Document:

First Supplemental Indenture dated as of December 5, 2006

 Exhibit 4.1 
 WELLS FARGO & COMPANY 
 AND 
 THE BANK OF NEW YORK TRUST COMPANY, N.A. 
 Trustee 
  

 FIRST SUPPLEMENTAL INDENTURE

 Dated as of December 5, 2006 
 to 
 INDENTURE 
 Dated as of August 1, 2005 
  

 Junior Subordinated Debt Securities 

 TABLE OF CONTENTS 
  

					
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	 ARTICLE ONE DEFINITIONS
	  	3
			
	 Section 101.
	 	Definitions. (a) For all purposes of this First Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires, (i) references to any
Article, Section or subdivision thereof are references to an Article, Section or other subdivision of this First Supplemental Indenture and (ii) capitalized terms not otherwise defined herein shall have the meanings set forth in the Indenture
and the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular:	  	3
		
	 ARTICLE TWO TERMS OF SERIES OF DEBT SECURITIES
	  	9
			
	 Section 201.
	 	Terms of the CENts. Pursuant to Sections 201 and 301 of the Indenture, there is hereby established a series of Debt Securities, the terms of which shall be as follows:	  	9
		
	 ARTICLE THREE REPAYMENT OF THE DEBENTURES
	  	18
			
	 Section 301.
	 	Repayment. The Company shall, not more than 15 nor less than 10 Business Days prior to each Repayment Date (unless a shorter notice shall be satisfactory to the Trustee),
notify the Trustee of the principal amount of CENts to be repaid on such date pursuant to Section 201(d).	  	18
			
	 Section 302.
	 	Selection of CENts to be Repaid. If less than all the CENts are to be repaid on any Repayment Date (unless the CENts are issued in the form of a Global Security or held by the
Property Trustee), the particular CENts to be repaid shall be selected not more than 60 days prior to such Repayment Date by the Trustee, from the Outstanding CENts not previously repaid or called for redemption, by lot or such other method as
the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the principal amount of any CENt, provided that the portion of the principal amount of any CENt not repaid shall be in an
authorized denomination (which shall not be less than the minimum authorized denomination).	  	18
			
	 Section 303.
	 	Notice of Repayment. Notice of repayment shall be given by first-class mail, postage prepaid, mailed not earlier than the 15th day, and not later than the 10th Business
Day, prior to the Repayment Date, to each Holder of CENts to be repaid, at the address of such Holder as it appears in the Security Register.	  	18
			
	 Section 304.
	 	Deposit of Repayment Amount. Prior to 10:00 a.m. New York City time on the Repayment Date specified in the notice of repayment given as provided in Section 303, the
Company will deposit with the Trustee or with one or more Paying Agents (or if the Company is acting as its own Paying Agent, the Company will segregate and hold in trust as provided in Section 1003 of the Indenture) an amount of money
sufficient to pay the principal amount of, and any accrued interest (including Additional Interest) on, all the CENts which are to be repaid on that date.	  	19
			
	 Section 305.
	 	Repayment of CENts. If any notice of repayment has been given as provided in Section 303, the CENts or portion of the CENts with respect to which such notice has been given
shall become due and payable on the date and at the place or places stated in such notice. On presentation and surrender of such CENts at a Place of Payment in	  	

  

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 Table of Contents 
 (continued) 
  

					
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		 	said notice specified, the said securities or the specified portions thereof shall be paid by the Company at their principal amount, together with accrued interest (including any Additional
Interest) to the Repayment Date; provided that, except in the case of a repayment in full of all Outstanding CENts, installments of interest whose Stated Maturity is on or prior to the Repayment Date will be payable to the Holders of such
CENts, or one or more Predecessor Securities, registered as such at the close of business on the relevant Regular Record Dates according to their terms and the provisions of Section 307 of the Indenture.	  	19
		
	 ARTICLE FOUR MISCELLANEOUS
	  	20
			
	 Section 401.
	 	Trust Indenture Act. If any provision of this First Supplemental Indenture limits, qualifies or conflicts with the duties imposed by any of Sections 310 to 317, inclusive, of the
Trust Indenture Act of 1939 through operation of Section 318(c) thereof, such imposed duties shall control.	  	20
			
	 Section 402.
	 	Effect of Headings. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.	  	20
			
	 Section 403.
	 	Successors and Assigns. All covenants and agreements in this First Supplemental Indenture by the Company shall bind its successors and assigns, whether expressed or not.	  	20
			
	 Section 404.
	 	Separability. In case any provision of this First Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.	  	20
			
	 Section 405.
	 	Benefit of First Supplemental Indenture. Nothing in this First Supplemental Indenture or the CENts, express or implied, shall give to any Person, other than the parties hereto and their
successors hereunder, any Paying Agent, the Holders, and, to the extent set forth in Section 201(m), the holders of the Capital Securities, any benefit or any legal or equitable right, remedy or claim under this First Supplemental
Indenture.	  	20
			
	 Section 406.
	 	Governing Law. THIS FIRST SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.	  	20
			
	 Section 407.
	 	No Representations by Trustee. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture. The recitals and statements herein are deemed
to be those of the Company and not of the Trustee.	  	20
			
	 Section 408.
	 	Amendments. Notwithstanding anything to the contrary contained in this First Supplemental Indenture, the consent of the Holders of the CENts shall not be required to effect any amendment
required in order to make this First Supplemental Indenture consistent with the description of the First Supplemental Indenture contained in the Prospectus, dated June 19, 2006, as supplemented by the Prospectus Supplement, dated
November 27, 2006, relating to the Capital Securities.	  	20

  

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 FIRST SUPPLEMENTAL INDENTURE, dated as of December 5, 2006, between WELLS FARGO & COMPANY,
a Delaware corporation (hereinafter called the “Company”) having its principal place of business at 420 Montgomery Street, San Francisco, California 94163, and THE BANK OF NEW YORK TRUST COMPANY, N.A. (as successor in interest to
J.P. Morgan Trust Company, N.A.), not in its individual capacity but solely as trustee under the Indenture referred to herein and under this First Supplemental Indenture (hereinafter called the “Trustee”), having its Corporate Trust
Office at 227 West Monroe Street, Suite 2600, Chicago, IL 60606. 
 RECITALS OF THE COMPANY 
 The Company and the Trustee have heretofore executed and delivered a certain Indenture, dated as of August 1, 2005 (the
“Indenture”), providing for the issuance from time to time of Debt Securities; 
 Section 901 of the Indenture provides
that a supplemental indenture may be entered into by the Company and the Trustee without the consent of any Holders to establish the form or terms of Debt Securities of any series as permitted by Sections 201 and 301 of the Indenture;

 Pursuant to Sections 201 and 301 of the Indenture, the Company desires to provide for the establishment of a new series of Debt
Securities under the Indenture, the form and substance of such Debt Securities and the terms, provisions and conditions thereof to be set forth as provided in the Indenture and this First Supplemental Indenture; and 
 The conditions set forth in the Indenture for the execution and delivery of this First Supplemental Indenture have been satisfied and all things
necessary have been done to make this First Supplemental Indenture a valid agreement of the Company, in accordance with its terms, and a valid amendment of, and supplement to, the Indenture. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase of the Debt Securities of the series established by this First Supplemental Indenture by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate
benefit of all Holders of such Debt Securities, that the Indenture is supplemented and amended, to the extent and for the purposes expressed herein, as follows: 
 ARTICLE ONE 
 DEFINITIONS 
 Section 101. Definitions. (a) For all purposes of this First Supplemental Indenture, except as otherwise expressly provided or
unless the context otherwise requires, (i) references to any Article, Section or subdivision thereof are references to an Article, Section or other subdivision of this First Supplemental Indenture and (ii) capitalized terms not otherwise
defined herein shall have the meanings set forth in the Indenture and the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular: 
 “Administrative Trustees” has the meaning set forth in Section 201(a). 
  

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 “APM Commencement Date” means, with respect to any Deferral Period, the earlier of
(i) the first Interest Payment Date following the commencement of such Deferral Period on which the Company pays any current interest on the CENts and (ii) the fifth anniversary of the commencement of such Deferral Period. 
 “APM Period” means, with respect to any Deferral Period, the period commencing on the APM Commencement Date and ending on the next
Interest Payment Date on which the Company has raised an amount of Eligible Proceeds at least equal to the aggregate amount of accrued and unpaid deferred interest, including Additional Interest, on the CENts. 
 “Bankruptcy Event” means any of the events set forth in Section 501(2) or (3) of the Indenture. 
 “Business Day” means any day, other than (i) a Saturday, Sunday or other day on which banking institutions in The City of
New York, Minneapolis, Minnesota or Wilmington, Delaware are authorized or required by law or executive order to remain closed, or (ii) on or after December 15, 2036, a day on which dealings in deposits in U.S. dollars are not
transacted in the London interbank market. 
 “Calculation Agent” means Wells Fargo Bank, National Association, or any other
firm appointed by the Company, acting as calculation agent for the CENts. 
 “Capital Securities” has the meaning set forth
in the Trust Agreement. 
 “Capital Stock” for any entity means any and all shares, interests, rights to purchase, warrants,
options, participations or other equivalents of or interests in (however designated) shares issued by that entity. 
 “CENts” has the meaning set forth in Section 201(a). 
 “Common Stock Issuance Cap” has the
meaning set forth in Section 201(j)(1). 
 “Current Stock Market Price” of the Common Stock on any date shall mean
(i) the closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in
composite transactions by the New York Stock Exchange or, if the Common Stock is not then listed on the New York Stock Exchange, as reported by the principal U.S. securities exchange on which the Common Stock is traded or quoted,
(ii) if the Common Stock is not either listed on any U.S. securities exchange or quoted on the relevant date, the last quoted bid price for the Common Stock in the over-the-counter market on the relevant date as reported by the National
Quotation Bureau or similar organization, or (iii) if the Common Stock is not so quoted, the average of the mid-point of the last bid and ask prices for the Common Stock on the relevant date from each of at least three nationally recognized
independent investment banking firms selected by the Company for this purpose. 
 “Deferral Period” means each period
beginning on an Interest Payment Date with respect to which the Company elects pursuant to Section 201(g) to defer all or part of any interest payment and ending on the earlier of (i) the tenth anniversary of such Interest Payment Date and
(ii) the next Interest Payment Date on which the Company has paid the deferred amount, all deferred amounts with respect to any subsequent period and all other accrued interest on the CENts. 
 “Distribution Date” has the meaning set forth in the Trust Agreement. 
  

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 “Eligible Proceeds” means, with respect to any Interest Payment Date, the net proceeds
(after underwriters’ or placement agents’ fees, commissions or discounts and other expenses relating to the issuance or sale) the Company has received during the 180-day period prior to such Interest Payment Date from the issuance or sale
of Common Stock up to the Maximum Share Number or Preferred Stock up to the Preferred Stock Issuance Cap to Persons that are not Subsidiaries. 
 “Federal Reserve” means the Board of Governors of the Federal Reserve System. 
 “Final Repayment
Date” has the meaning set forth in Section 201(d)(iii). 
 “Guarantee” has the meaning set forth in
Section 201(a). 
 “Interest Payment Date” means a Monthly Interest Payment Date or a Semi-Annual Interest Payment
Date, as the case may be. 
 “Interest Period” means the period from and including any Interest Payment Date (or, in the
case of the first Interest Payment Date, December 5, 2006) to but excluding the next Interest Payment Date. 
 “Issuer
Trust” has the meaning set forth in Section 201(a). 
 “Make-Whole Redemption Price” means the present value
of scheduled payments of principal and interest from the Redemption Date to the Scheduled Maturity Date (assuming for this purpose the repayment in full of the CENts on the Scheduled Maturity Date), on the CENts being prepaid, discounted to the
Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Rate plus a spread of (i) 0.375% in the case of a redemption pursuant to clause (i) of
Section 201(l) or (ii) 0.50% in the case of a redemption pursuant to clause (ii) of Section 201(l). 
 “Market
Disruption Event” means the occurrence or existence of any of the following events or sets of circumstances: 
 (a) trading in
securities generally on the New York Stock Exchange or any other national securities exchange or over-the-counter market on which the Common Stock and/or the Company’s preferred stock is then listed or traded shall have been suspended or
its settlement generally shall have been materially disrupted; 
 (b) the Company would be required to obtain the consent or approval of its
stockholders or a regulatory body (including, without limitation, any securities exchange) or governmental authority to issue Common Stock or Preferred Stock pursuant to Section 201(j) or to issue Qualifying Capital Securities pursuant to
Section 201(d), as the case may be, and the Company fails to obtain such consent or approval notwithstanding its commercially reasonable efforts to obtain such consent or approval (including, without limitation, failing to obtain approval for
such issuance if required from the Federal Reserve after having given notice to the Federal Reserve as required under Section 201(j)); 
 (c) an event occurs and is continuing as a result of which the offering document for the offer and sale of Common Stock or Preferred Stock or Qualifying Capital Securities, as the case may be, would, in the Company’s reasonable
judgment, contain an untrue statement of a material fact or omit to state a material fact required to be stated in such offering document or necessary to make the statements in such offering document not misleading and either (i) the disclosure
of such event, in the Company’s reasonable judgment, would have a material adverse effect on its business or (ii) the disclosure relates to a previously undisclosed proposed or pending material business transaction, and the Company has a
bona 
  

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 fide business reason for keeping the same confidential or the disclosure of which would impede the Company’s ability
to consummate such transaction; provided that one or more events described in this clause (c) shall not constitute a Market Disruption Event (A) with respect to more than one Semi-Annual Interest Payment Date (or after the Scheduled
Maturity Date, six consecutive Monthly Interest Payment Dates) in any APM Period with respect to the Company’s obligations pursuant to Section 201(j) or (B) with respect to more than six Monthly Interest Payment Dates (whether or not
consecutive) in addition to the Scheduled Maturity Date in connection with the Company’s obligations pursuant to Section 201(d); or 
 (d) the Company reasonably believes that the offering document for the offer and the sale of Common Stock or Preferred Stock or Qualifying Capital Securities, as the case may be, would not be in compliance with a rule or regulation of the
Commission (for reasons other than those referred to in clause (b) or (c) above) and the Company is unable to comply with such rule or regulation or such compliance is impracticable; provided that one or more events described in
this clause (d) shall not constitute a Market Disruption Event (A) with respect to more than one Semi-Annual Interest Payment Date (or after the Scheduled Maturity Date, six consecutive Monthly Interest Payment Dates) in any APM Period
with respect to the Company’s obligations pursuant to Section 201(j) or (B) with respect to more than six Monthly Interest Payment Dates (whether or not consecutive) in addition to the Scheduled Maturity Date in connection with the
Company’s obligations pursuant to Section 201(d). 
 “Maximum Share Number” has the meaning set forth in
Section 201(j)(4). 
 “Monthly Interest Payment Date” has the meaning set forth in Section 201(e). 
 “One-month LIBOR” means, with respect to any Interest Period beginning on or after the Scheduled Maturity Date, the rate (expressed as a
percentage per annum) for deposits in U.S. dollars for a one-month period commencing on the first day of that Interest Period that appears on Telerate Page 3750 as of 11:00 a.m. (London time) on the LIBOR determination date for that
Interest Period. If such rate does not appear on Moneyline Telerate Page 3750, one-month LIBOR will be determined on the basis of the rates at which deposits in U.S. dollars for a one-month period commencing on the first day of that
Interest Period and in a principal amount of not less than $1,000,000 are offered to prime banks in the London interbank market by four major banks in the London interbank market selected by the Calculation Agent (after consultation with the
Company), at approximately 11:00 a.m., London time on the LIBOR determination date for that Interest Period. The Calculation Agent will request the principal London office of each of such banks to provide a quotation of its rate. If at least
two such quotations are provided, one-month LIBOR with respect to that Interest Period will be the arithmetic mean (rounded upward if necessary to the nearest whole multiple of 0.00001%) of such quotations. If fewer than two quotations are provided,
one-month LIBOR with respect to that Interest Period will be the arithmetic mean (rounded upward if necessary to the nearest whole multiple of 0.00001%) of the rates quoted by three major banks in New York City selected by the Calculation
Agent, at approximately 11:00 a.m., New York City time, on the first day of that Interest Period for loans in U.S. dollars to leading European banks for a one-month period commencing on the first day of that Interest Period and in a
principal amount of not less than $1,000,000. However, if fewer than three banks selected by the Calculation Agent to provide quotations are quoting as described above, one-month LIBOR for that Interest Period will be the same as one-month LIBOR as
determined for the previous Interest Period or, in the case of the Interest Period commencing on the Scheduled Maturity Date, 5.32%. The establishment of one-month LIBOR for each Interest Period commencing on or after the Scheduled Maturity Date by
the Calculation Agent shall (in the absence of manifest error) be final and binding. For purposes of this definition, “London banking day” means any day on which commercial banks are open for general business (including dealings in
deposits in U.S. dollars) in London, England; “LIBOR determination date” means the second London banking day immediately preceding the first day of the relevant Interest Period; “MoneyLine Telerate Page” means the

  

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 display on Moneyline Telerate, Inc., or any successor service, on the Telerate Page 3750 or any replacement page or
pages on that service; and “Telerate Page 3750”‘ means the display designated on page 3750 on MoneyLine Telerate Page (or such other page as may replace the 3750 page on the service or such other service as may
be nominated by the British Bankers’ Association for the purpose of displaying London interbank offered rates for U.S. Dollar deposits). 
 “Parity Securities” has the meaning set forth in Section 201(g)(i). 
 “Preferred Stock”
means non-cumulative perpetual preferred stock of the Company that (i) contains no remedies other than Permitted Remedies and (ii)(a) is subject to Intent-Based Replacement Disclosure and has a Mandatory Trigger Provision or (b) is subject
to a replacement capital covenant substantially similar to the Replacement Capital Covenant. 
 “Preferred Stock Issuance
Cap” has the meaning set forth in Section 201(j)(1). 
 “Repayment Date” means the Scheduled Maturity Date and
each Monthly Interest Payment Date thereafter until the Company shall have repaid or redeemed all of the CENts. 
 “Rating Agency
Event” means a change in the methodology employed by any nationally recognized statistical rating organization within the meaning of Rule 15c3-1 under the Securities Exchange Act of 1934, as amended, that currently publishes a rating for
the Company or any of its Subsidiaries (a “Rating Agency”) in assigning equity credit to securities such as the CENts, as such methodology was in effect on November 27, 2006 (the “Current Criteria”), which
change results in a lower equity credit being assigned by such Rating Agency to the CENts as of the date of such change than the equity credit that would have been assigned to the CENts as of the date of such change by such Rating Agency pursuant to
its Current Criteria. 
 “Replacement Capital Covenant” means the Replacement Capital Covenant, dated as of December 5,
2006, of the Company, as the same may be amended or supplemented from time to time in accordance with the provisions thereof, but only to the extent Holders of a majority in Outstanding principal amount of the CENts shall have consented to such
amendment or supplement. 
 “Scheduled Maturity Date” has the meaning set forth in Section 201(d). 
 “Semi-Annual Interest Payment Date” has the meaning set forth in Section 201(e). 
 “Senior Debt” has the meaning set forth in the Indenture, as modified by Section 201(q). 
 “Subsidiary” means, with respect to any Person: 
 (a) any corporation or company a majority of whose Capital Stock with voting power, under ordinary circumstances, to elect directors is, at the date of determination, directly or indirectly, owned by such Person (a
“subsidiary”), by one or more subsidiaries of such Person or by such Person and one or more subsidiaries of such Person; 
 (b) any
partnership in which such Person or a subsidiary of such Person is, at the date of determination, a general partner of such partnership; or 
 (c) any partnership, limited liability company or other Person in which such Person, a subsidiary of such Person or such Person and one or more subsidiaries of such Person, directly or indirectly, at the date of determination, have
(x) at least a majority ownership interest or (y) the power to elect or appoint or direct the election or appointment of the managing partner or member of such Person or, if applicable, a majority of the directors or other governing body
of such Person. 
  

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 “Tax Event” means, for purposes of the CENts, the Company has requested and received an
Opinion of Counsel experienced in such matters to the effect that, as a result of: 
 (a) any amendment to or change in the
laws or regulations of the United States or any political subdivision or taxing authority of or in the United States that is enacted or becomes effective after November 27, 2006; 
 (b) any proposed change in those laws or regulations that is announced after November 27, 2006; 
 (c) any official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or
applying those laws or regulations that is announced after November 27, 2006; or 
 (d) any threatened challenge asserted
in connection with an audit of the Issuer Trust, the Company or its Subsidiaries, or a threatened challenge asserted in writing against any other taxpayer that has raised capital through the issuance of securities that are substantially similar to
the CENts or the Capital Securities, 
 there is more than an insubstantial risk that: 
 (i) the Issuer Trust is, or will be, subject to United States federal income tax with respect to income received or accrued on the CENts,

 (ii) interest payable by the Company on the CENts is not, or will not be, deductible by the Company, in whole or in part,
for United States federal income tax purposes, or 
 (iii) the Issuer Trust is, or will be, subject to more than a de minimis
amount of other taxes, duties or other governmental charges. 
 “Trading Day” means a day on which the Common Stock is
traded on the New York Stock Exchange, or if not then listed on The New York Stock Exchange, a day on which the Common Stock is traded or quoted on the principal U.S. securities exchange on which it is listed or quoted, or if not then listed or
quoted on a U.S. securities exchange, a day on which the Common Stock is quoted in the over-the-counter market. 
 “Treasury
Dealer” means J.P. Morgan Securities Inc. (or its successor) or, if J.P. Morgan Securities Inc. (or its successor) refuses to act as Treasury Dealer for the purpose of determining the Make-Whole Redemption Price or ceases to be a primary
U.S. Government securities dealer, another nationally recognized investment banking firm that is a primary U.S. Government securities dealer specified by the Company for these purposes. 
 “Treasury Price” means the bid-side price for the Treasury Security as of the third trading day preceding the Redemption Date, as set
forth in the daily statistical release (or any successor release) published by the Federal Reserve Bank of New York on that trading day and designated “Composite 3:30 p.m. Quotations for U.S. Government Securities,” except that:
(i) if that release (or any successor release) is not published or does not contain that price information on that trading day; or (ii) if the Treasury Dealer determines that the price information is not reasonably reflective of the actual
bid-side 
  

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 price of the Treasury Security prevailing at 3:30 p.m., New York City time, on that trading day, then Treasury
Price will instead mean the bid-side price for the Treasury Security at or around 3:30 p.m., New York City time, on that trading day (expressed on a next trading day settlement basis) as determined by the Treasury Dealer through such
alternative means as are commercially reasonable under the circumstances. 
 “Treasury Rate” means the semi-annual
equivalent yield to maturity of the Treasury Security that corresponds to the Treasury Price (calculated in accordance with standard market practice and computed as of the second trading day preceding the Redemption Date). 
 “Treasury Security” means the United States Treasury security that the Treasury Dealer determines would be appropriate to use, at the
time of determination and in accordance with standard market practice, in pricing the CENts being redeemed in a tender offer based on a spread to United States Treasury yields. 
 “Trust Agreement” has the meaning set forth in Section 201(a). 
 (b) “Intent-Based Replacement Disclosure”, “Mandatory Trigger Provision”, “Permitted Remedies” and
“Qualifying Capital Securities” shall have the respective meanings set forth in the Replacement Capital Covenant as in effect on the date hereof or as it may be amended with the consent of the Holders of a majority in Outstanding
principal amount of the CENts. 
 ARTICLE TWO 
 TERMS OF SERIES OF DEBT SECURITIES 
 Section 201. Terms of the CENts. Pursuant to
Sections 201 and 301 of the Indenture, there is hereby established a series of Debt Securities, the terms of which shall be as follows: 
 (a) Designation. The Debt Securities of this series shall be known and designated as the “5.95% Capital Efficient Notes due 2086” of the Company (the “CENts”). The CUSIP number of the CENts is 949746NL1.
The CENts initially shall be issued to Wells Fargo Capital X, a Delaware statutory trust (the “Issuer Trust”). The Trust Agreement for the Issuer Trust shall be the Amended and Restated Declaration of Trust and Trust Agreement,
dated as of December 5, 2006 (the “Trust Agreement”), among the Company, as Depositor, The Bank of New York Trust Company, N.A., as Property Trustee, Wilmington Trust Company, as Delaware Trustee, and the Administrative
Trustees named therein (the “Administrative Trustees”). The Guarantee (the “Guarantee”) will be issued pursuant to the Guarantee Agreement, dated as of December 5, 2006, between the Company and The Bank of New
York Trust Company, N.A., as Guarantee Trustee. 
 (b) Aggregate Principal Amount. The maximum aggregate principal amount of the CENts
which may be authenticated and delivered under the Indenture and this First Supplemental Indenture is $1,001,000,000 (except for CENts authenticated and delivered upon registration of transfer of, or exchange for, or in lieu of, other CENts pursuant
to Section 304, 305, 306, 906 or 1107 of the Indenture or Section 305 of this First Supplemental Indenture). To the extent such maximum aggregate principal amount of CENts is not authenticated and delivered on the date hereof, from time to
time the Company may execute and deliver, and upon Company Order the Trustee shall authenticate and deliver, additional CENts subject to the immediately preceding sentence. 
 (c) Form and Denominations. The CENts will be issued only in fully registered form, and the authorized denominations of the CENts shall be $1,000
principal amount and any integral multiple thereof. The CENts will be denominated in U.S. dollars and payments of principal and interest will be made in U.S. dollars. 
  

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 (d) Scheduled Maturity Date. (i) The principal amount of, and all accrued and unpaid interest
on, the CENts shall be payable in full on December 15, 2036, or if such day is not a Business Day, the following Business Day (the “Scheduled Maturity Date”); provided that in the event the Company has delivered an
Officers’ Certificate to the Trustee pursuant to clause (vii) of this Section 201(d) in connection with the Scheduled Maturity Date, (A) the principal amount of CENts payable on the Scheduled Maturity Date, if any, shall be the
principal amount set forth in the notice of repayment, if any, accompanying such Officers’ Certificate, (B) such principal amount of CENts shall be repaid on the Scheduled Maturity Date pursuant to Article Three, and (C) subject
to clause (ii) of this Section 201(d), the remaining CENts shall remain outstanding and shall be payable on the immediately succeeding Monthly Interest Payment Date or such earlier date on which they are redeemed pursuant to
Section 201(l) or shall become due and payable pursuant to Section 502 of the Indenture. The entire principal amount of the CENts outstanding shall be due and payable on the Scheduled Maturity Date in the event the Company does not deliver
an Officers’ Certificate to the Trustee on or prior to the 10th Business Day immediately preceding the
Scheduled Maturity Date. 
 (ii) In the event the Company has delivered an Officers’ Certificate to the Trustee pursuant
to clause (vii) of this Section 201(d) in connection with any Monthly Interest Payment Date, the principal amount of CENts repayable on such Monthly Interest Payment Date shall be the principal amount set forth in the notice of repayment,
if any, accompanying such Officers’ Certificate, and shall be repaid on such Monthly Interest Payment Date pursuant to Article Three, and the remaining CENts shall remain outstanding and shall be payable on the immediately succeeding
Monthly Interest Payment Date or such earlier date on which they are redeemed pursuant to Section 201(l) or shall become due and payable pursuant to Section 502 of the Indenture. The entire principal amount of the CENts outstanding shall
be due and payable on any Monthly Interest Payment Date in the event the Company does not deliver an Officers’ Certificate to the Trustee on or prior to the 10th Business Day immediately preceding such Monthly Interest Payment Date. 
 (iii) The principal of, and all accrued and unpaid interest on, all outstanding CENts shall be due and payable on December 1, 2086,
or if such day is not a Business Day, the following Business Day (the “Final Repayment Date”). 
 (iv) The
obligation of the Company to repay the CENts pursuant to this Section 201(d) on any date prior to the Final Repayment Date shall be subject to (A) its obligations under Section 1801 of the Indenture to the holders of Senior Debt and
(B) its obligations under Section 201(h) with respect to the payment of deferred interest on the CENts. 
 (v) Until
the CENts are paid in full, the Company shall use Commercially Reasonable Efforts (as defined in clause (vi) below), subject to a Market Disruption Event: 
 (A) to raise sufficient net proceeds from the issuance of Qualifying Capital Securities during a 180-day period ending on the date, not
more than 15 and not less than 10 Business Days prior to the Scheduled Maturity Date, on which the Company delivers the notice required by clause (vii) of this Section 201(d) and Section 301, to permit repayment of the CENts in
full on the Scheduled Maturity Date pursuant to clause (i) of this Section 201(d); and 
  

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 (B) if the Company is unable for any reason to raise sufficient proceeds from the
issuance of Qualifying Capital Securities to permit repayment in full of the CENts on the Scheduled Maturity Date or any subsequent Monthly Interest Payment Date, to raise sufficient net proceeds from the issuance of Qualifying Capital Securities
during a 30-day period ending on the date, not more than 15 and not less than 10 Business Days prior to the following Monthly Interest Payment Date, on which the Company delivers the notice required by clause (vii) of this
Section 201(d) and Section 301, to permit repayment of the CENts in full on such following Monthly Interest Payment Date pursuant to clause (i)(C) of this Section 201(d); and 
 the Company shall apply any such net proceeds to the repayment of the CENts as provided in clause (viii) of this Section 201(d). 
 (vi) For purposes of this Section 201(d), “Commercially Reasonable Efforts” to sell Qualifying Capital Securities
means commercially reasonable efforts to complete the offer and sale of Qualifying Capital Securities to Persons other than Subsidiaries in public offerings or private placements. The Company shall not be considered to have made Commercially
Reasonable Efforts to effect a sale of Qualifying Capital Securities if it determines not to pursue or complete such sale due to pricing, coupon, dividend rate or dilution considerations. 
 (vii) The Company shall, if it has not raised sufficient net proceeds from the issuance of Qualifying Capital Securities pursuant to
clause (v) above in connection with any Repayment Date, deliver an Officers’ Certificate to the Trustee (which the Trustee will promptly forward upon receipt to the Administrative Trustees, who shall forward such certificate to each holder
of record of Capital Securities) no more than 15 and no less than 10 Business Days in advance of such Repayment Date stating the amount of net proceeds, if any, raised pursuant to clause (v) above in connection with such Repayment Date.
The Company shall be excused from its obligation to use Commercially Reasonable Efforts to sell Qualifying Capital Securities pursuant to clause (v) above if such Officers’ Certificate further certifies that: (A) a Market Disruption
Event was existing during the 180-day period preceding the date of such Officers’ Certificate or, in the case of any Repayment Date after the Scheduled Maturity Date, the 30-day period preceding the date of such Officers’ Certificate; and
(B) either (1) the Market Disruption Event continued for the entire 180-day period or 30-day period, as the case may be, or (2) the Market Disruption Event continued for only part of the period, but the Company was unable after
commercially reasonable efforts to raise sufficient net proceeds during the rest of that period to permit repayment of the CENts in full. Each Officers’ Certificate delivered pursuant to this clause (vii), unless no principal amount of
CENts is to be repaid on the applicable Repayment Date, shall be accompanied by a notice of repayment pursuant to Section 301 setting forth the principal amount of the CENts to be repaid on such Repayment Date, which amount shall be determined
after giving effect to clause (viii) of this Section 201(d). 
 (viii) Net proceeds of the issuance of any
Qualifying Capital Securities that the Company is permitted to apply to repayment of the CENts on any Repayment Date will be applied, first, to pay deferred interest to the extent of Eligible Proceeds raised pursuant to Section 201(j),
second, to pay current interest to the extent not paid from other sources and, third, to repay the principal of CENts; provided that if the Company is obligated to sell Qualifying Capital Securities and apply the net proceeds to
payments of principal of or interest on any outstanding securities in addition to the CENts, then on any date and for any period the amount of net proceeds received by the Company from those sales and available for such payments shall be applied to
the CENts and those other securities having the same scheduled maturity date as the CENts pro rata in accordance with their respective outstanding principal amounts and none of 
  

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 such net proceeds shall be applied to any other securities having a later scheduled maturity date until
the principal of and all accrued and unpaid interest on the CENts has been paid in full. If the Company raises less than $5 million of net proceeds from the sale of Qualifying Capital Securities during the relevant 180-day or 30-day period, it will
not be required to repay any CENts on the Scheduled Maturity Date or the next Monthly Interest Payment Date, as applicable, but it will use those net proceeds to repay the CENts on the next Monthly Interest Payment Date as of which it has raised at
least $5 million of net proceeds. 
 (e) Rate of Interest. The CENts shall bear interest (i) from and including December 5,
2006 to but excluding the Scheduled Maturity Date at the rate of 5.95% per annum, computed on the basis of a 360-day year comprised of twelve 30-day months, and (ii) thereafter, as to any unpaid amounts that remain outstanding, at an
annual rate equal to one-month LIBOR plus 1.85%, computed on the basis of a 360-day year and the actual number of days elapsed. Subject to Sections 201(g) and (h), interest on the CENts shall be payable (i) semi-annually in arrears on
June 15 and December 15 of each year, commencing on June 15, 2007, until and including the Scheduled Maturity Date (each such date, a “Semi-Annual Interest Payment Date”), or if any such day is not a Business Day, the
following Business Day (and no interest shall accrue as a result of such postponement) and (ii) thereafter, on the 15th day of each month, or if any such day is not a Business Day, the following Business Day unless such day would fall in the
next calendar month, in which case such payment will be made on the immediately preceding Business Day (each such date, a “Monthly Interest Payment Date”), in arrears, commencing on January 15, 2037. Any installment of interest
(or portion thereof) deferred in accordance with Section 201(g) or otherwise unpaid shall bear interest, to the extent permitted by law, at the rate of interest then in effect on the CENts, from the relevant Interest Payment Date, compounded on
each subsequent Interest Payment Date, until paid in accordance with Section 201(h). 
 (f) To Whom Interest Payable. Interest
shall be payable to the Person in whose name the CENts are registered at the close of business on the Regular Record Date next preceding the relevant Interest Payment Date, except that (i) interest payable on any CENts pursuant to their
repayment in full in accordance with Article Three and (ii) interest payable on the Final Repayment Date shall be paid to the Person to whom principal is paid. The Regular Record Dates for the CENts shall be the first day of the month in
which an Interest Payment Date occurs; provided that for so long as the CENts are held by the Property Trustee (or, if distributed to the holders of the Capital Securities in accordance with Section 9.4 of the Trust Agreement, for so
long as the CENts are issued in the form of Global Securities) the Regular Record Dates for the CENts shall be one Business Day prior to the relevant Interest Payment Date. Interest shall be payable at the office or agency of the Company maintained
for such purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose; provided that at the option of the Company payment of interest may be made by check mailed to the address of
the Person entitled thereto as such address shall appear in the Security Register or by wire transfer to such account as may have been appropriately designated by such Person. The principal of and interest on the CENts payable at Maturity will be
made against presentation of the CENts at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota. Upon written request to the Paying Agent not less than 15 calendar days prior to the date on which
interest is payable, a Holder of $1,000,000 or more in aggregate principal amount of CENts may receive payment of interest, other than payments of interest payable at Maturity, by wire transfer of immediately available funds. 
 (g) Option to Defer Interest Payments. (i) The Company shall have the right, at any time and from time to time prior to the Final Repayment
Date, to defer the payment of interest on the CENts for one or more consecutive Interest Periods that do not exceed 10 years; provided that no Deferral Period shall extend beyond the Final Repayment Date or the earlier repayment or redemption
in full of the CENts; and provided, further, that if there has occurred and is continuing an Event of Default with respect to the CENts or the Company is in default regarding its payment of any obligation under the Guarantee or 
  

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 the Company has given notice of its election to defer interest payments but the Deferral Period has not yet commenced or
a Deferral Period is continuing, the Company shall not, and shall not permit any Subsidiary to: (A) declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of the
Company’s capital stock, (B) make any payment of principal of, or interest or premium, if any, on, or repay, repurchase or redeem any of the Company’s debt securities that rank upon the Company’s liquidation pari passu
with the CENts (“Parity Securities”) or junior to the CENts or (C) make any guarantee payments with respect to any guarantee by the Company of the junior subordinated debt securities of any Subsidiary if such guarantee ranks
pari passu with or junior in interest to the CENts. 
 (ii) The restrictions listed in clause (i) of this
Section 201(g) do not apply to: 
 (A) any repurchase, redemption or other acquisition of shares of capital stock of the
Company in connection with (1) any employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more employees, officers, directors, consultants or independent contractors, (2) a dividend
reinvestment or stockholder purchase plan, or (3) the issuance of capital stock of the Company, or securities convertible into or exercisable for such capital stock, as consideration in an acquisition transaction entered into prior to the
applicable Deferral Period; 
 (B) any exchange, redemption or conversion of any class or series of the capital stock of the
Company or of any of its Subsidiaries for any other class or series of the Company’s capital stock, or of any class or series of the Company’s indebtedness for any class or series of the Company’s capital stock; 
 (C) any purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange provisions
of such capital stock or the securities being converted or exchanged; 
 (D) any declaration of a dividend in connection with
a stockholder rights plan, or the issuance of rights, stock or other property under any stockholder rights plan, or the redemption or repurchase of rights pursuant thereto; 
 (E) any payment by the Company under our Guarantee regarding the Issuer Trust; 
 (F) any dividend in the form of stock, warrants, options or other rights where the dividend stock or stock issuable upon exercise of such
warrants, options or other rights is the same stock as that on which the dividend is being paid or ranks equally with or junior to such stock; 
 (G) any payment during a Deferral Period of current interest in respect of Parity Securities that is made pro rata to the amounts due on such Parity Securities and on the CENts and any payments of deferred
interest on Parity Securities that, if not made, would cause the Company to breach the terms of the instrument governing such Parity Securities; provided that such payments are made in accordance with Section 201(h) to the extent it applies; or

 (H) any payment of principal during a Deferral Period in respect of Parity Securities having the same Scheduled Maturity
Date as the CENts, as required under a provision of such Parity Securities that is substantially the same as the provision described in Section 201(d), and that is made on a pro rata basis among one or more series of Parity Securities
having such a provision and the CENts. 
  

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 (iii) At the end of any Deferral Period, the Company shall pay all deferred interest on
the CENts (together with Additional Interest thereon, if any, at the rate specified for the CENts) to the extent permitted by applicable law, to the Persons in whose names the CENts are registered at the close of business on the Regular Record Date
with respect to the Interest Payment Date at the end of such Deferral Period. 
 (iv) Subject to Section 201(r), in the
case of any Deferral Period that does not terminate on or prior to the Interest Payment Date falling nearest the first anniversary of its commencement, the restrictions set forth in clause (i) of this Section 201(g) shall continue in
effect in respect of any redemption or repurchase of securities that rank pari passu with or junior to the CENts until the first anniversary of the termination of such Deferral Period. 
 (v) Upon termination of any Deferral Period and upon the payment of all deferred interest and any Additional Interest then due on any
Interest Payment Date the Company may elect to begin a new Deferral Period pursuant to clause (i) of this Section 201(g). 
 (vi) The Company may elect to pay interest on any Interest Payment Date during any Deferral Period to the extent permitted by Section 201(h). 
 (vii) The Company shall give written notice of its election to begin or extend any Deferral Period (i) if the Property Trustee is not the sole holder or a holder of the CENts, to the Holders of the CENts and the
Trustee at least one Business Day prior to the next succeeding Interest Payment Date or (ii) if the Property Trustee is the sole holder of the CENts, to the Property Trustee and the Trustee at least one Business Day prior to the earlier of
(a) the next Distribution Date or (b) the date the Property Trustee is required to give notice to holders of the Capital Securities of the record date for such Distribution Date or of such Distribution Date. 
 (h) Payment of Deferred Interest. The Company will not pay deferred interest (including Additional Interest thereon) on the CENts on any Interest
Payment Date during any Deferral Period prior to the Final Repayment Date or at any time an Event of Default has occurred and is continuing from any source other than Eligible Proceeds. Notwithstanding the foregoing, (i) the Company may pay
current interest during a Deferral Period from any available funds and (ii) if the Federal Reserve disapproves of the Company’s sale of Common Stock or Preferred Stock, the Company may pay deferred interest on the CENts from any source and
if the Federal Reserve disapproves of the use of proceeds of the Company’s sale of Common Stock or Preferred Stock to pay deferred interest on the CENts, the Company may use the proceeds for other purposes and continue to defer interest on the
CENts. To the extent that the Company applies proceeds from the sale of Common Stock and Preferred Stock to pay interest on the CENts, such proceeds shall be allocated first to deferred payments of interest (including Additional Interest thereon) in
chronological order based on the date each payment was first deferred; provided that no such proceeds will be applied to deferred interest payments (including Additional Interest thereon) to the extent such proceeds exceed the amounts
described in clause (1) of Section 201(j) until all other deferred interest payments (and Additional Interest thereon) with respect to such Deferral Period have been paid in full. The payment of interest from any other source shall be
applied to current or deferred interest as directed by the Company and notified to the Trustee prior to the applicable Interest Payment Date. To the extent any payment allocable to any installment of interest (including Additional Interest thereon)
is insufficient to pay such installment in full, such payment shall be applied pro rata to the outstanding CENts. If the Company has outstanding Parity Securities under which it is obligated to sell Common Stock or Preferred Stock and apply
the net proceeds to the payment of deferred interest or 
  

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 distributions, then on any date and for any period the amount of net proceeds received by the Company from those sales
and available for payment of the deferred interest and distributions shall be applied to the CENts and those Parity Securities on a pro rata basis up to the Maximum Share Number and the Common Stock Issuance Cap or Preferred Stock Issuance
Cap (or comparable provisions in the instruments governing those Parity Securities) in proportion to the total amounts that are due on the CENts and such Parity Securities, or on such other basis as the Federal Reserve may approve. 
 (i) No Additional Amounts. No additional amounts will be paid to the Holders of the CENts pursuant to Section 1006 of the Indenture.

 (j) Alternative Payment Mechanism. Immediately following any APM Commencement Date and until the termination of the related
Deferral Period, the Company shall, unless after notice to the Federal Reserve and except to the extent that the Federal Reserve shall have disapproved, issue Common Stock or Preferred Stock until the Company has raised an amount of Eligible
Proceeds at least equal to the aggregate and unpaid amount of deferred interest on the CENts (including Additional Interest thereon) and applied such Eligible Proceeds on the next Interest Payment Date to the payment of deferred interest (including
Additional Interest thereon) in accordance with Section 201(h); provided that: 
 (1) the foregoing obligations
shall not apply to the extent that (i) with respect to deferred interest attributable to the first five years of any Deferral Period (including Additional Interest thereon), the net proceeds of any issuance of Common Stock applied during such
Deferral Period to pay interest on the CENts pursuant to this Section 201(j), together with the net proceeds of all prior issuances of Common Stock so applied, would exceed an amount equal to 2% of the product of the average of the Current
Stock Market Prices of the Common Stock on the 10 consecutive Trading Days ending on the second Trading Day immediately preceding the date of issuance multiplied by the total number of issued and outstanding shares of Common Stock as of the
date of the Company’s then most recent publicly available consolidated financial statements (the “Common Stock Issuance Cap”) and (ii) the net proceeds of any issuance of Preferred Stock applied to pay interest on the
CENts pursuant to this Section 201(j), together with the net proceeds of all prior issuances of Preferred Stock applied during the current and all prior Deferral Periods, would exceed 25% of the aggregate principal amount of the CENts initially
issued under the Indenture (the “Preferred Stock Issuance Cap”); provided that the Common Stock Issuance Cap will cease to apply after the ninth anniversary of the commencement of any Deferral Period, at which point the
Company must pay any deferred interest, to the extent not disapproved of by the Federal Reserve after notice, regardless of the time at which it was deferred, using the Alternative Payment Mechanism, subject to any Market Disruption Event and the
Maximum Share Number; and provided, further, that if the Common Stock Issuance Cap is reached during a Deferral Period and the Company subsequently repays all deferred interest, the Common Stock Issuance Cap will cease to apply at the
termination of such Deferral Period and will not apply again unless and until the Company starts a new Deferral Period; 
 (2)
the foregoing obligations shall not apply in respect of any Interest Payment Date if the Company shall have provided to the Trustee (and to the Property Trustee of the Issuer Trust to the extent it is the Holder of the CENts) no more than 15 and no
less than 10 Business Days prior to such Interest Payment Date an Officers’ Certificate stating that (i) a Market Disruption Event was existing after the immediately preceding Interest Payment Date and (ii) either (A) the
Market Disruption Event continued for the entire period from the Business Day immediately following the preceding Interest Payment Date to the Business Day immediately preceding the date on which such Officers’ Certificate is provided or
(B) the Market Disruption Event continued for only part of such period but the Company was unable after commercially reasonable efforts to raise sufficient Eligible Proceeds during the rest of that period to pay all accrued and unpaid interest
due on the Interest Payment Date with respect to which such Officers’ Certificate is being delivered; 
  

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 (3) to the extent that the Company has raised some but not all Eligible Proceeds
necessary to pay all deferred interest (including Additional Interest thereon) on any Interest Payment Date pursuant to this Section 201(j) and subject to the Common Stock Issuance Cap and the Preferred Stock Issuance Cap, such Eligible
Proceeds shall be applied in accordance with Section 201(h); and 
 (4) the Company shall not be permitted to sell more
than 100 million shares of Common Stock (such number, as it may be adjusted from time to time, the “Maximum Share Number”) for purposes of paying deferred interest on the CENts; provided that if the issued and
outstanding shares of Common Stock shall have been changed into a different number of shares or a different class by reason of any stock split, reverse stock split, stock dividend, reclassification, recapitalization, split-up, combination, exchange
of shares or other similar transaction, then the Maximum Share Number shall be correspondingly adjusted; and provided, further, that the Company may, at its discretion and without the consent of the Holders of the CENts, increase the
Maximum Share Number (including through the increase of the Company’s authorized share capital, if necessary) if the Company determines that such increase is necessary to allow the Company to issue sufficient shares to pay deferred interest on
the CENts. 
 For the avoidance of doubt, once the Company reaches the Common Stock Issuance Cap for a Deferral Period, the Company shall not be required to
issue more Common Stock with respect to deferred interest attributable to the first five years of such Deferral Period (including Additional Interest thereon) pursuant to this Section 201(j) even if the amount referred to in clause (1)(i)
of this Section 201(j) subsequently increases because of a subsequent increase in the sale price of Common Stock or the number of outstanding shares of Common Stock. The Company shall not be excused from its obligations under this
Section 201(j) if it determines not to pursue or complete the sale of Common Stock or Preferred Stock due to pricing, dividend rate or dilution considerations. 
 (k) Events of Default. Solely for purposes of the CENts, clauses (1) and (4) of Section 501 of the Indenture shall not apply. In addition to clauses (2) and (3) of Section 501 of
the Indenture, the events set forth in the following clauses (1) and (2) shall constitute Events of Default; Section 502 of the Indenture shall not apply to an Event of Default of the nature set forth in clause (2) below or in
clauses (2) and (3) of Section 501 of the Indenture; and clauses (1) and (2) of each of Sections 503 and 508 of the Indenture shall be replaced with clauses (1) and (2) below: 
 (1) default in the payment of interest, including Additional Interest, in full on any CENts for a period of 30 days after the
conclusion of a 10-year period following the commencement of any Deferral Period; or 
 (2) default in the payment of the
principal of the CENts when due whether at maturity, upon redemption or otherwise, subject in the case of any repayment pursuant to Section 201(d) to the limitations set forth therein; 
 For the avoidance of doubt, and without prejudice to any other remedies that may be available to the Trustee, the Holders of the CENts or the holders of the Capital
Securities under the Indenture, no breach by the Company of any other covenant or obligation under the Indenture or the terms of the CENts shall be an Event of Default with respect to the CENts. 
  

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 (l) Redemption. The CENts shall be redeemable in accordance with Article Eleven of the
Indenture, provided that (i) the CENts are redeemable in whole or in part at the option of the Company at any time after the date hereof at a Redemption Price equal to (1) 100% of their principal amount plus accrued and unpaid
interest to the Redemption Date or (2) in the case of any such redemption prior to December 15, 2036, if greater, the Make-Whole Redemption Price; (ii) in the case of a redemption of the CENts pursuant to Tax Event or a Rating Agency
Event, the Redemption Price shall equal the greater of (1) 100% of their principal amount plus accrued and unpaid interest to the Redemption Date or (2) the Make-Whole Redemption Price and (iii) in the case of a redemption of the
CENts pursuant to an Investment Company Event or a Capital Treatment Event, the Redemption Price shall equal 100% of their principal amount plus accrued and unpaid interest to the Redemption Date. The date of the prospectus referred to in the
definitions of Capital Treatment Event and Investment Company Event set forth in the Indenture is November 27, 2006. 
 (m)
Replacement Capital Covenant. The Company shall not amend the Replacement Capital Covenant to impose additional restrictions on the type or amount of Qualifying Capital Securities for purposes of determining the extent to which repayment,
redemption or repurchase of the CENts or Capital Securities is permitted, except with the consent of the holders of a majority by liquidation amount of the Capital Securities or, if the CENts have been distributed by the Issuer Trust, the Holders of
a majority by principal amount of the CENts. Except as aforesaid, the Company may amend or supplement the Replacement Capital Covenant in accordance with its terms and without the consent of the Holders of the Capital Securities or the CENts.

 (n) Limitation on Claims in the Event of Bankruptcy, Insolvency or Receivership. Each Holder, by such Holder’s acceptance of
the CENts, agrees that if a Bankruptcy Event shall occur prior to the redemption or repayment of such CENts, such Holder shall have no claim for, and thus no right to receive, any interest deferred pursuant to Section 201(g) (including
Additional Interest thereon) that has not been paid pursuant to Sections 201(h) and (j) to the extent the amount of such interest exceeds two years of accumulated and unpaid interest (including Additional Interest thereon) on such
Holder’s CENts; provided that a Holder of CENts will have an additional preferred equity claim in respect of such accumulated and unpaid interest (including Additional Interest thereon) which is in excess of two years of accumulated and
unpaid interest (including Additional Interest thereon) that is senior to the Common Stock and is or would be pari passu with any Preferred Stock up to the amount equal to its pro rata share of any unused portion of the Preferred Stock
Issuance Cap. Any such claim will be subject to applicable law. 
 (o) No Sinking Fund, Repayment at the Option of Holders, Exchange,
Securities Fund, Defeasance or Conversion. Section 403 of the Indenture and Articles Twelve, Thirteen, Fourteen, Fifteen, Seventeen and Nineteen of the Indenture shall not apply to the CENts. For the avoidance of doubt, Section 401 of
the Indenture shall apply to the CENts. 
 (p) Form. The CENts shall be issued as Registered Securities without coupons and shall be
substantially in the form of Annex A attached hereto, with such modifications thereto as may be approved by the authorized officer executing the same. 
 (q) Subordination. The subordination provisions of Article Eighteen of the Indenture shall apply to the CENts; provided that for the purposes of the CENts (but not for the purposes of any other Debt
Securities unless specifically set forth in the terms of such Debt Securities), (i) Senior Debt shall also include debt securities, and guarantees in respect of those debt securities, initially issued to any trust, partnership or other entity
affiliated with the Company, that is, directly or indirectly, a financing vehicle of the Company in connection with the issuance by such entity of capital securities or other similar securities except to the extent, in the case of any such
securities or guarantees issued after the date hereof, 
  

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 the instrument creating those obligations provides that they are not superior in right of payment to the CENts and
(ii) Senior Debt shall exclude trade accounts payable and accrued liabilities arising in the ordinary course of business. 
 (r)
Business Combinations. If the Company engages in any merger, consolidation, amalgamation or conveyance, transfer or lease of assets substantially as any entirety to any other Person, where immediately after the consummation of such
transaction more than 50% of the voting stock of the Person formed by such transaction, or the Person that is the surviving entity of such transaction, or the Person to whom such properties and assets are conveyed, transferred or leased in such
transaction, is owned by the shareholders of the other party to such transaction, then (i) Section 201(h) shall not apply to any interest on the CENts that is deferred and unpaid as of the date of consummation of such transaction and
(ii) clause (iv) of Section 201(g) shall not apply to any Deferral Period that is terminated on the next Interest Payment Date following the date of consummation of such transaction. 
 (s) Registrar, Paying Agent, Authenticating Agent and Place of Payment. The Company hereby appoints Wells Fargo Bank, N.A. as Security Registrar,
Authenticating Agent and Paying Agent with respect to the CENts. The CENts may be surrendered for registration of transfer and for exchange at the office or agency of the Company maintained for such purpose in the City of Minneapolis, Minnesota and
at any other office or agency maintained by the Company for such purpose. The Place of Payment for the CENts shall be the Security Registrar’s office in Minneapolis, Minnesota. 
 ARTICLE THREE 
 REPAYMENT OF THE DEBENTURES 
 Section 301. Repayment. The Company shall, not more than 15 nor less than 10 Business Days prior to each Repayment Date
(unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of the principal amount of CENts to be repaid on such date pursuant to Section 201(d).  
 Section 302. Selection of CENts to be Repaid. If less than all the CENts are to be repaid on any Repayment Date (unless the CENts are
issued in the form of a Global Security or held by the Property Trustee), the particular CENts to be repaid shall be selected not more than 60 days prior to such Repayment Date by the Trustee, from the Outstanding CENts not previously repaid or
called for redemption, by lot or such other method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion of the principal amount of any CENt, provided that the portion of the
principal amount of any CENt not repaid shall be in an authorized denomination (which shall not be less than the minimum authorized denomination). 
 The Trustee shall promptly notify the Company in writing of the CENts selected for partial repayment and the principal amount thereof to be repaid. For all purposes hereof, unless the context otherwise requires, all provisions relating to
the repayment of CENts shall relate, in the case of any CENt repaid or to be repaid only in part, to the portion of the principal amount of such CENt which has been or is to be repaid. CENts registered in the name of the Company, any Affiliate or
any Subsidiary thereof shall not be included in the CENts selected for repayment except to the extent no other CENts remain or would remain outstanding. 
 Section 303. Notice of Repayment. Notice of repayment shall be given by first-class mail, postage prepaid, mailed not earlier than the 15th day, and not later than the 10th Business Day,
prior to the Repayment Date, to each Holder of CENts to be repaid, at the address of such Holder as it appears in the Security Register. 
  

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 Each notice of repayment shall identify the CENts to be repaid (including CUSIP number, if a CUSIP number
has been assigned to the CENts) and shall state: 
 (a) the Repayment Date; 
 (b) if less than all Outstanding CENts are to be repaid, the identification (and, in the case of partial repayment, the respective
principal amounts) of the particular CENts to be repaid; 
 (d) that on the Repayment Date, the principal amount of the CENts
to be repaid will become due and payable upon each such CENt or portion thereof, and that interest thereon, if any, shall cease to accrue on and after said date; and 
 (e) the place or places where such CENts are to be surrendered for payment of the principal amount thereof. 
 Notice of repayment shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company and
shall be irrevocable. The notice if mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, a failure to give such notice by mail or any defect in the
notice to the Holder of any CENt designated for repayment as a whole or in part shall not affect the validity of the proceedings for the repayment of any other CENt. 
 Section 304. Deposit of Repayment Amount. Prior to 10:00 a.m. New York City time on the Repayment Date specified in the notice of repayment given as provided in Section 303, the
Company will deposit with the Trustee or with one or more Paying Agents (or if the Company is acting as its own Paying Agent, the Company will segregate and hold in trust as provided in Section 1003 of the Indenture) an amount of money
sufficient to pay the principal amount of, and any accrued interest (including Additional Interest) on, all the CENts which are to be repaid on that date. 
 Section 305. Repayment of CENts. If any notice of repayment has been given as provided in Section 303, the CENts or portion of the CENts with respect to which such notice has been given shall
become due and payable on the date and at the place or places stated in such notice. On presentation and surrender of such CENts at a Place of Payment in said notice specified, the said securities or the specified portions thereof shall be paid by
the Company at their principal amount, together with accrued interest (including any Additional Interest) to the Repayment Date; provided that, except in the case of a repayment in full of all Outstanding CENts, installments of interest whose
Stated Maturity is on or prior to the Repayment Date will be payable to the Holders of such CENts, or one or more Predecessor Securities, registered as such at the close of business on the relevant Regular Record Dates according to their terms and
the provisions of Section 307 of the Indenture. 
 Upon presentation of any CENt repaid in part only, the Company shall execute and the
Trustee shall authenticate and make available for delivery to the Holder thereof, at the expense of the Company, a new CENt or CENts, of authorized denominations, in aggregate principal amount equal to the portion of the CENt not repaid and so
presented and having the same Scheduled Maturity Date and other terms. If a Global Security is so surrendered, such new CENt will also be a new Global Security. 
 If any CENT required to be repaid shall not be so repaid upon surrender thereof, the principal of such CENt shall, until paid, bear interest from the applicable Repayment Date at the rate prescribed therefore in the
CENt. 
  

 19 

 ARTICLE FOUR 
 MISCELLANEOUS 
 Section 401. Trust Indenture Act. If any provision of this First
Supplemental Indenture limits, qualifies or conflicts with the duties imposed by any of Sections 310 to 317, inclusive, of the Trust Indenture Act of 1939 through operation of Section 318(c) thereof, such imposed duties shall control.

 Section 402. Effect of Headings. The Article and Section headings herein and the Table of Contents are for convenience
only and shall not affect the construction hereof. 
 Section 403. Successors and Assigns. All covenants and agreements in
this First Supplemental Indenture by the Company shall bind its successors and assigns, whether expressed or not. 
 Section 404.
Separability. In case any provision of this First Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. 
 Section 405. Benefit of First Supplemental Indenture. Nothing in this First Supplemental Indenture or the
CENts, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, any Paying Agent, the Holders, and, to the extent set forth in Section 201(m), the holders of the Capital Securities, any benefit
or any legal or equitable right, remedy or claim under this First Supplemental Indenture. 
 Section 406. Governing Law.
THIS FIRST SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 Section 407. No Representations by Trustee. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture. The recitals and statements herein are deemed to be those of the
Company and not of the Trustee. 
 Section 408. Amendments. Notwithstanding anything to the contrary contained in
this First Supplemental Indenture, the consent of the Holders of the CENts shall not be required to effect any amendment required in order to make this First Supplemental Indenture consistent with the description of the First Supplemental Indenture
contained in the Prospectus, dated June 19, 2006, as supplemented by the Prospectus Supplement, dated November 27, 2006, relating to the Capital Securities.  
 * * * * 
 This instrument may be executed in any number of counterparts, each of which
so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
  

 20 

 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed,
all as of the day and year first above written. 
  

			
	WELLS FARGO & COMPANY
		
	By:	 	 /s/ Barbara S. Brett

	Name:	 	Barbara S. Brett
	Title:	 	Senior Vice President and
		 	Assistant Treasurer
	
	THE BANK OF NEW YORK TRUST COMPANY, N.A.,
	as Trustee
		
	By:	 	 /s/ Sharon K. McGrath

	Name:	 	Sharon K. McGrath
	Title:	 	Vice President

 [First Supplemental Indenture] 

 Annex A – Form of CENt 
  

 A-1 

 ANNEX A 
 The following legend applies if this Security is a Global Security: Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to
the Issuer 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. 
 This Security is not a deposit or other obligation of a depository institution and is not
insured by the Federal Deposit Insurance Corporation, the Bank Insurance Fund or any other governmental agency. 
 WELLS FARGO &
COMPANY 
 5.95% Capital Efficient Note due 2086 
 No. 
 CUSIP No. 
 $ 
 WELLS FARGO & COMPANY, a corporation organized and existing under the laws of the State of Delaware
(hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay
                                    , or registered assigns,
the principal sum of                              dollars
($                    ) on December 1, 2086, or if such day is not a Business Day (as hereinafter defined), the following Business Day
(the “Final Repayment Date”); provided that the principal amount of, and all accrued and unpaid interest on, this Debt Security shall be payable in full on December 15, 2036, or if such day is not a Business Day, the
following Business Day (the “Scheduled Maturity Date”) or any subsequent Interest Payment Date (as hereinafter defined) to the extent set forth in the First Supplemental Indenture hereinafter referred to. The Company further
promises to pay interest on said principal sum from December 5, 2006 or from the most recent Interest Payment Date for which interest has been paid or duly provided for. This Debt Security shall bear interest (i) from and including
December 5, 2006 to but excluding the Scheduled Maturity Date (or if earlier, until the principal hereof is paid in full), at the rate of 5.95% per annum, payable (subject to deferral as set forth herein) semi-annually in arrears on
June 15 and December 15 of each year, commencing on June 15, 2007, and (ii) thereafter, at an annual rate equal to one-month LIBOR (as defined in the First Supplemental Indenture) plus 1.85%, payable (subject to deferral as set
forth herein) on the 15th day of each month, or in the case of this clause (ii), if any such day is not a Business Day, the following Business Day unless such date would fall in the next calendar month, in which case the immediately preceding
Business Day, in arrears, commencing on January 15, 2037, until the principal thereof is paid or duly provided for or made available for payment (each such day referred to in clause (i) 

 or (ii), an “Interest Payment Date”). In the event any Interest Payment Date before the Scheduled
Maturity Date is not a Business Day, the interest payable on such day shall be paid on the following Business Day and no interest will accrue as a result of such postponement. Any installment of interest (or portion thereof) deferred in accordance
with the First Supplemental Indenture or otherwise unpaid on the relevant Interest Payment Date shall bear interest, to the extent permitted by law, at the rate of interest then in effect on this Debt Security, from the relevant Interest Payment
Date, compounded on each subsequent Interest Payment Date, until paid in accordance with the First Supplemental Indenture. 
 From and
including December 5, 2006 to but excluding the Scheduled Maturity Date, the amount of interest payable on this Debt Security shall be computed on the basis of a 360-day year comprised of twelve 30-day months; thereafter, the amount of interest
payable on this Debt Security shall be computed on the basis of a 360-day year and the actual number of days elapsed. A “Business Day” shall mean any day other than (i) a Saturday or Sunday or other day on which banking
institutions in The City of New York, Minneapolis, Minnesota or Wilmington, Delaware are authorized or required by law or executive order to remain closed, or (ii) on or after December 15, 2036, a day on which dealings in deposits in U.S.
dollars are not transacted in the London interbank market. The interest installment so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Debt
Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest installment, which shall be (i) the Business Day next preceding such Interest Payment Date if this Debt
Security is issued in the form of a Global Security or is held by the Property Trustee, or (ii) the first day of the month in which such Interest Payment Date occurs if this Debt Security is not issued in the form of a Global Security or held
by the Property Trustee. Any such interest installment not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Debt Security
(or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Debt Securities of this series
not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Debt Securities of this series
may be listed or traded, and upon such notice as may be required by such exchange or self-regulatory organization, all as more fully provided in said Indenture. 
 The Company shall have the right, at any time and from time to time prior to the Final Repayment Date, to defer the payment of interest on this Debt Security for one or more consecutive Interest Periods that do not
exceed 10 years; provided that no Deferral Period (as hereinafter defined) shall extend beyond the Final Repayment Date or the earlier repayment or redemption in full of the Debt Securities of this series; and provided, further,
that during any such Deferral Period (and, except as provided in the First Supplemental Indenture with respect to certain transactions, in the case of any Deferral Period that does not terminate on or prior to the Interest Payment Date falling
closest to the first anniversary of the commencement of such Deferral Period, until the first anniversary of the termination of such Deferral Period), if there has occurred and is continuing an Event of Default with respect to the Debt Securities of
this series or if the Company has given notice of its election to defer interest payments but the Deferral Period has not yet commenced or a Deferral Period is continuing or the Company is in default regarding its payment of any obligation under its
guarantee regarding the Issuer Trust, the Company shall not, and shall not permit any Subsidiary, subject to certain exceptions set forth in the First Supplemental Indenture, to: (i) declare or pay any dividends or distributions on, or redeem,
purchase, acquire or make a liquidation payment with respect to, any of the Company’s capital stock, (ii) other than any repayment of the Debt Securities of this series pursuant to Section 201(d) of the First Supplemental Indenture or
any partial payments of deferred interest that may be made pursuant to Section 201(h) of the First Supplemental Indenture, make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any debt security of
the Company (including other Debt Securities or other 
  

 A-2 

 junior subordinated debt) that ranks upon the Company’s liquidation pari passu with or junior in interest to
this Debt Security or (iii) make any guarantee payments with respect to any guarantee by the Company of the debt securities of any Subsidiary if such guarantee ranks pari passu with or junior in interest to this Debt Security. Each
period beginning on the Interest Payment Date with respect to which the Company elects to defer all or part of any interest payment and ending on the earlier of (i) the tenth anniversary of such Interest Payment Date and (ii) the next
Interest Payment Date on which the Company has paid all accrued and unpaid interest on this Debt Security is referred to as a “Deferral Period.” At the end of any such Deferral Period, the Company shall pay all interest then accrued
and unpaid on this Debt Security (together with Additional Interest thereon, if any, to the extent permitted by applicable law), to the Person in whose name this Debt Security is registered at the close of business on the Regular Record Date with
respect to the Interest Payment Date at the end of such Deferral Period. Upon termination of any Deferral Period, the Company may elect to begin a new Deferral Period, subject to the above requirements. The Company may elect to pay current interest
on any Interest Payment Date during any Deferral Period to the extent permitted, and shall pay deferred interest (including Additional Interest thereon) to the extent required, by the First Supplemental Indenture. 
 The Company shall give written notice of its election to begin or extend any Deferral Period (i) if the Property Trustee is not the sole holder or a
holder of the Debt Securities of this series, to the Holders of the Debt Securities of this series and the Trustee at least one Business Day prior to the next succeeding Interest Payment Date, or (ii) if the Property Trustee is the sole holder
of the Debt Securities of this series, to the Property Trustee and the Trustee at least one Business Day prior to the earlier of (a) the next Distribution Date or (b) the date the Property Trustee is required to give notice to holders of
such Capital Securities of the record date for such Distribution Date or of such Distribution Date. 
 Payment of principal of (and premium,
if any) and interest on this Debt Security will be made at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota or at any other office or agency maintained by the Company for such purpose, in such
coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided that at the option of the Company payment of interest may be made (i) by check mailed to the
address of the Person entitled thereto as such address shall appear in the Securities Register or (ii) by wire transfer in immediately available funds at such place and to such account as may be designated in writing at least 15 days before the
relevant Interest Payment Date by the Person entitled thereto as specified in the Securities Register. Upon written request to the Paying Agent not less than 15 days prior to the date on which interest is payable, a Holder of $1,000,000 or more in
aggregate principal amount of Debt Securities of the series may receive payments of interest, other than payments of interest at Maturity, by wire transfer of immediately available funds. 
 The indebtedness evidenced by this Debt Security is, to the extent provided in the Indenture, subordinate and subject in right of payment to the prior
payment in full of all Senior Debt, and this Debt Security is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this Debt Security, by accepting the same, (a) agrees to and shall be bound by such provisions,
(b) authorizes and directs the Trustee on his behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints the Trustee his attorney-in-fact for any and all such purposes. Each
Holder hereof, by his acceptance hereof, waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each holder of Senior Debt, whether now outstanding or hereafter incurred, and waives reliance by
each such holder upon said provisions. The Debt Securities of this series shall, not in limitation of the preceding sentence, rank junior to debt securities issued under the Indenture dated August 30, 1999 between the Company and The Bank of
New York Trust Company, N.A. (successor in interest to The First National Bank of Chicago). 
  

 A-3 

 Reference is hereby made to the further provisions of this Debt 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 Debt Security shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  

 A-4 

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

  

			
	WELLS FARGO & COMPANY
		
	By:	 	  

	Name:	 	
	Title:	 	

 [SEAL] 
  

	
	Attest:
	
	  

	[Secretary or Assistant Secretary]

 Dated: 
 This is one
of the Debt Securities, of the series designated herein, described in the within mentioned Indenture. 
  

			
	 THE BANK OF NEW YORK TRUST
COMPANY, N.A.
 Not in its individual capacity but solely as Trustee

		
	By:	 	  

		 	Authorized Officer:

  

			
	OR
	
	Wells Fargo Bank, N.A., as
	Authenticating Agent for the Trustee
		
	By:	 	  

		 	Authorized Signature

  

 A-5 

 REVERSE OF SECURITY 
 This Debt Security is one of a duly authorized issue of securities of the Company (herein called the “Debt Securities”), issued and to be issued in one or more series under an Indenture, dated as of
August 1, 2005 (herein called the “Indenture”), as supplemented by the first supplemental indenture thereto, dated as of December 5, 2006 (herein called the “First Supplemental Indenture”), between the
Company and The Bank of New York Trust Company, N.A. (as successor in interest to J.P. Morgan Trust Company, National Association), 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 Trustee, the Company and the Holders of the Debt
Securities of this series, and of the terms upon which the Debt Securities of this series are, and are to be, authenticated and delivered. This Debt Security is one of the series designated on the face hereof, limited in aggregate principal amount
of $ 1,001,000,000. 
 All terms used in this Debt Security that are defined in the First Supplemental Indenture, in the Indenture or in the
Amended and Restated Declaration of Trust and Trust Agreement, dated as of December 5, 2006 (the “Trust Agreement”), for Wells Fargo Capital X, among Wells Fargo & Company, as Depositor, and the Issuer Trustees named
therein and the Holders referred to therein, shall have the meanings assigned to them in the First Supplemental Indenture, the Indenture or the Trust Agreement, as the case may be; provided, however, in the event that different
meanings are assigned in the First Supplemental Indenture and the Indenture, the meanings assigned in the First Supplemental Indenture shall control. 
 The Company may, at its option, and subject to the terms and conditions of the First Supplemental Indenture and Article Eleven of the Indenture, redeem this Debt Security in whole or in part at any time at a price
equal to the greater of (1) 100% of the principal amount of this Debt Security (plus accrued and unpaid interest to the Redemption Date) or (2) in the case of any redemption prior to the Scheduled Maturity Date, the present value of
scheduled payments of principal and interest from the Redemption Date to the Scheduled Maturity Date (assuming for this purpose the repayment in full of this Debt Security on the Scheduled Maturity Date) on this Debt Security, discounted to the
Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the Treasury Rate plus a spread of 0.375%. 
 Upon the occurrence and during the continuation of a Tax Event, Rating Agency Event, Investment Company Event or Capital Treatment Event in respect of the Issuer Trust, the Company may, at its option, at any time
within 90 days of the occurrence of such event, redeem the Debt Securities of this series, in whole but not in part, subject to Section 1108 and the other provisions of Article Eleven of the Indenture and Section 201(l) of the First
Supplemental Indenture. In the case of a Tax Event or a Rating Agency Event, the redemption price shall be equal to the greater of (1) 100% of the principal amount of this Debt Security (plus accrued and unpaid interest through the Redemption
Date) or (2) the present value of scheduled payments of principal and interest from the Redemption Date to the Scheduled Maturity Date on this Debt Security, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at a discount rate equal to the Treasury Rate plus a spread of 0.50%. In the case of an Investment Company Event or a Capital Treatment Event, the redemption price shall be equal to 100% of the principal amount of
this Debt Security (plus accrued and unpaid interest through the Redemption Date). 
 In the event of redemption or repayment of this Debt
Security in part only, a new Debt Security or Debt Securities of this series for the unredeemed or unpaid portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
  

 A-6 

 The Indenture contains provisions for satisfaction and discharge of the entire indebtedness of this Debt
Security upon compliance by the Company with certain conditions set forth in the Indenture. 
 The Indenture permits, with certain exceptions
as therein provided, the Company and the Trustee at any time to enter into a supplemental indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of the Holders of the Debt Securities of this
series, with the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Debt Securities of all series to be affected by such supplemental indenture, acting together. The Indenture also contains provisions
permitting Holders of a majority in aggregate principal amount of the securities of all series issued under the Indenture at the time Outstanding, acting together, on behalf of the Holders of all securities of such series, to waive compliance by the
Company with certain 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 Debt Securities of each series at the time
Outstanding, on behalf of the Holders of all Debt Securities of such series. Any such consent or waiver by the registered Holder of this Debt Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and
upon all future Holders of this Debt Security and of any Debt Security issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Debt Security.

 As provided in and subject to the provisions of the Indenture and the First Supplemental Indenture, if an Event of Default arising from a
default in the payment of interest (including Additional Interest) in full for a period of 30 days after the conclusion of a 10-year period following the commencement of any Deferral Period with respect to the Debt Securities of this series at the
time Outstanding, occurs and is continuing, then and in each such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Debt Securities of this series may declare the principal amount, and accrued interest
(including Additional Interest), of all the Debt Securities of this series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders); provided that if, upon such an Event of Default, the
Trustee or the Holders of not less than 25% in principal amount of the Outstanding Debt Securities of this series fail to declare the principal amount of all the Debt Securities of this series to be immediately due and payable, either the Property
Trustee or the holders of at least 25% in aggregate liquidation amount of the Capital Securities then outstanding shall have such right by a notice in writing to the Company and the Trustee; and upon any such declaration such principal amount (or
specified portion thereof) of and the accrued interest (including any Additional Interest) on all the Debt Securities of this series shall become immediately due and payable; and provided, further, that the payment of principal and interest
(including any Additional Interest) on such Debt Securities shall remain subordinated to the extent provided in Article Eighteen of the Indenture. 
 Each Holder, by such Holder’s acceptance hereof, agrees that if a Bankruptcy Event shall occur prior to the redemption or repayment of this Debt Security, such Holder shall have no claim for, and thus no right to receive, any interest
deferred pursuant to the First Supplemental Indenture (including Additional Interest thereon) that has not been paid out of the proceeds of the issuance of certain securities in accordance with the First Supplemental Indenture to the extent the
amount of such interest exceeds two years of accumulated and unpaid interest (including Additional Interest thereon) on this Debt Security; provided, that a Holder of CENts will have an additional preferred equity claim in respect of such
accumulated and unpaid interest (including compounded interest thereon) which is in excess of two years of accumulated and unpaid interest (including Additional Interest thereon) that is senior to the Common Stock and is or would be pari
passu with any Preferred Stock up to the amount equal to its pro rata share of any unused portion of the Preferred Stock Issuance Cap. Any such claim will be subject to applicable law. 
  

 A-7 

 No reference herein to the Indenture or the First Supplemental Indenture and no provision of this Debt
Security or of the Indenture or the First Supplemental Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Debt Security at the times,
places and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Debt Security is registrable in the Security Register, upon surrender of this Debt Security for registration of transfer at the office or agency of the Company maintained under Section 1002 of the Indenture duly
endorsed by, or accompanied by written instrument of transfer in form satisfactory to the Company and the Securities Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Debt
Securities of this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but
the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior
to due presentment of this Debt Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Debt Security is registered as the owner hereof for all purposes,
whether or not this Debt Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Debt Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Debt
Securities of this series are exchangeable for like aggregate principal amount of Debt Securities of a different authorized denomination, as requested by the Holder surrendering the same. 
 If this Debt Security is a Global Security, this Debt Security is exchangeable for definitive Debt Securities in registered form only if (x) the
Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Debt 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, (y) the Company in its sole discretion determines that this Debt Security shall be exchangeable for definitive Debt Securities in registered form and notifies the Trustee thereof, or
(z) an Event of Default with respect to the Debt Securities represented hereby has occurred and is continuing. If this Debt Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Debt Securities in
registered form, bearing interest at the same rate, having the same terms and of authorized denominations aggregating a like amount. 
 If
this Debt Security is a Global Security, this Debt 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 Debt Security will not be entitled to receive physical delivery of Debt
Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 
 No recourse shall be had
for the payment of the principal of or the interest, including Additional Interest, on this Debt Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, the First Supplemental Indenture or
any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 
  

 A-8 

 The Company and, by its acceptance of this Debt Security or a beneficial interest herein, the Holder of,
and any Person that acquires beneficial interest in, this Debt Security agree that, for United States Federal, state and local tax purposes, it is intended that this Debt Security constitute indebtedness. 
 THE INDENTURE, THE FIRST SUPPLEMENTAL INDENTURE AND THIS DEBT SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK. 
  

 A-9 

 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) 
  

 A-10 

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

  

			
	Dated:
                                	 	
		
	 	 	  

		
		 	  

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

 A-11Amended and Restated Declaration of Trust and Trust Agreement

 Exhibit 4.3 
 AMENDED AND RESTATED DECLARATION 
 OF TRUST AND TRUST AGREEMENT 
 among 
 WELLS FARGO &
COMPANY, as Depositor 
 THE BANK OF NEW YORK TRUST COMPANY, N.A., as Property Trustee 
 WILMINGTON TRUST COMPANY, as Delaware Trustee 
 and the several Holders of the Trust Securities 
 Dated as of December 5, 2006 
 WELLS FARGO CAPITAL X 

 TABLE OF CONTENTS 
  

			
	ARTICLE 1 DEFINED TERMS	  	5
		
	 SECTION 1.1. Definitions.
	  	5
		
	ARTICLE 2 CONTINUATION OF THE ISSUER TRUST	  	13
		
	 SECTION 2.1. Name.
	  	13
	 SECTION 2.2. Office of the Delaware Trustee; Principal Place of Business.
	  	13
	 SECTION 2.3. Initial Contribution of Trust Property; Organizational Expenses.
	  	13
	 SECTION 2.4. Issuance of the Capital Securities.
	  	14
	 SECTION 2.5. Issuance of the Common Securities; Subscription and Purchase Debentures.
	  	14
	 SECTION 2.6. Declaration of Trust.
	  	14
	 SECTION 2.7. Authorization to Enter into Certain Transactions.
	  	15
	 SECTION 2.8. Assets of Trust.
	  	18
	 SECTION 2.9. Title to Trust Property.
	  	18
		
	ARTICLE 3 PAYMENT ACCOUNT	  	18
		
	 SECTION 3.1. Payment Account.
	  	18
		
	ARTICLE 4 DISTRIBUTIONS; REDEMPTION	  	19
		
	 SECTION 4.1. Distributions.
	  	19
	 SECTION 4.2. Redemption.
	  	20
	 SECTION 4.3. Ranking of Common Securities.
	  	21
	 SECTION 4.4. Payment Procedures.
	  	22
	 SECTION 4.5. Tax Returns and Reports.
	  	22
	 SECTION 4.6. Payment of Expenses of the Issuer Trust.
	  	22
	 SECTION 4.7. Payments under Indenture or Pursuant to Direct Actions.
	  	23
		
	ARTICLE 5 TRUST SECURITIES CERTIFICATES	  	23
		
	 SECTION 5.1. Initial Ownership.
	  	23
	 SECTION 5.2. The Trust Securities Certificates.
	  	23
	 SECTION 5.3. Execution and Delivery of Trust Securities Certificates.
	  	23
	 SECTION 5.4. Registration of Transfer and Exchange of Capital Securities Certificates.
	  	24
	 SECTION 5.5. Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates.
	  	25
	 SECTION 5.6. Persons Deemed Holders.
	  	25
	 SECTION 5.7. Access to List of Holders’ Names and Addresses.
	  	25
	 SECTION 5.8. Maintenance of Office Agency.
	  	25
	 SECTION 5.9. Appointment of Paying Agent.
	  	25
	 SECTION 5.10. Ownership of Common Securities by Depositor.
	  	26
	 SECTION 5.11. Book-Entry Capital Securities Certificates; Common Securities Certificate.
	  	26
	 SECTION 5.12. Notices to Clearing Agency.
	  	27
	 SECTION 5.13. Definitive Capital Securities Certificates.
	  	27
	 SECTION 5.14. Rights of Holders; Waivers of Past Defaults.
	  	28
	 SECTION 5.15. CUSIP Numbers.
	  	29

			
	ARTICLE 6 ACTS OF HOLDERS; MEETINGS; VOTING	  	30
		
	 SECTION 6.1. Limitations on Voting Rights.
	  	30
	 SECTION 6.2. Notice of Meetings.
	  	31
	 SECTION 6.3. Meetings of Holders of the Capital Securities.
	  	31
	 SECTION 6.4. Voting Rights.
	  	31
	 SECTION 6.5. Proxies, etc.
	  	31
	 SECTION 6.6. Holder Action by Written Consent.
	  	31
	 SECTION 6.7. Record Date for Voting and Other Purposes.
	  	32
	 SECTION 6.8. Acts of Holders.
	  	32
	 SECTION 6.9. Inspection of Records.
	  	33
		
	ARTICLE 7 REPRESENTATIONS AND WARRANTIES	  	33
		
	 SECTION 7.1. Representations and Warranties of the Property Trustee and the Delaware Trustee.
	  	33
	 SECTION 7.2. Representations and Warranties of Depositor.
	  	34
		
	ARTICLE 8 THE ISSUER TRUSTEES	  	34
		
	 SECTION 8.1. Certain Duties and Responsibilities.
	  	34
	 SECTION 8.2. Certain Notices.
	  	36
	 SECTION 8.3. Certain Rights of Property Trustee and the Delaware Trustee.
	  	37
	 SECTION 8.4. Not Responsible for Recitals or Issuance of Securities.
	  	38
	 SECTION 8.5. May Hold Securities.
	  	39
	 SECTION 8.6. Compensation; Indemnity; Fees.
	  	39
	 SECTION 8.7. Corporate Property Trustee Required; Eligibility of Issuer Trustees and Administrative Trustees.
	  	40
	 SECTION 8.8. Conflicting Interests.
	  	40
	 SECTION 8.9. Co-Trustees and Separate Trustee.
	  	40
	 SECTION 8.10. Resignation and Removal; Appointment of Successor.
	  	42
	 SECTION 8.11. Acceptance of Appointment by Successor.
	  	43
	 SECTION 8.12. Merger, Conversion, Consolidation or Succession to Business.
	  	44
	 SECTION 8.13. Preferential Collection of Claims Against Depositor or Issuer Trust.
	  	44
	 SECTION 8.14. Trustee May File Proofs of Claim.
	  	44
	 SECTION 8.15. Reports by Property Trustee.
	  	45
	 SECTION 8.16. Reports to the Property Trustee.
	  	45
	 SECTION 8.17. Evidence of Compliance with Conditions Precedent.
	  	45
	 SECTION 8.18. Number of Issuer Trustees.
	  	46
	 SECTION 8.19. Delegation of Power.
	  	46
		
	ARTICLE 9 DISSOLUTION, LIQUIDATION AND MERGER	  	46
		
	 SECTION 9.1. Dissolution Upon Expiration Date.
	  	46
	 SECTION 9.2. Early Dissolution.
	  	46
	 SECTION 9.3. Dissolution.
	  	47
	 SECTION 9.4. Liquidation.
	  	47
	 SECTION 9.5. Mergers, Consolidations, Amalgamations or Replacements of Issuer Trust.
	  	48

			
	ARTICLE 10 MISCELLANEOUS PROVISIONS	  	49
		
	 SECTION 10.1. Limitation of Rights of Holders.
	  	49
	 SECTION 10.2. Amendment.
	  	49
	 SECTION 10.3. Separability.
	  	50
	 SECTION 10.4. Governing Law.
	  	50
	 SECTION 10.5. Payments Due on Non-Business Day.
	  	51
	 SECTION 10.6. Successors.
	  	51
	 SECTION 10.7. Headings.
	  	51
	 SECTION 10.8. Reports, Notices and Demands.
	  	51
	 SECTION 10.9. Agreement Not to Petition.
	  	52
	 SECTION 10.10. Trust Indenture Act; Conflict with Trust Indenture Act.
	  	52
	 SECTION 10.11. Acceptance of Terms of Trust Agreement, Guarantee Agreement and Indenture.
	  	52
	 SECTION 10.12. Counterparts.
	  	53

 EXHIBITS: 
 Exhibit A
- Certificate of Trust 
 Exhibit B - Form of Common Securities Certificate 
 Exhibit C - Form of Capital Securities Certificate 

 AMENDED AND RESTATED DECLARATION OF TRUST AND TRUST AGREEMENT, dated as of December 5, 2006 among
(i) Wells Fargo & Company, a Delaware corporation (including any successors or assigns, the “Depositor”), (ii) The Bank of New York Trust Company, N.A., a national banking association, as property trustee (in such
capacity, the “Property Trustee”), (iii) Wilmington Trust Company, a Delaware banking corporation, as Delaware trustee (in such capacity, the “Delaware Trustee”), (iv) Paul R. Ackerman, an individual, and
Richard D. Levy, an individual, each of whose address is c/o Wells Fargo & Company, Wells Fargo Center, MAC #N9305-173, Sixth and Marquette, Minneapolis, Minnesota 55479 (each, an “Administrative Trustee,” and collectively,
the “Administrative Trustees”) (the Property Trustee, the Delaware Trustee, and the Administrative Trustees being referred to collectively as the “Issuer Trustees”), and (v) the several Holders, as hereinafter
defined. 
 WITNESSETH 
 WHEREAS,
the Depositor and certain of the Issuer Trustees have heretofore duly declared and established a statutory trust (the “Issuer Trust”) pursuant to the Delaware Statutory Trust Act (as hereinafter defined) by entering into that
certain Declaration of Trust and Trust Agreement, dated as of March 4, 2003 (the “Original Trust Agreement”), and by the execution and filing with the Secretary of State of the State of Delaware the Certificate of Trust, filed
on March 4, 2003, attached as Exhibit A (the “Certificate of Trust”); and 
 WHEREAS, the Depositor and the Issuer
Trustees desire to amend and restate the Original Trust Agreement in its entirety as set forth herein to provide for, among other things, (i) the issuance of the Common Securities by the Issuer Trust to the Depositor, (ii) the issuance and
sale of the Capital Securities by the Issuer Trust pursuant to the Underwriting Agreement, and (iii) the acquisition by the Issuer Trust from the Depositor of all of the right, title and interest in the Debentures; 
 NOW THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, each party, for the benefit of the other parties and for the benefit of the Holders, hereby amends and restates the Original Trust Agreement in its entirety and agrees as follows: 
 ARTICLE 1 
 DEFINED TERMS

 SECTION 1.1. Definitions. 
 For all purposes of this Trust Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
 The
terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 
 All
other terms used herein that are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 
 The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation”; 
 All accounting terms used but not defined herein have the meanings assigned to them in accordance with United States generally accepted accounting
principles; 
  

 5 

 Unless the context otherwise requires, any reference to an “Article,” a “Section” or
an “Exhibit” refers to an Article, a Section or an Exhibit, as the case may be, of or to this Trust Agreement; and 
 The words
“hereby,” “herein,” “hereof” and “hereunder” and other words of similar import refer to this Trust Agreement as a whole and not to any particular Article, Section or other subdivision. 
 “Act” has the meaning specified in Section 6.8. 
 “Additional Amount” means, with respect to Trust Securities of a given Liquidation Amount and/or a given period, the amount of Additional Interest (as defined in the Indenture) paid by the Depositor
on a Like Amount of Debentures for such period. 
 “Administrative Trustee” means each of the individuals identified as an
“Administrative Trustee” in the preamble to this Trust Agreement solely in such individual’s capacity as Administrative Trustee of the Issuer Trust formed and continued hereunder and not in such individual’s individual
capacity, or such Administrative Trustee’s successor in interest in such capacity, or any successor trustee appointed as herein provided. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition,
“control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the
terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Bankruptcy Event”
means, with respect to any Person: 
 (a) the entry of a decree or order by a court having jurisdiction in the premises judging such Person a
bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjudication or composition of or in respect of such Person under any applicable Federal or State bankruptcy, insolvency, reorganization or other
similar law, or appointing a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of such Person or of any substantial part of its property or ordering the winding up or liquidation of its affairs, and the continuance of
any such decree or order unstayed and in effect for a period of 60 consecutive days; or 
 (b) the institution by such Person of proceedings
to be adjudicated a bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable
Federal or State bankruptcy, insolvency, reorganization or other similar law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or similar official) of such
Person or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due and its willingness to be
adjudicated a bankrupt, or the taking of corporate action by such Person in furtherance of any such action. 
 “Bankruptcy
Laws” has the meaning specified in Section 10.9. 
 “Board of Directors” means the board of directors of the
Depositor or the Securities Committee, the Capital Committee, the Trust Securities Committee I or the Trust Securities Committee II of the board of directors of the Depositor (or any other committee of the board of directors of the Depositor

  

 6 

 performing similar functions) or a committee designated by the board of directors of the Depositor (or any such
committee), comprised of one or more members of the board of directors of the Depositor or officers of the Depositor, or both. 
 “Book-Entry Capital Securities Certificate” means a Capital Securities Certificate evidencing ownership of Book-Entry Capital Securities. 
 “Book-Entry Capital Security” means a Capital Security, the ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 5.11. 
 “Business Day” means a day other than a Saturday, a Sunday, or any other day on which banking institutions in The City of New York,
Minneapolis, Minnesota or Wilmington, Delaware are authorized or required by law or executive order to remain closed. 
 “Capital
Securities Certificate” means a certificate evidencing ownership of Capital Securities, substantially in the form attached as Exhibit C. 
 “Capital Security” means an undivided beneficial interest in the assets of the Issuer Trust, having a Liquidation Amount of $1,000 and having the rights provided therefor in this Trust Agreement, including the right to
receive Distributions and a Liquidation Distribution as provided herein. 
 “Certificate Depository Agreement” means the
agreement between the Issuer Trust and DTC, as the initial Clearing Agency, dated as of the Closing Date. 
 “Certificate of
Trust” has the meaning specified in the recitals hereof, as amended from time to time. 
 “Clearing Agency” means
an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act. DTC will be the initial Clearing Agency. 
 “Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of
securities deposited with the Clearing Agency. 
 “Closing Date” means the Time of Delivery, which date is also the date of
execution and delivery of this Trust Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act or, if at
any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 
 “Common Securities Certificate” means a certificate evidencing ownership of Common Securities, substantially in the form attached as
Exhibit B. 
 “Common Security” means an undivided beneficial interest in the assets of the Issuer Trust, having a
Liquidation Amount of $1,000 and having the rights provided therefor in this Trust Agreement, including the right to receive Distributions and a Liquidation Distribution as provided herein. 
  

 7 

 “Corporate Trust Office” means (i) when used with respect to the Property Trustee,
the principal office of the Property Trustee located at 227 West Monroe, 26th Floor, Chicago, Illinois 60606,
Attention: Global Corporate Trust, and (ii) when used with respect to the Debenture Trustee, the principal office of the Debenture Trustee located at 227 West Monroe, 26th Floor, Chicago, Illinois 60606, Attention: Global Corporate Trust. 
 “Debenture Event of Default” means any “Event of Default” specified in Section 501 of the Indenture, as modified by Section 201(k) of the First Supplemental Indenture. 

“Debenture Payment Default” means any event specified in clause (1) or (2) of Section 201(k) of the First Supplemental
Indenture. 
 “Debenture Redemption Date” means, with respect to any Debentures to be redeemed under the Indenture, the date
fixed for redemption of such Debentures under the Indenture. 
 “Debenture Repayment Date” means, with respect to any
Debentures to be repaid under the First Supplemental Indenture, the date fixed for repayment of such Debentures under the First Supplemental Indenture. 
 “Debenture Trustee” means The Bank of New York Trust Company, N.A. (as successor in interest to J.P. Morgan Trust Company, National Association), a national banking association, solely in its capacity
as trustee pursuant to the Indenture and the First Supplemental Indenture and not in its individual capacity, or its successor in interest in such capacity, or any successor trustee appointed as provided in the Indenture and the First Supplemental
Indenture. 
 “Debentures” means the 5.95% Capital Efficient Notes due 2086, issued pursuant to the Indenture and the First
Supplemental Indenture. 
 “Definitive Capital Securities Certificates” means either or both (as the context requires) of
(i) Capital Securities Certificates issued as Book-Entry Capital Securities Certificates as provided in Section 5.11, and (ii) Capital Securities Certificates issued in certificated, fully registered form as provided in
Section 5.13. 
 “Delaware Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. ss. 3801
et seq., as it may be amended from time to time. 
 “Delaware Trustee” means the Person identified as the “Delaware
Trustee” in the preamble to this Trust Agreement, solely in its capacity as Delaware Trustee of the trust heretofore formed and continued hereunder and not in its individual capacity, or its successor in interest in such capacity, or any
successor Delaware trustee appointed as herein provided. 
 “Depositor” has the meaning specified in the preamble to this
Trust Agreement. 
 “Depositor Bankruptcy Event” means (i) the entry of a decree or order for relief in respect of the
Depositor by a court having jurisdiction in the premises in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive
days or (ii) the commencement by the Depositor of a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted, or the consent by the Depositor to the entry of a decree or order for relief in an involuntary case under any
such law. 
 “Distribution Date” has the meaning specified in Section 4.1(a)(i). 
  

 8 

 “Distribution Period” means the period of time beginning on any Distribution Date and
ending on the day immediately preceding the next succeeding Distribution Date. 
 “Distributions” means amounts payable in
respect of the Trust Securities as provided in Section 4.1. 
 “DTC” means The Depository Trust Company. 
 “Early Dissolution Event” has the meaning specified in Section 9.2. 
 “Event of Default” means any one of the following events (whatever the reason for such event and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (a) the occurrence of a Debenture Event of Default; or 
 (b) default by the Issuer Trust in the payment of any Distribution when it becomes due and payable, and continuation of such default for a period of 30 days; or 
 (c) default by the Issuer Trust in the payment of any Redemption Price of any Trust Security when it becomes due and payable; or 
 (d) default in the performance, or breach, in any material respect, of any covenant or warranty of the Issuer Trustees in this Trust Agreement (other
than those specified in clause (b) or (c) above) and continuation of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Issuer Trustees and to the Depositor by the Holders of
at least 25% in aggregate Liquidation Amount of the Outstanding Capital Securities a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 (e) the occurrence of a Bankruptcy Event with respect to the Property Trustee if a successor Property Trustee has not been appointed
within 90 days thereof. 
 “Exchange Act” means the Securities Exchange Act of 1934, and any successor statute thereto, in
each case as amended from time to time. 
 “Expiration Date” has the meaning specified in Section 9.1. 
 “Federal Reserve” means the Board of Governors of the Federal Reserve System, as from time to time constituted, or if at any time after
the execution of this Trust Agreement the Federal Reserve is not existing and performing the duties now assigned to it, then the body performing such duties at such time. 
 “First Supplemental Indenture” means the First Supplemental Indenture, dated as of December 5, 2006, between the Depositor and the Debenture Trustee, as trustee, to the Indenture, as amended or
supplemented from time to time. 
 “Guarantee” means the Guarantee Agreement executed and delivered by the Depositor and The
Bank of New York Trust Company, N.A., a national banking association, as trustee, contemporaneously with the execution and delivery of this Trust Agreement, for the benefit of the holders of the Capital Securities, as amended from time to time.

  

 9 

 “Holder” means a Person in whose name a Trust Security or Trust Securities are
registered in the Securities Register; any such Person shall be deemed to be a beneficial owner within the meaning of the Delaware Statutory Trust Act. 
 “Indenture” means the Indenture, dated as of August 1, 2005, between the Depositor and the Debenture Trustee, as trustee, as amended or supplemented from time to time. 
 “Investment Company Act” means the Investment Company Act of 1940, or any successor statute thereto, in each case as amended from time
to time. 
 “Issuer Trust” means the Delaware statutory trust known as “Wells Fargo Capital X” which was created
on March 4, 2003 under the Delaware Statutory Trust Act pursuant to the Original Trust Agreement and the filing of the Certificate of Trust, and continued pursuant to this Trust Agreement. 
 “Issuer Trustees” means, collectively, the Property Trustee, the Delaware Trustee, and the Administrative Trustees. 
 “Lien” means any lien, pledge, charge, encumbrance, mortgage, deed of trust, adverse ownership interest, hypothecation, assignment,
security interest or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever. 
 “Like Amount” means (a) with respect to a redemption of any Trust Securities, Trust Securities having a Liquidation Amount equal to the principal amount of Debentures to be contemporaneously redeemed or repaid in
accordance with the Indenture and the First Supplemental Indenture, the proceeds of which will be used to pay the Redemption Price of such Trust Securities, (b) with respect to a distribution of Debentures to Holders of Trust Securities in
connection with a dissolution or liquidation of the Issuer Trust, Debentures having a principal amount equal to the Liquidation Amount of the Trust Securities of the Holder to whom such Debentures are distributed, and (c) with respect to any
distribution of Additional Amounts to Holders of Trust Securities, Debentures having a principal amount equal to the Liquidation Amount of the Trust Securities in respect of which such distribution is made. 
 “Liquidation Amount” means the stated amount of $1,000 per Trust Security. 
 “Liquidation Date” means the date of the dissolution, winding-up or dissolution of the Issuer Trust pursuant to Section 9.4.

 “Liquidation Distribution” has the meaning specified in Section 9.4(d). 
 “Majority in Liquidation Amount of the Capital Securities” or “Majority in Liquidation Amount of the Common Securities”
means, except as provided by the Trust Indenture Act, Capital Securities or Common Securities, as the case may be, representing more than 50% of the aggregate Liquidation Amount of all then Outstanding Capital Securities or Common Securities, as the
case may be. 
 “Officers’ Certificate” means, with respect to any Person, a certificate signed by the Chairman of the
Board of Directors of such Person, a Vice Chairman of the Board of Directors of such Person, the President or a Vice President, and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, of such Person. Any Officers’
Certificate delivered with respect to compliance with a condition or covenant provided for in this Trust Agreement shall include: 
 (a) a statement by each officer signing the Officers’ Certificate that such officer has read the covenant or condition and the definitions relating thereto; 
  

 10 

 (b) a brief statement of the nature and scope of the examination or investigation
undertaken by such officer in rendering the Officers’ Certificate; 
 (c) a statement that such officer has made such
examination or investigation as, in such officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether, in the opinion of such officer, such condition or covenant has been complied with. 
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for or an employee of the Depositor or any Affiliate of the
Depositor. 
 “Original Trust Agreement” has the meaning specified in the recitals to this Trust Agreement. 
 “Outstanding,” when used with respect to Trust Securities, means, as of the date of determination, all Trust Securities theretofore
executed and delivered under this Trust Agreement, except: 
 (a) Trust Securities theretofore canceled by the Property
Trustee or delivered to the Property Trustee for cancellation; 
 (b) Trust Securities for whose payment or redemption money
in the necessary amount has been theretofore deposited with the Property Trustee or any Paying Agent; provided that, if such Trust Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Trust Agreement;
and 
 (c) Trust Securities that have been paid or in exchange for or in lieu of which other Capital Securities have been
executed and delivered pursuant to Sections 5.4, 5.5, 5.11 and 5.13; provided, however, that in determining whether the Holders of the requisite Liquidation Amount of the Outstanding Capital Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Capital Securities owned by the Depositor, any Issuer Trustee, or any Affiliate of the Depositor or any Issuer Trustee shall be disregarded and deemed not to be Outstanding, except that
(a) in determining whether any Issuer Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Capital Securities that such Issuer Trustee knows to be so owned shall be so
disregarded, and (b) the foregoing shall not apply at any time when all of the outstanding Capital Securities are owned by the Depositor, one or more of the Issuer Trustees, and/or any such Affiliate. Capital Securities so owned that have been
pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Administrative Trustees the pledgee’s right so to act with respect to such Capital Securities and that the pledgee is not the Depositor
or any Affiliate of the Depositor. 
 “Owner” means each Person who is the beneficial owner of Book-Entry Capital Securities
as reflected in the records of the Clearing Agency or, if a Clearing Agency Participant is not the Owner, then as reflected in the records of a Person maintaining an account with such Clearing Agency (directly or indirectly, in accordance with the
rules of such Clearing Agency). 
 “Paying Agent” means any paying agent or co-paying agent appointed pursuant to
Section 5.9 and shall initially be Wells Fargo Bank, N.A. 
  

 11 

 “Payment Account” means a segregated non-interest-bearing corporate trust account
maintained by the Property Trustee with Wells Fargo Bank, N.A. in its trust department for the benefit of the Holders in which all amounts paid in respect of the Debentures will be held and from which the Property Trustee, through the Paying Agent,
shall make payments to the Holders in accordance with Sections 4.1 and 4.2. 
 “Person” means a legal person, including any
individual, corporation, estate, partnership, joint venture, association, joint stock company, company, limited liability company, trust, unincorporated association, or government or any agency or political subdivision thereof, or any other entity
of whatever nature. 
 “Property Trustee” means the Person identified as the “Property Trustee” in the preamble to
this Trust Agreement, solely in its capacity as Property Trustee of the trust heretofore formed and continued hereunder and not in its individual capacity, or its successor in interest in such capacity, or any successor property trustee appointed as
herein provided. 
 “Redemption Date” means, with respect to any Trust Security to be redeemed, the date fixed for such
redemption by or pursuant to this Trust Agreement; provided that each Debenture Redemption Date, each Debenture Repayment Date and the stated maturity of the Debentures shall be a Redemption Date for a Like Amount of Trust Securities.

 “Redemption Price” means, with respect to any Trust Security, the Liquidation Amount of such Trust Security, plus
accumulated and unpaid Distributions to the Redemption Date, plus the related amount of the premium, if any, paid by the Depositor upon the concurrent redemption of a Like Amount of Debentures. 
 “Relevant Trustee” shall have the meaning specified in Section 8.10. 
 “Responsible Officer” means, with respect to any Issuer Trustee that is not an individual, the President, any Senior Vice President, any
Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the Treasurer, any Assistant Treasurer, any Trust Officer or Assistant Trust Officer of such Issuer Trustee. 
 “Securities Act” means the Securities Act of 1933, and any successor statute thereto, in each case as amended from time to time.

 “Securities Register” and “Securities Registrar” have the respective meanings specified in
Section 5.4. 
 “Time of Delivery” means December 5, 2006. 
 “Trust Agreement” means this Amended and Restated Trust Agreement, as the same may be modified, amended or supplemented in accordance
with the applicable provisions hereof, including (i) all exhibits, and (ii) for all purposes of this Trust Agreement and any such modification, amendment or supplement, the provisions of the Trust Indenture Act that are deemed to be a part
of and govern this Trust Agreement and any such modification, amendment or supplement, respectively. 
 “Trust Indenture
Act” means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture
Act” means, to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended. 
  

 12 

 “Trust Property” means (a) the Debentures, (b) any cash on deposit in, or
owing to, the Payment Account, and (c) all proceeds and rights in respect of the foregoing and any other property and assets for the time being held or deemed to be held by the Property Trustee pursuant to the trusts of this Trust Agreement.

 “Trust Securities Certificate” means any one of the Common Securities Certificates or the Capital Securities
Certificates. 
 “Trust Security” means any one of the Common Securities or the Capital Securities. 
 “Underwriting Agreement” means the Underwriting Agreement, dated as of November 27, 2006, among the Trust, the Depositor, and
Goldman, Sachs & Co. and J.P. Morgan Securities Inc., as representatives of the underwriters named therein. 
 “Vice
President,” when used with respect to the Depositor, means any duly appointed vice president, whether or not designated by a number or a word or words added before or after the title “vice president.” 
 “Wells Fargo Bank” shall mean Wells Fargo Bank, N.A. 
 ARTICLE 2 
 CONTINUATION OF THE ISSUER TRUST 
 SECTION 2.1. Name. 
 The trust
continued hereby shall be known as “Wells Fargo Capital X,” as such name may be modified from time to time by the Administrative Trustees following written notice to the Holders and the other Issuer Trustees, in which name the
Administrative Trustees and the other Issuer Trustees may conduct the business of the Issuer Trust, make and execute contracts and other instruments on behalf of the Issuer Trust and sue and be sued on behalf of the Issuer Trust. Any name change
shall be effective upon the execution and filing by the Administrative Trustees of a certificate of amendment or a restated certificate pursuant to Section 3810 of the Delaware Statutory Trust Act. 
 SECTION 2.2. Office of the Delaware Trustee; Principal Place of Business. 
 The address of the Delaware Trustee in the State of Delaware is Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention:
Corporate Trust Administration, or such other address in the State of Delaware as the Delaware Trustee may designate by written notice to the Depositor, the Property Trustee and the Administrative Trustees. The principal executive office of the
Issuer Trust is Wells Fargo Center, MAC #N9305-173, Sixth Street and Marquette, Minneapolis, Minnesota. 
 SECTION 2.3. Initial
Contribution of Trust Property; Organizational Expenses. 
 The Issuer Trustees acknowledge receipt from the Depositor in connection with
the Original Trust Agreement of the sum of $10, which constituted the initial Trust Property. The Depositor shall pay organizational expenses of the Issuer Trust as they arise or shall, upon request of any Issuer Trustee, promptly reimburse such
Issuer Trustee for any such expenses paid by such Issuer Trustee. The Depositor shall make no claim upon the Trust Property for the payment of such expenses. 
  

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 SECTION 2.4. Issuance of the Capital Securities. 
 On December 5, 2006, the Depositor, both on its own behalf and on behalf of the Issuer Trust pursuant to the Original Trust Agreement, executed and
delivered the Underwriting Agreement. Contemporaneously with the execution and delivery of this Trust Agreement, an Administrative Trustee, on behalf of the Trust, shall execute in accordance with Section 5.3 and deliver to the Underwriters
named in the Underwriting Agreement a Capital Securities Certificate, registered in the name of the nominee of the initial Clearing Agency, in an aggregate amount of 750,000 Capital Securities having an aggregate Liquidation Amount of $750,000,000,
against payment of the purchase price therefor in immediately available funds, which funds such Administrative Trustee shall promptly deliver to the Property Trustee. On any one or more dates after the execution and delivery of this Trust Agreement
additional Capital Securities Certificates representing Capital Securities with an aggregate Liquidation Amount up to $250,000,000 may be issued in accordance with Section 5.3, registered in the name of the nominee of the initial Clearing
Agency, against receipt by the Property Trustee of the purchase price that is determined by the Depositor. 
 SECTION 2.5. Issuance of the
Common Securities; Subscription and Purchase Debentures. 
 Contemporaneously with the execution and delivery of this Trust Agreement, an
Administrative Trustee, on behalf of the Issuer Trust, shall execute in accordance with Section 5.3 and deliver to the Depositor Common Securities Certificates, registered in the name of the Depositor, in an aggregate amount of 1,000 Common
Securities having an aggregate Liquidation Amount of $1,000,000 against payment by the Depositor of the purchase price therefor in immediately available funds, which amount such Administrative Trustee shall promptly deliver to the Property Trustee.
Contemporaneously therewith, an Administrative Trustee, on behalf the Issuer Trust, shall subscribe to and purchase from the Depositor Debentures registered in the name of the Issuer Trust and having an aggregate principal amount equal to
$751,000,000 and shall deliver to the Depositor the purchase price therefor (being the sum of the amounts delivered to the Property Trustee pursuant to (i) the second sentence of Section 2.4 and (ii) the first sentence of this
Section 2.5). In connection with any subsequent issuance of Capital Securities as set forth in the last sentence of Section 2.4, an Administrative Trustee, on behalf of the Issuer Trust, shall contemporaneously with any such additional
issuance, subscribe to and purchase from the Depositor Debentures, registered in the name of the Issuer Trust, having an aggregate principal amount equal to the aggregate Liquidation Amount of Capital Securities being issued by the Issuer Trust
pursuant to the last sentence of Section 2.4 against payment of a purchase price equal to the aggregate purchase prices of the Capital Securities being so issued. 
 SECTION 2.6. Declaration of Trust. 
 The exclusive purposes and functions of the Issuer Trust are
(a) to issue and sell Trust Securities, (b) to use the proceeds from such sale to acquire the Debentures, and (c) to engage in those activities necessary, convenient or incidental thereto. The Depositor hereby appoints the Issuer
Trustees as trustees of the Issuer Trust, to have all the rights, powers and duties to the extent set forth herein, and the Issuer Trustees hereby accept such appointment. The Property Trustee hereby declares that it will hold the Trust Property
upon and subject to the conditions set forth herein for the benefit of the Issuer Trust and the Holders. The Administrative Trustees shall have all rights, powers and duties set forth herein and in accordance with applicable law with respect to
accomplishing the purposes of the Issuer Trust. The Delaware Trustee shall not be entitled to exercise any powers, nor shall the Delaware Trustee have any of 
  

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 the duties and responsibilities of the Property Trustee or the Administrative Trustees, or any of the duties and
responsibilities of the Issuer Trustees generally, set forth herein. The Delaware Trustee shall be one of the trustees of the Issuer Trust for the sole and limited purpose of fulfilling the requirements of Section 3807(a) of the Delaware
Statutory Trust Act. The duties of the Delaware Trustee shall be limited to (i) accepting legal process served on the Issuer Trust in the State of Delaware and (ii) the execution of any certificates required to be filed with the Delaware
Secretary of State which the Delaware Trustee is required to execute under Section 3811 of the Delaware Statutory Trust Act. To the extent that, at law or in equity, the Delaware Trustee has duties (including fiduciary duties) and liabilities
relating thereto to the Issuer Trust, the Depositor or the Holders, it is hereby understood and agreed by the other parties hereto that such duties and liabilities are replaced by the duties and liabilities of the Delaware Trustee expressly set
forth in this Trust Agreement. The Delaware Trustee shall have no liability for the acts or omissions of the other Issuer Trustees or the Depositor. 
 SECTION 2.7. Authorization to Enter into Certain Transactions. 
 (a) The Issuer Trustees shall conduct
the affairs of the Issuer Trust in accordance with the terms of this Trust Agreement. Subject to the limitations set forth in paragraph (b) of this Section, and in accordance with the following provisions (i) and (ii), the Issuer Trustees
shall have the authority to enter into all transactions and agreements determined by the Issuer Trustees to be appropriate in exercising the authority, express or implied, otherwise granted to the Issuer Trustees under this Trust Agreement, and to
perform all acts in furtherance thereof, including the following: 
 (i) As among the Issuer Trustees, the Administrative
Trustees, and each of them, shall have the power and authority to act on behalf of the Issuer Trust with respect to the following matters: 
 (A) the issuance and sale of the Trust Securities; 
 (B) to cause the Issuer Trust to perform
on behalf of the Issuer Trust the Underwriting Agreement and to cause the Issuer Trust to enter into, and to execute, deliver and perform on behalf of the Issuer Trust the Certificate Depository Agreement and such other agreements as may be
necessary or desirable in connection with the purposes and function of the Issuer Trust; 
 (C) assisting in the registration
of the Capital Securities under the Securities Act and under state securities or blue sky laws, and the qualification of this Trust Agreement under the Trust Indenture Act; 
 (D) assisting in the listing of the Capital Securities upon such securities exchange or exchanges as shall be determined by the Depositor,
with the registration of the Capital Securities under the Exchange Act, if required, and with the preparation and filing of all periodic and other reports and other documents pursuant to the foregoing; 
 (E) assisting in the sending of notices (other than notices of default) and other information regarding the Trust Securities and the
Debentures to the Holders in accordance with this Trust Agreement; 
 (F) the appointment of a Paying Agent and Securities
Registrar in accordance with this Trust Agreement; 
  

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 (G) to the extent provided in this Trust Agreement, the winding up of the affairs of and
liquidation of the Issuer Trust and the execution and filing of the certificate of cancellation with the Secretary of State of the State of Delaware; 
 (H) execution of the Trust Securities on behalf of the Trust in accordance with this Trust Agreement; 
 (I) execution and delivery of closing certificates, if any, pursuant to the Underwriting Agreement and application for a taxpayer identification number for the Issuer Trust; 
 (J) unless otherwise determined by the Depositor, the Property Trustee, or the Administrative Trustees or as otherwise required by the
Delaware Statutory Trust Act or the Trust Indenture Act, to execute on behalf of the Issuer Trust (either acting alone or together with any or all of the Administrative Trustees) any documents that the Administrative Trustees have the power to
execute pursuant to this Trust Agreement; and 
 (K) the taking of any action incidental to the foregoing as the Issuer
Trustees may from time to time determine is necessary or advisable to give effect to the terms of this Trust Agreement. 
 (ii) As among the Issuer Trustees, the Property Trustee shall have the power, duty and authority to act on behalf of the Issuer Trust with respect to the following matters: 
 (A) the establishment of the Payment Account; 
 (B) the receipt of the Debentures; 
 (C) the collection of interest, principal and any other payments made in respect of the Debentures and the holding of such amounts in the Payment Account; 
 (D) the distribution through the Paying Agent of amounts distributable to the Holders in respect of the Trust Securities; 
 (E) the exercise of all of the rights, powers and privileges of a holder of the Debentures; 
 (F) the sending of notices of default and other information regarding the Trust Securities and the Debentures to the Holders in accordance
with this Trust Agreement; 
 (G) the distribution of the Trust Property in accordance with the terms of this Trust Agreement;

 (H) to the extent provided in this Trust Agreement, the winding up of the affairs of and liquidation of the Issuer Trust
and the preparation, execution and filing of the certificate of cancellation with the Secretary of State of the State of Delaware; 
 (I) after an Event of Default (other than under paragraph (b),(c), (d) or (e) of the definition of such term if such Event of Default is by or with respect to the Property Trustee) the taking of any action incidental to the
foregoing as the Property Trustee may 
  

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 from time to time determine is necessary or advisable to give effect to the terms of this Trust Agreement
and protect and conserve the Trust Property for the benefit of the Holders (without consideration of the effect of any such action on any particular Holder); and 
 (J) except as otherwise provided in this Section 2.7(a)(ii), the Property Trustee shall have none of the duties, liabilities, powers
or the authority of the Administrative Trustees set forth in Section 2.7(a)(i). 
 (b) So long as this Trust Agreement remains in
effect, the Issuer Trust (or the Issuer Trustees acting on behalf of the Issuer Trust) shall not undertake any business, activities or transactions except as expressly provided herein or contemplated hereby. In particular, the Issuer Trustees
(acting on behalf of the Issuer Trust) shall not (i) acquire any investments or engage in any activities not authorized by this Trust Agreement, (ii) sell, assign, transfer, exchange, mortgage, pledge, set-off or otherwise dispose of any
of the Trust Property or interests therein, including to Holders, except as expressly provided herein, (iii) take any action that would reasonably be expected to cause the Issuer Trust to become taxable as a corporation or classified as other
than a grantor trust for United States Federal income tax purposes, (iv) incur any indebtedness for borrowed money or issue any other debt, (v) take or consent to any action that would result in the placement of a Lien on any of the Trust
Property, (vi) invest any proceeds received by the Issuer Trust from holding the Debentures, but shall distribute all such proceeds to Holders of Trust Securities pursuant to the terms of this Trust Agreement and of the Trust Securities,
(vii) acquire any assets other than the Trust Property, (viii) possess any power or otherwise act in such a way as to vary the Trust Property, (ix) possess any power or otherwise act in such a way as to vary the terms of the Trust
Securities in any way whatsoever (except to the extent expressly authorized in this Trust Agreement or by the terms of the Trust Securities) or (x) issue any securities or other evidences of beneficial ownership of, or beneficial interest in,
the Issuer Trust other than the Trust Securities. The Property Trustee shall defend all claims and demands of all Persons at any time claiming any Lien on any of the Trust Property adverse to the interest of the Issuer Trust or the Holders in their
capacity as Holders. 
 (c) In connection with the issuance and sale of the Capital Securities, the Depositor shall have the right and
responsibility to assist the Issuer Trust with respect to, or effect on behalf of the Issuer Trust, the following (and any actions taken by the Depositor in furtherance of the following prior to the date of this Trust Agreement are hereby ratified
and confirmed in all respects): 
 (i) the preparation and filing by the Issuer Trust with the Commission of and the execution
on behalf of the Issuer Trust of a registration statement on the appropriate form in relation to the Capital Securities, including any amendments thereto; 
 (ii) the determination of the states in which to take appropriate action to qualify or register for sale all or part of the Capital Securities and the determination of any and all such acts, other than actions that
must be taken by or on behalf of the Issuer Trust, and the advice to the Issuer Trust of actions they must take on behalf of the Issuer Trust, and the preparation for execution and filing of any documents to be executed and filed by the Issuer Trust
or on behalf of the Issuer Trust, as the Depositor deems necessary or advisable in order to comply with the applicable laws of any such states; 
 (iii) the preparation for filing by the Issuer Trust and execution on behalf of the Issuer Trust of an application to the New York Stock Exchange or any other national stock exchange or any automated quotation system
for listing upon notice of issuance of any Capital Securities and filing with such exchange or self-regulatory organization such notification and documents as may be necessary from time to time to maintain such listing; 
  

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 (iv) the negotiation of the terms of, and the execution and delivery of, the Underwriting
Agreement on behalf of the Issuer Trust providing for the sale of the Capital Securities; and 
 (v) the taking of any other
actions necessary or desirable to carry out any of the foregoing activities. 
 (d) Notwithstanding anything herein to the contrary, the
Administrative Trustees are authorized and directed to conduct the affairs of the Issuer Trust and to operate the Issuer Trust so that the Issuer Trust will not be deemed to be an “investment company” required to be registered under the
Investment Company Act, and will not be taxable as a corporation or classified as other than a grantor trust for United States Federal income tax purposes and so that the Debentures will be treated as indebtedness of the Depositor for United States
Federal income tax purposes. In this connection, the Depositor and the Administrative Trustees are authorized to take any action, not inconsistent with applicable law, the Certificate of Trust or this Trust Agreement, that they determine in their
discretion to be necessary or desirable for such purposes, as long as such action does not adversely affect in any material respect the interests of the Holders of the Outstanding Capital Securities. In no event shall the Depositor or the Issuer
Trustees be liable to the Issuer Trust or the Holders for any failure to comply with this section that results from a change in law or regulation or in the interpretation thereof. 
 SECTION 2.8. Assets of Trust. 
 The
assets of the Issuer Trust shall consist solely of the Trust Property. 
 SECTION 2.9. Title to Trust Property. 
 Legal title to all Trust Property shall be vested at all times in the Property Trustee (in its capacity as such) and shall be held and administered by the
Property Trustee in trust for the benefit of the Issuer Trust and the Holders in accordance with this Trust Agreement. 
 ARTICLE 3

 PAYMENT ACCOUNT 
 SECTION 3.1. Payment Account. 
 (a) On or prior to the Closing Date, the Property Trustee shall establish the Payment
Account. The Property Trustee and its agents shall have exclusive control and sole right of withdrawal with respect to the Payment Account for the purpose of making deposits in and withdrawals from the Payment Account in accordance with this Trust
Agreement. All monies and other property deposited or held from time to time in the Payment Account shall be held by the Property Trustee in the Payment Account for the exclusive benefit of the Holders and for distribution as herein provided,
including (and subject to) any priority of payments provided for herein. 
 (b) The Property Trustee shall deposit in the Payment Account,
promptly upon receipt, all payments of principal of or interest on, and any other payments or proceeds with respect to, the Debentures. Amounts held in the Payment Account shall not be invested by the Property Trustee pending distribution thereof.

  

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 ARTICLE 4 
 DISTRIBUTIONS; REDEMPTION 
 SECTION 4.1. Distributions. 
 (a) The Trust Securities represent undivided beneficial interests in the Trust Property, and Distributions (including of Additional Amounts) will be made
on the Trust Securities at the rate and on the dates that payments of interest (including Additional Interest, as defined in the Indenture) are made on the Debentures. Accordingly: 
 (i) Distributions on the Trust Securities shall be cumulative, and will accumulate whether or not there are funds of the Issuer Trust
available for the payment of Distributions. Distributions shall accumulate from December 5, 2006 and, except in the event (and to the extent) that the Depositor exercises its right to defer the payment of interest on the Debentures pursuant to
the First Supplemental Indenture, shall be payable semi-annually in arrears on the 15th day of June and December, of each year, commencing on June 15, 2007, through and including December 15, 2036, and monthly in arrears on the
15th day of each month thereafter, commencing on January 15, 2037. In the event that any such date on which a Distribution is payable on or after December 15, 2036 would otherwise fall on a day that is not a Business Day, that date
will be postponed to the next day that is a Business Day unless the postponement would cause that date to fall in the next calendar month, in which case that date will instead be brought forward to the immediately preceding Business Day. If any date
prior to December 15, 2036 on which a Distribution is otherwise payable on the Trust Securities is not a Business Day, then the payment of such Distribution shall be made on the next succeeding day that is a Business Day (and without any
interest or other payment in respect of any such delay), with the same force and effect as if made on the date on which such payment was originally payable (each date on which distributions are payable in accordance with this Section 4.1(a), a
“Distribution Date”). 
 (ii) In the event (and to the extent) that the Depositor exercises its right under
the First Supplemental Indenture to defer the payment of interest on the Debentures, Distributions on the Trust Securities shall be deferred but shall continue to accumulate. Distributions on the Trust Securities shall be payable on the Liquidation
Amount of the Trust Securities at the rate per annum equal to the then applicable rate of interest on the Debentures. The amount of Distributions payable for any full semi-annual period shall be computed on the basis of a 360-day year of twelve
30-day months. The amount of Distributions for any partial semi-annual period shall be computed on the basis of a 360-day year of twelve 30-day months. The amount of Distributions for any period commencing on or after December 15, 2036 shall be
computed on the basis of a 360-day year and the actual number of days elapsed. The amount of Distributions payable for any period shall include the Additional Amounts, if any. 
 (iii) Distributions on the Trust Securities shall be made by the Property Trustee from the Payment Account and shall be payable on each
Distribution Date only to the extent that the Issuer Trust has funds then on hand and available in the Payment Account for the payment of such Distributions. 
 (b) Distributions on the Trust Securities with respect to a Distribution Date shall be payable to the Holders thereof as they appear on the Securities Register for the Trust Securities at the close of business on the
relevant record date for such Distribution Date, which shall be the first day of the month (whether or not a Business Day) in which the relevant Distribution Date occurs; provided, however, that 
  

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 so long as the Capital Securities are Book-Entry Capital Securities, the record date for such Capital Securities will be
one Business Day before the relevant Distribution Date. Distributions payable on any Trust Securities that are not punctually paid on any Distribution Date will cease to be payable to the Person in whose name such Trust Securities are registered on
the relevant record date, and such defaulted Distribution will instead be payable to the Person in whose name such Trust Securities are registered on the special record date or other specified date for determining Holders entitled to such defaulted
interest established in accordance with the Indenture. 
 SECTION 4.2. Redemption. 
 (a) On each Debenture Redemption Date, on each Debenture Repayment Date and on the stated maturity of the Debentures, the Issuer Trust will be required to
redeem a Like Amount of Trust Securities at the Redemption Price. 
 (b) Notice of redemption shall be given by the Property Trustee by
first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date (or in the case of a Debenture Repayment Date, not less than 10 nor more than 15 Business Days prior to the Redemption Date) to each Holder
of Trust Securities to be redeemed, at such Holder’s address appearing in the Security Register. All notices of redemption shall state: 
 (i) the Redemption Date; 
 (ii) the Redemption Price or if the Redemption Price cannot be
calculated prior to the time the notice is required to be sent, the estimate of the Redemption Price together with a statement that it is an estimate and that the actual Redemption Price will be calculated on the third Business Day prior to the
Redemption Date (and if an estimate is provided, a further notice shall be sent of the actual Redemption Price on the date that such Redemption Price is calculated); 
 (iii) the CUSIP number or CUSIP numbers of the Capital Securities affected; 
 (iv) if less than all the Outstanding Trust Securities are to be redeemed, the identification and the aggregate Liquidation Amount of the
particular Trust Securities to be redeemed; 
 (v) that on the Redemption Date the Redemption Price will become due and
payable upon each such Trust Security to be redeemed and that Distributions thereon will cease to accumulate on and after said date, except as provided in Section 4.2(d) below; and 
 (vi) if the Capital Securities are no longer in book-entry-only form, the place or places where the Capital Securities Certificates are to
be surrendered for the payment of the Redemption Price. 
 (c) The Trust Securities redeemed on each Redemption Date shall be redeemed at the
Redemption Price with the proceeds from the contemporaneous redemption, repayment or payment at stated maturity of the Debentures. Redemptions of the Trust Securities shall be made and the Redemption Price shall be payable on each Redemption Date
only to the extent that the Issuer Trust has funds then on hand and available in the Payment Account for the payment of such Redemption Price. 
 (d) If the Property Trustee gives a notice of redemption in respect of any Capital Securities, then, by 12:00 noon, New York City time, on the Redemption Date, subject to Section 4.2(c), the Property Trustee will, with respect to
Book-Entry Capital Securities, irrevocably deposit with the 
  

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 Clearing Agency for such Book-Entry Capital Securities, to the extent available therefor, funds sufficient to pay the
applicable Redemption Price and will give such Clearing Agency irrevocable instructions and authority to pay the Redemption Price to the Holders of the Capital Securities. With respect to Capital Securities that are not Book-Entry Capital
Securities, the Property Trustee, subject to Section 4.2(c), will irrevocably deposit with the Paying Agent, to the extent available therefor, funds sufficient to pay the applicable Redemption Price and will give the Paying Agent irrevocable
instructions and authority to pay the Redemption Price to the Holders of the Capital Securities upon surrender of their Capital Securities Certificates. Notwithstanding the foregoing, Distributions payable on or prior to the Redemption Date for any
Trust Securities called for redemption shall be payable to the Holders of such Trust Securities as they appear on the Securities Register for the Trust Securities on the relevant record dates for the related Distribution Dates. If notice of
redemption shall have been given and funds deposited as required, then upon the date of such deposit, all rights of Holders holding Trust Securities so called for redemption will cease, except the right of such Holders to receive the Redemption
Price and any Distribution payable in respect of the Trust Securities on or prior to the Redemption Date, but without interest, and such Trust Securities will cease to be outstanding. In the event that any date on which any Redemption Price is
payable is not a Business Day, then payment of the Redemption Price payable on such date will be made on the next succeeding day that is a Business Day (without any interest or other payment in respect of any such delay), with the same force and
effect as if made on such date. In the event that payment of the Redemption Price in respect of any Trust Securities called for redemption is improperly withheld or refused and not paid either by the Issuer Trust or by the Depositor pursuant to the
Guarantee, Distributions on such Trust Securities will continue to accumulate, as set forth in Section 4.1, from the Redemption Date originally established by the Issuer Trust for such Trust Securities to the date such Redemption Price is
actually paid, in which case the actual payment date will be the date fixed for redemption for purposes of calculating the Redemption Price. 
 (e) Subject to Section 4.3(a), if less than all the Outstanding Trust Securities are to be redeemed on a Redemption Date, then the aggregate Liquidation Amount of Trust Securities to be redeemed shall be allocated pro rata to
the Common Securities and the Capital Securities based upon the relative Liquidation Amounts of such classes. The particular Capital Securities to be redeemed shall be selected on a pro rata basis based upon their respective Liquidation
Amounts not more than 60 days prior to the Redemption Date by the Property Trustee from the Outstanding Capital Securities not previously called for redemption by any method the Property Trustee deems fair and appropriate, provided that so
long as the Capital Securities are in book-entry-only form, such selection shall be made in accordance with the customary procedures for the Clearing Agency for the Capital Securities. The Property Trustee shall promptly notify the Securities
Registrar in writing of the Capital Securities selected for redemption and, in the case of any Capital Securities selected for partial redemption, the Liquidation Amount thereof to be redeemed. For all purposes of this Trust Agreement, unless the
context otherwise requires, all provisions relating to the redemption of Capital Securities shall relate, in the case of any Capital Securities redeemed or to be redeemed only in part, to the portion of the aggregate Liquidation Amount of Capital
Securities that has been or is to be redeemed. 
 SECTION 4.3. Ranking of Common Securities. 
 (a) Payment of Distributions (including any Additional Amounts) on, the Redemption Price of, and the Liquidation Distribution in respect of, the Trust
Securities, as applicable, shall be made, subject to Section 4.2(e), pro rata among the Common Securities and the Capital Securities based on the Liquidation Amount of the Trust Securities; provided, however, that if on any
Distribution Date, Redemption Date or Liquidation Date a Debenture Payment Default shall have occurred and be continuing, no payment of any Distribution (including any Additional Amounts) on, Redemption Price of, or Liquidation Distribution in
respect of, any Common Security, and no other payment on account of the 
  

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 redemption, liquidation or other acquisition of Common Securities, shall be made unless payment in full in cash of all
accumulated and unpaid Distributions (including any Additional Amounts) on all Outstanding Capital Securities for all Distribution Periods terminating on or prior thereto, or in the case of payment of the Redemption Price the full amount of such
Redemption Price on all Outstanding Capital Securities then called for redemption, or in the case of payment of the Liquidation Distribution the full amount of such Liquidation Distribution on all Outstanding Capital Securities, shall have been made
or provided for, and all funds immediately available to the Property Trustee shall first be applied to the payment in full in cash of all Distributions (including any Additional Amounts) on, or the Redemption Price of, the Capital Securities then
due and payable. 
 (b) In the case of the occurrence of any Event of Default resulting from any Debenture Event of Default, the Holders of
the Common Securities shall have no right to act with respect to any such Event of Default under this Trust Agreement until the effect of all such Events of Default with respect to the Capital Securities have been cured, waived or otherwise
eliminated. Until all such Events of Default under this Trust Agreement with respect to the Capital Securities have been so cured, waived or otherwise eliminated, the Property Trustee shall act solely on behalf of the Holders of the Capital
Securities and not on behalf of the Holders of the Common Securities, and only the Holders of the Capital Securities will have the right to direct the Property Trustee to act on their behalf. 
 SECTION 4.4. Payment Procedures. 
 Payments of Distributions (including any Additional Amounts) in respect of the Capital Securities shall, subject to the next succeeding sentence, be made by check mailed to the address of the Person entitled thereto as such address shall
appear on the Securities Register or, if the Capital Securities are held by a Clearing Agency, such Distributions shall be made to the Clearing Agency in immediately available funds. A Holder of $1,000,000 or more in aggregate Liquidation Amount of
Capital Securities may receive payments of Distributions (including any Additional Amounts) by wire transfer of immediately available funds upon written request to the Property Trustee not later than the 15th calendar day, whether or not a Business Day, before the relevant Distribution Date. Payments in respect of the Common Securities shall be made in
such manner as shall be mutually agreed between the Property Trustee and the Holders of the Common Securities. 
 SECTION 4.5. Tax Returns
and Reports. 
 The Administrative Trustees shall prepare (or cause to be prepared), at the Depositor’s expense, and file all United
States Federal, state and local tax and information returns and reports required to be filed by or in respect of the Issuer Trust. In this regard, the Administrative Trustees shall (a) prepare and file (or cause to be prepared and filed) all
Internal Revenue Service forms required to be filed in respect of the Issuer Trust in each taxable year of the Issuer Trust, and (b) prepare and furnish (or cause to be prepared and furnished) to each Holder all Internal Revenue Service forms
required to be provided by the Issuer Trust. The Administrative Trustees shall provide the Depositor and the Property Trustee with a copy of all such returns and reports promptly after such filing or furnishing. The Issuer Trustees shall comply with
United States Federal withholding and backup withholding tax laws and information reporting requirements with respect to any payments to Holders under the Trust Securities. 
 SECTION 4.6. Payment of Expenses of the Issuer Trust. 
 The Depositor shall pay to the Issuer Trust, and reimburse the Issuer Trust for, the full amount of any costs, expenses or liabilities of the Issuer Trust (other than obligations of the Issuer Trust to pay the Holders
of any Capital Securities or other similar interests in the Issuer Trust the amounts due such 
  

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 Holders pursuant to the terms of the Capital Securities or such other similar interests, as the case may be), including,
without limitation, any taxes, duties or other governmental charges of whatever nature (other than withholding taxes) imposed on the Issuer Trust by the United States or any other taxing authority. Such payment obligation includes any such costs,
expenses or liabilities of the Issuer Trust that are required by applicable law to be satisfied in connection with a dissolution of the Issuer Trust. 
 SECTION 4.7. Payments under Indenture or Pursuant to Direct Actions. 
 Any amount payable hereunder to
any Holder of Capital Securities (or any Owner with respect thereto) shall be reduced by the amount of any corresponding payment such Holder (or Owner) has directly received pursuant to Section 508 of the Indenture or Section 5.14 of this
Trust Agreement. 
 ARTICLE 5 
 TRUST SECURITIES CERTIFICATES 
 SECTION 5.1. Initial Ownership. 
 Upon the formation of the Issuer Trust and the contribution by the Depositor pursuant to Section 2.3 and until the issuance of the Trust Securities,
and at any time during which no Trust Securities are outstanding, the Depositor shall be the sole beneficial owner of the Issuer Trust. 
 SECTION 5.2. The Trust Securities Certificates. 
 The Capital Securities Certificates shall be issued in minimum
denominations of $1,000 Liquidation Amount and integral multiples of $1,000 in excess thereof, and the Common Securities Certificates shall be issued in denominations of $1,000 Liquidation Amount and integral multiples thereof. The Trust Securities
Certificates shall be (i) executed on behalf of the Issuer Trust by manual or facsimile signature of at least one Administrative Trustee and, if executed on behalf of the Issuer Trust by facsimile, countersigned by the Securities Registrar or
its agent and (ii) authenticated by the Property Trustee by manual or facsimile signature of an authorized signatory thereof and, if executed by such authorized signatory of the Property Trustee by facsimile, countersigned by the Securities
Registrar or its agent. Trust Securities Certificates bearing the manual signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Issuer Trust or the Property Trustee or, if
executed on behalf of the Issuer Trust or the Property Trustee by facsimile, countersigned by the Securities Registrar or its agent, shall be validly issued and entitled to the benefits of this Trust Agreement, notwithstanding that such individuals
or any of them shall have ceased to be so authorized prior to the delivery of such Trust Securities Certificates or did not hold such offices at the date of delivery of such Trust Securities Certificates. The Capital Securities Certificates shall
contain a legend relating to certain matters under Title I of the Employee Retirement Income Security Act of 1974, as amended, substantially in the form of the legend set forth on Exhibit C hereto. A transferee of a Trust Securities Certificate
shall become a Holder, and shall be entitled to the rights and subject to the obligations of a Holder hereunder, upon due registration of such Trust Securities Certificate in such transferee’s name pursuant to Sections 5.4, 5.11 and 5.13.

 SECTION 5.3. Execution and Delivery of Trust Securities Certificates. 
 At the Time of Delivery, the Administrative Trustees shall cause Trust Securities Certificates, in an aggregate Liquidation Amount as provided in Sections
2.4 and 2.5, to be executed on behalf of the Issuer Trust and delivered to or upon the written order of the Depositor, such written order executed by 
  

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 one authorized officer thereof, without further corporate action by the Depositor, in authorized denominations. After the
Time of Delivery, the Administrative Trustees may cause additional Capital Securities Certificates, subject to the maximum aggregate Liquidation Amount set forth in Sections 2.4 and 2.5, to be executed on behalf of the Issuer Trust and
delivered to or upon the written order of the Depositor, such written order executed by one authorized officer thereof, without further corporate action by the Depositor, in authorized denominations. 
 SECTION 5.4. Registration of Transfer and Exchange of Capital Securities Certificates. 
 The Depositor shall keep or cause to be kept, at the office or agency maintained pursuant to Section 5.8, a register or registers for the purpose of
registering Trust Securities Certificates and transfers and exchanges of Capital Securities Certificates (the “Securities Register”) in which the transfer agent and registrar designated by the Depositor (the “Securities
Registrar”), subject to such reasonable regulations as it may prescribe, shall provide for the registration of Capital Securities Certificates and Common Securities Certificates (subject to Section 5.10 in the case of the Common
Securities Certificates) and registration of transfers and exchanges of Capital Securities Certificates as herein provided. Wells Fargo Bank shall be the initial Securities Registrar. The provisions of Sections 8.1, 8.3 and 8.6 herein shall apply to
Wells Fargo Bank also in its role as Securities Registrar, for so long as Wells Fargo Bank shall act as Securities Registrar. 
 Upon
surrender for registration of transfer of any Capital Securities Certificate at the office or agency maintained pursuant to Section 5.8, the Administrative Trustees or any one of them shall execute on behalf of the Issuer Trust (and if executed
on behalf of the Issuer Trust by a facsimile signature, such certificate shall be countersigned by the Securities Registrar or its agent) and deliver, in the name of the designated transferee or transferees, one or more new Capital Securities
Certificates in authorized denominations of a like aggregate Liquidation Amount dated the date of execution by such Administrative Trustee or Trustees. The Securities Registrar shall not be required to register the transfer of any Capital Securities
that have been called for redemption during a period beginning at the opening of business 15 days before the day of selection for such redemption. 
 At the option of a Holder, Capital Securities Certificates may be exchanged for other Capital Securities Certificates in authorized denominations of the same class and of a like aggregate Liquidation Amount upon surrender of the Capital
Securities Certificates to be exchanged at the office or agency maintained pursuant to Section 5.8. 
 Every Capital Securities
Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory to an Administrative Trustee and the Securities Registrar duly executed by the Holder or his
attorney duly authorized in writing. Each Capital Securities Certificate surrendered for registration of transfer or exchange shall be canceled and subsequently disposed of by an Administrative Trustee or the Securities Registrar in accordance with
such Person’s customary practice. 
 No service charge shall be made for any registration of transfer or exchange of Capital Securities
Certificates, but the Securities Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Capital Securities Certificates. 
  

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 SECTION 5.5. Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates. 
 If (a) any mutilated Trust Securities Certificate shall be surrendered to the Securities Registrar, or if the Securities Registrar shall receive
evidence to its satisfaction of the destruction, loss or theft of any Trust Securities Certificate, and (b) there shall be delivered to the Securities Registrar and the Administrative Trustees such security or indemnity as may be required by
them to save each of them harmless, then in the absence of notice that such Trust Securities Certificate shall have been acquired by a bona fide purchaser, the Administrative Trustees, or any one of them, on behalf of the Issuer Trust shall execute
and make available for delivery, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Trust Securities Certificate, a new Trust Securities Certificate of like class, tenor and denomination. In connection with the issuance of
any new Trust Securities Certificate under this Section 5.5, the Administrative Trustees or the Securities Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
therewith. Any duplicate Trust Securities Certificate issued pursuant to this Section shall constitute conclusive evidence of an undivided beneficial interest in the assets of the Issuer Trust corresponding to that evidenced by the lost, stolen or
destroyed Trust Securities Certificate, as if originally issued, whether or not the lost, stolen or destroyed Trust Securities Certificate shall be found at any time. 
 SECTION 5.6. Persons Deemed Holders. 
 The Issuer Trustees and the Securities Registrar shall each
treat the Person in whose name any Trust Securities Certificate shall be registered in the Securities Register as the owner of such Trust Securities Certificate for the purpose of receiving Distributions and for all other purposes whatsoever, and
none of the Issuer Trustees and the Securities Registrar shall be bound by any notice to the contrary. 
 SECTION 5.7. Access to List of
Holders’ Names and Addresses. 
 Each Holder and each Owner shall be deemed to have agreed not to hold the Depositor, the Property
Trustee, the Delaware Trustee or the Administrative Trustees accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived. 
 SECTION 5.8. Maintenance of Office Agency. 
 The Administrative Trustees shall designate an office or offices or agency or agencies where Capital Securities Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Issuer
Trustees in respect of the Trust Securities Certificates may be served. The Administrative Trustees initially designate Wells Fargo Bank, N.A., Wells Fargo Center, Sixth and Marquette, Minneapolis, Minnesota 55479-1019, Attention: Corporate Trust
Services, as its office and agency for such purposes. The Administrative Trustee shall give prompt written notice to the Depositor, the Property Trustee and to the Holders of any change in the location of the Securities Register or any such office
or agency. 
 SECTION 5.9. Appointment of Paying Agent. 
 The Paying Agent shall make Distributions to Holders from the Payment Account and shall report the amounts of such Distributions to the Property Trustee and the Administrative Trustees. Any Paying Agent shall have the
revocable power to withdraw funds from the Payment Account solely for the purpose of making the Distributions referred to above. The Property Trustee may revoke such power and remove the Paying Agent in its sole discretion. The Paying Agent shall
initially be Wells Fargo Bank. Any Person acting as Paying Agent shall be permitted to resign as Paying Agent upon 30 days’ written 
  

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 notice to the Administrative Trustees and the Property Trustee. If Wells Fargo Bank shall no longer be the Paying Agent
or a successor Paying Agent shall resign or its authority to act be revoked, the Property Trustee shall appoint a successor (which shall be a bank or trust company) that is reasonably acceptable to the Administrative Trustees and the Depositor to
act as Paying Agent. Such successor Paying Agent or any additional Paying Agent shall execute and deliver to the Issuer Trustees an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Issuer Trustees that
as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the Holders in trust for the benefit of the Holders entitled thereto until such sums shall be paid to such Holders. The
Paying Agent shall return all unclaimed funds to the Property Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Property Trustee. The provisions of Sections 8.1, 8.3 and 8.6 herein
shall apply to Wells Fargo Bank also in its role as Paying Agent, for so long as Wells Fargo Bank shall act as Paying Agent and, to the extent applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Paying
Agent shall include any co-paying agent unless the context requires otherwise. 
 SECTION 5.10. Ownership of Common Securities by
Depositor. 
 At the Time of Delivery, the Depositor shall acquire, and thereafter shall retain, beneficial and record ownership of the
Common Securities. To the fullest extent permitted by law, other than a transfer in connection with a consolidation or merger of the Depositor into another Person, or any conveyance, transfer or lease by the Depositor of its properties and assets
substantially as an entirety to any Person, pursuant to Section 801 of the Indenture, any attempted transfer of the Common Securities shall be void. The Administrative Trustees shall cause each Common Securities Certificate issued to the
Depositor to contain a legend consistent with this Section 5.10. 
 SECTION 5.11. Book-Entry Capital Securities Certificates; Common
Securities Certificate. 
 (a) The Capital Securities Certificates, upon original issuance, will be issued in the form of a typewritten
Capital Securities Certificate or Certificates representing Book-Entry Capital Securities Certificates, to be delivered to, or on behalf of, DTC, the initial Clearing Agency, by, or on behalf of, the Issuer Trust. Such Capital Securities Certificate
or Certificates shall initially be registered on the Securities Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Owner will receive a Definitive Capital Securities Certificate representing such
Owner’s interest in such Capital Securities, except as provided in Section 5.13. Unless and until Definitive Capital Securities Certificates have been issued to Owners pursuant to Section 5.13: 
 (i) the provisions of this Section 5.11(a) shall be in full force and effect; 
 (ii) the Securities Registrar and the Issuer Trustees shall be entitled to deal with the Clearing Agency for all purposes of this Trust
Agreement relating to the Book-Entry Capital Securities Certificates (including the payment of the Liquidation Amount of and Distributions on the Capital Securities evidenced by Book-Entry Capital Securities Certificates and the giving of
instructions or directions to Owners of Capital Securities evidenced by Book-Entry Capital Securities Certificates) as the sole Holder of Capital Securities evidenced by Book-Entry Capital Securities Certificates and shall have no obligations to the
Owners thereof; 
 (iii) to the extent that the provisions of this Section 5.11 conflict with any other provisions of
this Trust Agreement, the provisions of this Section 5.11 shall control; and 
  

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 (iv) the rights of the Owners of the Book-Entry Capital Securities Certificate shall be
exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Owners and the Clearing Agency and/or the Clearing Agency Participants. Pursuant to the Certificate Depository Agreement, unless
and until Definitive Capital Securities Certificates are issued pursuant to Section 5.13, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments on the Capital
Securities to such Clearing Agency Participants. 
 (b) A single Common Securities Certificate representing the Common Securities shall be
issued to the Depositor in the form of a definitive Common Securities Certificate. 
 SECTION 5.12. Notices to Clearing Agency.

 To the extent that a notice or other communication to the Holders is required under this Trust Agreement, for so long as Capital
Securities are represented by a Book-Entry Capital Securities Certificates, the Administrative Trustees and the Property Trustee shall give all such notices and communications specified herein to be given to the Clearing Agency, and shall have no
obligations to the Owners. 
 SECTION 5.13. Definitive Capital Securities Certificates. 
 If (a) the Depositor advises the Issuer Trustees in writing that the Clearing Agency is no longer willing or able to properly discharge its
responsibilities with respect to the Capital Securities Certificates, and the Depositor is unable to locate a qualified successor, (b) the Depositor at its option advises the Issuer Trustees in writing that it elects to terminate the book-entry
system through the Clearing Agency or (c) after the occurrence of a Debenture Event of Default, Owners of Capital Securities Certificates representing beneficial interests aggregating at least a majority of the Liquidation Amount advise the
Administrative Trustees in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interest of the Owners of Capital Securities Certificates, then the Administrative Trustees shall notify the other
Issuer Trustees and the Clearing Agency, and the Clearing Agency, in accordance with its customary rules and procedures, shall notify all Clearing Agency Participants for whom it holds Capital Securities of the occurrence of any such event and of
the availability of the Definitive Capital Securities Certificates to Owners of such class or classes, as applicable, requesting the same. Upon surrender to the Administrative Trustees of the typewritten Capital Securities Certificate or
Certificates representing the Book-Entry Capital Securities Certificates by the Clearing Agency, accompanied by registration instructions, the Administrative Trustees, or any one of them, shall execute the Definitive Capital Securities Certificates
in accordance with the instructions of the Clearing Agency, and if executed on behalf of the Issuer Trust by facsimile, countersigned by the Securities Registrar or its agent. Neither the Securities Registrar nor the Issuer Trustees shall be liable
for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Capital Securities Certificates, the Issuer Trustees shall recognize the Holders of
the Definitive Capital Securities Certificates as holders of Trust Securities. The Definitive Capital Securities Certificates shall be typewritten, printed, lithographed or engraved or may be produced in any other manner as is reasonably acceptable
to the Administrative Trustees that meets the requirements of any stock exchange or automated quotation system on which the Capital Securities are then listed or approved for trading, as evidenced by the execution thereof by the Administrative
Trustees or any one of them. 
  

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 SECTION 5.14. Rights of Holders; Waivers of Past Defaults. 
 (a) The legal title to the Trust Property is vested exclusively in the Property Trustee (in its capacity as such) in accordance with Section 2.9, and
the Holders shall not have any right or title therein other than the undivided beneficial interest in the assets of the Issuer Trust conferred by their Trust Securities and they shall have no right to call for any partition or division of property,
profits or rights of the Issuer Trust except as described below. The Trust Securities shall be personal property giving only the rights specifically set forth therein and in this Trust Agreement. The Trust Securities shall have no preemptive or
similar rights and when issued and delivered to Holders against payment of the purchase price therefor will be fully paid and, to the fullest extent permitted by applicable law, nonassessable by the Issuer Trust. The Holders of the Trust Securities,
in their capacities as such, shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State of Delaware. 
 (b) For so long as any Capital Securities remain Outstanding, if, upon a Debenture Event of Default with respect to which the Debenture Trustee or the
holders of not less than 25% in principal amount of the outstanding Debentures are entitled to declare the principal of all of the Debentures to be immediately due and payable (which, for the avoidance of doubt, shall not include a Debenture Event
of Default of the nature set forth in Section 201(k)(2) of the First Supplemental Indenture), the Debenture Trustee fails or the holders of not less than 25% in principal amount of the outstanding Debentures fail to declare the principal of all
of the Debentures to be immediately due and payable, the Property Trustee or the Holders of at least 25% in Liquidation Amount of the Capital Securities then Outstanding shall have the right to make such declaration by a notice in writing to the
Depositor, the Debenture Trustee and the Property Trustee, in the case of notice by the Holders of the Capital Securities, or to the Depositor, the Debenture Trustee and the Holders of the Capital Securities, in the case of notice by the Property
Trustee. 
 At any time after a declaration of acceleration with respect to the Debentures has been made and before a judgment or decree for
payment of the money due has been obtained by the Debenture Trustee as in the Indenture provided, the Holders of at least a Majority in Liquidation Amount of the Capital Securities, by written notice to the Property Trustee, the Depositor and the
Debenture Trustee, may rescind and annul such declaration and its consequences if: 
 (i) the Depositor has paid or deposited
with the Debenture Trustee a sum sufficient to pay 
 (A) all overdue installments of interest on all of the Debentures,

 (B) any accrued Additional Interest (as defined in the Indenture) on all of the Debentures, 
 (C) the principal of (and premium, if any, on) any Debentures that have become due otherwise than by such declaration of acceleration and
interest and Additional Interest (as defined in the Indenture) thereon at the rate borne by the Debentures, and 
 (D) all
sums paid or advanced by the Debenture Trustee under the Indenture and the reasonable compensation, expenses, disbursements and advances of the Debenture Trustee, the Property Trustee and the Delaware Trustee, their agents and counsel; and

  

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 (ii) all Events of Default with respect to the Debentures, other than the non-payment of
the principal of the Debentures that has become due solely by such acceleration, have been cured or waived as provided in Section 513 of the Indenture. 
 The Holders of at least a Majority in Liquidation Amount of the Capital Securities may, on behalf of the Holders of all the Capital Securities, waive any past default under the Indenture, except a default in the
payment of principal or interest (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal due otherwise than by acceleration has been deposited with the Debenture Trustee) or a default in
respect of a covenant or provision that under the Indenture cannot be modified or amended without the consent of the holder of each outstanding Debenture. No such rescission shall affect any subsequent default or impair any right consequent thereon.

 Upon receipt by the Property Trustee of written notice declaring such an acceleration, or rescission and annulment thereof, by Holders of
any part of the Capital Securities a record date shall be established for determining Holders of Outstanding Capital Securities entitled to join in such notice, which record date shall be at the close of business on the day the Property Trustee
receives such notice. The Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to join in such notice, whether or not such Holders remain Holders after such record date; provided that, unless
such declaration of acceleration, or rescission and annulment, as the case may be, shall have become effective by virtue of the requisite percentage having joined in such notice prior to the day that is 90 days after such record date, such notice of
declaration of acceleration, or rescission and annulment, as the case may be, shall automatically and without further action by any Holder be canceled and of no further effect. Nothing in this paragraph shall prevent a Holder, or a proxy of a
Holder, from giving, after expiration of such 90-day period, a new written notice of declaration of acceleration, or rescission and annulment thereof, as the case may be, that is identical to a written notice that has been canceled pursuant to the
proviso to the preceding sentence, in which event a new record date shall be established pursuant to the provisions of this Section 5.14(b). 
 (c) For so long as any Capital Securities remain Outstanding, to the fullest extent permitted by law and subject to the terms of this Trust Agreement and the Indenture, upon a Debenture Payment Default, any Holder of Capital Securities
shall have the right to institute a proceeding directly against the Depositor, pursuant to Section 508 of the Indenture, for enforcement of payment to such Holder of any amounts payable in respect of Debentures having an aggregate principal
amount equal to the aggregate Liquidation Amount of the Capital Securities of such Holder (a “Direct Action”). Except as set forth in Section 5.14(b) and this Section 5.14(c), the Holders of Capital Securities shall have
no right to exercise directly any right or remedy available to the holders of, or in respect of, the Debentures. 
 (d) Except as otherwise
provided in paragraphs (a), (b) and (c) of this Section 5.14, the Holders of at least a Majority in Liquidation Amount of the Capital Securities may, on behalf of the Holders of all the Capital Securities, waive any past default or
Event of Default and its consequences. Upon such waiver, any such default or Event of Default shall cease to exist, and any default or Event of Default arising there from shall be deemed to have been cured, for every purpose of this Trust Agreement,
but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. 
 SECTION
5.15. CUSIP Numbers. 
 The Administrative Trustees in issuing the Capital Securities may use “CUSIP” numbers (if then generally
in use), and, if so, the Property Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the 
  

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 correctness of such numbers either as printed on the Capital Securities or as contained in any notice of a redemption and
that reliance may be placed only on the other identification numbers printed on the Capital Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Administrative Trustees will promptly notify the
Property Trustee of any change in the CUSIP numbers. 
 ARTICLE 6 
 ACTS OF HOLDERS; MEETINGS; VOTING 
 SECTION 6.1. Limitations on Voting
Rights. 
 (a) Except as expressly provided in this Trust Agreement and in the Indenture and as otherwise required by law, no Holder of
Capital Securities shall have any right to vote or in any manner otherwise control the administration, operation and management of the Issuer Trust or the obligations of the parties hereto, nor shall anything herein set forth, or contained in the
terms of the Trust Securities Certificates, be construed so as to constitute the Holders from time to time as partners or members of an association. 
 (b) So long as any Debentures are held by the Property Trustee on behalf of the Issuer Trust, the Issuer Trustees shall not (i) direct the time, method and place of conducting any proceeding for any remedy
available to the Debenture Trustee, or execute any trust or power conferred on the Debenture Trustee with respect to the Debentures, (ii) waive any past default that may be waived under Section 513 of the Indenture, (iii) exercise any
right to rescind or annul a declaration that the principal of all the Debentures shall be due and payable, or (iv) consent to any amendment, modification or termination of the Indenture or the Debentures, where such consent shall be required,
without, in each case, obtaining the prior approval of the Holders of at least a Majority in Liquidation Amount of the Capital Securities, provided, however, that where a consent under the Indenture would require the consent of each holder of
Debentures affected thereby, no such consent shall be given by the Property Trustee without the prior written consent of each Holder of Capital Securities. The Property Trustee shall not revoke any action previously authorized or approved by a vote
of the Holders of the Capital Securities, except by a subsequent vote of the Holders of the Capital Securities. The Property Trustee shall notify all Holders of the Capital Securities of any notice of default received with respect to the Debentures.
In addition to obtaining the foregoing approvals of the Holders of the Capital Securities, prior to taking any of the foregoing actions, the Issuer Trustees shall, at the expense of the Depositor, obtain an Opinion of Counsel experienced in such
matters to the effect that such action shall not cause the Issuer Trust to be taxable as a corporation or classified as other than a grantor trust for United States Federal income tax purposes. 
 (c) If any proposed amendment to the Trust Agreement provides for, or the Issuer Trustees otherwise propose to effect, (i) any action that would
adversely affect in any material respect the powers, preferences or special rights of the Capital Securities, whether by way of amendment to the Trust Agreement or otherwise, or (ii) the dissolution and winding-up of the Issuer Trust, other
than pursuant to the terms of this Trust Agreement, then the Holders of Outstanding Capital Securities as a class will be entitled to vote on such amendment or proposal and such amendment or proposal shall not be effective except with the approval
of the Holders of at least a Majority in Liquidation Amount of the Capital Securities. Notwithstanding any other provision of this Trust Agreement, no amendment to this Trust Agreement may be made if, as a result of such amendment, it would cause
the Issuer Trust to be taxable as a corporation or classified as other than a grantor trust for United States Federal income tax purposes. 
  

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 SECTION 6.2. Notice of Meetings. 
 Notice of all meetings of the Holders of the Capital Securities, stating the time, place and purpose of the meeting, shall be given by the Property
Trustee pursuant to Section 10.8 to each Holder of Capital Securities, at such Holder’s registered address, at least 15 days and not more than 90 days before the meeting. At any such meeting, any business properly before the meeting may be
so considered whether or not stated in the notice of the meeting. Any adjourned meeting may be held as adjourned without further notice. 
 SECTION 6.3. Meetings of Holders of the Capital Securities. 
 No annual meeting of Holders is required to be held. The
Property Trustee, however, shall call a meeting of the Holders of the Capital Securities to vote on any matter upon the written request of the Holders of at least 25% in aggregate Liquidation Amount of the Outstanding Capital Securities and the
Administrative Trustees or the Property Trustee may, at any time in their discretion, call a meeting of the Holders of the Capital Securities to vote on any matters as to which such Holders are entitled to vote. 
 The Holders of at least a Majority in Liquidation Amount of the Capital Securities, present in person or by proxy, shall constitute a quorum at any
meeting of the Holders of the Capital Securities. 
 If a quorum is present at a meeting, an affirmative vote by the Holders present, in
person or by proxy, holding Capital Securities representing at least a Majority in Liquidation Amount of the Capital Securities held by the Holders present, either in person or by proxy, at such meeting shall constitute the action of the Holders of
the Capital Securities, unless this Trust Agreement requires a greater number of affirmative votes. 
 SECTION 6.4. Voting Rights.

 Holders shall be entitled to one vote for each $1,000 of Liquidation Amount represented by their Outstanding Trust Securities in
respect of any matter as to which such Holders are entitled to vote. 
 SECTION 6.5. Proxies, etc. 
 At any meeting of Holders, any Holder entitled to vote thereat may vote by proxy, provided that no proxy shall be voted at any meeting unless it
shall have been placed on file with the Property Trustee, or with such other officer or agent of the Issuer Trust as the Property Trustee may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of
the Property Trustee, proxies may be solicited in the name of the Property Trustee or one or more officers of the Property Trustee. Only Holders of record shall be entitled to vote. When Trust Securities are held jointly by several persons, any one
of them may vote at any meeting in person or by proxy in respect of such Trust Securities, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote
to be cast, such vote shall not be received in respect of such Trust Securities. A proxy purporting to be executed by or on behalf of a Holder shall be deemed valid unless challenged at or prior to its exercise, and the burden of proving invalidity
shall rest on the challenger. No proxy shall be valid more than three years after its date of execution. 
 SECTION 6.6. Holder Action by
Written Consent. 
 Any action that may be taken by Holders at a meeting may be taken without a meeting if Holders holding at least a
Majority in Liquidation Amount of all Capital Securities entitled to vote in respect of such action (or such larger proportion thereof as shall be required by any other provision of this Trust Agreement) shall consent to the action in writing.

  

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 SECTION 6.7. Record Date for Voting and Other Purposes. 
 For the purposes of determining the Holders who are entitled to notice of and to vote at any meeting or by written consent, or to participate in any
distribution on the Trust Securities in respect of which a record date is not otherwise provided for in this Trust Agreement, or for the purpose of any other action, the Administrative Trustees may from time to time fix a date, not more than 90 days
prior to the date of any meeting of Holders or the payment of a Distribution or other action, as the case may be, as a record date for the determination of the identity of the Holders of record for such purposes. 
 SECTION 6.8. Acts of Holders. 
 Any
request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Trust Agreement to be given, made or taken by Holders may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as otherwise expressly provided herein, such action shall become effective when such instrument or instruments are delivered to the Property
Trustee. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Trust Agreement and (subject to Section 8.1) conclusive in favor of the Issuer Trustees, if made in the manner provided in this Section.

 The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of
the Person executing the same, may also be proved in any other manner that any Issuer Trustee receiving the same deems sufficient. 
 The
ownership of Trust Securities shall be proved by the Securities Register. 
 Any request, demand, authorization, direction, notice, consent,
waiver or other Act of the Holder of any Trust Security shall bind every future Holder of the same Trust Security and the Holder of every Trust Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in
respect of anything done, omitted or suffered to be done by the Issuer Trustees, or the Issuer Trust in reliance thereon, whether or not notation of such action is made upon such Trust Security. 
 Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Trust Security may do so with
regard to all or any part of the Liquidation Amount of such Trust Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such Liquidation Amount. 
 If any dispute shall arise between the Holders and the Issuer Trustees or among the Holders or the Issuer Trustees with respect to the authenticity,
validity or binding nature of any request, demand, authorization, direction, consent, waiver or other Act of such Holder or Issuer Trustee under this Article 6, then the determination of such matter by the Property Trustee shall be conclusive
with respect to such matter. 
  

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 A Holder may institute a legal proceeding directly against the Depositor under the Guarantee to enforce
its rights under the Guarantee without first instituting a legal proceeding against the Guarantee Trustee (as defined in the Guarantee), the Issuer Trust, any Issuer Trustee, or any person or entity. 
 SECTION 6.9. Inspection of Records. 
 Upon reasonable notice to the Administrative Trustees and the Property Trustee, the records of the Issuer Trust shall be open to inspection by Holders during normal business hours for any purpose reasonably related to such Holder’s
interest as a Holder. 
 ARTICLE 7 
 REPRESENTATIONS AND WARRANTIES 
 SECTION 7.1. Representations and Warranties of the Property Trustee and the Delaware
Trustee. 
 The Property Trustee and the Delaware Trustee, each severally on behalf of and as to itself, hereby represents and warrants
for the benefit of the Depositor and the Holders that: 
 (a) the Property Trustee is a national banking association, duly organized, validly
existing and in good standing under the laws of the United States; 
 (b) the Property Trustee has full corporate power, authority and legal
right to execute, deliver and perform its obligations under this Trust Agreement and has taken all necessary action to authorize the execution, delivery and performance by it of this Trust Agreement; 
 (c) the Delaware Trustee is a Delaware banking corporation; 
 (d) the Delaware Trustee has full corporate power, authority and legal right to execute, deliver and perform its obligations under this Trust Agreement and has taken all necessary action to authorize the execution,
delivery and performance by it of this Trust Agreement; 
 (e) this Trust Agreement has been duly authorized, executed and delivered by the
Property Trustee and the Delaware Trustee and constitutes the valid and legally binding agreement of each of the Property Trustee and the Delaware Trustee enforceable against each of them in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles; 
 (f) the execution, delivery and performance of this Trust Agreement have been duly authorized by all necessary corporate or other action on the part of
the Property Trustee and the Delaware Trustee and do not require any approval of stockholders of the Property Trustee and the Delaware Trustee and such execution, delivery and performance will not (i) violate the charter or by-laws of the
Property Trustee or the Delaware Trustee, (ii) violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition of, any Lien on any properties included in the Trust
Property pursuant to the provisions of, any indenture, mortgage, credit agreement, license or other agreement or instrument to which the Property Trustee or the Delaware Trustee is a party or by which it is bound, or (iii) violate any law,
governmental rule or regulation of the United States or 
  

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 the State of Delaware, as the case may be, governing the banking, trust or general powers of the Property Trustee or the
Delaware Trustee (as appropriate in context) or any order, judgment or decree applicable to the Property Trustee or the Delaware Trustee; 
 (g) neither the authorization, execution or delivery by the Property Trustee or the Delaware Trustee of this Trust Agreement nor the consummation of any of the transactions by the Property Trustee or the Delaware Trustee (as the case may
be) contemplated herein requires the consent or approval of, the giving of notice to, the registration with or the taking of any other action with respect to any governmental authority or agency under any existing law of the United States or the
State of Delaware governing the banking, trust or general powers of the Property Trustee or the Delaware Trustee (as appropriate in context), other than the filing of the Certificate of Trust with the Delaware Secretary of State; and 
 (h) there are no proceedings pending or, to the best of each of the Property Trustee’s and the Delaware Trustee’s knowledge, threatened against
or affecting the Property Trustee or the Delaware Trustee in any court or before any governmental authority, agency or arbitration board or tribunal that, individually or in the aggregate, would materially and adversely affect the Issuer Trust or
would question the right, power and authority of the Property Trustee or the Delaware Trustee, as the case may be, to enter into or perform its obligations as one of the Trustees under this Trust Agreement. 
 SECTION 7.2. Representations and Warranties of Depositor. 
 The Depositor hereby represents and warrants for the benefit of the Holders that: 
 (a) the Trust Securities
Certificates issued at the Time of Delivery on behalf of the Issuer Trust have been duly authorized and will have been duly and validly executed, issued and delivered by the Issuer Trustees pursuant to the terms and provisions of, and in accordance
with the requirements of, this Trust Agreement, and the Holders will be, as of such date, entitled to the benefits of this Trust Agreement; and 
 (b) there are no taxes, fees or other governmental charges payable by the Issuer Trust (or the Issuer Trustees on behalf of the Issuer Trust) under the laws of the State of Delaware or any political subdivision thereof in connection with
the execution, delivery and performance by any Issuer Trustee of this Trust Agreement. 
 ARTICLE 8 
 THE ISSUER TRUSTEES 
 SECTION 8.1.
Certain Duties and Responsibilities. 
 (a) The duties and responsibilities of the Issuer Trustees shall be as provided by this Trust
Agreement, subject to Section 10.10 hereof. Notwithstanding the foregoing, but subject to Section 8.1(c), no provision of this Trust Agreement shall require any of the Issuer Trustees to expend or risk its or their own funds or otherwise
incur any financial liability in the performance of any of its or their duties hereunder, or in the exercise of any of its or their rights or powers, if it or they shall have reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided, every provision of this Trust Agreement relating to the conduct or affecting the liability of or affording protection to the
Issuer Trustees shall be subject to the provisions of this Section 8.1. To the extent that, at law or in equity, an 
  

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 Administrative Trustee has duties and liabilities relating to the Issuer Trust or to the Holders, such Administrative
Trustee shall not be liable to the Issuer Trust or to any Holder for such Administrative Trustee’s good faith reliance on the provisions of this Trust Agreement. The provisions of this Trust Agreement, to the extent that they restrict the
duties and liabilities of the Administrative Trustees otherwise existing at law or in equity, are agreed by the Depositor and the Holders to replace such other duties and liabilities of the Administrative Trustees. 
 (b) All payments made by the Property Trustee or a Paying Agent in respect of the Trust Securities shall be made only from the revenue and proceeds from
the Trust Property and only to the extent that there shall be sufficient revenue or proceeds from the Trust Property to enable the Property Trustee or a Paying Agent to make payments in accordance with the terms hereof. Each Holder, by its
acceptance of a Trust Security, agrees that it will look solely to the revenue and proceeds from the Trust Property to the extent legally available for distribution to it as herein provided and that the Issuer Trustees are not personally liable to
such Holder for any amount distributable in respect of any Trust Security or for any other liability in respect of any Trust Security. This Section 8.1(b) does not limit the liability of the Issuer Trustees expressly set forth elsewhere in this
Trust Agreement or, in the case of the Property Trustee, in the Trust Indenture Act. 
 (c) If an Event of Default has occurred and is
continuing, the Property Trustee shall enforce this Trust Agreement for the benefit of the Holders. 
 (d) The Property Trustee, before the
occurrence of any Event of Default and after the curing of all Events of Default that may have occurred, shall undertake to perform only such duties as are specifically set forth in this Trust Agreement (including pursuant to Section 10.10),
and no implied covenants shall be read into this Trust Agreement against the Property Trustee. If an Event of Default has occurred (that has not been cured or waived pursuant to Section 5.14), the Property Trustee shall exercise such of the
rights and powers vested in it by this Trust Agreement, and use the same degree of care and skill in its exercise thereof, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
 (e) No provision of this Trust Agreement shall be construed to relieve the Property Trustee from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that: 
 (i) prior to the occurrence of any Event of Default
and after the curing or waiving of all such Events of Default that may have occurred: 
 (A) the duties and obligations of the
Property Trustee shall be determined solely by the express provisions of this Trust Agreement (including pursuant to Section 10.10), and the Property Trustee shall not be liable except for the performance of such duties and obligations as are
specifically set forth in this Trust Agreement (including pursuant to Section 10.10); and 
 (B) in the absence of bad
faith on the part of the Property Trustee, the Property Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Property Trustee and
conforming to the requirements of this Trust Agreement; but in the case of any such certificates or opinions that by any provision hereof or of the Trust Indenture Act are specifically required to be furnished to the Property Trustee, the Property
Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Trust Agreement; 
  

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 (ii) the Property Trustee shall not be liable for any error of judgment made in good
faith by an authorized officer of the Property Trustee, unless it shall be proved that the Property Trustee was negligent in ascertaining the pertinent facts; 
 (iii) the Property Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of at least a Majority in Liquidation Amount of the Capital Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Property Trustee, or exercising any trust or
power conferred upon the Property Trustee under this Trust Agreement; 
 (iv) the Property Trustee’s sole duty with
respect to the custody, safe keeping and physical preservation of the Debentures and the Payment Account shall be to deal with such property in a similar manner as the Property Trustee deals with similar property for its own account, subject to the
protections and limitations on liability afforded to the Property Trustee under this Trust Agreement and the Trust Indenture Act; 
 (v) the Property Trustee shall not be liable for any interest on any money received by it except as it may otherwise agree with the Depositor; and money held by the Property Trustee need not be segregated from other funds held by it except
in relation to the Payment Account maintained by the Property Trustee pursuant to Section 3.1 and except to the extent otherwise required by law; 
 (vi) the Property Trustee shall not be responsible for monitoring the compliance by the Administrative Trustees or the Depositor with their respective duties under this Trust Agreement, nor shall the Property Trustee
be liable for the default or misconduct of any other Issuer Trustee, the Administrative Trustees or the Depositor; and 
 (vii) subject to Section 8.1(c), no provision of this Trust Agreement shall require the Property Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the
exercise of any of its rights or powers, if the Property Trustee shall have reasonable grounds for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Trust Agreement or adequate indemnity
against such risk or liability is not reasonably assured to it. 
 (f) The Administrative Trustees shall not be responsible for monitoring
the compliance by the other Issuer Trustees or the Depositor with their respective duties under this Trust Agreement, nor shall either Administrative Trustee be liable for the default or misconduct of any other Issuer Trustee or the Depositor.

 SECTION 8.2. Certain Notices. 
 Within ninety days after the occurrence of any Event of Default actually known to the Property Trustee, the Property Trustee shall transmit, in the manner and to the extent provided in Section 10.8, notice of such Event of Default to
the Holders and the Administrative Trustees, unless such Event of Default shall have been cured or waived. 
  

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 Within five Business Days after the receipt of notice of the Depositor’s exercise of its right to
defer the payment of interest on the Debentures pursuant to the Indenture, the Property Trustee shall transmit, in the manner and to the extent provided in Section 10.8, notice of such exercise to the Holders and the Administrative Trustees,
unless such exercise shall have been revoked. 
 The Property Trustee shall not be deemed to have knowledge of any Event of Default unless
the Property Trustee shall have received written notice or a Responsible Officer of the Property Trustee charged with the administration of this Trust Agreement shall have obtained actual knowledge of such Event of Default. 
 SECTION 8.3. Certain Rights of Property Trustee and the Delaware Trustee. 
 Subject to the provisions of Section 8.1 and Section 2.6: 
 (a) each of the Property Trustee and the Delaware Trustee may rely and shall be protected in acting or refraining from acting in good faith upon any resolution, Opinion of Counsel, certificate, written representation
of a Holder or transferee, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond, debenture, note, other evidence of indebtedness or other paper or document
believed by it to be genuine and to have been signed or presented by the proper party or parties; 
 (b) if (i) in performing its duties
under this Trust Agreement the Property Trustee or the Delaware Trustee, as the case may be, is required to decide between alternative courses of action, (ii) in construing any of the provisions of this Trust Agreement the Property Trustee or
the Delaware Trustee, as the case may be, finds the same ambiguous or inconsistent with any other provisions contained herein, or (iii) the Property Trustee or the Delaware Trustee, as the case may be, is unsure of the application of any
provision of this Trust Agreement, then, except as to any matter as to which the Holders of the Capital Securities are entitled to vote under the terms of this Trust Agreement, the Property Trustee or the Delaware Trustee, as the case may be, shall
deliver a notice to the Depositor requesting the Depositor’s opinion as to the course of action to be taken; provided, however, that if the Depositor fails to deliver such opinion, the Property Trustee or the Delaware Trustee, as the
case may be, shall take such action, or refrain from taking such action, as the Property Trustee or the Delaware Trustee, as the case may be, shall deem advisable and in the best interests of the Holders, in which event the Property Trustee or the
Delaware Trustee, as the case may be, shall have no liability except for its own bad faith, negligence or willful misconduct; 
 (c) any
direction or act of the Depositor contemplated by this Trust Agreement shall be sufficiently evidenced by an Officers’ Certificate; 
 (d) any direction or act of an Administrative Trustee contemplated by this Trust Agreement shall be sufficiently evidenced by a certificate executed by such Administrative Trustee and setting forth such direction or act; 
 (e) neither the Property Trustee nor the Delaware Trustee shall have any duty to see to any recording, filing or registration of any instrument
(including any financing or continuation statement or any filing under tax or securities laws) or any rerecording, refiling or re-registration thereof; 
 (f) each of the Property Trustee and the Delaware Trustee may consult with counsel (which counsel may be counsel to the Depositor or any of its Affiliates, and may include any of its employees) and the advice of such
counsel shall be full and complete authorization and protection in respect of any 
  

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 action taken, suffered or omitted by it hereunder in good faith and in reliance thereon and in accordance with such
advice; the Property Trustee shall have the right at any time to seek instructions concerning the administration of this Trust Agreement from any court of competent jurisdiction; 
 (g) neither the Property Trustee nor the Delaware Trustee shall be under any obligation to exercise any of the rights or powers vested in it by this
Trust Agreement at the request or direction of any of the Holders pursuant to this Trust Agreement, unless such Holders shall have offered to the Property Trustee or the Delaware Trustee, as the case may be, reasonable security or indemnity against
the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction; provided that nothing contained in this Section 8.3(g) shall be taken to relieve the Property Trustee or the Delaware Trustee,
as the case may be, upon the occurrence of an Event of Default, of its obligation to exercise the rights and powers vested in it by this Trust Agreement; 
 (h) neither the Property Trustee nor the Delaware Trustee shall be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond, debenture, note or other evidence of indebtedness or other paper or document, unless requested in writing to do so by one or more Holders, but each of the Property Trustee and the Delaware Trustee may make
such further inquiry or investigation into such facts or matters as it may see fit; 
 (i) each of the Property Trustee and the Delaware
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through its agents or attorneys, provided that each of the Property Trustee and the Delaware Trustee shall be responsible for
its own negligence or misconduct with respect to selection of any agent or attorney appointed by it hereunder; 
 (j) whenever in the
administration of this Trust Agreement the Property Trustee or, to the extent applicable, the Delaware Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right or taking any other action hereunder, the
Property Trustee or the Delaware Trustee, as the case may be, (i) may request instructions from the Holders (which instructions may only be given by the Holders of the same proportion in Liquidation Amount of the Trust Securities as would be
entitled to direct the Property Trustee or, to the extent applicable, the Delaware Trustee, as the case may be, under the terms of the Trust Securities in respect of such remedy, right or action), (ii) may refrain from enforcing such remedy or
right or taking such other action until such instructions are received, and (iii) shall be protected in acting in accordance with such instructions; and 
 (k) except as otherwise expressly provided by this Trust Agreement, neither the Property Trustee nor the Delaware Trustee shall be under any obligation to take any action that is discretionary under the provisions of
this Trust Agreement. 
 No provision of this Trust Agreement shall be deemed to impose any duty or obligation on any Issuer Trustee to
perform any act or acts or exercise any right, power, duty or obligation conferred or imposed on it, in any jurisdiction in which it shall be illegal, or in which such Person shall be unqualified or incompetent in accordance with applicable law, to
perform any such act or acts, or to exercise any such right, power, duty or obligation. No permissive power or authority available to any Issuer Trustee shall be construed to be a duty. 
 SECTION 8.4. Not Responsible for Recitals or Issuance of Securities. 
 The recitals contained herein and in the Trust Securities Certificates shall be taken as the statements of the Issuer Trust and the Depositor, and the Issuer Trustees do not assume any responsibility for their
correctness. The Issuer Trustees shall not be accountable for the use or application by the Depositor of the proceeds of the Debentures. 
  

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 SECTION 8.5. May Hold Securities. 
 Any Issuer Trustee or any other agent of any Issuer Trustee or the Issuer Trust, in its individual or any other capacity, may become the owner or pledgee
of Trust Securities and, subject to Sections 8.8 and 8.13, and except as provided in the definition of the term “Outstanding” in Article 1, may otherwise deal with the Issuer Trust with the same rights it would have if it were not Issuer
Trustee or such other agent. 
 SECTION 8.6. Compensation; Indemnity; Fees. 
 The Depositor agrees: 
 (a) to pay to the
Issuer Trustees from time to time such reasonable compensation for all services rendered by them hereunder as may be separately agreed by the Depositor and the Issuer Trustees from time to time (which compensation shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust); 
 (b) except as otherwise expressly provided herein, to
reimburse the Issuer Trustees upon request for all reasonable expenses, disbursements and advances incurred or made by the Issuer Trustees in accordance with any provision of this Trust Agreement (including the reasonable compensation and the
expenses and disbursements of their agents and counsel), except any such expense, disbursement or advance as may be attributable to their negligence, bad faith or willful misconduct; and 
 (c) to the fullest extent permitted by applicable law, to indemnify and hold harmless (i) each Issuer Trustee, (ii) any Affiliate of any Issuer
Trustee, (iii) any officer, director, shareholder, employee, representative or agent of any Issuer Trustee, and (iv) any employee or agent of the Issuer Trust (referred to herein as an “Indemnified Person”) from and
against any loss, damage, liability, tax, penalty, expense or claim of any kind or nature whatsoever incurred by such Indemnified Person by reason of the creation, operation or dissolution of the Issuer Trust or any act or omission performed or
omitted by such Indemnified Person in good faith on behalf of the Issuer Trust and in a manner such Indemnified Person reasonably believed to be within the scope of authority conferred on such Indemnified Person by this Trust Agreement, except that
no Indemnified Person shall be entitled to be indemnified in respect of any loss, damage or claim incurred by such Indemnified Person by reason of negligence, bad faith or willful misconduct with respect to such acts or omissions. 
 The provisions of this Section 8.6 shall survive the termination of this Trust Agreement and the removal or resignation of any Issuer Trustee.

 No Issuer Trustee may claim any Lien on any Trust Property as a result of any amount due pursuant to this Section 8.6. 
 The Depositor and any Issuer Trustee (in the case of the Property Trustee, subject to Section 8.8 hereof) may engage in or possess an interest in
other business ventures of any nature or description, independently or with others, similar or dissimilar to the business of the Issuer Trust, and the Issuer Trust and the Holders of Trust Securities shall have no rights by virtue of this Trust
Agreement in and to such independent ventures or the income or profits derived therefrom, and the pursuit of any such venture, even if competitive with the business of the Issuer Trust, shall not be deemed wrongful or improper. Neither the Depositor
nor any Issuer Trustee shall be obligated to present any particular investment or 
  

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 other opportunity to the Issuer Trust even if such opportunity is of a character that, if presented to the Issuer Trust,
could be taken by the Issuer Trust, and the Depositor and any Issuer Trustee shall have the right to take for its own account (individually or as a partner or fiduciary) or to recommend to others any such particular investment or other opportunity.
Any Issuer Trustee may engage or be interested in any financial or other transaction with the Depositor or any Affiliate of the Depositor, or may act as depository for, trustee or agent for, or act on any committee or body of holders of, securities
or other obligations of the Depositor or its Affiliates. 
 SECTION 8.7. Corporate Property Trustee Required; Eligibility of Issuer
Trustees and Administrative Trustees. 
 (a) There shall at all times be a Property Trustee hereunder with respect to the Trust
Securities. The Property Trustee shall be a Person that is a national or state chartered bank and eligible pursuant to the Trust Indenture Act to act as such and that has a combined capital and surplus of at least $50,000,000. If any such Person
publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section 8.7 and to the extent permitted by the Trust Indenture Act, the combined
capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Property Trustee with respect to the Trust Securities shall cease to be
eligible in accordance with the provisions of this Section 8.7, it shall resign immediately in the manner and with the effect hereinafter specified in this Article 8. At the time of appointment, the Property Trustee must have securities rated
in one of the three highest rating categories by a nationally recognized statistical rating organization. 
 (b) There shall at all times be
one or more Administrative Trustees hereunder with respect to the Trust Securities. Each Administrative Trustee shall be either a natural person who is at least 21 years of age or a legal entity that shall act through one or more persons authorized
to bind that entity. 
 (c) There shall at all times be a Delaware Trustee with respect to the Trust Securities. The Delaware Trustee shall
either be (i) a natural person who is at least 21 years of age and a resident of the State of Delaware, or (ii) a legal entity with its principal place of business in the State of Delaware and that otherwise meets the requirements of
applicable Delaware law and that shall act through one or more persons authorized to bind such entity. If the Property Trustee meets such requirements, the Property Trustee may also serve as Delaware Trustee. 
 SECTION 8.8. Conflicting Interests. 
 (a) If the Property Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Property Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and
subject to the provisions of, the Trust Indenture Act and this Trust Agreement. 
 (b) The Guarantee Agreement and the Indenture shall be
deemed to be specifically described in this Trust Agreement for the purposes of clause (i) of the first proviso contained in Section 310(b) of the Trust Indenture Act. 
 SECTION 8.9. Co-Trustees and Separate Trustee. 
 Unless and until a Debenture Event of Default or a Debenture Payment Default shall have occurred and be continuing, at any time or times, for the purpose of meeting the legal requirements of the 
  

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 Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be located, the Holder
of Common Securities and the Administrative Trustees shall have the power to appoint one or more Persons either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Property, or to the extent required by law to
act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary
or desirable, subject to the other provisions of this Section. If a Debenture Event of Default or Debenture Payment Default shall have occurred and be continuing, the Property Trustee shall have the sole power to so appoint such a co-trustee or
separate trustee, and upon the written request of the Property Trustee, the Depositor and the Administrative Trustees shall for such purpose join with the Property Trustee in the execution, delivery, and performance of all instruments and agreements
necessary or proper to appoint, such co-trustee or separate trustee. Any co-trustee or separate trustee appointed pursuant to this Section shall either be (i) a natural person who is at least 21 years of age and a resident of the United States,
or (ii) a legal entity with its principal place of business in the United States that shall act through one or more persons authorized to bind such entity. 
 Should any written instrument from the Depositor be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, or power,
any and all such instruments shall, on request, be executed, acknowledged and delivered by the Depositor. 
 Every co-trustee or separate
trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely: 
 (a) The Trust
Securities shall be executed by one or more Administrative Trustees, and the Trust Securities shall be delivered by the Property Trustee, and all rights, powers, duties, and obligations hereunder in respect of the custody of securities, cash and
other personal property held by, or required to be deposited or pledged with, the Property Trustee specified hereunder shall be exercised solely by the Property Trustee and not by such co-trustee or separate trustee. 
 (b) The rights, powers, duties, and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such
appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or
separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such act, in which event such rights, powers, duties
and obligations shall be exercised and performed by such co-trustee or separate trustee. 
 (c) The Property Trustee at any time, by an
instrument in writing executed by it, with the written concurrence of the Depositor, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section 8.9, and, in case a Debenture Event of Default or
Debenture Payment Default has occurred and is continuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the Depositor. Upon the written request of
the Property Trustee, the Depositor shall join with the Property Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or
separate trustee so resigning or removed may be appointed in the manner provided in this Section 8.9. 
  

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 (d) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or
omission of the Property Trustee or any other trustee hereunder. 
 (e) The Property Trustee shall not be liable by reason of any act of a
co-trustee or separate trustee. 
 (f) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each
such co-trustee and separate trustee. 
 SECTION 8.10. Resignation and Removal; Appointment of Successor. 
 (a) No resignation or removal of any Issuer Trustee (the “Relevant Trustee”) and no appointment of any successor Issuer Trustee pursuant
to this Article 8 shall become effective until the acceptance of appointment by such successor Issuer Trustee in accordance with the applicable requirements of Section 8.11. 
 Subject to the immediately preceding paragraph, the Relevant Trustee may resign at any time by giving written notice thereof to the Holders and by
appointing a successor Relevant Trustee. The Relevant Trustee shall appoint a successor by requesting from at least three Persons meeting the eligibility requirements its expenses and charges to serve as the Relevant Trustee on a form provided by
the Administrative Trustees, and selecting the Person who agrees to the lowest expenses and charges. If the instrument of acceptance by the successor Issuer Trustee required by Section 8.11 shall not have been delivered to the Relevant Trustee
within 60 days after the giving of such notice of resignation, the Relevant Trustee may petition, at the expense of the Depositor, in the case of the Property Trustee, any court of competent jurisdiction for the appointment of a successor Relevant
Trustee. 
 The Property Trustee or the Delaware Trustee, or both of them, may be removed by Act of the Holders of at least a Majority in
Liquidation Amount of the Capital Securities, delivered to the Relevant Trustee (in its individual capacity and, in the case of the Property Trustee, on behalf of the Issuer Trust) (i) for cause (including upon the occurrence of an Event of
Default described in subparagraph (d) of the definition thereof with respect to the Relevant Trustee), or (ii) at any time if a Debenture Event of Default or Debenture Payment Default shall have occurred and be continuing. Unless and until
a Debenture Event of Default or Debenture Payment Default shall have occurred and be continuing, the Property Trustee or the Delaware Trustee, or both of them, may be removed at any time by Act of the Holders of the Common Securities. 
 If a resigning Property Trustee or Delaware Trustee shall fail to appoint a successor, or if the Property Trustee or the Delaware Trustee shall be
removed or become incapable of acting as Issuer Trustee, or if a vacancy shall occur in the office of the Property Trustee or the Delaware Trustee for any cause, the Holders of the Common Securities by Act of such Holders delivered to the Relevant
Trustee or, if a Debenture Event of Default or Debenture Payment Default shall have occurred and be continuing, the Holders of the Capital Securities, by Act of the Holders of not less than 25% in aggregate Liquidation Amount of the Capital
Securities then Outstanding delivered to such Relevant Trustee, may appoint a successor Relevant Trustee or Trustees, and such successor Issuer Trustee shall comply with the applicable requirements of Section 8.11. If no successor Relevant
Trustee shall have been so appointed by the Holders of the Common Securities or Capital Securities, as the case may be, and accepted appointment in the manner required by Section 8.11, any Holder, on behalf of such Holder and all others
similarly situated, or any other Issuer Trustee, may petition any court of competent jurisdiction for the appointment of a successor Relevant Trustee. 
  

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 (b) The Administrative Trustees, or any of them, may resign at any time by giving notice thereof to the
Holders and the Depositor, which resignation shall take effect upon delivery of such notice to the Depositor or upon such later date specified therein. The Administrative Trustees, or any of them, may be appointed or removed at any time by Act of
the Holders of Common Securities delivered to the Relevant Trustee. 
 (c) The Property Trustee shall give notice of each resignation and
each removal of an Issuer Trustee and each appointment of a successor Issuer Trustee to all Holders in the manner provided in Section 10.8 and shall give notice to the Depositor and to the Administrative Trustees. Each notice shall include the
name of the successor Relevant Trustee and the address of its Corporate Trust Office if it is the Property Trustee. 
 (d) Notwithstanding
the foregoing or any other provision of this Trust Agreement, if any Delaware Trustee who is a natural person dies or becomes, in the opinion of the Holders of the Common Securities, incompetent or incapacitated, the vacancy created by such death,
incompetence or incapacity may be filled by the Property Trustee following the procedures regarding expenses and charges set forth above (with the successor being a Person who satisfies the eligibility requirement for the Delaware Trustee set forth
in Section 8.7). 
 SECTION 8.11. Acceptance of Appointment by Successor. 
 (a) In case of the appointment hereunder of a successor Relevant Trustee, the retiring or removed Relevant Trustee and each successor Relevant Trustee
with respect to the Trust Securities shall execute and deliver an amendment hereto wherein each successor Relevant Trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer
and confirm to, and to vest in, each successor Relevant Trustee all the rights, powers, trusts and duties of the retiring or removed Relevant Trustee with respect to the Trust Securities and the Issuer Trust, and (ii) shall add to or change any
of the provisions of this Trust Agreement as shall be necessary to provide for or facilitate the administration of the Issuer Trust by more than one Relevant Trustee, it being understood that nothing herein or in such amendment shall constitute such
Relevant Trustees co-trustees and upon the execution and delivery of such amendment the resignation or removal of the retiring or removed Relevant Trustee shall become effective to the extent provided therein and each such successor Relevant
Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring or removed Relevant Trustee, other than the filing of an amendment to the Certificate of Trust to the extent
required under the Delaware Statutory Trust Act; but, on request of the Issuer Trust or any successor Relevant Trustee such retiring or removed Relevant Trustee shall duly assign, transfer and deliver to such successor Relevant Trustee all Trust
Property, all proceeds thereof and money held by such retiring or removed Relevant Trustee hereunder with respect to the Trust Securities and the Issuer Trust. 
 Upon request of any such successor Relevant Trustee, the Issuer Trust shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Relevant Trustee all such rights,
powers and trusts referred to in the preceding paragraph. 
 No successor Relevant Trustee shall accept its appointment unless at the time of
such acceptance such successor Relevant Trustee shall be qualified and eligible under this Article 8. 
 (b) In case of the appointment
hereunder of a successor Administrative Trustee, each successor Administrative Trustee with respect to the Trust Securities shall execute and deliver an amendment hereto wherein each successor Administrative Trustee shall accept such appointment and

  

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 which shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each
successor Administrative Trustee all the rights, powers, trusts and duties of the retiring or removed Administrative Trustee with respect to the Trust Securities and the Issuer Trust and upon the execution and delivery of such amendment, each such
successor Administrative Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring or removed Administrative Trustee, other than the filing of an amendment to the
Certificate of Trust to the extent required under the Delaware Statutory Trust Act. 
 SECTION 8.12. Merger, Conversion, Consolidation or
Succession to Business. 
 Any Person into which the Property Trustee or the Delaware Trustee may be merged or converted or with which it
may be consolidated, or any Person resulting from any merger, conversion or consolidation to which such Relevant Trustee shall be a party, or any Person, succeeding to all or substantially all the corporate trust business of such Relevant Trustee,
shall be the successor of such Relevant Trustee hereunder, provided that such Person shall be otherwise qualified and eligible under this Article 8, without the execution or filing of any paper or any further act on the part of any of the
parties hereto, other than the filing of an amendment to the Certificate of Trust to the extent required under the Delaware Statutory Trust Act. 
 SECTION 8.13. Preferential Collection of Claims Against Depositor or Issuer Trust. 
 If and when the Property Trustee shall
be or become a creditor of the Depositor or the Issuer Trust (or any other obligor upon the Capital Securities), the Property Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the
Depositor or the Issuer Trust (or any such other obligor). 
 SECTION 8.14. Trustee May File Proofs of Claim. 
 In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other similar judicial
proceeding relative to the Issuer Trust or any other obligor upon the Trust Securities or the property of the Issuer Trust or of such other obligor or their creditors, the Property Trustee (irrespective of whether any Distributions on the Trust
Securities shall then be due and payable and irrespective of whether the Property Trustee shall have made any demand on the Issuer Trust for the payment of any past due Distributions) shall be entitled and empowered, to the fullest extent permitted
by law, by intervention in such proceeding or otherwise: 
 (a) to file and prove a claim for the whole amount of any Distributions owing and
unpaid in respect of the Trust Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Property Trustee (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Property Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 
 (b) to collect
and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is
hereby authorized by each Holder to make such payments to the Property Trustee and, in the event the Property Trustee shall consent to the making of such payments directly to the Holders, to pay to the Property Trustee any amount due it for the
reasonable compensation, expenses, disbursements and advances of the Property Trustee, its agents and counsel, and any other amounts due the Property Trustee. 
  

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 Nothing herein contained shall be deemed to authorize the Property Trustee to authorize or consent to or
accept or adopt on behalf of any Holder any plan of reorganization, arrangement adjustment or compensation affecting the Trust Securities or the rights of any Holder thereof or to authorize the Property Trustee to vote in respect of the claim of any
Holder in any such proceeding. 
 SECTION 8.15. Reports by Property Trustee. 
 (a) Within 60 days after May 15 of each year commencing with May 15, 2007, the Property Trustee shall transmit to all Holders in accordance with
Section 10.8, and to the Depositor, a brief report dated as of the immediately preceding May 15 with respect to: 
 (i) its eligibility under Section 8.7 or, in lieu thereof, if to the best of its knowledge it has continued to be eligible under said Section, a written statement to such effect; 
 (ii) a statement that the Property Trustee has complied with all of its obligations under this Trust Agreement during the twelve-month
period (or, in the case of the initial report, the period since the Closing Date) ending with such May 15 or, if the Property Trustee has not complied in any material respect with such obligations, a description of such noncompliance; and

 (iii) any change in the property and funds in its possession as Property Trustee since the date of its last report and any
action taken by the Property Trustee in the performance of its duties hereunder which it has not previously reported and which in its opinion materially affects the Trust Securities. 
 (b) In addition, the Property Trustee shall transmit to Holders such reports concerning the Property Trustee and its actions under this Trust Agreement
as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. 
 (c) A copy of each such
report shall, at the time of such transmission to Holders, be filed by the Property Trustee with the Depositor. 
 SECTION 8.16. Reports
to the Property Trustee. 
 Each of the Depositor and the Administrative Trustees shall provide to the Property Trustee such documents,
reports and information as required by Section 314 of the Trust Indenture Act (if any) and the compliance certificate required by Section 314(a) of the Trust Indenture Act in the form, in the manner and at the times required by
Section 314 of the Trust Indenture Act. The Depositor and the Administrative Trustees shall annually file with the Property Trustee a certificate specifying whether such Person is in compliance with all of the terms and covenants applicable to
such Person hereunder. 
 SECTION 8.17. Evidence of Compliance with Conditions Precedent. 
 Each of the Depositor and the Administrative Trustees shall provide to the Property Trustee such evidence of compliance with any conditions precedent, if
any, provided for in this Trust Agreement that relate to any of the matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion required to be given by an officer pursuant to Section 314(c)(1) of the Trust
Indenture Act shall be given in the form of an Officers’ Certificate. 
  

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 SECTION 8.18. Number of Issuer Trustees. 
 (a) The number of Issuer Trustees shall be four, unless the Property Trustee also acts as the Delaware Trustee, in which case the number of Issuer
Trustees may be three. 
 (b) If an Issuer Trustee ceases to hold office for any reason, a vacancy shall occur. The vacancy shall be filled
with an Issuer Trustee appointed in accordance with Section 8.10. 
 (c) The death, resignation, retirement, removal, bankruptcy,
incompetence or incapacity to perform the duties of an Issuer Trustee shall not operate to annul or dissolve the Issuer Trust. 
 SECTION
8.19. Delegation of Power. 
 (a) Any Administrative Trustee may, by power of attorney consistent with applicable law, delegate to any
other natural person over the age of 21 his or her power for the purpose of executing any documents contemplated in Section 2.7(a) or making any governmental filing; and 
 (b) The Administrative Trustees shall have power to delegate from time to time to such of their number the doing of such things and the execution of such
instruments either in the name of the Issuer Trust or the names of the Administrative Trustees or otherwise as the Administrative Trustees may deem expedient, to the extent such delegation is not prohibited by applicable law or contrary to the
provisions of this Trust Agreement. 
 ARTICLE 9 
 DISSOLUTION, LIQUIDATION AND MERGER 
 SECTION 9.1. Dissolution Upon Expiration Date.

 Unless earlier dissolved, the Issuer Trust shall automatically dissolve, and its affairs be wound up, on December 1, 2086 (the
“Expiration Date”), following the distribution of the Trust Property in accordance with Section 9.4. 
 SECTION 9.2.
Early Dissolution. 
 The first to occur of any of the following events is an “Early Dissolution Event”: 
 (a) the occurrence of a Depositor Bankruptcy Event in respect of, or the dissolution or liquidation of, the Depositor, in its capacity as the Holder of
the Common Securities, unless the Depositor shall transfer the Common Securities as provided by Section 5.10, in which case this provision shall refer instead to any such successor Holder of the Common Securities; 
 (b) the written direction to the Property Trustee from all of the Holders of the Common Securities at any time to dissolve the Issuer Trust and to
distribute the Debentures to Holders in exchange for the Capital Securities (which direction is optional and wholly within the discretion of the Holders of the Common Securities); 
 (c) the redemption of all of the Capital Securities in connection with the redemption or repayment of all the Debentures; and 
  

 46 

 (d) the entry of an order for dissolution of the Issuer Trust by a court of competent jurisdiction.

 SECTION 9.3. Dissolution. 
 The respective obligations and responsibilities of the Issuer Trustees, the Administrative Trustees and the Issuer Trust created and continued hereby shall terminate upon the latest to occur of the following: (a) the distribution by
the Property Trustee to Holders of all amounts required to be distributed hereunder upon the liquidation of the Issuer Trust pursuant to Section 9.4, or upon the redemption of all of the Trust Securities pursuant to Section 4.2;
(b) the payment of any expenses owed by the Issuer Trust; and (c) the discharge of all administrative duties of the Administrative Trustees, including the performance of any tax reporting obligations with respect to the Issuer Trust or the
Holders. 
 SECTION 9.4. Liquidation. 
 (a) If an Early Dissolution Event specified in clause (a), (b) or (d) of Section 9.2 occurs or upon the Expiration Date, the Issuer Trust shall be liquidated by the Property Trustee as expeditiously as
the Property Trustee determines to be possible by distributing, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law including Section 3808(e) of the Delaware Statutory Trust Act, to each Holder a
Like Amount of Debentures, subject to Section 9.4(d). Notice of liquidation shall be given by the Property Trustee by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Liquidation Date to each Holder
of Trust Securities at such Holder’s address appearing in the Securities Register. All such notices of liquidation shall: 
 (i) state
the CUSIP Number of the Trust Securities; 
 (ii) state the Liquidation Date; 
 (iii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities
Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures, or if Section 9.4(d) applies, a right to receive a Liquidation Distribution; and 
 (iv) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or if
Section 9.4(d) applies, receive a Liquidation Distribution, as the Property Trustee (after consultation with the Administrative Trustees) shall deem appropriate. 
 (b) Except where Section 9.2(c) or 9.4(d) applies, in order to effect the liquidation of the Issuer Trust and distribution of the Debentures to Holders, the Property Trustee, either itself acting as exchange
agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall be not more than 30 days prior to the Liquidation Date) and, establish such procedures as it shall deem appropriate to
effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates. 
 (c) Except where Section 9.2(c)
or 9.4(d) applies, after the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will be issued to Holders of Trust Securities Certificates, upon
surrender of such Certificates to the exchange agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures bearing accrued and unpaid interest in an

  

 47 

 amount equal to the accumulated and unpaid Distributions on such Trust Securities Certificates until such certificates
are so surrendered (and until such certificates are so surrendered, no payments of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Holders holding Trust
Securities will cease, except the right of such Holders to receive Debentures upon surrender of Trust Securities Certificates. 
 (d) If,
notwithstanding the other provisions of this Section 9.4, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the
Property Trustee not to be practical, or if an Early Dissolution Event specified in clause (c) of Section 9.2 occurs, the Trust Property shall be liquidated, and the Issuer Trust shall be dissolved and its affairs wound-up, by the Property
Trustee in such manner as the Property Trustee determines, subject to applicable law. In such event, on the date of the dissolution, winding-up or other termination of the Issuer Trust, Holders will be entitled to receive out of the assets of the
Issuer Trust available for distribution to Holders, after satisfaction of liabilities to creditors of the Issuer Trust as provided by applicable law, including Section 3808(e) of the Delaware Statutory Trust Act, an amount equal to the
Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the “Liquidation Distribution”). If, upon any such dissolution, winding up or termination, the
Liquidation Distribution can be paid only in part because the Issuer Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Issuer
Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holders of the Common Securities will be entitled to receive Liquidation Distributions upon any such dissolution, winding-up or termination
pro rata (determined as aforesaid) with Holders of Capital Securities, except that the Capital Securities shall have a priority over the Common Securities under the circumstances provided in Section 4.3. 
 SECTION 9.5. Mergers, Consolidations, Amalgamations or Replacements of Issuer Trust. 
 The Issuer Trust may not merge with or into, consolidate, amalgamate, or be replaced by, or convey, transfer or lease its properties and assets
substantially as an entirety to any corporation or other body, except pursuant to this Section 9.5. At the request of the Holders of the Common Securities, with the consent of the Administrative Trustees, but without the consent of the Holders
of the Capital Securities, the Property Trustee or the Delaware Trustee, the Issuer Trust may merge with or into, consolidate, amalgamate, or be replaced by or convey, transfer or lease its properties and assets substantially as an entirety to a
trust organized as such under the laws of any state; provided that (i) such successor entity either (a) expressly assumes all of the obligations of the Issuer Trust with respect to the Capital Securities, or (b) substitutes for
the Capital Securities other securities having substantially the same terms as the Capital Securities (the “Successor Securities”) so long as the Successor Securities have the same priority as the Capital Securities with respect to
distributions and payments upon liquidation, redemption and otherwise, (ii) a trustee of such successor entity possessing the same powers and duties as the Property Trustee is appointed to hold the Debentures, (iii) such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease does not cause the Capital Securities (including any Successor Securities) to be downgraded by any nationally recognized statistical rating organization, (iv) such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the holders of the Capital Securities (including any Successor Securities) in any material respect,
(v) such successor entity has a purpose substantially identical to that of the Issuer Trust, (vi) prior to such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease, the Property Trustee has received an Opinion
of Counsel to the effect that (a) such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease does not adversely affect the rights, preferences and privileges of the Holders of the Capital Securities (including

  

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 any Successor Securities) in any material respect, and (b) following such merger, consolidation, amalgamation,
replacement, conveyance, transfer or lease, neither the Issuer Trust nor such successor entity will be required to register as an “investment company” under the Investment Company Act, (vii) the Depositor or its permitted transferee
owns all of the Common Securities of such successor entity and guarantees the obligations of such successor entity under the Successor Securities at least to the extent provided by the Guarantee Agreement, and (viii) the Delaware Trustee shall
not be required to be a trustee of such successor entity or otherwise have any obligations or duties with respect to such successor entity without its consent if such merger, consolidation, amalgamation, replacement, conveyance, transfer or lease
adversely affects in any material respect the rights, protections, duties, indemnities or immunities of the Delaware Trustee. Notwithstanding the foregoing, the Issuer Trust shall not, except with the consent of Holders of all of the Capital
Securities, consolidate, amalgamate, merge with or into, or be replaced by or convey, transfer or lease its properties and assets substantially as an entirety to any other entity or permit any other entity to consolidate, amalgamate, merge with or
into, or replace it if such consolidation, amalgamation, merger, replacement, conveyance, transfer or lease would cause the Issuer Trust or the successor entity to be taxable as a corporation or classified as other than a grantor trust for United
States Federal income tax purposes. 
 ARTICLE 10 
 MISCELLANEOUS PROVISIONS 
 SECTION 10.1. Limitation of Rights of Holders. 
 Except as set forth in Section 9.2, the death or incapacity of any person having an interest, beneficial or otherwise, in Trust Securities shall not
operate to terminate this Trust Agreement, nor entitle the legal representatives or heirs of such person or any Holder for such person, to claim an accounting, take any action or bring any proceeding in any court for a partition or winding up of the
arrangements contemplated hereby, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them. 
 SECTION 10.2. Amendment. 
 (a) This Trust Agreement may be amended from time to time by the Administrative Trustees and the
Holders of all of the Common Securities, without the consent of any Holder of the Capital Securities, (i) to cure any ambiguity, correct or supplement any provision herein that may be inconsistent with any other provision herein, or to make any
other provisions with respect to matters or questions arising under this Trust Agreement, which shall not be inconsistent with the other provisions of this Trust Agreement, or (ii) to modify, eliminate or add to any provisions of this Trust
Agreement to such extent as shall be necessary to ensure that the Issuer Trust will not be taxable as a corporation or classified as other than a grantor trust for United States Federal income tax purposes at all times that any Trust Securities are
outstanding or to ensure that the Issuer Trust will not be required to register as an “investment company” under the Investment Company Act; provided, however, that in the case of either clause (i) or (ii), such action shall
not adversely affect in any material respect the interests of any Holder. 
 (b) Except as provided in Section 10.2(c), any provision of
this Trust Agreement may be amended by the Administrative Trustees, the Property Trustee, and the Holders of all of the Common Securities and with (i) the consent of Holders of at least a Majority in Liquidation Amount of the Capital
Securities, and (ii) receipt by the Issuer Trustees of an Opinion of Counsel to the effect that such amendment or the exercise of any power granted to the Issuer Trustees in accordance with such amendment will not affect the Trust’s status
as a grantor trust or cause the Issuer Trust to be taxable as a corporation or as other than a grantor trust for United States Federal income tax purposes or affect the Issuer Trust’s exemption from status as an “investment company”
under the Investment Company Act. 
  

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 (c) In addition to and notwithstanding any other provision in this Trust Agreement, without the consent
of each affected Holder (such consent being obtained in accordance with Section 6.3 or 6.6 hereof), this Trust Agreement may not be amended to (i) change the amount or timing of any Distribution on the Trust Securities or otherwise
adversely affect the amount of any Distribution required to be made in respect of the Trust Securities as of a specified date, or (ii) restrict the right of a Holder to institute suit for the enforcement of any such payment on or after such
date; and notwithstanding any other provision herein, without the unanimous consent of the Holders (such consent being obtained in accordance with Section 6.3 or 6.6 hereof), this paragraph (c) of this Section 10.2 may not be amended.

 (d) Notwithstanding any other provisions of this Trust Agreement, no Issuer Trustee shall enter into or consent to any amendment to this
Trust Agreement that would cause the Issuer Trust to fail or cease to qualify for the exemption from status as an “investment company” under the Investment Company Act or to be taxable as a corporation or to be classified as other than a
grantor trust for United States Federal income tax purposes. 
 (e) Notwithstanding anything in this Trust Agreement to the contrary, without
the consent of the Depositor and the Administrative Trustees, this Trust Agreement may not be amended in a manner that imposes any additional obligation on the Depositor or the Administrative Trustees. 
 (f) Notwithstanding anything in this Trust Agreement to the contrary, without the consent of the Property Trustee, this Trust Agreement may not be
amended in a manner that imposes any additional obligation on the Property Trustee. 
 (g) Notwithstanding anything in this Trust Agreement
to the contrary, without the consent of the Delaware Trustee, this Trust Agreement may not be amended in a manner that imposes any additional obligation on the Delaware Trustee or adversely affects in any material respect the rights, protections,
duties, indemnities or immunities of the Delaware Trustee. 
 (h) In the event that any amendment to this Trust Agreement is made, the
Administrative Trustees or the Property Trustee shall promptly provide to the Depositor and the Delaware Trustee a copy of such amendment. 
 (i) Neither the Property Trustee nor the Delaware Trustee shall be required to enter into any amendment to this Trust Agreement that affects its own rights, duties or immunities under this Trust Agreement. The Property Trustee and the
Delaware Trustee shall be entitled to receive an Opinion of Counsel and an Officers’ Certificate stating that any amendment to this Trust Agreement is in compliance with this Trust Agreement. 
 SECTION 10.3. Separability. 
 In case
any provision in this Trust Agreement or in the Trust Securities Certificates shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 SECTION 10.4. Governing Law. 
 This Trust Agreement and the rights and obligations of each of the Holders, the Issuer Trust, the Depositor, and the Issuer Trustees with respect to this Trust Agreement and the Trust Securities shall be construed in accordance with and
governed by the laws of the State of Delaware without reference to its conflicts of laws provisions. 
  

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 SECTION 10.5. Payments Due on Non-Business Day. 
 If the date fixed for any payment on any Trust Security shall be a day that is not a Business Day, then such payment need not be made on such date but may
be made on the next succeeding day that is a Business Day, with the same force and effect as though made on the date fixed for such payment, and no Distributions shall accumulate on such unpaid amount for the period after such date. 
 SECTION 10.6. Successors. 
 This Trust
Agreement shall be binding upon and shall inure to the benefit of any successor to the Depositor, the Issuer Trust, and any Issuer Trustee, including any successor by operation of law. Except in connection with a consolidation, merger or sale
involving the Depositor that is permitted under Article Eight of the Indenture and pursuant to which the assignee agrees in writing to perform the Depositor’s obligations hereunder, the Depositor shall not assign its obligations hereunder.

 SECTION 10.7. Headings. 
 The Article and Section headings are for convenience only and shall not affect the construction of this Trust Agreement. 
 SECTION 10.8. Reports, Notices and Demands. 
 Any report, notice, demand or other communication that by any provision of this
Trust Agreement is required or permitted to be given or served to or upon any Holder or the Depositor may be given or served in writing by deposit thereof, first-class postage prepaid, in the United States mail, hand delivery or facsimile
transmission, in each case, addressed, (a) in the case of a Holder of Capital Securities, to such Holder as such Holder’s name and address may appear on the Securities Register; and (b) in the case of the Holder of the Common
Securities or the Depositor, to Wells Fargo & Company, Attention: Chief Financial Officer, or to such other address as may be specified in a written notice by the Holder of the Common Securities or the Depositor, as the case may be, to the
Property Trustee. Such notice, demand or other communication to or upon a Holder shall be deemed to have been sufficiently given or made, for all purposes, upon hand delivery, mailing or transmission. Such notice, demand or other communication to or
upon the Depositor shall be deemed to have been sufficiently given or made only upon actual receipt of the writing by the Depositor. 
 Any
notice, demand or other communication that by any provision of this Trust Agreement is required or permitted to be given or served to or upon the Issuer Trust, the Property Trustee, the Delaware Trustee, the Administrative Trustees or the Issuer
Trust shall be given in writing addressed to such Person as follows: (a) with respect to the Property Trustee, to The Bank of New York Trust Company, N.A., Global Corporate Trust, 227 West Monroe, 26th Floor, Chicago, Illinois 60606; (b) with respect to the Delaware Trustee, to Wilmington Trust Company, Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration; (c) with respect to the Administrative Trustees, to them at Wells Fargo Center, MAC #N9305-173, Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479 marked
“Attention: Administrative Trustees of Wells Fargo Capital X”; and (d) with respect to the Issuer Trust, to its principal office specified in Section 2.2, with a copy to the Property Trustee. Such notice, demand or other
communication to or upon the Issuer Trust, the Property Trustee or the Administrative Trustees shall be deemed to have been sufficiently given or made only upon actual receipt of the writing by the Issuer Trust, the Property Trustee or such
Administrative Trustee. 
  

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 SECTION 10.9. Agreement Not to Petition. 
 Each of the Issuer Trustees and the Depositor agree for the benefit of the Holders that, until at least one year and one day after the Issuer Trust has
been dissolved in accordance with Article 9, they shall not file, or join in the filing of, a petition against the Issuer Trust under any bankruptcy, insolvency, reorganization or other similar law (including the United States Bankruptcy Code)
(collectively, “Bankruptcy Laws”) or otherwise join in the commencement of any proceeding against the Issuer Trust under any Bankruptcy Law. If the Depositor takes action in violation of this Section 10.9, the Property Trustee
agrees, for the benefit of Holders, that at the expense of the Depositor, it shall file an answer with the bankruptcy court or otherwise properly contest the filing of such petition by the Depositor against the Issuer Trust or the commencement of
such action and raise the defense that the Depositor has agreed in writing not to take such action and should be stopped and precluded therefrom and such other defenses, if any, as counsel for the Issuer Trustee or the Issuer Trust may assert.

 SECTION 10.10. Trust Indenture Act; Conflict with Trust Indenture Act. 
 (a) This Trust Agreement is subject to the provisions of the Trust Indenture Act that are required to be part of this Trust Agreement and shall, to the
extent applicable, be governed by such provisions. Except as otherwise expressly provided herein, if and to the extent that any provision of this Trust Agreement limits, qualifies or conflicts with the duties imposed by Sections 310 to 317,
inclusive, of the Trust Indenture Act, such imposed duties shall control. 
 (b) The Property Trustee shall be the only Issuer Trustee that
is a trustee for the purposes of the Trust Indenture Act. 
 (c) The application of the Trust Indenture Act to this Trust Agreement shall not
affect the nature of the Trust Securities as equity securities representing undivided beneficial interests in the assets of the Issuer Trust. 
 SECTION 10.11. Acceptance of Terms of Trust Agreement, Guarantee Agreement and Indenture. 
 THE RECEIPT AND ACCEPTANCE OF A
TRUST SECURITY OR ANY INTEREST THEREIN BY OR ON BEHALF OF A HOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE BY THE HOLDER AND ALL OTHERS HAVING A BENEFICIAL
INTEREST IN SUCH TRUST SECURITY OF ALL THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT, THE GUARANTEE AGREEMENT, THE INDENTURE AND THE SUPPLEMENTAL INDENTURE, AND AGREEMENT TO THE SUBORDINATION PROVISIONS AND OTHER TERMS OF THE GUARANTEE AGREEMENT,
THE INDENTURE AND THE SUPPLEMENTAL INDENTURE, AND SHALL CONSTITUTE THE AGREEMENT OF THE ISSUER TRUST, SUCH HOLDER AND SUCH OTHERS THAT THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT SHALL BE BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE ISSUER
TRUST AND SUCH HOLDER AND SUCH OTHERS. 
  

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 SECTION 10.12. Counterparts. 
 This Trust Agreement may contain more than one counterpart of the signature page and this Trust Agreement may be executed by the affixing of the signature
of each of the Issuer Trustees to one of such counterpart signature pages. All of such counterpart signature pages shall be read as though one, and they shall have the same force and effect as though all of the signers had signed a single signature
page. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 
  

 53 

 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Trust Agreement.

  

			
	WELLS FARGO & COMPANY
		
	By	 	 /s/ Barbara S. Brett

		 	Its Senior Vice President and Assistant Treasurer
	
	 THE BANK OF NEW YORK TRUST COMPANY, N.A.,
 as Property Trustee

		
	By	 	 /s/ Sharon K. McGrath

		 	Its Vice President
	
	 WILMINGTON TRUST COMPANY,
 as Delaware
Trustee

		
	By	 	 /s/ J. Christopher Murphy

		 	Its Financial Services Officer
	
	 /s/ Paul R Ackerman

	Paul R. Ackerman,
	as Administrative Trustee
	
	 /s/ Richard D. Levy

	Richard D. Levy,
	as Administrative Trustee

 [Amended and Restated Trust Agreement] 

					
	STATE OF	 	Minnesota	 	)
			
		 		 	) ss:
			
	COUNTY OF	 	Hennepin	 	)

 On 12/5/06 before me, the undersigned, a Notary Public in and for the State of Minnesota,
personally appeared Barbara S. Brett, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument, and acknowledged to me that he/she executed the same in his/her
authorized capacity, and that the foregoing instrument is the free act and deed of the entity upon behalf of which such person acted. 
  

			
	WITNESS my hand and official seal
		
	SIGNATURE:	 	 /s/ Stacy S. Garner

 (This area for official notarial seal) 
 [Amended and Restated Trust Agreement] 

					
	STATE OF	 	Illinois	 	)
			
		 		 	) ss:
			
	COUNTY OF	 	Cook	 	)

 On 12/5/06 before me, the undersigned, a Notary Public in and for the State of Illinois,
personally appeared Sharon McGrath, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument, and acknowledged to me that he/she executed the same in his/her
authorized capacity, and that the foregoing instrument is the free act and deed of the entity upon behalf of which such person acted. 
  

			
	WITNESS my hand and official seal
		
	SIGNATURE:	 	 /s/ Rebekah S. Cole

 (This area for official notarial seal) 
 [Amended and Restated Trust Agreement] 

					
	STATE OF	 	Delaware	 	)
			
		 		 	) ss:
			
	COUNTY OF	 	New Castle	 	)

 On 12/4/06 before me, the undersigned, a Notary Public in and for the
                            , personally appeared J. Christopher Murphy, personally known to me (or proved to
me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument, and acknowledged to me that he/she executed the same in his/her authorized capacity, and that the foregoing instrument is the free act and
deed of the entity upon behalf of which such person acted. 
  

			
	WITNESS my hand and official seal
		
	SIGNATURE:	 	 /s/ Amanda E. Burger

 (This area for official notarial seal) 
 [Amended and Restated Trust Agreement] 

					
	STATE OF	 	California	 	)
			
		 		 	) ss:
			
	COUNTY OF	 	San Francisco	 	)

 On 12/1/06 before me, the undersigned, a Notary Public in and for the Michelle Lam, personally
appeared Paul R. Ackerman, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument, and acknowledged to me that he/she executed the same in his/her authorized
capacity, and that the foregoing instrument is the free act and deed of the entity upon behalf of which such person acted. 
  

			
	WITNESS my hand and official seal
		
	SIGNATURE:	 	 /s/ Michelle Lam

 (This area for official notarial seal) 
 [Amended and Restated Trust Agreement] 

					
	STATE OF	 	California	 	)
			
		 		 	) ss:
			
	COUNTY OF	 	Solano	 	)

 On 12/4/06 before me, the undersigned, a Notary Public in and for the State of California, County
of Solano, personally appeared Richard D. Levy, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument, and acknowledged to me that he/she executed the same
in his/her authorized capacity, and that the foregoing instrument is the free act and deed of the entity upon behalf of which such person acted. 
  

			
	WITNESS my hand and official seal
		
	SIGNATURE:	 	 /s/ Jeannette C. Pouget

 (This area for official notarial seal) 
 [Amended and Restated Trust Agreement] 

 EXHIBIT A 

 CERTIFICATE OF TRUST 
 OF 
 WELLS FARGO CAPITAL X 
 THIS CERTIFICATE OF TRUST OF WELLS FARGO CAPITAL X (the “Trust”) is being duly executed and filed by Wilmington Trust Company, a Delaware banking corporation, and Laurel A. Holschuh and Barbara S. Brett,
each an individual, as trustees, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. Section 3801 et seq.) (the “Act”). 
  

	 	1.	NAME. The name of the statutory trust formed hereby is Wells Fargo Capital X. 

  

	 	2.	DELAWARE TRUSTEE. The name and business address of the trustee of the Trust in the State of Delaware is Wilmington Trust Company, Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration. 

  

	 	3.	EFFECTIVE DATE. This Certificate of Trust shall be effective upon filing. 

 IN WITNESS WHEREOF, the undersigned have executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act. 
  

			
	WILMINGTON TRUST COMPANY, as Trustee
		
	 By:
	 	 /s/ James P. Lawler

	 Name:
	 	 James P. Lawler

	Title:	 	Vice President
	
	 /s/ Laurel A. Holschuh

	 Laurel A. Holschuh, as Trustee

	
	 /s/ Barbara S. Brett

	 Barbara S. Brett, as Trustee

 EXHIBIT B 
 [FORM OF COMMON SECURITIES CERTIFICATE] 
 THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN COMPLIANCE WITH
APPLICABLE LAW AND SECTION 5.10 OF THE TRUST AGREEMENT 
  

			
	Certificate Number 1	  	Number of Common Securities 1,000

 Certificate Evidencing Common Securities 
 of Wells Fargo Capital X 
 5.95% Common Securities 
 (liquidation amount $1,000 per Common Security) 
 Wells Fargo Capital X, a statutory trust created under the laws of the State of Delaware (the “Issuer Trust”), hereby certifies that Wells Fargo & Company (the “Holder”) is the registered owner of
One Thousand (1,000) Common Securities of the Issuer Trust representing undivided common beneficial interests in the assets of the Issuer Trust and designated the 5.95% Common Securities (liquidation amount $1,000 per Common Security) (the
“Common Securities”). Except in accordance with the Trust Agreement (as defined below), the Common Securities are not transferable and any attempted transfer hereof other than in accordance therewith shall be void. The designations,
rights, privileges, restrictions, preferences and other terms and provisions of the Common Securities are set forth in, and this certificate and the Common Securities represented hereby are issued and shall in all respects be subject to the terms
and provisions of, the Amended and Restated Declaration of Trust and Trust Agreement of the Issuer Trust, dated as of December 5, 2006, as the same may be amended from time to time (the “Trust Agreement”), among Wells
Fargo & Company, as Depositor, The Bank of New York Trust Company, N.A., as Property Trustee, Wilmington Trust Company, as Delaware Trustee, the Administrative Trustees named therein, and the Holders of Trust Securities, including the
designation of the terms of the Common Securities as set forth therein. The Issuer Trust will furnish a copy of the Trust Agreement to the Holder without charge upon written request to the Issuer Trust at its principal place of business or
registered office. Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereunder. 
 Terms used but not defined herein have the meanings set forth in the Trust Agreement. 

 IN WITNESS WHEREOF, one of the Administrative Trustees of the Issuer Trust has executed this certificate
this 5th day of December, 2006. 
  

			
	WELLS FARGO CAPITAL X
		
	By:	 	  

	Name:	 	Paul R. Ackerman
	Title:	 	Administrative Trustee

 PROPERTY TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Common Securities referred to in the above mentioned Trust Agreement. 
 Dated: December 5, 2006 
  

			
	THE BANK OF NEW YORK TRUST COMPANY, N.A.,
	as Property Trustee
		
	By:	 	  

	Name:	 	Sharon K. McGrath
	Title:	 	Vice President

 EXHIBIT C 
 [FORM OF GLOBAL CAPITAL SECURITIES CERTIFICATE] 
 This Capital Securities Certificate is a Book-Entry
Capital Securities Certificate within the meaning of the Trust Agreement hereinafter referred to and is registered in the name of a Clearing Agency or a nominee of a Clearing Agency. This Capital Securities Certificate is exchangeable for Capital
Securities Certificates registered in the name of a person other than the Clearing Agency or its nominee only in the limited circumstances described in the Trust Agreement and may not be transferred except as a whole by the Clearing Agency to a
nominee of the Clearing Agency or by a nominee of the Clearing Agency to the Clearing Agency or another nominee of the Clearing Agency, except in the limited circumstances described in the Trust Agreement. 
 Unless this Capital Security Certificate is presented by an authorized representative of The Depository Trust Company, a New York Corporation
(“DTC”), to Wells Fargo Capital X or its agent for registration of transfer, exchange or payment, and any Capital Security Certificate issued is registered in the name of Cede & Co. or 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 A PERSON IS
WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 NO EMPLOYEE BENEFIT OR OTHER PLAN SUBJECT
TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH, A “PLAN”), NO ENTITY
WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY (A “PLAN ASSET ENTITY”), AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN, MAY ACQUIRE OR HOLD THIS CAPITAL SECURITIES
CERTIFICATE OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASER OR HOLDER IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION (“PTCE”) 96-23, 95-60, 91-38, 90-1 OR 84-14 OR
ANOTHER APPLICABLE EXEMPTION WITH RESPECT TO SUCH PURCHASE OR HOLDING OR THE REQUIREMENTS OF U.S. DEPARTMENT OF LABOR REGULATION SECTION 2550.401c-1 ARE SATISFIED SUCH THAT THE CAPITAL SECURITIES CERTIFICATE HELD BY THE PURCHASER OR HOLDER DOES NOT
CONSTITUTE “PLAN ASSETS” AND, IN THE CASE OF ANY PURCHASER OR HOLDER RELYING ON ANY EXEMPTION OTHER THAN PTCE 96-23, 95-60, 91-38, 90-1 OR 84-14 OR U.S. DEPARTMENT OF LABOR REGULATION SECTION 2550.401c-1, HAS COMPLIED WITH ANY REQUEST BY
THE DEPOSITOR OR THE ISSUER TRUST FOR AN OPINION OF COUNSEL OR OTHER EVIDENCE WITH RESPECT TO THE AVAILABILITY OF SUCH EXEMPTION. ANY PURCHASER OR HOLDER OF THIS CAPITAL SECURITIES CERTIFICATE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE
REPRESENTED BY ITS PURCHASE AND HOLDING HEREOF THAT IT EITHER (A) WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR THE CODE OR (B) IF IT COULD RESULT IN A PROHIBITED TRANSACTION, IT IS ELIGIBLE FOR THE EXEMPTIVE RELIEF
AVAILABLE UNDER PTCE 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION WITH RESPECT TO SUCH PURCHASE OR HOLDING OR U.S. DEPARTMENT OF LABOR REGULATION SECTION 2550.401c-1. 
  

			
	Certificate Number	  	Number of Capital Securities

 CUSIP NO. 94978SAA7 
 Certificate Evidencing Capital Securities 
 of Wells Fargo Capital X 
 5.95% Capital Securities 
 (liquidation amount $1,000 per Capital Security) 

Wells Fargo Capital X, a statutory trust created under the laws of the State of Delaware (the “Issuer Trust”), hereby certifies that
Cede & Co. (the “Holder”) is the registered owner of              (            ) Capital Securities of
the Trust representing an undivided preferred beneficial interest in the assets of the Trust and designated the Wells Fargo Capital X 5.95% Capital Securities (liquidation amount $1,000 per Capital Security) (the “Capital
Securities”). The Capital Securities are transferable on the books and records of the Issuer Trust, in person or by a duly authorized attorney, upon surrender of this certificate duly endorsed and in proper form for transfer as provided in
the Trust Agreement (as defined below). The designations, rights, privileges, restrictions, preferences and other terms and provisions of the Capital Securities are set forth in, and this certificate and the Capital Securities represented hereby are
issued and shall in all respects be subject to the terms and provisions of, the Amended and Restated Declaration of Trust and Trust Agreement of the Issuer Trust, dated as of December 5, 2006, as the same may be amended from time to time (the
“Trust Agreement”), among Wells Fargo & Company, as Depositor, The Bank of New York Trust Company, N.A., as Property Trustee, Wilmington Trust Company, as Delaware Trustee, the Administrative Trustees named therein, and the
Holders of Trust Securities, including the designation of the terms of the Capital Securities as set forth therein. The Holder is entitled to the benefits of the Guarantee Agreement, dated as of December 5, 2006, (the “Guarantee
Agreement”), by and between Wells Fargo & Company, as Guarantor, and The Bank of New York Trust Company, N.A., as Guarantee Trustee, to the extent provided therein. The Issuer Trust will furnish a copy of the Trust Agreement and
the Guarantee Agreement to the Holder without charge upon written request to the Issuer Trust at its principal place of business or registered office. 
 Upon receipt of this certificate, the Holder is bound by the Trust Agreement and is entitled to the benefits thereunder. 

 IN WITNESS WHEREOF, one of the Administrative Trustees of the Issuer Trust has executed this certificate
this      day of                     , 20    . 
  

			
	WELLS FARGO CAPITAL X
		
	By:	 	  

	Name:	 	
	Title:	 	Administrative Trustee

 PROPERTY TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Capital Securities referred to in the above mentioned Trust Agreement. 
 Dated:                     , 20     
  

			
	THE BANK OF NEW YORK TRUST COMPANY, N.A.,
	as Property Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned assigns and transfers this Capital Security to: 
 (Insert assignee’s social security
or tax identification number): 
 (Insert address and zip code of assignee) and irrevocably appoints: 
 agent to transfer this Capital Security Certificate on the books of the Issuer Trust. The agent may substitute another to act for him or her. 
  

			
	 Date:
	  	Signature:
                                        
                                    
		  	(Sign exactly as your name appears on the other side of this Capital Security Certificate.) 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 S.E.C. Rule 17Ad-15.

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