Document:

Form of Medium-Term Notes, Series K, Principal at Risk Securities Linked

 Exhibit 4.3 

[Face of Note] 

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

	 CUSIP NO. 94986RW80 
	
FACE AMOUNT: $                   
          

 REGISTERED NO.      

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Principal at Risk Securities Linked to the Lowest Performing of the Russell 2000®
Index 
 and the iShares® MSCI EAFE ETF due March 21, 2018 

WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the
Redemption Amount (as defined below) on the Stated Maturity Date (as defined below), unless this Security is automatically called prior to the Stated Maturity Date as provided below under “Automatic Call,” and to pay interest on the Face
Amount of this Security (each, a “Coupon Payment”) from September 21, 2016 or from the most recent Coupon Payment Date (as defined below) to which a Coupon Payment has been paid or duly provided for, as the case may be, at the
rate of 6.20% per annum, payable on each Coupon Payment Date, until the earlier of (i) Stated Maturity Date and (ii) if this Security is automatically called prior to the Stated Maturity Date, the Call Settlement Date (as defined
below). Coupon Payments shall be calculated on the basis of a year of 360 days with twelve 30 day months. The Coupon Payments so payable, and punctually paid or duly provided for, on any Coupon Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such Coupon Payment Date; provided that the Coupon Payment payable on the
Stated Maturity Date shall be paid to the Person to whom the Redemption Amount is paid. The “Regular Record Date” for a Coupon Payment Date shall be the date one Business Day (as defined below) prior to such Coupon Payment Date. The
“Initial Stated Maturity Date” shall be March 21, 2018. If the Final Calculation Day (as defined below) is not postponed, the Initial Stated Maturity Date will be the “Stated Maturity Date.” If the Final
Calculation Day is postponed, the “Stated Maturity Date” shall be the later of (i) the Initial 

 
Stated Maturity Date and (ii) the third Business Day after the Final Calculation Day as postponed. “Business Day” shall mean a day, other than a Saturday or Sunday, that is
neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New York. 

“Face Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this
Security as its “Face Amount.” 
 Any Coupon Payment not punctually paid or duly provided for will forthwith cease
to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

All amounts payable on this Security shall be payable in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts. Coupon Payments on this Security will be made in immediately available funds at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota
and at any other office or agency maintained by the Company for such purpose; provided, however, that, at the option of the Company, payment of any Coupon Payment may be paid by check mailed to the Person entitled thereto at such Person’s last
address as it appears in the Security Register or by wire transfer to such account as may have been designated by such Person. Payments of any Coupon Payment and the Redemption Amount or the Call Price, as applicable, on this Security at Maturity,
will be made against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. Notwithstanding
the foregoing, for so long as this Security is a Global Security registered in the name of the Depositary, any payments on this Security will be made to the Depositary by wire transfer of immediately available funds. 

Automatic Call 

If the Closing Value (as defined below) of the Lowest Performing Market Measure (as defined below) on either of the
semi-annual Call Dates (as defined below) beginning approximately six months after issuance, is greater than or equal to its Starting Value (as defined below), this Security will be automatically called by the Company, and on the related Call
Settlement Date (as defined below) the Holder hereof will receive the Call Price (as defined below) plus a final Coupon Payment. Unless the Company defaults in the payment of the Call Price plus the final Coupon Payment, this Security will cease to
be outstanding on such Call Settlement Date, no additional Coupon Payments will be payable on this Security and the Holder hereof will have no further rights under this Security after such Call Settlement Date. The Holder hereof will not receive any
notice from the Company in the event this Security is automatically called pursuant to the terms hereof. The “Call Price” is equal to the Face Amount of this Security. 

  
 2 

 Definitions Relating to Redemption Amount, the Call Price and Coupon Payments 

If this Security is not automatically called prior to the Stated Maturity Date as provided above under “Automatic
Call,” the “Redemption Amount” of this Security will equal: 
  

	 	•	 	 if the Ending Value of the Lowest Performing Market Measure on the Final Calculation Day (as defined below) is
greater than or equal to its Threshold Value: the Face Amount; or 
	 

  

	 	•	 	 if the Ending Value of the Lowest Performing Market Measure on the Final Calculation Day is less than its
Threshold Value: 
	 

  

											
	  
 Face Amount  
	    	 x  
	    	 Performance Factor of the Lowest Performing  

Market Measure on the Final Calculation Day
	    	 x  
	    	  
 Multiplier
	  	

 All calculations with respect to the Redemption Amount will be rounded to the nearest one hundred-thousandth,
with five one-millionths rounded upward (e.g., 0.000005 would be rounded to 0.00001); and the Redemption Amount will be rounded to the nearest cent, with one-half cent rounded upward. 

“Index” shall mean the Russell 2000 Index. 

“Fund” shall mean the iShares MSCI EAFE ETF. 

“Market Measure” shall mean each of the Index and the Fund. 

The “Pricing Date” shall mean September 16, 2016. 

The “Lowest Performing Market Measure” on either Call Date and on the Final Calculation Day will be the
Market Measure with the lowest Performance Factor on that day. 
 The “Performance Factor” with respect to
a Market Measure on any Call Date and on the Final Calculation Day, is its Closing Value on such date divided by its Starting Value (expressed as a percentage). 

The “Closing Value” with respect to the Index on any Trading Day is its Closing Level on that Trading Day;
and with respect to the Fund on any Trading Day is its Fund Closing Price on that Trading Day. 
 The “Closing
Level” of the Index on any Trading Day means the official closing level of the Index reported by the Index Sponsor on such Trading Day, as obtained by the Calculation Agent on such Trading Day from the licensed third-party market data
vendor contracted by the Calculation Agent at such time; in particular, taking into account the decimal precision and/or rounding convention employed by such licensed third-party market data vendor on such date, subject to the provisions set forth
below under “Discontinuance of the Index; Alteration of Method of Calculation” and “Market Disruption Events.” 

  
 3 

 The “Fund Closing Price” with respect to the Fund on any Trading
Day means the product of (i) the Closing Price of one share of the Fund (or one unit of any other security for which a Fund Closing Price must be determined) on such Trading Day and (ii) the Adjustment Factor applicable to the Fund on such
Trading Day. 
 The “Closing Price” with respect to a share of the Fund (or one unit of any other security
for which a Closing Price must be determined) on any Trading Day means the price, at the scheduled weekday closing time, without regard to after hours or any other trading outside the regular trading session hours, of the share on the principal
United States securities exchange registered under the Securities Exchange Act of 1934, as amended, on which the share (or any such other security) is listed or admitted to trading. 

The “Adjustment Factor” means, with respect to a share of the Fund (or one unit of any other security for
which a Fund Closing Price must be determined), 1.0, subject to adjustment in the event of certain events affecting the shares of the Fund. See “Anti-dilution Adjustments Relating to the Fund; Alternate Calculation” below. 

The “Starting Value” with respect to the Russell 2000 Index is 1224.779, its Closing Value on the Pricing
Date, and with respect to the iShares MSCI EAFE ETF is $57.49, its Closing Value on the Pricing Date. 
 The “Ending
Value” of a Market Measure will be its Closing Value on the Final Calculation Day. 
 The “Threshold
Value” with respect to the Russell 2000 Index is 979.8232, which is equal to 80% of its Starting Value, and with respect to the iShares MSCI EAFE ETF is $45.992, which is equal to 80% of its Starting Value. 

“Multiplier” is equal to the Starting Value of the Lowest Performing Market Measure on the Final Calculation
Day divided by its Threshold Value. 
 “Index Sponsor” shall mean the sponsor or publisher of the Index.

 “Fund Sponsor” shall mean the sponsor of the Fund. 

The “Coupon Payment Dates” shall occur quarterly on the
21st day of each March, June, September and December, commencing December 2016 and ending at maturity or earlier automatic call; provided that if a Coupon Payment Date is not a Business
Day, the Coupon Payment will be made on the next Business Day; provided further that if a Call Date is postponed, the Coupon Payment to be made on the Coupon Payment Date immediately following that Call Date will be made on the date that is
three Business Days after that Call Date as postponed. If any Coupon Payment is made on a day after the scheduled Coupon Payment Date, interest on that payment will not accrue during the period from and after the scheduled Coupon Payment Date. 

  
 4 

 The “Call Dates” shall occur semi-annually on the third Business
Day prior to the Coupon Payment Dates occurring in March 2017 and September 2017, as such Call Date may be postponed as provided herein. 

The “Call Settlement Date” for a Call Date shall be the Coupon Payment Date immediately following the
applicable Call Date, as such Call Date may be postponed as provided herein. 
 The “Calculation Days”
shall be the Call Dates and the Final Calculation Day. If any Calculation Day is not a Trading Day with respect to either Market Measure, such Calculation Day for each Market Measure will be postponed to the next succeeding day that is a Trading Day
with respect to each Market Measure. A Calculation Day is also subject to postponement due to the occurrence of a Market Disruption Event (as defined below) with respect to either Market Measure. If a Market Disruption Event occurs or is continuing
with respect to either Market Measure on any Calculation Day, then such Calculation Day will be postponed for each Market Measure to the first succeeding day that is a Trading Day for each Market Measure and on which a Market Disruption Event has
not occurred and is not continuing for either Market Measure; however, if such first succeeding Trading Day has not occurred as of the eighth day that is a Trading Day for each Market Measure after the originally scheduled Calculation Day, that
eighth day shall be deemed to be the Calculation Day for each Market Measure. If a Calculation Day has been postponed to that eighth day and a Market Disruption Event occurs or is continuing with respect to either Market Measure on that eighth day,
the Calculation Agent will determine the Closing Value of that Market Measure on that day (i) in the case of the Index, in accordance with the formula for and method of calculating the Closing Level of the Index last in effect prior to
commencement of the Market Disruption Event, using the closing price (or, with respect to any relevant security, if a Market Disruption Event has occurred with respect to such security, its good faith estimate of the value of such security at the
Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of the regular trading session of such Relevant Stock Exchange) on that day of each security included in the Index and (ii) in the
case of the Fund, based on its good faith estimate of the value of the shares (or other applicable securities) of the Fund as of the close of trading on that day. As used in clause (i) of the immediately preceding sentence, “closing
price” means, with respect to any security on any date, the Relevant Stock Exchange traded or quoted price of such security as of the Scheduled Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual closing
time of the regular trading session of such Relevant Stock Exchange. 
 The “Final Calculation Day” is
March 16, 2018, subject to postponement as provided herein. 
 “Calculation Agent Agreement” shall
mean the Calculation Agent Agreement dated as of March 18, 2015 between the Company and the Calculation Agent, as amended from time to time. 

“Calculation Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the
Company providing for, among other things, the determination of whether this Security will be automatically called prior to stated maturity, the Call Price, if any, and the Redemption Amount, if any, which term shall, unless the context otherwise
requires, include its successors under such Calculation Agent Agreement. The initial Calculation Agent shall be 

  
 5 

 
Wells Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time to time after the initial issuance of this Security
without the consent of the Holder of this Security and without notifying the Holder of this Security. 
 Certain Definitions 

A “Trading Day” with respect to the Index means a day, as determined by the Calculation Agent, on which
(i) the Relevant Stock Exchanges with respect to each security underlying the Index are scheduled to be open for trading for their respective regular trading sessions and (ii) each Related Futures or Options Exchange is scheduled to be
open for trading for its regular trading session. The “Relevant Stock Exchange” for any security underlying the Index means the primary exchange or quotation system on which such security is traded, as determined by the Calculation
Agent. The “Related Futures or Options Exchange” for the Index means an exchange or quotation system where trading has a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts
relating to the Index. 
 A “Trading Day” with respect to the Fund means a day, as determined by the
Calculation Agent, on which the Relevant Stock Exchange and each Related Futures or Options Exchange with respect to the Fund are scheduled to be open for trading for their respective regular trading sessions. The “Relevant Stock
Exchange” for the Fund means the primary exchange or quotation system on which shares (or other applicable securities) of the Fund are traded, as determined by the Calculation Agent. The “Related Futures or Options
Exchange” for the Fund means each exchange or quotation system where trading has a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating to the Fund. 

Discontinuance Of The Index; Alteration Of Method Of Calculation 

If the Index Sponsor discontinues publication of the Index, and the Index Sponsor or another entity publishes a successor or
substitute equity index that the Calculation Agent determines, in its sole discretion, to be comparable to the Index (a “Successor Equity Index”), then, upon the Calculation Agent’s notification of that determination to the
Trustee and the Company, the Calculation Agent will substitute the Successor Equity Index as calculated by the relevant Index Sponsor or any other entity for purposes of calculating the Closing Value of the Index on any date of determination. Upon
any selection by the Calculation Agent of a Successor Equity Index, the Company will cause notice to be given to the Holder of this Security. 

In the event that the Index Sponsor discontinues publication of the Index prior to, and the discontinuance is continuing on, a
Calculation Day and the Calculation Agent determines that no Successor Equity Index is available at such time, the Calculation Agent will calculate a substitute Closing Level for the Index in accordance with the formula for and method of calculating
the Index last in effect prior to the discontinuance, but using only those securities that comprised the Index immediately prior to that discontinuance. If a Successor Equity Index is selected or the Calculation Agent calculates a level as a
substitute for the Index, the Successor Equity Index or level will be used as a substitute for the Index for all purposes, including the purpose of determining whether a Market Disruption Event exists. 

  
 6 

 If on a Calculation Day the Index Sponsor fails to calculate and announce
the level of the Index, the Calculation Agent will calculate a substitute Closing Level of the Index in accordance with the formula for and method of calculating the Index last in effect prior to the failure, but using only those securities that
comprised the Index immediately prior to that failure; provided that, if a Market Disruption Event occurs or is continuing on such day with respect to the Index, then the provisions set forth above under the definition of “Calculation
Days” shall apply in lieu of the foregoing. 
 If at any time the Index Sponsor makes a material change in the
formula for or the method of calculating the Index, or in any other way materially modifies the Index (other than a modification prescribed in that formula or method to maintain the Index in the event of changes in constituent stock and
capitalization and other routine events), then, from and after that time, the Calculation Agent will, at the close of business in New York, New York, on each date that the Closing Level of the Index is to be calculated, calculate a substitute
Closing Level of the Index in accordance with the formula for and method of calculating the Index last in effect prior to the change, but using only those securities that comprised the Index immediately prior to that change. Accordingly, if the
method of calculating the Index is modified so that the level of the Index is a fraction or a multiple of what it would have been if it had not been modified, then the Calculation Agent will adjust the Index in order to arrive at a level of the
Index as if it had not been modified. 
 Anti-dilution Adjustments Relating To The Fund; Alternate Calculation 

Anti-dilution Adjustments 

The Calculation Agent will adjust the Adjustment Factor with respect to the Fund as specified below if any of the events
specified below occurs with respect to the Fund and the effective date or ex-dividend date, as applicable, for such event is after the Pricing Date and on or prior to the Final Calculation Day. 

The adjustments specified below do not cover all events that could affect the Fund. The Calculation Agent may, in its sole
discretion, make additional adjustments to any terms of this Security upon the occurrence of other events that affect or could potentially affect the market price of, or shareholder rights in, the Fund, with a view to offsetting, to the extent
practical, any such change, and preserving the relative investment risks of this Security. In addition, the Calculation Agent may, in its sole discretion, make adjustments or a series of adjustments that differ from those described herein if the
Calculation Agent determines that such adjustments do not properly reflect the economic consequences of the events specified herein or would not preserve the relative investment risks of this Security. All determinations made by the Calculation
Agent in making any adjustments to the terms of this Security, including adjustments that are in addition to, or that differ from, those described herein, will be made in good faith and a commercially reasonable manner, with the aim of ensuring an
equitable result. In determining whether to make any adjustment to the terms of this Security, the Calculation Agent may consider any adjustment made by the Options Clearing Corporation or any other equity derivatives clearing organization on
options contracts on the Fund. 

  
 7 

 For any event described below, the Calculation Agent will not be required to
adjust the Adjustment Factor unless the adjustment would result in a change to the Adjustment Factor then in effect of at least 0.10%. The Adjustment Factor resulting from any adjustment will be rounded up or down, as appropriate, to the nearest
one-hundred thousandth. 
  

	 	(A)	 Stock Splits and Reverse Stock Splits 

 

	 	    	 If a stock split or reverse stock split has occurred, then once such split has become effective, the
Adjustment Factor will be adjusted to equal the product of the prior Adjustment Factor and the number of securities which a holder of one share (or other applicable security) of the Fund before the effective date of such stock split or reverse stock
split would have owned or been entitled to receive immediately following the applicable effective date. 

  

	 	(B)	 Stock Dividends 

 

	 	    	 If a dividend or distribution of shares (or other applicable securities) to which this Security is linked has
been made by the Fund ratably to all holders of record of such shares (or other applicable security), then the Adjustment Factor will be adjusted on the ex-dividend date to equal the prior Adjustment Factor plus the product of the prior Adjustment
Factor and the number of shares (or other applicable security) of the Fund which a holder of one share (or other applicable security) of the Fund before the ex-dividend date would have owned or been entitled to receive immediately following that
date; provided, however, that no adjustment will be made for a distribution for which the number of securities of the Fund paid or distributed is based on a fixed cash equivalent value. 

 

	 	(C)	 Extraordinary Dividends 

 

	 	    	 If an Extraordinary Dividend (as defined below) has occurred, then the Adjustment Factor will be adjusted on
the ex-dividend date to equal the product of the prior Adjustment Factor and a fraction, the numerator of which is the Closing Price per share (or other applicable security) of the Fund on the Trading Day preceding the ex-dividend date, and the
denominator of which is the amount by which the Closing Price per share (or other applicable security) of the Fund on the Trading Day preceding the ex-dividend date exceeds the Extraordinary Dividend Amount (as defined below).

  

	 	    	 For purposes of determining whether an Extraordinary Dividend has occurred: 

 

	 	(1)	 “Extraordinary Dividend” means any cash dividend or distribution (or portion thereof) that
the Calculation Agent determines, in its sole discretion, is extraordinary or special; and 

  

	 	(2)	 “Extraordinary Dividend Amount” with respect to an Extraordinary Dividend for the securities
of the Fund will equal the amount per share (or other applicable security) of the Fund of the applicable cash dividend or 

  
 8 

	 	 
distribution that is attributable to the Extraordinary Dividend, as determined by the Calculation Agent in its sole discretion. 

 

	 	    	 A distribution on the securities of the Fund described below under the section entitled
“—Reorganization Events” below that also constitutes an Extraordinary Dividend will only cause an adjustment pursuant to that “—Reorganization Events” section. 

 

	 	(D)	 Other Distributions 

 

	 	    	 If the Fund declares or makes a distribution to all holders of the shares (or other applicable security) of
the Fund of any non-cash assets, excluding dividends or distributions described under the section entitled “—Stock Dividends” above, then the Calculation Agent may, in its sole discretion, make such adjustment (if any) to the
Adjustment Factor as it deems appropriate in the circumstances. If the Calculation Agent determines to make an adjustment pursuant to this paragraph, it will do so with a view to offsetting, to the extent practical, any change in the economic
position of a holder of this Security that results solely from the applicable event. 

  

	 	(E)	 Reorganization Events 

 

	 	    	 If the Fund, or any Successor Fund, is subject to a merger, combination, consolidation or statutory exchange
of securities with another exchange traded fund, and the Fund to which this Security is linked is not the surviving entity (a “Reorganization Event”), then, on or after the date of such event, the Calculation Agent shall, in its
sole discretion, make an adjustment to the Adjustment Factor or the method of determining the Redemption Amount or any other terms of this Security as the Calculation Agent determines appropriate to account for the economic effect on this Security
of such event, and determine the effective date of that adjustment. If the Calculation Agent determines that no adjustment that it could make will produce a commercially reasonable result, then the Calculation Agent may deem such event a Liquidation
Event (as defined below). 

 Liquidation Events 

If the Fund is de-listed, liquidated or otherwise terminated (a “Liquidation Event”), and a successor or
substitute exchange traded fund exists that the Calculation Agent determines, in its sole discretion, to be comparable to the Fund, then, upon the Calculation Agent’s notification of that determination to the Trustee and the Company, any
subsequent Fund Closing Price for the Fund will be determined by reference to the Fund Closing Price of such successor or substitute exchange traded fund (such exchange traded fund being referred to herein as a “Successor Fund”),
with such adjustments as the Calculation Agent determines are appropriate to account for the economic effect of such substitution on holder of this Security. 

If the Fund undergoes a Liquidation Event prior to, and such Liquidation Event is continuing on, the date that any Fund
Closing Price of the Fund is to be determined and the 

  
 9 

 
Calculation Agent determines that no Successor Fund is available at such time, then the Calculation Agent will, in its discretion, calculate the Fund Closing Price for the Fund on such date by a
computation methodology that the Calculation Agent determines will as closely as reasonably possible replicate the Fund, provided that if the Calculation Agent determines in its discretion that it is not practicable to replicate the Fund (including
but not limited to the instance in which the sponsor of the index underlying the Fund discontinues publication of that index), then the Calculation Agent will calculate the Fund Closing Price for the Fund in accordance with the formula last used to
calculate such Fund Closing Price before such Liquidation Event, but using only those securities that were held by the Fund immediately prior to such Liquidation Event without any rebalancing or substitution of such securities following such
Liquidation Event. 
 If a Successor Fund is selected or the Calculation Agent calculates the Fund Closing Price as a
substitute for the Fund, such Successor Fund or Fund Closing Price will be used as a substitute for the Fund for all purposes, including for purposes of determining whether a Market Disruption Event exists. 

If any event is both a Reorganization Event and a Liquidation Event, such event will be treated as a Reorganization Event for
purposes of this Security unless the Calculation Agent makes the determination referenced in the last sentence of the section entitled “—Anti-dilution Adjustments—Reorganization Events” above. 

Alternate Calculation 

If at any time the method of calculating the Fund or a Successor Fund, or the related index underlying the Fund or Successor
Fund, is changed in a material respect, or if the Fund or a Successor Fund is in any other way modified so that the Fund does not, in the opinion of the Calculation Agent, fairly represent the price of the securities of the Fund or a Successor Fund
had such changes or modifications not been made, then the Calculation Agent may, at the close of business in New York City on the date that any Fund Closing Price is to be determined, make such calculations and adjustments as, in the good faith
judgment of the Calculation Agent, may be necessary in order to arrive at a Closing Price of the Fund comparable to the Fund or such Successor Fund, as the case may be, as if such changes or modifications had not been made, and calculate the Fund
Closing Price and the Redemption Amount with reference to such adjusted Closing Price of the Fund or a Successor Fund, as applicable. 
 Market
Disruption Events 
 A “Market Disruption Event” with respect to the Index means any of the
following events as determined by the Calculation Agent in its sole discretion: 
  

	 	(A)	 The occurrence or existence of a material suspension of or limitation imposed on trading by the Relevant Stock
Exchanges or otherwise relating to securities which then comprise 20% or more of the level of the Index or any Successor Equity Index at any time during the one-hour period that ends at the Close of Trading on that day, whether by reason of
movements in price exceeding limits permitted by those Relevant Stock Exchanges or otherwise. 

  
 10 

	 	(B)	 The occurrence or existence of a material suspension of or limitation imposed on trading by any Related
Futures or Options Exchange or otherwise in futures or options contracts relating to the Index or any Successor Equity Index on any Related Futures or Options Exchange at any time during the one-hour period that ends at the Close of Trading on that
day, whether by reason of movements in price exceeding limits permitted by the Related Futures or Options Exchange or otherwise. 

  

	 	(C)	 The occurrence or existence of any event, other than an early closure, that materially disrupts or impairs the
ability of market participants in general to effect transactions in, or obtain market values for, securities that then comprise 20% or more of the level of the Index or any Successor Equity Index on their Relevant Stock Exchanges at any time during
the one-hour period that ends at the Close of Trading on that day. 

  

	 	(D)	 The occurrence or existence of any event, other than an early closure, that materially disrupts or impairs the
ability of market participants in general to effect transactions in, or obtain market values for, futures or options contracts relating to the Index or any Successor Equity Index on any Related Futures or Options Exchange at any time during the
one-hour period that ends at the Close of Trading on that day. 

  

	 	(E)	 The closure on any Exchange Business Day of the Relevant Stock Exchanges on which securities that then
comprise 20% or more of the level of the Index or any Successor Equity Index are traded or any Related Futures or Options Exchange with respect to the Index or any Successor Equity Index prior to its Scheduled Closing Time unless the earlier closing
time is announced by the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, at least one hour prior to the earlier of (1) the actual closing time for the regular trading session on such Relevant Stock Exchange or
Related Futures or Options Exchange, as applicable, and (2) the submission deadline for orders to be entered into the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, system for execution at such actual closing
time on that day. 

  

	 	(F)	 The Relevant Stock Exchange for any security underlying the Index or Successor Equity Index or any Related
Futures or Options Exchange with respect to the Index or Successor Equity Index fails to open for trading during its regular trading session. 

For purposes of determining whether a Market Disruption Event has occurred with respect to the Index: 

 

	 	(1)	 the relevant percentage contribution of a security to the level of the Index or any Successor Equity Index
will be based on a comparison of (x) the portion of the level of the Index attributable to that security and (y) the overall level of the Index or 

  
 11 

	 	 
Successor Equity Index, in each case immediately before the occurrence of the Market Disruption Event; 

  

	 	(2)	 the “Close of Trading” on any Trading Day for the Index or any Successor Equity Index means
the Scheduled Closing Time of the Relevant Stock Exchanges with respect to the securities underlying the Index or Successor Equity Index on such Trading Day; provided that, if the actual closing time of the regular trading session of any such
Relevant Stock Exchange is earlier than its Scheduled Closing Time on such Trading Day, then (x) for purposes of clauses (A) and (C) of the definition of “Market Disruption Event” above, with respect to any security
underlying the Index or Successor Equity Index for which such Relevant Stock Exchange is its Relevant Stock Exchange, the “Close of Trading” means such actual closing time and (y) for purposes of clauses (B) and (D) of the
definition of “Market Disruption Event” above, with respect to any futures or options contract relating to the Index or Successor Equity Index, the “Close of Trading” means the latest actual closing time of the regular trading
session of any of the Relevant Stock Exchanges, but in no event later than the Scheduled Closing Time of the Relevant Stock Exchanges; 

  

	 	(3)	 the “Scheduled Closing Time” of any Relevant Stock Exchange or Related Futures or Options
Exchange on any Trading Day for the Index or any Successor Equity Index means the scheduled weekday closing time of such Relevant Stock Exchange or Related Futures or Options Exchange on such Trading Day, without regard to after hours or any other
trading outside the regular trading session hours; and 

  

	 	(4)	 an “Exchange Business Day” means any Trading Day for the Index or any Successor Equity Index
on which each Relevant Stock Exchange for the securities underlying the Index or any Successor Equity Index and each Related Futures or Options Exchange with respect to the Index or any Successor Equity Index are open for trading during their
respective regular trading sessions, notwithstanding any such Relevant Stock Exchange or Related Futures or Options Exchange closing prior to its Scheduled Closing Time. 

A “Market Disruption Event” with respect to the Fund means any of the following events as determined by the
Calculation Agent in its sole discretion: 
  

	 	(A)	 The occurrence or existence of a material suspension of or limitation imposed on trading by the Relevant Stock
Exchange or otherwise relating to the shares (or other applicable securities) of the Fund or any Successor Fund on the Relevant Stock Exchange at any time during the one-hour period that ends at the Close of Trading on such day, whether by reason of
movements in price exceeding limits permitted by such Relevant Stock Exchange or otherwise. 

  

	 	(B)	 The occurrence or existence of a material suspension of or limitation imposed on trading by any Related
Futures or Options Exchange or otherwise in futures or options contracts relating to the shares (or other applicable securities) of the Fund or any Successor Fund on any Related Futures or Options Exchange at any time

  
 12 

	 	 
during the one-hour period that ends at the Close of Trading on that day, whether by reason of movements in price exceeding limits permitted by the Related Futures or Options Exchange or
otherwise. 

  

	 	(C)	 The occurrence or existence of any event, other than an early closure, that materially disrupts or impairs the
ability of market participants in general to effect transactions in, or obtain market values for, shares (or other applicable securities) of the Fund or any Successor Fund on the Relevant Stock Exchange at any time during the one-hour period that
ends at the Close of Trading on that day. 

  

	 	(D)	 The occurrence or existence of any event, other than an early closure, that materially disrupts or impairs the
ability of market participants in general to effect transactions in, or obtain market values for, futures or options contracts relating to shares (or other applicable securities) of the Fund or any Successor Fund on any Related Futures or Options
Exchange at any time during the one-hour period that ends at the Close of Trading on that day. 

  

	 	(E)	 The closure of the Relevant Stock Exchange or any Related Futures or Options Exchange with respect to the Fund
or any Successor Fund prior to its Scheduled Closing Time unless the earlier closing time is announced by the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, at least one hour prior to the earlier of (1) the
actual closing time for the regular trading session on such Relevant Stock Exchange or Related Futures or Options Exchange, as applicable, and (2) the submission deadline for orders to be entered into the Relevant Stock Exchange or Related
Futures or Options Exchange, as applicable, system for execution at the Close of Trading on that day. 

  

	 	(F)	 The Relevant Stock Exchange or any Related Futures or Options Exchange with respect to the Fund or any
Successor Fund fails to open for trading during its regular trading session. 

 For purposes of
determining whether a market disruption event has occurred with respect to the Fund: 
  

	 	(1)	 “Close of Trading” means the Scheduled Closing Time of the Relevant Stock Exchange with
respect to the Fund or any Successor Fund; and 

  

	 	(2)	 the “Scheduled Closing Time” of the Relevant Stock Exchange or any Related Futures or Options
Exchange on any Trading Day for the Fund or any Successor Fund means the scheduled weekday closing time of such Relevant Stock Exchange or Related Futures or Options Exchange on such Trading Day, without regard to after hours or any other trading
outside the regular trading session hours. 

 Calculation Agent 

The Calculation Agent will determine whether this Security will be automatically called prior to stated maturity, the Call
Price, if any, and the Redemption Amount, if any. In addition, the 

  
 13 

 
Calculation Agent will (i) determine if adjustments are required to the Closing Values of the Market Measures under the circumstances described in this Security, (ii) if publication of
the Index is discontinued, select a Successor Equity Index or, if no Successor Equity Index is available, determine the Closing Value of the Index under the circumstances described in this Security, (iii) if the Fund undergoes a Liquidation
Event, select a Successor Fund or, if no Successor Fund is available, determine the Closing Value of the Fund and (iv) determine whether a Market Disruption Event has occurred. 

The Company covenants that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which
shall be a broker-dealer, bank or other financial institution) with respect to this Security. 

All determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the
Calculation Agent and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security. 

Redemption and Repayment 

This Security is not subject to repayment at the option of the Holder hereof prior to March 21, 2018. Except as set forth
above under “Automatic Call,” this Security is not subject to redemption prior to March 21, 2018. This Security is not entitled to any sinking fund. 

Acceleration 
 If
an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Redemption Amount (calculated as set forth in the next two sentences) of this Security may be declared due and payable in the manner
and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture will be equal to the Redemption Amount hereof, calculated as provided herein, plus a portion of a final Coupon
Payment. The Redemption Amount will be calculated as though the date of acceleration was the Final Calculation Day. The final Coupon Payment will be prorated from and including the immediately preceding Coupon Payment Date to but excluding the date
of acceleration. 
  
  

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose. 
 [The remainder of this page has been left intentionally blank] 

  
 14 

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

 

					
	WELLS FARGO & COMPANY
		
	By:	 	 
		 	 
		 	Its:	 	 

 [SEAL] 
  

					
	Attest:	 	 
		 	 
		 	Its:	 	 

  

			
	 TRUSTEE’S CERTIFICATE OF

AUTHENTICATION
 This is one of the Securities of the

series designated therein described
 in the within-mentioned Indenture.

	
	 CITIBANK, N.A.,

      as Trustee

		
	By:	 	 
		 	Authorized Signature
	
	OR
	
	 WELLS FARGO BANK, N.A.,

  as Authenticating Agent for the Trustee

		
	By:	 	 
		 	Authorized Signature

  
 15 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Principal at Risk Securities Linked to the Lowest Performing of the Russell 2000®
Index 
 and the iShares® MSCI EAFE ETF due March 21, 2018 

This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and
Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more
foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities,
currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities of this series may
mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies. 

Article Sixteen of the Indenture shall not apply to this Security. 

The Securities are issuable only in registered form without coupons and will be either
(a) book-entry securities represented by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated
securities issued to and registered in the names of, the beneficial owners or their nominees. 
 The Company agrees, to the
extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of this Security. 

Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the 

  
 16 

 
time Outstanding of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all
series at the time Outstanding affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain
past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such
series. Solely for the purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in
the requisite aggregate principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Security. 
 Defeasance 

Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the
Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein,
shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Authorized
Denominations 
 This Security is issuable only in registered form without coupons in denominations of $1,000 or any
amount in excess thereof which is an integral multiple of $1,000. 
 Registration of Transfer 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of
Minneapolis, Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the
Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 

This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not
appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form
and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for
definitive Securities in registered 

  
 17 

 
form, bearing interest at the same rate, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of beneficial interests in this Global
Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 

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

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the Coupon Payments and the Redemption Amount or the Call Price, as applicable, on this Security at the times, place and rate, and in the coin or currency, herein prescribed, except as
otherwise provided in this Security. 
 No Personal Recourse 

No recourse shall be had for any Coupon Payments or the Redemption Amount or the Call Price, as applicable, on this Security,
or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the
Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration
for the issuance hereof, expressly waived and released. 
 Defined Terms 

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

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to
principles of conflicts of laws. 

  
 18 

 ABBREVIATIONS 

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: 
  

					
	 TEN COM
	 	  -- 
	 	 as tenants in common

			
	 TEN ENT
	 	  -- 
	 	 as tenants by the entireties

			
	 JT TEN
	 	  -- 
	 	 as joint tenants with right

of survivorship and not
 as
tenants in common

  

									
	 UNIF GIFT MIN ACT
	 	  -- 
	 	 	 	 Custodian
	 	 
		 		 	(Cust)	 		 	(Minor)

  

	
	Under Uniform Gifts to Minors Act
	
	   

	(State)

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

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 

 

	
	 Please Insert Social Security or
 Other
Identifying Number of Assignee

	
	   

  
  

 
  
  

 
 (PLEASE
PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

  
 19 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and
appoint                                      attorney to
transfer the said Security on the books of the Company, with full power of substitution in the premises. 
 Dated:
                                         
        
  

	
	   

  

	
	   

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

  
 20DLC Structure Sharing Agreement

 Exhibit 4.1 

DLC Structure Sharing Agreement 
 BHP Limited 

Billiton Plc 
 Incorporating amendments to be proposed
at the 2015 Annual General Meetings of BHP Billiton Limited (formerly known as BHP limited) and BHP Billiton Plc (formerly known as Billiton Plc). 
  

			
	 Allen Allen & Hemsley
	 	Linklaters
	 The Chifley Tower
	 	One Silk Street
	 2 Chifley Square
	 	London EC2Y 8HQ
	 Sydney NSW 2000
	 	United Kingdom
	 Australia
	 	
		
	 Tel 61 2 9230 4000
	 	Tel 44 20 7456 2000
	 Fax 61 2 9230 5333
	 	Fax 44 20 7456 2222

  

			
	 Freehills
	 	 Slaughter and May

	 MLC Centre
	 	 35 Basinghall Street

	 19-29 Martin Place
	 	 London EC2V 5DB

	 Sydney NSW 2001
	 	 United Kingdom

	 Australia
	 	
		
	 Tel 61 2 9225 5000
	 	 Tel 44 20 7600 1200

	 Fax 61 2 9322 4000
	 	 Fax 44 20 7600 0289

 Table of Contents 
  

									
	1.	 	 Definitions and interpretation
	  	 	4	  
	1.1	 	 Definitions
	  	 	4	  
	1.2	 	 Contracts (Rights of Third Parties) Act 1999
	  	 	8	  
	1.3	 	 Best Endeavours
	  	 	8	  
	1.4	 	 Interpretation
	  	 	8	  
			
	2.	 	 DLC Structure Principles
	  	 	9	  
			
	3.	 	 Equalisation
	  	 	9	  
	3.1	 	 DLC Equalisation Principles
	  	 	9	  
	3.2	 	 Qualifications
	  	 	10	  
	3.3	 	 Cash Dividends
	  	 	11	  
	3.4	 	 Equalisation Payment
	  	 	11	  
	3.5	 	 Circumstances not requiring Matching Action etc
	  	 	11	  
	3.6	 	 Boards’ decisions final
	  	 	12	  
			
	4.	 	 Class rights matters
	  	 	12	  
	4.1	 	 Class Rights Action
	  	 	12	  
	4.2	 	 Approvals of Class Rights Actions
	  	 	12	  
	4.3	 	 Class Rights Procedure
	  	 	13	  
			
	5.	 	 Joint electorate matters
	  	 	13	  
	5.1	 	 Joint Electorate Actions
	  	 	13	  
	5.2	 	 Joint Electorate Procedure
	  	 	13	  
			
	6.	 	 Meetings and Voting
	  	 	14	  
	6.1	 	 Obligations to convene meetings
	  	 	14	  
	6.2	 	 Poll
	  	 	14	  
	6.3	 	 Timing of Poll
	  	 	14	  
	6.4	 	 Discretionary Matters
	  	 	14	  
	6.5	 	 Procedural Resolutions
	  	 	14	  
	6.6	 	 Voting Restrictions
	  	 	15	  
			
	7.	 	 Takeovers and acceptance of them
	  	 	15	  
	7.1	 	 Enforcement of Constitutions
	  	 	15	  
	7.2	 	 Acceptance of a takeover offer for BHP
	  	 	15	  
	7.3	 	 Acceptance of a takeover offer for Billiton
	  	 	15	  
			
	8.	 	 Liquidation
	  	 	15	  
	8.1	 	 One party insolvent
	  	 	15	  
	8.2	 	 Both parties insolvent
	  	 	16	  
	8.3	 	 Definitions and Interpretation
	  	 	16	  
			
	9.	 	 Termination
	  	 	17	  
			
	10.	 	 Personal rights only
	  	 	17	  
			
	11.	 	 Issue of DLC Dividend Shares
	  	 	17	  
	11.1	 	 By BHP Billiton
	  	 	17	  
	11.2	 	 By other Group members
	  	 	18	  
			
	12.	 	 Relationships with other documents
	  	 	18	  
			
	13.	 	 Other transactions
	  	 	18	  

  
 2 

									
	14.	 	 General
	  	 	18	  
	14.1	 	 No assignment
	  	 	18	  
	14.2	 	 No partnership or agency
	  	 	19	  
	14.3	 	 Amendment
	  	 	19	  
	14.4	 	 Notices
	  	 	19	  
	14.5	 	 Process Agent
	  	 	19	  
	14.6	 	 Governing law and jurisdiction
	  	 	20	  
	14.7	 	 Prohibition and enforceability
	  	 	20	  
	14.8	 	 Waivers
	  	 	20	  
	14.9	 	 Counterparts
	  	 	20	  
	14.10	 	 Attorney
	  	 	20	  
		
	 Annexure 1
	  	 	21	  
		 	 BHP Constitution
	  	 	21	  
		
	 Annexure 2
	  	 	22	  
		 	 Billiton Memorandum and Articles
	  	 	22	  

  
 3 

 DLC Structure Sharing Agreement 

 
  

			
		
	 Date
	  	
		
	 Parties
	  	
		
	 1.
	  	BHP LIMITED
		
		  	(ACN 004 028 077) a company incorporated in Victoria, Australia, whose registered office is at Level 16, 171 Collins Street, Melbourne, Victoria 3000, Australia (BHP); and
		
	 2.
	  	BILLITON PLC
		
		  	a company incorporated in England and Wales with registered number 3196209, whose registered office is at Neathouse Place, London SW1V 1LH, United Kingdom (Billiton).
		
	 Recitals
	  	
		
	 A
	  	BHP and Billiton have agreed to establish a dual listed companies structure for the purposes of the future conduct of their combined businesses and, accordingly, the implementation, management and operation of their combined
businesses and affairs shall be undertaken in accordance with the terms of this Agreement and in particular, the DLC Equalisation Principles and the DLC Structure Principles, as defined below.

 IT IS AGREED on and from the date of this Agreement as follows. 

1.    Definitions and interpretation 

In this Agreement, unless the context otherwise requires: 

1.1    Definitions 
 Action
means any distribution or any action affecting the amount or nature of issued share capital, including any dividend, distribution in specie, offer by way of rights, bonus issue, repayment of capital, sub-division or consolidation, buy-back or
amendment of the rights of any shares or a series of one or more of such actions. 
 Applicable Regulation means: 

 

	(a)	applicable law and regulations (including the requirements of the UK Code on Takeovers and Mergers and the UK Panel on Takeovers and Mergers); and 

 

	(b)	directives, notices or requirements of any Governmental Agency having jurisdiction over BHP or Billiton, as the case may be; and 

  

	(c)	the rules, regulations, and guidelines of: 

  

	 	(i)	any stock exchange on which either the Billiton Ordinary Shares or the BHP Ordinary Shares or the BHP American depositary shares are listed or quoted; 

 

	 	(ii)	any other body with which entities with securities listed or quoted on such exchanges customarily comply, 

(but, if not having the force of law, only if compliance with such directives, notices, requirements, rules, regulations or guidelines is in accordance with
the general practice of persons to whom they are intended to 

  
 4 

 DLC Structure Sharing Agreement 

 
  

 
apply) in each case for the time being in force and taking account of all exemptions, waivers or variations from time to time applicable (in particular situations or generally) to Billiton or, as
the case may be, to BHP. 
 ASX means ASX Limited (ACN 008 624 691). 

BHP Constitution means the Constitution of BHP in the form attached to this Agreement as Annexure 1. 

BHP Deed Poll Guarantee means the Deed Poll Guarantee of the same date as this Agreement whereby BHP guarantees certain obligations of the
Billiton Group. BHP DLC Dividend Share means the proposed DLC Dividend Share in the capital of BHP having the rights described in the BHP Constitution. 

BHP DLC Dividend Share means the proposed DLC Dividend Share in the capital of BHP having the rights described in the BHP Constitution. 

BHP Entrenched Provision has the meaning given to it in the BHP Constitution. 

BHP Group means BHP and its Subsidiaries from time to time and a member of the BHP Group means any one of them. 

BHP Ordinary Shares means the ordinary shares in the capital of BHP from time to time. 

BHP Special Voting Share means the special voting share in the capital of BHP issued to BHP SVC having the rights described in the BHP
Constitution. 
 BHP SVC means BHP SVC Pty Limited, a proprietary company limited by shares incorporated in Victoria, or such other company as
replaces BHP SVC Pty Limited from time to time pursuant to the terms of the Voting Agreement. 
 Billiton Deed Poll Guarantee means the Deed
Poll Guarantee of the same date as this Agreement whereby Billiton guarantees certain obligations of the BHP Group. 
 Billiton DLC Dividend
Share means the proposed DLC Dividend Share in the capital of Billiton having the rights described in the Billiton Memorandum and Articles. 

Billiton Entrenched Provision has the meaning given to it in the Billiton Memorandum and Articles. 

Billiton Group means Billiton and its Subsidiaries from time to time and a member of the Billiton Group means any one of them.

 Billiton Memorandum and Articles means the Memorandum and Articles of Association of Billiton in the form attached to this Agreement as
Annexure 2. 
 Billiton Ordinary Shares means the ordinary shares in the capital of Billiton from time to time. 

Billiton Special Voting Share means the special voting share in the capital of Billiton issued to Billiton SVC having the rights described in
the Billiton Memorandum and Articles. 

  
 5 

 DLC Structure Sharing Agreement 

 
  

 Billiton SVC means Billiton SVC Limited, a limited liability company incorporated in England
and Wales or such other company as replaces Billiton SVC Limited from time to time pursuant to the terms of the Voting Agreement. 
 Board of
BHP means all or some of the directors of BHP from time to time acting as a board (or a duly appointed committee of the board). 
 Board of
Billiton means all or some of the directors of Billiton from time to time acting as a board (or a duly appointed committee of the board). 

Boards of BHP and Billiton means the Board of BHP and the Board of Billiton. 

Class Rights Action means any of the actions listed in Clause 4.1. 

Class Rights Procedure means the procedures referred to in Clause 4.2.  

Combined Group means the BHP Group and the Billiton Group.  

Companies Act means the Companies Act 1985 of the United Kingdom.  

Constitution means: 
  

	(a)	in relation to BHP, the BHP Constitution; and 

  

	(b)	in relation to Billiton, the Billiton Memorandum and Articles. 

 Corporations Law has the meaning
given to it by Section 13(2) of the Corporations (Victoria) Act 1990 of Victoria, Australia and includes a reference to the Corporations Regulations referred to in that section. 

DLC Dividend Share means the BHP DLC Dividend Share or Billiton DLC Dividend Share, as the context requires. 

DLC Equalisation Principles means the principles set out in Clause 3, in particular Clause 3.1. 

DLC Merger Implementation Agreement means the agreement entered into between BHP and Billiton dated 19 March 2001. 

DLC Structure means the arrangement whereby, inter alia, BHP and Billiton have a unified management structure and the businesses of both BHP and
Billiton are managed on a unified basis in accordance with the provisions of this Agreement. 
 DLC Structure Principles means the principles
described in Clause 2. 
 Equalisation Ratio means the ratio for the time being of (a) the dividend, capital and (in relation to Joint
Electorate Actions) voting rights per BHP Ordinary Share to (b) the dividend, capital and (in relation to Joint Electorate Actions) voting rights per Billiton Ordinary Share in the Combined Group (which shall initially be 1:1). 

Governmental Agency means any government or representative of a government or any governmental,
semi-governmental, supra-national, statutory, administrative, fiscal, regulatory or judicial body, department, commission, authority, tribunal, agency or entity or trade agency, and shall include competition
authorities, the UK Panel on Takeovers and Mergers, the Corporations and Securities Panel of Australia, the ASX, the Australian Securities and Investments Commission, the London Stock Exchange and the UK Listing Authority. 

  
 6 

 DLC Structure Sharing Agreement 

 
  

 Group means: 
  

	(a)	in relation to BHP, the BHP Group; and 

  

	(b)	in relation to Billiton, the Billiton Group, 

 as the context requires. 

Joint Electorate Action means any of the actions listed in Clause 5.1 (other than those matters which the Boards of BHP and Billiton have from
time to time agreed will be treated as Class Rights Actions). 
 Joint Electorate Procedure means the procedures referred to in Clause 5.2.

 London Stock Exchange means the London Stock Exchange Plc. 

Matching Action means any Action in relation to either the holders of BHP Ordinary Shares or the holders of Billiton Ordinary Shares whose
overall effect is such that, when taken together with an Action taken or to be taken in relation to the holders of Billiton Ordinary Shares or of BHP Ordinary Shares (as the case may be), is such as to ensure that the economic returns and voting
rights of a BHP Ordinary Share and of a Billiton Ordinary Share are maintained in proportion to the Equalisation Ratio. 
 Matching
Dividend has the meaning given in Clause 3.3. 
 Ordinary Resolution means any resolution of the shareholders of
a company which requires the affirmative vote of a majority of the votes cast on the resolution to be approved. 
 Ordinary Shares
means: 
  

	(a)	in relation to BHP, the BHP Ordinary Shares; and 

  

	(b)	in relation to Billiton, the Billiton Ordinary Shares. 

 Public Trustee means The
Law Debenture Trust Corporation Plc or such other public trust company as shall be agreed between BHP and Billiton. 
 Required
Majority means in relation to a Class Rights Action the percentage voting in favour that would be required to pass a Required Resolution of the type proposed in connection with such Class Rights Action. 

Required Resolution has the meaning given in Clause 4.2. 

Special Resolution means any resolution of the shareholders of either party which requires: 

 

	(a)	the affirmative vote of 75% or more of the votes cast on the resolution to be approved; or 

  

	(b)	where prescribed by Applicable Regulation or the relevant party’s Constitution, any other affirmative vote greater than that required for an Ordinary Resolution. 

Special Voting Share means: 
  

	(a)	in relation to BHP, the BHP Special Voting Share; and 

  

	(b)	in relation to Billiton, the Billiton Special Voting Share. 

 Subsidiary means a
subsidiary undertaking as that term is defined in Section 258 of the Companies Act. 

  
 7 

 DLC Structure Sharing Agreement 

 
  

 Tax Benefit means any credit, rebate, exemption or benefit in respect of Tax
available to any person. 
 Tax means any taxes, levies, imposts, deductions, charges, withholdings or duties levied by any
authority (including stamp and transaction duties) (together with any related interest, penalties, fines and expenses in connection with them). 
 UK
Listing Authority means the Financial Services Authority in its capacity as competent authority for the purposes of Part IV of the UK Financial Services Act 1986. 

Voting Agreement means the SVC Special Voting Shares Deed entered into between BHP, BHP SVC, Billiton, Billiton SVC and the Public
Trustee relating to the BHP Special Voting Share and the Billiton Special Voting Share. 
 Withholding Tax means any amount in
respect of Tax which is required by Applicable Regulation to be deducted or withheld in respect of any Action made, or amount paid pursuant to an Action, to any holder of BHP Ordinary Shares or Billiton Ordinary Shares. 

1.2    Contracts (Rights of Third Parties) Act 1999 

A person who is not a party to this Agreement has no right under the Contract (Rights of Third Parties) Act 1999 to enforce any terms of this Agreement. 

1.3    Best Endeavours 
 Where this
Agreement requires a party to use best endeavours in relation to an obligation, that party shall do all such things as are or may be necessary or desirable so as to comply with or satisfy that obligation unless the parties agree that it is
not reasonable to take the action or assume that obligation. 
 1.4    Interpretation 

Headings are for convenience only and do not affect interpretation. The following rules of interpretation apply unless the context requires otherwise. 

 

	(a)	The singular includes the plural and conversely. 

  

	(b)	A gender includes all genders. 

  

	(c)	Where a word or phrase is defined, its other grammatical forms have a corresponding meaning. 

  

	(d)	A reference to a person includes a body corporate, an unincorporated body or other entity. 

  

	(e)	A reference to a Clause or an Annexure is to a Clause of or Annexure to this Agreement. 

  

	(f)	A reference to any agreement or document is to that agreement or document as amended, novated, supplemented, varied or replaced from time to time, except to the extent prohibited by this Agreement. 

 

	(g)	A reference to any legislation or Applicable Regulation or to any provision of any legislation or Applicable Regulation includes any modification or re-enactment of it, any legislative or regulatory provision
substituted for it and all regulations and statutory instruments issued under it. 

  

	(h)	Each Annexure and each certificate and document delivered under this Agreement forms part of this Agreement. 

  

	(i)	A reference to writing includes a facsimile transmission and any means of reproducing words in a tangible and permanently visible form. 

 

	(j)	Mentioning anything after include, includes or including does not limit what else might be included. Where particular words are followed by general words, the general words are not limited by the
particular. 

  
 8 

 DLC Structure Sharing Agreement 

 
  

	(k)	A reference to a body, other than a party to this Agreement (including, an institute, association, authority or Governmental Agency), whether statutory or not: 

 

	 	(i)	which ceases to exist; or 

  

	 	(ii)	whose powers or functions are transferred to another body, 

 is a reference to the body which
replaces it or which substantially succeeds to its powers or functions. 
  

	(l)	All references to time are to the local time in the place where the relevant obligation is to be performed (or right exercised). 

 

	(m)	References in this Agreement to A$ are to Australian dollars. 

  

	(n)	References to offers by way of rights are to any offers (whether renounceable or non-renounceable) to the existing ordinary shareholders of a party as nearly as may be in proportion to their holdings at the relevant
time on a pre-emptive basis which may be subject to such exclusions or other arrangements as the Board of BHP or the Board of Billiton, as the case may be, may deem necessary or expedient in relation to fractional entitlements or legal or practical
difficulties with making the offer under the laws of, or the requirements of any Applicable Regulation in, any jurisdiction. 

2.    DLC Structure Principles 
 BHP
and Billiton agree that the following principles are essential to the implementation, management and operation of the DLC Structure: 
  

	(a)	BHP and Billiton must operate as if they were a single unified economic entity, through boards of directors which comprise the same individuals and a unified senior executive management; 

 

	(b)	the directors of BHP and Billiton shall, in addition to their duties to the company concerned, have regard to the interests of the holders of BHP Ordinary Shares and the holders of Billiton Ordinary Shares as if the two
companies were a single unified economic entity and for that purpose the directors of each company shall take into account in the exercise of their powers the interests of the shareholders of the other; and 

 

	(c)	the DLC Equalisation Principles must be observed, 

 and BHP and Billiton agree to pursue, and agree to procure
(to the extent that it is appropriate to do so) that each member of its respective Group will pursue, the DLC Structure Principles. 

3.    Equalisation 

3.1    DLC Equalisation Principles 

Subject to Clause 3.2, the following principles shall be observed in relation to the rights of the BHP Ordinary Shares and the Billiton Ordinary Shares: 

 

	(a)	the Equalisation Ratio shall govern the economic rights of one BHP Ordinary Share relative to one Billiton Ordinary Share (and vice versa) and the relative voting rights of one BHP Ordinary Share and one Billiton
Ordinary Share on Joint Electorate Actions so that, where the Equalisation Ratio is 1:1, a holder of one BHP Ordinary Share and a holder of one Billiton Ordinary Share shall, as far as practicable: 

 

	 	(i)	receive equivalent economic returns; and 

  

	 	(ii)	enjoy equivalent rights as to voting in relation to Joint Electorate Actions, 

 and otherwise
such returns and rights as between a BHP Ordinary Share and a Billiton Ordinary Share will be in proportion to the then prevailing Equalisation Ratio; 

  
 9 

 DLC Structure Sharing Agreement 

 
  

	(b)	where an Action by BHP or Billiton is proposed such that the Action would result in the ratio of the economic returns on, or voting rights (in relation to Joint Electorate Actions) of, a BHP Ordinary Share to a Billiton
Ordinary Share not being the same as the then prevailing Equalisation Ratio, or which would benefit the holders of Ordinary Shares in one party relative to the holders of Ordinary Shares in the other party, then: 

 

	 	(i)	unless the Boards of BHP and Billiton determine that it is not appropriate or practicable, a Matching Action shall be undertaken; or 

 

	 	(ii)	if no Matching Action is to be undertaken, an appropriate adjustment to the Equalisation Ratio shall be made, 

in order to ensure that there is equitable treatment (having regard to the then prevailing Equalisation Ratio) as between the holder of one BHP
Ordinary Share and the holder of one Billiton Ordinary Share. However, if the Boards of BHP and Billiton determine that it is not appropriate or practicable to undertake a Matching Action and that an adjustment to the Equalisation Ratio would not be
appropriate or practicable in relation to an Action, then such Action may be undertaken provided it has been approved as a Class Rights Action. 

3.2    Qualifications 
 For the
purposes of the DLC Equalisation Principles, save where expressly otherwise provided: 
  

	(a)	in relation to any Action, the economic return to the holders of BHP Ordinary Shares or Billiton Ordinary Shares shall be calculated before deduction of Withholding Tax and disregarding any Tax payable by or on behalf
of, or any Tax Benefit arising to, such holders; 

  

	(b)	Where an Action: 

  

	 	(i)	has not been approved as a Class Rights Action; 

  

	 	(ii)	in the absence of such approval, would require a Matching Action or adjustment to the Equalisation Ratio by virtue of Clause 3.1(b); and 

 

	 	(iii)	the Boards of BHP and Billiton consider that the effect of such Action upon the holder of a BHP Ordinary Share relative to its effect upon a holder of a Billiton Ordinary Share is not material (as defined below),

 then (subject to the next sentence) there shall be no requirement for a Matching Action, an adjustment to the Equalisation
Ratio or approval as a Class Rights Action in respect of such Action (an Unadjusted Action). However, in considering the application of the DLC Equalisation Principles to any Action the Boards of BHP and Billiton shall take into
account the effect of all prior Unadjusted Actions in deciding whether a Matching Action, an adjustment to the Equalisation Ratio or approval as a Class Rights Action is appropriate and if any adjustment is made it shall take into account all such
prior Unadjusted Actions. For the purposes of this Clause, the effect of an Action is not material if both: 
  

	 	(i)	the costs to BHP and Billiton of taking a Matching Action or seeking approval as a Class Rights Action would be, in the opinion of the Boards of BHP and Billiton, disproportionate to the effect of such Action upon the
holders of BHP Ordinary Shares or Billiton Ordinary Shares (as the case may be) for whose benefit a Matching Action would otherwise (in the absence of an adjustment to the Equalisation Ratio or approval as a Class Rights Action) be required; and

  

	 	(ii)	the adjustment that would be required to be made to the Equalisation Ratio would result in an adjustment to the relevant element of the Equalisation Ratio of less than 0.1%; 

  
 10 

 DLC Structure Sharing Agreement 

 
  

	(c)	the Boards of BHP and Billiton shall have no obligation to take into account any fluctuations in exchange rates or in the market value of any securities or any other changes in circumstances arising after the time at
which the Boards of BHP and Billiton make a determination as to the form and value of any Matching Action or the calculation of any adjustment to the Equalisation Ratio; and 

 

	(d)	there shall be no need for the Boards of BHP and Billiton to make any adjustment to the Equalisation Ratio or to do or omit to do any other thing as a result of the dividend, voting or other rights of any shareholder
being suspended or curtailed pursuant to any provision of either Constitution. 

 3.3    Cash Dividends 

 

	(a)	Subject to Clauses 3.3(b) and 3.4, if the Action proposed by either party is the payment of a cash dividend to its Ordinary Shareholders, then, notwithstanding that the provisions of Clause 3.2(b) may apply so as not to
require any Matching Action, a Matching Action shall be taken in the form of a cash dividend by the other party to its Ordinary Shareholders (a Matching Dividend). 

 

	(b)	Clause 3.3(a) shall not restrict either party’s ability to offer to its holders of Ordinary Shares the ability to elect to subscribe for further Ordinary Shares at market value in lieu of receiving the whole or any
part of a cash dividend. 

 3.4    Equalisation Payment 

If either party is prohibited by Applicable Regulation or is otherwise unable to declare, pay or otherwise make all or any portion of a Matching Dividend, BHP
and Billiton shall, so far as it is practicable to do so, enter into such transactions with each other as the Boards of BHP and Billiton agree to be necessary or desirable so as to enable both to pay dividends as nearly as practicable at the same
time in accordance with the other provisions of this Clause 3. 
 3.5    Circumstances not requiring Matching Action etc 

No Matching Action, adjustment to the Equalisation Ratio or approval as a Class Rights Action is required: 

 

	(a)	in respect of any Action which would not result in the ratio of the economic returns on, or voting rights (in relation to Joint Electorate Actions) of, a BHP Ordinary Share to a Billiton Ordinary Share not being the
same as the then prevailing Equalisation Ratio (and vice versa), or which would not benefit the holders of Ordinary Shares in one party relative to the holders of Ordinary Shares in the other party; 

 

	(b)	where a Matching Action, adjustment to the Equalisation Ratio or approval as a Class Rights Action is not required by virtue of Clause 3.2(b); 

 

	(c)	in relation to the issue of securities or the granting of rights over securities by either BHP or Billiton pursuant to a scheme for encouraging or facilitating the holding of shares or other securities in the relevant
company by or for the benefit of directors or former directors or bona fide employees or former employees of either BHP or Billiton or any of their respective Subsidiaries; 

 

	(d)	in relation to an issue of any securities in either BHP or Billiton other than an offer by way of rights; 

  

	(e)	in relation to a buy-back, repurchase or redemption of any Ordinary Shares (including a share cancellation in connection with a reduction of capital): 

 

	 	(i)	on market in compliance with the rules of the relevant stock exchange and listing rules; 

  

	 	(ii)	at or below market value; or 

  

	 	(iii)	pursuant to a general offer to shareholders in both BHP and Billiton which (applying the Equalisation Ratio) is made on equivalent terms; or 

  
 11 

 DLC Structure Sharing Agreement 

 
  

	(f)	in relation to the bonus issue of BHP Ordinary Shares to give effect to the DLC Structure under Clause 5 of the DLC Merger Implementation Agreement. 

3.6    Boards’ decisions final 

Any decisions made by the Boards of BHP and Billiton in accordance with this Clause 3 shall be final and binding. 

4.    Class rights matters 

4.1    Class Rights Action 
 Neither
BHP nor Billiton shall undertake any of the following actions unless such action has been approved in accordance with this Clause 4: 
  

	(a)	the voluntary liquidation of either BHP or Billiton; 

  

	(b)	amendment of the terms of, or termination of this Agreement or the Voting Agreement, the Billiton Deed Poll Guarantee or the BHP Deed Poll Guarantee (other than, in the case of the Voting Agreement, any amendment to
conform such agreement with the terms of this Agreement or, in the case of any of those agreements, any amendment which is formal or technical in nature and which would not be materially prejudicial to the interests of the shareholders of either
party or is necessary to correct any inconsistency or manifest error as agreed between the Boards of BHP and Billiton); 

  

	(c)	amendment, removal or alteration of the effect of (which for the avoidance of doubt shall be taken to include the ratification of any breach of) any BHP Entrenched Provision or any Billiton Entrenched Provision as the
case may be; 

  

	(d)	any Action requiring approval as a Class Rights Action under Clause 3.1(b); 

  

	(e)	a change in the corporate status of BHP from a public company limited by shares registered under the Corporations Law with its primary listing on ASX or Billiton from a public listed company incorporated in England and
Wales with its primary listing on the London Stock Exchange; and 

  

	(f)	any other action or matter which the Boards of BHP and Billiton agree (either in a particular case or generally) should be treated as a Class Rights Action. 

4.2    Approvals of Class Rights Actions 

A Class Rights Action in respect of an action of a kind described in: 
  

	(a)	Clauses 4.1(a), (b) or (c) shall require approval by Special Resolution; 

  

	(b)	Clauses 4.1(d) or (e) shall require approval by Ordinary Resolution or in relation to either party, if required by Applicable Regulation applying to such party or such party’s Constitution, by Special Resolution of
that party; and 

  

	(c)	Clause 4.1(f) shall require approval by Ordinary Resolution or in relation to either party, if required by Applicable Regulation applying to such party or such party’s Constitution or if considered appropriate by
the Boards of BHP and Billiton, by Special Resolution of that party, 

 in each case in accordance with the Class Rights Procedure (and the
type of resolution specified above shall be referred to as the Required Resolution). 

  
 12 

 DLC Structure Sharing Agreement 

 
  

 4.3    Class Rights Procedure 

 

	(a)	Subject to Clause 4.3(b), a Class Rights Action shall require approval by a Required Resolution of the shareholders of each party at a meeting at which the holders of Ordinary Shares and the Special Voting Share are
entitled to vote as a single class on a poll. In relation to such resolution, if the proposed action has not, by the time of the closing of the poll, been approved by a Required Majority of the holders of Ordinary Shares in either party, the
holder of the Special Voting Share in the other party shall vote so as to defeat the resolution (and will have sufficient votes to effect such defeat). The holder of the Special Voting Share in the other party shall otherwise not vote in relation to
that resolution. 

  

	(b)	Where an action requiring approval as a Class Rights Action would not otherwise require approval of the shareholders of the Benefited Party, the Benefited Party shall not be required to convene a meeting for the
purposes of Clause 4.3(a) and the Class Rights Action shall be approved if the holder of the Special Voting Share in the Benefited Party has given its written consent to the action, which consent shall only be given following the passing of a
resolution by the Required Majority of the holders of Ordinary Shares of the Affected Party. 

 In this Clause 4.3(b), Benefited
Party means the party whose holders of Ordinary Shares would benefit from a proposed action relative to the holders of Ordinary Shares in the other party (Affected Party). 

5.    Joint electorate matters 

5.1    Joint Electorate Actions 

Resolutions of the holders of BHP Ordinary Shares and the holders of Billiton Ordinary Shares shall be subject to the Joint Electorate Procedure if they relate
to the following matters: 
  

	(a)	the appointment, removal or re-election of any director of BHP or Billiton, or both of them; 

  

	(b)	the receipt or adoption of the annual accounts of BHP or of Billiton, or both of them, or accounts prepared on a combined basis; 

  

	(c)	a change of name by BHP or Billiton or both of them; 

  

	(d)	the appointment or removal of the auditors of BHP or Billiton, or both of them; 

  

	(e)	any proposed acquisition, disposal or other transaction of the kinds referred to in Chapters 10 and 11 of the ASX Listing Rules or Chapters 10 and 11 of the UKLA Listing Rules which (in any case) is required under such
Applicable Regulation to be authorised by holders of Ordinary Shares; 

  

	(f)	a matter referred to in Clause 7.2 or 7.3; 

  

	(g)	any matter considered by shareholders at an annual general meeting of BHP or Billiton (or at a general meeting held on the same day as an annual general meeting); 

 

	(h)	any other matter which the Boards of BHP and Billiton decide (either in a particular case or generally) should be approved under the Joint Electorate Procedure. 

If a particular matter falls both within Clause 4.1 and this Clause 5.1, then it shall be treated as falling within Clause 4.1. 

5.2    Joint Electorate Procedure 
 A
Joint Electorate Action shall require approval by both: 
  

	(a)	an Ordinary Resolution (or a Special Resolution if required by either the BHP Constitution or Applicable Regulation) of the votes cast by the holders of the BHP Ordinary Shares and the holder of the BHP Special Voting
Share, voting as a single class; and 

  
 13 

 DLC Structure Sharing Agreement 

 
  

	(b)	an Ordinary Resolution (or a Special Resolution if required by either the Billiton Memorandum and Articles or Applicable Regulation) of the votes cast by the holders of the Billiton Ordinary Shares and the holder of the
Billiton Special Voting Share, voting as a single class. 

 6.    Meetings and Voting 

6.1    Obligations to convene meetings 

In relation to both Joint Electorate Actions and Class Rights Actions: 
  

	(a)	each party shall (if necessary), as soon as practicable, and except in the case of matters considered by shareholders at an annual general meeting, convene a general meeting of its shareholders for the purpose of
considering a resolution to approve the Joint Electorate Action or Class Rights Action; and 

  

	(b)	each party shall (if necessary) use its best endeavours to ensure that the two general meetings are held on the same date or on dates as close together as is practicable; and 

 

	(c)	the parties shall co-operate fully with each other in preparing resolutions, explanatory memoranda or any other information or material required in connection with the proposed Joint Electorate Action or Class Rights
Action. 

 6.2    Poll 

Any resolution proposed or amended at a general meeting of shareholders in relation to which the holder of the BHP Special Voting Share, or the holder of the
Billiton Special Voting Share, as the case may be, is or may be entitled to vote pursuant to Clause 4.3 or Clause 5.2, shall be decided by a poll. 

6.3    Timing of Poll 
 Any poll on
which the holder of the Special Voting Share is or may be entitled to vote shall be kept open for such time as is necessary to allow the general meeting of the other party to be held and for the votes attaching to the Special Voting Share to be
calculated and cast on such poll, although such poll may be closed earlier in respect of shares of other classes. 

6.4    Discretionary Matters 
  

	(a)	The Boards of BHP and Billiton may by agreement decide to seek the approval of such majority of the shareholders (or any class of shareholders) of either or both of BHP and Billiton as the Boards of BHP and Billiton may
agree on any matter which would not otherwise require shareholder approval or would otherwise require approval by a lesser majority. 

  

	(b)	Unless the Boards of BHP and Billiton decide otherwise, any matter which by Applicable Regulation or by virtue of the provisions of the BHP Constitution or the Billiton Memorandum and Articles requires approval of the
shareholders of BHP or Billiton as the case may be and which is not a Class Rights Action or a Joint Electorate Action, requires the approval of the holders of BHP Ordinary Shares only or the approval of the holders of Billiton Ordinary Shares only
(as the case may be). 

 6.5    Procedural Resolutions 

Where any procedural resolution is to be voted on at a meeting of shareholders at which a Joint Electorate Action is to be considered, such procedural
resolution may be voted on by the holder of the Special Voting Share or the holder may give the Chair its proxy in relation to such matters, allowing the Chair to vote as it thinks fit. 

  
 14 

 DLC Structure Sharing Agreement 

 
  

 6.6    Voting Restrictions 

Each party agrees that it shall procure that no voting rights for the time being attaching to any Ordinary Shares in the other party beneficially owned by it,
or by any member of its Group, are exercised on any resolution put to any shareholders meeting of the other party. 
 7.    Takeovers
and acceptance of them 
 7.1    Enforcement of Constitutions 

Each of BHP and Billiton shall promptly enforce the provisions of Article 65 of the Billiton Memorandum and Articles and Rule 105 of the BHP Constitution to
the fullest extent lawfully possible under Applicable Regulation. 
 7.2    Acceptance of a takeover offer for BHP 

If a third party (either alone or with its associates (within the meaning of Section 9 or Part 1.2, Division 2 of the Corporations Law)) has made an offer to
shareholders generally to acquire BHP Ordinary Shares, Billiton shall procure that while such offer remains open for acceptance no member of the Billiton Group, if any, which holds BHP Ordinary Shares beneficially shall accept such offer in respect
of, or otherwise dispose of, any BHP Ordinary Shares or any interest in them without the approval of an Ordinary Resolution by Joint Electorate Procedure on which any votes of the offeror or its associates (apart from persons who are associates by
virtue of having accepted, or submitted forms of acceptance or irrevocable undertakings to accept, an offer for their BHP Ordinary Shares or Billiton Ordinary Shares) shall be disregarded. 

7.3    Acceptance of a takeover offer for Billiton 

If a third party (either alone or with its associates (within the meaning of the UK Code on Takeovers and Mergers)) has made an offer to shareholders generally
to acquire Billiton Ordinary Shares, BHP shall procure that while such offer remains open for acceptance no member of the BHP Group, if any, which holds Billiton Ordinary Shares beneficially shall accept such offer in respect of, or otherwise
dispose of, any Billiton Ordinary Shares or any interest therein without the approval of an Ordinary Resolution by Joint Electorate Procedure on which any votes of the offeror or its associates (apart from persons who are associates by virtue of
having accepted, or submitted forms of acceptance or irrevocable undertakings to accept, an offer for their BHP Ordinary Shares or Billiton Ordinary Shares) shall be disregarded. 

8.    Liquidation 

8.1    One party insolvent 
 Subject to
Clause 8.2: 
  

	(a)	If, in the reasonable opinion of the directors of a party (IS Party), IS Party is, or is likely to become, insolvent (whether or not a receiver, receiver and manager, provisional liquidator or liquidator
has been appointed or mortgagee has taken possession of the property of IS Party) the directors of IS Party must immediately give a notice (Insolvency Notice) to the other party (S Party) of such fact. 

 

	(b)	Upon receipt by S Party of an Insolvency Notice, S Party shall seek to ensure that the economic returns made or otherwise available to a holder of an Ordinary Share in IS Party relative to the economic returns available
to a holder of an Ordinary Share in S Party (or vice versa) are in due proportion having regard to the Equalisation Ratio (Economic Equivalence) by taking the steps set out in Clauses 8.1(c) or (d). 

  
 15 

 DLC Structure Sharing Agreement 

 
  

	(c)	S Party shall have the right at any time within 12 months from the Notice Date either: 

  

	 	(i)	irrevocably to offer to the holders of Ordinary Shares in IS Party on the Notice Date in consideration for their Ordinary Shares in IS Party such number of Ordinary Shares in S Party pro rata to their holdings of
Ordinary Shares in IS Party as is required to ensure that, after such issue, Economic Equivalence is achieved; or 

  

	 	(ii)	to pay to holders of Ordinary Shares in IS Party on the Notice Date an amount equal to that proportion of S Party’s Market Capitalisation as at the Notice Date such that the amount paid and the balance remaining
ensure that Economic Equivalence is achieved. 

  

	(d)	Unless S Party has exercised its rights under Clause 8.1(c), then, subject to Clause 8.1(e), S Party must: 

  

	 	(i)	within 3 months from the date the liquidator of IS party has finally established the identity of and amounts owed to the Proven Creditors but in any event not earlier than the expiration of the period set out in
paragraph (c) above, pay in full all Proven Creditors of IS Party and all other costs and expenses of the liquidation (including those of the liquidator); and 

  

	 	(ii)	within 1 month thereafter pay to IS Party an amount equal to that proportion of S Party’s total Market Capitalisation on the date all payments have been made pursuant to Clause 8.1(d)(i) such that the amount paid
and the balance remaining ensure that Economic Equivalence is achieved. 

  

	(e)	Payments under this Clause 8.1 shall only be made by S Party to the extent that after making such payment there will remain available to S Party sufficient assets to pay all its debts as and when they become due and
payable. 

 8.2    Both parties insolvent 

If each party has provided the other with an Insolvency Notice and if: 
  

	(a)	either party has surplus assets available for distribution to the holders of its Ordinary Shares after payment of all debts due and payable; and 

 

	(b)	the ratio of the surplus attributable to each BHP Ordinary Share to the surplus attributable to each Billiton Ordinary Share would otherwise not equal the Equalisation Ratio, 

then one party must as soon as practicable pay to the other (where possible) an amount which results in that ratio equalling the Equalisation Ratio. 

8.3    Definitions and Interpretation 

In this Clause 8: 
  

	(a)	Economic Equivalence shall be determined before deduction of any amount in respect of Tax which may be deducted or withheld in respect of any payment to a holder of Ordinary Shares and
disregarding any Tax payable by or on behalf of, or any Tax Benefit arising to, a holder of Ordinary Shares. 

  

	(b)	Market Capitalisation, in relation to S Party, means the total value of all its issued Ordinary Shares (determined by reference to the trading price of those shares on the close of trading on
the relevant day on the stock exchange on which it has its primary listing); 

  

	(c)	Notice Date means the date a party receives or is deemed to receive an Insolvency Notice from the other party; 

 

	(d)	Proven Creditors means all persons that the liquidator of IS Party has established as ranking in priority to the holders of Ordinary Shares in IS Party and who would be entitled to a payment
as a result of the liquidation of IS Party; 

  
 16 

 DLC Structure Sharing Agreement 

 
  

	(e)	The surplus assets of a party available for distribution to holders of Ordinary Shares shall, for the purposes of Clause 8.2, be calculated: 

 

	 	(i)	before deduction of any amount in respect of Tax which may be deducted or withheld from the distribution by or on behalf of the party paying or making the distribution; but 

 

	 	(ii)	net of any Tax payable by that party on the distribution to holders of Ordinary Shares excluding, for the avoidance of doubt, any Tax within (i) above; and 

 

	(f)	Where a party pays an amount to the other party, the calculation of the amount of the payment shall take account of any Tax payable on the making or receipt of, or any withholding or deduction in respect of Tax arising
on, any payment, after allowing for any offsetting Tax Benefits. 

 9.    Termination 

This Agreement may only be terminated in one of the following circumstances: 
  

	(a)	by either party by notice, at any time after either party becomes a wholly owned subsidiary of the other party or after both parties become wholly owned subsidiaries of a third party; 

 

	(b)	by a party by notice, at any time after it has fulfilled its obligations under Clause 8; or 

  

	(c)	if termination has been approved as a Class Rights Action, in the manner specified in the relevant resolution. However, BHP or Billiton may only seek such approval if the Boards of BHP and Billiton agree on the terms
upon which such termination should occur and consider those terms to be, so far as is practicable, equitable to the interests of both the holders of BHP Ordinary Shares and the holders of Billiton Ordinary Shares, having regard to the DLC Structure
Principles. 

 10.    Personal rights only 

For the avoidance of doubt, Clauses 3, 8 and 9 are personal rights only. They do not, and are not intended to, create any proprietary right (including any
proprietary right in any member or creditor of BHP or Billiton). These undertakings are not assignable, and cannot be subject to a mortgage, charge, pledge, encumbrance or other security interest. These undertakings do not survive any termination of
this Agreement. It is fundamental to the agreement of each of BHP and Billiton to give these undertakings that they should be relied on solely by the other, and it is fundamental to the agreement of each of BHP and Billiton to accept these
undertakings that they should be performed solely by the other. 
 11.    Issue of DLC Dividend Shares 

11.1     By BHP or Billiton 
  

	(a)	The parties agree that the Boards of BHP and Billiton may respectively agree to the issue of the BHP DLC Dividend Share to Billiton or a wholly-owned member of the Billiton Group or of the Billiton DLC
Dividend Share to BHP or a wholly-owned member of the BHP Group (in each case, for a subscription price of US$10 or such other sum as the Board of the issuing company may determine, to be paid in full on issue of the relevant share).

  

	(b)	Subject to paragraphs (c) and (d) of this Clause 11.1, each of the BHP DLC Dividend Share and the Billiton DLC Dividend Share may be issued for such purposes, and dividends paid on that share at such times and in such
amounts, as the Directors of the issuing company in good faith consider in their absolute discretion to be in furtherance of any of the principles referred to in this Sharing Agreement, including the principle of BHP and Billiton operating as a
single unified economic entity. 

  
 17 

 DLC Structure Sharing Agreement 

 
  

	(c)	A dividend must not be paid on a DLC Dividend Share unless the holder of such share at the time of the payment is, in the case of the BHP DLC Dividend Share, Billiton or a wholly-owned member of the Billiton Group or,
in the case of the Billiton DLC Dividend Share, BHP or a wholly-owned member of the BHP Group. 

  

	(d)	The maximum amount of DDS dividends that may be paid since the last ordinary cash dividend paid is the greater of: 

  

	 	(i)	the aggregate amount of the last ordinary cash dividend paid on all BHP Ordinary Shares; and 

  

	 	(ii)	the aggregate amount of the last ordinary cash dividend paid on all Billiton Ordinary Shares. 

  

	(e)	For the purpose of this Clause 11.1: 

  

	 	(i)	“cash dividend” means any dividend (including any amount of the dividend in respect of which a holder of an Ordinary Share elects to participate in any dividend plan or offer, such as a dividend
reinvestment plan or scrip dividend plan) other than a dividend effected wholly or in part by the distribution of specific assets or documents of title; 

  

	 	(ii)	“ordinary cash dividend” means any cash dividend paid on Ordinary Shares which is designated as an interim or final dividend; 

 

	 	(iii)	“DDS dividend” means any dividend paid on a DLC Dividend Share, excluding a dividend the proceeds of which are to be used (directly or indirectly) to pay a special cash dividend on Ordinary Shares of
the other party in accordance with the requirements of clause 3.3(a) of this Agreement; and 

  

	 	(iv)	“special cash dividend” means any cash dividend which is not an ordinary cash dividend. 

11.2     By other Group members 
 The
parties may also agree to the issue by a member of the BHP Group of a DLC dividend share (with such rights as the parties may determine in light of the principles reflected in this Agreement) to Billiton or a wholly-owned member of the Billiton
Group and to the issue by a member of the Billiton Group of a DLC dividend share (with such rights as the parties may determine in light of the principles reflected in this Agreement) to BHP or a wholly-owned member of the BHP Group. 

12.    Relationships with other documents 

In the event of any conflict between this Agreement on the one hand and, on the other hand, either of the BHP Constitution or the Billiton Memorandum and
Articles, the parties shall use their best endeavours to ensure that any required amendment to the BHP Constitution or the Billiton Memorandum and Articles, as is appropriate, is proposed at general meetings of BHP and/or (as the case may be)
Billiton, in order to conform it or them with the provisions of this Agreement. 
 13.    Other transactions 

Without limiting Clause 2, each party will enter into such further transactions or arrangements, and do such acts and things, as the other may reasonably
require from time to time in the furtherance of the common interests of the holders of BHP Ordinary Shares and the holders of Billiton Ordinary Shares as a combined group or to give effect to this Agreement. 

14.    General 

14.1    No assignment 
 Neither of the
parties may assign or transfer any of its rights or novate any of its obligations under this Agreement, in whole or part. 

  
 18 

 DLC Structure Sharing Agreement 

 
  

 14.2    No partnership or agency 

Nothing in this Agreement (or in any of the other transactions contemplated by this Agreement) shall be deemed to constitute a partnership between BHP and
Billiton, nor constitute either party as agent of the other party for any purpose. 
 14.3    Amendment 

Without prejudice to Clause 4.1(b), any amendment to or termination of this Agreement shall be made in writing signed by duly authorised representatives of BHP
and Billiton. 
 14.4    Notices 

Any notice given under this Agreement: 
  

	(a)	must be in writing in English and addressed to the intended recipient at the address shown below: 

  

			
	 in the case of Billiton:
	  	Neathouse Place
		  	London SW1V 1LH
		  	United Kingdom
		  	Tel: +44 7802 4000
		  	Fax: +44 7802 4111
		  	Attention: Chief Legal Counsel
		
	 in the case of BHP:
	  	Level 16
		  	171 Collins Street
		  	 Melbourne VIC 3000

Australia

		  	Tel: +61 3 9609 3333
		  	Fax: +61 3 9609 3015
		  	Attention: Chief Legal Counsel

 or the address last notified by the intended recipient to the sender; 

 

	(b)	must be signed by a person duly authorised by the sender; and 

  

	(c)	will be taken to have been given when delivered, received or left at the above address. If delivery or receipt occurs on a day when business is not generally carried on in the place to which the notice is sent, or is
later than 4pm (local time), it will be taken to have been duly given at the commencement of business on the next day when business is generally carried on in that place. 

14.5    Process Agent 
  

	(a)	BHP irrevocably appoints Trusec Limited of 35 Basinghall Street, London EC2V 5BD as its agent to accept service of process in England in any legal action or proceedings arising out of or in connection with this
Agreement, service upon whom shall be deemed complete whether or not forwarded to or received by BHP. 

  

	(b)	Billiton irrevocably appoints Damien Grave (or the managing partner from time to time) of Freehills, Level 43, 101 Collins Street, Melbourne, Victoria 3000 as its agent to accept service of process in Australia in
any legal action or proceedings arising out of or in connection with this Agreement, service upon whom shall be deemed completed whether or not forwarded to or received by Billiton. 

 

	(c)	Each party will inform the other, in writing, of any change in the address of such process agent within 28 days. 

  
 19 

 DLC Structure Sharing Agreement 

 
  

	(d)	If either party’s process agent ceases to be able to act as such or to have an address in England (in the case of BHP) or in the State of Victoria, Australia (in the case of Billiton), such party irrevocably agrees
to appoint a new process agent in England (in the case of BHP) or in the State of Victoria, Australia (in the case of Billiton) acceptable to the other party and to deliver to the other party within 14 days a copy of a written acceptance of
appointment by the process agent. 

  

	(e)	Nothing in this Agreement shall affect the right to serve process in any other manner permitted by law or the right to bring proceedings in any other jurisdiction for the purposes of the enforcement or execution of any
judgement or other settlement in any other courts. 

 14.6    Governing law and jurisdiction 

 

	(a)	This Agreement is governed by and construed in accordance with English law. 

  

	(b)	Billiton irrevocably agrees that the courts of the State of Victoria, Australia are to have non-exclusive jurisdiction to settle any dispute which may arise out of or in connection with this Agreement, and BHP
irrevocably agrees that the courts of England are to have non- exclusive jurisdiction to settle any dispute which may arise out of or in connection with this Agreement. 

 

	(c)	Each party irrevocably submits to the jurisdiction of such courts and waives any objection to proceedings in any such court on the ground of venue or on the ground that the proceedings have been brought in an
inconvenient forum. 

 14.7    Prohibition and enforceability 

 

	(a)	Any provision of, or the application of any provision of, this Agreement which is void, illegal or unenforceable in any jurisdiction does not affect the validity, legality or enforceability of that provision in any
other jurisdiction or of the remaining provisions in that or any other jurisdiction. 

  

	(b)	Where paragraph (a) of this Clause 14.7 applies to a provision of, or the application of a provision of, this Agreement, the parties shall negotiate in good faith in order to agree the terms of a mutually satisfactory
provision achieving as nearly as possible the same commercial effect, to be substituted for that provision. 

14.8    Waivers 
  

	(a)	Waiver of any right arising from a breach of this Agreement or of any right, power, authority, discretion or remedy arising upon default under this Agreement must be in writing and signed by the party granting the
waiver. 

  

	(b)	A failure or delay in exercise, or partial exercise, of: 

  

	 	(i)	a right arising from a breach of this Agreement; or 

  

	 	(ii)	a right, power, authority, discretion or remedy created or arising upon default under this Agreement, does not result in a waiver of that right, power, authority, discretion or remedy. 

14.9    Counterparts 
 This Agreement
may be executed in any number of counterparts. All counterparts taken together will be taken to constitute one agreement. 

14.10    Attorney 
 Each attorney
executing this Agreement states that he or she has not received notice of the revocation or suspension of his or her power of attorney. 

  
 20 

 DLC Structure Sharing Agreement 

 
  

 Annexure 1 

BHP Constitution 

  
 21 

 DLC Structure Sharing Agreement 

 
  

 Annexure 2 

Billiton Memorandum and Articles 

  
 22 

 DLC Structure Sharing Agreement 

 
  

 EXECUTED as an agreement. 
  

					
	 SIGNED on behalf of
	 	)	 	
	 BHP LIMITED
	 	)	 	
	by its attorney in the presence of:	 	)	 	  

		 		 	Signature
			
	  
	 		 	  

	 Witness
	 		 	Print name
	  
	 		 	
	 Print name
	 		 	

  

					
	 SIGNED on behalf of
	 	)	 	
	 BILLITON PLC
	 	)	 	
	by its attorney in the presence of:	 	)	 	  

		 		 	Signature
			
	  
	 		 	  

	 Witness
	 		 	Print name
	  
	 		 	
	 Print name

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