Document:

EX-4.1

FEDERAL HOME LOAN BANK

OF CINCINNATI

CAPITAL PLAN

As amended through December 1, 2008.

1

TABLE OF CONTENTS

Page

ARTICLE I

PURPOSE...1

ARTICLE II

DEFINITIONS...1

ARTICLE III

FHLBANK DIRECTORS’ ELIGIBILITY, APPOINTMENT, AND ELECTIONS...5

Designation of Elective Directorships...5

Number of Votes...5

ARTICLE IV

MEMBERS OF THE FHLBANK...5

In General...6

Additional Eligibility Requirement for Insured and

Non-Insured Depository Institutions...6

Ownership Rights...6

ARTICLE V

FHLBANK CAPITAL REQUIREMENTS...7

Risk Management...7

Total Capital Requirements...7

Risk-Based Capital Requirement...7

Credit Risk Capital Requirement...7

Market Risk Capital Requirement...7

Operations Risk Capital Requirement...8

ARTICLE VI

CAPITAL STOCK...9

Issuance of Stock...9

Allocation of Class B Stock...9

Implementation of Capital Plan...10

Minimum Investment by Members....12

Dividends....16

Transfer of Capital Stock...17

Redemption and Repurchase of Capital Stock...18

Termination of Membership...20

Consolidation of Members....22

Failure to Meet Capital Requirements...23

Capital Impairment...23

FHLBank’s Discretion to Suspend Redemption...23

Transition Provision...24

ARTICLE VII

LIQUIDATION OR MERGER OF THE FHLBANK...24

ARTICLE VIII

PERIODIC REVIEW AND AMENDMENT...25

Periodic Review...24

Amendment...24

ARTICLE IX

MISCELLANEOUS...25

Prompt Compliance: Use of Member Demand Deposit Accounts...24

Maintenance and Interpretation of the Plan...24

Errors Discovered in Capital Stock Calculations...24

Liquidation of Claims Against a Member...25

Calculation of Time Periods...25

Limitation on Discretion...25

Good Faith Determination...26

	 	 	SCHEDULE A –Membership Stock Requirements....26

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Capital Plan of the Federal Home Loan Bank of Cincinnati

ARTICLE I

PURPOSE

The purpose of this Capital Plan is to provide for the governance and the regulation of the
capital structure of the Federal Home Loan Bank of Cincinnati, consistent with the requirements of
the Federal Home Loan Bank Act, as amended, and the Regulations of the Federal Housing Finance
Board under that Act.

ARTICLE II

DEFINITIONS

“Act” means the Federal Home Loan Bank Act, as amended, 12 U.S.C. § 1421, et seq.

“Activity Stock” means the actual number of shares of Class B Stock owned by a Member and used
to capitalize, as applicable, the Member’s three types of Mission Asset Activity with the FHLBank.

“Activity Stock Account” means the account maintained by the FHLBank on the FHLBank’s books
and records for each Member, which account reflects the actual number of shares of Activity Stock
owned by the Member.

“Cancellation Fee” means the fee the FHLBank charges a Member when the Member cancels a
Redemption Notice pursuant to Section VI.7.d. or a Withdrawal Notice pursuant to
Section 8.b. or when a Redemption Notice automatically is cancelled pursuant to Section
VI.7.e. of this Capital Plan.

“Cancellation Notice” means the written notice, substantially in the appropriate form
prescribed by the FHLBank from time to time, given to the FHLBank by any Member to cancel a
Redemption Notice or a Withdrawal Notice, as the case may be.

“Capital Plan” means this Capital Plan.

“Capital Requirements” means the minimum permissible capital to asset ratios to be maintained
by the FHLBank under the Finance Board’s capital rule.

“Charges Against the Capital of the FHLBank” means an other than temporary decline in the
FHLBank’s total equity that causes the value of the total equity to fall below the FHLBank’s
aggregate capital stock amount.

“Class B Stock” means the Class B Stock issued under this Capital Plan to the Members of the
FHLBank.

“Effective Date” means December 30, 2002 (or such other date selected by the FHLBank which is
not more than 12 months from the date this Capital Plan is approved by the Finance Board), on which
date each Member’s stock shall be converted on the books and records of the FHLBank into shares of
Class B Stock.

“Excluded Mission Asset Activity” means the aggregate of the current unpaid principal balance
and the current dollar amount of mandatory delivery contracts under the Mortgage Purchase Program
purchased or traded, and recorded on the books and records of the FHLBank, as of the earlier of (i)
the Effective Date; or (ii) a date determined by the FHLBank in its sole discretion.
Notwithstanding any other provision of this Capital Plan, a Member’s Excluded Mission Asset
Activity shall be disregarded in all allocations of shares of Class B Stock to that Member’s
Membership Stock, Activity Stock and Member Excess Stock Accounts and in any calculation of that
Member’s Required Shares of Membership Stock and Activity Stock. No Member shall be required to
purchase any shares of the FHLBank’s capital stock to capitalize its Excluded Mission Asset
Activity.

“FHLBank” means the Federal Home Loan Bank of Cincinnati.

“FHLBank Excess Stock” means the total par value (or resulting number of shares) of Class B
Stock owned by all Members minus the sum of (i) the par value of Class B Stock allocated by the
FHLBank to the Members’ Membership Stock Accounts, (ii) the total of the par value of Class B Stock
resulting from multiplying each type of Members’ Mission Asset Activity by its applicable Maximum
Allocation Percentage, (iii) the par value of shares of Member Excess Stock which are reserved for
Members’ exclusive use as provided in Section VI.5.c. and (iv) the par value of shares of
Member Excess Stock which are the subject of outstanding Redemption and Withdrawal Notices.

“FHLBank’s Board” means the Board of Directors of the Federal Home Loan Bank of Cincinnati.

“Finance Board” means the Federal Housing Finance Board.

“Maximum Allocation Percentage” means for each Member and for each type of Mission Asset
Activity, the highest permissible percentage (as established pursuant to Section
VI.4.a.iii.) of the Member’s par value of Class B Stock in its Activity Stock Account allocated
to support that type of Mission Asset Activity.

“Maximum Dollar Amount” means the maximum par value of FHLBank Excess Stock that may be
designated by the FHLBank to capitalize the total of all types of a single Member’s Mission Asset
Activity.

“Member” means an institution that has been approved for membership in the FHLBank and has
purchased the requisite number of shares of Class B Stock to satisfy such institution’s Membership
Stock Account.

“Member Excess Stock” means the total par value (or resulting number of shares) of Class B
Stock owned by any Member minus the sum of (i) the par value of Class B Stock allocated by the
FHLBank to the Member’s Membership Stock Account; and (ii) the total of the par value of Class B
Stock resulting from multiplying each type of the Member’s Mission Asset Activity by its applicable
Maximum Allocation Percentage. If this calculation results in a negative number, the FHLBank
shall, for internal bookkeeping purposes only, show a negative number of shares of Excess Stock for
the Member; however, the Member’s Member Excess Stock Account shall reflect that the Member
actually owns no shares of Member Excess Stock.

“Member Excess Stock Account” means the account maintained by the FHLBank on the FHLBank’s
books and records for each Member, which account reflects the actual number of shares of Member
Excess Stock owned by the Member.

“Membership Stock” means the actual number of shares of Class B Stock owned by each Member as
is required to become a Member or to maintain membership status with the FHLBank.

“Membership Stock Account” means the account maintained by the FHLBank on the FHLBank’s books
and records for each Member, which account reflects the number of shares of Membership Stock owned
by the Member.

“Minimum Allocation Percentage” means for each Member and for each type of Mission Asset
Activity, the lowest permissible percentage (as established pursuant to Section
VI.4.a.iii.) of the Member’s par value of Class B Stock owned and in its Activity Stock Account
allocated to support that type of Mission Asset Activity.

“Mission Asset Activity” means the following three types of Member activity: (i) the unpaid
principal balance of advances, (ii) funds and rate advance commitments and (iii) the unpaid
principal balance of purchases of mortgage loans and mandatory delivery contracts under the
Mortgage Purchase Program, in each case as held on the books and records of the FHLBank. Mission
Asset Activity does not include Excluded Mission Asset Activity.

“Opt-Out Date” means October 31, 2002 (or, if the Effective Date is a date other than December
30, 2002, the date which is 60 days prior to the Effective Date), which shall be the last date by
which a Member’s Opt-Out Withdrawal Notice must be received by the Finance Board and the FHLBank in
order for the Member’s existing shares of FHLBank capital stock not to be converted to Class B
Stock on the Effective Date.

“Opt-Out Withdrawal Notice” means the written notice, substantially in the form prescribed by
the FHLBank, required to be submitted to the Finance Board and the FHLBank by a Member to withdraw
as a Member of the FHLBank and to have its shares of FHLBank capital stock redeemed on the
Effective Date in accordance with this Capital Plan, the Act and the Regulations.

“Permanent Capital” means the retained earnings of the FHLBank, determined in accordance with
accounting principles generally accepted in the United States (GAAP), plus the amount paid-in for
the FHLBank’s Class B Stock.

“Redemption Notice” means the written notice, substantially in the form prescribed by the
FHLBank from time to time, required to be submitted by a Member intending to redeem shares of its
Class B Stock. Unless it has been cancelled, a Redemption Notice shall become effective at the end
of its Redemption Period.

“Redemption Period” means the five- (5-) year period beginning on the date a Redemption Notice
is received by the FHLBank.

“Regulations” means the Code of Federal Regulations Title 12 — Banks and Banking Chapter IX -
Federal Housing Finance Board. Reference to any particular Section of the Regulations means that
Section as it may be amended from time to time or such other applicable successor Section, rule,
order or procedure then in effect.

“Required Shares” means the total number of shares of Class B Stock actually owned by a Member
pursuant to this Capital Plan in the Member’s Membership Stock Account and Activity Stock Account
and shall not include any shares of Member Excess Stock or FHLBank Excess Stock.

“Risk-Based Capital Requirement” means the dollar-amount sum of the FHLBank’s credit risk,
market risk, and operations risk, to be measured by the FHLBank in accordance with the rules and
Regulations of the Finance Board.

“Stock Dividend” means the dividends declared by the FHLBank’s Board and paid to Members in
the form of additional shares of Class B Stock.

“Total Assets” means a Member’s total assets as disclosed by the Member pursuant to applicable
industry standard regulatory reporting requirements.

“Withdrawal Notice” means the written notice, substantially in the form prescribed by the
FHLBank from time to time, required to be submitted by a Member intending to withdraw as a Member
of the FHLBank. Unless it has been cancelled, a Withdrawal Notice shall become effective at the
end of its Withdrawal Period.

“Withdrawal Period” means the five- (5-) year period beginning on the date a Withdrawal Notice
is received by the FHLBank.

ARTICLE III

FHLBANK DIRECTORS’ ELIGIBILITY, APPOINTMENT, AND ELECTIONS

1. Designation of Elective Directorships. There shall be at least fourteen (14)
directors on the FHLBank’s Board. Of that number, at least eight (8) will be elective directors.
The Finance Board shall conduct the annual designation of directorships for the FHLBank based upon
the number of Required Shares determined by the FHLBank to be owned by the Members in each state
based upon each Member’s position as of December 31 of the preceding calendar year. Each Member
shall be entitled to vote with respect to those elective directorships designated by the Finance
Board to represent the state in which the Member is organized and/or located.

2. Number of Votes. For each directorship that is to be filled in an election, each
Member located in the state to be represented by such directorship shall be entitled to cast one
vote for each Required Share of Class B Stock determined by the FHLBank to be owned by the Member
based upon its position as of December 31 of the preceding calendar year; provided, however, that
the number of votes any Member may cast for any one directorship shall not exceed the average
number of the Required Shares determined by the FHLBank to be owned by all Members located in that
state, based upon each Member’s position as of December 31 of the preceding calendar year.

ARTICLE IV

MEMBERS OF THE FHLBANK

1. In General. Any building and loan association, savings and loan association,
cooperative bank, homestead association, insurance company, savings bank, or any insured depository
institution (as defined in Section 1422 of the Act) shall be eligible to be or become a Member of
the FHLBank, provided such institution:

a. is already a Member of the FHLBank in good standing; or

b. is duly organized under the laws of (i) the United States, (ii) the states of
Kentucky, Ohio or Tennessee or (iii) such other states as are located within the FHLBank’s
district; and

c. is subject to inspection and regulation under the banking laws, or under similar
laws, of the state in which it is organized and/or located or of the United States; and

d. makes such home mortgage loans as, in the judgment of the Finance Board, are
long-term loans (except that in the case of a savings bank, this Section IV.1.d.
shall apply only if, in the judgment of the Finance Board, such savings bank’s time
deposits, as defined in Section 19 of the Federal Reserve Act, warrant making such loans);
and

e. has a financial condition such that advances may be safely made to such institution;
and

f. the character of its management and its home-financing policy are consistent with
sound and economical home financing.

2. Additional Eligibility Requirement for Insured and Non-Insured Depository
Institutions. An insured depository institution other than a community financial institution
must have at least ten percent (10%) of its Total Assets in residential mortgage loans. A
non-insured depository institution must have mortgage-related assets that reflect a commitment to
housing finance as determined by the Finance Board in its discretion.

3. Ownership Rights. The FHLBank’s retained earnings, surplus, undivided profits, and
equity reserves are owned by the holders of the FHLBank’s Class B Stock. Each such item is
allocated to those holders according to each holder’s proportionate share of total Class B Stock.
The holders’ interest in such items will be realized at the time the FHLBank is liquidated, or
periodically as declared by the FHLBank through dividend (pursuant to Section VI.5.b.)
and/or capital distributions, and then only to such holders as are currently holding shares of
Class B Stock in proportion to each holder’s then current Class B Stock holdings.

ARTICLE V

FHLBANK CAPITAL REQUIREMENTS

1. Risk Management. Before this Capital Plan may take effect, the FHLBank shall
obtain Finance Board approval of the market risk model to be used by the FHLBank to calculate the
market risk component of its risk-based capital requirement, and for the risk assessment procedures
and controls (whether established as part of its risk management policy or otherwise) to be used to
manage the FHLBank’s credit risk, market risk, and operations risk.

2. Total Capital Requirements. The FHLBank shall maintain at all times: (a) total
capital in an amount at least equal to four percent (4%) of the FHLBank’s total assets; and (b) a
leverage ratio of total capital to total assets of at least five percent (5%) of the FHLBank’s
total assets. For purposes of determining the leverage ratio, total capital shall be computed by
multiplying the FHLBank’s Permanent Capital by one hundred fifty percent (150%) and adding to the
product thereof all other components of capital. The FHLBank acknowledges the Finance Board may
from time to time adjust the Capital Requirements, and if it does so, this Section V.2.
shall be deemed to automatically be amended to reflect the same.

3. Risk-Based Capital Requirement. The FHLBank shall maintain at all times Permanent
Capital in an amount at least equal to the sum of its credit risk capital requirement, its market
risk capital requirement, and its operations risk capital requirement, calculated in accordance
with the rules and Regulations of the Finance Board.

4. Credit Risk Capital Requirement. The FHLBank’s credit risk capital requirement
shall be equal to the sum of the FHLBank’s credit risk capital charges for all assets, off-balance
sheet items and derivative contracts in compliance with the rules and Regulations of the Finance
Board.

5. Market Risk Capital Requirement. The FHLBank’s market risk capital requirement
shall equal the sum of: (i) the market value of the FHLBank’s portfolio at risk from movements in
interest rates, foreign exchange rates, commodity prices, and equity prices that could occur during
periods of market stress, where such market value of the FHLBank’s portfolio at risk is determined
using an internal market risk model that shall be approved by the Finance Board; and (ii) the
amount, if any, by which the FHLBank’s current market value of total capital is less than
eighty-five percent (85%) of the FHLBank’s book value of total capital, where: (A) the current
market value of the total capital is calculated by the FHLBank using the internal market risk model
approved by the Finance Board; and (B) the book value of total capital is the same as the amount of
total capital reported by the FHLBank to the Finance Board under §932.7 of the Regulations.

6. Operations Risk Capital Requirement. Except as approved by the Finance Board, the
FHLBank’s operations risk capital requirement shall at all times equal thirty percent (30%) of the
sum of the FHLBank’s credit risk capital requirement and market risk capital requirement.

3

ARTICLE VI

CAPITAL STOCK

1. Issuance of Stock. The capital stock of the FHLBank may be issued only in
accordance with Section 931.2 of the Regulations and only to Members of the FHLBank and may be held
only by Members and, as provided in Section VI.8.d., former Members of the FHLBank. The
FHLBank shall initially issue one class of capital stock, Class B Stock, as such stock is defined
by the Act. There shall be no Class A Stock, as such stock is defined in the Act, or subclasses of
Class B Stock issued. Subject to Section III.2, all shares of Class B Stock shall have the
same rights and preferences. Each share of Class B Stock shall be issued at a par value of One
Hundred Dollars ($100) per share. The FHLBank shall be entitled to issue an unlimited number of
shares of Class B Stock. Any shares of Class B Stock which are repurchased, redeemed or otherwise
reacquired by the FHLBank shall be deemed cancelled and subsequently may be reissued. The FHLBank
reserves the right to authorize the issuance of Class A Stock and/or subclasses of Class B Stock,
subject to Finance Board approval. A Member shall not be permitted to purchase shares of Class B
Stock other than as set forth in this Capital Plan. Shares of the FHLBank’s capital stock shall
not be certificated, but rather held in book entry form on the records of the FHLBank. The FHLBank
shall serve as transfer agent for all shares of its capital stock on its capital stock register.
Any transactions affecting the FHLBank’s capital stock register shall be made and deemed effective
at the end of the applicable business day.

2. Allocation of Class B Stock. Each Member’s Class B Stock shall be allocated by the
FHLBank to one (1) of three (3) distinct accounts: a Membership Stock Account, an Activity Stock
Account, and a Member Excess Stock Account. Each share of Class B Stock may be allocated to only
one (1) of the three (3) distinct accounts at a time; and a Member’s total number of shares of
Class B Stock shall be determined by adding the number of shares of Class B Stock in each of the
Member’s three (3) distinct accounts. Additionally, each share of Class B Stock allocated to a
Member’s Activity Stock Account may be allocated to only one (1) of the three (3) distinct types of
Mission Asset Activity at a time. Shares may be reallocated from time to time among the types of
Mission Asset Activity as the Member’s activity changes. A Member’s shares of Class B Stock
(whether acquired on the Effective Date or later acquired through purchase or by Stock Dividend)
shall be first allocated to its Membership Stock Account. Once a Member’s Membership Stock Account
requirement is satisfied, the Member’s remaining Class B Stock shall be next allocated to its
Activity Stock Account, and then to its Member Excess Stock Account. Transfers made between and
among the accounts for any particular Member shall be made by the FHLBank based upon the following
rules:

a. Membership Stock Account. Membership Stock is the actual number of shares
of Class B Stock owned by a Member as required to become a Member of or to retain membership
status in the FHLBank. The number of shares of a Member’s Class B Stock allocated to the
Member’s Membership Stock Account shall be calculated as a percentage, or range of
percentages, of the Member’s Total Assets and shall be determined by the FHLBank yearly or
more frequently as directed by the FHLBank’s Board, in accordance with Section
VI.4.a.

b. Activity Stock Account. Activity Stock is the actual number of shares of
Class B Stock owned by a Member and used to capitalize (in whole or in part) the Member’s
Mission Asset Activity with the FHLBank. The number of shares of Class B Stock allocated to
a Member’s Activity Stock Account at any time shall ensure that, for each type of Mission
Asset Activity, the ratio of the par value of the Member’s Activity Stock to that type of
Member’s Mission Asset Activity is at least as large as its applicable Minimum Allocation
Percentage, and no larger than its applicable Maximum Allocation Percentage. For each type
of Mission Asset Activity, the Minimum Allocation Percentage and the Maximum Allocation
Percentage may be adjusted by the FHLBank’s Board to facilitate compliance with the
FHLBank’s Capital Requirements as specified in the Act and the Regulations or as directed by
the Finance Board.

c. Member Excess Stock Account. A Member’s Member Excess Stock is the total
par value of Class B Stock owned by the Member minus the sum of (i) the par value of Class B
Stock allocated by the FHLBank to the Member’s Membership Stock Account, and (ii) the total
of the par values of Class B Stock that results from multiplying each type of the Member’s
Mission Asset Activity by its applicable Maximum Allocation Percentage. If a Member’s
Member Excess Stock is a positive number, the Member actually owns Member Excess Stock equal
to such positive number. If a Member’s Member Excess Stock is a negative number, the Member
actually owns no excess stock and is, by definition, utilizing some portion of the FHLBank’s
Excess Stock to capitalize its Mission Asset Activity.

d. Timing of Transactions. All transactions made on the books and records of
the FHLBank shall be made and deemed effective at the end of the applicable business day.

3. Implementation of Capital Plan.

a. Election to Opt-Out of Capital Plan. A Member that does not wish to have
its existing FHLBank capital stock converted into Class B Stock on the Effective Date must
determine to withdraw as a member of the FHLBank and must file an Opt-Out Withdrawal Notice
with the Finance Board and the FHLBank on or before the Opt-Out Date. If a Member’s Opt-Out
Withdrawal Notice is timely filed, and has not for any reason been rejected by the Finance
Board, the Member’s membership in the FHLBank shall terminate on the Effective Date.
Thereafter, subject to Section VI.8.d., such institution (1) shall be deemed to have
surrendered all its existing capital stock to the FHLBank against receipt of payment by the
FHLBank of the par value of those shares of stock in immediately available funds (less any
            shares representing obligations due and owing by the institution to the FHLBank, which shall
be liquidated in an orderly manner in accordance with the FHLBank’s practice for shares held
by an institution which has withdrawn from membership in the FHLBank as provided in
Section VI.8.d.), and (ii) shall not be entitled to any other rights or privileges
accorded to Members; provided, however, that the institution may receive dividends earned
pursuant to Section VI.5.b., to the extent that those dividend payments exceed any
such obligations due and owing to the FHLBank.

Any Member that is in the process of withdrawing on the Effective Date but did not file
its Opt-Out Withdrawal Notice on or before the Opt-Out-Date shall have its existing capital
stock converted into Class B Stock on the Effective Date, and the effective date of
withdrawal of the Member shall be established in accordance with the requirements of
Sections 925.26(b) and (c) of the Regulations, as implemented by the withdrawal and
redemption provisions of this Capital Plan, except that the applicable stock redemption
period calculated pursuant to Section 925.26(c) of the Regulations shall commence on the
date the Member first submitted the Opt-Out Withdrawal Notice to the Finance Board.

b. Conversion of Existing Stock. The initial issuance of Class B Stock under
this Capital Plan shall be consummated by a book entry exchange, by the FHLBank on behalf of
each of the Members, of all of the Members’ existing capital stock (carried on the FHLBank’s
books as of the Effective Date) for Class B Stock (also to be carried on the FHLBank’s
books) on an equal share-for-share basis. The conversion shall be completed after the close
of business on the Effective Date. There shall be no transition period for conversion or
implementation. On the Effective Date, each Member’s Class B Stock shall be designated by
the FHLBank to the Member’s Membership Stock Account, Activity Stock Account, and Member
Excess Stock Account, as provided for herein.

c. Procedure.

i. Approval by the Finance Board. Implementation of the Capital Plan is
subject to Finance Board approval.

ii. Effective Date. Each Member having on the Effective Date an insufficient
number of shares of Class B Stock to satisfy the Member’s required Membership Stock Account,
as determined by the FHLBank, shall be required immediately to purchase additional shares of
Class B Stock in an amount sufficient to satisfy the Member’s Membership Stock Account.
After a Member has the number of shares of Class B Stock necessary to satisfy its Membership
Stock Account, the Member shall satisfy its Activity Stock Account. Each Member having on
the Effective Date a number of shares of Class B Stock (not including Membership Stock) that
does not satisfy the applicable Minimum Allocation Percentages applied to each type of the
Member’s Mission Asset Activity shall be required immediately to purchase additional shares
of Class B Stock sufficient to satisfy the Minimum Allocation Percentage for each type of
Mission Asset Activity. Each Member having on the Effective Date a total number of shares
of Class B Stock (not including Membership Stock) that satisfies the applicable Minimum
Allocation Percentage, but that does not satisfy the Maximum Allocation Percentage for each
type of Mission Asset Activity, shall be required to utilize a par value amount of the
FHLBank’s Excess Stock (subject to Section VI.4.b.) such that the sum of the
Member’s par value of Activity Stock and the par value the Member utilizes of the FHLBank’s
Excess Stock divided by the specific type of Member’s Mission Asset Activity satisfies each
applicable Maximum Allocation Percentage. Each Member’s Member Excess Stock Account shall
be determined in accordance with Section VI.2.c.

iii Estimate of Class B Stock Accounts. Between thirty (30) and sixty
(60) calendar days before the Opt-Out Date, the FHLBank shall notify each Member of the
estimated number of shares of Class B Stock that will be allocated by the FHLBank to the
Member’s three (3) stock accounts, and inform each Member if there is a likelihood the
Member may be required to purchase additional shares of Class B Stock and of the method by
which a Member should calculate the number of shares of Class B Stock which it will be
required to hold upon implementation of the Capital Plan.

iv. Purchase of Additional Shares. On or before the Effective Date, each
Member which will, or is likely to, be required to purchase additional shares of Class B
Stock upon implementation of the Capital Plan shall place sufficient immediately available
funds in its demand deposit account with the FHLBank to cover any share purchase that will
or may be required. On the Effective Date, the FHLBank shall be entitled to complete any
share purchase which a Member is required to make by drawing down the funds in the Member’s
demand deposit account.

4. Minimum Investment by Members.

a. Required Shares. Each Member shall own at all times its Required Shares of
Class B Stock. There are two components to Required Shares: Membership Stock and Activity
Stock.

i. Required Shares of Membership Stock. The sum of the Membership
Stock of all Members shall capitalize the FHLBank’s investment securities and
minimum liquidity (as determined by the FHLBank). The number of shares of a
Member’s Class B Stock allocated to the Member’s Membership Stock Account shall be
calculated on the basis of the Member’s Total Assets within a range of declining
percentages from no more than three-tenths of one percent (0.30%) to no less than
three-hundredths of one percent (0.03%), subject, however, to a minimum Membership
Stock investment requirement of no less than One Thousand Dollars ($1,000) or more
than Fifty Thousand Dollars ($50,000) and a maximum Membership Stock investment
requirement of no less than Twenty-Five Million Dollars ($25,000,000) or more than
Two Hundred Million Dollars ($200,000,000). The FHLBank’s Board of Directors may set
different applicable percentages and different minimum and maximum Membership Stock
investment requirements within each of the foregoing ranges, as illustrated on
Schedule A to this Capital Plan. The amounts set from time to time shall be subject
to periodic review and adjustment as determined by the FHLBank’s Board. The initial
range of percentages and initial minimum and maximum Membership Stock investment
requirements in effect as of the effective date of this amended Section
VI.4.a.i. shall be fifteen-hundredths of one percent (0.15%) to three hundredths
of one percent (0.03%), One Thousand Dollars ($1,000) and One Hundred Million
Dollars ($100,000,000), respectively. Any change to such percentages or maximum or
minimum Membership Stock investment requirement shall be announced with at least
thirty (30) days prior written notice to all Members before implementation of the
change.

If the number of shares of Class B Stock a Member is required to hold in its
Membership Stock Account decreases, such shares shall be first allocated to the
Member’s Activity Stock Account, up to the applicable Maximum Allocation Percentages
as applied to each type of the Member’s Mission Asset Activity. Any remaining
            shares of Class B Stock shall then be allocated to the Member’s Excess Stock
Account. If the number of shares of Class B Stock a Member is required to hold in
its Membership Stock Account increases, such additional shares shall be allocated
from the Member’s Excess Stock Account to the Member’s Membership Stock Account.
If, at the time of such increase, the Member has no or an insufficient amount of
Member Excess Stock to satisfy its Membership Stock Account requirement or there is
insufficient amount of FHLBank Excess Stock, or the FHLBank is not then in
compliance with the requirements of this Capital Plan, the Act or the Regulations,
the Member shall be required to purchase (on the effective date of the change
specified in the notice) additional shares of Class B Stock to satisfy its
Membership Stock Account requirement. A Member may not utilize any other Member’s
portion of FHLBank Excess Stock or its own Activity Stock to satisfy its Membership
Stock Account requirement. (As amended December 1, 2008, effective January 5,
2009.)

ii. New Member Membership Stock Purchase Requirement. From the date of
approval of an institution’s membership application by the FHLBank, the institution
shall be granted sixty (60) calendar days in which to purchase the number of shares
of Class B Stock necessary to satisfy its Membership Stock Account. The institution
may not, however, engage in any Mission Asset Activity with the FHLBank until the
institution has purchased all of its Required Shares.

iii. Required Shares of Activity Stock The number of shares of
Class B Stock allocated to a Member’s Activity Stock Account at any time shall
ensure that, for each type of Mission Asset Activity, the ratio of the par value of
the Member’s Activity Stock to that type of the Member’s Mission Asset Activity is
at least as large as its applicable Minimum Allocation Percentage and no larger than
its applicable Maximum Allocation Percentage. Initially upon the Effective Date,
for types i and ii of a Member’s Mission Asset Activity, the Minimum Allocation
Percentage shall be two percent (2%) and the Maximum Allocation Percentage shall be
four percent (4%); and for type iii of a Member’s Mission Asset Activity, the
Minimum Allocation Percentage shall be zero percent (0%) and the Maximum Allocation
Percentage shall be four percent (4%). Such percentages may be periodically
adjusted between one percent (1%) and six percent (6%), inclusive, for types i and
ii of the Member’s Mission Asset Activity, and between zero percent (0%) and six
percent (6%), inclusive, for type iii of the Member’s Mission Asset Activity as
determined by the FHLBank’s Board, with at least thirty (30) days prior written
notice to all members.

The number of shares of Class B Stock a Member shall hold in its Activity Stock
Account may fluctuate with the Member’s Mission Asset Activity. An increase in any
type of a Member’s Mission Asset Activity first shall be capitalized, pursuant to
Section VI.4.b., by a reallocation of the Member’s Member Excess Stock (to
the extent the Member holds a sufficient number of shares of Member Excess Stock and
provided there are sufficient shares of FHLBank Excess Stock available) to the
Member’s Activity Stock Account at the appropriate Maximum Allocation Percentage for
that type of Mission Asset Activity. In such an event, the Member shall not be
permitted to purchase additional shares of Class B Stock; and the Member’s Member
Excess Stock Account shall be reduced by the number of shares of Member Excess Stock
reallocated to its Activity Stock Account. To the extent a Member has an
insufficient number of shares of Member Excess Stock to capitalize all of an
increase to its Mission Asset Activity, the portion of the incremental Mission Asset
Activity not so capitalized by the Member’s Activity Stock shall be capitalized by
FHLBank Excess Stock at the appropriate Maximum Allocation Percentage for that type
of Mission Asset Activity pursuant to Section VI.4.b. In such an event, the
Member shall not be permitted to purchase additional shares of Class B Stock, and
the amount of FHLBank Excess Stock shall be reduced by the number of shares
allocated from the Member’s Member Excess Stock and by the number of additional
            shares of other Members’ portion of the FHLBank Excess Stock used to capitalize the
incremental Mission Asset Activity. If the FHLBank has insufficient FHLBank Excess
Stock, in the FHLBank’s sole discretion, to permit utilization of the FHLBank Excess
Stock to capitalize all or a portion of a Member’s incremental Mission Asset
Activity, the Member, regardless of whether it holds Member Excess Stock, shall be
required to purchase (on the effective date of the change specified in the notice)
additional shares of Class B Stock, at the appropriate Maximum Allocation Percentage
for that type of Mission Asset Activity, to capitalize the portion of the
incremental Mission Asset Activity not capitalized with FHLBank Excess Stock.

If, after a decrease in a Member’s Mission Asset Activity, the number of shares of
Class B Stock in the Member’s Activity Stock Account is less than the number
required to capitalize the Member’s remaining Mission Asset Activity at the
applicable Maximum Allocation Percentages for the different types of Mission Asset
Activity, the number of shares of Class B Stock in the Member’s Activity Stock
Account shall not change. If, after a decrease in a Member’s Mission Asset
Activity, the number of shares in the Member’s Activity Stock Account is greater
than the number required to capitalize the Member’s remaining Mission Asset Activity
at the applicable Maximum Allocation Percentages for the different types of Mission
Asset Activity, the extra shares shall be allocated to the Member’s Member Excess
Stock Account.

b. FHLBank Excess Stock. FHLBank Excess Stock is the total par value of Class B
Stock owned by all Members minus the sum of (i) the par value of Class B Stock allocated by
the FHLBank to the Members’ Membership Stock Accounts, (ii) the total of the par values of
Class B Stock resulting from multiplying each type of Members’ Mission Asset Activity by
its applicable Maximum Allocation Percentage, (iii) the par value of shares of Member Excess
Stock which are reserved for Members’ exclusive use as provided in Section VI.5.c.
and (vi) the par value of shares of Member Excess Stock which are the subject of outstanding
Redemption and Withdrawal Notices. Other Members’ portions of FHLBank Excess Stock may not
be utilized, under any circumstances, to satisfy a Member’s Membership Stock Account. Each
Member’s Member Excess Stock (not otherwise reserved for its exclusive use or excluded from
FHLBank Excess Stock because it is the subject of an outstanding Redemption or Withdrawal
Notice), shall be pooled into FHLBank Excess Stock and made available to all Members to
capitalize Mission Asset Activity at a rate equal to the applicable Maximum Allocation
Percentage for each type of Mission Asset Activity. If at any time the FHLBank, in its sole
discretion, has determined that FHLBank Excess Stock may not be used to capitalize
incremental Mission Asset Activity, or if any of the FHLBank’s Capital Requirements are not
satisfied, a Member (regardless of whether the Member has shares of Class B Stock allocated
to its Member Excess Stock Account) seeking to capitalize an increase in its Mission Asset
Activity shall be required to purchase an additional amount of Class B Stock at a rate at
least equal to the applicable Maximum Allocation Percentage of the type of Member’s
incremental Mission Asset Activity. With respect to utilization of FHLBank Excess Stock by
the Members, the following shall apply:

i. Percentage Limitation. Each Member must at all times retain in its
own Activity Stock Account a number of shares of Class B Stock sufficient to satisfy
the Minimum Allocation Percentages for each type of Mission Asset Activity then
engaged in by the Member. If a Member is at the Minimum Allocation Percentage for a
type of Mission Asset Activity and desires to increase that type of Mission Asset
Activity and is not at the applicable Minimum Allocation Percentage for the other
type(s) of Mission Asset Activity, the Member’s Activity Stock will be reallocated
from the other type(s) of Mission Asset Activity to the respective Minimum
Allocation Percentage(s). If such reallocation does not provide sufficient Class B
Stock to support the Member’s increased Mission Asset Activity, the Member shall be
required to purchase additional shares of Class B Stock in an amount that will
maintain the applicable Minimum Allocation Percentage.

ii. Maximum Dollar Amount. Initially, no Member may use more than Two
Hundred Million Dollars ($200,000,000) (exclusive of the par value of the Member’s
Member Excess Stock Account) of available FHLBank Excess Stock as the Maximum Dollar
Amount. If a Member reaches the Maximum Dollar Amount and desires to increase its
Mission Asset Activity, the Member shall be required to purchase additional shares
of Class B Stock, at the applicable Maximum Allocation Percentage for the specific
type of Mission Asset Activity, to capitalize that type of incremental Mission Asset
Activity. The FHLBank shall retain sole discretion to adjust the Maximum Dollar
Amount from time to time.

5. Dividends.

a. In General. The FHLBank may pay dividends on its capital stock only out of
previously retained earnings or current net earnings (as determined by the FHLBank in
accordance with Generally Accepted Accounting Principles). The FHLBank’s Board shall
determine the dividend rate.

b. Scheduled Dividend Payments. Dividends shall be paid at the FHLBank’s
discretion to Members based upon the average total number of shares of Class B Stock
actually owned by a Member during the period for which the distribution is to be made. The
number of shares of Class B Stock actually owned by a Member in such period shall be
determined based upon the number of days or the percentage of the period each share of Class
B Stock was owned by the Member (regardless of whether the Member holds such share on the
date the dividend is paid). Dividends, if declared and paid, shall be paid quarterly,
except as otherwise declared by the FHLBank’s Board, and shall be noncumulative. Dividends
earned in any given period shall be paid on or about the last calendar day of such period.
Dividends may be made in the form of additional shares of Class B Stock, in cash, in any
combination thereof, or in such other form as the FHLBank may determine at the time of such
dividend distribution.

c. Period of Exclusive Use. Stock Dividends paid shall be first allocated to a
Member’s Membership Stock Account. If, after a Member’s Membership Stock Account is
satisfied, the Member has additional shares of Class B Stock resulting from a Stock
Dividend, the FHLBank shall allocate such additional shares to the Member’s Activity Stock
Account to the extent the Member’s Mission Asset Activity is capitalized by the Member’s
Activity Stock at less than the Maximum Allocation Percentage. If, after a Member’s
Membership Stock Account is satisfied and the total number of shares in its Activity Stock
Account satisfies the Maximum Allocation Percentages for each type of the Member’s Mission
Asset Activity, the Member has additional shares of Class B Stock resulting from a Stock
Dividend, such shares shall be allocated to the Member’s Member Excess Stock Account. A
Member receiving such Stock Dividends, and having incremental shares of Class B Stock in its
Member Excess Stock Account as a result of such Stock Dividends, shall have, for the three-
(3)- month period immediately following the Stock Dividend payment, exclusive rights to
utilize such Stock Dividends to capitalize the Member’s (and only the Member’s) incremental
Mission Asset Activity.

d. Limitation of Issuance. The FHLBank shall not, under any circumstances,
declare or pay any dividends on its capital stock if in doing so (and taking into account
the effect of any such dividend) the FHLBank would fail to meet any of its Capital
Requirements. Nor shall the FHLBank declare any dividend on its capital stock if (i) the
FHLBank is not then in compliance with any one or more of its Capital Requirements; or (ii)
the FHLBank determines that to do so would create a safety and soundness issue for the
FHLBank.

e. Dividends Made In Error. If any dividends are paid in error by the FHLBank
in contravention of Section VI.5.d., the Members receiving such dividends shall
return to the FHLBank all such dividends paid within thirty (30) calendar days of written
notification by the FHLBank. In requiring the return of such distributions, the FHLBank
shall incur no liability to its Members.

6. Transfer of Capital Stock. Any stock issued by the FHLBank shall be tradable and
transferable only between the FHLBank and its Members. Any transfer shall be undertaken only in
accordance with Section 931.6 of the Regulations. Upon application of the Member as set forth
below and the approval of the FHLBank, a Member may transfer any number of shares of Class B Stock
actually held in the Member’s Excess Stock Account to another Member of the FHLBank or to an
institution that has been approved for and has satisfied all the conditions of membership in the
FHLBank other than the purchase of Required Shares. Such transfers shall be made at the par value
of One Hundred Dollars ($100) per share. The FHLBank shall serve as transfer agent for the Class B
Stock. Any such transfer shall be effective at the end of the business day on which the transfer
is recorded in the register of the FHLBank.

A Member wishing to transfer all or a portion of its Member Excess Stock to another Member
must submit a request in writing to the FHLBank at least thirty (30) days prior to the date the
transfer is desired to take place (“Transfer Request”). The Transfer Request shall include: (1)
the names of the Members wishing to consummate the transfer; (2) the number of shares of Class B
Stock to be transferred; (3) the desired date of transfer; (4) a brief statement as to the
reason(s) for the transfer; and (5) the authorized signature of each party to the proposed
transaction indicating its respective desire to execute the transfer. Upon receipt of the Transfer
Request, the FHLBank shall evaluate the request and, no later than the third business day prior to
the date of transfer, in its sole discretion, either approve or disapprove the transfer.

7. Redemption and Repurchase of Capital Stock.

a. Redemption of Member Excess Stock. A Member may request that the FHLBank
redeem all or any portion of the Member’s shares of Class B Stock, without affecting the
Member’s membership status, by submitting a Redemption Notice to the FHLBank. The
Redemption Notice shall state the number of shares of Class B Stock targeted for redemption,
and a Member may not have more than one Redemption Notice outstanding at any time covering
the same shares of Class B Stock. Until the shares are redeemed, or earlier repurchased
pursuant to Section VI.7.b., a Member shall continue to receive dividends on the
            shares of Class B Stock targeted for redemption. Subject to Sections VI.10., 11. and
12., at the end of the Redemption Period (unless the Redemption Notice has been
cancelled), the FHLBank shall redeem, in accordance with Section VI.7.c., all of the
            shares of Class B Stock covered by the Redemption Notice that are Member Excess Stock on the
date the Redemption Notice becomes effective. If the FHLBank is unable to redeem all or any
portion of those shares of Class B Stock at the end of the Redemption Period because of
restrictions set forth in this Capital Plan, the Act or the Regulations, the FHLBank may
redeem the shares, without further notice or waiting period, when and as permitted by this
Capital Plan and, if applicable, permitted or required by the Finance Board. If at any time
the FHLBank is able to redeem some, but not all, of the shares of Class B Stock that are
covered by effective Redemption Notices, the FHLBank shall honor the redemption requests on
a first come/first served basis, based upon the date and time such Redemption Notices were
marked received by the FHLBank.

b. Repurchase of Member Excess Stock. Subject to Sections VI.10., 11. and
12., the FHLBank shall have the right at any time to repurchase, in accordance with
Section VI.7.c., all or any portion of its Members’ Member Excess Stock. Any such
repurchase shall be at the sole discretion of the FHLBank and shall be initiated by giving
each affected Member no less than five (5) calendar days’ prior written notice. If and when
the FHLBank determines to repurchase Member Excess Stock, the FHLBank shall first purchase
any shares of Class B Stock for which Redemption Notices have become effective but have not
been fully honored, in the order in which those Notices became effective. To the extent the
FHLBank has determined to repurchase more shares of Class B Stock, it then shall repurchase
those shares for which Redemption Notices have been filed but not yet become effective, in
the order in which those Notices were filed. In the event the FHLBank determines to
repurchase more shares of Class B Stock than are currently covered by outstanding Redemption
Notices, the FHLBank shall repurchase the additional shares from each Member having a
positive number of shares in its Member Excess Stock Account in proportion to the total
number of shares of Class B Stock then allocated to each Member’s Excess Stock Account.

c. Redemption and Repurchase Price. All redemptions and repurchases of shares
of Class B Stock shall be made by the FHLBank in immediately available funds at the par
value of One Hundred Dollars ($100) per share. Once a share is redeemed or repurchased,
pursuant to Sections VI.7.a. and VI.7.b. and subject to Section VI.5.b., the
Member’s rights and privileges and the FHLBank’s obligations with respect to such share
shall immediately terminate and the Member shall be deemed to have surrendered the share to
the FHLBank.

d. Cancellation of Redemption Notice. A Member shall have five (5) calendar
days from the date the FHLBank receives a Redemption Notice from the Member to submit a
Cancellation Notice to the FHLBank and to cancel that Redemption Notice without penalty or
fee. If a Member desires to cancel a Redemption Notice after the five (5) calendar day
grace period has expired, the Member may do so by providing a Cancellation Notice to the
FHLBank, but the FHLBank shall charge a Cancellation Fee, as a percent of the par value of
the Class B Stock referenced in the Redemption Notice, based upon the year in which the
Redemption Notice is cancelled according to the following schedule: two percent (2%) in the
first year, three percent (3%) in the second year, four percent (4%) in the third year, five
percent (5%) in the fourth year, and six percent (6%) in the fifth year. To be effective,
the Cancellation Notice must be received by the FHLBank before the Redemption Notice to
which it relates becomes effective and before the FHLBank repurchases the shares of stock
referenced in the Redemption Notice. From time to time, the FHLBank’s Board, in its sole
discretion, may waive the Cancellation Fee if it has a bona fide business purpose for doing
so and the waiver is consistent with Section 7(j) of the Act or may change the Cancellation
Fee schedule to reduce all or any portion of the Fee.

e. Automatic Cancellation of Redemption. A Member’s Redemption Notice shall
automatically be cancelled to the extent the FHLBank is prevented from redeeming any Class B
Stock which is the subject of the Notice within five (5) business days after the end of the
Redemption Period because the Member would fail to maintain its minimum investment in the
stock of the FHLBank after such redemption. The automatic cancellation of a Member’s
Redemption Notice shall have the same effect as if the Member had cancelled its Redemption
Notice pursuant to Section VI.7.d., including the applicability of the Cancellation
Fee specified therein.

8. Termination of Membership.

a. Voluntary Withdrawal. Any Member may initiate its withdrawal from
membership in the FHLBank by filing a Withdrawal Notice with the FHLBank. Within ten (10)
calendar days of receiving such Withdrawal Notice, the FHLBank shall forward a copy of the
Withdrawal Notice to the Finance Board. During the Withdrawal Period, the Member shall be
entitled to dividends, voting rights, and other membership rights commensurate with
continuing stock ownership. Subject to Section VI.8.d. and Sections VI.10., 11.
and 12., and provided that the Withdrawal Notice has not been cancelled in accordance
with Section VI.8.b., at the expiration of the Withdrawal Period, (a) the
institution’s membership in the FHLBank shall terminate, (b) the FHLBank shall redeem, in
immediately available funds at their par value (less any obligations due and owing by the
institution to the FHLBank), the shares of Class B Stock owned by the institution on the
date the Withdrawal Notice was filed and (c) the institution shall not be entitled to any
other rights or privileges accorded to Members; provided, however, that the institution may
receive dividends earned pursuant to Section VI.5.b., to the extent that those
dividend payments exceed any such obligations due and owing to the FHLBank. If the FHLBank
is unable to redeem the shares of Class B Stock at the end of the Withdrawal Period because
of restrictions set forth in this Capital Plan, the Act or the Regulations, the FHLBank may
redeem the shares, without further notice or waiting period, when and as permitted by this
Capital Plan and, if applicable, permitted or required by the Finance Board. If at any time
the FHLBank is able to redeem some, but not all, of the shares of Class B Stock subject to
Withdrawal Notices, the FHLBank shall honor the Withdrawal Notices on a first come/first
served basis, based upon the date and time such Withdrawal Notices became effective. The
Withdrawal Period shall automatically commence for any additional shares of Class B Stock
acquired by the institution (by purchase or in the form of Stock Dividends) after the date
the Withdrawal Notice initially was filed on the date the additional shares are received.
In its sole discretion, the FHLBank may repurchase such after-acquired shares from time to
time, provided that they are not required to support any indebtedness of the institution to,
or business transaction of the institution with, the FHLBank.

b. Cancellation of Withdrawal Notice. A Member shall have thirty (30) calendar
days from the date the FHLBank receives the Member’s Withdrawal Notice to submit a
Cancellation Notice to the FHLBank and to cancel the Withdrawal Notice without penalty or
fee. If a Member desires to cancel a Withdrawal Notice after the thirty (30) calendar day
grace period has expired, the Member may do so by providing a Cancellation Notice to the
FHLBank, but the FHLBank shall charge a Cancellation Fee, as a percent of the par value of
the Class B Stock referenced in the Withdrawal Notice, based upon the year in which the
Withdrawal Notice is cancelled according to the following initial schedule: two percent (2%)
in the first year, three percent (3%) in the second year, four percent (4%) in the third
year, five percent (5%) in the fourth year, and six percent (6%) in the fifth year. To be
effective, the Cancellation Notice must be received by the FHLBank before the Withdrawal
Notice becomes effective. From time to time, the FHLBank’s Board, in its sole discretion,
may waive the Cancellation Fee if it has a bona fide business purpose for doing so and the
waiver is consistent with Section 7(j) of the Act or may change the Cancellation Fee
schedule to reduce all or any portion of the Fee. The FHLBank’s Board may, in its sole
discretion, establish a Cancellation Fee applicable to Withdrawal Notices that is different
than the Cancellation Fee applicable to Redemption Notices.

c. Involuntary Withdrawal. The FHLBank’s Board may terminate the membership of
any institution that (i) fails to comply with any requirement of this Capital Plan, the Act
or any Regulation prescribed under the Act, in effect from time to time, (ii) becomes
insolvent or otherwise subject to the appointment of a conservator, receiver, or other legal
custodian under federal law or state law applicable to the institution, or (iii) would
jeopardize the safety or soundness of the FHLBank if it were to remain a Member. The
institution’s membership in the FHLBank shall terminate as of the date the FHLBank’s Board
acts, at which time a five- (5-) year redemption period for the shares of Class B Stock
owned by the institution on that date shall commence and after which the institution shall
not be entitled to any rights or privileges accorded to Members; provided, however, the
institution may receive dividends earned pursuant to Section VI.5.b. until its Class
B Stock is redeemed. At the end of the redemption period provided for in this Section
VI.8.c., and subject to Section VI.8.d., the FHLBank shall redeem, in
immediately available funds at their par value (less any obligations due and owing by the
institution to the FHLBank), the shares of Class B Stock owned by the institution on the
date the institution’s membership in the FHLBank terminated. A five- (5-) year redemption
period shall automatically commence for any shares of Class B Stock acquired by the
institution as Stock Dividends after the date on which the institution’s membership in the
FHLBank terminated. In its sole discretion, the FHLBank may repurchase such after-acquired
            shares from time to time, provided that they are not required to support any indebtedness of
the institution to, or business transaction of the institution with, the FHLBank.

d. Additional Conditions Relating to Withdrawal. A Member’s voluntary
withdrawal pursuant to Section VI.3.a. or Section VI.8.a., or involuntary
withdrawal pursuant to Section VI.8.c., as a Member of the FHLBank shall be
effective as of the applicable date specified in each such Section and, thereafter,
regardless of any shares of the FHLBank’s capital stock still held (as contemplated by the
following sentence), the Member shall no longer be a Member and shall have no rights
accorded to Members other than as are specified in the applicable Section. Notwithstanding
the provisions of those Sections or any other provision of this Capital Plan, the FHLBank
shall not redeem or repurchase shares of Class B Stock from an institution that has
withdrawn from membership in the FHLBank, or that otherwise has had its membership in the
FHLBank terminated, to the extent that those shares are required to support, at up to the
Maximum Allocation Percentage in effect from time to time and applicable to the type of
Mission Asset Activity, any indebtedness of the institution to, or business transaction of
the institution with, the FHLBank until after such indebtedness or business transaction has
been extinguished or settled. For purposes of determining the number of shares of Class B
Stock required to support an institution’s remaining indebtedness to or business
transactions with the FHLBank, all shares of Membership Stock held by the institution on the
effective date of withdrawal, as well as all shares subsequently received as Stock
Dividends, shall be classified as Activity Stock.

e. Rejoining After Divestiture of All Shares of Stock. Except as provided
herein, and notwithstanding any other provision of the Act, an institution that divests all
            shares of stock in the FHLBank or any other Federal Home Loan Bank may not, after such
divestiture, acquire shares of the FHLBank before the end of a five (5) year period
beginning on the date of the completion of such divestiture, except as provided in
Section VI.9; provided, however, that if the divestiture was made prior to December
31, 1997, such institution may acquire shares of the FHLBank at any time after that date,
subject to the Act and approval by the FHLBank and the Finance Board.

9. Consolidation of Members.

a. Consolidation of Members of the FHLBank. Upon consolidation of two or more
Members of the FHLBank into one institution operating under the charter of one of the
consolidating institutions, the transfer of Class B Stock owned by the disappearing
institution(s) to the consolidated institution shall be deemed approved by the FHLBank. All
            shares of Class B Stock shall be allocated to the consolidated institution’s stock accounts
pursuant to Section VI.2. hereof and any share of Class B Stock thereby in such
consolidated institution’s Member Excess Stock Account may be redeemed in a manner
consistent with the terms and conditions of this Capital Plan.

b. Consolidation of a Member into a Member of Another Federal Home Loan Bank.
If a Member is consolidated with and into a Member of a Federal Home Loan Bank other than
the FHLBank, and, after the consolidation, the Member is to operate under the charter of the
consolidated institution, the Member’s membership in the FHLBank shall terminate upon
cancellation of its charter; provided, however, that if more than eighty percent (80%) of
the assets of the consolidated institution are derived from the assets of the disappearing
Member, then the consolidated institution shall continue to be a Member of the FHLBank. In
the event of a termination as provided in this Section VI.9.b., liquidation of the
Member’s shares of Class B Stock shall be in accordance with the Act and Section 925.29 of
the Regulations.

c. Consolidation of a Member into a Non-Member. If a Member is consolidated
with and into an institution that is not a Member, the Member’s membership in the FHLBank
shall terminate upon cancellation of the Member’s charter. In the event that the
consolidated institution has its principal place of business within the District of the
FHLBank, the consolidated institution shall have sixty (60) calendar days after the
cancellation of the Member’s charter to notify the FHLBank that the consolidated institution
intends to apply for membership in the FHLBank. The consolidated institution shall then
have sixty (60) calendar days from the aforementioned notice to apply for membership in the
FHLBank. Prior to membership approval for the consolidated institution, the disappearing
institution may continue to hold any outstanding FHLBank advances and shares of Class B
Stock, and the consolidated institution shall have the rights associated with such shares of
Class B Stock. The consolidated institution shall, within sixty (60) calendar days of its
approval for membership status, purchase shares of Class B Stock as necessary to satisfy the
Member’s Membership Stock Account and Activity Stock Account requirements. If the
consolidated institution does not apply for membership, or if its application for membership
is denied, then the liquidation of any outstanding indebtedness owed to the FHLBank and the
redemption of the Member’s shares of Class B Stock shall be carried out in accordance with
the Act and Section 925.29 of the Regulations.

10. Failure to Meet Capital Requirements. Notwithstanding any other provision of this
Capital Plan, the FHLBank may not redeem or repurchase any shares of its capital stock if the
FHLBank is not then in compliance with any one or more of its Capital Requirements or if, as
provided in Section 931.7(c) of the Regulations, following the redemption or repurchase, the
FHLBank would fail to meet any of its Capital Requirements or the Member would fail to maintain its
minimum investment in the capital stock of the FHLBank as required by the Regulations and this
Capital Plan.

11. Capital Impairment. In accordance with Section 931.8(a) of the Regulations, the
FHLBank may not and shall not redeem or repurchase any capital stock without the prior written
approval of the Finance Board, if the Finance Board or the FHLBank’s Board has determined that the
FHLBank has at the time of such proposed redemption or repurchase incurred, or is likely to incur,
losses that result in, or are likely to result in, Charges Against the Capital of the FHLBank.
This prohibition shall apply even if the FHLBank is in compliance with its Capital Requirements,
and shall remain in effect for however long the FHLBank continues to incur such Charges, or until
the Finance Board determines such Charges are not expected to continue, or otherwise in accordance
with Finance Board Regulations and rulings.

12. FHLBank’s Discretion to Suspend Redemption. In accordance with Section 931.8(b)
of the Regulations, the FHLBank, upon the approval of the FHLBank’s Board, or a subcommittee
thereof, may suspend the redemption of any of the FHLBank’s stock if the FHLBank reasonably
believes that the continued redemption of stock would cause the FHLBank to fail to meet its Capital
Requirements, would prevent the FHLBank from maintaining adequate capital against potential risk
that may not be adequately reflected in its Capital Requirements, or would otherwise prevent the
FHLBank from operating in a safe and sound manner. The FHLBank shall notify the Finance Board
within two business days of the date of its decision to suspend the redemption of stock, informing
the Finance Board of the reasons for the suspension and of the FHLBank’s strategies and timeframes
for addressing the conditions that led to the suspension. The Finance Board may require the FHLBank
to re-institute the redemption of stock. The FHLBank shall not repurchase any stock without the
written permission of the Finance Board during any period in which the FHLBank has suspended
redemption of stock under this Section VI.12.

13. Transition Provision. The FHLBank shall comply with the minimum leverage and
risk-based capital requirements specified in Sections 932.2 and 932.3 of the Regulations,
respectively, and each Member shall comply with the minimum stock investment established in this
Capital Plan, as of the Effective Date of this Capital Plan. Any Member who immediately prior to
the Effective Date does not have sufficient FHLBank stock to exchange for new Class B Stock on the
Effective Date to meet its minimum stock investment requirements as set forth in this Capital Plan
shall, pursuant to Section VI.3., of this Capital Plan, bring itself into compliance with
such requirements as of the Effective Date.

ARTICLE VII

LIQUIDATION OR MERGER OF THE FHLBANK

In the event that the FHLBank is liquidated, or is merged or otherwise consolidated with
another Federal Home Loan Bank, the rights and obligations of the Members shall be as follows: (A)
If the FHLBank is merged or otherwise consolidated into another Federal Home Loan Bank (an “FHLB”),
the Members shall have the option (after reasonable notice) to (1) receive par value for each share
of Class B Stock then owned by the Members; provided, however, that (i) the FHLBank first meets its
financial obligations to all non-Member creditors of the FHLBank (excluding the purchasing FHLB
and/or the FHLB into which the FHLBank is to be merged); (ii) the FHLBank retains sufficient
reserve funds to accommodate reasonable debts that may arise or accrue after the date of the merger
or consolidation (excluding debts related to the merger); (2) remain Members of the FHLB into which
the FHLBank is merged by converting or exchanging shares of Class B Stock for the stock of the
surviving FHLB and by satisfying the terms and conditions set by the surviving FHLB and the FHLBank
for such conversion or exchange, subject to the rights and obligations of Members of such surviving
FHLB; or (3) accept other terms and conditions as may be presented to the Members at the time of
the merger and/or consolidation. (B) If another FHLB is merged or consolidated into the FHLBank,
Members’ rights and obligations with respect to their Class B Stock shall continue to be as
outlined in this Capital Plan as such Capital Plan may be modified and/or restated from time to
time. (C) If the FHLBank is liquidated, the assets of the FHLBank shall be distributed as then
directed by the FHLBank’s Board in compliance with this Capital Plan, the Act, the Regulations and
any applicable rulings made by the Finance Board.

The provisions of this Article VII are subject to the right of the Finance Board otherwise to
liquidate, merge or consolidate the FHLBank in accordance with the authority granted to the Finance
Board by the Act and the Regulations.

ARTICLE VIII

PERIODIC REVIEW AND AMENDMENT

1. Periodic Review. The FHLBank’s Board shall monitor and adjust, as necessary, the
numbers of shares of Class B Stock required to be held in Members’ Membership Stock Accounts and
Activity Stock Accounts to ensure that the amounts invested are sufficient to allow the FHLBank to
comply with its Capital Requirements. In addition, to maintain prudent capitalization and ongoing
compliance with the Act and the Regulations, the FHLBank’s Board shall review the FHLBank’s Capital
Plan at least once every calendar year to determine whether any amendments are required. Pursuant
to and consistent with the Act and the Regulations of the Finance Board, the FHLBank shall amend
this Capital Plan as set forth in Section VIII.2. herein to effectuate any changes deemed
necessary.

2. Amendment. The FHLBank’s Board may, from time to time, adopt amendments to this
Capital Plan. All amendments shall be submitted to and approved by the Finance Board before such
amendments will be effective. After receipt of approval from the Finance Board, such amendments
shall be effective fifteen (15) days after the mailing or electronic posting of notice to the
Members, unless another date is specified in the notice.

ARTICLE IX

MISCELLANEOUS

1. Prompt Compliance: Use of Member Demand Deposit Accounts. Each Member shall comply
promptly with the terms and conditions of this Capital Plan and with any changes thereto that may
be adopted by the FHLBank from time to time, including any changes that may lead to an increase in
the number of a Member’s Required Shares. On or before the effective date of any such change, the
Member shall place sufficient immediately available funds in its demand deposit account with the
FHLBank to cover any necessary purchase of additional Required Shares. In order to effectuate
prompt compliance, the FHLBank is authorized to issue stock in the name of a Member and to withdraw
appropriate payment from the Member’s demand deposit account.

2. Maintenance and Interpretation of the Plan. The President of the FHLBank and/or
his designees shall have the right and the responsibility to (a) establish operating procedures for
implementation and maintenance of this Capital Plan and (b) interpret any issues that may arise
with respect to the application of the Capital Plan and its effect on any one or more Members of
the FHLBank in a manner consistent with the Act and the Regulations.

3. Errors Discovered in Capital Stock Calculations. In the event that any inadvertent
error(s) are discovered regarding calculations made in reference to a Member’s Required Shares
and/or its Member Excess Stock, the FHLBank shall immediately correct such errors and make such
adjustments as are warranted to remedy the discovered error(s).

4. Liquidation of Claims Against a Member. Claims of the FHLBank against a Member,
including claims for any applicable prepayment fees or penalties resulting from prepayment of
advances prior to stated maturity, shall be liquidated in an orderly manner, as determined by the
FHLBank.

5. Calculation of Time Periods. Except for time periods related to the calculation
and payment of dividends, whenever any time period specified in this Capital Plan ends on a day on
which the FHLBank is not open for business, the time period shall be deemed to end on the following
business day.

6. Limitation on Discretion. Any discretion granted to the FHLBank’s Board under this
Capital Plan shall be limited by applicable authority accorded to the Finance Board pursuant to the
Act and the Regulations.

7. Good Faith Determination. The Board of Directors of the FHLBank certifies that it
has made a good faith determination that the FHLBank will be able to implement this Capital Plan
and that the FHLBank will be in compliance with its regulatory total capital requirement and its
regulatory risk-based capital requirement after this Capital Plan is implemented.

4

Capital Plan of the Federal Home Loan Bank of Cincinnati

Schedule A Relating to Section VI.4.a.i.: Membership Stock

Illustrative Allocations of Membership Stock Among Members

	 	•	 	The total amount of required Membership Stock shall be determined by the FHLBank and shall be allocated among Members
based on a range of percentages applied to each Member’s Total Assets, subject, however, to a minimum Membership
Stock investment requirement of no less than One Thousand Dollars ($1,000) or more than Fifty Thousand Dollars
($50,000) and a maximum Membership Stock investment requirement of no less than Twenty-Five Million Dollars
($25,000,000) or more than Two Hundred Million Dollars ($200,000,000).

	 	•	 	Illustrative minimum and maximum Membership Stock investment requirements follow:
	 
	 	 	 	Minimum — $1,000 (One Thousand Dollars)
Maximum — $100,000,000 (One Hundred Million Dollars)

	 	•	 	The range of percentages shall vary inversely with the amount of each Members’ Total Assets. Such percentages shall
vary from three-tenths of one percent (0.30%) to three-hundredths of one percent (0.03%).

	 	•	 	An illustrative range of percentages follows:

	 	 	 
	Total Amount of

Member’s Assets

(Dollars in Billions)

	 	

Percentage for Membership

Stock Allocation
	$0 — $25

	 	0.15 percent
	Greater than $25 to $50

	 	0.10 percent
	Greater than $50 to $75

	 	0.07 percent
	Greater than $75 to $100

	 	0.05 percent
	Greater than $100

	 	0.03 percent

	 	•	 	The amount of Membership Stock computed from applying the range of
percentages is cumulative. For example, a Member with Total Assets
of $60.0 billion shall be required to hold Membership Stock as the
sum of (i) the first $25.0 billion of Total Assets at a rate of 0.15
percent, (ii) the next $25.0 billion Total Assets at a rate of 0.10
percent, and (iii) the last $10.0 billion of Total Assets at a rate
of 0.07 percent. Such Member would be required to hold $69.5 million
of Membership Stock.

	 	•	 	If the maximum Membership Stock requirement is $100.0 million and the
range of percentages is as given in the illustration above, any
Member with Total Assets of $125.0 billion or greater would be
required to hold the maximum of $100.0 million in Membership Stock.

Provision for Determination of Membership Stock Amount

The examples above are illustrative only. As specified in Article VI, Section 4.a.i.,
the actual range of percentages and minimum and maximum Membership Stock investment requirements
shall be announced by the FHLBank’s Board of Directors with at least thirty (30) days prior written
notice to all Members.

(As amended December 1, 2008, effective January 5, 2009.)

5EX-4.1

Exhibit 4.1

NATIONAL FUEL GAS COMPANY

and

THE BANK OF NEW YORK, Rights Agent

RIGHTS AGREEMENT

Amended and Restated as of December 4, 2008

1

TABLE OF CONTENTS

Page

	 	 	 	 	 
	Section 1.Certain Definitions
	 	 	2	 
	Section 2.Appointment of Rights Agent
	 	 	7	 
	Section 3.Issue of Right Certificates
	 	 	7	 
	Section 4.Form of Right Certificates
	 	 	9	 
	Section 5.Countersignature and Registration
	 	 	10	 
	Section 6.Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated,
Destroyed, Lost or Stolen Right Certificates
	 	 	10	 
	Section 7.Exercise of Rights; Purchase Price; Expiration Date of Rights
	 	 	11	 
	Section 8.Cancellation and Destruction of Right Certificates
	 	 	13	 
	Section 9.Reservation and Availability of Shares of Common Stock
	 	 	13	 
	Section 10.Common Stock Record Date
	 	 	15	 
	Section 11.Adjustment of Purchase Price, Number of Shares or Number of Rights
	 	 	15	 
	Section 12.Certificate of Adjusted Purchase Price or Number of Shares
	 	 	21	 
	Section 13.Consolidation, Merger or Sale or Transfer of Assets or Earning Power
	 	 	22	 
	Section 14.Fractional Rights and Fractional Shares
	 	 	24	 
	Section 15.Rights of Action
	 	 	25	 
	Section 16.Agreement of Right Holders
	 	 	25	 
	Section 17.Right Certificate Holder Not Deemed a Stockholder
	 	 	26	 
	Section 18.Concerning the Rights Agent
	 	 	26	 
	Section 19.Merger or Consolidation or Change of Name of Rights Agent
	 	 	27	 
	Section 20.Duties of Rights Agent
	 	 	27	 
	Section 21.Change of Rights Agent
	 	 	30	 
	Section 22.Issuance of New Right Certificates
	 	 	31	 
	Section 23.Redemption and Termination
	 	 	31	 
	Section 24.Exchange
	 	 	32	 
	Section 25.Notice of Certain Events
	 	 	33	 
	Section 26.Notices
	 	 	34	 
	Section 27.Supplements and Amendments
	 	 	34	 
	Section 28.Successors; Assignment
	 	 	35	 
	Section 29.Determinations and Actions by the Board of Directors
	 	 	35	 
	Section 30.Benefits of This Agreement
	 	 	36	 
	Section 31.Severability
	 	 	36	 
	Section 32.Governing Law
	 	 	36	 
	Section 33.Counterparts
	 	 	36	 
	Section 34.Descriptive Headings
	 	 	36	 
	Exhibit A — Form of Right Certificate
	 	 	A-1	 
	Form of Assignment
	 	 	A-4	 
	Certificate
	 	 	A-5	 
	Notice
	 	 	A-5	 
	Form of Election to Purchase
	 	 	A-6	 
	Exhibit B — Summary of Rights to Purchase Common Stock
	 	 	B-1	 

2

AMENDED AND RESTATED RIGHTS AGREEMENT

This AMENDED AND RESTATED RIGHTS AGREEMENT, dated as of December 4, 2008 (the “Agreement”),
between NATIONAL FUEL GAS COMPANY, a New Jersey corporation (the “Company”), and THE BANK OF NEW
YORK, a banking corporation organized under the laws of the State of New York (the “Rights Agent”).

W I T N E S S E T H

WHEREAS, the Company and HSBC Bank USA, National Association, as successor in interest to
Marine Midland Bank (the “Original Rights Agent”), have heretofore entered into that certain Rights
Agreement, dated as of June 12, 1996 (the “Original Agreement”); and

WHEREAS, the Board of Directors of the Company on March 19, 1996 (the “Rights Dividend
Declaration Date”) authorized and declared a dividend distribution (the “Distribution”) of one
Right (as such term is hereinafter defined) for each share of Common Stock, $1.00 par value, of the
Company (the “Common Stock”) outstanding at the Close of Business on July 31, 1996 (the “Record
Date”), the record date established by the Board of Directors on June 13, 1996; and

WHEREAS, on the Rights Dividend Declaration Date, the Board of Directors further authorized
and directed the issuance of one Right (as such number may be adjusted pursuant to the provisions
of Section 11(i) hereof) for each share of Common Stock issued (whether originally issued or
delivered from the Company’s treasury stock) between the Record Date and the earlier of the
Distribution Date or the Expiration Date (as such terms are hereinafter defined), each Right
initially representing the right to purchase one-half of one share of Common Stock, upon the terms
and subject to the conditions hereinafter set forth (the “Rights”); and

WHEREAS, the Company and the Original Rights Agent entered into that certain Amended and
Restated Rights Agreement, dated as of April 30, 1999, as amended on September 7, 2001 and as
further amended and restated on June 8, 2007 and on September 1, 2007 (the “Amended and Restated
Agreement”); and

WHEREAS, pursuant to Section 27 of the Amended and Restated Agreement, the Company is
authorized to amend the Amended and Restated Agreement from time to time and, so long as its
interests are not adversely affected thereby, the Rights Agent has undertaken to execute any such
amendment; and

WHEREAS, the Board of Directors of the Company has determined that it is necessary and
desirable that the Amended and Restated Agreement be amended in certain respects; and

WHEREAS, the Rights Agent has determined that the amendments to the Amended and Restated
Agreement proposed by the Company and reflected in this Agreement (i) are in compliance with the
terms of Section 27 of the Amended and Restated Agreement and (ii) will not adversely affect its
interests thereunder;

WHEREAS, effective September 1, 2007, the Original Rights Agent resigned as Rights Agent
hereunder and, pursuant to Section 21 of the Amended and Restated Agreement, the Company
substituted The Bank of New York as successor Rights Agent; and

WHEREAS, the Company and the Rights Agent have agreed that, for ease and convenience of
reference, it is desirable to incorporate such amendments into an instrument which restates in its
entirety the Amended and Restated Agreement, as so amended;

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth,
the parties hereby agree as follows:

Section 1. Certain Definitions. For purposes of this Agreement, the following terms
have the meanings indicated:

(a) “Acquiring Person” shall mean any Person (as such term is hereinafter defined) who or
which, together with all Affiliates and Associates (as such terms are hereinafter defined) of such
Person, shall be the Beneficial Owner (as such term is hereinafter defined) of securities of the
Company constituting a Substantial Block (as such term is hereinafter defined), but shall not
include (i) the Company, any Subsidiary (as such term is hereinafter defined) of the Company, any
employee benefit plan of the Company or of any Subsidiary of the Company or any Person organized,
appointed or established by the Company or any Subsidiary of the Company for or pursuant to the
terms of any such plan, (ii) any Person who becomes the Beneficial Owner of a Substantial Block of
the shares of Voting Stock then outstanding as a result of a reduction in the number of shares of
Voting Stock outstanding due to the repurchase of shares of Voting Stock by the Company unless and
until such Person, after becoming aware that such Person has become the Beneficial Owner of a
Substantial Block of the then outstanding shares of Voting Stock, acquires beneficial ownership of
any additional shares of Voting Stock, (iii) an Existing Holder, unless and until such time as such
Existing Holder acquires beneficial ownership of any additional shares of Voting Stock (other than
pursuant to a dividend or distribution paid or made by the Company on the outstanding Voting Stock
in Voting Stock or pursuant to a split or subdivision of the outstanding Voting Stock), unless,
upon acquiring beneficial ownership of any additional shares of Voting Stock, such Existing Holder
is not then the Beneficial Owner of securities of the Company constituting a Substantial Block; or
(iv) any Person who otherwise would be an Acquiring Person but whom the Board of Directors
determines, in good faith, to have become such inadvertently (including, without limitation,
because (A) such person was unaware that he or it was the Beneficial Owner of a percentage of
Voting Stock that otherwise would cause such person to be an Acquiring Person, or (B) such Person
was aware of the extent to which he or it is the Beneficial Owner of Voting Stock but had no actual
knowledge of the consequences of being such a Beneficial Owner under this Agreement) and without
any intention of changing or influencing control of the Company, and if such Person, after being
advised of such determination and within a period of time set by the Board of Directors, divests
himself or itself of a sufficient number of shares of Voting Stock so that such Person would no
longer be the Beneficial Owner of a Substantial Block of the Voting Stock of the Company then
outstanding, then such Person shall not be deemed to be or to have become an Acquiring Person for
any purposes of this Agreement; and during any period of time (x) prior to the time the Board of
Directors shall have become aware that such Person would have become an Acquiring Person but for
the provisions of this clause (iii), (y) during which the Board of Directors is making the
determination called for under this clause (iii), and (z) during which such Person is divesting
himself or itself of a sufficient number of shares of Voting Stock so that such Person no longer
would be the Beneficial Owner of a Substantial Block of the Voting Stock of the Company then
outstanding, such Person shall not be deemed to be or to have become an Acquiring Person for any
purpose under this Agreement.

(b) “Act” shall have the meaning set forth in Section 9(c) hereof.

(c) “Adjustment Shares” shall have the meaning set forth in Section 11(a)(ii) hereof.

(d) “Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in
Rule 12b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), as in effect on the date hereof.

(e) “Agreement” shall have the meaning set forth in the introduction hereto.

(f) A Person shall be deemed the “Beneficial Owner” of, and shall be deemed to “beneficially
own,” any securities:

(i) which such Person or any of such Person’s Affiliates or Associates has, directly or
indirectly, the right to acquire (whether such right is exercisable immediately or only after the
passage of time or upon the occurrence of an event) pursuant to any agreement, arrangement or
understanding (whether or not in writing), or upon the exercise of conversion rights, exchange
rights, rights, warrants or options, or otherwise; provided, however, that a Person shall not be
deemed the “Beneficial Owner” of, or to “beneficially own,” (1) securities tendered pursuant to a
tender or exchange offer made by such Person or any of such Person’s Affiliates or Associates until
such tendered securities are accepted for purchase or exchange, (2) securities issuable upon
exercise of Rights at any time prior to the occurrence of a Triggering Event (as such term is
hereinafter defined), or (3) securities issuable upon exercise of Rights from and after the
occurrence of a Triggering Event, which Rights were acquired by such Person or any of such Person’s
Affiliates or Associates prior to the Distribution Date or pursuant to Section 3(a) hereof
(“Original Rights”) or pursuant to Section 11(i) or Section 22 hereof in connection with an
adjustment made with respect to Original Rights; or

(ii) which such Person or any of such Person’s Affiliates or Associates has, directly or
indirectly, the right to vote or dispose of or has “beneficial ownership” of (as determined
pursuant to Rule 13d-3 of the General Rules and Regulations under the Exchange Act), including
pursuant to any agreement, arrangement or understanding (whether or not in writing); provided,
however, that a Person shall not be deemed the “Beneficial Owner” of, or to “beneficially own,” any
security under this subparagraph (ii) if the agreement, arrangement or understanding to vote such
security (1) arises solely from a revocable proxy given in response to a public proxy or consent
solicitation made pursuant to, and in accordance with, the applicable rules and regulations of the
Exchange Act and (2) is not then reportable on Schedule 13D under the Exchange Act (or any
comparable or successor report); or

(iii) which are beneficially owned, directly or indirectly, by any other Person with which
such Person or any of such Person’s Affiliates or Associates has any agreement, arrangement or
understanding (whether or not in writing) for the purpose of acquiring, holding, voting (except
pursuant to a revocable proxy as described in the proviso to subparagraph (ii) of this paragraph
(f)) or disposing of any securities of the Company; or

(iv) in respect of which such Person or any of such Person’s Affiliates or Associates has a
Synthetic Long Position.

Notwithstanding the foregoing, nothing contained in this definition shall cause a Person ordinarily
engaged in business as an underwriter of securities to be the “Beneficial Owner” of, or to
“beneficially own,” any securities acquired in a bona fide firm commitment underwriting pursuant to
an underwriting agreement with the Company.

Notwithstanding anything in this definition of Beneficial Ownership to the contrary, the phrase
“then outstanding,” when used with reference to a Person’s Beneficial Ownership of securities of
the Company, shall mean the number of securities then issued and outstanding together with the
number of such securities not then actually issued and outstanding which such Person would be
deemed to own beneficially hereunder.

(g) “Business Day” shall mean any day other than a Saturday, Sunday, or a day on which banking
institutions in the State of New York or New Jersey are authorized or obligated by law or executive
order to close.

(h) “Certification” shall have the meaning set forth in Section 18 hereof.

(i) “Close of Business” on any given day shall mean 5:00 P.M., New York, New York time, on
such day; provided, however, that if such day is not a Business Day, it shall mean 5:00 P.M., New
York, New York time, on the next succeeding Business Day.

(j) “Common Stock,” when used with reference to the Company, shall mean the shares of common
stock, $1.00 par value, of the Company. “Common Stock,” when used with reference to any Person
other than the Company, shall mean either the capital stock with the greatest voting power of such
other Person or, if such Person is a Subsidiary of another Person, the equity securities or other
equity interest having power to control or direct the management of such Person.

(k) “Common Stock Equivalent” shall have the meaning set forth in Section 11(a)(iii).

(l) “Company” shall have the meaning set forth in the introduction hereto.

(m) “Current Market Price” shall have the meaning set forth in Section 11(d) hereof.

(n) “Current Value” shall have the meaning set forth in Section 11(a)(iii) hereof.

(o) “Distribution” shall have the meaning set forth in the recitals hereto.

(p) “Distribution Date” shall have the meaning set forth in Section 3(a) hereof.

(q) “Equivalent Common Stock” shall have the meaning set forth in Section 11(b) hereof.

(r) “Exchange Act” shall have the meaning set forth in the definitions of “Affiliate” and
“Associate” above.

(s) “Exchange Ratio” shall have the meaning set forth in Section 24(a) hereof.

(t) “Existing Holder” shall mean any Person who is the Beneficial Holder of securities of the
Company constituting a Substantial Block as of the date hereof as a direct and sole result of the
inclusion of clause (iv) to paragraph (f) of this Section 1.

(u) “Expiration Date” shall have the meaning set forth in Section 7(a) hereof.

(v) “Final Expiration Date” shall have the meaning set forth in Section 7(a) hereof.

(w) [Intentionally omitted]

(x) “Original Rights” shall have the meaning set forth in the definition of “Beneficial Owner”
above.

(y) “Person” shall mean any individual, firm, corporation, limited liability company,
partnership (general, limited or limited liability), trust or other entity, and shall include any
successor (by merger or otherwise) of such entity.

(z) “Principal Party” shall have the meaning set forth in Section 13(b) hereof.

	 	 	 
	(aa)

(bb)

(cc)

(dd)

(ee)

(ff)

	 	“Purchase Price” shall have the meaning set forth in Section 4(a) hereof.

“Record Date” shall have the meaning set forth in the recitals hereto.

“Redemption Price” shall have the meaning set forth in Section 23(a) hereof.

“Right Certificate” shall have the meaning set forth in Section 3(a) hereof.

“Rights” shall have the meaning set forth in the recitals hereto.

“Rights Agent” shall have the meaning set forth in the introduction hereto.

(gg) “Rights Dividend Declaration Date” shall have the meaning set forth in the recitals
hereto.

(hh) “Section 11(a)(ii) Event” shall mean any event described in Section 11(a)(ii).

(ii) “Section 11(a)(ii) Trigger Date” shall have the meaning set forth in Section 11(a)(iii).

(jj) “Section 13 Event” shall mean any event described in Section 13(a).

(kk) “Shares Acquisition Date” shall mean the first date of public announcement (which, for
purposes of this definition, includes a report filed pursuant to Section 13(d) of the Exchange Act)
by the Company or an Acquiring Person that an Acquiring Person has become such.

(ll) “Spread” shall have the meaning set forth in Section 11(a)(iii) hereof.

(mm) “Subsidiary” shall mean, with reference to any Person, any corporation (or other entity)
of which an amount of voting securities (or comparable ownership interests) sufficient to elect at
least a majority of the directors (or comparable individuals) of such corporation (or other entity)
is beneficially owned or otherwise controlled, directly or indirectly, by such Person.

(nn) “Substantial Block” shall mean a number of shares of Voting Stock which have 10% or more
of the aggregate voting power of all outstanding shares of Voting Stock.

(oo) “Substitution Period” shall have the meaning set forth in Section 11(a)(iii) hereof.

(pp) “Summary of Rights” shall have the meaning set forth in Section 3(b) hereof.

(qq) “Synthetic Long Position” shall mean any option, warrant, convertible security, stock
appreciation right or other contractual right, whether or not presently exercisable, which has an
exercise or conversion privilege or a settlement payment or mechanism at a price related to Voting
Stock or a value determined in whole or part with reference to, or derived in whole or in part
from, the market price or value of Voting Stock (regardless of whether such right is subject to
settlement in whole or in part in Voting Stock, whether such right conveys any voting rights in
such securities to its holder or whether such holder may have entered into other transactions that
hedge the economic effect of such right), and which increases in value as the value of Voting Stock
increases or which provides to the holder of such right an opportunity, directly or indirectly, to
profit or share in any profit derived from any increase in the value of Voting Stock, but shall not
include:

(i) rights of a pledgee under a bona fide pledge of Voting Stock;

(ii) rights of all holders of Voting Stock to receive Voting Stock pro rata, or obligations
to dispose of Voting Stock, as a result of a merger, exchange offer or consolidation involving the
Company;

(iii) rights or obligations to surrender Voting Stock, or have Voting Stock withheld, upon
the receipt or exercise of a derivative security or the receipt or vesting of equity securities, in
order to satisfy the exercise price or the tax withholding consequences of receipt, exercise or
vesting;

(iv) interests in broad-based index options, broad-based index futures and broad-based
publicly traded market baskets of stocks approved for trading by the appropriate federal
governmental authority;

(v) interests or rights to participate in employee benefit plans of the Company held by
employees or former employees of the Company; or

(vi) options granted to an underwriter in a registered public offering for the purpose of
satisfying over-allotments in such offering.

The number of shares of Voting Stock in respect of which a person has a Synthetic Long
Position shall be the notional or other number of shares of Voting Stock specified in the
documentation evidencing the Synthetic Long Position as being subject to be acquired upon the
exercise or settlement of the applicable right or as the basis upon which the value or settlement
amount of such right, or the opportunity of the holder of such right to profit or share in any
profit, is to be calculated in whole or in part or, if no such number of shares of Voting Stock is
specified in such documentation, as determined by the Board of Directors of the Company in good
faith to be the number of shares of Voting Stock to which the Synthetic Long Position relates.

	 	 	 
	(rr)

(ss)

	 	“Trading Day” shall have the meaning set forth in Section 11(d) hereof.

“Triggering Event” shall mean any Section 11(a)(ii) Event or Section 13 Event.

(tt) “Voting Stock,” as of the date of any determination, shall mean the shares of Common
Stock, $1.00 par value, then outstanding and any other shares of capital stock of the Company which
are entitled to vote generally in the election of directors.

Section 2. Appointment of Rights Agent. The Company hereby appoints the Rights Agent
to act as agent for the Company in accordance with the terms and conditions hereof, and the Rights
Agent hereby accepts such appointment. The Company shall act as Co-Rights Agent and may from time
to time appoint such other Co-Rights Agents as it may deem necessary or desirable upon ten calendar
days’ written notice to the Rights Agent. In no event shall the Rights Agent have any duty to
supervise or in any way be liable for the acts or omissions of any such Co-Rights Agents.

Section 3. Issue of Right Certificates. (a) Until the earlier of (i) the Close of
Business on the tenth calendar day after the Shares Acquisition Date or (ii) the Close of Business
on the tenth business day (or such later date as the Board shall determine) after the date of the
commencement of, or of the first public announcement of the intention of any Person (other than the
Company, any Subsidiary of the Company, any employee benefit plan of the Company or of any
Subsidiary of the Company or any Person organized, appointed or established by the Company or any
Subsidiary of the Company for or pursuant to the terms of any such plan) to commence, a tender or
exchange offer if, upon consummation thereof, such Person would become an Acquiring Person (the
earlier of the dates in subsection (i) and (ii) hereof being herein referred to as the
“Distribution Date”) (x) the Rights will be evidenced (subject to the provisions of paragraph (b)
of this Section 3) by the certificates for the Common Stock of the Company registered in the names
of the holders of such Common Stock (which certificates for Common Stock shall be deemed also to be
Right Certificates) and not by separate Right Certificates, and (y) the right to receive Right
Certificates will be transferable only in connection with the transfer of Common Stock of the
Company. As soon as practicable after receipt by the Rights Agent of written notice from the
Company of the Distribution Date, the Company will prepare and execute, the Rights Agent will
countersign, and the Company will send or cause to be sent (and the Rights Agent will, if requested
and provided with all necessary information, send at the Company’s expense) by first-class,
insured, postage prepaid mail, to each record holder of Common Stock of the Company as of the Close
of Business on the Distribution Date, at the address of such holder shown on the records of the
Company, a Right Certificate, in substantially the form of Exhibit A hereto (a “Right
Certificate”), evidencing one Right for each share of Common Stock so held, subject to adjustment
as provided herein. As of the Distribution Date, the Rights will be evidenced solely by such Right
Certificates. The Company shall promptly notify the Rights Agent in writing upon the occurrence of
the Distribution Date and, if such notification is given orally, the Company shall confirm same in
writing on or prior to the Business Day next following. Until such notice is received by the
Rights Agent, the Rights Agent may presume conclusively for all purposes that the Distribution Date
has not occurred.

(b) As soon as practicable following the Record Date, the Company will send a copy of a
Summary of Rights to Purchase Common Stock, in substantially the form attached hereto as Exhibit B
(the “Summary of Rights”), by first-class, postage prepaid mail, to each record holder of Common
Stock as of the Close of Business on the Record Date, at the address of such holder shown on the
records of the Company. With respect to certificates for Common Stock of the Company outstanding
as of the Record Date, until the Distribution Date, the Rights will be evidenced by such
certificates for Common Stock, and the registered holders of Common Stock of the Company shall also
be the registered holders of the associated Rights. Until the Distribution Date (or earlier
redemption or expiration of the Rights), the surrender for transfer of any of the certificates for
Common Stock of the Company outstanding on the Record Date shall also constitute the transfer of
the Rights associated with the shares of Common Stock represented by such certificate.

(c) Rights shall be issued in respect of all shares of Common Stock of the Company issued
after the Record Date but prior to the earlier of the Distribution Date or the Expiration Date, or,
in certain circumstances provided in Section 22 hereof, after the Distribution Date. Certificates
representing such shares of Common Stock shall have impressed on, printed on, written on or
otherwise affixed to them a legend in substantially the following form:

This certificate also evidences and entitles the holder hereof to certain Rights as set forth
in a Rights Agreement between National Fuel Gas Company and Marine Midland Bank (subsequently known
as HSBC Bank USA), dated as of June 12, 1996, as amended or restated from time to time (the “Rights
Agreement”), the terms of which are hereby incorporated herein by reference and a copy of which is
on file at the principal executive offices of National Fuel Gas Company. Under certain
circumstances, as set forth in the Rights Agreement, such Rights will be evidenced by separate
certificates and will no longer be evidenced by this certificate. National Fuel Gas Company will
mail to the holder of this certificate a copy of the Rights Agreement as in effect on the date of
mailing without charge within five Business Days after receipt of a written request therefor.
Under certain circumstances set forth in the Rights Agreement, Rights beneficially owned by an
Acquiring Person may become null and void.

After the due execution of any supplement or amendment to this Agreement in accordance with
the terms hereof, the reference to this Agreement in the foregoing legend shall mean the Agreement
as so supplemented or amended. Until the Distribution Date, the Rights associated with the Common
Stock of the Company represented by certificates containing the foregoing legend shall be evidenced
by such certificates alone, and the surrender for transfer of any of such certificates shall also
constitute the transfer of the Rights associated with the Common Stock represented by such
certificates. In the event that the Company purchases or acquires any shares of Common Stock after
the Record Date but prior to the Distribution Date, any Rights associated with such Common Stock
shall be deemed canceled and retired so that the Company shall not be entitled to exercise any
Rights associated with the shares of Common Stock which are no longer outstanding. The failure to
print the foregoing legend on any such Common Stock certificate or any other defect therein shall
not affect in any manner whatsoever the application or interpretation of the provisions of Section
7(e) hereof.

Section 4. Form of Right Certificates. (a) The Right Certificates (and the forms of
election to purchase shares and of assignment to be printed on the reverse thereof) shall be
substantially the same as Exhibit A hereto and may have such marks of identification or designation
and such legends, summaries or endorsements printed thereon as the Company may deem appropriate
(but which do not affect the rights, duties or responsibilities of the Rights Agent) and as are not
inconsistent with the provisions of this Agreement, or as may be required to comply with any
applicable law or with any rule or regulation made pursuant thereto or with any rule or regulation
of any stock exchange on which the Rights may from time to time be listed, or to conform to usage.
The Right Certificates shall be in machine-printable format and in a form reasonably satisfactory
to the Rights Agent. Subject to the provisions of Section 11 and Section 22 hereof, the Right
Certificates, whenever distributed, shall be dated as of the Record Date (or, with respect to
Rights appurtenant to shares of Common Stock of the Company issued or, in the case of Company
treasury stock, delivered thereafter, dated as of the date of issuance or delivery of such shares),
shall show the date of countersignature, and on their face shall entitle the holders thereof to
purchase such number of one one-halves of a share of Common Stock of the Company (or following a
Triggering Event, other securities, cash or other assets, as the case may be) as shall be set forth
therein at the price per one one-half of a share set forth therein (such exercise price per share
of Common Stock, the “Purchase Price”), but the number of such one one-halves of a share and the
Purchase Price shall be subject to adjustment as provided herein.

(b) Any Right Certificate issued pursuant to Section 3(a), Section 11(i) or Section 22 hereof
that represents Rights beneficially owned by: (i) an Acquiring Person or any Associate or
Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or of any such
Associate or Affiliate) who becomes a transferee after the Acquiring Person becomes such, or (iii)
a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a
transferee prior to or concurrently with the Acquiring Person becoming such and receives such
Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring
Person to holders of equity interests in such Acquiring Person or to any Person with whom such
Acquiring Person has any continuing agreement, arrangement or understanding (whether or not in
writing) regarding the transferred Rights or (B) a transfer which the Board of Directors of the
Company has determined is part of a plan, arrangement or understanding (whether or not in writing)
which has as a primary purpose or effect the avoidance of Section 7(e) hereof; and any Right
Certificate issued pursuant to Section 6 or Section 11 hereof, upon transfer, exchange, replacement
or adjustment of any other Right Certificate referred to in this sentence, shall contain (to the
extent the Rights Agent has notice thereof and to the extent feasible) the following legend,
modified as applicable to apply to such Person:

The Rights represented by this Right Certificate are or were beneficially owned by a Person
who was or became an Acquiring Person or an Affiliate or Associate of an Acquiring Person
(as such terms are defined in the Rights Agreement). Accordingly, this Right Certificate
and the Rights represented hereby may become null and void in the circumstances specified in
Section 7(e) of such Agreement.

Section 5. Countersignature and Registration. The Right Certificates shall be
executed on behalf of the Company by one of its authorized officers either manually or by facsimile
signature. The Right Certificates shall be countersigned by an authorized signatory of the Rights
Agent either manually or by facsimile signature and shall not be valid for any purpose unless so
countersigned. In case any officer of the Company who shall have signed any of the Right
Certificates shall cease to be such officer of the Company before countersignature by the Rights
Agent and issuance and delivery by the Company, such Right Certificates, nevertheless, may be
countersigned by the Rights Agent, issued and delivered with the same force and effect as though
the person who signed such Right Certificates had not ceased to be such officer of the Company; and
any Right Certificate may be signed on behalf of the Company by any person who, at the actual date
of the execution of such Right Certificate, shall be a proper officer of the Company to sign such
Right Certificate, although at the date of the execution of this Rights Agreement any such person
was not such an officer.

In case any authorized signatory of the Rights Agent who shall have countersigned any of the
Right Certificates shall cease to be such signatory before delivery by the Company, such Right
Certificates, nevertheless, may be issued and delivered by the Company with the same force and
effect as though the person who countersigned such Right Certificates had not ceased to be such
signatory; and any Right Certificates may be countersigned on behalf of the Rights Agent by any
person who, at the actual date of the countersignature of such Right Certificate, shall be a proper
signatory of the Rights Agent to countersign such Right Certificate, although at the date of the
execution of this Rights Agreement any such person was not such a signatory.

Following the Distribution Date, receipt by the Rights Agent of notice to that effect and all
other relevant information referred to in Section 3(a), the Rights Agent will keep or cause to be
kept, at its office designated for such purpose, books for registration and transfer of the Right
Certificates issued hereunder. Such books shall show the names and addresses of the respective
holders of the Right Certificates issued hereunder, the number of Rights evidenced on its face by
each of the Right Certificates, the date of each of the Right Certificates and the date of
countersignature of each of the Right Certificates.

Section 6. Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated,
Destroyed, Lost or Stolen Right Certificates. Subject to the provisions of Section 14 hereof,
at any time after the Close of Business on the Distribution Date, and at or prior to the Close of
Business on the Expiration Date, any Right Certificate or Right Certificates (other than any Right
Certificate or Rights Certificates representing Rights that have become null and void pursuant to
Section 7(e) hereof or have been exchanged pursuant to Section 24 hereof) may be transferred, split
up, combined or exchanged for another Right Certificate or Right Certificates, entitling the
registered holder to purchase a like number of one one-halves of a share of Common Stock (or
following a Triggering Event, other securities, cash or other assets, as the case may be) as the
Right Certificate or Right Certificates surrendered then entitled such holder (or, in the case of a
transfer, such former holder) to purchase. Any registered holder desiring to transfer, split up,
combine or exchange any Right Certificate or Right Certificates shall make such request in writing
delivered to the Rights Agent, and shall surrender the Right Certificate or Right Certificates to
be transferred, split up, combined or exchanged at the office of the Rights Agent designated for
such purpose, along with a signature guarantee and such other and further documentation as the
Rights Agent may reasonably request. Neither the Rights Agent nor the Company shall be obligated
to take any action whatsoever with respect to the transfer of any such surrendered Right
Certificate until the registered holder shall have properly completed and signed the certificate
contained in the form of assignment on the reverse side of such Right Certificate and shall have
provided such additional evidence, as the Company or the Rights Agent shall reasonably request, of
the identity of the Beneficial Owner, Affiliates or Associates of such Beneficial Owner or holder,
or of any other Person with which such holder or any of such holder’s Affiliates or Associates has
any agreement, arrangement or understanding (whether or not in writing) for the purpose of
acquiring, holding, voting or disposing of securities of the Company. Thereupon the Rights Agent
shall, subject to Section 14 and Section 20(k) hereof, countersign and deliver to the Person
entitled thereto a Right Certificate or Right Certificates, as the case may be, as so requested.
The Company may require payment from a Right Certificates holder of a sum sufficient to cover any
tax or governmental charge that may be imposed in connection with any transfer, split up,
combination or exchange of Right Certificates. The Rights Agent shall have no duty or obligation
under any Section of this Agreement requiring payment of fees or charges unless and until it is
satisfied that holders have paid such sum sufficient, as necessary.

Upon receipt by the Company and the Rights Agent of evidence satisfactory to them of the loss,
theft, destruction or mutilation of a Right Certificate, and, in case of loss, theft or
destruction, of indemnity or security satisfactory to them, along with a signature guarantee and
such other and further documentation as the Rights Agent may request, and if requested by the
Company, reimbursement to the Company and the Rights Agent of all reasonable expenses incidental
thereto, and upon surrender to the Rights Agent and cancellation of the Right Certificate if
mutilated, the Company will make and deliver a new Right Certificate of like tenor to the Rights
Agent for delivery to the registered owner in lieu of the Right Certificate so lost, stolen,
destroyed or mutilated.

Section 7. Exercise of Rights; Purchase Price; Expiration Date of Rights. (a) Subject
to Section 7(e) hereof, the registered holder of any Right Certificate may exercise the Rights
evidenced thereby (except as otherwise provided herein, including, without limitation, the
restrictions on exercisability set forth in Sections 9(c), 11(a) (iii), 23(a) and 24(b) hereof) in
whole or in part at any time after the Distribution Date upon surrender of the Right Certificate,
with the form of election to purchase on the reverse side thereof properly completed and duly
executed, to the Rights Agent at the designated office of the Rights Agent, together with payment
of the aggregate Purchase Price for the total number of one one-halves of a share of Common Stock
(or other securities, cash or other assets, as the case may be) as to which the Rights are
exercised, and an amount equal to any tax or charge required to be paid under Section 9(e) hereof,
by certified check, cashier’s check, bank draft or money order payable to the order of the Company,
at or prior to the earliest of (i) the Close of Business on July 31, 2018 (the “Final Expiration
Date”), (ii) the time at which the Rights are redeemed as provided in Section 23 hereof or (iii)
the time at which all exercisable Rights are exchanged as provided in Section 24 hereof (such
earliest date being herein referred to as the “Expiration Date”). Except for those provisions
herein which expressly survive the termination of this Agreement, this Agreement shall terminate at
such time as the Rights are no longer exercisable hereunder.

(b) The Purchase Price for each full share of Common Stock pursuant to the exercise of a Right
shall be $75.00 per half share of Common Stock (being $150.00 per each full share of Common Stock),
and shall be subject to adjustment from time to time as provided in Sections 11 and 13 hereof and
shall be payable in accordance with paragraph (c) below.

(c) Upon receipt of a Right Certificate representing exercisable Rights, with the form of
election to purchase and the certificate duly executed and properly completed, accompanied by
payment of the Purchase Price for the number of shares of Common Stock (or other securities, cash
or other assets, as the case may be) to be purchased and an amount equal to any applicable transfer
tax or charge required to be paid under Section 9(e) hereof by certified check, cashier’s check,
bank draft or money order payable to the order of the Company, subject to Section 20(h) hereof, the
Rights Agent shall thereupon, subject to Section 20(k), promptly (i) (A) requisition from any
transfer agent of the Common Stock of the Company certificates for the number of shares of Common
Stock of the Company to be purchased and the Company hereby irrevocably authorizes any such
transfer agent to comply with all such requests, or (B) requisition from the depositary agent
depositary receipts representing such number of one one-halves of a share of Common Stock of the
Company as are to be purchased (in which case certificates for the shares of Common Stock
represented by such receipts shall be deposited by the transfer agent of the Common Stock with such
depositary agent) and the Company hereby directs such depositary agent to comply with such request,
(ii) when appropriate, requisition from the Company the amount of cash to be paid in lieu of
issuance of fractional shares in accordance with Section 14, (iii) promptly after receipt of such
certificates, cause the same to be delivered to or upon the order of the registered holder of such
Right Certificate, registered in such name or names as may be designated by such holder and (iv)
when appropriate, after receipt promptly deliver such payment to or upon the order of the
registered holder of such Right Certificate. The payment of the Purchase Price must be made by
certified bank check or bank draft or money order payable to the order of the Company or the Rights
Agent. In the event that the Company is obligated to issue securities, distribute property or make
payment pursuant to section 11(a)(iii) hereof, the Company will make all arrangements necessary so
that check, property or securities are available for issuance, distribution or payment by the
Rights Agent, if and when necessary to comply with this Agreement.

(d) In case the registered holder of any Right Certificate shall exercise less than all the
Rights evidenced thereby, a new Right Certificate evidencing Rights equivalent to the Rights
remaining unexercised shall be issued by the Rights Agent to the registered holder of such Right
Certificate or to his duly authorized assigns, subject to the provisions of Section 14 hereof.

(e) Notwithstanding anything in this Agreement to the contrary, from and after the first
occurrence of a Section 11(a)(ii) Event, any Rights beneficially owned by (i) an Acquiring Person
or an Associate or Affiliate of an Acquiring Person, (ii) a transferee of an Acquiring Person (or
of any such Associate or Affiliate) who becomes a transferee after the Acquiring Person becomes
such, or (iii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who
becomes a transferee prior to or concurrently with the Acquiring Person becoming such and receives
such Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring
Person to holders of equity interests in such Acquiring Person or to any Person which whom the
Acquiring Person has any continuing agreement, arrangement or understanding (whether or not in
writing) regarding the transferred Rights or (B) a transfer which the Board of Directors of the
Company has determined is part of a plan, arrangement or understanding (whether or not in writing)
which has as a primary purpose or effect the avoidance of this Section 7(e), shall become null and
void without any further action and no holder of such Rights shall have any rights whatsoever with
respect to such Rights, whether under any provision of this Agreement or otherwise. The Company
shall use all reasonable efforts to insure that the provisions of this Section 7(e) and Section
4(b) hereof are complied with, but shall have no liability to any holder of Right Certificates or
other Person as a result of its failure to make any determinations with respect to an Acquiring
Person, or any of its Affiliates, Associates or transferees hereunder.

(f) Notwithstanding anything in this Agreement to the contrary, neither the Rights Agent nor
the Company shall be obligated to undertake any action with respect to a registered holder upon the
occurrence of any purported exercise as set forth in this Section 7 unless such registered holder
shall have (i) properly completed and signed the certificate contained in the form of election to
purchase set forth on the reverse side of the Right Certificate surrendered for such exercise, and
(ii) provided such additional evidence of the identity of the Beneficial Owner, Affiliates or
Associates of such Beneficial Owner or holder, or of any other Person with which such holder or any
of such holder’s Affiliates or Associates has any agreement, arrangement or understanding (whether
or not in writing) for the purpose of acquiring, holding, voting or disposing of any securities of
the Company as the Company shall reasonably request.

Section 8. Cancellation and Destruction of Right Certificates. All Right Certificates
surrendered for the purpose of exercise, transfer, split up, combination or exchange shall, if
surrendered to the Company or to any of its agents, be delivered to the Rights Agent for
cancellation or in canceled form, or, if surrendered to the Rights Agent, shall be canceled by it,
and no Right Certificates shall be issued in lieu thereof except as expressly permitted by any of
the provisions of this Rights Agreement. The Company shall deliver to the Rights Agent for
cancellation and retirement, and the Rights Agent shall so cancel and retire, any other Right
Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The
Rights Agent shall deliver all canceled Right Certificates to the Company, or shall, at the written
request of the Company, destroy such canceled Right Certificates, and in such case shall deliver a
certificate of destruction thereof to the Company.

Section 9. Reservation and Availability of Shares of Common Stock. (a) The Company
covenants and agrees that it will use every reasonable effort to reserve and make available out of
its authorized and unissued shares of Common Stock (and following the occurrence of a Triggering
Event, out of its authorized and unissued other securities), or out of its authorized and issued
shares of Common Stock (and, following the occurrence of a Triggering Event, out of its authorized
and issued other securities) held in its treasury, the number of shares of Common Stock (and,
following the occurrence of a Triggering Event, other securities) that will be sufficient to permit
the exercise in full of all outstanding Rights (it being understood that any of the foregoing
shares or securities may also be reserved for other purposes) or will take such other steps as are
appropriate to assure that the number of such shares or securities (or their equivalents)
sufficient to permit the exercise in full of all outstanding Rights will be available upon such
exercise. The Company shall use every reasonable effort to obtain, as soon as practicable
following the occurrence of a Triggering Event (to the extent not theretofore obtained), such
regulatory approvals and take such other action as may be necessary for it to issue and/or sell
securities purchasable upon the exercise of the Rights.

(b) So long as the shares of Common Stock (and, following the occurrence of a Triggering
Event, other securities) issuable upon the exercise of Rights may be listed on any national
securities exchange, the Company shall use its best efforts to cause, from and after such time as
the Rights become exercisable (but only to the extent that it is reasonably likely that the Rights
will be exercised), all shares reserved for such issuance to be listed on such exchange upon
official notice of issuance upon such exercise.

(c) The Company shall use its best efforts to (i) file, as soon as practicable following the
first occurrence of a Section 11(a)(ii) Event, or as soon as required by law, as the case may be, a
registration statement under the Securities Act of 1933, as amended (the “Act”), with respect to
the securities purchasable upon exercise of the Rights on an appropriate form, (ii) cause such
registration statement to become effective as soon as practicable after such filing, and (iii)
cause such registration statement to remain effective (with a prospectus at all times meeting the
requirements of the Act) until the earlier of (A) the date as of which the Rights are no longer
exercisable for such securities, and (B) the Expiration Date. The Company will also take such
action as may be appropriate under the blue sky laws of the various states. The Company may
temporarily suspend, for a period of time not to exceed ninety (90) days after the date set forth
in clause (i) of the first sentence of this Section 9(c), the exercisability of the Rights in order
to prepare and file such registration statement and permit it to become effective. Upon any such
suspension, the Company shall issue a public announcement and shall give simultaneous written
notice to the Rights Agent stating that the exercisability of the Rights has been temporarily
suspended, as well as a public announcement and notice to the Rights Agent at such time as the
suspension is no longer in effect. In addition, if the Company shall determine that a registration
statement is required following the Distribution Date, the Company may temporarily suspend the
exercisability of the Rights until such time as a registration statement has been declared
effective. Notwithstanding any provision of this Agreement to the contrary, the Rights shall not
be exercisable in any jurisdiction unless the requisite qualifications in such jurisdiction shall
have been obtained.

(d) The Company covenants and agrees that it will take all such action as may be necessary to
ensure that all shares of Common Stock (and following the occurrence of a Triggering Event, other
securities) delivered upon exercise of Rights shall, at the time of delivery of the certificates
for such shares (subject to payment of the Purchase Price), be duly and validly authorized and
issued and fully paid and nonassessable.

(e) The Company further covenants and agrees that it will pay when due and payable any and all
federal and state transfer taxes and charges which may be payable in respect of the issuance or
delivery of the Right Certificates or of any shares of Common Stock (or other securities, as the
case may be) upon the exercise of Rights. The Company shall not, however, be required (a) to pay
any transfer tax which may be payable in respect of any transfer involved in the transfer or
delivery of Right Certificates or the issuance or delivery of certificates for Common Stock (or
other securities, as the case may be) in a name other than that of the registered holder of the
Right Certificate evidencing Rights surrendered for exercise or (b) to issue or deliver any
certificates for a number of shares of Common Stock (or other securities, as the case may be) upon
the exercise of any Rights until any such tax shall have been paid (any such tax being payable by
the holder of such Right Certificate at the time of surrender) or until it has been established to
the Company’s satisfaction that no such tax is due.

Section 10. Common Stock Record Date. Each Person in whose name any certificate for
any number of shares of Common Stock (or other securities, as the case may be) is issued upon the
exercise of Rights shall for all purposes be deemed to have become the holder of record of the
shares of Common Stock (or other securities, as the case may be) represented thereby on, and such
certificate shall be dated the date upon which the Right Certificate evidencing such Rights was
duly surrendered and payment of the Purchase Price (and any applicable transfer taxes) was made and
shall show the date of countersignature; provided, however, that if the date of such surrender and
payment is a date upon which Common Stock (or other securities, as the case may be) transfer books
of the Company are closed, such Person shall be deemed to have become the record holder of such
shares on, and such certificate shall be dated, the next succeeding Business Day on which the
Common Stock (or other securities, as the case may be) transfer books of the Company are open.
Prior to the exercise of the Rights evidenced thereby, the holder of a Right Certificate shall not
be entitled to any rights of a stockholder of the Company with respect to shares for which the
Rights shall be exercisable, including, without limitation, the right to vote, to receive dividends
or other distributions or to exercise any preemptive rights, and shall not be entitled to receive
any notice of any proceedings of the Company, except as provided herein.

Section 11. Adjustment of Purchase Price, Number of Shares or Number of Rights. The
Purchase Price, the number of shares covered by each Right and the number of Rights outstanding are
subject to adjustment from time to time as provided in this Section 11.

(a) (i) In the event the Company shall at any time after the date of this Agreement (A)
declare a dividend on the Common Stock of the Company payable in shares of Common Stock of the
Company, (B) subdivide the outstanding Common Stock of the Company, (C) combine the outstanding
Common Stock of the Company into a smaller number of shares or (D) issue any shares of its capital
stock in a reclassification of the Common Stock of the Company (including any such reclassification
in connection with a consolidation or merger in which the Company is the continuing or surviving
corporation), except as otherwise provided in this Section 11(a) and Section 7(e) hereof, the
Purchase Price in effect at the time of the record date for such dividend or of the effective date
of such subdivision, combination or reclassification, and the number and kind of shares of Common
Stock or capital stock, as the case may be, issuable on such date, shall be proportionately
adjusted so that the holder of any Right exercised after such time shall be entitled to receive,
upon payment of the Purchase Price then in effect, the aggregate number and kind of shares of
capital stock which, if such Right had been exercised immediately prior to, but not including, such
date and at a time when Common Stock (or other securities) transfer books of the Company were open,
he or she would have owned upon such exercise and been entitled to receive by virtue of such
dividend, subdivision, combination or reclassification. If an event occurs which would require an
adjustment under both this Section 11(a)(i) and Section 11(a)(ii), the adjustment provided for in
this Section 11(a)(i) shall be in addition to, and shall be made prior to, any adjustment required
pursuant to Section 11(a)(ii).

(ii) Subject to Section 24 of this Agreement, in the event any Person, alone or together with
its Affiliates and Associates, becomes at any time after the Rights Dividend Declaration Date, an
Acquiring Person except as the result of a transaction set forth in Section 13(a) hereof, then
proper provision shall be made so that each holder of a Right, except as provided in Section 7(e)
hereof, shall thereafter have a right to receive, upon exercise thereof at the then current
Purchase Price multiplied by the number of one one-halves of a share of Common Stock for which a
Right is then exercisable in accordance with the terms of this Agreement, such number of shares of
Common Stock of the Company as shall equal the result obtained by (x) multiplying the then current
Purchase Price for a full share of Common Stock by the number of one one-halves of a share of
Common Stock for which a Right is then exercisable and dividing that product by (y) 50% of the
Current Market Price per share of Common Stock of the Company (determined pursuant to Section
11(d)) on the date of the occurrence of the event described above in this subparagraph (ii) (such
number of shares is hereinafter referred to as the “Adjustment Shares”), provided that the Purchase
Price and the number of Adjustment Shares shall be further adjusted as provided in this Agreement
to reflect any events occurring after the date of such first occurrence.

(iii) If (x) the number of shares of Common Stock which are authorized by the Company’s
certificate of incorporation but not outstanding or reserved for issuance for purposes other than
upon exercise of the Rights is not sufficient to permit the exercise in full of the Rights in
accordance with the foregoing subparagraph (ii), or (y) any regulatory approvals necessary for the
issuance of such Common Stock have not been obtained by the Company, or (z) the issuance of Common
Stock of the Company shall not then be permitted under the Company’s certificate of incorporation
or any applicable law or administrative or judicial regulation or order, the Company shall (A)
determine the excess of (1) the product obtained by multiplying the then Current Market Price by
the number of Adjustment Shares issuable upon the exercise of a Right the “Current Value”) over (2)
the Purchase Price (such excess, the “Spread”), and (B) with respect to each Right, but subject to
Section 9 hereof and, if and to the extent required, to the receipt by the Company of any necessary
regulatory approvals, make adequate provision to substitute for the Adjustment Shares, upon
exercise of the Rights and payment of the applicable Purchase Price, (1) cash, (2) a reduction in
the Purchase Price, (3) other equity securities of the Company (including, without limitation,
shares of preferred stock which the Board of Directors of the Company has deemed to have the same
value as shares of Common Stock (such shares of preferred stock, “Common Stock Equivalents”)), (4)
debt securities of the Company, (5) other assets, or (6) any combination of the foregoing, having
an aggregate value equal to the Current Value, where such aggregate value has been determined by
the Board of Directors of the Company based upon the advice of a nationally recognized investment
banking firm selected by the Board of Directors of the Company; provided, however, that if the
Company shall not have made adequate provision to deliver value pursuant to clause (B) above within
thirty (30) days following the later of (x) the first occurrence of a Section 11(a)(ii) Event and
(y) the date on which the Company’s rights of redemption pursuant to Section 23(a) expire (the
later of (x) and (y) being referred to herein as the “Section 11(a)(ii) Trigger Date”), then the
Company shall be obligated to deliver, upon the surrender for exercise of a Right and without
requiring payment of the Purchase Price, shares of Common Stock (to the extent available and
subject to receipt by the Company of any necessary regulatory approvals) and then, if necessary,
cash, which shares and/or cash have an aggregate value equal to the Spread. If the Board of
Directors of the Company shall determine in good faith that it is likely that sufficient additional
shares of Common Stock could be authorized for issuance upon exercise in full of the Rights and
that any necessary regulatory approvals for such issuance could be obtained, the thirty (30) day
period set forth above may be extended to the extent necessary, but not more than ninety (90) days
after the Section 11(a)(ii) Trigger Date, in order that the Company may seek stockholder approval
for the authorization of such additional shares and/or regulatory approvals for the issuance of
such additional shares (such period, as it may be extended, the “Substitution Period”). To the
extent that the Company determines that some action need be taken and/or additional regulatory
approvals obtained pursuant to the first and/or second sentences of this subparagraph (iii), the
Company (x) shall provide, subject to Section 7(e) hereof, that such action shall apply uniformly
to all outstanding Rights, and (y) may suspend the exercisability of the Rights until the
expiration of the Substitution Period in order to seek any authorization of additional shares, to
obtain any required regulatory approvals and/or to decide the appropriate form of distribution to
be made pursuant to such first sentence and to determine the value thereof. In the event of any
such suspension, the Company shall issue a public announcement and shall give concurrent written
notice to the Rights Agent stating that the exercisability of the Rights has been temporarily
suspended, as well as a public announcement and notice to the Rights Agent at such time as the
suspension is no longer in effect. For purposes of this subparagraph (iii), the value of the
Common Stock shall be the Current Market Price (as determined pursuant to Section 11(d) hereof) per
share of Common Stock on the Section 11(a)(ii) Trigger Date and the value of any Common Stock
Equivalent shall be deemed to be the same as the value of Common Stock on such date. The Company
shall give the Rights Agent notice of the selection of any Common Stock Equivalent under this
subparagraph (iii).

(b) In case the Company shall fix a record date for the issuance of rights, options or
warrants to all holders of Common Stock of the Company entitling them (for a period expiring within
45 calendar days after such record date) to subscribe for or purchase Common Stock of the Company
(or securities having substantially the same rights, privileges and preferences as the shares of
Common Stock (“Equivalent Common Stock”) or securities convertible into Common Stock or Equivalent
Common Stock) at a price per share of Common Stock or Equivalent Common Stock (or having a
conversion price per share, if a security convertible into Common Stock or Equivalent Common Stock)
less than the Current Market Price (as defined in Section 11(d) per share of Common Stock or
Equivalent Common Stock, as the case may be) on such record date, the Purchase Price to be in
effect after such record date shall be determined by multiplying the Purchase Price in effect
immediately prior to such record date by a fraction, of which the numerator shall be the number of
shares of Common Stock outstanding on such record date plus the number of shares of Common Stock or
Equivalent Common Stock which the aggregate offering price of the total number of shares of Common
Stock or Equivalent Common Stock so to be offered (and/or the aggregate initial conversion price of
the convertible securities so to be offered) would purchase at such Current Market Price and of
which the denominator shall be the number of shares of Common Stock outstanding on such record date
plus the number of additional shares of Common Stock and/or Equivalent Common Stock to be offered
for subscription or purchase (or into which the convertible securities so to be offered are
initially convertible); provided, however, that in no event shall the consideration to be paid upon
the exercise of one Right be less than the aggregate par value of the shares of capital stock of
the Company issuable upon exercise of one Right. In case such subscription price may be paid by
delivery of consideration part or all of which shall be in a form other than cash, the value of
such consideration shall be as determined in good faith by the Board of Directors of the Company,
whose determination shall be described in a statement filed with the Rights Agent and shall be
conclusive for all purposes. Shares of Common Stock owned by or held for the account of the
Company shall not be deemed outstanding for the purpose of any such computation. Such adjustment
shall be made successively whenever such a record date is fixed; and in the event that such rights,
options or warrants are not so issued, the Purchase Price shall be adjusted to be the Purchase
Price which would then be in effect if such record date had not been fixed.

(c) In case the Company shall fix a record date for the making of a distribution to all
holders of Common Stock of the Company (including any such distribution made in connection with a
consolidation or merger in which the Company is the continuing or surviving corporation) of
evidences of indebtedness or assets (other than a regular periodic cash dividend or a dividend
payable in Common Stock) or subscription rights or warrants (excluding those referred to in Section
11(b)), the Purchase Price to be in effect after such record date shall be determined by
multiplying the Purchase Price in effect immediately prior to such record date by a fraction, of
which the numerator shall be the Current Market Price per share of Common Stock (as defined in
Section 11(d)) on such record date, less the fair market value (as determined in good faith by the
Board of Directors of the Company, whose determination shall be described in a statement filed with
the Rights Agent and shall be conclusive for all purposes) of the portion of the assets or
evidences of indebtedness so to be distributed or of such subscription rights or warrants
applicable to one share of Common Stock and of which the denominator shall be such Current Market
Price per share of Common Stock; provided, however, that in no event shall the consideration to be
paid upon the exercise of one Right be less than the aggregate par value of the shares of capital
stock of the Company issuable upon exercise of one Right. Such adjustments shall be made
successively whenever such a record date is fixed; and in the event that such distribution is not
so made, the Purchase Price shall again be adjusted to be the Purchase Price which would then be in
effect if such record date had not been fixed.

(d) For the purpose of any computation hereunder, other than computations made pursuant to
Section 11(a)(iii), the “Current Market Price” per share of Common Stock on any date shall be
deemed to be the average of the daily closing prices per share of such Common Stock for the thirty
(30) consecutive Trading Days (as such term is hereinafter defined in this paragraph (d))
immediately prior to, but not including, such date and, for purposes of computations made pursuant
to Section 11(a)(iii) hereof, the Current Market Price per share of Common Stock on any date shall
be deemed to be the average of the daily closing prices per share of such Common Stock for the five
(5) consecutive Trading Days immediately following, but not including, such date; provided,
however, that in the event that the Current Market Price per share of Common Stock is determined
during the period following the announcement by the issuer of such Common Stock of (A) a dividend
or distribution on such Common Stock payable in shares of such Common Stock or securities
convertible into shares of such Common Stock (other than the Rights) or (B) any subdivision,
combination or reclassification of such Common Stock, and prior to the expiration of the requisite
thirty (30) Trading Day or five (5) Trading Day period, as set forth above, after the ex-dividend
date for such dividend or distribution or the record date for such subdivision, combination or
reclassification, then, and in each such case, the Current Market Price shall be appropriately
adjusted to take into account ex-dividend trading. The closing price for each day shall be the
last sale price, regular way, or, in case no such sale takes place on such day, the average of the
closing bid and asked prices, regular way, in either case as reported in the principal consolidated
transaction reporting system with respect to securities listed or admitted to trading on the New
York Stock Exchange or, if the shares of Common Stock are not listed or admitted to trading on the
New York Stock Exchange, as reported in the principal consolidated transaction reporting system
with respect to securities listed on the principal national securities exchange on which the shares
of Common Stock are listed or admitted to trading or, if the shares of Common Stock are not listed
or admitted to trading on any national securities exchange, the last quoted price, or, if not so
quoted, the average of the high bid and low asked prices in the over-the-counter market, as
reported by the National Association of Securities Dealers, Inc. Automated Quotation System
(“NASDAQ”) or such other system then in use, or, if on any such date the shares of Common Stock are
not quoted by such organization, the average of the closing bid and asked prices as furnished by a
professional market maker making a market in Common Stock selected by the Board of Directors of the
Company. If on any such date no market maker is making a market in the Common Stock, the fair
value of such shares on such date shall be as determined by the Board of Directors of the Company
upon the advice of a nationally-recognized, independent investment banking firm selected by the
Board of Directors, whose determination shall be described in a statement filed with the Rights
Agent and shall be conclusive for all purposes. The term “Trading Day” shall mean a day on which
the principal national securities exchange on which the shares of Common Stock are listed or
admitted to trading is open for the transaction of business or, if the shares of Common Stock are
not listed or admitted to trading on any national securities exchange, a Monday, Tuesday,
Wednesday, Thursday or Friday on which banking institutions in the State of New York and New Jersey
are not authorized or obligated by law or executive order to close. If the Common Stock is not
publicly held or not so listed or traded, “Current Market Price” per share shall mean the fair
value per share as determined by the Board of Directors of the Company upon the advice of a
nationally-recognized, independent investment banking firm selected by the Board of Directors,
whose determination shall be described in a statement filed with the Rights Agent and shall be
conclusive for all purposes.

(e) Anything herein to the contrary notwithstanding, no adjustment in the Purchase Price shall
be required unless such adjustment would require an increase or decrease of at least 1% in such
price; provided, however, that any adjustments which by reason of this Section 11(e) are not
required to be made shall be carried forward and taken into account in any subsequent adjustment.
All calculations under this Section 11 shall be made to the nearest cent or to the nearest one
ten-thousandth of a share of Common Stock. Notwithstanding the first sentence of this Section
11(e), any adjustment required by this Section 11 shall be made no later than the earlier of (i)
three years from the date of the transaction which mandates such adjustment or (ii) the Expiration
Date.

(f) If, as a result of an adjustment made pursuant to Section 11(a) or Section 13(a), the
holder of any Right thereafter exercised shall become entitled to receive any shares of capital
stock other than shares of Common Stock, thereafter the number of such other shares so receivable
upon exercise of any Right and the Purchase Price thereof shall be subject to adjustment from time
to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect
to Common Stock contained in Section 11(a) through (p), inclusive, and the provisions of Sections
7, 9, 10, 13 and 14 with respect to Common Stock shall apply on like terms to any such other
shares.

(g) All Rights originally issued by the Company subsequent to any adjustment made to the
Purchase Price hereunder shall evidence the right to purchase, at the adjusted Purchase Price, the
number of one one-halves of a share of Common Stock purchasable from time to time hereunder upon
exercise of the Rights, all subject to further adjustment as provided herein.

(h) Unless the Company shall have exercised its election as provided in Section 11(i), upon
each adjustment of the Purchase Price as a result of the calculations made in Section 11(b) and
(c), each Right outstanding immediately prior to the making of such adjustment shall thereafter
evidence the right to purchase, at the adjusted Purchase Price, that number of one one-halves of a
share (calculated to the nearest one tenth-thousandth) obtained by (i) multiplying (x) the number
of one one-halves of a share covered by a Right immediately prior to this adjustment by (y) the
Purchase Price in effect immediately prior to such adjustment of the Purchase Price and (ii)
dividing the product so obtained by the Purchase Price in effect immediately after such adjustment
of the Purchase Price.

(i) The Company may elect on or after the date of any adjustment of the Purchase Price to
adjust the number of Rights, in substitution for any adjustment in the number of one one-halves of
a share of Common Stock purchasable upon the exercise of a Right. Each of the Rights outstanding
after such adjustment of the number of Rights shall be exercisable for the number of one one-halves
of a share of Common Stock for which a Right was exercisable immediately prior to such adjustment.
Each Right held of record prior to such adjustment of the number of Rights shall become that number
of Rights (calculated to the nearest one hundredth) obtained by dividing the Purchase Price in
effect immediately prior to adjustment of the Purchase Price by the Purchase Price in effect
immediately after the adjustment of the Purchase Price. The Company shall make a public
announcement and shall give simultaneous written notice to the Rights Agent of its election to
adjust the number of Rights, indicating the record date for the adjustment, and, if known at the
time, the amount of the adjustment to be made. This record date may be the date on which the
Purchase Price is adjusted or any day thereafter, but, if the Right Certificates have been issued,
shall be at least 10 days later than the date of the public announcement. If Right Certificates
have been issued, upon each adjustment of the number of Rights pursuant to this subparagraph (i),
the Company shall, as promptly as practicable, cause to be distributed to holders of record of
Right Certificates on such record date Right Certificates evidencing, subject to Section 14, the
additional Rights to which such holders shall be entitled as a result of such adjustment, or, at
the option of the Company, shall cause to be distributed to such holders of record in substitution
and replacement for the Right Certificates held by such holders prior to the date of adjustment,
and upon surrender thereof, if required by the Company, new Right Certificates evidencing all the
Rights to which such holders shall be entitled after such adjustment. Right Certificates so to be
distributed shall be issued, executed and countersigned in the manner provided for herein (and may
bear, at the option of the Company, the adjusted Purchase Price) and shall be registered in the
names of the holders of record of Right Certificates on the record date specified in the public
announcement.

(j) Irrespective of any adjustment or change in the Purchase Price or the number of one
one-halves of a share of Common Stock issuable upon the exercise of the Rights, the Right
Certificates theretofore and thereafter issued may continue to express the Purchase Price per share
and the number of one one-halves of a share which were expressed in the initial Right Certificates
issued hereunder.

(k) Before taking any action that would cause an adjustment reducing the Purchase Price below
one one-half of the then par value, if any, of a share of Common Stock issuable upon exercise of
the Rights, the Company shall take any corporate action which may, in the opinion of its counsel,
be necessary in order that the Company may validly and legally issue such number of fully paid and
nonassessable shares of such Common Stock at such adjusted Purchase Price.

(l) In any case in which this Section 11 shall require that an adjustment in the Purchase
Price be made effective as of a record date for a specified event, the Company may elect to defer
(with prompt written notice thereof to the Rights Agent) until the occurrence of such event the
issuance to the holder of any Right exercised after such record date of the number of shares of
Common Stock and other capital stock or securities of the Company, if any, issuable upon such
exercise over and above the number of shares of Common Stock and other capital stock or securities
of the Company, if any, issuable upon such exercise on the basis of the Purchase Price in effect
prior to such adjustment; provided, however, that the Company shall deliver to such holder a due
bill or other appropriate instrument evidencing such holder’s right to receive such additional
shares upon the occurrence of the event requiring such adjustment.

(m) Anything in this Section 11 to the contrary notwithstanding, the Company shall be entitled
to make such reductions in the Purchase Price, in addition to those adjustments expressly required
by this Section 11, as and to the extent that the Board of Directors of the Company, in its sole
discretion, shall determine to be advisable in order that any consolidation or subdivision of
shares of Common Stock, issuance wholly for cash of any shares of Common Stock at less than the
Current Market Price, issuance wholly for cash of shares of Common Stock or securities which by
their terms are convertible into or exchangeable for shares of Common Stock, stock dividends or
issuance of rights, options or warrants referred to hereinabove in this Section 11 hereafter made
by the Company to holders of its Common Stock shall not be taxable to such stockholders.

(n) Notwithstanding anything in this Agreement to the contrary, prior to the Distribution
Date, the Company may, in lieu of making any adjustment to the Purchase Price, the number of shares
of Common Stock eligible for purchase on exercise of each Right or the number of Rights
outstanding, which adjustment would otherwise be required by Section 11(a)(i), 11(b), 11(c), 11(h)
or 11(i), make such other equitable adjustment or adjustments thereto as the Board of Directors
(whose determination shall be conclusive) deems appropriate in the circumstances and not
inconsistent with the objectives of the Board of Directors in adopting this Agreement and such
Sections.

Section 12. Certificate of Adjusted Purchase Price or Number of Shares. Whenever an
adjustment is made or any event affecting the Rights or their exercisability (including without
limitation an event which causes Rights to become null and void) occurs as provided in Section 11
or 13 hereof, the Company shall promptly (a) prepare a certificate setting forth such adjustment or
describing such event, and a brief, reasonably detailed statement of the facts, computations and
methodology accounting for any adjustment, (b) file with the Rights Agent and with each transfer
agent for the Common Stock and the Securities and Exchange Commission a copy of such certificate
and (c) mail a brief summary thereof to each holder of a Right Certificate in accordance with
Section 25 and Section 26 hereof. The Rights Agent shall be fully protected in relying on any such
certificate and on any adjustment or statement therein contained and shall have no duty or
liability with respect to, and shall not be deemed to have knowledge of, any adjustment or any such
event unless and until it shall have received such a certificate.

Section 13. Consolidation, Merger or Sale or Transfer of Assets or Earning Power.
(a) In the event that, following the Shares Acquisition Date, directly or indirectly, (x) the
Company shall consolidate with, or merge with and into, any other Person and the Company shall not
be the continuing or surviving corporation of such consolidation or merger, (y) any Person shall
consolidate or merge with and into the Company and the Company shall be the continuing or surviving
corporation of such consolidation or merger and in connection with such consolidation or merger,
all or part of the Common Stock shall be changed into or exchanged for stock or other securities of
any other Person or cash or any other property, or (z) the Company shall sell or otherwise transfer
(or one or more of its Subsidiaries shall sell or otherwise transfer), in one or more transactions,
assets or earning power aggregating 50% or more of the assets or earning power of the Company and
its Subsidiaries (taken as a whole) to any other Person or Persons (other than the Company or one
or more of its wholly owned Subsidiaries), then, and in each such case, proper provision shall be
made so that (i) each holder of a Right (except as provided in Section 7(e)) shall thereafter have
the right to receive, upon the exercise thereof at the then current Purchase Price multiplied by
the number of one one-halves of a share of Common Stock for which a Right is then exercisable in
accordance with the terms of this Agreement, such number of validly issued, fully paid,
nonassessable and freely tradable shares of Common Stock of the Principal Party (as hereinafter
defined) , not subject to any liens, encumbrances, rights of call or first refusal, or other
adverse claims as shall be equal to the result obtained by (1) multiplying the then current
Purchase Price for a full share of Common Stock by the number of one one-halves of a share of
Common Stock for which a Right is exercisable immediately prior to the first occurrence of a
Section 13 Event (or, if a Section 11(a)(ii) Event has occurred prior to the first occurrence of a
Section 13 Event, multiplying the number of such one one-halves of a share for which a Right was
exercisable immediately prior to the first occurrence of a Section 11(a)(ii) Event by the Purchase
Price for a full share of Common Stock in effect immediately prior to such first occurrence), and
dividing that product (which, following the first occurrence of a Section 13 Event, shall be
referred to as the “Purchase Price” for each Right and for all purposes of this Agreement) by (2)
50% of the Current Market Price per share of the Common Stock of such Principal Party (determined
in the manner described in Section 11(d)) on the date of consummation of such consolidation,
merger, sale or transfer; (ii) the Principal Party shall thereafter be liable for, and shall
assume, by virtue of such Section 13 Event, all the obligations and duties of the Company pursuant
to this Agreement; (iii) the term “Company” shall thereafter be deemed to refer to such Principal
Party, it being specifically intended that the provisions of Section 11 shall thereafter apply to
such Principal Party, (iv) such Principal Party shall take such steps (including, but not limited
to, the reservation of a sufficient number of shares of its Common Stock in accordance with Section
9) in connection with such consummation as may be necessary to assure that the provisions hereof
shall thereafter be applicable, as nearly as reasonably may be, in relation to the shares of its
Common Stock thereafter deliverable upon the exercise of the Rights, and (v) the provisions of
Section 11(a)(ii) hereof shall be of no effect following the first occurrence of any Section 13
Event.

(b) “Principal Party” shall mean

(1) in the case of any transaction described in (x) or (y) of the first sentence of Section
13(a), the Person that is the issuer of any securities into which shares of Common Stock of the
Company are converted in such merger or consolidation and, if no securities are so issued, the
Person that is the other party to the merger or consolidation; and

(2) in the case of any transaction described in (z) of the first sentence in Section 13(a),
the Person that is the party receiving the greatest portion of the assets or earning power
transferred pursuant to such transaction or transactions; provided, however, that in any such case,
(x) if the Common Stock of such Person is not at such time and has not been continuously over the
preceding 12-month period registered under Section 12 of the Exchange Act, and such Person is a
direct or indirect Subsidiary of another corporation the Common Stock of which is and has been so
registered, “Principal Party” shall refer to such other corporation and (y) if such Person is a
Subsidiary, directly or indirectly, of more than one corporation, the Common Stocks of two or more
of which are and have been so registered, “Principal Party” shall refer to whichever of such
corporations is the issuer of the Common Stock having the greatest market value.

(3) The Company shall not consummate any Section 13 Event unless the Principal Party shall
have a sufficient number of authorized shares of its Common Stock which are neither outstanding nor
reserved for issuance to permit the exercise in full of the Rights in accordance with this Section
13 and unless prior thereto the Company and such Principal Party shall have executed and delivered
to the Rights Agent a supplemental agreement providing for the terms set forth in paragraphs (a)
and (b) of this Section 13 and further providing that, as soon as practicable after the date of any
consolidation, merger or sale of assets mentioned in paragraph (a) of this Section 13, the
Principal Party

(i) will prepare and file a registration statement under the Act with respect to the Rights
and the securities purchasable upon exercise of the Rights on an appropriate form, will use its
best efforts to cause such registration statement to become effective as soon as practicable after
such filing and will use its best efforts to cause such registration statement to remain effective
(with a prospectus at all times meeting the requirements of the Act) until the Expiration Date;

(ii) shall take all such other action as may be necessary to enable the Principal Party to
issue the securities purchasable upon exercise of the Rights, including but not limited to the
registration or qualification of such securities under all requisite securities laws of
jurisdictions of the various states and the listing of such securities on such exchanges and
trading markets as may be necessary or appropriate; and

(iii) will deliver to holders of the Rights historical financial statements for the Principal
Party and each of its Affiliates which comply in all respects with the requirements for
registration on Form 10 under the Exchange Act.

The provisions of this Section 13 shall similarly apply to successive Section 13 Events. In the
event that a Section 13 Event shall occur at any time after the occurrence of a Section 11(a)(ii)
Event, the Rights which have not theretofore been exercised shall thereafter become exercisable in
the manner described in Section 13(a).

Section 14. Fractional Rights and Fractional Shares. (a) The Company shall not be
required to issue fractions of Rights or to distribute Right Certificates which evidence fractional
Rights. In lieu of such fractional Rights, the Company shall pay to the registered holders of the
Right Certificates with regard to which such fractional Rights would otherwise be issuable an
amount in cash equal to the same fraction of the current market value of a whole Right. For the
purposes of this Section 14(a), the current market value of a whole Right shall be the closing
price of the Rights for the Trading Day immediately prior to the date on which such fractional
Rights would have been otherwise issuable. The closing price for any day shall be the last sale
price, regular way, or, in case no such sale takes place on such day, the average of the closing
bid and asked prices, regular way, in either case as reported in the principal consolidated
transaction reporting system with respect to securities listed or admitted to trading on the New
York Stock Exchange or, if the Rights are not listed or admitted to trading on the New York Stock
Exchange, as reported in the principal consolidated transaction reporting system with respect to
securities listed on the principal national securities exchange on which the Rights are listed or
admitted to trading or, if the Rights are not listed or admitted to trading on any national
securities exchange, the last quoted price or, if not so quoted, the average of the high bid and
low asked prices in the over-the-counter market, as reported by NASDAQ or such other system then in
use, or, if on any such date the Rights are not quoted by any such organization, the average of the
closing bid and asked prices as furnished by a professional market maker making a market in the
Rights selected by the Board of Directors of the Company. If on any such date no such market maker
is making a market in the Rights, the fair value of the Rights on such date, as determined in good
faith by the Board of Directors of the Company, shall be used.

(b) The Company shall not be required to issue fractions of shares of Common Stock or Common
Stock Equivalents (other than fractions which are integral multiples of one one-half of a share of
Common Stock (i) upon exercise or exchange of the Rights or (ii) following the occurrence of a
Triggering Event, or to distribute certificates which evidence fractional shares of Common Stock or
Common Stock Equivalents (other than fractions which are integral multiples of one one-half of a
share of Common Stock. In lieu of fractional shares of Common Stock or Common Stock Equivalents
that are not integral multiples of one one-half of a share of Common Stock, the Company may pay to
the registered holders of Right Certificates at the time the Rights evidenced thereby are exercised
or exchanged as herein provided an amount in cash equal to the same fraction of the current market
value of Common Stock or Common Stock Equivalents. For purposes of this Section 14(b), the current
market value of one share of Common Stock shall be the closing price of a share of Common Stock (as
determined pursuant to Section 11(d)) for the Trading Day immediately prior to the date of such
exercise or exchange, as the case may be, and the current market value of any Common Stock
Equivalent shall be the same as the current market value of the Common Stock on such date.

(c) The holder of a Right by the acceptance of the Right expressly waives his right to receive
any fractional Rights or any fractional shares upon exercise or exchange of a Right, except as
otherwise permitted by this Section 14.

(d) Whenever a payment for fractional Rights or fractional shares is to be made by the Rights
Agent, the Company shall (i) promptly prepare and deliver to the Rights Agent a certificate setting
forth in reasonable detail the facts related to such payments and the prices and/or formulas
utilized in calculating such payments, and (ii) provide sufficient monies to the Rights Agent in
the form of fully collected funds to make such payments. The Rights Agent shall be fully protected
in relying upon such a certificate and shall have no duty with respect to, and shall not be deemed
to have knowledge of any payment for fractional Rights or fractional shares under any Section of
this Agreement relating to the payment of fractional Rights or fractional shares unless and until
the Rights Agent shall have received such a certificate and sufficient monies.

Section 15. Rights of Action. All rights of action in respect of this Agreement,
excepting the rights of action given to the Rights Agent under Section 18 and Section 20 hereof,
are vested in the respective registered holders of the Right Certificates (and, prior to the
Distribution Date, the registered holders of the Common Stock); and any registered holder of any
Right Certificate (or, prior to the Distribution Date, of the Common Stock), without the consent of
the Rights Agent or of the holder of any other Right Certificate (or, prior to the Distribution
Date, of the Common Stock), may, in his own behalf and for his own benefit, enforce, and may
institute and maintain any suit, action or proceeding against the Company to enforce, or otherwise
act in respect of, his right to exercise the Rights evidenced by such Right Certificate in the
manner provided in such Right Certificate and in this Agreement. Without limiting the foregoing or
any remedies available to the holders of Rights, it is specifically acknowledged that the holders
of Rights would not have an adequate remedy at law for any breach of this Agreement and will be
entitled to specific performance of the obligations hereunder and injunctive relief against actual
or threatened violations of the obligations hereunder of any Person subject to this Agreement.

Section 16. Agreement of Right Holders. Every holder of a Right by accepting the same
consents and agrees with the Company and the Rights Agent and with every other holder of a Right
that:

(a) prior to the Distribution Date, the Rights will be transferable only in connection with
the transfer of shares of Common Stock;

(b) after the Distribution Date, the Right Certificates will be transferable only on the
registry books of the Rights Agent if surrendered at the office of the Rights Agent designated for
such purpose, duly endorsed or accompanied by a proper instrument of transfer and with the
appropriate forms and certificates fully executed, along with a signature guarantee and such other
and further documentation as the Rights Agent may reasonably request;

(c) subject to Section 6 and Section 7(f) hereof, the Company and the Rights Agent may deem
and treat the Person in whose name the Right Certificate (or, prior to the Distribution Date, the
associated Common Stock certificate) is registered as the absolute owner thereof and of the Rights
evidenced thereby (notwithstanding any notations of ownership or writing on the Right Certificates
or the associated Common Stock certificate made by anyone other than the Company or the Rights
Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent shall be affected
by any notice to the contrary;

(d) notwithstanding anything in this Agreement to the contrary, neither the Company nor the
Rights Agent shall have any liability to any holder of a Right or other Person as a result of its
inability to perform any of its obligations under this Agreement by reason of any preliminary or
permanent injunction or other order, decree or ruling issued by a court of competent jurisdiction
or by a governmental, regulatory or administrative agency or commission, or any statute, rule,
regulation or executive order promulgated or enacted by any governmental authority, prohibiting or
otherwise restraining performance of such obligation; provided, however, that the Company must use
its best efforts to have any such order, decree or ruling lifted or otherwise overturned as soon as
possible.

Section 17. Right Certificate Holder Not Deemed a Stockholder. No holder, as such, of
any Right Certificate shall be entitled to vote, receive dividends or be deemed for any purpose the
holder of the number of shares of Common Stock or any other securities of the Company that may at
any time be issuable on the exercise of the Rights represented thereby, nor shall anything
contained herein or in any Right Certificate be construed to confer upon the holder of any Right
Certificate, as such, any of the rights of a stockholder of the Company or any right to vote for
the election of directors or upon any matter submitted to stockholders at any meeting thereof, or
to give or withhold consent to any corporate action, or to receive notice of meetings or other
actions affecting stockholders (except as provided in Section 25), or to receive dividends or
subscription rights, or otherwise, until the Right or Rights evidenced by such Right Certificate
shall have been exercised or exchanged for Common Stock in accordance with the provisions hereof.

Section 18. Concerning the Rights Agent. The Company agrees to pay to the Rights
Agent reasonable compensation for all services rendered by it hereunder and, from time to time, on
demand of the Rights Agent, its reasonable expenses and counsel fees and other disbursements
incurred in the preparation, delivery, amendment, administration and execution of this Agreement
and the exercise and performance of its duties hereunder. The Company also agrees to indemnify the
Rights Agent for, and to hold it harmless against, any loss, liability, damage, judgment, fine,
penalty, claim, demand, settlement, cost or expense (including, without limitation, the reasonable
fees and expenses of legal counsel), incurred without gross negligence, willful misconduct or bad
faith on the part of the Rights Agent (which gross negligence, willful misconduct or bad faith must
be determined by a final, non-appealable order, judgment, decree or ruling of a court of competent
jurisdiction), for any action taken, suffered or omitted by the Rights Agent in connection with the
acceptance, administration, exercise and performance of its duties under this Agreement. The costs
and expenses incurred in enforcing this right of indemnification shall be paid by the Company. The
provisions of this Section 18 and Section 20 below shall survive the termination of this Agreement,
the exercise or expiration of the Rights and the resignation, replacement or removal of the Rights
Agent.

The Rights Agent shall be authorized and protected and shall incur no liability for, or in
respect of any action taken, suffered or omitted by it in connection with its acceptance and
administration of this Agreement and the exercise and performance of its duties hereunder, in
reliance upon any Right Certificate or certificate for Common Stock or other securities of the
Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter,
notice, direction, consent, instruction, adjustment notice, certificate, statement, or other paper
or document believed by it to be genuine and to be signed, executed and, where necessary, verified
or acknowledged, by the proper Person or Persons, or otherwise upon the advice of counsel as set
forth in Section 20 hereof.

In addition to the foregoing, the Rights Agent shall be protected and shall incur no liability
for, or in respect of, any action taken or omitted by it in connection with its administration of
this Agreement in reliance upon (i) the proper execution of the certification appended to the Form
of Assignment and the Form of Election to Purchase included as part of Exhibit A hereto (the
“Certification”), unless the Rights Agent’s reliance is in bad faith or is willful misconduct or
(ii) the non-execution or failure to complete the Certification including, without limitation, any
refusal to honor any otherwise permissible assignment or election by reason of such nonexecution or
failure.

Notwithstanding anything in this Agreement to the contrary, in no event shall the Rights Agent
be liable for special, punative, indirect, consequential or incidental loss or damage of any kind
whatsoever (including but not limited to lost profit), even if the Rights Agent has been advised of
the likelihood of such loss or damage and regardless of the form of the action, and the Company
agrees to indemnify the Rights Agent and to hold it harmless against any loss, liability or expense
incurred as a result of claims for special, punitive, indirect, consequential or incidental loss or
damages of any kind whatsoever (including but not limited to lost profits).

Section 19. Merger or Consolidation or Change of Name of Rights Agent. Any Person
into which the Rights Agent or any successor Rights Agent may be merged or with which it may be
consolidated, or any Person resulting from any merger or consolidation to which the Rights Agent or
any successor Rights Agent shall be a party, or any Person succeeding to the shareholder services
business of the Rights Agent or any successor Rights Agent, shall be the successor to the Rights
Agent under this Agreement without the execution or filing of any paper or any further act on the
part of any of the parties hereto, provided that such Person would be eligible for appointment as a
successor Rights Agent under the provisions of Section 21. In case at the time such successor
Rights Agent shall succeed to the agency created by this Agreement, any of the Right Certificates
shall have been countersigned but not delivered, any such successor Rights Agent may adopt the
countersignature of the predecessor Rights Agent and deliver such Right Certificates so
countersigned; and in case at that time any of the Right Certificates shall not have been
countersigned, any successor Rights Agent may countersign such Right Certificates either in the
name of the predecessor Rights Agent or in the name of the successor Rights Agent; and in all such
cases such Right Certificates shall have the full force provided in the Right Certificates and in
this Agreement.

In case at any time the name of the Rights Agent shall be changed and at such time any of the
Right Certificates shall have been countersigned but not delivered, the Rights Agent may adopt the
countersignature under its prior name and deliver Right Certificates so countersigned; and in case
at that time any of the Right Certificates shall not have been countersigned, the Rights Agent may
countersign such Right Certificates either in its prior name or in its changed name; and in all
such cases such Right Certificates shall have the full force provided in the Right Certificates and
in this Agreement.

Section 20. Duties of Rights Agent. The Rights Agent undertakes to perform, subject
to the implied covenant of good faith and fair dealing applicable generally to all contracts, only
the duties and obligations expressly imposed by this Agreement (and no other implied duties) upon
the following terms and conditions, by all of which the Company and the holders of Right
Certificates, by their acceptance thereof, shall be bound:

(a) The Rights Agent may consult with legal counsel (who may be legal counsel for the Company
or an employee of the Rights Agent), and the advice or opinion of such counsel shall be full and
complete authorization and protection to the Rights Agent and the Rights Agent shall incur no
liability for or in respect of any action taken, suffered or omitted by it in accordance with such
advice or opinion.

(b) Whenever in the performance of its duties under this Agreement the Rights Agent shall deem
it necessary or desirable that any fact or matter (including without limitation, the identity of an
Acquiring Person and the determination of the current per share market price of any security) be
proved or established by the Company prior to taking, suffering or omitting to take any action
hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically
prescribed) may be deemed to be conclusively proved and established by a certificate signed by any
one of the Chairman of the Board, the President, any Senior Vice President, any Vice President, the
Treasurer or the Secretary of the Company and delivered to the Rights Agent; and such certificate
shall be full and complete authorization and protection to the Rights Agent and the Rights Agent
shall incur no liability for or in respect of any action taken, suffered or omitted by it under the
provisions of this Agreement in reliance upon such certificate.

(c) The Rights Agent shall be liable hereunder only for its own gross negligence, bad faith or
willful misconduct (which gross negligence, bad faith or willful misconduct must be determined by a
final, non-appealable order, judgment, decree or ruling of a court of competent jurisdiction). The
issuance or non-issuance of a Right Certificate or Common Stock or other security issued in lieu of
Common Stock in accordance with instructions given to the Rights Agent by the Company pursuant to
Section 20(k) hereof or in accordance with the terms hereof shall not constitute negligence, bad
faith or willful misconduct; provided, however, that in no event shall the Rights Agent be liable
for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever
(including but not limited to lost profits), even if the Rights Agent has been advised of the
likelihood of such loss or damage.

(d) The Rights Agent shall not be liable for or by reason of any of the statements of fact or
recitals contained in this Agreement or in the Right Certificates (except its countersignature
thereof) or be required to verify the same, but all such statements and recitals are and shall be
deemed to have been made by the Company only.

(e) The Rights Agent shall not have any liability for or be under any responsibility in
respect of the validity of this Agreement or the execution and delivery hereof (except the due
execution hereof by the Rights Agent) or in respect of the validity or execution of any Right
Certificate (except its countersignature thereof); nor shall it be responsible for any breach by
the Company of any covenant or condition contained in this Agreement or in any Right Certificate;
nor shall it be responsible for any change in the exercisability of the Rights (including the
Rights becoming null and void pursuant to Section 11(a)(ii) hereof) or any change or adjustment in
the terms of the Rights (including adjustment required under the provisions of Section 11 or 13 or
responsible for the manner, method or amount thereof) provided for in Sections 3, 11, 13, 23 or 24,
or the ascertaining of the existence of facts that would require any such change or adjustment
(except with respect to the exercise of Rights evidenced by Right Certificates after receipt of the
certificate described in Section 12 hereof, upon which the Rights Agent may rely); nor shall it by
any act hereunder be deemed to make any representation or warranty as to the authorization or
reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Right
Certificate or as to whether any shares of Common Stock will, when issued, be validly authorized
and issued, fully paid and nonassessable.

(f) The Company agrees that it will perform, execute, acknowledge and deliver, or cause to be
performed, executed, acknowledged and delivered, all such further and other acts, instruments and
assurances as may reasonably be required by the Rights Agent for the carrying out or performing by
the Rights Agent of the provisions of this Agreement.

(g) The Rights Agent is hereby authorized and directed to accept instructions with respect to
the performance of its duties hereunder and certificates delivered pursuant to any provision hereof
from any one of the Chairman of the Board, the President, any Senior Vice President, any Vice
President, the Secretary or the Treasurer of the Company, and is authorized to apply to such
officers for advice or instructions in connection with its duties, and such instructions shall be
full authorization and protection to the Rights Agent and the Rights Agent shall not be liable for
or in respect of any action taken, suffered or omitted by it in accordance with instructions of any
such officer or for any delay in acting while waiting for those instructions. The Rights Agent
shall be fully authorized and protected in relying upon the most recent instructions received by
any such officer. Any application by the Rights Agent for written instructions from the Company
may, at the option of the Rights Agent, set forth in writing any action proposed to be taken,
suffered or omitted by the Rights Agent with respect to its duties and obligations under this
Agreement and the date on and/or after which such action shall be taken or suffered or such
omission shall be effective, and the Rights Agent shall not be liable for any action taken or
suffered by, or omitted by the Rights Agent in accordance with a proposal included in any such
application on or after the date specified therein (which date shall not be less than one Business
Day after the Company receives such application) without the consent of the Company unless, prior
to taking or omitting such action (or the effective date in the case of an omission), the Rights
Agent has received written instructions in response to an application specifying the actions to be
taken, suffered or omitted.

(h) The Rights Agent and any stockholder, affiliate, director, officer or employee of the
Rights Agent may buy, sell or deal in any of the Rights or other securities of the Company or
become pecuniarily interested in any transaction in which the Company may be interested, or
contract with or lend money to the Company, or otherwise act as fully and freely as though the
Rights Agent were not Rights Agent under this Agreement. Nothing herein shall preclude the Rights
Agent or any such stockholder, affiliate, director, officer or employee from acting in any other
capacity for the Company or for any other Person.

(i) The Rights Agent may execute and exercise any of the rights or powers hereby vested in it
or perform any duty hereunder either by itself (through its directors, officers and employees) or
by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable
for any act, default, neglect or misconduct of any such attorneys or agents or for any loss to the
Company or any other Person resulting from any such act, default, neglect or misconduct, absent
gross negligence or bad faith in the selection and continued employment thereof (which gross
negligence or bad faith must be determined by a final, non-appealable order, judgment, decree or
ruling of a court of competent jurisdiction.

(j) No provision of this Agreement shall require the Rights Agent to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of its duties hereunder
or in the exercise of its rights if it believes that repayment of such funds or adequate
indemnification against such risk or liability is not reasonably assured to it.

(k) If, with respect to any Right Certificate surrendered to the Rights Agent for exercise or
transfer, the certificate contained in the form of assignment or the form of election to purchase
set forth on the reverse thereof, as the case may be, has either not been properly completed or
indicates an affirmative response to clause 1 or 2 thereof, the Rights Agent shall not take any
further action with respect to such requested exercise or transfer without first consulting with
the Company. The Company shall give the Rights Agent prompt written instructions as to the action
to be taken regarding the Right Certificates involved. The Rights Agent shall not be liable for
acting in accordance with such instructions.

Section 21. Change of Rights Agent. The Rights Agent or any successor Rights Agent
may resign and be discharged from its duties under this Agreement upon thirty (30) days’ notice in
writing mailed to the Company by registered or certified mail, and, at the Company’s expense, to
the holders of the Right Certificates by first class mail. The Company may remove the Rights Agent
or any successor Rights Agent upon thirty (30) days’ notice in writing, mailed to the Rights Agent
or successor Rights Agent, as the case may be, and to each transfer agent of the Common Stock by
registered or certified mail, and to the holders of the Right Certificates by first-class mail. If
the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the
Company shall appoint a successor to the Rights Agent. If the Company shall fail to make such
appointment within a period of thirty (30) days after giving notice of such removal or after it has
been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights
Agent or by the holder of a Right Certificate (who shall, with such notice, submit his Right
Certificate for inspection by the Company), then the Company shall become the temporary Rights
Agent and the registered holder of any Right Certificate may apply to any court of competent
jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether
appointed by the Company or by such a court, shall be (i) an eligible Person organized and doing
business under the laws of the United States or of the State of New York (or of any other state of
the United States so long as such Person is authorized to do business in the State of New York), in
good standing, which is authorized under such laws to exercise shareholder services powers, is
subject to supervision or examination by federal or state authority, and has at the time of its
appointment as Rights Agent a combined capital and surplus of at least $50 million, or (ii) an
affiliate of a Person described in clause (i) of this sentence. After appointment, the successor
Rights Agent shall be vested with the same powers, rights, duties and responsibilities as if it had
been originally named as Rights Agent without further act or deed; but the predecessor Rights Agent
shall deliver and transfer to the successor Rights Agent any property at the time held by it
hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the
purpose. Not later than the effective date of any such appointment the Company shall file notice
thereof in writing with the predecessor Rights Agent and each transfer agent of the Common Stock,
and mail a notice thereof in writing to the registered holders of the Right Certificates. Failure
to give any notice provided for in this Section 21, however, or any defect therein, shall not
affect the legality or validity of the resignation or removal of the Rights Agent or the
appointment of the successor Rights Agent, as the case may be. Predecessor Rights Agent shall be
released and discharged from any and all further responsibility incurred after its termination as
Rights Agent.

Section 22. Issuance of New Right Certificates. Notwithstanding any of the provisions
of this Agreement or of the Rights to the contrary, the Company may, at its option, issue new Right
Certificates evidencing Rights in such form as may be approved by its Board of Directors to reflect
any adjustment or change in the Purchase Price and the number or kind or class of shares or other
securities or property purchasable under the Right Certificates made in accordance with the
provisions of this Agreement. In addition, in connection with the issuance or sale of shares of
Common Stock following the Distribution Date and prior to the redemption or expiration of the
Rights, the Company (a) shall, with respect to shares of Common Stock so issued or sold pursuant to
the exercise of stock options or under any employee plan or arrangement, or upon the exercise,
conversion or exchange of securities hereinafter issued by the Company, and (b) may, in any other
case, if deemed necessary or appropriate by the Board of Directors of the Company, issue Right
Certificates representing the appropriate number of Rights in connection with such issuance or
sale; provided, however, that (i) no such Right Certificate shall be issued if, and to the extent
that, the Company shall be advised by counsel that such issuance would create a significant risk of
material adverse tax consequences to the Company or the Person to whom such Right Certificate would
be issued, and (ii) no such Right Certificate shall be issued if, and to the extent that,
appropriate adjustment shall otherwise have been made in lieu of the issuance thereof.

Section 23. Redemption and Termination. (a) The Board of Directors of the Company,
upon the affirmative vote of three-fourths of the entire Board of Directors, may, at its option, at
any time prior to the earlier of (x) the Close of Business on the tenth day following the Shares
Acquisition Date or (y) the Final Expiration Date, redeem all but not less than all of the then
outstanding Rights at a redemption price of $.005 per Right as appropriately adjusted to reflect
any stock split, stock dividend or similar transaction occurring after the date hereof (such
redemption price being hereinafter referred to as the “Redemption Price”), and the Company may, at
its option, pay the Redemption Price in shares of its Common Stock (valued at their Current Market
Price as defined in Section 11(d) on the date of the redemption), other securities, cash, other
assets or any other form of consideration deemed appropriate by the Board of Directors.
Notwithstanding anything contained in this Agreement to the contrary, the Rights shall not be
exercisable after the first occurrence of a Section 11(a)(ii) Event until such time as the
Company’s right of redemption hereunder has expired.

(b) In deciding whether or not to exercise the Company’s right of redemption hereunder, the
Board of Directors of the Company shall act in good faith, in a manner they reasonably believe to
be in the best interests of the Company and with such care, including reasonable inquiry, skill and
diligence, as a person of ordinary prudence would use under similar circumstances, and they may
consider the long-term and short-term effects of any action upon employees, customers and creditors
of the Company and upon communities in which offices or other establishments of the Company are
located, and all other pertinent factors.

(c) Immediately upon the action of the Board of Directors of the Company ordering the
redemption of the Rights, and without any further action and without any notice, the right to
exercise the Rights will terminate and the only right thereafter of the holders of Rights shall be
to receive the Redemption Price for each Right held. Within 10 days after the action of the Board
of Directors of the Company ordering the redemption of the Rights, the Company shall give notice of
such redemption to the holders of the then outstanding Rights by mailing such notice to the Rights
Agent and to all such holders at their last addresses as they appear upon the registry books of the
Rights Agent or, prior to the Distribution Date, on the registry books of the Transfer Agent for
the Common Stock. Any notice which is mailed in the manner herein provided shall be deemed given,
whether or not the holder receives the notice. Each such notice of redemption will state the
method by which the payment of the Redemption Price will be made. Neither the Company nor any of
its Affiliates or Associates may redeem, acquire or purchase for value any Rights at any time in
any manner other than that specifically set forth in this Section 23 or in Section 24, and other
than in connection with the repurchase of shares of Common Stock prior to the Distribution Date.

Section 24. Exchange. (a) The Board of Directors of the Company, upon the affirmative
vote of three-fourths of the entire Board of Directors, may, at its option but subject to the
receipt by the Company of any required regulatory approvals, at any time and from time to time on
or after a Section 11(a)(ii) Event, exchange all or part of the then outstanding and exercisable
Rights (which shall not include Rights that have become null and void pursuant to the provisions of
Section 7(e) hereof) for shares of Common Stock at an exchange ratio of one share of Common Stock
per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction
occurring after the date of this Agreement (such exchange ratio being hereinafter referred to as
the “Exchange Ratio”). Notwithstanding the foregoing, the Board of Directors of the Company shall
not be empowered to effect such exchange at any time after any Person (other than the Company, any
Subsidiary of the Company, any employee benefit plan of the Company or any such Subsidiary, or any
entity holding Common Stock for or pursuant to the terms of any such plan), together with all
Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or more of the Common
Stock then outstanding.

(b) Immediately upon the action of the Board of Directors of the Company ordering the exchange
of any Rights pursuant to subsection (a) of this Section 24 and without any further action and
without any notice, the right to exercise such Rights shall terminate and the only right thereafter
of a holder of such Rights shall be to receive that number of shares of Common Stock equal to the
number of such Rights held by such holder multiplied by the Exchange Ratio. The Company shall
promptly give public notice of any such exchange (with prompt written notice thereof to the Rights
Agent); provided, however, that the failure to give, or any defect in, such notice shall not affect
the validity of such exchange. The Company promptly shall mail a notice of any such exchange to
all of the holders of such Rights at their last addresses as they appear upon the registry books of
the Rights Agent. Any notice which is mailed in the manner herein provided shall be deemed given,
whether or not the holder receives the notice. Each such notice of exchange will state the method
by which the exchange will be effected and, in the event of any partial exchange, the number of
Rights which will be exchanged. Any partial exchange shall be effected pro rata based on the
number of Rights (other than Rights which have become null and void pursuant to the provisions of
Section 7(e) hereof) held by each holder of Rights.

(c) In the event that there shall not be sufficient shares of Common Stock issued but not
outstanding, or authorized but unissued to permit any exchange of Rights as contemplated in
accordance with this Section 24, the Company shall take all such action as may be necessary to
authorize additional shares of Common Stock for issuance upon exchange of the Rights, subject,
however, to Section 24(d) hereof.

(d) In any exchange pursuant to this Section 24, the Company, at its option but subject to the
receipt by the Company of any required regulatory approvals, may substitute for any share of Common
Stock exchangeable for a Right (i) Common Stock Equivalents, (ii) cash, (iii) debt securities of
the Company, (iv) other assets, or (v) any combination of the foregoing, having an aggregate value
which three-fourths of the entire Board of Directors of the Company shall have determined in good
faith to be equal to the Current Market Price of one share of Common Stock (determined pursuant to
Section 11(d) hereof) on the Trading Day immediately preceding the date of exchange pursuant to
this Section 24.

(e) The Company shall not be required to issue fractions of shares of Common Stock or to
distribute certificates which evidence fractional shares of Common Stock. In lieu of such
fractional shares of Common Stock, there shall be paid to the registered holders of the Rights
Certificates with regard to which such fractional shares of Common Stock would otherwise be
issuable, an amount in cash equal to the same fraction of the current market value of a whole share
of Common Stock. For the purposes of this subsection (e), the current market value of a whole
share of Common Stock shall be the closing price of a share of Common Stock (as determined pursuant
to Section 11(d) hereof) for the Trading Day immediately prior to the date of exchange pursuant to
this Section 24.

Section 25. Notice of Certain Events. In case the Company shall propose at any time
following the Distribution Date (a) to pay any dividend payable in stock of any class to the
holders of Common Stock or to make any other distribution to the holders of Common Stock (other
than a regular periodic cash dividend), or (b) to offer to the holders of Common Stock rights or
warrants to subscribe for or to purchase any additional shares of Common Stock or shares of stock
of any class or any other securities, rights or options, or (c) to effect any reclassification of
Common Stock (other than a reclassification involving only the subdivision of outstanding shares of
Common Stock), or (d) to effect any consolidation or merger into or with any other Person, or to
effect any sale or other transfer (or to permit one or more of its Subsidiaries to effect any sale
or other transfer), in one or more transactions, of 50% or more than 50% of the assets or earning
power of the Company and its Subsidiaries (taken as a whole) to, any other Person or Persons, or
(e) to effect the liquidation, dissolution or winding up of the Company, then, in each such case,
the Company shall give to the Rights Agent and to each holder of a Right Certificate, in accordance
with Section 26, a notice of such proposed action, which shall specify the record date for the
purposes of such stock dividend or distribution of rights or warrants, or the date on which such
reclassification, consolidation, merger, sale, transfer, liquidation, dissolution, or winding up is
to take place and the date of participation therein by the holders of Common Stock, if any such
date is to be fixed, and such notice shall be so given in the case of any action covered by clause
(a) or (b) above at least ten (10) days prior to the record date for determining holders of Common
Stock for purposes of such action, and in the case of any such other action, at least ten (10) days
prior to the date of the taking of such proposed action or the date of participation therein by the
holders of Common Stock, whichever shall be the earlier.

In case a Section 11(a)(ii) Event shall occur, then, in any such case, the Company shall as
soon as practicable thereafter give to the Rights Agent and to each holder of a Right Certificate,
to the extent feasible and in accordance with Section 26 a notice of the occurrence of such event,
which shall specify the event and the consequences of the event to holders of Rights under Section
11(a)(ii).

Section 26. Notices. Notices or demands authorized by this Agreement to be given or
made by the Rights Agent or by the holder of any Right Certificate to or on the Company shall be
sufficiently given or made if sent by first-class mail, postage prepaid, addressed (unless and
until another address is filed in writing with the Rights Agent) as follows:

National Fuel Gas Company

6363 Main Street

Williamsville, New York 14221

Attention: Corporate Secretary

Subject to the provisions of Section 21, any notice or demand authorized by this Agreement to
be given or made by the Company or by the holder of any Right Certificate to or on the Rights Agent
shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until
another address is filed in writing with the Company) as follows:

BNY Mellon Shareowner Services

480 Washington Boulevard — 29th Floor

Jersey City, NJ 07310

Attention: Stock Transfer Division

Notices or demands authorized by this Agreement to be given or made by the Company or the
Rights Agent to the holder of any Right Certificate shall be sufficiently given or made if sent by
first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown
on the registry books of the Company.

Section 27. Supplements and Amendments. Prior to the earlier of the Distribution Date
or the Shares Acquisition Date and subject to the penultimate sentence of this Section 27, the
Company may from time to time supplement or amend this Agreement in writing without the approval of
any holders of Right Certificates; provided that any such supplement or amendment shall have been
approved by the affirmative vote of three-fourths of the entire Board of Directors of the Company.
From and after the earlier of the Distribution Date or the Shares Acquisition Date, and subject to
the penultimate sentence of this Section 27, the Company, pursuant to a like three-fourths vote of
its Board of Directors, may from time to time supplement or amend this Agreement in writing without
the approval of any holders of Right Certificates in order (i) to cure any ambiguity, (ii) to
correct or supplement any provision contained herein which may be defective or inconsistent with
any other provisions herein, (iii) to lengthen the time period during which the Rights may be
redeemed following the Shares Acquisition Date for up to an additional twenty days beyond the time
period set forth in Section 23(a), or (iv) to change or supplement the provisions hereunder in any
manner which the Company may deem necessary or desirable and which shall not adversely affect the
interests of the holders of Right Certificates (other than an Acquiring Person or an Affiliate or
Associate of an Acquiring Person). Upon the delivery of a certificate from an appropriate officer
of the Company, which states that the proposed supplement or amendment is in compliance with the
terms of this Section 27, the Rights Agent shall execute such supplement or amendment, but the
Rights Agent shall not be obligated to enter into any supplement or amendment that affects the
Rights Agent’s own rights, duties, obligations or immunities under this Agreement. Notwithstanding
anything in this Agreement to the contrary, no supplement or amendment shall be made on or after
the Distribution Date which changes the Redemption Price, the Final Expiration Date, the Purchase
Price or the number of shares of Common Stock for which a Right is then exercisable. Prior to the
earlier of the Shares Acquisition Date or the Distribution Date, the interests of the holders of
Rights shall be deemed coincident with the interests of the holders of Common Stock.

Section 28. Successors; Assignment. All the covenants and provisions of this
Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the
benefit of their respective successors and assigns hereunder. The Agreement shall extend to and
shall be binding upon the parties hereto and their respective successors and assigns; provided
however, that this Agreement shall not be assignable by either party without the prior written
consent of the other party; and provided, further, that (a) the foregoing proviso shall not apply
to assignments by the Rights Agent to an affiliate or subsidiary of the Rights Agent (provided such
assignments are made in compliance with Section 21 hereof) and (b) any reorganization, merger,
consolidation, sale of assets or other form of business combination by the Rights Agent shall not
be deemed to constitute an assignment of this Agreement.

Section 29. Determinations and Actions by the Board of Directors. For all purposes of
this Agreement, any calculation of the number of shares of Common Stock outstanding at any
particular time, including for purposes of determining the particular percentage of such
outstanding shares of Common Stock of which any Person is the Beneficial owner, shall be made in
accordance with the provisions of Rule 13d-3(d)(1)(i) of the General Rules and Regulations under
the Exchange Act. The Board of Directors of the Company shall have the exclusive power and
authority to administer this Agreement and to exercise all rights and powers specifically granted
to the Board or the Company, or as may be necessary or advisable in the administration of this
Agreement, including, without limitation, the right and power to (i) interpret the provisions of
this Agreement, and (ii) make all determinations deemed necessary or advisable for the
administration of this Agreement (including a determination to redeem or not redeem the Rights or
to amend the Agreement); and, where specifically prescribed herein, such Board actions,
calculations, interpretations and determinations shall be undertaken or made only pursuant to the
affirmative vote of three-fourths of the entire Board of Directors of the Company. All such
actions, calculations, interpretations and determinations (including, for the purpose of clause
(ii) below, all omissions with respect to the foregoing) which are done or made by the Board in
good faith, shall (i) be final, conclusive and binding on the Company, the Rights Agent, the
holders of the Right Certificates and all other parties, and (ii) not subject the Board to any
liability to the holders of the Right Certificates. The Rights Agent is entitled always to assume
the Company’s Board of Directors acted in good faith and shall be fully protected and incur no
liability in reliance thereon.

Section 30. Benefits of This Agreement. Nothing in this Agreement shall be construed
to give to any Person other than the Company, the Rights Agent and the registered holders of the
Right Certificates (and, prior to the Distribution Date, the Common Stock) any legal or equitable
right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive
benefit of the Company, the Rights Agent and the registered holders of the Right Certificates (and,
prior to the Distribution Date, registered holders of the Common Stock).

Section 31. Severability. If any term, provision, covenant, or restriction of this
Agreement is held by a court of competent jurisdiction or other authority to be invalid, null and
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this
Agreement shall remain in full force and effect and shall in no way be affected, impaired or
invalidated; provided, however, that notwithstanding anything in this Agreement to the contrary, if
any such term, provision, covenant or restriction is held by such court or authority to be invalid,
null and void or unenforceable and the Board of Directors of the Company determines in its good
faith judgment that severing the invalid language from this Agreement would adversely affect the
purpose or effect of this Agreement, the right of redemption set forth in Section 23, hereof, if
then expired, shall be reinstated and shall not expire until the Close of Business on the tenth day
following the date of such determination by the Board of Directors.

Section 32. Governing Law. This Agreement and each Right Certificate issued
hereunder shall be deemed to be a contract made under the laws of the State of Delaware and for all
purposes shall be governed by and construed in accordance with the laws of such State applicable to
contracts to be made and performed entirely within such State, provided, however, that all
provisions regarding the rights, duties and obligations of the Rights Agent shall be governed by
and construed in accordance with the laws of the State of New York applicable to contracts made and
to be performed entirely within such State.

Section 32. Counterparts. This Agreement may be executed in any number of
counterparts and each of such counterparts shall for all purposes be deemed to be an original, and
all such counterparts shall together constitute but one and the same instrument.

Section 33. Descriptive Headings. Descriptive headings of the several Sections of
this Agreement are inserted for convenience only and shall not control or affect the meaning or
construction of any of the provisions hereof.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
their respective corporate seals to be hereunto affixed and attested, all as of the day and year
first above written.

NATIONAL FUEL GAS COMPANY

	 	 	 	 	 	 	 
	 	 	By:	 	/s/ David F. Smith
	 	 	 	 	 
	
 
	 	 	 	Name:

Title:
	 	David F. Smith

Chief Executive Officer
	Attest:

	 	

	 	

	 	

	By: /s/ James R. Peterson

	 	

	 	

	 	

	 

	 	

	 	

	 	

	 	 	Name: James R. Peterson

Title: Assistant Secretary

[SEAL]

THE BANK OF NEW YORK

By: /s/ James F. Kiszka

Name: James F. Kiszka

Title: Vice President

Attest:

	 	 	By: /s/ Margaret B. Lloyd

	 	 	Name: Margaret B. Lloyd

Title: AVP

3

EXHIBIT A

[Form of Right Certificate]

Certificate No. R-      Rights

NOT EXERCISABLE AFTER JULY 31, 2018 OR EARLIER IF NOTICE OF REDEMPTION OR EXCHANGE IS GIVEN. THE
RIGHTS ARE SUBJECT TO REDEMPTION, AT THE OPTION OF THE COMPANY, AT $.005 PER RIGHT AND TO EXCHANGE
ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS MAY NOT BE
EXERCISABLE AND THE RIGHTS AGREEMENT MAY BE AMENDED WITHOUT THE APPROVAL OF THE RIGHTS OWNERS.

NATIONAL FUEL GAS COMPANY

Right Certificate

This certifies that, or registered assigns, is the registered owner of the number of Rights
set forth above, each of which entitles the owner thereof, subject to the terms, provisions and
conditions of the Rights Agreement dated as of June 12, 1996, as amended and restated [     ], and as
the same may from time to time be amended in accordance with its terms (as amended, the “Rights
Agreement”) between National Fuel Gas Company, a New Jersey corporation (the “Company”) and
     (the “Rights Agent”), to purchase from the Company at any time after the
Distribution Date (as such term is defined in the Rights Agreement) and prior to 5:00 P.M. (New
York, New York time) on July 31, 2018 at the designated office of the Rights Agent, or its
successors as Rights Agent, in      , New York, one-half of one fully paid, nonassessable
share of the Common Stock, $1.00 par value (the “Common Stock”), of the Company, at a purchase
price of $75.00 per half share (the “Purchase Price”), being $150.00 per share, upon presentation
and surrender of this Right Certificate with the Form of Election to Purchase and related
certificate duly executed, along with a signature guarantee and such other and further
documentation as the Rights Agent may reasonably request. The number of Rights evidenced by this
Right Certificate (and the number of shares which may be purchased upon exercise thereof) set forth
above, and the Purchase Price per share set forth above, are the number and Purchase Price as of
     , based on the Common Stock of the Company as constituted at such date.

Upon the occurrence of a Section 11(a)(ii) Event (as such term is defined in the Rights
Agreement), if the Rights evidenced by this Right Certificate are beneficially owned by (i) an
Acquiring Person or an Affiliate or Associate of any such Acquiring Person (as such terms are
defined in the Rights Agreement), (ii) a transferee of any such Acquiring Person, Associate or
Affiliate, or (iii) under certain circumstances specified in the Rights Agreement, a transferee of
a person who after such transfer, became an Acquiring Person, such Rights shall become null and
void and no holder hereof shall have any right with respect to such Rights from and after the
occurrence of such Section 11(a)(ii) Event.

As provided in the Rights Agreement, the Purchase Price and the number and kind of shares of
Common Stock (or, in certain circumstances, other securities) which may be purchased upon the
exercise of the Rights evidenced by this Right Certificate are subject to modification and
adjustment upon the happening of certain events, including Triggering Events (as such term is
defined in the Rights Agreement).

This Right Certificate is subject to all of the terms, provisions and conditions of the Rights
Agreement, which terms, provisions and conditions are hereby incorporated herein by reference and
made a part hereof and to which Rights Agreement reference is hereby made for a full description of
the rights, limitations of rights, obligations, duties and immunities hereunder of the Rights
Agent, the Company and the holders of the Right Certificates. Copies of the Rights Agreement are
on file at the above-mentioned office of the Rights Agent, and at the executive offices of the
Company.

This Right Certificate, with or without other Right Certificates, upon surrender at the
designated office of the Rights Agent, along with a signature guarantee and such other and further
documentation as the Rights Agent may reasonably request, may be exchanged for another Right
Certificate or Right Certificates of like tenor and date evidencing Rights entitling the holder to
purchase a like aggregate number of shares of Common Stock as the Rights evidenced by the Right
Certificate or Right Certificates surrendered shall have entitled such holder to purchase. If this
Right Certificate shall be exercised in part, the holder shall be entitled to receive upon
surrender hereof, along with a signature guarantee and such other and further documentation as the
Rights Agent may reasonably request, another Right Certificate or Right Certificates for the number
of whole Rights not exercised.

Subject to the provisions of the Rights Agreement, the Rights evidenced by this Certificate
(a) may be redeemed by the Company at its option at a redemption price of $.005 per Right prior to
the earlier of the Close of Business on (i) the tenth day following the Shares Acquisition Date and
(ii) the Final Expiration Date or (b) may be exchanged in whole or in part for shares of Common
Stock and/or other securities, cash or other assets of the Company deemed to have the same value as
shares of Common Stock, at any time after a Section 11(a)(ii) Event. The Rights Agreement may be
amended without the approval of the holders of the Rights as and to the extent set forth therein.

No fractional shares of Common Stock will be issued upon the exercise or exchange of any Right
or Rights evidenced hereby, but in lieu thereof a cash payment will be made, as provided in the
Rights Agreement.

No holder of this Right Certificate shall be entitled to vote or receive dividends or be
deemed for any purpose the holder of the Common Stock or of any other securities of the Company
which may at any time be issuable on the exercise hereof, nor shall anything contained in the
Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the
rights of a stockholder of the Company or any right to vote for the election of directors or upon
any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any
corporate action, or to receive notice of meetings or other actions affecting stockholders (except
as provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise,
until the Right or Rights evidenced by this Right Certificate shall have been exercised or
exchanged for Common Stock as provided in the Rights Agreement.

This Right Certificate shall not be valid or obligatory for any purpose until it shall have
been countersigned by the Rights Agent.

WITNESS the facsimile signature of the proper officers of the Company and its corporate seal.
Dated as of      .

[SEAL]

NATIONAL FUEL GAS COMPANY

By:

Name:

Title:

Attest:

	 	 	By:

Name:

Title:

Countersigned:

as Rights Agent

	 	 	 	By:

Authorized Signature

Date:      

4

[Form of Reverse Side of Right Certificate]

FORM OF ASSIGNMENT

(To be executed by the registered holder if such holder desires to transfer the Right
Certificates.)

FOR VALUE RECEIVED      hereby sells, assigns and transfers unto

     

(please print name and address of transferee)

this Right Certificate, together with all right, title and interest therein, and does hereby
irrevocably constitute and appoint      Attorney, to transfer the within Right
Certificate on the books of the within-named Company, with full power of substitution.

Signature

Dated:      

Signature Guaranteed:

(Signatures must be guaranteed.)

5

CERTIFICATE

The undersigned hereby certifies by checking the appropriate space that:

Exercising this Right Certificate will      will not      enable the undersigned, its
Affiliates, its Associates and/or any other Person with which the undersigned or any of the
undersigned’s Affiliates or Associates has any agreement, arrangement or understanding (whether or
not in writing) for the purpose of acquiring, holding, voting or disposing of securities of the
Company to obtain, individually or in the aggregate, beneficial ownership of Common Stock or other
securities that have 10% or more of the aggregate voting power of the outstanding shares of the
Common Stock and other securities having voting power.

	 	 	Dated:

Signature

Signature Guaranteed:

(Signatures must be guaranteed.)

NOTICE

The signature to the foregoing Assignment and Certificate must correspond to the name as
written upon the face of this Right Certificate in every particular, without alteration or
enlargement or any change whatsoever.

6

FORM OF ELECTION TO PURCHASE

(To be executed if holder desires to exercise Rights evidenced by the Right Certificate.)

To National Fuel Gas Company:

The undersigned hereby irrevocably elects to exercise      Rights represented by this Right
Certificate to purchase the shares of Common Stock issuable upon the exercise of such Rights (or
such other securities of the Company or of any other Person which may be issuable upon the exercise
of the Rights) and requests that certificates for such shares be issued in the name of:

                                                                                 

(Please print name and address)

                                                                                   

(Please insert social security or other taxpayer identifying number)

If such number of Rights shall not be all the Rights evidenced by this Right Certificate, a
new Right Certificate for the balance remaining of such Rights shall be registered in the name of
and delivered to:

                                                                                     

(Please print name and address)

                                                                                  

(Please insert social security or other taxpayer identifying number)

Dated:      ,      

                                                

Signature

Signature Guaranteed:

(Signatures must be guaranteed.)

7

EXHIBIT B

SUMMARY OF RIGHTS TO PURCHASE COMMON STOCK

On March 19, 1996, the Board of Directors (the “Board”) of National Fuel Gas Company (the
“Company”) authorized the Company to enter into the Rights Agreement, dated as of June 12, 1996
(the “Original Rights Agreement”), between the Company and Marine Midland Bank, as rights agent.
In connection therewith, the Board authorized and declared a dividend distribution of one right
(collectively, the “Rights”) for each outstanding share of Common Stock, $1.00 par value, of the
Company (the “Common Stock”). Rights were distributed to the holders of record of Common Stock
outstanding at the Close of Business on July 31, 1996 (the “Record Date”), the record date
established by the Board on June 13, 1996. Each Right entitles the registered holder to purchase
from the Company one-half of a share of Common Stock at a price of $75.00 per half share (the
“Purchase Price”), being $150.00 per share, subject to adjustment.

On September 17, 1998, the Board approved certain amendments to the Original Rights Agreement
and authorized the Company to enter into an Amended and Restated Rights Agreement to reflect those
amendments. On April 30, 1999, the Company entered into the Amended and Restated Rights Agreement,
dated as of April 30, 1999 (the Original Rights Agreement, as amended and restated, being
hereinafter referred to as the “Rights Agreement”), with HSBC Bank USA, (formerly known as Marine
Midland Bank) as rights agent. Among the amendments made to the Original Rights Agreement are (i)
a two-year extension of the term of the Rights Agreement to July 31, 2008, (ii) the qualification
of certain obligations of the Company under the Rights Agreement by reference to any regulatory
approvals that may be required in connection therewith, and (iii) in connection with the voting
standard required under the Rights Agreement for certain Board actions, the substitution of the
affirmative vote of three-fourths of the entire Board for the “Independent Director” vote required
under the Original Rights Agreement.

On June 7, 2007, the Board approved certain amendments to the Amended and Restated Rights
Agreement and authorized the Company to enter into a second Amended and Restated Rights Agreement
to reflect those amendments. On June 7, 2007, the Company entered into the second Amended and
Restated Rights Agreement, dated as of June 8, 2007 (the Original Rights Agreement, as amended and
restated, being hereinafter referred to as the “Rights Agreement”), with HSBC Bank USA, National
Association (a national banking association formerly known as Marine Midland Bank and as HSBC Bank
USA) as rights agent. Among the amendments made to the Original Rights Agreement are (i) a change
in the definition of “Acquiring Person” under the Rights Agreement, (ii) certain changes to the
date on which the Rights are distributed to shareholders in the event of a tender or exchange
offer, (iii) a change to permit the Company to pay the redemption price in respect of the rights in
cash, shares of common stock, or any other form of consideration deemed appropriate by the Board
and (iv) changes to effect certain other technical amendments.

On September 1, 2007, HSBC Bank USA, National Association, resigned as Rights Agent and the
Company substituted The Bank of New York as successor Rights Agent. On July [     ], 2008, the
Company and The Bank of New York entered into another Amended and Restated Rights Agreement. Among
the amendments made are (i) a ten-year extension of the term of the Rights Agreement to July 31,
2018, (ii) a change in the Purchase Price per full share from $65 to $150, and (iii) an expansion
of the definition of the shares “beneficially owned” to include, among other things, certain
derivative or synthetic arrangements having characteristics of a long position in the Company’s
Common Stock. Currently, the Rights are attached to all Common Stock certificates representing
shares presently outstanding and the Rights will be attached to any new Common Stock certificates
representing shares hereafter issued.

Distribution Date; Transfer of Rights

Until the earlier to occur of (i) ten days following the date (the “Shares Acquisition Date”)
of the public announcement that a person or group of affiliated or associated persons (an
“Acquiring Person”) has acquired, or obtained the right to acquire, beneficial ownership of Common
Stock or other voting securities (“Voting Stock”) that have 10% or more of the voting power of the
outstanding shares of Voting Stock or (ii) ten business days following the commencement or
announcement of an intention to make a tender offer or exchange offer the consummation of which
would result in such person acquiring, or obtaining the right to acquire, beneficial ownership of
Voting Stock having 10% or more of the voting power of the outstanding shares of Voting Stock (the
earlier of such dates being called the “Distribution Date”), the Rights will be evidenced, with
respect to any of the Company’s Common Stock certificates outstanding as of the Record Date, by
such Common Stock certificate. The term “beneficial owner” is defined in the Rights Agreement and
includes, among other things, certain derivative or synthetic arrangements having characteristics
of a long position in the Company’s Common Stock. The Rights Agreement provides that, until the
Distribution Date, the Rights will be transferred with and only with the Company’s Common Stock.
Until the Distribution Date (or earlier redemption or expiration of the Rights), new Common Stock
certificates issued after the Record Date upon transfer or new issuance of the Company’s Common
Stock will contain a notation incorporating the Rights Agreement by reference. Until the
Distribution Date (or earlier redemption or expiration of the Rights), the surrender for transfer
of any of the Company’s Common Stock certificates outstanding as of the Record Date will also
constitute the transfer of the Rights associated with the Common Stock represented by such
certificate. As soon as practicable following the Distribution Date, separate certificates
evidencing the Rights (“Right Certificates”) will be mailed to holders of record of the Company’s
Common Stock as of the Close of Business on the Distribution Date and such separate Right
Certificates alone will evidence the Rights.

The Rights are not exercisable until the Distribution Date. The Rights will expire at the
Close of Business on July 31, 2018, unless earlier redeemed or exchanged by the Company as
described below.

Exercise of Rights for Common Stock of the Company

Subject to redemption or exchange of the Rights, at any time any Person, alone or together
with its Affiliates or Associates, becomes an Acquiring Person (other than pursuant to a Permitted
Offer), each holder of a Right will thereafter have the right to receive, upon exercise, the number
of shares of Common Stock (or, in certain circumstances, cash, property or other securities of the
Company) equal to the result obtained by dividing the then current Purchase Price per Right by
one-half of the then current market price, calculated pursuant to Section 11(a)(ii) of the Rights
Agreement. Notwithstanding any of the foregoing, following the occurrence of such event set forth
in this paragraph, all Rights that are, or (under certain circumstances specified in the Rights
Agreement) were, beneficially owned by any Acquiring Person will be null and void.

Exercise of Rights for Shares of the Acquiring Company

In the event that, at any time following the Shares Acquisition Date, (i) the Company is
acquired in a merger or other business combination transaction, or (ii) 50% or more of the
Company’s assets or earning power is sold or transferred, each holder of a Right (except Rights
which previously have been voided as set forth above) shall thereafter have the right to receive,
upon exercise, Common Stock of the acquiring company having a value equal to two times the Purchase
Price of the Right then in effect.

Adjustments to Purchase Price

The Purchase Price payable, and the number of shares of Common Stock (or other securities, as
the case may be) issuable upon exercise of the Rights are subject to adjustment from time to time
to prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or
reclassification of, the Common Stock, (ii) upon the grant to holders of the Common Stock of
certain rights or warrants to subscribe for or purchase shares of the Common Stock or convertible
securities at less than the then Current Market Price of the Common Stock or (iii) upon the
distribution to holders of the Common Stock of evidences of indebtedness or assets (excluding
regular periodic cash dividends or dividends payable in the Common Stock) or of subscription rights
or warrants (other than those referred to above). Prior to the Distribution Date, the Board of
Directors of the Company may make such equitable adjustments as it deems appropriate in the
circumstances in lieu of any adjustment otherwise required by the foregoing.

With certain exceptions, no adjustment in the Purchase Price will be required until the
earlier of (i) three years from the date of the event giving rise to such adjustment or (ii) the
time at which cumulative adjustments require an adjustment of at least 1% in such Purchase Price.
No fractional shares of Common Stock will be issued and, in lieu thereof, an adjustment in cash
will be made based on the market price of the Common Stock on the last trading date prior to the
date of exercise.

Redemption and Exchange of Rights

At any time prior to 5:00 P.M. New York, New York time on the tenth day following the Shares
Acquisition Date, the Company may redeem the Rights in whole, but not in part, at a price of $.005
per Right (the “Redemption Price”). The decision to redeem shall require the affirmative vote of
three-fourths of the entire Board of Directors. Immediately upon the action of the Board of
Directors of the Company electing to redeem the Rights, the Company shall make announcement
thereof, and upon such action, the right to exercise the Rights will terminate and the only right
of the holders of Rights will be to receive the Redemption Price.

At any time after the occurrence of the event set forth under the heading “Exercise of Rights
for Common Stock of the Company” above, the Board of Directors, acting by the affirmative vote of
three-fourths of the entire Board of Directors, may exchange the Rights (other than Rights owned by
an Acquiring Person, which have become null and void), in whole or in part, at an exchange ratio of
one share of Common Stock, and/or other securities, cash or other assets deemed to have the same
value as one share of Common Stock, per Right, subject to adjustment.

Until a Right is exercised or exchanged for Common Stock, the holder thereof, as such, will
have no rights as a stockholder of the Company, including, without limitation, the right to vote or
to receive dividends. While the distribution of the Rights will not be taxable to stockholders or
to the Company, stockholders may, depending upon the circumstances, recognize taxable income in the
event that the Rights become exercisable for Common Stock or other consideration of the Company or
for the stock of the Acquiring Person as set forth above, or are exchanged as provided in the
preceding paragraph.

Amendments to Terms of the Rights

Any of the provisions of the Rights Agreement may be amended by the Board of Directors of the
Company without the consent of the holders of the Rights prior to the Distribution Date; provided
that any such amendment is approved by the affirmative vote of three-fourths of the entire Board of
Directors. Thereafter, the provisions of the Rights Agreement may be amended by the Board of
Directors, acting by a like three-fourths vote, in order to cure any ambiguity, defect or
inconsistency, or to make changes which do not adversely affect the interests of holders of Rights
(excluding the interest of any Acquiring Person); provided, however, that no supplement or
amendment may be made on or after the Distribution Date which changes those provisions relating to
the principal economic terms of the Rights. The Board of Directors may also, by a like
three-fourths vote, extend the redemption period for up to an additional 20 days.

A copy of the Rights Agreement has been filed with the Securities and Exchange Commission as
an Exhibit to [     ] dated [     ] (as such may be amended from time to time). A
copy of the Rights Agreement is available free of charge from the Company. This summary
description of the Rights does not purport to be complete and is qualified in its entirety by
reference to the Rights Agreement, which is hereby incorporated herein by reference.

8

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