Document:

EX-10.15

 Exhibit 10.15 
 HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC., 
 HANNON
ARMSTRONG SUSTAINABLE INFRASTRUCTURE, L.P., 
 MISSIONPOINT HA PARALLEL FUND III, LLC 

AND 

MISSIONPOINT HA PARALLEL FUND, L.P. 
  

 
 CONTRIBUTION
AGREEMENT 
  
  

 CONTENTS 

 

							
	Clause	 	 	  	Page	 
		
	 Article I Definitions
	  	 	2	  
	 Section 1.01.
	 	 Definitions.
	  	 	2	  
	 Section 1.02.
	 	 Rules of Application.
	  	 	5	  
	 Article II The Contribution
	  	 	5	  
	 Section 2.01.
	 	 Effect of the Contribution.
	  	 	5	  
	 Section 2.02.
	 	 Closing Date.
	  	 	5	  
	 Section 2.03.
	 	 Consideration.
	  	 	5	  
	 Section 2.04.
	 	 Termination.
	  	 	6	  
	 Section 2.05.
	 	 Tax Treatment.
	  	 	6	  
	 Section 2.06.
	 	 Tax Withholding.
	  	 	6	  
	 Article III Conditions and Covenants
	  	 	6	  
	 Section 3.01.
	 	 Conditions to the Obligations of the Parent and the Operating Partnership.
	  	 	6	  
	 Section 3.02.
	 	 Conditions to the Obligations of Fund III.
	  	 	7	  
	 Section 3.03.
	 	 Covenants of Fund III.
	  	 	7	  
	 Section 3.04.
	 	 Covenants of the Splitter Partnership.
	  	 	8	  
	 Article IV Representations and Warranties
	  	 	9	  
	 Section 4.01.
	 	 Representations and Warranties of Fund III.
	  	 	9	  
	 Section 4.02.
	 	 Representations and Warranties of the Parent.
	  	 	12	  
	 Section 4.03.
	 	 Representations and Warranties of the Operating Partnership.
	  	 	13	  
	 Article V Defaults and Remedies
	  	 	14	  
	 Section 5.01.
	 	 Default by Fund III.
	  	 	14	  
	 Article VI Indemnification
	  	 	14	  
	 Section 6.01.
	 	 Indemnification.
	  	 	14	  
	 Section 6.02.
	 	 Method of Asserting Claims.
	  	 	14	  
	 Section 6.03.
	 	 Survival.
	  	 	15	  
	 Section 6.04.
	 	 Waiver of Claims.
	  	 	15	  
	 Section 6.05.
	 	 Character of Indemnity Payments.
	  	 	15	  
	 Article VII Miscellaneous
	  	 	16	  
	 Section 7.01.
	 	 Marketing.
	  	 	16	  

  
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	 Section 7.02.
	 	 Entire Agreement; No Amendment.
	  	 	16	  
	 Section 7.03.
	 	 Certain Expenses.
	  	 	16	  
	 Section 7.04.
	 	 Transfer Taxes.
	  	 	16	  
	 Section 7.05.
	 	 Power of Attorney.
	  	 	16	  
	 Section 7.06.
	 	 Notices.
	  	 	17	  
	 Section 7.07.
	 	 No Assignment.
	  	 	17	  
	 Section 7.08.
	 	 Governing Law.
	  	 	17	  
	 Section 7.09.
	 	 Multiple Counterparts.
	  	 	18	  
	 Section 7.10.
	 	 Further Assurances.
	  	 	18	  
	 Section 7.11.
	 	 Miscellaneous.
	  	 	18	  
	 Section 7.12.
	 	 Invalid Provisions.
	  	 	18	  
	 Section 7.13.
	 	 Attorneys’ Fees.
	  	 	18	  
	 Section 7.14.
	 	 Waiver of Jury Trial.
	  	 	18	  

  
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 THIS CONTRIBUTION AGREEMENT (this “Agreement”) is dated as of
April 15, 2013, by and among HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC., a Maryland corporation (the “Parent”), HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE, L.P., a Delaware limited liability
partnership (the “Operating Partnership”), MISSIONPOINT HA PARALLEL FUND III, LLC, a Delaware limited liability company (“Fund III”), and MISSIONPOINT HA PARALLEL FUND, L.P., a Delaware limited
liability partnership (the “Splitter Partnership”). 
 W I T N E S S E T H: 

WHEREAS, prior to the Closing Date (as defined herein), Fund III shall own a certain number of Series A Participating Preferred
Units and/or Class A Common Units (collectively, the “LLC Equity Interests”) of Hannon Armstrong Capital LLC, a Maryland limited liability company (“Hannon LLC”), indirectly through its limited partner interest
in the Splitter Partnership; 
 WHEREAS, prior to the Closing Date, the Splitter Partnership shall distribute the LLC
Equity Interests to Fund III; 
 WHEREAS, Fund III desires to contribute, and the Operating Partnership desires to
acquire, the LLC Equity Interests, free and clear of all Liens, in exchange for 326,437 operating partnership units in the Operating Partnership (the “OP Units”) (such contribution, the “Contribution”); 

WHEREAS, the manager of Fund III has (a) determined that it is in the best interests of Fund III, and declared it advisable,
to enter into this Agreement; and (b) approved the Contribution and the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby, including the Contribution; 

WHEREAS, following the closing of the Contribution, Upstream Merger Sub (as defined herein) intends to adopt and approve an
amended and restated limited liability company agreement of Hannon LLC substantially in the form set forth on Exhibit B of this Agreement to replace the Existing LLC Agreement (as defined herein). 

WHEREAS, the board of directors of the Parent has, on the terms and subject to the conditions set forth in this Agreement,
approved this Agreement, the Contribution and the consummation of the transactions contemplated hereby; 
 WHEREAS, the
Parent, in its capacity as the general partner of the Operating Partnership, has, on the terms and subject to the conditions set forth in this Agreement, approved the Contribution and the consummation of the transactions contemplated hereby;

 WHEREAS, each of the parties hereto has been advised by the other parties and acknowledges that such other parties
would not be entering into this Agreement without the representations, warranties and covenants which are being made and agreed to herein by each party hereto and that such parties are entering into this Agreement in reliance on such
representations, warranties and other covenants; and 

 NOW, THEREFORE, in consideration for the mutual agreements contained herein and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 

Section 1.01. Definitions. The following terms as used in this Agreement shall have the meanings attributed to them as set
forth below unless the context clearly requires another meaning. Other capitalized terms used herein shall, unless the context otherwise requires, have the meanings assigned to such terms herein. 

“Accredited Investor” means, for purposes of this Agreement, a Person who qualifies as an “accredited
investor” under Rule 501(a) of Regulation D of the Securities Act and who affirmatively certifies as such on Exhibit A to this Agreement as to the basis for such certification. 

“Affiliate” means, with respect to any Person, any other Person that (a) directly, or indirectly through one or
more intermediaries, owns, Controls, is Controlled by or is under common Control with a specified Person or (b) is a family member of a specified Person; provided, however, that neither the Parent nor the Operating Partnership
shall be deemed to be an Affiliate of Fund III or any of its subsidiaries or other Affiliates. 
 “Agreement”
has the meaning set forth in the preamble. 
 “Attorney-in-Fact” has the meaning set forth in
Section 7.05(a). 
 “Authority” means a governmental body or agency having jurisdiction over such Person.

 “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in the State
of Maryland are authorized or required by law to close. 
 “Closing” and “Closing Date” have
the meanings set forth in Section 2.02. 
 “Code” means the Internal Revenue Code of 1986, as in effect
from time to time. 
 “Common Stock” has the meaning set forth in the recitals. 

“Contribution” has the meaning set forth in the recitals. 

“Control” (including the terms “Controlled by” and “under common Control with”) means,
with respect to a Person, the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of Voting Interests, by contract or otherwise. 

  
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 “Existing Agreements” has the meaning set forth in Section 4.01(e).

 “Existing LLC Agreement” means Hannon LLC’s Third Amended and Restated Operating Agreement, dated as of
April 26, 2010, as amended. 
 “Existing Registration Rights Agreement” means that certain Registration
Rights Agreement, dated as of May 31, 2007, as amended, by and among Hannon LLC and the other parties thereto. 

“Fund III” has the meaning set forth in the preamble. 

“Fund III Material Adverse Effect” means any material adverse change in any of the assets, business, condition
(financial or otherwise), results of operation or prospects of Fund III and its subsidiaries taken together. 

“Governmental Authority” means any government or agency, bureau, board, commission, court, department, official,
political subdivision, tribunal or other instrumentality of any government, whether federal, state or local, domestic or foreign. 
 “Hannon LLC” has the meaning set forth in the recitals. 

“Indemnified Parties” means the Parent, the Operating Partnership and each of their subsidiaries, equity holders,
affiliates, directors, officers, employees, successors and assigns. 
 “Indemnifying Party” means Fund III.

 “Investor Rights Agreement” means the Investor Rights Agreement, dated as of May 31, 2007, by and among
Hannon LLC, the Splitter Partnership, Jeffrey W. Eckel and the other investors party thereto, as amended. 

“Laws” means laws, statutes, rules, regulations, codes, orders, ordinances, judgments, injunctions, decrees and policies
of any Governmental Authority. 
 “Liabilities” means liabilities, obligations or commitments of any nature
whatsoever, asserted or unasserted, known or unknown, absolute or contingent, accrued or unaccrued, matured or unmatured or otherwise. 
 “Liens” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), other charge or security interest or any preferential
arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement), and any obligations under capital leases having substantially the same economic effect as any of the foregoing. 

“LLC Equity Interests” has the meaning set forth in the recitals. 

  
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 “Loss” or “Losses” means any and all direct claims,
losses, damages, costs, liabilities, fines, penalties, deficiencies, diminution of value, causes of action and expenses, including, without limitation, attorney’s fees and disbursements, and exclusive of all contingent or consequential items.

 “OP Material Adverse Effect” means any material adverse change in any of the assets, business, condition
(financial or otherwise), results of operation or prospects of the Operating Partnership and its subsidiaries taken together. 

“OP Units” has the meaning set forth in the recitals. 

“Operating Partnership” has the meaning set forth in the preamble. 

“Organizational Documents” means (i) the charter, articles of organization, certificate of formation or certificate
of limited partnership for such Person, (ii) the bylaws, operating agreement, limited liability company agreement, or limited partnership agreement for such Person and (iii) any certificate of qualification or foreign entity registration
for such Person (together with all supplements, amendments, modifications, consents and waivers related to any of the foregoing). 
 “Parent” has the meaning set forth in the preamble. 

“Parent Material Adverse Effect” means any material adverse change in any of the assets, business, condition (financial
or otherwise), results of operation or prospects of the Parent and its subsidiaries taken together. 
 “Person”
means an individual, partnership, corporation (including a business trust, statutory trust or real estate investment trust), limited liability company, joint stock company, trust, unincorporated association, joint venture or other entity, or a
government or any political subdivision or agency thereof. 
 “Power of Attorney” has the meaning set forth in
Section 7.05(a). 
 “Registration Rights Agreement” means that certain Registration Rights Agreement,
effective as of the Closing Date, by and among the Parent and the persons listed on Schedule I thereto. 
 “Securities
Act” means the Securities Act of 1933, as in effect from time to time, and applicable rules and regulations thereunder. Any reference herein to a specific section or sections of the Securities Act shall be deemed to include a reference to
any corresponding provision of future law. 
 “Splitter Partnership” has the meaning set forth in the preamble.

 “Tax” means any and all U.S. federal, state, county, local, non-U.S. or other income, gross receipts,
license, payroll, employment, excise, severance, stamp, occupation, premium, 

  
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windfall profits, environmental, customs duties, capital stock, franchise, profits, withholding, social security (or similar, including FICA), unemployment, disability, real property, personal
property, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated, or other tax of any kind or any charge of any kind in the nature of (or similar to) taxes whatsoever, including any interest, penalty, or addition
thereto, whether disputed or not. 
 “Tax Authority” means any Governmental Authority responsible for the
collection, operation or administration of Taxes. 
 “Upstream Merger Sub” means HA Merger Sub III LLC, a
Maryland limited liability company and a wholly owned subsidiary of the Parent. 
 “Voting Interests” means,
with respect to any Person, ownership interests, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even if the right to vote
has been suspended by the happening of such a contingency. 
 “Waiver Letter” means that certain ownership
waiver letter, effective as of the Closing Date, executed by the Parent for the benefit of Fund III. 
 Section 1.02.
Rules of Application. The definitions in Section 1.01 and elsewhere in this Agreement shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun used herein shall include
the corresponding masculine, feminine and neuter forms. The words “include,” “includes,” and “including” shall be deemed to be followed by the phrase “without limitation.” The words “herein,”
“hereof,” “hereunder,” and similar terms shall refer to this Agreement, unless the context otherwise requires. 
 ARTICLE II 
 THE CONTRIBUTION 

Section 2.01. Effect of the Contribution. On the terms and subject to the conditions set forth in this Agreement and in
accordance with the Delaware Limited Liability Company Act and the Delaware Revised Uniform Partnership Act, Fund III shall contribute, transfer, assign, convey and deliver to the Operating Partnership, and the Operating Partnership shall acquire
and accept, the LLC Equity Interests. 
 Section 2.02. Closing Date. Unless this Agreement is sooner terminated or
extended pursuant to its terms or unless otherwise agreed to in writing by the parties hereto, the closing of the transactions contemplated by this Agreement (the “Closing”) shall become effective upon the closing of the
Parent’s initial public offering of the Common Stock (the “Closing Date”). 
 Section 2.03.
Consideration. On the Closing Date, the Operating Partnership shall, in exchange for the transfer of the LLC Equity Interests to the Operating Partnership, issue 326,437 OP Units (the “Contribution Consideration”) to Fund III
in accordance with the terms and conditions of this Agreement. 

  
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 Section 2.04. Termination. Notwithstanding anything to the contrary contained
herein, this Agreement may be terminated at any time prior to the Closing, as follows: 
 (a) by mutual consent of all the
parties; 
 (b) by the Parent, the Operating Partnership or Fund III, if the Closing has not occurred by December 31, 2013;

 (c) by the Parent or the Operating Partnership if any of the conditions set forth in Section 3.01 have not been
satisfied or waived by the Parent and the Operating Partnership; or 
 (d) by the Parent or the Operating Partnership pursuant
to Article V. 
 If any party elects to terminate this Agreement pursuant to this Section, then such party shall provide
written notice to the other parties of such election and the reason for terminating this Agreement and the termination of this Agreement shall be effective upon the non-issuing parties’ receipt of the termination notice. 

Section 2.05. Tax Treatment. The parties intend and agree that, the Contribution, for U.S. federal income tax purposes, shall
be treated as a contribution to a partnership pursuant to Section 721 of the Code and shall not maintain a position on their respective U.S. federal income tax returns or otherwise that is inconsistent therewith. 

Section 2.06. Tax Withholding. Notwithstanding anything in this Agreement to the contrary, the Parent shall be entitled to
deduct and withhold from the Contribution Consideration or any other payment made by it under this Agreement such amounts that it reasonably determines, after consultation with Fund III, that it is required to deduct and withhold under applicable
law, and any amounts so deducted and withheld shall be treated for all purposes of this Agreement as having been paid to the Person in respect of which such deduction and withholding was made. 

ARTICLE III 
 CONDITIONS AND COVENANTS 
 Section 3.01. Conditions to the
Obligations of the Parent and the Operating Partnership. The obligation of the Parent and the Operating Partnership to consummate the Contribution shall be subject to the satisfaction or waiver by the Parent and the Operating Partnership of each
of the conditions set forth below and the performance by Fund III of its obligations set forth below and elsewhere in this Agreement: 
 (a) Accuracy of Representations and Warranties. The representations and warranties of Fund III contained in Section 4.01 shall be true and correct as of the date of this Agreement and the
Closing Date; 
 (b) Fund III Compliance. Fund III shall have fully complied with all of its obligations hereunder
required to be performed on or prior to the Closing Date; 

  
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 (c) Splitter Partnership Compliance. The Splitter Partnership shall have fully
complied with all of its obligations hereunder required to be performed on or prior to the Closing Date; 
 (d) Initial
Public Offering. Other than consummation of the transactions contemplated hereby, all conditions precedent to the closing of the initial public offering of the Common Stock shall have been satisfied or irrevocably and unconditionally waived; and

 (e) Certification of Non-Foreign Status. Prior to the Closing, Fund III shall have provided to the Parent a
certification in the form contained in Section 1.1445-2(b)(2)(iv) of the Treasury Regulations to the effect that Fund III is not a “foreign person.” 
 If any of the foregoing conditions have not been satisfied (or waived by the Parent and the Operating Partnership) as of the Closing Date, the Parent and the Operating Partnership shall have the right, in
accordance with Section 2.04, to terminate this Agreement in full and, except as expressly set forth elsewhere in this Agreement, no party hereto shall thereafter have any obligation under any provision of this Agreement. 

Section 3.02. Conditions to the Obligations of Fund III. The obligation of Fund III to consummate the Contribution shall be
subject to the satisfaction or waiver by Fund III of each of the conditions set forth below and the performance by the Parent and the Operating Partnership of their obligations set forth below and elsewhere in this Agreement: 

(a) Accuracy of Representations and Warranties. The representations and warranties of the Parent and the Operating Partnership
contained in Sections 4.02 and 4.03, respectively, shall be true and correct as of the date of this Agreement and the Closing Date; 
 (b) Registration Rights Agreement. The Parent shall have entered into the Registration Rights Agreement; 
 (c) Initial Public Offering. Other than consummation of the transactions contemplated hereby, all conditions precedent to the closing of the initial public offering of the Common Stock shall have
been satisfied or irrevocably and unconditionally waived other than those in the control of Fund III; and 
 (d) Waiver
Letter. The Parent shall have executed the Waiver Letter. 
 Section 3.03. Covenants of Fund III. 

(a) Facilitate the Contribution. From the date of this Agreement until the earlier to occur of the Closing or the termination of
this Agreement in accordance with the terms set forth in Section 2.04, Fund III shall not take or fail to take, or agree or commit to take or fail to take, any action that would reasonably be expected to, individually or in the aggregate,
prevent, materially delay or materially impede the consummation of the Contribution, the initial public offering of the Common Stock or the other transactions contemplated by this Agreement. 

  
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 (b) Hannon LLC Agreement. Fund III shall not take or fail to take, or agree or commit
to take or fail to take, any action that would reasonably be expected to, individually or in the aggregate, prevent, materially delay or materially impede the approval and adoption by Upstream Merger Sub of an amended and restated limited liability
company agreement of Hannon LLC substantially in the form set forth on Exhibit B of this Agreement to replace the Existing LLC Agreement. 
 (c) Investor Rights Agreement. Fund III shall not take or fail to take, or agree or commit to take or fail to take, any action that would reasonably be expected to, individually or in the
aggregate, prevent, materially delay or materially impede the termination of the Investor Rights Agreement or the Existing Registration Rights Agreement. 
 (d) Initial Public Offering. Fund III hereby irrevocably and unconditionally waives any consent, condition or other similar right to approve or delay the closing of the initial public offering of
the Common Stock. 
 (e) Ownership and Transfer. From the date of this Agreement until the earlier to occur of the
Closing or the termination of this Agreement in accordance with the terms set forth in Section 2.04, Fund III shall not transfer (or permit to be transferred), sell, or otherwise dispose of, or cause the sale, transfer or disposition of (or
agree to do any of the foregoing) all or any portion of the LLC Equity Interests. Fund III will not have any outstanding warrants, options, convertible securities, or any other type of right pursuant to which any person could acquire any of the LLC
Equity Interests. 
 (f) Liabilities. From the date of this Agreement until the earlier to occur of the Closing or the
termination of this Agreement in accordance with the terms set forth in Section 2.04, Fund III shall not pledge, hypothecate or encumber all or any portion of the LLC Equity Interests. As a result of the transactions contemplated by this
Agreement, the Operating Partnership will not assume any liability of Fund III. 
 Section 3.04. Covenants of the
Splitter Partnership. 
 (a) Hannon LLC Agreement. Upon the transfer of its ownership interest in the LLC Equity
Interests to the Merging Entity, the Splitter Partnership hereby irrevocably and unconditionally (i) consents to the termination of the Existing LLC Agreement, (ii) waives all rights under the Existing LLC Agreement other than its right to
have the OP Units to be received by Fund III in connection with the Contribution and (iii) consents to the approval and adoption by Upstream Merger Sub of an amended and restated limited liability company agreement of Hannon LLC substantially
in the form set forth on Exhibit B of this Agreement to replace the Existing LLC Agreement. 
 (b) Investor Rights
Agreement. Upon the transfer of its ownership interest in the LLC Equity Interests to the Merging Entity, the Splitter Partnership hereby irrevocably and unconditionally consents to the termination of the Investor Rights Agreement and waives all
its rights under the Investor Rights Agreement and the Existing Registration Rights Agreement. 

  
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 (c) Initial Public Offering. The Splitter Partnership hereby irrevocably and
unconditionally waives any consent, condition or other similar right to approve or delay the closing of the initial public offering of the Common Stock. 
 (d) LLC Equity Interests. Between the date of this Agreement and the Closing Date, the Splitter Partnership shall transfer all of its ownership interest in the LLC Equity Interests to Fund III.

 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
 Section 4.01. Representations and
Warranties of Fund III. Fund III hereby represents and warrants to the Parent and the Operating Partnership, as of the date of this Agreement and the Closing Date, as follows: 

(a) Existence and Power. Fund III has been duly formed and validly exists as a limited liability company under the laws of the
State of Delaware. Fund III has all power and authority to enter into this Agreement, and all other documents to be executed and delivered in connection with the transactions that are the subject of this Agreement, and to perform its obligations in
connection with the transactions that are the subject of this Agreement. 
 (b) Authorization; No Contravention. The
execution and delivery of this Agreement by Fund III and the performance of its obligations hereunder have been duly authorized by all requisite corporate action, and all necessary authorizations, consents, approvals, elections and waivers have been
obtained as of the Closing Date. This Agreement constitutes the valid, legal and binding obligations of Fund III, enforceable against Fund III in accordance with its terms, subject to bankruptcy and similar laws affecting the remedies or resources
of creditors generally and principles of equity. The execution and delivery of this Agreement and the consummation of the transactions contemplated herein will not conflict with, or result in any violation of, or default (with or without notice or
lapse of time or both) under, give rise to a right of termination, cancellation or acceleration of, or give any Person the right to exercise any remedy under, any contractual obligation, under: (i) any agreement, order or decree to which Fund
III is a party or such Person is bound or to which any of such Person’s assets are subject, (ii) the Organizational Documents of Fund III, or (iii) any law applicable to Fund III. Other than the requisite corporate action, and all
necessary authorizations, consents, approvals, elections and waivers that have been obtained, no authorization, approvals or consents from, or registration, declaration or filings with, any lender, partner, member, shareholder, beneficiary, tenant,
creditor, investor, Authority or other Person is required in order for Fund III to execute and deliver this Agreement and consummate the transactions contemplated herein. 
 (c) No Injunction. Fund III is not subject to any order, writ, judgment, decree, injunction or settlement that could reasonably prohibit the transactions contemplated hereby. 

  
 - 9 -

 (d) No Consents. No consent, waiver, approval, authorization, order, license, permit
or registration of, qualification, designation, declaration or filing with, any Person or Governmental Authority or under any applicable Laws is required to be obtained by Fund III in connection with the execution, delivery and performance of this
Agreement and the transactions contemplated hereby and thereby, except for those consents, waivers, approvals, authorizations, orders, licenses, permits, registrations, qualifications, designations, declarations or filings, the failure of which to
obtain or to file would not, individually or in the aggregate, reasonably be expected to have a Fund III Material Adverse Effect. 
 (e) Ownership of the LLC Equity Interests. As of the Closing Date, the LLC Equity Interests held by Fund III have been, since Fund III’s date of formation, and, except for the Existing LLC
Agreement, the Investor Rights Agreement, the Existing Registration Rights Agreement and the Splitter Partnership Agreement of Limited Partnership (collectively, the “Existing Agreements”), are owned free and clear of all Liens,
charges, security interests, mortgages, pledges, options, preemptive rights, rights of first refusal or first offer, proxies, levies, voting trusts or agreements, or other adverse claims or restrictions on title or transfer of any nature whatsoever.

 (f) Accredited Investor. Fund III qualifies as an Accredited Investor and has affirmatively certified as such and
indicated on Exhibit A attached hereto the basis for such certification and understands the risks of, and other considerations relating to, the OP Units. Fund III, by reason of its business and financial experience, together with the business and
financial experience of those persons, if any, retained to represent or advise Fund III: 
 (i) has such knowledge,
sophistication and experience in financial and business matters and in making investment decisions of this type that Fund III is capable of evaluating the merits and risks of an investment in the Operating Partnership and of making an informed
investment decision; 
 (ii) is capable of protecting Fund III’s own interest or has engaged representatives or advisors
to assist it in protecting such interests; 
 (iii) is capable of bearing the economic risk of such investment; and 

(iv) in making Fund III’s decision to enter into this Agreement has conducted its own due diligence, has been represented by
competent counsel and financial advisors and has not relied on oral or written advice from the Parent, the Operating Partnership or their Affiliates, representatives, or agents or on representations or warranties of the Parent and the Operating
Partnership other than those set forth in this Agreement. 
 (g) Investment For Own Account. The OP Units to be received
in connection with the Contribution will be acquired for investment only and not with a view to, or with any intention of, a distribution or resale thereof, in whole or in part, or the grant of any participation therein in violation of the
securities laws. 

  
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 (h) Access to Information. Fund III has been afforded: 

(i) the opportunity to ask such questions as Fund III has deemed necessary of, and to receive answers from, representatives of the
Parent concerning the terms and conditions of the issuance and/or delivery of the OP Units to be received in connection with the Contribution; and 
 (ii) access to information about the Parent and its financial condition and results of operations sufficient to evaluate Fund III’s investment in, or receipt of, the OP Units to be received in
connection with the Contribution. 
 (i) Unregistered Securities. Fund III understands that: 

(i) the OP Units to be received in connection with the Contribution have not been registered under the Securities Act or state
securities laws by reason of a specific exemption or exemptions from registration under the Securities Act and applicable state securities laws; 
 (ii) the Parent’s reliance on such exemptions is predicated in part on the accuracy and completeness of the representations and warranties of Fund III contained herein; 

(iii) the OP Units to be received in connection with the Contribution cannot be resold unless registered under the Securities Act and
applicable state securities laws, or unless an exemption from registration is available; 
 (iv) there may be no public market
for the OP Units to be received in connection with the Contribution or the shares of common stock of the Parent for which such OP Units may be exchanged; 
 (v) because of the restrictions on transfer or assignment of the OP Units to be received in connection with the Contribution, the economic risk of such OP Units may need to be borne for an indefinite
period of time; and 
 (vi) certificates (if any) representing the OP Units to be received in connection with the Contribution
will bear a legend substantially similar to the following: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER ANY STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR SUCH STATE SECURITIES
LAWS OR AN EXEMPTION FROM REGISTRATION THEREUNDER. 

  
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 (j) Tax Matters. 

(i) There are no Liens for Taxes (other than statutory Liens for Taxes not yet due and payable) upon any of the LLC Equity Interests
held by Fund III. 
 (ii) Fund III is a “United States person” (as defined in Section 7701(a)(30) of the Code).

 Section 4.02. Representations and Warranties of the Parent. The Parent hereby represents and warrants to Fund
III, as of the date of this Agreement and the Closing Date, as follows: 
 (a) Existence and Power. The Parent has
been duly formed and validly exists as a corporation under the laws of the State of Maryland. The Parent has all power and authority to enter into this Agreement and all other documents to be executed and delivered in connection with the
transactions that are the subject of this Agreement, and to perform its obligations in connection with the transactions that are the subject of this Agreement. 
 (b) Authorization; No Contravention. The execution and delivery of this Agreement by the Parent and the performance of its obligations hereunder have been duly authorized by all requisite corporate
action, and all necessary authorizations, consents, approvals, elections and waivers have been obtained as of the Closing Date. This Agreement constitutes the valid, legal and binding obligations of the Parent, enforceable against the Parent in
accordance with its terms, subject to bankruptcy and similar laws affecting the remedies or resources of creditors generally and principles of equity. The execution and delivery of this Agreement and the consummation of the transactions contemplated
herein will not conflict with, or result in any violation of, or default (with or without notice or lapse of time or both) under, give rise to a right of termination, cancellation or acceleration of, or give any Person the right to exercise any
remedy under, any contractual obligation, under: (i) any agreement, order or decree to which the Parent is a party or such Person is bound or to which any of such Person’s assets are subject, (ii) the Organizational Documents of the
Parent, or (iii) any law applicable to the Parent. Other than as may be required for the consummation of the initial public offering of the Common Stock and the actions to be take in connection therewith, no authorization, approvals or consents
from, or registration, declaration or filings with, any lender, partner, member, stockholder, beneficiary, tenant, creditor, investor, Authority or other Person is required in order for the Parent to execute and deliver this Agreement and consummate
the transactions contemplated herein. 
 (c) No Consents. Other than as may be required for the consummation of the
initial public offering of the Common Stock and the actions to be taken in connection therewith, no consent, waiver, approval, authorization, order, license, permit or registration of, qualification, designation, declaration or filing with, any
Person or Governmental Authority or under any applicable Laws is required to be obtained by Parent in connection with the execution, delivery and performance of this Agreement and the transactions contemplated hereby and thereby, except for those
consents, waivers, approvals, authorizations, orders, licenses, permits, registrations, qualifications, designations, declarations or filings, the failure of which to obtain or to file would not, individually or in the aggregate, reasonably be
expected to have a Parent Material Adverse Effect. 

  
 - 12 -

 Section 4.03. Representations and Warranties of the Operating Partnership. The
Operating Partnership hereby represents and warrants to Fund III, as of the date of this Agreement and the Closing Date, as follows: 
 (a) Existence and Power. The Operating Partnership has been duly formed and validly exists as a limited partnership under the laws of the State of Delaware. The Operating Partnership has all
power and authority to enter into this Agreement and all other documents to be executed and delivered in connection with the transactions that are the subject of this Agreement, and to perform its obligations in connection with the transactions that
are the subject of this Agreement. 
 (b) Authorization; No Contravention. The execution and delivery of this Agreement
by the Operating Partnership and the performance of its obligations hereunder have been duly authorized by all requisite action, and all necessary authorizations, consents, approvals, elections and waivers have been obtained as of the Closing Date.
This Agreement constitutes the valid, legal and binding obligations of the Operating Partnership, enforceable against the Operating Partnership in accordance with its terms, subject to bankruptcy and similar laws affecting the remedies or resources
of creditors generally and principles of equity. The execution and delivery of this Agreement and the consummation of the transactions contemplated herein will not conflict with, or result in any violation of, or default (with or without notice or
lapse of time or both) under, give rise to a right of termination, cancellation or acceleration of, or give any Person the right to exercise any remedy under, any contractual obligation, under: (i) any agreement, order or decree to which the
Operating Partnership is a party or such Person is bound or to which any of such Person’s assets are subject, (ii) the Organizational Documents of the Operating Partnership, or (iii) any law applicable to the Operating Partnership. No
authorization, approvals or consents from, or registration, declaration or filings with, any lender, partner, member, stockholder, beneficiary, tenant, creditor, investor, Authority or other Person is required in order for the Operating Partnership
to execute and deliver this Agreement and consummate the transactions contemplated herein. 
 (c) No Consents. No
consent, waiver, approval, authorization, order, license, permit or registration of, qualification, designation, declaration or filing with, any Person or Governmental Authority or under any applicable Laws is required to be obtained by the
Operating Partnership in connection with the execution, delivery and performance of this Agreement and the transactions contemplated hereby and thereby, except for those consents, waivers, approvals, authorizations, orders, licenses, permits,
registrations, qualifications, designations, declarations or filings, the failure of which to obtain or to file would not, individually or in the aggregate, reasonably be expected to have a OP Material Adverse Effect. 

(d) OP Units. The OP Units to be received in connection with the Contribution have been duly authorized for issuance and, upon
such issuance, will be validly issued and fully paid. 

  
 - 13 -

 ARTICLE V 
 DEFAULTS AND REMEDIES 
 Section 5.01. Default by Fund III. If
the Closing is not consummated because of a default by Fund III under this Agreement, then the Parent and the Operating Partnership may either (i) seek specific performance of this Agreement by requiring Fund III to assign the LLC Equity
Interests to the Operating Partnership and in connection therewith Fund III shall reimburse the Parent and the Operating Partnership for the actual out-of-pocket expenses incurred by the Parent or the Operating Partnership in connection with seeking
such specific performance, or (ii) terminate this Agreement in full and, except as expressly set forth elsewhere in this Agreement, no party hereto shall thereafter have any obligation under any provision of this Agreement. 

ARTICLE VI 

INDEMNIFICATION 
 Section 6.01. Indemnification. Subject to the limitations provided below, from and after the Closing Date, Fund III agrees to indemnify, defend and hold harmless each of the Indemnified
Parties from and against all Losses that are incurred or suffered by any of them based upon, arising out of, in connection with or by reason of (i) the breach of any of the representations or warranties of Fund III under this Agreement or
(ii) any breach by Fund III of its obligations under this Agreement; provided, however, that the maximum aggregate liability of the Indemnifying Party under this Section 7.01 shall not exceed $1,000,000. Fund III’s
indemnification obligation pursuant to this Section 7.01 shall be secured by a pledge of the LLC Equity Interests in accordance with the terms and conditions of a pledge agreement to be entered into between the Parent and Fund III. 

Section 6.02. Method of Asserting Claims. All claims for indemnification by any Indemnified Party under this Article VI shall
be asserted and resolved as follows: 
 (a) If an Indemnified Party intends to seek indemnification under this Article VI, it
shall promptly notify Fund III in writing of such claim. The failure to provide such notice will not affect any rights hereunder except to the extent Fund III is materially prejudiced thereby. 

(b) If such claim involves a claim by a third-party against the Indemnified Party, Fund III shall, within ten days after receipt of such
notice and upon notice to the Indemnified Party, assume, with counsel reasonably satisfactory to the Indemnified Party, at the sole cost and expense of Fund III, the settlement or defense thereof (in which case any Loss associated therewith shall be
the sole responsibility of Fund III), provided that the Indemnified Party may participate in such settlement or defense through counsel chosen by it. If the Indemnified Party determines in good faith that representation by Fund III’s counsel of
(i) the Indemnifying Party and (ii) the Indemnified Party may present such counsel with a conflict of interest, then Fund III shall pay the reasonable fees and expenses of the Indemnified Party’s counsel. Notwithstanding the
foregoing, (i) the Indemnified Party may, at the sole cost and expense of Fund III, at any time prior to the delivery of the notice referred to in the first sentence of this Section 6.02(b) by Fund III, file any motion,

  
 - 14 -

 
answer or other pleadings or take any other action that the Indemnified Party reasonably believes to be necessary or appropriate to protect its interests, (ii) the Indemnified Party may take
over the control of the defense or settlement of a third-party claim at any time if it irrevocably waives its right to indemnity under this Article VI with respect to such claim and (iii) Fund III may
not, without the consent of the Indemnified Party, settle or compromise any action or consent to the entry of any judgment. So long as Fund III is contesting any such claim in good faith, the Indemnified Party shall not pay or settle any such claim
without Fund III’s consent, such consent not to be unreasonably withheld. Notwithstanding the foregoing, if the compromise or settlement of a third-party claim could reasonably be expected to adversely affect the status of the Parent as a real
estate investment trust within the meaning of Section 856 of the Code, then the Parent shall make such decision to compromise or settle the third-party claim without the need to obtain the other party’s consent. If Fund III is not entitled
to assume the defense of the claim pursuant to the foregoing provisions or is entitled but does not contest such claim in good faith (including if Fund III does not notify the Indemnified Party of its assumption of the defense of such claim within
the ten-day period set forth above), then the Indemnified Party may conduct and control, through counsel of its own choosing and at the expense of Fund III, the settlement or defense thereof, and Fund III
shall cooperate with it in connection therewith. The failure of the Indemnified Party to participate in, conduct or control such defense shall not relieve Fund III of any obligation it may have hereunder. Any defense costs required to be paid by
Fund III shall be paid as incurred, promptly against delivery of invoices therefor. 
 Section 6.03. Survival. This
Article VI shall survive until six months following the Closing or the termination of the parties’ obligations to consummate the transactions contemplated by this Agreement. Except as provided otherwise in this Agreement, all
representations and warranties contained in this Agreement shall survive the Closing for a period of one-year and shall not be deemed to be merged into or waived by the instruments of the Closing. 

Section 6.04. Waiver of Claims. Deliverance of the OP Units provided in this Agreement shall serve to waive all claims
against the Parent, the Operating Partnership and Hannon LLC. 
 Section 6.05. Character of Indemnity Payments. The
parties agree that any indemnification payments made with respect to this Agreement shall be treated for all Tax purposes as an adjustment to the Contribution Consideration, unless otherwise required by law (including by a determination of a Tax
Authority that, under applicable law, is not subject to further review or appeal). If an indemnification payment by law cannot be treated as an adjustment to the Contribution Consideration, the Indemnifying Party will pay an amount to the
Indemnified Party that reflects the hypothetical Tax consequences of the receipt or accrual of such indemnification payment, using the maximum applicable statutory rate (or, in the case of an item that affects more than one Tax, rates) of Tax and
reflecting, for example, the effect of deductions available for Taxes such as state and local income Taxes. 

  
 - 15 -

 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.01. Marketing. Fund III shall not
market the LLC Equity Interests for sale or entertain or discuss any offer to purchase or acquire the LLC Equity Interests with any Person other than the Parent, the Operating Partnership and their Affiliates unless this Agreement is terminated in
accordance with the terms set forth in Section 2.04. 
 Section 7.02. Entire Agreement; No Amendment. This
Agreement and the Registration Rights Agreement represents the entire agreement among each of the parties hereto with respect to the subject matter hereof. It is expressly understood that no representations, warranties, guarantees or other
statements shall be valid or binding upon a party unless expressly set forth in this Agreement or the Registration Rights Agreement. It is further understood that any prior agreements or understandings between the parties with respect to the subject
matter hereof have merged in this Agreement and the Registration Rights Agreement which fully expresses the entire agreement of the parties hereto as to the subject matter hereof and supersedes all such prior agreements and understandings. This
Agreement may not be amended, modified or otherwise altered except by a written agreement signed by the party hereto against whom enforcement is sought. 
 Section 7.03. Certain Expenses. Except as otherwise agreed by the parties herein, each party hereto will pay all of its own expenses incurred in connection with this Agreement and the
transactions contemplated hereby (whether or not the Closing shall take place), including, without limitation, all costs and expenses herein stated to be borne by such party and all of its respective accounting, legal, investigatory and appraisal
fees. 
 Section 7.04. Transfer Taxes. All transfer, registration, stamp, documentary, sales, use and similar Taxes
(including all applicable real estate transfer or gains Taxes and transfer Taxes), any penalties, interest and additions to Tax, and fees incurred in connection with the Contribution shall be the responsibility of and be timely paid 50% by Fund III,
on one hand, and 50% by the Operating Partnership, on the other hand. Fund III and the Operating Partnership shall cooperate in the timely making of all filings, returns, reports and forms as may be required in connection therewith. 

Section 7.05. Power of Attorney. 
 (a) By executing this Agreement, Fund III hereby irrevocably appoints the Parent (or its designee) and any successor thereof from time to time (such Parent or designee or any such successor of any of them
acting in his, her or its capacity as attorney-in-fact pursuant hereto, the “Attorney-in-Fact”) as the true and lawful attorney-in-fact and agent of Fund III, to act in the name, place and stead of Fund III to make, execute,
acknowledge and deliver all assignments, contracts, orders, receipts, notices, requests, instructions, certificates, consents, letters and other writings (including, without limitation, (i) the execution of any documents relating to the
Contribution or the initial public offering of the Common Stock and (ii) to provide information to the Securities and Exchange Commission and others about the transactions contemplated hereby)

  
 - 16 -

 
and, in general, to do all things and to take all actions which the Attorney-in-Fact in its sole discretion may consider necessary or proper in connection with or to carry out the transactions
contemplated by this Agreement as fully as could Fund III if personally present and acting (the “Power of Attorney”). 
 (b) The Power of Attorney and all authority granted hereby shall be coupled with an interest and therefore shall be irrevocable and shall not be terminated by any act of Fund III, and if any other such
act or events shall occur before the completion of the transactions contemplated by this Agreement, the Attorney-in-Fact nevertheless shall be authorized and directed to complete all such transactions as if such other act or events had not occurred
and regardless of notice thereof. Fund III hereby authorizes the reliance of third parties on the Power of Attorney. 

Section 7.06. Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been
duly given if personally delivered with proof of delivery thereof (any notice or communication so delivered being deemed to have been received at the time delivered), or sent by United States certified mail, return receipt requested, postage prepaid
(any notice or communication so sent being deemed to have been received two Business Days after mailing in the United States), with failure or refusal to accept delivery to constitute delivery for all purposes of this Agreement, addressed to the
respective parties as follows: 
 If to Fund III or the Splitter Partnership, to the address listed on Fund III or the Splitter
Partnership’s signature page to this Agreement. 
 If to the Parent or the Operating Partnership, to: 

Hannon Armstrong Sustainable Infrastructure Capital, Inc. 
 Attention: Office of the General Counsel 
 1906 Towne Centre Blvd 

Suite 370 

Annapolis, MD 21401 
 with a copy to: 
 Jay L. Bernstein 

Clifford Chance US LLP 
 31 West 52nd
Street 
 New York, New York 10019 
 Section 7.07. No Assignment. Except as provided in this Section below, neither this Agreement nor any of the rights or obligations hereunder may be assigned by any party hereto without the
prior written consent of the other parties. 
 Section 7.08. Governing Law. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of laws of
any jurisdiction other than those of the State of Delaware. 

  
 - 17 -

 Section 7.09. Multiple Counterparts. This Agreement may be executed in multiple
counterparts. If so executed, all of such counterparts shall constitute but one agreement, and, in proving this Agreement, it shall not be necessary to produce or account for more than one such counterpart. To facilitate execution of this Agreement,
the parties may execute and exchange by facsimile or electronic mail PDF copies of counterparts of the signature pages. 

Section 7.10. Further Assurances. From and after the date of this Agreement and after the Closing, the parties hereto shall
take such further actions and execute and deliver such further documents and instruments as may be reasonably requested by the other parties and are reasonably necessary to provide to the respective parties hereto the benefits intended to be
afforded hereby, including, without limitation, all books and records relating to the LLC Equity Interests. 

Section 7.11. Miscellaneous. Whenever herein the singular number is used, the same shall include the plural, and the plural
shall include the singular where appropriate, and words of any gender shall include the other gender when appropriate. The headings of the Articles and the Sections contained in this Agreement are for convenience only and shall not be taken into
account in determining the meaning of any provision of this Agreement. The words “hereof” and “herein” refer to this entire Agreement and not merely the Section in which such words appear. If the last day for performance of any
obligation hereunder is not a Business Day, then the deadline for such performance or the expiration of the applicable period or date shall be extended to the next Business Day. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, legal representatives, successors and assigns. The Exhibits attached hereto are hereby incorporated herein and shall be deemed a part of this Agreement. 

Section 7.12. Invalid Provisions. If any provision of this Agreement is held to be illegal, invalid or unenforceable under
present or future laws, such provision shall be fully severable, this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions of this
Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement. 
 Section 7.13. Attorneys’ Fees. If this Agreement or the transactions contemplated herein give rise to a lawsuit, arbitration or other legal proceeding between the parties hereto, the
prevailing party shall be entitled to recover its costs and reasonable attorney fees in addition to any other judgment of the court or arbitrator(s). 
 Section 7.14. Waiver of Jury Trial. To the fullest extent permitted by applicable law, the parties hereto waive trial by jury in any action, proceeding or counterclaim brought by any
party(ies) against any other party(ies) on any matter arising out of or in any way connected with this Agreement or the relationship of the parties created hereunder. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 - 18 -

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first above written. 
  

					
	HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.
		
	By:	 	 /s/ Jeffrey W. Eckel

		 	Name:	 	Jeffrey W. Eckel
		 	Title:	 	President and Chief Executive Officer
	
	HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE, L.P.
	
	 By:   HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL,
Inc.
 its General Partner

		
	By:	 	 /s/ Jeffrey W. Eckel

		 	Name:	 	Jeffrey W. Eckel
		 	Title:	 	President and Chief Executive Officer

  
 [Signature
Page – Contribution Agreement] 

 IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date first
above written. 
  

					
	MISSIONPOINT HA PARALLEL FUND III, LLC
	
	By: MissionPoint Capital Partners LLC, its Manager
		
	By:	 	 /s/ Jesse Fink

		 	Name:	 	Jesse Fink
		 	Title:	 	Executive Committee Member
		
	By:	 	 /s/ Mark Cirilli

		 	Name:	 	Mark Cirilli
		 	Title:	 	Executive Committee Member

  
 [Signature
Page – Contribution Agreement] 

 
					
	MISSIONPOINT HA PARALLEL FUND, L.P.
		
	By:	 	MPCP I GP, LLC, its General Partner
	By:	 	MissionPoint Capital Partners LLC
		
	By:	 	 /s/ Jesse Fink

		 	Name:	 	Jesse Fink
		 	Title:	 	Executive Committee Member
		
	By:	 	 /s/ Mark Cirilli

		 	Name:	 	Mark Cirilli
		 	Title:	 	Executive Committee Member

  
 [Signature
Page – Contribution Agreement] 

 EXHIBIT A 

ACCREDITED INVESTOR QUESTIONNAIRE 
 I am an Accredited Investor (as defined in Rule 501 of Regulation D promulgated under the Securities Act) because I hereby certify that (check all appropriate descriptions that apply): 

 

	 ̈	a bank, as defined in Section 3(a)(2) of the Securities Act or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the
Securities Act, whether acting in an individual or a fiduciary capacity. 

  

	 ̈	a broker or dealer registered under Section 15 of the Securities Exchange Act of 1934, as amended. 

 

	 ̈	an insurance company, as defined in Section 2(13) of the Securities Act. 

 

	 ̈	an investment company registered under the Investment Company Act of 1940 or a business development company, as defined in Section 2(a)(48) of that act.

  

	 ̈	a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of
1958. 

  

	 ̈	a plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state or its political subdivisions for the benefit of
its employees, if the plan has total assets in excess of $5 million. 

  

	 ̈	an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, if the investment decision is being made by a plan
fiduciary, as defined in Section 3(21) of such act, and the plan fiduciary is either a bank, an insurance company, or a registered investment adviser, or if the employee benefit plan has total assets in excess of $5 million.

  

	 ̈	a private business development company, as defined in Section 202(a)(22) of the Investment Advisers Act of 1940. 

 

	 ̈	a corporation, Massachusetts or similar business trust, or partnership, or an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as
amended, that was not formed for the specific purpose of acquiring the Securities, and that has total assets in excess of $5 million. 

  

	 ̈	a trust with total assets in excess of $5 million not formed for the specific purpose of acquiring the Securities, whose purchase is directed by a sophisticated person
as described in Rule 506(b)(2)(ii) under the Securities Act. 

  

	 ̈	an entity in which all of the equity owners are accredited investors and meet the criteria listed above. 

  
 Exh. A-1

 EXHIBIT B 

AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 
 OF HANNON ARMSTRONG CAPITAL LLC

 This Amended and Restated Limited Liability Company Agreement (“Agreement”) of Hannon Armstrong Capital
LLC (the “LLC”), effective as of April 23, 2013 (the “Effective Date”), is entered into by HA Merger Sub III LLC, as the sole member of the LLC (the “Member”). 

WHEREAS, the LLC was formed as a limited liability company on August 7, 2000 by filing Articles of Organization with the
State Department of Assessments and Taxation of Maryland pursuant to and in accordance with the Maryland Limited Liability Company Act, as amended from time to time (the “Act”);  

WHEREAS, the Member, being the sole Member of the LLC, has determined that it is in the best interests of the LLC to amend and
restate the LLC’s Third Amended and Restated Operating Agreement, dated as of April 26, 2010, as amended, and that the membership in and management of the LLC shall now and hereafter be governed by the terms set forth herein.

 NOW, THEREFORE, the Member agrees as follows: 
 1. Name. The name of the LLC is Hannon Armstrong Capital LLC. 
 2. Purpose. The
purpose of the LLC is to engage in any lawful act or activity for which limited liability companies may be formed under the Act and to engage in any and all activities necessary or incidental thereto. 

3. Principal Office; Resident Agent. 
 (a) Principal Office. The location of the principal office of the LLC in the State of Maryland shall be 1906 Towne Centre Blvd, Suite 370, Annapolis, MD 21401, or such other location as
the Member may from time to time designate. 
 (b) Resident Agent. The name of the resident agent of the
LLC in the State of Maryland is CSC-Lawyers Incorporating Service Company, located at 7 St. Paul Street, Suite 1660, Baltimore, MD 21202, or such other resident agent as the Member may from time to time designate. 

  
 Exh. B-1

 4. Members. 
 (a) Member. The name and the business, residence or mailing address of the Member are as follows: 
  

			
	 Name
	  	 Address

		
	Hannon Armstrong Sustainable Infrastructure, L.P.	  	 1906 Towne Centre Blvd, Suite 370,
 Annapolis, MD 21401

 (b) Additional Members. One or more additional members may be admitted to the LLC with the
consent of the Member. Prior to the admission of any such additional members to the LLC, the Member shall amend this Agreement to make such changes as the Member shall determine to reflect the fact that the LLC shall have such additional members.
Each additional member shall execute and deliver a supplement or counterpart to this Agreement, as necessary. 

(c) Membership Interests; Certificates. To the extent permitted by the Act, notwithstanding any showing that distributions
under a charging order upon any economic interest of the LLC will not pay the amount owed to the creditor within a reasonable time, no economic interest in the LLC shall be subject to foreclosure. The LLC will not issue any certificates to evidence
ownership of the membership interests. 
 5. Management. 
 (a) Authority and Powers of the Member. The Member shall have exclusive and complete authority and discretion to manage the operations and affairs of the LLC and to make all decisions
regarding the business of the LLC. Any action taken by the Member shall constitute the act of and serve to bind the LLC. The Member shall have all rights and powers of a member under the Act, and shall have such authority, rights and powers in the
management of the LLC to do any and all other acts and things necessary, proper, convenient or advisable to effectuate the purposes of this Agreement. 
 (b) Duties and Obligations of Member. To the maximum extent permitted under the Act, the only duties of the Member in its capacity as a member of the LLC, fiduciary or otherwise, are to
perform its contractual obligations as expressly set forth in this Agreement in accordance with the duties of care and loyalty as set forth in this Section 5(b). Such duties are owed by the Member to the LLC and its members and shall not be
enforceable otherwise than by the LLC or a member of the LLC. To the maximum extent permitted under the Act, the Member shall have no duties in its capacity as a member of the LLC, fiduciary or otherwise, to any individual or entity (each such
individual or entity and the heirs, personal representatives, successors and assigns of such individual or entity, a “Person”) other than the LLC and its members (including any creditor of the LLC or any such member, or any assignee
of any interest in the LLC). No director, officer, member, manager, affiliate or agent of the Member shall have any duties directly to the LLC or any member of the LLC, or to any other Person (including any creditor of the LLC or any Member, or any
assignee of any interest in the LLC). 

  
 Exh. B-2

 (i) Duty of Care. The Member’s duty of care is limited to refraining from
engaging in grossly negligent or reckless conduct, intentional misconduct or knowing violation of law in the discharge of its contractual obligations as expressly set forth in this Agreement. None of the Member or its agents or affiliates shall be
expected to devote his, her or its full time to the performance of such duties. 
 (ii) Duty of Loyalty. The
Member’s duty of loyalty is limited to refraining from appropriating the property or assets of the LLC to the benefit of any other Person and without benefit to the LLC. An action of the Member, in its capacity as such, does not violate the
Member’s duty of loyalty solely because the Member’s conduct also furthers the Member’s own interests. 

(c) Election of Officers; Delegation of Authority. The Member may, from time to time, designate one or more officers with
such titles as may be designated by the Member to act in the name of the LLC with such authority as may be delegated to such officers by the Member (each such designated person, an “Officer”). Any such Officer shall act pursuant to
such delegated authority until such Officer is removed by the Member. Any action taken by an Officer designated by the Member pursuant to authority delegated to such Officer shall constitute the act of and serve to bind the LLC. Persons dealing with
the LLC are entitled to rely conclusively on the power and authority of any officer set forth in this Agreement and any instrument designating such officer and the authority delegated to him, her or it. 

6. Liability of Member; Indemnification. 
 (a) Liability of Member. To the fullest extent permitted under the Act, the Member, whether acting as the Member, in its capacity as the manager of the LLC, or in any other capacity, shall
not be liable for any debts, obligations or liabilities of the LLC or each other, whether arising in tort, contract or otherwise, solely by reason of being a Member. 
 (b) Indemnification. To the fullest extent permitted under the Act, the Member, its officers, its directors and any person acting on behalf of the Member (irrespective of the capacity in
which it acts) shall be entitled to indemnification and advancement of expenses from the LLC for and against any loss, damage, claim or expense (including attorneys’ fees) whatsoever incurred by the Member relating to or arising out of any act
or omission or alleged acts or omissions (whether or not constituting negligence or gross negligence) performed or omitted by the Member on behalf of the LLC; provided, however, that any indemnity under this Section 6(b) shall be
provided out of and to the extent of LLC assets only, and neither the Member nor any other person shall have any personal liability on account thereof. 
 7. Term. The term of the LLC shall be perpetual unless the LLC is dissolved and terminated in accordance with Section 11. 
 8. Capital Contributions. The Member shall not be required to contribute any additional capital to the LLC, and except as set forth in the Act, no Member shall have any personal liability
for any obligations of the LLC. No Member shall be paid interest on its capital contributions. 

  
 Exh. B-3

 9. Tax Status; Income and Deductions. 

(a) Tax Status. As long as the LLC has only one member, it is the intention of the LLC and the Member that the LLC be
treated as a disregarded entity for federal and all relevant state tax purposes and neither the LLC nor the Member shall take any action or make any election which is inconsistent with such tax treatment. All provisions of this Agreement are to be
construed so as to preserve the LLC’s tax status as a disregarded entity. 
 (b) Income and
Deductions. All items of income, gain, loss, deduction and credit of the LLC (including, without limitation, items not subject to federal or state income tax) shall be treated for federal and all relevant state income tax purposes as items of
income, gain, loss, deduction and credit of the Member. 
 10. Distributions. Distributions shall be made to the Member at the
times and in the amounts determined by the Member. 
 11. Dissolution; Liquidation. 

(a) The LLC shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (i) the written consent of
the Member or (ii) any other event or circumstance giving rise to the dissolution of the LLC under the Act, unless the LLC’s existence is continued pursuant to the Act. 

(b) Upon dissolution of the LLC, the LLC shall immediately commence to wind up its affairs and the Member shall promptly liquidate the
business of the LLC. During the period of the winding up of the affairs of the LLC, the rights and obligations of the Member under this Agreement shall continue. 
 (c) In the event of dissolution, the LLC shall conduct only such activities as are necessary to wind up its affairs (including the sale of the assets of the LLC in an orderly manner), and the assets of
the LLC shall be applied as follows: (i) first, to creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the LLC (whether by payment or the making of reasonable provision for payment thereof); and
(ii) thereafter, to the Member. 
 (d) Upon the completion of the winding up of the LLC, the Member shall file Articles of
Dissolution in accordance with the Act. 
 12. Miscellaneous. 
 (a) Amendments. Amendments to this Agreement may be made only with the consent of the Member. 
 (b) Governing Law. This Agreement shall be governed by the laws of the State of Maryland. 
 (c) Severability. In the event that any provision of this Agreement shall be declared to be invalid, illegal or unenforceable, such provision shall survive to the extent it is not so declared, and
the validity, legality and enforceability of the other provisions hereof shall not in any way be affected or impaired thereby, unless such action would substantially impair the benefits to any party of the remaining provisions of this Agreement.

  
 Exh. B-4

 IN WITNESS WHEREOF, the undersigned has executed this Agreement to be effective as of
the date first above written. 
  

					
	By:	 	 /s/ Jeffrey W. Eckel

		 	Name:	 	Jeffrey W. Eckel
		 	Title:	 	President and Chief Executive Officer

  
 Exh. B-5EX-4.1

 Exhibit 4.1 
 ONE HUNDRED TWENTY-SECOND SUPPLEMENTAL INDENTURE 
 Providing among other
things for 
 FIRST MORTGAGE BONDS, 
 $325,000,000 3.375% Series due 2023 
 Dated as of August 9, 2013

  
  

CONSUMERS ENERGY COMPANY 
 TO 
 THE BANK OF NEW YORK MELLON, 

TRUSTEE 

Counterpart      of 80 

 THIS ONE HUNDRED TWENTY-SECOND SUPPLEMENTAL INDENTURE, dated as of August 9, 2013
(herein sometimes referred to as “this Supplemental Indenture”), made and entered into by and between CONSUMERS ENERGY COMPANY, a corporation organized and existing under the laws of the State of Michigan, with its principal executive
office and place of business at One Energy Plaza, in Jackson, Jackson County, Michigan 49201, formerly known as Consumers Power Company (hereinafter sometimes referred to as the “Company”), and THE BANK OF NEW YORK MELLON (formerly known
as The Bank of New York), a New York banking corporation, with its corporate trust offices at 101 Barclay St., New York, New York 10286 (hereinafter sometimes referred to as the “Trustee”), as Trustee under the Indenture dated as of
September 1, 1945 between Consumers Power Company, a Maine corporation (hereinafter sometimes referred to as the “Maine corporation”), and City Bank Farmers Trust Company (Citibank, N.A., successor, hereinafter sometimes referred to
as the “Predecessor Trustee”), securing bonds issued and to be issued as provided therein (hereinafter sometimes referred to as the “Indenture”), 
 WHEREAS, at the close of business on January 30, 1959, City Bank Farmers Trust Company was converted into a national banking association under the title “First National City Trust Company”;
and 
 WHEREAS, at the close of business on January 15, 1963, First National City Trust Company was merged into First
National City Bank; and 
 WHEREAS, at the close of business on October 31, 1968, First National City Bank was merged into
The City Bank of New York, National Association, the name of which was thereupon changed to First National City Bank; and 

WHEREAS, effective March 1, 1976, the name of First National City Bank was changed to Citibank, N.A.; and 

WHEREAS, effective July 16, 1984, Manufacturers Hanover Trust Company succeeded Citibank, N.A. as Trustee under the Indenture; and

 WHEREAS, effective June 19, 1992, Chemical Bank succeeded by merger to Manufacturers Hanover Trust Company as Trustee
under the Indenture; and 
 WHEREAS, effective July 15, 1996, The Chase Manhattan Bank (National Association) merged with
and into Chemical Bank which thereafter was renamed The Chase Manhattan Bank; and 
 WHEREAS, effective November 11, 2001,
The Chase Manhattan Bank merged with Morgan Guaranty Trust Company of New York and the surviving corporation was renamed JPMorgan Chase Bank; and 
 WHEREAS, effective November 13, 2004, the name of JPMorgan Chase Bank was changed to JPMorgan Chase Bank, N.A.; and 
 WHEREAS, effective April 7, 2006, The Bank of New York succeeded JPMorgan Chase Bank, N.A. as Trustee under the Indenture; and 

  
 1 

 WHEREAS, effective July 1, 2008, the name of The Bank of New York was changed to The
Bank of New York Mellon; and 
 WHEREAS, the Indenture was executed and delivered for the purpose of securing such bonds as may
from time to time be issued under and in accordance with the terms of the Indenture, the aggregate principal amount of bonds to be secured thereby being limited to $6,000,000,000 at any one time outstanding (except as provided in Section 2.01
of the Indenture), and the Indenture describes and sets forth the property conveyed thereby and is filed in the Office of the Secretary of State of the State of Michigan and is of record in the Office of the Register of Deeds of each county in the
State of Michigan in which this Supplemental Indenture is to be recorded; and 
 WHEREAS, the Indenture has been supplemented
and amended by various indentures supplemental thereto, each of which is filed in the Office of the Secretary of State of the State of Michigan and is of record in the Office of the Register of Deeds of each county in the State of Michigan in which
this Supplemental Indenture is to be recorded; and 
 WHEREAS, the Company and the Maine corporation entered into an Agreement
of Merger and Consolidation, dated as of February 14, 1968, which provided for the Maine corporation to merge into the Company; and 
 WHEREAS, the effective date of such Agreement of Merger and Consolidation was June 6, 1968, upon which date the Maine corporation was merged into the Company and the name of the Company was changed
from “Consumers Power Company of Michigan” to “Consumers Power Company”; and 
 WHEREAS, the Company and the
Predecessor Trustee entered into a Sixteenth Supplemental Indenture, dated as of June 4, 1968, which provided, among other things, for the assumption of the Indenture by the Company; and 

WHEREAS, said Sixteenth Supplemental Indenture became effective on the effective date of such Agreement of Merger and Consolidation; and

 WHEREAS, the Company has succeeded to and has been substituted for the Maine corporation under the Indenture with the same
effect as if it had been named therein as the mortgagor corporation; and 
 WHEREAS, effective March 11, 1997, the name of
Consumers Power Company was changed to Consumers Energy Company; and 
 WHEREAS, the Indenture provides for the issuance of
bonds thereunder in one or more series, and the Company, by appropriate corporate action in conformity with the terms of the Indenture, has duly determined to create, and does hereby create, a new series of bonds under the Indenture designated
3.375% Series due 2023, each of which bonds shall also bear the descriptive title “First Mortgage Bonds” (hereinafter provided for and hereinafter sometimes referred to as the “2023 Bonds”), the bonds of which series are to be
issued as registered bonds without coupons and are to bear interest at the rate per annum specified in the title thereof and are to mature on August 15, 2023; and 

  
 2 

 WHEREAS, the Company and Citigroup Global Markets Inc., RBC Capital Markets, LLC, Scotia
Capital (USA) Inc. and SunTrust Robinson Humphrey, Inc., as Representatives of the Underwriters named therein (the “Underwriters”) have entered into an Underwriting Agreement dated August 5, 2013 (the “Underwriting
Agreement”), pursuant to which the Company agreed to sell and the Underwriters agreed to buy $325,000,000 in aggregate principal amount of 2023 Bonds (such 2023 Bonds, the “Bonds”); and 

WHEREAS, each of the registered bonds without coupons of the 2023 Bonds and the Trustee’s Authentication Certificate thereon are to
be substantially in the following form, respectively, to wit: 
 {FORM OF REGISTERED BOND OF THE 2023 BONDS} 

THIS BOND IS A GLOBAL BOND REGISTERED IN THE NAME OF THE DEPOSITARY (REFERRED TO HEREIN) OR A NOMINEE THEREOF AND, UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL BONDS REPRESENTED HEREBY, THIS GLOBAL BOND 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 DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS GLOBAL BOND IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER
STREET, NEW YORK, NEW YORK), A NEW YORK CORPORATION (THE “DEPOSITARY”), TO THE TRUSTEE FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS 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 SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 CONSUMERS ENERGY COMPANY 
 FIRST MORTGAGE BOND 

3.375% SERIES DUE 2023 
  

			
	CUSIP: 210518CV6	  	$325,000,000
	ISIN: US210518CV68	  	

 No.: 1 
 CONSUMERS ENERGY COMPANY, a Michigan corporation (hereinafter called the “Company”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of Three Hundred Twenty Five Million Dollars ($325,000,000) on 

  
 3 

 
August 15, 2023 (the “Stated Maturity”), and to pay to the registered holder hereof interest on said sum from and including the latest semi-annual interest payment date to which
interest has been paid or duly made available for payment on the bonds of this series preceding the date hereof, unless the date hereof be an interest payment date to which interest is being paid, in which case from and including the date hereof, or
unless the date hereof is prior to February 15, 2014 in which case from and including August 9, 2013 (or if this bond is dated between the record date for any interest payment date and such interest payment date, then from and including
such interest payment date, provided, however, that if the Company shall default in payment of the interest due on such interest payment date, then from and including the next preceding semi-annual interest payment date to which interest has been
paid or duly made available for payment on the bonds of this series, or if such interest payment date is February 15, 2014, from and including August 9, 2013), in each case to but excluding the next succeeding interest payment date or the
date of maturity, as the case may be, at the rate per annum, until the principal hereof is paid or duly made available for payment, specified in the title of this bond, payable on February 15 and August 15 in each year. The provisions of
this bond are continued below and such continued provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This bond shall not be valid or become obligatory for any purpose unless and until it shall have been authenticated by the execution by the Trustee or its successor in trust under the Indenture of the
certificate hereon. 
 IN WITNESS WHEREOF, Consumers Energy Company has caused this bond to be executed in its name by its
Chairman of the Board, its President or one of its Vice Presidents by his or her signature or a facsimile thereof, and its corporate seal or a facsimile thereof to be affixed hereto or imprinted hereon and attested by its Secretary or one of its
Assistant Secretaries by his or her signature or a facsimile thereof. 
  

									
		 		 		 	CONSUMERS ENERGY COMPANY
					
	Dated:	 		 		 		 	
					
		 		 		 	By:	 	  

		 		 		 	Printed:	 	  

		 		 		 	Title:	 	  

					
	Attest:	 	  
	 		 		 	

 TRUSTEE’S AUTHENTICATION CERTIFICATE 

This is one of the bonds, of the series designated therein, described in the within-mentioned Indenture. 

 

			
	THE BANK OF NEW YORK MELLON, Trustee
		
	By:	 	  

		 	Authorized Officer

  
 4 

 CONSUMERS ENERGY COMPANY 

FIRST MORTGAGE BOND 
 3.375% SERIES DUE 2023 
 The interest payable on any February 15 or
August 15 will, subject to certain exceptions provided in the Indenture hereinafter mentioned, be paid to the person in whose name this bond is registered at 5:00 p.m., New York City time, on the record date, which shall be the February 1
or August 1 (whether or not such February 1 or August 1 shall be a legal holiday or a day on which banking institutions in the Borough of Manhattan, The City of New York, are authorized to close) preceding the relevant interest
payment date, except that interest payable at Stated Maturity shall be paid to the person to whom the principal amount is paid. The initial interest payment date will be February 15, 2014. The principal of and the premium, if any, and interest
on this bond shall be payable at the office or agency of the Company in the Borough of Manhattan, The City of New York, designated for that purpose, in any coin or currency of the United States of America which at the time of payment is legal tender
for public and private debts. 
 This bond is one of the bonds of a series designated as First Mortgage Bonds, 3.375% Series due
2023 (sometimes herein referred to as the “2023 Bonds” or the “Bonds”) issued under and in accordance with and secured by an indenture dated as of September 1, 1945, given by the Company (or its predecessor, Consumers Power
Company, a Maine corporation) to City Bank Farmers Trust Company (The Bank of New York Mellon, successor) (hereinafter sometimes referred to as the “Trustee”), together with indentures supplemental thereto, heretofore or hereafter
executed, to which indenture and indentures supplemental thereto (hereinafter referred to collectively as the “Indenture”) reference is hereby made for a description of the property mortgaged and pledged, the nature and extent of the
security and the rights, duties and immunities thereunder of the Trustee and the rights of the holders of said bonds and of the Trustee and of the Company in respect of such security, and the limitations on such rights. By the terms of the
Indenture, the bonds to be secured thereby are issuable in series which may vary as to date, amount, date of maturity, rate of interest and in other respects as provided in the Indenture. 

Any or all of the 2023 Bonds may be redeemed by the Company at its option, in whole or in part, at any time and from time to time prior
to maturity, at a redemption price equal to 100% of the principal amount of such 2023 Bonds being redeemed plus, in the case of any redemption prior to May 15, 2023, the Applicable Premium (as defined below), if any, thereon at the time of
redemption, together with (at any time) accrued and unpaid interest, if any, thereon to, but not including, the redemption date. In no event will the redemption price be less than 100% of the principal amount of the 2023 Bonds plus accrued and
unpaid interest, if any, thereon to, but not including, the redemption date. 
 “Applicable Premium” means, with
respect to a 2023 Bond (or portion thereof) being redeemed at any time prior to May 15, 2023, the excess of (a) the present value at such time of the principal amount of such 2023 Bond (or portion thereof) being redeemed plus all interest
payments due on such 2023 Bond (or portion thereof) after the redemption date (but, for the avoidance of doubt, excluding any portion of such payments of interest accrued to the 

  
 5 

 
redemption date) , which present value shall be computed using a discount rate equal to the Treasury Rate (as defined below) plus 15 basis points, over (b) the principal amount of such 2023
Bond (or portion thereof) being redeemed at such time. For purposes of this definition, the present values of interest and principal payments will be determined in accordance with generally accepted principles of financial analysis. 

“Treasury Rate” means the yield to maturity at the time of computation of United States Treasury securities with a constant
maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) (the “Statistical Release”)) that has become publicly available at least two Business Days prior to the redemption date (or, if such
Statistical Release is no longer published, any publicly available source of similar market data) most nearly equal to the then remaining average life to stated maturity of the 2023 Bonds; provided, however, that if the average life to stated
maturity of the 2023 Bonds is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a
year) from the weekly average yields of United States Treasury securities for which such yields are given. 
 The Treasury Rate
will be calculated on the third Business Day preceding the date fixed for redemption. 
 If less than all of the 2023 Bonds are
to be redeemed, the Trustee shall select, in such manner as it shall deem appropriate and fair, the particular 2023 Bonds or portions thereof to be redeemed. Notice of redemption shall be given by mail not less than 30 nor more than 60 days prior to
the date fixed for redemption to the holders of the 2023 Bonds to be redeemed (which, as long as the 2023 Bonds are held in the book-entry only system, will be The Depository Trust Company (or its nominee) or a successor depositary (or the
successor’s nominee)); provided, however, that the failure to duly give such notice by mail, or any defect therein, shall not affect the validity of any proceedings for the redemption of the 2023 Bonds as to which there shall have been no such
failure or defect. On and after the date fixed for redemption (unless the Company shall default in the payment of the 2023 Bonds or portions thereof to be redeemed at the applicable redemption price, together with accrued and unpaid interest, if
any, thereon to, but not including, such date), interest on the 2023 Bonds or the portions thereof so called for redemption shall cease to accrue. 
 This bond is not redeemable by the operation of the maintenance and replacement provisions of the Indenture or with the proceeds of released property or in any other manner except as set forth above.

 In case of certain defaults as specified in the Indenture, the principal of this bond may be declared or may become due and
payable on the conditions, at the time, in the manner and with the effect provided in the Indenture. The holders of certain specified percentages of the bonds at the time outstanding, including in certain cases specified percentages of bonds of
particular series, may in certain cases, to the extent and as provided in the Indenture, waive certain defaults thereunder and the consequences of such defaults. 
 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the holders of not less than seventy-five per centum in principal amount of the

  
 6 

 
bonds (exclusive of bonds disqualified by reason of the Company’s interest therein) at the time outstanding, including, if more than one series of bonds shall be at the time outstanding, not
less than sixty per centum in principal amount of each series affected, to effect, by an indenture supplemental to the Indenture, modifications or alterations of the Indenture and of the rights and obligations of the Company and the rights of the
holders of the bonds and coupons; provided, however, that no such modification or alteration shall be made without the written approval or consent of the holder hereof which will (a) extend the maturity of this bond or reduce the rate or extend
the time of payment of interest hereon or reduce the amount of the principal hereof or reduce any premium payable on the redemption hereof, (b) permit the creation of any lien, not otherwise permitted, prior to or on a parity with the lien of
the Indenture, or (c) reduce the aforesaid percentage of the principal amount of bonds the holders of which are required to approve any such supplemental indenture. 
 The Company reserves the right, without any consent, vote or other action by holders of the 2023 Bonds or any other series created after the Sixty-eighth Supplemental Indenture, to amend the Indenture to
reduce the percentage of the principal amount of bonds the holders of which are required to approve any supplemental indenture (other than any supplemental indenture which is subject to the proviso contained in the immediately preceding sentence)
(a) from not less than seventy-five per centum (including sixty per centum of each series affected) to not less than a majority in principal amount of the bonds at the time outstanding or (b) in case fewer than all series are affected, not
less than a majority in principal amount of the bonds of all affected series, voting together. 
 No recourse shall be had for
the payment of the principal of or premium, if any, or interest on this bond, or for any claim based hereon, or otherwise in respect hereof or of the Indenture, to or against any incorporator, stockholder, director or officer, past, present or
future, as such, of the Company, or of any predecessor or successor company, either directly or through the Company, or such predecessor or successor company, or otherwise, under any constitution or statute or rule of law, or by the enforcement of
any assessment or penalty, or otherwise, all such liability of incorporators, stockholders, directors and officers, as such, being waived and released by the holder and owner hereof by the acceptance of this bond and being likewise waived and
released by the terms of the Indenture. 
 {END OF FORM OF REGISTERED BOND OF THE 2023 BONDS} 

 
  

AND WHEREAS, all acts and things necessary to make the 2023 Bonds, when duly executed by the Company and authenticated by the Trustee or
its agent and issued as prescribed in the Indenture, as heretofore supplemented and amended, and this Supplemental Indenture, the valid, binding and legal obligations of the Company, and to constitute the Indenture, as supplemented and amended as
aforesaid, as well as by this Supplemental Indenture, a valid, binding and legal instrument for the security thereof, have been done and performed, and the creation, execution and delivery of this Supplemental Indenture and the creation, execution
and issuance of bonds subject to the terms hereof and of the Indenture, as so supplemented and amended, have in all respects been duly authorized; 

  
 7 

 NOW, THEREFORE, in consideration of the premises, of the acceptance and purchase by the
holders thereof of the bonds issued and to be issued under the Indenture, as supplemented and amended as above set forth, duly paid by the Trustee to the Company, and of other good and valuable considerations, the receipt whereof is hereby
acknowledged, and for the purpose of securing the due and punctual payment of the principal of and premium, if any, and interest on all bonds now outstanding under the Indenture and the $325,000,000 principal amount of the 2023 Bonds, and all other
bonds which shall be issued under the Indenture, as supplemented and amended from time to time, and for the purpose of securing the faithful performance and observance of all covenants and conditions therein, and in any indenture supplemental
thereto, set forth, the Company has given, granted, bargained, sold, released, transferred, assigned, hypothecated, pledged, mortgaged, confirmed, set over, warranted, alienated and conveyed and by these presents does give, grant, bargain, sell,
release, transfer, assign, hypothecate, pledge, mortgage, confirm, set over, warrant, alienate and convey unto The Bank of New York Mellon, as Trustee, as provided in the Indenture, and its successor or successors in the trust thereby and hereby
created and to its or their assigns forever, all the right, title and interest of the Company in and to all the property, described in Section 12 hereof, together (subject to the provisions of Article X of the Indenture) with the tolls, rents,
revenues, issues, earnings, income, products and profits thereof, excepting, however, the property, interests and rights specifically excepted from the lien of the Indenture as set forth in the Indenture; 

TOGETHER WITH all and singular the tenements, hereditaments and appurtenances belonging or in any wise appertaining to the premises,
property, franchises and rights, or any thereof, referred to in the foregoing granting clause, with the reversion and reversions, remainder and remainders and (subject to the provisions of Article X of the Indenture) the tolls, rents, revenues,
issues, earnings, income, products and profits thereof, and all the estate, right, title and interest and claim whatsoever, at law as well as in equity, which the Company now has or may hereafter acquire in and to the aforesaid premises, property,
franchises and rights and every part and parcel thereof; 
 SUBJECT, HOWEVER, with respect to such premises, property,
franchises and rights, to excepted encumbrances as said term is defined in Section 1.02 of the Indenture, and subject also to all defects and limitations of title and to all encumbrances existing at the time of acquisition. 

TO HAVE AND TO HOLD all said premises, property, franchises and rights hereby conveyed, assigned, pledged or mortgaged, or intended so to
be, unto the Trustee, its successor or successors in trust and their assigns forever; 
 BUT IN TRUST, NEVERTHELESS, with power
of sale for the equal and proportionate benefit and security of the holders of all bonds now or hereafter authenticated and delivered under and secured by the Indenture and interest coupons appurtenant thereto, pursuant to the provisions of the
Indenture and of any supplemental indenture, and for the enforcement of the payment of said bonds and coupons when payable and the performance of and compliance with the covenants and conditions of the Indenture and of any supplemental indenture,
without any preference, distinction or priority as to lien or otherwise of any bond or bonds over others by reason of the difference in time of the actual authentication, delivery, issue, sale or negotiation thereof or for any other reason
whatsoever, except as otherwise expressly provided in the 

  
 8 

 
Indenture; and so that each and every bond now or hereafter authenticated and delivered thereunder shall have the same lien, and so that the principal of and premium, if any, and interest on
every such bond shall, subject to the terms thereof, be equally and proportionately secured, as if it had been made, executed, authenticated, delivered, sold and negotiated simultaneously with the execution and delivery thereof; 

AND IT IS EXPRESSLY DECLARED by the Company that all bonds authenticated and delivered under and secured by the Indenture, as
supplemented and amended as above set forth, are to be issued, authenticated and delivered, and all said premises, property, franchises and rights hereby and by the Indenture and indentures supplemental thereto conveyed, assigned, pledged or
mortgaged, or intended so to be, are to be dealt with and disposed of under, upon and subject to the terms, conditions, stipulations, covenants, agreements, trusts, uses and purposes expressed in the Indenture, as supplemented and amended as above
set forth, and the parties hereto mutually agree as follows: 
 SECTION 1. There is hereby created one series of bonds (the
“2023 Bonds” or the “Bonds”) designated as hereinabove provided, which shall also bear the descriptive title “First Mortgage Bond”, and the form thereof shall be substantially as hereinbefore set forth. The 2023 Bonds
shall be issued in the aggregate principal amount of $325,000,000, shall mature on August 15, 2023 and shall be issued only as registered bonds without coupons in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.
The serial numbers of the 2023 Bonds shall be such as may be approved by any officer of the Company, the execution thereof by any such officer either manually or by facsimile signature to be conclusive evidence of such approval. The 2023 Bonds shall
bear interest at the rate per annum, until the principal thereof is paid or duly made available for payment, specified in the title thereto, payable semi-annually in arrears on February 15 and August 15 in each year, commencing
February 15, 2014. Interest on the Bonds will be computed on the basis of a 360-day year consisting of twelve 30-day months. The principal of and the premium, if any, and the interest on said bonds shall be payable in any coin or currency of
the United States of America which at the time of payment is legal tender for public and private debts, at the office or agency of the Company in the City of New York, designated for that purpose. Additional 2023 Bonds, without limitation as to
amount (except as provided in the Indenture), and without the consent of the holders of the then outstanding 2023 Bonds, but with the same terms as such outstanding 2023 Bonds (except the issue price and the issue date and, if applicable, the
initial interest accrual date and the initial interest payment date), may be authenticated and delivered in the manner provided in the Indenture, and any such additional 2023 Bonds would constitute a single series with such outstanding 2023 Bonds.

 SECTION 2. 
 SECTION 2.01. Form of Bonds. 
 The 2023 Bonds shall be issued initially in
the form of one or more permanent global Bonds in definitive, fully registered form without interest coupons with the global securities legend appearing in the form of 2023 Bond hereinbefore set forth endorsed thereon (each, a “Global
Bond”), which shall be deposited on behalf of the purchasers of the Bonds represented thereby with the Trustee, at its corporate trust office, as securities custodian (or with such other securities custodian as the Depository (as defined below)
may direct), and registered 

  
 9 

 
in the name of the Depository or a nominee of the Depository, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of the Global
Bonds may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depository or its nominee as hereinafter provided. The depository for the Global Bonds shall be The Depository Trust Company, a New York
corporation, or its duly appointed successor (the “Depository”). This Section 2.01 shall apply only to a Global Bond deposited with or on behalf of the Depository. 

The Company shall execute and the Trustee shall, in the case of each of the 2023 Bonds in accordance with this Section 2.01,
authenticate and deliver initially one or more Global Bonds that (a) shall be registered in the name of the Depository or the nominee of the Depository and (b) shall be delivered by the Trustee to the Depository or pursuant to the
Depository’s instructions or held by the Trustee as securities custodian. 
 Members of, or participants in, the Depository
(“Agent Members”) shall have no rights under this Supplemental Indenture with respect to any Global Bond held on their behalf by the Depository or by the Trustee as the securities custodian or under such Global Bond, and the Company, the
Trustee and any agent of the Company or the Trustee shall be entitled to treat the Depository as the absolute owner of such Global Bond for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee
or any agent of the Company from giving effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of customary practices of such Depository
governing the exercise of the rights of a holder of a beneficial interest in any Global Bond. 
 Except as provided in this
Section 2.01, Section 2.02 or Section 2.03, owners of beneficial interests in Global Bonds shall not be entitled to receive physical delivery of certificated Bonds. 

SECTION 2.02. Transfer and Exchange. 
 (a) Transfer and Exchange of Global Bonds. 
 (i) The
transfer and exchange of Global Bonds or beneficial interests therein shall be effected through the Depository, in accordance with this Supplemental Indenture (including applicable restrictions on transfer set forth herein, if any) and the
procedures of the Depository therefor. 
 (ii) Notwithstanding any other provision of this Supplemental Indenture
(other than the provisions set forth in Section 2.03), a Global Bond may not be transferred as a whole or in part except by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of
the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository. 
 (b) Cancellation or Adjustment of Global Bond. At such time as all beneficial interests in a Global Bond have either been exchanged for certificated Bonds, redeemed, purchased or canceled, such
Global Bond shall be canceled by the Trustee. 

  
 10 

 
At any time prior to such cancellation, if any beneficial interest in a Global Bond is exchanged for certificated Bonds, redeemed, purchased or canceled, the principal amount of Bonds represented
by such Global Bond shall be reduced and an adjustment shall be made on the books and records of the securities custodian with respect to such Global Bond. 
 (c) Obligations with Respect to Transfers and Exchanges of Bonds. 
 (i) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate certificated Bonds and Global Bonds at the security registrar’s request.

 (ii) No service charge shall be made for registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any transfer tax, assessments or similar governmental charge payable in connection therewith. 
 (iii) Prior to the due presentation for registration of transfer of any Bond, the Company, the Trustee, the paying agent or the security registrar may deem and treat the person in whose name a Bond is
registered as the absolute owner of such Bond for the purpose of receiving payment of principal of and premium, if any, and (subject to the record date provisions of the Bonds) interest on such Bond and for all other purposes whatsoever, whether or
not such Bond is overdue, and none of the Company, the Trustee, the paying agent or the security registrar shall be affected by notice to the contrary. 
 (iv) All Bonds issued upon any transfer or exchange pursuant to the terms of the Indenture shall evidence the same debt and shall be entitled to the same benefits under the Indenture as the Bonds
surrendered upon such transfer or exchange. 
 (d) No Obligation of Trustee. 

(i) The Trustee (whether in its capacity as Trustee or otherwise) shall have no responsibility or obligation to any
beneficial owner of a Global Bond, Agent Member or other person with respect to the accuracy of the records of the Depository or its nominee or of any Agent Member, with respect to any ownership interest in the Bonds or with respect to the delivery
to any Agent Member, beneficial owner or other person (other than the Depository) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Bonds. All notices and communications to be given to the
holders and all payments to be made to holders under the Bonds shall be given or made only to or upon the order of the registered holders (which shall be the Depository or its nominee in the case of a Global Bond). The rights of beneficial owners in
any Global Bond shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depository with respect
to its Agent Members and any beneficial owners. 

  
 11 

 (ii) The Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this Supplemental Indenture or under applicable law with respect to any transfer of any interest in any Bond (including any transfers between or among Agent Members or
beneficial owners in any Global Bond) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of the Indenture. 

SECTION 2.03. Certificated Bonds. 
 (a) A Global Bond deposited with the Depository or with the Trustee as securities custodian pursuant to Section 2.01 shall be transferred to the beneficial owners thereof in the form of certificated
Bonds in an aggregate principal amount equal to the principal amount of such Global Bond, in exchange for such Global Bond, only if such transfer complies with and is permitted by this Section 2.03 and complies with the conditions set forth in
Article II of the Indenture. 
 (b) Any Global Bond that is transferable to the beneficial owners thereof pursuant to this
Section 2.03 shall be surrendered by the Depository to the Trustee at its corporate trust office to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of
each portion of such Global Bond, an equal aggregate principal amount of certificated Bonds of authorized denominations. Any portion of a Global Bond transferred pursuant to this Section 2.03 shall be executed, authenticated and delivered only
in denominations of $2,000 principal amount and any integral multiple of $1,000 in excess thereof and registered in such names as the Depository shall direct. 
 (c) Subject to the provisions of Section 2.03(b), the registered holder of a Global Bond shall be entitled to grant proxies and otherwise authorize any person, including Agent Members and persons
that may hold interests through Agent Members, to take any action which a holder is entitled to take under the Indenture or the Bonds. 
 (d) If the Depository at any time is unwilling or unable to continue as a depository, defaults in the performance of its duties as depository or ceases to be a clearing agency registered under the
Securities Exchange Act of 1934 or other applicable statute or regulation, and a successor depository is not appointed by the Company within 90 days, the Company will issue Bonds in definitive form in exchange for the global securities relating to
the Bonds. In addition, the Company may at any time and in its sole discretion and subject to the Depository’s procedures determine not to have the Bonds or portions of the Bonds represented by one or more global securities and, in that event,
will issue individual Bonds in exchange for the global security or securities representing the Bonds. Further, if the Company so specifies with respect to the Bonds, an owner of a beneficial interest in a global security representing the Bonds may,
on terms acceptable to the Company and the depositary for the global security, receive individual Bonds in exchange for the beneficial interest. In any such instance, an owner of a beneficial interest in a global security will be entitled to
physical delivery in definitive form of Bonds represented by the global security equal in principal amount to the beneficial interest, and to have the Bonds registered in its name. Bonds so issued in definitive form will be issued as registered
Bonds in denominations of $2,000 and integral multiples of $1,000. 

  
 12 

 SECTION 3. Any or all of the 2023 Bonds may be redeemed by the Company at its option, in
whole or in part, at any time and from time to time prior to maturity, at a redemption price equal to 100% of the principal amount of such 2023 Bonds being redeemed plus, in the case of any redemption prior to May 15, 2023, the Applicable
Premium (as defined below), if any, thereon at the time of redemption, together with (at any time) accrued and unpaid interest, if any, thereon to, but not including, the redemption date. In no event will the redemption price be less than 100% of
the principal amount of the 2023 Bonds plus accrued and unpaid interest, if any, thereon to, but not including, the redemption date. 
 “Applicable Premium” means, with respect to a 2023 Bond (or portion thereof) being redeemed at any time prior to May 15, 2023, the excess of (A) the present value at such time of the
principal amount of such 2023 Bond (or portion thereof) being redeemed plus all interest payments due on such 2023 Bond (or portion thereof) after the redemption date (but, for the avoidance of doubt, excluding any portion of such payments of
interest accrued to the redemption date), which present value shall be computed using a discount rate equal to the Treasury Rate (as defined below) plus 15 basis points, over (b) the principal amount of such 2023 Bond (or portion thereof) being
redeemed at such time. For purposes of this definition, the present values of interest and principal payments will be determined in accordance with generally accepted principles of financial analysis. 

“Treasury Rate” means the yield to maturity at the time of computation of United States Treasury securities with a constant
maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) (the “Statistical Release”)) that has become publicly available at least two Business Days prior to the redemption date (or, if such
Statistical Release is no longer published, any publicly available source of similar market data) most nearly equal to the then remaining average life to stated maturity of the Bonds; provided, however, that if the average life to stated maturity of
the Bonds is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the
weekly average yields of United States Treasury securities for which such yields are given. 
 The Treasury Rate will be
calculated on the third Business Day preceding the date fixed for redemption. 
 In connection with any redemption prior to
May 15, 2023, the Company shall give the Trustee notice of the redemption price promptly after the calculation thereof and the Trustee shall not be responsible for such calculation. 

If less than all of the 2023 Bonds are to be redeemed, the Trustee shall select, in such manner as it shall deem appropriate and fair,
the particular 2023 Bonds or portions thereof to be redeemed. Notice of redemption shall be given by mail not less than 30 nor more than 60 days prior to the date fixed for redemption to the holders of the 2023 Bonds to be redeemed (which, as long
as the 2023 Bonds are held in the book-entry only system, will be The Depository Trust Company (or its nominee) or a successor depositary (or the successor’s nominee)); provided, however, that the failure to duly give such notice by mail, or
any defect therein, shall not affect the validity of any proceedings for the redemption of the 2023 Bonds as to which there shall have been no such failure or defect. On and after the date fixed for

  
 13 

 
redemption (unless the Company shall default in the payment of the 2023 Bonds or portions thereof to be redeemed at the applicable redemption price, together with accrued and unpaid interest, if
any, thereon to, but not including, such date), interest on the 2023 Bonds or the portions thereof so called for redemption shall cease to accrue. 
 SECTION 4. The 2023 Bonds are not redeemable by the operation of the maintenance and replacement provisions of the Indenture or with the proceeds of released property or in any other manner except as set
forth in Section 3 hereof. 
 SECTION 5. The Company reserves the right, without any consent, vote or other action by the
holders of the 2023 Bonds or of any subsequent series of bonds issued under the Indenture, to make such amendments to the Indenture, as supplemented, as shall be necessary in order to amend Section 17.02 to read as follows: 

SECTION 17.02. With the consent of the holders of not less than a majority in principal amount of the bonds at the time outstanding or
their attorneys-in-fact duly authorized, or, if fewer than all series are affected, not less than a majority in principal amount of the bonds at the time outstanding of each series the rights of the holders of which are affected, voting together,
the Company, when authorized by a resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of
the provisions of this Indenture or of any supplemental indenture or modifying the rights and obligations of the Company and the rights of the holders of any of the bonds and coupons; provided, however, that no such supplemental indenture shall
(1) extend the maturity of any of the bonds or reduce the rate or extend the time of payment of interest thereon, or reduce the amount of the principal thereof, or reduce any premium payable on the redemption thereof, without the consent of the
holder of each bond so affected, or (2) permit the creation of any lien, not otherwise permitted, prior to or on a parity with the lien of this Indenture, without the consent of the holders of all the bonds then outstanding, or (3) reduce
the aforesaid percentage of the principal amount of bonds the holders of which are required to approve any such supplemental indenture, without the consent of the holders of all the bonds then outstanding. For the purposes of this Section, bonds
shall be deemed to be affected by a supplemental indenture if such supplemental indenture adversely affects or diminishes the rights of holders thereof against the Company or against its property. The Trustee may in its discretion determine whether
or not, in accordance with the foregoing, bonds of any particular series would be affected by any supplemental indenture and any such determination shall be conclusive upon the holders of bonds of such series and all other series. Subject to the
provisions of Sections 16.02 and 16.03 hereof, the Trustee shall not be liable for any determination made in good faith in connection herewith. 

  
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 Upon the written request of the Company, accompanied by a resolution
authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of bondholders as aforesaid (the instrument or instruments evidencing such consent to be dated within one year of such
request), the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the
Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture. 
 It shall
not be necessary for the consent of the bondholders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

The Company and the Trustee, if they so elect, and either before or after such consent has been obtained, may require the
holder of any bond consenting to the execution of any such supplemental indenture to submit his bond to the Trustee or to ask such bank, banker or trust company as may be designated by the Trustee for the purpose, for the notation thereon of the
fact that the holder of such bond has consented to the execution of such supplemental indenture, and in such case such notation, in form satisfactory to the Trustee, shall be made upon all bonds so submitted, and such bonds bearing such notation
shall forthwith be returned to the persons entitled thereto. 
 Prior to the execution by the Company and the
Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company shall publish a notice, setting forth in general terms the substance of such supplemental indenture, at least once in one daily newspaper of general
circulation in each city in which the principal of any of the bonds shall be payable, or, if all bonds outstanding shall be registered bonds without coupons or coupon bonds registered as to principal, such notice shall be sufficiently given if
mailed, first class, postage prepaid, and registered if the Company so elects, to each registered holder of bonds at the last address of such holder appearing on the registry books, such publication or mailing, as the case may be, to be made not
less than thirty days prior to such execution. Any failure of the Company to give such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

SECTION 6. The Company hereby appoints the Trustee as paying agent, registrar and transfer agent for the Bonds. 

  
 15 

 SECTION 7. As supplemented and amended as above set forth, the Indenture is in all respects
ratified and confirmed, and the Indenture and all indentures supplemental thereto shall be read, taken and construed as one and the same instrument. 
 SECTION 8. The Trustee assumes no responsibility for or in respect of the validity or sufficiency of this Supplemental Indenture or of the Indenture as hereby supplemented or the due execution hereof by
the Company or for or in respect of the recitals and statements contained herein (other than those contained in the tenth and eleventh recitals hereof), all of which recitals and statements are made solely by the Company. 

SECTION 9. This Supplemental Indenture may be simultaneously executed in several counterparts and all such counterparts executed and
delivered, each as an original, shall constitute but one and the same instrument. 
 SECTION 10. If any interest payment date or
redemption date for the Bonds or the Stated Maturity falls on a day that is not a Business Day, the interest or principal payment will be made on the next succeeding Business Day (and without any interest or other payment in respect of any such
delay). In the event the date of any notice required or permitted hereunder shall not be a Business Day, then (notwithstanding any other provision of the Indenture or of any supplemental indenture thereto) such notice need not be made on such date,
but may be made on the next succeeding Business Day with the same force and effect as if made on the date fixed for such notice. “Business Day” means, with respect to Section 3 and this Section 10, any day, other than a Saturday
or Sunday, on which banks generally are open in New York, New York for the conduct of substantially all of their commercial lending activities and on which interbank wire transfers can be made on the Fedwire system. 

SECTION 11. This Supplemental Indenture and the 2023 Bonds shall be governed by and deemed to be a contract under, and construed in
accordance with, the laws of the State of Michigan, and for all purposes shall be construed in accordance with the laws of such state, except as may otherwise be required by mandatory provisions of law. 

SECTION 12. Detailed Description of Property Mortgaged: 
 I. 
 ELECTRIC GENERATING PLANTS AND DAMS 

All the electric generating plants and stations of the Company, constructed or otherwise acquired by it and not heretofore described in
the Indenture or any supplement thereto and not heretofore released from the lien of the Indenture, including all powerhouses, buildings, reservoirs, dams, pipelines, flumes, structures and works and the land on which the same are situated and all
water rights and all other lands and easements, rights of way, permits, privileges, towers, poles, wires, machinery, equipment, appliances, appurtenances and supplies and all other property, real or personal, forming a part of or appertaining to or
used, occupied or enjoyed in connection with such plants and stations or any of them, or adjacent thereto. 

  
 16 

 II. 
 ELECTRIC TRANSMISSION LINES 
 All the electric transmission lines of the Company,
constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto and not heretofore released from the lien of the Indenture, including towers, poles, pole lines, wires, switches, switch racks,
switchboards, insulators and other appliances and equipment, and all other property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed in connection with such transmission lines or any of them or adjacent thereto;
together with all real property, rights of way, easements, permits, privileges, franchises and rights for or relating to the construction, maintenance or operation thereof, through, over, under or upon any private property or any public streets or
highways, within as well as without the corporate limits of any municipal corporation. Also all the real property, rights of way, easements, permits, privileges and rights for or relating to the construction, maintenance or operation of certain
transmission lines, the land and rights for which are owned by the Company, which are either not built or now being constructed. 

III. 
 ELECTRIC
DISTRIBUTION SYSTEMS 
 All the electric distribution systems of the Company, constructed or otherwise acquired by it and not
heretofore described in the Indenture or any supplement thereto and not heretofore released from the lien of the Indenture, including substations, transformers, switchboards, towers, poles, wires, insulators, subways, trenches, conduits, manholes,
cables, meters and other appliances and equipment, and all other property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed in connection with such distribution systems or any of them or adjacent thereto; together
with all real property, rights of way, easements, permits, privileges, franchises, grants and rights, for or relating to the construction, maintenance or operation thereof, through, over, under or upon any private property or any public streets or
highways within as well as without the corporate limits of any municipal corporation. 
 IV. 

ELECTRIC SUBSTATIONS, SWITCHING STATIONS AND SITES 
 All the substations, switching stations and sites of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto and not heretofore
released from the lien of the Indenture, for transforming, regulating, converting or distributing or otherwise controlling electric current at any of its plants and elsewhere, together with all buildings, transformers, wires, insulators and other
appliances and equipment, and all other property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed in connection with any of such substations and switching stations, or adjacent thereto, with sites to be used for
such purposes. 

  
 17 

 V. 
 GAS COMPRESSOR STATIONS, GAS PROCESSING PLANTS, 
 DESULPHURIZATION STATIONS,
METERING STATIONS, ODORIZING STATIONS, 
 REGULATORS AND SITES 

All the compressor stations, processing plants, desulphurization stations, metering stations, odorizing stations, regulators and sites of
the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto and not heretofore released from the lien of the Indenture, for compressing, processing, desulphurizing, metering, odorizing
and regulating manufactured or natural gas at any of its plants and elsewhere, together with all buildings, meters and other appliances and equipment, and all other property, real or personal, forming a part of or appertaining to or used, occupied
or enjoyed in connection with any of such purposes, with sites to be used for such purposes. 
 VI. 

GAS STORAGE FIELDS 
 The natural gas rights and interests of the Company, including wells and well lines (but not including natural gas, oil and minerals), the gas gathering system, the underground gas storage rights, the
underground gas storage wells and injection and withdrawal system used in connection therewith, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto and not heretofore released from the lien
of the Indenture: In the Overisel Gas Storage Field, located in the Township of Overisel, Allegan County, and in the Township of Zeeland, Ottawa County, Michigan; in the Northville Gas Storage Field located in the Township of Salem, Washtenaw
County, Township of Lyon, Oakland County, and the Townships of Northville and Plymouth and City of Plymouth, Wayne County, Michigan; in the Salem Gas Storage Field, located in the Township of Salem, Allegan County, and in the Township of Jamestown,
Ottawa County, Michigan; in the Ray Gas Storage Field, located in the Townships of Ray and Armada, Macomb County, Michigan; in the Lenox Gas Storage Field, located in the Townships of Lenox and Chesterfield, Macomb County, Michigan; in the Ira Gas
Storage Field, located in the Township of Ira, St. Clair County, Michigan; in the Puttygut Gas Storage Field, located in the Township of Casco, St. Clair County, Michigan; in the Four Corners Gas Storage Field, located in the Townships of Casco,
China, Cottrellville and Ira, St. Clair County, Michigan; in the Swan Creek Gas Storage Field, located in the Townships of Casco and Ira, St. Clair County, Michigan; and in the Hessen Gas Storage Field, located in the Townships of Casco and
Columbus, St. Clair County, Michigan. 
 VII. 
 GAS TRANSMISSION LINES 
 All the gas transmission lines of the Company,
constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto and not heretofore released from the lien of the Indenture, including gas mains, pipes, pipelines, gates, valves, meters and other
appliances and equipment, and all other property, real or personal, forming a 

  
 18 

 
part of or appertaining to or used, occupied or enjoyed in connection with such transmission lines or any of them or adjacent thereto; together with all real property, right of way, easements,
permits, privileges, franchises and rights for or relating to the construction, maintenance or operation thereof, through, over, under or upon any private property or any public streets or highways, within as well as without the corporate limits of
any municipal corporation. 
 VIII. 
 GAS DISTRIBUTION SYSTEMS 
 All the gas distribution systems of the Company,
constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto and not heretofore released from the lien of the Indenture, including tunnels, conduits, gas mains and pipes, service pipes, fittings,
gates, valves, connections, meters and other appliances and equipment, and all other property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed in connection with such distribution systems or any of them or
adjacent thereto; together with all real property, rights of way, easements, permits, privileges, franchises, grants and rights, for or relating to the construction, maintenance or operation thereof, through, over, under or upon any private property
or any public streets or highways within as well as without the corporate limits of any municipal corporation. 
 IX. 

OFFICE BUILDINGS, SERVICE BUILDINGS, GARAGES, ETC. 
 All office, garage, service and other buildings of the Company, wherever located, in the State of Michigan, constructed or otherwise acquired by it and not heretofore described in the Indenture or any
supplement thereto and not heretofore released from the lien of the Indenture, together with the land on which the same are situated and all easements, rights of way and appurtenances to said lands, together with all furniture and fixtures located
in said buildings. 
 X. 
 TELEPHONE PROPERTIES AND 
 RADIO COMMUNICATION EQUIPMENT 

All telephone lines, switchboards, systems and equipment of the Company, constructed or otherwise acquired by it and not heretofore
described in the Indenture or any supplement thereto and not heretofore released from the lien of the Indenture, used or available for use in the operation of its properties, and all other property, real or personal, forming a part of or
appertaining to or used, occupied or enjoyed in connection with such telephone properties or any of them or adjacent thereto; together with all real estate, rights of way, easements, permits, privileges, franchises, property, devices or rights
related to the dispatch, transmission, reception or reproduction of messages, communications, intelligence, signals, light, vision or sound by electricity, wire or otherwise, including all telephone equipment installed in buildings used as general
and regional offices, substations and generating stations and all telephone lines erected on towers and poles; and all radio communication equipment of the Company, together with all 

  
 19 

 
property, real or personal (except any in the Indenture expressly excepted), fixed stations, towers, auxiliary radio buildings and equipment, and all appurtenances used in connection therewith,
wherever located, in the State of Michigan. 
 XI. 
 OTHER REAL PROPERTY 
 All other real property of the Company and all interests
therein, of every nature and description (except any in the Indenture expressly excepted) wherever located, in the State of Michigan, acquired by it and not heretofore described in the Indenture or any supplement thereto and not heretofore released
from the lien of the Indenture. Such real property includes but is not limited to the following described property, such property is subject to any interests that were excepted or reserved in the conveyance to the Company: 

ALCONA COUNTY 

Certain land in Caledonia Township, Alcona County, Michigan described as: 

The East 330 feet of the South 660 feet of the SW 1/4 of the SW 1/4 of Section 8, T28N, R8E, except the West 264 feet
of the South 330 feet thereof; said land being more particularly described as follows: To find the place of beginning of this description, commence at the Southwest corner of said section, run thence East along the South line of said section 1243
feet to the place of beginning of this description, thence continuing East along said South line of said section 66 feet to the West 1/8 line of said section, thence N 02 degrees 09’ 30” E along the said West 1/8 line of said section 660
feet, thence West 330 feet, thence S 02 degrees 09’ 30” W, 330 feet, thence East 264 feet, thence S 02 degrees 09’ 30” W, 330 feet to the place of beginning. 

ALLEGAN COUNTY 

Certain land in Lee Township, Allegan County, Michigan described as: 

The NE 1/4 of the NW 1/4 of Section 16, T1N, R15W. 

ALPENA COUNTY 

Certain land in Wilson and Green Townships, Alpena County, Michigan described as: 

All that part of the S’ly 1/2 of the former Boyne City-Gaylord and Alpena Railroad right of way, being the Southerly
50 feet of a 100 foot strip of land formerly occupied by said Railroad, running from the East line of Section 31, T31N, R7E, Southwesterly across said Section 31 and Sections 5 and 6 of T30N, R7E and Sections 10, 11 and the E 1/2 of
Section 9, except the West 1646 feet thereof, all in T30N, R6E. 

  
 20 

 ANTRIM COUNTY 
 Certain land in Mancelona Township, Antrim County, Michigan described as: 
 The S 1/2 of the NE 1/4 of Section 33, T29N, R6W, excepting therefrom all mineral, coal, oil and gas and such other rights as were reserved unto the State of Michigan in that certain deed running
from the State of Michigan to August W. Schack and Emma H. Schack, his wife, dated April 15, 1946 and recorded May 20, 1946 in Liber 97 of Deeds on page 682 of Antrim County Records. 

ARENAC COUNTY 

Certain land in Standish Township, Arenac County, Michigan described as: 

A parcel of land in the SW 1/4 of the NW 1/4 of Section 12, T18N, R4E, described as follows: To find the place of
beginning of said parcel of land, commence at the Northwest corner of Section 12, T18N, R4E; run thence South along the West line of said section, said West line of said section being also the center line of East City Limits Road 2642.15 feet
to the W 1/4 post of said section and the place of beginning of said parcel of land; running thence N 88 degrees 26’ 00” E along the East and West 1/4 line of said section, 660.0 feet; thence North parallel with the West line of said
section, 310.0 feet; thence S 88 degrees 26’ 00” W, 330.0 feet; thence South parallel with the West line of said section, 260.0 feet; thence S 88 degrees 26’ 00” W, 330.0 feet to the West line of said section and the center line
of East City Limits Road; thence South along the said West line of said section, 50.0 feet to the place of beginning. 
 BARRY
COUNTY 
 Certain land in Johnstown Township, Barry County, Michigan described as: 

A strip of land 311 feet in width across the SW 1/4 of the NE 1/4 of Section 31, T1N, R8W, described as follows: To
find the place of beginning of this description, commence at the E 1/4 post of said section; run thence N 00 degrees 55’ 00” E along the East line of said section, 555.84 feet; thence N 59 degrees 36’ 20” W, 1375.64 feet; thence
N 88 degrees 30’ 00” W, 130 feet to a point on the East 1/8 line of said section and the place of beginning of this description; thence continuing N 88 degrees 30’ 00” W, 1327.46 feet to the North and South 1/4 line of said
section; thence S 00 degrees 39’35” W along said North and South 1/4 line of said section, 311.03 feet to a point, which said point is 952.72 feet distant N’ly from the East and West 1/4 line of said section as measured along said
North and South 1/4 line of said section; thence S 88 degrees 30’ 00” E, 1326.76 feet to the East 1/8 line of said section; thence N 00 degrees 47’ 20” E along said East 1/8 line of said section, 311.02 feet to the place of
beginning. 

  
 21 

 BAY COUNTY 
 Certain land in Frankenlust Township, Bay County, Michigan described as: 
 The South 250 feet of the N 1/2 of the W 1/2 of the W 1/2 of the SE 1/4 of Section 9, T13N, R4E. 
 BENZIE COUNTY 
 Certain land in Benzonia Township, Benzie County, Michigan
described as: 
 A parcel of land in the Northeast 1/4 of Section 7, Township 26 North, Range 14 West,
described as beginning at a point on the East line of said Section 7, said point being 320 feet North measured along the East line of said section from the East 1/4 post; running thence West 165 feet; thence North parallel with the East line of
said section 165 feet; thence East 165 feet to the East line of said section; thence South 165 feet to the place of beginning. 

BRANCH COUNTY 

Certain land in Girard Township, Branch County, Michigan described as: 

A parcel of land in the NE 1/4 of Section 23 T5S, R6W, described as beginning at a point on the North and South
quarter line of said section at a point 1278.27 feet distant South of the North quarter post of said section, said distance being measured along the North and South quarter line of said section, running thence S89 degrees 21’E 250 feet, thence
North along a line parallel with the said North and South quarter line of said section 200 feet, thence N89 degrees 21’W 250 feet to the North and South quarter line of said section, thence South along said North and South quarter line of said
section 200 feet to the place of beginning. 
 CALHOUN COUNTY 

Certain land in Convis Township, Calhoun County, Michigan described as: 

A parcel of land in the SE 1/4 of the SE 1/4 of Section 32, T1S, R6W, described as follows: To find the place of
beginning of this description, commence at the Southeast corner of said section; run thence North along the East line of said section 1034.32 feet to the place of beginning of this description; running thence N 89 degrees 39’ 52” W, 333.0
feet; thence North 290.0 feet to the South 1/8 line of said section; thence S 89 degrees 39’ 52” E along said South 1/8 line of said section 333.0 feet to the East line of said section; thence South along said East line of said section
290.0 feet to the place of beginning. (Bearings are based on the East line of Section 32, T1S, R6W, from the Southeast corner of said section to the Northeast corner of said section assumed as North.) 

  
 22 

 CASS COUNTY 
 Certain easement rights located across land in Marcellus Township, Cass County, Michigan described as: 
 The East 6 rods of the SW 1/4 of the SE 1/4 of Section 4, T5S, R13W. 

CHARLEVOIX COUNTY 

Certain land in South Arm Township, Charlevoix County, Michigan described as: 

A parcel of land in the SW 1/4 of Section 29, T32N, R7W, described as follows: Beginning at the Southwest corner of
said section and running thence North along the West line of said section 788.25 feet to a point which is 528 feet distant South of the South 1/8 line of said section as measured along the said West line of said section; thence N 89 degrees 30’
19” E, parallel with said South 1/8 line of said section 442.1 feet; thence South 788.15 feet to the South line of said section; thence S 89 degrees 29’ 30” W, along said South line of said section 442.1 feet to the place of
beginning. 
 CHEBOYGAN COUNTY 
 Certain land in Inverness Township, Cheboygan County, Michigan described as: 
 A parcel of land in the SW frl 1/4 of Section 31, T37N, R2W, described as beginning at the Northwest corner of the SW frl 1/4, running thence East on the East and West quarter line of said Section,
40 rods, thence South parallel to the West line of said Section 40 rods, thence West 40 rods to the West line of said Section, thence North 40 rods to the place of beginning. 

CLARE COUNTY 

Certain land in Frost Township, Clare County, Michigan described as: 

The East 150 feet of the North 225 feet of the NW 1/4 of the NW 1/4 of Section 15, T20N, R4W. 

CLINTON COUNTY 

Certain land in Watertown Township, Clinton County, Michigan described as: 

The NE 1/4 of the NE 1/4 of the SE 1/4 of Section 22, and the North 165 feet of the NW 1/4 of the NE 1/4 of the SE
1/4 of Section 22, T5N, R3W. 

  
 23 

 CRAWFORD COUNTY 
 Certain land in Lovells Township, Crawford County, Michigan described as: 
 A parcel of land in Section 1, T28N, R1W, described as: Commencing at NW corner said section; thence South 89 degrees53’30” East along North section line 105.78 feet to point of beginning;
thence South 89 degrees53’30” East along North section line 649.64 feet; thence South 55 degrees 42’30” East 340.24 feet; thence South 55 degrees 44’ 37”“ East 5,061.81 feet to the East section line; thence South
00 degrees 00’ 08”“ West along East section line 441.59 feet; thence North 55 degrees 44’ 37” West 5,310.48 feet; thence North 55 degrees 42’30” West 877.76 feet to point of beginning. 

EATON COUNTY 

Certain land in Eaton Township, Eaton County, Michigan described as: 

A parcel of land in the SW 1/4 of Section 6, T2N, R4W, described as follows: To find the place of beginning of this
description commence at the Southwest corner of said section; run thence N 89 degrees 51’ 30” E along the South line of said section 400 feet to the place of beginning of this description; thence continuing N 89 degrees 51’ 30”
E, 500 feet; thence N 00 degrees 50’ 00” W, 600 feet; thence S 89 degrees 51’ 30” W parallel with the South line of said section 500 feet; thence S 00 degrees 50’ 00” E, 600 feet to the place of beginning. 

EMMET COUNTY 

Certain land in Wawatam Township, Emmet County, Michigan described as: 

The West 1/2 of the Northeast 1/4 of the Northeast 1/4 of Section 23, T39N, R4W. 

GENESEE COUNTY 

Certain land in Argentine Township, Genesee County, Michigan described as: 

A parcel of land of part of the SW 1/4 of Section 8, T5N, R5E, being more particularly described as follows:

 Beginning at a point of the West line of Duffield Road, 100 feet wide, (as now established) distant 829.46
feet measured N01 degrees 42’56”W and 50 feet measured S88 degrees 14’04”W from the South quarter corner, Section 8, T5N, R5E; thence S88 degrees 14’04”W a distance of 550 feet; thence N01 degrees 42’56”W
a distance of 500 feet to a point on the North line of the South half of the Southwest quarter of said Section 8; thence N88 degrees 14’04”E along the North line of South half of the Southwest quarter of said Section 8 a distance
550 feet to a point on the West line of Duffield Road, 100 feet wide (as now established); thence S01 degrees 42’56”E along the West line of said Duffield Road a distance of 500 feet to the point of beginning. 

  
 24 

 GLADWIN COUNTY 
 Certain land in Secord Township, Gladwin County, Michigan described as: 
 The East 400 feet of the South 450 feet of Section 2, T19N, R1E. 
 GRAND
TRAVERSE COUNTY 
 Certain land in Mayfield Township, Grand Traverse County, Michigan described as: 

A parcel of land in the Northwest 1/4 of Section 3, T25N, R11W, described as follows: Commencing at the Northwest
corner of said section, running thence S 89 degrees19’15” E along the North line of said section and the center line of Clouss Road 225 feet, thence South 400 feet, thence N 89 degrees19’15” W 225 feet to the West line of said
section and the center line of Hannah Road, thence North along the West line of said section and the center line of Hannah Road 400 feet to the place of beginning for this description. 

GRATIOT COUNTY 

Certain land in Fulton Township, Gratiot County, Michigan described as: 

A parcel of land in the NE 1/4 of Section 7, Township 9 North, Range 3 West, described as beginning at a point on the
North line of George Street in the Village of Middleton, which is 542 feet East of the North and South one-quarter (1/4) line of said Section 7; thence North 100 feet; thence East 100 feet; thence South 100 feet to the North line of George
Street; thence West along the North line of George Street 100 feet to place of beginning. 
 HILLSDALE COUNTY 

Certain land in Litchfield Village, Hillsdale County, Michigan described as: 

Lot 238 of Assessors Plat of the Village of Litchfield. 

HURON COUNTY 

Certain easement rights located across land in Sebewaing Township, Huron County, Michigan described as: 

The North 1/2 of the Northwest 1/4 of Section 15, T15N, R9E. 

  
 25 

 INGHAM COUNTY 
 Certain land in Vevay Township, Ingham County, Michigan described as: 
 A parcel of land 660 feet wide in the Southwest 1/4 of Section 7 lying South of the centerline of Sitts Road as extended to the North-South 1/4 line of said Section 7, T2N, R1W, more
particularly described as follows: Commence at the Southwest corner of said Section 7, thence North along the West line of said Section 2502.71 feet to the centerline of Sitts Road; thence South 89 degrees 54’45” East along said
centerline 2282.38 feet to the place of beginning of this description; thence continuing South 89 degrees 54’45” East along said centerline and said centerline extended 660.00 feet to the North-South 1/4 line of said section; thence South
00 degrees 07’20” West 1461.71 feet; thence North 89 degrees 34’58” West 660.00 feet; thence North 00 degrees 07’20” East 1457.91 feet to the centerline of Sitts Road and the place of beginning. 

IONIA COUNTY 

Certain land in Sebewa Township, Ionia County, Michigan described as: 

A strip of land 280 feet wide across that part of the SW 1/4 of the NE 1/4 of Section 15, T5N, R6W, described as
follows: 
 To find the place of beginning of this description commence at the E 1/4 corner of said section; run
thence N 00 degrees 05’ 38” W along the East line of said section, 1218.43 feet; thence S 67 degrees 18’ 24” W, 1424.45 feet to the East 1/8 line of said section and the place of beginning of this description; thence continuing S
67 degrees 18’ 24” W, 1426.28 feet to the North and South 1/4 line of said section at a point which said point is 105.82 feet distant N’ly of the center of said section as measured along said North and South 1/4 line of said section;
thence N 00 degrees 04’ 47” E along said North and South 1/4 line of said section, 303.67 feet; thence N 67 degrees 18’ 24” E, 1425.78 feet to the East 1/8 line of said section; thence S 00 degrees 00’ 26” E along said
East 1/8 line of said section, 303.48 feet to the place of beginning. (Bearings are based on the East line of Section 15, T5N, R6W, from the E 1/4 corner of said section to the Northeast corner of said section assumed as N 00 degrees 05’
38” W.) 
 IOSCO COUNTY 
 Certain land in Alabaster Township, Iosco County, Michigan described as: 
 A parcel of land in the NW 1/4 of Section 34, T21N, R7E, described as follows: To find the place of beginning of this description commence at the N 1/4 post of said section; run thence South along
the North and South 1/4 line of said section, 1354.40 feet to the place of beginning of this description; thence continuing South along the said North and South 1/4 line of said section, 165.00 feet to a point on the said North and South 1/4 line of
said section which said point is 1089.00 feet distant North of the center of said section; thence West 440.00 feet; thence North 165.00 feet; thence East 440.00 feet to the said North and South 1/4 line of said section and the place of beginning.

  
 26 

 ISABELLA COUNTY 
 Certain land in Chippewa Township, Isabella County, Michigan described as: 
 The North 8 rods of the NE 1/4 of the SE 1/4 of Section 29, T14N, R3W. 

JACKSON COUNTY 

Certain land in Waterloo Township, Jackson County, Michigan described as: 

A parcel of land in the North fractional part of the N fractional 1/2 of Section 2, T1S, R2E, described as follows:
To find the place of beginning of this description commence at the E 1/4 post of said section; run thence N 01 degrees 03’ 40” E along the East line of said section 1335.45 feet to the North 1/8 line of said section and the place of
beginning of this description; thence N 89 degrees 32’ 00” W, 2677.7 feet to the North and South 1/4 line of said section; thence S 00 degrees 59’ 25” W along the North and South 1/4 line of said section 22.38 feet to the North
1/8 line of said section; thence S 89 degrees 59’ 10” W along the North 1/8 line of said section 2339.4 feet to the center line of State Trunkline Highway M-52; thence N 53 degrees 46’ 00” W along the center line of said State
Trunkline Highway 414.22 feet to the West line of said section; thence N 00 degrees 55’ 10” E along the West line of said section 74.35 feet; thence S 89 degrees 32’ 00” E, 5356.02 feet to the East line of said section; thence S
01 degrees 03’ 40” W along the East line of said section 250 feet to the place of beginning. 
 KALAMAZOO COUNTY

 Certain land in Alamo Township, Kalamazoo County, Michigan described as: 

The South 350 feet of the NW 1/4 of the NW 1/4 of Section 16, T1S, R12W, being more particularly described as
follows: To find the place of beginning of this description, commence at the Northwest corner of said section; run thence S 00 degrees 36’ 55” W along the West line of said section 971.02 feet to the place of beginning of this description;
thence continuing S 00 degrees 36’ 55” W along said West line of said section 350.18 feet to the North 1/8 line of said section; thence S 87 degrees 33’ 40” E along the said North 1/8 line of said section 1325.1 feet to the West
1/8 line of said section; thence N 00 degrees 38’ 25” E along the said West 1/8 line of said section 350.17 feet; thence N 87 degrees 33’ 40” W, 1325.25 feet to the place of beginning. 

  
 27 

 KALKASKA COUNTY 
 Certain land in Kalkaska Township, Kalkaska County, Michigan described as: 
 The NW 1/4 of the SW 1/4 of Section 4, T27N, R7W, excepting therefrom all mineral, coal, oil and gas and such other rights as were reserved unto the State of Michigan in that certain deed running
from the Department of Conservation for the State of Michigan to George Welker and Mary Welker, his wife, dated October 9, 1934 and recorded December 28, 1934 in Liber 39 on page 291 of Kalkaska County Records, and subject to easement for
pipeline purposes as granted to Michigan Consolidated Gas Company by first party herein on April 4, 1963 and recorded June 21, 1963 in Liber 91 on page 631 of Kalkaska County Records. 

KENT COUNTY 

Certain land in Caledonia Township, Kent County, Michigan described as: 

A parcel of land in the Northwest fractional 1/4 of Section 15, T5N, R10W, described as follows: To find the place of
beginning of this description commence at the North 1/4 corner of said section, run thence S 0 degrees 59’ 26” E along the North and South 1/4 line of said section 2046.25 feet to the place of beginning of this description, thence
continuing S 0 degrees 59’ 26” E along said North and South 1/4 line of said section 332.88 feet, thence S 88 degrees 58’ 30” W 2510.90 feet to a point herein designated “Point A” on the East bank of the Thornapple
River, thence continuing S 88 degrees 53’ 30” W to the center thread of the Thornapple River, thence NW’ly along the center thread of said Thornapple River to a point which said point is S 88 degrees 58’ 30” W of a point on
the East bank of the Thornapple River herein designated “Point B”, said “Point B” being N 23 degrees 41’ 35” W 360.75 feet from said above-described “Point A”, thence N 88 degrees 58’ 30” E to said
“Point B”, thence continuing N 88 degrees 58’ 30” E 2650.13 feet to the place of beginning. (Bearings are based on the East line of Section 15, T5N, R10W between the East 1/4 corner of said section and the Northeast corner
of said section assumed as N 0 degrees 59’ 55” W.) 
 LAKE COUNTY 

Certain land in Pinora and Cherry Valley Townships, Lake County, Michigan described as: 

A strip of land 50 feet wide East and West along and adjoining the West line of highway on the East side of the North 1/2
of Section 13 T18N, R12W. Also a strip of land 100 feet wide East and West along and adjoining the East line of the highway on the West side of following described land: The South 1/2 of NW 1/4, and the South 1/2 of the NW 1/4 of the SW 1/4,
all in Section 6, T18N, R11W. 

  
 28 

 LAPEER COUNTY 
 Certain land in Hadley Township, Lapeer County, Michigan described as: 
 The South 825 feet of the W 1/2 of the SW 1/4 of Section 24, T6N, R9E, except the West 1064 feet thereof. 
 LEELANAU COUNTY 
 Certain land in Cleveland Township, Leelanau County, Michigan
described as: 
 The North 200 feet of the West 180 feet of the SW 1/4 of the SE 1/4 of Section 35, T29N,
R13W. 
 LENAWEE COUNTY 
 Certain land in Madison Township, Lenawee County, Michigan described as: 
 A strip of land 165 feet wide off the West side of the following described premises: The E 1/2 of the SE 1/4 of Section 12. The E 1/2 of the NE 1/4 and the NE 1/4 of the SE 1/4 of Section 13,
being all in T7S, R3E, excepting therefrom a parcel of land in the E 1/2 of the SE 1/4 of Section 12, T7S, R3E, beginning at the Northwest corner of said E 1/2 of the SE 1/4 of Section 12, running thence East 4 rods, thence South 6 rods,
thence West 4 rods, thence North 6 rods to the place of beginning. 
 LIVINGSTON COUNTY 

Certain land in Cohoctah Township, Livingston County, Michigan described as: 

Parcel 1 
 The East 390 feet of the East 50 rods of the SW 1/4 of Section 30, T4N, R4E. 
 Parcel 2 
 A parcel of land in the NW 1/4 of Section 31, T4N,
R4E, described as follows: To find the place of beginning of this description commence at the N 1/4 post of said section; run thence N 89 degrees 13’ 06” W along the North line of said section, 330 feet to the place of beginning of this
description; running thence S 00 degrees 52’ 49” W, 2167.87 feet; thence N 88 degrees 59’ 49” W, 60 feet; thence N 00 degrees 52’ 49” E, 2167.66 feet to the North line of said section; thence S 89 degrees 13’
06” E along said North line of said section, 60 feet to the place of beginning. 

  
 29 

 MACOMB COUNTY 
 Certain land in Macomb Township, Macomb County, Michigan described as: 
 A parcel of land commencing on the West line of the E 1/2 of the NW 1/4 of fractional Section 6, 20 chains South of the NW corner of said E 1/2 of the NW 1/4 of Section 6; thence South on said
West line and the East line of A. Henry Kotner’s Hayes Road Subdivision #15, according to the recorded plat thereof, as recorded in Liber 24 of Plats, on page 7, 24.36 chains to the East and West 1/4 line of said Section 6; thence East on
said East and West 1/4 line 8.93 chains; thence North parallel with the said West line of the E 1/2 of the NW 1/4 of Section 6, 24.36 chains; thence West 8.93 chains to the place of beginning, all in T3N, R13E. 

MANISTEE COUNTY 

Certain land in Manistee Township, Manistee County, Michigan described as: 

A parcel of land in the SW 1/4 of Section 20, T22N, R16W, described as follows: To find the place of beginning of
this description, commence at the Southwest corner of said section; run thence East along the South line of said section 832.2 feet to the place of beginning of this description; thence continuing East along said South line of said section 132 feet;
thence North 198 feet; thence West 132 feet; thence South 198 feet to the place of beginning, excepting therefrom the South 2 rods thereof which was conveyed to Manistee Township for highway purposes by a Quitclaim Deed dated June 13, 1919 and
recorded July 11, 1919 in Liber 88 of Deeds on page 638 of Manistee County Records. 
 MASON COUNTY 

Certain land in Riverton Township, Mason County, Michigan described as: 

Parcel 1: The South 10 acres of the West 20 acres of the S 1/2 of the NE 1/4 of Section 22, T17N, R17W. 

Parcel 2: A parcel of land containing 4 acres of the West side of highway, said parcel of land being described as commencing 16 rods South
of the Northwest corner of the NW 1/4 of the SW 1/4 of Section 22, T17N, R17W, running thence South 64 rods, thence NE’ly and N’ly and NW’ly along the W’ly line of said highway to the place of beginning, together with any
and all right, title, and interest of Howard C. Wicklund and Katherine E. Wicklund in and to that portion of the hereinbefore mentioned highway lying adjacent to the E’ly line of said above described land. 

  
 30 

 MECOSTA COUNTY 
 Certain land in Wheatland Township, Mecosta County, Michigan described as: 
 A parcel of land in the SW 1/4 of the SW 1/4 of Section 16, T14N, R7W, described as beginning at the Southwest corner of said section; thence East along the South line of Section 133 feet;
thence North parallel to the West section line 133 feet; thence West 133 feet to the West line of said Section; thence South 133 feet to the place of beginning. 
 MIDLAND COUNTY 
 Certain land in Ingersoll Township, Midland County, Michigan
described as: 
 The West 200 feet of the W 1/2 of the NE 1/4 of Section 4, T13N, R2E. 

MISSAUKEE COUNTY 

Certain land in Norwich Township, Missaukee County, Michigan described as: 

A parcel of land in the NW 1/4 of the NW 1/4 of Section 16, T24N, R6W, described as follows: Commencing at the
Northwest corner of said section, running thence N 89 degrees 01’ 45” E along the North line of said section 233.00 feet; thence South 233.00 feet; thence S 89 degrees 01’ 45” W, 233.00 feet to the West line of said section;
thence North along said West line of said section 233.00 feet to the place of beginning. (Bearings are based on the West line of Section 16, T24N, R6W, between the Southwest and Northwest corners of said section assumed as North.) 

MONROE COUNTY 

Certain land in Whiteford Township, Monroe County, Michigan described as: 

A parcel of land in the SW 1/4 of Section 20, T8S, R6E, described as follows: To find the place of beginning of this
description commence at the S 1/4 post of said section; run thence West along the South line of said section 1269.89 feet to the place of beginning of this description; thence continuing West along said South line of said section 100 feet; thence N
00 degrees 50’ 35” E, 250 feet; thence East 100 feet; thence S 00 degrees 50’ 35” W parallel with and 16.5 feet distant W’ly of as measured perpendicular to the West 1/8 line of said section, as occupied, a distance of 250
feet to the place of beginning. 
 MONTCALM COUNTY 
 Certain land in Crystal Township, Montcalm County, Michigan described as: 
 The N 1/2 of the S 1/2 of the SE 1/4 of Section 35, T10N, R5W. 

  
 31 

 MONTMORENCY COUNTY 
 Certain land in the Village of Hillman, Montmorency County, Michigan described as: 
 Lot 14 of Hillman Industrial Park, being a subdivision in the South 1/2 of the Northwest 1/4 of Section 24, T31N, R4E, according to the plat thereof recorded in Liber 4 of Plats on Pages 32-34,
Montmorency County Records. 
 MUSKEGON COUNTY 
 Certain land in Casnovia Township, Muskegon County, Michigan described as: 
 The West 433 feet of the North 180 feet of the South 425 feet of the SW 1/4 of Section 3, T10N, R13W. 
 NEWAYGO COUNTY 
 Certain land in Ashland Township, Newaygo County, Michigan
described as: 
 The West 250 feet of the NE 1/4 of Section 23, T11N, R13W. 

OAKLAND COUNTY 

Certain land in Wixcom City, Oakland County, Michigan described as: 

The E 75 feet of the N 160 feet of the N 330 feet of the W 526.84 feet of the NW 1/4 of the NW 1/4 of Section 8, T1N,
R8E, more particularly described as follows: Commence at the NW corner of said Section 8, thence N 87 degrees 14’ 29” E along the North line of said Section 8 a distance of 451.84 feet to the place of beginning for this
description; thence continuing N 87 degrees 14’ 29” E along said North section line a distance of 75.0 feet to the East line of the West 526.84 feet of the NW 1/4 of the NW 1/4 of said Section 8; thence S 02 degrees 37’
09” E along said East line a distance of 160.0 feet; thence S 87 degrees 14’ 29” W a distance of 75.0 feet; thence N 02 degrees 37’ 09” W a distance of 160.0 feet to the place of beginning. 

OCEANA COUNTY 

Certain land in Crystal Township, Oceana County, Michigan described as: 

The East 290 feet of the SE 1/4 of the NW 1/4 and the East 290 feet of the NE 1/4 of the SW 1/4, all in Section 20,
T16N, R16W. 

  
 32 

 OGEMAW COUNTY 
 Certain land in West Branch Township, Ogemaw County, Michigan described as: 
 The South 660 feet of the East 660 feet of the NE 1/4 of the NE 1/4 of Section 33, T22N, R2E. 
 OSCEOLA COUNTY 
 Certain land in Hersey Township, Osceola County, Michigan
described as: 
 A parcel of land in the North 1/2 of the Northeast 1/4 of Section 13, T17N, R9W, described
as commencing at the Northeast corner of said Section; thence West along the North Section line 999 feet to the point of beginning of this description; thence S 01 degrees 54’ 20” E 1327.12 feet to the North 1/8 line; thence S 89 degrees
17’ 05” W along the North 1/8 line 330.89 feet; thence N 01 degrees 54’ 20” W 1331.26 feet to the North Section line; thence East along the North Section line 331 feet to the point of beginning. 

OSCODA COUNTY 

Certain land in Comins Township, Oscoda County, Michigan described as: 

The East 400 feet of the South 580 feet of the W 1/2 of the SW 1/4 of Section 15, T27N, R3E. 

OTSEGO COUNTY 

Certain land in Corwith Township, Otsego County, Michigan described as: 

Part of the NW 1/4 of the NE 1/4 of Section 28, T32N, R3W, described as: Beginning at the N 1/4 corner of said
section; running thence S 89 degrees 04’ 06” E along the North line of said section, 330.00 feet; thence S 00 degrees 28’ 43” E, 400.00 feet; thence N 89 degrees 04’ 06” W, 330.00 feet to the North and South 1/4 line of
said section; thence N 00 degrees 28’ 43” W along the said North and South 1/4 line of said section, 400.00 feet to the point of beginning; subject to the use of the N’ly 33.00 feet thereof for highway purposes. 

OTTAWA COUNTY 

Certain land in Robinson Township, Ottawa County, Michigan described as: 

The North 660 feet of the West 660 feet of the NE 1/4 of the NW 1/4 of Section 26, T7N, R15W. 

  
 33 

 PRESQUE ISLE COUNTY 
 Certain land in Belknap and Pulawski Townships, Presque Isle County, Michigan described as: 
 Part of the South half of the Northeast quarter, Section 24, T34N, R5E, and part of the Northwest quarter, Section 19, T34N, R6E, more fully described as: Commencing at the East 1/4 corner of
said Section 24; thence N 00 degrees 15’47” E, 507.42 feet, along the East line of said Section 24 to the point of beginning; thence S 88 degrees 15’36” W, 400.00 feet, parallel with the North 1/8 line of said
Section 24; thence N 00 degrees 15’47” E, 800.00 feet, parallel with said East line of Section 24; thence N 88 degrees 15’36“E, 800.00 feet, along said North 1/8 line of Section 24 and said line extended; thence S
00 degrees 15’47” W, 800.00 feet, parallel with said East line of Section 24; thence S 88 degrees15’36” W, 400.00 feet, parallel with said North 1/8 line of Section 24 to the point of beginning. 

Together with a 33 foot easement along the West 33 feet of the Northwest quarter lying North of the North 1/8 line of
Section 24, Belknap Township, extended, in Section 19, T34N, R6E. 
 ROSCOMMON COUNTY 

Certain land in Gerrish Township, Roscommon County, Michigan described as: 

A parcel of land in the NW 1/4 of Section 19, T24N, R3W, described as follows: To find the place of beginning of this
description commence at the Northwest corner of said section, run thence East along the North line of said section 1,163.2 feet to the place of beginning of this description (said point also being the place of intersection of the West 1/8 line of
said section with the North line of said section), thence S 01 degrees 01’ E along said West 1/8 line 132 feet, thence West parallel with the North line of said section 132 feet, thence N 01 degrees 01’ W parallel with said West 1/8 line
of said section 132 feet to the North line of said section, thence East along the North line of said section 132 feet to the place of beginning. 
 SAGINAW COUNTY 
 Certain land in Chapin Township, Saginaw County, Michigan
described as: 
 A parcel of land in the SW 1/4 of Section 13, T9N, R1E, described as follows: To find the
place of beginning of this description commence at the Southwest corner of said section; run thence North along the West line of said section 1581.4 feet to the place of beginning of this description; thence continuing North along said West line of
said section 230 feet to the center line of a creek; thence S 70 degrees 07’ 00” E along said center line of said creek 196.78 feet; thence South 163.13 feet; thence West 185 feet to the West line of said section and the place of
beginning. 

  
 34 

 SANILAC COUNTY 
 Certain easement rights located across land in Minden Township, Sanilac County, Michigan described as: 
 The Southeast 1/4 of the Southeast 1/4 of Section 1, T14N, R14E, excepting therefrom the South 83 feet of the East 83 feet thereof. 

SHIAWASSEE COUNTY 

Certain land in Burns Township, Shiawassee County, Michigan described as: 

The South 330 feet of the E 1/2 of the NE 1/4 of Section 36, T5N, R4E. 

ST. CLAIR COUNTY 

Certain land in Ira Township, St. Clair County, Michigan described as: 

The N 1/2 of the NW 1/4 of the NE 1/4 of Section 6, T3N, R15E. 

ST. JOSEPH COUNTY 

Certain land in Mendon Township, St. Joseph County, Michigan described as: 

The North 660 feet of the West 660 feet of the NW 1/4 of SW 1/4, Section 35, T5S, R10W. 

TUSCOLA COUNTY 

Certain land in Millington Township, Tuscola County, Michigan described as: 

A strip of land 280 feet wide across the East 96 rods of the South 20 rods of the N 1/2 of the SE 1/4 of Section 34,
T10N, R8E, more particularly described as commencing at the Northeast corner of Section 3, T9N, R8E, thence S 89 degrees 55’ 35” W along the South line of said Section 34 a distance of 329.65 feet, thence N 18 degrees 11’
50” W a distance of 1398.67 feet to the South 1/8 line of said Section 34 and the place of beginning for this description; thence continuing N 18 degrees 11’ 50” W a distance of 349.91 feet; thence N 89 degrees 57’ 01”
W a distance of 294.80 feet; thence S 18 degrees 11’ 50” E a distance of 350.04 feet to the South 1/8 line of said Section 34; thence S 89 degrees 58’ 29” E along the South 1/8 line of said section a distance of 294.76 feet
to the place of beginning. 
 VAN BUREN COUNTY 
 Certain land in Covert Township, Van Buren County, Michigan described as: 
 All that part of the West 20 acres of the N 1/2 of the NE fractional 1/4 of Section 1, T2S, R17W, except the West 17 rods of the North 80 rods, being more

  
 35 

 
particularly described as follows: To find the place of beginning of this description commence at the N 1/4 post of said section; run thence N 89 degrees 29’ 20” E along the North line
of said section 280.5 feet to the place of beginning of this description; thence continuing N 89 degrees 29’ 20” E along said North line of said section 288.29 feet; thence S 00 degrees 44’ 00” E, 1531.92 feet; thence S 89
degrees 33’ 30” W, 568.79 feet to the North and South 1/4 line of said section; thence N 00 degrees 44’ 00” W along said North and South 1/4 line of said section 211.4 feet; thence N 89 degrees 29’ 20” E, 280.5 feet;
thence N 00 degrees 44’ 00” W, 1320 feet to the North line of said section and the place of beginning. 
 WASHTENAW
COUNTY 
 Certain land in Manchester Township, Washtenaw County, Michigan described as: 

A parcel of land in the NE 1/4 of the NW 1/4 of Section 1, T4S, R3E, described as follows: To find the place of
beginning of this description commence at the Northwest corner of said section; run thence East along the North line of said section 1355.07 feet to the West 1/8 line of said section; thence S 00 degrees 22’ 20” E along said West 1/8 line
of said section 927.66 feet to the place of beginning of this description; thence continuing S 00 degrees 22’ 20” E along said West 1/8 line of said section 660 feet to the North 1/8 line of said section; thence N 86 degrees 36’
57” E along said North 1/8 line of said section 660.91 feet; thence N 00 degrees22’ 20” W, 660 feet; thence S 86 degrees 36’ 57” W, 660.91 feet to the place of beginning. 

WAYNE COUNTY 

Certain land in Livonia City, Wayne County, Michigan described as: 

Commencing at the Southeast corner of Section 6, T1S, R9E; thence North along the East line of Section 6 a
distance of 253 feet to the point of beginning; thence continuing North along the East line of Section 6 a distance of 50 feet; thence Westerly parallel to the South line of Section 6, a distance of 215 feet; thence Southerly parallel to
the East line of Section 6 a distance of 50 feet; thence easterly parallel with the South line of Section 6 a distance of 215 feet to the point of beginning. 
 WEXFORD COUNTY 
 Certain land in Selma Township, Wexford County, Michigan described
as: 
 A parcel of land in the NW 1/4 of Section 7, T22N, R10W, described as beginning on the North line of
said section at a point 200 feet East of the West line of said section, running thence East along said North section line 450 feet, thence South parallel with said West section line 350 feet, thence West parallel with said North section line 450
feet, thence North parallel with said West section line 350 feet to the place of beginning. 

  
 36 

 SECTION 13. The Company is a transmitting utility under Section 9501(2) of the Michigan
Uniform Commercial Code (M.C.L. 440.9501(2)) as defined in M.C.L. 440.9102(1)(aaaa). 
 IN WITNESS WHEREOF, said Consumers
Energy Company has caused this Supplemental Indenture to be executed in its corporate name by its Chairman of the Board, President, a Vice President or its Treasurer and its corporate seal to be hereunto affixed and to be attested by its Secretary
or an Assistant Secretary, and said The Bank of New York Mellon, as Trustee as aforesaid, to evidence its acceptance hereof, has caused this Supplemental Indenture to be executed in its corporate name by a Vice President and its corporate seal to be
hereunto affixed and to be attested by an authorized signatory, in several counterparts, all as of the day and year first above written. 

  
 37 

							
		 		 	CONSUMERS ENERGY COMPANY
				
	(SEAL)	 		 	By:	 	 /s/ DV Rao

		 		 		 	Venkat D. Rao
	Attest:	 		 		 	Vice President and Treasurer
				
	 /s/ Ashley L. Bancroft
	 		 		 	
	Ashley L. Bancroft	 		 		 	
	Assistant Secretary	 		 		 	
				
	 Signed, sealed and delivered

by CONSUMERS ENERGY COMPANY
 in the presence
of
	 		 		 	
				
	 /s/ S J Ruckman
	 		 		 	
	Shelley J. Ruckman	 		 		 	
				
	 /s/ Margaret Hillman
	 		 		 	
	Margaret Hillman	 		 		 	
				
	STATE OF MICHIGAN              )	 		 		 	
	                              
                        ss.	 		 		 	
	COUNTY OF JACKSON            )	 		 		 	

 The foregoing instrument was acknowledged before me this 9th day of August, 2013, by Venkat D. Rao, Vice
President and Treasurer of CONSUMERS ENERGY COMPANY, a Michigan corporation, on behalf of the corporation. 
  

					
		 		 	 /s/ Denise J. Lehrke

		 		 	Denise J. Lehrke, Notary Public
	{Seal}	 		 	State of Michigan, County of Jackson
		 		 	My Commission Expires: 06/06/2014
		 		 	Acting in the County of Jackson

  
 S-1

							
		 		 	THE BANK OF NEW YORK MELLON,
		 		 		 	 AS TRUSTEE

				
	(SEAL)	 		 	By:	 	 /s/ L. J. O’Brien

		 		 		 	Laurence J. O’Brien
	Attest:	 		 		 	Vice President
				
	 /s/ Francine Kincaid
	 		 		 	
	Francine Kincaid	 		 		 	
	Vice President	 		 		 	
				
	 Signed, sealed and delivered

by THE BANK OF NEW YORK MELLON
 in the presence
of
	 		 		 	
				
	 /s/ Stacey Poindexter
	 		 		 	
	Stacey Poindexter	 		 		 	
				
	 /s/ M. Joseph
	 		 		 	
	Maryann Joseph	 		 		 	
				
	STATE OF NEW YORK            )	 		 		 	
	                              
                        ss.	 		 		 	
	COUNTY OF NEW YORK        )	 		 		 	

 The foregoing instrument was acknowledged before me this 9th day of August, 2013, by Laurence J.
O’Brien, a Vice President of THE BANK OF NEW YORK MELLON, as Trustee, a New York banking corporation, on behalf of the bank. 
  

					
		 		 	 /s/ Danny Lee

		 		 	Danny Lee
		 		 	Notary Public, State of New York
		 		 	No. 01LE6161129
		 		 	Qualified in New York County
		 		 	Certificate Filed in New York County
		 		 	Commission Expires February 20, 2015
			
	 Prepared by:
 Shelley J.
Ruckman
 One Energy Plaza, EP11-201

Jackson, MI 49201
	 		 	 When recorded, return to:

Consumers Energy Company
 Business Services Real
Estate Dept.
 Attn: Sandy Geerling, EP7-428
 One Energy Plaza
 Jackson, MI 49201

  
 S-2

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