<SEC-DOCUMENT>0001104659-20-045982.txt : 20200413
<SEC-HEADER>0001104659-20-045982.hdr.sgml : 20200413
<ACCEPTANCE-DATETIME>20200413170648
ACCESSION NUMBER:		0001104659-20-045982
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20200407
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200413
DATE AS OF CHANGE:		20200413

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ESTEE LAUDER COMPANIES INC
		CENTRAL INDEX KEY:			0001001250
		STANDARD INDUSTRIAL CLASSIFICATION:	PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
		IRS NUMBER:				112408943
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14064
		FILM NUMBER:		20789265

	BUSINESS ADDRESS:	
		STREET 1:		767 FIFTH AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153
		BUSINESS PHONE:		2125724200

	MAIL ADDRESS:	
		STREET 1:		767 FIFTH AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2015663-1_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8"?>
<html xmlns="http://www.w3.org/1999/xhtml" xmlns:xs="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:dei="http://xbrl.sec.gov/dei/2019-01-31" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:us-gaap="http://fasb.org/us-gaap/2019-01-31" xmlns:us-roles="http://fasb.org/us-roles/2019-01-31" xmlns:country="http://xbrl.sec.gov/country/2017-01-31" xmlns:srt="http://fasb.org/srt/2019-01-31" xmlns:el="http://elcompanies.com/20200407">
<head>
     <title></title>
<meta http-equiv="Content-Type" content="text/html" /></head>
<!-- Field: Set; Name: xdx; ID: xdx_021_US%2DGAAP%2D2019 -->
<!-- Field: Set; Name: xdx; ID: xdx_032_el_elcompanies.com_20200407 -->
<!-- Field: Set; Name: xdx; ID: xdx_041_20200406_20200407 -->
<!-- Field: Set; Name: xdx; ID: xdx_053_edei%2D%2DEntityCentralIndexKey_0001001250 -->
<!-- Field: Set; Name: xdx; ID: xdx_059_edei%2D%2DAmendmentFlag_false -->
<!-- Field: Set; Name: xdx; ID: xdx_06B_USD_1_iso4217%2D%2DUSD -->
<!-- Field: Set; Name: xdx; ID: xdx_062_Shares_2_xbrli%2D%2Dshares -->
<!-- Field: Set; Name: xdx; ID: xdx_06D_USDPShares_3_iso4217%2D%2DUSD_xbrli%2D%2Dshares -->
<body style="font: 10pt Times New Roman, Times, Serif">
<div style="display: none">
<ix:header>
  <ix:hidden>
    <ix:nonNumeric contextRef="From2020-04-06to2020-04-07" name="dei:EntityCentralIndexKey">0001001250</ix:nonNumeric>
    <ix:nonNumeric contextRef="From2020-04-06to2020-04-07" format="ixt:booleanfalse" name="dei:AmendmentFlag">false</ix:nonNumeric>
    <ix:nonNumeric contextRef="From2020-04-06to2020-04-07" id="xdx2ixbrl0011" name="dei:EntityRegistrantName">ESTEE LAUDER COMPANIES INC</ix:nonNumeric>
    </ix:hidden>
  <ix:references>
    <link:schemaRef xlink:href="el-20200407.xsd" xlink:type="simple" />
    </ix:references>
  <ix:resources>
    <xbrli:context id="From2020-04-06to2020-04-07">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001001250</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-04-06</xbrli:startDate>
        <xbrli:endDate>2020-04-07</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:unit id="USD">
      <xbrli:measure>iso4217:USD</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="Shares">
      <xbrli:measure>xbrli:shares</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="USDPShares">
      <xbrli:divide>
        <xbrli:unitNumerator>
          <xbrli:measure>iso4217:USD</xbrli:measure>
        </xbrli:unitNumerator>
        <xbrli:unitDenominator>
          <xbrli:measure>xbrli:shares</xbrli:measure>
        </xbrli:unitDenominator>
      </xbrli:divide>
    </xbrli:unit>
    </ix:resources>
  </ix:header>
</div>


<p style="margin: 0"></p>

<!-- Field: Rule-Page --><div style="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><div style="border-top: Black 2pt solid; border-bottom: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; text-align: center"></p>

<!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 25%"><div style="border-top: Black 1pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM&#160;<span id="xdx_901_edei--DocumentType_c20200406__20200407_zC9zkIB97lf9"><ix:nonNumeric contextRef="From2020-04-06to2020-04-07" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section&#160;13 <span style="text-transform: uppercase">or
</span>15(d)&#160;of The Securities Exchange Act of 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_905_edei--DocumentPeriodEndDate_c20200406__20200407_z8gLyrZQR9U9"><ix:nonNumeric contextRef="From2020-04-06to2020-04-07" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate">April
7, 2020</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_90F_edei--EntityRegistrantName_dxL_c20200406__20200407_zoyOW2akaH15" title="::XDX::ESTEE%20LAUDER%20COMPANIES%20INC"><span style="-sec-ix-hidden: xdx2ixbrl0011">The Est&#233;e Lauder Companies Inc.</span></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 34%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_906_edei--EntityIncorporationStateCountryCode_c20200406__20200407_zZ3ZHyzkN8S5"><ix:nonNumeric contextRef="From2020-04-06to2020-04-07" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode">Delaware</ix:nonNumeric></span></b></span></td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: top; width: 32%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_90B_edei--EntityFileNumber_c20200406__20200407_zEKP4pL9BMie"><ix:nonNumeric contextRef="From2020-04-06to2020-04-07" name="dei:EntityFileNumber">1-14064</ix:nonNumeric></span></b></span></td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: top; width: 32%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_90D_edei--EntityTaxIdentificationNumber_c20200406__20200407_zaKmcRzcsK14"><ix:nonNumeric contextRef="From2020-04-06to2020-04-07" name="dei:EntityTaxIdentificationNumber">11-2408943</ix:nonNumeric></span></b></span></td></tr>
<tr>
    <td style="vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(State or other jurisdiction of incorporation)</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(Commission File Number)</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(IRS Employer Identification No.)</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 34%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_90B_edei--EntityAddressAddressLine1_c20200406__20200407_zjoLv8Jsnfg3"><ix:nonNumeric contextRef="From2020-04-06to2020-04-07" name="dei:EntityAddressAddressLine1">767 Fifth Avenue</ix:nonNumeric></span>, <span id="xdx_90E_edei--EntityAddressCityOrTown_c20200406__20200407_zNmPQOvC50b8"><ix:nonNumeric contextRef="From2020-04-06to2020-04-07" name="dei:EntityAddressCityOrTown">New York</ix:nonNumeric></span>, <span id="xdx_909_edei--EntityAddressStateOrProvince_c20200406__20200407_z2Q2XPuiIH51"><ix:nonNumeric contextRef="From2020-04-06to2020-04-07" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince">New York</ix:nonNumeric></span></b></span></td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="width: 32%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="vertical-align: top; width: 32%; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span id="xdx_908_edei--EntityAddressPostalZipCode_c20200406__20200407_zbK0AYAdPTCk"><ix:nonNumeric contextRef="From2020-04-06to2020-04-07" name="dei:EntityAddressPostalZipCode">10153</ix:nonNumeric></span></b></span></td></tr>
<tr>
    <td style="vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(Address of Principal Executive Offices)</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif">(Zip Code)</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&#8217;s telephone number, including
area code</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_90F_edei--CityAreaCode_c20200406__20200407_zrssby6R920c"><ix:nonNumeric contextRef="From2020-04-06to2020-04-07" name="dei:CityAreaCode">212</ix:nonNumeric></span>-<span id="xdx_90E_edei--LocalPhoneNumber_c20200406__20200407_znqH02nqYQRj"><ix:nonNumeric contextRef="From2020-04-06to2020-04-07" name="dei:LocalPhoneNumber">572-4200</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Not Applicable</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form&#160;8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt"><span id="xdx_900_edei--WrittenCommunications_c20200406__20200407_zBP8wb61B504" style="font-family: Wingdings"><ix:nonNumeric contextRef="From2020-04-06to2020-04-07" format="ixt:booleanfalse" name="dei:WrittenCommunications">&#168;</ix:nonNumeric>
</span><span style="font: 10pt Times New Roman, Times, Serif">Written communications pursuant to Rule&#160;425
under the Securities Act (17 CFR 230.425)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt"><span id="xdx_903_edei--SolicitingMaterial_c20200406__20200407_zlNkO9Y9rP11" style="font-family: Wingdings"><ix:nonNumeric contextRef="From2020-04-06to2020-04-07" format="ixt:booleanfalse" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric>
</span><span style="font: 10pt Times New Roman, Times, Serif">Soliciting material pursuant to Rule&#160;14a-12
under the Exchange Act (17 CFR 240.14a-12)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt"><span id="xdx_906_edei--PreCommencementTenderOffer_c20200406__20200407_z4zktU0OUSAi" style="font-family: Wingdings"><ix:nonNumeric contextRef="From2020-04-06to2020-04-07" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric>
</span><span style="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule&#160;14d-2(b)&#160;under
the Exchange Act (17 CFR 240.14d-2(b))</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt"><span id="xdx_909_edei--PreCommencementIssuerTenderOffer_c20200406__20200407_zN5M4FDfxnd9" style="font-family: Wingdings"><ix:nonNumeric contextRef="From2020-04-06to2020-04-07" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric>
</span><span style="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under
the Exchange Act (17 CFR 240.13e-4(c))</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: center">Title of each class</td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center">Trading Symbol(s)</td>
    <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: center">Name of each exchange on which registered</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_904_edei--Security12bTitle_c20200406__20200407_ztC5ylDFO9Dj"><ix:nonNumeric contextRef="From2020-04-06to2020-04-07" name="dei:Security12bTitle">Class A Common Stock, $.01 par value</ix:nonNumeric></span></td>
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_90C_edei--TradingSymbol_c20200406__20200407_zL21UWNZ3Sag"><ix:nonNumeric contextRef="From2020-04-06to2020-04-07" name="dei:TradingSymbol">EL</ix:nonNumeric></span></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span id="xdx_90B_edei--SecurityExchangeName_c20200406__20200407_zKYs67N6av19"><ix:nonNumeric contextRef="From2020-04-06to2020-04-07" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">New York Stock Exchange</ix:nonNumeric></span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2 of
the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">Emerging growth
company&#160; </span><span style="font-family: Wingdings"><span id="xdx_90E_edei--EntityEmergingGrowthCompany_c20200406__20200407_z7jjh9GxF4Yk"><ix:nonNumeric contextRef="From2020-04-06to2020-04-07" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt"><span style="font: 10pt Times New Roman, Times, Serif">If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act. </span><span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><div style="border-top: Black 1pt solid; border-bottom: Black 2pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Page; Sequence: 1 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 1.01 Entry into a Material Definitive Agreement.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 13, 2020, The Est&#233;e Lauder
Companies Inc. (the &#8220;Company&#8221;) completed a public offering of $700,000,000 aggregate principal amount of its 2.600%
Senior Notes due 2030 (the &#8220;Notes&#8221;). The Notes are governed by the Indenture, dated as of November 5, 1999 (the &#8220;Indenture&#8221;),
between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company,
as trustee.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Notes mature on April 15, 2030. Interest
on the Notes is payable on April 15 and October 15 of each year, commencing October 15, 2020 and accrues from April 13, 2020. The
Company may redeem the Notes, in whole or in part, at its option at any time prior to January 15, 2030 (three months prior to the
maturity date of the Notes) by paying a make-whole premium, plus accrued and unpaid interest, if any, to, but excluding, the date
of redemption. In addition, the Company may redeem the Notes, in whole or in part, at its option at any time on or after January
15, 2030 (three months prior to the maturity date of the Notes) at 100% of the aggregate principal amount of the Notes to be redeemed,
plus accrued and unpaid interest thereon to, but excluding, the date of redemption. The Notes are senior unsecured obligations
of the Company and rank equally with all of its other senior unsecured indebtedness.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Notes are subject to certain customary
covenants, including limitations on the Company&#8217;s ability to merge, consolidate or sell assets&#894; limitations on the ability
of the Company and certain of its subsidiaries to secure indebtedness with liens&#894; and limitations on sale and leaseback transactions
by the Company and certain of its subsidiaries. In addition, upon the occurrence of a Change of Control Repurchase Event (as described
in the officers&#8217; certificate setting forth the terms of the Notes (the &#8220;Officers&#8217; Certificate&#8221;)), the Company
will be required to make an offer to repurchase the Notes at 101% of the aggregate principal amount.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description of the Indenture
and the Notes does not purport to be complete and is qualified in its entirety by reference to the full text of the Indenture,
which is filed as <span style="text-decoration: underline"><a href="http://www.sec.gov/Archives/edgar/data/1001250/0000909518-99-000638-index.html" style="-sec-extract: exhibit">Exhibit 4</a></span> to Amendment No. 1 to the Company&#8217;s Registration Statement on Form S-3 (No. 333-85947)
filed on November 5, 1999; and to the full text of the Officers&#8217; Certificate and the form of global note representing the
Notes, which are filed as Exhibits 4.1 and 4.2 hereto, respectively. Each of the foregoing documents is incorporated by reference
herein.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 8.01 Other Events.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 7, 2020, the Company entered into
an underwriting agreement (the &#8220;Underwriting Agreement&#8221;) with BofA Securities, Inc., Citigroup Global Markets Inc.
and J.P. Morgan Securities LLC, as representatives of the several underwriters identified on Schedule II thereto (collectively,
the &#8220;Underwriters&#8221;), to sell $700,000,000 aggregate principal amount of the Notes under the Company&#8217;s automatic
shelf registration statement on Form S-3 (No. 333-225076) (the &#8220;Registration Statement&#8221;) filed with the Securities
and Exchange Commission under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), on May 21, 2018. The Company
sold the Notes to the Underwriters at a price of 99.366% of the principal amount thereof, and the Underwriters offered the Notes
to the public at a price of 99.816% of the principal amount thereof.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Underwriting Agreement contains customary
representations, warranties, conditions to closing, indemnification and obligations of the parties. The Company has also agreed
to indemnify the Underwriters against certain liabilities, including civil liabilities under the Securities Act, or to contribute
to payments that the Underwriters may be required to make in respect of those liabilities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description of the Underwriting
Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Underwriting Agreement,
which is filed as Exhibit 1.1 hereto.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain of the Underwriters perform and
have performed commercial and investment banking and advisory services for the Company from time to time for which they receive
and have received customary fees and expenses. The Underwriters may, from time to time, engage in transactions with and perform
services for the Company in the ordinary course of their business for which they will receive fees and expenses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 8, 2020, the Company announced
the offering and pricing of the Notes. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference
herein.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the offering of the Notes,
the Company is filing as Exhibit 5.1 hereto an opinion of counsel addressing the validity of the Notes. Such opinion is incorporated
by reference into the Registration Statement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 9.01 Financial Statements and Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>



<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 8%">
        <p style="border-bottom: black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Exhibit No.</b></p></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 90%">
        <p style="border-bottom: black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Description</b></p></td></tr>
<tr style="vertical-align: top">
    <td><a href="tm2015663d1_ex1-1.htm" style="-sec-extract: exhibit"><span style="font: 10pt Times New Roman, Times, Serif">1.1</span></a></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="tm2015663d1_ex1-1.htm" style="-sec-extract: exhibit"><span style="font: 10pt Times New Roman, Times, Serif">Underwriting Agreement, dated April 7, 2020, among The Est&#233;e Lauder Companies Inc. and BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters named therein.</span></a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
<tr style="vertical-align: top">
    <td><a href="tm2015663d1_ex4-1.htm" style="-sec-extract: exhibit"><span style="font: 10pt Times New Roman, Times, Serif">4.1</span></a></td>
    <td>&#160;</td>
    <td><a href="tm2015663d1_ex4-1.htm" style="-sec-extract: exhibit"><span style="font: 10pt Times New Roman, Times, Serif">Officers&#8217; Certificate, dated April 13, 2020, defining certain terms of the 2.600% Senior Notes due 2030.</span></a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td><a href="tm2015663d1_ex4-1.htm" style="-sec-extract: exhibit"><span style="font: 10pt Times New Roman, Times, Serif">4.2</span></a></td>
    <td>&#160;</td>
    <td><a href="tm2015663d1_ex4-1.htm" style="-sec-extract: exhibit"><span style="font: 10pt Times New Roman, Times, Serif">Form of Global Note for the 2.600% Senior Notes due 2030 (included as Exhibit A in Exhibit 4.1).</span></a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td><a href="tm2015663d1_ex5-1.htm" style="-sec-extract: exhibit"><span style="font: 10pt Times New Roman, Times, Serif">5.1</span></a></td>
    <td>&#160;</td>
    <td><a href="tm2015663d1_ex5-1.htm" style="-sec-extract: exhibit"><span style="font: 10pt Times New Roman, Times, Serif">Opinion of Weil, Gotshal &#38; Manges LLP.&#160;</span></a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td><a href="tm2015663d1_ex5-1.htm" style="-sec-extract: exhibit"><span style="font: 10pt Times New Roman, Times, Serif">23.1</span></a></td>
    <td>&#160;</td>
    <td><a href="tm2015663d1_ex5-1.htm" style="-sec-extract: exhibit"><span style="font: 10pt Times New Roman, Times, Serif">Consent of Weil, Gotshal &#38; Manges LLP (included in Exhibit 5.1).&#160;</span></a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td><a href="tm2015663d1_ex99-1.htm" style="-sec-extract: exhibit"><span style="font: 10pt Times New Roman, Times, Serif">99.1</span></a></td>
    <td>&#160;</td>
    <td><a href="tm2015663d1_ex99-1.htm" style="-sec-extract: exhibit"><span style="font: 10pt Times New Roman, Times, Serif">Press Release issued by the Company, dated April 8, 2020.&#160;</span></a></td></tr>
<tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="vertical-align: top">
    <td><span style="font: 10pt Times New Roman, Times, Serif">104</span></td>
    <td>&#160;</td>
    <td><span style="font: 10pt Times New Roman, Times, Serif">Cover Page Interactive Data File (embedded within the Inline XBRL document).</span></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">THE EST&#201;E LAUDER COMPANIES INC.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Date: April 13, 2020</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%"><span style="font: 10pt Times New Roman, Times, Serif">By:&#160;</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Tracey T. Travis</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Tracey T. Travis</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font: 10pt Times New Roman, Times, Serif">Executive Vice President and Chief Financial Officer</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>












</body>
</html>
<!-- Field: Set; Name: xdx; ID: xdx_08B_extensions -->
<!-- eJxFjVEKwkAMRE/QO4T9FrtVi9hPi4pYRYqIv6uNsthuSnZb9Uje0rVFDIEQZt6MEAOxoqUukeE0zzM4YFWXyiHkeEVGc0HvSNebBPzN8aatY2Vc9/7AlDyDnomH8nzxQmdttcUiATkNxzKMZhDJZBLDfiuCr56SueoCjdOqBGUK2DPVrNEpfvUJB/UkQ9WrqzoiW00mgWgoe/kNIxmNYEetehDfLWRZKoJBN4FYMTX1t6axjipYlFj5Ltuj/w0+O4VJfg== -->
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tm2015663d1_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 1.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The Est&eacute;e Lauder Companies Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2.600% Senior Notes due 2030</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Underwriting Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">April 7, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4in 0pt 0.25in; text-indent: -0.25in">To the Representatives named
in <BR>
Schedule&nbsp;I hereto of the several <BR>
Underwriters named in <BR>
Schedule&nbsp;II hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4in 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Est&eacute;e Lauder
Companies Inc., a corporation organized under the laws of Delaware (the &#8220;Company&#8221;), proposes to sell to the several
underwriters named in Schedule&nbsp;II hereto (the &#8220;Underwriters&#8221;), for whom you (the &#8220;Representatives&#8221;)
are acting as representatives, $700,000,000 principal amount of its 2.600% Senior Notes due 2030 (the &#8220;Securities&#8221;)
identified in Schedule&nbsp;II hereto, to be issued under an indenture dated as of November 5, 1999 (the &#8220;Indenture&#8221;),
between the Company and U.S. Bank Trust National Association, as successor in interest to State Street Bank and Trust Company,
N.A., as trustee (the &#8220;Trustee&#8221;). To the extent there are no additional Underwriters listed on Schedule&nbsp;I other
than you, the term Representatives as used herein shall mean you, as Underwriters, and the terms Representatives and Underwriters
shall mean either the singular or plural as the context requires. Any reference herein to the Registration Statement, the Base
Prospectus, any Preliminary Prospectus or the Final Prospectus shall be deemed to refer to and include the documents incorporated
by reference therein pursuant to Item&nbsp;12 of Form&nbsp;S-3 which were filed under the Exchange Act on or before the Effective
Date of the Registration Statement or the issue date of the Base Prospectus, any Preliminary Prospectus or the Final Prospectus,
as the case may be; and any reference herein to the terms &#8220;amend,&#8221; &#8220;amendment&#8221; or &#8220;supplement&#8221;
with respect to the Registration Statement, the Base Prospectus, any Preliminary Prospectus or the Final Prospectus shall be deemed
to refer to and include the filing of any document under the Exchange Act after the Effective Date of the Registration Statement
or the issue date of the Base Prospectus, any Preliminary Prospectus or the Final Prospectus, as the case may be, deemed to be
incorporated therein by reference. Certain terms used herein are defined in Section&nbsp;21 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Representations and Warranties</U>. The Company represents and warrants to, and agrees with, each Underwriter
as set forth below in this Section&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
Company meets the requirements for use of Form&nbsp;S-3 under the Act and has prepared and filed with the Commission an
automatic shelf registration statement, as defined in Rule 405 (the file number of which is set forth in Schedule&nbsp;I
hereto) on Form&nbsp;S-3, including a related Base Prospectus, for registration under the Act of the offering and sale of the
Securities. Such Registration Statement, including any amendments thereto filed prior to the Time of Sale, became effective
upon filing. The Company may have filed with the Commission, as part of an amendment to the Registration Statement or
pursuant to Rule 424(b), one or more preliminary prospectus supplements relating to the Securities, each of which has
previously been furnished to you. The Company will file with the Commission a final prospectus supplement relating to the
Securities in accordance with Rule 424(b). As filed, such final prospectus supplement shall contain all information required
by the Act and the rules thereunder, and, except to the extent the Representatives shall agree in writing to a modification,
shall be in all substantive respects in the form furnished to you prior to the Time of Sale, and to the extent not completed
at the Time of Sale, shall contain only such specific additional information and other changes (beyond that contained in the
Base Prospectus and any Preliminary Prospectus) as the Company has advised you, prior to the Time of Sale, will be included
or made therein. The Registration Statement, at the Time of Sale, meets the requirements set forth in
Rule&nbsp;415(a)(1)(x).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On each Effective Date, the Registration Statement did, and when the Final Prospectus is first filed in accordance with
Rule&nbsp;424(b) and on the Closing Date (as defined herein), the Final Prospectus (and any supplement thereto) will, comply in
all material respects with the applicable requirements of the Act, the Exchange Act and the Trust Indenture Act and the respective
rules thereunder; on each Effective Date and at the Time of Sale, the Registration Statement did not and will not contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the
statements therein not misleading; on the Effective Date and on the Closing Date, the Indenture did or will comply in all material
respects with the applicable requirements of the Trust Indenture Act and the rules thereunder; and on the date of any filing pursuant
to Rule&nbsp;424(b) and on the Closing Date, the Final Prospectus (together with any supplement thereto) will not include any untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading; <U>provided</U>, <U>however</U>, that the Company makes no representations
or warranties as to (i)&nbsp;that part of the Registration Statement which shall constitute the Statement of Eligibility and Qualification
(Form T-1) under the Trust Indenture Act of the Trustee or (ii)&nbsp;the Underwriter Information (as defined herein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i) The Disclosure Package and (ii) each electronic road show, if any, when taken together as a whole with the Disclosure
Package, at the Time of Sale does not, and at the Closing Date will not, contain any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Disclosure Package based
upon and in conformity with the Underwriter Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(i)
At the time of filing the Registration Statement, (ii) at the time of the most recent amendment thereto, if any, for the
purposes of complying with Section 10(a)(3) of the Act (whether such amendment was by post-effective amendment, incorporated
report filed pursuant to Sections 13 or 15(d) of the Exchange Act or form of prospectus), (iii) at the time the Company or
any person acting on its behalf (within the meaning, for this clause only, of Rule 163(c)) made any offer relating to the
Securities in reliance on the exemption in Rule 163, and (iv) at the Time of Sale (with such date being used as the
determination date for purposes of this clause (iv)), the Company was or is (as the case may be) a &#8220;well-known seasoned
issuer&#8221; as defined in Rule 405. The Company agrees to pay the fees required by the Commission relating to the
Securities within the time required by Rule 456(b)(1) without regard to the proviso therein and otherwise in accordance with
Rules 456(b) and 457(r).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i) At the earliest time after the filing of the Registration Statement that the Company or another offering participant
made a <I>bona fide</I> offer (within the meaning of Rule 164(h)(2)) of the Securities and (ii) as of the Time of Sale (with such
date being used as the determination date for purposes of this clause (ii)), the Company was not and is not an Ineligible Issuer
(as defined in Rule 405), without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary
that the Company be considered an Ineligible Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Issuer Free Writing Prospectus and the final term sheet prepared and filed pursuant to Section 5(b) hereto does not
include any information that conflicts with the information contained in the Registration Statement, including any document incorporated
therein by reference and any prospectus supplement deemed to be a part thereof that has not been superseded or modified. The foregoing
sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with
the Underwriter Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor any of its subsidiaries has sustained since the date of the latest audited financial statements
included in the Registration Statement, Disclosure Package and Final Prospectus any material loss or interference with its business
from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental
action, order or decree, otherwise than as set forth or contemplated in the Registration Statement, Disclosure Package and Final
Prospectus; and, since the respective dates as of which information is given in the Registration Statement, the Disclosure Package
and Final Prospectus, there has not been any change in the capital stock (other than pursuant to employee and non-employee director
stock option plans and employment agreements in each case existing on the date of this Agreement) or long-term debt of the Company
or any of its subsidiaries or any material adverse change, or any development involving a prospective material adverse change,
in or affecting the general affairs, management, financial position, stockholders&#8217; equity or results of operations of the
Company and its subsidiaries taken as a whole, in each case, otherwise than as set forth or contemplated in the Registration Statement,
Disclosure Package and Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
Company and its subsidiaries have good and marketable title in fee simple to all real property and good and marketable title
to all personal property owned by them, in each case free and clear of all liens, encumbrances and defects except such as are
described in the Registration Statement, Disclosure Package and Final Prospectus or such as do not materially affect the
value of such property and do not interfere with the use made and proposed to be made of such property by the Company and its
subsidiaries or such as do not and would not, individually or in the aggregate, have a material adverse effect on the
business, prospects, operations, financial condition or results of operations of the Company and its subsidiaries taken as a
whole (a &#8220;Material Adverse Effect&#8221;); and any real property and buildings held under lease by the Company and its
subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do
not interfere with the use made and proposed to be made of such property and buildings by the Company and its subsidiaries or
such as do not and would not, individually or in the aggregate, have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State
of Delaware, with power and authority (corporate and other) to own its properties and conduct its business as described in the
Registration Statement, Disclosure Package and Final Prospectus, and has been duly qualified as a foreign corporation for the transaction
of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties or conducts
any business so as to require such qualification, except where failure to be so qualified would not have a Material Adverse Effect;
and each subsidiary of the Company has been duly incorporated or organized and is validly existing as a corporation, limited liability
company or other legal entity in good standing under the laws of its jurisdiction of incorporation, except where failure to be
in such good standing would not have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company has an authorized capitalization as set forth in the Registration Statement, Disclosure Package and Final Prospectus,
and all of the issued shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid
and non-assessable; and all of the issued shares of capital stock, membership interests or other equity interests of each subsidiary
of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and (except for directors&#8217;
qualifying shares and as disclosed in the Registration Statement, Disclosure Package and Final Prospectus) are owned directly or
indirectly by the Company (except for minority interests in those subsidiaries of the Company set forth on Schedule III attached
hereto), free and clear of all liens, encumbrances, equities or claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
compliance by the Company with all of the provisions of this Agreement and the consummation of the transactions herein
contemplated will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a
default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company
or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the
property or assets of the Company or any of its subsidiaries is subject, nor will such action result in any violation of the
provisions of the Certificate of Incorporation or By-laws of the Company or any statute or any order, rule or regulation of
any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their
properties, except for foreign and state securities and Blue Sky laws, and except for breaches, violations or defaults (other
than any relating to the Certificate of Incorporation or By-laws of the Company) that would not, individually or in the
aggregate, have a Material Adverse Effect or in the aggregate impair the Company&#8217;s ability to consummate the
transactions herein contemplated; and no consent, approval, authorization, order, registration or qualification of or with
any such court or governmental agency or body is required for the consummation by the Company of the transactions
contemplated by this Agreement except the registration under the Act of the Securities, any required filings under the
Exchange Act and the Trust Indenture Act and such consents, approvals, authorizations, registrations or qualifications as may
be required under state or foreign securities or Blue Sky laws in connection with the purchase and distribution of the
Securities by the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither the Company nor any of the subsidiaries listed on Annex A hereto, which are the only significant subsidiaries of
the Company as defined by Rule 1-02 of regulation S-X (each, a &#8220;Principal Subsidiary&#8221; and collectively, the &#8220;Principal
Subsidiaries&#8221;) is in violation of its Certificate of Incorporation or By-laws and neither the Company nor any of its subsidiaries
is in default in the performance or observance of any material obligation, agreement, covenant or condition contained in any indenture,
mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of
its properties or assets may be bound, which default would have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The statements set forth in the Registration Statement, Disclosure Package and Final Prospectus under the captions &#8220;Description
of Securities&#8221; and &#8220;Description of the Senior Notes,&#8221; insofar as they purport to constitute a summary of the
terms of the Securities, and under the caption &#8220;Material U.S. Federal Tax Considerations for Non-U.S. Holders,&#8221; insofar
as they purport to summarize the provisions of the laws and documents and transactions referred to therein, are accurate and correct
in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Other than as set forth in the Registration Statement, Disclosure Package and Final Prospectus, there are no legal or governmental
proceedings pending to which the Company or any of its subsidiaries is a party or of which any property of the Company or any of
its subsidiaries is the subject which, if determined adversely to the Company or any of its subsidiaries, would individually or
in the aggregate have a Material Adverse Effect; and, to the Company&#8217;s knowledge, no such proceedings are threatened or contemplated
by governmental authorities or threatened by others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no contracts or documents of a character required to be described in the Registration Statement, the Disclosure
Package or the Final Prospectus or to be filed as exhibits to the Registration Statement that are not so described or filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Each
of the Company and its subsidiaries owns or has rights to adequate foreign and domestic patents, patent licenses, trademarks,
service marks, trade names, inventions, copyrights and know-how (including trade secrets and other unpatented and/or
unpatentable proprietary or confidential information, systems or procedures) (collectively, the &#8220;Intellectual
Property&#8221;) necessary to carry on their respective businesses as of the date hereof, and neither the Company nor any of
its subsidiaries is aware that it would interfere with, infringe upon or otherwise come into conflict with any Intellectual
Property rights of third parties as a result of the operation of the business of the Company or any subsidiary as of the date
hereof that, individually or in the aggregate, if subject to an unfavorable decision, ruling or finding would have a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as disclosed in the Registration Statement, the Disclosure Package and Final Prospectus, there are no holders of
securities (debt or equity) of the Company or any of its subsidiaries, or holders of rights (including, without limitation, preemptive
rights), warrants or options to obtain securities of the Company or any of its subsidiaries, who have the right to request the
Company or any of its subsidiaries to include securities held by them under the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company is not and, after giving effect to the offering and sale of the Securities, will not be an &#8220;investment
company&#8221; or an entity &#8220;controlled&#8221; by an &#8220;investment company&#8221;, as such terms are defined in the Investment
Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>KPMG LLP, who have certified certain financial statements and the related financial statement schedule of the Company and
its subsidiaries, are independent public accountants as required by the Act and the rules and regulations of the Commission thereunder
and the Public Company Accounting Oversight Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
Company and its consolidated subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable
assurances that (A) transactions are executed in accordance with management&#8217;s authorization; (B) transactions are
recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting
principles in the United States and to maintain accountability for assets; (C) access to assets is permitted only in
accordance with management&#8217;s authorization; (D) the recorded accountability for assets is compared with the existing
assets at reasonable intervals and appropriate action is taken with respect to any differences; (E) material information
relating to the Company and its consolidated subsidiaries is promptly made known to the officers responsible for establishing
and maintaining the system of internal accounting controls; (F) any significant deficiencies or weaknesses in the design or
operation of internal accounting controls which could adversely affect the Company&#8217;s ability to record, process,
summarize and report financial data, and any fraud whether or not material that involves management or other employees who
have a significant role in internal controls, are adequately and promptly disclosed to the Company&#8217;s independent
auditors and the audit committee of the Company&#8217;s board of directors; (G)&nbsp;the Company and its consolidated
subsidiaries&#8217; internal controls over financial reporting are effective and the Company and its consolidated
subsidiaries are not aware of any material weakness in their internal controls over financial reporting; and (H) the
interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement, the
Disclosure Package and Final Prospectus fairly presents the information called for in all material respects and is prepared
in accordance with the Commission&#8217;s rules and guidelines applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and its consolidated subsidiaries employ &#8220;disclosure controls and procedures&#8221; (as such term is defined
in Rule&nbsp;13a-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed by the Company
in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time
periods specified in the Commission&#8217;s rules and forms, and is accumulated and communicated to the Company&#8217;s management,
including its principal executive officer and principal financial officer, appropriate to allow timely decisions regarding disclosure
and such disclosure controls and procedures are effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement has been duly authorized, executed and delivered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Indenture has been duly authorized, executed and delivered, has been duly qualified under the Trust Indenture Act, and
constitutes a legal, valid and binding obligation enforceable against the Company in accordance with its terms (subject to applicable
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar laws affecting creditors&#8217; rights
generally from time to time in effect, and subject, as to enforceability, to general principles of equity, including, without limitation,
concepts of materiality, reasonableness, good faith and fair dealing, regardless of whether such enforceability is considered in
a proceeding in equity or at law); and the Securities have been duly authorized and, when executed and authenticated in accordance
with the provisions of the Indenture and delivered to and paid for by the Underwriters pursuant to this Agreement, will constitute
legal, valid and binding obligations of the Company entitled to the benefits of the Indenture (subject to applicable bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium, and other similar laws affecting creditors&#8217; rights generally
from time to time in effect, and subject, as to enforceability, to general principles of equity, including, without limitation,
concepts of materiality, reasonableness, good faith and fair dealing, regardless of whether such enforceability is considered in
a proceeding in equity or at law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There is and has been no material failure on the part of the Company or any of the Company&#8217;s directors or officers,
in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated
in connection therewith (the &#8220;Sarbanes-Oxley Act&#8221;), including Section 402 relating to loans and Sections 302 and 906
relating to certifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(y)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Neither
the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee,
affiliate or other person acting on behalf of the Company or any of its subsidiaries has (i) used any corporate funds for any
unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or
indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or
is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations
thereunder or the U.K. Bribery Act 2010 or similar law of any other relevant jurisdiction; or (iv) made any unlawful bribe,
rebate, payoff, influence payment, kickback or other unlawful payment. The prohibition on noncompliance with the foregoing is
covered by the codes of conduct or other procedures instituted and maintained by the Company and its subsidiaries. No part of
the proceeds of the offering will be used in violation of the Foreign Corrupt Practices Act of 1977 or the U.K. Bribery Act
2010, each as may be amended, or similar law of any other relevant jurisdiction, or the rules or regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(z)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The operations of the Company and its subsidiaries are and have been conducted at all times in compliance in all material
respects with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting
Act of 1970, as amended, the money laundering statutes of all jurisdictions in which the Company and its subsidiaries conduct business,
the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced
by any governmental agency (collectively, the &#8220;Money Laundering Laws&#8221;) and no action, suit or proceeding by or before
any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect
to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(aa)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of the Company, any of its subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee
or affiliate of the Company or any of its subsidiaries (i) is, or is controlled or 50% or more owned by or is acting on behalf
of, a person or entity that is currently the subject of any sanctions administered or enforced by the United States (including
any administered or enforced by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department
of State or the Bureau of Industry and Security of the U.S. Department of Commerce), the United Nations Security Council, the European
Union or the United Kingdom (including sanctions administered or enforced by Her Majesty&#8217;s Treasury) (collectively, &#8220;Sanctions&#8221;)
or (ii) will use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any
person that, at the time of such financing, is the subject of any Sanctions or in any other manner that would cause the Company,
any of its subsidiaries or any person or entity participating in the offering (whether as underwriter, advisor, investor or otherwise)
to violate any Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any certificate signed
by any officer of the Company and delivered to the Representatives or counsel for the Underwriters in connection with the offering
of the Securities shall be deemed a representation and warranty by the Company, as to matters covered thereby, to each Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Purchase and Sale</U>. Subject to the terms and conditions and in reliance upon the representations and warranties
herein set forth, the Company agrees to sell to each Underwriter, and each Underwriter agrees, severally and not jointly, to purchase
from the Company, at the purchase price set forth in Schedule&nbsp;I hereto, the principal amount of the Securities set forth opposite
such Underwriter&#8217;s name in Schedule&nbsp;II hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Delivery and Payment</U>. Delivery of and payment for the Securities shall be made on the date and at the time
specified in Schedule&nbsp;I hereto or at such time on such later date not more than three Business Days after the foregoing date
as the Representatives shall designate, which date and time may be postponed by agreement between the Representatives and the Company
or as provided in Section&nbsp;9&nbsp;hereof (such date and time of delivery and payment for the Securities being herein called
the &#8220;Closing Date&#8221;). Delivery of the Securities shall be made to the Representatives for the respective accounts of
the several Underwriters against payment by the several Underwriters through the Representatives of the purchase price thereof
to or upon the order of the Company by wire transfer payable in same-day funds to an account specified by the Company. Delivery
of the Securities shall be made through the facilities of The Depository Trust Company unless the Representatives shall otherwise
instruct.&nbsp;&nbsp;The Securities shall be registered in such names and in such denominations as the Representatives may request
not less than two Business Days in advance of the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company agrees
to have the Securities available for inspection, checking and packaging by the Representative in New York, New York, not later
than 1:00 PM on the Business Day prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Offering by Underwriters</U>. It is understood that the several Underwriters propose to offer the Securities for
sale to the public as set forth in the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Agreements</U>. The Company agrees with the several Underwriters that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Prior
to the termination of the offering of the Securities, the Company will not file any amendment of the Registration Statement
or supplement (including the Final Prospectus or any Preliminary Prospectus) to the Base Prospectus unless the Company has
furnished you a copy for your review prior to filing and will not file any such proposed amendment or supplement to which you
reasonably object. The Company will cause the Final Prospectus, properly completed, and any supplement thereto to be filed in
a form approved by the Representatives with the Commission pursuant to the applicable paragraph of Rule&nbsp;424(b) within
the time period prescribed and will provide evidence satisfactory to the Representatives of such timely filing. The Company
will promptly advise the Representatives (i) when the Final Prospectus, and any supplement thereto, shall have been filed (if
required) with the Commission pursuant to Rule&nbsp;424(b) (ii)&nbsp;when, prior to termination of the offering of the
Securities, any amendment to the Registration Statement shall have been filed or become effective, (iii)&nbsp;of any request
by the Commission or its staff for any amendment of the Registration Statement or for any supplement to the Final Prospectus
or for any additional information, (iv)&nbsp;of the issuance by the Commission of any stop order suspending the effectiveness
of the Registration Statement or of any notice objecting to its use or the institution or threatening of any proceeding for
that purpose and (v)&nbsp;of the receipt by the Company of any notification with respect to the suspension of the
qualification of the Securities for sale in any jurisdiction or the institution or threatening of any proceeding for such
purpose. The Company will use its best efforts to prevent the issuance of any such stop order or the occurrence of any such
suspension or objection to the use of the Registration Statement and, upon such issuance, occurrence or notice of objection,
to obtain as soon as possible the withdrawal of such stop order or relief from such occurrence or objection, including, if
necessary, by filing an amendment to the Registration Statement or a new registration statement and using its best efforts to
have such amendment or new registration statement declared effective as soon as practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To prepare a final term sheet, containing solely a description of final terms of the Securities and the offering thereof,
in the form approved by you and attached as Schedule V hereto and to file such term sheet pursuant to Rule 433(d) within the time
required by such Rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, at any time prior to the filing of the Final Prospectus pursuant to Rule 424(b), any event occurs as a result of which
the Disclosure Package would include any untrue statement of a material fact or omit to state any material fact necessary to make
the statements therein in the light of the circumstances under which they were made or the circumstances then prevailing not misleading,
the Company will (i) notify promptly the Representatives so that any use of the Disclosure Package may cease until it is amended
or supplemented; (ii) amend or supplement the Disclosure Package to correct such statement or omission; and (iii) supply any amendment
or supplement to you in such quantities as you may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, at any time when a prospectus relating to the Securities is required to be delivered under the Act (including in circumstances
where such requirement may be satisfied pursuant to Rule 172), any event occurs as a result of which the Final Prospectus as then
supplemented would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements
therein in the light of the circumstances under which they were made at such time not misleading, or if it shall be necessary to
amend the Registration Statement, file a new registration statement or supplement the Final Prospectus to comply with the Act or
the Exchange Act or the respective rules thereunder, including in connection with use or delivery of the Final Prospectus, the
Company promptly will (i)&nbsp;notify the Representatives of any such event, (ii)&nbsp;prepare and file with the Commission, subject
to the second sentence of paragraph (a) of this Section&nbsp;5, an amendment or supplement or new registration statement which
will correct such statement or omission or effect such compliance, (iii) use its best efforts to have any amendment to the Registration
Statement or new registration statement declared effective as soon as practicable in order to avoid any disruption in use of the
Final Prospectus and (iv)&nbsp;supply any supplemented Final Prospectus to you in such quantities as you may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>As soon as practicable, the Company will make generally available to its security holders and to the Representatives an
earnings statement or statements of the Company and its subsidiaries which will satisfy the provisions of Section&nbsp;11(a) of
the Act and Rule&nbsp;158.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will furnish to the Representatives and counsel for the Underwriters, without charge, signed copies of the Registration
Statement (including exhibits thereto) and to each other Underwriter a copy of the Registration Statement (without exhibits thereto)
and, so long as delivery of a prospectus by an Underwriter or dealer may be required by the Act (including in circumstances where
such requirement may be satisfied pursuant to Rule 172), as many copies of each Preliminary Prospectus, the Final Prospectus and
each Issuer Free Writing Prospectus and any supplement thereto as the Representatives may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will arrange, if necessary, for the qualification of the Securities for sale under the laws of such jurisdictions
as the Representatives may designate and will maintain such qualifications in effect so long as required for the distribution of
the Securities; provided that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it
is not now so qualified or to take any action that would subject it to service of process in suits, other than those arising out
of the offering or sale of the Securities, in any jurisdiction where it is not now so subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company agrees that, unless it has or shall have obtained the prior written consent of the Representatives, and each
Underwriter, severally and not jointly, agrees with the Company that, unless it has or shall have obtained, as the case may be,
the prior written consent of the Company, it has not made and will not make any offer relating to the Securities that would constitute
an Issuer Free Writing Prospectus or that would otherwise constitute a &#8220;free writing prospectus&#8221; (as defined in Rule
405) required to be filed by the Company with the Commission or retained by the Company under Rule 433, other than a free writing
prospectus containing the information contained in the final term sheet prepared and filed pursuant to Section 5(b) hereto; provided
that the prior written consent of the parties hereto shall be deemed to have been given in respect of the Free Writing Prospectuses
included in Schedule IV hereto and any electronic road show, if used. Any such free writing prospectus consented to by the Representatives
or the Company is hereinafter referred to as a &#8220;Permitted Free Writing Prospectus.&#8221; The Company (x) agrees that it
has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus and
confirms (y) it has complied and will comply, as the case may be, with the requirements of Rules 164 and 433 applicable to any
Permitted Free Writing Prospectus, including in respect of timely filing with the Commission, legending and record keeping.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>The
Company will not, without the prior written consent of the Representatives, offer, sell, contract to sell, pledge, or
otherwise dispose of (or enter into any transaction which is designed to, or might reasonably be expected to, result in the
disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the
Company or any affiliate of the Company or any person in privity with the Company or any affiliate of the Company), directly
or indirectly, including the filing (or participation in the filing) of a registration statement with the Commission in
respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the
meaning of Section 16 of the Exchange Act, any debt securities issued or guaranteed by the Company and having a tenor of more
than one year (other than the Securities) or publicly announce an intention to effect any such transaction, until the
Business Day that is the Closing Date as set forth on Schedule&nbsp;I hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will not take, directly or indirectly, any action designed to or that would constitute or that might reasonably
be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of any security
of the Company to facilitate the sale or resale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company agrees to pay: (i) the expenses of printing or other production of all documents related to the offering of
the Securities, (ii)&nbsp;the fees and disbursements of KPMG LLP, in connection with the preparation of its letter required by
Section 6(f) of this Agreement, (iii)&nbsp;the fees and disbursements of its counsel related to the offering of the Securities,
(iv) the reasonable fees and disbursements of the Trustee relating to the offering of the Securities that are payable on the Closing
Date, (v) any fees charged by rating agencies for rating the Securities and (vi) the fees and expenses incurred in connection with
the registration or qualification and determination of eligibility for investment of the Securities under the laws of such jurisdictions
as the Representatives may designate and the preparation, printing and distribution of a Blue Sky Memorandum (including the related
fees and expenses of counsel for the Underwriters).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Conditions to the Obligations of the Underwriters</U>. The obligations of the Underwriters to purchase the Securities
shall be subject to the accuracy of the representations and warranties on the part of the Company contained herein as of the Time
of Sale and the Closing Date, to the accuracy of the statements of the Company made in any certificates pursuant to the provisions
hereof, to the performance by the Company of its obligations hereunder and to the following additional conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Final Prospectus, and any supplement thereto, have been filed in the manner and within the time period required by Rule&nbsp;424(b);
the final term sheet contemplated by Section 5(b) hereto, and any other material required to be filed by the Company pursuant to
Rule 433(d) under the Act, shall have been filed with the Commission within the applicable time periods prescribed for such filings
by Rule 433; and no stop order suspending the effectiveness of the Registration Statement or any notice objecting to its use shall
have been issued and no proceedings for that purpose shall have been instituted or threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall have furnished to the Representatives:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an opinion of Weil, Gotshal &amp; Manges LLP, counsel to the Company, dated the Closing Date and addressed to the Representatives,
in form and substance set forth on Exhibit A hereto; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a letter of Weil, Gotshal &amp; Manges LLP, dated the Closing Date and addressed to the Representatives, in form and substance
set forth on Exhibit B hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Representatives shall have received from Fried, Frank, Harris, Shriver &amp; Jacobson LLP, counsel for the Underwriters,
such opinion or opinions, dated the Closing Date and addressed to the Representatives, with respect to the issuance and sale of
the Securities, the Indenture, the Registration Statement, the Disclosure Package, the Final Prospectus (together with any supplement
thereto) and other related matters as the Representatives may reasonably require, and the Company shall have furnished to such
counsel such documents as they request for the purpose of enabling them to pass upon such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall have furnished to the Representatives a certificate of the Company, signed by the principal financial
or accounting officer of the Company, dated the Closing Date, to the effect that the signer of such certificate has carefully examined
the Registration Statement, the Disclosure Package, the Final Prospectus and any supplements or amendments thereto, as well as
each electronic road show, if any, used in connection with the offering of the Securities, and this Agreement and that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the representations and warranties of the Company in this Agreement are true and correct in all material respects on and
as of the Closing Date with the same effect as if made on the Closing Date and the Company has complied with all the agreements
and satisfied all the conditions on its part to be performed or satisfied at or prior to the Closing Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>no stop order suspending the effectiveness of the Registration Statement or any notice objecting to its use has been issued
and no proceedings for that purpose have been instituted or, to the Company&#8217;s knowledge, threatened; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>since the date of the most recent financial statements included in the Disclosure Package and Final Prospectus (exclusive
of any supplement thereto), there has been no material adverse effect on the condition (financial or otherwise), earnings, business
or properties of the Company and its subsidiaries, whether or not arising from transactions in the ordinary course of business,
except as set forth in or contemplated in the Disclosure Package and Final Prospectus (exclusive of any supplement thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>At
or prior to the Closing Date, the Company shall have executed and delivered to the Underwriters an officers&#8217;
certificate pursuant to Section 3.01 of the Indenture, in form and substance reasonably satisfactory to the Underwriters, and
the Indenture and such officers&#8217; certificate shall be in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall have requested and caused KPMG LLP to have furnished to the Representatives, at the Time of Sale and at
the Closing Date, letters, (which may refer to letters previously delivered to one or more of the Representatives), dated respectively
as of the Time of Sale and as of the Closing Date, in form and substance satisfactory to the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subsequent to the Time of Sale or, if earlier, the dates as of which information is given in the Registration Statement
(exclusive of any amendment thereof) and Final Prospectus (exclusive of any amendment or supplement thereto), there shall not have
been any change, or any development involving a prospective change, in or affecting the condition (financial or otherwise), earnings,
business or properties of the Company and its subsidiaries taken as a whole, whether or not arising from transactions in the ordinary
course of business, except as set forth in or contemplated in the Disclosure Package and Final Prospectus (exclusive of any amendment
or supplement thereto) the effect of which is, in the sole judgment of the Representatives, so material and adverse as to make
it impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated by the Registration Statement
(exclusive of any amendment thereof), the Disclosure Package and Final Prospectus (exclusive of any amendment or supplement thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subsequent to the Time of Sale, there shall not have been any decrease in the rating of any of the Company&#8217;s debt
securities by any &#8220;nationally recognized statistical rating organization&#8221; (as defined in Section 3(a)(62) of the Exchange
Act) or any notice given of any intended or potential decrease in any such rating or of a possible change in any such rating that
does not indicate the direction of the possible change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to the Closing Date, the Company shall have furnished to the Representatives such further information, certificates
and documents as the Representatives may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If any of the conditions
specified in this Section&nbsp;6 shall not have been fulfilled when and as provided in this Agreement, or if any of the opinions
and certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory in form and substance to the
Representatives and counsel for the Underwriters, this Agreement and all obligations of the Underwriters hereunder may be canceled
at, or at any time prior to, the Closing Date by the Representatives. Notice of such cancellation shall be given to the Company
in writing or by telephone or facsimile confirmed in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The documents required
to be delivered by this Section&nbsp;6 shall be delivered at the office of Weil, Gotshal &amp; Manges LLP, counsel for the Company,
at 767 Fifth Avenue, New York, New York 10153, on the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Reimbursement of Underwriters&#8217; Expenses</U>. If the sale of the Securities provided for herein is not consummated
because any condition to the obligations of the Underwriters set forth in Section&nbsp;6 hereof is not satisfied, or because of
any refusal, inability or failure on the part of the Company to perform any agreement herein or comply with any provision hereof
other than by reason of a default by any of the Underwriters, the Company will reimburse the Underwriters severally through the
Representatives, on demand for all expenses (including reasonable fees and disbursements of counsel) that shall have been incurred
by them in connection with the proposed purchase and sale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Indemnification and Contribution</U>. (a)&nbsp;&nbsp;The Company agrees to indemnify and hold harmless each Underwriter,
the directors, officers, employees and agents of each Underwriter and each person who controls any Underwriter within the meaning
of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they
or any of them may become subject under the Act, the Exchange Act or other Federal or state statutory law or regulation, at common
law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based
upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement as originally
filed or in any amendment thereof, or in the Base Prospectus, any Preliminary Prospectus or any other preliminary prospectus supplement
relating to the Securities, the Final Prospectus, any Issuer Free Writing Prospectus or the information contained in the final
term sheet required to be prepared and filed pursuant to Section 5(b) hereto, or in any amendment thereof or supplement thereto,
or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, and agrees to reimburse each such indemnified party, as incurred,
for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim,
damage, liability or action; <U>provided</U>, <U>however</U>, that the Company will not be liable in any such case to the extent
that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement
or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Company
by or on behalf of any Underwriter through the Representatives specifically for inclusion therein. For purposes of this Agreement,
it being understood and agreed upon that the only information so furnished shall be (i) the fourth paragraph under the caption
 &#8220;Underwriting&#8221; concerning the terms of the offering by the Underwriters, and (ii) the eighth, ninth and tenth paragraphs
under the caption &#8220;Underwriting&#8221; concerning stabilizations, penalty bids and over-allotments by the Underwriters (collectively,
the &#8220;Underwriter Information&#8221;). This indemnity agreement will be in addition to any liability which the Company may
otherwise have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Underwriter severally and not jointly agrees to indemnify and hold harmless the Company, each of its directors, each
of its officers who signs the Registration Statement, and each person who controls the Company within the meaning of either the
Act or the Exchange Act, to the same extent as the foregoing indemnity from the Company to each Underwriter, but only with reference
to the Underwriter Information. This indemnity agreement will be in addition to any liability which any Underwriter may otherwise
have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Promptly after receipt by an indemnified party under this Section&nbsp;8 of notice of the commencement of any action, such
indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section&nbsp;8, notify
the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i)&nbsp;will
not relieve it from liability under paragraph&nbsp;(a) or&nbsp;(b) above unless and to the extent it did not otherwise learn of
such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii)&nbsp;will
not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification
obligation provided in paragraph&nbsp;(a) or (b) above. The indemnifying party shall be entitled to appoint counsel of the indemnifying
party&#8217;s choice at the indemnifying party&#8217;s expense to represent the indemnified party in any action for which indemnification
is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel
retained by the indemnified party or parties except as set forth below); <U>provided</U>, <U>however</U>, that such counsel shall
be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party&#8217;s election to appoint counsel
to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including
local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i)&nbsp;the
use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of
interest, (ii)&nbsp;the actual or potential defendants in, or targets of, any such action include both the indemnified party and
the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to
it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, (iii)
the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified
party within a reasonable time after notice of the institution of such action or (iv)&nbsp;the indemnifying party shall authorize
the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying party will not, without
the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect
to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement,
compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim,
action, suit or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that the indemnity provided in paragraph&nbsp;(a), (b) or (c) of this Section&nbsp;8 is unavailable to or
insufficient to hold harmless an indemnified party for any reason, the Company and the Underwriters severally agree to contribute
to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection
with investigating or defending the same) (collectively &#8220;Losses&#8221;) to which the Company and one or more of the Underwriters
may be subject in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and
by the Underwriters on the other from the offering of the Securities; <U>provided</U>,&nbsp;<U>however</U>, that in no case shall
any Underwriter (except as may be provided in any agreement among underwriters relating to the offering of the Securities) be
responsible for any amount in excess of the underwriting discount or commission applicable to the Securities purchased by such
Underwriter hereunder. If the allocation provided by the immediately preceding sentence is unavailable for any reason, the Company
and the Underwriters severally shall contribute in such proportion as is appropriate to reflect not only such relative benefits
but also the relative fault of the Company on the one hand and of the Underwriters on the other in connection with the statements
or omissions which resulted in such Losses as well as any other relevant equitable considerations. Benefits received by the Company
shall be deemed to be equal to the total net proceeds from the offering (before deducting expenses) received by it, and benefits
received by the Underwriters shall be deemed to be equal to the total underwriting discounts and commissions, in each case as
set forth on the cover page of the Final Prospectus. Relative fault shall be determined by reference to, among other things, whether
any untrue or any alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates
to information provided by the Company on the one hand or the Underwriters on the other, the intent of the parties and their relative
knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Company and the
Underwriters agree that it would not be just and equitable if contribution were determined by pro rata allocation or any other
method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions
of this paragraph&nbsp;(d), no person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of
this Section&nbsp;8, each person who controls an Underwriter within the meaning of either the Act or the Exchange Act and each
director, officer, employee and agent of an Underwriter shall have the same rights to contribution as such Underwriter, and each
person who controls the Company within the meaning of either the Act or the Exchange Act, each officer of the Company who shall
have signed the Registration Statement and each director of the Company shall have the same rights to contribution as the Company,
subject in each case to the applicable terms and conditions of this paragraph&nbsp;(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Default
by an Underwriter</U>. If any one or more Underwriters shall fail to purchase and pay for any of the Securities agreed to be
purchased by such Underwriter or Underwriters hereunder and such failure to purchase shall constitute a default in the
performance of its or their obligations under this Agreement, the remaining Underwriters shall be obligated severally to take
up and pay for (in the respective proportions which the principal amount of Securities set forth opposite their names in
Schedule&nbsp;II hereto bears to the aggregate principal amount of Securities set forth opposite the names of all the
remaining Underwriters) the Securities which the defaulting Underwriter or Underwriters agreed but failed to purchase; <U>provided</U>, <U>however</U>,
that in the event that the aggregate principal amount of Securities which the defaulting Underwriter or Underwriters agreed
but failed to purchase shall exceed 10% of the aggregate principal amount of Securities set forth in Schedule&nbsp;II hereto,
the remaining Underwriters shall have the right to purchase all, but shall not be under any obligation to purchase any, of
the Securities, and if such nondefaulting Underwriters do not purchase all the Securities, this Agreement will terminate
without liability to any nondefaulting Underwriter or the Company. In the event of a default by any Underwriter as set forth
in this Section 9, the Closing Date shall be postponed for such period, not exceeding five Business Days, as the
Representatives shall determine in order that the required changes in the Registration Statement and Final Prospectus or in
any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting
Underwriter of its liability, if any, to the Company and any nondefaulting Underwriter for damages occasioned by its default
hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Split-Segment; Name: a1 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Termination</U>. This Agreement shall be subject to termination in the absolute discretion of the Representatives,
by notice given to the Company prior to delivery of and payment for the Securities, if at any time prior to such delivery and payment
(i)&nbsp;trading in the Company&#8217;s Common Stock shall have been suspended by the Commission or trading in securities generally
on the New York Stock Exchange shall have been suspended or limited or minimum prices shall have been established on such exchange,
(ii)&nbsp;a banking moratorium shall have been declared either by Federal or New York State authorities or (iii)&nbsp;there shall
have occurred any outbreak or escalation of hostilities, declaration by the United States of a national emergency or war, or other
calamity or crisis the effect of which on financial markets is such as to make it, in the sole judgment of the Representatives,
impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated by any of the Disclosure
Package, the Final Prospectus (exclusive of any amendment or supplement thereto), or this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Representations and Indemnities to Survive</U>. The respective agreements, representations, warranties, indemnities
and other statements of the Company or its officers and of the Underwriters set forth in or made pursuant to this Agreement will
remain in full force and effect, regardless of any investigation made by or on behalf of any Underwriter or the Company or any
of the officers, directors, employees, agents or controlling persons referred to in Section 8 hereof, and will survive delivery
of and payment for the Securities. The provisions of Sections 7 and 8 hereof shall survive the termination or cancellation of this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Notices</U>. All communications hereunder will be in writing and effective only on receipt, and, if sent to the
Representatives, will be mailed, delivered or telefaxed to BofA Securities, Inc., 50 Rockefeller Plaza, NY1-050-12-01, New York,
New York 10020, Attention: High Grade Debt Capital Markets Transaction Management/Legal, (fax no. (212) 901-7881); Citigroup Global
Markets Inc., 388 Greenwich Street, New York, New York 10013 (fax no.: (646) 291-1469); Attention: General Counsel; J.P. Morgan
Securities LLC, 383 Madison Avenue, New York, New York 10179, Attention: Investment Grade Syndicate Desk, 3rd Floor, (fax no.:
(212) 834-6081); or, if sent to the Company, will be mailed, delivered or telefaxed to it at 7 Corporate Center Drive, Melville,
New York 11747-3166 (fax no.: (631) 847-6215); Attention of Treasurer, with a copy to it at 767 Fifth Avenue, New York, New York
10153 (fax no.: (212) 572-3989); Attention of the General Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Successors</U>.
This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the
officers, directors, employees, agents and controlling persons referred to in Section 8 hereof, and no other person will have
any right or obligation hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>No fiduciary duty</U>. The Company hereby acknowledges that (a) the purchase and sale of the Securities pursuant
to this Agreement is an arm&#8217;s-length commercial transaction between the Company, on the one hand, and the Underwriters and
any affiliate through which it may be acting, on the other, (b) the Underwriters are acting as principal and not as an agent or
fiduciary of the Company and (c) the Company&#8217;s engagement of the Underwriters in connection with the offering and the process
leading up to the offering is as independent contractors and not in any other capacity. Furthermore, the Company agrees that it
is solely responsible for making its own judgments in connection with the offering (irrespective of whether any of the Underwriters
has advised or is currently advising the Company on related or other matters). Any review by the Underwriters of the Company, the
transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the
Underwriters and shall not be on behalf of the Company. The Company agrees that it will not claim that the Underwriters have rendered
advisory services of any nature or respect, or owe an agency, fiduciary or similar duty to the Company, in connection with such
transaction or the process leading thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Integration</U>. This Agreement supersedes all prior agreements and understandings (whether written or oral) between
the Company and the Underwriters, or any of them, with respect to the subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Applicable Law</U>. This Agreement will be governed by and construed in accordance with the laws of the State
of New&nbsp;York applicable to contracts made and to be performed within the State of New&nbsp;York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Waiver of Jury Trial</U>. The Company hereby irrevocably waives, to the fullest extent permitted by applicable
law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Counterparts</U>. This Agreement may be signed in one or more counterparts, each of which shall constitute an
original and all of which together shall constitute one and the same agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">19.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Headings</U>. The section headings used herein are for convenience only and shall not affect the construction
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">20.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Recognition of the U.S. Special Resolution Regimes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution
Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will
be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement,
and any such interest and obligation, were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to
a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter
are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution
Regime if this Agreement were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">21.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Definitions</U>. The terms that follow, when used in this Agreement, shall have the meanings indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;Act&#8221; shall mean the
Securities Act of 1933, as amended and the rules and regulations of the Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;Base Prospectus&#8221;
shall mean the base prospectus referred to in paragraph 1(a) above contained in the Registration Statement at the Time of Sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;BHC Act Affiliate&#8221;
has the meaning assigned to the term &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &sect;
1841(k).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;Business Day&#8221; shall
mean any day&nbsp;other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies
are authorized or obligated by law to close in New York City.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;Commission&#8221; shall
mean the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;Covered Entity&#8221; means
any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(i)</TD><TD STYLE="text-align: justify">a &#8220;covered entity&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">a &#8220;covered bank&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 1.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">a &#8220;covered FSI&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;Default Right&#8221; has
the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1,
as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;Disclosure Package&#8221;
shall mean (i) the Base Prospectus, (ii) the Preliminary Prospectus used most recently prior to the Time of Sale, (iii) the Issuer
Free Writing Prospectuses, if any, identified in Schedule IV hereto, (iv) the final term sheet prepared and filed pursuant to Section
5(b) hereto, if any, and (v) any other Free Writing Prospectus that the parties hereto shall hereafter expressly agree in writing
to treat as part of the Disclosure Package.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;Effective Date&#8221; shall
mean each date and time that the Registration Statement and any post-effective amendment or amendments thereto became or becomes
effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;Exchange Act&#8221; shall
mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;Final Prospectus&#8221;
shall mean the prospectus supplement relating to the Securities that was first filed pursuant to Rule&nbsp;424(b) after the Time
of Sale together with the Base Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;Free Writing Prospectus&#8221;
shall mean a free writing prospectus, as defined in Rule 405.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;Issuer Free Writing Prospectus&#8221;
shall mean an issuer free writing prospectus, as defined in Rule 433.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;Preliminary Prospectus&#8221;
shall mean any preliminary prospectus supplement to the Base Prospectus referred to in paragraph 1(a) above which is used prior
to the filing of the Final Prospectus, together with the Base Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;Registration Statement&#8221;
shall mean the registration statement referred to in paragraph&nbsp;1(a) above, including exhibits and financial statements and
any prospectus supplement relating to the Securities that is filed with the Commission pursuant to Rule 424(b) and deemed part
of such registration statement pursuant to Rule 430B, as amended on each Effective Date and, in the event any post-effective amendment
thereto becomes effective prior to the Closing Date, shall also mean such registration statement as so amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;Rule 158&#8221;, &#8220;Rule
163&#8221;, &#8220;Rule 164&#8221;, &#8220;Rule 172&#8221;, &#8220;Rule 405&#8221;, &#8220;Rule&nbsp;415&#8221;, &#8220;Rule&nbsp;424&#8221;,
 &#8220;Rule 430B&#8221; and &#8220;Rule 433&#8221; refer to such rules under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;Time of Sale&#8221; shall
mean 1:40 p.m. Eastern on April 7, 2020, that being the time at or immediately prior to the time when sales of the Securities were
first made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;Trust Indenture Act&#8221;
shall mean the Trust Indenture Act of 1939, as amended and the rules and regulations of the Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;U.S. Special Resolution
Regime&#8221; means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II
of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&#8220;Well-Known Seasoned Issuer&#8221;
shall mean a well-known seasoned issuer, as defined in Rule 405.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If the foregoing is in
accordance with your understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this
letter and your acceptance shall represent a binding agreement among the Company and the several Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
    truly yours,</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
    Est&eacute;e Lauder Companies Inc.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Tracey T. Travis</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Tracey T. Travis<BR> Title: &nbsp;&nbsp;Executive Vice President
and Chief Financial Officer</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing Agreement is<BR>
hereby confirmed and accepted<BR>
as of the date specified in<BR>
Schedule&nbsp;I hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BofA Securities, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Citigroup Global Markets Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">J.P. Morgan Securities LLC<BR>
<BR>
By: BofA Securities, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Sandeep Chawla</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Sandeep Chawla</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Managing Director</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By: Citigroup Global Markets Inc.<BR>
 &nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Brian D. Bednarski</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Brian D. Bednarski</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Managing Director</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By: J.P. Morgan Securities LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp; </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Robert Bottamedi</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Robert Bottamedi</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Executive Director</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For themselves and the other<BR>
several Underwriters, if any,<BR>
named in Schedule&nbsp;II to the<BR>
foregoing Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->-</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Split-Segment; Name: a2 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SCHEDULE I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>2.600% Senior Notes Due 2030</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Underwriting Agreement dated April <B>7</B>, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 25%">Registration Statement No.:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 75%">333-225076</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Representatives:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">BofA Securities, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Citigroup Global Markets Inc.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">J.P. Morgan Securities LLC</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Title of Securities:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">2.600% Senior Notes due 2030 (the &#8220;Notes&#8221;)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Principal Amount:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">$700,000,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Interest Rate:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">2.600%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Purchase Price:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">99.366%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Offering Price:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">99.816%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Interest Payment Dates:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">April 15 and October 15, commencing October 15, 2020</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Subordination Provisions:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">None</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Optional Redemption:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">At any time prior to January 15, 2030 (three months prior to the maturity date of the Notes), Make-Whole Call at Treasury + 30
bps</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">On or after January 15, 2030 (three months prior to the maturity date of the Notes), Par Call</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Sinking Fund Provisions:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">None</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Method of Payment of Securities:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Wire transfer of funds</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other Provisions:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Closing Date, Time and Location: April 13, 2020 at
    10:00 a.m. at</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Weil, Gotshal &amp; Manges LLP</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">767 Fifth Avenue</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">New York, NY 10153</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Type of Offering: Non-delayed</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Date referred to in Section&nbsp;5(i) after which the Company may offer or sell debt securities issued or guaranteed by the Company
without the consent of the Representatives: until the Business Day that is the Closing Date</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 23; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SCHEDULE&nbsp;II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: justify; border-bottom: Black 1pt solid">Underwriters</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Principal Amount of<BR> Securities to be<BR> Purchased</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font-size: 10pt; text-align: justify">BofA Securities, Inc.</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">140,000,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Citigroup Global Markets Inc.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">140,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">J.P. Morgan Securities LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">140,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">BNP Paribas Securities Corp.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">70,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">MUFG Securities Americas Inc.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">70,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Goldman Sachs &amp; Co. LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,550,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">HSBC Securities (USA) Inc.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,550,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">ICBC Standard Bank Plc</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,550,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">RBC Capital Markets, LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,550,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">SG Americas Securities, LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,550,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">U.S. Bancorp Investments, Inc.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,550,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">BBVA Securities Inc.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,567,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">Loop Capital Markets LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,567,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Siebert Williams Shank &amp; Co., LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,566,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">700,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SCHEDULE&nbsp;III</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Certain Subsidiaries with Minority Interests</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Not Held Directly or Indirectly by the
Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><B>Subsidiary</B></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">ELC <BR> Ownership</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font-size: 10pt; text-align: justify">ELCA Cosmetics Limited and its wholly-owned subsidiaries: Estee Lauder Hellas S.A., Estee Lauder Bulgaria EOOD and Estee Lauder Romania s.r.l.</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">51</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: justify">By Kilian Middle East FZE</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">51</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SCHEDULE&nbsp;IV</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Schedule of Free Writing Prospectuses
included in the Disclosure Package</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information contained on Schedule V</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><B></B></P>

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SCHEDULE V</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FINAL TERM SHEET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>April 7, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>2.600% Senior Notes due 2030</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 38%; padding-top: 2.5pt; padding-bottom: 3pt"><B>Issuer:</B></TD>
    <TD STYLE="text-align: justify; width: 62%; padding-top: 2.5pt; padding-bottom: 3pt">The Est&eacute;e Lauder Companies Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt"><B>Security:</B></TD>
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt">2.600% Senior Notes due 2030 (the &#8220;Notes&#8221;)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt"><B>Size:</B></TD>
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt">$700,000,000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt"><B>Maturity Date:</B></TD>
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt">April 15, 2030</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt"><B>Coupon:</B></TD>
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt">2.600%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt"><B>Interest Payment Dates:</B></TD>
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt">April 15 and October 15, commencing October 15, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt"><B>Price to Public:</B></TD>
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt">99.816%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt"><B>Benchmark Treasury:</B></TD>
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt">1.500% due February 15, 2030</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt"><B>Benchmark Treasury Price and Yield:</B></TD>
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt">106-29; 0.771%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt"><B>Spread to Benchmark Treasury:</B></TD>
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt">+ 185 bps</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt"><B>Yield:</B></TD>
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt">2.621%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt"><B>Optional Redemption:</B></TD>
    <TD STYLE="text-align: justify">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At any time prior to January 15, 2030 (three months prior to
        the maturity date of the Notes), Make-Whole Call at Treasury + 30 bps</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On or after January 15, 2030 (three months prior to the maturity
        date of the Notes), Par Call</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt"><B>Reference Treasury Dealers:</B></TD>
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt">BofA Securities, Inc., Citigroup Global Markets Inc. or J.P. Morgan Securities LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt"><B>Expected Settlement Date:</B></TD>
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt">April 13, 2020, which is the third business day (as defined in applicable SEC rules) following the date hereof (such settlement cycle being referred to as &#8220;T+3&#8221;). Purchasers should note that the ability to settle secondary market trades of the notes effected on any date prior to two business days before delivery of the notes may be affected by the T+3 settlement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt"><B>CUSIP / ISIN:</B></TD>
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt">29736R AQ3 / US29736RAQ39</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt"><B>Anticipated Ratings:</B></TD>
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 38%; padding-top: 2.5pt; padding-bottom: 3pt"><B>Joint Book-Running Managers:</B></TD>
    <TD STYLE="text-align: justify; width: 62%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BofA Securities, Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0pt; text-align: justify">Citigroup Global Markets
Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0pt; text-align: justify">J.P. Morgan Securities LLC&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0pt; text-align: justify">BNP Paribas Securities Corp.&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0pt; text-align: justify">MUFG Securities Americas Inc.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; padding-top: 2.5pt; padding-bottom: 3pt"><B>Co-Managers:</B></TD>
    <TD STYLE="text-align: justify">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goldman Sachs &amp; Co. LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0pt; text-align: justify">HSBC Securities (USA) Inc.&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0pt; text-align: justify">ICBC Standard Bank Plc</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0pt; text-align: justify">RBC Capital Markets, LLC&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0pt; text-align: justify">SG Americas Securities, LLC&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0pt; text-align: justify">U.S. Bancorp Investments, Inc.&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0pt; text-align: justify">BBVA Securities Inc.&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0pt; text-align: justify">Loop Capital Markets LLC&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0pt; text-align: justify">Siebert Williams Shank &amp; Co.,
LLC&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<!-- Field: Rule-Page --><DIV STYLE="text-align: justify; margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="border-top: Black 1.5pt solid; text-align: justify; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note</B>:</P></TD>
    <TD STYLE="text-align: justify; width: 95%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A securities rating is not a recommendation to buy, sell or
        hold securities and may be subject to revision or withdrawal at any time.</P></TD></TR>
</TABLE>
<!-- Field: Rule-Page --><DIV STYLE="text-align: justify; margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="border-top: Black 1.5pt solid; text-align: justify; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Est&eacute;e Lauder Companies Inc.
has filed a registration statement (including a prospectus supplement) with the SEC for the offering to which this communication
relates. Before you invest, you should read the preliminary prospectus supplement and prospectus in that registration statement
and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You
may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, The Est&eacute;e Lauder Companies
Inc., any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by
calling BofA Securities, Inc. toll-free at 1-800-294-1322, by calling Citigroup Global Markets Inc. toll-free at 1-800-831-9146
or by calling J.P. Morgan Securities LLC collect at 1-212-834-4533.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This final term sheet supplements, and should be read in conjunction
with,&nbsp;The Est&eacute;e Lauder Companies Inc. preliminary prospectus supplement dated April 7, 2020 and accompanying prospectus
dated&nbsp;May 21, 2018 and the documents incorporated by reference therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any disclaimers or other notices that may appear below are not
applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated as a
result of this communication being sent via Bloomberg or another email system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">ANNEX A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Significant Subsidiaries</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B></B>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 65%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ELCA
    Cosmetics GmbH ELC Management LLC</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estee
    Lauder Cosmetics Limited</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estee
    Lauder Europe, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estee
    Lauder Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estee
    Lauder International, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estee
    Lauder Luxembourg S.a.R.L.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estee
    Lauder BV</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estee
    Lauder (Shanghai) Commercial Company Ltd.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estee
    Lauder AG Lachen</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NEDP
    Holding S.a.R.L.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 10pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Too
    Faced Cosmetics, LLC</FONT></TD></TR>
</TABLE>



<P STYLE="text-indent: 1.5in; font: 10pt Times New Roman, Times, Serif; text-align: justify"></P>

<!-- Field: Page; Sequence: 28; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 1.5in; text-align: justify"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>tm2015663d1_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
4.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE
EST&Eacute;E LAUDER COMPANIES INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.600%
Senior Notes due 2030</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
13, 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OFFICERS&#8217;
CERTIFICATE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
UNDERSIGNED, Tracey T. Travis and Spencer G. Smul, do hereby certify that they are the duly appointed, qualified and acting Executive
Vice President and Chief Financial Officer and Senior Vice President, Deputy General Counsel and Secretary, respectively, of The
Est&eacute;e Lauder Companies Inc., a Delaware corporation (the &#8220;Company&#8221;), and they do hereby further certify that
there is hereby established pursuant to the authority granted by the resolutions adopted by the Board of Directors of the Company
at a duly held meeting of the Board of Directors on August 22, 2019 (the &#8220;Resolutions&#8221;) and Section 3.01 of the Indenture,
dated as of November 5, 1999 (the &#8220;Indenture&#8221;), between the Company and U.S. Bank Trust National Association, as successor
in interest to State Street Bank and Trust Company, N.A., as trustee (the &#8220;Trustee&#8221;), the series of Securities (as
that term is used in Section 3.01 of the Indenture) to be issued under the Indenture, which series of Securities shall have the
following terms and such additional terms as shall be set forth in the form of Notes (as defined below) attached hereto as Exhibit
A (unless otherwise defined herein, capitalized terms used herein have the meanings assigned thereto in the Indenture):</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Securities shall be entitled the &#8220;2.600% Senior Notes due 2030&#8221; (the &#8220;Notes&#8221;).</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
initial aggregate principal amount of the Notes that are to be authenticated and delivered under the Indenture is $700,000,000,
(except for Notes authenticated and delivered upon registration of transfer of or in exchange for, or in lieu of other Notes pursuant
to Section 3.04, 3.06, 3.07, 9.06, 11.07 or 13.05 of the Indenture). This series may be reopened and additional Notes of this
series may be issued in accordance with the terms of the Indenture.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal amount of the Notes shall mature on April 15, 2030, subject to the provisions of Section 5.02 of the Indenture respecting
acceleration.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Notes shall bear interest from April 13, 2020, or from the most recent Interest Payment Date to which interest has been paid or
provided for, at the rate of 2.600% per annum for the Notes, payable semiannually in arrears on April 15 and October 15 of each
year, commencing October 15, 2020, for payment to holders on the respective Regular Record Dates, which dates shall be the next
preceding April 1 and October 1, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal of and interest on the Notes shall be payable at, and any Notes surrendered for registration of transfer or exchange
shall be delivered to, the office or agency maintained by the Company for that purpose, pursuant to the Indenture (initially the
Corporate Trust Office of the Trustee in the Borough of Manhattan, in the City of New York); except that at the option of the
Company, interest may be paid (a) by check mailed to the address of the Person entitled thereto as such address shall appear in
the Security Register or (b) by wire transfer to an account maintained by the Person entitled thereto as specified in the Security
Register.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Notes are redeemable, in whole or in part, at the Company&#8217;s option at any time prior to the Par Call Date at a redemption
price equal to the Make-Whole Price. The &#8220;Make-Whole Price&#8221; means an amount equal to the greater of (1) 100% of the
principal amount of the Notes being redeemed, or (2) an amount equal to, as determined by an Independent Investment Banker, the
sum of the present value of the remaining scheduled payments of principal and interest on the Notes being redeemed that would
be due on or after the date of redemption to, but excluding, the Par Call Date but for such redemption (not including any portion
of interest accrued on the Notes being redeemed 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 Adjusted Treasury Rate, plus, in each case, accrued
and unpaid interest thereon to, but excluding, the date of redemption. </FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Notes are redeemable, in whole or in part, at the Company&#8217;s option at any time on or after the Par Call Date at a redemption
price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to, but excluding,
the date of redemption.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice
of any redemption will be provided at least 10 days but not more than 60 days before the date of redemption to each registered
holder of the Notes to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the date of redemption,
interest will cease to accrue on the Notes or portion thereof called for redemption.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Adjusted
Treasury Rate&#8221; means, with respect to any redemption date, the rate per annum equal to the semi-annual yield to maturity
of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) that is the same as the Comparable Treasury Price for such redemption date, plus 30 basis points.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Comparable
Treasury Issue&#8221; means the United States Treasury security selected by an Independent Investment Banker that (1) has the
maturity comparable to the remaining term of the Notes to be redeemed, calculated as if the maturity date of such Notes were the
Par Call Date (the &#8220;Remaining Life&#8221;) and (2) would be used, at the time of selection and in accordance with customary
financial practice, to price new issues of corporate debt securities with a maturity comparable to the Remaining Life of the Notes
to be redeemed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Comparable
Treasury Price&#8221; means, with respect to any redemption date, (A) the average of the Reference Treasury Dealer Quotations
for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, (B) if the Trustee
obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Quotations, or
(C) if only one Reference Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Independent
Investment Banker&#8221; means one of the Reference Treasury Dealers appointed by the Trustee after consultation with the Company.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Par
Call Date&#8221; means January 15, 2030.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Reference
Treasury Dealer&#8221; means (A) BofA Securities, Inc., Citigroup Global Markets Inc. or J.P. Morgan Securities LLC (or their
respective affiliates which are Primary Treasury Dealers) and their respective successors; provided, however, that if any of the
foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a &#8220;Primary Treasury Dealer&#8221;),
the Company will substitute therefor another Primary Treasury Dealer; and (B) any other Primary Treasury Dealer selected by the
Company.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Reference
Treasury Dealer Quotation&#8221; means, with respect to each Reference Treasury Dealer and any redemption date, the average, as
determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. (New York City time)
on the third business day preceding such redemption date.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Notes shall not be subject to the operation of any sinking fund or an analogous provision.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
shall be the following additions to the covenants of the Company set forth in Article&nbsp;10 of the Indenture with respect to
the Notes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Limitation
on Liens</I>. The Company covenants that, so long as any of the Notes remain outstanding, it shall not, nor shall it permit any
Consolidated Subsidiary to, create or assume any Indebtedness for money borrowed which is secured by a pledge, mortgage, lien,
charge, encumbrance or security interest (&#8220;liens&#8221;) of or upon any assets, whether now owned or hereafter acquired,
of the Company or any such Consolidated Subsidiary without equally and ratably securing the Notes by a lien ranking ratably with
and equal to (or at the option of the Company, senior to) such secured Indebtedness for as long as such Indebtedness remains outstanding
and is so secured, except that the foregoing restriction shall not apply to (a)&nbsp;liens on any assets of any corporation or
other business entity existing at the time such Person becomes a Consolidated Subsidiary; (b) liens on any assets (including,
without limitation, property, shares of stock or indebtedness) existing at the time of acquisition of such assets by the Company
or a Consolidated Subsidiary, or liens to secure the payment of all or any part of the purchase price of such assets upon the
acquisition of such assets by the Company or a Consolidated Subsidiary or to secure any indebtedness incurred or guaranteed by
the Company or a Consolidated Subsidiary prior to, at the time of, or within 360&nbsp;days after such acquisition (or in the case
of real property, the completion of construction (including any improvements on an existing asset) or commencement of full operation
of such, property, whichever is later), which indebtedness is incurred or guaranteed for the purpose of financing all or any part
of the purchase price thereof or, in the case of real property, construction or improvements thereon; provided, however, that
in the case of any such acquisition, construction or improvement, the lien shall not apply to any assets theretofore owned by
the Company or a Consolidated Subsidiary, other than, in the case of any such construction or improvement, any real property on
which the property so constructed, or the improvement, is located; (c)&nbsp;liens on any assets securing indebtedness owed by
any Consolidated Subsidiary to the Company or another wholly owned Subsidiary; (d) liens existing on the date of initial issuance
of the Notes; (e)&nbsp;liens on any assets of a corporation or other business entity existing at the time such Person is merged
into or consolidated with the Company or a Subsidiary or at the time of a purchase, lease or other acquisition of the assets of
such Person as an entirety or substantially as an entirety by the Company or a Subsidiary; (f)&nbsp;liens on any assets of the
Company or a Consolidated Subsidiary in favor of the United States of America or any state thereof, or any department, agency
or instrumentality or political subdivision of the United States of America or any state thereof, or in favor of any other country,
or any political subdivision thereof, to secure partial, progress, advance or other payments pursuant to any contract or statute
or to secure any indebtedness incurred or guaranteed for the purpose of financing all or any part of the purchase price (or, in
the case of real property, the cost of construction) of the assets subject to such liens (including, but not limited to, liens
incurred in connection with pollution control, industrial revenue or similar financing); (g)&nbsp;any extension, renewal or replacement
or successive extensions, renewals or replacements, in whole or in part, of any lien referred to in the foregoing clauses (a)&nbsp;to
(f), inclusive, including the refinancing thereof without increase of the principal of the indebtedness secured by such lien (except
to the extent of any fees or costs associated with any such extension, renewal or replacement); (h)&nbsp;liens imposed by law,
such as mechanics&#8217;, workmen&#8217;s, repairmen&#8217;s, materialmen&#8217;s, carriers&#8217;, warehousemen&#8217;s, vendors&#8217;
or other similar liens arising in the ordinary course of business, or governmental (federal, state or municipal) liens arising
out of contracts for the sale of products or services by the Company or any Consolidated Subsidiary, or deposits or pledges to
obtain the release of any of the foregoing liens; (i) pledges, liens or deposits under worker&#8217;s compensation laws or similar
legislation and liens or judgments thereunder which are not currently dischargeable, or in connection with bids, tenders, contracts
(other than for the payment of money) or leases to which the Company or any Consolidated Subsidiary is a party, or to secure public
or statutory obligations of the Company or any Consolidated Subsidiary, or in connection with obtaining or maintaining self-insurance
or to obtain the benefits of any law, regulation or arrangement pertaining to unemployment insurance, old age pensions, social
security or similar matters, or to secure surety, performance, appeal or customs bonds to which the Company or any Consolidated
Subsidiary is a party, or in litigation or other proceedings such as, but not limited to, interpleader proceedings, and other
similar pledges, liens or deposits made or incurred in the ordinary course of business; (j)&nbsp;liens created by or resulting
from any litigation or other proceeding which is being contested in good faith by appropriate proceedings, including liens arising
out of judgments or awards against the Company or any Consolidated Subsidiary with respect to which the Company or such Consolidated
Subsidiary is in good faith prosecuting an appeal or proceedings for review or for which the time to make an appeal has not yet
expired; or final unappealable judgment liens which are satisfied within 15 days of the date of judgment; or liens incurred by
the Company or any Consolidated Subsidiary for the purpose of obtaining a stay or discharge in the course of any litigation or
other proceeding to which the Company or such Consolidated Subsidiary is a party; (k)&nbsp;liens for taxes or assessments or governmental
charges or levies not yet due or delinquent, or which can thereafter be paid without penalty, or which are being contested in
good faith by appropriate proceedings; landlord&#8217;s liens on property held under lease; and any other liens or charges incidental
to the conduct of the business of the Company or any Consolidated Subsidiary or the ownership of the assets of any of them which
were not incurred in connection with the borrowing of money or the obtaining of advances or credit and which do not, in the opinion
of the Company, materially impair the use of such assets in the operation of the business of the Company or such Consolidated
Subsidiary or the value of such assets for the purposes thereof; or (l)&nbsp;liens relating to accounts receivable of the Company
or any of its Subsidiaries which have been sold, assigned or otherwise transferred to another Person in a transaction classified
as a sale of accounts receivable in accordance with generally accepted accounting principles (to the extent the sale by the Company
or the applicable Subsidiary is deemed to give rise to a lien in favor of the purchaser thereof in such accounts receivable or
the proceeds thereof).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the above, the Company or any Consolidated Subsidiary may, without securing the Notes, create or assume any Indebtedness which
is secured by a lien which would otherwise be subject to the foregoing restrictions, provided that at the time of such creation
or assumption, after giving effect thereto, Exempted Debt does not exceed 15% of the total assets of the Company and its Subsidiaries
on a consolidated basis, determined in accordance with generally accepted accounting principles as reflected on the Company&#8217;s
most recent publicly available consolidated balance sheet.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Limitation
on Sale and Lease-Back Transactions</I>. The Company covenants that, so long as any of the Notes remain outstanding, the Company
shall not, nor shall the Company permit any Consolidated Subsidiary to, enter into any sale and lease-back transaction with respect
to any assets, other than any sale lease-back transaction (involving a lease for a term of not more than three years), unless
either (a)&nbsp;the Company or such Consolidated Subsidiary would be entitled to incur Indebtedness secured by a lien on the assets
to be leased in an amount at least equal to the Attributable Debt in respect of such transaction without equally and ratably securing
the Notes pursuant to clauses (a)&nbsp;through (l)&nbsp;inclusive of the covenant with respect to &#8220;Limitation on Liens&#8221;
above, or (b)&nbsp;the proceeds of the sale of the assets to be leased are at least equal to their fair market value (as determined
by the Board of Directors of the Company) and the proceeds are applied to the purchase or acquisition (or, in the case of real
property, the construction) of assets or to the retirement (other than at maturity or pursuant to a mandatory sinking fund or
mandatory redemption provision) of Indebtedness. The foregoing limitation shall not apply, if at the time the Company or any Consolidated
Subsidiary enters into such sale and lease-back transaction, and after giving effect thereto, Exempted Debt does not exceed 15%
of the total assets of the Company and its Subsidiaries on a consolidated basis, determined in accordance with generally accepted
accounting principles as reflected on the Company&#8217;s most recent publicly available consolidated balance sheet.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
term &#8220;Attributable Debt&#8221; in connection with a sale and lease-back transaction shall mean, as of the date of determination,
the lesser of (a) the fair value of the assets subject to such transaction, as determined by the Company&#8217;s Board of Directors,
or (b)&nbsp;the present value of the obligations of the lessee for net rental payments during the term of any lease discounted
at the rate of interest set forth or implicit in the terms of such lease or, if not practicable to determine such rate, the weighted
average interest rate per annum borne by the debt securities outstanding pursuant to the Indenture and subject to limitations
on sale and lease-back transaction covenants, compounded semi-annually in either case as determined by the Company&#8217;s principal
accounting or financial officer.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
term &#8220;Consolidated Subsidiary&#8221; shall mean any Subsidiary substantially all the property of which is located, and substantially
all the operations of which are conducted, in the United States of America whose financial statements are consolidated with those
of the Company in accordance with generally accepted accounting principles, excluding any Subsidiary substantially all the assets
of which consist of stock or other securities of any Subsidiary substantially all the property of which and substantially all
the operations of which are conducted outside the United States of America.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
term &#8220;Exempted Debt&#8221; shall mean the sum of the following as of the date of determination: (i)&nbsp;Indebtedness of
the Company and its Consolidated Subsidiaries incurred after the date of initial issuance of the Notes and secured by liens not
permitted to be created or assumed pursuant to the covenant with respect to &#8220;Limitation on Liens&#8221; above, and (ii)&nbsp;Attributable
Debt of the Company and its Consolidated Subsidiaries in respect of every sale and lease-back transaction entered into after the
date of initial issuance of the Notes, other than leases expressly permitted by the covenant with respect to &#8220;Limitation
on Sale and Lease-Back Transactions&#8221; above.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
term &#8220;Indebtedness&#8221; shall mean all items classified as indebtedness on the most recent publicly available consolidated
balance sheet of the Company and its Consolidated Subsidiaries, in accordance with generally accepted accounting principles.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
term &#8220;net rental payments&#8221; under any lease of any period shall mean the sum of the rental and other payments required
to be paid in such period by the lessee thereunder, not including, however, any amounts required to be paid by such lessee (whether
or not designated as rental or additional rental) on account of maintenance and repairs, reconstruction, insurance, taxes, assessments,
water rates or similar charges required to be paid by such lessee thereunder or any amounts required to be paid by such lessee
thereunder contingent upon the amount of sales, maintenance and repairs, reconstruction, insurance, taxes, assessments, water
rates or similar charges.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
term &#8220;Subsidiary&#8221; shall mean any corporation, association, partnership, joint venture, limited liability company or
other business entity of which at least a majority of the total voting power of the equity interest under ordinary circumstances
for the election of the board of directors, managers or trustees thereof shall at the time be owned by the Company or by the Company
and one or more Subsidiaries or by one or more Subsidiaries.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Purchase
of Notes Upon a Change of Control Repurchase Event</I>. If a Change of Control Repurchase Event (defined below) occurs, unless
the Company has exercised its right to redeem the Notes as described in paragraph 6 above, the Company shall make an offer to
each holder of Notes to repurchase all or any part (in multiples of $2,000 principal amount) of that holder&#8217;s Notes at a
repurchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest
on the Notes repurchased to the date of repurchase. Within 30 days following any Change of Control Repurchase Event or, at the
option of the Company, prior to any Change of Control (defined below), but after the public announcement of the Change of Control,
the Company shall provide a notice to each holder stating:</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
                                         a Change of Control has occurred or is about to occur and that such holder has the right
                                         to require the Company to purchase such holder&#8217;s Notes at a purchase price in cash
                                         equal to 101% of the principal amount thereof on the date of purchase, plus accrued and
                                         unpaid interest to, but not including, the date of purchase;</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         circumstances and relevant facts regarding such Change of Control Repurchase Event or,
                                         if the Change of Control is about to occur, the circumstances and relevant facts regarding
                                         such Change of Control;</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         purchase date (which shall be no earlier than 10 calendar days nor later than 60 calendar
                                         days from the date such notice is provided);</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         instructions, as determined by the Company, that a holder must follow in order to have
                                         its Notes purchased; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
                                         the offer to purchase is conditioned on the Change of Control Repurchase Event occurring
                                         on or prior to the specified purchase date, if provided prior to the date of consummation
                                         of the Change of Control.</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange
Act&#8221;), and any other securities laws and regulations to the extent those laws and regulations are applicable in connection
with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any
securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Company shall
comply with the applicable securities laws and regulations and shall not be deemed to have breached any obligations under the
Change of Control Repurchase Event provisions of the Notes by virtue of such conflict.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the Change of Control Repurchase Event payment date, the Company shall, to the extent lawful:</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">accept
                                         for payment all Notes or portions of Notes properly tendered pursuant to the Company&#8217;s
                                         offer;</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deposit
                                         with the paying agent an amount equal to the aggregate purchase price in respect of all
                                         Notes or portions of Notes properly tendered; and</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deliver
                                         or cause to be delivered to the Trustee the Notes properly accepted, together with an
                                         officers&#8217; certificate stating the aggregate principal amount of Notes being purchased
                                         by the Company.</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
paying agent will promptly pay, from funds deposited by the Company for such purpose, to each holder of Notes properly tendered
the purchase price for the Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry)
to each holder a new note equal in principal amount to any unpurchased portion of any Notes surrendered.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party
makes an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company
and such third party purchases all Notes properly tendered and not withdrawn under its offer.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Change
of Control&#8221; means the occurrence of any of the following:</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 1.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         direct or indirect sale, transfer, conveyance or other disposition (other than by way
                                         of merger or consolidation), in one or a series of related transactions, of all or substantially
                                         all of the properties or assets of the Company and those of the subsidiaries of the Company,
                                         taken as a whole, to any &#8220;person&#8221; (individually and as that term is used
                                         in Section 13(d)(3) and Section 14(d)(2) of the Exchange Act), other than the Company
                                         or a wholly owned subsidiary of the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"></P>

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         adoption of a plan relating to the liquidation or dissolution of the Company;</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 1.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         first day on which a majority of the members of the board of directors of the Company
                                         are not Continuing Directors;</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 1.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         consummation of any transaction or series of related transactions (including, without
                                         limitation, any merger or consolidation) the result of which is that any &#8220;person&#8221;
                                         (individually and as that term is used in Section 13(d)(3) and Section 14(d)(2) of the
                                         Exchange Act), other than the Company, a wholly owned subsidiary of the Company or Lauder
                                         Family Members, becomes the beneficial owner, directly or indirectly, of more than 50%
                                         of the Voting Stock of the Company, and following such transaction or transactions, Lauder
                                         Family Members beneficially own less than 50% of the Voting Stock of the Company, in
                                         each case, measured by voting power rather than number of shares; or</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 1.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         consummation of a so-called &#8220;going private/Rule 13e-3 Transaction&#8221; that results
                                         in any of the effects described in paragraph (a)(3)(ii) of Rule 13e-3 under the Exchange
                                         Act (or any successor provision), following which Lauder Family Members beneficially
                                         own, directly or indirectly, more than 50% of the Voting Stock of the Company, measured
                                         by voting power rather than number of shares.</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, a transaction effected to create a holding company for the Company that is subject to the provisions of Article
8 (Merger, Consolidation and Sale of Assets) of the Indenture will not be deemed to involve a Change of Control if (a) pursuant
to such transaction the Company becomes a wholly owned subsidiary of such holding company and (b) the holders of the Voting Stock
of such holding company immediately following such transaction are the same as the holders of the Voting Stock of the Company
immediately prior to such transaction.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Below
Investment Grade Rating Event&#8221; means the Notes are rated below Investment Grade by both Rating Agencies on any date from
the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following
public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under
publicly announced consideration for possible downgrade by either of the Rating Agencies); provided that a Below Investment Grade
Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of
a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition
of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition
would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was
the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable
Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade
Rating Event).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Change
of Control Repurchase Event&#8221; means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Continuing
Directors&#8221; means, as of any date of determination, any member of the board of directors of the Company who:</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 1.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">was
                                         a member of such board of directors on the first date that any of the Notes were issued;
                                         or</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 1.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">was
                                         nominated for election or elected to the board of directors of the Company with the approval
                                         of a majority of the Continuing Directors who were members of the board of directors
                                         of the Company at the time of such nomination or election.</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Investment
Grade&#8221; means a rating of Baa3 or better by Moody&#8217;s (or its equivalent under any successor rating categories of Moody&#8217;s)
and BBB- or better by S&amp;P (or its equivalent under any successor rating categories of S&amp;P) (or, in each case, if such
Rating Agency ceases to rate the Notes for reasons outside of the control of the Company, the equivalent investment grade credit
rating from any Rating Agency selected by the Company as a replacement Rating Agency).</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Lauder
Family Members&#8221; includes only the following persons: (i) the estate of Mrs. Estee Lauder; (ii) each descendant of Mrs. Lauder
(a &#8220;Lauder Descendant&#8221;) and their respective estates, guardians, conservators or committees; (iii) each &#8220;Family
Controlled Entity&#8221; (as defined below); and (iv) the trustees, in their respective capacities as such, of each &#8220;Family
Controlled Trust&#8221; (as defined below). The term &#8220;Family Controlled Entity&#8221; means (i) any not-for-profit corporation
if at least 80% of its board of directors is composed of Lauder Descendants; (ii) any other corporation if at least 80% of the
value of its outstanding equity is owned by Lauder Family Members; (iii) any partnership if at least 80% of the value of its partnership
interests are owned by Lauder Family Members; and (iv) any limited liability or similar company if at least 80% of the value of
the company is owned by Lauder Family Members. The term &#8220;Family Controlled Trust&#8221; includes the trusts existing on
November 16, 1995 and set forth on Schedule A to the Company&#8217;s Restated Certificate of Incorporation as in effect on the
date hereof and trusts the primary beneficiaries of which are Lauder Descendants, spouses of Lauder Descendants and/or charitable
organizations, provided that if the trust is a wholly charitable trust, at least 80% of the trustees of such trust consist of
Lauder Descendants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Moody&#8217;s&#8221;
means Moody&#8217;s Investors Service, Inc.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Rating
Agency&#8221; means:</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 1.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
                                         of Moody&#8217;s and S&amp;P; and</FONT></TD>
</TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 1.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
                                         either of Moody&#8217;s or S&amp;P ceases to rate the Notes or fails to make a rating
                                         of the Notes publicly available for reasons outside of the control of the Company, a
                                         &#8220;nationally recognized statistical rating organization&#8221; within the meaning
                                         of Section 3(a)(62) of the Exchange Act selected by the Company as a replacement agency
                                         for Moody&#8217;s or S&amp;P, or both, as the case may be.</FONT></TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;S&amp;P&#8221;
means S&amp;P Global Ratings, a division of S&amp;P Global Inc.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Voting
Stock&#8221; as applied to stock of any person, means shares, interests, participations or other equivalents in the equity interest
(however designated) in such person having ordinary voting power for the election of a majority of the directors (or the equivalent)
of such person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence
of a contingency.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Indenture, with certain exceptions as therein provided, may be amended or modified by the Company and the Trustee with the consent
of the holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of all series
affected thereby, voting as a single class, whether or not consented to by any holder of the Notes.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, holders of the Notes shall vote as a separate class with respect to modifications or amendments that affect only
the Notes, and the holders of other series of Outstanding Securities shall not have any voting rights with respect to such matters
as they relate to the Notes.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Notes shall only be issued as Registered Securities.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Notes shall be issued in permanent global form without interest coupons, initially issued to Cede &amp; Co., as nominee of The
Depository Trust Company (the initial depository therefor), in accordance with Section 3.03 of the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[signatures
appear on the following page]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the undersigned have executed this Certificate on the date written first above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Tracey T. Travis</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tracey T. Travis</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President and Chief Financial Officer</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Spencer G. Smul</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spencer G. Smul</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President, <BR>
Deputy General Counsel and Secretary</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Signature
Page to Officers&rsquo; Certificate 2030 Notes]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Split-Segment; Name: a1 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THIS NOTE IS A GLOBAL SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY.
THIS NOTE IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE 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) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REGISTERED</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$[&#9679;]</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.
    [&#9679;]</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CUSIP
    # 29736R AQ3<BR>
    ISIN # US29736RAQ39</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE EST&Eacute;E LAUDER COMPANIES INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2.600% SENIOR NOTES DUE 2030</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Est&eacute;e
Lauder Companies Inc., a Delaware corporation (the &#8220;Company&#8221;), for value received, hereby promises to pay to CEDE
 &amp; CO., or registered assigns, the principal amount stated above on April 15, 2030 (the &#8220;Maturity Date&#8221;) and
to pay interest thereon at the rate per annum equal to 2.600% (the &#8220;Interest Rate&#8221;) until the principal hereof is
fully paid or duly made available for payment. The Company will pay interest (computed on the basis of a 360-day year of
twelve 30-day months) semi-annually in arrears on April 15 and October 15 of each year (each an &#8220;Interest Payment
Date&#8221;) commencing October 15, 2020 and on the Maturity Date on said principal amount at the Interest Rate per annum
specified above. Interest on this Note will accrue from the most recent Interest Payment Date to which interest has been paid
or duly provided for or, if no interest has been paid, from April 13, 2020 until the principal hereof has been paid or made
available for payment. The interest so payable, and punctually paid or duly provided for, on the Interest Payment Dates,
will, as provided in the Indenture referred to below, be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be
the April 1 or October 1 whether or not a Business Day, as the case may be, next preceding such Interest Payment Date; <U>provided</U>, <U>however</U>,
that interest payable on the Maturity Date will be payable to the Person to whom the principal hereof shall be payable; and <U>provided</U>, <U>further</U>, <U>however</U>,
that if such Interest Payment Date would fall on a day that is not a Business Day, such Interest Payment Date shall be the
following day that is a Business Day with the same force and effect as if made on the Interest Payment Date. Any such
interest which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith
cease to be payable to the Holder on such Regular Record Date, and may be paid to the Person in whose name this Note (or one
or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to the Holder of this Note not less than ten
days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes may be listed and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">A-<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Payment of the principal
of and interest on this Note shall be made at the office or agency of the Trustee maintained for that purpose in the Borough of
Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender
for the payment of public and private debt; <U>provided</U>, <U>however</U>, that payment of interest on any Interest Payment Date
(other than the Maturity Date) may be made at the option of the Company by check mailed to the address of the Person entitled thereto
as such address shall appear in the Security Register, or by wire transfer of immediately available funds, if the registered holder
has so requested by a notice in writing delivered to the Trustee not less than 16 days prior to the Interest Payment Date on which
such payment is due, which notice shall provide appropriate instructions for such transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The principal hereof
and interest due at maturity will be paid upon maturity in immediately available funds against presentation of this Note at the
office or agency of the Trustee maintained for that purpose in the Borough of Manhattan, the City of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">REFERENCE IS HEREBY MADE
TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE
SAME EFFECT AS IF SET FORTH ON THE FACE HEREOF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Note shall be governed
by and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Unless the certificate
of authentication hereon has been executed by U.S. Bank Trust National Association, as successor in interest to State Street Bank
and Trust Company, N.A., the Trustee under the Indenture, or its successor thereunder by the manual signature of one of its authorized
signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">A-<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, the
Company has caused this instrument to be duly executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated
    April 13, 2020</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
    EST&eacute;E LAUDER COMPANIES INC.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 3in; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tracey
    T. Travis</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Vice President and Chief Financial Officer</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CERTIFICATE OF AUTHENTICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This is one of the Securities
of the series designated therein referred to in the within-mentioned Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 3in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">U.S. BANK TRUST NATIONAL ASSOCIATION, as successor in interest to STATE STREET BANK AND TRUST COMPANY, N.A., as Trustee</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 3in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 3in; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: <U></U></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 47%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 3in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><U></U>Authorized Signatory</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">[Signature Page to Global 2030 Note]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">A-<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Reverse of Note]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE EST<FONT STYLE="text-transform: uppercase">&eacute;E
LAUDER CO</FONT>MPANIES INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2.600% SENIOR NOTES DUE 2030</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Note is one of a
duly authorized issue of debentures, notes or other evidences of indebtedness (hereinafter called the &#8220;Securities&#8221;)
of the Company of the series hereinafter specified, all such Securities issued and to be issued under the Indenture dated as of
November 5, 1999 (herein called the &#8220;Indenture&#8221;) between the Company and U.S. Bank Trust National Association, as successor
in interest to State Street Bank and Trust Company, N.A., as trustee (herein called the &#8220;Trustee,&#8221; which term includes
any successor trustee under the Indenture), to which Indenture and all indentures or officers&#8217; certificates, as applicable,
supplemental thereto (including without limitation that certain Officers&#8217; Certificate dated April 13, 2020 relating to the
Company&#8217;s 2.600% Senior Notes due 2030) reference is hereby made for a statement of the respective rights and limitations
of rights thereunder of the Company, the Trustee and the Holders of the Securities, and the terms upon which the Securities are,
and are to be, authenticated and delivered. As provided in the Indenture, Securities may be issued in one or more series, which
different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest, if any,
at different rates, may be subject to different redemption provisions, if any, may be subject to different repayment provisions,
if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to different covenants and Events
of Default and may otherwise vary as in the Indenture provided or permitted. This Note is one of a series of the Securities designated
as 2.600% Senior Notes due 2030 (the &#8220;Notes&#8221;). The Notes are unsecured and rank pari passu with all other unsecured
and unsubordinated indebtedness of the Company. The Notes are not subject to a sinking fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Notes are redeemable,
in whole or in part, at the Company&#8217;s option at any time prior to the Par Call Date at a redemption price equal to the Make-Whole
Price. The &#8220;Make-Whole Price&#8221; means an amount equal to the greater of (1) 100% of the principal amount of the Notes
being redeemed, or (2) an amount equal to, as determined by an Independent Investment Banker, the sum of the present value of the
remaining scheduled payments of principal and interest on the Notes being redeemed that would be due on or after the date of redemption
to, but excluding, the Par Call Date but for such redemption (not including any portion of interest accrued on the Notes being
redeemed 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 Adjusted Treasury Rate, plus, in each case, accrued and unpaid interest thereon to, but excluding,
the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Notes are redeemable,
in whole or in part, at the Company&#8217;s option at any time on or after the Par Call Date at a redemption price equal to 100%
of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to, but excluding, the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notice of any
redemption will be provided at least 10 days but not more than 60 days before the date of redemption to each registered
holder of the Notes to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the date of
redemption, interest will cease to accrue on the Notes or portion thereof called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">A-<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#8220;Adjusted Treasury
Rate&#8221; means, with respect to any redemption date, the rate per annum equal to the semi-annual yield to maturity of the Comparable
Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) that is
the same as the Comparable Treasury Price for such redemption date, plus 30 basis points.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#8220;Comparable Treasury
Issue&#8221; means the United States Treasury security selected by an Independent Investment Banker that (1) has the maturity comparable
to the remaining term of the Notes to be redeemed, calculated as if the maturity date of such Notes were the Par Call Date (the
 &#8220;Remaining Life&#8221;) and (2) would be used, at the time of selection and in accordance with customary financial practice,
to price new issues of corporate debt securities with a maturity comparable to the Remaining Life of the Notes to be redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#8220;Comparable Treasury
Price&#8221; means, with respect to any redemption date, (A) the average of the Reference Treasury Dealer Quotations for such redemption
date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, (B) if the Trustee obtains fewer than three
such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Quotations, or (C) if only one Reference
Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#8220;Independent Investment
Banker&#8221; means one of the Reference Treasury Dealers appointed by the Trustee after consultation with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#8220;Par Call Date&#8221;
means January 15, 2030.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#8220;Reference Treasury
Dealer&#8221; means (A) BofA Securities, Inc., Citigroup Global Markets Inc. or J.P. Morgan Securities LLC (or their respective
affiliates which are Primary Treasury Dealers) and their respective successors; provided, however, that if any of the foregoing
shall cease to be a primary U.S. Government securities dealer in New York City (a &#8220;Primary Treasury Dealer&#8221;), the Company
will substitute therefor another Primary Treasury Dealer; and (B) any other Primary Treasury Dealer selected by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#8220;Reference Treasury
Dealer Quotation&#8221; means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined
by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third business
day preceding such redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If any Event of Default
(as defined in the Indenture) with respect to the Notes shall occur and be continuing, the Trustee or the Holders of not less than
25% in principal amount of the Outstanding Notes may declare the principal of all the Notes due and payable in the manner and with
the effect provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Indenture, as
supplemented by an Officers&#8217; Certificate in connection with the issuance of the Notes, 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 all series affected thereby, voting as a single class, whether or not consented to by any
Holder of this Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">A-<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Notwithstanding the foregoing,
Holders of the Notes shall vote as a separate class with respect to modifications or amendments that affect only the Notes, and
the Holders of other series of Outstanding Securities shall not have any voting rights with respect to such matters as they relate
to the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Indenture also contains
provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of each series at the
time Outstanding, on behalf of the Holders of all Securities of each series, to waive compliance by the Company with certain provisions
of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note shall be conclusive and binding upon such Holder and upon future Holders of this Note and of any Note 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 Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Holders of Securities
may not enforce their rights pursuant to the Indenture or the Securities except as provided in the Indenture. No reference herein
to the Indenture and no provision of this Note or the Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and interest on this Note at the time, place, and rate, and in the coin or currency,
herein prescribed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of this Note may be registered on the Security Register of the
Company, upon surrender of this Note for registration of transfer at the office or agency of the Company in the Borough of Manhattan,
the City of New York, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company,
and this Note duly executed by, the Holder hereof or by his attorney duly authorized in writing and thereupon one or more new Notes,
of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Notes are issuable
only in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.
As provided in the Indenture and subject to certain limitations therein set forth, this Note is exchangeable for a like aggregate
principal amount of Notes of different authorized denominations as requested by the Holder surrendering the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">No service charge will
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Prior to the due presentment
of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice of the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">A-<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">All capitalized terms
used in this Note and not otherwise defined herein shall have the meanings assigned to them in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">A-<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ABBREVIATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following abbreviations, when used
in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable
laws or regulations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEN
    COM -</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    tenants in common</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TEN
    ENT -</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    tenants by the entireties</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">JT
    TEN -</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    joint tenants with right of survivorship and not as tenants in common</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNIF
    GIFT MIN ACT -</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;Custodian
                                         <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
                                                                              <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 40%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Cust)</FONT></TD>
    <TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 30%">(Minor)</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">Under Uniform Gifts to Minors Act</P>
                                                                                          <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                          <P STYLE="margin-top: 0; margin-bottom: 0"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">(State)</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additional abbreviations may also be used
though not in the above list.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">A-<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">ASSIGNMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FOR VALUE RECEIVED, the undersigned<BR>
hereby sell(s), assign(s) and transfer(s) unto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">PLEASE PRINT OR TYPEWRITE
NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 80%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 100%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">the within Note and
all rights thereunder, hereby irrevocably constituting and appointing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 80%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 100%">&nbsp;</TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 80%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 100%">&nbsp;</TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;Attorney
to transfer said Note on the books of the Company, with full power of substitution in the premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:</FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 48%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Signature
    Guarantee)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>




<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 9; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">A-<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>tm2015663d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right; background-color: white"><IMG SRC="tm2015663d1_ex5-1img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white">767 Fifth Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white">New York, NY 10153-0119</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white">+1 212 310 8000 tel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white">+1 212 310 8007 fax</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">April 13, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Est&eacute;e Lauder Companies Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">767 Fifth Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">New York, New York 10153</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We have acted as counsel to The Est&eacute;e
Lauder Companies Inc., a Delaware corporation (the &ldquo;Company&rdquo;), in connection with the issuance and sale by the Company
of $700,000,000 aggregate principal amount of its 2.600% Senior Notes due 2030 (the &ldquo;Notes&rdquo;). The Notes were issued
under an Indenture, dated as of November 5, 1999 (the &ldquo;Indenture&rdquo;), between the Company and U.S. Bank Trust National
Association, as successor in interest to State Street Bank and Trust Company, N.A., as trustee (the &ldquo;Trustee&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In so acting, we have examined originals
or copies (certified or otherwise identified to our satisfaction) of (i) the Company&rsquo;s Registration Statement on Form S-3
(File No. 333-225076) filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) on May 21, 2018 (the &ldquo;Registration
Statement&rdquo;); (ii) the prospectus, dated May 21, 2018, contained within the Registration Statement (the &ldquo;Base Prospectus&rdquo;);
(iii) the prospectus supplement, dated April 7, 2020 (together with the Base Prospectus, the &ldquo;Prospectus&rdquo;); (iv) the
Indenture; (v) the officers&rsquo; certificate setting forth the terms of the Notes; (vi) the global certificates representing
the Notes; (vii) the Underwriting Agreement, dated April 7, 2020, among the Company and BofA Securities, Inc., Citigroup Global
Markets Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters named in Schedule II thereto; and (viii)
such corporate records, agreements, documents and other instruments, and such certificates or comparable documents of public officials
and of officers and representatives of the Company, and have made such inquiries of such officers and representatives, as we have
deemed relevant and necessary as a basis for the opinions hereinafter set forth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">In such
examination, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity
of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as
certified, conformed or photostatic copies and the authenticity of the originals of such latter documents. As to all
questions of fact material to this opinion that have not been independently established, we have relied upon certificates or
comparable documents of officers and representatives of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Based on the foregoing, and subject
to the qualifications stated herein, we are of the opinion that the Notes (assuming due authentication and delivery thereof by
the Trustee in accordance with the terms of the Indenture) constitute the legal, valid and binding obligations of the Company,
enforceable against the Company in accordance with their terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and similar laws affecting creditors&rsquo; rights and remedies generally, and subject, as to enforceability,
to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of
whether enforcement is sought in a proceeding at law or in equity).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The opinion expressed herein is limited
to the corporate laws of the State of Delaware and the laws of the State of New York, and we express no opinion as to the effect
on the matters covered by this letter of the laws of any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We hereby consent to the filing of
this letter as an exhibit to the Registration Statement and to the reference to our firm under the caption &ldquo;Legal Matters&rdquo;
in the Prospectus which is a part of the Registration Statement. In giving such consent we do not hereby admit that we are in the
category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
    truly yours,</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Weil, Gotshal &amp; Manges LLP</FONT></TD></TR>
</TABLE>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: white"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>tm2015663d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2015663d1_ex99-1img01.jpg" ALT=""></FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">767
        Fifth Avenue</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
        York, NY 10153</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>News
        </B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contact:</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investor
        Relations:</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Rainey
        Mancini</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(212)
        284-3049</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Media
        Relations:</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Jill
        Marvin</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(212)
        572-4438</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>THE EST&Eacute;E LAUDER COMPANIES TO ISSUE $700 MILLION OF SENIOR NOTES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">New York, NY, April 8, 2020 -- The Est&eacute;e
Lauder Companies Inc. (NYSE: EL) today announced the offering and pricing of $700 million aggregate principal amount of its 2.600%
Senior Notes due 2030.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The offering was made pursuant to an effective
registration statement filed by The Est&eacute;e Lauder Companies Inc. with the Securities and Exchange Commission and effective
as of May 21, 2018. The closing of the offering is expected to occur on or about April 13, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company intends to use the net proceeds
of the offering for general corporate purposes, which may include operating expenses, working capital, capital expenditures and
redemption and repayment of short-term or long-term borrowings, including outstanding commercial paper as it matures. Pending any
specific application, it may initially invest funds in short-term marketable securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">BofA Securities, Inc., Citigroup Global
Markets Inc., J.P. Morgan Securities LLC, BNP Paribas Securities Corp. and MUFG Securities Americas Inc. are the joint book-running
managers for the offering. Copies of the prospectus supplement and accompanying prospectus may be obtained, when available, by
contacting BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255-0001, Attn:
Prospectus Department, by telephone at 1-800-294-1322 or by email at dg.prospectus_requests@bofa.com; Citigroup Global Markets
Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 1-800-831-9146 or by email
at prospectus@citi.com; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attn: Investment Grade Syndicate
Desk or by telephone at 1-212-834-4533; BNP Paribas Securities Corp., 787 Seventh Avenue, New York, New York 10019, or by telephone
at 1-800-854-5674 or by email at new.york.syndicate@bnpparibas.com or MUFG Securities Americas Inc., 1221 Avenue of the Americas,
6th Floor, New York, New York 10020 or by telephone at 1-877-649-6848.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">An electronic copy of the prospectus supplement
and accompanying prospectus will also be available on the website of the Securities and Exchange Commission at http://www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This press release does not constitute an
offer to sell or the solicitation of an offer to buy the notes, nor shall there be any sale of these notes in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of
any such jurisdiction. A registration statement relating to the notes became effective on May 21, 2018, and this offering is being
made by means of a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About The Est&eacute;e Lauder Companies Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Est&eacute;e Lauder Companies Inc. is
one of the world&rsquo;s leading manufacturers and marketers of quality skin care, makeup, fragrance and hair care products. The
Company&rsquo;s products are sold in approximately 150 countries and territories under brand names including: Est&eacute;e Lauder,
Aramis, Clinique, Prescriptives, Lab Series, Origins, Tommy Hilfiger, M&middot;A&middot;C, Kiton, La Mer, Bobbi Brown, Donna Karan
New York, DKNY, Aveda, Jo Malone London, Bumble and bumble, Michael Kors, Darphin, Tom Ford, Smashbox, Ermenegildo Zegna, AERIN,
RODIN olio lusso, Le Labo, Editions de Parfums Fr&eacute;d&eacute;ric Malle, GLAMGLOW, By Kilian, BECCA, Too Faced and Dr. Jart+.</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>6
<FILENAME>el-20200407.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" ?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.2a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.co -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
    <!-- Field: Doc-Info; Name: Misc; Value: +K85w7xRiXgen8uNbXAsWaOM6bPtzp5xSekhuWhybZkqzyktMuVRCi+WZPc2UX8I -->
<schema xmlns="http://www.w3.org/2001/XMLSchema" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:dei="http://xbrl.sec.gov/dei/2019-01-31" xmlns:us-gaap="http://fasb.org/us-gaap/2019-01-31" xmlns:srt="http://fasb.org/srt/2019-01-31" xmlns:srt-types="http://fasb.org/srt-types/2019-01-31" xmlns:el="http://elcompanies.com/20200407" elementFormDefault="qualified" targetNamespace="http://elcompanies.com/20200407">
    <annotation>
      <appinfo>
	<link:roleType roleURI="http://elcompanies.com/role/Cover" id="Cover">
	  <link:definition>00000001 - Document - Cover</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:linkbaseRef xlink:type="simple" xlink:href="el-20200407_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="el-20200407_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links" />
      </appinfo>
    </annotation>
    <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
    <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
    <import namespace="http://xbrl.sec.gov/dei/2019-01-31" schemaLocation="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd" />
    <import namespace="http://fasb.org/us-gaap/2019-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd" />
    <import namespace="http://fasb.org/us-types/2019-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2019/elts/us-types-2019-01-31.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" />
    <import namespace="http://xbrl.sec.gov/country/2017-01-31" schemaLocation="https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd" />
    <import namespace="http://fasb.org/srt/2019-01-31" schemaLocation="http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd" />
    <import namespace="http://fasb.org/srt-types/2019-01-31" schemaLocation="http://xbrl.fasb.org/srt/2019/elts/srt-types-2019-01-31.xsd" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>7
<FILENAME>el-20200407_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.2a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.co -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CoverAbstract" xlink:label="dei_CoverAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CoverAbstract_lbl" xml:lang="en-US">Cover [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentDescription" xlink:to="dei_AmendmentDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentDescription_lbl" xml:lang="en-US">Amendment Description</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentRegistrationStatement" xlink:label="dei_DocumentRegistrationStatement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentRegistrationStatement_lbl" xml:lang="en-US">Document Registration Statement</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentQuarterlyReport" xlink:label="dei_DocumentQuarterlyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentShellCompanyEventDate" xlink:label="dei_DocumentShellCompanyEventDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityBankruptcyProceedingsReportingCurrent" xlink:to="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xml:lang="en-US">Entity Bankruptcy Proceedings, Reporting Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentsIncorporatedByReferenceTextBlock" xlink:to="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xml:lang="en-US">Documents Incorporated by Reference [Text Block]</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>8
<FILENAME>el-20200407_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.2a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.co -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef roleURI="http://elcompanies.com/role/Cover" xlink:href="el-20200407.xsd#Cover" xlink:type="simple" />
    <link:presentationLink xlink:type="extended" xlink:role="http://elcompanies.com/role/Cover" xlink:title="00000001 - Document - Cover">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CoverAbstract" xlink:label="loc_deiCoverAbstract" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentType" xlink:label="loc_deiDocumentType" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentType" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_deiAmendmentFlag" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiAmendmentFlag" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AmendmentDescription" xlink:label="loc_deiAmendmentDescription" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiAmendmentDescription" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentRegistrationStatement" xlink:label="loc_deiDocumentRegistrationStatement" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentRegistrationStatement" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentAnnualReport" xlink:label="loc_deiDocumentAnnualReport" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentAnnualReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentQuarterlyReport" xlink:label="loc_deiDocumentQuarterlyReport" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentQuarterlyReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentTransitionReport" xlink:label="loc_deiDocumentTransitionReport" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentTransitionReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentShellCompanyReport" xlink:label="loc_deiDocumentShellCompanyReport" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentShellCompanyReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentShellCompanyEventDate" xlink:label="loc_deiDocumentShellCompanyEventDate" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentShellCompanyEventDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodStartDate" xlink:label="loc_deiDocumentPeriodStartDate" />
      <link:presentationArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentPeriodStartDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_deiDocumentPeriodEndDate" />
      <link:presentationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentPeriodEndDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_deiDocumentFiscalPeriodFocus" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentFiscalPeriodFocus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_deiDocumentFiscalYearFocus" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentFiscalYearFocus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_deiCurrentFiscalYearEndDate" />
      <link:presentationArc order="130" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiCurrentFiscalYearEndDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFileNumber" xlink:label="loc_deiEntityFileNumber" />
      <link:presentationArc order="140" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityFileNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_deiEntityRegistrantName" />
      <link:presentationArc order="150" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityRegistrantName" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_deiEntityCentralIndexKey" />
      <link:presentationArc order="160" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityCentralIndexKey" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityPrimarySicNumber" xlink:label="loc_deiEntityPrimarySicNumber" />
      <link:presentationArc order="170" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityPrimarySicNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityTaxIdentificationNumber" xlink:label="loc_deiEntityTaxIdentificationNumber" />
      <link:presentationArc order="180" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityTaxIdentificationNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="loc_deiEntityIncorporationStateCountryCode" />
      <link:presentationArc order="190" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityIncorporationStateCountryCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="loc_deiEntityAddressAddressLine1" />
      <link:presentationArc order="200" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressAddressLine1" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine2" xlink:label="loc_deiEntityAddressAddressLine2" />
      <link:presentationArc order="210" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressAddressLine2" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine3" xlink:label="loc_deiEntityAddressAddressLine3" />
      <link:presentationArc order="220" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressAddressLine3" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCityOrTown" xlink:label="loc_deiEntityAddressCityOrTown" />
      <link:presentationArc order="230" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressCityOrTown" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="loc_deiEntityAddressStateOrProvince" />
      <link:presentationArc order="240" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressStateOrProvince" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCountry" xlink:label="loc_deiEntityAddressCountry" />
      <link:presentationArc order="250" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressCountry" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="loc_deiEntityAddressPostalZipCode" />
      <link:presentationArc order="260" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityAddressPostalZipCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CountryRegion" xlink:label="loc_deiCountryRegion" />
      <link:presentationArc order="270" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiCountryRegion" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CityAreaCode" xlink:label="loc_deiCityAreaCode" />
      <link:presentationArc order="280" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiCityAreaCode" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_LocalPhoneNumber" xlink:label="loc_deiLocalPhoneNumber" />
      <link:presentationArc order="290" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiLocalPhoneNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Extension" xlink:label="loc_deiExtension" />
      <link:presentationArc order="300" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiExtension" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_WrittenCommunications" xlink:label="loc_deiWrittenCommunications" />
      <link:presentationArc order="310" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiWrittenCommunications" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SolicitingMaterial" xlink:label="loc_deiSolicitingMaterial" />
      <link:presentationArc order="320" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiSolicitingMaterial" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementTenderOffer" xlink:label="loc_deiPreCommencementTenderOffer" />
      <link:presentationArc order="330" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiPreCommencementTenderOffer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="loc_deiPreCommencementIssuerTenderOffer" />
      <link:presentationArc order="340" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiPreCommencementIssuerTenderOffer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:label="loc_deiSecurity12bTitle" />
      <link:presentationArc order="350" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiSecurity12bTitle" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_NoTradingSymbolFlag" xlink:label="loc_deiNoTradingSymbolFlag" />
      <link:presentationArc order="360" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiNoTradingSymbolFlag" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol" xlink:label="loc_deiTradingSymbol" />
      <link:presentationArc order="370" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiTradingSymbol" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName" xlink:label="loc_deiSecurityExchangeName" />
      <link:presentationArc order="380" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiSecurityExchangeName" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12gTitle" xlink:label="loc_deiSecurity12gTitle" />
      <link:presentationArc order="390" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiSecurity12gTitle" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityReportingObligation" xlink:label="loc_deiSecurityReportingObligation" />
      <link:presentationArc order="400" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiSecurityReportingObligation" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AnnualInformationForm" xlink:label="loc_deiAnnualInformationForm" />
      <link:presentationArc order="410" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiAnnualInformationForm" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="loc_deiAuditedAnnualFinancialStatements" />
      <link:presentationArc order="420" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiAuditedAnnualFinancialStatements" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_deiEntityWellKnownSeasonedIssuer" />
      <link:presentationArc order="430" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityWellKnownSeasonedIssuer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_deiEntityVoluntaryFilers" />
      <link:presentationArc order="440" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityVoluntaryFilers" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_deiEntityCurrentReportingStatus" />
      <link:presentationArc order="450" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityCurrentReportingStatus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="loc_deiEntityInteractiveDataCurrent" />
      <link:presentationArc order="460" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityInteractiveDataCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_deiEntityFilerCategory" />
      <link:presentationArc order="470" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityFilerCategory" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntitySmallBusiness" xlink:label="loc_deiEntitySmallBusiness" />
      <link:presentationArc order="480" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntitySmallBusiness" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="loc_deiEntityEmergingGrowthCompany" />
      <link:presentationArc order="490" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityEmergingGrowthCompany" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityExTransitionPeriod" xlink:label="loc_deiEntityExTransitionPeriod" />
      <link:presentationArc order="500" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityExTransitionPeriod" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentAccountingStandard" xlink:label="loc_deiDocumentAccountingStandard" />
      <link:presentationArc order="510" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentAccountingStandard" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_OtherReportingStandardItemNumber" xlink:label="loc_deiOtherReportingStandardItemNumber" />
      <link:presentationArc order="520" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiOtherReportingStandardItemNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityShellCompany" xlink:label="loc_deiEntityShellCompany" />
      <link:presentationArc order="530" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityShellCompany" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityPublicFloat" xlink:label="loc_deiEntityPublicFloat" />
      <link:presentationArc order="540" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityPublicFloat" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="loc_deiEntityBankruptcyProceedingsReportingCurrent" />
      <link:presentationArc order="550" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityBankruptcyProceedingsReportingCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_deiEntityCommonStockSharesOutstanding" />
      <link:presentationArc order="560" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityCommonStockSharesOutstanding" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="loc_deiDocumentsIncorporatedByReferenceTextBlock" />
      <link:presentationArc order="570" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentsIncorporatedByReferenceTextBlock" xlink:type="arc" />
    </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>tm2015663d1_ex5-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2015663d1_ex5-1img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  8 2<# 2(  A$! Q$!_\0
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M*L-'LYH+.X:W625VW.5.TGCCJ#7H^D?$"TB\(Z9JWBYX-!O;T.?LMP61L*Y
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4KXSG;]H3'T^Y110!ZU1110!__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>tm2015663d1_ex99-1img01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2015663d1_ex99-1img01.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !C )0# 2(  A$! Q$!_\0
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M>5/HP/(/U%:;;2I#8VXYSTQ7AWPEM5/Q;\8W>B+CPZ"\:M'_ *II/,!4+V(
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,0 4444 %%%% '__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>11
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.20.1</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>1</ContextCount>
  <ElementCount>95</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>false</FootnotesReported>
  <SegmentCount>0</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>3</UnitCount>
  <MyReports>
    <Report instance="tm2015663-1_8k.htm">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>00000001 - Document - Cover</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://elcompanies.com/role/Cover</Role>
      <ShortName>Cover</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File doctype="8-K" original="tm2015663-1_8k.htm">tm2015663-1_8k.htm</File>
    <File>el-20200407.xsd</File>
    <File>el-20200407_lab.xml</File>
    <File>el-20200407_pre.xml</File>
    <File>tm2015663d1_ex1-1.htm</File>
    <File>tm2015663d1_ex4-1.htm</File>
    <File>tm2015663d1_ex5-1.htm</File>
    <File>tm2015663d1_ex99-1.htm</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy>http://xbrl.sec.gov/dei/2019-01-31</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>false</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>12
<FILENAME>0001104659-20-045982-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001104659-20-045982-xbrl.zip
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M"' D@E [RC].<QHQ_LP:KU/,V%8TB?L9B^&12T^46[0&%:$-6&=(0)@-\0G
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M8)$$ 03L2V?BAJ%*BDJMO_6V6I8MA=+276%@M:4 :"4&4?4V1T9#T*IQKYW
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M3&V1MJ7E(H*LGB[I:-QHC2GH#N0C%#@W0AJAG'"':1A8ZL2PUM<,CQ-0-R"
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M\($[7<MT8*%\U"64SV\NBABS#&RDDZ2N$R^'BWPR3%SH,>SI-OR!F1# K#C
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M_SS?VMI\Q:^[HK^&K]9\;Y9GLZR UP.-%5&2X'\M0NOWJE8:ZZ N9RR;.LV
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M00</L)6(*K>ZIL0>R+:N8-X@N_H]NA 3L, PC6:&OD/,DIHD64;73_)&@B1
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M/JL,2[NLJ;$%'$0PL0/?.8:[O#/]WH+<9R7R]L&D6FZ1UYHTW4I@E$5[AC(
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MX%HQ-D(4S:D-8XUQY5"]CE%-EYQ1.4Y4*R7ZKGVDEI8Z#B0C0;C#&PHPS71
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MT=<(>R^W=9FP8"],II^=(/;*&QPV7XDHL_@>=@LZ#HH9>N050)8VS%MO? L
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MJZA?^(PA:>!/3%J[B.&8M/3E3G3L(&FL5^'9SZC.UUJ]LSS=/P &P.P1*;(
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M8%IX%VXY:[;FFM,6&D*+&KX8;OY-W:);' O6ZK6?N*]:0\\AXV98SEQTS(W
M^3N8!>IRVB'P&G^X\EM;JU!6M*@]*<BCUHTL0)>DH>QI>/57U0 -*#Z@NEM'
M[--"9[%Q(8NWOG-8I1&(B 7F:--+6_6@4XYDG0=!$]AJFO>B!1%!\Q"X4N6,
MX"-T1T[NUDD)(T(A! N&+.-0X8^]":X*7_2")B($OUWK]XP#QEPN4*XRJ8)@
M!4AG6\Q19AH@5913S@8BVXX&:( *-W)\,_\MSBM&!8M"TO/1T*S7HK1 9:B$
M#$8^4F?G^HJ$O>OC-ETRW*1Z3[7CZ*8#/ 5=XS0&98"Q/<@_4*@)6+&7>TY_
M?AA-:<'$R+TGF!BYMTJ,O!G5G(#U4:Z?1!0S51L:#'DJC_F2?(LY,=Q<6GNB
MI3+X5"2I+@(^;6/,M9[VYADE2X(17&W4S='I"?J(!:O6[+XZJB'!U1BWQFJW
M41M%OZ8YJ10O6TM (= "4"1-SM2+K+?T>R;K)P]4G-Z:A\Z;>DT%M" A,^!B
M]3)\:3WB."@M!ZCU:@N/[RQ*V83H]\1'J?%O>!3MK.@>C@KCIK%TOH;SB*?5
M%-<]=IOZT6,15B<E7)REFK5%,H:/.Z&V(O!&0?H%9PPV8E!F>5Q-&V\+HW%"
M):+B:8&56U7)UE+(T<NY)(R=FG-^C4Y!R2/'TP)"F..6I&=4)7%30MDJQH%@
M10$MG(,>I6NO>3+\G?;=T[;0^&RW> KST .JSF'[QY33=QGDOHZD]GLXQE3*
M(,>8A\"NF#J^*3K]-'XL\)(OF&P5BR?+8)92D.$F.*B@33X4PJEERQN8TG[O
MFK:&MT#XS>K6]N,O(;M[@3%\3 +C<TOW,8&74'E%)U5^ 52BY(GC"#$=O?QZ
M(S/?ZF+FZWR06.$JLMUAE6;7 Z2Y6X#6%2"M0R93JK]=XMYB<"J/A]?5&P,7
M<Q;D82)1<\X1UXD6JHIX@3I?USB5L(P$0R+/X&?8!7@*2L/7.!JY<IA3NT[V
MH[M!& N\];FGP ^HE1P:V 4?H68KTG-HG@SFHS8!'"N\4GC/Z&$UD$@4-0C%
M3RV= F=OPP.*%[O?6W&1.5QDZS%Q$4:#%#BL W+O3J=5*MF0MFO8JHM4@75S
M[4@688)%EJKR(B)BT@>M+,\6H";UWBDY['P+]1 I.TK ^O_*-^4PFQPXNN91
M.M[PO=U-V,SQ%[A220+S/$Z"_P2^]_'/X?KF[N;Z<&M]<V@A'/9[%L3AYM:F
M[QV4)<.)OO1^B\_.O5]SY!!OHE'IO0YF,:83?!#EXM0@Q"/<8L"NEI_?8R:8
M[PU@IJ!0;WB#K>'6FO=B<[C^[/GSX=HK[S5,^"S/JIGW:Y*-$/=#O9&7L/W\
M.0P+*MTEZC4G)?RS[$!EW!QNZX%>>H.]G;TU;^O%<'VXL_<"1K(6\RLKM\#!
M*"'XE?>/C>,-[P.!2?=[EE[R_OUKG,(V+ FL!EC:?%C(9R^</3LB[DJ\B'?N
MY$JA.[^)"GAV.P^]=TF&\4L]<5!U:8^>;^^L[VW2'DDO!3LE6!<\+TXCF*]>
M I=[G>6SC/*A7Y,WPWN#[;)][T.47" NK4,'PV<[S]:WAWM[SLYN#V%^\,7>
MUG#7WEED@Z>8Q@2J6NZ;NH'9E36!!2 V^SW"V+3'I#W9?;:UOOWB^8OZF+@C
MM3-=L=\F^]U>6O;;C!:>5)32 LH#,>!^[[3%QQZG$HA# I!$*66)PYT8Q9RU
MH:%Z5#:-1*#LI!JM_15Z8)/JLJ!*(Y'MV^DT:::@F22C(!:#5D ,*1Z2V;%"
M[TEZ?9\]0:_OLY77]Q$[6W>6ENVV:KW>) ZK<8R 8V%57AD36??"!K:##IJQ
M3D L.)*'E<'$9J]'\=36K!0<.+P]IE2Q()\J_^9Z$J5GY3F7H.?DU+(Z$@&K
M+R_1Z><H1K7L2U.K6>N+&3)_#8#%)YP<+2A64@15JFAA0-FZ?BUE$RL]FF_-
MU<\9VE^'S@7@)N %<G):CIA_:L=;6C=A$4F;SQ>V1+3L5A]"1UZU=LBI[2"7
M'3;+%=PX(-U&?GY<,"Y<&)%G-V5PPYPJ!PN]*BD!8"DV#F;!.,8:NG?<DP(3
M>FK5*0+OPTFC4FJ=1-1OPDW\GP;D[R7?R66JO937+W(0YY9H)_<H5Z9U .ZB
MD[?PR*4I((R%1_Y>QB/"SU4:J)7ERXG!H2EXF0;4C6\-"PAQ-1<Q7/#6>HZ)
M2[2D;3C-MARWJ-R\^CA.806Y>)U7*!/!M)J7;58.$DMS:LGL34,WX\)Q#3E)
M"J>=AVN ][B63P?^W60K+LW%CZBI VXWEJ8647Y!,0/Q1:4!X2]D6F]C#_EE
MI&[5&+;2NE.Y1]T7@IP86L.$:B$BKO^P>8QLE=P63UT6<2.OK(VFV-M]3&+O
M"&[963XGQEBA6AY1$2E0,L?NC*.8;HF $G*J>&&J8%5%,-(H6*AK2EY)D\\Y
MM7JZKZ"@\OI.T:]&#9.P)W,#,2I6%-FDR+TEI,@66CPP&=/O@\M6<E0L_0Q+
M<%(5, LY S6OI!YO/ 9SAQ).M61,@DLM=2CX2%YS6#;/AIP^;IF<DO2%  ZE
M&H57BQ,KQYT#JO57KHBQ28S+VUBBA23_"-"IB.?ZCPHDZBD6174:!JAS761C
M*O.]#-B5+:P* U-142I<IAE&5$H5\-5D1T#@# RB8,YU.FA)]5@CQ$'(-8P/
MUQM;< :U$OTLK]6>.I=)1+NM,R&20$/O6E%QDXJ7M_5 "Q6C:Q@D)'H!BU:V
MJHJ^N9H&8Z]6,<+8>MH C;*5V,S_)^QN1G771*Q_7F9GK!HTGL,!E29 )3C!
M*I[837W+6Q;30GV_L<E0&+Y9B,EQ+M]XU$A> <7G;/L"<5Q$:4P./XHCN@89
M]X\F>A'A+T **S6P@VJV'E7RXV=N?VM'NG[?.-GP3A!/'7C+YXBR&O%K3):?
M2L#ZT1_[[0!F@L<+,-,$TP_8$PKJ%0=TWV)]K^K*4MC9KH&M^TA%3!>98)X!
MTHEOE)Z) A-IEL,U0/AUS8("@.,D)A.4XHRE]BHVSE/2E1>46-.)?*VGQM7D
MSE,& 7_^9<"P>:.+@%J!M,!H78;/->FV?54WGVHIG+CEA;)^&M^OT)\>$43]
M-UQ.(H/#WUY36?>!CBFH\GK['<U[#*1Y@XOLJ7LLA;7>9Z[6;KMZ/&%5]O05
M8RBH:BCTX/K<8")Y9%EG B:BGR.$7^^,\.5R=6T)5Y;>5)O06-]?_8)K[Z_B
M4LT+O+J8WP6%_OD3#+L_7X7=EX2N[]X(>%0)[<!08[8!+.N1T32(L4^R),DN
M?6XH3T9D2Q?Y6H&UH)%06)=R$L,G:C0(<B (;-4RB7<*-XCCH5;:P@%7V0Q?
M;&]3O3.5ET@G.BIDKA)!:S(M#NTPKZJ[0I32*CDSS=[N.(]K&2[MMYQ&K;&A
MG(Q"85-'0YW5[/Z%M4P[T\QKB+DIW"5@X;Z,[%7!!5*=0)"L6M:8\ZFKN/J$
MSL5\4VA'0:' B3)=1:'0.H/:TP0/;OQ;(T9#RV=Y5+:&M'R0E*1!OM[P_H[>
M-!A_^'QG./CR<.!!RW]4%DB#P^$00BW@ $H(7]&,K181 9!\6<%N8U=([P08
M5"#V#8=;SE%W4Q_1/Q3\FJK/M("^&>PF1RBX,46+N&8JCPR0=VAEM[)BC^U@
M,0*9(#0ZG+Y.2W^-B46K Y8#-F*E[7CKE99PNW3IKGERM9MF-VV#7NTH;F4A
MX"(LS%GG C)_N51;=WIP^/ZM]_KM^_?'!V_>''W\]7]^VOR)_CXY/GBM_O[C
MZ,WI;__STW!S\V\_W7;2UQEDIY_5FV%#J6!8K0<>_ G1%T[?M)E]>K67<5B>
MPXPVML1,/7VSO^ SF_+,(%Y;X+&?]@,ED<9R^I%S^H'HV22[8L)=$05"8(2N
MEU*O-]YM?%92RMO:W=IXOC48K;WBZ?U\^AG_!\_NUJ34NA\+'=6*A.:2T&UI
M",7@O5'0SK.-;:0?$)HK$EI^$KHM#;T[.;HW$MI^OK6!/&AC"0GH>VH COM:
M[?XY0F!WVS7Z7&YAP#BG8@N(H8_7? OU8CRK(<:N"BM/:J6TZ2/3""&> (2T
M>0Q4J^^:<\$WW;>/$=X-B_SS*QM6A%QJTZPHJ8*;:@$T>D_=1R#]F>CSHZ*H
M,)KR#L&Q_Y#2</->!0I$2>BX+.[K82$H>D?_4N")U!B)-4]**B)R*\XC0IO'
M#D?BA9H0N*,-%G&B>FOL8K&*>IT:F$I,X,VF=*-CMB9IOU9&*8Y%W>TN^HIU
M[(5N,&+*XKG8!\-&5!<#KVE"O*@#7!&W(NZW.NS]QG*5V#8> SL3E!'Z(9$:
M]6'-@5 D)"N@ZG436'?@<O0?A:ISP* E1NHS';[L]_3#JQ-;+)3VX@F&TEZL
M0FF/F:X5)[( ZA?P-3F@_1PUV;&C)OXJ;'+'!U0'1.N*FU@A$PL3K=Z?R3I*
M$B?8,V(2YZ &-96,SQKO>6=KAWH#3TI)\<"U4ID)JD<F]UG7I-34L=5IZM-L
M5\3:#C7P)OAC!3\TLY3;P#85Z9R\G<W=U2ZK768EO4OK;=WL%.QO>NA&F[Z]
MO=ITM>GMAE;[9E,/-?WK=M8E'*O&2A:*!TN=OUAY9-?I+H@8GC3]Z>K<U5\Q
ML\5/O-T.Z1)0N?UKTY6JZSQYG>90?<\THXR^GL>C6&IT#2JJA=*H02!N)Q;C
M0N2A)@);8ZG)2$^)1YB,M&I#.YCDH[3@:UUY\SW;FX=."DHF=J!K+@K4G)W1
M.L_L(Q^7LO0H/=7\R'%YV.T#5&X1M0FD(YRW$NQ.D*E9K^Z'OA]XJ,/=YW(C
M?,_ZO-\;[FVW?>$-]W;:/W^VU?HY2/ZVST5S&\[[<DN/!&:2\TZ@1.VD!K)V
MOU/SYKNK$2I8XS=YP& BK&A!T8+M3VRSLX8O=S:]V<9TPWL;%*!F8Z&B=P#W
M,_&>^=X683<2:QI%"JZ$G$(!N77<[J36G:;?4 XA@O:8.G&K[TR$&,QL V Y
M^.K(])%1;LL1?8=>3&,A-V1;RT_%.GZQRBF\QR.ZIM3 2?70];TJ9J#0X]]$
MU'4*CJ^H<HKCJ(Z$HK;H VH_#O:W8X#@%)LU>D='&CCY31:&Z^_@I5^\/Y!@
M&.P49HK9R_3<:WAO-44DUSPKI7CT9L.OJ$%1PQ]1DJS_,T4\J1-JO S[Q*9@
MNWV-;877O]#O"_5[M@)7)O8W^<.W-I^>/WQK<^4/7Q*Z7KA6X4CE_0&7S005
MCQJ.U6!VKK(J=[&@"(*DLO"B? ]L2W048 J!2'90!:C-3"4=/5)*>P4CL:)P
M/UAR"BWVDK@Y8]K&!-Q'N$_X&AH;FT'/2IJ0ZEDFP.+ QA0FKIZ+M-MN@Z*2
M-I(.)-7W+Q)9++=(YB;L89PE23 KX)ZH?YG$'LP^HCR@SDPAOCL_J>M@<G@6
M77D;#_FV8B/-)$[?6--Z_0GWX./__+1UXWRJNYSBOZ@; TZJ!-WUBJBR\.TI
M4[*1L^>+$]'J=.YZBJO3N%6>6WMEX=W-_O2WMSS=MT7Y=[!'JC)ZA9!P%9H1
MKU45!?5)6)WFZFXM]$H1>KLH\Q[F9&X[Q>&=SO#PZJ5,;W[Q;?ODYQL9/-R-
M%K?S E;GW=WR?BY^Q@XLX^C*.]W ?UW$Q=)2X9)2GGG9M[WE[A;'5F/C7 \_
M[[/SZ*5GD^[;KQ&(" S4_ O[5AZ#RD])I0QX\_H\CB84P>3PUR=N:=%&)%8.
M^+>H^7.M:E?Y9W/\[DR[6PR]D*=B^ 0]%<.G[:GXCE0\STX&[=#Q1=C-$Y!!
M,/[?Z JKW2<QH?12QB^Y!J*0?Q+H* +E#F/H6V6@\P]4&CJOZ,A[$+#SA]K
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M[>'ZB^'.7K\'2[5>U.V"('&,?([>L37<@G?LK._L;F]O_!AI\:=(I9,80X=
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M!_#MRUF^!2+G%:Q/<:6)N,4-2F4"PJ<6&BW+X?EIC!#89/DEQ?H :#$$*2T
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M!*)W^&I_-P#:C_H%J!<Q_&Z<5#<R FWA<-_#!R9P2Z^R'7U%V@%2$8G^&BF
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MARBP4MA19@\^TV:(3$9P*Y;3:QBU4-&Z8IQJ-O0%0".]QBYU8:QZ0]%'"U@
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MM0W73*>=U*ZCFDW?@MDFF 9'P0CPTC]?^/M83'6F4BO=4[AN/+YQ9:@% ,G
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MYGBT#O:W+JTUN[0.]K<^K:U/:Y$065*?3$8+RQIE)8WU/90:8,CK< A:#W"
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M-7)66DZ\S66,U4-OLTJ#TQK0?2;A=F=5:XT<9$'3C9J("@AK($[ LW$LF;[
MO>1:G;ADC:S-!O;J"U/)290J\S^S^8]2%Q?!WGVJGZ#.WE2 1#AF0(>."4VZ
MVCWMC3!/J7EH%WFW]= ^)0GCDWCH2@B:QQT>VCAW3[,LY:;Z9G)5VKN/G*VR
M359Y5'RO4SW/+?$MR0U<#B,.K&12$L<-D67-B&E_0GYT2@CGRO]J4%T,82)@
M,$$5R9GVBURW:-4$YBA)DV)\1=K0)Q'#$SFM%'4L54\$-^#/)/WLFSHEPR2D
M9AZJE(>9]S*F<MH]JO9./<(GL%5#04GNY=8@F@?!^B(Y1GU2<K?>&B:EF@B3
M,)Z&U\C* CG([Y;UU(KM2.[>SA4+FHV64P]E1BC<T92]=!)378O%+4XQP"+3
M$@@0'$1D.\*(($B)48]<\4!B)?A(5XG($TJBI^W6SS,.J)1)=7Y*/K@U&==<
MD@K%,NQ CKW"1\R&W8[BCAY4Q$'FZR+9CGC!)0.:#=2D0"52K6V9CPG-YIP6
MN(&,@/VG=I4:"<M,_^"55V;Y<R5"PWE!9:6J,A9C@D)J?4,!PENCD('[Z, ,
M.$H89WG*37@SJ[;HC;EGMEI' ![3YE754KB5BKD5L*^(T!.-[E;]"96,8WZ"
MDU^ 4$"/!&X\ZFQ8OT38VZ$)&E\<I'IKI&&>0\+R&A+VC(Z;H@$ZI\?DL,<P
M@:,_O4]MM#4JA_.[RPMR,9]?G/W>[77/3GMEMW>OTT>_?O^#=\:.XHO.[YV+
M'L<<8![C'Q^ZQQ_JANE]:'_\2#$!^-_SRXOSLUX'@&C_WN%PAAY& W3>O>L<
M]]&[WGTW.]F[]K&>Z1D=6G^6WX\3H*J _<W&@*L=H38#%(UUA&HQ T1Z4($,
M;^GIGB_/\ 9<QHKM2*H[I0(,6<XJX-LX5R5U/&7N-D9#DXP+6WZYU]OSCD3\
M616;.!5<"M-K@WX.>JIJ[)HYG:60-CIZ-)]!+T^ES&DDIKJEVA6^=[K7WO-+
ME(^;5I6T0&[NGKN3D;3 CRH]'380#?2FS )5_8E-\Q1<>Y)B 4]@K/0,=;_R
M9X1-9-R @%8N24AFXF8>>1UXW(\+G1]LCTE ;AL+JL&!M)N*ZS'I?D9HN(S*
M^^V49WALE??%5N5] G>B>^K5E47 YEJL.2$I'HHBTP416(HG^9\MDV3JU73Z
M\:G)-I9M[9%2J ,&#$G9[W='BMY/7[#/=+ZL$R8IW.8"=.P4/5#WG)R#PC N
M  --Y!V!)L\\..[KS_?;"I1;?LBI"-!K:ED5LB_])>[&K][AO:8M?%V08PWX
MSQ76H]M2\8Q'R%5^\,-XDG?IB99\J5V<6LF+;V4AA]_*0NZM,H]:P6.LZ:?U
MWA>NUJ/J16U\R9ZGQ)0?5J#: KJ.(@#W>J_OI3@2P_=U%9+NH0+ X4.93K[[
M[;AST>^^ZQZW^YP^>0DJXVD?/W?/3K^%D*"Y7A",V8Y-+RL;!F<:.F222MC;
M/BJFCX0;2*M<A-R#:A<-2&$24Z#;PP16;6U'7\7^UEW*JHYPL8>G??K_>?V+
MRU[?.Z7+U?[HM7N]L^,N?;K#P]/'^]GK7W0Z?1X)DXYY-#;C_*D=/#",\N\\
M$0%DO5UAUO5W_>SK <;=],-^HFKKO2AV1_#.6ZPY<?G;0L#OKPR<58I^_OY)
MH=&#W*7UBJY\T&WC&?=ZRC%^.T^6?'H^NH6.V_KT3%N[R=.EFU2K0U.EZ7\>
M77Q:ETC_%1'KAUOW_9K<]X=;]_V=&/D@2>'_OL H:LXLNL][_J"9[BJGOX3B
M<UV_ )-VR38;QB>KT'!; ^!IK&^I6$MK:A#-!@66V!@Y;DV%OP5RP!:#C#+@
MI-L(%:/.@4YEG&. R0DRH%R\%ILDQ B6ZH'<I>+[=6*X-6OH9'!CWM"1,&5K
MASN<2>3F1#+.G;,9;+H96ZP2BO47=7%[ 5<1R"@-Y#2YEA-,U7WI>P>O7[_6
MBZB!WXQ@<MD',K_!$,IJC\[5PR@Q#W1Q'*4W-XP2<XA5%.5\X'4^H^E3SFE^
M,IU@SF!4!-2@BK-2=;#E_-#,'=_FOMN-10CQ<$+]#6.-KG_)'<7=\-3,-ZV)
MAY3RBMD/\(D2%46DDT.\%H.(F1>ZP5H43D(5:4]1\KK9ZEEE-K?:)A]\):^>
MFC;BR)R>8:*R3 -T32VX8BLG16+N %*+'3:_$=L.,UWX@G)E* :42U:X*5"J
MB206PU>])7'7[&K8Y*=^<L)=JWWMW=A9W?CR0[G[IKT>MC<F'GC&V0TVT=-M
M\IKB(=!!IBHWV'<#B-4=,_DO>X#2\_,X?7=HE4AD.^@YV?OJQOLZ!R8(1[2M
MN28%,R]?BS1,BFQ!"]N,.^M.6*0'%+&#YDQ1>5!*+])Y_2'EQN(6N,^GC*L*
MB*P8_*7Z@#J/R$!.."^*M@.[IF=FO#M>U=D^SIM $)9X-0OCS]1X=5JDPRM,
MYZ;(8Q$E8]P<F^]TYTA#H(.QB!4^=JXQ4YA04:5+FW1O8@(W88:1S^DM9;Q7
M:SL8?,"R$X!PV,8IP,(3-3S(:<Y:045KZZ;DL$77L%25A7[2))K+7?#3B-%8
M21EF4&B<(EV= B;!'\ LSBJ@R@+$Z<S#?"/@8S'@/N4Y(:'#^LK7LSHK!I<[
MNR[TN=$!/;Y-_D&SLNRNX)61$T7WN5Y 1 B,W35%"K=1Y1M6*;+*/W33XDL9
M=N=PI8_Q&"FS#A\K7T]TL9FZ/ISR^%GN_H'38QD1^)D/T-02TK]Z]*-FH1,I
ML*5WK&O1E(8$JB1RIMNM@QWR/LQDP59Z;=/.-!L#28V':7-0W(%UM5[LU,Q#
MS#.02-(I8XQ29N@:3B7M.OS[&J@:D184(3!?DL2K8F)AH90U5<*)O\1R 9B(
M1L5'AE<2A$087=$H0G5G!3,YO/J$R\M@)LVU.RB@F3(>D5B1=&=ZOB'O,T>%
MM9JX"H;\6_%_O^: \0&3Z^@<=$L51%"2 R5D)*E.SC-0<]F?H 9ZW @%OC!7
M?!9,$(:",!OBV=B$T-G'N%2%4VY)%6MJ(>F9$(3EFDVJD@,!@I/7EF]25Z0=
MX+63*"%*D15 F"^HDL0T*C)*9:8B3:CI^6;!3-,HW7&F&-;LQG.-F]EE;<G7
M&LA7]2ZL1,&0MAA-:B%Q\:JT!='C"_%A#I8_(W0XY6QL+J?"M$(=D$DEUH*0
MP*QP ?MYL,\9X;B72)Y(^*5<\5?Z%S+FS:,A<-QTDVWN>K-QY12?T0?-2K ^
MZ#W/20_4BFK @EW&^'I;5E+*N*8J"P6SU-I=MF_1AC; U!=2A=5*!!9%0T6,
M<U5:1RFM(RH)^$#XM$FE8'[:&M;79%C_:6M8W[@X)R5,SP@JS893/9-E:I\5
M,64JT:FX#E$*2+;)%U3K9"NB%;5N<8?Q!U/3P=784N3BS8:1G;IH9D#QV@AF
MS')UN1;[DE=^QVO)OU&DSEAD% @:WC$\5Y617&70.[K4' M85%=.9'.G.3>
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M &TY^/;O]N^]_F4)[3Y%LTT2PS::O>C6'"VJ %860FI[8*U$T._+==4.=!Y
MV;5'4624Z:3*=F%0-OGEN!HRI_P.DFOI16&6/Z,TV%^V(0YK"G'X91OB\#CX
MOB"@H=?KOC_]U#GM?UO1#)HXOSN[\'YO?[SL>!>=XT[W]\X)AZ-2.B*'>KT]
M0I*M6K!D,HI:V8ZO L%:NG"1BMC%ST6<)X_4[6E]?307 %'N(GF_]/?\8Z?=
MZWC=TU[G N@2-A+^Z/4ZQY<7W?Z?'IS=6?]#YZ+9Z)Y@0^]W?W9/WWNGEY^.
M.A?4Z)N0M]-Y+%[T(,?QP!SQVUKK"NT\%Z/]NI>_-L"V._+@.Z*(UOE%%V0I
MH%']/\\[?P#!ZC0;I^U/'6IKWCXYN>CTJ/7AQTL, ?/.SWI](&[_KWL.*LA)
M9[WT:W8-Y(>NU3.6VDT;TN:&L%5#W+X.VEG0C'7W%[)46\6R1EV<0SD0]J7[
M3B^RTV-WC(H*2=K=>OH;?_V!H12#$0=8QU"%O#<;&%XYTP/.U_WEPA3TO03C
M)F\Y A,+%NKL5%6O%#X^6O3DXZ%:R8JQ0<CV$.VTMP>RZ0?RB%1F:])_AG]M
M'$=;E3;@<B8Z^3C#5D]<M83M@H,D^5RMY:=*"E+P_C2YX9H2IDPNE2:/50D2
M.0FSAZX\<%AC@K@GPC<W=G\!R?MR2SI?Z+J8!A5_\,OWRPOGZPP7P,K>P:^+
MPP44B'=$2-Q%V.U*[\T=/G>7'V-G]1IK=K9V'Q]\4]:E*]:CQ6:L\6OL]VN-
MRNE1C1<J,(0@OB\$T.U<ROI(G:4WSQ%[^/]J[.GS)1?GD65\+J_?>&=<@/97
M[R/6D=NZ8-;C@GF]L@OF;D?(_./_\>CLY$]"G@_]3Q_A'_\_4$L#!!0    (
M ->(C5"^YB3\@ D  'XE   5    =&TR,#$U-C8S9#%?97@U+3$N:'1M[5IM
M;]LX$OYNP/^!%]P&"<YV[ 1)MHE;P'EI-P<G#6KO+OKI0$NTS%8259*RX_WU
M^PQ)R7::;%NTVQ;;*]#6DLB99V:>>:'L_B_CZ^&S9J/_R^7@ O\S^M,?7XV'
ME\_Z>_Y_/-T+C_MG+R]>L]'X]?#RZ=94Y?:$];J%96.9"<-NQ(*]4AG/6_Y&
MBXV$EM,M;,36VVJ?%7>VS5.9Y"<L$KD5^I1E7"<R;UM5G+!N?3E1UJH,=[:>
M;><34YSV]V[O"?M8$)5,",-2J%A'H64RLZ=LPJ.WB59E'K<CE2I]PA8S:<76
ML_[9L\N[F9Q(RPX[O?[>V;// ?* Y@WS"_N^ XJ_@O>%?5/]_40?75V_8*-7
MYXAOMM_M'1X='<2]_XF[PW9/9DFWV^N\*9(M-AB.GVYM?9;_/B.0WY1%QT?'
M[+F<VAD;S$5>BF\$@V2^5OIMB]V\AJ[>X4&[V^L]^49H_M-C^[U]=M#KLI^[
MW2[VIM\%DF,VY7=?$,G7H^2CF@:%EBGK';38?G>_^\^R;3P3[-+8;<&CTHI3
MP8:\C(5FYRHK>"ZAXBJ/.E\#R=^8Y1^3TN&33^Q_5HR'/*9 \CQF+S VI"(3
M^<FW-'&]NKPIC973Y2G[\NI_%VS&YX+QR(J8<<,B+#(B95:Q^[QO-AXD?HMQ
M=B%2ON!:8+LNE.96JISM6 C83N-WI3KU6Y;;VEWMMIC,L3;/1>26+B0X3<NE
M,27/(^$B87@JV&3I'@0!S8::LG\?=[NMKO_+>))HD7 K&$I0'LF"IXQGL,(R
M+)76L/W.4;?[$SR32Z79C;( 'I<"E>J@NP'2/:H@=IS]?O5": ]-Q,T&G @?
M\!S&QZ!*J46+Q3RX#RIOU%QD$RPY;+'>DR=/-E34>U:>F B[$")?M])9_VMG
MU&%G/'_+QAH$8#?.JSQM-@;&J$BZRQ8I-644"=S3Y%5)0Z_ >D1P9,DO(ZN%
ML%X4"?;B@BJD=6?0<6(LW1=B ^_8WZN=\@.DQ%7.C**$D'G20NA]@H@[GLD<
M05;H]1)A,*"B!H<+RH.=2&C@D>XY4W"@7D@#SE"T_7V$0Y4:G+;23+FC_2[1
M94?NKH=^6QORM&&O1"*-#:GD HF2!$[G[+G2&1NU#YJ-G><R)8YVV,'!07M_
M_[![?+3+IK@9KU)J)*)22UN5M\N[:,;SQ"G,P.D',C7<KH)..J_Y$A,,=??>
MSQO+UV$V&S7.:N\I[ L&%EJ9 OE>FBI?UH6VJ!Q8[EQ,T*5/B$>\L([@C,/1
MM[7P6C/<(]_7C60I"E?>;07#SR['?G2!:)4("N#*@_<TM-B:]@<4P^2Y4]ML
MU.F.F_X>0CZ58(L)@6:!.1%EJA&66 =2ZZ :N9RYJF*K8D22@E5)JB:H=FL2
M#-.B0/83Z_*DV=C<%;;]2@5L092 J@&JY^/>:%$IQ:K[M>E,30=KQ&J%1G".
M*\JI@KUPT)J-:Z[?"NL;A=OYW\YMAUTKG:" KC%S.#QW-:B&CXC/16VY$7.A
M86I908<#6<XSX 511M%,Q"4RX>J*5FMAX5=21C;+W68#!7)6MR8!)?@< S6O
MC"=*JJAT']U.E\*0#>Z588'K2$[0NK]=#8!C-)\ P$H(@!?E))61#[AT!<-)
MGM84<"(?L;@NS[3&5:",Q\(#D/F[4FKI%[L[?R71^364L68C)H-I32KF')E$
M&]"%T3ZX7M)*CLIHI"$.>KX6$GTS-XP<B\(WA>^)J)ZD/TI#@).;#=\#0M^M
M&@/'6$ >=0F)H1P5+(<W*30\39D!.DX5()2-%+,*4I87/))V6:UR2W"_0 SA
M:[^4E_@7B4P+W=Q#*U<,,^4DD];ZUH+"1M-'U9N\ %14!"DC/=1]PL--DGY(
M9K-1M[96)=!WN6*FK#)$LJAJ@T2F^\@K0M?8:M*FW!*7:NT=-C"D%Y":C7<E
M9AC'.RRG?HEP837RB):@/YB*F;C@UL<B5Q;CE* A*!:%<,4W73)(0G9*,R,;
MJK@A Z@MEP4DW,MHV/Q(2G]"YOX(F4&-,6;*MVHP0R3*#4V^5$[>H"^B!RGW
M^%T)/,['+JI$'.SU1<5%A8X/%5?6(UOW,+;C<HVZ%HWO-<G\<$ Z8\04C6+I
MNP"$39:^!X8QEIH%CZCXNS-&W> WNFS=LW>)[_"=Q>EGE;LM-H<AL=,W <\(
MC@*[$E[3=;U^HVI0SD3"D8DGG'K*1C]]&)/4'E6K<J3+#(PNL)<D33#-Z[*P
MT9+.4D:E<Y'3YZG&&0V]$*4=Z.=B25*! NZ@GBO_".4KHU:(G"PS'RV9R91K
MY.0"Y)Y.A1M_6:1%++&LGE;<BZZ*_B@$E/6H>M2<T^5&X/V10K':?)FB&K0<
M'\*.ZL26^N01Z&K6F1.EI?/KYG,D928TM5+HYJB3Y BJM2V6*!6C2I#O" (^
MH:X(Q E"=NAXJ./4%^5F8S'SXUT YN9)5!.C2ICFHD'C8B2$@P "PB?,GZT\
MPA_B%#1>2T-Q1X7.U.E*[DI!&$O'X9#>J^G*42AD@3^ XJ)^05"UB =7K=XU
MT;*%J#2CL-=@/*MHFW T16?T]2=S[83>8* $ *M[<4!(A6LS05>EES+/#WEO
M,(.:6+H3V8\067KE P?!/53>B/W!GS@WNF(VI9JY<AS-A,0!_QU56/O(N<Q%
MUZ_08@HM5-+"R7<J<6SU+T\<87CA-H=SU-#-1=<^AN$HU6R$4^#JD$5&T 1,
M<RHZM*W"^C">#HHY2^2<S IG &_Q@OJZ&Q>"*WB<D7'4;T(K\JHQ"D!6HK2;
M8\)X!A#*B%J8I&,+3>0T3CC[1N&UUG'-\-5)9X!2'D9K7::BJJ5)F;[70,(Y
M_+-(^<$O1#_W&\'QX&QXR<XOA\/;P<7%U<V+IUO=+7<]NAV<5]<!]P1M3F@2
MF/+""$ *GT[1^&([(YNZ/]&7NOWQJVK3G*:SB*>5&1[F5OA&N3^^^'2O!&6'
MI*O__.7->%U$>XHQ/UV>?$B(6VOD'\+K7'F&!-(WW!??'\3?,!UY4#C88C1>
M(C--:QTR_GFUZ?^/Q_S%(_6=1N?OA?7_"'Q=6'MFS^/X74B,]R^4-3/THFV>
M%:?H2'GBWD_=/A2B/5?]7"'\T*]0/K61?^D?;'Q+3#6:?[7;[+D4:7S";GF"
MJC]"XZ0A 2A.V4LW$9@3-N0X([7;%3TNKGZKK%C'T=M_ ,B1 ^+;3'7O+ 4P
MUH.5."?)&'AN-^4Y_.NNZ^]!9Z5^#?0>H?;(OI=V7/MVCWX_Y7]01;^[^A-0
M2P,$%     @ UXB-4'/=._^Q"0  220  !8   !T;3(P,34V-C-D,5]E>#DY
M+3$N:'1M[5IK4]M(%OU.%?_A+K63FJFUC.0'!D.H\0OBQ \*.[N5_3+5EMIV
M![E;:;4PWE^_IR4+'"#$F2&5);5\ +G5W??<9Y_;^.3-N-\[W=TY>=-IM/&7
M[,_)N#ON=4Y/]K._>+N_?GW2'+8_T&C\H==YO3=5TM3)<R-#8['@,0WXDB[5
M@LE"-E"@$==BNH>%6'J1KULP/1.R3N[>Z2LYB:/CD_V+>U,,OS$."\4,T[28
MS<TQ;:PZ:9YV;N9B(@P='16]D_WFZ<,MOBQEW&CV.M3J]'JCBT:K.SA_O>?N
MI9\O&NUV_GF]S5($9FZU='\YIFTU/J:)T@'7CJ_"D$4QKU/^9(UQ,K[,M[_F
MV@B?A;FR1D5[:S><C-OW0%3=7Z#\V7 PWG2!,V4+$:[J7X.4SHW%?WBF 7;J
M]L]I=-F"N1<EUZL>')0#[P]^<W3D>&(Q<[WBQVBV1XW>^/4>9N];P:=W!M[>
M&+>NP%3W.37('9LA2_U+ZY__X_P3.&L'M3MD9V)JYM2XYC+A__O0,?,.V0>E
MKPHT^(!W7K6\ 1XEK?TPO;:'_UDB_E7UC^E!F7O6]&Y:H\0;_DKKY/=PY'?6
MI(4!YIOZBP0/-W3E-8^-TG>@+WG(C% RKK]8IT"O2R8D7]U![C/I"RE>K$J_
MEKS2;W=P2X<5I^Q6CEZD+G!/?NJ\4&] @SX/!/O9LN:M",/-G-'70KY8?>ZE
M3+56<BJ5\N'](Q>_+C\GOMNKLQU%_F9J/E'&J$6=FB'SK\C#NEB%(OB.M.^O
M48\?"3MWWW[:.CW1J_E<&J[S$'3@JKH-P?7''/N6C=_6FR&IQF\ZU!F-7W68
MGQA^W*%>XWV[<TFM8?^B,>AV1C0>4G<T>M^AO]=<E_K=7J\['-#PC$:=07=X
M28/AN#-ZO)5\EM3+M-E.\X]);,1T]2T-YV.2A0RX7>\6JT*F%/F6&1>H$6D1
MTF&!2F[))<>A\9Q3)S:O>&9"OKO38PE"CEIJ$3$I(+TK_2+].O@PZM2IT_L-
MJ1BP%3$I52)]'I#!%FHZ!2(YPW! D.';9S7-S(Z #%' B<UFFL^8X78&2$/$
M0F(+[&+L5&%B*A4/T'+O[HRX%$K30!G(#Q(.N&6W^-P^NF>I'^>C\:8%ERS&
MF@!&2G2<,!C'*)B5.";X1ES#1;"BB(U.CT6*#2RZP'8T%2'<,5D]<"H][M.E
M0*MGO3?B?J*%L2^L_SHW_IS)&;?S%R*.4]]A? ,!,,)E?<1!R;/!Y!T64ZE^
MJ.*UZS\+"Q$3OXFPVL:+(N5#(&%;.)E-5&+6@>F5L\C\N5V=N6%% K5!!K$U
M2!+SU&"2&R2'\CD/T,/=M^(4YIIQR342QU<Z4CI-I@1/L86QG M_#A1V:S^$
MRTE%W(8)UEKSRVP6JH$=\5DD# L+^4,V)1 FT5D@V$ +^"(R>0!H'K%5&FI
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M5SK^E*AC1"AG*=T'@F0*?H8F0&<5+F/N]A,6IK%N$,-H7M"R:!RV"W;%DZA
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M??M5H.R[0?8K1/\%4$L! A0#%     @ UXB-4-3FL?9' P  D@P   \
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M,#$U-C8S9#%?97@U+3$N:'1M4$L! A0#%     @ UXB-4'/=._^Q"0  220
M !8              ( !7NL  '1M,C Q-38V,V0Q7V5X.3DM,2YH=&U02P4&
2      @ "  , @  0_4

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>14
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>JSON
<SEQUENCE>15
<FILENAME>MetaLinks.json
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
{
 "instance": {
  "tm2015663-1_8k.htm": {
   "axisCustom": 0,
   "axisStandard": 0,
   "contextCount": 1,
   "dts": {
    "definitionLink": {
     "remote": [
      "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-eedm-def-2019-01-31.xml",
      "http://xbrl.fasb.org/srt/2019/elts/srt-eedm1-def-2019-01-31.xml"
     ]
    },
    "inline": {
     "local": [
      "tm2015663-1_8k.htm"
     ]
    },
    "labelLink": {
     "local": [
      "el-20200407_lab.xml"
     ],
     "remote": [
      "https://xbrl.sec.gov/dei/2019/dei-doc-2019-01-31.xml"
     ]
    },
    "presentationLink": {
     "local": [
      "el-20200407_pre.xml"
     ]
    },
    "referenceLink": {
     "remote": [
      "https://xbrl.sec.gov/dei/2019/dei-ref-2019-01-31.xml"
     ]
    },
    "schema": {
     "local": [
      "el-20200407.xsd"
     ],
     "remote": [
      "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xl-2003-12-31.xsd",
      "http://www.xbrl.org/2003/xlink-2003-12-31.xsd",
      "https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd",
      "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd",
      "http://www.xbrl.org/2005/xbrldt-2005.xsd",
      "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd",
      "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd",
      "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd",
      "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd",
      "http://xbrl.fasb.org/us-gaap/2019/elts/us-roles-2019-01-31.xsd",
      "http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd",
      "http://www.xbrl.org/2006/ref-2006-02-27.xsd",
      "http://xbrl.fasb.org/srt/2019/elts/srt-types-2019-01-31.xsd",
      "http://xbrl.fasb.org/srt/2019/elts/srt-roles-2019-01-31.xsd",
      "https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd",
      "http://xbrl.fasb.org/us-gaap/2019/elts/us-types-2019-01-31.xsd",
      "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd"
     ]
    }
   },
   "elementCount": 59,
   "entityCount": 1,
   "hidden": {
    "http://xbrl.sec.gov/dei/2019-01-31": 3,
    "total": 3
   },
   "keyCustom": 0,
   "keyStandard": 95,
   "memberCustom": 0,
   "memberStandard": 0,
   "nsprefix": "el",
   "nsuri": "http://elcompanies.com/20200407",
   "report": {
    "R1": {
     "firstAnchor": {
      "ancestors": [
       "span",
       "b",
       "p",
       "body",
       "html"
      ],
      "baseRef": "tm2015663-1_8k.htm",
      "contextRef": "From2020-04-06to2020-04-07",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     },
     "groupType": "document",
     "isDefault": "true",
     "longName": "00000001 - Document - Cover",
     "role": "http://elcompanies.com/role/Cover",
     "shortName": "Cover",
     "subGroupType": "",
     "uniqueAnchor": {
      "ancestors": [
       "span",
       "b",
       "p",
       "body",
       "html"
      ],
      "baseRef": "tm2015663-1_8k.htm",
      "contextRef": "From2020-04-06to2020-04-07",
      "decimals": null,
      "first": true,
      "lang": "en-US",
      "name": "dei:DocumentType",
      "reportCount": 1,
      "unique": true,
      "unitRef": null,
      "xsiNil": "false"
     }
    }
   },
   "segmentCount": 0,
   "tag": {
    "dei_AmendmentDescription": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Description of changes contained within amended document.",
        "label": "Amendment Description"
       }
      }
     },
     "localname": "AmendmentDescription",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "stringItemType"
    },
    "dei_AmendmentFlag": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.",
        "label": "Amendment Flag"
       }
      }
     },
     "localname": "AmendmentFlag",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_AnnualInformationForm": {
     "auth_ref": [
      "r11"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag with value true on a form if it is an annual report containing an annual information form.",
        "label": "Annual Information Form"
       }
      }
     },
     "localname": "AnnualInformationForm",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_AuditedAnnualFinancialStatements": {
     "auth_ref": [
      "r11"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag with value true on a form if it is an annual report containing audited financial statements.",
        "label": "Audited Annual Financial Statements"
       }
      }
     },
     "localname": "AuditedAnnualFinancialStatements",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_CityAreaCode": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Area code of city",
        "label": "City Area Code"
       }
      }
     },
     "localname": "CityAreaCode",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_CountryRegion": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Region code of country",
        "label": "Country Region"
       }
      }
     },
     "localname": "CountryRegion",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_CoverAbstract": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Cover page.",
        "label": "Cover [Abstract]"
       }
      }
     },
     "localname": "CoverAbstract",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "xbrltype": "stringItemType"
    },
    "dei_CurrentFiscalYearEndDate": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "End date of current fiscal year in the format --MM-DD.",
        "label": "Current Fiscal Year End Date"
       }
      }
     },
     "localname": "CurrentFiscalYearEndDate",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "gMonthDayItemType"
    },
    "dei_DocumentAccountingStandard": {
     "auth_ref": [
      "r10"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'.",
        "label": "Document Accounting Standard"
       }
      }
     },
     "localname": "DocumentAccountingStandard",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "accountingStandardItemType"
    },
    "dei_DocumentAnnualReport": {
     "auth_ref": [
      "r13"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as an annual report.",
        "label": "Document Annual Report"
       }
      }
     },
     "localname": "DocumentAnnualReport",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentFiscalPeriodFocus": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.",
        "label": "Document Fiscal Period Focus"
       }
      }
     },
     "localname": "DocumentFiscalPeriodFocus",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "fiscalPeriodItemType"
    },
    "dei_DocumentFiscalYearFocus": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.",
        "label": "Document Fiscal Year Focus"
       }
      }
     },
     "localname": "DocumentFiscalYearFocus",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "gYearItemType"
    },
    "dei_DocumentPeriodEndDate": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.",
        "label": "Document Period End Date"
       }
      }
     },
     "localname": "DocumentPeriodEndDate",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_DocumentPeriodStartDate": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The start date of the period covered in the document, in CCYY-MM-DD format.",
        "label": "Document Period Start Date"
       }
      }
     },
     "localname": "DocumentPeriodStartDate",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_DocumentQuarterlyReport": {
     "auth_ref": [
      "r9"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as an quarterly report.",
        "label": "Document Quarterly Report"
       }
      }
     },
     "localname": "DocumentQuarterlyReport",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentRegistrationStatement": {
     "auth_ref": [
      "r14"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as a registration statement.",
        "label": "Document Registration Statement"
       }
      }
     },
     "localname": "DocumentRegistrationStatement",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentShellCompanyEventDate": {
     "auth_ref": [
      "r10"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Date of event requiring a shell company report.",
        "label": "Document Shell Company Event Date"
       }
      }
     },
     "localname": "DocumentShellCompanyEventDate",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "dateItemType"
    },
    "dei_DocumentShellCompanyReport": {
     "auth_ref": [
      "r10"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.",
        "label": "Document Shell Company Report"
       }
      }
     },
     "localname": "DocumentShellCompanyReport",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentTransitionReport": {
     "auth_ref": [
      "r12"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true only for a form used as a transition report.",
        "label": "Document Transition Report"
       }
      }
     },
     "localname": "DocumentTransitionReport",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_DocumentType": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.",
        "label": "Document Type"
       }
      }
     },
     "localname": "DocumentType",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "submissionTypeItemType"
    },
    "dei_DocumentsIncorporatedByReferenceTextBlock": {
     "auth_ref": [
      "r1"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Documents incorporated by reference.",
        "label": "Documents Incorporated by Reference [Text Block]"
       }
      }
     },
     "localname": "DocumentsIncorporatedByReferenceTextBlock",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "textBlockItemType"
    },
    "dei_EntityAddressAddressLine1": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Address Line 1 such as Attn, Building Name, Street Name",
        "label": "Entity Address, Address Line One"
       }
      }
     },
     "localname": "EntityAddressAddressLine1",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressAddressLine2": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Address Line 2 such as Street or Suite number",
        "label": "Entity Address, Address Line Two"
       }
      }
     },
     "localname": "EntityAddressAddressLine2",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressAddressLine3": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Address Line 3 such as an Office Park",
        "label": "Entity Address, Address Line Three"
       }
      }
     },
     "localname": "EntityAddressAddressLine3",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressCityOrTown": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Name of the City or Town",
        "label": "Entity Address, City or Town"
       }
      }
     },
     "localname": "EntityAddressCityOrTown",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressCountry": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "ISO 3166-1 alpha-2 country code.",
        "label": "Entity Address, Country"
       }
      }
     },
     "localname": "EntityAddressCountry",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "countryCodeItemType"
    },
    "dei_EntityAddressPostalZipCode": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Code for the postal or zip code",
        "label": "Entity Address, Postal Zip Code"
       }
      }
     },
     "localname": "EntityAddressPostalZipCode",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityAddressStateOrProvince": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Name of the state or province.",
        "label": "Entity Address, State or Province"
       }
      }
     },
     "localname": "EntityAddressStateOrProvince",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "stateOrProvinceItemType"
    },
    "dei_EntityBankruptcyProceedingsReportingCurrent": {
     "auth_ref": [
      "r4"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "For registrants involved in bankruptcy proceedings during the preceding five years, the value Yes indicates that the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court; the value No indicates the registrant has not.  Registrants not involved in bankruptcy proceedings during the preceding five years should not report this element.",
        "label": "Entity Bankruptcy Proceedings, Reporting Current"
       }
      }
     },
     "localname": "EntityBankruptcyProceedingsReportingCurrent",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityCentralIndexKey": {
     "auth_ref": [
      "r15"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.",
        "label": "Entity Central Index Key"
       }
      }
     },
     "localname": "EntityCentralIndexKey",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "centralIndexKeyItemType"
    },
    "dei_EntityCommonStockSharesOutstanding": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.",
        "label": "Entity Common Stock, Shares Outstanding"
       }
      }
     },
     "localname": "EntityCommonStockSharesOutstanding",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "sharesItemType"
    },
    "dei_EntityCurrentReportingStatus": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.",
        "label": "Entity Current Reporting Status"
       }
      }
     },
     "localname": "EntityCurrentReportingStatus",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_EntityEmergingGrowthCompany": {
     "auth_ref": [
      "r15"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Indicate if registrant meets the emerging growth company criteria.",
        "label": "Entity Emerging Growth Company"
       }
      }
     },
     "localname": "EntityEmergingGrowthCompany",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityExTransitionPeriod": {
     "auth_ref": [
      "r18"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.",
        "label": "Elected Not To Use the Extended Transition Period"
       }
      }
     },
     "localname": "EntityExTransitionPeriod",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityFileNumber": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.",
        "label": "Entity File Number"
       }
      }
     },
     "localname": "EntityFileNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "fileNumberItemType"
    },
    "dei_EntityFilerCategory": {
     "auth_ref": [
      "r15"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.",
        "label": "Entity Filer Category"
       }
      }
     },
     "localname": "EntityFilerCategory",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "filerCategoryItemType"
    },
    "dei_EntityIncorporationStateCountryCode": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Two-character EDGAR code representing the state or country of incorporation.",
        "label": "Entity Incorporation, State or Country Code"
       }
      }
     },
     "localname": "EntityIncorporationStateCountryCode",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "edgarStateCountryItemType"
    },
    "dei_EntityInteractiveDataCurrent": {
     "auth_ref": [
      "r16"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).",
        "label": "Entity Interactive Data Current"
       }
      }
     },
     "localname": "EntityInteractiveDataCurrent",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_EntityPrimarySicNumber": {
     "auth_ref": [
      "r11"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Primary Standard Industrial Classification (SIC) Number for the Entity.",
        "label": "Entity Primary SIC Number"
       }
      }
     },
     "localname": "EntityPrimarySicNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "sicNumberItemType"
    },
    "dei_EntityPublicFloat": {
     "auth_ref": [],
     "crdr": "credit",
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.",
        "label": "Entity Public Float"
       }
      }
     },
     "localname": "EntityPublicFloat",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "monetaryItemType"
    },
    "dei_EntityRegistrantName": {
     "auth_ref": [
      "r15"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.",
        "label": "Entity Registrant Name"
       }
      }
     },
     "localname": "EntityRegistrantName",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_EntityShellCompany": {
     "auth_ref": [
      "r15"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.",
        "label": "Entity Shell Company"
       }
      }
     },
     "localname": "EntityShellCompany",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntitySmallBusiness": {
     "auth_ref": [
      "r15"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Indicates that the company is a Smaller Reporting Company (SRC).",
        "label": "Entity Small Business"
       }
      }
     },
     "localname": "EntitySmallBusiness",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_EntityTaxIdentificationNumber": {
     "auth_ref": [
      "r15"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.",
        "label": "Entity Tax Identification Number"
       }
      }
     },
     "localname": "EntityTaxIdentificationNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "employerIdItemType"
    },
    "dei_EntityVoluntaryFilers": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.",
        "label": "Entity Voluntary Filers"
       }
      }
     },
     "localname": "EntityVoluntaryFilers",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_EntityWellKnownSeasonedIssuer": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.",
        "label": "Entity Well-known Seasoned Issuer"
       }
      }
     },
     "localname": "EntityWellKnownSeasonedIssuer",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "yesNoItemType"
    },
    "dei_Extension": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Extension number for local phone number.",
        "label": "Extension"
       }
      }
     },
     "localname": "Extension",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_LocalPhoneNumber": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Local phone number for entity.",
        "label": "Local Phone Number"
       }
      }
     },
     "localname": "LocalPhoneNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "normalizedStringItemType"
    },
    "dei_NoTradingSymbolFlag": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true only for a security having no trading symbol.",
        "label": "No Trading Symbol Flag"
       }
      }
     },
     "localname": "NoTradingSymbolFlag",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_OtherReportingStandardItemNumber": {
     "auth_ref": [
      "r10"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "\"Item 17\" or \"Item 18\" specified when the basis of accounting is neither US GAAP nor IFRS.",
        "label": "Other Reporting Standard Item Number"
       }
      }
     },
     "localname": "OtherReportingStandardItemNumber",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "otherReportingStandardItemNumberItemType"
    },
    "dei_PreCommencementIssuerTenderOffer": {
     "auth_ref": [
      "r5"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.",
        "label": "Pre-commencement Issuer Tender Offer"
       }
      }
     },
     "localname": "PreCommencementIssuerTenderOffer",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_PreCommencementTenderOffer": {
     "auth_ref": [
      "r6"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.",
        "label": "Pre-commencement Tender Offer"
       }
      }
     },
     "localname": "PreCommencementTenderOffer",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_Security12bTitle": {
     "auth_ref": [
      "r0"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Title of a 12(b) registered security.",
        "label": "Title of 12(b) Security"
       }
      }
     },
     "localname": "Security12bTitle",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "securityTitleItemType"
    },
    "dei_Security12gTitle": {
     "auth_ref": [
      "r3"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Title of a 12(g) registered security.",
        "label": "Title of 12(g) Security"
       }
      }
     },
     "localname": "Security12gTitle",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "securityTitleItemType"
    },
    "dei_SecurityExchangeName": {
     "auth_ref": [
      "r2"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Name of the Exchange on which a security is registered.",
        "label": "Security Exchange Name"
       }
      }
     },
     "localname": "SecurityExchangeName",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "edgarExchangeCodeItemType"
    },
    "dei_SecurityReportingObligation": {
     "auth_ref": [
      "r7"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "15(d), indicating whether the security has a reporting obligation under that section of the Exchange Act.",
        "label": "Security Reporting Obligation"
       }
      }
     },
     "localname": "SecurityReportingObligation",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "securityReportingObligationItemType"
    },
    "dei_SolicitingMaterial": {
     "auth_ref": [
      "r8"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.",
        "label": "Soliciting Material"
       }
      }
     },
     "localname": "SolicitingMaterial",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    },
    "dei_TradingSymbol": {
     "auth_ref": [],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Trading symbol of an instrument as listed on an exchange.",
        "label": "Trading Symbol"
       }
      }
     },
     "localname": "TradingSymbol",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "tradingSymbolItemType"
    },
    "dei_WrittenCommunications": {
     "auth_ref": [
      "r17"
     ],
     "lang": {
      "en-US": {
       "role": {
        "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.",
        "label": "Written Communications"
       }
      }
     },
     "localname": "WrittenCommunications",
     "nsuri": "http://xbrl.sec.gov/dei/2019-01-31",
     "presentation": [
      "http://elcompanies.com/role/Cover"
     ],
     "xbrltype": "booleanItemType"
    }
   },
   "unitCount": 3
  }
 },
 "std_ref": {
  "r0": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b"
  },
  "r1": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b-23"
  },
  "r10": {
   "Name": "Form 20-F",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "220",
   "Subsection": "f"
  },
  "r11": {
   "Name": "Form 40-F",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "240",
   "Subsection": "f"
  },
  "r12": {
   "Name": "Forms 10-K, 10-Q, 20-F",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "13",
   "Subsection": "a-1-"
  },
  "r13": {
   "Name": "Forms 10-K, 20-F, 40-F",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "15",
   "Subsection": "d-1"
  },
  "r14": {
   "Name": "Forms 20-F, 40-F",
   "Number": "249",
   "Publisher": "SEC",
   "Section": "220 and 240",
   "Subsection": "f"
  },
  "r15": {
   "Name": "Regulation 12B",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "b-2"
  },
  "r16": {
   "Name": "Regulation S-T",
   "Number": "232",
   "Publisher": "SEC",
   "Section": "405"
  },
  "r17": {
   "Name": "Securities Act",
   "Number": "230",
   "Publisher": "SEC",
   "Section": "425"
  },
  "r18": {
   "Name": "Securities Act",
   "Number": "7A",
   "Publisher": "SEC",
   "Section": "B",
   "Subsection": "2"
  },
  "r2": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "d1-1"
  },
  "r3": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12",
   "Subsection": "g"
  },
  "r4": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "12, 13, 15d"
  },
  "r5": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "13e",
   "Subsection": "4c"
  },
  "r6": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14d",
   "Subsection": "2b"
  },
  "r7": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "15",
   "Subsection": "d"
  },
  "r8": {
   "Name": "Exchange Act",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "14a",
   "Subsection": "12"
  },
  "r9": {
   "Name": "Form 10-Q",
   "Number": "240",
   "Publisher": "SEC",
   "Section": "13",
   "Subsection": "a-13"
  }
 },
 "version": "2.1"
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.20.1</span><table class="report" border="0" cellspacing="2" id="idp6607791248">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Apr. 07, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Apr.  07,  2020<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-14064<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">ESTEE LAUDER COMPANIES INC<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001001250<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">11-2408943<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">767 Fifth Avenue<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10153<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">212<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">572-4200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Class A Common Stock, $.01 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">EL<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>tm2015663-1_8k_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2019-01-31"
  xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef xlink:href="el-20200407.xsd" xlink:type="simple"/>
    <context id="From2020-04-06to2020-04-07">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0001001250</identifier>
        </entity>
        <period>
            <startDate>2020-04-06</startDate>
            <endDate>2020-04-07</endDate>
        </period>
    </context>
    <unit id="USD">
        <measure>iso4217:USD</measure>
    </unit>
    <unit id="Shares">
        <measure>shares</measure>
    </unit>
    <unit id="USDPShares">
        <divide>
            <unitNumerator>
                <measure>iso4217:USD</measure>
            </unitNumerator>
            <unitDenominator>
                <measure>shares</measure>
            </unitDenominator>
        </divide>
    </unit>
    <dei:EntityCentralIndexKey contextRef="From2020-04-06to2020-04-07">0001001250</dei:EntityCentralIndexKey>
    <dei:AmendmentFlag contextRef="From2020-04-06to2020-04-07">false</dei:AmendmentFlag>
    <dei:EntityRegistrantName contextRef="From2020-04-06to2020-04-07" id="xdx2ixbrl0011">ESTEE LAUDER COMPANIES INC</dei:EntityRegistrantName>
    <dei:DocumentType contextRef="From2020-04-06to2020-04-07">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate contextRef="From2020-04-06to2020-04-07">2020-04-07</dei:DocumentPeriodEndDate>
    <dei:EntityIncorporationStateCountryCode contextRef="From2020-04-06to2020-04-07">DE</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber contextRef="From2020-04-06to2020-04-07">1-14064</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber contextRef="From2020-04-06to2020-04-07">11-2408943</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1 contextRef="From2020-04-06to2020-04-07">767 Fifth Avenue</dei:EntityAddressAddressLine1>
    <dei:EntityAddressCityOrTown contextRef="From2020-04-06to2020-04-07">New York</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince contextRef="From2020-04-06to2020-04-07">NY</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode contextRef="From2020-04-06to2020-04-07">10153</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode contextRef="From2020-04-06to2020-04-07">212</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="From2020-04-06to2020-04-07">572-4200</dei:LocalPhoneNumber>
    <dei:WrittenCommunications contextRef="From2020-04-06to2020-04-07">false</dei:WrittenCommunications>
    <dei:SolicitingMaterial contextRef="From2020-04-06to2020-04-07">false</dei:SolicitingMaterial>
    <dei:PreCommencementTenderOffer contextRef="From2020-04-06to2020-04-07">false</dei:PreCommencementTenderOffer>
    <dei:PreCommencementIssuerTenderOffer contextRef="From2020-04-06to2020-04-07">false</dei:PreCommencementIssuerTenderOffer>
    <dei:Security12bTitle contextRef="From2020-04-06to2020-04-07">Class A Common Stock, $.01 par value</dei:Security12bTitle>
    <dei:TradingSymbol contextRef="From2020-04-06to2020-04-07">EL</dei:TradingSymbol>
    <dei:SecurityExchangeName contextRef="From2020-04-06to2020-04-07">NYSE</dei:SecurityExchangeName>
    <dei:EntityEmergingGrowthCompany contextRef="From2020-04-06to2020-04-07">false</dei:EntityEmergingGrowthCompany>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>19
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
M4$L#!!0    ( ->(C5 ?(\\#P    !,"   +    7W)E;',O+G)E;'.MDD^+
MPD ,Q;]*F?L:5\'#8CUYZ6U9_ )Q)OU#.Y,A$[%^>X>];+=44/ 87O+>CT?V
M/S2@=AQ2V\54C'X(J32M:OP"2+8ECVG%D4)6:A:/FD=I(*+ML2'8K-<[D*F'
M.>RGGD7E2B.5^S3%":4A+<TXP)6E/S/WJVR;A5ND9T*YKCM+1[873T$7LF<;
M!I99-G\LCNVW<+ZT+/0:S>,*P).B0\5?UX^8 TBTH_0(:+L A#&^NQT:E8(C
M-R."?S]PN -02P,$%     @ UXB-4"?HAPZ"    L0   !    !D;V-0<F]P
M<R]A<' N>&UL38Y-"\(P$$3_2NG=;BGH06) L$?!D_>0;FP@R8;-"OGYIH(?
MMWF\81AU8\K(XK%T-8943OTJDH\ Q:X831F:3LTXXFBD(3^ G/,6+V2?$9/
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M_>%W$W:]L0?[CXVO@K*%7W<AOP!02P,$%     @ UXB-4)E<G",0!@  G"<
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M.AQG0GS/]O:1I24RS^_Y"NM./&<?5I:P7<_/Y)Z,<B.[W?98??9/1VXCUZG
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M@#IZMJ!3G)ZA],S1\P4]\]8'$3DND*,".:"O/ &(6.,"*U1@!>@;3P BMKC
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MUM#P0>)S6/$<S.EN?PHO3?*P99TWBISN]F>HQ:#>S@7WOT3Q U!+ P04
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M;V-0<F]P<R]A<' N>&UL4$L! A0#%     @ UXB-4$K].'GO    *P(  !$
M             ( !F0$  &1O8U!R;W!S+V-O<F4N>&UL4$L! A0#%     @
MUXB-4)E<G",0!@  G"<  !,              ( !MP(  'AL+W1H96UE+W1H
M96UE,2YX;6Q02P$"% ,4    " #7B(U00V4O@)X"  "3"P  &
M    @ 'X"   >&PO=V]R:W-H965T<R]S:&5E=#$N>&UL4$L! A0#%     @
MUXB-4)L:0591 @  W@4  !0              ( !S L  'AL+W-H87)E9%-T
M<FEN9W,N>&UL4$L! A0#%     @ UXB-4+JA.8K7 0  ,@8   T
M     ( !3PX  'AL+W-T>6QE<RYX;6Q02P$"% ,4    " #7B(U0, /WOC<!
M   B @  #P              @ %1$   >&PO=V]R:V)O;VLN>&UL4$L! A0#
M%     @ UXB-4/_ )@B]    A0(  !H              ( !M1$  'AL+U]R
M96QS+W=O<FMB;V]K+GAM;"YR96QS4$L! A0#%     @ UXB-4 N/V ,A 0
M5P0  !,              ( !JA(  %M#;VYT96YT7U1Y<&5S72YX;6Q02P4&
2      H "@"  @  _!,

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
