journal
          (Eastern Edition) is no longer published or no longer
          contains such data, to any publicly available source of
          similar market data), and shall be the most recent weekly
          average yield on actively traded U.S. Treasury Securities
          adjusted to a constant maturity equal to the Remaining
          Life of this Security and, if applicable, converted to a
          bond equivalent yield basis as described below.  The
          "Remaining Life of this Security" shall equal the number
          of years from the Redemption Date to the Stated Maturity
          of this Security; provided that if the Remaining Life of
          this Security is not equal to the constant maturity of a
          U.S. Treasury security for which a weekly average yield
          is specified in the applicable source, then the Remaining
          Life of this Security shall be rounded to the nearest
          one-twelfth of one year and the Treasury Yield shall be
          obtained by linear interpolation computed to the fifth
          decimal place (one thousandth of a percentage point) and
          then rounded to the fourth decimal place (one hundredth
          of a percentage point)), after rounding to the nearest
          one-twelfth of one year, from the weekly average yields
          of (a) the actively traded U.S. Treasury security with a
          maturity closest to and less than the Remaining Life of
          this Security and (b) the actively traded U.S. Treasury
          security with a maturity closest to and greater than the
          Remaining Life of this Security, except that if the
          Remaining Life of this Security is less than three
          months, the weekly average yield on actively traded U.S.
          Treasury securities adjusted to a constant maturity of
          three months shall be used.  The Treasury Yield shall, if
          expressed on a yield basis other than that equivalent to
          a bond equivalent yield basis, be converted to a bond
          equivalent yield basis and shall be computed to the fifth
          decimal place (one thousandth of a percentage point) and
          then rounded to the fourth decimal place (one hundredth
          of a percentage point).

                    If an Event of Default with respect to the
          Securities of this series shall occur and be continuing,
          the principal of the Securities of this series (or, in
          the case of any Securities of this series that are
          Original Issue Discount Securities, an amount of
          principal thereof determined in accordance with the
          provisions of this Security set out in the next paragraph
          (the "Default Amount")) may be declared due and payable
          in the manner and with the effect provided in the
          Indenture.

                    If this Security is an Original Issue Discount
          Security and if an Event of Default with respect to the
          Securities of this series shall have occurred and be
          continuing, the Default Amount of principal of this
          Security may be declared due and payable in the manner
          and with the effect provided in the Indenture.  Such
          Default Amount shall be equal to the adjusted issue price
          as at the first day of the accrual period as determined
          under the United States Internal Revenue Code of 1986, as
          amended, and the Treasury regulations thereunder (the
          "Code"), in which the date of acceleration occurs
          increased by the daily portion of the original issue
          discount for each day in such accrual period ending on
          the date of acceleration, as determined under the Code. 
          Upon payment (i) of the amount of principal so declared
          due and payable and (ii) of interest on any overdue
          principal and overdue interest, all of the Company's
          obligations in respect of the payment of the principal of
          and interest, if any, on this Security shall terminate.

                    The Indenture contains provisions for
          defeasance at any time of (i) the entire indebtedness of
          this Security or (ii) certain restrictive covenants and
          Events of Default with respect to this Security, in each
          case upon compliance with certain conditions set forth
          therein.

                    The Indenture permits, with certain exceptions
          as therein provided, the amendment thereof and the
          modification of the rights and obligations of the Company
          and the rights of the Holders of the Securities of each
          series to be affected under the Indenture at any time by
          the Company and the Trustee with the consent of the
          Holders of at least 66-2/3% in principal amount of the
          Securities at the time Outstanding of each series to be
          affected.  The Indenture also contains provisions
          permitting the Holders of specified percentages in
          principal amount of the Securities of each series at the
          time Outstanding, on behalf of the Holders of all
          Securities of such series, to waive compliance by the
          Company with certain provisions of the Indenture and
          certain past defaults under the Indenture and their
          consequences.  The principal amount of an Original Issue
          Discount Security or a Security denominated in a
          Specified Currency other than U.S. dollars that shall be
          deemed to be Outstanding for purposes of the foregoing
          shall be determined as provided in the Indenture.  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
          or Securities 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 provided in and subject to the provisions of
          the Indenture, the Holder of this Security shall not have
          the right to institute any proceeding with respect to the
          Indenture or for the appointment of a receiver or trustee
          or for any other remedy thereunder, unless such Holder
          shall have previously given the Trustee written notice of
          a continuing Event of Default with respect to the
          Securities of this series, the Holders of not less than
          25% in principal amount of the Securities of this series
          at the time Outstanding shall have made written request
          to the Trustee to institute proceedings in respect of
          such Event of Default as Trustee and offered the Trustee
          reasonable indemnity, and the Trustee shall not have
          received from the Holders of a majority in principal
          amount of Securities of this series at the time
          Outstanding a direction inconsistent with such request,
          and shall have failed to institute any such proceeding,
          for 60 days after receipt of such notice, request and
          offer of indemnity.  The foregoing shall not apply to any
          suit instituted by the Holder of this Security for the
          enforcement of any payment of principal hereof or any
          premium or interest hereon 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 Company, which is
          absolute and unconditional, to pay the principal of (and
          premium, if any) and interest on this Security at the
          times, places and rate, and in the coin or currency,
          herein prescribed.

                    As provided in the Indenture and subject to
          certain limitations (including, in the case of any Global
          Security, certain additional limitations) therein set
          forth, the transfer of this Security is registrable in
          the Security Register, upon surrender of this Security
          for registration of transfer at the office or agency of
          the Company in the Place of Payment, duly endorsed by, or
          accompanied by a written instrument of transfer in form
          satisfactory to the Company and the Security Registrar,
          duly executed by, the Holder hereof or his attorney duly
          authorized in writing, and thereupon one or more new
          Securities of this series and of like tenor, of
          authorized denominations, and for the same aggregate
          principal amount, will be issued to the designated
          transferee or transferees.

                    The Securities of this series are issuable only
          in registered form without coupons in denominations of
          (i) if denominated in U.S. dollars, $1,000 and any
          integral multiples thereof or (ii) if denominated in a
          Specified Currency other than U.S. dollars, the
          equivalent amount of such Specified Currency, at the noon
          buying rate in The City of New York for cable transfers
          for such Specified Currency (the "Exchange Rate") on or
          prior to the sixth Business Day in The City of New York
          and in the country issuing such currency (or, for ECUs,
          Brussels) next preceding the Original Issue Date, to U.S.
          $1,000 (rounded to the nearest 1,000 units of such
          Specified Currency) and any greater amount that is an
          integral multiple of such amount unless otherwise
          specified on the face hereof.  As provided in the
          Indenture and subject to certain limitations (including,
          in the case of any Global Security, certain additional
          limitations) therein set forth, Securities of this series
          are exchangeable for a like aggregate principal amount of
          Securities of this series and of like tenor of a
          different authorized denomination, as requested by the
          Holder surrendering the same.

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

                    Prior to due presentment of this Security for
          registration of transfer, the Company, the Trustee and
          any agent of the Company or the Trustee may treat the
          Person in whose name this Security is registered as the
          owner hereof for all purposes, whether or not this
          Security be overdue, and neither the Company, 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.

                    All terms used in this Security that are
          otherwise not defined herein but are defined in the
          Indenture shall have the meanings assigned to them in the
          Indenture.


                                ABBREVIATIONS

                    The following abbreviations, when used in the
          inscription on the face of the within Security, shall be
          construed as though they were written out in full
          according to applicable laws or regulations

                    TEN COM - as tenants in common

                    TEN ENT - as tenants by the entireties

                    JT TEN -  as joint tenants with right of
                              survivorship and not as tenants in
                              common

                    UNIF GIFT MIN ACT - _________ Custodian _______
                                         (Cust)             (Minor)
                              under Uniform Gifts to Minors Act

                              __________________________
                                        (State)

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

                           ________________________


                                  ASSIGNMENT

                    FOR VALUE RECEIVED, the undersigned hereby

          sell(s), assign(s) and transfers) unto __________________

          _________________________________________________________

          PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER
          OF ASSIGNEE

           ________________________
          /_______________________/

          _________________________________________________________

          _________________________________________________________
                 (Please Print or Typewrite Name and Address,
                   Including Postal Zip Code, of Assignee)

          _________________________________________________________
          the within Security and all rights thereunder, and hereby

          irrevocably constitutes and appoints ____________________

          _________________________________________________________

          to transfer said Security on the books of the Company,

          with full power of substitution in the premises.

                    If less than the entire principal amount of the
          within Security is to be sold, transferred or assigned,
          specify the portion thereof which the Holder elects to
          have sold, transferred or assigned: __________; and
          specify the denomination or denominations (which shall
          not be less than the minimum-authorized denomination) of
          the Securities to be issued to the Holder for the portion
          of the within Security not being sold, transferred or
          assigned (in the absence of any such specification, one
          such Security will be issued for the portion not being
          sold, transferred or assigned):________.

          Dated: _______________

          Signature Guaranteed

          ___________________________    _________________________
          NOTICE:  Signature must be     NOTICE:  The signature to
          guaranteed by a member firm    this assignment must
          of the New York Stock Ex-      correspond with the name
          change or a commercial bank    as written upon the face
          or trust company.              of the within Security in
                                         every particular, without
                                         alteration or enlargement
                                         or any change whatever.


                          OPTION TO ELECT REPAYMENT

                    The undersigned hereby irrevocably requests and
          instructs the Company to repay the within Security (or
          portion thereof specified below) pursuant to its terms at
          a price equal to the principal amount thereof, together
          with interest to the Repayment Date, to the undersigned
          at 

          _________________________________________________________

          _________________________________________________________

          _________________________________________________________
        (Please print or typewrite name and address of the undersigned)

                    If less than the entire principal amount of the
          within Security is to be repaid, specify the portion
          thereof which the Holder elects to have repaid: 
          ________; and specify the denomination or denominations
          (which shall not be less than the minimum-authorized
          denomination) of the Securities to be issued to the
          Holder for the portion of the within Security not being
          repaid (in the absence of any such specification, one
          such Security will be issued for the portion not being
          repaid):  ______.

          Dated: _________________       _________________________
                                         NOTICE:  The signature in
                                         this Option to Elect
                                         Payment must correspond
                                         with the name as written
                                         upon the face of the
                                         within Security in every
                                         particular, without
                                         alteration or enlargement
                                         or any change whatever.

                                         SIGNATURE GUARANTEED