Document:

Registration Rights Agreement, dated August 11, 2009

 Exhibit 4.3 
 Alestra, S. de R.L. de C.V. 
 11.750% Senior Notes due 2014 
 Registration Rights Agreement 
 August 11, 2009 
 Citigroup Global Markets Inc. 
 Morgan Stanley & Co. Incorporated 
     As Representatives of the Initial Purchasers 
  

			
	c/o	  	Citigroup Global Markets Inc.
		  	388 Greenwich Street
		  	New York, New York 10013
		  	U.S.A.
		
		  	and
		
		  	Morgan Stanley & Co. Incorporated
		  	1585 Broadway
		  	New York, New York 10036
		  	U.S.A.

 Ladies and Gentlemen: 
 Alestra, S. de R.L. de C.V. (the “Company”), a limited liability company with variable capital (sociedad de responsabilidad limitada de capital variable) organized under the laws of the United
Mexican States (“Mexico”), proposes to issue and sell to the several initial purchasers named in Schedule I to the Purchase Agreement (as defined below) (the “Initial Purchasers”), for which you (the
“Representatives”) are acting as representatives, its 11.750% Senior Notes due 2014 (the “Notes”), upon the terms set forth in the Purchase Agreement between the Company and the Initial Purchasers dated
August 5, 2009 (the “Purchase Agreement”) relating to the initial placement (the “Initial Placement”) of the Notes. To induce the Initial Purchasers to enter into the Purchase Agreement and to satisfy a
condition to your obligations thereunder, the Company agrees with you for your benefit and the benefit of the holders from time to time of the Notes (including the Initial Purchasers) (each a “Holder” and collectively, the
“Holders”), as follows: 
 1. Definitions. Capitalized terms used herein without definition shall have their
respective meanings set forth in the Purchase Agreement. As used in this Registration Rights Agreement (this “Agreement”), the following capitalized defined terms shall have the following meanings: 
 “Additional Interest” shall have the meaning set forth in Section 8 hereof. 

 “Affiliate” shall have the meaning specified in Rule 405 under the Securities Act
and the terms “controlling” and “controlled” shall have meanings correlative thereto. 
 “Broker-Dealer”
means any broker or dealer registered as such under the Exchange Act. 
 “Business Day” means a day other than a Saturday,
Sunday or any day on which banking institutions are authorized or required by law to close in New York City, United States or in Mexico City (Distrito Federal), Mexico. 
 “Closing Date” means the date of the first issuance of the Notes. 
 “Commission” means the U.S. Securities and Exchange Commission. 
 “Deferral Period” shall have the meaning indicated in Section 4(k)(ii) hereof. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
promulgated thereunder. 
 “Exchange Offer Registration Period” means the lesser of (i) the 180-day period following
the consummation of the Registered Exchange Offer, exclusive of any period during which any stop order shall be in effect suspending the effectiveness of the Exchange Offer Registration Statement, and (ii) the period when all the Notes covered
by the Exchange Offer Registration Statement have been exchanged pursuant thereto. 
 “Exchange Notes” means debt securities
of the Company as provided for in the Indenture identical in all material respects to the Notes (except that the transfer restrictions shall be modified or eliminated, as appropriate) to be issued under the Indenture. 
 “Exchange Offer Registration Statement” means a registration statement of the Company on an appropriate form under the Securities Act
with respect to the Registered Exchange Offer, all amendments and supplements to such registration statement, including post-effective amendments thereto, in each case including the Prospectus contained therein, all exhibits thereto and all material
incorporated by reference therein. 
 “Exchanging Dealer” means any Holder (which may include any Initial Purchaser) that is
a Broker-Dealer and elects to exchange for Exchange Notes any Notes that it acquired for its own account as a result of market-making activities or other trading activities (but not directly from the Company or any Affiliate of the Company).

 “FINRA Rules” means the Conduct Rules and the By-Laws of the Financial Industry Regulatory Authority (the successor of
the National Association of Securities Dealers, Inc.). 
 “Freely Tradable” means, with respect to a Note, at any time of
determination, that such Note (i) may be sold to the public in accordance with Rule 144 under the Securities Act (or any other similar exemptive provision then in force) by a person that is not an “affiliate” (as defined in
Rule 144 under the Securities Act) of the Company where no conditions of Rule 144 

  

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are then applicable (other than the holding period requirement in paragraph (d) of Rule 144 so long as such holding period requirement is satisfied
at such time of determination) and (ii) does not bear the restrictive legends relating to the Securities Act pursuant to a certification by the Company to the Trustee that such restrictive legends may be removed. 
 “Free Trade Date” means the 180th day following the Closing Date (being February 7, 2010). 
 “Free Writing Prospectus” shall mean each free writing prospectus (as defined in Rule 405 under the Securities Act) prepared by or
on behalf of the Company or used or referred to by the Company in connection with the sale of the Notes or the Exchange Notes. 
 “Holder” shall have the meaning set forth in the preamble hereto. 
 “Indenture” means the
Indenture dated as of August 11, 2009, between the Company and The Bank of New York Mellon, as trustee, as the same may be amended from time to time in accordance with the terms thereof and pursuant to which the Notes were issued and the
Exchange Notes will be issued. 
 “Initial Placement” shall have the meaning set forth in the preamble hereto. 

“Initial Purchasers” shall have the meaning set forth in the preamble hereto. “Losses” shall have the meaning set forth in
Section 6(d) hereof. 
 “Majority Holders” means, on any date, Holders of a majority of the aggregate principal amount
of Notes and/or Exchange Notes, as applicable, registered under a Registration Statement. 
 “Managing Underwriters” means
the investment banker or investment bankers and manager or managers that administer an underwritten offering, if any, under a Registration Statement. 
 “Notes” shall have the meaning set forth in the preamble hereto. 
 “Prospectus” means the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Notes or the Exchange Notes covered by such
Registration Statement, and all amendments and supplements thereto and all information incorporated by reference therein. 
 “Purchase Agreement” shall have the meaning set forth in the preamble hereto. 
 “Registered Exchange
Offer” means the offer of the Company to issue and deliver to Holders that are not prohibited by any law or policy of the Commission from participating in such offer, in exchange for the Notes, a like aggregate principal amount of the
Exchange Notes. 
  

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 “Registrable Securities” means the Notes; provided that the Notes shall cease to
be Registrable Securities (i) when a Registration Statement with respect to such Notes has been declared effective under the Securities Act and such Notes have been exchanged or disposed of pursuant to such Registration Statement,
(ii) when such Notes become Freely Tradable or (iii) when such Notes cease to be outstanding. 
 “Registration
Default” shall have the meaning set forth in Section 8 hereof. 
 “Registration Statement” means any Exchange
Offer Registration Statement or Shelf Registration Statement that covers any of the Notes or the Exchange Notes pursuant to the provisions of this Agreement, any amendments and supplements to such registration statement, including post-effective
amendments (in each case including the Prospectus contained therein), any and all exhibits thereto and all information incorporated by reference therein. 
 “Restricted Subsidiary” shall have the meaning set forth in the Indenture. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 
 “Shelf Registration” means a registration effected pursuant to Section 3 hereof. 
 “Shelf Registration Period” shall have the meaning set forth in Section 3(b) hereof. 
 “Shelf
Registration Statement” means a “shelf registration statement of the Company pursuant to the provisions of Section 3 hereof which covers some or all of the Notes or Exchange Notes, as applicable, on an appropriate form under
Rule 415 under the Securities Act, or any similar rule that may be adopted by the Commission, amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained
therein, any and all exhibits thereto and all information incorporated by reference therein. 
 “Subsidiary Guarantee” shall
have the meaning set forth in the Indenture. 
 “Trustee” means the trustee with respect to the Notes under the Indenture.

 “Trust Indenture Act” means the U.S. Trust Indenture Act of 1939, as amended, and the rules and regulations of the
Commission promulgated thereunder. 
 “underwriter” means any underwriter of Notes in connection with an offering thereof
under a Shelf Registration Statement. 
 2. Registered Exchange Offer. (a) If any of the Notes are not Freely Tradable as of the
Free Trade Date, the Company shall use its commercially reasonable efforts to (i) prepare and file with the Commission the Exchange Offer Registration Statement, (ii) cause the Exchange Offer Registration Statement to become effective
under the Securities Act as promptly as possible, and (iii) consummate the Exchange Offer under the Exchange Offer Registration Statement within 180 days of the Closing Date (or if such 180th day is not a Business Day, the next succeeding
Business Day). 
  

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 (b) Upon the effectiveness of the Exchange Offer Registration Statement, the Company shall promptly
commence the Registered Exchange Offer, it being the objective of such Registered Exchange Offer to enable each Holder electing to exchange Notes for Exchange Notes (assuming that such Holder is not an Affiliate of the Company, acquires the Exchange
Notes in the ordinary course of such Holder’s business, has no arrangements with any person to participate in the distribution of the Exchange Notes and is not prohibited by any law or policy of the Commission from participating in the
Registered Exchange Offer) to trade such Exchange Notes from and after their receipt without any limitations or restrictions under the Securities Act and without material restrictions under the securities laws of a substantial proportion of the
several states of the United States. 
 (c) In connection with the Registered Exchange Offer, the Company shall: 
 (i) mail or cause to be mailed to each Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together
with an appropriate letter of transmittal and related documents; 
 (ii) keep the Registered Exchange Offer open for not less
than 20 Business Days and not more than 30 Business Days after the date notice thereof is mailed to the Holders (or, in each case, longer if required by applicable law); 
 (iii) use its commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective under the
Securities Act, supplemented and amended as required under the Securities Act, to ensure that it is available for sales of Exchange Notes by Exchanging Dealers during the Exchange Offer Registration Period; 
 (iv) utilize the services of a depositary for the Registered Exchange Offer with an address in the Borough of Manhattan in New York City,
which may be the Trustee or an Affiliate of the Trustee; 
 (v) permit Holders to withdraw tendered Notes at any time prior to
the close of business, New York time, on the last Business Day on which the Registered Exchange Offer is open; 
 (vi) prior
to effectiveness of the Exchange Offer Registration Statement, the Company will use its commercially reasonable efforts to comply in all material respects with all requests by the staff of the Commission for representations and information relating
to the Registered Exchange Offer; and 
 (vii) comply in all material respects with all applicable laws. 
 (d) As soon as practicable after the close of the Registered Exchange Offer, the Company shall: 
 (i) accept for exchange all Notes properly tendered and not validly withdrawn pursuant to the Registered Exchange Offer on or prior to its
expiration; 
  

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 (ii) deliver or cause to be delivered to the Trustee for cancellation in accordance with
Section 4(s) hereof all Notes so accepted for exchange; and 
 (iii) cause the Trustee promptly to authenticate and
deliver to each Holder of Notes a principal amount of Exchange Notes equal to the principal amount of the Notes of such Holder so accepted for exchange; provided, however, that, in case of any Notes held in global form by a depositary,
authentication and delivery to such depositary of one or more replacement Notes in global form in an equivalent principal amount thereto for the account of such Holders in accordance with the Indenture shall satisfy such authentication and delivery
requirement. 
 (e) Each Holder shall be deemed to acknowledge and agree that any Broker-Dealer and any such Holder using the Registered
Exchange Offer to participate in a distribution of the Exchange Notes (x) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission in Exxon Capital Holdings Corporation (publicly
available May 13, 1988) and Morgan Stanley and Co., Inc. (publicly available June 5, 1991), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993 and similar no-action letters, and
(y) must comply with the registration and prospectus delivery requirements of the Securities Act in connection with any secondary resale transaction, which must be covered by an effective registration statement containing the selling security
holder information required by Item 507 or 508, as applicable, of Regulation S-K under the Securities Act if the resales are of Exchange Notes obtained by such Holder in exchange for Notes acquired by such Holder directly from the Company
or one of its Affiliates. Accordingly, each Holder participating in the Registered Exchange Offer shall be required to represent to the Company that, at the time of the consummation of the Registered Exchange Offer: 
 (i) any Exchange Notes received by such Holder will be acquired in the ordinary course of business; 
 (ii) such Holder will have no arrangement or understanding with any person to participate in the distribution of the Notes or the Exchange
Notes within the meaning of the Securities Act; and 
 (iii) such Holder is not an Affiliate of the Company. 
 (f) If any Initial Purchaser determines that it is prohibited by law or Commission policy from participating in the Registered Exchange Offer with
respect to the exchange of Notes constituting any portion of an unsold allotment, at the request of such Initial Purchaser, the Company shall issue and deliver to such Initial Purchaser or the person purchasing Exchange Notes registered under a
Shelf Registration Statement as contemplated by Section 3 hereof from such Initial Purchaser, in exchange for such Notes, a like principal amount of Exchange Notes. The Company shall use its commercially reasonable efforts to cause the CUSIP
Service Bureau to issue the same CUSIP number for such Exchange Notes as for Exchange Notes issued pursuant to the Registered Exchange Offer. 
  

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 Notwithstanding anything in this Section 2 to the contrary, the requirements to file the Exchange
Offer Registration Statement and the requirements to consummate the Exchange Offer shall terminate at such time as all the Notes become Freely Tradable. 
 3. Shelf Registration. (a) If any of the Notes are not Freely Tradable as of the Free Trade Date and (i) due to the Commission’s policy or pursuant to applicable law, the Company determines upon
advice of its outside counsel that it is not permitted to consummate the Registered Exchange Offer as contemplated by Section 2 hereof; (ii) the Exchange Offer is not consummated within 180 days of the Closing Date (or if such 180th
day is not a Business Day, by the next succeeding Business Day); or (iii) any Holder notifies the Company that (A) it is prohibited by law or Commission policy from participating in the Registered Exchange Offer; (B) it may not resell
the Exchange Notes acquired by it in the Registered Exchange Offer to the public without delivering a prospectus and the prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales; or
(C) it is a Broker-Dealer and owns Notes acquired directly from the Company or an Affiliate of the Company, then the Company shall use its commercially reasonable efforts to prepare and file a Shelf Registration Statement in accordance with
Section 3(b) hereof. 
 (b) (i) If the Company is required to file a Shelf Registration Statement pursuant to the provisions of
Section 3(a) hereof, the Company shall file with the Commission prior to or on the date that is 30 days after such filing obligation arises but in no event earlier than the 180th day after the Closing Date (or if such 180th day is not a
Business Day, by the next succeeding Business Day), and shall use its reasonable best efforts to cause to be declared effective under the Securities Act promptly after that filing, a Shelf Registration Statement relating to the offer and sale of the
Notes or the Exchange Notes, as applicable, by the Holders thereof from time to time in accordance with the methods of distribution elected by such Holders and set forth in such Shelf Registration Statement; provided, however, that no
Holder (other than an Initial Purchaser) shall be entitled to have the Notes held by it covered by such Shelf Registration Statement or be entitled to use a Prospectus forming a part thereof unless such Holder agrees in writing to be bound by all of
the provisions of this Agreement applicable to such Holder; and provided further, that with respect to Exchange Notes received by an Initial Purchaser in exchange for Notes constituting any portion of an unsold allotment, the Company may, if
permitted by current interpretations by the Commission’s staff, file a post-effective amendment to the Exchange Offer Registration Statement containing the information required by Item 507 or 508 of Regulation S-K, as applicable, in
satisfaction of its obligations under this Section 3(b) with respect thereto, and any such Exchange Offer Registration Statement, as so amended, shall be referred to herein as, and governed by the provisions herein applicable to, a Shelf
Registration Statement. 
 (ii) The Company shall use its commercially reasonable efforts to keep the Shelf Registration
Statement continuously effective, supplemented and amended as required by the Securities Act, in order to permit the Prospectus forming part thereof to be usable by Holders for a period (the “Shelf Registration Period”) from the
date the Shelf Registration Statement is declared effective by the Commission until the earlier of (A) 180 days after such effective date and (B) the date upon which all the Notes or Exchange Notes, as applicable, covered by the Shelf
Registration Statement have been sold pursuant to the Shelf 

  

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Registration Statement or cease to be outstanding. The Company shall be deemed not to have used its commercially reasonable efforts to keep the Shelf
Registration Statement effective during the Shelf Registration Period if it voluntarily takes any action that would result in Holders of Notes covered thereby not being able to offer and sell such Notes at any time during the Shelf Registration
Period, unless such action is (x) required by applicable law or otherwise undertaken by the Company in good faith and for valid business reasons (not including avoidance of the Company’s obligations hereunder), including the acquisition or
divestiture of assets, and (y) permitted pursuant to Section 4(k)(ii) hereof. 
 (iii) The Company shall cause the
Shelf Registration Statement, the related Prospectus, any Free Writing Prospectus and any amendment or supplement to any of the foregoing, as of the effective date of the Shelf Registration Statement or such amendment or supplement, (A) to
comply in all material respects with the applicable requirements of the Securities Act; and (B) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make
the statements therein (in the case of the Prospectus, in the light of the circumstances under which they were made) not misleading. 
 Notwithstanding anything in this Section 3 to the contrary, the requirements to file a Shelf Registration Statement and to have such Shelf Registration Statement become effective and remain effective shall terminate at such time as all
of the Notes are Freely Tradable. 
 4. Additional Registration Procedures. In connection with any Shelf Registration Statement and,
to the extent applicable, any Exchange Offer Registration Statement, the following provisions shall apply. 
 (a) The Company shall:

 (i) furnish to each of the Representatives and to counsel for the Holders, if any, not less than five Business Days prior
to the filing thereof with the Commission, a copy of any Exchange Offer Registration Statement and any Shelf Registration Statement, each Prospectus, each Free Writing Prospectus and each amendment thereof and each amendment or supplement, if any,
to the Prospectus included therein (including all documents incorporated by reference therein after the initial filing) and shall use its commercially reasonable efforts to reflect in each such document, when so filed with the Commission, any
comments reasonably proposed by the Representatives or counsel to the Holders, if any; 
 (ii) include the information (as may
be revised at the request or requirement of the Commission) substantially to the effect set forth in Annex A hereto on the facing page of the Exchange Offer Registration Statement, in Annex B hereto in the forepart of the Exchange Offer
Registration Statement in a section setting forth details of the Registered Exchange Offer, in Annex C hereto in the underwriting or plan of distribution section of the Prospectus contained in the Exchange Offer Registration Statement, and in
Annex D hereto in the letter of transmutai delivered pursuant to the Registered Exchange Offer; 
  

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 (iii) if requested by an Initial Purchaser, include the information required by
Item 507 or 508 of Regulation S-K, as applicable, in the Prospectus contained in the Exchange Offer Registration Statement; 
 (iv) in the case of a Shelf Registration Statement, include the names of the Holders (to the extent provided by such Holders) that propose to sell Notes pursuant to the Shelf Registration Statement as selling security
holders; and 
 (v) to the extent any Free Writing Prospectus is used, file with the Commission any Free Writing Prospectus
that is required to be filed by the Company with the Commission in accordance with the Securities Act and to retain any Free Writing Prospectus not required to be filed as required by the Securities Act. 
 (b) The Company shall ensure that: 
 (i) any Registration Statement and any amendment thereto and any Prospectus forming part thereof and any amendment or supplement thereto and any Free Writing Prospectus complies in all material respects with the Securities Act; and

 (ii) any Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 
 (c) The Company shall advise the Representatives, the Holders of Notes covered by any Shelf Registration Statement and any Exchanging Dealer under any Exchange Offer Registration Statement that has provided in writing to the Company a
telephone or facsimile number and address for notices, and, if requested by any Representative or any such Holder or Exchanging Dealer, shall confirm such advice in writing (which notice pursuant to clauses (ii) though (v) hereof shall be
accompanied by an instruction to suspend the use of the Prospectus until the Company shall have remedied the basis for such suspension): 
 (i) when a Registration Statement, a Free Writing Prospectus and any amendment thereto has been filed with the Commission and when any Registration Statement or any post-effective amendment thereto has become
effective; 
 (ii) of any request by the Commission for any amendment or supplement to any Registration Statement, any
Prospectus or any Free Writing Prospectus or for additional information; 
  

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 (iii) of the issuance by the Commission of any stop order suspending the effectiveness of
any Registration Statement or the institution or threatening of any proceeding for that purpose; 
 (iv) of the receipt by the
Company of any notification with respect to the suspension of the qualification of the securities included in any Registration Statement for sale in any jurisdiction or the institution or threatening of any proceeding for such purpose; and

 (v) of the happening of any event that requires any change in any Registration Statement, any Prospectus or any Free
Writing Prospectus so that, as of such date, they (A) do not contain any untrue statement of a material fact and (B) do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the
case of the Prospectus, in the light of the circumstances under which they were made) not misleading. 
 (d) The Company shall use its
commercially reasonable efforts to prevent the issuance of any order suspending the effectiveness of any Registration Statement or the qualification of the securities therein for sale in any jurisdiction and, if issued, to obtain as soon as possible
the withdrawal thereof. 
 (e) The Company shall furnish to each Holder of Notes covered by any Shelf Registration Statement, without charge,
at least one copy of such Shelf Registration Statement and all post-effective amendments thereto and, if the Holder so requests in writing, all information incorporated therein by reference and all exhibits thereto (including exhibits incorporated
by reference therein). 
 (f) The Company shall, during the Shelf Registration Period, deliver to each Holder of Notes covered by any Shelf
Registration Statement, without charge, as many copies of the Prospectus (including the Preliminary Prospectus) included in such Shelf Registration Statement, any Free Writing Prospectus and any amendment or supplement to any of the foregoing as
such Holder may reasonably request. The Company consents to the use of the Prospectus, and Free Writing Prospectus or any amendment or supplement thereto by each of the selling Holders of Notes in connection with the offering and sale of the Notes
covered by the Prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 
 (g) The Company shall
furnish to each Exchanging Dealer which so requests, without charge, at least one copy of the Exchange Offer Registration Statement and any post- effective amendment thereto, including all material incorporated by reference therein, and, if the
Exchanging Dealer so requests in writing, all exhibits thereto (including exhibits incorporated by reference therein). 
 (h) The Company
shall promptly deliver to each Initial Purchaser, each Exchanging Dealer and each other person required to deliver a Prospectus during the Exchange Offer Registration Period, without charge, as many copies of the Prospectus included in such Exchange
Offer Registration Statement, any Free Writing Prospectus and any amendment or 

  

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Supplement thereto as any such person may reasonably request. The Company consents to the use of the Prospectus, any Free Writing Prospectus or any amendment
or supplement thereto by any Initial Purchaser, any Exchanging Dealer and any such other person that may be required to deliver a Prospectus following the Registered Exchange Offer in connection with the offering and sale of the Exchange Notes
covered by the Prospectus, or any amendment or supplement thereto, included in the Exchange Offer Registration Statement. 
 (i) Prior to the
Registered Exchange Offer or any other offering of Notes pursuant to any Registration Statement, the Company shall arrange, if necessary, for the qualification of the Notes or the Exchange Notes for sale under the laws of such jurisdictions as any
Holder shall reasonably request and shall maintain such qualification in effect so long as required; provided that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it is not then so qualified or
to take any action that would subject it to service of process in suits or taxation, other than those arising out of the Initial Placement, the Registered Exchange Offer or any offering pursuant to a Shelf Registration Statement, in any such
jurisdiction where it is not then so subject. 
 (j) The Company shall cooperate with the Holders of Notes to facilitate the timely
preparation and delivery of certificates representing Exchange Notes or Notes to be issued or sold pursuant to any Registration Statement free of any restrictive legends and in such denominations and registered in such names as Holders may request.

 (k) (i) Upon the occurrence of any event contemplated by Sections 4(c)(ii) through Section 4(c)(v) hereof or
Section 4(k)(ii) hereof, the Company shall promptly (or within the time period provided for by clause (ii) hereof, if applicable) prepare and file a post-effective amendment to the applicable Registration Statement or an amendment or
supplement to the related Prospectus or file any other required document so that, as thereafter delivered to the Initial Purchasers of the securities included therein, the Prospectus will not include an untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. In such circumstances, the period of effectiveness of the Exchange Offer
Registration Statement provided for in Section 2 hereof shall be extended by the number of days from and including the date of the giving of a notice of suspension pursuant to Section 4(c) hereof or Section 4(k)(ii) hereof, as
applicable, to and including the date when the Initial Purchasers, the Holders of the Notes covered by any Shelf Registration Statement and any known Exchanging Dealer shall have received such amended or supplemented Prospectus pursuant to this
Section 4 or shall have been advised in writing by the Company that the Prospectus may be used. 
 (ii) Upon the
occurrence or existence of any pending corporate development or any other material event that, in the reasonable judgment of the Company, makes it appropriate to suspend the availability of a Shelf Registration Statement and the related Prospectus,
the Company shall give notice (without notice of the nature or details of such events) to the Holders, the Initial Purchasers and any known Exchanging Dealer, as applicable, that the availability of the Shelf Registration is suspended and, upon
actual receipt of any such notice, each Holder, the Initial Purchasers and any known Exchanging Dealer, as applicable, 

  

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agrees not to sell any Registrable Securities pursuant to the Shelf Registration until such Holder, the Initial Purchasers and any known Exchanging Dealer,
as applicable, shall have received copies of the supplemented or amended Prospectus provided for in Section 3(i) hereof, or until it is advised in writing by the Company that the Prospectus may be used, and has received copies of any additional
or supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus. The period during which the availability of the Shelf Registration and any Prospectus is suspended (the “Deferral Period”) shall not
exceed 45 days in any three-month period or 90 days in any twelve-month period. 
 (l) Not later than the effective date of any
Registration Statement, the Company shall provide a CUSIP number for the Notes or the Exchange Notes, as the case may be, registered under such Registration Statement and provide the Trustee with printed certificates for such Notes or Exchange
Notes, in a form eligible for deposit with The Depository Trust Company. 
 (m) The Company shall comply with all applicable rules and
regulations of the Commission and shall make generally available to its security holders an earnings statement satisfying the provisions of Section 1 l(a) of the Securities Act applicable to foreign private issuers as soon as practicable after
the effective date of the applicable Registration Statement and in any event no later than 60 days after the end of a 12-month period (or 120 days, if such period is a fiscal year) beginning with the first month of the Company’s first
fiscal quarter commencing after the effective date of the applicable Registration Statement. 
 (n) The Company shall cause the Indenture to
be qualified under the Trust Indenture Act in a timely manner. 
 (o) The Company may require each Holder of Registrable Securities to be
sold pursuant to any Shelf Registration Statement to furnish to the Company such information regarding the Holder and the distribution of such securities as the Company may from time to time reasonably require for inclusion in such Registration
Statement. The Company may exclude from such Shelf Registration Statement the Notes of any Holder that fails to furnish such information within a reasonable time after receiving such request. 
 (p) In the case of any Shelf Registration Statement, the Company shall enter into customary agreements (including, if requested, an underwriting
agreement in customary form) and take all other appropriate actions in order to expedite or facilitate the registration or the disposition of the Notes, and in connection therewith, if an underwriting agreement is entered into, cause the same to
contain indemnification provisions and procedures in accordance with Section 6(a) hereof (or such other provisions and procedures as are acceptable to the Majority Holders and Managing Underwriters, if any, with respect to all parties to be
indemnified pursuant to Section 6 hereof). 
 (q) In the case of any Shelf Registration Statement, the Company shall: 
 (i) make reasonably available for inspection by the Holders of Notes to be registered thereunder, any underwriter participating in any
disposition pursuant to such Registration Statement, and any counsel, accountant or other agent retained by the Holders or any such underwriter all relevant financial and other records and pertinent corporate documents of the Company and its
subsidiaries; 
  

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 (ii) cause the Company’s officers, directors, employees, accountants and auditors to
supply all relevant information reasonably requested by the Holders or any such underwriter, counsel, accountant or agent in connection with any such Registration Statement as is customary for similar due diligence examinations; provided,
however, that, any information that is designated in writing by the Company, in good faith, as being confidential at the time of delivery of such information shall be kept confidential by the Holders and any such underwriter, counsel, accountant
or agent, unless such disclosure is made in connection with a court or regulatory proceeding or required by applicable law, or to establish a due diligence defense or other defense under applicable law, or such information becomes available to the
public generally or through a third party without an accompanying obligation of confidentiality; 
 (iii) make such
representations and warranties to the Holders of Notes registered thereunder and the underwriters, if any, in form, substance and scope as are customarily made by issuers to underwriters in primary underwritten offerings and covering matters
including, but not limited to, those set forth in the Purchase Agreement; 
 (iv) obtain opinions of counsel to the Company
and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the Managing Underwriters, if any) addressed to each selling Holder and the underwriters, if any, covering such matters as are
customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such Holders and underwriters; 
 (v) obtain “comfort” letters and updates thereof from the independent certified public accountants of the Company (and, if necessary, any other independent certified public accountants of any subsidiary of
the Company or of any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement), addressed to each selling Holder of Notes registered thereunder and the
underwriters, if any, in customary form and covering matters of the type customarily covered in “comfort” letters in connection with primary underwritten offerings; and 
 (vi) deliver such documents and certificates as may be reasonably requested by the Majority Holders or the Managing Underwriters, if any,
including those to evidence compliance with Section 4(k) hereof and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company in connection therewith. 
  

 13 

 The actions set forth in clauses (iii), (iv), (v) and (vi) of this Section 4(q) shall be performed at
(A) the effectiveness of such Registration Statement and each post-effective amendment thereto; and (B) each closing under any underwriting or similar agreement as and to the extent required thereunder. 
 (r) In the case of any Exchange Offer Registration Statement, the Company shall, if requested by an Initial Purchaser, or by a broker dealer that holds
Notes that were acquired as a result of market making or other trading activities: 
 (i) make reasonably available for
inspection by the requesting party, and any counsel, accountant or other agent retained by the requesting party, all relevant financial and other records and pertinent corporate documents of the Company and its subsidiaries; 
 (ii) cause the Company’s officers, directors, employees, accountants and auditors to supply all relevant information reasonably
requested by the requesting party or any such counsel, accountant or agent in connection with any such Registration Statement as is customary for similar due diligence examination; provided, however, that, any information that is
designated in writing by the Company, in good faith, as being confidential at the time of delivery of such information shall be kept confidential by the requesting party and any such counsel, accountant or agent, unless such disclosure is made in
connection with a court or regulatory proceeding or required by applicable law, or to establish a due diligence or other defense under applicable law, or such information becomes available to the public generally or through a third party without an
accompanying obligation of confidentiality; 
 (iii) make such representations and warranties to the requesting party, in
form, substance and scope as are customarily made by issuers to underwriters in primary underwritten offerings and covering matters including, but not limited to, those set forth in the Purchase Agreement; 
 (iv) obtain opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance) shall be
reasonably satisfactory to the requesting party and its counsel, addressed to the requesting party, covering such matters as are customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably
requested by the requesting party or its counsel; 
 (v) obtain “comfort” letters and updates thereof from the
independent certified public accountants of the Company (and, if necessary, any other independent certified public accountants of any subsidiary of the Company or of any business acquired by the Company for which financial statements and financial
data are, or are required to be, included in the Registration Statement), 

  

 14 

 
addressed to the requesting party, in customary form and covering matters of the type customarily covered in “comfort” letters in connection with
primary underwritten offerings, or if requested by the requesting party or its counsel in lieu of a “comfort” letter, an agreed-upon procedures letter under Statement on Auditing Standards No. 35, covering matters requested by the
requesting party or its counsel; and 
 (vi) deliver such documents and certificates as may be reasonably requested by the
requesting party or its counsel, including those to evidence compliance with Section 4(k) hereof and with conditions customarily contained in underwriting agreements. 
 The actions set forth in clauses (iii), (iv), (v), and (vi) of this Section 4(r) shall be performed at the close of the Registered Exchange Offer and the effective date of any post-effective amendment
to the Exchange Offer Registration Statement. 
 (s) If a Registered Exchange Offer is to be consummated, upon delivery of the Notes by
Holders to the Company (or to such other person as directed by the Company) in exchange for the Exchange Notes, the Company shall mark, or cause to be marked, on the Notes so exchanged that such Notes are being cancelled in exchange for the Exchange
Notes. In no event shall the Notes be marked as paid or otherwise satisfied. 
 (t) The Company shall use its commercially reasonable efforts
if the Notes have been rated prior to the initial sale of such Notes, to confirm such ratings will apply to the Notes or the Exchange Notes, as the case may be, covered by a Registration Statement. 
 (u) In the event that any Broker-Dealer shall underwrite any Notes or participate as a member of an underwriting syndicate or selling group or
“assist in the distribution” (within the meaning of the FINRA Rules) thereof, whether as a Holder of such Notes or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the Company shall
assist such Broker-Dealer in complying with the FINRA Rules. 
 (v) The Company shall use its commercially reasonable efforts to take all
other steps necessary to effect the registration of the Notes or the Exchange Notes, as the case may be, covered by a Registration Statement. 
 5. Registration Expenses. The Company shall bear all expenses incurred in connection with the performance of its obligations under Sections 2, 3 and 4 hereof and, in the event of any Shelf Registration Statement, will reimburse
the Holders for the reasonable fees and disbursements of one firm or counsel (which shall initially be Simpson Thacher & Bartlett LLP, but which may be another U.S. nationally recognized law firm experienced in U.S. federal
securities matters designated by the Majority Holders) to act as counsel for the Holders in connection therewith, and, in the case of any Exchange Offer Registration Statement, shall reimburse the Initial Purchasers for the reasonable fees and
disbursements of counsel acting in connection therewith. Except as set forth in the preceding sentence, each Holder shall pay all underwriting discounts and commissions of any underwriters with respect to any Notes or Exchange Notes sold by or on
behalf of such Holder, if any, and any transfer taxes attributable to the sale or disposition of Notes or Exchange Notes by a Holder. 
  

 15 

 6. Indemnification and Contribution. (a) The Company agrees to indemnify and hold harmless
each Holder of Notes or Exchange Notes, as the case may be, covered by any Registration Statement, each Initial Purchaser and, with respect to any Prospectus delivery as contemplated in Section 4(h) hereof, each Exchanging Dealer, the
directors, officers, employees, Affiliates and agents of each such Holder, Initial Purchaser or Exchanging Dealer and each person who controls any such Holder, Initial Purchaser or Exchanging Dealer within the meaning of either Section 15 of
the Securities Act or Section 20 of the Exchange Act against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the Securities Act, the Exchange Act or other federal or
state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement as originally filed or in any amendment thereof, or in any preliminary Prospectus or the Prospectus, or in any amendment thereof or supplement thereto, or any Free Writing Prospectus or any “issuer
information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein (in the case of any preliminary Prospectus or the Prospectus, in the light of the circumstances under which they were made) not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal
or other expenses reasonably incurred by it in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case to the extent that any
such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the
Company by or on behalf of the party claiming indemnification specifically for inclusion therein and, provided, further, however, that the Company will not be liable to any Holder in any such case to the extent that any such
loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Company
by or on behalf of another Holder. This indemnity agreement shall be in addition to any liability that the Company may otherwise have. 
 The
Company also agrees to indemnify as provided in this Section 6(a) or contribute as provided in Section 6(d) hereof to Losses of each underwriter, if any, of Notes or Exchange Notes, as the case may be, registered under a Shelf Registration
Statement, their directors, officers, employees, Affiliates, advisors or agents and each person who controls such underwriter on substantially the same basis as that of the indemnification of the Initial Purchasers and the selling Holders provided
in this Section 6(a) and shall, if requested by any Holder, enter into an underwriting agreement reflecting such agreement, as provided in Section 4(p) hereof (or such other provisions and procedures and procedures as are acceptable to the
Majority Holders and Managing Underwriters, if any, with respect to all parties to be indemnified pursuant to Section 6 hereof). 
  

 16 

 (b) Each Holder of securities covered by a Registration Statement (including each Initial Purchaser
that is a Holder, in such capacity) severally and not jointly agrees to indemnify and hold harmless the Company, each of its directors, each of its officers who signs such Registration Statement and each person who controls the Company within the
meaning of either Section 15 of the Securities Act or Section 20 of or the Exchange Act, to the same extent as the foregoing indemnity from the Company to each such Holder, but only with reference to written information relating to such
Holder furnished to the Company by or on behalf of such Holder specifically for inclusion in the documents referred to in the foregoing indemnity. This indemnity agreement will be in addition to any liability that any such Holder may otherwise have.

 (c) Promptly after receipt by an indemnified party under this Section 6 of notice of the commencement of any action, such indemnified
party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 6, notify the indemnifying party in writing of the commencement thereof; but the failure to so notify the indemnifying party (i) will
not relieve it from liability under Section 6(a) or Section 6(b) hereof unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and
defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in Section 6(a) or Section 6(b) hereof. The indemnifying party
shall be entitled to appoint counsel (including local counsel) of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the
indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel, other than local counsel if not appointed by the indemnifying party, retained by the indemnified party or parties except as set forth below);
provided, however, that such counsel shall be satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel (including local counsel) to represent the indemnified party in an action,
the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the
indemnifying party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying
party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party; (iii) the
indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize
the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment
with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action)
unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding. 
  

 17 

 (d) In the event that the indemnity provided in Section 6(a) or Section 6(b) hereof is
unavailable to or insufficient to hold harmless an indemnified party for any reason, then each applicable indemnifying party shall have a joint and several obligation to contribute to the aggregate losses, claims, damages and liabilities (including
legal or other expenses reasonably incurred in connection with investigating or defending any loss, claim, liability, damage or action) (collectively, “Losses”) to which such indemnified party may be subject in such proportion as is
appropriate to reflect the relative benefits received by such indemnifying party, on the one hand, and such indemnified party, on the other hand, from the Initial Placement and the Registration Statement which resulted in such Losses;
provided, however, that in no case shall any Initial Purchaser be responsible, in the aggregate, for any amount in excess of the purchase discount or commission applicable to such Notes in the Initial Placement, or in the case of
Exchange Notes, applicable to the Notes that were exchangeable into such Exchange Notes, nor shall any underwriter be responsible for any amount in excess of the underwriting discount or commission applicable to the securities purchased by such
underwriter under the Registration Statement which resulted in such Losses. If the allocation provided by the immediately preceding sentence is unavailable for any reason, the indemnifying party and the indemnified party shall contribute in such
proportion as is appropriate to reflect not only such relative benefits but also the relative fault of such indemnifying party, on the one hand, and such indemnified party, on the other hand, in connection with the statements or omissions which
resulted in such Losses as well as any other relevant equitable considerations. Benefits received by the Company shall be deemed to be equal to the total net proceeds from the Initial Placement (before deducting expenses). Benefits received by the
Initial Purchasers shall be deemed to be equal to the total purchase discounts and commissions applicable to the Notes in the Initial Placement, or in the case of Exchange Notes, applicable to the Notes that were exchangeable into such Exchange
Notes, and benefits received by any other Holders shall be deemed to be equal to the value of receiving Notes or Exchange Notes, as applicable, registered under the Securities Act. Benefits received by any underwriter shall be deemed to be equal to
the total underwriting discounts and commissions, as set forth on the cover page of the Prospectus forming a part of the Registration Statement which resulted in such Losses. Relative fault shall be determined by reference to, among other things,
whether any untrue or any alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information provided by the indemnifying party, on the one hand, or by the indemnified party, on the other
hand, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The parties agree that it would not be just and equitable if contribution were determined by
pro rata allocation (even if the Holders were treated as one entity for such purpose) or any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this
Section 6(d), no person guilty of fraudulent misrepresentation (within the meaning of Section 1 l(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For
purposes of this Section 6, each person who controls a Holder within the meaning of either the Securities Act or the Exchange Act and each director, officer, employee and agent of such Holder shall have the same rights to contribution as such
Holder, and each person who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, each officer of the Company who shall have signed the Registration Statement and each
director of the Company shall have the same rights to contribution as the Company, subject in each case to the applicable terms and conditions of this Section(d). 
  

 18 

 (e) The provisions of this Section 6 will remain in full force and effect, regardless of any
investigation made by or on behalf of any Holder or the Company or any of the indemnified persons referred to in this Section 6, and will survive the sale by a Holder of securities covered by a Registration Statement. 
 7. Underwritten Registrations. (a) If any of the Notes or Exchange Notes, as the case may be, covered by any Shelf Registration Statement are
to be sold in an underwritten offering, the Managing Underwriters shall be selected by the Majority Holders. 
 (b) No person may participate
in any underwritten offering pursuant to any Shelf Registration Statement, unless such person (i) agrees to sell such person’s Notes or Exchange Notes, as the case may be, on the basis reasonably provided in any underwriting arrangements
approved by the persons entitled hereunder to approve such arrangements; and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of
such underwriting arrangements. 
 8. Registration Defaults and Additional Interest. In the event that the Notes are not Freely
Tradable as of the Free Trade Date and any of the following events shall occur (the “Registration Defaults”): 
 (a) the Exchange Offer has not been consummated by the 180th day after the Closing Date (or if such 180th day is not a Business Day, the next succeeding Business Day); or 
 (b) the Shelf
Registration Statement is not declared effective by the Commission by the 180th day
after the Closing Date (or if such 180th day is not a Business Day, the next succeeding Business Day); or 
 (c) the Shelf Registration
Statement or the Exchange Offer Registration Statement required by this Agreement has been declared effective but ceases to be effective or usable in connection with resales or exchanges of Notes during the periods specified herein, then the
Company, and any Restricted Subsidiary that after the Closing Date provides a Subsidiary Guarantee, shall pay additional interest of one percent (1.00%) per annum interest (the “Additional Interest”) on the principal amount of
the Notes and the Exchange Notes (in addition to the stated interest on the Notes and Exchange Notes) from and including the date on which such Registration Default shall occur to but excluding the date on which all Registration Defaults have been
cured. The accrual of Additional Interest will cease at the earlier of (x) the cure of all the Registration Defaults relating to the Registrable Securities or (y) the particular Registrable Securities having become Freely Tradable, at
which time the interest rate on the Registrable Securities will revert to the original interest rate on the Notes. 
 9. No Inconsistent
Agreements. The Company has not entered into, and agrees not to enter into, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or that otherwise conflicts with the provisions hereof.

  

 19 

 10. Amendments and Waivers. The provisions of this Agreement may not be amended, qualified,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Company has obtained the written consent of the Holders of a majority of the aggregate principal amount of the Registrable
Securities then outstanding; provided that, with respect to any matter that directly or indirectly affects the rights of any Initial Purchaser hereunder, the Company shall obtain the written consent of each such Initial Purchaser against
which such amendment, qualification, supplement, waiver or consent is to be effective; provided, further, that no amendment, qualification, supplement, waiver or consent with respect to Section 8 hereof shall be effective as
against any Holder of Registered Securities unless consented to in writing by such Holder; and provided, further, that the provisions of this Section 10 may not be amended, qualified, modified or supplemented, and waivers or
consents to departures from the provisions hereof may not be given, unless the Company has obtained the written consent of the Initial Purchasers and each Holder. Notwithstanding the foregoing (except the foregoing provisos), a waiver or consent to
departure from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose Notes or Exchange Notes, as the case may be, are being sold pursuant to a Registration Statement and that does not directly or
indirectly affect the rights of other Holders may be given by the Majority Holders, determined on the basis of Notes or Exchange Notes, as the case may be, being sold rather than registered under such Registration Statement. 
 11. Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail,
telex, telecopier or air courier guaranteeing overnight delivery: 
 (a) if to a Holder, at the most current address given by such holder to
the Company in accordance with the provisions of this Section 11, which address initially is, with respect to each Holder, the address of such Holder maintained by the Registrar under the Indenture; 
 (b) if to the Representatives, initially at the address or addresses set forth in the Purchase Agreement; and 
 (c) if to the Company, initially at its address set forth in the Purchase Agreement. 
 All such notices and communications shall be deemed to have been duly given when received. 
 The Initial Purchasers or the Company by notice to the other parties may designate additional or different addresses for subsequent notices or
communications. 
 12. Remedies. Each Holder, in addition to being entitled to exercise all rights provided to it herein, in the
Indenture or in the Purchase Agreement or granted by law, including recovery of liquidated or other damages, will be entitled to specific performance of its rights under this Agreement. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agrees to waive in any action for specific performance the defense that a remedy at law would be adequate. 
  

 20 

 13. Successors. This Agreement shall inure to the benefit of and be binding upon the parties
hereto, their respective successors and assigns, including, without the need for an express assignment or any consent by the Company thereto, subsequent Holders of Notes and the Exchange Notes, and the indemnified persons referred to in
Section 6 hereof. The Company hereby agrees to extend the benefits of this Agreement to any Holder of Notes and the Exchange Notes, and any such Holder may specifically enforce the provisions of this Agreement as if an original party hereto.

 14. Jurisdiction. Each of the parties hereto irrevocably agrees that any suit, action or proceeding arising out of or based upon
this Agreement or the transactions contemplated hereby may be instituted in any State or U.S. federal court in The City of New York and County of New York, and the competent courts located in its domicile with respect to actions brought against
it as defendant, and irrevocably waives to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the jurisdiction of such courts in
any suit, action or proceeding. The Company hereby appoints CT Corporation System, with an office on the date hereof at 111 Eighth Avenue, New York, New York 10011 as its authorized agent (the “Authorized Agent”) upon whom process
may be served in any suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated herein which may be instituted in any State or U.S. federal court in The City of New York and County of New York, by
any Holder or Initial Purchaser, the directors, officers, employees, Affiliates and agents of any Holder or Initial Purchaser, or by any person who controls any Holder or Initial Purchaser, the Company has designated CT Corporation System’s
address in New York City as its designated address to receive process hereunder, and expressly accepts the jurisdiction of any such court in respect of any such suit, action or proceeding. The Company hereby represents and warrants that the
Authorized Agent has accepted such appointment and has agreed to act as said agent for service of process, and the Company agrees to take any and all action, including the filing of any and all documents that may be necessary to continue such
appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Company. The Company further agrees to take any and all action, including the
execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment in full force and effect so long as any of the Securities shall be outstanding. 
 15. Counterparts. This Agreement may be signed in one or more counterparts, each of which shall constitute an original and all of which together
shall constitute one and the same agreement. 
 16. Headings. The section headings used herein are for convenience only and shall not
affect the construction hereof. 
 17. Applicable Law. This Agreement shall be governed by and construed in accordance with the laws
of the State of New York. The parties hereto each hereby waive any right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement. 
  

 21 

 18. Currency. Each reference in this Agreement to U.S. dollars (the “relevant
currency”) is of the essence. To the fullest extent permitted by law, the obligation of the Company in respect of any amount due under this Agreement will, notwithstanding any payment in any other currency (whether pursuant to a judgment or
otherwise), be discharged only to the extent of the amount in the relevant currency that the party entitled to receive such payment may, in accordance with its normal procedures, purchase with the sum paid in such other currency (after any premium
and costs of exchange) on the Business Day immediately following the day on which such party receives such payment. If the amount in the relevant currency that may be so purchased for any reason falls short of the amount originally due, the Company
will pay such additional amounts, in the relevant currency, as may be necessary to compensate for the shortfall. Any obligation of the Company not discharged by such payment will, to the fullest extent permitted by applicable law, be due as a
separate and independent obligation and, until discharged as provided herein, will continue in full force and effect. 
 19. Additional
Amounts. The provisions of Section 3.19 of the Indenture shall apply mutatis mutandis to all payments by the Company of Additional Interest or other amounts made pursuant to the terms hereof. 
 20. Waiver of Immunity. To the extent that the Company has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action,
suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with respect to itself or any of its property, the Company hereby irrevocably waives and agrees not
to plead or claim such immunity in respect of its obligations under this Agreement to the fullest extent permitted by law. 
 21.
Severability. In the event that any one of more of the provisions contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and
enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired or affected thereby, it being intended that all of the rights and privileges of the parties shall be enforceable to
the fullest extent permitted by law. 
 22. CUSIP Numbers. The Company shall deliver a certificate or certificates representing the
Notes bearing an unrestricted CUSIP number to The Depository Trust Company (or its custodian) on or prior to the Free Trade Date. 
 23.
Securities Held by the Company, etc. Whenever the consent or approval of Holders of a specified percentage of principal amount of Notes or Exchange Notes is required hereunder, Notes or Exchange Notes, as applicable, held by the Company or
its Affiliates which control, or are controlled by, the Company (other than subsequent Holders of Notes or Exchange Notes if such subsequent Holders are deemed to be Affiliates solely by reason of their holdings of such Notes or Exchange Notes)
shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 
  

 22 

 If the foregoing is in accordance with your understanding of our agreement, please sign and
return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement between the Company and the several Initial Purchasers. 
  

			
	Very truly yours,
	
	ALESTRA, S. DE R.L. DE C.V.
		
	By:	 	 /s/ Sergio Bravo

	Name:	 	Sergio Bravo
	Title:	 	Treasurer

 The foregoing Agreement is hereby confirmed and 
 accepted as of the date first above written. 
  

			
	CITIGROUP GLOBAL MARKETS INC.
		
	By	 	 /s/ Michael C. Gilfond

	Name:	 	Michael C. Gilfond
	Title:	 	Managing Director
	
	MORGAN STANLEY & CO. INCORPORATED
		
	By	 	 /s/ Andrew Schwendiman

	Name:	 	Andrew Schwendiman
	Title:	 	Managing Director

 For themselves and the other several 
 Initial Purchasers named in Schedule I 
 to the Purchase Agreement. 
  

 23 

 ANNEX A 
 Each broker-dealer that receives Exchange Notes for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Notes. The Letter of Transmutai states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the
meaning of the Securities Act. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Notes received in exchange for securities where such securities were
acquired by such broker-dealer as a result of market-making activities or other trading activities. The Company has agreed that, starting on the expiration date and ending on the close of business one year after the expiration date, it will make
this prospectus available to any broker-dealer for use in connection with any such resale. See “Plan of Distribution.” 
  

 A-1 

 ANNEX B 
 Each broker-dealer that receives Exchange Notes for its own account in exchange for securities, where such securities were acquired by such
broker-dealer as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Notes. See “Plan of Distribution.” 
  

 B-1 

 ANNEX C 
 PLAN OF DISTRIBUTION 
 Each broker-dealer that
receives Exchange Notes for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Notes. This prospectus, as it may be amended or supplemented from time to
time, may be used by a broker-dealer in connection with resales of Exchange Notes received in exchange for securities where such securities were acquired as a result of market-making activities or other trading activities. The Company has agreed
that, starting on the expiration date and ending on the close of business one year after the expiration date, it will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale. In
addition, until                 ,             , all dealers effecting transactions in the Exchange Notes may
be required to deliver a prospectus. 
 The Company will not receive any proceeds from any sale of Exchange Notes by
brokers-dealers. Exchange Notes received by broker-dealers for their own account pursuant to the Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing
of options on the Exchange Notes or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly to
purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer and/or the purchasers of any such Exchange Notes. Any broker-dealer that resales Exchange Notes that
were received by it for its own account pursuant to the Exchange Offer and any broker or dealer that participates in a distribution of such Exchange Notes may be deemed to be an “underwriter” within the meaning of the Securities Act and
any profit of any such resale of Exchange Notes and any commissions or concessions received by any such persons may be deemed to be underwriting compensation under the Securities Act. The Letter of Transmittal states that by acknowledging that it
will deliver and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act. 
 For a period of one year after the expiration date, the Company will promptly send additional copies of this prospectus and any amendment or supplement to this prospectus to any broker-dealer that
requests such documents in the Letter of Transmittal. The Company has agreed to pay all expenses incident to the Exchange Offer (including the expenses of one counsel for the holder of the securities) other than commissions or concessions of any
brokers or dealers and will indemnify the holders of the securities (including any broker-dealers) against certain liabilities, including liabilities under the Securities Act. 
  

 C-1 

 ANNEX D 
 Rider A 
 PLEASE FILL IN YOUR NAME AND ADDRESS BELOW IF YOU ARE A BROKER-DEALER AND WISH TO
RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO. 
  

			
	Name:	 	  

	Address:	 	  

		 	  

 Rider B 
 If the undersigned is not a Broker-Dealer, the undersigned represents that it acquired the Exchange Notes in the ordinary course of its business, it is not engaged in, and does not intend to engage in, a
distribution of Exchange Notes and it has no arrangements or understandings with any person to participate in a distribution of the Exchange Notes. If the undersigned is a Broker-Dealer that will receive Exchange Notes for its own account in
exchange for Notes, it represents that the Notes to be exchange for Exchange Notes were acquired by it as a result of market-making activities or other trading activities and acknowledges that it will deliver a prospectus in connection with any
resale of such Exchange Notes; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act. 
  

 D-1Form of Note Linked to a Strategic Allocation Basket due October 7, 2014.

 Exhibit 4.1 
 [Face of Note] 
 Unless this certificate is presented by an
authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company 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. 
  

			
	CUSIP NO. 949746QD6	 	FACE AMOUNT: $
	REGISTERED NO.	 	

 WELLS FARGO & COMPANY 
 Notes Linked to a Strategic Allocation Basket 
 due October 7, 2014 
 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 CEDE & Co., or registered assigns, an amount equal to the Maturity Payment Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts, on the Stated Maturity Date. The “Initial Stated Maturity Date” shall be October 7, 2014. If no Market Disruption Event (as defined below) occurs or is continuing with respect to a Basket Component (as defined
below) on the scheduled Valuation Date (as defined below), the Initial Stated Maturity Date will be the “Stated Maturity Date.” If a Market Disruption Event occurs or is continuing on the scheduled Valuation Date with respect to a
Basket Component, the “Stated Maturity Date” shall be the later of (i) three Business Days (as defined below) after the postponed Valuation Date with respect to such Basket Component (or, if the Valuation Date is postponed with
respect to more than one Basket Component, three Business Days after the latest postponed Valuation Date) and (ii) the Initial Stated Maturity Date. This Security shall not bear any interest. 

 Any payments 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 and at any other office or agency maintained by the Company for such purpose. 
 Determination of Maturity Payment Amount 
 “Maturity Payment
Amount” shall mean, for each $1,000 Face Amount of this Security: 
  

	 	•	 	 if the Final Basket Level is greater than the Initial Basket Level, $1,000 plus the Additional Amount; 

  

	 	•	 	 if the Final Basket Level is equal to the Initial Basket Level or is at least 80% of the Initial Basket Level, $1,000; and

  

	 	•	 	 if the Final Basket Level is less than 80% of the Initial Basket Level, $1,000 minus the product of: 

  

	 	•	 	 $1,000; and 

  

	 	•	 	 Initial Basket Level – Final Basket Level - .20 

                 Initial Basket Level 
 “Additional Amount” shall mean, for each $1,000 Face Amount of this Security, an amount equal to the product of:

  

	 	•	 	 $1,000; 

  

	 	•	 	 Participation Rate; and 

  

	 	•	 	 Final Basket Level – Initial Basket Level 

                 Initial Basket Level 
 “S&P 500 Index” shall mean the S&P 500 Index. 
 “Rogers Index” shall mean the Rogers International Commodity Index __ Excess Return. 
 “Basket Component” shall mean each of the S&P 500 Index (70%) and the Rogers Index (30%), with each Basket Component having the weighting noted parenthetically. 
 The “Participation Rate” is 1.05. 
 The “Initial Basket Level” is 100. 
 The “Final Basket
Level” will be equal to the product of (i) 100 and (ii) an amount to equal 1 plus the sum of: (A) 70% of the Component Return (as defined herein) of the S&P 500 Index; and (B) 30% of the Component Return of the
Rogers Index. 
 “Business Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal
holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New York or Minneapolis, Minnesota. 
  

 2 

 “Calculation Agency Agreement” shall mean the Calculation Agency Agreement
dated as of October 7, 2009 between the Company and the Calculation Agent, as amended from time to time. 
 “Calculation Agent” shall mean the Person that has entered into the Calculation Agency Agreement with the Company providing for, among other things, the determination of the Final Basket Level, the Additional Amount, if
any, and the Maturity Payment Amount, which term shall, unless the context otherwise requires, include its successors under such Calculation Agency Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the
Calculation Agency Agreement, the Company may appoint a different Calculation Agent from time to time after the initial issuance of the Securities of this series without the consent of the Holders of the Securities of this series and without
notifying the Holders of the Securities of this series. 
 The “Closing Level” on any Trading Day (as defined
herein) means (A) with respect to the S&P 500 Index, the closing level of the S&P 500 Index as reported by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) (or of any successor
equity index (as defined herein), as reported by the index sponsor of the successor equity index) and (B) with respect to the Rogers Index, the closing level of the Rogers Index as reported by CQG, Inc. (“CQG”) (or of any
successor commodity index, as reported by Beeland Interests, Inc. (“Beeland”), James Beeland Rogers, Jr. (“Rogers”) or another sponsor of that successor commodity index) on such Trading Day or as determined by the
Calculation Agent as described in “—Discontinuance of the S&P 500 Index; Alteration of Method of Calculation” and “—Discontinuance of the Rogers Index; Alteration of Method of Calculation” 
 The “Component Return” of a Basket Component will be equal to: 
 Final Component Level – Initial Component Level 
                 Initial Component Level 
 where, 
  

	 	•	 	 the “Initial Component Level” is the Closing Level of such Basket Component on the Pricing Date; and 

  

	 	•	 	 the “Final Component Level” is the Closing Level of such Basket Component on the Valuation Date. 

 The Initial Component Level of the Basket Components are as follows: S&P 500 Index (1057.08) and Rogers Index (2210.42).

 “Designated Contracts” shall mean the future contracts that compose the Rogers Index. 
 “Face Amount” shall mean, when used with respect to any Security or Securities of this series, the amount set forth on the
face of such Security or Securities as its or their “Face Amount.” 
  

 3 

 “Index Commodities” shall mean the physical commodities underlying the
Designated Contracts. 
 The “Pricing Date” shall mean the date the notes were priced for initial sale to the
public. 
 “Settlement Price” shall mean for each Designated Contract, the official settlement price for the
relevant contract month as published by the futures exchange on which the Index Commodity trades. 
 A “Trading
Day” means any day on which (i) The New York Stock Exchange, The Nasdaq Stock Market and the American Stock Exchange, or any successor thereto, are open for trading during their regular trading sessions and (ii) the primary
exchange, trading system or market for each Designated Contract included in the Rogers Index is open for trading. 
 The
“Valuation Date” shall be the last Trading Day of September 2014, subject to postponement due to the occurrence of a Market Disruption Event. Notwithstanding a postponement of the Valuation Date with respect to a Basket Component
that is subject to a Market Disruption Event, the originally scheduled Valuation Date will remain the Valuation Date for any Basket Component not subject to a Market Disruption Event. See “—Market Disruption Events.” 
 Discontinuance Of The S&P 500 Index; Alteration Of Method Of Calculation 
 If S&P discontinues publication of the S&P 500 Index and S&P or another entity publishes a successor or substitute index that the
Calculation Agent determines, in its sole discretion, to be comparable to the discontinued S&P 500 Index, then any subsequent Closing Level of the S&P 500 Index will be determined by reference to the level of such successor index or
substitute index (in any such case, referred to herein as a “successor equity index”) at 4:00 p.m., New York City time, on the date that any such subsequent Closing Level is to be determined. 
 Upon any selection by the Calculation Agent of a successor equity index, the Company will promptly give notice to the Holders of the
Securities of this series. 
 If S&P discontinues publication of the S&P 500 Index prior to, and such discontinuance is
continuing on, the date that any Closing Level of the S&P 500 Index is to be determined and the Calculation Agent determines that no successor equity index is available at such time, then, on such date, the Calculation Agent will determine the
Closing Level of the S&P 500 Index to be used in computing the amount payable at stated maturity. Such Closing Level will be computed by the Calculation Agent in accordance with the formula for and method of calculating the S&P 500 Index
last in effect prior to such discontinuance, using the closing price (or, if trading in the relevant security has been materially suspended or materially limited, its good faith estimate of the closing price that would have prevailed but for such
suspension or limitation) at the close of the principal trading session on such date of each security most recently comprising the S&P 500 Index on the primary organized exchange or trading system. As used herein, “closing
price”

  

 4 

 
means, with respect to any security on any date, the last reported sales price regular way on such date or, in case no such reported sale takes place on such date, the average of the reported
closing bid and asked prices regular way on such date, in either case on the primary organized exchange or trading system on which such security is then listed or admitted to trading. 
 If a successor equity index is selected or the Calculation Agent calculates a Closing Level as a substitute for the S&P 500 Index, such
successor equity index or Closing Level will be used as a substitute for the S&P 500 Index for all purposes, including for purposes of determining whether a Market Disruption Event exists. 
 If at any time the method of calculating the S&P 500 Index or a successor equity index, or the Closing Level thereof, is changed in a
material respect, or if the S&P 500 Index or a successor equity index is in any other way modified so that such S&P 500 Index does not, in the opinion of the Calculation Agent, fairly represent the value of the S&P 500 Index or such
successor equity index had such changes or modifications not been made, then the Calculation Agent will, at the close of business in New York City on the date that any Closing Level of the S&P 500 Index is to be determined, make such
calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a value of a stock index comparable to the S&P 500 Index or such successor equity index, as the case may be, as if such
changes or modifications had not been made. The Calculation Agent will calculate the Closing Level of the S&P 500 Index and the amount payable at stated maturity with reference to the S&P 500 Index or such successor equity index, as
adjusted. Accordingly, if the method of calculating the S&P 500 Index or a successor equity index is modified so that the level of such index is a fraction of what it would have been if it had not been modified (for example, due to a split in
the index), then the Calculation Agent will adjust such index in order to arrive at a level of the S&P 500 Index or such successor equity index as if it had not been modified (for example, as if such split had not occurred). 
 Discontinuance Of The Rogers Index; Alteration Of Method Of Calculation 
 If CQG discontinues calculation of the Closing Level of the Rogers Index and another entity calculates the level of the Rogers Index that the Calculation Agent determines, in its sole discretion, to be
comparable to the Closing Level of the Rogers Index as previously calculated by CQG, then any subsequent Closing Level of the Rogers Index will be determined by reference to the level of the Rogers Index as calculated by such entity (in any case,
referred to herein as a “successor index calculation agent”) at 4:00 p.m., New York City time, on the date that any such subsequent Closing Level is to be determined. 
 Upon any selection by the Calculation Agent of a successor index calculation agent, the Company will promptly give notice to the Holders of
the Securities of this series. 
 If CQG discontinues calculation of the Closing Level of the Rogers Index prior to, and such
discontinuance is continuing on, the date that any Closing Level of the Rogers Index is to be determined and the Calculation Agent determines that no successor index calculation agent is available at such time, then, on such date, the Calculation
Agent will determine each subsequent Closing Level of the Rogers Index to be used in computing the amount payable at stated maturity. Such Closing Level will be computed by the Calculation Agent in accordance with the

  

 5 

 
formula for and method of calculating the Rogers Index last in effect prior to such discontinuance, using the Settlement Price (or, if trading in the relevant Designated Contracts has been
materially suspended or materially limited, its good faith estimate of the Settlement Price that would have prevailed but for such suspension or limitation) at the close of the principal trading session on such date of each Designated Contract most
recently comprising the Rogers Index on the primary organized exchange or trading system. 
 If Beeland discontinues publication
of the Rogers Index and Beeland, Rogers or another entity publishes a successor or substitute index that the Calculation Agent determines, in its sole discretion, to be comparable to the discontinued Rogers Index, then any subsequent Closing Level
of the Rogers Index will be determined by reference to the level of such successor commodity index or substitute index (in any such case, referred to herein as a “successor commodity index”) at 4:00 p.m., New York City time, on the
date that any such subsequent Closing Level is to be determined. 
 Upon any selection by the Calculation Agent of a successor
commodity index, the Company will promptly give notice to the Holders of the Securities of this series. 
 If Beeland
discontinues publication of the Rogers Index prior to, and such discontinuance is continuing on, the date that any Closing Level of the Rogers Index is to be determined and the Calculation Agent determines that no successor commodity index is
available at such time, then, on such date, the Calculation Agent will determine each subsequent Closing Level of the Rogers Index to be used in computing the amount payable at stated maturity. Each such Closing Level will be computed by the
Calculation Agent in accordance with the formula for and method of calculating the Rogers Index last in effect prior to such discontinuance, using the Settlement Price (or, if trading in the relevant Designated Contracts has been materially
suspended or materially limited, its good faith estimate of the Settlement Price that would have prevailed but for such suspension or limitation) at the close of the principal trading session on such date of each Designated Contract most recently
comprising the Rogers Index on the primary organized exchange or trading system. 
 If a successor commodity index is selected
or the Calculation Agent calculates a Closing Level as a substitute for the Rogers Index, such successor commodity index or Closing Level will be used as a substitute for the Rogers Index for all purposes, including for purposes of determining
whether a Market Disruption Event exists. 
 If at any time the method of calculating the Rogers Index or a successor commodity
index, whether by CQG or a successor commodity index calculation agent, as applicable, or the Closing Level thereof, is changed in a material respect, or if the Rogers Index or a successor commodity index is in any other way modified so that such
Index does not, in the opinion of the Calculation Agent, fairly represent the value of the Rogers Index or such successor commodity index had such changes or modifications not been made, then the Calculation Agent will, at the close of business in
New York City on the date that any Closing Level is to be determined, make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a value of a commodity index comparable to
the Rogers Index or such successor commodity index, as the case may be, as if such changes or modifications had not been made, and calculate the Closing Level and the amount payable at stated maturity with

  

 6 

 
reference to the Rogers Index or such successor commodity index, as adjusted. Accordingly, if the method of calculating the Rogers Index or a successor commodity index is modified so that the
level of such index is a fraction of what it would have been if it had not been modified, then the Calculation Agent will adjust such index in order to arrive at a level of the Rogers Index or such successor commodity index as if it had not been
modified. 
 Market Disruption Events 
 Pricing Date 
 If a Market Disruption Event occurs or is continuing with
respect to the S&P 500 Index on the Pricing Date, the Calculation Agent will determine the Initial Component Level of the S&P 500 Index for the Securities of this series by reference to the Closing Level of the S&P 500 Index on the next
trading day on which there is not a Market Disruption Event for the S&P 500 Index; provided, however, if a Market Disruption Event occurs with respect to the S&P 500 Index on each of the five trading days following the Pricing Date, then the
Calculation Agent will determine the Initial Component Level of the S&P 500 Index based upon its good faith estimate of the Closing Level of the S&P 500 Index on that fifth trading day. 
 If a Market Disruption Event occurs or is continuing with respect to the Rogers Index on the Pricing Date, the Calculation Agent will
determine the Initial Component Level for the Rogers Index for the Securities of this series using (A) for each Designated Contract included in the Rogers Index that did not suffer a Market Disruption Event on the Pricing Date, the
Settlement Price on that date of each such Designated Contract, and (B) for each Designated Contract included in the Rogers Index which did suffer a Market Disruption Event on the Pricing Date, the Settlement Price of that Designated
Contract on the next Trading Day on which no Market Disruption Event occurs with respect to such Designated Contract; provided, however, if a Market Disruption Event occurs with respect to a Designated Contract on each of the five Trading Days
following the Pricing Date, then the Calculation Agent will determine the Initial Component Level using a Settlement Price for such Designated Contract subject to a Market Disruption Event based upon its good faith estimate of the Settlement Price
on that fifth Trading Day. In calculating the Initial Component Level for the Securities of this series for the purposes of this paragraph, the Calculation Agent will use the formula for calculating the Rogers Index last in effect prior to the
Pricing Date for such Security. The term “Market Disruption Event,” when used in this paragraph with respect to a Designated Contract included in the Rogers Index, refers to an event affecting such futures contract that is included within
the definition of Market Disruption Event with respect to the Rogers Index. 
 Notwithstanding a postponement of the
determination of the Initial Component Level of a Basket Component that is subject to a Market Disruption Event, the Initial Component Level of any Basket Component not subject to a Market Disruption Event will be determined on the Pricing Date.

  

 7 

 Valuation Date 
 If a Market Disruption Event occurs or is continuing with respect to the S&P 500 Index on the scheduled Valuation Date, the Calculation
Agent will determine the Closing Level of the S&P 500 Index for the Securities of this series by reference to the Closing Level of the S&P 500 Index on the next Trading Day on which there is not a Market Disruption Event for the S&P 500
Index; provided, however, if a Market Disruption Event occurs with respect to the S&P 500 Index on each of the five Trading Days following the originally scheduled Valuation Date, then (i) that fifth Trading Day will be deemed the Valuation
Date for the S&P 500 Index and (ii) the Calculation Agent will determine the Closing Level of the S&P 500 Index based upon its good faith estimate of the Closing Level of the S&P 500 Index on that fifth Trading Day. 
 If a Market Disruption Event occurs or is continuing with respect to the Rogers Index on the scheduled Valuation Date, the Calculation Agent
will determine the Closing Level of the Rogers Index for the Securities of this series using (A) for each Designated Contract included in the Rogers Index that did not suffer a Market Disruption Event on such date, the Settlement Price
on that date of each such Designated Contract, and (B) for each Designated Contract included in the Rogers Index which did suffer a Market Disruption Event on such date, the Settlement Price of that Designated Contract on the next
Trading Day on which no Market Disruption Event occurs with respect to such Designated Contract; provided, however, if a Market Disruption Event occurs with respect to a Designated Contract on each of the five Trading Days following the originally
scheduled Valuation Date, then (i) that fifth Trading Day will be deemed the Valuation Date for such futures contract and (ii) the Calculation Agent will determine the Closing Level of the Rogers Index using a Settlement Price for such
Designated Contract subject to a Market Disruption Event based upon its good faith estimate of the Settlement Price on that fifth Trading Day. In calculating the Closing Level for the Rogers Index for the purposes of this paragraph, the Calculation
Agent will use the formula for calculating the Rogers Index last in effect prior to the scheduled Valuation Date. The term “Market Disruption Event,” when used in this paragraph with respect to a Designated Contract included in the Rogers
Index, refers to an event affecting such futures contract that is included within the definition of Market Disruption Event with respect to the Rogers Index. 
 Notwithstanding a postponement of the Valuation Date with respect to a Basket Component that is subject to a Market Disruption Event, the originally scheduled Valuation Date will remain the Valuation Date
for any Basket Component not subject to a Market Disruption Event. 
 S&P 500 Index 
 A “Market Disruption Event” with respect to the S&P 500 Index will occur on any day if the Calculation Agent determines,
in its sole discretion, any of the following: 
  

	 	•	 	 A material suspension or material limitation of trading in 20% or more of the underlying stocks which then comprise the S&P 500 Index or any
successor equity index has occurred on that day, in each case, during the one-hour period preceding the close of trading on the primary organized U.S. exchange or trading system on which those stocks are traded or, if in the case of a common stock
not listed or

  

 8 

	 	 
quoted in the United States, on the primary non-U.S. exchange, trading system or market for that security. Limitations on trading during significant market fluctuations imposed pursuant to New
York Stock Exchange Rule 80B or any applicable rule or regulation enacted or promulgated by The New York Stock Exchange, any other exchange, trading system or market, any other self regulatory organization or the Securities and Exchange Commission
of similar scope or as a replacement for Rule 80B, may be considered material. For purposes of this certificate “trading system” includes bulletin board services. 

  

	 	•	 	 A material suspension or material limitation has occurred on that day, in each case during the one-hour period preceding the close of trading in
options or futures contracts related to the S&P 500 Index or any successor equity index, whether by reason of movements in price exceeding levels permitted by the exchange, trading system or market on which those options or futures contracts are
traded or otherwise. 

  

	 	•	 	 Any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or
obtain market values for, the securities that then comprise 20% or more of the S&P 500 Index or any successor equity index, at any time during the one-hour period preceding the close of trading on that day. 

  

	 	•	 	 Any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions in, or
obtain market values for, the futures or options contracts relating to the S&P 500 Index or any successor equity index on the primary exchange or quotation system on which those futures or options contracts are traded, at any time during the
one-hour period preceding the close of trading on that day. 

  

	 	•	 	 The closure of an exchange, trading system or market on which the securities that then comprise 20% or more of the S&P 500 Index or any successor
equity index are traded or which futures or options contracts relating to the S&P 500 Index or any successor equity index are traded prior to its scheduled closing time unless the earlier closing time is announced by such exchange, trading
system or market at least one hour prior to the earlier of (1) the actual closing time for the regular trading session of the exchange, trading system or market and (2) the submission deadline for orders to be entered in the exchange,
trading system or market for execution on such trading day. 

 For purposes of determining whether a Market
Disruption Event has occurred: 
  

	 	•	 	 the relevant percentage contribution of a security to the level of the S&P 500 Index or any successor equity index will be based on a comparison of
(x) the portion of the level of the S&P 500 Index attributable to that security and (y) the overall level of the S&P 500 Index, in each case immediately before the occurrence of the Market Disruption Event; and

  

 9 

	 	•	 	 “close of trading” means 4 p.m, New York City time. 

 Rogers Index 
 A “Market Disruption Event” with respect to the Rogers Index will occur on any day if the Calculation Agent determines, in its sole discretion, any of the following: 
  

	 	•	 	 the termination or suspension of or material limitation or disruption in the trading of any Designated Contract on that day;

  

	 	•	 	 the Settlement Price of any Designated Contract reflects the maximum permitted price change from the previous day’s Settlement Price;

  

	 	•	 	 the failure of an exchange to publish the official Settlement Price for any Designated Contract; or 

  

	 	•	 	 the Rogers Index is not published. 

 For purposes of determining whether a Market Disruption Event has occurred: 
  

	 	•	 	 a limitation on the hours or number of days of trading will not constitute a Market Disruption Event if it results from an announced change in the
regular business hours of the relevant exchange, trading system or market; and 

  

	 	•	 	 a suspension of or material limitation on trading on the applicable exchange will not include any time when that exchange is closed for trading under
ordinary circumstances. 

 Calculation Agent 
 The Calculation Agent will determine the Maturity Payment Amount, the Final Basket Level, and the Additional Amount, if any. In addition, the
Calculation Agent will (i) determine if adjustments are required to the Closing Level of a Basket Component under the circumstances described in this Security, (ii) if CQG discontinues calculation of the Closing Level of the Rogers Index,
select a successor index calculation agent or, if no successor index calculation agent is available, determine the Closing Level of the Rogers Index under the circumstances described in this Security, (iii) if publication of the Rogers Index is
discontinued, select a successor commodity index or, if no successor commodity index is available, determine the Closing Level of the Rogers Index under the circumstances described in this Security, (iv) if publication of the S&P 500 Index
is discontinued, select a successor equity index or, if no successor equity index is available, determine the Closing Level of the S&P 500 Index under the circumstances described in this Security, and (v) determine (a) whether a Market
Disruption Event has occurred; (b) the Initial Component Level(s) if any Market Disruption Event occurs on the Pricing Date; and (c) the Final Component Level(s) if any Market Disruption Event occurs on the scheduled Valuation Date.

  

 10 

 The Company covenants that, so long as any of the Securities of this series are Outstanding,
there shall at all times be a Calculation Agent (which shall be a broker-dealer, bank or other financial institution) with respect to the Securities of this series. 
 All determinations made by the Calculation Agent with respect to the Securities of this series will be at the sole discretion of the Calculation Agent and, in the absence of manifest error, will be
conclusive for all purposes and binding on the Company and the Holders of the Securities of this series. All percentages and other amounts resulting from any calculation with respect to the Securities of this series will be rounded at the
Calculation Agent’s discretion. 
 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. 
 [The remainder of this
page has been left intentionally blank] 
  

 11 

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

					
		 	WELLS FARGO & COMPANY
			
		 	By:	 	  

		 		 	Paul R. Ackerman
		 		 	Its: Executive Vice President and Treasurer
			
	[SEAL]	 		 	
			
		 	Attest:	 	  

		 		 	Laurel A. Holschuh
		 		 	Its: Senior Vice President and Secretary

  

			
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION
 This is one of the Securities of the series designated therein described 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

  

 12 

 [Reverse of Note] 
 WELLS FARGO & COMPANY 
 Notes Linked to a
Strategic Allocation Basket 
 due October 7, 2014 
 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 designated on the face hereof,
limited in aggregate Face Amount to $             ; provided, however, that the Company may, so long as no Event of Default has occurred and is continuing, without the consent of the
Holders of the Securities of this series, issue additional Securities with the same terms as the Securities of this series, and such additional Securities shall be considered part of the same series under the Indenture as the Securities of this
series. 
 The Securities of this series are not subject to redemption at the option of the Company or repayment at the option
of the Holder hereof prior to October 7, 2014. The Securities will not be entitled to any sinking fund. 
 The Company
agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of Securities of this series. 
 If an Event of Default, as defined in the Indenture, with respect to Securities of this series shall occur and be continuing, the Maturity
Payment Amount (calculated as set forth in the next sentence) of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration
permitted under the Indenture will be equal to the Maturity Payment Amount hereof calculated as though the date of acceleration was the Valuation Date; provided, however, if such date is not a Trading Day or if a Market Disruption Event has occurred
or is continuing on that day, the next Trading Day on which there is not a Market Disruption Event will be deemed to be the Valuation Date. Upon payment of the amount so declared due and payable, all of the Company’s obligations in respect of
payment of the Maturity Payment Amount shall terminate. The Securities of this series will not bear a default rate of interest after the occurrence of an Event of Default or an acceleration under the Indenture. 
 The Company agrees, and by acceptance of a beneficial ownership interest in this Security each beneficial owner of this Security will be
deemed to have agreed (in the absence of a statutory,

  

 13 

 
regulatory, administrative or judicial ruling to the contrary), for United States federal income tax purposes to characterize and treat this Security as a pre-paid cash-settled forward contract
in respect of the Basket. 
 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 Outstanding of all series to be affected, acting together. 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, 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. Solely for the
purpose of determining whether any consent, waiver, notice or other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in the requisite aggregate
principal amount, the principal amount of this Security will be deemed to be equal to the amount set forth on the face hereof as the “Face Amount” hereof. 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. 
 Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of
Section 401(1)(B) of the Indenture, relating to 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, shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Article Sixteen of the Indenture shall not apply to this Security. 
 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 Face 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. 
 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, having the same terms and of authorized denominations aggregating a like amount. 
  

 14 

 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 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. 
 No reference herein to the Indenture and no provision of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the Maturity Payment Amount at the times and place, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 
 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.

 No recourse shall be had for the payment of the Maturity Payment Amount, or for any claim based on this Security, 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. 
 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. 
 This Security shall be governed by and construed in
accordance with the laws of the State of New York. 
  

 15 

 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) 
  

 16 

 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. 
  

 17

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