Document:

Form of Note

 Exhibit 4.2 
 UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE. 
 CSX CORPORATION 
 $400,000,000 
 6.000% NOTES DUE 2036 
  

			
	No. 1-A	 	CUSIP No. 126408GH0

 This security (the “Security”) is one of a duly authorized issue of securities (herein
called the “Securities”) of CSX Corporation, a Virginia corporation (hereinafter called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), issued and to be issued in one or
more series under an indenture, unlimited as to aggregate principal amount, dated as of August 1, 1990 between the Company and JPMorgan Chase Bank, N.A., formerly known as The Chase Manhattan Bank, as Trustee (herein called the
“Trustee,” which term includes any successor trustee under the Indenture (as hereinafter defined)), as supplemented by a First Supplemental Indenture dated as of June 15, 1991, a Second Supplemental Indenture dated as of May 6,
1997, a Third Supplemental Indenture dated as of April 22, 1998, a Fourth Supplemental Indenture dated as of October 30, 2001, a Fifth Supplemental Indenture dated as of October 27, 2003, and a Sixth Supplemental Indenture dated as of
September 23, 2004, to which indenture and all indentures supplemental thereto (the indenture, as supplemented being herein called the “Indenture”) reference is hereby made for a statement of the respective rights thereunder of the
Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, which series has been issued in an
initial aggregate principal amount of $400,000,000 (FOUR HUNDRED MILLION DOLLARS). All Securities of this series need not be issued at the same time and such series may be reopened at any time, without the consent of any Holder, for issuances of
additional Securities of this series. Any such additional Securities of this series will have the same interest rate, maturity and other terms as those initially issued. Further Securities of this series may also be authenticated and delivered as
provided by Sections 304, 305, 306 or 906 of the Indenture. This 

 Security represents an aggregate initial principal amount of $400,000,000 (FOUR HUNDRED MILLION DOLLARS) (as adjusted
from time to time in accordance with the terms and provisions hereof and as set forth on Exhibit A hereto, the “Principal Amount”) of the Securities of such series, with the Interest Payment Dates, date of original issuance, and date of
Maturity specified herein and bearing interest on said Principal Amount at the interest rate specified herein. 
 The Company, for value
received, hereby promises to pay CEDE & CO., or its registered assigns, the principal sum of $400,000,000 (FOUR HUNDRED MILLION DOLLARS) on October 1, 2036 and to pay interest (computed on the basis of a 360-day year of twelve 30-day
months) thereon from September 20, 2006 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, or, if the date of this Security is an Interest Payment Date to which interest has been paid or duly
provided for, then from the date hereof, semiannually in arrears on October 1 and April 1 of each year, commencing April 1, 2007, and at Maturity at the rate of 6.000% per annum, until the principal hereof is paid or duly made
available for payment. The Company shall pay interest on overdue principal and premium, if any, and (to the extent lawful) interest on overdue installments of interest at the rate per annum borne by the Security. The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be the September 15 or March 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Except as otherwise provided in the Indenture, any such interest not
so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date to be fixed by the Trustee for the payment of such Defaulted Interest, notice whereof shall be given to the Holder of this Security not less than 10 days prior to such Special Record Date, or may be paid at any time
in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Securities of this series may be listed or quoted, and upon such notice as may be required by such exchange or
system, all as more fully provided in such Indenture. Notwithstanding the foregoing, interest payable on this Security at Maturity will be payable to the person to whom principal is payable. 
 This Security is exchangeable in whole or from time to time in part for definitive Registered Securities of this series only as provided in this
paragraph. If (x) the Depository with respect to the Securities of this series (the “Depository”) notifies the Company that it is unwilling, unable or ineligible to continue as Depository for this Security or if at any time the
Depository ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor Depository is not appointed by the Company within 90 days, (y) the Company in its sole discretion determines that this
Security shall be exchangeable for definitive Registered Securities and executes and delivers to the Trustee a Company Order providing that this Security shall be so exchangeable or (z) there shall have happened and be continuing an Event of
Default or any event which, after notice or lapse of time, or both, would become an Event of Default with respect to the Securities of the series of which this Security is a part, this Security or any portion hereof shall, in the case of clause
(x) above, be exchanged for definitive 
  

 2 

 Registered Securities of this series, and in the case of clauses (y) and (z) above, be exchangeable for
definitive Registered Securities of this series, provided that the definitive Security so issued in exchange for this Security shall be in authorized denominations and be of like tenor and of an equal aggregate principal amount as the portion of the
Security to be exchanged, and provided further that, in the case of clauses (y) and (z) above, definitive Registered Securities of this series will be issued in exchange for this Security, or any portion hereof, only if such definitive
Registered Securities were requested by written notice to the Security Registrar by or on behalf of a Person who is a beneficial owner of an interest herein given through the Holder hereof. Any definitive Registered Security of this series issued in
exchange for this Security, or any portion hereof, shall be registered in the name or names of such Person or Persons as the Holder hereof shall instruct the Security Registrar. Except as provided above, owners of beneficial interests in this
Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders thereof for any purpose under the Indenture. 
 Any exchange of this Security or portion hereof for one or more definitive Registered Securities of this series will be made at the New York office of
the Security Registrar or at the office of any transfer agent designated by the Company for that purpose. Upon exchange of any portion of this Security for one or more definitive Registered Securities of this series, the Trustee shall endorse
Exhibit A of this Security to reflect the reduction of its Principal Amount by an amount equal to the aggregate principal amount of the definitive Registered Securities of this series so issued in exchange, whereupon the Principal Amount hereof
shall be reduced for all purposes by the amount so exchanged and noted. Except as otherwise provided herein or in the Indenture, until exchanged in full for one or more definitive Registered Securities of this series, this Security shall in all
respects be subject to and entitled to the same benefits and conditions under the Indenture as a duly authenticated and delivered definitive Registered Security of this series. 
 The principal and any interest in respect of any portion of this Security payable in respect of an Interest Payment Date or at the Stated Maturity
thereof, in each case occurring prior to the exchange of such portion for a definitive Registered Security or Securities of this series, will be paid, as provided herein, to the Holder hereof which will undertake in such circumstances to credit any
such principal and interest received by it in respect of this Security to the respective accounts of the Persons who are the beneficial owners of such interests on such Interest Payment Date or at Stated Maturity. If a definitive Registered Security
or Registered Securities of this series are issued in exchange for any portion of this Security after the close of business at the office or agency where such exchange occurs on (i) any Regular Record Date and before the opening of business at
such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, then interest or Defaulted
Interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security, but will be payable on such Interest Payment Date or proposed date for payment,
as the case may be, only to the Holder hereof, and the Holder hereof will undertake in such circumstances to credit such interest to the account or accounts of the Persons who were the beneficial owners of such portion of this Security on such
Regular Record Date or Special Record Date, as the case may be. 
  

 3 

 Payment of the principal of and any such interest on this Security will be made at the offices of
JPMorgan Chase Bank, N.A., as Paying Agent, in the Borough of Manhattan, The City of New York, or at such other office or agency of the Company as may be designated by it for such purpose in the Borough of Manhattan, The City of New York, in such
coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts by check mailed to the registered Holders thereof; provided, however, that at the option of
the Holder, payment of interest may be made by wire transfer of immediately available funds to an account of the Person entitled hereto as such account shall be provided to the Security Registrar and shall appear in the Security Register.

 The Securities shall be redeemable, in whole or in part, at the Company’s option at any time. The Redemption Price for the Securities
to be redeemed shall equal the greater of the following amounts, plus, in each case, accrued interest thereon to the Redemption Date: 
  

	 	•	 	100% of the principal amount of such Securities; or 

  

	 	•	 	as determined by the Independent Investment Banker (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest on the Securities
(not including any portion of any payments of interest accrued from the most recent Interest Payment Date to which interest has been paid to the Redemption Date) discounted to the Redemption Date on a semiannual basis at the Adjusted Treasury Rate
(as defined below) plus 20 basis points. 

 The Redemption Price shall be calculated by the Independent Investment Banker assuming a 360-day
year consisting of twelve 30-day months. 
 “Adjusted Treasury Rate” means, with respect to any Redemption Date: 
  

	 	•	 	the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated
“H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity
under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of the Securities, yields for the two published
maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Adjusted Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or

  

	 	•	 	if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the
semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

  

 4 

 The Adjusted Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date.
The Company shall notify the Trustee, in an Officers’ Certificate, of the Redemption Price no later than the second Business Day preceding the Redemption Date. The Officers’ Certificate shall set forth the Redemption Price both as an
aggregate amount for all the Securities to be redeemed and as an amount per $1,000.00 in principal amount of the Securities to be redeemed, subject to a minimum $2,000.00 denomination as set forth below. 
 “Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a maturity
comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such Securities. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (A) the average
of five Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains fewer than five such Reference Treasury
Dealer Quotations, the average of all such quotations. 
 “Independent Investment Banker” means UBS Securities LLC and its
successors, or if that firm is unwilling or unable to serve in that capacity, an independent investment and banking institution of national standing appointed by the Company. 
 “Reference Treasury Dealer” means: 
  

	 	•	 	UBS Securities, LLC and its successors; provided that, if UBS Securities, LLC ceases to be a primary U.S. Government securities dealer in the United States (“Primary Treasury
Dealer”), the Company will substitute another Primary Treasury Dealer; and 

  

	 	•	 	Up to four other Primary Treasury Dealers selected by the Company. 

 “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third
business day preceding such Redemption Date. 
 Notice of redemption shall be given as provided in Section 1104 of the Indenture;
provided, that such notice shall not be required to include the Redemption Price but shall instead include the manner of calculation of the Redemption Price. If the Company elects to partially redeem the Securities, the Trustee will select in a fair
and appropriate manner the Securities to be redeemed. 
  

 5 

 Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date interest
will cease to accrue on the Securities or portions thereof called for redemption. 
 If an Event of Default with respect to Securities of
this series shall occur and be continuing, the principal of the Securities of this series (including this Security and the interests represented hereby) may be declared due and payable in the manner and with the effect provided in the Indenture.
Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal and overdue interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of
the Company’s obligations in respect of the payment of the principal of and any interest on the Securities of this series (including this Security and the interests represented hereby) shall terminate. 
 The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company on this Security and (b) certain
restrictive covenants and the related defaults and Events of Default, upon compliance with certain conditions set forth therein, which provisions shall apply to this Security. 
 The provisions of Article Fourteen of the Indenture apply to Securities of this series. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Securities at the
time Outstanding of each series affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of each series at the time Outstanding on behalf of the Holders
of all Securities of such series to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and the Persons who are beneficial owners of interests represented hereby, and of any Security issued in exchange herefor or in lieu hereof whether or not notation
of such consent or waiver is made upon this Security. 
 As set forth in, and subject to, the provisions of the Indenture, no Holder of any
Security of this series will have any right to institute any proceeding with respect to the Indenture or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with
respect to the Securities of this series, the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of this series shall have made written request, and offered reasonable indemnity, to the Trustee to institute such
proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute
such proceeding within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of (and premium, if any) or interest on this Security on or after the
respective due dates expressed herein. 
  

 6 

 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional to pay the principal of (and premium, if any) and interest on this Security at the time, place and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein and herein set forth, the transfer of Registered Securities of the series of
which this Security is a part may be registered on the Security Register of the Company, upon surrender of such Securities for registration of transfer at the office of the Security Registrar, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder thereof or his attorney duly authorized in writing, and thereupon one or two more new Securities of this Series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 No service charge
shall be made for any such registration of transfer or exchange of Securities as provided above, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Securities of this series of which this Security is a part are issuable only in registered form without coupons, in denominations of $2,000.00 and
integral multiples of $1,000.00. As provided in the Indenture and subject to certain limitations therein set forth, the Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor
of a different authorized denomination, as requested by the Holder surrendering the same. 
 The Securities of this series shall be dated the
date of their authentication. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them
in the Indenture. 
 Unless the certificate of authentication hereon has been executed by or on behalf of JPMorgan Chase Bank, N.A., the
Trustee under the Indenture, or its successor thereunder, by the manual signature of one of its authorized officers, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  

 7 

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

  

					
	Dated: September 20, 2006	 	CSX CORPORATION
			
		 	By:	 	  

		 	Name:	 	David A. Boor
		 	Title:	 	Vice President and Treasurer

 Attest: 
  

	
	  
 Assistant Corporate
Secretary

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of a series issued under the Indenture described herein. 
  

			
	 JPMORGAN CHASE BANK, N.A.,
 as
Trustee

		
	By:	 	  

		 	Authorized Officer

  

 8 

 FORM OF TRANSFER NOTICE 
 FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto 
 Insert Taxpayer Identification No. 
  

 Please print or typewrite name and address including zip code of assignee 
  

 the within
Security and all rights thereunder, hereby irrevocably constituting and appointing 
                                       
                           attorney to transfer said Security on the books of the Security Registrar with full power
of substitution in the premises. 
  

			
	Date:                     	  	  

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

  

 9 

 EXHIBIT A 
 Schedule of Exchanges 
  

 10Amended and Restated Escrow Agreement

 Exhibit 4.4 
 AMENDED AND RESTATED ESCROW AGREEMENT 
 This ESCROW AGREEMENT, effective on
November 10, 2005, as amended and restated as of August 7, 2006, by and among WELLS TIMBER REAL ESTATE INVESTMENT TRUST, INC., a Maryland corporation (“Company”), WELLS INVESTMENT SECURITIES, INC., a Georgia
corporation (“Dealer Manager”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association (“Escrow Agent”). 
 WITNESSETH: 
 WHEREAS, Company proposes to offer to the public (the “Public
Offering”) up to a maximum of 85,000,000 shares of its common stock, par value $0.01 per share (“Shares”) pursuant to the terms of, and at the prices set forth in, Company’s prospectus (“Prospectus”)
contained in the registration statement (the “Registration Statement”) filed with the Securities and Exchange Commission (“Commission”) (capitalized terms used but not otherwise defined herein shall have the
respective meanings given in the Prospectus); 
 WHEREAS, the Dealer Manager will distribute the Shares on behalf of Company on a
“best efforts” basis; 
 WHEREAS, it is anticipated that prospective investors will subscribe for Shares and will provide
Dealer Manager with subscription payments for such Shares (the “Subscription Payments”), which subscriptions will be contingent upon (i) their respective acceptances by Company and (ii) Company’s acceptance of
subscriptions aggregating at least $2,000,000 in subscription proceeds from subscribers who are not residents of Pennsylvania or affiliates of the Company (the “Minimum Subscription”); 
 WHEREAS, Escrow Agent has agreed to receive and hold in escrow all Subscription Payments until the earlier of (i) such time as subscriptions
for the Minimum Subscription have been received and accepted by Company or (ii) the close of business on the date exactly one year after the original effective date of the Registration Statement (the “Minimum Subscription Termination
Date”), and to hold and distribute such Subscription Payments in accordance with the terms and conditions herein set forth; 
 WHEREAS, pursuant to the Prospectus, if prospective investors have not subscribed for at least the Minimum Subscription by the Minimum Subscription Termination Date, the Public Offering shall be terminated, and all Subscription
Payments shall be returned to the prospective investors together with any earnings thereon; 
 NOW, THEREFORE, in consideration of the
premises and the mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Appointment of Escrow Agent. Company and Dealer Manager hereby appoint Escrow Agent to serve as escrow agent hereunder, and Escrow Agent
hereby accepts such appointment in accordance with the terms of this Escrow Agreement. Company and Dealer Manager hereby acknowledge that the status of Escrow Agent is that of agent only for the limited purposes set forth herein, and hereby
agree that they will not represent or imply that Escrow Agent has investigated the desirability or advisability of investment in the Shares or has approved, endorsed or passed upon the merits of the investment therein. Company and Dealer Manager
further agree that the name of the Escrow Agent shall not be used in any manner in connection with the offer or sale of the Shares other than to state that the Escrow Agent has agreed to serve as escrow agent for the limited purposes set forth
herein. 

 2. Deposit into Escrow. Until such time as prospective investors have subscribed for the
Minimum Subscription and, thereafter, whenever the Dealer Manager receives an instrument of payment made payable to the Escrow Agent, the Dealer Manager will (i) by 12:00 p.m. Eastern Time on the next business day following Dealer
Manager’s receipt of the same, deposit with Escrow Agent, or cause to be deposited with Escrow Agent, all Subscription Payments received by it, accompanied by a list of the names, social security numbers or tax identification numbers, and
addresses (and any other information required for withholding purposes) of, and amounts paid by, each prospective investor, and (ii) allow such Subscription Payments to remain in escrow with Escrow Agent and not withdraw, or attempt to
withdraw, such Subscription Payments from Escrow Agent, except as herein provided. Notwithstanding the foregoing, if any prospective investor shall exercise any right provided by law to rescind his or her subscription, Escrow Agent shall, upon
notice from Company or Dealer Manager, return to such prospective investor all Subscription Payments pertaining to such subscription, together with any earnings thereon during the period that such Subscription Payments were held by Escrow Agent
under this Escrow Agreement. Instruments of payment and wired funds received from residents of Pennsylvania shall be placed in a separate escrow account established specifically for such subscribers. 
 All Subscription Payments delivered to Escrow Agent by Dealer Manager pursuant hereto shall be deposited immediately by Escrow Agent in a separate
account designated as the “Escrow Account for the Benefit of Subscribers for Common Stock of Wells Timber Real Estate Investment Trust, Inc.” (the “Escrow Account”). The Escrow Account shall be created and maintained
subject to the terms of this Escrow Agreement and the customary rules and regulations of Escrow Agent pertaining to such accounts. 
 If any
of the prospective investors’ instruments of payment for the subscription of Shares are dishonored or returned to Escrow Agent for nonpayment prior to receipt of the Minimum Subscription, Escrow Agent shall promptly notify Dealer Manager in
writing of such nonpayment and return such instruments of payment to the prospective investors. In any such instance, Escrow Agent is authorized to debit the Escrow Account in the amount of such return payment as well as any earnings on the
investment represented by such payment. 
 3. Investment of the Funds in the Escrow Account. Escrow Agent shall hold funds
delivered to it under the terms of this Escrow Agreement and shall from time to time invest and reinvest the funds held in the Escrow Account, as and when instructed pursuant to joint written instructions by Company and Dealer Manager, in any
one or more of the following: 
 (a) obligations of the United States of America; 
 (b) obligations guaranteed or collateralized by the United States of America; 
 (c) money market accounts of any national banks or state banks insured by the Federal Deposit Insurance Corporation, including Escrow Agent; and

 (d) certificates of deposit of any national banks or state banks insured by the Federal Deposit Insurance Corporation, including Escrow
Agent. 
 No investment shall be made in any instrument or security that has a maturity of greater than three (3) months. If no joint
written instructions are received by Escrow Agent as provided above, Escrow Agent may invest amounts held in the Escrow Account in money market funds of the type described in subparagraph (c) above. Any income or interest realized from the
investments made by Escrow Agent pursuant hereto shall be reinvested by Escrow Agent until directed otherwise under the terms of this Escrow Agreement. Dealer Manager and Company may examine any and all documentation regarding the investment of the
Escrow Account during normal business hours at the offices of Escrow Agent. 
  

 - 2 - 

 4. Disbursements From Escrow Account. 
 (a) Rejected Subscriptions. No later than five (5) business days after receipt by Escrow Agent of written notice from Company or Dealer
Manager that Company intends to reject a potential investor’s subscription, Escrow Agent shall pay, by certified or bank check and by first-class mail, the amount of the Subscription Payment paid by such potential investor (together with all
earnings thereon) or Escrow Agent shall return the instruments of payment delivered to Escrow Agent with respect to any Subscription Payment if such instruments have not been processed for collection prior to such time directly to such potential
investor. 
 (b) Termination of Public Offering. In the event that on the Minimum Subscription Termination Date, Escrow Agent is not
in receipt of evidence of subscriptions accepted on or before such date, and instruments of payment dated not later than that date (or actual wired funds), for the purchase of Shares at least equal to the Minimum Subscription, Escrow Agent shall
promptly notify Company and Escrow Agent shall promptly return all funds received in full to subscribers, together with their pro rata share of any interest earned thereon, pursuant to instructions made by Company, upon which Escrow Agent may
conclusively rely. 
 (c) Receipt of Minimum Subscription Payments. Subject to the provisions of Section 2 and Section 4(a)
and (b) hereof, Escrow Agent shall hold all Subscription Payments deposited with Escrow Agent in the Escrow Account under the terms of this Escrow Agreement until such date (“Minimum Subscription Satisfaction Date”) as Company
and Dealer Manager shall have delivered to the Escrow Agent a joint written instruction notifying Escrow Agent that the Minimum Subscription has been received and accepted (the “Minimum Subscription Notice and Disbursement
Instruction”). Within two (2) business days of the Minimum Subscription Notice and Disbursement Instruction, Escrow Agent shall deliver all Subscription Payments in the Escrow Account and all earnings thereon to Company in the manner,
amounts and to the bank accounts set forth in the Minimum Subscription Notice and Disbursement Instruction. If after the Escrow Agent has received the Minimum Subscription Notice and Disbursement Instruction, the Dealer Manager shall send the Escrow
Agent Subscription Payments made payable to the Escrow Agent, the Escrow Agent will deposit the Subscription Payments into the Escrow Account, as described herein and, within twenty four (24) hours of such deposit, deliver the Subscription
Payments in the Escrow Account in the manner, amounts and to the bank accounts set forth in the Minimum Subscription Notice and Disbursement Instruction. 
 5. Escrow Agent Compensation. Escrow Agent shall be entitled to receive compensation for its services as Escrow Agent hereunder as set forth on the schedule attached hereto and made a part hereof as
Exhibit A, which compensation shall be paid by Company. Notwithstanding anything contained in this Escrow Agreement to the contrary, in no event shall any fee, reimbursement for costs and expenses, indemnification for any damages incurred by
Escrow Agent, or monies whatsoever be paid out of or chargeable to the income or assets in the Escrow Account held by Escrow Agent. 
 6.
Resignation and Removal of Escrow Agent. Escrow Agent may resign at any time from its obligations under this Escrow Agreement by providing written notice to Company and Dealer Manager. Such resignation shall be effective on the date
specified in such notice, which shall be not less than thirty (30) days after such written notice has been given. In addition, Company and Dealer Manager may jointly remove Escrow Agent as the escrow agent at any time with or without cause, by
a written instrument executed by both of them (which may be executed in counterparts) given to Escrow Agent, which instrument shall designate the effective date of such removal. In the event of any such resignation 
  

 - 3 - 

 or removal, a successor escrow agent, which shall be a bank or trust company organized under the laws of the United
States of America, shall be appointed by the mutual agreement of Company and Dealer Manager. Any such successor escrow agent shall deliver to Company and Dealer Manager a written instrument accepting such appointment, and thereupon it shall succeed
to all the rights and duties of Escrow Agent hereunder and shall be entitled to receive the Escrow Account. If no successor escrow agent is named by Company and Dealer Manager, Escrow Agent may apply to a court of competent jurisdiction for
appointment of a successor Escrow Agent. 
 7. Liability of Escrow Agent. Escrow Agent shall not be liable to anyone for any
losses, claims, damages, liabilities or expenses that it may incur as a result of any act or omission of Escrow Agent, unless such losses, claims, damages, liabilities or expenses are caused by Escrow Agent’s bad faith, willful misconduct or
gross negligence. Accordingly, Escrow Agent shall not incur any such liability with respect to (i) any action taken or omitted in good faith upon the advice of Escrow Agent’s counsel or counsel for any other party hereto, given with
respect to any question relating to the duties and responsibilities of Escrow Agent under this Escrow Agreement or (ii) any action taken or omitted in reliance upon any instrument, including execution, or the identity or authority of any person
executing such instrument, its validity and effectiveness, but also as to the truth and accuracy of any information contained therein that Escrow Agent shall, in good faith, believe to be genuine, to have been signed by a proper person or persons
and to conform to the provisions of this Escrow Agreement. 
 8. Indemnification of Escrow Agent. Company and Dealer Manager
hereby jointly and severally agree to indemnify and hold Escrow Agent (and its officers, directors, employees and agents) harmless from and against any and all losses, claims, damages, liabilities and expenses, including reasonable attorney’s
fees and expenses, that may be imposed on Escrow Agent or incurred by Escrow Agent in connection with Escrow Agent’s acceptance of its appointment hereunder, or the performance of Escrow Agent’s duties hereunder, except where such losses,
claims, damages, liabilities and expenses result from Escrow Agent’s bad faith, gross negligence or willful misconduct. 
 9.
Disputes. In the event of any disagreement among any of the parties to this Escrow Agreement, or among them or any other person resulting in adverse claims and demands being made in connection with or from any property in the Escrow
Account, Escrow Agent shall be entitled to refuse to comply with any such claims or demands as long as such disagreement may continue, and in so refusing, shall make no delivery or other disposition of any property then held by it in the Escrow
Account under this Escrow Agreement, and in so doing Escrow Agent shall be entitled to continue to refrain from acting until (i) the right of adverse claimants shall have been finally settled by binding arbitration or finally adjudicated in a
court assuming and having jurisdiction of the property involved herein or affected hereby or (ii) all differences shall have been adjusted by agreement and Escrow Agent shall have been notified in writing of such agreement signed by the parties
hereto. 
 In the event of such disagreement (or a resignation by Escrow Agent under the terms of this Escrow Agreement), Escrow Agent may
tender into the registry or custody of any court of competent jurisdiction all money or property in its hands under the terms of this Escrow Agreement, together with instituting any other legal proceeding it deems appropriate, and thereupon Escrow
Agent shall be discharged from all further duties under this Escrow Agreement. The filing of any such legal proceeding shall not deprive Escrow Agent of its compensation earned prior to such filing. 
 10. Representations and Warranties. Each of Company and Dealer Manager respectively makes the following representations and warranties to
Escrow Agent: 
 (a) It is a corporation, duly organized, validly existing, and in good standing under the laws of the state of its
incorporation, and has full power and authority to execute and deliver this Escrow Agreement and to perform its obligations hereunder. 
  

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 (b) This Escrow Agreement has been duly approved by all necessary corporate action, including any
necessary shareholder approval, has been executed by its duly authorized officers, and constitutes its valid and binding agreement, enforceable in accordance with its terms. 
 (c) The execution, delivery, and performance of this Escrow Agreement will not violate, conflict with, or cause a default under its articles of
incorporation or bylaws, any applicable law or regulation, any court order or administrative ruling or decree to which it is a party or any of its property is subject, or any agreement, contract, indenture, or other binding arrangement to which it
is a party or any of its property is subject. The execution, delivery and performance of this Escrow Agreement is consistent with the Prospectus, and the Prospectus properly describes the allocation of interest and other earnings to potential
investors pursuant to this Escrow Agreement. 
 (d) All of its representations and warranties contained herein are true and complete as of
the date hereof and will be true and complete at the time of any deposit to or disbursement from the Escrow Account. 
 11. Identifying
Information. Company and Dealer Manager acknowledge that the identifying information set forth on Exhibit B is being requested by Escrow Agent in connection with the USA Patriot Act, Pub.L.107-56 (the “Act”), and
Company and Dealer Manager agree to provide any additional information reasonably requested by Escrow Agent in connection with the Act or any similar legislation or regulation to which Escrow Agent is subject, in a timely manner. Company and Dealer
Manager each represents that its respective identifying information set forth on Exhibit B, including without limitation, its Taxpayer Identification Number assigned by the Internal Revenue Service or any other taxing authority, is true and
complete on the date hereof and each agrees to notify Escrow Agent of any change with respect thereto during the term of this Escrow Agreement. 
 12. Notices. All notices, demands or other communications to be given or delivered under or by reason of any provision of this Escrow Agreement shall be in writing and shall be deemed to have been given (i) on the date
delivered in person, (ii) on the date indicated on the return receipt if mailed postage prepaid, by certified or registered U.S. Mail, with return receipt requested, (iii) on the date transmitted by facsimile, if sent by 5:00 P.M., Eastern
Time on a business day (or the next business day if after such time or if sent on a day other than a business day), and confirmation of receipt thereof is obtained, or (iv) on the next business day after delivery (in time for and specifying
next day delivery) to Federal Express or other nationally recognized overnight courier service or overnight express U.S. Mail, with service charges or postage prepaid. The addresses and facsimile numbers of the parties for purposes of this Escrow
Agreement are: 
  

			
	If to Company:	 	Wells Timber Real Estate Investment Trust, Inc.
		 	6200 The Corners Parkway
		 	Norcross, Georgia 30092
		 	Facsimile No.: (770) 243-8198
		 	Attention: Leo F. Wells, III, President
		
	With a copy to:	 	Alston & Bird LLP
		 	One Atlantic Center
		 	1201 West Peachtree Street
		 	Atlanta, Georgia 30309-3424
		 	Facsimile No.: (404) 881-7777
		 	Attention: Rosemarie A. Thurston

  

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	If to Dealer Manager:	 	Wells Investment Securities, Inc.
		 	6200 The Corners Parkway
		 	Norcross, Georgia 30092
		 	Facsimile No.: (770) 243-8198
		 	Attention: Thomas E. Larkin, President
		
	With a copy to:	 	Alston & Bird LLP
		 	One Atlantic Center
		 	1201 West Peachtree Street
		 	Atlanta, Georgia 30309-3424
		 	Facsimile No.: (404) 881-7777
		 	Attention: Rosemarie A. Thurston
		
	If to Escrow Agent:	 	U.S. Bank Corporate Trust Services
		 	360 Interstate North Parkway SE
		 	Suite 500 – GA4605
		 	Atlanta, Georgia 30339-2216
		 	Facsimile No.: (770) 644-6869
		 	Attention: Paul L. Henderson, Assistant Vice President

 or to such other address or facsimile number, or to the attention of such other person, as the receiving party has
specified by prior written notice to the sending party pursuant to this Section 12. 
 13. Binding Effect. This Escrow
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors and assigns. 
 14. Term. This Escrow Agreement shall terminate within thirty (30) days receipt of written notice by the Escrow Agent that the Company and the Dealer Manager have agreed to terminate this Escrow
Agreement. 
 15. Amendments. This Escrow Agreement shall not be modified, revoked, released or terminated except upon the
mutual consent of Company and Dealer Manager, given in writing and delivered to the Escrow Agent. Should, at any time, any attempt be made to modify this Escrow Agreement in a manner that would increase the duties and responsibilities of Escrow
Agent or to modify this Escrow Agreement in any manner that Escrow Agent deems undesirable, Escrow Agent may resign by notifying Company and Dealer Manager in writing, by certified mail, and until (i) acceptance by a successor escrow agent
appointed jointly by Company and Dealer Manager or (ii) thirty (30) days following the date upon which such notice was delivered by Escrow Agent, whichever occurs sooner, Escrow Agent’s only remaining obligation shall be to perform
its duties hereunder in accordance with the terms of the Escrow Agreement without regards to any such modification. 
 16.
Assignment. Except as otherwise provided herein, no party may, without the express written consent of each other party, assign or transfer this Escrow Agreement in whole or in part. 
 17. Governing Law. This Escrow Agreement is governed by, and shall be construed and enforced in accordance with, the laws of the State of
Georgia without regard to its conflict of laws rules. 
  

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 18. Severability. Whenever possible, each provision of this Escrow Agreement shall be
interpreted in such manner as to be effective and valid under Georgia law, but if any provision shall be prohibited by or be invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this Escrow Agreement. 
 19. Headings. The
headings as to contents of particular sections of this Escrow Agreement are inserted for convenience and shall not be construed as a part of this Escrow Agreement or as a limitation on or expansion of the scope of any terms or provisions of this
Escrow Agreement. 
 20. Counterparts. This Escrow Agreement may be executed in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. It shall not be necessary for every party hereto to sign each counterpart but only that each party shall sign at least one such counterpart. 

21. Entire Agreement. This Escrow Agreement contains the entire understanding between and among the parties hereto and supersedes any
previous understandings, written or oral, that the parties may have reached, with respect to the subject matter of this Escrow Agreement. 
 [Signatures on Next Page] 
  

 - 7 - 

 IN WITNESS WHEREOF, the parties hereto have made and entered into this Escrow Agreement on the
date first hereinabove set forth. 
  

			
	COMPANY:
	
	WELLS TIMBER REAL ESTATE
	INVESTMENT TRUST, INC.
		
	By:	 	 /s/ Douglas P. Williams

	Name:	 	Douglas P. Williams
	Title:	 	Executive Vice President
	
	DEALER MANAGER:
	
	WELLS INVESTMENT SECURITIES, INC.
		
	By:	 	 /s/ Robert McCullough

	Name:	 	Robert McCullough
	Title:	 	Assistant Treasurer
	
	ESCROW AGENT:
	
	U.S. BANK NATIONAL
	ASSOCIATION
		
	By:	 	 /s/ Paul L. Henderson

	Name:	 	Paul L. Henderson
	Title:	 	Authorized Representative

  

 - 8 - 

 Exhibit A 
 Escrow Agent Fees 
 One-Time Escrow Services Fee - Payable in advance - $2,500 
  

 A-1 

 Exhibit B 
 Identifying Information 
 Taxpayer Identification Numbers: 

 

			
	Company:	  	20-3536671
		
	Dealer Manager:	  	58-1572141

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