Document:

Form of Exchange Agent Agreement

 Exhibit 4.39 
 [FORM OF EXCHANGE AGENT AGREEMENT] 
                         , 2007 
 Wells Fargo Bank, National Association 
 Attn: Corporate Trust Services 
 213 Court Street, Suite 703 
 Middletown, CT 06457 
 Ladies and Gentlemen: 
 Intelsat (Bermuda), Ltd., a Bermuda
corporation (the “Company”) proposes to make an offer (the “Exchange Offer”) to exchange up to $260,000,000 principal amount of the Company’s Floating Rate Senior Notes due 2013 (CUSIP No. 45820E AR 3) (the
“floating rate notes due 2013”), which have been registered under the Securities Act of 1933, as amended (the “Securities Act”), for a like principal amount of its outstanding Floating Rate Senior Notes due 2013 (CUSIP Nos.
45820E AP 7 and G4803J AG 7) (the “Old 2013 Notes”), to exchange up to $600,000,000 principal amount of the Company’s Floating Rate Senior Notes due 2015 (CUSIP No. 458204 AC 8) (the “Refinancing Notes”), which have
been registered under the Securities Act, for a like principal amount of its outstanding Floating Rate Senior Notes due 2015 (CUSIP Nos. 458204 AA 2 and G48042 AA 6) (the “Old Refinancing Notes”), to exchange up to $1,330,000,000 principal
amount of the Company’s 11 1/4% Senior Notes Due 2016 (CUSIP No. 45820E AX 0) (the “2016 notes”), which have
been registered under the Securities Act, for a like principal amount of its outstanding 11 1/4% Senior Notes Due 2016 (CUSIP
Nos. 45820E AV 4 and G4803J AJ 1) (the “Old 2016 Notes”), and to exchange up to $750,000,000 principal amount of the Company’s 9 1/4% Senior Notes Due 2016 (CUSIP No. 45820E AU 6) (the “guaranteed notes” and, together with the floating rate notes due 2013, the Refinancing Notes and the 2016 notes, the “New Notes”), which
have been registered under the Securities Act, for a like principal amount of its outstanding 9 1/4% Senior Notes Due 2016 (CUSIP
Nos. 45820E AS 1 and G4803J AH 5) (the “Old Guaranteed Notes” and, together with the Old Floating Rate Notes due 2013, the Old Refinancing Notes and the Old 2016 Notes, the “Old Notes”). 
 The terms and conditions of the Exchange Offer as currently contemplated are set forth in a prospectus, dated
            , 2007 (the “Prospectus”), included in the Company’s Registration Statement on Form S-4, as amended (the “Registration Statement”), filed with the
Securities and Exchange Commission. The Old Notes and the New Notes are collectively referred to herein as the “Securities.” 
 The
Company hereby appoints Wells Fargo Bank, National Association as the exchange agent (the “Exchange Agent”) in connection with the Exchange Offer. References hereinafter to “you” refer to Wells Fargo Bank, National Association,
in its capacity as Exchange Agent. 
 The Exchange Offer is expected to be commenced by the Company on or about
                    , 2007. The Letter of Transmittal, the Notice of Guaranteed Delivery, the Letter to Registered Holders, the Letter to
Depository Trust Company Participants, the Letter to Clients and the Instructions to Registered Holder from Beneficial Owner (collectively, the “Tender Documents”) accompanying the Prospectus (or in the case of book-entry securities, the
Automated Tender Offer Program (“ATOP”) of the Book-Entry Transfer Facility (as defined below)) is to be used by the holders of the Old Notes to accept the Exchange Offer and contains instructions with respect to the delivery of
certificates for Old Notes tendered in connection therewith. 
 The Exchange Offers will expire at 5:00 p.m., New York City time, on
                        , 2007 or on such subsequent date or time to which the Company may extend the Exchange Offer (the
“Expiration Date”). Subject to the terms and conditions set forth in the Prospectus, the Company expressly reserves the right to extend the Exchange Offer from time to time and may extend the Exchange Offer by giving oral or written notice
to you and by notifying in writing or by public announcement the registered holders of the Old Notes, before 9:00 a.m., New York City time, on the business day following the previously scheduled Expiration Date. 
 The Company expressly reserves the right to amend or terminate the Exchange Offer, and not to accept for exchange any Old Notes not therefore accepted
for exchange, upon the 

 
occurrence of any of the conditions of the Exchange Offer specified in the Prospectus under the caption “The Exchange Offer — Conditions to the
Exchange Offer.” The Company will give written notice of any amendment, termination or non-acceptance to you as promptly as practicable. 
 In carrying out your duties as Exchange Agent, you are to act in accordance with the following: 
 1. You shall perform such duties
and only such duties as are specifically set forth in the section of the Prospectus entitled “The Exchange Offer” or as specifically set forth herein; provided, however, that in no way will your general duty to act in good
faith be discharged by the foregoing. 
 2. You shall establish book-entry accounts in accordance with SEC regulations with respect to each
of the Old Notes at The Depository Trust Company (the “Book Entry Transfer Facility”) for purposes of the Exchange Offer within two business days after the date of the Prospectus, and any financial institution that is a participant in the
Book Entry Transfer Facility’s systems may, until the Expiration Date, make book-entry delivery of the Old Notes by causing the Book Transfer Facility to transfer such Old Notes into the appropriate account in accordance with the Book Entry
Transfer Facility’s procedure for such transfer. 
 3. You shall examine each of the Letters of Transmittal and certificates for the Old
Notes (or confirmation of book-entry transfer into the accounts at the Book-Entry Transfer Facility) and any other documents delivered or mailed to you by or for holders of the Old Notes to ascertain whether: (1) the Letters of Transmittal and
any such other documents are duly executed and properly completed in accordance with the instructions set forth therein; and (2) the Old Notes have otherwise been properly tendered. In each case where the Letter of Transmittal or any other
document has been improperly completed or executed or any of the certificates for Old Notes are not in proper form for transfer or some other irregularity in connection with the acceptance of the applicable Exchange Offer exists, you shall make
commercially reasonable efforts to inform the presenters of the need for fulfillment of all requirements and to take any other action as may be commercially reasonable to cause such irregularity to be corrected. 
 4. With the written approval of the President or Chief Financial Officer (the “Executive Officers”) of the Company, or any other party
designated in writing by such an officer, you may waive any irregularities in connection with any tender of Old Notes pursuant to the Exchange Offer. 
 5. Tenders of Old Notes may be made only as set forth in the Letter of Transmittal and in the section of the Prospectus captioned “The Exchange Offer — Procedures for Tendering your Original Notes,” and
Old Notes shall be considered properly tendered to you only when tendered in accordance with the procedures set forth therein. 
 6. You
shall advise the Company with respect to any Old Notes received subsequent to the Expiration Date and accept its instructions with respect to disposition of such Old Notes. 
 7. You shall accept tenders: 
 a. in cases where the Old Notes are registered in two or more names only if signed by all named holders; 
  

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 b. in cases where the signing person (as indicated in the Letter of Transmittal) is
acting in a fiduciary or a representative capacity only if proper evidence of his or her authority so to act is submitted; and 
 c. from persons other than the registered holder of Old Notes, only if customary transfer requirements, including payment of any applicable transfer taxes, are fulfilled. 
 8. You shall accept partial tenders of Old Notes where so indicated and as permitted in the Letter of Transmittal and deliver certificates for Old Notes
to the registrar for separation and return any untendered Old Notes to the holder (or such other person as may be designated in the Letter of Transmittal) as promptly as practicable after expiration or termination of the Exchange Offer. 

9. Upon satisfaction or waiver of all of the conditions to the Exchange Offer, the Company shall notify you in writing of its acceptance, promptly
after the Expiration Date, of all Old Notes properly tendered and you, on behalf of the Company, shall exchange such Old Notes for New Notes, and cause such Old Notes to be cancelled. Delivery of New Notes shall be made on behalf of the Company by
you at the rate of $1,000 principal amount at maturity of New Notes for each $1,000 principal amount at maturity of Old Notes tendered promptly after receiving written notice of acceptance of said Old Notes by the Company; provided,
however, that in all cases, Old Notes tendered pursuant to the Exchange Offer will be exchanged only after timely receipt by you of certificates for such Old Notes (or confirmation of book entry transfer into the accounts at the Book Entry
Transfer Facility), and a properly completed and duly executed Letter of Transmittal (or manually signed facsimile thereof) with any required signature guarantees and any other required documents or an agent’s message (as such term is defined
in the Prospectus) in the case of book-entry transfer. You shall issue New Notes only in denominations of $1,000 or any integral multiple thereof. 
 10. Tenders pursuant to the Exchange Offer are irrevocable, except that, subject to the terms and upon the conditions set forth in the Prospectus and the Letter of Transmittal, Old Notes tendered pursuant to the Exchange Offer may be
withdrawn at any time prior to the Expiration Date. 
 11. The Company is not required to exchange any Old Notes tendered if any of the
conditions set forth in the Exchange Offer are not met. Written notice of any decision by the Company not to exchange any Old Notes tendered shall be given by the Company to you. 
 12. If, pursuant to the Exchange Offer, the Company does not accept for exchange all or part of the Old Notes tendered because of an invalid tender, the
occurrence of certain other events set forth in the Prospectus under the caption “The Exchange Offer—Conditions of the Exchange Offer” or otherwise, you shall as soon as practicable after the expiration or termination of the Exchange
Offer return those certificates for unaccepted Old Notes (or effect appropriate book-entry transfer), together with any related required documents and the Letters of Transmittal relating thereto that are in your possession, to the person who
deposited them. 
  

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 13. You shall forward all certificates for reissued Old Notes, unaccepted Old Notes or for New Notes by
first-class mail. 
 14. You are not authorized to pay or offer to pay any concessions, commissions or solicitation fees to any broker,
dealer, bank or other persons or to engage or utilize any person to solicit tenders. 
 15. As Exchange Agent hereunder you: 
 a. are not liable for any action or omission to act in connection with this Exchange Agent Agreement unless the same constitutes your
gross negligence, willful misconduct or bad faith; 
 b. have no duties or obligations other than those specifically set forth
herein or incorporated herein from the Prospectus or as may be subsequently agreed to in writing between you and the Company; 
 c. are regarded as making no representations as to the validity, sufficiency, value or genuineness of any of the certificates or the Old Notes represented thereby deposited with you pursuant to the Exchange Offer, and will not be required
to and will make no representation as to the validity, value or genuineness of the Exchange Offer; 
 d. are not obligated to
take any legal action hereunder which might in your judgment involve any expense or liability unless you have been furnished with a commercially reasonable indemnity; 
 e. may conclusively rely on and are protected in acting in reliance upon any certificate, instrument, opinion, notice, letter, telegram or
other document or securities delivered to you and reasonably believed by you to be genuine and to have been signed or presented by the proper person or persons; 
 f. may act upon any tender, statement, request, document, agreement, certificate or other instrument whatsoever not only as to its due
execution and validity and effectiveness of its provisions, but also as to the truth and accuracy of any information contained therein, which you in good faith believe to be genuine and to have been signed or presented by the proper person or
persons; 
 g. may conclusively rely on and are protected in acting upon written instructions from any Executive Officer of
the Company; 
 h. may consult with counsel of your selection with respect to any questions relating to your duties and
responsibilities and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by you hereunder in good faith and in accordance with the advice or
opinion of such counsel; and 
  

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 i. shall not advise any person tendering Old Notes pursuant to the Exchange Offer as to
the wisdom of making such tender or as to the market value or decline or appreciation in market values of any Old Notes. 
 16. You shall
take such action as may from time to time be requested by the Company (and such other action as you may deem appropriate) to furnish copies of the Prospectus, Letter of Transmittal and Notice of Guaranteed Delivery (as defined in the Prospectus) or
such other forms as may be approved from time to time by the Company, to all persons requesting such documents and to accept and comply with telephone requests for information relating to the Exchange Offer, provided that such information shall
relate only to the procedures for accepting (or withdrawing from) the Exchange Offer. The Company will furnish you with copies of such documents on your request. All other requests for information relating to the Exchange Offer shall be directed to
the Company, Attn: Chief Financial Officer. 
 17. You shall advise by facsimile transmission the Company ((202) 944-7440), Attn: Phillip L.
Spector, Esq., Deputy Chairman and Assistant Secretary) and such other person or persons as the Company may request, daily (and more frequently during the week immediately preceding the Expiration Date if requested) up to and including the
Expiration Date, as to the number of Old Notes which have been rendered pursuant to the Exchange Offer and the items received by you pursuant to this Exchange Agent Agreement, separately reporting and giving cumulative totals as to each items
properly received and items improperly received. In addition, you shall also inform, and cooperate in making available to, the Company or any such other person or persons upon oral request made from time to time prior to the Expiration Date of such
other information as they may reasonably request. Such cooperation will include, without limitation, the granting by you to the Company and such person as the Company may request of access to those persons on your staff who are responsible for
receiving tenders, in order to ensure that immediately prior to the Expiation Date the Company shall have received information in sufficient detail to enable it to decide whether to extend the Exchange Offer. You shall prepare a final list of all
persons whose tenders were accepted, the aggregate principal amount at maturity of Old Notes tendered, the aggregate principal amount at maturity of Old Notes accepted, and deliver said list to the Company. 
 18. Letters of Transmittal and Notices of Guaranteed Delivery shall be stamped by you as to the date and, after the expiration of the Exchange Offer,
the time, of receipt thereof and shall be preserved by you for a period of time at least equal to the period of time you preserve other records pertaining to the transfer of securities. You shall dispose of unused Letters of Transmittal and
other surplus materials by properly disposing of them. 
 19. For services rendered as Exchange Agent hereunder, you shall be entitled to
such compensation as set forth on Schedule I attached hereto. The provisions of this section shall survive the termination of this Exchange Agent Agreement. 
 20. You hereby acknowledge receipt of the Prospectus and the Letter of Transmittal. Any inconsistency between this Exchange Agent Agreement, on the one hand, and the Prospectus and the Letters of Transmittal (as they
may be amended from time to time), on the other hand, shall be resolved in favor of the Letter of Transmittal or Prospectus, except with respect to your duties, liabilities and indemnification as Exchange Agent. 
  

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 21. The Company covenants and agrees to fully indemnify and hold you harmless against any and all loss,
liability, reasonable cost or expense, including reasonable attorneys’ fees and expenses, incurred without gross negligence or willful misconduct or bad faith on your part, arising out of or in connection with any act, omission, delay or
refusal made by you in reliance upon any signature, endorsement, assignment, certificate, order, request, notice, instruction or other instrument or document reasonably believed by you to be valid, genuine and sufficient and in accepting any tender
or effecting any transfer of Old Notes reasonably believed by you in good faith to be authorized, and in delaying or refusing in good faith to accept any tenders or effect any transfer of Old Notes. The Company shall be entitled to participate at
its own expense in the defense of any such claim or other action and, if the Company so elects, the Company shall assume the defense of any suit brought to enforce any such claim. In the event that the Company shall assume the defense of any such
suit, the Company shall not be liable for the fees and expenses of any additional counsel thereafter retained by you, so long as the Company retains counsel reasonably satisfactory to you to defend such suit, and so long as there is no conflict of
interest that exists between you and the Company. The provisions of this section shall survive the termination of this Exchange Agent Agreement. 
 22. You shall arrange to comply with all requirements under the tax laws of the United States, including those relating to missing Tax Identification Numbers, and shall file any appropriate reports with the Internal Revenue Service, as
directed in writing by the Company. 
 23. You shall deliver or cause to be delivered, in a timely manner to each governmental authority to
which any transfer taxes are payable in respect of the exchange of Old Notes, the Company’s check in the amount of all transfer taxes so payable; provided, however, that you shall reimburse the Company for amounts refunded to you in respect of
your payment of any such transfer taxes, at such time as such refund is received by you. 
 24. This Exchange Agent Agreement and your
appointment as Exchange Agent hereunder shall be construed and enforced in accordance with the laws of the State of New York, and without regard to conflict of law principles, and shall inure to the benefit of, and the obligations crested hereby
shall be binding upon, the successors and assigns of each of the parties hereto. 
 25. This Exchange Agent Agreement may be executed in two
or more counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same agreement. 
 26. In case any provision of this Exchange Agent Agreement is invalid, illegal or unenforceable due validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 27. This Exchange Agent Agreement is not deemed or construed to be modified, amended, rescinded, cancelled or waived, in whole or in part, except by a
written instrument signed by a duly authorized representative of the party to be charged. This Exchange Agent Agreement may not be modified orally. 
  

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 28. Unless otherwise provided herein all notices, requests and other communications to any party
hereunder shall be in writing (including, facsimile or similar writing) and shall be given to such party, addressed to it at its address or telecopy number set forth below: 
 If to the Company: 
  

	
	 Intelsat (Bermuda), Ltd.

	 c/o Intelsat, Ltd.

	 Wellesley House North, 2nd Floor

	 90 Pitts Bay Road

	 Pembroke HM 08, Bermuda

	 Facsimile: (441) 292-8300

	 Attention: General Counsel

 with copy to: 
  

	
	 Intelsat (Bermuda), Ltd.

	 3400 International Drive, N.W.

	 Washington, D.C. 20008-3006

	 Fax: (202) 944-7440 Attention:

			
	Attention:	  	Phillip L. Spector
		  	Deputy Chairman and Assistant Secretary

 If to the Exchange Agent: 
  

			
	Wells Fargo Bank, National Association
	213 Court Street, Suite 703
	Middletown, CT 06457
	Facsimile:	  	(860) 704-6219
	Attention:	  	Joseph P. O’Donnell
		  	Corporate Trust Services

 29. Unless terminated earlier by the parties hereto, this Exchange Agent Agreement shall terminate
90 days following the Expiration date. Notwithstanding the foregoing Sections 19 and 21 shall survive the termination of this Exchange Agent Agreement. Upon any termination of this Exchange Agent Agreement, you shall promptly deliver to the
Company any certificates for Securities, funds or property then held by you as Exchange Agent under this Exchange Agent Agreement. 
 [Remainder Of This Page Is Intentionally Left Blank] 
  

 7 

 IN WITNESS WHEREOF, each or the parties has caused this Exchange Agent Agreement to be executed on its
behalf by its officers thereunto duly authorized, all as of the date first above written. 
  

			
	INTELSAT (BERMUDA), LTD.:
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, AS EXCHANGE AGENT:
		
	By:	 	  

	Name:	 	JOSEPH P. O’DONNELL
	Title:	 	Vice President

 SCHEDULE I1 
  

				
	 Service
	  	Fee
(per issue)
	 Exchange Agent
	  	$	            
	 Total
	  	$	 

	1	Please fill out. 

  

 I-1Form of Medium-Term Fixed Rate Note, Series G

 Exhibit 4.1 
 [Series G MTNs] 
 [Face of Note] 
  

			
	 CUSIP NO.
	  	PRINCIPAL AMOUNT:

 CLEARSTREAM COMMON CODE: 
 ISIN: 
 REGISTERED NO. 
 WELLS
FARGO & COMPANY 
 FORM OF 
 MEDIUM-TERM FIXED RATE NOTE, SERIES G 
 Due Nine Months or More From Date of Issue 

 

	 ̈	Check this box if this Security is a Global Security. 

 Applicable if this Security is a Global Security: 
 [Unless this certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as
requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.] 
 [If applicable, this
Security will contain information required by U.S. Federal Income Tax “Original Issue Discount” rules, as that term is defined in the Internal Revenue Code of 1986, as amended.] 
  

					
	ORIGINAL ISSUE DATE:	  	ISSUE PRICE:    %	  	INTEREST RATE PER ANNUM:
			
	STATED MATURITY DATE:	  	INTEREST PAYMENT DATES:	  	INITIAL INTEREST PAYMENT DATE:
			
	OPTIONAL REDEMPTION:	  	REDEMPTION PRICE:	  	REDEMPTION DATE(S):
		  	  ̈        100%
	  	
		  	  ̈        Other
	  	
			
	SINKING FUND:	  	OPTION TO ELECT REPAYMENT:	  	REPAYMENT PRICE:
		  		  	  ̈        100%

		  		  	  ̈        Other

			
	OPTIONAL REPAYMENT DATE(S):	  	MINIMUM DENOMINATIONS:	  	 DEPOSITARY (Only applicable
     if
this Security is a Global Security):

	  ̈        U.S. $5,000
	  		  	
	  ̈        Other
	  		  	
			
	SPECIFIED CURRENCY:	  	OTHER/ADDITIONAL TERMS:	  	ADDENDUM ATTACHED:

 WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of
Delaware (hereinafter called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                        , or registered assigns, the principal sum of
                        
(                        ) on the Stated Maturity Date shown above (except to the extent redeemed or repaid prior to such
date) and to pay interest, if any, on the principal amount hereof from the Original Issue Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for on each Interest Payment Date set forth above,
commencing on the Initial Interest Payment Date shown above, and at Maturity at the Interest Rate shown above (computed on the basis of a 360-day year of twelve 30-day months) until the principal hereof is paid or made available for payment. The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date next preceding such Interest Payment Date. Interest payable upon Maturity will be paid to the Person to whom principal is payable. The Regular Record Date for an Interest Payment Date shall be the fifteenth
calendar day, whether or not a Business Day, prior to such Interest Payment Date. 
 If an Interest Payment Date is not a Business Day,
interest on this Security shall be payable on the next day that is a Business Day, with the same force and effect as if made on such Interest Payment Date, and without any interest or other payment with respect to the delay. If the date of Maturity
would fall on a day that is not a Business Day, the payment of principal and any premium and interest shall be made on the next Business Day, with the same force and effect as if made on the due date, and no additional interest shall accrue on the
amount so payable for the period from and after such date of Maturity. For purposes of this Security, “Business Day” means a day other than a Saturday or Sunday, (i) that is neither a legal holiday nor a day on which banking
institutions are authorized or required by law or regulation to close (a) in New York, New York or Minneapolis, Minnesota, (b) if this Security is denominated in a Specified Currency other than U.S. dollars, euro or Australian dollars, in
the principal financial center of the country of the Specified Currency or (c) if this Security is denominated in Australian dollars, in Sydney, Australia and (ii) if this Security is denominated in euro, that is also a TARGET Settlement
Day. For purposes of this Security, “TARGET Settlement Day” means any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer System is open. 
 If this Security has been issued upon transfer of, in exchange for, or in replacement of, a Predecessor Security, interest on this Security shall accrue
from the last Interest Payment Date to which interest was paid on such Predecessor Security or, if no interest was paid on such Predecessor Security, from the Original Issue Date specified above. The first payment of interest on a Security
originally issued and dated between a Regular Record Date specified above and an Interest Payment Date will be due and payable on the Interest Payment Date following the next succeeding Regular Record Date to the registered owner on such next
succeeding Regular Record Date. 
  

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 Notwithstanding the foregoing, if an Addendum is attached hereto or “Other/Additional Terms”
apply to this Security as specified above, this Security shall be subject to the terms set forth in such Addendum or such “Other/Additional Terms.” 
 The principal (and premium, if any) and interest on this Security is payable by the Company in the Specified Currency specified above. 
 Any interest not punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than
10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture. 
 Payment of interest on this Security other than payments of
interest at Maturity will be paid by check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register or by wire transfer to such account as may have been designated by such Person. Payment of
principal of and interest on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota. Notwithstanding the foregoing, for so
long as this Security is a Global Security registered in the name of the Depositary, payments of principal and interest on this Security will be made to the Depositary by wire transfer of immediately available funds. 
 The Company will pay any administrative costs imposed by banks on payors in making payments on this Security in immediately available funds and the
Holder of this Security will pay any administrative costs imposed by banks on payees in connection with such payments. Any tax, assessment or governmental charge imposed upon payments on this Security will be borne by the Holder of this Security.

 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose. 
  

 3 

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

  

									
	 DATED:
	 	  
	 		  		 	
				
		 		 		  	WELLS FARGO & COMPANY
					
		 		 		  	By:	 	  

					
		 		 		  	Its:	 	  

	 [SEAL]
	 		 		  		 	
					
		 		 		  	Attest:	 	  

					
		 		 		  	Its:	 	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the 
 series designated therein referred to 
 in the within-mentioned Indenture. 
  

			
	 CITIBANK, N.A.,
     as
Trustee

		
	By:	 	  

		 	Authorized Signature
		
		 	OR
	
	 WELLS FARGO BANK, N.A.,
     as Authenticating Agent for the Trustee

		
	By:	 	  

		 	Authorized Signature

  

 4 

 [Reverse of Note] 
 WELLS FARGO & COMPANY 
 MEDIUM-TERM FIXED RATE NOTE, SERIES G 
 Due Nine Months or More From Date of Issue 
 General

 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the
“Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto, reference is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series of the Securities designated as
Medium-Term Notes, Series G, of the Company, which series is limited to an aggregate principal amount of $25,000,000,000 or the equivalent thereof in one or more foreign or composite currencies minus the aggregate principal amount of the
Company’s Subordinated Medium-Term Notes, Series H which may be issued from time to time. The Securities of this series may mature at different times, bear interest, if any, at different rates, be redeemable at different times or not at all, be
repayable at the option of the Holder at different times or not at all, be issued at an original issue discount and be denominated in different currencies. 
 The Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented by one or more Global Securities recorded in the book-entry system maintained by the
Depositary or (b) certificated securities issued to and registered in the names of the beneficial owners or their nominees. 
 Events of Default

 If an Event of Default, as defined in the Indenture, with respect to Securities of this series shall occur and be continuing, the
principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 Modification
and Waivers 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the
rights and obligations of the Company and the 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 principal amount of
the Securities at the time 

  

 5 

 
Outstanding of all series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority in
principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with
those provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on
behalf of the Holders of all Securities of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 Defeasance and Covenant Defeasance 
 The Indenture contains provisions for defeasance at any time of (a) the entire
indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Security. 
 Redemption 
 If so provided on the face hereof, the
Company may at its option redeem this Security in whole or in part in increments of $5,000 (provided that any remaining principal amount of this Security shall not be less than the minimum authorized denomination hereof) on or after the date or
dates designated as the Redemption Date(s) on the face hereof at 100% of the unpaid principal amount hereof or the portion thereof redeemed, together with accrued interest, if any, to the Redemption Date or, if a Redemption Price other than 100% of
the principal amount to be redeemed is specified on the face hereof, the Redemption Price specified in the Addendum attached hereto. The Company may exercise such option by mailing a notice of such redemption to each Holder of the Securities of this
series to be redeemed by first-class mail, postage prepaid, at least 30 days and not more than 60 days prior to the applicable Redemption Date. In the event of redemption of this Security in part only, the Company shall issue a new Security or
Securities for the unredeemed portion hereof in the name of the Holder hereof upon the cancellation hereof. If less than all of the Securities of this series with like tenor and terms are to be redeemed, the Securities to be redeemed shall be
selected by the Trustee by such method as the Trustee shall deem fair and appropriate and may provide for the selection for redemption of a portion of the principal amount of the Securities of this series held by a Holder equal to an authorized
denomination. If this Security is a Global Security and if less than all of the Securities of this series are to be redeemed, the redemption shall be made in accordance with the Depositary’s customary procedures. Unless the Company defaults in
the payment of the Redemption Price, on and after the applicable Redemption Date interest will cease to accrue on this Security or portion hereof called for redemption. 
  

 6 

 Sinking Fund 
 Unless otherwise specified on the face hereof, this Security will not be entitled to any sinking fund. 
 Repayment 
 If so provided on the face hereof, this Security will be repayable prior to the Stated Maturity Date at the option of the Holder, in whole or in part and
in increments of $5,000 (provided that any remaining principal amount of this Security surrendered for partial repayment shall not be less than the minimum authorized denomination hereof), on or after the date designated as an Optional Repayment
Date on the face hereof at 100% of the principal amount to be repaid, plus accrued interest, if any, to the Repayment Date or, if a Repayment Price other than 100% of the principal amount to be repaid is specified on the face hereof, at the
Repayment Price specified in the Addendum attached hereto. In order for this Security to be repaid, the Paying Agent must receive at least 30 days but not more than 45 days prior to the Optional Repayment Date this Security with the form entitled
“Option to Elect Repayment” on the reverse of this Security duly completed, or a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange, or the National Association of Securities Dealers, Inc.
or a commercial bank or trust company in the United States setting forth: (a) the name of the Holder of this Security; (b) the principal amount of this Security; (c) the principal amount of this Security to be repaid; (d) the
certificate number or a description of the tenor and terms of this Security; (e) a statement that the option to elect repayment is being exercised; and (f) a guarantee that this Security, together with the duly completed form entitled
“Option to Elect Repayment,” will be received by the Paying Agent not later than the fifth Business Day after the date of the telegram, telex, facsimile transmission or letter. However, the telegram, telex, facsimile transmission or letter
will only be effective if this Security and form duly completed are received by the Paying Agent by the fifth Business Day after the date of that telegram, telex, facsimile transmission or letter. 
 Any repayment option exercised by the Holder of this Security shall be irrevocable. The repayment option may be exercised for less than the entire
principal amount of this Security, but in that event the principal amount of this Security remaining outstanding after repayment must be equal to $5,000 or an integral multiple thereof. Upon any partial repayment, this Security shall be cancelled
and a new Security or Securities for the remaining principal amount hereof shall be issued in the name of the Holder of this Security. Unless the Company defaults in the payment of the Repayment Price, on and after the applicable Repayment Date
interest will cease to accrue on this Security or portion hereof requested to be repaid. 
 Authorized Denominations 
 Unless otherwise provided on the face hereof, this Security is issuable only in registered form without coupons in denominations of $5,000 or any amount
in excess thereof which is an integral multiple of $5,000. 
  

 7 

 Registration of Transfer 
 Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis, Minnesota, a new Security or Securities of this series in authorized denominations
for an equal aggregate principal amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or
other governmental charge imposed in connection therewith. 
 If this Security is a Global Security (as specified above), this Security is
exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency
registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole
discretion determines that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is
continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered form, bearing interest at the same rate, having the same date of issuance, redemption provisions,
Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 
 If this Security is a Global Security (as
specified above), this Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such
nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not
be considered the Holders hereof for any purpose under the Indenture. 
 Prior to due presentment of this Security for registration of
transfer, the Company, the 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. 
 Obligation of the Company Absolute 
 No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security and except that in the event the Company
deposits money or Eligible Instruments as provided in Articles 4 and 15 of the Indenture, such payments will be made only from proceeds of such money or Eligible Instruments. 
  

 8 

 No Personal Recourse 
 No recourse shall be had for the payment of the principal of or the interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture
supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of
any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 
 Defined Terms 
 All terms used in this Security which are defined in the Indenture shall have the
meanings assigned to them in the Indenture unless otherwise defined in this Security. 
 Governing Law 
 This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to principles of conflicts of laws.

  

 9 

 OPTION TO ELECT REPAYMENT 
 TO BE COMPLETED ONLY IF THIS SECURITY IS REPAYABLE 
 AT THE OPTION OF THE
HOLDER AND THE HOLDER 
 ELECTS TO EXERCISE SUCH RIGHT 
 The undersigned hereby irrevocably requests and instructs the Company to repay the within Security (or the portion thereof specified below), pursuant to
its terms, on the Optional Repayment Date first occurring after the date of receipt by the Company of the within Security, at the Repayment Price specified in the within Security, to the undersigned,
                                        
                    , at
                                        
                                     (please print or typewrite
name and address of the undersigned). 
 For this option to elect repayment to be effective, the Company must receive, at the address of the
Paying Agent set forth below or at such other place or places of which the Company shall from time to time notify the Holder of the within Security, either (i) this Security with this “Option to Elect Repayment” form duly completed,
or (ii) a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange or the National Association of Securities Dealers, Inc. or a commercial bank or a trust company in the United States setting forth
(a) the name of the Holder of the Security, (b) the principal amount of the Security, (c) the principal amount of the Security to be repaid, (d) the certificate number or description of the tenor and terms of the Security,
(e) a statement that the option to elect repayment is being exercised, and (f) a guarantee stating that the Security to be repaid, together with this “Option to Elect Repayment” form duly completed will be received by the Paying
Agent not later than five Business Days after the date of such telegram, facsimile transmission or letter (and such Security and form duly completed are received by the Company by such fifth Business Day). The address of the Paying Agent is Wells
Fargo Bank, N.A., Sixth and Marquette, Minneapolis, Minnesota 55479. 
 If less than the entire principal amount of the within Security is to
be repaid, specify the portion thereof (which shall be an integral multiple of $5,000) which the Holder elects to have repaid: $            . 
  

 10 

 If less than the entire principal amount of the within Security is to be repaid, specify the denomination
or denominations (which shall be $5,000 or an integral multiple thereof) of the Security or Securities to be issued to the Holder for the portion of the within Securities not being repaid (in the absence of any specification, one such Security will
be issued for the portion not being repaid): $            . 
 Date:
                                       
                                        
                                        
                      
 Notice: The signature to
this Option to Elect Repayment must correspond with the name as written upon page 2 of the within Security in every particular without alteration or enlargement or any change whatsoever. 
  

 11 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

					
	TEN COM	  	—  	  	as tenants in common
			
	TEN ENT	  	—  	  	as tenants by the entireties
			
	JT TEN	  	—  	  	 as joint tenants with right
 of survivorship and
not
 as tenants in common

  

							
	UNIF GIFT MIN ACT    —	 	  
	  	Custodian	  	  

		 	(Cust)	  		  	(Minor)

  

	
	Under Uniform Gifts to Minors Act
	
	  

	(State)

 Additional abbreviations may also be used though not in the above list. 
 FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 
 Please Insert Social Security or 
 Other Identifying Number of Assignee 
  
  

  

  

  

 (PLEASE
PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

  

 12 

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

  

			
	Dated:                         	 	
		 	  

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

 13

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