Document:

Form of Medium-Term Notes Series K due June 5, 2020

 Exhibit 4.3 

 
 [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. 94986RQF1	  	PRINCIPAL AMOUNT: $                    
	REGISTERED NO.     	  	

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 
 Due Nine Months or More From Date of Issue 
 0% Optionally Exchangeable
Securities due June 5, 2020 
 Exchangeable for the Common Stock of Intel Corporation or the Cash Value of Such Stock

  
 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 its registered assigns, in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private debts, an amount determined in
accordance with the provisions set forth below under “Payment at Stated Maturity” due with respect to the principal amount of
                                         
                    DOLLARS
($                  ) on June 5, 2020 (the “Stated Maturity Date”), subject to postponement due to the occurrence of a Market
Disruption Event (as defined below) as set forth below under “Payment at Stated Maturity” unless and to the extent the Company has exercised the Redemption Right (as defined and described below) or the Holder hereof has exercised the
Exchange Right (as defined and described below). This Security shall not bear interest. 
 Any cash payable on
this Security at Maturity shall be paid against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota and any shares of Underlying Stock (as defined below) deliverable
at Maturity shall be delivered against such presentation. Notwithstanding the foregoing, for so long as this Security is in the form of a Global Security registered in the name of the Depositary, all payments on this Security in the form of cash
will be made to the Depositary by wire transfer of immediately available funds, and any shares of Underlying Stock deliverable under the terms of this Security at Maturity will be delivered to the Depositary through the book-entry facilities of the

 
Depositary if such shares are then in book-entry form and, if such shares are then in definitive form, certificates representing such shares will be delivered pursuant to the Depositary’s
instructions. 
  
 Payment at Stated Maturity 

On the Stated Maturity Date, for each $1,000 principal amount of this Security that has not been previously exchanged by
the Holder hereof or redeemed by the Company, the Holder of this Security shall receive an amount in cash equal to the greater of $1,000 and Parity, as determined on the fifth Trading Day (as defined below) prior to the Stated Maturity Date (the
“Final Exchange Date”). “Parity” on any Trading Day equals the Exchange Ratio (as defined below) multiplied by the Closing Price (as defined below) of the Underlying Stock, each determined as of such Trading Day by
the Calculation Agent (as defined below). The “Underlying Stock” is the common stock of Intel Corporation (the “Underlying Stock Issuer”). “Principal amount” shall mean, when used with respect to
this Security, the amount set forth on the face of this Security as its “Principal Amount.” 
 If a
Market Disruption Event occurs or is continuing with respect to the Underlying Stock on the Final Exchange Date and the Holder of this Security does not exercise the Exchange Right (as defined below) with respect to the principal amount for which
payment must be made by the Company on the Stated Maturity Date as described in the immediately preceding paragraph, such Final Exchange Date, solely for purposes of determining Parity as described in the immediately preceding paragraph, will be
postponed to the first succeeding Trading Day on which a Market Disruption Event has not occurred and is not continuing. If such first succeeding Trading Day has not occurred as of the eighth scheduled Trading Day after the scheduled Final Exchange
Date, that eighth scheduled Trading Day shall be deemed the Final Exchange Date. If the Final Exchange Date has been postponed eight scheduled Trading Days after the scheduled Final Exchange Date and such eighth scheduled Trading Day is not a
Trading Day, or if a Market Disruption Event occurs or is continuing with respect to the Underlying Stock on such eighth scheduled Trading Day, the Calculation Agent will determine the Closing Price of the Underlying Stock on such eighth scheduled
Trading Day using its good faith estimate of the Closing Price that would have prevailed for the Underlying Stock on such date. For the avoidance of doubt, in no circumstances will the Holder hereof have the right to exercise the Exchange Right on
any date following the originally scheduled Final Exchange Date. 
 If a Market Disruption Event has occurred or
is continuing on the Final Exchange Date and the Holder of this Security does not exercise the Exchange Right with respect to the principal amount for which payment must be made by the Company on the Stated Maturity Date as described in the second
preceding paragraph, and such Final Exchange Date, for purposes of determining Parity, is postponed so that it falls less than three Business Days (as defined below) prior to the Stated Maturity Date, the Stated Maturity Date will be postponed to
the third Business Day following the Final Exchange Date as postponed. 
 Exchange Right 

Beginning July 12, 2013 to and including the earlier of (i) the Trading Day prior to the Redemption Notice Date
(as defined below), if applicable, and (ii) the Final Exchange Date, the Holder of this Security may exchange each $1,000 principal amount of this Security for a number of 

  
 2 

 
shares of Underlying Stock equal to the Exchange Ratio as it may have been adjusted through the Exchange Settlement Date (as defined below) (or, at the Company’s option, the cash value of a
number of shares of the Underlying Stock equal to the Exchange Ratio as it may have been adjusted through the Exchange Notice Date (as defined below), based on the Closing Price of the Underlying Stock on the Exchange Notice Date), subject to the
Company’s right to redeem this Security on any day from and including June 5, 2018. This right of the Holder of this Security to exchange this Security is referred to herein as the “Exchange Right.” 

The “Exchange Ratio” is equal to 34.633. The Exchange Ratio will remain constant for the term of this
Security unless adjusted for certain corporate events relating to, or dividend payments by, the issuer of the Underlying Stock. See “ — Adjustment Events” below. 

When the Holder of this Security exchanges this Security or any portion hereof, the Calculation Agent will determine the
exact number of shares of the Underlying Stock to be received by the Holder based on the principal amount of this Security exchanged and the Exchange Ratio as it may have been adjusted through the Exchange Settlement Date. Since this Security will
be held only in book-entry form, a beneficial owner of this Security may exercise the Exchange Right only by acting through its participant at DTC, whose nominee is the registered Holder of this Security. Accordingly, if a beneficial owner of this
Security desires to exchange all or any portion of this Security, such beneficial owner must instruct the participant through which it owns its interest to exercise the Exchange Right on its behalf. 

To exchange this Security or any portion hereof on any day, a beneficial owner of this Security or any portion hereof
must instruct its broker or other person with whom it holds its beneficial interest to take the appropriate steps through normal clearing system channels. A beneficial owner’s book-entry interest in this Security must be transferred to Wells
Fargo Bank, N.A., the Paying Agent, on the day the Company delivers shares or pays cash to the Holder hereof, as described below. In addition, a beneficial owner of this Security must give the Company notice of exchange as follows: 

 

	 	—	 	 fill out an Official Notice of Exchange, which is attached as Annex A hereto; and 

 

	 	—	 	 deliver such Official Notice of Exchange to the Company before 11:00 A.M., New York City time, on the day such beneficial owner notifies the Company
of its exercise of the Exchange Right (the “Exchange Notice Date”). 

 In
order to ensure that the instructions are received by the Company on a particular day, a beneficial owner of this Security must instruct the participant through which it owns its interest before that participant’s deadline for accepting
instructions from their customers. Different firms may have different deadlines for accepting instructions from their customers. Accordingly, a beneficial owner of this Security should consult the participant through which it owns its interest for
the relevant deadline. If the Company receives an Official Notice of Exchange after 11:00 A.M., New York City time, on any Trading Day or at any time on a day that is not a Trading Day, such notice will not become effective until the next Trading
Day, and such next Trading Day will be the Exchange Notice Date. All instructions given to the Company by participants on behalf of a beneficial owner relating to the right to exchange this Security will be irrevocable. In addition, at the time
instructions are given, a beneficial owner of this Security must direct the participant through 

  
 3 

 
which it owns its interest to transfer its book-entry interest in this Security, on DTC’s records, to the Paying Agent on the Company’s behalf. 

This Security must be exchanged in $1,000 minimum increments at a time. 

The Holder of this Security will no longer have the Exchange Right if the Company redeems this Security. 

Upon any such exchange, the Company may, at its sole option, either deliver such shares of the Underlying Stock or pay an
amount in cash equal to Parity on the Exchange Notice Date, as determined by the Calculation Agent, in lieu of the Underlying Stock. 
 The Company will, or will cause the Calculation Agent to, deliver such shares of the Underlying Stock or cash to the Paying Agent for delivery to the Holder of this Security on the third Business Day
after the Exchange Notice Date, upon delivery of this Security to the Paying Agent. The “Exchange Settlement Date” will be the third Business Day after the Exchange Notice Date, or, if later, the day on which this Security is
delivered to the Paying Agent. 
 If upon exchange of this Security or any portion hereof the Company delivers
shares of the Underlying Stock, the Company will pay cash in lieu of delivering any fractional share of the Underlying Stock in an amount equal to the value of such fractional shares based on the Closing Price of the Underlying Stock as determined
by the Calculation Agent on the Trading Day before the Exchange Settlement Date. 
 Redemption Right 

The Company may redeem this Security, in whole but not in part, for settlement on any day from and including June 5,
2018, to and including the Stated Maturity Date, for an amount in cash for each $1,000 principal amount of this Security equal to the greater of (i) $1,000 and (ii) Parity determined by the Calculation Agent on the Trading Day prior to the
Redemption Notice Date (the “Redemption Determination Date”). This right of the Company to redeem this Security is referred to herein as the “Redemption Right.” 

If the Company redeems this Security, the Company will specify the Redemption Date in its notice of redemption. The
“Redemption Date” will be 10 days following the day on which the Company gives its notice of redemption (the “Redemption Notice Date”), unless the 10th day following the Redemption Notice Date is not a Business Day, in which case the Redemption Date will be the
immediately following day that is a Business Day. 
 If the Company redeems this Security, the Holder of this
Security will no longer be able to exercise the Exchange Right. 
 Business Day Adjustments 

If the Stated Maturity Date, the Redemption Date or any Exchange Settlement Date is not a Business Day, any payments due
on this Security on such day will be made on the next succeeding Business Day with the same force and effect as if made on such day. 

  
 4 

 Certain Definitions 

“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. 
 “Calculation Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company, which term shall, unless the context otherwise requires, include its
successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time to time after the
initial issuance of this Security without the consent of the Holder of this Security and without notifying the Holder of this Security. 
 “Calculation Agent Agreement” shall mean the Calculation Agent Agreement dated as of May 29, 2012 between the Company and the Calculation Agent, as amended from time to time.

 The “Closing Price” for one share of the Underlying Stock (or one unit of any other security
for which a Closing Price must be determined) on any Trading Day means: 
  

	 	•	 	 if the Underlying Stock (or any such other security) is listed or admitted to trading on a national securities exchange (other than The NASDAQ Stock
Market LLC (the “NASDAQ”)), the last reported sale price, regular way, of the principal trading session on such day on the principal United States securities exchange registered under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), on which the Underlying Stock (or any such other security) is listed or admitted to trading; 

  

	 	•	 	 if the Underlying Stock (or any such other security) is a security of the NASDAQ, the official closing price published by the NASDAQ on such day; or

  

	 	•	 	 if the Underlying Stock (or any such other security) is not listed or admitted to trading on any national securities exchange but is included in the
OTC Bulletin Board Service (the “OTC Bulletin Board”) operated by the Financial Industry Regulatory Authority, Inc. (the “FINRA”), the last reported sale price of the principal trading session on the OTC Bulletin
Board on such day. 

 If the Underlying Stock (or any such other security) is listed or
admitted to trading on any national securities exchange but the last reported sale price or the official closing price published by the NASDAQ, as applicable, is not available pursuant to the preceding sentence, then the Closing Price for one share
of the Underlying Stock (or one unit of any such other security) on any Trading Day will mean the last reported sale price of the principal trading session on the over-the-counter market as reported on the NASDAQ or the OTC Bulletin Board on such
day. 
 If the last reported sale price or the official closing price published by the NASDAQ, as applicable,
for the Underlying Stock (or any such other security) is not available pursuant to either of the two preceding sentences, then the Closing Price per share for any Trading Day will be the mean, as determined by the Calculation Agent, of the bid price
for the Underlying Stock (or any 

  
 5 

 
such other security) obtained from as many recognized dealers in such security, but not exceeding three, as will make such bid prices available to the Calculation Agent. Bids of Wells Fargo
Securities, LLC or any of its affiliates may be included in the calculation of such mean, but only to the extent that any such bid is the highest of the bids obtained. The term “OTC Bulletin Board Service” will include any successor
service thereto. 
 A “Market Disruption Event” means the occurrence or existence of any of the
following events: 
  

	 	•	 	 a suspension, absence or material limitation of trading in the Underlying Stock on its primary market for more than two hours of trading or during
the one-half hour before the close of trading in that market, as determined by the Calculation Agent in its sole discretion; 

  

	 	•	 	 a suspension, absence or material limitation of trading in option or futures contracts relating to the Underlying Stock, if available, in the
primary market for those contracts for more than two hours of trading or during the one-half hour before the close of trading in that market, as determined by the Calculation Agent in its sole discretion; 

 

	 	•	 	 the Underlying Stock does not trade on the New York Stock Exchange, the NASDAQ Global Select Market, the NASDAQ Global Market or what was the
primary market for the Underlying Stock, as determined by the Calculation Agent in its sole discretion; or 

  

	 	•	 	 any other event, if the Calculation Agent determines in its sole discretion that the event materially interferes with the Company’s ability or
the ability of any of its affiliates to unwind all or a material portion of a hedge with respect to this Security that the Company or its affiliates have effected or may effect. 

The following events will not be Market Disruption Events: 

 

	 	•	 	 a limitation on the hours or number of days of trading in the Underlying Stock in its primary market, but only if the limitation results from an
announced change in the regular business hours of the relevant market; and 

  

	 	•	 	 a decision to permanently discontinue trading in the option or futures contracts relating to the Underlying Stock. 

For this purpose, a “suspension, absence or material limitation of trading” in the applicable market will not
include any time when that market is itself closed for trading under ordinary circumstances. In contrast, a “suspension, absence or material limitation of trading” in the applicable market for the Underlying Stock or option or futures
contracts relating to the Underlying Stock, as applicable, by reason of any of: 
  

	 	•	 	 a price change exceeding limits set by that market; 

 

	 	•	 	 an imbalance of orders relating to the Underlying Stock or those contracts; or 

  
 6 

	 	•	 	 a disparity in bid and asked quotes relating to the Underlying Stock or those contracts 

will constitute a “suspension, absence or material limitation of trading” in the Underlying Stock or those contracts, as the
case may be, in the applicable market. 
 A “Trading Day” means a day, as determined by the
Calculation Agent, on which trading is generally conducted on the principal trading market for the Underlying Stock (as determined by the Calculation Agent, in its sole discretion), the Chicago Mercantile Exchange and the Chicago Board Options
Exchange and in the over-the-counter market for equity securities in the United States. 
 Calculation Agent 

All determinations made by the Calculation Agent with respect to this Security 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 Holder of this Security. All percentages and other amounts resulting from any calculation with respect to this Security
will be rounded at the Calculation Agent’s discretion. 
 Events of Default and Acceleration 

In case an Event of Default, as defined in the Indenture, with respect to this Security has occurred and is continuing,
the amount payable to the Holder of this Security upon any acceleration permitted by this Security, with respect to each $1,000 principal amount of this Security, will be equal to the greater of (i) $1,000 and (ii) Parity determined by the
Calculation Agent on the date of acceleration. 
 Adjustment Events 

The Exchange Ratio of the Underlying Stock is subject to adjustment by the Calculation Agent as a result of the dilution
and reorganization events described in this section. 
 How adjustments will be made 

If one of the events described below occurs with respect to the Underlying Stock and the Calculation Agent determines
that the event has a dilutive or concentrative effect on the market price of that Underlying Stock, the Calculation Agent will calculate a corresponding adjustment to the Exchange Ratio for that Underlying Stock as the Calculation Agent deems
appropriate to account for that dilutive or concentrative effect. For example, if an adjustment is required because of a two-for-one stock split, then the Exchange Ratio for that Underlying Stock will be adjusted by the Calculation Agent by
multiplying the existing Exchange Ratio by a fraction whose numerator is the number of shares of the Underlying Stock outstanding immediately after the stock split and whose denominator is the number of shares of the Underlying Stock outstanding
immediately prior to the stock split. Consequently, the Exchange Ratio will be adjusted to double the prior Exchange Ratio, due to the corresponding decrease in the market price of the Underlying Stock. Adjustments will be made for events with an
effective date or Ex-Dividend Date (as defined below), as applicable, from but excluding June 5, 2013 to and including (i) if the Holder hereof exercises the Exchange Right and the Company delivers shares of Underlying Stock to the Holder
hereof on an Exchange 

  
 7 

 
Settlement Date, such Exchange Settlement Date or (ii) in all other circumstances, the Exchange Notice Date, the Redemption Determination Date or the Final Exchange Date, as applicable (the
“Adjustment Period”). 
 The Calculation Agent will also determine the effective date of that
adjustment, and the replacement of the Underlying Stock, if applicable, in the event of a consolidation or merger or certain other events in respect of the Underlying Stock Issuer. Upon making any such adjustment, the Calculation Agent will give
notice as soon as practicable to the Trustee and the Paying Agent, stating the adjustment to the Exchange Ratio. In no event, however, will an antidilution adjustment to the Exchange Ratio during the term of this Security be deemed to change the
principal amount of this Security. 
 If more than one event requiring adjustment occurs with respect to the
Underlying Stock, the Calculation Agent will make an adjustment for each event in the order in which the events occur, and on a cumulative basis. Thus, having made an adjustment for the first event, the Calculation Agent will adjust the Exchange
Ratio for the second event, applying the required adjustment to the Exchange Ratio as already adjusted for the first event, and so on for any subsequent events. 

For any dilution event described below, other than a consolidation or merger, the Calculation Agent will not have to
adjust the Exchange Ratio unless the adjustment would result in a change to the Exchange Ratio then in effect of at least 0.10%. The Exchange Ratio resulting from any adjustment will be rounded up or down, as appropriate, to the nearest one-hundred
thousandth. 
 If an event requiring an antidilution adjustment occurs, the Calculation Agent will make the
adjustment with a view to offsetting, to the extent practical, any change in the economic position of the Holder of this Security relative to this Security that results solely from that event. The Calculation Agent may, in its sole discretion,
modify the antidilution adjustments as necessary to ensure an equitable result. 
 The Calculation Agent will
make all determinations with respect to antidilution adjustments, including any determination as to whether an event requiring adjustment has occurred, as to the nature of the adjustment required and how it will be made or as to the value of any
property distributed in a Reorganization Event (as defined below), and will do so in its sole discretion. In the absence of manifest error, those determinations will be conclusive for all purposes and will be binding on the Holder of this Security
and the Company, without any liability on the part of the Calculation Agent. The Holder of this Security will not be entitled to any compensation from the Company for any loss suffered as a result of any of these determinations by the Calculation
Agent. The Calculation Agent will provide information about the adjustments that it makes upon the written request of the Holder of this Security. 
 If any of the adjustments specified below is required to be made with respect to an amount or value of any cash or other property that is distributed by an Underlying Stock Issuer organized outside the
United States, such amount or value will be converted to U.S. dollars, as applicable, and will be reduced by any applicable foreign withholding taxes that would apply to such distribution if such distribution were paid to a U.S. person that is
eligible for the benefits of an applicable income tax treaty, if any, between the United States and the jurisdiction of organization of the Underlying Stock Issuer, as determined by the Calculation Agent, in its sole discretion. 

  
 8 

 No adjustments will be made for certain other events, such as offerings of
common stock by the Underlying Stock Issuer for cash or in connection with the occurrence of a partial tender or exchange offer for the Underlying Stock by the Underlying Stock Issuer or any other person. 

Ordinary Dividend Adjustments 
 In addition to any adjustments to the Exchange Ratio described herein, the Exchange Ratio will be adjusted for changes in the regular quarterly cash dividend payable to holders of the Underlying Stock
relative to the Base Quarterly Dividend (as defined below). If the Underlying Stock Issuer pays a regular quarterly cash dividend for which the Ex-Dividend Date is within the Adjustment Period and the amount of such regular quarterly cash dividend
(the “Current Quarterly Dividend”) is greater than or less than the Base Quarterly Dividend, the Exchange Ratio will be adjusted (an “Ordinary Dividend Adjustment”) on such Ex-Dividend Date so that the new Exchange
Ratio will equal the prior Exchange Ratio multiplied by the Ordinary Dividend Adjustment Factor. If the Underlying Stock Issuer declares that it will pay no dividend in any quarter, other than in connection with a Payment Period Adjustment, an
adjustment will be made in accordance with this paragraph on the date corresponding to the Ex-Dividend Date in the immediately prior dividend payment period during which a regular quarterly cash dividend was paid. If a Reorganization Event occurs,
no Ordinary Dividend Adjustment will be made in respect of any New Stock, Successor Stock or Replacement Stock (each as defined below). 
 The “Ordinary Dividend Adjustment Factor” will equal a fraction, the numerator of which is the Closing Price of the Underlying Stock on the Trading Day preceding the Ex-Dividend Date for
the payment of the Current Quarterly Dividend (such Closing Price, the “Ordinary Dividend Base Closing Price”), and the denominator of which is the amount by which the Ordinary Dividend Base Closing Price of the Underlying Stock on
the Trading Day preceding the Ex-Dividend Date exceeds the Dividend Differential. 
 The “Dividend
Differential” equals the amount of the Current Quarterly Dividend minus the Base Quarterly Dividend. 

The “Base Quarterly Dividend” means a quarterly dividend of $0.225 per share; provided that
(i) if there occurs any corporate event that requires an adjustment to the Exchange Ratio as described herein or (ii) the Underlying Stock Issuer effects a change in the periodicity of its dividend payments (e.g., from quarterly payments
to semi-annual payments) (a “Payment Period Adjustment”), then in each case the Calculation Agent will make an appropriate adjustment to the Base Quarterly Dividend with a view to offsetting, to the extent practical, any change in
the economic position of the Holder of this Security relative to this Security that results solely from that event. 
 Stock Splits and
Reverse Stock Splits 
 A stock split is an increase in the number of a corporation’s outstanding
shares of stock without any change in its stockholders’ equity. Each outstanding share will be worth less as a result of a stock split. 

  
 9 

 A reverse stock split is a decrease in the number of a corporation’s
outstanding shares of stock without any change in its stockholders’ equity. Each outstanding share will be worth more as a result of a reverse stock split. 

If the Underlying Stock is subject to a stock split or a reverse stock split, then once the split has become effective
the Calculation Agent will adjust the Exchange Ratio for that Underlying Stock to equal the product of the prior Exchange Ratio for that Underlying Stock and the number of shares issued in such stock split or reverse stock split with respect to one
share of that Underlying Stock. 
 Stock Dividends 

In a stock dividend, a corporation issues additional shares of its stock to all holders of its outstanding stock in
proportion to the shares they own. Each outstanding share will be worth less as a result of a stock dividend. 

If the Underlying Stock is subject to a stock dividend payable in shares of such stock that is given ratably to all
holders of shares of that Underlying Stock, then once the dividend has become effective the Calculation Agent will adjust the Exchange Ratio for that Underlying Stock on the Ex-Dividend Date to equal the sum of the prior Exchange Ratio for that
Underlying Stock and the product of: 
  

	 	—	 	 the number of shares issued with respect to one share of that Underlying Stock, and 

 

	 	—	 	 the prior Exchange Ratio for that Underlying Stock. 

The “Ex-Dividend Date” for any dividend or other distribution is the first day on and after which the
Underlying Stock trades without the right to receive that dividend or distribution. 
 No Adjustments for Other Dividends and
Distributions 
 The Exchange Ratio will not be adjusted to reflect dividends, including cash dividends,
or other distributions paid with respect to the Underlying Stock, other than: 
  

	 	—	 	 Ordinary Dividend Adjustments described above, 

  

	 	—	 	 stock dividends described above, 

  

	 	—	 	 issuances of transferable rights and warrants as described in “ — Transferable Rights and Warrants” below,

  

	 	—	 	 distributions that are spin-off events described in “ — Reorganization Events” below, and 

 

	 	—	 	 Extraordinary Dividends described below. 

 An “Extraordinary Dividend” means each of (a) the full amount per share of the Underlying Stock of any cash dividend or special dividend or distribution that is identified by the
Underlying 

  
 10 

 
Stock Issuer as an extraordinary or special dividend or distribution, (b) the excess of any cash dividend or other cash distribution (that is not otherwise identified by the Underlying Stock
Issuer as an extraordinary or special dividend or distribution) distributed per share of the Underlying Stock over the immediately preceding cash dividend or other cash distribution, if any, per share of the Underlying Stock that did not include an
Extraordinary Dividend (as adjusted for any subsequent corporate event requiring an adjustment as described herein, such as a stock split or reverse stock split) if such excess portion of the dividend or distribution is more than 5.00% of the
Closing Price of that Underlying Stock on the Trading Day preceding the Ex-Dividend Date for the payment of such cash dividend or other cash distribution (such Closing Price, the “Extraordinary Dividend Base Closing Price”) and
(c) the full cash value of any non-cash dividend or distribution per share of the Underlying Stock (excluding Marketable Securities, as defined below). 
 If the Underlying Stock is subject to an Extraordinary Dividend, then once the Extraordinary Dividend has become effective the Calculation Agent will adjust the Exchange Ratio for the Underlying Stock on
the Ex-Dividend Date to equal the product of: 
  

	 	—	 	 the prior Exchange Ratio for the Underlying Stock, and 

 

	 	—	 	 a fraction, the numerator of which is the Extraordinary Dividend Base Closing Price of the Underlying Stock on the Trading Day preceding the
Ex-Dividend Date and the denominator of which is the amount by which the Extraordinary Dividend Base Closing Price of the Underlying Stock on the Trading Day preceding the Ex-Dividend Date exceeds the Extraordinary Dividend.

 Notwithstanding anything herein, the initiation by the Underlying Stock Issuer of an
ordinary dividend on the Underlying Stock or any announced increase in the ordinary dividend on the Underlying Stock will not constitute an Extraordinary Dividend requiring an adjustment. 

To the extent an Extraordinary Dividend is not paid in cash or is paid in a currency other than U.S. dollars, the value
of the non-cash component or non-U.S. currency will be determined by the Calculation Agent, in its sole discretion. A distribution on the Underlying Stock that is a dividend payable in shares of that Underlying Stock, an issuance of rights or
warrants or a spin-off event and also an Extraordinary Dividend will result in an adjustment to the number of shares of the Underlying Stock only as described in “—Stock Dividends” above, “—Transferable Rights and
Warrants” below or “—Reorganization Events” below, as the case may be, and not as described here. 
 Transferable
Rights and Warrants 
 If the Underlying Stock Issuer issues transferable rights or warrants to all
holders of the Underlying Stock to subscribe for or purchase that Underlying Stock at an exercise price per share that is less than the Closing Price of that Underlying Stock on the Trading Day before the Ex-Dividend Date for the issuance, then the
Exchange Ratio for that Underlying Stock will be adjusted to equal the product of: 
  

	 	—	 	 the prior Exchange Ratio for that Underlying Stock, and 

  
 11 

	 	—	 	 a fraction, (1) the numerator of which will be the number of shares of that Underlying Stock outstanding at the close of trading on the Trading
Day before the Ex-Dividend Date (as adjusted for any subsequent event requiring an adjustment hereunder) plus the number of additional shares of that Underlying Stock offered for subscription or purchase pursuant to the rights or warrants and
(2) the denominator of which will be the number of shares of that Underlying Stock outstanding at the close of trading on the Trading Day before the Ex-Dividend Date (as adjusted for any subsequent event requiring an adjustment hereunder) plus
the number of additional shares of that Underlying Stock (referred to herein as the “Additional Shares”) that the aggregate offering price of the total number of shares of that Underlying Stock so offered for subscription or
purchase pursuant to the rights or warrants would purchase at the Closing Price on the Trading Day before the Ex-Dividend Date for the issuance. 

The number of Additional Shares will be equal to: 

 

	 	—	 	 the product of (1) the total number of additional shares of that Underlying Stock offered for subscription or purchase pursuant to the rights
or warrants and (2) the exercise price of the rights or warrants, divided by 

  

	 	—	 	 the Closing Price of that Underlying Stock on the Trading Day before the Ex-Dividend Date for the issuance. 

If the number of shares of the Underlying Stock actually delivered in respect of the rights or warrants differs from the
number of shares of the Underlying Stock offered in respect of the rights or warrants, then the Exchange Ratio for that Underlying Stock will promptly be readjusted to the Exchange Ratio for that Underlying Stock that would have been in effect had
the adjustment been made on the basis of the number of shares of the Underlying Stock actually delivered in respect of the rights or warrants. 

Reorganization Events 
 Each of the following is a “Reorganization Event”: 
  

	 	—	 	 the Underlying Stock is reclassified or changed (other than in a stock split or reverse stock split), 

 

	 	—	 	 the Underlying Stock Issuer has been subject to a merger, consolidation or other combination and either is not the surviving entity or is the
surviving entity but all outstanding shares of the Underlying Stock are exchanged for or converted into other property, 

  

	 	—	 	 a statutory share exchange involving outstanding shares of the Underlying Stock and the securities of another entity occurs, other than as part of
an event described above, 

  

	 	—	 	 the Underlying Stock Issuer sells or otherwise transfers its property and assets as an entirety or substantially as an entirety to another entity,

  
 12 

	 	—	 	 the Underlying Stock Issuer effects a spin-off, other than as part of an event described above (in a spin-off, a corporation issues to all holders
of its common stock equity securities of another issuer), or 

  

	 	—	 	 the Underlying Stock Issuer is liquidated, dissolved or wound up or is subject to a proceeding under any applicable bankruptcy, insolvency or other
similar law, or another entity completes a tender or exchange offer for all the outstanding shares of the Underlying Stock. 

Adjustments for Reorganization Events 
 If a Reorganization Event occurs, then the Calculation Agent will adjust the Exchange Ratio to reflect the amount and type of property or properties—whether cash, securities, other property or a
combination thereof—that a holder of one share of the Underlying Stock would have been entitled to receive in relation to the Reorganization Event. This new property is referred to as the “Reorganization Property.” 

Reorganization Property can be classified into two categories: 

 

	 	—	 	 an equity security listed on a national securities exchange, which is generally referred to as a “Marketable Security” and, in
connection with a particular Reorganization Event, “New Stock,” which may include any tracking stock, spinoff stock or any Marketable Security received in exchange for the Underlying Stock; and 

 

	 	—	 	 cash and any other property, assets or securities other than Marketable Securities (including equity securities that are not listed, that are traded
over the counter or that are listed on a non-U.S. securities exchange), which is referred to as “Non-Stock Reorganization Property.” 

For the purpose of making an adjustment required by a Reorganization Event, the Calculation Agent, in its sole
discretion, will determine the value of each type of the Reorganization Property. For purposes of valuing any New Stock, the Calculation Agent will use the Closing Price of the security on the relevant Trading Day. The Calculation Agent will value
Non-Stock Reorganization Property in any manner it determines, in its sole discretion, to be appropriate. In connection with a Reorganization Event in which Reorganization Property includes New Stock, for the purpose of determining the Exchange
Ratio for any New Stock as described below, the term “New Stock Reorganization Ratio” means the product of (i) the number of shares of the New Stock received with respect to one share of the Underlying Stock and (ii) the
Exchange Ratio for the Underlying Stock on the Trading Day immediately prior to the effective date of the Reorganization Event. 
 If a holder of shares of the Underlying Stock may elect to receive different types or combinations of types of Reorganization Property in the Reorganization Event, the Reorganization Property will consist
of the types and amounts of each type distributed to a holder of shares of that Underlying Stock that makes no election, as determined by the Calculation Agent in its sole discretion. 

  
 13 

 If any Reorganization Event occurs, then on and after the effective date for
such Reorganization Event (or, if applicable, in the case of spinoff stock, the Ex-Dividend Date for the distribution of such spinoff stock) the term “Underlying Stock” herein will be deemed to mean the following, and for each share
of Underlying Stock, New Stock and/or Replacement Stock so deemed to constitute Underlying Stock, the Exchange Ratio will be equal to the applicable number indicated: 
  

	 	(a)	 if the Underlying Stock continues to be outstanding: 

 

	 	(1)	 that Underlying Stock (if applicable, as reclassified upon the issuance of any tracking stock) at the Exchange Ratio in effect for that Underlying
Stock on the Trading Day immediately prior to the effective date of the Reorganization Event; and 

  

	 	(2)	 if the Reorganization Property includes New Stock, a number of shares of New Stock equal to the New Stock Reorganization Ratio;

 provided that, if any Non-Stock Reorganization Property is received in the
Reorganization Event, the results of (a)(1) and (a)(2) above will each be multiplied by the “Gross-Up Multiplier,” which will be equal to a fraction, the numerator of which is the Closing Price of the Underlying Stock on the Trading
Day immediately prior to the effective date of the Reorganization Event and the denominator of which is the amount by which such Closing Price of the Underlying Stock exceeds the value of the Non-Stock Reorganization Property received per share of
Underlying Stock as determined by the Calculation Agent as of the close of trading on such Trading Day; or 
  

	 	(b)	 if the Underlying Stock is surrendered for Reorganization Property: 

 

	 	(1)	 that includes New Stock, a number of shares of New Stock equal to the New Stock Reorganization Ratio; provided that, if any Non-Stock
Reorganization Property is received in the Reorganization Event, such number will be multiplied by the Gross-Up Multiplier; or 

  

	 	(2)	 that consists exclusively of Non-Stock Reorganization Property: 

 

	 	(i)	 if the surviving entity has Marketable Securities outstanding following the Reorganization Event and either (A) such Marketable Securities were
in existence prior to such Reorganization Event or (B) such Marketable Securities were exchanged for previously outstanding Marketable Securities of the surviving entity or its predecessor (“Predecessor Stock”) in connection
with such Reorganization Event (in either case of (A) or (B), the “Successor Stock”), a number of shares of the Successor Stock determined by the Calculation Agent on the Trading Day immediately prior to the effective date of
such Reorganization Event equal to the Exchange Ratio in effect for the Underlying Stock on the Trading Day immediately prior to the effective date of such Reorganization Event multiplied by a fraction, the numerator of which is the value of the
Non-Stock Reorganization Property per share of the Underlying Stock on 

  
 14 

	 	 
such Trading Day and the denominator of which is the Closing Price of the Successor Stock on such Trading Day (or, in the case of Predecessor Stock, the Closing Price of the Predecessor Stock
multiplied by the number of shares of the Successor Stock received with respect to one share of the Predecessor Stock); or 

  

	 	(ii)	 if the surviving entity does not have Marketable Securities outstanding, or if there is no surviving entity (in each case, a “Replacement
Stock Event”), a number of shares of Replacement Stock (selected as defined below) with an aggregate value on the effective date of such Reorganization Event equal to the value of the Non-Stock Reorganization Property multiplied by the
Exchange Ratio in effect for the Underlying Stock on the Trading Day immediately prior to the effective date of such Reorganization Event. 

 If a Reorganization Event occurs with respect to the shares of the Underlying Stock and the Calculation Agent adjusts the Exchange Ratio to reflect the Reorganization Property in the event as described
above, the Calculation Agent will make further antidilution adjustments for any later events that affect the Reorganization Property, or any component of the Reorganization Property, comprising the new Exchange Ratio. The Calculation Agent will do
so to the same extent that it would make adjustments if the shares of that Underlying Stock were outstanding and were affected by the same kinds of events. If a subsequent Reorganization Event affects only a particular component of the number of
shares of that Underlying Stock, the required adjustment will be made with respect to that component as if it alone were the number of shares of that Underlying Stock. 

For purposes of adjustments for Reorganization Events, in the case of a consummated tender or exchange offer or
going-private transaction involving Reorganization Property of a particular type, Reorganization Property will be deemed to include the amount of cash or other property paid by the offeror in the tender or exchange offer with respect to such
Reorganization Property (in an amount determined on the basis of the rate of exchange in such tender or exchange offer or going-private transaction). In the event of a tender or exchange offer or a going-private transaction with respect to
Reorganization Property in which an offeree may elect to receive cash or other property, Reorganization Property will be deemed to include the kind and amount of cash and other property received by offerees who elect to receive cash. 

Replacement Stock Events 
 Following the occurrence of a Replacement Stock Event described in paragraph (b)(2)(ii) above or in “—Delisting of American Depositary Shares or Termination of American Depositary Receipt
Facility” below, the amount of shares of the Underlying Stock or cash, as applicable, payable on this Security upon exchange or redemption or at Maturity will be determined by reference to a Replacement Stock and an Exchange Ratio (subject to
any further antidilution adjustments) for such Replacement Stock as determined in accordance with the following paragraphs. 

  
 15 

 The “Replacement Stock” will be the stock having the
closest “Option Period Volatility” to the Underlying Stock among the stocks that then comprise the Replacement Stock Selection Index (or, if publication of such index is discontinued, any successor or substitute index selected by the
Calculation Agent in its sole discretion) with the same GICS Code (as defined below) as the Underlying Stock Issuer; provided, however, that a Replacement Stock will not include (i) any stock that is subject to a trading restriction under the
trading restriction policies of the Company, the hedging counterparties of the Company or any of their affiliates that would materially limit the ability of the Company, the hedging counterparties of the Company or any of their affiliates to hedge
this Security with respect to such stock or (ii) any stock for which the aggregate number of shares to be referenced (equal to the product of (a) the Exchange Ratio that would be in effect immediately after selection of such stock as the
Replacement Stock and (b) the principal amount of this Security outstanding divided by $1,000) exceeds 25% of the ADTV (as defined in Rule 100(b) of Regulation M under the Exchange Act) for such stock as of the effective date of the
Replacement Stock Event (an “Excess ADTV Stock”). 
 If a Replacement Stock is selected in
connection with a Reorganization Event, the Exchange Ratio with respect to such Replacement Stock will be equal to the number of shares of such Replacement Stock with an aggregate value, based on the Closing Price on the effective date of such
Reorganization Event, equal to the product of (a) the value of the Non-Stock Reorganization Property received per share of Underlying Stock and (b) the Exchange Ratio in effect for the Underlying Stock on the Trading Day immediately prior
to the effective date of such Reorganization Event. If Replacement Stock is selected in connection with an ADS Termination Event (as defined below), the Exchange Ratio with respect to such Replacement Stock will be equal to the number of shares of
such Replacement Stock with an aggregate value, based on the Closing Price on the Change Date (as defined below), equal to the product of (x) the Closing Price of the Underlying Stock on the Change Date and (y) the Exchange Ratio in effect
for the Underlying Stock on the Trading Day immediately prior to the Change Date. 
 The “Option Period
Volatility” means, in respect of any Trading Day, the volatility (calculated by referring to the Closing Price of the Underlying Stock on its primary exchange) for a period equal to the 125 Trading Days immediately preceding the
announcement date of the Reorganization Event, as determined by the Calculation Agent. 
 “GICS
Code” means the Global Industry Classification Standard (“GICS”) sub-industry code assigned to the Underlying Stock Issuer; provided, however, if (i) there is no other stock in the Replacement Stock Selection Index in
the same GICS sub-industry or (ii) a Replacement Stock (a) for which there is no trading restriction and (b) that is not an Excess ADTV Stock cannot be identified from the Replacement Stock Selection Index in the same GICS
sub-industry, the GICS Code will mean the GICS industry code assigned to the Underlying Stock Issuer. If no GICS Code has been assigned to the Underlying Stock Issuer, the applicable GICS Code will be determined by the Calculation Agent to be the
GICS sub-industry code assigned to companies in the same sub- industry (or, subject to the proviso in the preceding sentence, industry, as applicable) as the Underlying Stock Issuer at the time of the relevant Replacement Stock Event. 

The “Replacement Stock Selection Index” means the S&P 500® Index. 

  
 16 

 Delisting of American Depositary Shares or Termination of American
Depositary Receipt Facility.    If the Underlying Stock is an ADS and the Underlying Stock is no longer listed or admitted to trading on a U.S. securities exchange registered under the Exchange Act or included in the OTC
Bulletin Board Service operated by the FINRA, or if the American depositary receipt facility between the Underlying Stock Issuer and the depositary is terminated for any reason (each, an “ADS Termination Event”), then, on the last
Trading Day on which the Underlying Stock is listed or admitted to trading or the last Trading Day immediately prior to the date of such termination, as applicable (the “Change Date”), a Replacement Stock Event shall be deemed to
occur. 
  
  

 

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] 

  
 17 

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

DATED:                        
       
  

							
	WELLS FARGO & COMPANY
	                            
                                         
                   
			
	By:	 	  
	 	 
		 	  
	 	
		 	Its:	 	  
	 	

 [SEAL] 

					
	                            
                                         
                   
	Attest:	 	 
		 	  

		 	Its:	 	  

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 

This is one of the Securities of the 
 series designated therein 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	 		 		  	

  
 18 

 [Reverse of Note] 

 
  

WELLS FARGO & COMPANY 
 MEDIUM-TERM NOTE, SERIES K 
 Due Nine Months or More From Date of Issue

 0% Optionally Exchangeable Securities due June 5, 2020 

Exchangeable for the Common Stock of Intel Corporation or the Cash Value of Such Stock 

 
 This Security is one of a duly authorized issue of
securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the
“Indenture”), between the Company and Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of
$25,000,000,000 or the equivalent thereof in one or more foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based
indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate
or a floating rate. The Securities of this series may mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies.

 Article Sixteen of the Indenture shall not apply to this Security. 

The Securities are issuable only in registered form without coupons and will be either (a) book-entry securities
represented by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities issued to and registered in the names of, the beneficial owners or their nominees. 

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 this Security. 
 Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the
rights and obligations of the Company and the rights of the Holders of 

  
 19 

 
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 as a class. The Indenture also contains provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected by
certain provisions of the Indenture, acting together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the Indenture and
their consequences may be waived under the Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. 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 “Principal 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.

 Defeasance 
 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. 
 Authorized Denominations 

This Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess
thereof which is an integral multiple of $1,000. 
 Registration of Transfer 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of
Minneapolis, Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange herefor, as provided in the
Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 

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 

  
 20 

 
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 date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 
 This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the
Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in
definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 
 Prior to
due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not
this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

Obligation of the Company Absolute 
 No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to make the payments on
this Security at the times, place and rate, and in the coin or currency or shares of Underlying Stock, as the case may be, herein prescribed, except as otherwise provided in this Security. 
 No Personal Recourse 
 No recourse shall be had for
the payment of amounts payable on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or
director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the
acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 
 Defined Terms

 All terms used in this Security which are defined in the Indenture shall have the meanings assigned
to them in the Indenture unless otherwise defined in this Security. 
 Governing Law 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to
principles of conflicts of laws. 

  
 21 

 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)

  
 22 

 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.

  
 23 

 Annex A 

 
 OFFICIAL NOTICE OF EXCHANGE 

Dated: On or after July 12, 2013 
  

			
	Wells Fargo & Company	  	Wells Fargo Securities, LLC
	375 Park Avenue, 4th Floor	  	c/o Investment Solutions
	MAC J0127-045	  	    375 Park Avenue,
2nd Floor
	New York, NY 10152	  	MAC J0127-027
	Facsimile No: (212) 214-5913	  	New York, NY 10152
	Telephone No: (212) 214-6101	  	Facsimile No: (212) 214-8917
	Attention: Derivatives Structuring Group	  	Telephone No: (212) 214-6274
		  	Attention: Meghan Brudie

  
  
 Dear Sirs or Madams: 
 The undersigned beneficial owner of the Medium-Term Notes,
Series K, 0% Optionally Exchangeable Securities due June 5, 2020 of Wells Fargo & Company (CUSIP No. 94986RQF1) (the “securities”) hereby irrevocably elects to exercise its exchange right with respect to the
principal amount of the securities indicated below, as of the date hereof (or if this notice is received after 11:00 A.M., New York City time, on any trading day or at any time on a day that is not a trading day, as of the next trading day),
provided that such a day is on or after July 12, 2013, and is on or before the earlier of (i) the trading day prior to the redemption notice date, if applicable, and (ii) the fifth trading day before the stated maturity date. The
exchange right is to be exercised as described under “Specific Terms of the Securities — Exchange Right” in the pricing supplement dated June 12, 2013 (the “pricing supplement”) relating to Registration Statement
No. 333-180728. Terms not defined in this notice shall have their respective meanings as described in the pricing supplement. 
 Please (i) date and acknowledge receipt of this Official Notice of Exchange in the place provided below, and (ii) fax a copy to the fax number indicated. The amount of any such cash payment will
be determined by the calculation agent and indicated in its acknowledgment of this Official Notice of Exchange. Wells Fargo will then deliver, in its sole discretion, the shares of the underlying stock, or an equivalent amount in cash based on the
value thereof, on the third business day after the exchange notice date, in accordance with the terms of the securities as described in the pricing supplement. 
 The undersigned certifies to you that (i) it is, or is duly authorized to act for, the beneficial owner of the securities to be exchanged (and attaches evidence of such ownership as provided by the
undersigned’s position services department or the position services department of the entity through which the undersigned holds its securities) and (ii) it will cause the principal amount of securities to be exchanged to be transferred to
the paying agent on the exchange settlement date. 

					
		 	Very truly yours,
		
		 	  

		 	Name of Beneficial Owner
		
		 	By:
		 	  

		 	Name
		
		 	  

		 	Title and/or Organization
		
		 	  

		 	Fax No./Direct No.
		 	$	 	 
		 	Principal amount of securities to be surrendered for exchange
		
		 	  

		 	Please specify: Exchange Notice Date

  
 Receipt of the above 

Official Notice of Exchange is hereby acknowledged. 
 WELLS FARGO & COMPANY, as issuer 
  

			
	By:	 	
		 	Title:

 Date and
time of acknowledgment                               

 
 WELLS FARGO SECURITIES, LLC, as Calculation Agent 

			
		
	By:	 	
		 	Title:

 Date and time of
acknowledgment                               

  
 Annex A-2EX-4.1

 Exhibit 4.1 
 SECOND SUPPLEMENTAL INDENTURE 
 between 

APOLLO INVESTMENT CORPORATION 
 and 
 U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 

Dated as of June 17, 2013 
 SECOND SUPPLEMENTAL INDENTURE 
 THIS SECOND SUPPLEMENTAL INDENTURE (this
“Second Supplemental Indenture”), dated as of June 17, 2013, is between Apollo Investment Corporation, a Maryland corporation (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”). All
capitalized terms used herein shall have the meaning set forth in the Base Indenture (as defined below). 
 RECITALS OF THE
COMPANY 
 The Company and the Trustee executed and delivered an Indenture, dated as of October 9, 2012 (the “Base
Indenture,” and, as supplemented by this Second Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company from time to time of the Company’s unsecured debentures, notes or other evidences of
indebtedness (the “Securities”), to be issued in one or more series as provided in the Base Indenture. 
 The Company
desires to issue and sell $135,000,000 aggregate principal amount of the Company’s 6.875% Senior Notes due 2043 (the “Notes”). 
 Sections 9.01(5) and 9.01(7) of the Base Indenture provide that without the consent of Holders of the Securities of any series issued under the Indenture, the Company, when authorized by or
pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental to the Base Indenture to (i) change or eliminate any of the provisions of the Base Indenture when there is no
Security Outstanding of any series created prior to the execution of a supplemental indenture that is entitled to the benefit of such provision and (ii) establish the form or terms of Securities of any series as permitted by Section 2.01
and Section 3.01 of the Base Indenture. 
 The Company desires to establish the form and terms of the Notes and to modify,
alter, supplement and change certain provisions of the Base Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (“Future Supplemental Indenture”)).

 The Company has duly authorized the execution and delivery of this Second Supplemental Indenture to provide for the issuance
of the Notes and all acts and things necessary to make this Second Supplemental Indenture a valid, binding, and legal obligation of the Company and to constitute a valid agreement of the Company, in accordance with its terms, have been done and
performed. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and
proportionate benefit of all Holders of the Notes, as follows: 

 ARTICLE I 
 TERMS OF THE NOTES 
 Section 1.01. Terms of the Notes. The
following terms relating to the Notes are hereby established: 
 (a) The Notes shall constitute a series of Securities
having the title “6.875% Senior Notes due 2043” and shall be designated as Senior Securities under the Indenture. The Notes shall bear a CUSIP number of 03761U403 and an ISIN number of US03761U4031. 

(b) The aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except for
Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 3.04, 3.05, 3.06, 9.06 or 11.07 of the Base Indenture) shall be $135,000,000. Under a Board Resolution,
Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Notes, issue additional Notes (in any such case “Additional Notes”) having the
same ranking and the same interest rate, maturity and other terms as the Notes. Any Additional Notes and the existing Notes will constitute a single series under the Indenture and all references to the relevant Notes herein shall include the
Additional Notes unless the context otherwise requires. 
 (c) The entire outstanding principal of the Notes shall be
payable on July 15, 2043. 
 (d) The rate at which the Notes shall bear interest shall be 6.875% per annum (the
“Applicable Interest Rate”). The date from which interest shall accrue on the Notes shall be June 17, 2013, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Dates for the
Notes shall be January 15, April 15, July 15 and October 15 of each year, commencing October 15, 2013 (if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment will be made
on the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment); the initial interest period will be the period from and including June 17, 2013 (or the most recent Interest Payment Date to which
interest has been paid or provided for), to, but excluding, the initial Interest Payment Date, and the subsequent interest periods will be the periods from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or
the Stated Maturity, as the case may be; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person in whose name the Note (or one or more predecessor Notes) is registered at the close
of business on the Regular Record Date for such interest, which shall be January 1, April 1, July 1 and October 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Payment
of principal of (and premium, if any) and any such interest on the Notes will be made at the Corporate Trust Office of the Trustee 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; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.
Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day months. 
 (e) The Notes shall be
initially issuable in global form (each such Note, a “Global Note”). The Global Notes and the Trustee’s certificate of authentication thereon shall be substantially in the form of Exhibit A to this Second Supplemental
Indenture. Each Global Note shall represent the outstanding Notes as shall be specified therein and each shall provide that it shall represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate
amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of
outstanding Notes represented thereby shall be made by the Trustee or the Security Registrar, in accordance with Sections 2.03 and 3.05 of the Base Indenture. 
 (f) The depositary for such Global Notes (the “Depositary”) shall be The Depository Trust Company, New York, New York. The Security Registrar with respect to the Global Notes shall be
the Trustee. 

 (g) The Notes shall be defeasible pursuant to Section 14.02 or Section 14.03
of the Base Indenture. Covenant defeasance contained in Section 14.03 of the Base Indenture shall apply to the covenants contained in Sections 10.06, 10.08 and 10.09 of the Indenture. 

(h) The Notes shall be redeemable pursuant to Section 11.01 of the Base Indenture and as follows: 

(i) The Notes will be redeemable in whole or in part at any time or from time to time, at the option of the Company, on or after
July 15, 2018, at a redemption price of $25 per Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption. 

(ii) Notice of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing
next-day delivery, to each Holder of the Notes to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the Holder’s address appearing in the Security Register. All notices of redemption
shall contain the information set forth in Section 11.04 of the Base Indenture and the delivery of such shall be subject to the terms of the Indenture. 
 (iii) Any exercise of the Company’s option to redeem the Notes will be done in compliance with the Investment Company Act. 

(iv) If the Company elects to redeem only a portion of the Notes, the Trustee will determine the method for selecting the
particular Notes to be redeemed, in accordance with the Investment Company Act. 
 (v) Unless the Company defaults in
payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes called for redemption hereunder. 
 (i) The Notes shall not be subject to any sinking fund pursuant to Section 12.01 of the Base Indenture. 
 (j) The Notes shall be issuable in denominations of $25 and integral multiples of $25 in excess thereof. 
 (k) Holders of the Notes will not have the option to have the Notes repaid prior to the Stated Maturity. 
 ARTICLE II 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 Section 2.01. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by adding the following defined terms to Section 1.01 in appropriate
alphabetical sequence, as follows: 
 “‘GAAP’ means generally accepted accounting principles in the United
States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight Board and the statements and
pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession in the United States, which are in effect from time to
time.” 
 “‘Investment Company Act’ means the Investment Company Act of 1940, as amended, and the
rules, regulations and interpretations promulgated thereunder, to the extent applicable, and any statute successor thereto.” 

 ARTICLE III 
 REMEDIES 
 Section 3.01. Except as may be provided in a Future
Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture shall be amended by replacing clause
(2) thereof with the following: 
 “(2) default in the payment of the principal (or premium, if any) of any Note
when it becomes due and payable at its Maturity; or” 
 Section 3.02. Except as may be provided in a Future
Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 5.02 of the Base Indenture shall be amended by replacing
Section 5.02 with the following: 
 “Section 5.02. Acceleration of Maturity; Rescission and Annulment.

 If an Event of Default with respect to Securities of any series at the time Outstanding occurs and is
continuing, then and in every such case (other than an Event of Default specified in Section 5.01(5) or Section 5.01(6) with respect to the Company) the Trustee or the Holders of not less than 25% in principal amount of the Outstanding
Securities of that series may declare the principal (or, if any Securities are Original Issue Discount Securities or Indexed Securities, such portion of the principal as may be specified in the terms thereof) of all the Securities of that series to
be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or specified portion thereof shall become immediately due and payable. If an Event of
Default specified in Section 5.01(5) or Section 5.01(6) with respect to the Company occurs and is continuing, the principal of, and accrued and unpaid interest, if any, on, all Notes shall be automatically and immediately due and payable.

 At any time after such a declaration of acceleration with respect to Securities of any series has been made
and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter provided in this Article, the Holders of a majority in principal amount of the Outstanding Securities of that series, by written notice to
the Company and the Trustee, may rescind and annul such declaration and its consequences if: 
 (1) the Company
has paid or deposited with the Trustee a sum sufficient to pay in the Currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 3.01 for the Securities of such series and except, if
applicable, as provided in Sections 3.12(b), 3.12(d) and 3.12(e)): 
 (A) all overdue installments of interest,
if any, on all Outstanding Securities of that series and any related coupons, 
 (B) the principal of (and
premium, if any) all Outstanding Securities of that series which have become due otherwise than by such declaration of acceleration and interest thereon at the rate or rates borne by or provided for in such Securities, 

(C) to the extent that payment of such interest is lawful, interest upon overdue installments of interest at the rate or
rates borne by or provided for in such Securities, and 
 (D) all sums paid or advanced by the Trustee hereunder
and the reasonably agreed upon compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 

 (2) all Events of Default with respect to Securities of that series, other
than the nonpayment of the principal of (or premium, if any) or interest on Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13. 

No such rescission shall affect any subsequent default or impair any right consequent thereon.” 

ARTICLE IV 

COVENANTS 

Section 4.01. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no
other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by adding the following new Sections 10.08 and 10.09 thereto, each as set forth below:

 “Section 10.08 Section 18(a)(1)(A) of the Investment Company Act. 

The Company hereby agrees that for the period of time during which Notes are Outstanding, the Company will not violate,
whether or not it is subject to, Section 18(a)(1)(A) as modified by Section 61(a)(1) of the Investment Company Act or any successor provisions thereto of the Investment Company Act.” 

“Section 10.09 Commission Reports and Reports to Holders. 

If, at any time, the Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act
to file any periodic reports with the Commission, the Company agrees to furnish to the Holders of Notes and the Trustee for the period of time during which the Notes are Outstanding: (i) within 90 days after the end of the each fiscal year of
the Company, audited annual consolidated financial statements of the Company and (ii) within 45 days after the end of each fiscal quarter of the Company (other than the Company’s fourth fiscal quarter), unaudited interim consolidated
financial statements of the Company. All such financial statements shall be prepared, in all material respects, in accordance with GAAP.” 
 ARTICLE V 
 MISCELLANEOUS 

Section 5.01. This Second Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws
of the State of New York, without regard to principles of conflicts of laws that would cause the application of laws of another jurisdiction and without prejudice to the application of NYGOL 5-1501. This Second Supplemental Indenture is subject
to the provisions of the Trust Indenture Act of 1939, as amended, that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions. 

Section 5.02. In case any provision in this Second Supplemental Indenture or in the Notes shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 5.03. This Second Supplemental Indenture may be executed in any number of counterparts, each of which will be an original, but such counterparts will together constitute but one and the
same Second Supplemental Indenture. The exchange of copies of this Second Supplemental Indenture and of signature pages by facsimile, .pdf transmission, email or other electronic means shall constitute effective execution and delivery of this
Second Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf transmission, email or other electronic means shall be deemed to be their original signatures for all purposes. 

Section 5.04. The Base Indenture, as supplemented and amended by this Second Supplemental Indenture, is in all respects
ratified and confirmed, and the Base Indenture and this Second Supplemental Indenture 

 
shall be read, taken and construed as one and the same instrument with respect to the Notes. All provisions included in this Second Supplemental Indenture supersede any conflicting provisions
included in the Base Indenture with respect to the Notes, unless not permitted by law. The Trustee accepts the trusts created by the Indenture, as supplemented by this Second Supplemental Indenture, and agrees to perform the same upon the terms and
conditions of the Indenture, as supplemented by this Second Supplemental Indenture. 
 Section 5.05. The provisions of
this Second Supplemental Indenture shall become effective as of the date hereof. 
 Section 5.06. Notwithstanding
anything else to the contrary herein, the terms and provisions of this Second Supplemental Indenture shall apply only to the Notes and shall not apply to any other series of Securities under the Indenture and this Second Supplemental Indenture shall
not and does not otherwise affect, modify, alter, supplement or change the terms and provisions of any other series of Securities under the Indenture, whether now or hereafter issued and Outstanding. 

Section 5.07. The recitals contained herein and in the Notes shall be taken as the statements of the Company, and the Trustee
assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Second Supplemental Indenture, the Notes or any Additional Notes, except that the Trustee represents that it is duly
authorized to execute and deliver this Second Supplemental Indenture, authenticate the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall not be accountable for the use or application by the Company of the Notes
or any Additional Notes or the proceeds thereof. 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be
duly executed as of the date first above written. 
  

			
	APOLLO INVESTMENT CORPORATION
		
	By:	 	 /s/ Gregory W. Hunt

	Name:	 	Gregory W. Hunt
	Title:	 	Chief Financial Officer and Treasurer
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Beverly A. Freeney

	Name:	 	Beverly A. Freeney
	Title:	 	Vice President

 EXHIBIT A 
 [FORM OF GLOBAL NOTE] 
 THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND SUCH CERTIFICATE
ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

Apollo Investment Corporation 
  

					
	No. 1	 		  	$
		 		  	CUSIP No.
		 		  	ISIN No.

 6.875% Senior Notes due 2043 
 Apollo Investment Corporation, a corporation duly organized and existing under the laws of Maryland (herein called the “Company”, which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of              (U.S.
$             ) on July 15, 2043, and to pay interest thereon from June 17, 2013 or from the most recent Interest Payment Date to which interest has been paid or duly provided
for, quarterly on January 15, April 15, July 15 and October 15 in each year, commencing October 15, 2013, at the rate of 6.875% per annum, until the principal hereof is paid or made available for payment. The interest
so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such
interest, which shall be January 1, April 1, July 1 and October 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be
fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. This Security may be issued as part of a series. 

Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the Corporate Trust Office of
the Trustee in New York, New York 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; provided, however, that at the option of the
Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

  
 A-1

 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, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

  
 A-2

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by the
undersigned officer. 
  

					
	APOLLO INVESTMENT CORPORATION
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

					
	Attest
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Dated: June 17, 2013 

  
 A-3

 This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
  

			
	U.S. BANK NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	  

		 	Authorized Signatory

 Dated: June 17, 2013 

  
 A-4

 Apollo Investment Corporation 

6.875% Senior Notes due 2043 
 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
October 9, 2012 (herein called the “Base Indenture”), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), and
reference is hereby made to the Base Indenture 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, as supplemented by the Second Supplemental Indenture, dated as of June 17, 2013 (the “Second Supplemental Indenture” and, together with the Base Indenture collectively
referred to herein as the “Indenture”). In the event of any conflict between the Base Indenture and the Second Supplemental Indenture, the Second Supplemental Indenture shall govern and control. 

This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to
$                    . Under a Board Resolution, an Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company
may from time to time, without the consent of the Holders of Securities, issue additional Securities of this series (in any such case “Additional Securities”) having the same ranking and the same interest rate, maturity and other terms as
the Securities. Any Additional Securities and the existing Securities will constitute a single series under the Indenture and all references to the relevant Securities herein shall include the Additional Securities unless the context otherwise
requires. The aggregate amount of outstanding Securities represented hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. 

The Securities of this series are subject to redemption in whole or in part at any time or from time to time, at the option of the
Company, on or after July 15, 2018, at a redemption price of $25 per security plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption. 

Notice of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day
delivery, to each Holder of the Securities to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the Holder’s address appearing in the Security Register. All notices of redemption
shall contain the information set forth in Section 11.04 of the Base Indenture. 
 Any exercise of the Company’s
option to redeem the Securities will be done in compliance with the Investment Company Act of 1940 (the “Investment Company Act”), and the rules, regulations and interpretations promulgated thereunder, to the extent applicable. 

If the Company elects to redeem only a portion of the Securities, the Trustee will determine the method for selecting the particular
Securities to be redeemed, in accordance with the Investment Company Act, and the rules and regulations promulgated thereunder, to the extent applicable. In the event of redemption of this Security in part only, a new Security or Securities of
this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities called for redemption. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants
and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

  
 A-5

 Holders of Securities do not have the option to have the Securities repaid prior to
July 15, 2043. 
 If an Event of Default with respect to Securities of this series shall occur and be continuing, the
principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 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 not less than a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The
Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the
Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and 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. 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless (1) such Holder shall have previously given the Trustee written notice of a continuing Event of Default with
respect to the Securities of this series, (2) the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of
such Event of Default as Trustee, (3) such Holder offered the Trustee indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request, (4) for sixty (60) days after
receipt of such notice, request and offer of indemnity, the Trustee shall have failed to institute any such proceeding, and (5) the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series
at the time Outstanding a direction inconsistent with such request. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or
after the respective due dates expressed herein. 
 No reference herein to the Indenture and no provision of this Security or of
the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein
prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security
is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this
series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities of this series are issuable only in registered form without coupons in denominations of $25 and any integral multiples of $25 in excess thereof. As provided in the Indenture and subject to
certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company or Trustee may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to
due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not
this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

  
 A-6

 All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 
 The Indenture and this Security shall be governed by and construed in accordance with the
laws of the State of New York, without regard to principles of conflicts of laws and without prejudice to the application of NYGOL 5-1501. 

  
 A-7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]