Document:

Exhibit 4(d)

                         INVESTMENT MANAGEMENT AGREEMENT

      AGREEMENT, dated [     ], 2006, between [BlackRock] Municipal Bond Fund,
Inc. (the "Fund"), a Maryland corporation, on behalf of High Yield Portfolio
(the "Portfolio"), and BlackRock Advisors, Inc. (the "Advisor"), a Delaware
corporation.

      WHEREAS, the Advisor has agreed to furnish investment advisory services to
the Portfolio of the Fund, an open-end management investment company registered
under the Investment Company Act of 1940, as amended (the "1940 Act");

      WHEREAS, the Board of Directors of the Fund has established and designated
the Portfolio as a series of the Fund;

      WHEREAS, this Agreement has been approved in accordance with the
provisions of the 1940 Act, and the Advisor is willing to furnish such services
upon the terms and conditions herein set forth;

      NOW, THEREFORE, in consideration of the mutual premises and covenants
herein contained and other good and valuable consideration, the receipt of which
is hereby acknowledged, it is agreed by and between the parties hereto as
follows:

      1. In General. The Advisor agrees, all as more fully set forth herein, to
act as investment advisor to the Portfolio with respect to the investment of the
Portfolio's assets and to supervise and arrange for the day to day operations of
the Portfolio and the purchase of securities for and the sale of securities held
in the investment portfolio of the Portfolio.

      2. Duties and Obligations of the Advisor with Respect to Investment of
Assets of the Portfolio. Subject to the succeeding provisions of this section
and subject to the direction and control of the Fund's Board of Directors, the
Advisor shall (i) act as investment advisor for and supervise and manage the
investment and reinvestment of the Portfolio's assets and in connection
therewith have complete discretion in purchasing and selling securities and
other assets for the Portfolio and in voting, exercising consents and exercising
all other rights appertaining to such securities and other assets on behalf of
the Portfolio; (ii) supervise continuously the investment program of the
Portfolio and the composition of its investment portfolio; (iii) arrange,
subject to the provisions of paragraph 4 hereof, for the purchase and sale of
securities and other assets held in the investment portfolio of the Portfolio;
and (iv) provide investment research to the Portfolio.

      3. Duties and Obligations of Advisor with Respect to the Administration of
the Portfolio. The Advisor also agrees to furnish office facilities and
equipment and clerical, bookkeeping and administrative services (other than such
services, if any, provided by the Portfolio's Custodian, Transfer Agent and
Dividend Disbursing Agent and other service providers) for the Portfolio. To the
extent requested by the Fund, the Advisor agrees to provide the following
administrative services:

<PAGE>

            (a) Oversee the determination and publication of the Portfolio's net
asset value in accordance with the Portfolio's policy as adopted from time to
time by the Board of Directors;

            (b) Oversee the maintenance by the Portfolio's Custodian and
Transfer Agent and Dividend Disbursing Agent of certain books and records of the
Portfolio as required under Rule 31a-1(b)(4) of the 1940 Act and maintain (or
oversee maintenance by such other persons as are approved by the Board of
Directors) such other books and records required by law or for the proper
operation of the Portfolio;

            (c) Oversee the preparation and filing of the Portfolio's federal,
state and local income tax returns and any other required tax returns;

            (d) Review the appropriateness of and arrange for payment of the
Portfolio's expenses;

            (e) Prepare for review and approval by officers of the Fund
financial information for the Portfolio's semiannual and annual reports, proxy
statements and other communications with shareholders required or otherwise to
be sent to Portfolio shareholders, and arrange for the printing and
dissemination of such reports and communications to shareholders;

            (f) Prepare for review by an officer of the Fund the Portfolio's
periodic financial reports required to be filed with the Securities and Exchange
Commission ("SEC") on Form N-SAR, Form N-CSR, Form N-PX, Form N-Q, and such
other reports, forms and filings, as may be mutually agreed upon;

            (g) Prepare such reports relating to the business and affairs of the
Portfolio as may be mutually agreed upon and not otherwise appropriately
prepared by the Portfolio's custodian, counsel or auditors;

            (h) Make such reports and recommendations to the Board of Directors
concerning the performance of the independent accountants as the Board of
Directors may reasonably request or deems appropriate;

            (i) Make such reports and recommendations to the Board of Directors
concerning the performance and fees of the Portfolio's Custodian and Transfer
Agent and Dividend Disbursing Agent as the Board of Directors may reasonably
request or deems appropriate;

            (j) Oversee and review calculations of fees paid to the Portfolio's
service providers;

            (k) Oversee the Portfolio's portfolio and perform necessary
calculations as required under Section 18 of the 1940 Act;

            (l) Consult with the Fund's officers, independent accountants, legal
counsel, custodian, accounting agent and transfer and dividend disbursing agent
in establishing the accounting policies of the Portfolio and monitor financial
and shareholder accounting services;

                                       2
<PAGE>

            (m) Determine the amounts available for distribution as dividends
and distributions to be paid by the Portfolio to its shareholders; prepare and
arrange for the printing of dividend notices to shareholders; and provide the
Portfolio's dividend disbursing agent and custodian with such information as is
required for such parties to effect the payment of dividends and distributions
and to implement the Portfolio's dividend reinvestment plan;

            (n) Prepare such information and reports as may be required by any
banks from which the Portfolio borrows funds;

            (o) Provide such assistance to the Custodian and the Fund's counsel
and auditors as generally may be required to properly carry on the business and
operations of the Portfolio;

            (p) Respond to or refer to the Fund's officers or transfer agent,
shareholder (including any potential shareholder) inquiries relating to the
Portfolio; and

            (q) Supervise any other aspects of the Portfolio's administration as
may be agreed to by the Fund and the Advisor.

      All services are to be furnished through the medium of any directors,
officers or employees of the Advisor or its affiliates as the Advisor deems
appropriate in order to fulfill its obligations hereunder.

      The Portfolio will reimburse the Advisor or its affiliates for all out of
pocket expenses incurred by them in connection with the performance of the
administrative services described in this paragraph 3. The Portfolio will
reimburse the Advisor and its affiliates for their costs in providing accounting
services to the Portfolio.

      4. Covenants. (a) In the performance of its duties under this Agreement,
the Advisor shall at all times conform to, and act in accordance with, any
requirements imposed by: (i) the provisions of the 1940 Act and the Investment
Advisers Act of 1940, as amended, and all applicable Rules and Regulations of
the Securities and Exchange Commission; (ii) any other applicable provision of
law; (iii) the provisions of the Charter and By Laws of the Fund, as such
documents are amended from time to time; (iv) the investment objectives and
policies of the Portfolio as set forth in the Fund's Registration Statement on
Form N-1A and/or the resolutions of the Board of Directors; and (v) any policies
and determinations of the Board of Directors of the Fund.

            (b) In addition, the Advisor will:

                  (i) place orders either directly with the issuer or with any
broker or dealer. Subject to the other provisions of this paragraph, in placing
orders with brokers and dealers, the Advisor will attempt to obtain the best
price and the most favorable execution of its orders. In placing orders, the
Advisor will consider the experience and skill of the firm's securities traders
as well as the firm's financial responsibility and administrative efficiency.
Consistent with this obligation, the Advisor may select brokers on the basis of
the research, statistical and pricing services they provide to the Portfolio and
other clients of the Advisor. Information and research received from such
brokers will be in addition to, and not in lieu of, the

                                       3
<PAGE>

services required to be performed by the Advisor hereunder. A commission paid to
such brokers may be higher than that which another qualified broker would have
charged for effecting the same transaction, provided that the Advisor determines
in good faith that such commission is reasonable in terms either of the
transaction or the overall responsibility of the Advisor to the Portfolio and
its other clients and that the total commissions paid by the Portfolio will be
reasonable in relation to the benefits to the Portfolio over the long term.
Subject to the foregoing and the provisions of the 1940 Act, the Securities
Exchange Act of 1934, as amended, and other applicable provisions of law, the
Advisor may select brokers and dealers with which it or the Fund is affiliated;

                  (ii) maintain a policy and practice of conducting its
investment advisory services hereunder independently of the commercial banking
operations of its affiliates. When the Advisor makes investment recommendations
for the Portfolio, its investment advisory personnel will not inquire or take
into consideration whether the issuer of securities proposed for purchase or
sale for the Portfolio's account are customers of the commercial department of
its affiliates; and

                  (iii) treat confidentially and as proprietary information of
the Portfolio all records and other information relative to the Portfolio, and
the Portfolio's prior, current or potential shareholders, and will not use such
records and information for any purpose other than performance of its
responsibilities and duties hereunder, except after prior notification to and
approval in writing by the Portfolio, which approval shall not be unreasonably
withheld and may not be withheld where the Advisor may be exposed to civil or
criminal contempt proceedings for failure to comply, when requested to divulge
such information by duly constituted authorities, or when so requested by the
Portfolio.

      5. Services Not Exclusive. Nothing in this Agreement shall prevent the
Advisor or any officer, employee or other affiliate thereof from acting as
investment advisor for any other person, firm or corporation, or from engaging
in any other lawful activity, and shall not in any way limit or restrict the
Advisor or any of its officers, employees or agents from buying, selling or
trading any securities for its or their own accounts or for the accounts of
others for whom it or they may be acting; provided, however, that the Advisor
will undertake no activities which, in its judgment, will adversely affect the
performance of its obligations under this Agreement.

      6. Sub-Advisors. The Advisor may from time to time, in its sole discretion
to the extent permitted by applicable law, appoint one or more sub-advisors,
including, without limitation, affiliates of the Advisor, to perform investment
advisory services with respect to the Portfolio. The Advisor may terminate any
or all sub-advisors in its sole discretion at any time to the extent permitted
by applicable law.

      7. Books and Records. In compliance with the requirements of Rule 31a-3
under the 1940 Act, the Advisor hereby agrees that all records which it
maintains for the Fund are the property of the Fund and further agrees to
surrender promptly to the Fund any such records upon the Fund's request. The
Advisor further agrees to preserve for the periods prescribed by Rule 31a-2
under the 1940 Act the records required to be maintained by Rule 31a-1 under the
1940 Act.

                                       4
<PAGE>

      8. Expenses. During the term of this Agreement, the Advisor will bear all
costs and expenses of its employees and any overhead incurred in connection with
its duties hereunder and shall bear the costs of any salaries or directors' fees
of any officers or directors of the Fund who are affiliated persons (as defined
in the 1940 Act) of the Advisor; provided that the Board of Directors of the
Fund may approve reimbursement to the Advisor of the pro rata portion of the
salaries, bonuses, health insurance, retirement benefits and all similar
employment costs for the time spent on Portfolio operations, (including, without
limitation, compliance matters) (other than the provision of investment advice
and administrative services required to be provided hereunder) of all personnel
employed by the Advisor who devote substantial time to Portfolio operations or
the operations of other investment companies advised by the Advisor.

      9. Compensation of the Advisor. (a) The Fund agrees to pay to the Advisor
and the Advisor agrees to accept as full compensation for all services rendered
by the Advisor as such, a monthly fee (the "Investment Advisory Fee") in arrears
at an annual rate equal to the amount set forth in Schedule A hereto of the
average daily value of the Portfolio's Net Assets. "Net Assets" means the total
assets of the Portfolio minus the sum of the accrued liabilities. For any period
less than a month during which this Agreement is in effect, the fee shall be
prorated according to the proportion which such period bears to a full month of
28, 29, 30 or 31 days, as the case may be.

            (b) For purposes of this Agreement, the net assets of the Portfolios
shall be calculated pursuant to the procedures adopted by resolutions of the
Directors of the Fund for calculating the value of the Portfolio's assets or
delegating such calculations to third parties.

      10. Indemnity. (a) The Fund may, in the discretion of the Board of
Directors of the Fund, indemnify the Advisor, and each of the Advisor's
directors, officers, employees, agents, associates and controlling persons and
the directors, partners, members, officers, employees and agents thereof
(including any individual who serves at the Advisor's request as director,
officer, partner, member, trustee or the like of another entity) (each such
person being an "Indemnitee") against any liabilities and expenses, including
amounts paid in satisfaction of judgments, in compromise or as fines and
penalties, and counsel fees (all as provided in accordance with applicable state
law) reasonably incurred by such Indemnitee in connection with the defense or
disposition of any action, suit or other proceeding, whether civil or criminal,
before any court or administrative or investigative body in which such
Indemnitee may be or may have been involved as a party or otherwise or with
which such Indemnitee may be or may have been threatened, while acting in any
capacity set forth herein or thereafter by reason of such Indemnitee having
acted in any such capacity, except with respect to any matter as to which such
Indemnitee shall have been adjudicated not to have acted in good faith in the
reasonable belief that such Indemnitee's action was in the best interest of the
Fund and furthermore, in the case of any criminal proceeding, so long as such
Indemnitee had no reasonable cause to believe that the conduct was unlawful;
provided, however, that (1) no Indemnitee shall be indemnified hereunder against
any liability to the Fund or its shareholders or any expense of such Indemnitee
arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross
negligence or (iv) reckless disregard of the duties involved in the conduct of
such Indemnitee's position (the conduct referred to in such clauses (i) through
(iv) being sometimes referred to herein as "disabling conduct"), (2) as to any
matter disposed of by settlement or a compromise payment by such Indemnitee,
pursuant to a consent decree or otherwise, no indemnification either for said
payment or for any other

                                       5
<PAGE>

expenses shall be provided unless there has been a determination that such
settlement or compromise is in the best interests of the Fund and that such
Indemnitee appears to have acted in good faith in the reasonable belief that
such Indemnitee's action was in the best interest of the Fund and did not
involve disabling conduct by such Indemnitee and (3) with respect to any action,
suit or other proceeding voluntarily prosecuted by any Indemnitee as plaintiff,
indemnification shall be mandatory only if the prosecution of such action, suit
or other proceeding by such Indemnitee was authorized by a majority of the full
Board of Directors of the Fund.

            (b) The Fund may make advance payments in connection with the
expenses of defending any action with respect to which indemnification might be
sought thereunder if the Fund receives a written affirmation of the Indemnitee's
good faith belief that the standard of conduct necessary for indemnification has
been met and a written undertaking to reimburse the Fund unless it is
subsequently determined that such Indemnitee is entitled to such indemnification
and if the Directors of the Fund determine that the facts then known to them
would not preclude indemnification. In addition, at least one of the following
conditions must be met: (A) the Indemnitee shall provide security for such
Indemnitee undertaking, (B) the Fund shall be insured against losses arising by
reason of any unlawful advance, or (C) a majority of a quorum consisting of
Directors of the Fund who are neither "interested persons" of the Fund (as
defined in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding
("Disinterested Non Party Directors") or an independent legal counsel in a
written opinion, shall determine, based on a review of readily available facts
(as opposed to a full trial type inquiry), that there is reason to believe that
the Indemnitee ultimately will be found entitled to indemnification.

            (c) All determinations with respect to the standards for
indemnification hereunder shall be made (1) by a final decision on the merits by
a court or other body before whom the proceeding was brought that such
Indemnitee is not liable or is not liable by reason of disabling conduct, or (2)
in the absence of such a decision, by (i) a majority vote of a quorum of the
Disinterested Non Party Directors of the Fund, or (ii) if such a quorum is not
obtainable or, even if obtainable, if a majority vote of such quorum so directs,
independent legal counsel in a written opinion. All determinations that advance
payments in connection with the expense of defending any proceeding shall be
authorized and shall be made in accordance with the immediately preceding clause
(2) above.

      The rights accruing to any Indemnitee under these provisions shall not
exclude any other right to which such Indemnitee may be lawfully entitled.

      11. Limitation on Liability. The Advisor will not be liable for any error
of judgment or mistake of law or for any loss suffered by the Advisor or by the
Portfolio in connection with the performance of this Agreement, except a loss
resulting from a breach of fiduciary duty with respect to the receipt of
compensation for services or a loss resulting from willful misfeasance, bad
faith or gross negligence on its part in the performance of its duties or from
reckless disregard by it of its duties under this Agreement. As used in this
Section 11, the term "Advisor" shall include any affiliates of the Advisor
performing services for the Fund contemplated hereby and partners, directors,
officers and employees of the Advisor and of such affiliates.

                                       6
<PAGE>

      12. Duration and Termination. This Agreement shall become effective as of
the date hereof and, unless sooner terminated with respect to the Portfolio as
provided herein, shall continue in effect for a period of two years. Thereafter,
if not terminated, this Agreement shall continue in effect with respect to the
Portfolio for successive periods of 12 months, provided such continuance is
specifically approved at least annually by both (a) the vote of a majority of
the Fund's Board of Directors or the vote of a majority of the outstanding
voting securities of the Portfolio at the time outstanding and entitled to vote,
and (b) by the vote of a majority of the Directors who are not parties to this
Agreement or interested persons of any party to this Agreement, cast in person
at a meeting called for the purpose of voting on such approval. Notwithstanding
the foregoing, this Agreement may be terminated by the Fund at any time, without
the payment of any penalty, upon giving the Advisor 60 days' notice (which
notice may be waived by the Advisor), provided that such termination by the Fund
shall be directed or approved by the vote of a majority of the Directors of the
Fund in office at the time or by the vote of the holders of a majority of the
voting securities of the Portfolio at the time outstanding and entitled to vote,
or by the Advisor on 60 days' written notice (which notice may be waived by the
Fund). This Agreement will also immediately terminate in the event of its
assignment. (As used in this Agreement, the terms "majority of the outstanding
voting securities," "interested person" and "assignment" shall have the same
meanings of such terms in the 1940 Act.)

      13. Notices. Any notice under this Agreement shall be in writing to the
other party at such address as the other party may designate from time to time
for the receipt of such notice and shall be deemed to be received on the earlier
of the date actually received or on the fourth day after the postmark if such
notice is mailed first class postage prepaid.

      14. Amendment of this Agreement. This Agreement may be amended by the
parties only if such amendment is specifically approved by the vote of the Board
of Directors of the Fund, including a majority of those Directors who are not
parties to this Agreement or interested persons of any such party cast in person
at a meeting called for the purpose of voting on such approval and, where
required by the 1940 Act, by a vote of a majority of the outstanding voting
securities of the Portfolio.

      15. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York for contracts to be performed
entirely therein without reference to choice of law principles thereof and in
accordance with the applicable provisions of the 1940 Act. To the extent that
the applicable laws of the State of New York, or any of the provisions, conflict
with the applicable provisions of the 1940 Act, the latter shall control.

      16. Use of the Name BlackRock. The Advisor has consented to the use by the
Fund of the name or identifying word "BlackRock" in the name of the Fund. Such
consent is conditioned upon the employment of the Advisor as the investment
advisor to the Portfolio. The name or identifying word "BlackRock" may be used
from time to time in other connections and for other purposes by the Advisor and
any of its affiliates. The Advisor may require the Portfolio to cease using
"BlackRock" in the name of the Fund if the Fund ceases to employ, for any
reason, the Advisor, any successor thereto or any affiliate thereof as
investment advisor of the Portfolio.

                                       7
<PAGE>

      17. Miscellaneous. The captions in this Agreement are included for
convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect. If any
provision of this Agreement shall be held or made invalid by a court decision,
statute, rule or otherwise, the remainder of this Agreement shall not be
affected thereby. This Agreement shall be binding on, and shall inure to the
benefit of the parties hereto and their respective successors.

      18. Counterparts. This Agreement may be executed in counterparts by the
parties hereto, each of which shall constitute an original counterpart, and all
of which, together, shall constitute one Agreement.

            IN WITNESS WHEREOF, the parties hereto have caused the foregoing
instrument to be executed by their duly authorized officers, all as of the day
and the year first above written.

                                          [BLACKROCK] MUNICIPAL BOND FUND, INC.,
                                          on behalf of High Yield Portfolio

                                           By: _________________________________
                                               Name
                                               Title

                                           BLACKROCK ADVISORS, INC.

                                           By: _________________________________
                                               Name
                                               Title

                                       8
<PAGE>

                                   Schedule A

                             Investment Advisory Fee

Portion of Average Daily Value of Net Assets                               Fee
--------------------------------------------                               ---
Not exceeding $250 million.............................................   0.55%
In excess of $250 million but not exceeding $500 million...............   0.525%
In excess of $500 million..............................................   0.50%Exhibit 4.3 

SECOND AMENDMENT 

TO 

RIGHTS AGREEMENT 

        This
Second Amendment to Rights Agreement is entered into as of July 8, 2006 between WPS
Resources Corporation, a Wisconsin corporation (the “Company”) and American
Stock Transfer & Trust Company, a New York banking organization, as successor in
interest to U.S. Bank National Association and Firstar Trust Company (the “Rights
Agent”). 

RECITALS 

        WHEREAS,
the Company and the Rights Agent have entered into a Rights Agreement, dated as of
December 12, 1996, as amended (the “Rights Agreement”) (all capitalized
terms used herein which are not otherwise defined shall have the respective meanings
ascribed thereto in the Rights Agreement); and 

        WHEREAS,
Section 27 of the Rights Agreement provides that prior to the Distribution Date the
Company may, and the Rights Agent shall, if the Company so directs, supplement or amend
any provision of the Rights Agreement without the approval of any holders of certificates
representing Common Shares, provided that such amendment does not change the Redemption
Price or the Final Expiration Date; and 

        WHEREAS,
in contemplation of the execution of that certain agreement and plan of merger, dated as
of July 8, 2006 (the “Merger Agreement”), by and among the Company, Wedge
Acquisition Corp., an Illinois corporation, and Peoples Energy Corporation, an Illinois
corporation (“Peoples Energy”), pursuant to which Wedge Acquisition Corp. will
be merged with and into Peoples Energy, with Peoples Energy as the surviving corporation
(the “Merger”), the Company desires to amend the Rights Agreement to render the
Rights inapplicable to the Merger Agreement, the Merger, the Share Issuance (as defined in
the Merger Agreement) and any other Transactions (as defined in the Merger Agreement)
contemplated by the Merger Agreement and to provide that (1) neither Peoples Energy nor
any of its Affiliates or Associates is or will become an Acquiring Person or a Beneficial
Owner by reason of the Merger Agreement, the Merger, the Share Issuance or any other
Transactions contemplated by the Merger Agreement and (2) assuming no material change in
the current ownership of the common stock of Peoples Energy prior to the Effective Time
(as defined in the Merger Agreement), a Distribution Date shall not occur by reason of the
Merger Agreement, the Merger, the Share Issuance or any other Transactions contemplated by
the Merger Agreement. 

AGREEMENT 

        NOW,
THEREFORE, in consideration of these premises and good and valuable consideration
receipt of which by the Rights Agent is acknowledged, the Company and the Rights Agent
agrees as follows: 

-1- 

        1.              Paragraph
(a) of Section 1 of the Rights Agreement is amended by deleting the           word “and” at
the end of clause (i) thereof, substituting a semicolon           for the period at the
end of clause (ii) thereof; inserting the word           “and” immediately
following such semicolon and adding to paragraph (a)           of Section 1 the following
clause (iii)  

        “(iii)                 Neither
Peoples Energy Corporation, an Illinois corporation (“Peoples           Energy”)
nor any of its Affiliates or Associates shall become an           “Acquiring Person” solely
by reason of: (1) the approval, adoption,           execution or delivery of that certain
agreement and plan of merger, dated as of           July 8, 2006 (the “Merger
Agreement”), by and among the Company, Wedge           Acquisition Corp., an
Illinois corporation, and Peoples Energy, pursuant to           which Wedge Acquisition
Corp. will be merged with and into Peoples Energy, with           Peoples Energy as the
surviving corporation (the “Merger”); or (2) the           consummation of the
Merger, the Share Issuance (as defined in the Merger           Agreement) or any other
Transactions (as defined in the Merger Agreement)           contemplated by the Merger
Agreement.” 

        2.              Paragraph
(c) of Section 1 of the Rights Agreement is amended by adding the           following
thereto:  

        “Any
provision of paragraph (c) of Section 1 to the contrary notwithstanding, Peoples Energy
shall not constitute a “beneficial owner” of Common Shares solely as a result
of: (1) approving, adopting, executing or delivering the Merger Agreement or (2)
consummating the Merger, the Share Issuance or any other Transactions contemplated by the
Merger Agreement.” 

        3.              Paragraph
(a) of Section 3 of the Rights Agreement is amended by adding the           following
sentence to the end thereof:  

        “Notwithstanding
anything to the contrary in this Agreement, provided that there has been no material
change in the ownership of the common stock of Peoples Energy from the date of execution
of the Merger Agreement to the Effective Time (as defined in the Merger Agreement), a
“Distribution Date” shall not occur solely by reason of: (1) approving,
adopting, executing or delivering the Merger Agreement or (2) consummating the Merger, the
Share Issuance or any other Transactions contemplated by the Merger Agreement.” 

        4.              Paragraph
(a) of Section 7 of the Rights Agreement is amended by deleting the           word “and” immediately
preceding clause (iii) thereof, by deleting the           period at the end thereof,
inserting the word “and” immediately           following the end of clause
(iii) thereof, and by adding to paragraph (a) of           Section 7 the following clause
(iv):  

        “(iv)                 the
consummation of the Merger contemplated by the Merger Agreement.” 

        5.              All
capitalized terms used herein which are not otherwise defined shall have the
          respective meanings ascribed thereto in the Rights Agreement.  

        6.              Except
as modified by this Second Amendment to Rights Agreement, the Rights           Agreement
is confirmed and ratified and shall remain in full force and effect.  

-2- 

        IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to Rights Agreement to
be duly executed and attested, all as of the day and year first above written. 

		WPS RESOURCES CORPORATION
	Attest:
	

By: /s/ Mark Van De Laarschot	By: /s/ Barth J. Wolf
	            Title: Manager Corporate Secretary	            Title: Secretary and Manager - Legal Services
	

	AMERICAN STOCK TRANSFER & TRUST COMPANY
	Attest:
	

By: /s/ Gail Domenech	By: /s/ Yehuda L. Neuberger
	            Title: Manager	            Title: Senior Vice President

-3-

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