Document:

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                                                                    EXHIBIT 4.15

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                       COMMUNITY FIRST BANKSHARES, INC.,

                                    AS ISSUER

                                       TO

                            WILMINGTON TRUST COMPANY,

                                   AS TRUSTEE

          =============================================================
                             SUBORDINATED INDENTURE
          =============================================================

                          Dated as of __________, 2002

                    _________% Junior Subordinated Debentures

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                                TABLE OF CONTENTS
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<Caption>
                                                                                                             PAGE
<S>  <C>                                                                                                       <C>
ARTICLE I.......................................................................................................1
     DEFINITIONS................................................................................................1
ARTICLE II......................................................................................................7
     DESCRIPTION, TERMS, CONDITIONS, REGISTRATION AND EXCHANGE OF THE JUNIOR SUBORDINATED DEBENTURES............7
          2.1      Designation and Principal Amount.............................................................8
          2.2      Maturity.....................................................................................8
          2.3      Form and Payment.............................................................................8
          2.4      Global Subordinated Debenture................................................................8
          2.5      Interest....................................................................................11
          2.6      Execution, Authentication, Delivery and Dating..............................................11
          2.7      Registration and Transfer...................................................................12
          2.8      Mutilated, Destroyed, Lost and Stolen Junior Subordinated Debentures........................13
ARTICLE III....................................................................................................13
     REDEMPTION OF JUNIOR SUBORDINATED DEBENTURES..............................................................13
          3.1      Redemption..................................................................................13
          3.2      Special Event Redemption....................................................................13
          3.3      Optional Redemption by Company..............................................................14
          3.4      Notice of Redemption........................................................................14
          3.5      Payment upon Redemption.....................................................................16
          3.6      No Sinking Fund.............................................................................16
ARTICLE IV.....................................................................................................16
     EXTENSION OF INTEREST PAYMENT PERIOD......................................................................16
          4.1      Extension of Interest Payment Period........................................................16
          4.2      Notice of Extension.........................................................................17
          4.3      Limitation of Transactions During Extension.................................................17
ARTICLE V......................................................................................................17
     PARTICULAR COVENANTS OF THE COMPANY.......................................................................17
          5.1      Payment of Principal and Interest...........................................................17
          5.2      Maintenance of Agency.......................................................................18
          5.3      Paying Agents...............................................................................18
          5.4      Appointment to Fill Vacancy in Office of Trustee............................................19
          5.5      Compliance with Consolidation Provisions....................................................19
          5.6      Restrictions on Certain Payments............................................................19
          5.7      Covenants as to the Trust...................................................................20
ARTICLE VI.....................................................................................................20
     SECURITYHOLDERS' LISTS AND REPORTS........................................................................20
          6.1      Company to Furnish Trustee Names and Addresses of Securityholders...........................20
          6.2      Preservation of Information; Communications with Securityholders............................20
          6.3      Reports by the Company......................................................................21
          6.4      Reports by the Trustee......................................................................21
ARTICLE VII....................................................................................................21
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<S>  <C>                                                                                                       <C>
     REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT...........................................21
          7.1      Events of Default...........................................................................21
          7.2      Collection of Indebtedness and Suits for Enforcement by Trustee.............................23
          7.3      Application of Moneys Collected.............................................................24
          7.4      Limitation on Suits.........................................................................25
          7.5      Rights and Remedies Cumulative; Delay or Omission Not Waiver................................25
          7.6      Control by Securityholders..................................................................25
          7.7      Undertaking to Pay Costs....................................................................26
ARTICLE VIII...................................................................................................26
     FORM OF JUNIOR SUBORDINATED DEBENTURE AND ORIGINAL ISSUE..................................................26
          8.1      Form of Junior Subordinated Debenture.......................................................26
          8.2      Original Issue of Junior Subordinated Debentures............................................27
ARTICLE IX.....................................................................................................27
     CONCERNING THE TRUSTEE....................................................................................27
          9.1      Certain Duties and Responsibilities of the Trustee..........................................27
          9.2      Certain Rights of Trustee...................................................................28
          9.3      Trustee Not Responsible for Recitals or Issuance of the Junior Subordinated Debentures......29
          9.4      May Hold Junior Subordinated Debentures.....................................................29
          9.5      Moneys Held in Trust........................................................................29
          9.6      Compensation and Reimbursement..............................................................29
          9.7      Reliance on Officers' Certificate...........................................................30
          9.8      Disqualification; Conflicting Interests.....................................................30
          9.9      Corporate Trustee Required; Eligibility.....................................................30
          9.10     Resignation and Removal; Appointment of Successor...........................................30
          9.11     Acceptance of Appointment by Successor......................................................31
          9.12     Merger, Conversion, Consolidation or Succession to Business.................................32
          9.13     Preferential Collection of Claims Against the Company.......................................32
          9.14     Appointment of Authenticating Agent.........................................................32
ARTICLE X......................................................................................................34
     CONCERNING THE SECURITYHOLDERS............................................................................34
          10.1     Evidence of Action by Securityholders.......................................................34
          10.2     Proof of Execution by Securityholders.......................................................34
          10.3     Who May Be Deemed Owners....................................................................34
          10.4     Certain Junior Subordinated Debentures Owned by Company Disregarded.........................35
          10.5     Actions Binding on Future Securityholders...................................................35
ARTICLE XI.....................................................................................................35
     SUPPLEMENTAL INDENTURES...................................................................................35
          11.1     Supplemental Indentures Without the Consent of Securityholders..............................35
          11.2     Supplemental Indentures with Consent of Securityholders.....................................36
          11.3     Effect of Supplemental Indentures...........................................................37
          11.4     Junior Subordinated Debentures Affected by Supplemental Indentures..........................37
          11.5     Execution of Supplemental Indentures........................................................37
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<S>  <C>                                                                                                       <C>
ARTICLE XII....................................................................................................38
     SUCCESSOR CORPORATION.....................................................................................38
          12.1     Company May Consolidate, Etc................................................................38
          12.2     Successor Substituted.......................................................................38
          12.3     Evidence of Consolidation, Etc., to Trustee.................................................38
ARTICLE XIII...................................................................................................38
     SATISFACTION AND DISCHARGE................................................................................38
          13.1     Satisfaction and Discharge of Indenture.....................................................38
          13.2     Discharge of Obligations....................................................................39
          13.3     Deposited Moneys to Be Held in Trust........................................................39
          13.4     Payment of Monies Held by Paying Agents.....................................................39
          13.5     Repayment to Company........................................................................39
ARTICLE XIV....................................................................................................40
     IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS...........................................40
          14.1     No Recourse.................................................................................40
ARTICLE XV.....................................................................................................40
     MISCELLANEOUS PROVISIONS..................................................................................40
          15.1     Effect on Successors and Assigns............................................................40
          15.2     Actions by Successor........................................................................40
          15.3     Surrender of Company Powers.................................................................41
          15.4     Notices.....................................................................................41
          15.5     Governing Law...............................................................................41
          15.6     Treatment of Junior Subordinated Debentures as Debt.........................................41
          15.7     Compliance Certificates and Opinions........................................................41
          15.8     Payments on Business Days...................................................................41
          15.9     Conflict with Trust Indenture Act...........................................................42
          15.10    Counterparts................................................................................42
          15.11    Separability................................................................................42
          15.12    Assignment..................................................................................42
          15.13    Acknowledgment of Rights....................................................................42
ARTICLE XVI....................................................................................................42
     SUBORDINATION OF JUNIOR SUBORDINATED DEBENTURES...........................................................42
          16.1     Agreement to Subordinate....................................................................43
          16.2     Default on Senior and Subordinated Debt.....................................................43
          16.3     Liquidation; Dissolution; Bankruptcy........................................................43
          16.4     Subrogation.................................................................................44
          16.5     Trustee to Effectuate Subordination.........................................................45
          16.6     Notice by the Company.......................................................................45
          16.7     Rights of the Trustee; Holders of Senior and Subordinated Debt..............................46
          16.8     Subordination May Not Be Impaired...........................................................46
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                        COMMUNITY FIRST BANKSHARES, INC.
     RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939, AS AMENDED
            AND SUBORDINATED INDENTURE, DATED AS OF __________, 2002

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<Caption>
Trust Indenture Act                                                    Subordinated
       Section                                                      Indenture Section
  ---------------                                                   -----------------

<S>                                                                     <C>
Section 310      ....................................................   15.9
Section 310 (b)  ....................................................    9.8

Section 311      ....................................................   15.9
Section 311 (a)  ....................................................   9.13
            (b)  ....................................................   9.13

Section 312      ....................................................   15.9
Section 312 (b)  ....................................................    6.2

Section 313      ....................................................   15.9
Section 313 (a)  ....................................................    6.4
            (b)  ....................................................    6.4
            (c)  ....................................................    6.4

Section 314      ....................................................   15.9

Section 315      ....................................................   15.9

Section 316      ....................................................   15.9

Section 317      ....................................................   15.9
</Table>

NOTE:   This reconciliation and tie shall not, for any purpose, be deemed to be
        a part of the Subordinated Indenture.

                                        i
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     SUBORDINATED INDENTURE (the "Indenture), dated as of __________, 2002,
among Community First Bankshares, Inc., a Delaware corporation (the "Company")
and Wilmington Trust Company, a Delaware banking corporation, as trustee (the
"Trustee");

     WHEREAS, for its lawful corporate purposes, the Company has duly authorized
the execution and delivery of this Indenture to provide for the issuance of its
securities to be known as its ___% Junior Subordinated Debentures due 2032
(hereinafter referred to as the "Junior Subordinated Debentures"), the form and
substance of such Junior Subordinated Debentures and the terms, provisions and
conditions thereof to be set forth as provided in this Indenture; and

     WHEREAS, CFB CAPITAL ___, a Delaware statutory business trust (the
"Trust"), has offered to the public $___________ aggregate liquidation amount of
its ___% Cumulative Capital Securities (the "Capital Securities"), representing
undivided beneficial interests in the assets of the Trust and proposes to invest
the proceeds from such offering, together with the proceeds of the issuance and
sale by the Trust to the Company of $_________ aggregate liquidation amount of
its ___% Trust Common Securities, in $__________ aggregate principal amount of
the Junior Subordinated Debentures; and

     WHEREAS, the Company has requested that the Trustee execute and deliver
this Indenture and all requirements necessary to make this Indenture a valid
instrument in accordance with its terms, and to make the Junior Subordinated
Debentures, when executed by the Company and authenticated and delivered by the
Trustee, the valid obligations of the Company; and

     WHEREAS, to provide the terms and conditions upon which the Junior
Subordinated Debentures are to be authenticated, issued and delivered, the
Company has duly authorized the execution and delivery of this Indenture; and

     WHEREAS, all things necessary to make this Indenture a valid agreement of
the Company, in accordance with its terms, have been done.

     NOW, THEREFORE, in consideration of the premises and the purchase of the
Junior Subordinated Debentures by the holders thereof, it is mutually covenanted
and agreed as follows for the equal and ratable benefit of the holders of Junior
Subordinated Debentures:

                                   ARTICLE I
                                  DEFINITIONS

     The terms defined in this Section (except as in this Indenture otherwise
expressly provided or unless the context otherwise requires) for all purposes of
this Indenture and of any indenture supplemental hereto shall have the
respective meanings specified in this Section and shall include the plural as
well as the singular. All other terms used in this Indenture that are defined in
the Trust Indenture Act of 1939, as amended, or that are by reference in said
Trust Indenture Act defined in the Securities Act of 1933, as amended (except as
herein otherwise expressly provided or unless the context otherwise requires),
shall have the meanings assigned to such terms in said Trust Indenture Act and
in said Securities Act as in force at the date of the execution of this
Indenture.

     "Accelerated Maturity Date" means, if the Company elects to accelerate the
Maturity Date in accordance with Section 2.2(c), the date selected by the
Company which is prior to the Scheduled Maturity Date, but is after __________,
2007.

                                       1
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     "Administrative Trustees" has the meaning set forth in the Trust Agreement.

     "Additional Sums" shall have the meaning set forth in Section 2.5.

     "Affiliate" means, with respect to a specified Person, (a) any Person
directly or indirectly owning, controlling or holding with power to vote 10% or
more of the outstanding voting securities or other ownership interests of the
specified Person, (b) any Person 10% or more of whose outstanding voting
securities or other ownership interests are directly or indirectly owned,
controlled or held with power to vote by the specified Person, (c) any Person
directly or indirectly controlling, controlled by, or under common control with
the specified Person, (d) a partnership in which the specified Person is a
general partner, (e) any officer or director of the specified Person, and (f) if
the specified Person is an individual, any entity of which the specified Person
is an officer, director or general partner.

     "Authenticating Agent" means an authenticating agent with respect to the
Junior Subordinated Debentures appointed by the Trustee pursuant to Section
9.14.

     "Bankruptcy Law" means Title 11, U.S. Code, or any similar federal or state
law for the relief of debtors.

     "Board of Directors" means the Board of Directors of the Company or any
duly authorized committee of such Board.

     "Board Resolution" means a copy of a resolution certified by the Secretary
or an Assistant Secretary of the Company to have been duly adopted by the Board
of Directors and to be in full force and effect on the date of such
certification.

     "Business Day" means any day other than a day on which Federal or State
banking institutions in the State of Minnesota or the State of Delaware are
authorized or obligated by law, executive order or regulation to close or a day
on which the Trustee is closed.

     "Capital Securities" means undivided beneficial interests in the assets of
the Trust which rank pari passu with Common Securities issued by the Trust;
provided, however, that upon the occurrence of an Event of Default, the rights
of holders of Common Securities to payment in respect of distributions and
payments upon liquidation, redemption and otherwise are subordinated to the
rights of holders of Capital Securities.

     "Capital Securities Certificate" has the meaning set forth in the Trust
Agreement.

     "Capital Securities Guarantee" means any guarantee that the Company may
enter into with the Property Trustee or other Persons that operates directly or
indirectly for the benefit of holders of Capital Securities of the Trust.

     "Capital Treatment Event" means the reasonable determination by the Company
that, as a result of any amendment to, or change (including any proposed change)
in, the laws (or any regulations thereunder) of the United States or any
political subdivision thereof or therein, or as a result of any official or
administrative pronouncement or action or judicial decision interpreting or
applying such laws or regulations, which amendment or change is effective or
such proposed change, pronouncement or decision is announced on or after the
date of issuance of the Capital Securities under the Trust Agreement,

                                        2
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there is more than an insubstantial risk of impairment of the Company's ability
to treat the Capital Securities (or any substantial portion thereof) as "Tier I
Capital" (or the then equivalent thereof) for purposes of the capital adequacy
guidelines of the Federal Reserve, as then in effect and applicable to the
Company.

     "Certificate" means a certificate signed by the principal executive
officer, the principal financial officer or the principal accounting officer of
the Company. The Certificate need not comply with the provisions of Section
15.7.

     "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 Indenture 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" means undivided beneficial interests in the assets of
the Trust which rank pari passu with Capital Securities issued by the Trust;
provided, however, that upon the occurrence of an Event of Default, the rights
of holders of Common Securities to payment in respect of distributions and
payments upon liquidation, redemption and otherwise are subordinated to the
rights of holders of Capital Securities.

     "Company" means Community First Bankshares, Inc., a corporation duly
organized and existing under the laws of the State of Delaware, and, subject to
the provisions of Article Twelve, shall also include its successors and assigns.

     "Compounded Interest" shall have the meaning set forth in Section 4.1.

     "Corporate Trust Office" means the office of the Trustee at which, at any
particular time, its corporate trust business shall be principally administered,
which office at the date hereof is located at Rodney Square North, 1100 North
Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust
Administration.

     "Custodian" means any receiver, trustee, assignee, liquidator, or similar
official under any Bankruptcy Law.

     "Debt" means with respect to any Person, whether recourse is to all or a
portion of the assets of such Person and whether or not contingent, (i) every
obligation of such Person for money borrowed (ii) every obligation of such
Person evidenced by bonds, debentures, notes or other similar instruments,
including obligations incurred in connection with the acquisition of property,
assets or businesses; (iii) every reimbursement obligation of such Person with
respect to letters of credit, bankers' acceptances or similar facilities issued
for the account of such Person; (iv) every obligation of such Person issued or
assumed as the deferred purchase price of property or services (but excluding
trade accounts payable or accrued liabilities arising in the ordinary course of
business); (v) every capital lease obligation of such Person; and (vi) every
obligation of the type referred to in clauses (i) through (v) of another Person
and all dividends of another Person the payment of which, in either case, such
Person has guaranteed or is responsible or liable, directly or indirectly, as
obligor or otherwise.

     "Default" means any event, act or condition that with notice or lapse of
time, or both, would constitute an Event of Default.

                                        3
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     "Deferred Interest" shall have the meaning set forth in Section 4.1.

     "Depositary" means, with respect to Junior Subordinated Debentures issued
as a Global Subordinated Debenture, The Depository Trust Company, New York, New
York, another clearing agency, or any successor registered as a clearing agency
under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or
other applicable statute or regulation, which, in each case, shall be designated
by the Company pursuant to either Section 2.1 or 2.4.

     "Dissolution Event" means the occurrence of an event under the Trust
Agreement, the result of which is that the Trust is to be dissolved in
accordance with the Trust Agreement, and the Junior Subordinated Debentures held
by the Property Trustee are to be distributed to the holders of the Trust
Securities issued by the Trust pro rata in accordance with the Trust Agreement.

     "Distributions" shall have the meaning set forth in the Trust Agreement

     "Event of Default" means any event specified in Section 7.1, continued for
the period of time, if any, therein designated.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended.

     "Extended Interest Payment Period" shall have the meaning set forth in
Section 4.1.

     "Federal Reserve" means the Board of Governors of the Federal Reserve
System.

     "Global Subordinated Debenture" means a Junior Subordinated Debenture
executed by the Company and delivered by the Trustee to the Depositary or
pursuant to the Depositary's instruction, all in accordance with this Indenture,
which shall be registered in the name of the Depositary or its nominee.

     "Governmental Obligations" means securities that are (i) direct obligations
of the United States of America for the payment of which its full faith and
credit is pledged or (ii) obligations of a Person controlled or supervised by
and acting as an agency or instrumentality of the United States of America, the
payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America that, in either case, are not
callable or redeemable at the option of the issuer thereof, and shall also
include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act of 1933, as amended) as custodian with respect to any such
Governmental Obligation of a specific payment of principal of or interest on any
such Governmental Obligation held by such custodian for the account of the
holder of such depositary receipt; provided, however, that (except as required
by law) such custodian is not authorized to make any deduction from the amount
payable to the holder of such depositary receipt from any amount received by the
custodian in respect of the Governmental Obligation or the specific payment of
principal of or interest on the Governmental Obligation evidenced by such
depositary receipt.

     "Herein," "hereof," and "hereunder," and other words of similar import,
refer to this Indenture as a whole and not to any particular Article, Section or
other subdivision.

     "Indenture" means this instrument as originally executed or as it may from
time to time be supplemented or amended by one or more indentures supplemental
hereto entered into in accordance with the terms hereof.

                                        4
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     "Interest Payment Date," when used with respect to any installment of
interest on the Junior Subordinated Debentures, means the date specified in the
Junior Subordinated Debenture as the fixed date on which an installment of
interest with respect to the Junior Subordinated Debentures is due and payable.

     "Investment Company Act" means the Investment Company Act of 1940, as
amended.

     "Investment Company Event" means the receipt by the Company and the Trust
of an Opinion of Counsel experienced in such matters to the effect that, as a
result of the occurrence of a change in law or regulation or a change in
interpretation or application of law or regulation by any legislative body,
court, governmental agency or regulatory authority (a "Change in Investment
Company Act Law"), the Trust is or will be considered an "investment company"
that is required to be registered under the Investment Company Act, which Change
in Investment Company Act Law becomes effective on or after the date of original
issuance of the Capital Securities under the Trust Agreement.

     "Junior Subordinated Debentures" means the ___% Junior Subordinated
Debentures authenticated and delivered under this Indenture.

     "Liquidation Amount" means the stated amount of $25 per Trust Security.

     "Maturity Date" shall have the meaning set forth in Section 2.2.

     "Non Book-Entry Capital Securities" shall have the meaning set forth in
Section 2.4.

     "Officers' Certificate" means a certificate signed by the President or a
Vice President and by the Chief Financial Officer or the Controller or an
Assistant Controller or the Secretary or an Assistant Secretary of the Company
that is delivered to the Trustee in accordance with the terms hereof. Each such
certificate shall include the statements provided for in Section 15.7, if and to
the extent required by the provisions thereof.

     "Opinion of Counsel" means an opinion in writing of legal counsel, who may
be an employee of or counsel for the Company, that is delivered to the Trustee
in accordance with the terms hereof. Each such opinion shall include the
statements provided for in Section 15.7, if and to the extent required by the
provisions thereof.

     "Outstanding," when used with reference to Junior Subordinated Debentures
means, subject to the provisions of Section 10.4, as of any particular time, all
Junior Subordinated Debentures theretofore authenticated and delivered by the
Trustee under this Indenture, except (a) Junior Subordinated Debentures
theretofore canceled by the Trustee or any paying agent, or delivered to the
Trustee or any paying agent for cancellation or that have previously been
canceled; (b) Junior Subordinated Debentures or portions thereof for the payment
or redemption of which moneys or Governmental Obligations in the necessary
amount shall have been deposited in trust with the Trustee or with any paying
agent (other than the Company) or shall have been set aside and segregated in
trust by the Company (if the Company shall act as its own paying agent);
provided, however, that if such Junior Subordinated Debentures or portions of
such Junior Subordinated Debentures are to be redeemed prior to the maturity
thereof, notice of such redemption shall have been given as in Article Three
provided, or provision satisfactory to the Trustee shall have been made for
giving such notice; and (c) Junior Subordinated Debentures in lieu of or in
substitution for which other Junior Subordinated Debentures shall have been
authenticated and delivered pursuant to the terms of Section 2.8.

                                        5
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     "Person" means any individual, corporation, partnership, joint venture,
joint-stock company, unincorporated organization or government or any agency or
political subdivision thereof.

     "Predecessor Security" means every previous Junior Subordinated Debenture
evidencing all or a portion of the same debt and as that evidenced by such
particular Junior Subordinated Debenture; and, for the purposes of this
definition, any Junior Subordinated Debenture authenticated and delivered under
Section 2.8 in lieu of a lost, destroyed or stolen Junior Subordinated Debenture
shall be deemed to evidence the same debt as the lost, destroyed or stolen
Junior Subordinated Debenture.

     "Property Trustee" has the meaning set forth in the Trust Agreement.

     "Redemption Price" means the amount equal to 100% of the principal amount
of Junior Subordinated Debentures to be redeemed plus any accrued and unpaid
interest thereon to the date of the redemption of such Junior Subordinated
Debentures.

     "Responsible Officer" when used with respect to the Trustee means the
Chairman of the Board of Directors, the President, any Vice President, the
Secretary, the Treasurer, any trust officer, any corporate trust officer or any
other officer or assistant officer of the Trustee customarily performing
functions similar to those performed by the Persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred
because of his or her knowledge of and familiarity with the particular subject.

     "Scheduled Maturity Date" means _________, 2032.

     "Securities Register" and "Securities Registrar" have the respective
meanings specified in Section 2.7.

     "Securityholder," "Holder," "Holder of Securities," "Registered Holder," or
other similar term, means the Person or Persons in whose name or names a
particular Junior Subordinated Debenture shall be registered in the Securities
Register.

     "Senior and Subordinated Debt" means the principal of (and premium, if any)
and interest, if any (including interest accruing on or after the filing of any
petition in bankruptcy or for reorganization relating to the Company whether or
not such claim for post-petition interest is allowed in such proceeding), on
Debt, whether incurred on or prior to the date of this Indenture or thereafter
incurred, unless, in the instrument creating or evidencing the same or pursuant
to which the same is outstanding, it is provided that such obligations are not
superior in right of payment to the Junior Subordinated Debentures or to other
Debt which is pari passu with, or subordinated to, the Junior Subordinated
Debentures; provided, however, that Senior and Subordinated Debt shall not be
deemed to include (i) any Debt of the Company which when incurred and without
respect to any election under section 1111(b) of the United States Bankruptcy
Code of 1978, as amended, was without recourse to the Company, (ii) any Debt of
the Company to any of its subsidiaries, (iii) any Debt to any employee of the
Company, (iv) any Debt which by its terms is subordinated to trade accounts
payable or accrued liabilities arising in the ordinary course of business to the
extent that payments made to the holders of such Debt by the holders of the
Junior Subordinated Debentures as a result of the subordination provisions of
this Indenture would be greater than they otherwise would have been as a result
of any obligation of such holders to pay amounts over to the obligees on such
trade accounts payable or accrued liabilities arising in the ordinary course of
business as a result of subordination provisions to which such Debt is subject,
(v) the Capital Securities Guarantee, and (vi) any other debt securities issued
pursuant to this Indenture.

                                        6
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     "Special Event" means a Tax Event, an Investment Company Event or a Capital
Treatment Event.

     "Subsidiary" means, with respect to any Person, (i) any corporation at
least a majority of whose outstanding Voting Stock shall at the time be owned,
directly or indirectly, by such Person, or by one or more of its Subsidiaries,
or by such Person and one or more of its Subsidiaries, (ii) any general
partnership, joint venture or similar entity, at least a majority of whose
outstanding partnership or similar interests shall at the time be owned by such
Person, or by one or more of its Subsidiaries, or by such Person and one or more
of its Subsidiaries and (iii) any limited partnership of which such Person or
any of its Subsidiaries is a general partner.

     "Tax Event" means the receipt by the Company and the Trust of an Opinion of
Counsel experienced in such matters to the effect that, as a result of any
amendment to, or change (including any announced prospective change) in, the
laws (or any regulations thereunder) of the United States or any political
subdivision or taxing authority thereof or therein, or as a result of any
official administrative pronouncement or judicial decision interpreting or
applying such laws or regulations, which amendment or change is effective or
which pronouncement or decision is announced on or after the date of issuance of
the Junior Subordinated Debentures there is more than an insubstantial risk that
(i) interest payable by the Company on the Junior Subordinated Debentures is
not, or within 90 days after the date of such Opinion of Counsel will not be,
deductible by the Company, in whole or in part, for United States federal income
tax purposes; (ii) the Trust is, or will be within 90 days after the date of
such Opinion of Counsel, subject to United States federal income tax with
respect to income received or accrued on the Junior Subordinated Debentures, or
(iii) the Trust is, or will be within 90 days after the date of such Opinion of
Counsel, subject to more than a de minimis amount of other taxes, duties,
assessments or other governmental charges.

     "Trust" means CFB Capital ___, a Delaware statutory business trust created
for the purpose of issuing Trust Securities in connection with the issuance of
Junior Subordinated Debentures under this Indenture.

     "Trust Agreement" means the Amended and Restated Trust Agreement, dated as
of __________, 2002, of the Trust.

     "Trustee" means Wilmington Trust Company and, subject to the provisions of
Article Nine, shall also include its successors and assigns, and, if at any time
there is more than one Person acting in such capacity hereunder, "Trustee" shall
mean each such Person.

     "Trust Indenture Act," means the Trust Indenture Act of 1939 as in force at
the date of execution of this Indenture; 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.

     "Trust Securities" means Common Securities and Capital Securities of the
Trust.

                                   ARTICLE II
                DESCRIPTION, TERMS, CONDITIONS, REGISTRATION AND
                 EXCHANGE OF THE JUNIOR SUBORDINATED DEBENTURES

                                       7
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     2.1     DESIGNATION AND PRINCIPAL AMOUNT. There is hereby authorized a
series of Securities designated the "___% Junior Subordinated Debentures due
2032", limited in aggregate principal amount to $__________, which amount shall
be as set forth in any written order of the Company for the authentication and
delivery of Junior Subordinated Debentures pursuant to Section 8.2 of this
Indenture.

     2.2     MATURITY.

     (a) The Maturity Date will be either:

             (i)   the Scheduled Maturity Date; or

             (ii)  if the Company elects to accelerate the Maturity Date to be a
     date prior to the Scheduled Maturity Date in accordance with Section
     2.2(b), the Accelerated Maturity Date.

     (b) The Company may, at any time before the day which is 90 days before the
Scheduled Maturity Date, elect to shorten the Maturity Date only once to the
Accelerated Maturity Date, provided that the Company has received the prior
approval of the Federal Reserve if then required under applicable capital
guidelines or policies of the Federal Reserve.

     (c) If the Company elects to accelerate the Maturity Date in accordance
with Section 2.2(b), the Company shall give notice to the registered holders of
the Junior Subordinated Debentures, the Property Trustee and the Trust of the
acceleration of the Maturity Date and the Accelerated Maturity Date at least 90
days before the Accelerated Maturity Date.

     2.3     FORM AND PAYMENT. Except as provided in Section 2.4, the Junior
Subordinated Debentures shall be issued in fully registered certificated form
without interest coupons. Principal and interest on the Junior Subordinated
Debentures issued in certificated form will be payable, the transfer of such
Junior Subordinated Debentures will be registrable and such Junior Subordinated
Debentures will be exchangeable for Junior Subordinated Debentures bearing
identical terms and provisions at the office or agency of the Trustee; provided,
however, that payment of interest may be made at the option of the Company by
check mailed to the Holder at such address as shall appear in the Securities
Register. Notwithstanding the foregoing, so long as the Holder of any Junior
Subordinated Debentures is the Property Trustee, the payment of the principal of
and interest (including Compounded Interest and Additional Sums, if any) on such
Junior Subordinated Debentures held by the Property Trustee will be made at such
place and to such account as may be designated by the Property Trustee.

     2.4     GLOBAL SUBORDINATED DEBENTURE.

     (a)     In connection with a Dissolution Event.

                                        8
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             (i)  the Junior Subordinated Debentures in certificated form may be
     presented to the Trustee by the Property Trustee in exchange for a global
     Junior Subordinated Debenture in an aggregate principal amount equal to the
     aggregate principal amount of all outstanding Junior Subordinated
     Debentures (a "Global Subordinated Debenture"), to be registered in the
     name of the Depositary, or its nominee, and delivered by the Trustee to the
     Depositary for crediting to the accounts of its participants pursuant to
     the instructions of the Administrative Trustees. The Company upon any such
     presentation shall execute a Global Subordinated Debenture in such
     aggregate principal amount and deliver the same to the Trustee for
     authentication and delivery in accordance with this Indenture. Payments on
     the Junior Subordinated Debentures issued as a Global Subordinated
     Debenture will be made to the Depositary; and

             (ii) if any Capital Securities are held in non book-entry
     certificated form, the Junior Subordinated Debentures in certificated form
     may be presented to the Trustee by the Property Trustee and any Capital
     Securities Certificate which represents Capital Securities other than
     Capital Securities held by the Depositary or its nominee ("Non Book-Entry
     Capital Securities") will be deemed to represent beneficial interests in
     Junior Subordinated Debentures presented to the Trustee by the Property
     Trustee having an aggregate principal amount equal to the aggregate
     Liquidation Amount of the Non Book-Entry Capital Securities until such
     Capital Securities Certificates are presented to the Securities Registrar
     for transfer or reissuance at which time such Capital Securities
     Certificates will be canceled and a Junior Subordinated Debenture,
     registered in the name of the holder of the Capital Securities Certificate
     or the transferee of the holder of such Capital Securities Certificate, as
     the case may be, with an aggregate principal amount equal to the aggregate
     Liquidation Amount of the Capital Securities Certificate canceled, will be
     executed by the Company and delivered to the Trustee for authentication and
     delivery in accordance with this Indenture. On issue of such Junior
     Subordinated Debentures, Junior Subordinated Debentures with an equivalent
     aggregate principal amount that were presented by the Property Trustee to
     the Trustee will be deemed to have been canceled.

     (b)     A Global Subordinated Debenture may be transferred, in whole but
not in part, only to another nominee of the Depositary, or to a successor
Depositary selected or approved by the Company or to a nominee of such successor
Depositary.

                                        9
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     (c)     If at any time the Depositary notifies the Company that it is
unwilling or unable to continue as Depositary or if at any time the Depositary
for such series shall no longer be registered or in good standing under the
Exchange Act or other applicable statute or regulation, and a successor
Depositary for such series is not appointed by the Company within 90 days after
the Company receives such notice or becomes aware of such condition, as the case
may be, the Company will execute, and the Trustee, upon written notice from the
Company, will authenticate and deliver the Junior Subordinated Debentures in
definitive registered form without coupons, in authorized denominations, and in
an aggregate principal amount equal to the principal amount of the Global
Subordinated Debenture in exchange for such Global Junior Subordinated
Debenture. In addition, the Company may at any time determine that the Junior
Subordinated Debentures shall no longer be represented by a Global Subordinated
Debenture. In such event the Company will execute, and the Trustee, upon receipt
of an Officers' Certificate evidencing such determination by the Company, will
authenticate and deliver the Junior Subordinated Debentures in definitive
registered form without coupons, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of the Global
Subordinated Debenture in exchange for such Global Subordinated Debenture. Upon
the exchange of the Global Subordinated Debenture for such Junior Subordinated
Debentures in definitive registered form without coupons, in authorized
denominations, the Global Subordinated Debenture shall be canceled by the
Trustee. Such Junior Subordinated Debentures in definitive registered form
issued in exchange for the Global Subordinated Debenture shall be registered in
such names and in such authorized denominations as the Depositary, pursuant to
instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee. The Trustee shall deliver such Junior Subordinated
Debentures to the Depositary for delivery to the Persons in whose names such
Junior Subordinated Debentures are so registered.

                                       10
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     2.5     INTEREST.

     (a) Each Junior Subordinated Debenture will bear interest at the rate of
___% per annum (the "Coupon Rate") from the original date of issuance until the
principal thereof becomes due and payable, and on any overdue principal and (to
the extent that payment of such interest is enforceable under applicable law) on
any overdue installment of interest at the Coupon Rate, compounded quarterly,
payable (subject to the provisions of Article Four) quarterly in arrears on the
15th day of April, July, October, and January in each year (each, an "Interest
Payment Date"), commencing on April 15, 2002, to the Person in whose name such
Junior Subordinated Debenture or any predecessor Junior Subordinated Debenture
is registered, at the close of business on the regular record date for such
interest installment, which, in respect of (i) Junior Subordinated Debentures of
which the Property Trustee is the Holder and the Capital Securities are in
book-entry only form or (ii) a Global Subordinated Debenture, shall be the close
of business on the Business Day next preceding that Interest Payment Date.
Notwithstanding the foregoing sentence, if (i) the Junior Subordinated
Debentures are held by the Property Trustee and the Capital Securities are no
longer in book-entry only form or (ii) the Junior Subordinated Debentures are
not represented by a Global Subordinated Debenture, the record date for such
interest installment which shall be the 1st day of the month in which such
payment is to be made. The amount of each interest payment due with respect to
the Junior Subordinated Debentures will include amounts accrued through the date
the interest payment is due.

     (b) The amount of interest payable for any period will be computed on the
basis of a 360-day year of twelve 30-day months. Except as provided in the
following sentence, the amount of interest payable for any period shorter than a
full quarterly period for which interest is computed will be computed on the
basis of the actual number of days elapsed in such a quarterly period. In the
event that any date on which interest is payable on the Junior Subordinated
Debentures is not a Business Day, then payment of interest payable on such date
will be made on the next succeeding day which is a Business Day (and without any
interest or other payment in respect of any such delay), except that, if such
Business Day is in the next succeeding calendar year, such payment shall be made
on the immediately preceding Business Day, in each case with the same force and
effect as if made on such date.

     (c) If, at any time while the Property Trustee is the Holder of any Junior
Subordinated Debentures, the Trust or the Property Trustee is required to pay
any taxes, duties, assessments or governmental charges of whatever nature (other
than withholding taxes) imposed by the United States, or any other taxing
authority, then, in any case, the Company will pay as additional interest
("Additional Sums") on the Junior Subordinated Debentures held by the Property
Trustee such additional amounts as shall be required so that the net amounts
received and retained by the Trust and the Property Trustee after paying such
taxes, duties, assessments or other governmental charges will be equal to the
amounts the Trust and the Property Trustee would have received had no such
taxes, duties, assessments or other government charges been imposed.

     2.6     EXECUTION, AUTHENTICATION, DELIVERY AND DATING. The Junior
Subordinated Debentures shall be executed on behalf of the Company by its
President or any Vice President and attested by its Secretary or Assistant
Secretary. The signature of any of these officers on the Subordinated Debentures
may be manual or facsimile.

     Junior Subordinated Debentures bearing the manual or facsimile signatures
of individuals who were at any time the proper officers of the Company shall
bind the Company, notwithstanding that such individuals or any of them have
ceased to hold such offices prior to the authentication and delivery of

                                       11
<Page>

such Junior Subordinated Debentures or did not hold such offices at the date of
such Junior Subordinated Debentures.

     At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Junior Subordinated Debentures executed by
the Company to the Trustee for authentication, together with a Company order for
the authentication and delivery of such Junior Subordinated Debentures. The
Trustee in accordance with such Company order shall authenticate and deliver
such Junior Subordinated Debentures as in this Indenture provided and not
otherwise.

     Upon the initial issuance, each Junior Subordinated Debentures shall be
dated __________, 2002, and thereafter Junior Subordinated Debentures issued
hereunder shall be dated the date of their authentication.

     No Junior Subordinated Debenture shall be entitled to any benefit under
this Indenture or be valid or obligatory for any purpose unless there appears on
such Junior Subordinated Debenture a certificate of authentication substantially
in the form provided for herein executed by the Trustee by manual signature, and
such certificate upon any Junior Subordinated Debenture shall be conclusive
evidence, and the only evidence, that such Junior Subordinated Debenture has
been duly authenticated and delivered hereunder and is entitled to the benefits
of this Indenture.

     2.7     REGISTRATION AND TRANSFER. The Company shall cause to be kept at
the Corporate Trust Office of the Trustee a register (the register maintained in
such office or any other office or agency pursuant to Section 5.2 being herein
sometimes referred to as the "Securities Register") in which, subject to such
reasonable regulations as it may prescribe, the Company shall provide for the
registration of the Junior Subordinated Debentures and of transfers of the
Junior Subordinated Debentures. The Trustee is hereby appointed "Securities
Registrar" for the purpose of registering the Junior Subordinated Debentures and
transfers of the Junior Subordinated Debentures as herein provided.

     Upon surrender for registration of transfer of any Junior Subordinated
Debenture at an office or agency of the Company designated pursuant to Section
5.2 for such purpose, the Company shall execute, and the Trustee shall
authenticate and deliver, in the name of the designated transferee or
transferees, a new Junior Subordinated Debenture of the authorized denomination.

     All Junior Subordinated Debentures issued upon any registration of transfer
of Junior Subordinated Debentures shall be valid obligations of the Company,
evidencing the same debt and entitled to the same benefits under this Indenture
as the Junior Subordinated Debentures surrendered upon such registration of
transfer.

     Every Junior Subordinated Debenture presented or surrendered for
registration of transfer shall be duly endorsed for transfer (if so required by
the Company or the Trustee), or shall be accompanied by a written instrument of
transfer in form satisfactory to the Company and the Securities Registrar duly
executed by the Holder thereof or such Holder's attorney duly authorized in
writing.

     No service charge shall be made for any registration of transfer of Junior
Subordinated Debentures, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer of Junior Subordinated Debentures.

                                       12
<Page>

     The Company shall not be required to issue or register the transfer of any
Junior Subordinated Debenture during a period beginning at the opening of
business 15 days before the day of the mailing of a notice of redemption of
Junior Subordinated Debentures selected for redemption pursuant to Article Three
and ending at the close of business on the day of such mailing.

     2.8     MUTILATED, DESTROYED, LOST AND STOLEN JUNIOR SUBORDINATED
DEBENTURES. If any mutilated Junior Subordinated Debenture is surrendered to the
Trustee, the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a new Junior Subordinated Debenture of like tenor
and principal amount and bearing a number not contemporaneously outstanding.

     If there shall be delivered to the Company and the Trustee (i) evidence to
their satisfaction of the destruction, loss or theft of any Junior Subordinated
Debenture and (ii) such security or indemnity as may be required by them to save
each of them harmless, then, in the absence of notice to the Company or the
Trustee that such Junior Subordinated Debenture has been acquired by a bona fide
purchaser, the Company shall execute and upon its request the Trustee shall
authenticate and deliver, in lieu of any such destroyed, lost or stolen Junior
Subordinated Debenture, a new Junior Subordinated Debenture of like tenor and
principal amount and bearing a number not contemporaneously outstanding.

     In case any such mutilated, destroyed, lost or stolen Junior Subordinated
Debenture has become or is about to become due and payable, the Company in its
discretion may, instead of issuing a new Junior Subordinated Debenture, pay such
Junior Subordinated Debenture.

     Upon the issuance of any new Junior Subordinated Debenture under this
Section, the Company may require the payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in relation thereto and any
other expenses (including the fees and expenses of the Trustee) connected
therewith.

     Every new Junior Subordinated Debenture issued pursuant to this Section in
lieu of any destroyed, lost or stolen Junior Subordinated Debenture shall
constitute an original additional contractual obligation of the Company, whether
or not the destroyed, lost or stolen Junior Subordinated Debenture shall be at
any time enforceable by anyone, and shall be entitled to all of the benefits of
this Indenture.

     The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Junior Subordinated Debentures.

                                  ARTICLE III
                  REDEMPTION OF JUNIOR SUBORDINATED DEBENTURES

     3.1     REDEMPTION. Subject to the Company having received prior approval
of the Federal Reserve, if then required under the applicable capital guidelines
or policies of the Federal Reserve, the Company may redeem the Junior
Subordinated Debentures in accordance with this Article Three.

     3.2     SPECIAL EVENT REDEMPTION. Subject to the Company having received
the prior approval of the Federal Reserve, if then required under the applicable
capital guidelines or policies of the Federal Reserve, if a Special Event has
occurred and is continuing, then, notwithstanding Section 3.3, the Company shall
have the right upon not less than 30 days nor more than 60 days notice to the
Holders of the Junior Subordinated Debentures to redeem the Junior Subordinated
Debentures, in whole but not in part, for cash within 90 days following the
occurrence of such Special Event (the "90-Day Period") at the

                                       13
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Redemption Price, provided that if at the time there is available to the Company
the opportunity to eliminate, within the 90-Day Period, the Tax Event by taking
some ministerial action ("Ministerial Action"), such as filing a form or making
an election, or pursuing some other similar reasonable measure which has no
adverse effect on the Company, the Trust or the Holders of the Trust Securities
issued by the Trust, the Company shall pursue such Ministerial Action in lieu of
redemption, and, provided, further, that the Company shall have no right to
redeem the Junior Subordinated Debentures while the Trust is pursuing any
Ministerial Action pursuant to its obligations under the Trust Agreement. The
Redemption Price shall be paid prior to 2:00 p.m., Minneapolis time, on the date
of such redemption or such earlier time as the Company determines, provided that
the Company shall deposit with the Trustee an amount sufficient to pay the
Redemption Price by 12:00 noon, Minneapolis time, on the date such Redemption
Price is to be paid.

     3.3     OPTIONAL REDEMPTION BY COMPANY.

     (a) Except as otherwise may be specified in this Indenture, the Company
shall have the right to redeem the Junior Subordinated Debentures, in whole or
in part, from time to time, on or after ________, 2007, at the Redemption Price.
Any redemption pursuant to this Section 3.3 will be made upon not less than 30
days nor more than 60 days notice to the Holder of the Junior Subordinated
Debentures, at the Redemption Price. If the Junior Subordinated Debentures are
only partially redeemed pursuant to this Section 3.3, the Junior Subordinated
Debentures will be redeemed pro rata or by lot or by any other method utilized
by the Trustee; provided, that if at the time of redemption the Junior
Subordinated Debentures are registered as a Global Subordinated Debenture, the
Depositary shall determine, in accordance with its procedures, the principal
amount of such Junior Subordinated Debentures held by each Holder of Junior
Subordinated Debentures to be redeemed. The Redemption Price shall be paid prior
to 2:00 p.m., Minneapolis time, on the date of such redemption or at such
earlier time as the Company determines provided that the Company shall deposit
with the Trustee an amount sufficient to pay the Redemption Price by 12:00 noon,
Minneapolis time, on the date such Redemption Price is to be paid.

     (b) If a partial redemption of the Junior Subordinated Debentures would
result in the delisting of the Capital Securities issued by the Trust from the
Nasdaq National Market or any national securities exchange or other organization
on which the Capital Securities may then be listed, if any, the Company shall
not be permitted to effect such partial redemption and may only redeem the
Junior Subordinated Debentures in whole.

     3.4     NOTICE OF REDEMPTION.

                                       14
<Page>

     (a) In case the Company shall desire to exercise such right to redeem all
or, as the case may be, a portion of the Junior Subordinated Debentures in
accordance with the right reserved so to do, the Company shall, or shall cause
the Trustee to, give notice of such redemption to Holders of the Junior
Subordinated Debentures to be redeemed by mailing, first class postage prepaid,
a notice of such redemption not less than 30 days and not more than 60 days
before the date fixed for redemption to such Holders at their last addresses as
they shall appear upon the Securities Register. Any notice that is mailed in the
manner herein provided shall be conclusively presumed to have been duly given,
whether or not the registered Holder receives the notice. In any case, failure
duly to give such notice to the Holder of any Junior Subordinated Debenture
designated for redemption in whole or in part, or any defect in the notice,
shall not affect the validity of the proceedings for the redemption of any other
Junior Subordinated Debentures. In the case of any redemption of Junior
Subordinated Debentures prior to the expiration of any restriction on such
redemption provided elsewhere in this Indenture, the Company shall furnish the
Trustee with an Officers' Certificate evidencing compliance with any such
restriction.

     Each such notice of redemption shall specify the date fixed for redemption
and the Redemption Price, and shall state that payment of the Redemption Price
of such Junior Subordinated Debentures to be redeemed will be made at the office
or agency of the Company in Fargo, North Dakota, upon presentation and surrender
of such Junior Subordinated Debentures, that interest accrued to the date fixed
for redemption will be paid as specified in said notice, that from and after
said date interest will cease to accrue. If less than all the Junior
Subordinated Debentures are to be redeemed, the notice to the Holders of Junior
Subordinated Debentures to be redeemed in whole or in part shall specify the
particular Junior Subordinated Debentures to be so redeemed. In case any Junior
Subordinated Debenture is to be redeemed in part only, the notice that relates
to such Junior Subordinated Debenture shall state the portion of the principal
amount thereof to be redeemed, and shall state that on and after the redemption
date, upon surrender of such Junior Subordinated Debenture, a new Junior
Subordinated Debenture or Junior Subordinated Debentures in principal amount
equal to the unredeemed portion thereof shall be issued to the Holder.

     (b) If less than all the Junior Subordinated Debentures are to be redeemed,
the Company shall give the Trustee at least 45 days' notice in advance of the
date fixed for redemption as to the aggregate principal amount of Junior
Subordinated Debentures to be redeemed, and thereupon the Trustee shall select,
by lot or in such other manner as it shall deem appropriate and fair in its
discretion and that may provide for the selection of a portion or portions
(equal to twenty-five U.S. dollars ($25) or any integral multiple thereof), the
Junior Subordinated Debentures to be redeemed and shall thereafter promptly
notify the Company in writing of the numbers of the Junior Subordinated
Debentures to be redeemed, in whole or in part.

     The Company may, if and whenever it shall so elect, by delivery of
instructions signed on its behalf by its President or any Vice President,
instruct the Trustee or any paying agent to call all or any part of the Junior
Subordinated Debentures for redemption and to give notice of redemption in the
manner set forth in this Section, such notice to be in the name of the Company
or in the name of the Trustee or the paying agent, as the Trustee or such paying
agent may deem advisable. In any case in which notice of redemption is to be
given by the Trustee or any such paying agent, the Company shall deliver or
cause to be delivered to, or permit to remain with, the Trustee or such paying
agent, as the case may be, such Securities Register, transfer books or other
records, or suitable copies or extracts therefrom, sufficient to enable the
Trustee or such paying agent to give any notice by mail that may be required
under the provisions of this Section.

                                       15
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     3.5     PAYMENT UPON REDEMPTION.

     (a) If the giving of notice of redemption shall have been completed as
above provided, the Junior Subordinated Debentures or portions of Junior
Subordinated Debentures to be redeemed specified in such notice shall become due
and payable on the date and at the place stated in such notice at the Redemption
Price (which includes interest accrued to the date fixed for redemption) and
interest on such Junior Subordinated Debentures or portions of Junior
Subordinated Debentures shall cease to accrue on and after the date fixed for
redemption, unless the Company shall default in the payment of such Redemption
Price with respect to any such Junior Subordinated Debenture or portion thereof.
On presentation and surrender of such Junior Subordinated Debentures on or after
the date fixed for redemption at the place of payment specified in the notice,
such Junior Subordinated Debentures shall be paid and redeemed at the Redemption
Price (which includes the interest accrued thereon to the date fixed for
redemption) (but if the date fixed for redemption is an Interest Payment Date,
the interest installment payable on such date shall be payable to the registered
Holder at the close of business on the applicable record date pursuant to
Section 2.5(a)).

     (b) Upon presentation of any Junior Subordinated Debenture that is to be
redeemed in part only, the Company shall execute and the Trustee shall
authenticate and the office or agency where the Junior Subordinated Debenture is
presented shall deliver to the Holder thereof, at the expense of the Company, a
new Junior Subordinated Debenture or Junior Subordinated Debentures of
authorized denominations in principal amount equal to the unredeemed portion of
the Junior Subordinated Debenture so presented.

     3.6     NO SINKING FUND. The Junior Subordinated Debentures are not
entitled to the benefit of any sinking fund.

                                   ARTICLE IV
                      EXTENSION OF INTEREST PAYMENT PERIOD

     4.1     EXTENSION OF INTEREST PAYMENT PERIOD. So long as no Event of
Default has occurred and is continuing, the Company shall have the right, at any
time and from time to time during the term of the Junior Subordinated
Debentures, to defer payments of interest by extending the interest payment
period of such Junior Subordinated Debentures for a period not exceeding 20
consecutive quarters (the "Extended Interest Payment Period"), during which
Extended Interest Payment Period no interest shall be due and payable; provided
that no Extended Interest Payment Period may extend beyond the Maturity Date. To
the extent permitted by applicable law, interest, the payment of which has been
deferred because of the extension of the interest payment period pursuant to
this Section 4.1, will bear interest thereon at the Coupon Rate compounded
quarterly for each quarter of the Extended Interest Payment Period ("Compounded
Interest"). At the end of the Extended Interest Payment Period, the Company
shall pay all interest accrued and unpaid on the Junior Subordinated Debentures,
including any Additional Sums and Compounded Interest (together, "Deferred
Interest") that shall be payable to the Holders of the Junior Subordinated
Debentures in whose names the Subordinated Debentures are registered in the
Securities Register on the first record date after the end of the Extended
Interest Payment Period. Before the termination of any Extended Interest Payment
Period, the Company may further extend such period, provided that such period
together with all such further extensions thereof shall not exceed 20
consecutive quarters, or extend beyond the Maturity Date. Upon the termination
of any Extended Interest Payment Period and upon the payment of all Deferred
Interest then due, the Company may commence a new Extended Interest Payment
Period, subject to the foregoing requirements. No interest shall be due and
payable during an Extended Interest Payment Period, except at the end thereof,
but the Company may prepay at any time all or any portion of the interest
accrued during an Extended Interest Payment Period.

                                       16
<Page>

     4.2     NOTICE OF EXTENSION.

     (a) If the Property Trustee is the only registered Holder of the Junior
Subordinated Debentures at the time the Company selects an Extended Interest
Payment Period, the Company shall give written notice to the Administrative
Trustees, the Property Trustee and the Trustee of its selection of such Extended
Interest Payment Period one Business Day before the earlier of (i) the next
succeeding date on which Distributions are payable, or (ii) the date the Trust
is required to give notice of the record date, or the date such Distributions
are payable, to the Capital Securities holders or to the Nasdaq National Market
or other applicable self regulatory organization, if any, but in any event at
least one Business Day before such record date.

     (b) If the Property Trustee is not the only Holder of the Junior
Subordinated Debentures at the time the Company selects an Extended Interest
Payment Period, the Company shall give the Holders of the Junior Subordinated
Debentures and the Trustee written notice of its selection of such Extended
Interest Payment Period at least one Business Day before the earlier of (i) the
next succeeding Interest Payment Date, or (ii) the date the Company is required
to give notice of the record or payment date of such interest payment to the
Holders of the Junior Subordinated Debentures or to the Nasdaq National Market
or other applicable self regulatory organization, if any.

     (c) The quarter in which any notice is given pursuant to paragraph (a) or
paragraph (b) of this Section 4.2 shall be counted as one of the 20 quarters
permitted in the maximum Extended Interest Payment Period permitted under
Section 4.1.

     4.3     LIMITATION OF TRANSACTIONS DURING EXTENSION. If: (i) the Company
shall exercise its right to defer payment of interest as provided in Section
4.1; or (ii) there shall have occurred any Event of Default, then the Company
shall be subject to the restrictions on payments set forth under Section 5.6.

                                   ARTICLE V
                      PARTICULAR COVENANTS OF THE COMPANY

     5.1     PAYMENT OF PRINCIPAL AND INTEREST. The Company will duly and
punctually pay or cause to be paid the principal of and interest on the Junior
Subordinated Debentures at the time and place and in the manner provided herein
and established with respect to such Junior Subordinated Debentures.

     5.2     MAINTENANCE OF AGENCY. So long as any Junior Subordinated
Debentures remain Outstanding, the Company agrees to maintain an office or
agency in Fargo, North Dakota, or at such other location or locations as may be
designated as provided in this Section 5.2, where (i) Junior Subordinated
Debentures may be presented for payment, (ii) Junior Subordinated Debentures may
be presented as hereinabove authorized for registration of transfer and
exchange, and (iii) notices and demands to or upon the Company in respect of the
Junior Subordinated Debentures and this Indenture may be given or served, such
designation to continue with respect to such office or agency until the Company
shall, by written notice signed by its President or a Vice President and
delivered to the Trustee, designate some other office or agency for such
purposes or any of them. If at any time the Company shall fail to maintain any
such required office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, notices and demands may be made or served
at the Corporate Trust Office of the Trustee, and the Company hereby appoints
the Trustee as its agent to receive all such presentations, notices and demands.

                                       17
<Page>

     5.3     PAYING AGENTS.

     (a) If the Company shall appoint one or more paying agents for the Junior
Subordinated Debentures, other than the Trustee, the Company will cause each
such paying agent to execute and deliver to the Trustee an instrument in which
such agent shall agree with the Trustee, subject to the provisions of this
Section:

             (i)   that it will hold all sums held by it as such agent for the
     payment of the principal of or interest on the Junior Subordinated
     Debentures (whether such sums have been paid to it by the Company or by any
     other obligor) in trust for the benefit of the Persons entitled thereto;

             (ii)  that it will give the Trustee notice of any failure by the
     Company (or by any other obligor) to make any payment of the principal of
     or interest on the Junior Subordinated Debentures when the same shall be
     due and payable;

             (iii) that it will, at any time during the continuance of any
     failure referred to in the preceding paragraph (a)(ii) above, upon the
     written request of the Trustee, forthwith pay to the Trustee all sums so
     held in trust by such paying agent; and

             (iv)  that it will perform all other duties of paying agent as set
     forth in this Indenture.

     (b) If the Company shall act as its own paying agent with respect to the
Junior Subordinated Debentures, it will on or before each due date of the
principal of or interest on Junior Subordinated Debentures, set aside, segregate
and hold in trust for the benefit of the Persons entitled thereto a sum
sufficient to pay such principal or interest so becoming due until such sums
shall be paid to such Persons or otherwise disposed of as herein provided and
will promptly notify the Trustee of such action, or any failure (by it or any
other obligor) to take such action. Whenever the Company shall have one or more
paying agents for the Junior Subordinated Debentures, it will, prior to each due
date of the principal of or interest on the Junior Subordinated Debentures,
deposit with the paying agent a sum sufficient to pay the principal or interest
so becoming due, such sum to be held in trust for the benefit of the Persons
entitled to such principal or interest, and (unless such paying agent is the
Trustee) the Company will promptly notify the Trustee of this action or failure
so to act.

     (c) Notwithstanding anything in this Section to the contrary, (i) the
agreement to hold sums in trust as provided in this Section is subject to the
provisions of Section 13.5, and (ii) the Company may at any time, for the
purpose of obtaining the satisfaction and discharge of this Indenture or for any
other purpose, pay, or direct any paying agent to pay, to the Trustee all sums
held in trust by the Company or such paying agent, such sums to be held by the
Trustee upon the same terms and conditions as those upon which such sums were
held by the Company or such paying agent; and, upon such payment by any paying
agent to the Trustee, such paying agent shall be released from all further
liability with respect to such money.

     5.4     APPOINTMENT TO FILL VACANCY IN OFFICE OF TRUSTEE. The Company,
whenever necessary to avoid or fill a vacancy in the office of Trustee, will
appoint, in the manner provided in Section 9.10, a Trustee, so that there shall
at all times be a Trustee hereunder.

     5.5     COMPLIANCE WITH CONSOLIDATION PROVISIONS. The Company will not,
while any of the Junior Subordinated Debentures remain Outstanding, consolidate
with, or merge into, or merge into itself,

                                       18
<Page>

or sell or convey all or substantially all of its property to any other company
unless the provisions of Article Twelve hereof are complied with.

     5.6     RESTRICTIONS ON CERTAIN PAYMENTS. If at any time (i) there shall
have occurred any event of which the Company has actual knowledge that (a) with
the giving of notice or the lapse of time, or both, would constitute an Event of
Default and (b) in respect to which the Company shall not have taken reasonable
steps to cure, or (ii) the Company shall have given notice of its election of an
Extended Interest Payment Period as provided herein with respect to the Junior
Subordinated Debentures and shall not have rescinded such notice, or such
Extended Interest Payment Period, or any extension thereof, shall be continuing;
or (iii) while the Junior Subordinated Debentures are held by the Trust, the
Company shall be in default with respect to its payment of any obligation under
the Capital Securities Guarantee, then the Company will not (1) 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 or (2)
make any payment of principal, interest or premium, if any, on or repay,
repurchase or redeem any debt securities of the Company (including the Junior
Subordinated Debentures) that rank pari passu with or junior in interest to the
Junior Subordinated Debentures or make any guarantee payments with respect to
any guarantee by the Company of the debt securities of any subsidiary of the
Company if such guarantee ranks pari passu or junior in interest to the Junior
Subordinated Debentures (other than (a) dividends or distributions in common
stock, (b) any declaration of a dividend in connection with the implementation
of a shareholders' rights plan, or the issuance of stock under any such plan in
the future or the redemption or repurchase of any such rights pursuant thereto,
(c) payments under the Capital Securities Guarantee and (d) purchases of common
stock related to the issuance of common stock or rights under any of the
Company's benefit plans for its directors, officers or employees).

     5.7     COVENANTS AS TO THE TRUST. For so long as the Trust Securities of
the Trust remain outstanding, the Company will (i) maintain 100% direct or
indirect ownership of the Common Securities of the Trust; provided, however,
that any permitted successor of the Company under this Indenture may succeed to
the Company's ownership of the Common Securities, (ii) use its reasonable
efforts to cause the Trust (a) to remain a statutory business trust, except in
connection with a distribution of Securities, the redemption of all of the Trust
Securities of the Trust or certain mergers, consolidations or amalgamations,
each as permitted by the Trust Agreement, and (b) to otherwise continue not to
be treated as an association taxable as a corporation or partnership for United
States federal income tax purposes and (iii) to use its reasonable efforts to
cause each Holder of Trust Securities to be treated as owning an individual
beneficial interest in the Securities.

     If the Junior Subordinated Debentures are to be issued as a Global
Subordinated Debenture in connection with the distribution of the Junior
Subordinated Debentures to the holders of the Capital Securities issued by the
Trust upon a Dissolution Event, the Company will use its best efforts to list
such Junior Subordinated Debentures on the Nasdaq National Market or on such
other exchange as the Capital Securities may then be listed.

                                   ARTICLE VI
                       SECURITYHOLDERS' LISTS AND REPORTS
                         BY THE COMPANY AND THE TRUSTEE

     6.1     COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF SECURITYHOLDERS.
The Company will furnish or cause to be furnished to the Trustee (a) on a
monthly basis on each regular record date (as defined in Section 2.5(a)) a list,
in such form as the Trustee may reasonably require, of the names and addresses
of the Holders as of such regular record date, provided that the Company shall
not

                                       19
<Page>

be obligated to furnish or cause to furnish such list at any time that the list
shall not differ in any respect from the most recent list furnished to the
Trustee by the Company and (b) at such other times as the Trustee may request in
writing within 30 days after the receipt by the Company of any such request, a
list of similar form and content as of a date not more than 15 days prior to the
time such list is furnished; provided, however, that, in either case, no such
list need be furnished if the Trustee shall be the Security Registrar.

     6.2     PRESERVATION OF INFORMATION; COMMUNICATIONS WITH SECURITYHOLDERS.

     The Trustee shall preserve, in as current a form as is reasonably
practicable, all information as to the names and addresses of the Holders
contained in the most recent list furnished to it as provided in Section 6.1 and
as to the names and addresses of Holders received by the Trustee in its capacity
as Security Registrar (if acting in such capacity).

     The Trustee may destroy any list furnished to it as provided in Section 6.1
upon receipt of a new list so furnished.

     Securityholders may communicate as provided in Section 312(b) of the Trust
Indenture Act with other Securityholders with respect to their rights under this
Indenture or under the Junior Subordinated Debentures.

     6.3     REPORTS BY THE COMPANY.

     The Company covenants and agrees to file with the Trustee, within 15 days
after the Company is required to file the same with the Commission, copies of
the annual reports and of the information, documents and other reports (or
copies of such portions of any of the foregoing as the Commission may from time
to time by rules and regulations prescribe) that the Company may be required to
file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange
Act; or, if the Company is not required to file information, documents or
reports pursuant to either of such sections, then to file with the Trustee and
the Commission, in accordance with the rules and regulations prescribed from
time to time by the Commission, such of the supplementary and periodic
information, documents and reports that may be required pursuant to any
applicable rules and regulations of the Commission.

     The Company covenants and agrees to file with the Trustee and the
Commission, in accordance with the rules and regulations prescribed from to time
by the Commission, such additional information, documents and reports with
respect to compliance by the Company with the conditions and covenants provided
for in this Indenture as may be required from time to time by such rules and
regulations.

     The Company covenants and agrees to transmit by mail, first-class postage
prepaid, or reputable over-night delivery service that provides for evidence of
receipt, to the Securityholders, as their names and addresses appear upon the
Securities Register, within 30 days after the filing thereof with the Trustee,
such summaries of any information, documents and reports required to be filed by
the Company pursuant to subsections (a) and (b) of this Section as may be
required by rules and regulations prescribed from time to time by the
Commission.

     6.4     REPORTS BY THE TRUSTEE.

     On or before January 31 in each year in which any of the Junior
Subordinated Debentures are Outstanding, the Trustee shall transmit by mail,
first class postage prepaid, to the Securityholders, as their

                                       20
<Page>

names and addresses appear upon the Securities Register, a brief report dated as
of the preceding December 31, if and to the extent required under Section 313(a)
of the Trust Indenture Act.

     The Trustee shall comply with Section 313(b) and 313(c) of the Trust
Indenture Act.

     A copy of each such report shall, at the time of such transmission to
Securityholders, be filed by the Trustee with the Company, and also with the
Commission.

                                  ARTICLE VII
                           REMEDIES OF THE TRUSTEE AND
                      SECURITYHOLDERS ON EVENT OF DEFAULT

     7.1     EVENTS OF DEFAULT.

     (a) Whenever used herein, "Event of Default" means any one or more of the
following events that has occurred and is continuing:

             (i)     the Company defaults in the payment of any installment of
     interest upon any of the Junior Subordinated Debentures, as and when the
     same shall become due and payable, and continuance of such default for a
     period of 30 days; provided, however, that a valid extension of an interest
     payment period by the Company in accordance with the terms of this
     Indenture shall not constitute a default in the payment of interest for
     this purpose;

             (ii)    the Company defaults in the payment of the principal of any
     of the Junior Subordinated Debentures as and when the same shall become due
     and payable whether at maturity, upon redemption, by declaration or
     otherwise;

             (iii)   the Company fails to observe or perform any other of its
     covenants or agreements hereunder with respect to the Junior Subordinated
     Debentures for a period of 90 days after the date on which written notice
     of such failure, requiring the same to be remedied and stating that such
     notice is a "Notice of Default" hereunder, shall have been given to the
     Company by the Trustee, by registered or certified mail, or to the Company
     and the Trustee by the Holders of at least 25% in principal amount of the
     Junior Subordinated Debentures at the time Outstanding;

             (iv)    the Company pursuant to or within the meaning of any
     Bankruptcy Law (1) commences a voluntary case, (2) consents to the entry of
     an order for relief against it in an involuntary case, (3) consents to the
     appointment of a custodian of it or for all or substantially all of its
     property or (4) makes a general assignment for the benefit of its
     creditors;

             (v)     a court of competent jurisdiction enters an order under any
     Bankruptcy Law that (1) is for relief against the Company in an involuntary
     case, (2) appoints a custodian of the Company for all or substantially all
     of its property, or (3) orders the liquidation of the Company, and the
     order or decree remains unstayed and in effect for 90 days; or

             (vi)    in the event Junior Subordinated Debentures are issued to
     the Trust or a trustee of the Trust in connection with the issuance of
     Trust Securities by the Trust, the Trust shall have voluntarily or
     involuntarily dissolved, wound-up its business or otherwise terminated its
     existence, except in connection with (1) the distribution of Junior
     Subordinated Debentures to holders of Trust Securities in liquidation of
     their interests in the Trust, (2) the redemption of all of

                                       21
<Page>

     the outstanding Trust Securities of the Trust or (3) certain mergers,
     consolidations or amalgamations, each as permitted by the Trust Agreement.

     (b) In each and every such case, unless the principal of all the Junior
Subordinated Debentures shall have already become due and payable, either the
Trustee or the Holders of not less than 25% in aggregate principal amount of the
Junior Subordinated Debentures then Outstanding hereunder, by notice in writing
to the Company (and to the Trustee if given by such Securityholders) may declare
the principal of all the Junior Subordinated Debentures to be due and payable
immediately, and upon any such declaration the same shall become and shall be
immediately due and payable, notwithstanding anything contained in this
Indenture or in the Junior Subordinated Debentures to the contrary.

     (c) At any time after the principal of the Junior Subordinated Debentures
shall have been so declared due and payable, and before any judgment or decree
for the payment of the moneys due shall have been obtained or entered as
hereinafter provided, the Holders of a majority in aggregate principal amount of
the Junior Subordinated Debentures then Outstanding, by written notice to the
Company and the Trustee, may rescind and annul such declaration and its
consequences if: (i) the Company has paid or deposited with the Trustee a sum
sufficient to pay all matured installments of interest upon all the Junior
Subordinated Debentures and the principal of any and all Junior Subordinated
Debentures that shall have become due otherwise than by acceleration (with
interest upon such principal and, to the extent that such payment is enforceable
under applicable law, upon overdue installments of interest, at the rate per
annum expressed in the Junior Subordinated Debentures to the date of such
payment or deposit) and the amount payable to the Trustee under Section 9.6, and
(ii) any and all Events of Default under this Indenture, other than the
nonpayment of principal on Junior Subordinated Debentures that shall not have
become due by their terms, shall have been remedied or waived as provided in
Section 7.6. Should the Holders fail to annul such declaration and waive such
default, then the holders of a majority in aggregate Liquidation Amount of the
Capital Securities shall have such right.

     No such rescission and annulment shall extend to or shall affect any
subsequent default or impair any right consequent thereon.

     (d) In case the Trustee shall have proceeded to enforce any right with
respect to Junior Subordinated Debentures under this Indenture and such
proceedings shall have been discontinued or abandoned because of such rescission
or annulment or for any other reason or shall have been determined adversely to
the Trustee, then and in every such case the Company and the Trustee shall be
restored respectively to their former positions and rights hereunder, and all
rights, remedies and powers of the Company and the Trustee shall continue as
though no such proceedings had been taken.

     7.2     COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE.

     (a) The Company covenants that (i) in case it shall default in the payment
of any installment of interest on any of the Junior Subordinated Debentures as
and when the same shall have become due and payable, and such default shall have
continued for a period of 90 Business Days, or (ii) in case it shall default in
the payment of the principal of any of the Junior Subordinated Debentures when
the same shall have become due and payable, whether upon maturity of the Junior
Subordinated Debentures or upon redemption or upon declaration or otherwise,
then, upon demand of the Trustee, the Company will pay to the Trustee, for the
benefit of the Holders of the Junior Subordinated Debentures, the whole amount
that then shall have become due and payable on all such Junior Subordinated
Debentures for principal or interest, or both, as the case may be, with interest
upon the overdue principal and (to the extent that payment of such interest is
enforceable under applicable law and, if the Junior Subordinated Debentures

                                       22
<Page>

are held by the Trust or a trustee of the Trust, without duplication of any
other amounts paid by the Trust or trustee in respect thereof) upon overdue
installments of interest at the rate per annum expressed in the Junior
Subordinated Debentures; and, in addition thereto, such further amount as shall
be sufficient to cover the costs and expenses of collection, and the amount
payable to the Trustee under Section 9.6.

     (b) If the Company shall fail to pay such amounts forthwith upon such
demand, the Trustee, in its own name and as trustee of an express trust, shall
be entitled and empowered to institute any action or proceedings at law or in
equity for the collection of the sums so due and unpaid, and may prosecute any
such action or proceeding to judgment or final decree, and may enforce any such
judgment or final decree against the Company or other obligor upon the Junior
Subordinated Debentures and collect the moneys adjudged or decreed to be payable
in the manner provided by law out of the property of the Company or other
obligor upon the Junior Subordinated Debentures, wherever situated.

     (c) In case of any receivership, insolvency, liquidation, bankruptcy,
reorganization, readjustment, arrangement, composition or judicial proceedings
affecting the Company or the creditors or property of either, the Trustee shall
have power to intervene in such proceedings and take any action therein that may
be permitted by the court and shall (except as may be otherwise provided by law)
be entitled to file such proofs of claim and other papers and documents as may
be necessary or advisable in order to have the claims of the Trustee and of the
Holders of Junior Subordinated Debentures allowed for the entire amount due and
payable by the Company under this Indenture at the date of institution of such
proceedings and for any additional amount that may become due and payable by the
Company after such date, and to collect and receive any moneys or other property
payable or deliverable on any such claim, and to distribute the same after the
deduction of the amount payable to the Trustee under Section 9.6; and any
receiver, assignee or trustee in bankruptcy or reorganization is hereby
authorized by each of the Holders to make such payments to the Trustee, and, in
the event that the Trustee shall consent to the making of such payments directly
to such Securityholders, to pay to the Trustee any amount due it under Section
9.6.

     (d) All rights of action and of asserting claims under this Indenture may
be enforced by the Trustee without the possession of any of the Junior
Subordinated Debentures, or the production thereof at any trial or other
proceeding relative thereto, and any such suit or proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and any
recovery of judgment shall, after provision for payment to the Trustee of any
amounts due under Section 9.6, be for the ratable benefit of the Holders of the
Junior Subordinated Debentures.

     In case of an Event of Default hereunder, the Trustee may in its discretion
proceed to protect and enforce the rights vested in it by this Indenture by such
appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any of such rights, either at law or in equity or in
bankruptcy or otherwise, whether for the specific enforcement of any covenant or
agreement contained in this Indenture or in aid of the exercise of any power
granted in this Indenture, or to enforce any other legal or equitable right
vested in the Trustee by this Indenture or by law.

     Nothing contained herein shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Securityholder any
plan of reorganization, arrangement, adjustment or composition affecting the
Junior Subordinated Debentures or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Securityholder in
any such proceeding.

     7.3     APPLICATION OF MONEYS COLLECTED. Any moneys collected by the
Trustee pursuant to this Article with respect to the Junior Subordinated
Debentures shall be applied in the following order, at the

                                       23
<Page>

date or dates fixed by the Trustee and, in case of the distribution of such
moneys on account of principal or interest, upon presentation of the Junior
Subordinated Debentures, and notation thereon the payment, if only partially
paid, and upon surrender thereof if fully paid:

     FIRST: To the payment of costs and expenses of collection and of all
amounts payable to the Trustee under Section 9.6;

     SECOND: To the payment of all Senior and Subordinated Debt of the Company
if and to the extent required by Article Sixteen; and

     THIRD: To the payment of the amounts then due and unpaid upon Junior
Subordinated Debentures for principal and interest, in respect of which or for
the benefit of which such money has been collected, ratably, without preference
or priority of any kind, according to the amounts due and payable on such Junior
Subordinated Debentures for principal and interest, respectively.

     7.4     LIMITATION ON SUITS. No Holder shall have any right by virtue of or
by availing any provision of this Indenture to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this Indenture
or for the appointment of a receiver or trustee, or for any other remedy
hereunder, unless (i) such Holder previously shall have given to the Trustee
written notice of an Event of Default and of the continuance thereof; (ii) the
Holders of not less than 25% in aggregate principal amount of the Junior
Subordinated Debentures then Outstanding shall have made written request upon
the Trustee to institute such action, suit or proceeding in its own name as
trustee hereunder; (iii) such Holder or Holders shall have offered to the
Trustee such reasonable indemnity as it may require against the costs, expenses
and liabilities to be incurred therein or thereby; and (iv) the Trustee for 60
days after its receipt of such notice, request and offer of indemnity shall have
failed to institute any such action, suit or proceeding; and (v) during such 60
day period, the Holders of a majority in principal amount of the Junior
Subordinated Debentures do not give the Trustee a direction inconsistent with
the request.

     Notwithstanding any other provisions of this Indenture to the contrary, the
right of any Holder to receive payment of the principal of and interest on the
Junior Subordinated Debentures on or after the respective due dates (or in the
case of redemption, on the redemption date), or to institute suit for the
enforcement of any such payment on or after such respective dates or redemption
date, shall not be impaired or affected without the consent of such Holder; and
by accepting a Junior Subordinated Debenture hereunder it is expressly
understood, intended and covenanted by the Holder thereof with every other such
Holder and the Trustee, that no one or more Holders shall have any right in any
manner whatsoever by virtue of or by availing any provision of this Indenture to
affect, disturb or prejudice the rights of any other Holders, or to obtain or
seek to obtain priority over or preference to any such other Holders, or to
enforce any right under this Indenture, except in the manner herein provided and
for the equal, ratable and common benefit of all Holders of Junior Subordinated
Debentures. For the protection and enforcement of the provisions of this
Section, each and every Securityholder and the Trustee shall be entitled to such
relief as can be given either at law or in equity.

     7.5     RIGHTS AND REMEDIES CUMULATIVE; DELAY OR OMISSION NOT WAIVER.

     (a) Except as otherwise provided in Section 7.2, all powers and remedies
given by this Article to the Trustee or to the Securityholders shall, to the
extent permitted by law, be deemed cumulative and not exclusive of any other
powers and remedies available to the Trustee or the Holders of the Junior
Subordinated Debentures, by judicial proceedings or otherwise, to enforce the
performance or observance

                                       24
<Page>

of the covenants and agreements contained in this Indenture or otherwise
established with respect to such Junior Subordinated Debentures.

     (b) No delay or omission of the Trustee or of any Holder of any of the
Junior Subordinated Debentures to exercise any right or power accruing upon any
Event of Default occurring and continuing as aforesaid shall impair any such
right or power, or shall be construed to be a waiver of any such default or on
acquiescence therein; and, subject to the provisions of Section 7.4, every power
and remedy given by this Article or by law to the Trustee or the Securityholders
may be exercised from time to time, and as often as shall be deemed expedient,
by the Trustee or by the Securityholders.

     7.6     CONTROL BY SECURITYHOLDERS. The Holders of a majority in aggregate
principal amount of the Junior Subordinated Debentures at the time Outstanding,
determined in accordance with Section 10.4, shall have the right to direct the
time, method and place of conducting any proceeding for any remedy available to
the Trustee, or exercising any trust or power conferred on the Trustee;
provided, however, that such direction shall not be in conflict with any rule of
law or with this Indenture. Subject to the provisions of Section 9.1, the
Trustee shall have the right to decline to follow any such direction if the
Trustee in good faith shall, by a Responsible Officer or Officers of the
Trustee, determine that the proceeding so directed would involve the Trustee in
personal liability. The Holders of a majority in aggregate principal amount of
the Junior Subordinated Debentures at the time Outstanding affected thereby,
determined in accordance with Section 10.4, may on behalf of the Holders of all
of the Junior Subordinated Debentures waive any past default in the performance
of any of the covenants contained herein and its consequences, except (i) a
default in the payment of the principal of or interest on any of the Junior
Subordinated Debentures as and when the same shall become due by its terms
otherwise than by acceleration (unless such default has been cured and a sum
sufficient to pay all matured installments of interest and principal has been
deposited with the Trustee (in accordance with Section 7.1(c)), (ii) a default
in the covenants contained in Section 5.6 or (iii) in respect of a covenant or
provision hereof which under Article Eleven cannot be modified or amended
without the consent of the Holder of each Outstanding Junior Subordinated
Debenture affected; provided, however, that if the Junior Subordinated
Debentures are held by the Trust or a Trustee of the Trust, such waiver or
modification to such waiver shall not be effective until the Holders of a
majority in Liquidation Amount of Trust Securities of the Trust shall have
consented to such waiver or modification to such waiver; provided further, that
if the consent of the Holder of each Outstanding Junior Subordinated Debentures
is required, such waiver shall not be effective until each Holder of the Trust
Securities of the Trust shall have consented to such waiver. Upon any such
waiver, the default covered thereby shall be deemed to be cured for all purposes
of this Indenture and the Company, the Trustee and the Holders of the Junior
Subordinated Debentures shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any subsequent or
other default or impair any right consequent thereon.

     7.7     UNDERTAKING TO PAY COSTS. All parties to this Indenture agree, and
each Holder of any Junior Subordinated Debentures by such Holder's acceptance
thereof shall be deemed to have agreed, that any court may in its discretion
require, in any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken or omitted by
it as Trustee, the filing by any party litigant in such suit of an undertaking
to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys' fees, against any party
litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this
Section shall not apply to any suit instituted by the Trustee, to any suit
instituted by any Securityholder, or group of Securityholders, holding more than
10% in aggregate principal amount of the Outstanding Junior Subordinated
Debentures, or to any suit instituted by any Securityholder for the

                                       25
<Page>

enforcement of the payment of the principal of or interest on the Junior
Subordinated Debentures on or after the due dates thereof.

                                  ARTICLE VIII
            FORM OF JUNIOR SUBORDINATED DEBENTURE AND ORIGINAL ISSUE

     8.1     FORM OF JUNIOR SUBORDINATED DEBENTURE. The Junior Subordinated
Debenture and the Trustee's Certificate of Authentication to be endorsed thereon
are to be substantially in the forms contained as Exhibit A to this Indenture,
attached hereto and incorporated herein by reference.

     8.2     ORIGINAL ISSUE OF JUNIOR SUBORDINATED DEBENTURES. Junior
Subordinated Debentures in the aggregate principal amount of $__________ may,
upon execution of this Indenture, be executed by the Company and delivered to
the Trustee for authentication, and the Trustee shall thereupon authenticate and
deliver the Junior Subordinated Debentures to or upon the written order of the
Company, signed by its Chairman, its Vice Chairman, its President, any Vice
President or its Chief Financial Officer, without any further action by the
Company.

                                   ARTICLE IX
                             CONCERNING THE TRUSTEE

     9.1     CERTAIN DUTIES AND RESPONSIBILITIES OF THE TRUSTEE.

     (a) The Trustee, prior to the occurrence of an Event of Default and after
the curing of all Events of Default that may have occurred, shall undertake to
perform with respect to the Junior Subordinated Debentures such duties and only
such duties as are specifically set forth in this Indenture, and no implied
covenants shall be read into this Indenture against the Trustee. In case an
Event of Default has occurred (that has not been cured or waived), the Trustee
shall exercise such of the rights and powers vested in it by this Indenture, and
use the same degree of care and skill in their exercise as a prudent man would
exercise or use under the circumstances in the conduct of his own affairs.

     (b) No provision of this Indenture shall be construed to relieve the
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 an Event of Default and after the
     curing or waiving of all such Events of Default that may have occurred:

                  (1) the duties and obligations of the Trustee shall be
             determined solely by the express provisions of this Indenture, and
             the Trustee shall not be liable except for the performance of such
             duties and obligations as are specifically set forth in this
             Indenture, and no implied covenants or obligations shall be read
             into this Indenture against the Trustee; and

                  (2) in the absence of bad faith on the part of the Trustee,
             the 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 Trustee and
             conforming to the requirements of this Indenture; but in the case
             of any such certificates or opinions that by any provision hereof
             are specifically required to be furnished to the Trustee, the
             Trustee shall be under a duty to examine the same to determine
             whether or not they conform to the requirement of this Indenture;

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             (ii)  the Trustee shall not be liable for any error of judgment
     made in good faith by a Responsible Officer or Responsible  Officers of the
     Trustee,  unless it shall be  proved  that the  Trustee  was  negligent  in
     ascertaining the pertinent facts;

             (iii) the 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 not less than a majority in principal amount of
     the Junior Subordinated Debentures at the time Outstanding relating to the
     time, method and place of conducting any proceeding for any remedy
     available to the Trustee, or exercising any trust or power conferred upon
     the Trustee under this Indenture; and

             (iv)  none of the provisions contained in this Indenture shall
     require the 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 there is reasonable ground
     for believing that the repayment of such funds or liability is not
     reasonably assured to it under the terms of this Indenture or adequate
     indemnity against such risk is not reasonably assured to it.

     9.2 CERTAIN RIGHTS OF TRUSTEE. Except as otherwise provided in Section 9.1:

     (a) The Trustee may rely and shall be protected in acting or refraining
from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond, security 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) Any request, direction, order or demand of the Company mentioned herein
shall be sufficiently evidenced by a Board Resolution or an instrument signed in
the name of the Company by the President or any Vice President and by the
Secretary or an Assistant Secretary or the Chief Financial Officer thereof
(unless other evidence in respect thereof is specifically prescribed herein);

     (c) The Trustee may consult with counsel and the written advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken or suffered or omitted hereunder in
good faith and in reliance thereon;

     (d) The Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Indenture at the request, order or direction of
any of the Securityholders, pursuant to the provisions of this Indenture, unless
such Securityholders shall have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities that may be incurred
therein or thereby;

     (e) The Trustee shall not be liable for any action taken or omitted to be
taken by it in good faith and believed by it to be authorized or within the
discretion or rights or powers conferred upon it by this Indenture;

     (f) The Trustee shall not 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, security, or
other papers or documents, unless requested in writing so to do by the Holders
of not less than a majority in principal amount of the Outstanding Junior
Subordinated Debentures (determined as provided in Section 10.4); provided,
however, that if the payment within a reasonable time to the Trustee of the
costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to the
Trustee by the security afforded to it by the

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terms of this Indenture, the Trustee may require reasonable indemnity against
such costs, expenses or liabilities as a condition to so proceeding. The
reasonable expense of every such examination shall be paid by the Company or, if
paid by the Trustee, shall be repaid by the Company upon demand; and

     (g) The Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or
negligence on the part of any agent or attorney appointed with due care by it
hereunder.

     9.3     TRUSTEE NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF THE JUNIOR
SUBORDINATED DEBENTURES.

     (a) The recitals contained herein and in the Junior Subordinated Debentures
shall be taken as the statements of the Company and the Trustee assumes no
responsibility for the correctness of the same.

     (b) The Trustee makes no representations as to the validity or sufficiency
of this Indenture or of the Junior Subordinated Debentures.

     (c) The Trustee shall not be accountable for the use or application by the
Company of any of the Junior Subordinated Debentures or of the proceeds of such
Junior Subordinated Debentures, or for the use or application of any moneys paid
over by the Trustee in accordance with any provision of this Indenture, or for
the use or application of any moneys received by any paying agent other than the
Trustee.

     9.4     MAY HOLD JUNIOR SUBORDINATED DEBENTURES. The Trustee or any paying
agent or Securities Registrar, in its individual or any other capacity, may
become the owner or pledgee of Junior Subordinated Debentures with the same
rights it would have if it were not Trustee, paying agent or Securities
Registrar.

     9.5     MONEYS HELD IN TRUST. Subject to the provisions of Section 13.5,
all moneys received by the Trustee shall, until used or applied as herein
provided, be held in trust for the purposes for which they were received, but
need not be segregated from other funds except to the extent required by law.
The Trustee shall be under no liability for interest on any moneys received by
it hereunder except such as it may agree with the Company to pay thereon.

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     9.6     COMPENSATION AND REIMBURSEMENT.

     (a) The Company covenants and agrees to pay to the Trustee, and the Trustee
shall be entitled to, such reasonable compensation (which shall not be limited
by any provision of law in regard to the compensation of a trustee of an express
trust), as the Company and the Trustee may from time to time agree in writing,
for all services rendered by it in the execution of the trusts hereby created
and in the exercise and performance of any of the powers and duties hereunder of
the Trustee, and, except as otherwise expressly provided herein, the Company
will pay or reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with
any of the provisions of this Indenture (including the reasonable compensation
and the expenses and disbursements of its counsel and of all Persons not
regularly in its employ) except any such expense, disbursement or advance as may
arise from its negligence or bad faith. The Company also covenants to indemnify
the Trustee (and its officers, agents, directors and employees) for, and to hold
it harmless against, any loss, liability or expense incurred without negligence
or bad faith on the part of the Trustee and arising out of or in connection with
the acceptance or administration of this trust, including the costs and expenses
of defending itself against any claim of liability in the premises.

     (b) The obligations of the Company under this Section to compensate and
indemnify the Trustee and to pay or reimburse the Trustee for expenses,
disbursements and advances shall constitute additional indebtedness hereunder.
Such additional indebtedness shall be secured by a lien prior to that of the
Junior Subordinated Debentures upon all property and funds held or collected by
the Trustee as such, except funds held in trust for the benefit of the Holders
of the Junior Subordinated Debentures.

     9.7     RELIANCE ON OFFICERS' CERTIFICATE. Except as otherwise provided in
Section 9.1, whenever in the administration of the provisions of this Indenture
the Trustee shall deem it necessary or desirable that a matter be proved or
established prior to taking or suffering or omitting to take any action
hereunder, such matter (unless other evidence in respect thereof be herein
specifically prescribed) may, in the absence of negligence or bad faith on the
part of the Trustee, be deemed to be conclusively proved and established by an
Officers' Certificate delivered to the Trustee and such certificate, in the
absence of negligence or bad faith on the part of the Trustee, shall be full
warrant to the Trustee for any action taken, suffered or omitted to be taken by
it under the provisions of this Indenture upon the faith thereof.

     9.8     DISQUALIFICATION; CONFLICTING INTERESTS. If the Trustee has or
shall acquire any "conflicting interest" within the meaning of Section 310(b) of
the Trust Indenture Act, the Trustee and the Company shall in all respects
comply with the provisions of Section 310(b) of the Trust Indenture Act.

     9.9     CORPORATE TRUSTEE REQUIRED; ELIGIBILITY. There shall at all times
be a Trustee with respect to the Junior Subordinated Debentures issued hereunder
which shall at all times be a corporation organized and doing business under the
laws of the United States of America or any State or Territory thereof or of the
District of Columbia, or a corporation or other Person permitted to act as
trustee by the Commission, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least $50,000,000, and
subject to supervision or examination by Federal, State, Territorial, or
District of Columbia authority. If such corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such corporation shall be deemed to
be its combined capital and surplus as set forth in its most recent report of
condition so published. The Company may not, nor may any Person directly or
indirectly controlling, controlled by, or under common control with the Company,
serve as Trustee. In case at any time the Trustee shall cease to be eligible in

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accordance with the provisions of this Section, the Trustee shall resign
immediately in the manner and with the effect specified in Section 9.10.

     9.10    RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

     (a) The Trustee, or any successor hereafter appointed, may at any time
resign by giving written notice thereof to the Company and by transmitting
notice of resignation by mail, first-class postage prepaid, to the
Securityholders, as their names and addresses appear upon the Securities
Register. Upon receiving such notice of resignation, the Company shall promptly
appoint a successor trustee by written instrument, in duplicate, executed by
order of the Board of Directors, one copy of which instrument shall be delivered
to the resigning Trustee and one copy to the successor trustee. If no successor
trustee shall have been so appointed and have accepted appointment within 30
days after the mailing of such notice of resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of a successor
trustee, or any Securityholder who has been a bona fide Holder of Junior
Subordinated Debentures for at least six months may, subject to the provisions
of Section 7.7, on behalf of such Securityholder and all other Holders, petition
any such court for the appointment of a successor trustee. Such court may
thereupon, after such notice, if any, as it may deem proper and prescribe,
appoint a successor trustee.

     (b) In case at any time any one of the following shall occur:

             (i)   the Trustee shall fail to comply with the provisions of
     Section 9.8 after written request therefor by the Company or by any
     Securityholder who has been a bona fide Holder of Junior Subordinated
     Debentures for at least six months; or

             (ii)  the Trustee shall cease to be eligible in accordance with the
     provisions of Section 9.9 and shall fail to resign after written request
     therefor by the Company or by any such Securityholder; or

             (iii) the Trustee shall become incapable of acting, or shall be
     adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy
     proceeding, or a receiver of the Trustee or of its property shall be
     appointed or consented to, or any public officer shall take charge or
     control of the Trustee or of its property or affairs for the purpose of
     rehabilitation, conservation or liquidation, then, in any such case, the
     Company may remove the Trustee and appoint a successor trustee by written
     instrument, in duplicate, executed by order of the Board of Directors, one
     copy of which instrument shall be delivered to the Trustee so removed and
     one copy to the successor trustee, or, subject to the provisions of Section
     7.7, unless the Trustee's duty to resign is stayed as provided herein, any
     Securityholder who has been a bona fide Holder of Junior Subordinated
     Debentures for at least six months may, on behalf of that Holder and all
     other Holders, petition any court of competent jurisdiction for the removal
     of the Trustee and the appointment of a successor trustee. Such court may
     thereupon after such notice, if any, as it may deem proper and prescribe,
     remove the Trustee and appoint a successor trustee.

     (c) The Holders of a majority in aggregate principal amount of the Junior
Subordinated Debentures at the time Outstanding may at any time remove the
Trustee by so notifying the Trustee and the Company and may appoint a successor
Trustee with the consent of the Company.

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     (d) Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 9.11.

     9.11    ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

     (a) In case of the appointment hereunder of a successor trustee, every such
successor trustee so appointed shall execute, acknowledge and deliver to the
Company and to the retiring Trustee an instrument accepting such appointment,
and thereupon the resignation or removal of the retiring Trustee shall become
effective and such successor trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee; but, on the request of the Company or the successor
trustee, such retiring Trustee shall, upon payment of its charges, execute and
deliver an instrument transferring to such successor trustee all the rights,
powers, and trusts of the retiring Trustee and shall duly assign, transfer and
deliver to such successor trustee all property and money held by such retiring
Trustee hereunder.

     (b) Upon request of any such successor trustee, the Company shall execute
any and all instruments for more fully and certainly vesting in and confirming
to such successor trustee all such rights, powers and trusts referred to in
paragraph (a) of this Section.

     (c) No successor trustee shall accept its appointment unless at the time of
such acceptance such successor trustee shall be qualified and eligible under
this Article.

     (d) Upon acceptance of appointment by a successor trustee as provided in
this Section, the Company shall transmit notice of the succession of such
trustee hereunder by mail, first-class postage prepaid, to the Securityholders,
as their names and addresses appear upon the Securities Register. If the Company
fails to transmit such notice within ten days after acceptance of appointment by
the successor trustee, the successor trustee shall cause such notice to be
transmitted at the expense of the Company.

     9.12    MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS. Any
corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation
succeeding to the corporate trust business of the Trustee, shall be the
successor of the Trustee hereunder, provided that such corporation shall be
qualified and eligible under the provisions of this Article Nine, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding. In case any
Junior Subordinated Debentures shall have been authenticated, but not delivered,
by the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such authentication and
deliver the Junior Subordinated Debentures so authenticated with the same effect
as if such successor Trustee had itself authenticated such Junior Subordinated
Debentures.

     9.13    PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE COMPANY. The Trustee
shall comply with Section 311(a) of the Trust Indenture Act, excluding any
creditor relationship described in Section 311(b) of the Trust Indenture Act. A
Trustee who has resigned or been removed shall be subject to Section 311(a) of
the Trust Indenture Act to the extent included therein.

     9.14    APPOINTMENT OF AUTHENTICATING AGENT. At any time when any of the
Junior Subordinated Debentures remain Outstanding, the Trustee may appoint an
Authenticating Agent or Agents which shall be authorized to act on behalf of the
Trustee to authenticate Junior Subordinated

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Debentures issued upon original issuance, exchange, registration of transfer or
partial redemption thereof or pursuant to Section 2.8, and Junior Subordinated
Debentures so authenticated shall be entitled to the benefits of this Indenture
and shall be valid and obligatory for all purposes as if authenticated by the
Trustee hereunder. Wherever reference is made in this Indenture to the
authentication and delivery of Junior Subordinated Debentures by the Trustee or
the Trustee's certificate of authentication, such reference shall be deemed to
include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation organized and
doing business under the laws of the United States of America, any State thereof
or the District of Columbia, authorized under such laws to act as Authenticating
Agent, having a combined capital and surplus of not less than $10,000,000 and
subject to supervision or examination by Federal or State authority. If such
Authenticating Agent publishes reports of condition at least annually, pursuant
to law or to the requirements of such supervision or examining authority, for
the purposes of this Section, the combined capital and surplus of such
Authenticating Agent 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 an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.

     Any corporation into which an Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which such Authenticating Agent
shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible
under this Section, without the execution or filing of any paper or any further
act on the part of the Trustee or the Authenticating Agent.

     An Authenticating Agent may resign at any time by giving written notice
thereof to the Trustee and to the Company. The Trustee may at any time terminate
the agency of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the Company. Upon receiving such notice of
resignation or upon such termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this
Section, the Trustee may appoint a successor Authenticating Agent which shall be
acceptable to the Company and shall mail written notice of such appointment by
first-class mail, postage prepaid, to all Securityholders as their names and
addresses appear in the Securities Register. Any successor Authenticating Agent
upon acceptance of its appointment hereunder shall become vested with all the
rights, powers and duties of its predecessor hereunder, with the like effect as
if originally named as an Authenticating Agent herein. No successor
Authenticating Agent shall be appointed unless eligible under the provisions of
this Section.

     The Trustee agrees to pay to each Authenticating Agent from time to time
reasonable compensation for its services under this Section, and the Trustee
shall be entitled to be reimbursed for such payments, subject to the provisions
of Section 9.6.

     If an appointment is made pursuant to this Section, the Junior Subordinated
Debentures may have endorsed thereon, in lieu of the form of certificate of
authentication set forth in Section 8.1, a certificate of authentication in the
following form:

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             "This is one of the Junior Subordinated Debentures described in the
     within mentioned Indenture."

                                   ---------------------------------------------
                                   As Trustee

                                   By
                                     -------------------------------------------
                                     As Authenticating Agent

                                   By
                                     -------------------------------------------
                                     Authorized Signature

                                   ARTICLE X
                         CONCERNING THE SECURITYHOLDERS

     10.1    EVIDENCE OF ACTION BY SECURITYHOLDERS. Whenever in this Indenture
it is provided that the Holders of a majority or specified percentage in
aggregate principal amount of the Junior Subordinated Debentures may take any
action (including the making of any demand or request, the giving of any notice,
consent or waiver or the taking of any other action), the fact that at the time
of taking any such action the Holders of such majority or specified percentage
have joined therein may be evidenced by any instrument or any number of
instruments of similar tenor executed by such Holders in Person or by agent or
proxy appointed in writing.

     If the Company shall solicit from the Securityholders any request, demand,
authorization, direction, notice, consent, waiver or other action, the Company
may, at its option, as evidenced by an Officers' Certificate, fix in advance a
record date for the determination of Securityholders entitled to give such
request, demand, authorization, direction, notice, consent, waiver or other
action, but the Company shall have no obligation to do so. If such a record date
is fixed, such request, demand, authorization, direction, notice, consent,
waiver or other action may be given before or after the record date, but only
the Securityholders of record at the close of business on the record date shall
be deemed to be Securityholders for the purposes of determining whether
Securityholders of the requisite proportion of Outstanding Junior Subordinated
Debentures have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other action, and for that
purpose the Outstanding Junior Subordinated Debentures shall be computed as of
the record date; provided, however, that no such authorization, agreement or
consent by such Securityholders on the record date shall be deemed effective
unless it shall become effective pursuant to the provisions of this Indenture
not later than six months after the record date.

     10.2    PROOF OF EXECUTION BY SECURITYHOLDERS. Subject to the provisions of
Section 6.1, proof of the execution of any instrument by a Securityholder (such
proof will not require notarization) or his agent or proxy and proof of the
holding by any Person of any of the Junior Subordinated Debentures shall be
sufficient if made in the following manner:

     The fact and date of the execution by any such Person of any instrument may
be proved in any reasonable manner acceptable to the Trustee.

     The ownership of Junior Subordinated Debentures shall be proved by the
Securities Register or by a certificate of the Securities Registrar thereof.

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     The Trustee may require such additional proof of any matter referred to in
this Section as it shall deem necessary.

     10.3    WHO MAY BE DEEMED OWNERS. Prior to the due presentment for
registration of transfer of any Junior Subordinated Debenture, the Company, the
Trustee, any paying agent and any Securities Registrar may deem and treat the
Person in whose name such Junior Subordinated Debenture shall be registered upon
the books of the Company as the absolute owner of such Junior Subordinated
Debenture (whether or not such Junior Subordinated Debenture shall be overdue
and notwithstanding any notice of ownership or writing thereon made by anyone
other than the Securities Registrar) for the purpose of receiving payment of or
on account of the principal of and (subject to Section 2.3) interest on such
Junior Subordinated Debenture and for all other purposes; and neither the
Company nor the Trustee nor any paying agent nor any Securities Registrar shall
be affected by any notice to the contrary.

     10.4    CERTAIN JUNIOR SUBORDINATED DEBENTURES OWNED BY COMPANY DISREGARDED
In determining whether the Holders of the requisite aggregate principal amount
of Junior Subordinated Debentures have concurred in any direction, consent or
waiver under this Indenture, the Junior Subordinated Debentures that are owned
by the Company or any other obligor on the Junior Subordinated Debentures or by
any Person directly or indirectly controlling or controlled by or under common
control with the Company or any other obligor on the Junior Subordinated
Debentures shall be disregarded and deemed not to be Outstanding for the purpose
of any such determination, except that for the purpose of determining whether
the Trustee shall be protected in relying on any such direction, consent or
waiver, only Junior Subordinated Debentures that the Trustee actually knows are
so owned shall be so disregarded. The Junior Subordinated Debentures so owned
that have been pledged in good faith may be regarded as Outstanding for the
purposes of this Section, if the pledgee shall establish to the satisfaction of
the Trustee the pledgee's right with respect to such Junior Subordinated
Debentures and that the pledgee is not a Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the
Company or any such other obligor. In case of a dispute as to such right, any
decision by the Trustee taken upon the advice of counsel shall be full
protection to the Trustee.

     10.5    ACTIONS BINDING ON FUTURE SECURITYHOLDERS. At any time prior to
(but not after) the evidencing to the Trustee, as provided in Section 10.1, of
the taking of any action by the Holders of the majority or percentage in
aggregate principal amount of the Junior Subordinated Debentures specified in
this Indenture in connection with such action, any Holder who is shown by the
evidence to have consented to such action may, by filing written notice with the
Trustee, and upon proof of holding as provided in Section 10.2, revoke such
action so far as concerns such Holder's Junior Subordinated Debentures. Except
as aforesaid any such action taken by the Holder shall be conclusive and binding
upon such Holder and upon all future Holders and owners of such Holder's Junior
Subordinated Debentures, and of any Junior Subordinated Debentures issued in
exchange therefor, on registration of transfer thereof or in place thereof,
irrespective of whether or not any notation in regard thereto is made upon such
Junior Subordinated Debentures. Any action taken by the Holders of the majority
or percentage in aggregate principal amount of the Junior Subordinated
Debentures specified in this Indenture in connection with such action shall be
conclusively binding upon the Company, the Trustee and the Holders of all the
Junior Subordinated Debentures.

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                                   ARTICLE XI
                            SUPPLEMENTAL INDENTURES

     11.1    SUPPLEMENTAL INDENTURES WITHOUT THE CONSENT OF SECURITYHOLDERS. In
addition to any supplemental indenture otherwise authorized by this Indenture,
the Company and the Trustee may from time to time and at any time enter into an
indenture or indentures supplemental hereto (which shall conform to the
provisions of the Trust Indenture Act as then in effect), without the consent of
the Securityholders, for one or more of the following purposes:

     (a) to cure any ambiguity, defect, or inconsistency herein, or in the
Junior Subordinated Debentures, provided that any such action does not
materially adversely affect the interests of the Holders or the holders of the
Capital Securities so long as they remain outstanding;

     (b) to comply with Article Twelve;

     (c) to provide for uncertificated Junior Subordinated Debentures in
addition to or in place of certificated Junior Subordinated Debentures;

     (d) to add to the covenants of the Company for the benefit of the Holders
or to surrender any right or power herein conferred upon the Company;

     (e) to add to, delete from, or revise the conditions, limitations, and
restrictions on the authorized amount, terms, or purposes of issue,
authentication, and delivery of Junior Subordinated Debentures, as herein set
forth;

     (f) to make any change that does not adversely affect the rights of any
Securityholder in any material respect; or

     (g) to establish the form of any certifications required to be furnished
pursuant to the terms of this Indenture or to add to the rights of the Holders.

     The Trustee is hereby authorized to join with the Company in the execution
of any such supplemental indenture, and to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee shall
not be obligated to enter into any such supplemental indenture that affects the
Trustee's own rights, duties or immunities under this Indenture or otherwise.

     Any supplemental indenture authorized by the provisions of this Section may
be executed by the Company and the Trustee without the consent of the Holders of
any of the Junior Subordinated Debentures at the time Outstanding,
notwithstanding any of the provisions of Section 11.2.

     11.2    SUPPLEMENTAL INDENTURES WITH CONSENT OF SECURITYHOLDERS. With the
consent (evidenced as provided in Section 10.1) of the Holders of not less than
a majority in aggregate principal amount of the Junior Subordinated Debentures
at the time Outstanding, the Company, when authorized by Board Resolutions, and
the Trustee may from time to time and at any time enter into an indenture or
indentures supplemental hereto (which shall conform to the provisions of the
Trust Indenture Act as then in effect) for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this
Indenture or of any supplemental indenture or of modifying in any manner not
covered by Section 11.1 the rights of the Holders of the Junior Subordinated
Debentures under this Indenture; provided, however, that no such supplemental
indenture shall without the consent of the Holders of each

                                       35
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Junior Subordinated Debenture then Outstanding, (i) change the stated maturity
of the Junior Subordinated Debentures, or reduce the principal amount thereof,
or reduce the rate or extend the time of payment of interest thereon, or (ii)
reduce the percentage of principal amount of Junior Subordinated Debentures, the
Holders of which are required to consent to any such supplemental indenture;
provided, further, that if the Junior Subordinated Debentures are held by the
Trust or a trustee of the Trust, such supplemental indenture shall not be
effective until the holders of a majority in aggregate Liquidation Amount of
Capital Securities shall have consented to such supplemental indenture; provided
further, that if the consent of the Holder of each Outstanding Junior
Subordinated Debenture is required, such supplemental indenture shall not be
effective until each Holder of the Trust Securities shall have consented to such
supplemental indenture.

     It shall not be necessary for the consent of the Securityholders to approve
the particular form of any proposed supplemental indenture, but it shall be
sufficient if such consent shall approve the substance thereof.

     11.3    EFFECT OF SUPPLEMENTAL INDENTURES. Upon the execution of any
supplemental indenture pursuant to the provisions of this Article or of Section
12.1, this Indenture shall be and be deemed to be modified and amended in
accordance therewith.

     11.4    JUNIOR SUBORDINATED DEBENTURES AFFECTED BY SUPPLEMENTAL INDENTURES.
Junior Subordinated Debentures, affected by a supplemental indenture,
authenticated and delivered after the execution of such supplemental indenture
pursuant to the provisions of this Article or of Section 12.1, may bear a
notation in form approved by the Company, as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new Junior
Subordinated Debentures so modified as to conform, in the opinion of the Board
of Directors, to any modification of this Indenture contained in any such
supplemental indenture may be prepared by the Company, authenticated by the
Trustee and delivered in exchange for the Junior Subordinated Debentures then
Outstanding.

     11.5    EXECUTION OF SUPPLEMENTAL INDENTURES. Upon the request of the
Company, accompanied by Board Resolutions authorizing the execution of any such
supplemental indenture, and upon the filing with the Trustee of evidence of the
consent of Securityholders required to consent thereto as aforesaid, the Trustee
shall join with the Company in the execution of such supplemental indenture
unless such supplemental indenture affects the Trustee's own rights, duties or
immunities under this Indenture or otherwise, in which case the Trustee may in
its discretion but shall not be obligated to enter into such supplemental
indenture. The Trustee, subject to the provisions of Section 9.1, may receive an
Opinion of Counsel as conclusive evidence that any supplemental indenture
executed pursuant to this Article is authorized or permitted by, and conforms
to, the terms of this Article and that it is proper for the Trustee under the
provisions of this Article to join in the execution thereof.

     Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of this Section, the Trustee
shall transmit by mail, first-class postage prepaid, a notice, setting forth in
general terms the substance of such supplemental indenture, to the
Securityholders as their names and addresses appear upon the Securities
Register. Any failure of the Trustee to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such
supplemental indenture.

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                                  ARTICLE XII
                             SUCCESSOR CORPORATION

     12.1    COMPANY MAY CONSOLIDATE, ETC. The Company shall not consolidate
with or merge into any other Person or convey, transfer or lease its properties
and assets substantially as an entirety to any Person, and no Person shall
consolidate with or merge into the Company or convey, transfer or lease its
properties and assets substantially as an entirety to the Company, unless (i) in
case the Company consolidates with or merges into another Person or conveys or
transfers its properties and assets substantially as an entirety to any Person,
the successor Person is organized under the laws of the United States or any
state or the District of Columbia, and such successor Person expressly assumes
the Company's obligations on the Junior Subordinated Debentures issued under
this Indenture; (ii) immediately after giving effect thereto, no Event of
Default, and no event which, after notice or lapse of time or both, would become
an Event of Default, shall have occurred and be continuing; and (iii) such
successor Person expressly assumes the due and punctual performance and
observance of all the covenants and conditions of this Indenture to be kept and
performed by the Company by executing and delivering a supplemental indenture in
form and substance satisfactory to the Trustee.

     12.2    SUCCESSOR SUBSTITUTED.

     In case of any such consolidation, merger, sale, conveyance, transfer or
other disposition and upon the assumption by the successor Person by
supplemental indenture, executed and delivered to the Trustee and satisfactory
in form to the Trustee, of the due and punctual payment of the principal of and
interest on all of the Junior Subordinated Debentures Outstanding and the due
and punctual performance of all of the covenants and conditions of this
Indenture to be performed by the Company, such successor Person shall succeed to
and be substituted for the Company, with the same effect as if it had been named
as the Company herein, and thereupon the predecessor corporation shall be
relieved of all obligations and covenants under this Indenture and the Junior
Subordinated Debentures.

     In case of any such consolidation, merger, sale, conveyance, transfer or
other disposition such changes in phraseology and form (but not in substance)
may be made in the Junior Subordinated Debentures thereafter to be issued as may
be appropriate.

     12.3    EVIDENCE OF CONSOLIDATION, ETC., TO TRUSTEE. The Trustee, subject
to the provisions of Section 9.1, may receive an Opinion of Counsel as
conclusive evidence that any such consolidation, merger, sale, conveyance,
transfer or other disposition, and any such assumption, comply with the
provisions of this Article.

                                  ARTICLE XIII
                           SATISFACTION AND DISCHARGE

     13.1    SATISFACTION AND DISCHARGE OF INDENTURE. If at any time: (a) the
Company shall have delivered to the Trustee for cancellation all Junior
Subordinated Debentures theretofore authenticated (other than any Junior
Subordinated Debentures that shall have been destroyed, lost or stolen and that
shall have been replaced or paid as provided in Section 2.8) and Junior
Subordinated Debentures for whose payment money or Governmental Obligations have
theretofore been deposited in trust or segregated and held in trust by the
Company (and thereupon repaid to the Company or discharged from such trust, as
provided in Section 13.5); or (b) all such Junior Subordinated Debentures not
theretofore delivered to the Trustee for cancellation shall have become due and
payable, or are by their terms to become due and payable within one year or are
to be called for redemption within one year under

                                       37
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arrangements satisfactory to the Trustee for the giving of notice of redemption,
and the Company shall deposit or cause to be deposited with the Trustee as trust
funds the entire amount in moneys or Governmental Obligations sufficient or a
combination thereof sufficient, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay at maturity or upon redemption all Junior
Subordinated Debentures not theretofore delivered to the Trustee for
cancellation, including principal and interest due or to become due to such date
of maturity or date fixed for redemption, as the case may be, and if the Company
shall also pay or cause to be paid all other sums payable hereunder by the
Company; then this Indenture shall thereupon cease to be of further effect
except for the provisions of Sections 2.2, 2.3, 2.4, 2.5, 4.1, 4.2, 4.3 and
9.10, that shall survive until the date of maturity or redemption date, as the
case may be, and Sections 9.6 and 13.5, that shall survive to such date and
thereafter, and the Trustee, on demand of the Company and at the cost and
expense of the Company, shall execute proper instruments acknowledging
satisfaction of and discharging this Indenture.

     13.2    DISCHARGE OF OBLIGATIONS. If at any time all such Junior
Subordinated Debentures not theretofore delivered to the Trustee for
cancellation or that have not become due and payable as described in Section
13.1 shall have been paid by the Company by depositing irrevocably with the
Trustee as trust funds moneys or an amount of Governmental Obligations
sufficient to pay at maturity or upon redemption all such Junior Subordinated
Debentures not theretofore delivered to the Trustee for cancellation, including
principal and interest due or to become due to such date of maturity or date
fixed for redemption, as the case may be, and if the Company shall also pay or
cause to be paid all other sums payable hereunder by the Company, then after the
date such moneys or Governmental Obligations, as the case may be, are deposited
with the Trustee the obligations of the Company under this Indenture shall cease
to be of further effect except for the provisions of Sections 2.2, 2.3, 2.4,
2.5, 4.1, 4.2, 4.3, 9.6, 9.10 and 13.5 hereof that shall survive until such
Junior Subordinated Debentures shall mature and be paid. Thereafter, Sections
9.6 and 13.5 shall survive.

     13.3    DEPOSITED MONEYS TO BE HELD IN TRUST. All monies or Governmental
Obligations deposited with the Trustee pursuant to Sections 13.1 or 13.2 shall
be held in trust and shall be available for payment as due, either directly or
through any paying agent (including the Company acting as its own paying agent),
to the Holders of the Junior Subordinated Debentures for the payment or
redemption of which such moneys or Governmental Obligations have been deposited
with the Trustee.

     13.4    PAYMENT OF MONIES HELD BY PAYING AGENTS. In connection with the
satisfaction and discharge of this Indenture all moneys or Governmental
Obligations then held by any paying agent under the provisions of this Indenture
shall, upon demand of the Company, be paid to the Trustee and thereupon such
paying agent shall be released from all further liability with respect to such
moneys or Governmental Obligations.

     13.5    REPAYMENT TO COMPANY. Any monies or Governmental Obligations
deposited with any paying agent or the Trustee, or then held by the Company in
trust for payment of principal of or interest on the Junior Subordinated
Debentures that are not applied but remain unclaimed by the Holders of such
Junior Subordinated Debentures for at least two years after the date upon which
the principal of or interest on such Junior Subordinated Debentures shall have
respectively become due and payable, shall be repaid to the Company on _________
of each year or (if then held by the Company) shall be discharged from such
trust; and thereupon the paying agent and the Trustee shall be released from all
further liability with respect to such moneys or Governmental Obligations, and
the Holder of any of the Junior Subordinated Debentures entitled to receive such
payment shall thereafter, as an unsecured general creditor, look only to the
Company for the payment thereof.

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                                  ARTICLE XIV
                           IMMUNITY OF INCORPORATORS,
                      STOCKHOLDERS, OFFICERS AND DIRECTORS

     14.1    NO RECOURSE. No recourse under or upon any obligation, covenant or
agreement of this Indenture, or of any Junior Subordinated Debenture, or for any
claim based thereon or otherwise in respect thereof, shall be had against any
incorporator, stockholder, officer or director as such, past, present or future,
of the Company or of any predecessor or successor corporation, either directly
or through the Company or any such predecessor or successor corporation, whether
by virtue of any constitution, statute or rule of law, or by the enforcement of
any assessment or penalty or otherwise; it being expressly understood that this
Indenture and the obligations issued hereunder are solely corporate obligations,
and that no such personal liability whatever shall attach to, or is or shall be
incurred by, the incorporators, stockholders, officers or directors as such, of
the Company or of any predecessor or successor corporation, or any of them,
because of the creation of the indebtedness hereby authorized, or under or by
reason of the obligations, covenants or agreements contained in this Indenture
or in any of the Junior Subordinated Debentures or implied therefrom; and that
any and all such personal liability of every name and nature, either at common
law or in equity or by constitution or statute, of, and any and all such rights
and claims against, every such incorporator, stockholder, officer or director as
such, because of the creation of the indebtedness hereby authorized, or under or
by reason of the obligations, covenants or agreements contained in this
Indenture or in any of the Junior Subordinated Debentures or implied therefrom,
are hereby expressly waived and released as a condition of, and as a
consideration for, the execution of this Indenture and the issuance of such
Junior Subordinated Debentures.

                                   ARTICLE XV
                            MISCELLANEOUS PROVISIONS

     15.1    EFFECT ON SUCCESSORS AND ASSIGNS. All the covenants, stipulations,
promises and agreements in this Indenture contained by or on behalf of the
Company or the Trustee shall bind their respective successors and assigns,
whether so expressed or not.

     15.2    ACTIONS BY SUCCESSOR. Any act or proceeding by any provision of
this Indenture authorized or required to be done or performed by any board,
committee or officer of the Company shall and may be done and performed with
like force and effect by the corresponding board, committee or officer of any
corporation that shall at the time be the lawful sole successor of the Company.

     15.3    SURRENDER OF COMPANY POWERS. The Company by instrument in writing
executed by authority of 2/3 (two-thirds) of its Board of Directors and
delivered to the Trustee may surrender any of the powers reserved to the
Company, and thereupon such power so surrendered shall terminate both as to the
Company and as to any successor corporation.

     15.4    NOTICES. Except as otherwise expressly provided herein any notice
or demand that by any provision of this Indenture is required or permitted to be
given or served by the Trustee or by the Holders of Junior Subordinated
Debentures to or on the Company may be given or served by being deposited
first-class postage prepaid in a post-office letterbox addressed (until another
address is filed in writing by the Company with the Trustee), as follows: c/o
Community First Bankshares, Inc., 520 Main Avenue, Fargo, North Dakota, 58124,
Attention Chief Financial Officer. Any notice, election, request or demand by
the Company or any Securityholder to or upon the Trustee shall be deemed to have
been

                                       39
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sufficiently given or made, for all purposes, if given or made in writing
at the Corporate Trust Office of the Trustee.

     15.5    GOVERNING LAW. This Indenture and each Junior Subordinated
Debenture shall be deemed to be a contract made under the internal laws of
the State of Minnesota and for all purposes shall be construed in accordance
with the laws of said State; provided that the immunities and the standard of
care of the Trustee shall be governed by Delaware law.

     15.6    TREATMENT OF JUNIOR SUBORDINATED DEBENTURES AS DEBT. It is
intended that the Junior Subordinated Debentures will be treated as indebtedness
and not as equity for federal income tax purposes. The provisions of this
Indenture shall be interpreted to further this intention.

     15.7    COMPLIANCE CERTIFICATES AND OPINIONS.

     (a) Upon any application or demand by the Company to the Trustee to take
any action under any of the provisions of this Indenture, the Company shall
furnish to the Trustee an Officers' Certificate stating that all conditions
precedent provided for in this Indenture relating to the proposed action have
been complied with and an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent have been complied with, except that in
the case of any such application or demand as to which the furnishing of such
documents is specifically required by any provision of this Indenture relating
to such particular application or demand, no additional certificate or opinion
need be furnished.

     (b) Every certificate or opinion delivered to the Trustee with respect to
compliance with a condition or covenant in this Indenture shall include (1) a
statement that the Person making such certificate or opinion has read such
covenant or condition; (2) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; (3) a statement that, in the opinion of
such Person, such Person has made such examination or investigation as is
necessary to enable such Person to express an informed opinion as to whether or
not such covenant or condition has been complied with; and (4) a statement as to
whether or not, in the opinion of such Person, such condition or covenant has
been complied with.

     15.8    PAYMENTS ON BUSINESS DAYS. In any case where the date of maturity
of interest or principal of the Junior Subordinated Debentures or the date of
redemption of the Junior Subordinated Debentures shall not be a Business Day,
then payment of interest or principal will be made on the next succeeding
Business Day (without any additional interest or other payment in respect of any
such delay), except that, if such Business Day is in the next succeeding
calendar year, such payment shall be made on the immediately preceding Business
Day, in each case with the same force and effect as if made on the date such
payment was originally payable.

     15.9    CONFLICT WITH TRUST INDENTURE ACT. If and to the extent that any
provision of this Indenture limits, qualifies or conflicts with the duties
imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such
imposed duties shall control.

     15.10   COUNTERPARTS. This Indenture may be executed in any number of
counterparts, each of which shall be an original, but such counterparts shall
together constitute but one and the same instrument.

     15.11   SEPARABILITY. In case any one or more of the provisions contained
in this Indenture or in the Junior Subordinated Debentures shall for any reason
be held to be invalid, illegal or unenforceable in

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any respect, such invalidity, illegality or unenforceability shall not affect
any other provisions of this Indenture or of the Junior Subordinated Debentures,
but this Indenture and the Junior Subordinated Debentures shall be construed as
if such invalid or illegal or unenforceable provision had never been contained
herein or therein.

     15.12   ASSIGNMENT. The Company will have the right at all times to assign
any of its respective rights or obligations under this Indenture to a direct or
indirect wholly-owned Subsidiary of the Company, provided that, in the event of
any such assignment, the Company will remain liable for all such obligations.
Subject to the foregoing, this Indenture is binding upon and inures to the
benefit of the parties thereto and their respective successors and assigns. This
Indenture may not otherwise be assigned by the parties hereto.

     15.13   ACKNOWLEDGMENT OF RIGHTS. The Company acknowledges that, with
respect to any Junior Subordinated Debentures held by the Trust or a trustee of
the Trust, if the Property Trustee of the Trust fails to enforce its rights
under this Indenture as the Holder of the Junior Subordinated Debentures held as
the assets of the Trust, any holder of Capital Securities may institute legal
proceedings directly against the Company to enforce such Property Trustee's
rights under this Indenture without first instituting any legal proceedings
against such Property Trustee or any other person or entity. Notwithstanding the
foregoing, if an Event of Default has occurred and is continuing and such event
is attributable to the failure of the Company to pay interest or principal on
the Junior Subordinated Debentures on the date such interest or principal is
otherwise payable (or in the case of redemption, on the redemption date), the
Company acknowledges that a holder of Capital Securities may directly institute
a proceeding for enforcement of payment to such holder of the principal of or
interest on the Junior Subordinated Debentures having a principal amount equal
to the aggregate Liquidation Amount of the Capital Securities of such holder on
or after the respective due date specified in the Junior Subordinated
Debentures. This Section 15.13 may not be amended without the prior written
consent of the holders of all of the Capital Securities.

                                   ARTICLE XVI
                 SUBORDINATION OF JUNIOR SUBORDINATED DEBENTURES

     16.1    AGREEMENT TO SUBORDINATE. The Company covenants and agrees, and
each Holder of Junior Subordinated Debentures issued hereunder by such Holder's
acceptance thereof likewise covenants and agrees, that all Junior Subordinated
Debentures shall be issued subject to the provisions of this Article Sixteen;
and each Holder, whether upon original issue or upon transfer or assignment
thereof, accepts and agrees to be bound by such provisions.

     The payment by the Company of the principal of and interest on all Junior
Subordinated Debentures issued hereunder shall, to the extent and in the manner
hereinafter set forth, be subordinated and junior in right of payment to the
prior payment in full of all Senior and Subordinated Debt, whether outstanding
at the date of this Indenture or thereafter incurred.

     No provision of this Article Sixteen shall prevent the occurrence of any
default or Event of Default hereunder.

     16.2    DEFAULT ON SENIOR AND SUBORDINATED DEBT. In the event and during
the continuation of any default by the Company in the payment of principal,
premium, interest or any other payment due on any Senior and Subordinated Debt
of the Company or in the event that the maturity of any Senior and Subordinated
Debt of the Company has been accelerated because of a default, then, in either
case, no

                                       41
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payment shall be made by the Company with respect to the principal of or
interest on the Junior Subordinated Debentures.

     In the event that, notwithstanding the foregoing, any payment shall be
received by the Trustee when such payment is prohibited by the preceding
paragraph of this Section 16.2, such payment shall be held in trust for the
benefit of, and shall be paid over or delivered to, the holders of Senior and
Subordinated Debt or their respective representatives, or to the trustee or
trustees under any indenture pursuant to which any of such Senior and
Subordinated Debt may have been issued, as their respective interests may
appear, but only to the extent that the holders of the Senior and Subordinated
Debt (or their representative or representatives or a trustee) notify the
Trustee in writing within 90 days of such payment of the amounts then due and
owing on the Senior and Subordinated Debt and only the amounts specified in such
notice to the Trustee shall be paid to the holders of Senior and Subordinated
Debt.

     16.3    LIQUIDATION; DISSOLUTION; BANKRUPTCY. Upon any payment by the
Company or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, to creditors upon any dissolution or
winding-up or liquidation or reorganization of the Company, whether voluntary or
involuntary or in bankruptcy, insolvency, receivership or other proceedings, all
amounts due upon all Senior and Subordinated Debt of the Company shall first be
paid in full, or payment thereof provided for in money in accordance with its
terms, before any payment is made by the Company on account of the principal or
interest on the Junior Subordinated Debentures; and upon any such dissolution or
winding-up or liquidation or reorganization, any payment by the Company, or
distribution of assets of the Company of any kind or character, whether in cash,
property or securities, to which the Holders or the Trustee would be entitled to
receive from the Company, except for the provisions of this Article Sixteen,
shall be paid by the Company or by any receiver, trustee in bankruptcy,
liquidating trustee, agent or other Person making such payment or distribution,
or by the Holders or by the Trustee under the Indenture if received by them or
it, directly to the holders of Senior and Subordinated Debt of the Company (pro
rata to such holders on the basis of the respective amounts of Senior and
Subordinated Debt held by such holders, as calculated by the Company) or their
representative or representatives, or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing such Senior and
Subordinated Debt may have been issued, as their respective interests may
appear, to the extent necessary to pay such Senior and Subordinated Debt in
full, in money or money's worth, after giving effect to any concurrent payment
or distribution to or for the holders of such Senior and Subordinated Debt,
before any payment or distribution is made to the Holders or to the Trustee.

     In the event that, notwithstanding the foregoing, any payment or
distribution of assets of the Company of any kind or character, whether in cash,
property or securities, prohibited by the foregoing, shall be received by the
Trustee before all Senior and Subordinated Debt of the Company is paid in full,
or provision is made for such payment in money in accordance with its terms,
such payment or distribution shall be held in trust for the benefit of and shall
be paid over or delivered to the holders of such Senior and Subordinated Debt or
their representative or representatives, or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing such Senior and
Subordinated Debt may have been issued, and their respective interests may
appear, as calculated by the Company, for application to the payment of all
Senior and Subordinated Debt of the Company, as the case may be, remaining
unpaid to the extent necessary to pay such Senior and Subordinated Debt in full
in money in accordance with its terms, after giving effect to any concurrent
payment or distribution to or for the benefit of the holders of such Senior and
Subordinated Debt.

     For purposes of this Article Sixteen, the words "cash, property or
securities" shall not be deemed to include shares of stock of the Company as
reorganized or readjusted, or securities of the Company or

                                       42
<Page>

any other corporation provided for by a plan of reorganization or readjustment,
the payment of which is subordinated at least to the extent provided in this
Article Sixteen with respect to the Junior Subordinated Debentures to the
payment of all Senior and Subordinated Debt of the Company, as the case may be,
that may at the time be outstanding, provided that (i) such Senior and
Subordinated Debt is assumed by the new corporation, if any, resulting from any
such reorganization or readjustment, and (ii) the rights of the holders of such
Senior and Subordinated Debt are not, without the consent of such holders,
altered by such reorganization or readjustment. The consolidation of the Company
with, or the merger of the Company into, another corporation or the liquidation
or dissolution of the Company following the conveyance or transfer of its
property as an entirety, or substantially as an entirety, to another corporation
upon the terms and conditions provided for in Article Twelve of this Indenture
shall not be deemed a dissolution, winding-up, liquidation or reorganization for
the purposes of this Section 16.3 if such other corporation shall, as a part of
such consolidation, merger, conveyance or transfer, comply with the conditions
stated in Article Twelve of this Indenture. Nothing in Section 16.2 or in this
Section 16.3 shall apply to claims of, or payments to, the Trustee under or
pursuant to Section 9.6 of this Indenture.

     16.4    SUBROGATION. Subject to the payment in full of all Senior and
Subordinated Debt of the Company, the rights of the Holders of the Junior
Subordinated Debentures shall be subrogated to the rights of the holders of such
Senior and Subordinated Debt to receive payments or distributions of cash,
property or securities of the Company, as the case may be, applicable to such
Senior and Subordinated Debt until the principal of and interest on the Junior
Subordinated Debentures shall be paid in full; and, for the purposes of such
subrogation, no payments or distributions to the holders of such Senior and
Subordinated Debt of any cash, property or securities to which the Holders of
the Junior Subordinated Debentures or the Trustee would be entitled except for
the provisions of this Article Sixteen, and no payment over pursuant to the
provisions of this Article Sixteen to or for the benefit of the holders of such
Senior and Subordinated Debt by Holders of the Junior Subordinated Debentures or
the Trustee, shall, as between the Company, its creditors other than holders of
Senior and Subordinated Debt of the Company, and the Holders of the Junior
Subordinated Debentures, be deemed to be a payment by the Company to or on
account of such Senior and Subordinated Debt. It is understood that the
provisions of this Article Sixteen are and are intended solely for the purposes
of defining the relative rights of the Holders of the Junior Subordinated
Debentures, on the one hand, and the holders of such Senior and Subordinated
Debt on the other hand.

     Nothing contained in this Article Sixteen or elsewhere in this Indenture or
in the Junior Subordinated Debentures is intended to or shall impair, as between
the Company, its creditors other than the holders of Senior and Subordinated
Debt of the Company, and the Holders of the Junior Subordinated Debentures, the
obligation of the Company, which is absolute and unconditional, to pay to the
Holders of the Junior Subordinated Debentures the principal of and interest on
the Junior Subordinated Debentures as and when the same shall become due and
payable in accordance with their terms, or is intended to or shall affect the
relative rights of the Holders of the Junior Subordinated Debentures and
creditors of the Company, other than the holders of Senior and Subordinated Debt
of the Company, nor shall anything herein or therein prevent the Trustee or the
Holder of any Junior Subordinated Debenture from exercising all remedies
otherwise permitted by applicable law upon default under this Indenture, subject
to the rights, if any, under this Article Sixteen of the holders of such Senior
and Subordinated Debt in respect of cash, property or securities of the Company,
as the case may be, received upon the exercise of any such remedy.

     Upon any payment or distribution of assets of the Company referred to in
this Article Sixteen, the Trustee, subject to the provisions of Section 9.1, and
the Holders of the Junior Subordinated Debentures shall be entitled to
conclusively rely upon any order or decree made by any court of competent

                                       43
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jurisdiction in which such dissolution, winding-up, liquidation or
reorganization proceedings are pending, or a certificate of the receiver,
trustee in bankruptcy, liquidation trustee, agent or other Person making such
payment or distribution, delivered to the Trustee or to the Holders of the
Junior Subordinated Debentures, for the purposes of ascertaining the Persons
entitled to participate in such distribution, the holders of Senior and
Subordinated Debt and other indebtedness of the Company, as the case may be, the
amount thereof or payable thereon, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Article Sixteen.

     16.5    TRUSTEE TO EFFECTUATE SUBORDINATION. Each Holder of Junior
Subordinated Debentures by such Holder's acceptance thereof authorizes and
directs the Trustee on such Holder's behalf to take such action as may be
necessary or appropriate to effectuate the subordination provided in this
Article Sixteen and appoints the Trustee such Holder's attorney-in-fact for any
and all such purposes.

     16.6    NOTICE BY THE COMPANY. The Company shall give prompt written notice
to a Responsible Officer of the Trustee of any fact known to the Company that
would prohibit the making of any payment of monies to or by the Trustee in
respect of the Junior Subordinated Debentures pursuant to the provisions of this
Article Sixteen. Notwithstanding the provisions of this Article Sixteen or any
other provision of this Indenture, the Trustee shall not be charged with
knowledge of the existence of any facts that would prohibit the making of any
payment of monies to or by the Trustee in respect of the Junior Subordinated
Debentures pursuant to the provisions of this Article Sixteen, unless and until
a Responsible Officer of the Trustee shall have received written notice thereof
from the Company or a holder or holders of Senior and Subordinated Debt or from
any trustee therefor; and before the receipt of any such written notice, the
Trustee, subject to the provisions of Section 9.1, shall be entitled in all
respects to assume that no such facts exist; provided, however, that if the
Trustee shall not have received the notice provided for in this Section 16.6 at
least two Business Days prior to the date upon which by the terms hereof any
money may become payable for any purpose (including, without limitation, the
payment of the principal of or interest on any Junior Subordinated Debenture),
then, anything herein contained to the contrary notwithstanding, the Trustee
shall have full power and authority to receive such money and to apply the same
to the purposes for which they were received, and shall not be affected by any
notice to the contrary that may be received by it within two Business Days prior
to such date.

     The Trustee, subject to the provisions of Section 9.1. shall be entitled to
conclusively rely on the delivery to it of a written notice by a Person
representing himself to be a holder of Senior and Subordinated Debt of the
Company (or a trustee on behalf of such holder), to establish that such notice
has been given by a holder of such Senior and Subordinated Debt or a trustee on
behalf of any such holder or holders. In the event that the Trustee determines
in good faith that further evidence is required with respect to the right of any
Person as a holder of such Senior and Subordinated Debt to participate in any
payment or distribution pursuant to this Article Sixteen, the Trustee may
request such Person to furnish evidence to the reasonable satisfaction of the
Trustee as to the amount of such Senior and Subordinated Debt held by such
Person, the extent to which such Person is entitled to participate in such
payment or distribution and any other facts pertinent to the rights of such
Person under this Article Sixteen, and, if such evidence is not furnished, the
Trustee may defer any payment to such Person pending judicial determination as
to the right of such Person to receive such payment.

     16.7    RIGHTS OF THE TRUSTEE; HOLDERS OF SENIOR AND SUBORDINATED DEBT. The
Trustee in its individual capacity shall be entitled to all the rights set forth
in this Article Sixteen in respect of any Senior and Subordinated Debt at any
time held by it, to the same extent as any other holder of Senior and
Subordinated Debt, and nothing in this Indenture shall deprive the Trustee of
any of its rights as such holder.

                                       44
<Page>

     With respect to the holders of Senior and Subordinated Debt of the Company,
the Trustee undertakes to perform or to observe only such of its covenants and
obligations as are specifically set forth in this Article Sixteen, and no
implied covenants or obligations with respect to the holders of such Senior and
Subordinated Debt shall be read into this Indenture against the Trustee. The
Trustee shall not be deemed to owe any fiduciary duty to the holders of such
Senior and Subordinated Debt and, subject to the provisions of Section 9.1, the
Trustee shall not be liable to any holder of such Senior and Subordinated Debt
if it shall pay over or deliver to Holders of Junior Subordinated Debentures,
the Company or any other Person money or assets to which any holder of such
Senior and Subordinated Debt shall be entitled by virtue of this Article Sixteen
or otherwise.

     16.8    SUBORDINATION MAY NOT BE IMPAIRED. No right of any present or
future holder of any Senior and Subordinated Debt of the Company to enforce
subordination as herein provided shall at any time in any way be prejudiced or
impaired by any act or failure to act on the part of the Company or by any act
or failure to act, in good faith, by any such holder, or by any noncompliance by
the Company with the terms, provisions and covenants of this Indenture,
regardless of any knowledge thereof that any such holder may have or otherwise
be charged with.

     Without in any way limiting the generality of the foregoing paragraph, the
holders of Senior and Subordinated Debt of the Company may, at any time and from
time to time, without the consent of or notice to the Trustee or the Holders of
the Junior Subordinated Debentures, without incurring responsibility to the
Holders of the Junior Subordinated Debentures and without impairing or releasing
the subordination provided in this Article Sixteen or the obligations hereunder
of the Holders of the Junior Subordinated Debentures to the holders of such
Senior and Subordinated Debt, do any one or more of the following: (i) change
the manner, place or terms of payment or extend the time of payment of, or renew
or alter, such Senior and Subordinated Debt, or otherwise amend or supplement in
any manner such Senior and Subordinated Debt or any instrument evidencing the
same or any agreement under which such Senior and Subordinated Debt is
outstanding; (ii) sell, exchange, release or otherwise deal with any property
pledged, mortgaged or otherwise securing such Senior and Subordinated Debt;
(iii) release any Person liable in any manner for the collection of such Senior
and Subordinated Debt; and (iv) exercise or refrain from exercising any rights
against the Company and any other Person.

                                       45
<Page>

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

                                   COMMUNITY FIRST BANKSHARES, INC.

                                   By:
                                      ------------------------------------------
                                   Name:  Mark A. Anderson
                                   Title:  President and Chief Executive Officer

                                   WILMINGTON TRUST COMPANY,
                                   AS TRUSTEE

                                   By:
                                      ------------------------------------------
                                   Name:
                                        ----------------------------------------
                                   Title:
                                         ---------------------------------------

STATE OF MINNESOTA         )
                           ) ss:
COUNTY OF HENNEPIN         )

     On the _______ day of ___________, 2002, before me personally came Mark A.
Anderson, to me known, who, being by me duly sworn, did depose and say that he
is the President and Chief Executive Officer of COMMUNITY FIRST BANKSHARES,
INC., one of the corporations described in and which executed the above
instrument; and that he signed his name thereto on behalf of said corporation by
authority of the Board of Directors of said corporation.

                                   ---------------------------------------------
                                   Notary Public

STATE OF DELAWARE          )
                           ) ss:
COUNTY OF NEW CASTLE       )

     On the _______ day of _______, 2002, before me personally came
______________________, to me known, who, being by me duly sworn, did depose and
say that he/she is the _______________________ of WILMINGTON TRUST COMPANY, one
of the corporations described in and which executed the above instrument; and
that he/she signed his/her name thereto on behalf of said corporation by
authority of the Board of Directors of said corporation.

                                          --------------------------------------
                                          Notary Public

                                       46
<Page>

                                    EXHIBIT A

                 (FORM OF FACE OF JUNIOR SUBORDINATED DEBENTURE)

     This Junior Subordinated Debenture is a Global Subordinated Debenture
within the meaning of the Indenture hereinafter referred to and is registered in
the name of a Depositary or a nominee of a Depositary. This Junior Subordinated
Debenture is exchangeable for Junior Subordinated Debentures registered in the
name of a person other than the Depositary or its nominee only in the limited
circumstances described in the Indenture, and no transfer of this Junior
Subordinated Debenture (other than a transfer of this Junior Subordinated
Debenture as a whole by the Depositary to a nominee of the Depositary or by a
nominee of the Depositary to the Depositary or another nominee of the
Depositary) may be registered except in such limited circumstances.

     Unless this Junior Subordinated Debenture is presented by an authorized
representative of Wilmington Trust Company (Rodney Square North, 1100 North
Market Street, Wilmington, Delaware 19890-0001) to the issuer or its agent for
registration of transfer, exchange or payment, and any Junior Subordinated
Debenture issued is registered in the name of Cede & Co. or such other name as
requested by an authorized representative of Wilmington Trust Company (and any
payment hereon is made to Cede & Co. or to such other entity as is requested by
an authorized representative of Wilmington Trust Company), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch the registered owner hereof, Cede & Co., has an interest herein.

                                          Registered Principal Amount:

Registered No. _______________________  $_______________________________

CUSIP No.______________________________

                                       A-1
<Page>

                        COMMUNITY FIRST BANKSHARES, INC.

                       ___% JUNIOR SUBORDINATED DEBENTURE
                                DUE _______, 2032

     Community First Bankshares, Inc., a Delaware corporation (the "Company",
which term includes any successor corporation under the Indenture hereinafter
referred to), for value received, hereby promises to pay to ______________ or
registered assigns, the principal sum of _____________ Dollars ($___________) on
_________, 2032, which date may be shortened as provided in the Indenture (such
date, as it may be shortened, the "Stated Maturity"), and to pay interest on
said principal sum from _________, 2002, or from the most recent interest
payment date (each such date, an "Interest Payment Date") to which interest has
been paid or duly provided for, quarterly (subject to deferral as set forth
herein) in arrears on the 15th day of April, July, October, and January in each
year commencing April 15, 2002, at the rate of ___% per annum until the
principal hereof shall have become due and payable, and on any overdue principal
and (without duplication and to the extent that payment of such interest is
enforceable under applicable law) on any overdue installment of interest at the
same rate per annum compounded quarterly. The amount of each interest payment
due with respect to the Junior Subordinated Debentures will include amounts
accrued through the date the interest payment is due. The amount of interest
payable on any Interest Payment Date shall be computed on the basis of a 360-day
year of twelve 30-day months. In the event that any date on which interest is
payable on this Junior Subordinated Debenture is not a business day, then
payment of interest payable on such date will 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), except that, if such business day is in the next succeeding
calendar year, such payment shall be made on the immediately preceding business
day, in each case with the same force and effect as if made on such date. 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 Junior Subordinated Debenture (or one or more
Predecessor Securities, as defined in the Indenture) is registered at the close
of business on the regular record date for such interest installment, which
shall be the close of business on the business day next preceding such Interest
Payment Date unless otherwise provided in the Indenture. The principal of and
the interest on this Junior Subordinated Debenture shall be payable at the
office or agency of the Trustee (as defined in the Indenture) maintained for
that purpose in any coin or currency of the United States of America that at the
time of payment is legal tender for payment of public and private debts;
provided, however, that payment of interest may be made at the option of the
Company by check mailed to the registered Holder (as defined in the Indenture)
at such address as shall appear in the Securities Register (as defined in the
Indenture). Notwithstanding the foregoing, so long as the Holder of this Junior
Subordinated Debenture is the Property Trustee (as defined in the Indenture),
the payment of the principal of and interest on this Junior Subordinated
Debenture will be made at such place and to such account as may be designated by
the Property Trustee.

     The Stated Maturity may be shortened at any time by the Company to any date
not earlier than __________, 2007, subject to the Company having received prior
approval of the Federal Reserve (as defined in the Indenture) if then required
under applicable capital guidelines or policies of the Federal Reserve.

     The indebtedness evidenced by this Junior Subordinated Debenture is, to the
extent provided in the Indenture, subordinate and junior in right of payment to
the prior payment in full of all Senior and Subordinated Debt (as defined in the
Indenture), and this Junior Subordinated Debenture is issued subject to the
provisions of the Indenture with respect thereto. Each Holder of this Junior
Subordinated Debenture, by accepting the same, (a) agrees to and shall be bound
by such provisions, (b) authorizes and

                                      A-2
<Page>

directs the Trustee on his or her behalf to take such action as may be necessary
or appropriate to acknowledge or effectuate the subordination so provided and
(c) appoints the Trustee his or her attorney-in-fact for any and all such
purposes. Each Holder hereof, by his or her acceptance hereof, hereby waives all
notice of the acceptance of the subordination provisions contained herein and in
the Indenture by each holder of Senior and Subordinated Debt, whether now
outstanding or hereafter incurred, and waives reliance by each such holder upon
said provisions.

     This Junior Subordinated Debenture shall not be entitled to any benefit
under the Indenture, be valid or become obligatory for any purpose until the
Certificate of Authentication hereon shall have been signed by or on behalf of
the Trustee.

     The provisions of this Junior Subordinated Debenture are continued on the
reverse side hereof and such continued provisions shall for all purposes have
the same effect as though fully set forth at this place.

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

Dated:  _____________________      COMMUNITY FIRST BANKSHARES, INC.

                                   By:
                                      ------------------------------------------
                                   Name:  Mark A. Anderson
                                   Title:  President and Chief Executive Officer

                  Attest:          By:
                                      ------------------------------------------
                                   Name:
                                   Title:  Secretary

                                      A-3
<Page>

                     [FORM OF CERTIFICATE OF AUTHENTICATION]

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Junior Subordinated Debentures described in the
within-mentioned Indenture.

Dated:_________________________     WILMINGTON TRUST COMPANY, as Trustee

                                          By:
                                             -----------------------------------
                                                Authorized Signature

                                      A-4
<Page>

               [FORM OF REVERSE OF JUNIOR SUBORDINATED DEBENTURE]

                       ___% JUNIOR SUBORDINATED DEBENTURE
                                  (CONTINUED)

     This Junior Subordinated Debenture is one of the junior subordinated
debentures of the Company (herein sometimes referred to as the "Junior
Subordinated Debentures"), specified in the Indenture, all issued under and
pursuant to a Subordinated Indenture dated as of __________, 2002 (the
"Indenture") duly executed and delivered between the Company and Wilmington
Trust Company, as Trustee (the "Trustee"), to which Indenture reference is
hereby made for a description of the rights, limitations of rights, obligations,
duties and immunities thereunder of the Trustee, the Company and the Holders of
the Junior Subordinated Debentures. The Junior Subordinated Debentures are
limited in aggregate principal amount as specified in the Indenture.

     Because of the occurrence and continuation of a Special Event (as defined
in the Indenture), in certain circumstances, this Junior Subordinated Debenture
may become due and payable at the option of the Company at the principal amount
together with any interest accrued thereon (the "Redemption Price"). The
Redemption Price shall be paid prior to 2:00 p.m. Fargo Time on the date of such
redemption or at such earlier time as the Company determines.

     The Company shall have the right to redeem this Junior Subordinated
Debenture at the option of the Company, in whole or in part, from time to time,
on or after ___________, 2007, at a redemption price equal to 100% of the
principal amount to be redeemed plus any accrued but unpaid interest thereon to
the date of such redemption. Any redemption pursuant to this paragraph will be
made upon not less than 30 days nor more than 60 days notice. If the Junior
Subordinated Debentures are only partially redeemed by the Company pursuant to
this paragraph, the Junior Subordinated Debentures will be redeemed pro rata or
by lot or by any other method utilized by the Trustee; provided that if, at the
time of redemption, the Junior Subordinated Debentures are registered as a
Global Subordinated Debenture (as defined in the Indenture), the Depositary (as
defined in the Indenture) shall determine the principal amount of such Junior
Subordinated Debentures held by each Junior Subordinated Debenture Holder to be
redeemed in accordance with its procedures.

     In the event of redemption of this Junior Subordinated Debenture in part
only, a new Junior Subordinated Debenture for the unredeemed portion hereof will
be issued in the name of the Holder hereof upon the cancellation hereof.

     In case an Event of Default (as defined in the Indenture), shall have
occurred and be continuing, the principal of all of the Junior Subordinated
Debentures may be declared, and upon such declaration shall become, due and
payable, in the manner, with the effect and subject to the conditions provided
in the Indenture.

     The Indenture contains provisions permitting the Company and the Trustee,
with the consent of the Holders of not less than a majority in aggregate
principal amount of the Junior Subordinated Debentures at the time Outstanding,
as defined in the Indenture, to execute supplemental indentures for the purpose
of adding any provisions to or changing in any manner or eliminating any of the
provisions of the Indenture or of any supplemental indenture or of modifying in
any manner the rights of the Holders of the Junior Subordinated Debentures;
provided, however, that no such supplemental indenture shall (i) extend the
fixed maturity of the Junior Subordinated Debentures except as provided in the
Indenture, or reduce the principal amount thereof, or reduce the rate or extend
the time of payment of interest thereon,

                                      A-5
<Page>

without the consent of the Holder of each Junior Subordinated Debenture so
affected, or (ii) reduce the aforesaid percentage of Junior Subordinated
Debentures, the Holders of which are required to consent to any such
supplemental indenture, without the consent of the Holders of each Junior
Subordinated Debenture then Outstanding and affected thereby. The Indenture also
contains provisions permitting the Holders of a majority in aggregate principal
amount of the Junior Subordinated Debentures at the time Outstanding, on behalf
of all of the Holders of the Junior Subordinated Debentures, to waive any past
default in the performance of any of the covenants contained in the Indenture,
or established pursuant to the Indenture, and its consequences, except a default
in the payment of the principal of or interest on any of the Junior Subordinated
Debentures. Any such consent or waiver by the registered Holder of this Junior
Subordinated Debenture (unless revoked as provided in the Indenture) shall be
conclusive and binding upon such Holder and upon all future Holders and owners
of this Junior Subordinated Debenture and of any Junior Subordinated Debenture
issued in exchange herefor or in place hereof (whether by registration of
transfer or otherwise), irrespective of whether or not any notation of such
consent or waiver is made upon this Junior Subordinated Debenture.

     No reference herein to the Indenture and no provision of this Junior
Subordinated Debenture or of the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of and
interest on this Junior Subordinated Debenture at the time and place and at the
rate and in the money herein prescribed.

     The Company shall have the right at any time during the term of the Junior
Subordinated Debentures and from time to time to extend the interest payment
period of such Junior Subordinated Debentures for up to 20 consecutive quarters
(an "Extended Interest Payment Period"), at the end of which period the Company
shall pay all interest then accrued and unpaid (together with interest thereon
at the rate specified for the Junior Subordinated Debentures to the extent that
payment of such interest is enforceable under applicable law). Before the
termination of any such Extended Interest Payment Period, the Company may
further extend such Extended Interest Payment Period, provided that such
Extended Interest Payment Period together with all such further extensions
thereof shall not exceed 20 consecutive quarters or extend beyond the Stated
Maturity. At the termination of any such Extended Interest Payment Period and
upon the payment of all accrued and unpaid interest and any additional amounts
then due, the Company may commence a new Extended Interest Payment Period.

     As provided in the Indenture and subject to certain limitations therein set
forth, this Junior Subordinated Debenture is transferable by the registered
Holder hereof on the Securities Register of the Company, upon surrender of this
Junior Subordinated Debenture for registration of transfer at the office or
agency of the Trustee accompanied by a written instrument or instruments of
transfer in form satisfactory to the Company or the Trustee duly executed by the
registered Holder hereof or such Holder's attorney duly authorized in writing,
and thereupon one or more new Junior Subordinated Debentures of authorized
denominations and for the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be made for any
such transfer, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in relation thereto.

     Prior to due presentment for registration of transfer of this Junior
Subordinated Debenture, the Company, the Trustee, any paying agent and the
Securities Registrar (as defined in the Indenture) may deem and treat the
registered holder hereof as the absolute owner hereof (whether or not this
Junior Subordinated Debenture shall be overdue and notwithstanding any notice of
ownership or writing hereon made by anyone other than the Securities Registrar)
for the purpose of receiving payment of or on account of the principal hereof
and interest due hereon and for all other purposes, and neither the

                                      A-6
<Page>

Company nor the Trustee nor any paying agent nor any Securities  Registrar shall
be affected by any notice to the contrary.

     No recourse shall be had for the payment of the principal of or the
interest on this Junior Subordinated Debenture, or for any claim based hereon,
or otherwise in respect hereof, or based on or in respect of the Indenture,
against any incorporator, stockholder, officer or director, past, present or
future, as such, of the Company or of any predecessor or 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.

     The Junior Subordinated Debentures are issuable only in registered form
without coupons in denominations of $25 and any integral multiple thereof. This
Global Subordinated Debenture is exchangeable for Junior Subordinated Debentures
in definitive form only under certain limited circumstances set forth in the
Indenture. Junior Subordinated Debentures so issued are issuable only in
registered form without coupons in denominations of $25 and any integral
multiple thereof.

                                      A-7<Page>

                                                                 EXHIBIT 4.17(a)
                              CERTIFICATE OF TRUST
                                       OF
                                 CFB CAPITAL III

        This Certificate of Trust of CFB CAPITAL III (the "Trust"), dated
February 20, 2002, is being duly executed and filed by Wilmington Trust Company,
a Delaware banking corporation, and Thomas R. Anderson, an individual, as
trustees, to form a business trust under the Delaware Business Trust Act (12
Del. C. Section 3801 et seq.) (the "Act").

1.      NAME.  The name of the business trust formed hereby is CFB Capital III.

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,
        Attn: Corporate Trust Administration.

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

        IN WITNESS WHEREOF, the undersigned, being all of the trustees of the
Trust, have executed this Certificate of Trust as of the date first above
written in accordance with Section 3811(a) of the Act.

                                            WILMINGTON TRUST COMPANY,
                                            as Trustee

                                            By:   /s/ Donald G. MacKelcan
                                               ---------------------------------
                                            Name:  Donald G. MacKelcan
                                            Title: Vice President

                                              /s/ Thomas R. Anderson
                                            ------------------------------------
                                            Thomas R. Anderson, as Trustee

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