Document:

EX-4.1

 Exhibit 4.1 

DEPOSIT AGREEMENT 
 among 

ZIONS BANCORPORATION, 
 ZIONS
FIRST NATIONAL BANK, 
 as Depositary, 

and 
 THE HOLDERS FROM TIME TO
TIME OF 
 THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 

Dated as of May 3, 2013 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  

	DEFINED TERMS	  

			
	 Section 1.1.
	 	 Definitions
	  	 	1	 
	
	ARTICLE II	  

		 	 FORM OF RECEIPTS, DEPOSIT OF SERIES H PREFERRED STOCK,

EXECUTION AND DELIVERY, TRANSFER, SURRENDER

AND REDEMPTION OF RECEIPTS
	  			
			
	 Section 2.1.
	 	 Form and Transfer of Receipts
	  	 	3	 
	 Section 2.2.
	 	 Deposit of Series H Preferred Stock; Execution and Delivery of Receipts in Respect
Thereof
	  	 	4	 
	 Section 2.3.
	 	 Registration of Transfer of Receipts
	  	 	5	 
	 Section 2.4.
	 	 Split-ups and Combinations of Receipts; Surrender of
Receipts and Withdrawal of Series H Preferred Stock
	  	 	5	 
	 Section 2.5.
	 	 Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts
	  	 	6	 
	 Section 2.6.
	 	 Lost Receipts, etc.
	  	 	6	 
	 Section 2.7.
	 	 Cancellation and Destruction of Surrendered Receipts
	  	 	7	 
	 Section 2.8.
	 	 Redemption of Series H Preferred Stock
	  	 	7	 
	 Section 2.9.
	 	 Receipts Issuable in Global Registered Form
	  	 	8	 
	
	ARTICLE III	  

	 CERTAIN OBLIGATIONS OF

HOLDERS OF RECEIPTS AND THE CORPORATION
	  

 

			
	 Section 3.1.
	 	 Filing Proofs, Certificates and Other Information
	  	 	9	 
	 Section 3.2.
	 	 Payment of Taxes or Other Governmental Charges
	  	 	10	 
	 Section 3.3.
	 	 Warranty as to Series H Preferred Stock
	  	 	10	 
	 Section 3.4.
	 	 Warranty as to Receipts
	  	 	10	 
	
	ARTICLE IV	  

	THE DEPOSITED SECURITIES; NOTICES	  

			
	 Section 4.1.
	 	 Cash Distributions
	  	 	10	 
	 Section 4.2.
	 	 Distributions Other than Cash, Rights, Preferences or Privileges
	  	 	11	 
	 Section 4.3.
	 	 Subscription Rights, Preferences or Privileges
	  	 	11	 
	 Section 4.4.
	 	 Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts
	  	 	12	 
	 Section 4.5.
	 	 Voting Rights
	  	 	13	 
	 Section 4.6.
	 	 Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.
	  	 	13	 
	 Section 4.7.
	 	 Delivery of Reports
	  	 	14	 
	 Section 4.8.
	 	 Lists of Receipt Holders
	  	 	14	 

  
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	ARTICLE V	  

	THE DEPOSITARY, THE DEPOSITARY’S	  

	AGENTS, THE REGISTRAR AND THE CORPORATION	  

			
	 Section 5.1.
	 	 Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar
	  	 	14	 
	 Section 5.2.
	 	 Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the
Registrar or the Corporation
	  	 	15	 
	 Section 5.3.
	 	 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the
Corporation
	  	 	15	 
	 Section 5.4.
	 	 Resignation and Removal of the Depositary; Appointment of Successor Depositary
	  	 	17	 
	 Section 5.5.
	 	 Corporate Notices and Reports
	  	 	17	 
	 Section 5.6.
	 	 Indemnification by the Corporation
	  	 	18	 
	 Section 5.7.
	 	 Fees, Charges and Expenses
	  	 	18	 
	
	ARTICLE VI	  

	AMENDMENT AND TERMINATION	  

			
	 Section 6.1.
	 	 Amendment
	  	 	18	 
	 Section 6.2.
	 	 Termination
	  	 	19	 
	
	ARTICLE VII	  

	MISCELLANEOUS	  

			
	 Section 7.1.
	 	 Counterparts
	  	 	20	 
	 Section 7.2.
	 	 Benefit of this Deposit Agreement
	  	 	20	 
	 Section 7.3.
	 	 Invalidity of Provisions
	  	 	20	 
	 Section 7.4.
	 	 Notices
	  	 	20	 
	 Section 7.5.
	 	 Depositary’s Agents
	  	 	21	 
	 Section 7.6.
	 	 Appointment of Registrar and Transfer Agent in Respect of the Receipts
	  	 	21	 
	 Section 7.7.
	 	 Holders of Receipts Are Parties
	  	 	22	 
	 Section 7.8.
	 	 Governing Law
	  	 	22	 
	 Section 7.9.
	 	 Inspection of Deposit Agreement
	  	 	22	 
	 Section 7.10.
	 	 Headings
	  	 	22	 
			
	 Exhibit A
	 	 Form of Receipt
	  			
	 Exhibit B
	 	 Articles of Amendment
	  			
	 Exhibit C
	 	 Form of Officer’s Certificate
	  			

  
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 DEPOSIT AGREEMENT, dated as of May 3, 2013, among ZIONS BANCORPORATION, a Utah
corporation, ZIONS FIRST NATIONAL BANK, a national banking association formed under the laws of the United States, and the Holders from time to time of the Receipts described herein. 

WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of Series H Preferred Stock
of the Corporation from time to time with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Receipts evidencing Depositary Shares in respect of the Series H Preferred Stock so deposited; and 

WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications and
omissions, as hereinafter provided in this Deposit Agreement; 
 NOW, THEREFORE, in consideration of the premises, the parties hereto agree
as follows: 
 ARTICLE I 

DEFINED TERMS 
 Section 1.1.
Definitions. 
 The following definitions shall for all purposes, unless otherwise indicated, apply to the respective terms used in
this Deposit Agreement: 
 “Articles” shall mean the Articles of Amendment filed with the Utah Division of Corporations and
Commercial Code establishing the Series H Preferred Stock as a series of preferred stock of the Corporation, substantially in the form attached hereto as Exhibit B. 

“Corporation” shall mean Zions Bancorporation, a Utah corporation, and its successors. 

“Deposit Agreement” shall mean this Deposit Agreement, as amended or supplemented from time to time in accordance with the
terms hereof. 
 “Depositary” shall mean Zions First National Bank, a national banking association formed under the laws of
the United States, and any successor as Depositary hereunder. 
 “Depositary Shares” shall mean the depositary shares, each
representing one-fortieth of one share of the Series H Preferred Stock, evidenced by a Receipt. 

“Depositary’s Agent” shall mean an agent appointed by the Depositary pursuant to Section 7.5. 

  
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 “Depositary’s Office” shall mean the principal office of the
Depositary in Salt Lake City, Utah, at which at any particular time its depositary receipt business shall be administered. 

“DTC” means The Depository Trust Company, a New York corporation. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exchange Event” means with respect to any Global Registered Receipt: 

(1) (A) the Global Receipt Depository which is the holder of such Global Registered Receipt or Receipts notifies the
Corporation that it is no longer willing or able to properly discharge its responsibilities under any Letter of Representations or that it is no longer eligible or in good standing under the Exchange Act, and (B) the Corporation has not
appointed a qualified successor Global Receipt Depository within 90 calendar days after the Corporation received such notice, or 

(2) the Corporation in its sole discretion notifies the Depositary in writing that the Receipts or portion thereof issued or
issuable in the form of one or more Global Registered Receipts shall no longer be represented by such Global Receipt or Receipts. 

“Global Receipt Depository” means, with respect to any Receipt issued hereunder, DTC or such other entity designated as
Global Receipt Depository by the Corporation in or pursuant to this Deposit Agreement, which entity must be, to the extent required by any applicable law or regulation, a clearing agency registered under the Exchange Act. 

“Global Registered Receipts” means a global registered Receipt registered in the name of a nominee of DTC. 

“Letter of Representations” means any applicable agreement among the Corporation, the Depositary and a Global Receipt
Depository with respect to such Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended, supplemented, restated or otherwise modified from time to time and any successor
agreement thereto. 
 “Officer’s Certificate” means a certificate in substantially the form set forth as Exhibit C
hereto, which is signed by an officer of the Corporation and which shall include the terms and conditions of the Series H Preferred Stock to be issued by the Corporation and deposited with the Depositary from time to time in accordance with the
terms hereof. 
 “Receipt” shall mean one of the depositary receipts issued hereunder, substantially in the form set forth
as Exhibit A hereto, whether in definitive or temporary form, and evidencing the number of Depositary Shares with respect to the Series H Preferred Stock held of record by the Record Holder of such Depositary Shares. 

“Record Holder” or “Holder” as applied to a Receipt shall mean the person in whose name such Receipt is
registered on the books of the Depositary maintained for such purpose. 

  
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 “Registrar” shall mean the Depositary or such other successor bank or trust
company which shall be appointed by the Corporation to register ownership and transfers of Receipts as herein provided and if a successor Registrar shall be so appointed, references herein to “the books” of or maintained by the Depository
shall be deemed, as applicable, to refer as well to the register maintained by such Registrar for such purpose. 
 “Securities
Act” shall mean the Securities Act of 1933, as amended. 
 “Series H Preferred Stock” shall mean the shares of the
Corporation’s Series H Fixed-Rate Non-Cumulative Perpetual Preferred Stock, without par value, with a liquidation preference of $1,000 per share, designated in the Articles and described in the
Officer’s Certificate delivered pursuant to Section 2.2 hereof. 
 ARTICLE II 

FORM OF RECEIPTS, DEPOSIT OF SERIES H PREFERRED STOCK, 

EXECUTION AND DELIVERY, TRANSFER, SURRENDER 

AND REDEMPTION OF RECEIPTS 

Section 2.1. Form and Transfer of Receipts. 

The definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate
insertions, modifications and omissions, as hereinafter provided and shall be engraved or otherwise prepared so as to comply with applicable rules of the New York Stock Exchange Inc. 

Receipts shall be executed by the Depositary by the manual signature of a duly authorized officer of the Depositary; provided, that such
signature may be a facsimile if a Registrar for the Receipts (other than the Depositary) shall have been appointed and such Receipts are countersigned by manual signature by a duly authorized officer of the Registrar. No Receipt shall be entitled to
any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually by a duly authorized officer of the Depositary or, if a Registrar for the Receipts (other than the Depositary) shall have
been appointed, by manual or facsimile signature of a duly authorized officer of the Depositary and countersigned by manual signature by a duly authorized officer of such Registrar. The Depositary shall record on its books each Receipt so signed and
delivered as hereinafter provided. 
 Receipts shall be in denominations of any number of whole Depositary Shares. 

Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the
provisions of this Deposit Agreement all as may be required by the Depositary and approved by the Corporation or required to comply with any applicable law or any regulation thereunder or with the rules and regulations of any securities exchange
upon which the Series H Preferred Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject. 

  
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 Title to Depositary Shares evidenced by a Receipt which is properly endorsed or accompanied
by a properly executed instrument of transfer shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of any particular Receipt shall be registered on the books of the
Depositary as provided in Section 2.3, the Depositary may, notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the absolute owner thereof for the purpose of determining the person entitled to
distributions of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes. 

Section 2.2. Deposit of Series H Preferred Stock; Execution and Delivery of Receipts in Respect Thereof. 

Subject to the terms and conditions of this Deposit Agreement, the Corporation may from time to time deposit shares of Series H Preferred Stock
under this Deposit Agreement by delivery to the Depositary of a certificate or certificates for such shares of Series H Preferred Stock to be deposited, properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument
of transfer or endorsement, in form satisfactory to the Depositary, together with all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement and an executed Officer’s Certificate
attaching the Articles and all other information required to be set forth therein, and together with a written order of the Corporation directing the Depositary to execute and deliver to, or upon the written order of, the person or persons stated in
such order a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing such deposited Series H Preferred Stock. Each Officer’s Certificate delivered to the Depositary in accordance with the terms of this
Deposit Agreement shall be deemed to be incorporated into this Deposit Agreement and shall be binding on the Corporation, the Depositary and the Holders of Receipts to which such Officer’s Certificate relates. 

The Series H Preferred Stock that is deposited shall be held by the Depositary at the Depositary’s Office or at such other place or
places as the Depositary shall determine. The Depositary shall not lend any Series H Preferred Stock deposited hereunder. 
 Upon receipt by
the Depositary of a certificate or certificates for Series H Preferred Stock deposited in accordance with the provisions of this Section, together with the other documents required as above specified, and upon recordation of the Series H Preferred
Stock on the books of the Corporation (or its duly appointed transfer agent) in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver to or upon the order
of the person or persons named in the written order delivered to the Depositary referred to in the first paragraph of this Section, a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing the Series H Preferred
Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s Office or such other offices, if any, as the Depositary
may designate. Delivery at other offices shall be at the risk and expense of the person requesting such delivery. 

  
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 Section 2.3. Registration of Transfer of Receipts. 

Subject to the terms and conditions of this Deposit Agreement, the Depositary shall register on its books from time to time transfers of
Receipts upon any surrender thereof by the Holder in person or by duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer. Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing
the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the person entitled thereto. 

The Depositary shall not be required (a) to issue, transfer or exchange any Receipts for a period beginning at the opening of business 15
days next preceding any selection of Depositary Shares and Series H Preferred Stock to be redeemed and ending at the close of business on the day of the mailing of notice of redemption, or (b) to transfer or exchange for another Receipt any
Receipt called or being called for redemption in whole or in part except as provided in Section 2.8. 
 Section 2.4. Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series H Preferred Stock. 

Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as it may designate for the purpose of
effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a new Receipt or Receipts in the authorized
denomination or denominations requested, evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the Holder of the Receipt or
Receipts so surrendered. 
 Any Holder of a Receipt or Receipts may withdraw the number of whole shares of Series H Preferred Stock and all
money and other property, if any, represented thereby by surrendering such Receipt or Receipts at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals. Thereafter, without unreasonable delay, the
Depositary shall deliver to such Holder, or to the person or persons designated by such Holder as hereinafter provided, the number of whole shares of Series H Preferred Stock and all money and other property, if any, represented by the Receipt or
Receipts so surrendered for withdrawal, but Holders of such whole shares of Series H Preferred Stock will not thereafter be entitled to deposit such Series H Preferred Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If
a Receipt delivered by the Holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Series H Preferred Stock to
be so withdrawn, the Depositary shall at the same time, in addition to such number of whole shares of Series H Preferred Stock and such money and other property, if any, to be so withdrawn, deliver to such Holder, or subject to Section 2.3 upon
such Holder’s order, a new Receipt evidencing such excess number of Depositary Shares. 
 Except as provided in Section 6.2, in no
event will fractional shares of Series H Preferred Stock (or any cash payment in lieu thereof) be delivered by the Depositary. Delivery 

  
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of the Series H Preferred Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary
may deem appropriate. 
 If the Series H Preferred Stock and the money and other property, if any, being withdrawn are to be delivered to a
person or persons other than the Record Holder of the related Receipt or Receipts being surrendered for withdrawal of such Series H Preferred Stock, such Holder shall execute and deliver to the Depositary a written order so directing the Depositary
and the Depositary may require that the Receipt or Receipts surrendered by such Holder for withdrawal of such shares of Series H Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank.

 Delivery of the Series H Preferred Stock and the money and other property, if any, represented by Receipts surrendered for withdrawal
shall be made by the Depositary at the Depositary’s Office, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts and for the account of the Holder thereof, such delivery may be made at such other
place as may be designated by such Holder. 
 Section 2.5. Limitations on Execution and Delivery, Transfer, Surrender and Exchange
of Receipts. 
 As a condition precedent to the execution and delivery, registration of transfer,
split-up, combination, surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Corporation may require payment to it of a sum sufficient for the payment (or, in the
event that the Depositary or the Corporation shall have made such payment, the reimbursement to it) of any charges or expenses payable by the Holder of a Receipt pursuant to Section 5.7, may require the production of evidence satisfactory to it
as to the identity and genuineness of any signature, and may also require compliance with such regulations, if any, as the Depositary or the Corporation may establish consistent with the provisions of this Deposit Agreement and/or applicable law.

 The deposit of the Series H Preferred Stock may be refused, the delivery of Receipts against Series H Preferred Stock may be suspended,
the registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of shareholders of the Corporation is closed or
(ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Corporation at any time or from time to time because of any requirement of law or of any government or governmental body or
commission or under any provision of this Deposit Agreement. 
 Section 2.6. Lost Receipts, etc. 

In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of like
form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the Holder thereof with the Depositary of evidence satisfactory to the
Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof and of such Holder’s ownership thereof and (ii) the Holder thereof furnishing the Depositary with reasonable indemnification satisfactory to the
Depositary. 

  
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 Section 2.7. Cancellation and Destruction of Surrendered Receipts. 

All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by
applicable law or regulation, the Depositary is authorized and directed to destroy all Receipts so cancelled. 
 Section 2.8.
Redemption of Series H Preferred Stock. 
 Whenever the Corporation shall be permitted and shall elect to redeem shares of Series H
Preferred Stock in accordance with the terms of the Articles, it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, not less than 30 days and not more than 60 days prior to the Redemption
Date (as defined below), notice of the date of such proposed redemption of Series H Preferred Stock and of the number of such shares held by the Depositary to be so redeemed and the applicable redemption price, which notice shall be accompanied by a
certificate from the Corporation stating that such redemption of Series H Preferred Stock is in accordance with the provisions of the Articles. On the date of such redemption, provided that the Corporation shall then have paid or caused to be paid
in full to the Depositary the redemption price of the Series H Preferred Stock to be redeemed, plus an amount equal to any declared and unpaid dividends thereon (without accumulation of any undeclared dividends) to the date fixed for redemption, in
accordance with the provisions of the Articles, the Depositary shall redeem the number of Depositary Shares representing such Series H Preferred Stock. The Depositary shall mail notice of the Corporation’s redemption of Series H Preferred Stock
and the proposed simultaneous redemption of the number of Depositary Shares representing the Series H Preferred Stock to be redeemed by first-class mail, postage prepaid, not less than 30 days and not more than 60 days prior to the date fixed for
redemption, in accordance with the Articles, of such Series H Preferred Stock and Depositary Shares (the “Redemption Date”), to the Record Holders of the Receipts evidencing the Depositary Shares to be so redeemed at their
respective last addresses as they appear on the records of the Depositary; provided, however, that neither failure to mail any such notice of redemption of Depositary Shares to one or more such Holders nor any defect in any notice of redemption of
Depositary Shares to one or more such Holders shall affect the sufficiency of the proceedings for redemption as to the other Holders. Each such notice shall be prepared by the Corporation and shall state: (i) the Redemption Date; (ii) the
number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any such Holder are to be redeemed, the number of such Depositary Shares held by such Holder to be so redeemed; (iii) the redemption price;
(iv) the place or places where Receipts evidencing such Depositary Shares are to be surrendered for payment of the redemption price; and (v) that dividends in respect of the Series H Preferred Stock represented by such Depositary Shares to
be redeemed will cease to accrue on such Redemption Date. In case less than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed shall be selected either pro rata or by lot or in such other manner as the
Board of Directors of the Corporation or any duly authorized committee of the Board of Directors of the Corporation may determine to be fair and equitable. 

  
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 Notice having been mailed by the Depositary as aforesaid, from and after the Redemption Date
(unless the Corporation shall have failed to provide the funds necessary to redeem the Series H Preferred Stock evidenced by the Depositary Shares called for redemption) (i) declared but unpaid dividends on the shares of Series H Preferred Stock so
called for Redemption shall cease to accrue from and after such date, (ii) the Depositary Shares being redeemed from such proceeds shall be deemed no longer to be outstanding, (iii) all rights of the Holders of Receipts evidencing such
Depositary Shares (except the right to receive the redemption price) shall, to the extent of such Depositary Shares, cease and terminate, and (iv) upon surrender in accordance with such redemption notice of the Receipts evidencing any such
Depositary Shares called for redemption (properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share equal
to one-fortieth of the redemption price per share of the Series H Preferred Stock so redeemed plus all money and other property, if any, represented by such Depositary Shares, including all amounts paid by the
Corporation in respect of dividends which on the Redemption Date have been declared on the shares of Series H Preferred Stock to be so redeemed and have not theretofore been paid. 

If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the Holder of such
Receipt upon its surrender to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. 

Section 2.9. Receipts Issuable in Global Registered Form. 

If the Corporation shall determine in a writing delivered to the Depositary that the Receipts are to be issued in whole or in part in the form
of one or more Global Registered Receipts, then the Depositary shall, in accordance with the other provisions of this Deposit Agreement, execute and deliver one or more Global Registered Receipts evidencing such Receipts, which (i) shall
represent, and shall be denominated in an amount equal to the aggregate number of, the Receipts to be represented by such Global Registered Receipt or Receipts and (ii) shall be registered in the name of the Global Receipt Depository therefor
or its nominee. 
 Notwithstanding any other provision of this Deposit Agreement to the contrary, unless otherwise provided in the Global
Registered Receipt, a Global Registered Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee of such Global Receipt Depository, or by a nominee of such Global
Receipt Depository to such Global Receipt Depository or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt Depository for such Global Registered Receipt selected
or approved by the Corporation or to a nominee of such successor Global Receipt Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall not be entitled to receive physical delivery of the
Receipts represented by such Global Registered Receipt. Neither any such beneficial owner nor any direct or indirect participant of a Global Receipt Depository shall have any rights under this Deposit Agreement with respect to any Global Registered
Receipt held on their behalf by a Global Receipt Depository and such Global Receipt Depository may be treated by the Corporation, the Depositary, any Depositary’s Agent and any director, officer, employee or agent of the Corporation, the
Depositary or any Depositary’s Agent as the holder of such Global Registered Receipt for all purposes whatsoever. 

  
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 Unless and until definitive Receipts are delivered to the owners of the beneficial interests
in a Global Registered Receipt, (1) the applicable Global Receipt Depository will make book-entry transfers among its participants and receive and transmit all payments and distributions in respect of the Global Registered Receipts to such
participants, in each case, in accordance with its applicable procedures and arrangements, and (2) whenever any notice, payment or other communication to the Holders of Global Registered Receipts is required under this Deposit Agreement, the
Corporation and the Depositary shall give all such notices, payments and communications specified herein to be given to such holders to the applicable Global Receipt Depository. 

If an Exchange Event has occurred with respect to any Global Registered Receipt, then, in any such event, the Depositary shall, upon receipt
of a written order from the Corporation for the execution and delivery of individual definitive registered Receipts in exchange for such Global Registered Receipt, execute and deliver individual definitive registered Receipts, in authorized
denominations and of like tenor and terms in an aggregate number of Receipts represented thereby equal to the number of Receipts represented by the Global Registered Receipt surrendered in exchange for such Global Registered Receipt. 

Definitive registered Receipts issued in exchange for a Global Registered Receipt pursuant to this Section shall be registered in such names
and in such authorized denominations as the Global Receipt Depository for such Global Registered Receipt shall instruct the Depositary in writing. The Depositary shall deliver such Receipts to the persons in whose names such Receipts are so
registered. 
 Notwithstanding anything to the contrary in this Deposit Agreement, should the Corporation determine that the Receipts should
be issued as a Global Registered Receipt, the parties hereto shall comply with the terms of each Letter of Representations. 
 ARTICLE
III 
 CERTAIN OBLIGATIONS OF 

HOLDERS OF RECEIPTS AND THE CORPORATION 

Section 3.1. Filing Proofs, Certificates and Other Information. 

Any Holder of a Receipt may be required from time to time to file such proof of residence, or other matters or other information, to execute
such certificates and to make such representations and warranties as the Depositary or the Corporation may reasonably deem necessary or proper. The Depositary or the Corporation may withhold the delivery, or delay the registration of transfer or
redemption, of any Receipt or the withdrawal of the Series H Preferred Stock represented by the Depositary Shares and evidenced by a Receipt or the distribution of any dividend or other distribution or the sale of any rights or of the proceeds
thereof until such proof or other information is filed or such certificates are executed or such representations and warranties are made. 

  
 -9- 

 Section 3.2. Payment of Taxes or Other Governmental Charges. 

Holders of Receipts shall be obligated to make payments to the Depositary of certain charges and expenses, as provided in Section 5.7.
Registration of transfer of any Receipt or any withdrawal of Series H Preferred Stock and all money or other property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made, and any
dividends or other distributions (including of any liquidation preference) may be withheld or any part of or all the Series H Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold
may be sold for the account of the Holder thereof (after attempting by reasonable means to notify such Holder prior to such sale), and such dividends or other distributions (including of any liquidation preference) or the proceeds of any such sale
may be applied to any payment of such charges or expenses, the Holder of such Receipt remaining liable for any deficiency. 

Section 3.3. Warranty as to Series H Preferred Stock. 

The Corporation hereby represents and warrants that the Series H Preferred Stock, when issued, will be duly authorized, validly issued, fully
paid and nonassessable. Such representation and warranty shall survive the deposit of the Series H Preferred Stock and the issuance of the related Receipts. 

Section 3.4. Warranty as to Receipts. 

The Corporation hereby represents and warrants that the Receipts, when issued, will represent legal and valid interests in the Series H
Preferred Stock. Such representation and warranty shall survive the deposit of the Series H Preferred Stock and the issuance of the Receipts. 

ARTICLE IV 
 THE DEPOSITED
SECURITIES; NOTICES 
 Section 4.1. Cash Distributions. 

Whenever the Depositary shall receive any cash dividend or other cash distribution on the Series H Preferred Stock, the Depositary shall,
subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion to the respective numbers
of Depositary Shares evidenced by the Receipts held by such Holders; provided, however, that in case the Corporation or the Depositary shall be required to withhold and shall withhold from any cash dividend or other cash distribution in respect of
the Series H Preferred Stock an amount on account of taxes, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution,
as the case may be, only such amount, however, as can be distributed without attributing to any Holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by the Depositary (without liability for interest thereon)
and shall be added to and be treated as part of the next sum received by the Depositary for distribution to Record Holders of Receipts then outstanding. Each Holder of a Receipt shall provide the Depositary with its certified tax identification
number on a properly completed Form 

  
 -10- 

 
W-8 or W-9, as may be applicable. Each Holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as amended, may require withholding by the Depositary of a portion of any of the distributions to be made hereunder. 

Section 4.2. Distributions Other than Cash, Rights, Preferences or Privileges. 

Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon the Series H Preferred Stock,
the Depositary shall, at the direction of the Corporation, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of the securities or property received by it as
are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by such Receipts held by such Holders, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution. If
in the opinion of the Depositary such distribution cannot be made proportionately among such Record Holders in accordance with the direction of the Corporation, or if for any other reason (including any requirement that the Corporation or the
Depositary withhold an amount on account of taxes) the Depositary deems, after consultation with the Corporation, such distribution not to be feasible, the Depositary may, with the approval of the Corporation, adopt such method as it deems equitable
and practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, in a commercially reasonable manner. The net proceeds of any such sale
shall, subject to Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by the Depositary to Record Holders of Receipts as provided by Section 4.1 in the case of a distribution received in cash. The
Corporation shall not make any distribution of such securities or property to the Depositary and the Depositary shall not make any distribution of such securities or property to the Holders of Receipts unless the Corporation shall have provided an
opinion of counsel stating that such securities or property have been registered under the Securities Act or do not need to be registered in connection with such distributions. 

Section 4.3. Subscription Rights, Preferences or Privileges. 

If the Corporation shall at any time offer or cause to be offered to the persons in whose names the Series H Preferred Stock is recorded on the
books of the Corporation any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be made
available by the Depositary to the Record Holders of Receipts in such manner as the Corporation shall instruct the Depositary in writing, either by the issuance to such Record Holders of warrants representing such rights, preferences or privileges
or by such other method as may be approved by the Depositary in its discretion with the approval of the Corporation; provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Depositary
determines that it is not lawful or (after consultation with the Corporation) not feasible to make such rights, preferences or privileges available to Holders of Receipts by the issuance of warrants or otherwise, or (ii) if and to the extent so
instructed by Holders of Receipts who do not desire to exercise such rights, preferences or privileges, then the Depositary, in its discretion (with approval of the Corporation, in any case where the Depositary has determined that it is not feasible
to make such rights, preferences or 

  
 -11- 

 
privileges available), may, if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale,
at such place or places and upon such terms as it may deem proper. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by
Section 4.1 in the case of a distribution received in cash. 
 The Corporation shall notify the Depositary whether registration under
the Securities Act of the securities to which any rights, preferences or privileges relate is required in order for Holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the Corporation
agrees with the Depositary that it will file promptly a registration statement pursuant to the Securities Act with respect to such securities to which such rights, preferences or privileges relate and use its reasonable best efforts and take all
steps available to it to cause such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. In no event
shall the Depositary make available to the Holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such registration statement shall have become effective, or the Corporation shall have
provided to the Depositary an opinion of counsel to the effect that the offering and sale of such securities to the Holders are exempt from registration under the provisions of the Securities Act. 

The Corporation shall notify the Depositary whether any other action under the laws of any jurisdiction or any governmental or administrative
authorization, consent or permit is required in order for such rights, preferences or privileges to be made available to Holders of Receipts, and the Corporation agrees with the Depositary that the Corporation will use its reasonable best efforts to
take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. 

Section 4.4. Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts. 

Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or if rights,
preferences or privileges shall at any time be offered, with respect to the Series H Preferred Stock, or whenever the Depositary shall receive notice of any meeting at which holders of the Series H Preferred Stock are entitled to vote or of which
holders of the Series H Preferred Stock are entitled to notice, or whenever the Depositary and the Corporation shall decide it is appropriate, the Depositary shall in each such instance fix a record date (which shall be the same date as the record
date fixed by the Corporation with respect to or otherwise in accordance with the terms of the Series H Preferred Stock, as identified to the Depositary by the Corporation) for the determination of the Holders of Receipts who shall be entitled to
receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for
any other appropriate reasons. 

  
 -12- 

 Section 4.5. Voting Rights. 

Upon receipt of notice of any meeting at which the holders of the Series H Preferred Stock are entitled to vote, the Depositary shall, as soon
as practicable thereafter, mail to the Record Holders of Receipts a notice prepared by the Corporation which shall contain (i) such information as is contained in such notice of meeting and (ii) a statement that the Holders may, subject to any
applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Series H Preferred Stock represented by their respective Depositary Shares (including an express indication that instructions may be
given to the Depositary to give a discretionary proxy to a person designated by the Corporation) and a brief statement as to the manner in which such instructions may be given. Upon the written request of the Holders of Receipts on the relevant
record date, the Depositary shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the instructions set forth in such requests, the maximum number of whole shares of Series H Preferred Stock represented by the
Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The Corporation hereby agrees to take all reasonable action which may be deemed necessary by the Depositary in order to enable the Depositary to
vote such Series H Preferred Stock or cause such Series H Preferred Stock to be voted. In the absence of specific instructions from Holders of Receipts, the Depositary will vote, to the extent permitted by the rules of the New York Stock Exchange or
any other applicable regulatory body, the Series H Preferred Stock represented by the Depositary Shares evidenced by the Receipts of such Holders proportionately with votes cast pursuant to instructions received from the other Holders. 

Section 4.6. Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc. 

Upon any change in par or stated value, split-up, combination or any other reclassification of the
Series H Preferred Stock or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Depositary may in its discretion with the approval of, and shall upon the instructions of, the
Corporation, and (in either case) in such manner as the Depositary may deem equitable, (i) make such adjustments as are certified by the Corporation in the fraction of an interest represented by one Depositary Share in one share of Series H
Preferred Stock and in the ratio of the redemption price per Depositary Share to the redemption price per share of Series H Preferred Stock, in each case as may be necessary fully to reflect the effects of such change in par or stated value, split-up, combination or other reclassification of the Series H Preferred Stock, or of such recapitalization, reorganization, merger or consolidation and (ii) treat any securities which shall be received by the
Depositary in exchange for or upon conversion of or in respect of the Series H Preferred Stock as new deposited securities so received in exchange for or upon conversion or in respect of such Series H Preferred Stock. In any such case, the
Depositary may in its discretion, with the approval of the Corporation, execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited
securities. Anything to the contrary herein notwithstanding, Holders of Receipts shall have the right from and after the effective date of any such change in par or stated value, split-up, combination or other reclassification of the Series H
Preferred Stock or any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Series H Preferred Stock

  
 -13- 

 
represented thereby only into or for, as the case may be, the kind and amount of shares and other securities and property and cash into which the Series H Preferred Stock represented by such
Receipts might have been converted or for which such Series H Preferred Stock might have been exchanged or surrendered immediately prior to the effective date of such transaction. 

Section 4.7. Delivery of Reports. 

The Depositary shall furnish to Holders of Receipts any reports and communications received from the Corporation which are received by the
Depositary and which the Corporation is required to furnish to the holders of the Series H Preferred Stock. 
 Section 4.8. Lists of
Receipt Holders. 
 Reasonably promptly upon request from time to time by the Corporation, at the sole expense of the Corporation, the
Depositary shall furnish to it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of all registered Holders of Receipts. 

ARTICLE V 
 THE DEPOSITARY,
THE DEPOSITARY’S 
 AGENTS, THE REGISTRAR AND THE CORPORATION 

Section 5.1. Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar. 

Upon execution of this Deposit Agreement, the Depositary shall maintain at the Depositary’s Office facilities for the execution and
delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the delivery, registration of transfer, surrender and exchange of Receipts, all in
accordance with the provisions of this Deposit Agreement. 
 The Depositary shall keep books at the Depositary’s Office for the
registration and registration of transfer, surrender and exchange of Receipts, which books at all reasonable times shall be open for inspection by the Record Holders of Receipts; provided that any such Holder requesting to exercise such right shall
certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares evidenced by the Receipts. 

The Depositary may close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its
duties hereunder. 
 The Depositary may, with the approval of the Corporation, appoint a Registrar for registration of the Receipts or the
Depositary Shares evidenced thereby. If the Receipts or the Depositary Shares evidenced thereby or the Series H Preferred Stock represented by such Depositary Shares shall be listed on one or more national securities exchanges, the Depositary will
appoint a Registrar (acceptable to the Corporation) for registration of the Receipts or Depositary Shares in accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any
such exchange) may be 

  
 -14- 

 
removed and a substitute registrar appointed by the Depositary upon the request or with the approval of the Corporation. If the Receipts, Depositary Shares or Series H Preferred Stock are listed
on one or more other securities exchanges, the Depositary will, at the request of the Corporation, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of the Receipts, Depositary Shares or Series
H Preferred Stock as may be required by law or applicable securities exchange regulation. 
 Section 5.2. Prevention of or Delay in
Performance by the Depositary, the Depositary’s Agents, the Registrar or the Corporation. 
 Neither the Depositary nor any
Depositary’s Agent nor any Registrar nor the Corporation shall incur any liability to any Holder of a Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other
governmental authority or, in the case of the Depositary, the Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the Corporation’s Restated Articles of Incorporation (including the Articles) or by reason
of any act of God or war or other circumstance beyond the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar or the Corporation shall be prevented or forbidden from, or subjected to any penalty on account of,
doing or performing any act or thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar or the Corporation incur liability to any Holder of a Receipt
(i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement provide shall or may be done or performed, or (ii) by reason of any exercise of, or failure
to exercise, any discretion provided for in this Deposit Agreement except as otherwise explicitly set forth in this Deposit Agreement. 

Section 5.3. Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation. 

None of the Depositary, any Depositary’s Agent, any Registrar or the Corporation assumes any obligation or shall be subject to any
liability under this Deposit Agreement to Holders of Receipts other than for its negligence, willful misconduct or bad faith. Notwithstanding anything in this Deposit Agreement to the contrary, neither the Depositary nor any Depositary’s Agent
nor any Registrar nor the Corporation shall be liable in any event for special, punitive, incidental, indirect or consequential losses or damages of any kind whatsoever (including but not limited to lost profits). 

None of the Depositary, any Depositary’s Agent, any Registrar or the Corporation shall be under any obligation to appear in, prosecute or
defend any action, suit or other proceeding in respect of the Series H Preferred Stock, the Depositary Shares or the Receipts which in its opinion may involve it in expense or liability unless indemnity satisfactory to it against all expense and
liability be furnished as often as may be required. 
 None of the Depositary, any Depositary’s Agent, any Registrar or the Corporation
shall be liable for any action or any failure to act by it in reliance upon the written advice of legal counsel or accountants, or information from any person presenting Series H Preferred Stock for deposit, any Holder of a Receipt or any other
person believed by it in good faith to be competent 

  
 -15- 

 
to give such information. The Depositary, any Depositary’s Agent, any Registrar and the Corporation may each rely and shall each be protected in acting upon or omitting to act upon any
written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

The Depositary will indemnify the Corporation (including each of their officers, directors and employees) against any liability which may
directly arise out of acts performed or omitted by the Depositary or any Depositary Agent due to its or their negligence, willful misconduct or bad faith. 

The Depositary shall not be responsible for any failure to carry out any instruction to vote any of the shares of Series H Preferred Stock or
for the manner or effect of any such vote made, as long as any such action or non-action is not taken in bad faith. The Depositary undertakes, and any Registrar shall be required to undertake, to perform such
duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied covenants or obligations shall be read into this Deposit Agreement against the Depositary or any Registrar. 

The Depositary, any Depositary’s Agents and any Registrar may own and deal in any class of securities of the Corporation and its
affiliates and in Receipts. The Depositary may also act as transfer agent or registrar of any of the securities of the Corporation and its affiliates. 

The Depositary shall not be under any liability for interest on any monies at any time received by it pursuant to any of the provisions of
this Deposit Agreement or of the Receipts, the Depositary Shares or the Series H Preferred Stock nor shall it be obligated to segregate such monies from other monies held by it, except as required by law. The Depositary shall not be responsible for
advancing funds on behalf of the Corporation and shall have no duty or obligation to make any payments if it has not timely received sufficient funds to make timely payments. 

In the event the Depositary believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other
communication, paper or document received by the Depositary hereunder, or in the administration of any of the provisions of this Deposit Agreement, or the Depositary shall deem it necessary or desirable that a matter be proved or established prior
to taking, omitting or suffering to take any action hereunder, the Depositary may, in its sole discretion upon written notice to the Corporation, refrain from taking any action and shall be fully protected and shall not be liable in any way to the
Corporation, any Holders of Receipts or any other person or entity for refraining from taking such action, unless the Depositary receives written instructions or a certificate signed by the Corporation which eliminates such ambiguity or uncertainty
to the satisfaction of the Depositary or which proves or establishes the applicable matter to the satisfaction of the Depositary. The Depositary shall not be liable to the Corporation or any Holder of Receipts for any action taken by it in
accordance with the written instruction of the Corporation or the Holders of Receipts. 

  
 -16- 

 Section 5.4. Resignation and Removal of the Depositary; Appointment of Successor
Depositary. 
 The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so to the
Corporation, such resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 

The Depositary may at any time be removed by the Corporation by notice of such removal delivered to the Depositary, such removal to take
effect upon the appointment of a successor Depositary hereunder and its acceptance of such appointment as hereinafter provided. 
 In case
at any time the Depositary acting hereunder shall resign or be removed, the Corporation shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be a bank or
trust company having its principal office in the United States of America and having a combined capital and surplus of at least $50,000,000. If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after
delivery of such notice, the resigning or removed Depositary may petition any court of competent jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the
Corporation an instrument in writing accepting its appointment hereunder, and thereupon such successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and
for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Corporation, shall promptly execute and deliver an instrument transferring to such
successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Series H Preferred Stock and any moneys or property held hereunder to such successor, and shall deliver to
such successor a list of the Record Holders of all outstanding Receipts and such records, books and other information in its possession relating thereto. Any successor Depositary shall promptly mail notice of its appointment to the Record Holders of
Receipts. 
 Any entity into or with which the Depositary may be merged, consolidated or converted shall be the successor of the Depositary
without the execution or filing of any document or any further act, and notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts in the name of the predecessor Depositary or its own name as successor
Depositary. 
 Section 5.5. Corporate Notices and Reports. 

The Corporation agrees that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof, transmit to the Record
Holders of Receipts, in each case at the addresses recorded in the Depositary’s books, copies of all notices and reports (including without limitation financial statements) required by law, by the rules of any national securities exchange upon
which the Series H Preferred Stock, the Depositary Shares or the Receipts are listed or by the Corporation’s Restated Articles of Incorporation (including the Articles), to be furnished to the Record Holders of Receipts. Such transmission will
be at the Corporation’s 

  
 -17- 

 
expense and the Corporation will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. In addition, the Depositary will transmit to the
Record Holders of Receipts at the Corporation’s expense such other documents as may be requested by the Corporation. 

Section 5.6. Indemnification by the Corporation. 

Notwithstanding Section 5.3 to the contrary, the Corporation shall indemnify the Depositary, any Depositary’s Agent and any Registrar
(including each of their officers, directors, agents and employees) against, and hold each of them harmless from, any loss, damage, cost, penalty, liability or expense (including the reasonable costs and expenses of defending itself) which may arise
out of acts performed, suffered or omitted to be taken in connection with this Deposit Agreement and the Receipts by the Depositary, any Registrar or any of their respective agents (including any Depositary’s Agent) and any transactions or
documents contemplated hereby, except for any liability arising out of negligence, willful misconduct or bad faith on the respective parts of any such person or persons. The obligations of the Corporation set forth in this Section 5.6 shall
survive any succession of any Depositary, Registrar or Depositary’s Agent. 
 Section 5.7. Fees, Charges and Expenses. 

The Corporation agrees promptly to pay the Depositary the compensation to be agreed upon with the Corporation for all services rendered by the
Depositary hereunder and to reimburse the Depositary for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred by the
Depositary without negligence, willful misconduct or bad faith on its part (or on the part of any agent or Depositary Agent) in connection with the services rendered by it (or such agent or Depositary Agent) hereunder. The Corporation shall pay all
charges of the Depositary in connection with the initial deposit of the Series H Preferred Stock and the initial issuance of the Depositary Shares, all withdrawals of shares of Series H Preferred Stock by owners of Depositary Shares, and any
redemption or exchange of the Series H Preferred Stock at the option of the Corporation. The Corporation shall pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. All other
transfer and other taxes and governmental charges shall be at the expense of Holders of Depositary Shares evidenced by Receipts. If, at the request of a Holder of Receipts, the Depositary incurs charges or expenses for which the Corporation is not
otherwise liable hereunder, such Holder will be liable for such charges and expenses; provided, however, that the Depositary may, at its sole option, require a Holder of a Receipt to prepay the Depositary any charge or expense the Depositary has
been asked to incur at the request of such Holder of Receipts. The Depositary shall present its statement for charges and expenses to the Corporation at such intervals as the Corporation and the Depositary may agree. 

ARTICLE VI 
 AMENDMENT AND
TERMINATION 
 Section 6.1. Amendment. 

The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the
Corporation and the 

  
 -18- 

 
Depositary in any respect which they may deem necessary or desirable; provided, however, that no such amendment which shall materially and adversely alter the rights of the Holders of Receipts
shall be effective unless such amendment shall have been approved by the Holders of Receipts representing in the aggregate a majority (or, in the case of amendments relating to or affecting rights to receive dividends or distributions or voting or
redemption rights, at least two-thirds) of the Depositary Shares then outstanding. Every Holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold
such Receipt, to consent and agree to such amendment and to be bound by this Depositary Agreement as amended thereby. In no event shall any amendment impair the right, subject to the provisions of Sections 2.5 and 2.6 and Article III, of any owner
of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver to the Holder the Series H Preferred Stock and all money and other property, if any, represented thereby, except in order
to comply with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or commission, or applicable securities exchange. 

Section 6.2. Termination. 

This Deposit Agreement may be terminated by the Corporation at any time upon not less than 60 days prior written notice to the Depositary, in
which case, at least 30 days prior to the date fixed in such notice for such termination, the Depositary will mail notice of such termination to the Record Holders of all Receipts then outstanding. If any Receipts shall remain outstanding after the
date of termination of this Deposit Agreement, the Depositary thereafter shall discontinue the transfer of Receipts, shall suspend the distribution of dividends to the Holders thereof and shall not give any further notices (other than notice of such
termination) or perform any further acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Series H Preferred Stock, shall sell rights, preferences or privileges as
provided in this Deposit Agreement and shall deliver the number of whole or fractional shares of Series H Preferred Stock and any money and other property, if any, represented by Receipts upon surrender thereof by the Holders thereof. At any time
after the expiration of two years from the date of termination, the Depositary may sell Series H Preferred Stock then held hereunder at public or private sale, at such places and upon such terms as it deems proper and may thereafter hold the net
proceeds of any such sale, together with any money and other property held by it hereunder, without liability for interest, for the benefit, pro rata in accordance with their holdings, of the Holders of Receipts that have not theretofore been
surrendered. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement except to account for such net proceeds and money and other property, and it obligations to the Corporation under
Section 5.3. 
 This Deposit Agreement shall terminate automatically if (i) all outstanding Depositary Shares issued hereunder
have been redeemed pursuant to Section 2.8 or (ii) there shall have been made a final distribution in respect of the Series H Preferred Stock in connection with any liquidation, dissolution or winding up of the Corporation and such
distribution shall have been distributed to the Holders of Receipts representing Depositary Shares pursuant to Section 4.1 or 4.2, as applicable. 

  
 -19- 

 Upon the termination of this Deposit Agreement, the Corporation shall be discharged from all
obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7. 

ARTICLE VII 
 MISCELLANEOUS

 Section 7.1. Counterparts. 

This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same instrument. 

Section 7.2. Benefit of this Deposit Agreement. 

Nothing in this Deposit Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be
construed, to confer upon, or give to, any person or corporation other than the parties hereto and the Record Holders any right, remedy or claim under or by reason of this Deposit Agreement or of any covenant, condition, stipulation, promise or
agreement hereof, and all covenants, conditions, stipulations, promises and agreements in this Deposit Agreement contained shall be for the sole and exclusive benefit of the parties hereto and their successors and of the Record Holders. 

Section 7.3. Invalidity of Provisions. 

In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby. 

Section 7.4. Notices. 

Any and all notices to be given to the Corporation hereunder or under the Receipts shall be in writing and shall be deemed to have been duly
given if personally delivered or sent by mail, or by telegram or facsimile transmission or electronic mail, confirmed by letter, addressed to the Corporation at 

Zions Bancorporation 
 One South
Main Street, 15th Floor 
 Salt Lake City, Utah 84133 

Attn: Secretary 
 Fax: (801) 524-2129 
 or at any other addresses of which the Corporation shall have notified the Depositary in writing. 

  
 -20- 

 Any and all notices to be given to the Depositary hereunder or under the Receipts shall be
in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by facsimile transmission confirmed by letter, addressed to the Depositary at the Depositary’s Office at 

Zions First National Bank 
 One
South Main Street, Suite 1200 
 Salt Lake City, Utah 84133 

Attn: Corporate Trust 
 Fax: (801)
594-8018 
 or at any other address of which the Depositary shall have notified the Corporation in writing. 

Any and all notices to be given to any Record Holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to
have been duly given if personally delivered or sent by mail or facsimile transmission or confirmed by letter, addressed to such Record Holder at the address of such Record Holder as it appears on the books of the Depositary, or if such Holder shall
have timely filed with the Depositary a written request that notices intended for such Holder be mailed to some other address, at the address designated in such request. 

Delivery of a notice sent by mail or by facsimile transmission shall be deemed to be effected at the time when a duly addressed letter
containing the same (or a confirmation thereof in the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter box. The Depositary or the Corporation may, however, act upon any facsimile transmission received by it
from the other or from any Holder of a Receipt, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid. 

Section 7.5. Depositary’s Agents. 

The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit
Agreement and may at any time appoint additional Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will promptly notify the Corporation of any such action. 

Section 7.6. Appointment of Registrar and Transfer Agent in Respect of the Receipts. 

The Corporation hereby appoints the Depositary as registrar and transfer agent in respect of the Receipts and the Depositary hereby accepts
such appointments. With respect to the appointments of the Depositary as registrar and transfer agent in respect of the Receipts, each of the Corporation and the Depositary, in their respective capacities under such appointments, shall be entitled
to the same rights, indemnities, immunities and benefits as the Corporation and Depositary (in its capacity as the Depositary) hereunder, respectively, as if explicitly named in each such provision. 

  
 -21- 

 Section 7.7. Holders of Receipts Are Parties. 

The Holders of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions
hereof and of the Receipts and of the Officer’s Certificate by acceptance of delivery thereof. 
 Section 7.8. Governing
Law. 
 This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be
governed by, and construed in accordance with, the laws of the State of New York without giving effect to applicable conflicts of law principles. 

Section 7.9. Inspection of Deposit Agreement. 

Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agents and shall be open to inspection during
business hours at the Depositary’s Office and the respective offices of the Depositary’s Agents, if any, by any Holder of a Receipt. 

Section 7.10. Headings. 

The headings of articles and sections in this Deposit Agreement have been inserted for convenience only and are not to be regarded as a part of
this Deposit Agreement or the Receipts or to have any bearing upon the meaning or interpretation of any provision contained herein or in the Receipts. 

[Remainder of page intentionally left blank; signature page follows.] 

  
 -22- 

 IN WITNESS WHEREOF, the Corporation and the Depositary have duly executed this Deposit
Agreement as of the day and year first above set forth, and all Holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof. 

 

					
	ZIONS BANCORPORATION
		
	By:	 	 /s/ W. David Hemingway

		 	Name:	 	W. David Hemingway
		 	Title:	 	Executive Vice President
	
	 ZIONS FIRST NATIONAL BANK,
 as
Depositary

		
	By:	 	 /s/ Shelene Brown

		 	Name:	 	Shelene Brown
		 	Title:	 	Authorized Officer

  
 [Deposit Agreement] 

 EXHIBIT A 

[FORM OF FACE OF RECEIPT] 
 UNLESS THIS RECEIPT IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ZIONS BANCORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

DEPOSITARY SHARES 
 DR 

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES, EACH 

REPRESENTING ONE-FORTIETH OF ONE SHARE OF 

SERIES H FIXED-RATE NON-CUMULATIVE PERPETUAL PREFERRED STOCK OF 

ZIONS BANCORPORATION 
 INCORPORATED
UNDER THE LAWS OF THE STATE OF UTAH 
 CUSIP 989701 834 

Zions First National Bank, as Depositary (the “Depositary”), hereby certifies that Cede & Co. is the registered owner of
Depositary Shares (“Depositary Shares”), each Depositary Share representing one-fortieth of             one share of Series H Fixed-Rate Non-Cumulative Perpetual Preferred Stock, without par value, with a liquidation preference of $1,000 per share (the “Series H Preferred Stock”), of Zions Bancorporation, a Utah corporation (the
“Corporation”), on deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of May 3, 2013 (the “Deposit Agreement”), among the Corporation, the Depositary and the
Holders from time to time of receipts evidencing Depositary Shares (“Receipts”). By accepting this Receipt, the Holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Receipt
shall not be valid or obligatory for any purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual signature of a duly authorized officer or, if executed in facsimile by the
Depositary, countersigned by a Registrar in respect of the Depositary Receipts by the manual signature of a duly authorized officer thereof. 
  

			
	Dated:
	
	ZIONS FIRST NATIONAL BANK, as Depositary
		
	By:	 	  

		 	Authorized Officer

  
 A-1 

 [FORM OF REVERSE OF RECEIPT] 

ZIONS BANCORPORATION 
 The
Corporation will furnish without charge to each receiptholder who so requests a copy of the Deposit Agreement and a copy or summary of the Articles of Amendment relating to the Series H Preferred Stock. Any such request is to be addressed to the
Depositary named on the face of this Receipt. 
 The Corporation will furnish without charge to each receiptholder who so requests the
powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or series thereof of the Corporation, and the qualifications, limitations or restrictions of such preferences and/or rights. Such
request may be made to the Corporation or to the Registrar. 
 EXPLANATION OF ABBREVIATIONS 

The following abbreviations when used in the form of ownership on the face of this Receipt shall be construed as though they were written out
in full according to applicable laws or regulations. Abbreviations in addition to those appearing below may be used. 
  

											
	 Abbreviation
	  	 Equivalent Phrase
	 	 Abbreviation
	 	 Equivalent Phrase

	JT TEN	  	As joint tenants, with right of survivorship and not as tenants in common	 	TEN BY ENT	 	As tenants by the entireties
	TEN IN COM	  	As tenants in common	 	UNIF GIFT MIN ACT	 	Uniform Gifts to Minors Act

  

											
						
	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent Word
	  	 Abbreviation
	  	 Equivalent Word

	ADM	  	Administrator(s), Administratrix	  	EX	  	Executor(s), Executrix	  	PAR	  	Paragraph
	AGMT	  	Agreement	  	FBO	  	For the benefit of	  	PL	  	Public Law
	ART	  	Article	  	FDN	  	Foundation	  	TR	  	(As) trustee(s), for, of
	CH	  	Chapter	  	GDN	  	Guardian(s)	  	U	  	Under
	CUST	  	Custodian for	  	GDNSHP	  	Guardianship	  	UA	  	Under agreement
	DEC	  	Declaration	  	MIN	  	Minor(s)	  	UW	  	 Under will of, Of
 will of, Under last

will & testament

	EST	  	Estate, of Estate of	  		  		  		  	

  
 A-2 

 For value received,
                     hereby sell(s), assign(s) and transfer(s) unto 
  

                       
                                         
                                         
                                      

INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 

                     Depositary Shares represented
by the within Receipt, and do(es) hereby irrevocably constitute and appoint                      Attorney to transfer the said Depositary
Shares on the books of the within named Depositary with full power of substitution in the premises. 
 Dated: 

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

NOTICE: If applicable, the signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and
credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934. 

  
 A-3 

 EXHIBIT B 

ARTICLES OF AMENDMENT 

  
 B-1 

 EXHIBIT C 

FORM OF OFFICER’S CERTIFICATE 

I,                      [name],
                     [title] of Zions Bancorporation (the “Corporation”), hereby certify that pursuant to the terms of the Articles of
Amendment filed with the Utah Division of Corporations and Commercial Code on April 30, 2013 (the “Articles of Amendment”), and pursuant to resolutions adopted by the Board of Directors of the Corporation (the “Board of
Directors”) on January 25, 2013, the Corporation has established the Series H Fixed-Rate Non-Cumulative Perpetual Preferred Stock, without par value, with a liquidation preference of $1,000 per share
(the “Series H Preferred Stock”), which the Corporation desires to deposit with the Depositary for the purposes of being subject to the terms and conditions of the Deposit Agreement, dated as of May 3, 2013, by and among the
Corporation, Zions First National Bank and the Holders of Receipts issued thereunder from time to time (the “Deposit Agreement”). In connection therewith, the Board of Directors or a duly authorized committee thereof or an authorized
officer of the Corporation has authorized the terms and conditions with respect to the Series H Preferred Stock as described in the Articles of Amendment attached as Annex A hereto. Any terms of the Series H Preferred Stock that are not so described
in the Articles of Amendment and any terms of the Receipts representing such Series H Preferred Stock that are not described in the Deposit Agreement are described below: 

Aggregate Number of shares of Series H Preferred Stock issued on the day hereof: [●] 

CUSIP Number for Receipt: 989701 834 
 Denomination of
Depositary Share per share of Series H Preferred Stock: 1/40th of a share of Series H Preferred Stock 
 Redemption Provisions (if different than as set
forth in the Deposit Agreement): N/A 
 Name of Global Receipt Depositary: The Depository Trust Company 

Name of Registrar and Transfer Agent with Respect to the Receipts: Zions First National Bank 

Name of Registrar and Transfer Agent with Respect to the Series H Preferred Stock: Zions First National Bank 

Special terms and conditions: None 
 Closing date: [●]

 All capitalized terms used but not defined herein shall have such meaning as ascribed thereto in the Deposit Agreement. 

  
 C-1 

					
	 This certificate is dated [●].
	 		 	
			
		 	  
	 	
		 	Name:	 	
		 	Title:	 	

  
 C-2WELLS FARGO & COMPANY 8-K

 

 

Exhibit
4.1

 

[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. 95001HD57	FACE
    AMOUNT: $___________
	REGISTERED NO. ___	 

 

WELLS
FARGO FINANCE LLC

 

MEDIUM-TERM
NOTE, SERIES A 

Fully
and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal
at Risk Securities Linked to the Lowest Performing of the

S&P 500® Index and the Russell 2000® Index due December 31, 2024

 

WELLS
FARGO FINANCE LLC, a limited liability company, duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under and as defined in the Indenture hereinafter
referred to), for value received, hereby promises to pay to Cede & Co.,
or registered assigns, an amount equal to the Maturity Payment Amount (as defined below), 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, on the Stated Maturity Date.
The “Initial Stated Maturity Date” shall be December 31, 2024. If the Calculation Day (as defined below) is
not postponed, the Initial Stated Maturity Date will be the “Stated Maturity Date.” If the Calculation Day
is postponed, the “Stated Maturity Date” shall be the later of (i) the Initial Stated Maturity Date and (ii)
three Business Days (as defined below) after the last Calculation Day as postponed. This Security shall not bear any interest.

 

Any
payments 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.

 

“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.”

 

     

     

    

 

Determination
of Maturity Payment Amount

 

The
“Maturity Payment Amount” of this Security will equal:

 

		●	if
                                         the Ending Level of the Lowest Performing Index is greater than its Starting Level: the
                                         Face Amount plus:

 

 

 

		●	if
                                         the Ending Level of the Lowest Performing Index is less than or equal to its Starting
                                         Level, but greater than or equal to its Threshold Level: the Face Amount plus:

 

 

 

		●	if
                                         the Endling Level of the Lowest Performing Index is less than its Threshold Level: the
                                         Face Amount plus:

 

 

 

All
calculations with respect to the Maturity Payment 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 Maturity Payment Amount will be rounded to the nearest cent,
with one-half cent rounded upward.

 

“Index”
shall mean each of the S&P 500 Index and the Russell 2000 Index.

 

The
“Pricing Date” shall mean December 26, 2019.

 

The
“Lowest Performing Index” will be the Index with the lowest Index Return as measured from its Starting Level
to its Ending Level.

 

The
“Index Return” with respect to an Index is the percentage change from its Starting Level to its Ending Level,
measured as follows:

 

 

 

If
the Index Return is equal to -5%, the absolute value of the Index Return would be +5%.

 

The
“Starting Level” with respect to the S&P 500 Index is 3239.91, its Closing Level on the Pricing Date and
with respect to the Russell 2000 Index is 1677.670, its Closing Level on the Pricing Date.

 

    2 

     

    

 

The
“Ending Level” of an Index will be its Closing Level on the Calculation Day.

 

The
“Threshold Level” with respect to the S&P 500 Index is 2267.937, which is equal to 70% of its Starting
Level and with respect to the Russell 2000 Index is 1174.369, which is equal to 70% of its Starting Level.

 

The
“Upside Participation Rate” is 118%.

 

The
“Closing Level” with respect to each Index on any Trading Day means the official closing level of that Index
reported by the relevant 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 “—Market Disruption Events,” “—Adjustments To An Index”
and “—Discontinuance Of An Index.”

 

“Index
Sponsor” shall mean the sponsor or publisher of an Index.

 

“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.

 

The
“Calculation Day” shall be December 26, 2024. If such day is not a Trading Day with respect to either Index,
the Calculation Day for each Index will be postponed to the next succeeding day that is a Trading Day with respect to each Index.
The Calculation Day for an Index is also subject to postponement due to the occurrence of a Market Disruption Event (as defined
below) with respect to such Index. If a Market Disruption Event occurs or is continuing with respect to an Index on the Calculation
Day, then the Calculation Day for such Index will be postponed to the first succeeding Trading Day for such Index on which a Market
Disruption Event for such Index has not occurred and is not continuing; however, if such first succeeding Trading Day has not
occurred as of the eighth Trading Day for such Index after the originally scheduled Calculation Day, that eighth Trading Day shall
be deemed to be the Calculation Day for such Index. If the Calculation Day has been postponed eight Trading Days for an Index
after the originally scheduled Calculation Day and a Market Disruption Event occurs or is continuing with respect to such Index
on such eighth Trading Day, the Calculation Agent will determine the Closing Level of such Index on such eighth Trading Day in
accordance with the formula for and method of calculating the Closing Level of such 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 such date of each security included in such Index. As used herein, “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. Notwithstanding the postponement of the Calculation Day for one Index due to
a Market Disruption Event with respect to such Index on the Calculation Day, the

 

    3 

     

    

 

originally scheduled Calculation Day will remain
the Calculation Day for the other Index if such other Index is not affected by a Market Disruption Event on such day.

 

“Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of May 18, 2018 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 the Maturity Payment Amount, which term shall, unless the context otherwise requires, include
its successors under such Calculation Agent Agreement. The initial Calculation Agent shall be 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 an Index means a day, as determined by the Calculation Agent, on which (i) the
Relevant Stock Exchanges with respect to each security underlying such Index are scheduled to be open for trading for their respective
regular trading sessions and (ii) each Related Futures or Options Exchange with respect to such Index is scheduled to be open
for trading for its regular trading session.

 

The
“Relevant Stock Exchange” for any security underlying an 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 an 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
such Index.

 

Adjustments
To An Index

 

If
at any time the method of calculating an Index or a Successor Equity Index, or the closing level thereof, is changed in a material
respect, or if an Index or a Successor Equity Index is in any other way modified so that such index does not, in the opinion of
the Calculation Agent, fairly represent the level of such index had those changes or modifications not been made, then the Calculation
Agent will, at the close of business in New York, New York, on each date that the closing level of such index is to be calculated,
make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive
at a level of an index comparable to such Index or Successor Equity Index as if those changes or modifications had not been made,
and the Calculation Agent will calculate the closing level of such Index or Successor Equity Index with reference to such index,
as so adjusted. Accordingly, if the method of calculating an Index or Successor Equity Index is modified so that the level of
such index is a fraction or a multiple of what it would have been if it had not been modified (e.g., due to a split or
reverse split in such equity index), then the Calculation Agent will adjust such Index or Successor Equity Index in order to arrive
at a level of such index as if it had not been modified (e.g., as if the split or reverse split had not occurred).

 

    4 

     

    

 

Discontinuance
Of An Index

 

If
an Index Sponsor discontinues publication of an Index, and such 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 such 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
and calculate the Ending Level of such Index as described above. 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 an Index Sponsor discontinues publication of an Index prior to, and the discontinuance is continuing on, the 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 such Index in accordance with the formula for and method of calculating such Index last
in effect prior to the discontinuance, but using only those securities that comprised such Index immediately prior to that discontinuance.
If a Successor Equity Index is selected or the Calculation Agent calculates a level as a substitute for such Index, the Successor
Equity Index or level will be used as a substitute for such Index for all purposes, including the purpose of determining whether
a Market Disruption Event exists.

 

If
on the Calculation Day an Index Sponsor fails to calculate and announce the level of an Index, the Calculation Agent will calculate
a substitute Closing Level of such Index in accordance with the formula for and method of calculating such Index last in effect
prior to the failure, but using only those securities that comprised such Index immediately prior to that failure; provided
that, if a Market Disruption Event occurs or is continuing on such day with respect to such Index, then the provisions set
forth above under the definition of “Calculation Day” shall apply in lieu of the foregoing.

 

Market
Disruption Events 

 

A
“Market Disruption Event” with respect to an 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 such 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.

 

		(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 such 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 

 

    5 

     

    

 

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 such
                                         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 such 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 such Index or any Successor Equity Index
                                         are traded or any Related Futures or Options Exchange with respect to such 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 such Index or Successor Equity Index
                                         or any Related Futures or Options Exchange with respect to such 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 an Index:

 

		(1)	the
                                         relevant percentage contribution of a security to the level of such Index or any Successor
                                         Equity Index will be based on a comparison of (x) the portion of the level of such Index
                                         attributable to that security and (y) the overall level of such Index or 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 such Index or any Successor
                                         Equity Index means the Scheduled Closing Time of the Relevant Stock Exchanges with respect
                                         to the securities underlying such Index or Successor Equity Index on such Trading Day;
                                         provided that, if the actual closing time of the regular trading session of 

  

    6 

     

    

 

			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 such 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 such 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 such 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 such Index or any
                                         Successor Equity Index on which each Relevant Stock Exchange for the securities underlying
                                         such Index or any Successor Equity Index and each Related Futures or Options Exchange
                                         with respect to such 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.

 

Calculation
Agent

 

The
Calculation Agent will determine the Maturity Payment Amount. In addition, the Calculation Agent will (i) determine if adjustments
are required to the Closing Level of an Index under the circumstances described in this Security, (ii) if publication of an Index
is discontinued, select a Successor Equity Index or, if no Successor Equity Index is available, determine the Closing Level of
such Index under the circumstances described in this Security, and (iii) determine whether a Market Disruption Event or non-Trading
Day 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.

 

Tax
Considerations

 

The
Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be deemed
to have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States
federal income tax

 

    7 

     

    

 

purposes to characterize and treat this Security as a prepaid derivative contract that is an “open transaction.”

 

Redemption
and Repayment

 

This
Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior to December
31, 2024. 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 Maturity Payment
Amount (calculated as set forth in the next sentence) 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 Maturity Payment Amount hereof calculated as provided herein as though the date of acceleration was the Calculation
Day.

 

 

  

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]

 

    8 

     

    

 

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

 

DATED:

 

	 	WELLS FARGO FINANCE LLC
	 	 	 
	 	By:	 
	 	 	Its:
	 	 	 
	 	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	 

 

    9 

     

    

 

[Reverse
of Note]

 

WELLS
FARGO FINANCE LLC

 

MEDIUM-TERM
NOTE, SERIES A 

Fully
and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal
at Risk Securities Linked to the Lowest Performing of the

S&P 500® Index and the Russell 2000® Index due December 31, 2024

 

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 April 25, 2018, as amended or supplemented from time to
time (herein called the “Indenture”), among the Company, as issuer, Wells Fargo & Company, as guarantor
(the “Guarantor”) 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 Guarantor,
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 A, of the Company. 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.

 

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.

 

Guarantee

 

The
Securities of this series are fully and unconditionally guaranteed by the Guarantor as and to the extent set forth in the Indenture.

 

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 Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture
at any time by the

 

    10 

     

    

 

Company, the Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of
the Securities at the time Outstanding of 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 or the Guarantor 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, upon compliance
by the Company or the Guarantor 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

 

    11 

     

    

 

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 form, 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 Guarantor, the Trustee and any agent of the
Company, the Guarantor 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 Guarantor, 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 Maturity Payment Amount 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 the payment of the Maturity Payment Amount, 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 or of the Guarantor 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.

 

    12 

     

    

 

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)

 

    13 

     

    

 

the
within Security of WELLS FARGO FINANCE LLC 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.

 

    14

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