----

----

| Principal Amount of Bonds                                   | Series                                                             |
|-------------------------------------------------------------|--------------------------------------------------------------------|
| Twenty-Five      Million Dollars($25,000,000)               | 9.57%      First Mortgage Bonds due 2020                           |
| Four      Million Five Hundred Thousand Dollars($4,500,000) | 6.51%      and 6.10% Secured Medium-Term Notes, Series B due 2008  |
| Thirteen      Million Dollars($13,000,000)                  | 6.83%      and 6.90% Secured Medium-Term Notes, Series B due 2013  |
| Thirty-One      Million Dollars($31,000,000)                | 6.92%      and 6.93% Secured Medium-Term Notes, Series C due 2005  |
| Ten      Million Dollars($10,000,000)                       | 6.58%      Secured Medium-Term Notes, Series C due 2006            |
| Twenty-Five      Million Dollars($25,000,000)               | 7.02%      and 7.04% Secured Medium-Term Notes, Series C due 2007  |
| Eight      Million Dollars($8,000,000)                      | 6.61%      and 6.62% Secured Medium-Term Notes, Series C due 2009  |
| Seven      Million Dollars($7,000,000)                      | 7.12%      Secured Medium-Term Notes, Series C due 2010            |
| Twelve      Million Dollars($12,000,000)                    | 7.35%      and 7.36% Secured Medium-Term Notes, Series C due 2015  |
| Seventeen      Million Dollars($17,000,000)                 | 7.15%      and 7.20% Secured Medium-Term Notes, Series C due  2025 |

----

*

| Section:                                 | 25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Township:                                | 22 North                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Range:                                   | 04 East,      W.M.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| Description:                                  | LOT 1      OF KING COUNTY SHORT PLAT NO. 684072, RECORDED UNDER RECORDING      NO. 8506240936 OF KING COUNTY RECORDS, BEING A PORTION OF LOTS 1      AND 2, HORSESHOE ACRE TRACTS TO KENT, ACCORDING TO PLAT THEREOF RECORDED      IN VOLUME 15 OF PLATS, PAGE 10, IN KING COUNTY, WASHINGTON;      EXCEPT THOSE PORTIONS CONVEYED TO KING COUNTY BY DEEDS RECORDED UNDER      RECORDING NUMBERS 9202030704 AND 9506130439. SUBJECT      TO:  AS PER EXHIBIT “A” ATTACHED AND MADE A PART BY      REFERENCE EXHIBIT      “A” 1.EASEMENT      AND THE TERMS AND CONDITIONS REFERENCED THEREIN, INCLUDING, BUT NOT      LIMITED TO, THE FOLLOWING: GRANTEE:       The County of King, a municipal corporationPURPOSE:       The right to construct and maintain a rip-rap bank protection and remove      debrisAREA      AFFECTED:  Along the right bank of Green RiverRECORDED:       February 20, 1962RECORDING      NUMBER:  5395757 2.EASEMENT      AND THE TERMS AND CONDITIONS REFERENCED THEREIN, INCLUDING, BUT NOT      LIMITED TO, THE FOLLOWING: GRANTEE:       Puget Sound Power & Light Company, a Washington      corporationPURPOSE:       Electric transmission and/or distribution lines with all necessary or      convenient appurtenances theretoAREA      AFFECTED:  The east 20 feetRECORDED:       December 2, 1986RECORDING      NUMBER:  8612021324 3.DECLARATION      OF COVENANT AND THE TERMS AND CONDITIONS THEREOF: PURPOSE:       Electric transmission and/or distribution lines with all necessary or      convenient appurtenances theretoBY:       Harold L. Bartley and Irene B. Bartley, husband and      wifeRECORDED:       March 11, 1981RECORDING      NUMBER:  8103110276 4.COVENANTS,      CONDITIONS, RESTRICTIONS AND EASEMENTS CONTAINED IN SHORT PLAT, COPY      ATTACHED: RECORDED:       June 24, 1985RECORDING      NUMBER:  8506240936 5.NOTICE      OF ON SITE SEWAGE SYSTEM AND THE TERMS AND CONDITIONSTHEREOF: RECORDED:       June 19, 2001RECORDING      NUMBER:  20010619002020 6.Any      question that may arise due to shifting and changing in course of Green      River. 7.Any      prohibition of or limitation of use, occupancy or improvement of the land      resulting from the rights of the public or riparian owners to use any      portion which is now or has been formerly covered by water. 8.Paramount      rights and easements in favor of the United States for commerce,      navigation, fisheries and the production of power. 9.Matters      disclosed on a survey recorded under Recording      Number 20011019900016  |
| Deed      From:                          | Victor      Payment and Mary Payment, husband and wife                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Deed      RecordsAuditors      File No.  | 20051201001756                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Assessor’s      TaxParcel      ID#      | 346280-0006-02                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

----

 

----

| Section:                                  | 08                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Township:                                 | 29 North                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Range:                                    | 05      East, W.M.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Description:                                   | That      portion of Lot 2A of City of Everett Binding Site Plan Number 1-95,      recorded September 22, 1999 under Recording Number 199909225011,      being a revision of recording number 9812230513, described as      follows Commencing      at a corner common to Lots 2A, 3, and 5 of said Binding Site Plan,      also being the most Easterly corner of said Lot 2A,;Thence      South 23°48’30” West along the East line of said Lot 2A a distance of      47.85 feet,Thence      North 66°11’30” West at right angles to said East line 30 00 feet to a      point on the Westerly margin of an existing 30 foot wide access      easement and the True Point of Beginning.Thence      South 23°48’30” West along said Westerly margin 11.75 feet to a point      of curve to the left.Thence      Southerly along said curve to the left having a radius of 90 00 feet      through a central angle of 17°25’26”, an arc length of 27      37 feet,Thence      North 68°07’25” West 98.46 feet,Thence      North 21°52’35” East 75 00 feet,Thence      South 68°07’25” East 85 00 feet to said Westerly easement margin,      also being a point on a curve whose radius point bears South 77°10’19”      West 60 00 feet,Thence      Southerly along said curve to the right through a central angle of      36°38’11”, an arc length of 38.37 feet to the True Point of      Beginning, Together      with that certain access easement shown across Lots 2A and 2B of said      Binding Site Plan Situate      in the City of Everett, County of Snohomish, State of      Washington  |
| Deed      From:                                | Northwest      Pipeline Corporation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Deed      RecordsAuditors      File No.   | 200504220543                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| Assessor’s      TaxParcel      ID#  | 29-0508-001-019-00                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

| Section:                                 | 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Township:                                | 29 North                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Range:                                   | 06 East,      W.M.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Description:                                  | Lots      1, 2 and 3, Block 6, Town of Ferry, according to the plat thereof recorded      in Volume 2 of Plats, page 25, records of Snohomish County, Washington,      lying Southeasterly of State Highway, Together      with vacated Davis Street, North half of vacated Second Street and Vacated      alley in Block 6 lying adjacent to the above described Lots Subject      to All matters of record if anySubject      to Any building placed on the land will have an exterior appearance as      nearly as practical to pre stressed concrete type utility buildings, as      discussed between the Grantor and the Grantee. The      Grantor, Northwest Pipeline Corporation, reserves an exclusive 75 foot      wide right of-way and easement to locate, survey, construct, entrench,      maintain, repair, replace, protect, inspect and operate a Natural Gas      Pipeline or Pipelines, including cathodic equipment and/or appurtenances      which may be constructed on or above the surface including but not limited      to valves and metering equipment; electrical and/or communications cable,      underground conduit, splicing boxes; and roads and facilities" which may      be over, under and through the land described in this document, the      reserved easement shall run with the land and shall inure to the benefit      of the successors and assigns of Northwest Pipeline      Corporation.  Shown as incorporated in Exhibits "A" and      "B". EXHIBIT      “A” THE      WEST 113.5 FEET OF LOTS 1 AND 2, BLOCK 6 OF THE PLAT TOWN OF FERRY      RECORDED IN VOLUME 2 OF PLATS PAGE 25 LYING SOUTHERLY OF STATE ROUTE      92: ALSO      THAT PORTION OF THE NORTH 1/2 OF VACATED SECOND STREET LYING EASTERLY OF      THE WEST LINE OF SAID LOTS 1 AND 2 EXTENDED SOUTHERLY TO THE CENTERLINE OF      SAID VACATED SECOND STREET AND LYING WESTERLY OF A LINE PARALLEL WITH SAID      WEST LINE AND 113.5 FEET EASTERLY EXTENDED TO THE CENTERLINE OF SAID      VACATED SECOND STREET. SITUATE      IN THE COUNTY OF SNOHOMISH, STATE OF WASHINGTON.  |
| Deed      From:                               | Northwest      Pipeline Corporation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Deed      RecordsAuditors      File No.  | 200505190493                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Assessor’s      TaxParcel      ID#      | 00-4447-006-001-00                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

----

The Trustee has accepted the amendment of the Indenture effected bythis Thirty-Fourth Supplemental Indenture and agrees to execute the trustcreated by the Indenture as hereby amended, but only upon the terms andconditions set forth in the Indenture, including the terms and provisionsdefining and limiting the liabilities and responsibilities of the Trustee, andwithout limiting the generality of the foregoing, the Trustee shall not beresponsible in any manner whatsoever for or with respect of any of the recitalsor statements contained herein, all of which recitals or statements are madesolely by the Company, or for or with respect to (a) the validity orsufficiency of this Thirty-Fourth Supplemental Indenture or any of the terms orprovisions hereof, (b) the proper authorization hereof by the Company bycorporate action or otherwise, and (c) the due execution hereof by theCompany.

----

----

| STATE      OF WASHINGTON | )                |
|--------------------------|------------------|
|                     | )  ss: |
| COUNTY      OF KING      | )                |

----

| STATE      OF WASHINGTON | )                |
|--------------------------|------------------|
|                     | )  ss: |
| COUNTY      OF KING      | )                |