Document:

<PAGE>

                                                                    Exhibit 4.14

                                     FORM OF

                              AMENDED AND RESTATED

                                 TRUST AGREEMENT

                                      AMONG

                               AMEREN CORPORATION
                                  AS DEPOSITOR,

                 ----------------------------------------------
                              AS PROPERTY TRUSTEE,

                                       AND

                 ----------------------------------------------
                               AS DELAWARE TRUSTEE

                     DATED AS OF ____________________, 200_

                          ----------------------------
                             AMEREN CAPITAL TRUST __
                          ----------------------------

<Page>

                                                 TABLE OF CONTENTS

<Table>
<Caption>
                                                     ARTICLE I
                                                   DEFINED TERMS

<S>               <C>                                                                                          <C>
Section 101       Definitions....................................................................................1

                                                     ARTICLE II
                                             CONTINUATION OF THE TRUST

Section 201       Name..........................................................................................11
Section 202       Office of the Delaware Trustee; Principal Place of Business...................................11
Section 203       Initial Contribution of Trust Property; Organizational Expenses...............................12
Section 204       Issuance of the Trust Preferred Securities....................................................12
Section 205       Issuance of the Trust Common Securities; Subscription and Purchase of
                  [Subordinated] Debentures.....................................................................12
Section 206       Declaration of Trust..........................................................................13
Section 207       Authorization to Enter into Certain Transactions..............................................13
Section 208       Assets of Trust...............................................................................17
Section 209       Title to Trust Property.......................................................................17

                                                    ARTICLE III
                                                  PAYMENT ACCOUNT

Section 301       Payment Account...............................................................................17

                                                     ARTICLE IV
                                              DISTRIBUTION; REDEMPTION

Section 401       Distributions.................................................................................17
Section 402       Redemption....................................................................................18
Section 403       Subordination of Trust Common Securities......................................................21
Section 404       Payment Procedures............................................................................21
Section 405       Tax Returns and Reports.......................................................................22
Section 406       Payment of Taxes, Duties, Etc. of the Trust...................................................22
Section 407       Payments under Indenture or Pursuant to Direct Actions........................................22
Section 408       Liability of the Holder of Trust Common Securities............................................22

                                                     ARTICLE V
                                           TRUST SECURITIES CERTIFICATES
</Table>

                                                         i

<Page>

<Table>
<Caption>
<S>               <C>                                                                                          <C>
Section 501       Initial Ownership.............................................................................22
Section 502       The Trust Securities Certificates.............................................................22
Section 503       Execution and Delivery of Trust Securities Certificates.......................................23
Section 504       Global Trust Preferred Securities.............................................................23
Section 505       Registration of Transfer and Exchange Generally; Certain Transfers and Exchanges;
                  Trust Preferred Securities Certificates.......................................................25
Section 506       Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates............................27
Section 507       Persons Deemed Holders........................................................................27
Section 508       Access to List of Holders' Names and Addresses................................................28
Section 509       Maintenance of Office or Agency...............................................................28
Section 510       Appointment of Paying Agent...................................................................28
Section 511       Ownership of Trust Common Securities by Depositor.............................................29
Section 512       Notices to Depositary.........................................................................29
Section 513       Rights of Holders.............................................................................29

                                                     ARTICLE VI
                                         ACTS OF HOLDERS; MEETINGS; VOTING

Section 601       Limitations on Holder's Voting Rights.........................................................32
Section 602       Notice of Meetings............................................................................33
Section 603       Meetings of Holders...........................................................................33
Section 604       Attendance at Meetings; Determination of Voting Rights; Conduct and Adjournment of Meetings...34
Section 605       Counting Votes and Recording Action of Meetings...............................................35
Section 606       Holder Action by Written Consent..............................................................36
Section 607       Record Date for Voting and Other Purposes.....................................................36
Section 608       Acts of Holders...............................................................................36
Section 609       Inspection of Records.........................................................................38

                                                    ARTICLE VII
                                           REPRESENTATIONS AND WARRANTIES

Section 701       Representations and Warranties of the Property Trustee and the Delaware Trustee...............38
Section 702       Representations and Warranties of Depositor...................................................39

                                                    ARTICLE VIII
                                          THE TRUSTEES; THE ADMINISTRATORS

Section 801       Certain Duties and Responsibilities...........................................................39
Section 802       Events of Default; Waiver.....................................................................41
</Table>

                                                         ii
<Page>

<Table>
<Caption>
<S>               <C>                                                                                          <C>
Section 803       Certain Notices...............................................................................41
Section 804       Certain Rights of Property Trustee............................................................42
Section 805       Not Responsible for Recitals or Issuance of Securities........................................43
Section 806       May Hold Securities...........................................................................43
Section 807       Compensation; Indemnity.......................................................................43
Section 808       Trustees Required; Eligibility of Trustees and Administrators.................................44
Section 809       Conflicting Interests.........................................................................45
Section 810       Co-Trustees and Separate Trustee..............................................................45
Section 811       Resignation and Removal; Appointment of Successor.............................................46
Section 812       Acceptance of Appointment by Successor........................................................48
Section 813       Merger, Conversion, Consolidation or Succession to Business...................................48
Section 814       Preferential Collection of Claims Against Depositor or Trust..................................49
Section 815       Trustee May File Proofs of Claim..............................................................49
Section 816       Reports by Property Trustee...................................................................50
Section 817       Reports to the Property Trustee...............................................................50
Section 818       Evidence of Compliance with Conditions Precedent..............................................50
Section 819       Number of Trustees............................................................................50
Section 820       Delegation of Power...........................................................................51
Section 821       Appointment of Administrators.................................................................51
Section 822       Delaware Trustee..............................................................................51

                                                     ARTICLE IX
                                        DISSOLUTION, LIQUIDATION AND MERGER

Section 901       Dissolution Upon Expiration Date..............................................................52
Section 902       Early Dissolution.............................................................................52
Section 903       Termination...................................................................................53
Section 904       Liquidation...................................................................................53
Section 905       Mergers, Consolidations, Amalgamations or Replacements of the Trust...........................54

                                                     ARTICLE X
                                              MISCELLANEOUS PROVISIONS

Section 1001      Limitations of Rights of Holders..............................................................55
Section 1002      Amendment.....................................................................................55
Section 1003      Separability..................................................................................57
Section 1004      Governing Law.................................................................................58
Section 1005      Payments Due on Non-Business Day..............................................................58
Section 1006      Successors....................................................................................58
Section 1007      Headings......................................................................................59
</Table>

                                                        iii
<Page>

<Table>
<Caption>
<S>               <C>                                                                                          <C>
Section 1008      Reports, Notices and Demands..................................................................59
Section 1009      Agreement Not to Petition.....................................................................59
Section 1010      Trust Indenture Act; Conflict with Trust Indenture Act........................................60
Section 1011      Acceptance of Terms of Trust Agreement, Guarantee and Indenture...............................60

Exhibit A         Certificate of Trust
Exhibit B         Form of Trust Common Securities Certificate
Exhibit C         Form of Trust Preferred Securities Certificate
</Table>

                                                         iv

<Page>

                             AMEREN CAPITAL TRUST __

              Certain Sections of this Trust Agreement relating, to
                         Sections 310 through 318 of the
                          Trust Indenture Act of 1939:

<Table>
<Caption>

   Trust Indenture Act
        Section                                                 Trust Agreement Section
   -------------------                                          -----------------------
<S>               <C>                                                     <C>
Section 310      (a)(1)...................................................808
                 (a)(2)...................................................808
                 (a)(3)...................................................810
                 (a)(4)...................................................207(a)(ii)
                 (b)......................................................809, 811
Section 311      (a)......................................................814
                 (b)......................................................814
Section 312      (a)......................................................508
                 (b)......................................................508
                 (c)......................................................508
Section 313      (a)......................................................816
                 (b)......................................................816
                 (c)......................................................816
                 (d)......................................................816
Section 314      (a)......................................................817
                 (a)(4)...................................................818
                 (b)......................................................Not Applicable
                 (c)(1)...................................................818
                 (c)(2)...................................................818
                 (c)(3)...................................................Not Applicable
                 (d)......................................................Not Applicable
                 (e)......................................................818
Section 315      (a)......................................................801, 804
                 (b)......................................................803
                 (c)......................................................801
                 (d)......................................................801
                 (e)......................................................Not Applicable
Section 316      (a)......................................................513
                  a)(1)(A)................................................513
                  a)(1)(B)................................................513
                  a)(2)...................................................Not Applicable
                  b)......................................................513
                  c)......................................................607
Section 317      (a)(1)...................................................Not Applicable
                 (a)(2)...................................................815
                 (b)......................................................510
Section 318      (a)......................................................1010(a)
</Table>

---------------------------
Note: This reconciliation and tie shall not, for any purpose, be deemed to be a
part of the Trust Agreement.

                                                         v

<Page>

                                    AGREEMENT

      THIS AMENDED AND RESTATED TRUST AGREEMENT (this "Trust Agreement"), dated
as of _____________________, 200_, by and among (i) Ameren Corporation, a
Missouri corporation (including any successors or assigns, the "Depositor"),
(ii) __________________________, a New York banking corporation, as property
trustee (in such capacity, the "Property Trustee" and, in its separate corporate
capacity and not in its capacity as Property Trustee, the "Bank"), (iii)
_________________________________, a ____________________ banking corporation,
as Delaware trustee (the "Delaware Trustee") (the Property Trustee and the
Delaware Trustee are referred to collectively herein as the "Trustees"), and
(iv) the several Holders, as hereinafter defined.

                              W I T N E S S E T H:
                              - - - - - - - - - -

      WHEREAS, the Depositor and the Delaware Trustee have heretofore duly
declared and established a business trust pursuant to the Delaware Business
Trust Act by entering into a certain Trust Agreement, dated as of
__________________________ (the "Original Trust Agreement"), and by the
execution and filing by the Delaware Trustee with the Secretary of State of the
State of Delaware of the Certificate of Trust, filed on ______________________
(the "Certificate of Trust"), attached as Exhibit A; and

      WHEREAS, the Depositor and the Delaware Trustee desire to amend and
restate the Original Trust Agreement in its entirety as set forth herein to
provide for, among other things, (i) the issuance of the Trust Common Securities
by the Trust to the Depositor, (ii) the issuance and sale of the Trust Preferred
Securities by the Trust pursuant to the Underwriting Agreement, (iii) the
acquisition by the Trust from the Depositor of all of the right, title and
interest in the [Subordinated] Debentures, (iv) the appointment of the
Administrators and (v) the addition of the Property Trustee as a party to this
Trust Agreement;

      NOW, THEREFORE, in consideration of the agreements and obligations set
forth herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, each party, for the benefit of the
other parties and for the benefit of the Holders, hereby amends and restates the
Original Trust Agreement in its entirety and agrees, intending to be legally
bound, as follows:

                                    ARTICLE I

                                  DEFINED TERMS

      Section 101 DEFINITIONS. For all purposes of this Trust Agreement, except
as otherwise expressly provided or
unless the context otherwise requires:

            (a) the terms defined in this Article have the meanings assigned to
them in this Article and include the plural as well as the singular;

                                       1
<Page>

            (b) all other terms used herein that are defined in the Trust
Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein;

            (c) the words "include," "includes" and "including" shall be deemed
to be followed by the phrase "without limitation";

            (d) all accounting terms used but not defined herein have the
meanings assigned to them in accordance with United States generally accepted
accounting principles as in effect at the time of computation;

            (e) unless the context otherwise requires, any reference to an
"Article" or a "Section" refers to an Article or a Section, as the case may be,
of this Trust Agreement;

            (f) the words "herein," "hereof" and "hereunder" and other words of
similar import refer to this Trust Agreement as a whole and not to any
particular Article, Section or other subdivision; and

            (g) all references to the date the Trust Preferred Securities were
originally issued shall refer to the date the ______% Trust Preferred Securities
were originally issued.

      "ACT" has the meaning specified in Section 608.

      "ADDITIONAL AMOUNTS" means, with respect to Trust Securities of a given
Liquidation Amount and/or a given period, the amount of Additional Interest paid
by the Depositor on a Like Amount of [Subordinated] Debentures for such period.

      "ADDITIONAL INTEREST" has the meaning specified in Section ___ of the
Indenture.

      "ADDITIONAL SUMS" has the meaning specified in Section ___ of the
Indenture.

      "ADMINISTRATORS" means each Person appointed in accordance with Section
821 solely in such Person's capacity as Administrator of the Trust continued
hereunder and not in such Person's individual capacity, or any successor
Administrator appointed as herein provided; with the initial Administrators
being ___________________ and __________________________.

      "AFFILIATE" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
"CONTROL" when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "CONTROLLING" and "CONTROLLED" have meanings correlative to the
foregoing.

      "APPLICABLE PROCEDURES" means, with respect to any transfer or transaction
involving a Global Trust Preferred Security or beneficial interest therein, the
rules and procedures of the Depositary for such Trust Preferred Security, in
each case to the extent applicable to such transaction and as in effect from
time to time.

      "BANK" has the meaning specified in the preamble to this Trust Agreement.

                                       2
<Page>

      "BANKRUPTCY EVENT" means, with respect to any Person:

            (a) the entry of a decree or order by a court having jurisdiction in
the premises and the continuance of any such decree or order unstayed and in
effect for a period of 60 consecutive days; (i) judging such Person a bankrupt
or insolvent; (ii) approving as properly filed a petition seeking
reorganization, arrangement, adjudication or composition of or in respect of
such Person under any applicable Federal or State bankruptcy, insolvency,
reorganization or other similar law; (iii) appointing a receiver, liquidator,
assignee, trustee, sequestrator (or other similar official) of such Person or of
any substantial part of its property; (iv) ordering the winding-up or
liquidation of its affairs; or

            (b) (i) the institution by such Person of proceedings to be
adjudicated a bankrupt or insolvent; (ii) the consent by it to the institution
of bankruptcy or insolvency proceedings against it; (iii) the filing by it of a
petition or answer or consent seeking reorganization or relief under any
applicable Federal or State bankruptcy, insolvency, reorganization or other
similar law; (iv) the consent by it to the filing of any such petition or to the
appointment of a receiver, liquidator, assignee, trustee, sequestrator (or
similar official) of such Person or of any substantial part of its property; (v)
the making by it of an assignment for the benefit of creditors, or the admission
by it in writing of its inability to pay its debts generally as they become due
and its willingness to be adjudicated a bankrupt; (vi) the taking of corporate
action by such Person in furtherance of any such action.

      "BANKRUPTCY LAWS" has the meaning specified in Section 1009.

      "BOARD OF DIRECTORS" means either the board of directors of the Depositor
or any committee thereof duly authorized to act or any director or directors
and/or officer or officers of the Depositor to whom that board or committee
shall have duly delegated its authority in respect of matters relating to this
Trust Agreement.

      "BOARD RESOLUTION" means a copy of a resolution certified by the Secretary
or an Assistant Secretary of the Depositor to have been duly adopted by the
Board of Directors and to be in full force and effect on the date of such
certification, and delivered to the Trustees.

      "BUSINESS DAY" means a day other than (a) a Saturday or Sunday, (b) a day
on which banking institutions in the City of New York, New York, or the City of
St. Louis, Missouri are authorized or required by law or executive order to
remain closed or (c) a day on which the Property Trustee's Corporate Trust
Office or the Delaware Trustee's corporate trust office or the corporate trust
office of the Debenture Trustee is closed for business.

      "CEDE" means Cede & Co.

      "CERTIFICATE OF TRUST" has the meaning specified in the preamble to this
Trust Agreement.

      "CLOSING DATE" means the Closing Time, which date is also the date of
execution and delivery of this Trust Agreement.

                                       3
<Page>

      "CLOSING TIME" means the First Closing Date, as that term is used
throughout the Underwriting Agreement.

      "CODE" means the Internal Revenue Code of 1986, as amended.

      "COMMISSION" means the Securities and Exchange Commission, as from time to
time constituted, created under the Exchange Act, as amended, or, if at any time
after the execution of this instrument such Commission is not existing and
performing the duties now assigned to it under the Trust Indenture Act, then the
body performing such duties at such time.

      "CORPORATE TRUST OFFICE" means the principal corporate trust office of the
Property Trustee located in the City of New York which at the time of the
execution of this Trust Agreement is located at
_______________________________________, New York, New York ____________.

      "DEBENTURE EVENT OF DEFAULT" means an "Event of Default" as defined in the
Indenture.

      "DEBENTURES PURCHASE AGREEMENT" means the [Subordinated] Deferrable
Interest Debentures Purchase Agreement dated as of ___________________________
between the Depositor and the Trust, as the same may be amended from time to
time.

      "DEBENTURE REDEMPTION DATE" means, with respect to any [Subordinated]
Debentures to be redeemed under the Indenture, the date fixed for redemption of
such Debentures under the Indenture.

      "DEBENTURE TRUSTEE" means ________________________________, a New York
banking corporation, as trustee under the Indenture, and any successor.

      "DEFINITIVE TRUST PREFERRED SECURITIES" has the meaning specified in
Section 504(c).

      "DELAWARE BUSINESS TRUST ACT" means Chapter 38 of Title 12 of the Delaware
Code, 12 Del. C.ss. 3801, et seq., as it may be amended from time to time.

      "DELAWARE TRUSTEE" means the corporation identified as the "Delaware
Trustee" in the preamble to this Trust Agreement solely in its capacity as
Delaware Trustee of the Trust continued hereunder and not in its individual
capacity, or its successor in interest in such capacity, or any successor
trustee appointed as herein provided.

      "DEPOSITARY" shall mean, with respect to Global Trust Preferred
Securities, The Depository Trust Company, New York, New York, another clearing
agency, or any successor registered as a clearing agency under the Exchange Act
or other applicable statute or regulation, which, in each case, shall be
designated by the Depositor pursuant to Section 504(b).

      "DEPOSITARY PARTICIPANT" means a broker, dealer, bank, other financial
institution or other Person for whom from time to time the Depositary effects
book-entry transfers and pledges of securities deposited with the Depositary.

      "DEPOSITOR" has the meaning specified in the preamble to this Trust
Agreement.

                                       4
<Page>

      "DIRECT ACTION" has the meaning specified in Section 513(c)

      "DISTRIBUTION DATE" has the meaning specified in Section 401(a).

      "DISTRIBUTIONS" means amounts payable in respect of the Trust Securities
as provided in Section 401.

      "EARLY TERMINATION EVENT" has the meaning specified in Section 902.

      "EVENT OF DEFAULT" means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

            (a) the occurrence of a Debenture Event of Default;

            (b) default by the Trust in the payment of any Distribution when it
becomes due and payable, and continuation of such default for a period of 30
days;

            (c) default by the Trust in the payment of any Redemption Price of
any Trust Security when it becomes due and payable;

            (d) default in the performance, or breach, in any material respect,
of any covenant or warranty of the Trustees in this Trust Agreement (other than
a covenant or warranty a default in the performance of which or the breach of
which is dealt with in clause (b) or (c) above) and continuation of such default
or breach for a period of 60 days after there has been given, by registered or
certified mail, to the Trustees and the Depositor by the Holders of at least 33%
in aggregate Liquidation Amount of the Outstanding Trust Preferred Securities, a
written notice specifying such default or breach and requiring it to be remedied
and stating that such notice is a "Notice of Default" hereunder;

            (e) the occurrence of any Bankruptcy Event with respect to the
Property Trustee or all or substantially all of its property if a successor
Property Trustee has not been appointed within a period of 90 days thereof; or

            (f) the occurrence of any Bankruptcy Event with respect to the
Trust.

      "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934, as amended,
and any successor statute thereto, as amended from time to time.

      "EXPIRATION DATE" has the meaning specified in Section 901.

      "GLOBAL TRUST PREFERRED SECURITIES CERTIFICATE" means a Trust Preferred
Securities Certificate evidencing ownership of Global Trust Preferred
Securities.

      "GLOBAL TRUST PREFERRED SECURITY" means a Trust Preferred Security, the
ownership and transfers of which shall be made through book entries by the
Depositary as described in Section 504.

                                       5
<Page>

      "GUARANTEE" means the Guarantee Agreement executed and delivered by the
Depositor and __________________, as trustee, contemporaneously with the
execution and delivery of this Trust Agreement, for the benefit of the Holders
of the Trust Preferred Securities, as amended from time to time.

      "HOLDER" means a Person in whose name a Trust Security or Trust Securities
is registered in the Securities Register; any such Person shall be deemed to be
a beneficial owner within the meaning of the Delaware Business Trust Act.

      "INDENTURE" means the Indenture, dated as of _____________, between the
Depositor and the Debenture Trustee (as amended or supplemented from time to
time) relating to the issuance of the [Subordinated] Debentures.

      "INVESTMENT COMPANY ACT" means the Investment Company Act of 1940, as
amended.

      "INVESTMENT COMPANY EVENT" means the receipt by the Trust of an Opinion of
Counsel experienced in such matters to the effect that, as a result of the
occurrence of a change in law or regulation or a written change (including any
announced prospective change) in interpretation or application of law or
regulation by any legislative body, court, governmental agency or regulatory
authority, there is more than an insubstantial risk that the Trust is or will be
considered an "investment company" that is required to be registered under the
Investment Company Act, which change or prospective change becomes effective or
would become effective, as the case may be, on or after the date of the issuance
of the Trust Preferred Securities.

      "LIEN" means any lien, pledge, charge, encumbrance, mortgage, deed of
trust, adverse ownership interest, hypothecation, assignment, security interest
or preference, priority or other security agreement or preferential arrangement
of any kind or nature whatsoever.

      "LIKE AMOUNT" means (a) with respect to a redemption of Trust Securities,
Trust Securities having a Liquidation Amount equal to that portion of the
principal amount of [Subordinated] Debentures to be contemporaneously redeemed
in accordance with the Indenture, allocated to the Trust Common Securities and
to the Trust Preferred Securities pro rata based upon the relative Liquidation
Amounts of such classes and (b) with respect to a distribution of [Subordinated]
Debentures to Holders of Trust Securities in connection with a dissolution or
liquidation of the Trust, [Subordinated] Debentures having a principal amount
equal to the Liquidation Amount of the Trust Securities of the Holder to whom
such [Subordinated] Debentures are distributed.

      "LIQUIDATION AMOUNT" means the stated amount of $__________ per Trust
Security.

      "LIQUIDATION DATE" means the date on which [Subordinated] Debentures are
to be distributed to Holders of Trust Securities in connection with a
dissolution and liquidation of the Trust pursuant to Section 904.

      "LIQUIDATION DISTRIBUTION" has the meaning specified in Section 904(d).

                                       6
<Page>

      "MAJORITY IN LIQUIDATION AMOUNT OF THE TRUST PREFERRED SECURITIES" or
"MAJORITY IN LIQUIDATION AMOUNT OF THE TRUST COMMON SECURITIES" means, except as
provided by the Trust Indenture Act, Trust Preferred Securities or Trust Common
Securities, as the case may be, representing more than 50% of the aggregate
Liquidation Amount of all then Outstanding Trust Preferred Securities or Trust
Common Securities, as the case may be.

      "OFFICERS' CERTIFICATE" means a certificate signed by the Chairman of the
Board, President, any Vice President, the Treasurer or any other duly authorized
officer of the Depositor, and delivered to the party provided herein. Any
Officers' Certificate delivered with respect to compliance with a condition or
covenant provided for in this Trust Agreement (other than pursuant to Section
817) shall include:

            (a) a statement that each Person signing such certificate or opinion
has read such covenant or condition and the definitions herein relating thereto;

            (b) a brief statement as to the nature and scope of the examination
or investigation upon which the statements or opinions contained in such
certificate or opinion are based;

            (c) a statement that, in the opinion of each such Person, such
Person has made such examination or investigation as is necessary to enable such
Person to express an informed opinion as to whether or not such covenant or
condition has been complied with; and

            (d) a statement as to whether, in the opinion of each such Person,
such condition or covenant has been complied with.

      "OPINION OF COUNSEL" means a written opinion of counsel, who may be
counsel for or an employee of the Depositor or any Affiliate of the Depositor or
any Trustee.

      "ORIGINAL TRUST AGREEMENT" has the meaning specified in the preamble to
this Trust Agreement.

      "OUTSTANDING," when used with respect to Trust Securities, means, as of
the date of determination, all Trust Securities theretofore authenticated and
delivered under this Trust Agreement, except:

            (a) Trust Securities theretofore canceled by the Property Trustee or
delivered to the Property Trustee for cancellation;

            (b) Trust Securities for whose payment or redemption money in the
necessary amount has been theretofore deposited with the Property Trustee or any
Paying Agent for the Holders of such Trust Preferred Securities, provided that
if such Trust Securities are to be redeemed, notice of such redemption has been
duly given pursuant to this Trust Agreement; and

            (c) Trust Securities which have been paid, or in exchange for, or in
lieu of which, other Trust Securities have been executed and delivered pursuant
to Sections 504, 505 and 506, other than any such Trust Securities in respect of
which there shall have been presented to the Property Trustee proof satisfactory
to it and the Depositor that such Trust Securities are

                                       7
<Page>

held by a bona fide purchaser or purchasers in whose hands such Trust Securities
are valid obligations of the Depositor;

provided, however, that in determining whether or not the Holders of the
requisite Liquidation Amount of the Trust Preferred Securities Outstanding under
this Trust Agreement have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or whether or not a quorum is present at a
meeting of Holders of Trust Securities, Trust Securities owned by the Depositor,
any Trustee, any Administrator or any other obligor upon the Trust Securities or
any Affiliate of the Depositor or of such other obligor (unless the Depositor,
such Affiliate or such obligor owns all Trust Securities Outstanding under this
Trust Agreement determined without regard to this proviso) shall be disregarded
and deemed not to be Outstanding, except that (i) in determining whether any
Trustee or any Administrator shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver or upon any
such determination as to the presence of a quorum, only Trust Preferred
Securities that such Trustee or such Administrator, as the case may be, knows to
be so owned shall be so disregarded and (ii) the foregoing shall not apply at
any time when all of the Outstanding Trust Preferred Securities are owned by the
Depositor, one or more of the Trustees, one or more of the Administrators and/or
any such Affiliate; provided, however, that Trust Preferred Securities so owned
which have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Administrators the pledgee's
right so to act with respect to such Trust Preferred Securities and that the
pledgee is not the Depositor or any other obligor upon the Trust Preferred
Securities or any Affiliate of the Depositor or of such other obligor.

      "OWNER" means each Person who is the beneficial owner of Global Trust
Preferred Securities as reflected in the records of the Depositary or, if a
Depositary Participant is not the Owner, then as reflected in the records of a
Person maintaining an account with such Depositary (directly or indirectly), in
accordance with the rules of such Depositary.

      "PAYING AGENT" means any paying agent or co-paying agent appointed
pursuant to Section 510 and shall initially be the Property Trustee.

      "PAYMENT ACCOUNT" means a segregated non-interest-bearing corporate trust
account maintained with the Property Trustee in its corporate trust department
for the benefit of the Holders in which all amounts paid in respect of the
[Subordinated] Debentures will be held and from which the Property Trustee,
through the Paying Agent, shall make payments to the Holders in accordance with
Sections 401 and 402.

      "PERSON" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, company,
limited liability company, trust, unincorporated organization or government or
any agency or political subdivision thereof, or any other entity of whatever
nature.

      "PROPERTY TRUSTEE" means the Person identified as the "Property Trustee"
in the preamble to this Trust Agreement solely in its capacity as Property
Trustee of the Trust continued hereunder and not in its individual capacity, or
its successor in interest in such capacity, or any successor property trustee
appointed as herein provided.

                                       8
<Page>

      "REDEMPTION DATE" means, with respect to any Trust Security to be
redeemed, the date fixed for such redemption by or pursuant to this Trust
Agreement; provided that each Debenture Redemption Date and the stated maturity
of the [Subordinated] Debentures shall be a Redemption Date for a Like Amount of
Trust Securities, including but not limited to any date of redemption pursuant
to the occurrence of any Special Event.

      "REDEMPTION PRICE" means a price equal to 100% of the Liquidation Amount
of the Trust Security to be redeemed, together with accumulated Distributions to
but excluding the date fixed for redemption and the related amount of the
premium, if any, paid by the Depositor upon the concurrent redemption of the
[Subordinated] Debentures.

      "RELEVANT TRUSTEE" has the meaning specified in Section 811.

      "RESPONSIBLE OFFICER" when used with respect to the Property Trustee means
any officer assigned to the Corporate Trust Office, including any managing
director, vice president, assistant vice president, assistant treasurer,
assistant secretary, trust officer, senior trust officer or any other officer of
the Property Trustee customarily performing functions similar to those performed
by any of the above designated officers and having direct responsibility for the
administration of the Indenture, and also, with respect to a particular matter,
any other officer to whom such matter is referred because of such officer's
knowledge of and familiarity with the particular subject.

      "SECURITIES ACT" means the Securities Act of 1933, as amended, and any
successor statute thereto, in each case as amended from time to time.

      "SECURITIES REGISTER" and "SECURITIES REGISTRAR" have the respective
meanings specified in Section 505.

      "SENIOR INDEBTEDNESS" has the meaning specified in the Indenture.

      "SPECIAL EVENT" means any Tax Event or Investment Company Event.

      "[SUBORDINATED] DEBENTURES" means the aggregate principal amount of the
Depositor's _______% [Subordinated] Deferrable Interest Debentures, Series __
due ___________________, issued pursuant to the Indenture.

      "SUCCESSOR TRUST PREFERRED SECURITIES CERTIFICATE" of any particular Trust
Preferred Securities Certificate means every Trust Preferred Securities
Certificate issued after, and evidencing all or a portion of the same beneficial
interest in the Trust as that evidenced by, such particular Trust Preferred
Securities Certificate; and, for the purposes of this definition, any Trust
Preferred Securities Certificate executed and delivered under Section 506 in
exchange for or in lieu of a mutilated, destroyed, lost or stolen Trust
Preferred Securities Certificate shall be deemed to evidence the same beneficial
interest in the Trust as the mutilated, destroyed, lost or stolen Trust
Preferred Securities Certificate.

      "SUCCESSOR TRUST PREFERRED SECURITY" has the meaning specified in Section
905.

      "TAX EVENT" means the receipt by the Trust of an Opinion of Counsel
experienced in such matters to the effect that, as a result of any amendment to,
or change (including any

                                       9
<Page>

announced prospective change) in, the laws (or any regulations thereunder) of
the United States or any political subdivision or taxing authority thereof or
therein, or as a result of any official or administrative pronouncement or
action or judicial decision interpreting or applying such laws or regulations,
which amendment or change is effective or which pronouncement, action or
decision is announced on or after the date of issuance of the Trust Preferred
Securities (including, without limitation, any of the foregoing arising with
respect to, or resulting from, any proceeding or other action commencing on or
before such date), there is more than an insubstantial risk that (i) the Trust
is, or will be within 90 days of the delivery of such Opinion of Counsel,
subject to United States Federal income tax with respect to income received or
accrued on the [Subordinated] Debentures, (ii) interest payable by the Depositor
on the [Subordinated] Debentures is not, or within 90 days of the delivery of
such Opinion of Counsel will not be, deductible by the Depositor, in whole or in
part, for United States Federal income tax purposes, or (iii) the Trust is, or
will be within 90 days of the delivery of such Opinion of Counsel, subject to
more than a de minimis amount of other taxes, duties or other governmental
charges.

      "TRUST" means Ameren Capital Trust __.

      "TRUST AGREEMENT" means this Amended and Restated Trust Agreement, as the
same may be modified, amended or supplemented in accordance with the applicable
provisions hereof, including (i) all exhibits hereto, and (ii) for all purposes
of this Amended and Restated Trust Agreement and any such modification,
amendment or supplement, the provisions of the Trust Indenture Act that are
deemed to be a part of and govern this Amended and Restated Trust Agreement and
any modification, amendment or supplement, respectively.

      "TRUST COMMON SECURITIES CERTIFICATE" means a certificate evidencing
ownership of Trust Common Securities, substantially in the form attached as
Exhibit B.

      "TRUST COMMON SECURITIES PURCHASE AGREEMENT" means the Trust Common
Securities Purchase Agreement dated as of __________________ between the Trust
and the Depositor, as the same may be amended from time to time.

      "TRUST COMMON SECURITY" means an undivided beneficial interest in the
assets of the Trust, having a Liquidation Amount of $____________and having the
rights provided therefor in this Trust Agreement, including the right to receive
Distributions and a Liquidation Distribution as provided herein.

      "TRUST INDENTURE ACT" means the Trust Indenture Act of 1939 as in force
and effect as of the date of execution of this Trust Agreement; provided,
however, that in the event the Trust Indenture Act of 1939 is succeeded by
another statute or is amended after such date, "Trust Indenture Act" shall mean
such successor statute or the Trust Indenture Act of 1939, as so amended, to the
extent such successor statute or amendment is applicable to this Trust Agreement
or to the actions of the Depositor or the Property Trustee under or pursuant to
this Trust Agreement.

      "TRUST PREFERRED SECURITIES CERTIFICATE" means a certificate evidencing
ownership of Trust Preferred Securities, substantially in the form attached as
Exhibit C.

                                       10
<Page>

      "TRUST PREFERRED SECURITY" means a preferred undivided beneficial interest
in the assets of the Trust, having a Liquidation Amount of $___________and
having the rights provided therefor in this Trust Agreement, including the right
to receive Distributions and a Liquidation Distribution as provided herein.

      "TRUST PROPERTY" means (a) the [Subordinated] Debentures, (b) any cash on
deposit in, or owing to, the Payment Account, (c) all proceeds and rights in
respect of the foregoing and (d) any other property and assets for the time
being held or deemed to be held by the Property Trustee pursuant to the trusts
of this Trust Agreement.

      "TRUST SECURITIES CERTIFICATE" means any one of the Trust Common
Securities Certificates or the Trust Preferred Securities Certificates.

      "TRUST SECURITY" means any one of the Trust Common Securities or the Trust
Preferred Securities.

      "TRUSTEES" means, collectively, the Property Trustee and the Delaware
Trustee.

      "UNDERWRITERS" has the meaning specified in the Underwriting Agreement.

      "UNDERWRITING AGREEMENT" means the Underwriting Agreement, dated as of
_________, among the Trust, the Depositor and the Underwriters, as the same may
be amended from time to time.

                                   ARTICLE II

                            CONTINUATION OF THE TRUST

      Section 201 NAME. The Trust continued hereby shall be known as "Ameren
Capital Trust __," as such name may be modified from time to time by the
Administrators following written notice to the Holders of Trust Securities and
the Trustees, in which name the Administrators and the Trustees may engage in
the transactions contemplated hereby, make and execute contracts and other
instruments on behalf of the Trust and sue and be sued.

      Section 202 OFFICE OF THE DELAWARE TRUSTEE; PRINCIPAL PLACE OF BUSINESS.
The address of the Delaware Trustee in the State of Delaware is
____________________________, Attention: Corporate Trustee Administration
Department, or such other address in the State of Delaware as the Delaware
Trustee may designate by written notice to the Holders and the Depositor. The
principal executive office of the Trust is in care of Ameren Corporation, 1901
Chouteau Avenue, St. Louis, Missouri 63103.

      Section 203 INITIAL CONTRIBUTION OF TRUST PROPERTY; ORGANIZATIONAL
EXPENSES. The Property Trustee acknowledges receipt in trust from the Depositor
in connection with this Trust Agreement of the sum of $_____________, which
constitutes the initial Trust Property. The Depositor shall pay all
organizational expenses of the Trust as they arise or shall, upon request of any
Trustee, promptly reimburse such Trustee for any such expenses paid by such
Trustee. The Depositor shall make no claim upon the Trust Property for the
payment of such expenses.

                                       11
<Page>

      Section 204 ISSUANCE OF THE TRUST PREFERRED SECURITIES. The Depositor and
the Trust executed and delivered the Underwriting Agreement as of ___________,
pursuant to the Original Trust Agreement. Contemporaneously with the execution
and delivery of this Trust Agreement, an Administrator, on behalf of the Trust,
shall by manual or facsimile signature execute in accordance with Section 503
and the Property Trustee shall authenticate in accordance with Section 503 and
deliver to the Underwriters, Trust Preferred Securities Certificates, registered
in the names requested by the Underwriters, in an aggregate amount of _________
Trust Preferred Securities having an aggregate Liquidation Amount of $_________
against receipt of the aggregate purchase price of such Trust Preferred
Securities of $__________, by the Property Trustee.

      If the Underwriters exercise their option to purchase all or any portion
of an additional ____________ Trust Preferred Securities pursuant to the terms
of the Underwriting Agreement, then an Administrator, on behalf of the Trust,
shall by manual or facsimile signature execute in accordance with Section 503
and the Property Trustee shall authenticate in accordance with Section 503 and
deliver to the Underwriters, additional Trust Preferred Securities Certificates,
registered in the names requested by the Underwriters, in an aggregate amount of
up to _______________ additional Trust Preferred Securities having an aggregate
Liquidation Amount of up to $________, against receipt of the aggregate purchase
price of such additional Trust Preferred Securities of up to $________ by the
Property Trustee.

      The certificates of authentication to be executed by the Property Trustee
shall be substantially in the forms as set forth on Exhibits B and C attached
hereto.

      Section 205 ISSUANCE OF THE TRUST COMMON SECURITIES; SUBSCRIPTION AND
PURCHASE OF [SUBORDINATED] DEBENTURES. Contemporaneously with the execution and
delivery of this Trust Agreement, an Administrator, on behalf of the Trust,
shall by manual or facsimile signature execute or cause to be executed in
accordance with Section 503 and the Property Trustee shall authenticate in
accordance with Section 503 and shall deliver to the Depositor Trust Common
Securities Certificates, registered in the name of the Depositor, in an
aggregate amount of ______ Trust Common Securities having an aggregate
Liquidation Amount of $___________ against receipt of the aggregate purchase
price of such Trust Common Securities of $_________ by the Property Trustee.
Contemporaneously therewith, an Administrator, on behalf of the Trust, shall
subscribe for and purchase from the Depositor the [Subordinated] Debentures,
registered in the name of the Property Trustee and having an aggregate principal
amount equal to $_________, and, in satisfaction of the purchase price for such
[Subordinated] Debentures, the Property Trustee, on behalf of the Trust, shall
deliver to the Depositor the sum of $_________, (being the sum of the amounts
delivered to the Property Trustee pursuant to (i) the second sentence of Section
204, and (ii) the first sentence of this Section 205) and receive on behalf of
the Trust such [Subordinated] Debentures.

      If the Underwriters exercise their option to purchase additional Trust
Preferred Securities pursuant to the terms of the Underwriting Agreement, then
an Administrator, on behalf of the Trust, shall by manual or facsimile signature
execute in accordance with Section 503 and the Property Trustee shall
authenticate and deliver to the Depositor additional Trust Common Securities
Certificates, registered in the name of the Depositor, in an aggregate amount of
up to ______ additional Trust Common Securities having an aggregate Liquidation
Amount of up to

                                       12
<Page>

$_______ against receipt of the aggregate purchase price of such additional
Trust Common Securities of up to $________ by the Property Trustee.
Contemporaneously therewith, an Administrator, on behalf of the Trust, shall
subscribe for and purchase from the Depositor the [Subordinated] Debentures,
registered in the name of the Property Trustee and having an aggregate principal
amount of up to $_______, and, in satisfaction of the purchase price for such
[Subordinated] Debentures, the Property Trustee, on behalf of the Trust, shall
deliver to the Depositor an aggregate amount equal to the sum of the amounts
delivered to the Property Trustee pursuant to (i) the third sentence of Section
204, and (ii) the third sentence of this Section 205.

      Section 206 DECLARATION OF TRUST. The exclusive purposes and functions of
the Trust are to (a) issue and sell Trust Securities and use the proceeds from
such sale to acquire the [Subordinated] Debentures, and (b) engage in only those
other activities necessary, convenient or incidental thereto. The Depositor
hereby appoints the Trustees as trustees of the Trust, to have all the rights,
powers and duties to the extent set forth herein, and the Trustees hereby accept
such appointment. The Property Trustee hereby declares that it will hold the
Trust Property in trust upon and subject to the conditions set forth herein for
the benefit of the Trust and the Holders. The Depositor hereby appoints the
Administrators, with such Administrators having all rights, powers and duties
set forth herein with respect to accomplishing the purposes of the Trust, and
the Administrators hereby accept such appointment; provided, however, that it is
the intent of the parties hereto that such Administrators shall not be trustees
or, to the fullest extent permitted by law, fiduciaries with respect to the
Trust and this Trust Agreement shall be construed in a manner consistent with
such intent. The Delaware Trustee shall not be entitled to exercise any powers,
nor shall the Delaware Trustee have any of the duties and responsibilities, of
the Property Trustee or the Administrators set forth herein. The Delaware
Trustee shall be one of the trustees of the Trust for the sole and limited
purpose of fulfilling the requirements of Section 3807 of the Delaware Business
Trust Act and for taking such actions as are required to be taken by a Delaware
trustee under the Delaware Business Trust Act.

      Section 207 AUTHORIZATION TO ENTER INTO CERTAIN TRANSACTIONS. (a) The
Trustees and the Administrators shall conduct the affairs of the Trust in
accordance with the terms of this Trust Agreement. Subject to the limitations
set forth in paragraph (b) of this Section and in accordance with the following
provisions (i) and (ii), the Trustees and the Administrators shall act as
follows:

                  (i) Each Administrator, acting jointly or singly, shall:

                        (1) comply with the Underwriting Agreement regarding the
                  issuance and sale of the Trust Securities;

                        (2) assist in compliance with the Securities Act,
                  applicable State securities or blue sky laws, and the Trust
                  Indenture Act;

                        (3) assist in the listing of the Trust Preferred
                  Securities upon such securities exchange or exchanges as shall
                  be determined by the Depositor, with the registration of the
                  Trust Preferred Securities under the Exchange Act, if
                  required, and the preparation and filing of all periodic and
                  other reports and other documents pursuant to the foregoing;

                                       13
<Page>

                        (4) execute the Trust Securities on behalf of the Trust
                  in accordance with this Trust Agreement;

                        (5) execute and deliver an application for a taxpayer
                  identification number for the Trust;

                        (6) assist in the filing with the Commission, at such
                  time as determined by the Depositor, any registration
                  statement under the Securities Act, including any amendments
                  thereto;

                        (7) unless otherwise required by the Trust Indenture
                  Act, execute on behalf of the Trust any documents that the
                  Administrators have the power to execute pursuant to this
                  Trust Agreement, including without limitation, the Debentures
                  Purchase Agreement and the Trust Common Securities Purchase
                  Agreement and send notices (other than notices of default) and
                  other information regarding the Trust Securities and the
                  [Subordinated] Debentures to the Holders in accordance with
                  this Trust Agreement; and

                        (8) take any action incidental to the foregoing as
                  necessary or advisable to give effect to the terms of this
                  Trust Agreement.

                  (ii) The Property Trustee shall have the power and authority
            to act on behalf of the Trust with respect to the following matters:

                        (1) the establishment of the Payment Account;

                        (2) the receipt of the [Subordinated] Debentures;

                        (3) the receipt and collection of interest, principal
                  and any other payments made in respect of the [Subordinated]
                  Debentures in the Payment Account;

                        (4) the distribution, through the Paying Agent, of
                  amounts owed to the Holders in respect of the Trust
                  Securities;

                        (5) the exercise of all of the rights, powers and
                  privileges of a holder of the [Subordinated] Debentures
                  (subject to the terms of this Trust Agreement);

                        (6) the sending of notices of default and other
                  information regarding the Trust Securities and the
                  [Subordinated] Debentures to the Holders in accordance with
                  this Trust Agreement;

                        (7) the distribution of the Trust Property in accordance
                  with the terms of this Trust Agreement;

                        (8) to the extent provided in this Trust Agreement, the
                  winding-up of the affairs of and liquidation of the Trust and
                  the preparation,

                                       14
<Page>

                  execution and filing of the certificate of cancellation with
                  the Secretary of State of the State of ________________ ; and

                        (9) after an Event of Default (other than under
                  paragraph (b), (c), (d), or (e) of the definition of such term
                  if such Event of Default is by or with respect to the Property
                  Trustee), comply with the provisions of this Trust Agreement
                  and take any action to give effect to the terms of this Trust
                  Agreement and protect and conserve the Trust Property for the
                  benefit of the Holders (without consideration of the effect of
                  any such action on any particular Holder);

            PROVIDED, HOWEVER, that nothing in this Section 207(a)(ii) shall
            require the Property Trustee to take any action that is not
            otherwise required in this Trust Agreement.

                  (iii) the Property Trustee shall have none of the duties,
            liabilities, powers or the authority of the Administrators as set
            forth in Section 207(a)(i).

            (b) So long as this Trust Agreement remains in effect, the Trust (or
the Trustees or Administrators acting on behalf of the Trust) shall not
undertake any business, activities or transactions except as expressly provided
herein or contemplated hereby. In particular, neither the Trustees nor the
Administrators shall (i) acquire any investments or engage in any activities not
authorized by this Trust Agreement, (ii) sell, assign, transfer, exchange,
mortgage, pledge, set-off or otherwise dispose of any of the Trust Property or
interests therein, including to Holders, except as expressly provided herein,
(iii) take any action that would cause the Trust to become taxable other than as
a grantor trust for United States Federal income tax purposes, (iv) incur any
indebtedness for borrowed money or issue any other debt, or (v) take or consent
to any action that would result in the placement of a Lien on any of the Trust
Property. The Property Trustee shall defend all claims and demands of all
Persons at any time claiming any Lien on any of the Trust Property adverse to
the interest of the Trust or the Holders in their capacity as Holders.

            (c) In connection with the issue and sale of the Trust Preferred
Securities, the Depositor shall have the right and responsibility to assist the
Trust with respect to, or effect on behalf of the Trust, the following (and any
actions taken by the Depositor in furtherance of the following prior to the date
of this Trust Agreement are hereby ratified and confirmed in all respects):

                  (i) the preparation, execution and filing with the Commission
            of a registration statement on the appropriate form under the
            Securities Act with respect to the Trust Preferred Securities;

                  (ii) the determination of the states in which to take
            appropriate action to qualify or register for sale all or part of
            the Trust Preferred Securities and the determination of any and all
            such acts, other than actions that must be taken by or on behalf of
            the Trust, and the advice to the Administrators of actions they must
            take on behalf of the Trust, and the preparation for execution and
            filing of any documents to be executed and filed by the Trust or on
            behalf of the Trust, as the Depositor deems

                                       15
<Page>

            necessary or advisable in order to comply with the applicable laws
            of any such States in connection with the sale of the Trust
            Preferred Securities;

                  (iii) the negotiation of the terms of, and the execution and
            delivery of, the Underwriting Agreement providing for the sale of
            the Trust Preferred Securities; and

                  (iv) the taking of any other actions necessary or desirable to
            carry out any of the foregoing activities.

            (d) Notwithstanding anything herein to the contrary, the
Administrators and the Property Trustee are authorized and directed to conduct
the affairs of the Trust and to operate the Trust so that the Trust will not be
deemed to be an "investment company" required to be registered under the
Investment Company Act, and will not be taxable other than as a grantor trust
for the United States Federal income tax purposes and so that the [Subordinated]
Debentures will be treated as indebtedness of the Depositor for United States
Federal income tax purposes. In this connection, the Administrators, the
Property Trustee and the Holders of Trust Common Securities are authorized to
take any action, not inconsistent with applicable law, the Certificate of Trust
or this Trust Agreement, that the Administrators, Property Trustee and Holders
of Trust Common Securities determine in their discretion to be necessary or
desirable for such purposes, as long as such action does not adversely affect in
any material respect the interests of the holders of the Outstanding Trust
Preferred Securities. In no event shall the Administrators or the Trustees be
liable to the Trust or the Holders for any failure to comply with this Section
that results from a change in law or regulations or in the interpretation
thereof. It is understood that (i) by performing its duties and obligations as
are specifically set forth in this Trust Agreement, the Property Trustee shall
be deemed to have complied with the provisions of the first sentence of this
Section 207(d) and (ii) nothing in this Section 207(d) shall require the
Property Trustee to take any actions other that those specifically required by
this Trust Agreement to be taken by it.

      Section 208 ASSETS OF TRUST. The assets of the Trust shall consist solely
of the Trust Property.

      Section 209 TITLE TO TRUST PROPERTY. Legal title to all Trust Property
shall be vested at all times in the Property Trustee (in its capacity as such)
and shall be held and administered by the Property Trustee for the benefit of
the Trust and the Holders in accordance with this Trust Agreement.

                                   ARTICLE III

                                 PAYMENT ACCOUNT

      Section 301 PAYMENT ACCOUNT. (a) On or prior to the Closing Date, the
Property Trustee shall establish the Payment Account. The Property Trustee and
its agents shall have exclusive control and sole right of withdrawal with
respect to the Payment Account for the purpose of making deposits in and
withdrawals from the Payment Account in accordance with this Trust Agreement.
All monies and other property deposited or held from time to time in the Payment
Account shall be held by the Property Trustee in the Payment Account for the
exclusive

                                       16
<Page>

benefit of the Holders and for distribution as herein provided, including (and
subject to) any priority of payments provided for herein.

            (b) The Property Trustee shall deposit in the Payment Account,
promptly upon receipt, all payments of principal of or interest on, and any
other payments or proceeds with respect to, the [Subordinated] Debentures.
Amounts held in the Payment Account shall not be invested by the Property
Trustee pending distribution thereof.

                                   ARTICLE IV

                            DISTRIBUTION; REDEMPTION

      Section 401 DISTRIBUTIONS. (a) The Trust Securities represent undivided
beneficial interests in the Trust Property, and Distributions (including of
Additional Amounts) will be made on the Trust Securities at the rate and on the
dates that payments of interest (including of Additional Interest) are made on
the [Subordinated] Debentures. Accordingly:

                  (i) Distributions on the Trust Securities shall be cumulative
            and will accumulate whether or not there are funds of the Trust
            available for the payment of Distributions. Distributions shall
            accumulate from __________, 20__, and, except in the event (and to
            the extent) that the Depositor exercises its right to defer the
            payment of interest on the [Subordinated] Debentures pursuant to the
            Indenture, shall be payable quarterly in arrears on __________,
            ________, _________, and ________ of each year, commencing on
            _________, 20__. If any date on which a Distribution is otherwise
            payable on the Trust Securities is not a Business Day, then the
            payment of such Distribution shall be made on the next succeeding
            day that is a Business Day (without any additional Distributions or
            other payment in respect of any such delay), with the same force and
            effect as if made on the date on which such payment was originally
            payable (each date on which distributions are payable in accordance
            with this Section 401(a), a "Distribution Date").

                  (ii) The Trust Securities shall be entitled to Distributions
            payable at a rate of ____% per annum of the Liquidation Amount of
            the Trust Securities. The amount of Distributions payable for any
            period less than a full Distribution period shall be computed on the
            basis of a 360-day year of twelve 30-day months and the actual
            number of days elapsed in a partial month in a period. Distributions
            payable for each full Distribution period will be computed by
            dividing the rate per annum by four. The amount of Distributions
            payable for any period shall include any Additional Amounts in
            respect of such period.

                  (iii) So long as no Debenture Event of Default has occurred
            and is continuing, the Depositor has the right under the Indenture
            to defer the payment of interest on the [Subordinated] Debentures at
            any time and from time to time for a period not exceeding 20
            consecutive quarterly periods (an "Extension Period"), during which
            Extension Periods the Depositor shall have the right to make partial
            payments of interest on any Interest Payment Date (as defined in the
            Indenture) and at the end of which the Depositor shall pay all
            interest then accrued and unpaid, provided that no Extension

                                       17
<Page>

            Period may extend beyond ____________________or end on a day other
            than an Interest Payment Date. As a consequence of any such
            deferral, quarterly Distributions on the Trust Securities by the
            Trust will also be deferred (and the amount of Distributions to
            which Holders of the Trust Securities are entitled will accumulate
            additional Distributions thereon at a rate of _______% per annum,
            compounded quarterly from the relevant payment date for such
            Distributions, computed on the basis of a 360-day year of twelve
            30-day months and the actual days elapsed in a partial month in such
            period). Additional Distributions payable for each full Distribution
            period will be computed by dividing the rate per annum by four. The
            term "Distributions" as used in this Section 401 shall include any
            such additional Distributions provided pursuant to this Section
            401(a)(iii).

                  (iv) Distributions on the Trust Securities shall be made by
            the Property Trustee from the Payment Account and shall be payable
            on each Distribution Date only to the extent that the Trust has
            funds then on hand and available in the Payment Account for the
            payment of such Distributions.

            (b) Distributions on the Trust Securities with respect to a
Distribution Date shall be payable to the Holders thereof as they appear on the
Securities Register for the Trust Securities at the close of business on the
relevant record date, which shall be at the close of business on the fifteenth
day (whether or not a Business Day) next preceding the relevant Distribution
Date.

      Section 402 REDEMPTION. (a) On each Debenture Redemption Date and on the
stated maturity of the [Subordinated] Debentures, the Trust will be required to
redeem a Like Amount of Trust Securities at the Redemption Price.

            (b) Notice of redemption shall be given by the Property Trustee by
first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days
prior to the Redemption Date to each Holder of Trust Securities to be redeemed,
at such Holder's address appearing in the Security Register. All notices of
redemption shall state:

                  (i) the Redemption Date;

                  (ii) the Redemption Price;

                  (iii) the CUSIP number or CUSIP numbers of the Trust Preferred
            Securities affected;

                  (iv) if less than all the Outstanding Trust Securities are to
            be redeemed, the identification and the total Liquidation Amount of
            the particular Trust Securities to be redeemed;

                  (v) that on the Redemption Date the Redemption Price will
            become due and payable upon each such Trust Security to be redeemed
            and that Distributions thereon will cease to accumulate on and after
            said date, except as provided in Section 402(e) below; and

                                       18
<Page>

                  (vi) the place or places where Trust Securities are to be
            surrendered for the payment of the Redemption Price.

            (c) The Trust in issuing the Trust Securities may use "CUSIP" or
"private placement" numbers (if then generally in use), and, if so, the Property
Trustee shall indicate the "CUSIP" or "private placement" numbers of the Trust
Securities in notices of redemption and related materials as a convenience to
Holders; provided, that any such notice may state that no representation is made
as to the correctness of such numbers either as printed on the Trust Securities
or as contained in any notice of redemption and related material.

            (d) The Trust Securities redeemed on each Redemption Date shall be
redeemed at the Redemption Price with the applicable proceeds from the
contemporaneous redemption of [Subordinated] Debentures. Redemptions of the
Trust Securities shall be made and the Redemption Price shall be payable on each
Redemption Date only to the extent that the Trust has funds then on hand and
available in the Payment Account for the payment of such Redemption Price.

            (e) If the Trust gives a notice of redemption in respect of any
Trust Preferred Securities, then, by 10:00 a.m., New York City time, on the
Redemption Date, the Depositor shall deposit sufficient funds with the Property
Trustee to pay the Redemption Price. If such deposit has been made, then by
12:00 noon, New York City time, on the Redemption Date, subject to Section
402(c), the Property Trustee will, with respect to Trust Preferred Securities
held in global form, irrevocably deposit with the Depositary for such Trust
Preferred Securities, to the extent available therefor, funds sufficient to pay
the applicable Redemption Price and will give such Depositary irrevocable
instructions and authority to pay the Redemption Price to the Holders of the
Trust Preferred Securities. With respect to Trust Preferred Securities that are
not held in global form, the Property Trustee, subject to Section 402(c), will
irrevocably deposit with the Paying Agent, to the extent available therefor,
funds sufficient to pay the applicable Redemption Price and will give the Paying
Agent irrevocable instructions and authority to pay the Redemption Price to the
Holders of the Trust Preferred Securities upon surrender of their Trust
Preferred Securities Certificates. Notwithstanding the foregoing, Distributions
payable on or prior to the Redemption Date for any Trust Securities called for
redemption shall be payable to the Holders of such Trust Securities as they
appear on the Securities Register for the Trust Securities on the relevant
record dates for the related Distribution Dates. If notice of redemption shall
have been given and funds deposited as required, then, upon the date of such
deposit, all rights of Holders holding Trust Securities so called for redemption
will cease, except the right of such Holders to receive the Redemption Price and
any Distribution payable in respect of the Trust Securities on or prior to the
Redemption Date, but without interest, and such Trust Securities will cease to
be Outstanding. In the event that any date on which any applicable Redemption
Price is payable is not a Business Day, then payment of the applicable
Redemption Price payable on such date will be made on the next succeeding day
that is a Business Day (and without any interest or other payment in respect of
any such delay), except that, if such Business Day falls in the next calendar
year, such payment will be made on the immediately preceding Business Day, in
each case, with the same force and effect as if made on such date. In the event
that payment of the Redemption Price in respect of any Trust Securities called
for redemption is improperly withheld or refused and not paid either by the
Trust or by the Depositor pursuant to the Guarantee, Distributions on such Trust
Securities will continue to accumulate, as set forth in

                                       19
<Page>

Section 401 and in accordance with the continued accrual of interest on the
[Subordinated] Debentures, from the Redemption Date originally established by
the Trust for such Trust Securities to the date such applicable Redemption Price
is actually paid, in which case the actual payment date will be the date fixed
for redemption for purposes of calculating the applicable Redemption Price.

            (f) Subject to Section 403(a), if less than all the Outstanding
Trust Securities are to be redeemed on a Redemption Date, then the aggregate
Liquidation Amount of such Trust Securities to be redeemed shall be allocated
pro rata to the Trust Common Securities and the Trust Preferred Securities based
on the relative Liquidation Amounts of such classes. The amount of premium, if
any, paid by the Depositor upon the redemption of all or any part of the
[Subordinated] Debentures to be repaid or redeemed on a Redemption Date shall be
allocated to the redemption pro rata of the Trust Preferred Securities and the
Trust Common Securities. The particular Trust Preferred Securities to be
redeemed shall be selected by the Property Trustee by such method (including,
without limitation, on a pro rata basis based on their respective Liquidation
Amounts or by lot) as the Property Trustee shall deem fair and appropriate,
which may provide for the selection for redemption of portions (equal to $_____
or integral multiples thereof) of the Liquidation Amount of Trust Preferred
Securities of a denomination larger than $______, not more than 60 days prior to
the Redemption Date from the Outstanding Trust Preferred Securities not
previously called for redemption, or if the Trust Preferred Securities are then
held in the form of a Global Trust Preferred Security, by the Depositary in
accordance with the customary procedures for the Depositary. In any such
proration, the Property Trustee shall make such adjustments so that any Trust
Preferred Security to be redeemed shall, after such redemption, be in an
authorized denomination. The Property Trustee shall promptly notify the
Securities Registrar in writing of the Trust Preferred Securities selected for
redemption and, in the case of any Trust Preferred Securities selected for
partial redemption, the Liquidation Amount thereof to be redeemed. For all
purposes of this Trust Agreement, unless the context otherwise requires, all
provisions relating to the redemption of Trust Preferred Securities shall
relate, in the case of any Trust Preferred Securities redeemed or to be redeemed
only in part, to the portion of the aggregate Liquidation Amount of Trust
Preferred Securities that has been or is to be redeemed.

      Section 403 SUBORDINATION OF TRUST COMMON SECURITIES. (a) Payment of
Distributions (including Additional Amounts, if applicable) on, the Redemption
Price of, and the Liquidation Distribution in respect of, the Trust Securities,
as applicable, shall be made, subject to Section 402(e), pro rata among the
Trust Common Securities and the Trust Preferred Securities based on the
Liquidation Amount of such Trust Securities; provided, however, that if on any
Distribution Date or Redemption Date any Event of Default resulting from a
Debenture Event of Default in Sections 8.01(a)(1) or (2) of the Indenture shall
have occurred and be continuing, no payment of any Distribution (including any
Additional Amounts) on, Redemption Price of, or Liquidation Distribution in
respect of, any Trust Common Security, and no other payment on account of the
redemption, liquidation or other acquisition of Trust Common Securities, shall
be made unless payment in full in cash of all accumulated and unpaid
Distributions (including any Additional Amounts) on all Outstanding Trust
Preferred Securities for all Distribution periods terminating on or prior
thereto, or, in the case of payment of the Redemption Price, the full amount of
such Redemption Price on all Outstanding Trust Preferred Securities then called
for redemption, or in the case of payment of the Liquidation Distribution,

                                       20
<Page>

the full amount of such Liquidation Distribution on all Outstanding Trust
Preferred Securities, shall have been made or provided for, and all funds
immediately available to the Property Trustee shall first be applied to the
payment in full in cash of all Distributions (including any Additional Amounts)
on, or the Redemption Price of, or Liquidation Distribution in respect of, Trust
Preferred Securities then due and payable. The existence of an Event of Default
does not entitle the Holders of Trust Preferred Securities to accelerate the
maturity thereof.

            (b) In the case of the occurrence of any Event of Default resulting
from any Debenture Event of Default, the Holder of the Trust Common Securities
shall be deemed to have waived any right to act with respect to any such Event
of Default under this Trust Agreement until the effects of all such Events of
Default with respect to the Trust Preferred Securities have been cured, waived
or otherwise eliminated. Until all such Events of Default under this Trust
Agreement with respect to the Trust Preferred Securities have been so cured,
waived or otherwise eliminated, the Property Trustee shall act solely on behalf
of the Holders of the Trust Preferred Securities and not on behalf of the Holder
of the Trust Common Securities, and only the Holders of the Trust Preferred
Securities will have the right to direct the Property Trustee to act on their
behalf.

      Section 404 PAYMENT PROCEDURES. Payments of Distributions (including any
Additional Amounts) in respect of the Trust Preferred Securities shall be made
by check mailed to the address of the Person entitled thereto as such address
shall appear on the Securities Register or, if the Trust Preferred Securities
are held by the Depositary, such Distributions shall be made to the Depositary
in immediately available funds, which will credit the relevant accounts on the
applicable Distribution Dates. Payments in respect of the Trust Common
Securities shall be made in such manner as shall be mutually agreed between the
Property Trustee and the Holder of the Trust Common Securities.

      Section 405 TAX RETURNS AND REPORTS. The Administrators shall prepare (or
cause to be prepared), at the Depositor's expense, and file all United States
Federal, State and local tax and information returns and reports required to be
filed by or in respect of the Trust. In this regard, the Administrators shall
(a) prepare and file (or cause to be prepared and filed) all Internal Revenue
Service forms required to be filed in respect of the Trust in each taxable year
of the Trust and (b) prepare and furnish (or cause to be prepared and furnished)
to each Holder all Internal Revenue Service forms required to be provided by the
Trust. The Administrators shall provide the Depositor and the Property Trustee
with a copy of all such returns and reports promptly after such filing or
furnishing. The Property Trustee shall comply with United States Federal
withholding and backup withholding tax laws and information reporting
requirements with respect to any payments to Holders under the Trust Securities.

      On or before December 15 of each year during which any Trust Preferred
Securities are outstanding, the Administrators shall furnish to the Paying Agent
such information as may be reasonably requested by the Property Trustee in order
that the Property Trustee may prepare the information which it is required to
report for such year on Internal Revenue Service Forms 1096 and 1099 pursuant to
Section 6049 of the Code. Such information shall include the amount of original
issue discount includable in income for each outstanding Trust Preferred
Security during such year, if any.

                                       21
<Page>

      Section 406 PAYMENT OF TAXES, DUTIES, ETC. OF THE TRUST. Upon receipt
under the [Subordinated] Debentures of Additional Sums and the written direction
of any of the Administrators, the Property Trustee shall promptly pay any taxes,
duties or governmental charges of whatsoever nature (other than withholding
taxes) imposed on the Trust by the United States or any other taxing authority.

      Section 407 PAYMENTS UNDER INDENTURE OR PURSUANT TO DIRECT ACTIONS. amount
payable hereunder to any Holder of Trust Preferred Securities shall be reduced
by the amount of any corresponding payment such Holder has directly received
pursuant to Section 8.04 of the Indenture or Section 513 of this Trust
Agreement.

      Section 408 LIABILITY OF THE HOLDER OF TRUST COMMON SECURITIES. The Holder
of Trust Common Securities shall be liable for the debts and obligations of the
Trust as set forth in Section 9.06 of the Indenture regarding allocation of
expenses.

                                    ARTICLE V

                          TRUST SECURITIES CERTIFICATES

      Section 501 INITIAL OWNERSHIP. Upon the creation of the Trust and the
contribution by the Depositor pursuant to Section 203 and until the issuance of
the Trust Securities, and at any time during which no Trust Securities are
Outstanding, the Depositor shall be the sole beneficial owner of the Trust.

      Section 502 THE TRUST SECURITIES CERTIFICATES. (a) The Trust Preferred
Securities Certificates shall be issued in fully registered form in
denominations of $_____ Liquidation Amount or integral multiples thereof. The
Trust Securities Certificates shall be executed on behalf of the Trust by manual
or facsimile signature of at least one Administrator. Trust Securities
Certificates bearing the manual or facsimile signatures of individuals who were,
at the time when such signatures shall have been affixed, authorized to sign on
behalf of the Trust, shall be validly issued and entitled to the benefits of
this Trust Agreement, notwithstanding that such individuals or any of them shall
have ceased to be so authorized prior to the delivery of such Trust Securities
Certificates or did not hold such offices at the date of delivery of such Trust
Securities Certificates. A transferee of a Trust Securities Certificate shall
become a Holder, and shall be entitled to the rights and subject to the
obligations of a Holder hereunder, upon due registration of such Trust
Securities Certificate in such transferee's name pursuant to Section 505.

            (b) Upon their original issuance, Trust Preferred Securities
Certificates representing Global Trust Preferred Securities shall be issued in
the form of one or more Global Trust Preferred Securities Certificates
registered in the name of Cede as the Depositary's nominee and deposited with or
on behalf of the Depositary for credit by the Depositary to the respective
accounts of the Owners thereof (or such other accounts as they may direct).
Except as set forth herein, record ownership of the Global Trust Preferred
Securities may be transferred, in whole or in part, only to the Depositary,
another nominee of Depositary or to a successor of the Depositary or its
nominee.

                                       22
<Page>

            (c) A single Trust Common Securities Certificate representing the
Trust Common Securities shall be issued to the Depositor in the form of a
definitive Trust Common Securities Certificate.

      Section 503 EXECUTION AND DELIVERY OF TRUST SECURITIES CERTIFICATES. At
the Closing Time, and on the date, if any, on which the Underwriters exercise
their option to purchase additional Trust Preferred Securities pursuant to the
terms of the Underwriting Agreement, as applicable, an Administrator shall cause
Trust Securities Certificates, in an aggregate Liquidation Amount as provided in
Sections 204 and 205, to be executed on behalf of the Trust and delivered to the
Property Trustee and upon such delivery the Property Trustee shall authenticate
such Trust Securities Certificates and deliver such Trust Securities
Certificates upon the written order of the Trust, executed by an Administrator
thereof, without further corporate action by the Depositor, in authorized
denominations. Only such Trust Securities Certificates as shall bear thereon a
certificate of authentication substantially in the form provided for herein
executed by the Property Trustee by manual signature of an authorized officer
thereof shall be entitled to the benefits of this Trust Agreement or be valid or
obligatory for any purpose.

      Section 504 GLOBAL TRUST PREFERRED SECURITIES. (a) The Global Trust
Preferred Securities issued under this Trust Agreement shall be registered in
the name of the nominee of the Depositary and delivered to the Property Trustee
as custodian therefor, and such Global Trust Preferred Security shall constitute
a single Trust Preferred Security for all purposes of this Trust Agreement.

            (b) Notwithstanding any other provision of this Trust Agreement,
except as contemplated by the provisions of paragraph (c) below, unless the
terms of a Global Trust Preferred Security expressly permit such Global Trust
Preferred Security to be exchanged in whole or in part for individual Trust
Preferred Securities, a Global Trust Preferred Security may be transferred, in
whole but not in part and in the manner provided in Section 505, only to a
nominee of the Depositary for such Global Trust Preferred Security, or to the
Depositary, or to a successor Depositary for such Global Trust Preferred
Security selected or approved by the Depositor, or to a nominee of such
successor Depositary.

            (c) (1) If at any time the Depositary for a Global Trust Preferred
Security notifies the Depositor that it is unwilling or unable to continue as
the Depositary for such Global Trust Preferred Security or if at any time the
Depositary for the Trust Preferred Securities shall no longer be eligible or in
good standing under the Exchange Act, or other applicable statute or regulation,
the Depositor shall appoint a successor Depositary with respect to such Global
Trust Preferred Security. If a successor Depositary for such Global Trust
Preferred Security is not appointed by the Depositor within 90 days after the
Depositor receives such notice or becomes aware of such ineligibility, an
Administrator will execute, and the Property Trustee will authenticate and
deliver, Trust Preferred Securities in the form of definitive certificates of
like tenor and terms ("Definitive Trust Preferred Securities") in a Liquidation
Amount equal to the Liquidation Amount of the Global Trust Preferred Security in
exchange for such Global Trust Preferred Security. Such Definitive Trust
Preferred Securities will be issued in the form of a Trust Preferred Securities
Certificate or Certificates to and registered in the name of such Person or
Persons as are specified by the Depositary.

                                       23
<Page>

                  (2) The Trust may at any time and in its sole discretion
            determine that the Trust Preferred Securities issued or issuable in
            the form of one or more Global Trust Preferred Securities shall no
            longer be represented by such Global Trust Preferred Security or
            Securities. In any such event an Administrator will execute, and the
            Property Trustee will authenticate and deliver without service
            charge to each Person specified by the Depositary a Trust Preferred
            Securities Certificate of like tenor in a Liquidation Amount equal
            to the Liquidation Amount of such Global Trust Preferred Security,
            or the aggregate Liquidation Amount of such Global Trust Preferred
            Securities, in exchange for such Global Trust Preferred Security or
            Securities.

                  (3) Within seven days after the occurrence of an Event of
            Default with respect to the Global Trust Preferred Securities, the
            Administrator shall execute, and the Property Trustee shall
            authenticate and deliver without service charge to each Person
            specified by the Depository a Trust Preferred Securities Certificate
            of like tenor in a Liquidation Amount equal to the Liquidation
            Amount of such Global Trust Preferred Security, or the aggregate
            Liquidation Amount of such Global Trust Preferred Securities in
            exchange for such Global Trust Preferred Security or Securities.

                  (4) In any exchange provided for in any of the preceding
            subparagraphs, an Administrator shall execute and the Property
            Trustee shall authenticate and deliver Trust Preferred Securities
            Certificates in authorized denominations. Upon the exchange of
            the entire Liquidation Amount of a Global Trust Preferred
            Security for Definitive Trust Preferred Securities, such Global
            Trust Preferred Security shall be canceled by the Property
            Trustee. Definitive Trust Preferred Securities issued in exchange
            for a Global Trust Preferred Security pursuant to this Section
            shall be registered in such names and in such authorized
            denominations as the Depositary for such Global Trust Preferred
            Security, acting pursuant to instructions from its direct or
            indirect participants or otherwise, shall instruct the Property
            Trustee. Provided that the Depositor and the Property Trustee
            have so agreed, the Property Trustee shall deliver a Trust
            Preferred Securities Certificate to the Persons in whose names
            the Trust Preferred Securities are so to be registered.

                  (5) Any endorsement of a Global Trust Preferred Security to
            reflect the Liquidation Amount thereof, or any increase or decrease
            in such Liquidation Amount, or changes in the rights of Holders of
            Outstanding Trust Preferred Securities represented thereby shall be
            made in such manner and by such Person or Persons as shall be
            specified in or pursuant to any applicable letter of representations
            or other arrangement entered into with, or procedures of, the
            Depositary with respect to such Global Trust Preferred Security.
            Subject to the provisions of Section 503, the Property Trustee shall
            deliver and redeliver any such Global Trust Preferred Security in
            the manner and upon instructions given by the Person or Persons
            specified in or pursuant to any applicable letter of representations
            or other arrangement entered into with, or procedures of, the
            Depositary with respect to such Global Trust Preferred Security.

                                       24
<Page>

                  (6) The Depositary or, if there be one, its nominee, shall be
            the Holder of a Global Trust Preferred Security for all purposes
            under this Trust Agreement; and beneficial owners with respect to
            such Global Trust Preferred Security shall hold their interests
            pursuant to applicable procedures of such Depositary. The Depositor,
            the Property Trustee and the Trust Preferred Security Registrar
            shall be entitled to deal with such Depositary for all purposes of
            this Trust Agreement relating to such Global Trust Preferred
            Security (including the payment of any Distributions and the giving
            of instructions or directions by or to the beneficial owners of such
            Global Trust Preferred Security as the sole Holder of such Global
            Trust Preferred Security) and shall have no obligations to the
            beneficial owners thereof (including any direct or indirect
            participants in such Depositary). None of the Depositor, the
            Property Trustee, any Paying Agent or the Securities Registrar shall
            have any responsibility or liability for any aspect of the records
            relating to or payments made on account of beneficial ownership
            interests of a Global Trust Preferred Security in or pursuant to any
            applicable letter of representations or other arrangement entered
            into with, or procedures of, the Depositary with respect to such
            Global Trust Preferred Security or for maintaining, supervising or
            reviewing any records relating to such beneficial ownership
            interests.

      Section 505 REGISTRATION OF TRANSFER AND EXCHANGE GENERALLY; CERTAIN
TRANSFERS AND EXCHANGES; TRUST PREFERRED SECURITIES CERTIFICATES. The Property
Trustee shall keep or cause to be kept at its Corporate Trust Office a register
or registers for the purpose of registering Trust Preferred Securities
Certificates and transfers and exchanges of Trust Preferred Securities
Certificates in which the registrar and transfer agent with respect to the Trust
Preferred Securities (the "Securities Registrar"), subject to such reasonable
regulations as it may prescribe, shall provide for the registration of Trust
Preferred Securities Certificates and Trust Common Securities Certificates
(subject to Section 511 in the case of Trust Common Securities Certificates) and
registration of transfers and exchanges of Trust Preferred Securities
Certificates as herein provided. Such register is herein sometimes referred to
as the "Securities Register." The Property Trustee is hereby appointed
Securities Registrar for the purpose of registering Trust Preferred Securities
and transfers of Trust Preferred Securities as herein provided.

      Upon surrender for registration of transfer of any Trust Preferred
Security Certificate at the offices or agencies of the Property Trustee
designated for that purpose an Administrator shall execute, and the Property
Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Trust Preferred Securities Certificates of any
authorized denominations of like tenor and aggregate Liquidation Amount and
bearing such restrictive legends as may be required by this Trust Agreement.

      At the option of the Holder, Trust Preferred Securities Certificates may
be exchanged for other Trust Preferred Securities Certificates of any authorized
denominations, of like tenor and aggregate Liquidation Amount and bearing such
restrictive legends as may be required by this Trust Agreement, upon surrender
of the Trust Preferred Securities to be exchanged at such office or agency.
Whenever any Trust Preferred Securities are so surrendered for exchange, an
Administrator shall execute and the Property Trustee shall authenticate and
deliver the Trust Preferred Securities that the Holder making the exchange is
entitled to receive.

                                       25
<Page>

      All Trust Preferred Securities Certificates issued upon any transfer or
exchange of Trust Preferred Securities shall be the valid obligations of the
Trust, evidencing the same debt, and entitled to the same benefits under this
Trust Agreement, as the Trust Preferred Securities Certificates surrendered upon
such transfer or exchange.

      Every Trust Preferred Securities Certificate presented or surrendered for
transfer or exchange shall (if so required by the Property Trustee) be duly
endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Property Trustee and the Securities Registrar, duly executed
by the Holder thereof or such Holder's attorney duly authorized in writing.

      No service charge shall be made to a Holder for any transfer or exchange
of Trust Preferred Securities, but the Property Trustee may require payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any transfer or exchange of Trust Preferred Securities.

      Neither the Trust nor the Property Trustee shall be required, pursuant to
the provisions of this Section, (x) to issue, register the transfer of or
exchange any Trust Preferred Security during a period beginning at the opening
of business 15 days before the day of mailing of a notice of redemption of Trust
Preferred Securities pursuant to Article IV and ending at the close of business
on the day of mailing of such notice of redemption, or (y) to register the
transfer of or exchange any Trust Preferred Security so selected for redemption
in whole or in part, except, in the case of any such Trust Preferred Security to
be redeemed in part, any portion thereof not to be redeemed.

      None of the Trust, the Property Trustee, the Delaware Trustee, any Paying
Agent or the Securities Registrar will have any responsibility or liability for
any aspect of the records relating to or payments made on account of beneficial
ownership interests of a Global Trust Preferred Security or for maintaining,
supervising or reviewing any records relating to such beneficial ownership
interests.

      Section 506 MUTILATED, DESTROYED, LOST OR STOLEN TRUST SECURITIES
CERTIFICATES. If (a) any mutilated Trust Securities Certificate shall be
surrendered to the Securities Registrar, or if the Securities Registrar shall
receive evidence to its satisfaction of the destruction, loss or theft of any
Trust Securities Certificate and (b) there shall be delivered to the Securities
Registrar and the Administrators such security or indemnity as may be required
by them to save each of them harmless, then in the absence of notice that such
Trust Securities Certificate shall have been acquired by a bona fide purchaser,
the Administrators, or any one of them, on behalf of the Trust shall execute and
make available for delivery, and the Property Trustee shall authenticate, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen Trust
Securities Certificate, a new Trust Securities Certificate of like class, tenor
and denomination.

      Notwithstanding the foregoing, in case any such mutilated, destroyed, lost
or stolen Trust Securities Certificate has become or is about to become due and
payable, the Trust, in its discretion (by an Administrator) may, instead of
issuing a new Trust Securities Certificate, pay such Trust Securities
Certificate.

                                       26
<Page>

      In connection with the issuance of any new Trust Securities Certificate
under this Section, the Administrators or the Securities Registrar may require
the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection therewith.

      Any duplicate Trust Securities Certificate issued pursuant to this Section
shall constitute conclusive evidence of an undivided beneficial interest in the
assets of the Trust corresponding to that evidenced by the lost, stolen or
destroyed Trust Securities Certificate, as if originally issued, whether or not
the lost, stolen or destroyed Trust Securities Certificate shall be found at any
time.

      The provisions of this Section 506 are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement
of mutilated, destroyed, lost or stolen Trust Securities Certificates.

      Section 507 PERSONS DEEMED HOLDERS. Prior to due presentment of a Trust
Preferred Securities Certificate for registration of transfer, the Trustees, the
Administrators or the Securities Registrar shall treat the Person in whose name
any Trust Securities are issued as the owner of such Trust Securities for the
purpose of receiving Distributions and for all other purposes whatsoever
(subject to the record date provisions hereof), and none of the Trustees, the
Administrators nor the Securities Registrar shall be bound by any notice to the
contrary.

      Section 508 ACCESS TO LIST OF HOLDERS' NAMES AND ADDRESSES. Semiannually,
not later than _______________ and _______________ in each year, commencing with
the year 200_, and at such other times as the Property Trustee may request in
writing, the Depositor shall furnish or cause to be furnished to the Property
Trustee information as to the names and addresses of the Holders, and the
Property Trustee shall preserve such information and similar information
received by it in any other capacity and afford to the Holders access to
information so preserved by it, all to such extent, if any, and in such manner
as shall be required by the Trust Indenture Act; provided, however, that no such
list need be furnished so long as the Property Trustee shall be the Securities
Registrar. Every holder of Trust Securities by receiving and holding the same,
agrees with the Depositor and the Property Trustee that neither the Depositor
nor the Property Trustee nor any agent of either of them shall be held
accountable by reason of the disclosure of any such information as to the names
and addresses of the Holders of Trust Securities in accordance with Section 312
of the Trust Indenture Act, or any successor section of such Act, regardless of
the source from which such information was derived, and that the Property
Trustee shall not be held accountable by reason of mailing any material pursuant
to a request made under Section 312(b) of the Trust Indenture Act, or any
successor section of such Act.

      Section 509 MAINTENANCE OF OFFICE OR AGENCY. The Property Trustee shall
designate, with the consent of the Administrators, which consent shall not be
unreasonably withheld, an office or offices or agency or agencies where Trust
Preferred Securities Certificates may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Trustees in
respect of the Trust Securities Certificates may be served. The Property Trustee
initially designates its Corporate Trust Office [        ], Attention: Corporate
Trustee Administration Department, as its corporate trust office for such
purposes.

                                       27
<Page>

The Property Trustee shall give prompt written notice to the Depositor, the
Administrators and to the Holders of any change in the location of the
Securities Register or any such office or agency.

      Section 510 APPOINTMENT OF PAYING AGENT. The Paying Agent shall make
Distributions to Holders from the Payment Account and shall report the amounts
of such Distributions to the Property Trustee and the Administrators. Any Paying
Agent shall have the revocable power to withdraw funds from the Payment Account
solely for the purpose of making the Distributions referred to above. The
Property Trustee may revoke such power and remove any Paying Agent in its sole
discretion. The Paying Agent shall initially be the Property Trustee. Any Person
acting as Paying Agent shall be permitted to resign as Paying Agent upon 30
days' written notice to the Administrators, and the Property Trustee. In the
event that the Property Trustee shall no longer be the Paying Agent or a
successor Paying Agent shall resign or its authority to act be revoked, the
Property Trustee shall appoint a successor (which shall be a bank or trust
company) that is reasonably acceptable to the Administrators to act as Paying
Agent. Such successor Paying Agent or any additional Paying Agent appointed by
the Property Trustee shall execute and deliver to the Trustees an instrument in
which such successor Paying Agent or additional Paying Agent shall agree with
the Trustees that as Paying Agent, such successor Paying Agent or additional
Paying Agent will hold all sums, if any, held by it for payment to the Holders
in trust for the benefit of the Holders entitled thereto until such sums shall
be paid to such Holders. The Paying Agent shall return all unclaimed funds to
the Property Trustee and upon removal of a Paying Agent such Paying Agent shall
also return all funds in its possession to the Property Trustee. The provisions
of Sections 801, 803 and 806 herein shall apply to the Bank also in its role as
Paying Agent, for so long as the Bank shall act as Paying Agent and, to the
extent applicable, to any other paying agent appointed hereunder. Any reference
in this Trust Agreement to the Paying Agent shall include any co-paying agent
chosen by the Property Trustee unless the context requires otherwise.

      Section 511 OWNERSHIP OF TRUST COMMON SECURITIES BY DEPOSITOR. At each
Closing Time, the Depositor shall acquire and retain beneficial and record
ownership of the Trust Common Securities. Neither the Depositor nor any
successor Holder of the Trust Common Securities may transfer less than all the
Trust Common Securities, and the Depositor or any such successor Holder may
transfer the Trust Common Securities only (i) in connection with a consolidation
or merger of the Depositor into another entity or any conveyance, transfer or
lease by the Depositor of its properties and assets substantially as an entirety
to any Person, pursuant to Section 12.01 of the Indenture, or (ii) to an
Affiliate of the Depositor in compliance with applicable law (including the
Securities Act and applicable State securities and blue sky laws); provided that
any such transfer shall be subject to the condition that the transferor shall
have obtained (A) either a ruling from the Internal Revenue Service or an
unqualified written opinion addressed to the Trust and delivered to the Trustees
of nationally recognized independent tax counsel experienced in such matters to
the effect that such transfer will not (1) cause the Trust to be treated as
issuing a class of interests in the Trust differing from the class of interests
represented by the Trust Common Securities originally issued to the Depositor,
(2) result in the Trust acquiring or disposing of, or being deemed to have
acquired or disposed of, an asset, or (3) result in or cause the Trust to be
treated as anything other than a grantor trust for United States Federal income
tax purposes and (B) an unqualified written opinion addressed to the Trust and
delivered to the Trustees of a nationally recognized independent counsel
experienced in such matters that such transfer will not cause the Trust to be an
"investment company" or controlled

                                       28
<Page>

by an "investment company" that is required to be registered under the
Investment Company Act. To the fullest extent permitted by law, any attempted
transfer of the Trust Common Securities, other than as set forth in the
immediately preceding sentence, shall be void. The Administrators shall cause
each Trust Common Securities Certificate issued to the Depositor to contain a
legend stating "THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT TO THE DEPOSITOR OR
AN AFFILIATE OF THE DEPOSITOR IN COMPLIANCE WITH APPLICABLE LAW AND SECTION 511
OF THE TRUST AGREEMENT."

      Section 512 NOTICES TO DEPOSITARY. To the extent that a notice or other
communication to the Holders is required under this Trust Agreement, with
respect to Trust Preferred Securities represented by Global Trust Preferred
Securities Certificates, the Administrators and the Trustees shall give all such
notices and communications specified herein to be given to the Depositary, and
shall have no obligations to the Owners.

      Section 513 RIGHTS OF HOLDERS. (a) The legal title to the Trust Property
is vested exclusively in the Property Trustee (in its capacity as such) in
accordance with Section 209, and the Holders shall not have any right or title
therein other than the undivided beneficial ownership interest in the assets of
the Trust conferred by their Trust Securities and they shall have no right to
call for any partition or division of property, profits or rights of the Trust
except as described below. The Trust Securities shall be personal property
giving only the rights specifically set forth therein and in this Trust
Agreement. The Trust Securities shall have no preemptive or similar rights and
when issued and delivered to Holders against payment of the purchase price
therefor, as provided herein, will be fully paid and nonassessable by the Trust.
Except as otherwise provided in Section 408, the Holders of the Trust
Securities, in their capacities as such, shall be entitled to the same
limitation of personal liability extended to stockholders of private
corporations for profit organized under the General Corporation Law of the State
of Delaware.

            (b) For so long as any Trust Preferred Securities remain
Outstanding, if, upon a Debenture Event of Default, the Debenture Trustee fails
or the holders of not less than 33% in principal amount of the outstanding
[Subordinated] Debentures fail to declare the principal of all of the
[Subordinated] Debentures to be immediately due and payable, the Holders of at
least 33% in Liquidation Amount of the Trust Preferred Securities then
Outstanding shall have such right to make such declaration by a notice in
writing to the Property Trustee, the Depositor and the Debenture Trustee.

            At any time after such a declaration of acceleration with respect to
the [Subordinated] Debentures has been made and before a judgment or decree for
payment of the money due has been obtained by the Debenture Trustee as provided
in the Indenture, the Holders of a Majority in Liquidation Amount of the Trust
Preferred Securities, by written notice to the Property Trustee, the Depositor
and the Debenture Trustee, may rescind and annul such declaration and its
consequences if:

                  (i) the Depositor has paid or deposited with the Debenture
            Trustee a sum sufficient to pay

                        (1) all overdue installments of interest on all of the
                  [Subordinated] Debentures,

                                       29
<Page>

                        (2) any accrued Additional Interest on all of the
                  [Subordinated] Debentures,

                        (3) the principal of any [Subordinated] Debentures which
                  have become due otherwise than by such declaration of
                  acceleration and interest and Additional Interest thereon at
                  the rate borne by the [Subordinated] Debentures, and

                        (4) all sums paid or advanced by the Debenture Trustee
                  under the Indenture and the reasonable compensation, expenses,
                  disbursements and advances of the Debenture Trustee and the
                  Property Trustee, their agents and counsel; and

                  (ii) all Debenture Events of Default, other than the
            non-payment of the principal of the [Subordinated] Debentures which
            has become due solely by such acceleration, have been cured or
            waived as provided in Section 8.07 of the Indenture.

            The Holders of at least a Majority in Liquidation Amount of the
Trust Preferred Securities may, on behalf of the Holders of all the Trust
Preferred Securities, waive any past default under the Indenture, except a
default in the payment of principal or interest (unless such default has been
cured and a sum sufficient to pay all matured installments of interest and
principal due otherwise than by acceleration has been deposited with the
Debenture Trustee) or a default in respect of a covenant or provision which
under the Indenture cannot be modified or amended without the consent of the
holder of each outstanding [Subordinated] Debentures. No such rescission shall
affect any subsequent default or impair any right consequent thereon.

            Upon receipt by the Property Trustee of written notice declaring
such an acceleration, or rescission and annulment thereof, by Holders of the
Trust Preferred Securities all or part of which is represented by Global Trust
Preferred Securities, a record date shall be established for determining Holders
of Outstanding Trust Preferred Securities entitled to join in such notice, which
record date shall be at the close of business on the day the Property Trustee
receives such notice. The Holders on such record date, or their duly designated
proxies, and only such Persons, shall be entitled to join in such notice,
whether or not such Holders remain Holders after such record date; provided,
that, unless such declaration of acceleration, or rescission and annulment, as
the case may be, shall have become effective by virtue of the requisite
percentage having joined in such notice prior to the day which is 90 days after
such record date, such notice of declaration of acceleration, or rescission and
annulment, as the case may be, shall automatically and without further action by
any Holder be canceled and of no further effect. Nothing in this paragraph shall
prevent a Holder, or a proxy of a Holder, from giving, after expiration of such
90-day period, a new written notice of declaration of acceleration, or
rescission and annulment thereof, as the case may be, that is identical to a
written notice which has been canceled pursuant to the proviso to the preceding
sentence, in which event a new record date shall be established pursuant to the
provisions of this Section 513(b).

            (c) For so long as any Trust Preferred Securities remain
Outstanding, to the fullest extent permitted by law and subject to the terms of
this Trust Agreement and the Indenture, upon a Debenture Event of Default
specified in Sections 8.01(a)(1) or (2) of the

                                       30
<Page>

Indenture, any Holder of Trust Preferred Securities shall have the right to
institute a proceeding directly against the Depositor, pursuant to Section 8.04
of the Indenture, for enforcement of payment to such Holder of the principal
amount of [Subordinated] Debentures having an aggregate principal amount equal
to the aggregate Liquidation Amount of the Trust Preferred Securities of such
Holder (a "Direct Action"). Except as set forth in Sections 513(b) and 513(c),
the Holders of Trust Preferred Securities shall have no right to exercise
directly any right or remedy available to the holders of, or in respect of, the
[Subordinated] Debentures.

            The holders of a Majority in Liquidation Amount of the Trust
Preferred Securities at the time Outstanding shall have the right to direct the
time, method and place of conducting any proceeding for any remedy available to
the Property Trustee, or exercising any trust or power conferred on the Property
Trustee with respect to the Trust Preferred Securities; provided, however, that,
the Property Trustee shall have the right to decline to follow any such
direction if the Property Trustee being advised by counsel determines that the
action so directed may not lawfully be taken, or if the Property Trustee in good
faith shall determine that the proceedings so directed would be illegal or
involve it in personal liability or be unduly prejudicial to the rights of
Holders of Trust Preferred Securities not parties to such direction, and
provided further that nothing in this Trust Agreement shall impair the right of
the Property Trustee to take any action deemed proper by the Property Trustee
and which is not inconsistent with such direction by such Holders.

                                   ARTICLE VI

                        ACTS OF HOLDERS; MEETINGS; VOTING

      Section 601 LIMITATIONS ON HOLDER'S VOTING RIGHTS. (a) Except as provided
in this Trust Agreement and in the Indenture and as otherwise required by law,
no Holder of Trust Preferred Securities shall have any right to vote or in any
manner otherwise control the administration, operation and management of the
Trust or the obligations of the parties hereto, nor shall anything herein set
forth or contained in the terms of the Trust Securities Certificates be
construed so as to constitute the Holders from time to time as members of an
association.

            (b) So long as any [Subordinated] Debentures are held by the
Property Trustee on behalf of the Trust, the Property Trustee shall not (i)
direct the time, method and place of conducting any proceeding for any remedy
available to the Debenture Trustee, or execute any trust or power conferred on
the Property Trustee with respect to such [Subordinated] Debentures, (ii) waive
any past default that may be waived under Section 8.07 of the Indenture, (iii)
exercise any right to rescind or annul a declaration that the principal of all
the [Subordinated] Debentures shall be due and payable or (iv) consent to any
amendment, modification or termination of the Indenture or the [Subordinated]
Debentures, where such consent shall be required, without, in each case,
obtaining the prior approval of the Holders of at least a Majority in
Liquidation Amount of the Trust Preferred Securities, provided, however, that
where a consent under the Indenture would require the consent of each holder of
[Subordinated] Debentures affected thereby, no such consent shall be given by
the Property Trustee without the prior written consent of each Holder of Trust
Preferred Securities. The Property Trustee shall not revoke any action
previously authorized or approved by a vote of the Holders of Trust Preferred
Securities, except by a subsequent vote of the Holders of Trust Preferred
Securities. Subject to Section 803, the

                                       31
<Page>

Property Trustee shall notify all Holders of the Trust Preferred Securities of
any notice of default received with respect to the [Subordinated] Debentures. In
addition to obtaining the foregoing approvals of the Holders of the Trust
Preferred Securities, prior to taking any of the foregoing actions, the Property
Trustee shall, at the expense of the Depositor, obtain an Opinion of Counsel
experienced in such matters to the effect that such action will not cause the
Trust to be taxable other than as a grantor trust for United States Federal
income tax purposes.

            (c) If any proposed amendment to the Trust Agreement provides for,
or the Trust otherwise proposes to effect, (i) any action that would adversely
affect in any material respect the interests, powers, preferences or special
rights of the Trust Preferred Securities, whether by way of amendment to the
Trust Agreement or otherwise, or (ii) the dissolution, winding-up or termination
of the Trust, other than pursuant to the terms of this Trust Agreement, then the
Holders of Outstanding Trust Securities as a class will be entitled to vote on
such amendment or proposal and such amendment or proposal shall not be effective
except with the approval of the Holders of at least a Majority in Liquidation
Amount of the Trust Preferred Securities; except as otherwise provided in
Section 1002(c). Notwithstanding any other provision of this Trust Agreement, no
amendment to this Trust Agreement may be made if, as a result of such amendment,
it would cause the Trust to be taxable other than as a grantor trust for United
States Federal income tax purposes.

      Section 602 NOTICE OF MEETINGS. Notice of all meetings of the Holders,
setting forth the time and the place of such meeting and in general terms the
action proposed to be taken at such meeting, shall be given, in the manner
provided in Section 1008, not less than 21 nor more than 180 days prior to the
date fixed for the meeting.

      Section 603 MEETINGS OF HOLDERS. (a) A meeting of any class of Holders may
be called at any time and from time to time pursuant to this Article VI to make,
give or take any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Trust Agreement to be made, given or
taken by Holders.

            (b) The Property Trustee, by giving notice as provided in Section
602, may at any time call a meeting of Holders for any purpose specified in
subsection (a) of this Section, to be held at such time and at such place in the
__________________________, as the Property Trustee shall determine, or, with
the approval of the Administrators, at any other place. If the Property Trustee
shall have been requested to call a meeting of the Holders of Trust Preferred
Securities by the Holders of 33% in aggregate Liquidation Amount of all Trust
Preferred Securities, for any purpose specified in subsection (a) of this
Section, by written request setting forth in reasonable detail the action
proposed to be taken at the meeting, and the Property Trustee shall not have
given the notice of such meeting within 21 days after receipt of such request or
shall not thereafter proceed to cause the meeting to be held as provided herein,
then the Holders of Trust Preferred Securities in the Liquidation Amount above
specified, as the case may be, may determine the time and the place in the
____________________, or in such other place as shall be determined or approved
by the Administrators, for such meeting and may call such meeting for such
purposes by giving notice thereof as provided in this subsection (b). The
Administrators or the Property Trustee may, at any time in their discretion,
call a meeting of Holders of Trust Preferred Securities to vote on any matters
as to which Holders are entitled to vote.

                                       32
<Page>

            (c) Any meeting of Holders shall be valid without notice if the
Holders of all Outstanding Trust Securities, Trust Common Securities or Trust
Preferred Securities, as the case may be, are present in person or by proxy and
if representatives of the Depositor, the Trust and the Property Trustee are
present, or if notice is waived in writing before or after the meeting by such
Holders, or by such of them as are not present at the meeting in person or by
proxy, and by the Depositor, the Trust and the Property Trustee.

            (d) To be entitled to vote at any meeting of Holders of Trust
Securities, a Person shall be (a) a Holder of one or more Outstanding Trust
Securities, Trust Common Securities or Trust Preferred Securities, as the case
may be, or (b) a Person appointed by an instrument in writing as proxy for such
Holder or Holders by such Holder or Holders. The only Persons who shall be
entitled to attend any meeting of Holders of Trust Securities shall be the
Persons entitled to vote at such meeting and their counsel, any representatives
of the Property Trustee and its counsel, any representatives of the Trust and
its counsel and any representatives of the Depositor and its counsel.

            (e) The Persons entitled to vote at least a Majority in Liquidation
Amount of the Outstanding Trust Securities with respect to which a meeting shall
have been called as hereinbefore provided, considered as one class, shall
constitute a quorum for a meeting of Holders of such Trust Securities; provided,
however, that if any action is to be taken at such meeting which this Trust
Agreement expressly provides may be taken by the Holders of a specified
percentage, which is less than a Majority in Liquidation Amount, of such
Outstanding Trust Securities, considered as one class, the Persons entitled to
vote such specified percentage in Liquidation Amount of such Outstanding Trust
Securities, considered as one class, shall constitute a quorum. In the absence
of a quorum within one hour of the time appointed for any such meeting, the
meeting shall, if convened at the request of Holders of such Trust Securities,
be dissolved. In any other case the meeting may be adjourned for such period as
may be determined by the chairman of the meeting prior to the adjournment of
such meeting. In the absence of a quorum at any such adjourned meeting, such
adjourned meeting may be further adjourned for such period as may be determined
by the chairman of the meeting prior to the adjournment of such adjourned
meeting. Except as provided by Section 604(e), notice of the reconvening of any
meeting adjourned for more than 30 days shall be given as provided in subsection
(b) of this Section not less than ten days prior to the date on which the
meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned
meeting shall state expressly the percentage, as provided above, of the
Liquidation Amount of the Outstanding Trust Securities which shall constitute a
quorum.

            (f) Except as limited by Section [ ] of the Indenture, any
resolution presented to a meeting or adjourned meeting duly reconvened at which
a quorum is present as aforesaid may be adopted only by the affirmative vote of
the Holders of a Majority in Liquidation Amount of the Outstanding Trust
Securities, Trust Common Securities or Trust Preferred Securities, as the case
may be, with respect to which such meeting shall have been called, considered as
one class; provided, however, that, except as so limited, any resolution with
respect to any action which this Trust Agreement expressly provides may be taken
by the Holders of a specified percentage, which is less than a Majority in
Liquidation Amount, of such Outstanding Trust Securities, considered as one
class, may be adopted at a meeting or an adjourned meeting duly reconvened and
at which a quorum is present as aforesaid by the affirmative vote of the Holders
of such

                                       33
<Page>

specified percentage in Liquidation Amount of such Outstanding Trust Securities,
considered as one class.

            (g) Any resolution passed or decision taken at any meeting of
Holders of Trust Securities, Trust Common Securities or Trust Preferred
Securities, as the case may be, duly held in accordance with this Section shall
be binding on all such Holders, whether or not present or represented at the
meeting.

      Section 604 ATTENDANCE AT MEETINGS; DETERMINATION OF VOTING RIGHTS;
CONDUCT AND ADJOURNMENT OF MEETINGS. (a) Attendance at meetings of Holders may
be in person or by proxy; and, to the extent permitted by law, any such proxy
shall remain in effect and be binding upon any future Holder of the Trust
Securities with respect to which it was given unless and until specifically
revoked by the Holder or future Holder of such Trust Securities before being
voted.

            (b) Notwithstanding any other provisions of this Trust Agreement,
the Property Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Holders in regard to proof of the holding of such
Trust Securities and of the appointment of proxies and in regard to the
appointment and duties of inspectors of votes, the submission and examination of
proxies, certificates and other evidence of the right to vote, and such other
matters concerning the conduct of the meeting as it shall deem appropriate.
Except as otherwise permitted or required by any such regulations, the holding
of Trust Securities shall be proved in the manner specified in Section 608 and
the appointment of any proxy shall be proved in the manner specified in Section
608. Such regulations may provide that written instruments appointing proxies,
regular on their face, may be presumed valid and genuine without the proof
specified in Section 608 or other proof.

            (c) The Property Trustee shall, by an instrument in writing, appoint
a temporary chairman of the meeting, unless the meeting shall have been called
by the Administrators or by Holders as provided in Section 603(b), in which case
the Administrators or the Holders of Trust Securities calling the meeting, as
the case may be, shall in like manner appoint a temporary chairman. A permanent
chairman and a permanent secretary of the meeting shall be elected by vote of
the Persons entitled to vote a Majority in Liquidation Amount of the Outstanding
Trust Securities represented at the meeting, considered as one class.

            (d) At any meeting each Holder or proxy shall be entitled to one
vote for each $___ Liquidation Amount of Trust Securities held or represented by
him; provided, however, that no vote shall be cast or counted at any meeting in
respect of any Trust Security challenged as not Outstanding and ruled by the
chairman of the meeting to be not Outstanding. The chairman of the meeting shall
have no right to vote, except as a Holder of a Trust Security or proxy.

            (e) Any meeting duly called pursuant to Section 603 at which a
quorum is present may be adjourned from time to time by Persons entitled to vote
a Majority in Liquidation Amount of the Outstanding Trust Securities as may be
represented at the meeting, considered as one class; and the meeting may be held
as so adjourned without further notice.

      Section 605 COUNTING VOTES AND RECORDING ACTION OF MEETINGS. The vote upon
any resolution submitted to any meeting of Holders shall be by written ballots
on which shall be

                                       34
<Page>

subscribed the signatures of the Holders or of their representatives by proxy
and the aggregate Liquidation Amount and serial numbers of the Outstanding Trust
Securities with respect to which the meeting shall have been called, held or
represented by them. The permanent chairman of the meeting shall appoint two
inspectors of votes who shall count all votes cast at the meeting for or against
any resolution and who shall make and file with the secretary of the meeting
their verified written reports of all votes cast at the meeting. A record of the
proceedings of each meeting of Holders shall be prepared by the secretary of the
meeting and there shall be attached to said record the original reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits by one or
more persons having knowledge of the facts setting forth a copy of the notice of
the meeting and showing that said notice was given as provided in Section 602.
Each copy shall be signed and verified by the affidavits of the permanent
chairman and secretary of the meeting and one such copy shall be delivered to
the Administrators, and another to the Property Trustee to be preserved by the
Property Trustee, the latter to have attached thereto the ballots voted at the
meeting. Any record so signed and verified shall be conclusive evidence of the
matters therein stated.

      Section 606 HOLDER ACTION BY WRITTEN CONSENT. In lieu of a vote of Holders
at a meeting as hereinbefore contemplated in this Article, any request, demand,
authorization, direction, notice, consent, waiver or other action may be made,
given or taken by Holders by written instruments as provided in Section 608.

      Section 607 RECORD DATE FOR VOTING AND OTHER PURPOSES. For the purposes of
determining the Holders who are entitled to notice of and to vote at any meeting
or by written consent, or to participate in any distribution on the Trust
Securities in respect of which a record date is not otherwise provided for in
this Trust Agreement, or for the purpose of any other action, the Administrators
or Property Trustee may from time to time fix a date, not more than 90 days
prior to the date of any meeting of Holders or the payment of a distribution or
other action, as the case may be, as a record date for the determination of the
identity of the Holders of record for such purposes.

      Section 608 ACTS OF HOLDERS. (a) Any request, demand, authorization,
direction, notice, consent, election, waiver or other action provided by this
Trust Agreement to be made, given or taken by Holders may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by
such Holders in person or by an agent duly appointed in writing or,
alternatively, may be embodied in and evidenced by the record of Holders voting
in favor thereof, either in person or by proxies duly appointed in writing, at
any meeting of Holders duly called and held in accordance with the provisions of
this Article VI, or a combination of such instruments and any such record.
Except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments or record or both are delivered to
the Property Trustee. Such instrument or instruments and any such record (and
the action embodied therein and evidenced thereby) are herein sometimes referred
to as the "Act" of the Holders signing such instrument or instruments and so
voting at any such meeting. Proof of execution of any such instrument or of a
writing appointing any such agent, or of the holding by any Person of a Trust
Security, shall be sufficient for any purpose of this Trust Agreement and
(subject to Section 801) conclusive in favor of the Trustees, if made in the
manner provided in this Section. The record of any meeting of Holders shall be
proved in the manner provided in Section 605.

                                       35
<Page>

            (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by
law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him the execution thereof or may be
proved in any other manner which the Property Trustee or the Administrator
receiving the same deems sufficient. Where such execution is by a signer acting
in a capacity other than his individual capacity, such certificate or affidavit
shall also constitute sufficient proof of his authority.

            (c) The Liquidation Amount and serial numbers of Trust Securities
held by any Person, and the date of holding the same, shall be proved by the
Securities Register.

            (d) Any request, demand, authorization, direction, notice, consent,
election, waiver or other Act of a Holder shall bind every future Holder of the
same Trust Security and the Holder of every Trust Security issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof in
respect of anything done, omitted or suffered to be done by the Trustees, the
Administrators or the Trust in reliance thereon, whether or not notation of such
action is made upon such Trust Security.

            (e) Until such time as written instruments shall have been delivered
to the Property Trustee with respect to the requisite percentage of Liquidation
Amount of Trust Securities for the action contemplated by such instruments, any
such instrument executed and delivered by or on behalf of a Holder may be
revoked with respect to any or all of such Trust Securities by written notice by
such Holder or any subsequent Holder, proven in the manner in which such
instrument was proven.

            (f) Trust Securities authenticated and delivered after any Act of
Holders of such Trust Securities may, and shall if required by the Property
Trustee, bear a notation in form approved by the Property Trustee as to any
action taken by such Act of Holders. If the Administrators shall so determine,
new Trust Securities, so modified as to conform, in the opinion of the Property
Trustee and the Administrators, to such action may be prepared and executed on
behalf of the Trust by an Administrator and authenticated and delivered by the
Property Trustee in exchange for such Outstanding Trust Securities.

            (g) If the Trust (by the Administrators) shall solicit from Holders
any request, demand, authorization, direction, notice, consent, waiver or other
Act, the Trust (by the Administrators) may, at its option, fix in advance a
record date for the determination of Holders entitled to give such request,
demand, authorization, direction, notice, consent, waiver or other Act, but
shall have no obligation to do so. If such a record date is fixed, such request,
demand, authorization, direction, notice, consent, waiver or other Act may be
given before or after such record date, but only the Holders of record at the
close of business on the record date shall be deemed to be Holders for the
purposes of determining whether Holders of the requisite proportion of the
Outstanding Trust Securities have authorized or agreed or consented to such
request, demand, authorization, direction, notice, consent, waiver or other Act,
and for that purpose the Outstanding Trust Securities shall be computed as of
the record date.

                                       36
<Page>

            (h) If any dispute shall arise among the Holders, the Administrators
or the Trustees with respect to the authenticity, validity or binding nature of
any request, demand, authorization, direction, consent, waiver or other Act of
such Holder or Trustee under this Article VI, then the determination of such
matter by the Property Trustee shall be conclusive with respect to such matter.

            (i) A Holder may institute a legal proceeding directly against the
Depositor under the Guarantee to enforce its rights under the Guarantee without
first instituting a legal proceeding against the Guarantee Trustee (as defined
in the Guarantee), the Trust, any Trustee, any Administrator or any person or
entity.

      Section 609 INSPECTION OF RECORDS. Upon reasonable notice to the
Administrators and the Property Trustee, the records of the Trust shall be open
to inspection by Holders during normal business hours for any purpose reasonably
related to such Holder's interest as a Holder.

                                   ARTICLE VII

                         REPRESENTATIONS AND WARRANTIES

      Section 701 REPRESENTATIONS AND WARRANTIES OF THE PROPERTY TRUSTEE AND THE
DELAWARE TRUSTEE. The Property Trustee and the Delaware Trustee, each severally
on behalf of and as to itself, hereby represents and warrants for the benefit of
the Depositor and the Holders that:

            (a) The Property Trustee is a banking corporation with corporate
trust powers, duly organized, validly existing and in good standing under the
laws of the State of New York, with corporate trust power and authority to
execute and deliver, and to carry out and perform its obligations under the
terms of this Trust Agreement.

            (b) The execution, delivery and performance by the Property Trustee
of this Trust Agreement has been duly authorized by all necessary corporate
action on the part of the Property Trustee; and this Trust Agreement has been
duly executed and delivered by the Property Trustee, and constitutes a legal,
valid and binding obligation of the Property Trustee, enforceable against it in
accordance with its terms, subject to applicable bankruptcy, reorganization,
moratorium, insolvency, and other similar laws affecting creditors' rights
generally and to general principles of equity and the discretion of the court
(regardless of whether the enforcement of such remedies is considered in a
proceeding in equity or at law).

            (c) The execution, delivery and performance of this Trust Agreement
by the Property Trustee does not conflict with or constitute a breach of the
certificate of incorporation or by-laws of the Property Trustee.

            (d) At the Closing Time, the Property Trustee has not knowingly
created any Liens on the Trust Securities.

            (e) No consent, approval or authorization of, or registration with
or notice to, any New York State or Federal banking authority governing the
banking or trust powers of the

                                       37
<Page>

Property Trustee is required for the execution, delivery or performance by the
Property Trustee, of this Trust Agreement.

            (f) The Delaware Trustee is duly organized, validly existing and in
good standing under the laws of the State of Delaware, with corporate trust
power and authority to execute and deliver, and to carry out and perform its
obligations under the terms of, this Trust Agreement.

            (g) The execution, delivery and performance by the Delaware Trustee
of this Trust Agreement has been duly authorized by all necessary corporate
action on the part of the Delaware Trustee; and this Trust Agreement has been
duly executed and delivered by the Delaware Trustee, and constitutes a legal,
valid and binding obligation of the Delaware Trustee, enforceable against it in
accordance with its terms, subject to applicable bankruptcy, reorganization,
moratorium, insolvency, and other similar laws affecting creditors' right
generally and to general principles of equity and the discretion of the court
(regardless of whether the enforcement of such remedies is considered in a
proceeding in equity or at law).

            (h) The execution, delivery and performance of this Trust Agreement
by the Delaware Trustee does not conflict with or constitute a breach of the
certificate of incorporation or by-laws of the Delaware Trustee.

            (i) No consent, approval or authorization of, or registration with
or notice to any Delaware, State or Federal banking authority governing the
trust powers of the Delaware Trustee is required for the execution, delivery or
performance by the Delaware Trustee, of this Trust Agreement.

            (j) The Delaware Trustee is an entity which has its principal place
of business in the State of Delaware.

      Section 702 REPRESENTATIONS AND WARRANTIES OF DEPOSITOR. The Depositor
hereby represents and warrants for the benefit of the Holders that:

            (a) the Trust Securities Certificates issued at the Closing Time on
behalf of the Trust have been duly authorized and will have been duly and
validly executed, and, subject to payment therefor, issued and delivered by the
Trust pursuant to the terms and provisions of, and in accordance with the
requirements of, this Trust Agreement, and the Holders will be, as of each such
date, entitled to the benefits of this Trust Agreement; and

            (b) there are no taxes, fees or other governmental charges payable
by the Trust (or the Administrators or Trustees on behalf of the Trust) under
the laws of the State of Delaware or any political subdivision thereof in
connection with the execution, delivery and performance by either the Property
Trustee or the Delaware Trustee, as the case may be, of this Trust Agreement.

                                       38
<Page>

                                  ARTICLE VIII

                        THE TRUSTEES; THE ADMINISTRATORS

      Section 801 CERTAIN DUTIES AND RESPONSIBILITIES. (a) The duties and
responsibilities of the Trustees and the Administrators shall be as provided by
this Trust Agreement, and, in the case of the Property Trustee, by the Trust
Indenture Act, and no implied covenants or obligations shall be read into this
Trust Agreement against the Property Trustee. For purposes of Sections 315(a)
and 315(c) of the Trust Indenture Act, the term "default" is hereby defined as
an Event of Default which has occurred and is continuing.

            (b) All payments made by the Property Trustee or a Paying Agent in
respect of the Trust Securities shall be made only from the revenue and proceeds
from the Trust Property and only to the extent that there shall be sufficient
revenue or proceeds from the Trust Property to enable the Property Trustee or a
Paying Agent to make payments in accordance with the terms hereof. Each Holder,
by its acceptance of a Trust Security, agrees that it will look solely to the
revenue and proceeds from the Trust Property to the extent legally available for
distribution to it as herein provided and that neither the Trustees nor the
Administrators are personally liable to it for any amount distributable in
respect of any Trust Security or for any other liability in respect of any Trust
Security. This Section 801(b) does not limit the liability of the Trustees
expressly set forth elsewhere in this Trust Agreement or, in the case of the
Property Trustee, in the Trust Indenture Act.

            (c) The Property Trustee, prior to the occurrence of an Event of
Default and after the curing or waiving of all Events of Default that may have
occurred, undertakes to perform such duties and only such duties as are
specifically set forth in this Trust Agreement. In case an Event of Default of
which a Responsible Officer of the Property Trustee has actual knowledge has
occurred (which has not been cured or waived), the Property Trustee shall
exercise such of the rights and powers vested in it by this Trust Agreement, and
use the same degree of care and skill in their exercise, as a prudent person
would exercise or use under the circumstances in the conduct of such person's
own affairs.

            (d) No provision of this Trust Agreement shall be construed to
relieve the Property Trustee from liability for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that prior to
the occurrence of an Event of Default and after the curing or waiving of all
Events of Default which may have occurred

                  (i) the duties and obligations of the Property Trustee shall
            be determined solely by the express provisions of this Trust
            Agreement, and the Property Trustee shall not be liable except for
            the performance of such duties and obligations as are specifically
            set forth in this Trust Agreement, and no implied covenants or
            obligations shall be read into this Trust Agreement against the
            Property Trustee; and

                  (ii) in the absence of bad faith on the part of the Property
            Trustee, the Property Trustee may conclusively rely, as to the truth
            of the statements and the correctness of the opinions expressed
            therein, upon any certificates or opinions furnished to the Property
            Trustee and conforming to the requirements of this Trust Agreement;
            but,

                                       39
<Page>

            in the case of any such certificates or opinions that by any
            provision hereof are specifically required to be furnished to the
            Property Trustee, the Property Trustee shall be under a duty to
            examine the same to determine whether or not they conform to the
            requirements of this Trust Agreement.

            (e) The Property Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer or Officers of the Property
Trustee, unless it shall be proven that the Property Trustee was negligent in
ascertaining the pertinent facts.

            (f) The Property Trustee shall not be liable with respect to any
action taken or omitted to be taken by it in good faith, in accordance with the
direction of the Holders of Trust Preferred Securities pursuant to Section 513,
relating to the time, method and place of conducting any proceeding for any
remedy available to the Property Trustee, or exercising any trust or power
conferred upon the Property Trustee, under this Trust Agreement.

            (g) No provision of this Trust Agreement shall require the Property
Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity, satisfactory to
the Property Trustee in its reasonable judgment, against such risk or liability
is not reasonably assured to it.

            (h) Notwithstanding anything contained in this Trust Agreement to
the contrary, the duties and responsibilities of the Property Trustee under this
Trust Agreement shall be subject to the protections, exculpations and
limitations on liability afforded to the Property Trustee under the provisions
of the Trust Indenture Act, including those provisions of such Act deemed by
such Act to be included herein.

            (i) Whether or not therein expressly so provided, every provision of
this Trust Agreement relating to the conduct or affecting the liability of or
affording protection to the Property Trustee shall be subject to the provisions
of this Section.

      Section 802 EVENTS OF DEFAULT; WAIVER. Holders of a Majority in
Liquidation Amount of the Trust Preferred Securities may, on behalf of the
Holders of all the Trust Preferred Securities, waive any past Event of Default
and its consequences, except a default described in clause (b) or (c) of the
definition of "Event of Default" contained in Section 101, a default in respect
of a covenant or provision which under this Trust Agreement cannot be modified
or amended without the consent of the Holder of each Outstanding Trust Preferred
Security or a Debenture Event of Default that the Holders of a Majority in
Liquidation Amount of the Trust Preferred Securities would not be entitled to
waive pursuant to Section 513(b). Upon such waiver, any such Event of Default
shall cease to exist, and any Event of Default arising therefrom shall be deemed
to have been cured, for every purpose of this Trust Agreement, but no such
waiver shall extend to any subsequent or other default or Event of Default or
impair any right consequent therefrom.

      Section 803 CERTAIN NOTICES. (a) Within five Business Days after the
occurrence of any default hereunder of which the Property Trustee has knowledge
(within the meaning of

                                       40
<Page>

Section 804(h) hereof), the Property Trustee shall give notice thereof to the
Holders in the manner and to the extent required to do so by the Trust Indenture
Act, unless such default shall have been cured or waived; provided, however,
that in the case of any default of the character specified in clause (d) under
the subheading "Event of Default" in Section 101, no such notice to Holders
shall be given until at least 60 days after the occurrence thereof. For the
purpose of this Section, the term "default" means any event which is, or after
notice or lapse of time, or both, would become, an Event of Default.

            (b) Within five Business Days after the receipt of notice of the
Depositor's exercise of its right to defer the payment of interest on the
[Subordinated] Debentures pursuant to the Indenture, the Property Trustee shall
transmit, in the manner and to the extent provided in Section 1008, notice of
such exercise to the Holders and the Administrators, unless such exercise shall
have been revoked.

      Section 804 CERTAIN RIGHTS OF PROPERTY TRUSTEE. Subject to the provisions
of Section 801 and to the applicable provisions of the Trust Indenture Act:

            (a) the Property Trustee may rely and shall be protected in acting
or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or document
believed by it to be genuine and to have been signed or presented by the proper
party or parties;

            (b) any request or direction of the Depositor mentioned herein shall
be sufficiently evidenced by an Officer's Certificate, or as otherwise expressly
provided herein, and any resolution of the Board of Directors may be
sufficiently evidenced by a Board Resolution;

            (c) whenever in the administration of this Trust Agreement the
Property Trustee shall deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Property
Trustee (unless other evidence be herein specifically prescribed) may, in the
absence of bad faith on its part, rely upon an Officer's Certificate,

            (d) the Property Trustee may consult with counsel and the advice of
such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it
hereunder in good faith and in reliance thereon;

            (e) the Property Trustee shall be under no obligation to exercise
any of the rights or powers vested in it by this Trust Agreement at the request
or direction of any Holder pursuant to this Trust Agreement, unless such Holder
shall have offered to the Property Trustee reasonable security or indemnity
against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction;

            (f) the Property Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, other evidence of indebtedness or other paper or
document, but the Property Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see fit, and, if
the Property Trustee shall

                                       41
<Page>

determine to make such further inquiry or investigation, it shall (subject to
applicable legal requirements) be entitled to examine, during normal business
hours, the books, records and premises of the Trust and the Depositor,
personally or by agent or attorney;

            (g) the Property Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through
agents or attorneys and the Property Trustee shall not be responsible for any
misconduct or negligence on the part of any agent or attorney appointed with due
care by it hereunder; and

            (h) the Property Trustee shall not be charged with knowledge of any
default or Event of Default unless either (1) a Responsible Officer of the
Property Trustee shall have actual knowledge of the default or Event of Default
or (2) written notice of such default or Event of Default (which shall state
that such notice is a "Notice of Default" or a "Notice of an Event of Default"
hereunder, as the case may be) shall have been given to the Property Trustee by
the Depositor, any Administrator, any other obligor on Trust Preferred
Securities or by any Holder of Trust Preferred Securities.

      Section 805 NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES. The
recitals contained herein and in the Trust Securities Certificates shall be
taken as the statements of the Trust, and the Trustees and the Administrators do
not assume any responsibility for their correctness. The Trustees and the
Administrators shall not be accountable for the use or application by the
Depositor of the proceeds of the [Subordinated] Debentures.

      Section 806 MAY HOLD SECURITIES. Except as provided in the definition of
the term "Outstanding" in Article I, the Administrators, any Trustee or any
other agent of any Trustee or the Trust, in its individual or any other
capacity, may become the owner or pledgee of Trust Securities and, subject to
Sections 809 and 814, may otherwise deal with the Trust with the same rights it
would have if it were not an Administrator, Trustee or such other agent.

      Section 807 COMPENSATION; INDEMNITY. The Depositor, as borrower, shall

            (a) pay to the Trustees from time to time reasonable compensation
for all services rendered by them hereunder (which compensation shall not be
limited by any provision of law in regard to the compensation of a trustee of an
express trust);

            (b) except as otherwise expressly provided herein, reimburse the
Trustees upon request for all reasonable expenses, disbursements and advances
reasonably incurred or made by the Trustees in accordance with any provision of
this Trust Agreement, including the costs of collection (including the
reasonable compensation and the expenses and disbursements of its agents and
counsel), except to the extent that any such expense, disbursement or advance
may be attributable to its negligence, willful misconduct or bad faith; and

            (c) indemnify and hold harmless each Trustee and each Administrator
(each referred to herein as an "Indemnified Person") from and against any and
all losses, demands, claims, liabilities, causes of action or expenses
(including reasonable attorney's fees and expenses) incurred by it arising out
of or in connection with the acceptance or administration of the trust or trusts
hereunder or the performance of its duties hereunder (including the reasonable
costs and expenses of defending itself against any claim or liability in
connection with the

                                       42
<Page>

exercise or performance of any of its powers or duties hereunder), except to the
extent any such loss, demand, claim, liability, cause of action or expense may
be attributable to its negligence, willful misconduct or bad faith, and assume
the defense of such Indemnified Person with counsel acceptable to such
Indemnified Person, unless such Indemnified Person shall have been advised by
counsel that there may be one or more legal defenses available to it which are
different from or additional to those available to the Depositor.

      No Trustee may claim any Lien on any Trust Property as a result of any
amount due pursuant to this Section.

      When a Trustee incurs expenses or renders services in connection with an
Event of Default specified in clause (e) under the subheading "Event of Default"
in Section 101, the expenses (including the reasonable charges and expenses of
its counsel) and the compensation for the services are intended to constitute
expenses of administration under any applicable Federal or State bankruptcy,
insolvency or other similar law.

      The provisions of this Section shall survive termination of this Trust
Agreement.

      Section 808 TRUSTEES REQUIRED; ELIGIBILITY OF TRUSTEES AND ADMINISTRATORS.
(a) There shall at all times be a Property Trustee hereunder with respect to the
Trust Securities. The Property Trustee shall be

                  (i) a corporation organized and doing business under the laws
            of the United States, any State or Territory thereof or the District
            of Columbia, authorized under such laws to exercise corporate trust
            powers, having a combined capital and surplus of at least
            $100,000,000 and subject to supervision or examination by Federal or
            State authority, or

                  (ii) if and to the extent permitted by the Commission by rule,
            regulation or order upon application, a corporation or other Person
            organized and doing business under the laws of a foreign government,
            authorized under such laws to exercise corporate trust powers,
            having a combined capital and surplus of at least $100,000,000 or
            the Dollar equivalent of the applicable foreign currency and subject
            to supervision or examination by authority of such foreign
            government or a political subdivision thereof substantially
            equivalent to supervision or examination applicable to United States
            institutional trustees,

and, in either case, qualified and eligible under this Article VIII and the
Trust Indenture Act. If such corporation publishes reports of condition at least
annually, pursuant to law or to the requirements of such supervising or
examining authority, then for the purposes of this Section, the combined capital
and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at
any time the Property Trustee shall cease to be eligible in accordance with the
provisions of this Section, it shall resign immediately in the manner and with
the effect hereinafter specified in this Article VIII.

            (b) There shall at all times be one or more Administrators
hereunder. Each Administrator shall be either a natural person who is at least
21 years of age or a legal entity that shall act through one or more persons
authorized to bind that entity. An employee, officer or Affiliate of the
Depositor may serve as an Administrator.

                                       43
<Page>

            (c) There shall at all times be a Delaware Trustee. The Delaware
Trustee shall either be (i) a natural person who is at least 21 years of age and
a resident of the State of Delaware or (ii) a legal entity with its principal
place of business in the State of Delaware and that otherwise meets the
requirements of applicable Delaware law that shall act through one or more
persons authorized to bind such entity.

      Section 809 CONFLICTING INTERESTS. (a) If the Property Trustee has or
shall acquire a conflicting interest within the meaning of the Trust Indenture
Act, the Property Trustee shall either eliminate such interest or resign, to the
extent and in the manner provided by, and subject to the provisions of, the
Trust Indenture Act and this Trust Agreement.

            (b) The Guarantee, the Indenture, the Guarantee Agreement dated as
of ______________ between the Depositor and ____________, as guarantee trustee,
relating to Ameren Capital Trust __, and the Amended and Restated Trust
Agreement dated as of _________________ among the Depositor, as depositor,
______________________, as property trustee, _________________________, as
Delaware trustee and the administrators named therein, relating to Ameren
Capital Trust __, shall be deemed to be sufficiently described in this Trust
Agreement for the purposes of clause (i) of the first proviso contained in
Section 310(b) of the Trust Indenture Act.

      Section 810 CO-TRUSTEES AND SEPARATE TRUSTEE. At any time or times, for
the purpose of meeting the legal requirements of any applicable jurisdiction,
the Depositor and the Property Trustee shall have power to appoint, and, upon
the written request of the Property Trustee or of the Holders of at least
thirty-three per centum (33%) in Liquidation Amount of the Trust Securities then
Outstanding, the Depositor and the Administrators shall for such purpose join
with the Property Trustee in the execution and delivery of all instruments and
agreements necessary or proper to appoint, one or more Persons approved by the
Property Trustee either to act as co-trustee, jointly with the Property Trustee,
or to act as separate trustee, in either case with such powers as may be
provided in the instrument of appointment, and to vest in such Person or
Persons, in the capacity aforesaid, any property, title, right or power deemed
necessary or desirable, subject to the other provisions of this Section. If the
Depositor or the Administrators do not join in such appointment within 15 days
after the receipt by them of a request so to do, or if an Event of Default shall
have occurred and be continuing, the Property Trustee alone shall have power to
make such appointment.

      Should any written instrument or instruments from the Depositor be
required by any co-trustee or separate trustee so appointed to more fully
confirm to such co-trustee or separate trustee such property, title, right or
power, any and all such instruments shall, on request, be executed, acknowledged
and delivered by the Depositor.

      Every co-trustee or separate trustee shall, to the extent permitted by
law, but to such extent only, be appointed subject to the following conditions:

            (a) the Trust Securities Certificates shall be authenticated and
delivered, and all rights, powers, duties and obligations hereunder in respect
of the custody of securities, cash and other personal property held by, or
required to be deposited or pledged with, the Property Trustee hereunder, shall
be exercised solely, by the Property Trustee;

                                       44
<Page>

            (b) the rights, powers, duties and obligations hereby conferred or
imposed upon the Property Trustee in respect of any property covered by such
appointment shall be conferred or imposed upon and exercised or performed either
by the Property Trustee or by the Property Trustee and such co-trustee or
separate trustee jointly, as shall be provided in the instrument appointing such
co-trustee or separate trustee, except to the extent that under any law of any
jurisdiction in which any particular act is to be performed, the Property
Trustee shall be incompetent or unqualified to perform such act, in which event
such rights, powers, duties and obligations shall be exercised and performed by
such co-trustee or separate trustee;

            (c) the Property Trustee at any time, by an instrument in writing
executed by it, with the concurrence of the Depositor, may accept the
resignation of or remove any co-trustee or separate trustee appointed under this
Section, and, if a Debenture Event of Default shall have occurred and be
continuing, the Property Trustee shall have power to accept the resignation of,
or remove, any such co-trustee or separate trustee without the concurrence of
the Depositor. Upon the written request of the Property Trustee, the Depositor
shall join with the Property Trustee in the execution and delivery of all
instruments and agreements necessary or proper to effectuate such resignation or
removal. A successor to any co-trustee or separate trustee so resigned or
removed may be appointed in the manner provided in this Section;

            (d) no co-trustee or separate trustee hereunder shall be personally
liable by reason of any act or omission of the Property Trustee, or any other
such trustee hereunder; and

            (e) any Act of Holders delivered to the Property Trustee shall be
deemed to have been delivered to each such co-trustee and separate trustee.

      Section 811 RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR. (a) No
resignation or removal of any Trustee (the "Relevant Trustee") and no
appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of Section 812.

            (b) A Trustee may resign at any time by giving written notice
thereof to the Depositor. If the instrument of acceptance by a successor Trustee
required by Section 812 shall not have been delivered to the Relevant Trustee
within 30 days after the giving of such notice of resignation, the Relevant
Trustee may petition any court of the State of Delaware for the appointment of a
successor Trustee.

            (c) The Property Trustee or the Delaware Trustee may be removed at
any time by Act of the Holders of at least a Majority in Liquidation Amount of
the Trust Preferred Securities delivered to the Relevant Trustee (in its
individual capacity and on behalf of the Trust) and to the Depositor.

            (d) If at any time:

                  (1) a Trustee shall fail to comply with Section 809 after
            written request therefor by the Depositor or by any Holder who has
            been a bona fide Holder for at least six months, or

                                       45
<Page>

                  (2) a Trustee shall cease to be eligible under Section 808 and
            shall fail to resign after written request therefor by the Depositor
            or by any such Holder, or

                  (3) a Trustee shall become incapable of acting or shall be
            adjudged a bankrupt or insolvent or a receiver of the Relevant
            Trustee or of its property shall be appointed or any public officer
            shall take charge or control of the Relevant Trustee or of its
            property or affairs for the purpose of rehabilitation, conservation
            or liquidation,

then, in any such case, (x) the Depositor by a Board Resolution may remove the
Relevant Trustee or (y) any Holder who has been a bona fide Holder for at least
six months may, on behalf of himself and all others similarly situated, petition
any court of the State of Delaware for the removal of the Relevant Trustee and
the appointment of a successor Relevant Trustee.

            (e) If a Trustee shall resign, be removed or become incapable of
acting, or if a vacancy shall occur in the office of any Trustee for any cause
(other than as contemplated in clause (y) in subsection (d) of this Section),
the Depositor, by a Board Resolution, shall promptly appoint a successor
Relevant Trustee and shall comply with the applicable requirements of Section
812. If, within one year after such resignation, removal or incapability, or the
occurrence of such vacancy, a successor Relevant Trustee shall be appointed by
Act of the Holders of a Majority in Liquidation Amount of the Trust Preferred
Securities then Outstanding delivered to the Depositor and the retiring Trustee,
the successor Relevant Trustee so appointed shall, forthwith upon its acceptance
of such appointment in accordance with the applicable requirements of Section
812, become the successor Relevant Trustee and to that extent supersede the
successor Relevant Trustee appointed by the Depositor. If no successor Relevant
Trustee shall have been so appointed by the Depositor or the Holders and
accepted appointment in the manner required by Section 812, any Holder who has
been a bona fide Holder of a Trust Preferred Security for at least six months
may, on behalf of itself and all others similarly situated, petition any court
of the State of Delaware for the appointment of a successor Relevant Trustee.

            (f) So long as no event which is, or after notice or lapse of time,
or both, would become, an Event of Default shall have occurred and be
continuing, and except with respect to a Trustee appointed by Act of the Holders
of a Majority in Liquidation Amount of the Outstanding Trust Preferred
Securities pursuant to subsection (e) of this Section, if the Depositor shall
have delivered to the Relevant Trustee (i) a Board Resolution appointing a
successor Relevant Trustee, effective as of a date specified therein, and (ii)
an instrument of acceptance of such appointment, effective as of such date, by
such successor Relevant Trustee in accordance with Section 812, the Relevant
Trustee shall be deemed to have resigned as contemplated in subsection (b) of
this Section, the successor Relevant Trustee shall be deemed to have been
appointed by the Depositor pursuant to subsection (e) of this Section and such
appointment shall be deemed to have been accepted as contemplated in Section
812, all as of such date, and all other provisions of this Section and Section
812 shall be applicable to such resignation, appointment and acceptance except
to the extent inconsistent with this subsection (f).

            (g) The Depositor or, should the Depositor fail so to act promptly,
the successor Relevant Trustee, at the expense of the Depositor, shall give
notice of each resignation and each

                                       46
<Page>

removal of any Trustee and each appointment of a successor Relevant Trustee by
mailing written notice of such event by first-class mail, postage prepaid, to
all Holders of Trust Preferred Securities as their names and addresses appear in
the Securities Register. Each notice shall include the name of the successor
Relevant Trustee and the address of its corporate trust office.

      Section 812 ACCEPTANCE OF APPOINTMENT BY SUCCESSOR. (a) In case of the
appointment hereunder of a successor Relevant Trustee, every such successor
Relevant Trustee so appointed with respect to the Trust Securities and the Trust
shall execute, acknowledge and deliver to the Depositor and to the retiring
Relevant Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Relevant Trustee shall become effective
and such successor Relevant Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Relevant Trustee; but, on the request of the Depositor or the
successor Relevant Trustee, such retiring Relevant Trustee shall, upon payment
of all sums owed to it, execute and deliver an instrument transferring to such
successor Relevant Trustee all the rights, powers and trusts of the retiring
Relevant Trustee and shall duly assign, transfer and deliver to such successor
Relevant Trustee all property and money held by such retiring Relevant Trustee
hereunder with respect to the Trust Securities and the Trust.

            (b) Upon request of any such successor Relevant Trustee, the
Depositor shall execute any instruments which fully vest in and confirm to such
successor Relevant Trustee all such rights, powers and trusts referred to in
subsection (a) of this Section.

            (c) No successor Relevant Trustee shall accept its appointment
unless at the time of such acceptance such successor Relevant Trustee shall be
qualified and eligible under this Article VIII.

      Section 813 MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.
Any corporation into which the Property Trustee or the Delaware Trustee may be
merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such Relevant
Trustee shall be a party, or any corporation succeeding to all or substantially
all the corporate trust business of such Relevant Trustee, shall be the
successor of the Relevant Trustee hereunder, provided such corporation shall be
otherwise qualified and eligible under this Article VIII, without the execution
or filing of any paper or any further act on the part of any of the parties
hereto. In case any Trust Securities shall have been authenticated, but not
delivered, by the Relevant Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Trust Securities so authenticated with the same
effect as if such successor Relevant Trustee had itself authenticated such Trust
Securities.

      Section 814 PREFERENTIAL COLLECTION OF CLAIMS AGAINST DEPOSITOR OR TRUST.
If the Property Trustee shall be or become a creditor of the Depositor or any
other obligor upon the Trust Securities (other than by reason of a relationship
described in Section 311(b) of the Trust Indenture Act), the Property Trustee
shall be subject to any and all applicable provisions of the Trust Indenture Act
regarding the collection of claims against the Depositor or such other obligor.
For purposes of Section 311(b) of the Trust Indenture Act:

                                       47
<Page>

            (a) the term "cash transaction" means any transaction in which full
payment for goods or securities sold is made within seven days after delivery of
the goods or securities in currency or in checks or other orders drawn upon
banks or bankers and payable upon demand;

            (b) the term "self-liquidating paper" means any draft, bill of
exchange, acceptance or obligation which is made, drawn, negotiated or incurred
by the Depositor for the purpose of financing the purchase, processing,
manufacturing, shipment, storage or sale of goods, wares or merchandise and
which is secured by documents evidencing title to, possession of, or a lien
upon, the goods, wares or merchandise or the receivables or proceeds arising
from the sale of the goods, wares or merchandise previously constituting the
security, provided the security is received by the Property Trustee
simultaneously with the creation of the creditor relationship with the Depositor
arising from the making, drawing, negotiating or incurring of the draft, bill of
exchange, acceptance or obligation.

      Section 815 TRUSTEE MAY FILE PROOFS OF CLAIM. In case of the pendency of
any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to
the Trust or any other obligor upon the Trust Securities or the property of the
Trust or of such other obligor or their creditors, the Property Trustee
(irrespective of whether any Distributions on the Trust Securities shall then be
due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Property Trustee shall have made any demand on the
Trust for the payment of overdue Distributions) shall be entitled and empowered,
by intervention in such proceeding or otherwise,

            (a) to file and prove a claim for the whole amount of any
Distributions owing and unpaid in respect of the Trust Securities and to file
such other papers or documents as may be necessary or advisable in order to have
the claims of the Property Trustee (including any claim for amounts due to the
Property Trustee under Section 807) and of the Holders allowed in such judicial
proceeding, and

            (b) to collect and receive any moneys or other property payable or
deliverable on any such claims and to distribute the same, and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Holder to make such
payments to the Property Trustee and, in the event that the Property Trustee
shall consent to the making of such payments directly to the Holders, to pay to
the Property Trustee any amounts due it under Section 807.

      Nothing herein contained shall be deemed to authorize the Property Trustee
to authorize or consent to or accept or adopt on behalf of any Holder any plan
of reorganization, arrangement, adjustment or composition affecting the Trust
Securities or the rights of any Holder thereof or to authorize the Property
Trustee to vote in respect of the claim of any Holder in any such proceeding.

      Section 816 REPORTS BY PROPERTY TRUSTEE. (a) Not later than _________ of
each year commencing with ___________, 20__, the Property Trustee shall transmit
to all Holders in accordance with Section 1008, and to the Depositor, a brief
report dated as of the immediately preceding ________ concerning the Property
Trustee and its actions under this Trust Agreement if and as may be required
pursuant to Section 313(a) of the Trust Indenture Act.

                                       48
<Page>

            (b) In addition the Property Trustee shall transmit to Holders such
reports concerning the Property Trustee and its actions under this Trust
Agreement as may be required pursuant to the Trust Indenture Act at the times
and in the manner provided pursuant thereto.

            (c) A copy of each such report shall, at the time of such
transmission to Holders, be filed by the Property Trustee with the Depositor.

      Section 817 REPORTS TO THE PROPERTY TRUSTEE. The Depositor and the
Administrators on behalf of the Trust shall provide to the Property Trustee such
documents, reports and information as required by Section 314 of the Trust
Indenture Act (if any) and the compliance certificate required by Section 314(a)
of the Trust Indenture Act in the form, in the manner and at the times required
by Section 314 of the Trust Indenture Act. The Depositor and the Administrators
shall annually file with the Property Trustee a certificate specifying whether
such Person is in compliance with all the terms and covenants applicable to such
Person hereunder, such compliance certificate to be delivered annually on or
before ________________ of each year beginning in ________________.

      Section 818 EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT. Each of the
Depositor and the Administrators on behalf of the Trust shall provide to the
Property Trustee such evidence of compliance with any conditions precedent, if
any, provided for in this Trust Agreement that relate to any of the matters set
forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion
required to be given by an officer pursuant to Section 314(c)(1) of the Trust
Indenture Act shall be given in the form of an Officers' Certificate.

      Section 819 NUMBER OF TRUSTEES. (a) The number of Trustees shall be two.
The Property Trustee and the Delaware Trustee may be the same Person, in which
case, the number of Trustees may be one.

            (b) If a Trustee ceases to hold office for any reason, a vacancy
shall occur. The vacancy shall be filled with an Trustee appointed in accordance
with Section 811.

            (c) The death, resignation, retirement, removal, bankruptcy,
incompetence or incapacity to perform the duties of an Trustee shall not operate
to dissolve, terminate or annul the Trust or terminate this Trust Agreement.

      Section 820 DELEGATION OF POWER. (a) Any Administrator may, by power of
attorney consistent with applicable law, delegate to any other natural person
over the age of 21 his or her power for the purpose of executing any documents
contemplated in Section 207(a) or making any governmental filing; and

            (b) The Administrators shall have power to delegate from time to
time to such of their number the doing of such things and the execution of such
instruments either in the name of the Trust or the names of the Administrators
or otherwise as the Administrators may deem expedient, to the extent such
delegation is not prohibited by applicable law or contrary to the provisions of
this Trust Agreement.

      Section 821 APPOINTMENT OF ADMINISTRATORS. (a) The Administrators shall be
appointed by the Holders of a Majority in Liquidation Amount of the Trust Common
Securities

                                       49
<Page>

and may be removed by the Holders of a Majority in Liquidation Amount of the
Trust Common Securities or may resign at any time. Upon any resignation or
removal, the Depositor shall appoint a successor Administrator. Each
Administrator shall execute this Trust Agreement thereby agreeing to comply
with, and be legally bound by, all of the terms, conditions and provisions of
this Trust Agreement. If at any time there is no Administrator, the Property
Trustee or any Holder who has been a Holder of Trust Securities for at least six
months may petition any court of competent jurisdiction for the appointment of
one or more Administrators.

            (b) Whenever a vacancy in the number of Administrators shall occur,
until such vacancy is filled by the appointment of an Administrator in
accordance with this Section 821, the Administrators in office, regardless of
their number (and notwithstanding any other provision of this Agreement), shall
have all the powers granted to the Administrators and shall discharge all the
duties imposed upon the Administrators by this Trust Agreement.

            (c) Notwithstanding the foregoing, or any other provision of this
Trust Agreement, in the event any Administrator who is a natural person dies or
becomes, in the opinion of the Holders of a Majority in Liquidation Amount of
the Trust Common Securities, incompetent, or incapacitated, the vacancy created
by such death, incompetence or incapacity may be filled by the remaining
Administrators, if there were at least two of them prior to such vacancy, and by
the Depositor, if there were not two such Administrators immediately prior to
such vacancy (with the successor in each case being a Person who satisfies the
eligibility requirement for Administrators set forth in Section 808).

      Section 822 DELAWARE TRUSTEE. (a) Notwithstanding any other provision of
this Trust Agreement, the Delaware Trustee shall not be entitled to exercise any
powers, nor shall the Delaware Trustee have any of the duties and
responsibilities of the Administrators or the Property Trustee described in this
Trust Agreement. The Delaware Trustee shall be a trustee for the sole and
limited purpose of fulfilling the requirements of Section 3807 of the Delaware
Business Trust Act.

            (b) It is expressly understood and agreed by the parties hereto that
in fulfilling its obligations as Delaware Trustee hereunder on behalf of the
Trust (i) any agreements or instruments executed and delivered by
_____________________________ are executed and delivered not in its individual
capacity but solely as Delaware Trustee under this Trust Agreement in the
exercise of the powers and authority conferred and vested in it, (ii) each of
the representations, undertakings and agreements herein made on the part of the
Trust is made and intended not as representations, warranties, covenants,
undertakings and agreements by ________________________________ in its
individual capacity but is made and intended for the purpose of binding only the
Trust, and (iii) under no circumstances shall _________________
_________________________________ be personally liable for the payment of any
indebtedness or expenses of the Trust or be liable for the breach or failure of
any obligation, representation, warranty or covenant made or undertaken by the
Trust under this Trust Agreement, except if such breach or failure is due to any
gross negligence or willful misconduct of the Delaware Trustee.

                                       50
<Page>

                                   ARTICLE IX

                       DISSOLUTION, LIQUIDATION AND MERGER

      Section 901 DISSOLUTION UPON EXPIRATION DATE. Unless earlier dissolved,
pursuant to an Early Termination Event, the Trust shall automatically dissolve
on ____________________ (the "Expiration Date"), and thereafter the Trust
Property shall be distributed in accordance with Section 904.

      Section 902 EARLY DISSOLUTION. The first to occur of any of the following
events is an "Early Termination Event," upon the occurrence of which the Trust
shall dissolve:

            (a) the occurrence of the appointment of a receiver or other similar
official in any liquidation, insolvency or similar proceeding with respect to
the Depositor or all or substantially all of its property, or a court or other
governmental agency shall enter a decree or order relating to the Depositor for
relief in a voluntary or involuntary case under Chapter 7 or Chapter 11 of the
United States Bankruptcy Code or any other similar State or Federal law now or
hereafter in effect and such decree or order shall remain unstayed and
undischarged for a period of 60 days, unless the Depositor shall transfer the
Trust Common Securities as provided by Section 511, in which case this provision
shall refer instead to any such successor Holder of the Trust Common Securities;

            (b) the written direction to the Property Trustee from the Holder of
the Trust Common Securities at any time to dissolve the Trust and to distribute
the [Subordinated] Debentures to Holders in exchange for the Trust Preferred
Securities (which direction, subject to Section 904(a), is optional and wholly
within the discretion of the Holder of the Trust Common Securities);

            (c) the redemption of all of the Trust Preferred Securities in
connection with the repayment or redemption of all the [Subordinated]
Debentures; and

            (d) the entry of an order for dissolution of the Trust by a court of
competent jurisdiction.

      Section 903 TERMINATION. As soon as is practicable after the occurrence of
an event referred to in Section 901 or 902, and upon the completion of the
winding-up and liquidation of the Trust, the Administrators and the Trustees
(each of whom is hereby authorized to take such action) shall file a certificate
of cancellation with the Secretary of State of the State of Delaware terminating
the Trust and, upon such filing, the respective obligations and responsibilities
of the Trustees, the Administrators and the Trust created and continued hereby
shall terminate, except as otherwise required by law or this Trust Agreement.

      Section 904 LIQUIDATION. (a) If an Early Termination Event specified in
clause (a), (b) or (d) of Section 902 occurs or upon the Expiration Date, the
Trust shall be wound-up and liquidated by the Property Trustee as expeditiously
as the Property Trustee determines to be possible by distributing, after paying
or making reasonable provision to pay all claims and obligations of the Trust in
accordance with Section 3808(e) of the Delaware Business Trust Act, to each
Holder a Like Amount of [Subordinated] Debentures, subject to Section 904(d).
Notice

                                       51
<Page>

of liquidation shall be given by the Property Trustee by first-class mail,
postage prepaid, mailed not later than 15 nor more than 45 days prior to the
Liquidation Date to each Holder of Trust Securities at such Holder's address
appearing in the Securities Register. All notices of liquidation shall:

                  (i) state the Liquidation Date;

                  (ii) state that, from and after the Liquidation Date, the
            Trust Securities will no longer be deemed to be Outstanding and any
            Trust Securities Certificates not surrendered for exchange will be
            deemed to represent a Like Amount of [Subordinated] Debentures; and

                  (iii) provide such information with respect to the mechanics
            by which Holders may exchange Trust Securities Certificates for
            [Subordinated] Debentures, or if Section 904(d) applies receive a
            Liquidation Distribution, as the Administrators or the Property
            Trustee shall deem appropriate.

            (b) Except where Section 902(c) or 904(d) applies, in order to
effect the liquidation of the Trust and distribution of the [Subordinated]
Debentures to Holders, the Property Trustee shall establish a record date for
such distribution (which shall be not more than 30 days prior to the Liquidation
Date) and, either itself acting as exchange agent or through the appointment of
a separate exchange agent, shall establish such procedures as it shall deem
appropriate to effect the distribution of [Subordinated] Debentures in exchange
for the Outstanding Trust Securities Certificates.

            (c) Except where Section 902(c) or 904(d) applies, after the
Liquidation Date, (i) the Trust Securities will no longer be deemed to be
Outstanding, (ii) the Depositary for the Trust Preferred Securities or its
nominee, as the registered Holder of the Global Trust Preferred Securities
Certificates, shall receive a registered global certificate or certificates
representing the [Subordinated] Debentures to be delivered upon such
distribution with respect to Trust Preferred Securities held by the Depositary
or its nominee, and, (iii) any Trust Securities Certificates not held by the
Depositary for the Trust Preferred Securities or its nominee as specified in
clause (ii) above will be deemed to represent [Subordinated] Debentures having a
principal amount equal to the stated Liquidation Amount of the Trust Securities
represented thereby and bearing accrued and unpaid interest in an amount equal
to the accumulated and unpaid Distributions on such Trust Securities until such
certificates are presented to the Securities Registrar for transfer or
reissuance.

            (d) If, notwithstanding the other provisions of this Section 904,
whether because of an order for dissolution entered by a court of competent
jurisdiction or otherwise, distribution of the [Subordinated] Debentures is not
practical, or if any Early Termination Event specified in clause (c) of Section
902 occurs, the Trust shall be dissolved, and the Trust Property shall be
liquidated, by the Property Trustee in such manner as the Property Trustee
determines. In such event, on the date of the dissolution of the Trust, Holders
will be entitled to receive out of the assets of the Trust available for
distribution to Holders, after paying or making reasonable provision to pay all
claims and obligations of the Trust in accordance with Section 3808(e) of the
Delaware Business Trust Act, an amount equal to the aggregate of Liquidation
Amount per Trust

                                       52
<Page>

Security plus accumulated and unpaid Distributions thereon to the date of
payment (such amount being the "Liquidation Distribution"). If, upon any such
dissolution, the Liquidation Distribution can be paid only in part because the
Trust has insufficient assets available to pay in full the aggregate Liquidation
Distribution, then, subject to the next succeeding sentence, the amounts payable
by the Trust on the Trust Securities shall be paid on a pro rata basis (based
upon Liquidation Amounts). The Holders of the Trust Common Securities will be
entitled to receive Liquidation Distributions upon any such dissolution, pro
rata (determined as aforesaid) with Holders of Trust Preferred Securities,
except that, if a Debenture Event of Default has occurred and is continuing, the
Trust Preferred Securities shall have a priority over the Trust Common
Securities as provided in Section 403.

      Section 905 MERGERS, CONSOLIDATIONS, AMALGAMATIONS OR REPLACEMENTS OF THE
TRUST.

      The Trust may not merge with or into, consolidate, amalgamate, or be
replaced by, or convey, transfer or lease its properties and assets
substantially as an entirety to, any entity, except pursuant to this Section 905
or Section 904. At the request of the Holders of the Trust Common Securities,
and with the consent of the Holders of at least a Majority in Liquidation Amount
of the Trust Preferred Securities, but without the consent of the Trustees, the
Trust may merge with or into, consolidate, amalgamate, or be replaced by or
convey, transfer or lease its properties and assets substantially as an entirety
to a trust organized as such under the laws of any state; provided, however,
that (i) such successor entity either (a) expressly assumes all of the
obligations of the Trust with respect to the Trust Preferred Securities or (b)
substitutes for the Trust Preferred Securities other securities having
substantially the same terms as the Trust Preferred Securities (the "Successor
Trust Preferred Securities") so long as the Successor Trust Preferred Securities
have the same priority as the Trust Preferred Securities with respect to
distributions and payments upon liquidation, redemption and otherwise; (ii) a
trustee of such successor entity possessing the same powers and duties as the
Property Trustee is appointed to hold the [Subordinated] Debentures; (iii) such
merger, consolidation, amalgamation, replacement, conveyance, transfer or lease
does not cause the Trust Preferred Securities (including any Successor Trust
Preferred Securities) to be downgraded by any nationally recognized statistical
rating organization; (iv) the Trust Preferred Securities or any Successor Trust
Preferred Securities are listed or quoted, or any Successor Trust Preferred
Securities will be listed or quoted upon notification of issuance, on any
national securities exchange or with another organization on which Trust
Preferred Securities are then listed or quoted; (v) such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease does not adversely
affect the rights, preferences and privileges of the holders of the Trust
Preferred Securities (including any Successor Trust Preferred Securities) in any
material respect; (vi) such successor entity has a purpose substantially
identical to that of the Trust; (vii) prior to such merger, consolidation,
amalgamation, replacement, conveyance, transfer or lease, the Property Trustee
has received an Opinion of Counsel from independent counsel experienced in such
matters to the effect that (a) such merger, consolidation, amalgamation,
replacement, conveyance, transfer or lease does not adversely affect the rights
preferences and privileges of the holders of the Trust Preferred Securities
(including any Successor Trust Preferred Securities) in any material respect,
and (b) following such merger, consolidation, amalgamation, replacement,
conveyance, transfer or lease, neither the Trust nor such successor entity will
be required to register as an "investment company" under the Investment Company
Act; and (viii) the Depositor or any permitted transferee to whom it has
transferred the Trust Common

                                       53
<Page>

Securities hereunder owns all of the Trust Common Securities of such successor
entity and guarantees the obligations of such successor entity under the
Successor Trust Preferred Securities at least to the extent provided by the
Guarantee. Notwithstanding the foregoing, the Trust shall not, except with the
consent of Holders of 100% in Liquidation Amount of the Trust Preferred
Securities, consolidate, amalgamate, merge with or into, or be replaced by or
convey, transfer or lease its properties and assets substantially as an entirety
to, any other entity or permit any other entity to consolidate, amalgamate,
merge with or into, or replace it if such consolidation, amalgamation, merger,
replacement, conveyance, transfer or lease would cause the Trust or the
successor entity to be taxable other than as a grantor trust for United States
Federal income tax purposes. Any merger or similar agreement shall be executed
by the Administrators on behalf of the Trust.

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

      Section 1001 LIMITATIONS OF RIGHTS OF HOLDERS. Except as set forth in
Section 902, the bankruptcy, dissolution, termination, death or incapacity of
any Person having an interest, beneficial or otherwise, in Trust Securities
shall not operate to terminate this Trust Agreement, nor entitle the legal
representatives or heirs of such person or any Holder for such person, to claim
an accounting, take any action or bring any proceeding in any court for a
partition or winding-up of the arrangements contemplated hereby, nor otherwise
affect the rights, obligations and liabilities of the parties hereto or any of
them.

      Section 1002 AMENDMENT. (a) This Trust Agreement may be amended from time
to time by the Property Trustee and the Holders of a Majority in Liquidation
Amount of the Trust Common Securities, without the consent of any Holder of the
Trust Preferred Securities (i) to cure any ambiguity, correct or supplement any
provision herein which may be inconsistent with any other provision herein, or
to make any other provisions with respect to matters or questions arising under
this Trust Agreement; provided, however, that such amendment shall not adversely
affect in any material respect the interests of any Holder; (ii) to facilitate
the tendering, remarketing and settlement of the trust preferred securities, as
herein contemplated (iii) to modify, eliminate or add to any provisions of this
Trust Agreement to such extent as shall be necessary to ensure that the Trust
will not be taxable other than as a grantor trust for United States Federal
income tax purposes at any time that any Trust Securities are Outstanding or to
ensure that the Trust will not be required to register as an investment company
under the Investment Company Act or (iv) in accordance with the requirements of
Section 812.

            (b) Except as provided in Section 1002(c) hereof, any provision of
this Trust Agreement may be amended by the Property Trustee and the Holders of a
Majority in Liquidation Amount of the Trust Common Securities with (i) the
consent of Holders of at least a Majority in Liquidation Amount of the Trust
Preferred Securities and (ii) receipt by the Trustees of an Opinion of Counsel
to the effect that such amendment or the exercise of any power granted to the
Trustees in accordance with such amendment will not affect the Trust's being
taxable as a grantor trust for United States Federal income tax purposes or the
Trust's exemption from status of an "investment company" under the Investment
Company Act.

                                       54
<Page>

            (c) In addition to and notwithstanding any other provision in this
Trust Agreement, without the consent of each affected Holder (such consent being
obtained in accordance with Section 603 or 606 hereof), this Trust Agreement may
not be amended to (i) change the amount or timing of any Distribution on the
Trust Securities or otherwise adversely affect the amount of any Distribution
required to be made in respect of the Trust Securities as of a specified date or
(ii) restrict the right of a Holder to institute suit for the enforcement of any
such payment on or after such date.

            (d) Notwithstanding any other provisions of this Trust Agreement, no
Trustee shall enter into or consent to any amendment to this Trust Agreement
which would cause the Trust to fail or cease to qualify for the exemption from
status as an "investment company" under the Investment Company Act or be taxable
other than as a grantor trust for United States Federal income tax purposes.

            (e) Notwithstanding anything in this Trust Agreement to the
contrary, without the consent of the Depositor and the Administrators, this
Trust Agreement may not be amended in a manner which imposes any additional
obligation on the Depositor or the Administrators.

            (f) In the event that any amendment to this Trust Agreement is made,
the Administrators or the Property Trustee shall promptly provide to the
Depositor a copy of such amendment.

            (g) Neither the Property Trustee nor the Delaware Trustee shall be
required to enter into any amendment to this Trust Agreement which affects its
own rights, duties or immunities under this Trust Agreement or otherwise. The
Property Trustee shall be entitled to receive an Opinion of Counsel and an
Officers' Certificate stating that any amendment to this Trust Agreement is in
compliance with this Trust Agreement.

            (h) The Administrators shall give notice to the Holders of each
amendment to this Trust Agreement; provided, however, that any failure by the
Administrators to deliver, or any defect in, such notice, shall not affect the
validity or effectiveness of any such amendment.

      Section 1003 SEPARABILITY. In case any provision in this Trust Agreement
or in the Trust Securities Certificates shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

                                       55
<Page>

      Section 1004 GOVERNING LAW.

      THIS TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE
HOLDERS, THE TRUST, THE DEPOSITOR, THE TRUSTEES AND THE ADMINISTRATORS SHALL BE
GOVERNED BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE
AND ALL RIGHTS AND REMEDIES SHALL BE GOVERNED BY SUCH LAWS WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICT OF LAWS OF THE STATE OF DELAWARE OR ANY OTHER
JURISDICTION THAT WOULD CALL FOR THE APPLICATION OF THE LAW OF ANY JURISDICTION
OTHER THAN THE STATE OF DELAWARE; PROVIDED, HOWEVER, THAT THERE SHALL NOT BE
APPLICABLE TO THE HOLDERS, THE TRUST, THE DEPOSITOR, THE TRUSTEES, THE
ADMINISTRATORS OR THIS TRUST AGREEMENT ANY PROVISION OF THE LAWS (STATUTORY OR
COMMON) OF THE STATE OF DELAWARE PERTAINING TO TRUSTS OTHER THAN THE DELAWARE
BUSINESS TRUST ACT THAT RELATE TO OR REGULATE, IN A MANNER INCONSISTENT WITH THE
TERMS HEREOF (A) THE FILING WITH ANY COURT OR GOVERNMENTAL BODY OR AGENCY OF
TRUSTEE ACCOUNTS OR SCHEDULES OF TRUSTEE FEES AND CHARGES, (B) AFFIRMATIVE
REQUIREMENTS TO POST BONDS FOR TRUSTEES, OFFICERS, AGENTS OR EMPLOYEES OF A
TRUST, (C) THE NECESSITY FOR OBTAINING COURT OR OTHER GOVERNMENTAL APPROVAL
CONCERNING THE ACQUISITION, HOLDING OR DISPOSITION OF REAL OR PERSONAL PROPERTY,
(D) FEES OR OTHER SUMS PAYABLE TO TRUSTEES, OFFICERS, AGENTS OR EMPLOYEES OF A
TRUST, (E) THE ALLOCATION OF RECEIPTS AND EXPENDITURES TO INCOME OR PRINCIPAL,
(F) RESTRICTIONS OR LIMITATIONS ON THE PERMISSIBLE NATURE, AMOUNT OR
CONCENTRATION OF TRUST INVESTMENTS OR REQUIREMENTS RELATING TO THE TITLING,
STORAGE OR OTHER MANNER OF HOLDING OR INVESTING TRUST ASSETS OR (G) THE
ESTABLISHMENT OF FIDUCIARY OR OTHER STANDARDS OF RESPONSIBILITY OR LIMITATIONS
ON THE ACTS OR POWERS OF TRUSTEES THAT ARE INCONSISTENT WITH THE LIMITATIONS OR
LIABILITIES OR AUTHORITIES AND POWERS OF THE TRUSTEES OR THE ADMINISTRATOR AS
SET FORTH OR REFERENCED IN THIS TRUST AGREEMENT. SECTION 3540 OF TITLE 12 OF THE
DELAWARE CODE SHALL NOT APPLY TO THE TRUST. NOTWITHSTANDING THE FOREGOING, THE
IMMUNITIES AND STANDARD OF CARE OF THE PROPERTY TRUSTEE IN CONNECTION WITH THE
ADMINISTRATION OF ITS TRUSTS AND DUTIES HEREUNDER SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK.

      Section 1005 PAYMENTS DUE ON NON-BUSINESS DAY. If the date fixed for any
payment on any Trust Security shall be a day that is not a Business Day, then
such payment need not be made on such date but may be made on the next
succeeding day that is a Business Day (except as otherwise provided in Section
402(d)), with the same force and effect as though made on the date fixed for
such payment, and no Distributions shall accumulate on such unpaid amount for
the period after such date.

      Section 1006 SUCCESSORS. This Trust Agreement shall be binding upon and
shall inure to the benefit of any successor to the Depositor, the Trust, the
Administrators and any Trustee,

                                       56
<Page>

including any successor by operation of law. Except in connection with a
consolidation, merger or sale involving the Depositor that is permitted under
Article XII of the Indenture and pursuant to which the assignee agrees in
writing to perform the Depositor's obligations hereunder, the Depositor shall
not assign its obligations hereunder.

      Section 1007 HEADINGS. The Article and Section headings are for
convenience only and shall not affect the construction of this Trust Agreement.

      Section 1008 REPORTS, NOTICES AND DEMANDS. Any report, notice, demand or
other communication that by any provision of this Trust Agreement is required or
permitted to be given or served to or upon any Holder or the Depositor may be
given or served in writing by deposit thereof, first class postage prepaid, in
the United States mail, hand delivery or facsimile transmission, in each case,
addressed, (a) in the case of a Holder of Trust Preferred Securities, to such
Holder as such Holder's name and address may appear on the Securities Register;
and (b) in the case of the Holder of Trust Common Securities or the Depositor,
to _____________________________, Attention: ____________________, Facsimile No.
_____________________ or to such other address as may be specified in a written
notice by the Depositor to the Property Trustee. Such notice, demand or other
communication to or upon a Holder shall be deemed to have been sufficiently
given or made, for all purposes, upon hand delivery, mailing or transmission.
Such notice, demand or other communication to or upon the Depositor shall be
deemed to have been sufficiently given or made only upon actual receipt of the
writing by the Depositor.

      Any notice, demand or other communication which by any provision of this
Trust Agreement is required or permitted to be given or served to or upon the
Trust, the Property Trustee, the Delaware Trustee or, the Administrators shall
be given in writing addressed (until another address is published by the Trust)
as follows: (a) with respect to the Property Trustee to _________________,
_____________________, Attention: Corporate Trustee Administration Department
(b) with respect to the Delaware Trustee to ___________________,
__________________________, Attention: Corporate Trustee Administration
Department; (c) with respect to the Administrators, to them at the address above
for notices to the Depositor, marked "Attention: Office of the Chief Financial
Officer" and (d) with respect to the Trust to Ameren Capital Trust __, c/o
Ameren Corporation, 1901 Chouteau Avenue, St. Louis, Missouri 63103, Attention:
____________________. Such notice, demand or other communication to or upon the
Trust or the Property Trustee shall be deemed to have been sufficiently given or
made only upon actual receipt of the writing by the Trust, the Property Trustee,
or such Administrator.

      Section 1009 AGREEMENT NOT TO PETITION. Each of the Trustees, the
Administrators and the Depositor agree for the benefit of the Holders that,
until at least one year and one day after the Trust has been terminated in
accordance with Article IX, they shall not file, or join in the filing of, a
petition against the Trust under any bankruptcy, insolvency, reorganization or
other similar law (including, without limitation, the United States Bankruptcy
Code) (collectively, "Bankruptcy Laws") or otherwise join in the commencement of
any proceeding against the Trust under any Bankruptcy Law. In the event the
Depositor takes action in violation of this Section 1009, the Property Trustee
agrees, for the benefit of Holders, that at the expense of the Depositor, it
shall file an answer with the bankruptcy court or otherwise properly contest the
filing of such petition by the Depositor against the Trust or the commencement
of such action

                                       57
<Page>

and raise the defense that the Depositor has agreed in writing not to take such
action and should be estopped and precluded therefrom and such other defenses,
if any, as counsel for the Property Trustee or the Trust may assert. If any
Trustee or Administrator takes action in violation of this Section 1009, the
Depositor agrees, for the benefit of the Holders, that at the expense of the
Depositor, it shall file an answer with the bankruptcy court or otherwise
properly contest the filing of such petition by such Person against the Trust or
the commencement of such action and raise the defense that such Person has
agreed in writing not to take such action and should be estopped and precluded
therefrom and such other defenses, if any, as counsel for the Depositor may
assert. The provisions of this Section 1009 shall survive the termination of
this Trust Agreement.

      Section 1010 TRUST INDENTURE ACT; CONFLICT WITH TRUST INDENTURE ACT. (a)
Trust Indenture Act; Application. (i) This Trust Agreement is subject to the
provisions of the Trust Indenture Act that are required to be a part of this
Trust Agreement and shall, to the extent applicable, be governed by such
provisions; (ii) if and to the extent that any provision of this Trust Agreement
limits, qualifies or conflicts with the duties imposed by Sections 310 to 317,
inclusive, of the Trust Indenture Act, such imposed duties shall control; (iii)
if any provision of this Trust Agreement modifies or excludes any provision of
the Trust Indenture Act which may be so modified or excluded, the latter
provision shall be deemed to apply to this Trust Agreement as so modified or
excluded as the case may be, (iv) for purposes of this Trust Agreement, the
Property Trustee, to the extent permitted by applicable law and/or the rules and
regulations of the Commission, shall be the only Trustee which is a trustee for
the purposes of the Trust Indenture Act; and (v) the application of the Trust
Indenture Act to this Trust Agreement shall not affect the nature of the Trust
Preferred Securities and the Trust Common Securities as equity securities
representing undivided beneficial interests in the assets of the Trust.

            (b) Disclosure Information. The disclosure of information as to the
names and addresses of the Holders of Trust Securities in accordance with
Section 312 of the Trust Indenture Act, regardless of the source from which such
information was derived, shall not be deemed to be a violation of any existing
law or any law hereafter enacted which does not specifically refer to Section
312 of the Trust Indenture Act, nor shall the Property Trustee be held
accountable by reason of mailing any material pursuant to a request made under
Section 312(b) of the Trust Indenture Act.

      Section 1011 ACCEPTANCE OF TERMS OF TRUST AGREEMENT, GUARANTEE AND
INDENTURE.

      THE RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST THEREIN BY
OR ON BEHALF OF A HOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR
FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE
BY THE HOLDER AND ALL OTHERS HAVING A BENEFICIAL INTEREST IN SUCH TRUST SECURITY
OF ALL THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT, THE GUARANTEE AND THE
INDENTURE, AND THE AGREEMENT TO THE SUBORDINATION PROVISIONS AND OTHER TERMS OF
THE GUARANTEE AND THE INDENTURE, AND SHALL CONSTITUTE THE AGREEMENT OF THE
TRUST, SUCH HOLDER AND SUCH OTHERS THAT THE TERMS AND PROVISIONS OF THIS TRUST
AGREEMENT SHALL BE

                                       58
<Page>

BINDING, OPERATIVE AND EFFECTIVE AS BETWEEN THE TRUST AND SUCH HOLDER AND SUCH
OTHERS.

                                     * * * *

      This instrument may be executed in any number of counterparts, each of
which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

                                       59
<Page>

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

                                      AMEREN CORPORATION
                                      as Depositor

                                      By:________________________________
                                      Name:
                                      Title:

                                      [Name of Property Trustee],
                                      as Property Trustee, and not in its
                                      individual capacity

                                      By:________________________________
                                      Name:
                                      Title:

                                      [Name of Delaware Trustee],
                                      as Delaware Trustee, and not in its
                                      individual capacity

                                      By:________________________________
                                      Name:
                                      Title:

Agreed to and Accepted by,

___________________________
Name:
Title:

___________________________
Name:
Title:

                                       60
<Page>
                                                                       EXHIBIT A

                [INSERT CERTIFICATE OF TRUST FILED WITH DELAWARE]

                                        1

<Page>

                                                                       EXHIBIT B

               THIS CERTIFICATE IS NOT TRANSFERABLE EXCEPT TO THE
                   DEPOSITOR OR AN AFFILIATE OF THE DEPOSITOR
                      IN COMPLIANCE WITH APPLICABLE LAW AND
                       SECTION 511 OF THE TRUST AGREEMENT

                                                                NUMBER OF TRUST
CERTIFICATE NUMBER                                             COMMON SECURITIES

         C-1  _________

                  ($____________ AGGREGATE LIQUIDATION AMOUNT)

                 CERTIFICATE EVIDENCING TRUST COMMON SECURITIES

                                       OF

                             AMEREN CAPITAL TRUST __

                       _________% TRUST COMMON SECURITIES
             (LIQUIDATION AMOUNT $______ PER TRUST COMMON SECURITY)

      Ameren Capital Trust __, a statutory business trust created under the laws
of the State of Delaware, (the "Trust"), hereby certifies that Ameren
Corporation (the "Holder") is the registered owner of ______________________
(________ ) Trust Common Securities of the Trust representing undivided
beneficial interests in the assets of the Trust and designated as the Ameren
Capital Trust _______% Trust Common Securities (liquidation amount $______ per
Trust Common Security) (the "Trust Common Securities"). Except in accordance
with Section 511 of the Trust Agreement (as defined below) the Trust Common
Securities are not transferable and any attempted transfer hereof other than in
accordance therewith shall be void. The designations, rights, privileges,
restrictions, preferences and other terms and provisions of the Trust Common
Securities are set forth in, and this certificate and the Trust Common
Securities represented hereby are issued and shall in all respects be subject to
the terms and provisions of, the Amended and Restated Trust Agreement of the
Trust, dated as of _______________________, as the same may be amended from time
to time (the "Trust Agreement") among _____________________________________, as
Depositor, ______________________________________, as Property Trustee,
__________________________________________ , as Delaware Trustee, the
Administrators named therein and the Holders of Trust Securities, including the
designation of the terms of the Trust Common Securities as set forth therein.
The Trust will furnish a copy of the Trust Agreement to the Holder without
charge upon written request to the Trust at its principal place of business or
registered office.

                                       B-1
<Page>

      Upon receipt of this certificate, the Holder is bound by the Trust
Agreement and is entitled to the benefits thereunder.

      Terms used but not defined herein have the meanings set forth in the Trust
Agreement.

      IN WITNESS WHEREOF, one of the Administrators of the Trust has executed
this certificate this ___ day of ______________, 200_.

                                             AMEREN CAPITAL TRUST __

                                             By: _______________________________
                                                 Name:
                                                 Title: Administrator

CERTIFICATE OF AUTHENTICATION:

THIS IS ONE OF THE TRUST COMMON SECURITIES REFERRED TO IN THE WITHIN MENTIONED
TRUST AGREEMENT.

________________________________,
as Property Trustee

By: _____________________________
     Name:
     Title: [Authorized Officer]

                                       B-2

<Page>
                                                                       EXHIBIT C

      [IF THE TRUST PREFERRED SECURITIES CERTIFICATE IS TO BE A GLOBAL TRUST
PREFERRED SECURITIES CERTIFICATE, INSERT:]This Trust Preferred Securities
Certificate is a Global Trust Preferred Securities Certificate within the
meaning of the Trust Agreement hereinafter referred to and is registered in the
name of the Depositary or a nominee of the Depositary. This Trust Preferred
Securities Certificate is exchangeable for Trust Preferred Securities
Certificates registered in the name of a person other than the Depositary or its
nominee only in the limited circumstances described in the Trust Agreement and
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, except in the limited circumstances described in the
Trust Agreement.

      Unless this Trust Preferred Securities Certificate is presented by an
authorized representative of The Depositary Trust Company, a New York
corporation ("DTC"), to Ameren Capital Trust __ or its agent for registration of
transfer, exchange or payment, and any Trust Preferred Securities Certificate
issued is registered in the name of Cede & Co. or such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO A PERSON IS WRONGFUL inasmuch as the registered owner hereof,
Cede & Co., has an interest herein.

      NO EMPLOYEE BENEFIT OR OTHER PLAN OR INDIVIDUAL RETIREMENT ACCOUNT SUBJECT
TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
"CODE") (EACH, A "PLAN"), NO ENTITY WHOSE UNDERLYING ASSETS INCLUDE "PLAN
ASSETS" BY REASON OF ANY PLAN'S INVESTMENT IN THE ENTITY (A "PLAN ASSET
ENTITY"), AND NO PERSON INVESTING "PLAN ASSETS" OF ANY PLAN, MAY ACQUIRE OR HOLD
THIS TRUST PREFERRED SECURITIES CERTIFICATE OR ANY INTEREST HEREIN, UNLESS SUCH
PURCHASE OR HOLDING IS COVERED BY THE EXEMPTIVE RELIEF PROVIDED BY U.S.
DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION ("PTCE") 96-23,
95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION WITH RESPECT TO SUCH
PURCHASE OR HOLDING. ANY PURCHASER OR HOLDER OF THIS TRUST PREFERRED SECURITIES
CERTIFICATE OR ANY INTEREST HEREIN THAT IS A PLAN OR A PLAN ASSET ENTITY OR IS
PURCHASING SUCH SECURITIES ON BEHALF OF OR WITH "PLAN ASSETS" WILL BE DEEMED TO
HAVE REPRESENTED BY ITS PURCHASE AND HOLDING HEREOF THAT (A) THE PURCHASE AND
HOLDING OF THE TRUST PREFERRED SECURITIES IS COVERED BY THE EXEMPTIVE RELIEF
PROVIDED BY PTCE 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE
EXEMPTION, (B) THE DEPOSITOR AND THE ADMINISTRATORS ARE NOT "FIDUCIARIES" WITHIN
THE MEANING OF SECTION 3(21) OF ERISA AND THE REGULATIONS THEREUNDER, WITH
RESPECT TO SUCH PERSON'S INTEREST IN THE TRUST PREFERRED SECURITIES OR THE

                                      C-1

<Page>

[SUBORDINATED] DEBT SECURITIES, AND (C) IN PURCHASING THE TRUST PREFERRED
SECURITIES SUCH PERSON APPROVES THE PURCHASE OF THE [SUBORDINATED] DEBENTURES
AND THE APPOINTMENT OF THE TRUSTEES.

                                      C-2
<Page>

CERTIFICATE NUMBER                             AGGREGATE LIQUIDATION AMOUNT
      D-1                                             $__________
                                         (__________ TRUST PREFERRED SECURITIES)

                          CUSIP NO. ___________________

                CERTIFICATE EVIDENCING TRUST PREFERRED SECURITIES

                                       OF

                             AMEREN CAPITAL TRUST __

                      ________% TRUST PREFERRED SECURITIES

            (LIQUIDATION AMOUNT $_____ PER TRUST PREFERRED SECURITY)

      Ameren Capital Trust __, a statutory business trust created under the laws
of the State of Delaware (the "Trust"), hereby certifies that
______________________ (the "Holder") is the registered owner of
_______________________ Dollars ($________) aggregate liquidation amount of
Trust Preferred Securities of the Trust representing a preferred undivided
beneficial interest in the assets of the Trust and designated as the Ameren
Capital Trust _________% Trust Preferred Securities (liquidation amount $_______
per Trust Preferred Security) (the "Trust Preferred Securities"). The Trust
Preferred Securities are transferable on the books and records of the Trust, in
person or by a duly authorized attorney, upon surrender of this certificate duly
endorsed and in proper form for transfer as provided in Section 505 of the Trust
Agreement (as defined below). The designations, rights, privileges,
restrictions, preferences and other terms and provisions of the Trust Preferred
Securities are set forth in, and this certificate and the Trust Preferred
Securities represented hereby are issued and shall in all respects be subject to
the terms and provisions of, the Amended and Restated Trust Agreement of the
Trust, dated as of ______________, as the same may be amended from time to time
(the "Trust Agreement"), among ________________________, as Depositor,
_____________________, as Property Trustee, __________________________, as
Delaware Trustee, the Administrators named herein and the Holders of Trust
Securities, including the designation of the terms of the Trust Preferred
Securities as set forth therein. The Holder is entitled to the benefits of the
Guarantee Agreement entered into by Ameren Corporation, a Missouri corporation,
as Guarantor, and __________________________, as Guarantee Trustee, dated as of
___________ (the "Guarantee Agreement"), to the extent provided therein. The
Trust will furnish a copy of the Trust Agreement and the Guarantee Agreement to
the Holder without charge upon written request to the Trust at its principal
place of business or registered office.

      Upon receipt of this certificate, the Holder is bound by the Trust
Agreement and is entitled to the benefits thereunder.

      Terms used but not defined herein have the meanings set forth in the Trust
Agreement.

                                      C-3

<Page>

      IN WITNESS WHEREOF, one of the Administrators of the Trust has executed
this certificate this ____ day of _____________________________.

                                              AMEREN CAPITAL TRUST __

                                              By: ______________________________
                                                  Name:
                                                  Title: Administrator

ADMINISTRATOR

This is one of the Trust Preferred Securities referred to in the within
mentioned Trust Agreement.

______________________________
as Property Trustee

By:___________________________
   Name:
   Title: [Authorized Officer]

                                       C-4
<Page>

                                   ASSIGNMENT

      FOR VALUE RECEIVED, the undersigned assigns and transfers this Trust
Preferred Security to:

________________________________________________________________________________
        (Insert assignee's social security or tax identification number)

________________________________________________________________________________

________________________________________________________________________________
                    (Insert address and zip code of assignee)

and irrevocably appoints _______________________________________________________

________________________________________________________________________________

agent to transfer this Trust Preferred Securities Certificate on the books of
the Trust. The agent may substitute another to act for him or her.

Date:________________________

Signature:________________________________________________________
          (Sign exactly as your name appears on the other side of
                 this Trust Preferred Securities Certificate)

The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to
Rule 17Ad-15 of the Securities Exchange Act of 1934.

                                      C-5<Page>

                                                                    Exhibit 4.15

================================================================================

                               AMEREN CORPORATION

                                       AND

                              THE BANK OF NEW YORK

                           as Purchase Contract Agent

                              --------------------

                           PURCHASE CONTRACT AGREEMENT

                              --------------------

                         Dated as of _________ ___, 200_

================================================================================
<Page>

                                    TIE SHEET
                                    ---------

Section of                                                 Section of
Trust Indenture Act                                        Purchase Contract
of 1939, as amended                                        Agreement
-------------------                                        -----------------

310(a)...................................................  7.8
310(b)...................................................  7.9(d) and (g), 11.8
310(c)...................................................  Inapplicable
311(a)...................................................  11.2(b)
311(b)...................................................  11.2(b)
311(c)...................................................  Inapplicable
312(a)...................................................  11.2(a)
312(b)...................................................  11.2(b)
313......................................................  11.3
314(a)...................................................  11.4
314(b)...................................................  Inapplicable
314(c)...................................................  11.5
314(d)...................................................  Inapplicable
314(e)...................................................  1.2
314(f)...................................................  11.1
315(a)...................................................  7.1(a)
315(b)...................................................  7.2
315(c)...................................................  7.1(h)
315(d)(1)................................................  7.1(a) and (b)
315(d)(2)................................................  7.1(b)
315(d)(3)................................................  11.9
316(a)(1)(A).............................................  11.9
316(a)(1)(B).............................................  11.6
316(b)...................................................  6.1
316(c)...................................................  11.2
317(a)...................................................  Inapplicable
317(b)...................................................  Inapplicable
318(a)...................................................  11.1(b)

----------
*    This Cross-Reference Table does not constitute part of the Purchase
     Contract Agreement and shall not affect the interpretation of any of its
     terms or provisions.

<Page>

                                TABLE OF CONTENTS

                                                                            PAGE
                                                                            ----

       ARTICLE I. Definitions and Other Provisions of General Application

SECTION 1.1   Definitions.....................................................1
SECTION 1.2   Compliance Certificates and Opinions...........................12
SECTION 1.3   Form of Documents Delivered to Agent...........................13
SECTION 1.4   Acts of Holders; Record Dates..................................14
SECTION 1.5   Notices........................................................15
SECTION 1.6   Notice To Holders; Waiver......................................16
SECTION 1.7   Effect of Headings and Table of Contents.......................16
SECTION 1.8   Successors and Assigns.........................................16
SECTION 1.9   Separability Clause............................................16
SECTION 1.10  Benefits of Agreement..........................................16
SECTION 1.11  Governing Law..................................................17
SECTION 1.12  Legal Holidays.................................................17
SECTION 1.13  Counterparts...................................................17
SECTION 1.14  Inspection of Agreement........................................17

                          ARTICLE II. Certificate Forms

SECTION 2.1   Forms of Certificates Generally................................17
SECTION 2.2   Form of Agent's Certificate of Authentication..................18

                             ARTICLE III. The Units

SECTION 3.1   Title and Terms; Denominations.................................19
SECTION 3.2   Rights And Obligations Evidenced by the Certificates...........19
SECTION 3.3   Execution, Authentication, Delivery and Dating.................20
SECTION 3.4   Temporary Certificates.........................................20
SECTION 3.5   Registration; Registration of Transfer and Exchange............21
SECTION 3.6   Book-Entry Interests...........................................22
SECTION 3.7   Notices to Holders.............................................23
SECTION 3.8   Appointment of Successor Clearing Agency.......................23
SECTION 3.9   Definitive Certificates........................................23
SECTION 3.10  Mutilated, Destroyed, Lost and Stolen Certificates.............24
SECTION 3.11  Persons Deemed Owners..........................................25
SECTION 3.12  Cancellation...................................................25
SECTION 3.13  Establishment of Stripped Units................................25
SECTION 3.14  Reestablishment of Normal Units................................27
SECTION 3.15  Transfer of Collateral Upon Occurrence of Termination Event....28
SECTION 3.16  No Consent to Assumption.......................................29

                                       i
<Page>

                              ARTICLE IV. The Notes

SECTION 4.1   Payment of Interest; Rights to Interest Payments Preserved;
              Notice.........................................................29
SECTION 4.2   Notice and Voting..............................................30
SECTION 4.3   Tax Event Redemption...........................................30

               ARTICLE V. The Purchase Contracts; the Remarketing

SECTION 5.1   Purchase of Shares of Common Stock.............................31
SECTION 5.2   Contract Adjustment Payments...................................32
SECTION 5.3   Deferral of Contract Adjustment Payments.......................33
SECTION 5.4   Payment of Purchase Price: Remarketing.........................35
SECTION 5.5   Issuance of Shares of Common Stock.............................39
SECTION 5.6   Adjustment of Settlement Rate..................................39
SECTION 5.7   Notice of Adjustments and Certain Other Events.................45
SECTION 5.8   Termination Event; Notice......................................45
SECTION 5.9   Early Settlement...............................................46
SECTION 5.10  Early Settlement Upon Merger...................................47
SECTION 5.11  Charges and Taxes..............................................49
SECTION 5.12  No Fractional Shares...........................................49

                              ARTICLE VI. Remedies

SECTION 6.1   Unconditional Right of Holders to Purchase Common Stock........49
SECTION 6.2   Restoration of Rights and Remedies.............................50
SECTION 6.3   Rights and Remedies Cumulative.................................50
SECTION 6.4   Delay or Omission Not Waiver...................................50
SECTION 6.5   Undertaking For Costs..........................................50
SECTION 6.6   Waiver of Stay or Extension Laws...............................50

                             ARTICLE VII. The Agent

SECTION 7.1   Certain Duties, Rights and Immunities..........................51
SECTION 7.2   Notice of Default..............................................53
SECTION 7.3   Certain Rights of Agent........................................53
SECTION 7.4   Not Responsible for Recitals, Etc..............................53
SECTION 7.5   May Hold Units and Other Dealings..............................54
SECTION 7.6   Money Held In Custody..........................................54
SECTION 7.7   Compensation and Reimbursement.................................54
SECTION 7.8   Corporate Agent Required; Eligibility..........................55
SECTION 7.9   Resignation and Removal; Appointment of Successor..............55
SECTION 7.10  Acceptance of Appointment by Successor.........................56
SECTION 7.11  Merger, Conversion, Consolidation or Succession to Business....56
SECTION 7.12  Preservation of Information; Communications to Holders.........57
SECTION 7.13  Failure to Act.................................................57
SECTION 7.14  No Obligations of Agent........................................58

                                       ii
<Page>

SECTION 7.15  Tax Compliance.................................................58

                      ARTICLE VIII. Supplemental Agreements

SECTION 8.1   Supplemental Agreements Without Consent of Holders.............58
SECTION 8.2   Supplemental Agreements With Consent of Holders................59
SECTION 8.3   Execution of Supplemental Agreements...........................60
SECTION 8.4   Effect of Supplemental Agreements..............................60
SECTION 8.5   Reference To Supplemental Agreements...........................60

              ARTICLE IX. Consolidation, Merger, Sale or Conveyance

SECTION 9.1   Covenant Not to Merge, Consolidate, Sell or Convey Property
              Except Under Certain Conditions................................60
SECTION 9.2   Rights and Duties of Successor Corporation.....................61
SECTION 9.3   Opinion of Counsel Given to Agent..............................61

                              ARTICLE X. Covenants

SECTION 10.1  Performance Under Purchase Contracts...........................62
SECTION 10.2  Maintenance of Office or Agency................................62
SECTION 10.3  Company To Reserve Common Stock................................62
SECTION 10.4  Covenants as to Common Stock...................................62

                         ARTICLE XI. Trust Indenture Act

SECTION 11.1  Trust Indenture Act; Application...............................63
SECTION 11.2  Lists of Holders of Securities.................................63
SECTION 11.3  Reports by the Agent...........................................63
SECTION 11.4  Periodic Reports to Agent......................................63
SECTION 11.5  Evidence of Compliance with Conditions Precedent...............63
SECTION 11.6  Defaults; Waiver...............................................64
SECTION 11.7  Agent's Knowledge of Defaults..................................64
SECTION 11.8  Conflicting Interests..........................................64
SECTION 11.9  Direction of Agent.............................................64

EXHIBIT A   Form of Normal Units Certificate
EXHIBIT B   Form of Stripped Units Certificate
EXHIBIT C   Instruction from Purchase Contract Agent to Collateral Agent
EXHIBIT D   Instruction to Purchase Contract Agent

                                      iii
<Page>

         PURCHASE CONTRACT AGREEMENT, dated as of _________ ___, 200_, between
Ameren Corporation, a Missouri corporation (the "Company"), and The Bank of New
York, a banking corporation of the State of New York, acting as purchase
contract agent for the Holders of Units from time to time (the "Agent").

                                    RECITALS

         The Company has duly authorized the execution and delivery of this
Agreement and the Certificates evidencing the Units.

         All things necessary to make the Purchase Contracts, when the
Certificates are executed by the Company and authenticated, executed on behalf
of the Holders and delivered by the Agent, as provided in this Agreement, the
valid obligations of the Company, and to constitute this Agreement a valid
agreement of the Company, in accordance with its terms, have been done.

                                   WITNESSETH:

         For and in consideration of the premises and the purchase of the Units
by the Holders thereof, it is mutually agreed as follows:

                                   ARTICLE I.

                        DEFINITIONS AND OTHER PROVISIONS
                             OF GENERAL APPLICATION

SECTION 1.1       DEFINITIONS.

         For all purposes of this Agreement, except as otherwise expressly
provided or unless the context otherwise requires:

         (a) the terms defined in this Article have the meanings assigned to
them in this Article and include the plural as well as the singular, and nouns
and pronouns of the masculine gender include the feminine and neuter genders;

         (b) all accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with generally accepted accounting principles in
the United States;

         (c) the words herein, hereof and hereunder and other words of similar
import refer to this Agreement as a whole and not to any particular Article,
Section or other subdivision; and

         (d) the following terms have the meanings given to them in this Section
1.1(d):

         "ACT" when used with respect to any Holder, has the meaning specified
in Section 1.4.

         "AFFILIATE" has the same meaning as given to that term in Rule 405 of
the Securities Act or any successor rule thereunder.
<Page>

         "AGENT" means the Person named as the Agent in the first paragraph of
this instrument until a successor Agent shall have become such pursuant to the
applicable provisions of this Agreement, and thereafter Agent shall mean such
Person.

         "AGENT-PURCHASED TREASURY CONSIDERATION" has the meaning specified in
Section 5.4(b)(i).

         "AGREEMENT" means this instrument as originally executed or as it may
from time to time be supplemented or amended by one or more agreements
supplemental hereto entered into pursuant to the applicable provisions hereof.

         "APPLICABLE MARKET VALUE" has the meaning specified in Section 5.1(c).

         "APPLICABLE OWNERSHIP INTEREST" means, with respect to a Normal Unit
and the Treasury Securities in the Treasury Portfolio, (A) a 1/40, or 2.5%,
undivided beneficial ownership interest in a $1,000 principal or interest amount
of a principal or interest strip in a U.S. Treasury security included in such
Treasury Portfolio which matures on or prior to ___________, 200_ and (B) for
the scheduled interest Payment Date on the Notes that occurs on the Stock
Purchase Date, in the case of a successful remarketing, or for each scheduled
interest Payment Date on the Notes that occurs after the Tax Event Redemption
Date and on or before the Stock Purchase Date, in the case of a Tax Event
Redemption, a 2.5.% undivided beneficial ownership interest in a $1,000
principal or interest of a principal or interest strip in a U.S. Treasury
security included in the Treasury Portfolio that matures on or prior to that
interest Payment Date or Dates.

         "APPLICANTS" has the meaning specified in Section 7.12(b).

         "BANKRUPTCY CODE" means Title 11 of the United States Code, or any
other law of the United States that from time to time provides a uniform system
of bankruptcy laws.

         "BENEFICIAL OWNER" means, with respect to a Book-Entry Interest, a
Person who is the beneficial owner of such Book-Entry Interest as reflected on
the books of the Clearing Agency or on the books of a Person maintaining an
account with such Clearing Agency (directly as a Clearing Agency Participant or
as an indirect participant, in each case in accordance with the rules of such
Clearing Agency).

         "BOARD OF DIRECTORS" means either the Board of Directors of the Company
or the Executive Committee of such Board or any other committee of such Board
duly authorized to act generally or in any particular respect for the Board
hereunder.

         "BOARD RESOLUTION" means (i) a copy of a resolution certified by the
Secretary or the Assistant Secretary of the Company to have been duly adopted by
the Board of Directors and to be in full force and effect on the date of such
certification, (ii) a copy of a unanimous written consent of the Board of
Directors or (iii) a certificate signed by the authorized officer or officers to
whom the Board of Directors has delegated its authority, and in each case,
delivered to the Agent.

                                       2
<Page>

         "BOOK-ENTRY INTEREST" means a beneficial interest in a Global
Certificate, ownership and transfers of which shall be maintained and made
through book entries by a Clearing Agency as described in Section 3.6.

         "BUSINESS DAY" means any day that is not a Saturday, Sunday or day on
which banking institutions and trust companies in The City of New York (in the
State of New York) or at any other place of payment, are authorized or required
by law, regulation or executive order to close.

         "CAPITAL STOCK" means any and all shares, interests, rights to
purchase, warrants, options, participations or other equivalents of or interests
in (however designated, whether voting or non-voting) corporate stock or similar
interests in other types of entities.

         "CASH MERGER" has the meaning set forth in Section 5.10.

         "CASH SETTLEMENT" has the meaning set forth in Section 5.4(a).

         "CERTIFICATE" means a Normal Units Certificate or a Stripped Units
Certificate.

         "CLEARING AGENCY" means an organization registered as a Clearing Agency
pursuant to Section 17A of the Exchange Act that is acting as a depositary for
the Units and in whose name, or in the name of a nominee of that organization,
shall be registered a Global Certificate and which shall undertake to effect
book-entry transfers and pledges of the Units.

         "CLEARING AGENCY PARTICIPANT" means a broker, dealer, bank, other
financial institution or other Person for whom from time to time the Clearing
Agency effects book-entry transfers and pledges of securities deposited with the
Clearing Agency.

         "CLOSING PRICE" has the meaning specified in Section 5.1(c).

         "COLLATERAL" has the meaning specified in Section 2.1(a)(iii) of the
Pledge Agreement.

         "COLLATERAL AGENT" means BNY Trust Company of Missouri, a
__________________, as Collateral Agent under the Pledge Agreement until a
successor Collateral Agent shall have become such pursuant to the applicable
provisions of the Pledge Agreement, and thereafter Collateral Agent shall mean
the Person who is then the Collateral Agent thereunder.

         "COLLATERAL SUBSTITUTION" has the meaning specified in Section 3.13(a).

         "COMMON STOCK" means the Common Stock, par value $.01 per share, of the
Company.

         "COMPANY" means the Person named as the Company in the first paragraph
of this instrument until a successor shall have become such pursuant to the
applicable provision of this Agreement, and thereafter Company shall mean such
successor.

         "CONSTITUENT PERSON" has the meaning specified in Section 5.6(b).

         "CONTRACT ADJUSTMENT PAYMENTS" means, in the case of Normal Units and
Stripped Units, the amount payable by the Company in respect of each Purchase
Contract constituting a

                                       3
<Page>

part of such Unit, equal to _____% per year of the Stated Amount, in each case
computed (i) for any full quarterly period on the basis of a 360-day year of
twelve 30-day months and (ii) for any period shorter than a full quarterly
period, on the basis of a 30-day month, and for periods of less than a month on
the basis of the actual number of days elapsed per 30-day month, plus any
Deferred Contract Adjustment Payments accrued pursuant to Section 5.3.

         "CORPORATE TRUST OFFICE" means the principal corporate trust office of
the Agent at which, at any particular time, its corporate trust business shall
be administered, which office at the date hereof is located at The Bank of New
York, 101 Barclay Street, New York, New York 10286.

         "COUPON RATE" means the percentage rate per annum at which each Note
will bear interest initially.

         "CURRENT MARKET PRICE" has the meaning specified in Section 5.6(a)(8).

         "CUSTODIAL AGENT" means BNY Trust Company of Missouri, a
__________________, as Custodial Agent under the Pledge Agreement until a
successor Custodial Agent shall have become such pursuant to the applicable
provisions of the Pledge Agreement, and thereafter Custodial Agent shall mean
the Person who is then the Custodial Agent thereunder.

         "DEFAULT" means a default by the Company in any of its obligations
under this Agreement.

         "DEFERRED CONTRACT ADJUSTMENT PAYMENTS" has the meaning specified in
Section 5.3(a).

         "DEPOSITARY" means, initially, DTC, until another Clearing Agency
becomes its successor.

         "DTC" means The Depository Trust Company, the initial Clearing Agency.

         "EARLY SETTLEMENT" has the meaning specified in Section 5.9(a).

         "EARLY SETTLEMENT AMOUNT" has the meaning specified in Section 5.9(a).

         "EARLY SETTLEMENT DATE" has the meaning specified in Section 5.9(a).

         "EARLY SETTLEMENT RATE" has the meaning specified in Section 5.9(b).

         "EXCHANGE ACT" means the Securities Exchange Act of 1934 and any
statute successor thereto, in each case as amended from time to time, and the
rules and regulations promulgated thereunder.

         "EXPIRATION DATE" has the meaning specified in Section 1.4(f).

         "EXPIRATION TIME" has the meaning specified in Section 5.6(a)(6).

         "FAILED REMARKETING" has the meaning specified in Section 5.4(b)(ii).

                                       4
<Page>

         "FAIR MARKET VALUE" with respect to securities distributed in a Spin-
Off means (a) in the case of any Spin-Off that is effected simultaneously with
and Initial Public Offering of such securities, the initial public offering
price of those securities, and (b) in the case of any other Spin- Off, the
average of the Sale Prices of those securities over the first 10 Trading Days
after the effective date of such Spin-Off.

         "GLOBAL CERTIFICATE" means a Certificate that evidences all or part of
the Units and is registered in the name of a Depositary or a nominee thereof.

         "HOLDER" means the Person in whose name the Unit evidenced by a Normal
Units Certificate and/or a Stripped Units Certificate is registered in the
related Normal Units Register and/or the Stripped Units Register, as the case
may be.

         "INDENTURE" means the Indenture, dated as of December 1, 2001, between
the Company and the Trustee.

         "INITIAL PUBLIC OFFERING" with respect to a Spin-Off means the first
time securities of the same class or type as the securities being distributed in
such Spin-Off are bona fide offered to the public for cash.

         "ISSUER ORDER" or "ISSUER REQUEST" means a written order or request
signed in the name of the Company by the Chief Executive Officer, the Chief
Financial Officer, the President, any Vice-President, the Treasurer, any
Assistant Treasurer, the Secretary or any Assistant Secretary (or other officer
performing similar functions) of the Company and delivered to the Agent.

         "LAST FAILED REMARKETING" has the meaning specified in Section
5.4(b)(ii).

         "MERGER EARLY SETTLEMENT" has the meaning specified in Section 5.10(a).

         "MERGER EARLY SETTLEMENT AMOUNT" has the meaning specified in Section
5.10(b).

         "MERGER EARLY SETTLEMENT DATE" has the meaning specified in Section
5.10(a)(i).

         "NON-ELECTING SHARE" has the meaning specified in Section 5.6(b).

         "NORMAL UNIT" means the collective rights and obligations of a Holder
of a Normal Units Certificate in respect of a Note or the appropriate Treasury
Consideration or Applicable Ownership Interest in the Treasury Portfolio, as the
case may be, subject in each case to the Pledge thereof, and the related
Purchase Contract.

         "NORMAL UNITS CERTIFICATE" means a certificate evidencing the rights
and obligations of a Holder in respect of the number of Normal Units specified
on such certificate, substantially in the form of Exhibit A hereto.

         "NORMAL UNITS REGISTER" and "NORMAL UNITS REGISTRAR" have the
respective meanings specified in Section 3.5(a).

                                       5
<Page>

         "NOTES" means the series of senior debt securities of the Company
designated the ____% Senior Notes due 200_, to be issued under the Indenture.

         "NYSE" has the meaning specified in Section 5.1(c).

         "OFFICER'S CERTIFICATE" means a certificate signed by the Chief
Executive Officer, the Chief Financial Officer, the President, any
Vice-President, the Treasurer, any Assistant Treasurer, the Secretary or any
Assistant Secretary (or other officer performing similar functions) of the
Company and delivered to the Agent.

         "OPINION OF COUNSEL" means an opinion in writing signed by legal
counsel, who may be an employee of or counsel to the Company or an Affiliate and
who shall be reasonably acceptable to the Agent.

         "OPT-OUT TREASURY CONSIDERATION" has meaning specified in Section
5.4(b)(iv).

         "OUTSTANDING UNITS" means, as of the date of determination, all Normal
Units or Stripped Units evidenced by Certificates theretofore authenticated,
executed and delivered under this Agreement, except:

                  (i) If a Termination Event has occurred, (A) Stripped Units
         and (B) Normal Units for which the related Note or the appropriate
         Treasury Consideration or Applicable Ownership Interest in the Treasury
         Portfolio, as the case may be, has been theretofore deposited with the
         Agent in trust for the Holders of such Normal Units;

                  (ii) Normal Units and Stripped Units evidenced by Certificates
         theretofore cancelled by the Agent or delivered to the Agent for
         cancellation or deemed cancelled pursuant to the provisions of this
         Agreement; and

                  (iii) Normal Units and Stripped Units evidenced by
         Certificates in exchange for or in lieu of which other Certificates
         have been authenticated, executed on behalf of the Holder and delivered
         pursuant to this Agreement, other than any such Certificate in respect
         of which there shall have been presented to the Agent proof
         satisfactory to it that such Certificate is held by a bona fide
         purchaser in whose hands the Normal Units or Stripped Units evidenced
         by such Certificate are valid obligations of the Company;

provided, that in determining whether the Holders of the requisite number of the
Normal Units or Stripped Units have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, Normal Units or Stripped Units
owned by the Company or any Affiliate of the Company shall be disregarded and
deemed not to be outstanding, except that, in determining whether the Agent
shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Normal Units or Stripped Units which
a Responsible Officer of the Agent knows to be so owned shall be so disregarded.
Normal Units or Stripped Units so owned which have been pledged in good faith
may be regarded as Outstanding Units if the pledgee establishes to the
satisfaction of the Agent the pledgee's right so to act with respect to such
Normal Units or Stripped Units and that the pledgee is not the Company or any
Affiliate of the Company.

                                       6
<Page>

         "PAYMENT DATE" means each ____________, ____________, ____________ and
____________, commencing ____________, 200_.

         "PERSON" means any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.

         "PLEDGE" means the pledge under the Pledge Agreement of the Notes, the
Treasury Securities or the appropriate Treasury Consideration or Applicable
Ownership Interest in the Treasury Portfolio, in each case constituting a part
of the Units, property, cash, securities, financial assets and security
entitlements of the Collateral Account (as defined in the Pledge Agreement) and
any proceeds of any of the foregoing.

         "PLEDGE AGREEMENT" means the Pledge Agreement, dated as of the date
hereof, by and among the Company, the Collateral Agent, the Custodial Agent, the
Securities Intermediary and the Agent, on its own behalf and as attorney-in-fact
for the Holders from time to time of the Units.

         "PLEDGED APPLICABLE OWNERSHIP INTEREST" in the Treasury Portfolio has
the meaning set forth in Section 2.1(c) of the Pledge Agreement.

         "PLEDGED NOTES" has the meaning set forth in Section 2.1(c) of the
Pledge Agreement.

         "PLEDGED TREASURY CONSIDERATION" has the meaning set forth in Section
2.1(c) of the Pledge Agreement.

         "PLEDGED TREASURY SECURITIES" has the meaning set forth in Section
2.1(c) of the Pledge Agreement.

         "PREDECESSOR CERTIFICATE" means a Predecessor Normal Units Certificate
or a Predecessor Stripped Units Certificate.

         "PREDECESSOR NORMAL UNITS CERTIFICATE" of any particular Normal Units
Certificate means every previous Normal Units Certificate evidencing all or a
portion of the rights and obligations of the Company and the Holder under the
Normal Units evidenced thereby; and, for the purposes of this definition, any
Normal Units Certificate authenticated and delivered under Section 3.10 in
exchange for or in lieu of a mutilated, destroyed, lost or stolen Normal Units
Certificate shall be deemed to evidence the same rights and obligations of the
Company and the Holder as the mutilated, destroyed, lost or stolen Normal Units
Certificate.

         "PREDECESSOR STRIPPED UNITS CERTIFICATE" of any particular Stripped
Units Certificate means every previous Stripped Units Certificate evidencing all
or a portion of the rights and obligations of the Company and the Holder under
the Stripped Units evidenced thereby; and, for the purposes of this definition,
any Stripped Units Certificate authenticated and delivered under Section 3.10 in
exchange for or in lieu of a mutilated, destroyed, lost or stolen Stripped Units
Certificate shall be deemed to evidence the same rights and obligations of the
Company and the Holder as the mutilated, destroyed, lost or stolen Stripped
Units Certificate.

                                       7
<Page>

         "PURCHASE CONTRACT," when used with respect to any Unit, means the
contract forming a part of such Unit and obligating the Company to sell and the
Holder of such Unit to purchase Common Stock on the terms and subject to the
conditions set forth in Article V.

         "PURCHASE CONTRACT SETTLEMENT FUND" has the meaning specified in
Section 5.5.

         "PURCHASE PRICE" has the meaning specified in Section 5.1(a).

         "PURCHASED SHARES" has the meaning specified in Section 5.6(a)(6).

         "QUOTATION AGENT" means each of _____________ and _____________ or any
of their respective successors or any other primary U.S. government securities
dealer in New York City selected by the Company.

         "RECORD DATE" for the distribution payable on any Payment Date means,
as to any Global Certificate, the Business Day next preceding such Payment Date,
and as to any other Certificate, the 15th day preceding such Payment Date.

         "REDEMPTION AMOUNT" means, for each Note, the product of (i) the
principal amount of such Note and (ii) a fraction whose numerator is the
applicable Treasury Portfolio Purchase Price and whose denominator is the
applicable Tax Event Redemption Principal Amount.

         "REDEMPTION PRICE" means the redemption price per Note equal to the
Redemption Amount plus any accrued and unpaid interest on such Note to the date
of redemption.

         "REGISTER" means the Normal Units Register and the Stripped Units
Register, as applicable.

         "REGISTRAR" means the Normal Units Registrar and the Stripped Units
Registrar, as applicable.

         "REMARKETING AGENT" has the meaning specified in Section 5.4(b)(i).

         "REMARKETING AGREEMENT" means the Remarketing Agreement to be entered
into by and among the Company, the Remarketing Agent and the Agent.

         "REMARKETING DATE" means the third business day preceding _________,
200_.

         "REMARKETING FEE" has the meaning specified in Section 5.4(b)(i).

         "REMARKETING PERIOD" means the three Business Day period either (i)
beginning on the Remarketing Date and ending after the two immediately following
Business Days; (ii) immediately preceding ___________, 200_; or (iii)
immediately preceding ____________, 200_.

         "REMARKETING VALUE" means the sum of

                  (i) the value at the Remarketing Date or any Subsequent
         Remarketing Date, as the case may be, of U.S. Treasury securities that
         will pay, on or prior to the Payment

                                       8
<Page>

         Date falling on the Stock Purchase Date, an amount of cash equal to the
         aggregate interest payments that are scheduled to be payable on that
         Payment Date, on the Notes which are included in Normal Units and are
         participating in the remarketing, assuming for that purpose, even if
         not true, that the interest rate on the Notes is equal to the Coupon
         Rate, and

                  (ii) the value at the Remarketing Date or any Subsequent
         Remarketing Date, as the case may be, of U.S. Treasury securities that
         will pay, on or prior to the Stock Purchase Date, an amount of cash
         equal to the Stated Amount of such Notes that are included in Normal
         Units and which are participating in the remarketing,

provided that for purposes of clauses (i) and (ii) above, the Remarketing Value
shall be calculated on the assumptions that (x) the U.S. Treasury securities are
highly liquid and mature on or within 35 days prior to the Stock Purchase Date,
as determined in good faith by the Remarketing Agent in a manner intended to
minimize the cash value of the U.S. Treasury securities, and (y) the U.S.
Treasury securities are valued based on the ask-side price of the U.S. Treasury
securities at a time between 9:00 a.m. and 11:00 a.m., New York City time,
selected by the Remarketing Agent, on the Remarketing Date or any Subsequent
Remarketing Date, as the case may be, as determined on a third-day settlement
basis by a reasonable and customary means selected in good faith by the
Remarketing Agent, plus accrued interest to that date.

         "REORGANIZATION EVENT" has the meaning specified in Section 5.6(b).

         "RESPONSIBLE OFFICER" means, when used with respect to the Agent, any
officer within the corporate trust department of the Agent (or any successor of
the Agent), including any Vice President, any assistant Vice President, any
assistant secretary, the treasurer, any assistant treasurer, any trust officer
or any other officer of the Agent who customarily performs functions similar to
those performed by the Persons who at the time shall be such officers,
respectively, or to whom any corporate trust matter is referred because of such
Person's knowledge of and familiarity with the particular subject and who shall
have direct responsibility for the administration of this Agreement.

         "SALE PRICE OF THE COMMON STOCK" or any securities distributed in a
Spin-Off, as the case may be, on any Trading Day means the closing sale price
per share (or if no closing sale price is reported, the average of the bid and
ask prices or, if more than one in either case, the average of the average bid
and the average asked prices) on such Trading Day as reported in composite
transactions for the principal U.S. securities exchange on which the Common
Stock or such securities are traded or, if the Common Stock or such securities
are not listed on a U.S. national or regional securities exchange, as reported
by Nasdaq.

         "SECURITIES ACT" means the Securities Act of 1933, as amended.

         "SECURITIES INTERMEDIARY" means BNY Trust Company of Missouri, a
___________________, in its capacity as Securities Intermediary under the Pledge
Agreement, together with its successors in such capacity.

         "SEPARATE NOTES" has the meaning set forth in the Pledge Agreement.

                                       9
<Page>

         "SETTLEMENT DATE" means any Early Settlement Date or Merger Early
Settlement Date or the Stock Purchase Date.

         "SETTLEMENT RATE" has the meaning specified in Section 5.1(a).

         "SPIN-OFF" means a dividend or other distribution of shares of Capital
Stock of any class or series, or similar equity interests, of or relating to a
subsidiary or other business unit of the Company.

         "STATED AMOUNT" means, with respect to any one Note, Normal Unit or
Stripped Unit, $25.

         "STOCK PURCHASE DATE" means ____________, 200_.

         "STRIPPED UNIT" means the collective rights and obligations of a holder
of a Stripped Units Certificate in respect of a 1/40 undivided beneficial
interest in a Treasury Security, subject in each case to the Pledge thereof, and
the related Purchase Contract.

         "STRIPPED UNITS CERTIFICATE" means a certificate evidencing the rights
and obligations of a Holder in respect of the number of Stripped Units specified
on such certificate, substantially in the form of Exhibit B hereto.

         "STRIPPED UNITS REGISTER" and "STRIPPED UNITS REGISTRAR" have the
respective meanings specified in Section 3.5(a).

         "SUBSEQUENT REMARKETING DATE" means, provided there has been one or
more Failed Remarketings, the date on which the Remarketing Agent has
consummated a successful remarketing in accordance with Section 5.4 hereof, such
date to be no later than the business day immediately preceding the Stock
Purchase Date.

         "TAX EVENT" means the receipt by the Company of an opinion of a
nationally recognized tax counsel experienced in such matters, which may be
McDermott, Will & Emery, to the effect that there is more than an insubstantial
risk that interest payable by the Company on the Notes on the next Payment Date
would not be deductible, in whole or in part, by the Company for United States
federal income tax purposes, as a result of (a) any amendment to, or change
(including any announced proposed change) in, the laws (or any regulations
thereunder) of the United States or any political subdivision or taxing
authority thereof or therein affecting taxation, (b) any amendment to or change
in an official interpretation or application of such laws or regulations by any
legislative body, court, governmental agency or regulatory authority or (c) any
official interpretation or pronouncement that provides for a position with
respect to such laws or regulations that differs from the generally accepted
position on _________, 200_, which amendment, change or proposed change is
effective or which interpretation or pronouncement is announced on or after
__________, 200_.

         "TAX EVENT REDEMPTION" means, if a Tax Event shall occur and be
continuing, the redemption of the Notes, at the option of the Company, in whole
but not in part, on not less than 30 days nor more than 60 days' written notice.

                                       10
<Page>

         "TAX EVENT REDEMPTION DATE" means the date upon which a Tax Event
Redemption is to occur.

         "TAX EVENT REDEMPTION PRINCIPAL AMOUNT" means in the case of a Tax
Event Redemption occurring prior to a successful remarketing of the Notes, for
each Note the product of the principal amount of the Note and a fraction whose
numerator is the Treasury Portfolio Purchase Price and whose denominator is the
aggregate principal amount of Notes included in Normal Units, and in the case of
a Tax Event Redemption Date occurring after a successful remarketing of the
Notes, the par value of the Notes.

         "TERMINATION DATE" means the date, if any, on which a Termination Event
occurs.

         "TERMINATION EVENT" means the occurrence of any of the following
events:

                  (i) at any time on or prior to the Stock Purchase Date, a
         judgment, decree or court order shall have been entered granting relief
         under the Bankruptcy Code or any other similar Federal or state law,
         adjudicating the Company to be insolvent, or approving as properly
         filed a petition seeking reorganization or liquidation of the Company,
         and, unless such judgment, decree or order shall have been entered
         within 60 days prior to the Stock Purchase Date, such decree or order
         shall have continued undischarged and unstayed for a period of 60 days;

                  (ii) a judgment, decree or court order for the appointment of
         a receiver or liquidator or trustee or assignee in bankruptcy or
         insolvency of the Company or of its property, or for the winding up or
         liquidation of its affairs, shall have been entered, and, unless such
         judgment, decree or order shall have been entered within 60 days prior
         to the Stock Purchase Date, such judgment, decree or order shall have
         continued undischarged and unstayed for a period of 60 days; or

                  (iii) at any time on or prior to the Stock Purchase Date the
         Company shall file a petition for relief under the Bankruptcy Code or
         any other similar federal or state law, or shall consent to the filing
         of a bankruptcy proceeding against it, or shall file a petition or
         answer or consent seeking reorganization or liquidation under the
         Bankruptcy Code or any other similar federal or state law, or shall
         consent to the filing of any such petition, or shall consent to the
         appointment of a receiver or liquidator or trustee or assignee in
         bankruptcy or insolvency of it or of its property, or shall make an
         assignment for the benefit of creditors, or shall admit in writing its
         inability to pay its debts generally as they become due.

         "THRESHOLD APPRECIATION PRICE" has the meaning specified in Section
5.1(a)(i).

         "TIA" means the Trust Indenture Act of 1939, as amended.

         "TRADING DAY" has the meaning specified in Section 5.1(c).

         "TRANSACTION DOCUMENTS" has the meaning specified in Section 7.1(a).

                                       11
<Page>

         "TREASURY CONSIDERATION" means the Agent-purchased Treasury
Consideration or the Opt-out Treasury Consideration.

         "TREASURY PORTFOLIO" means: (i) if a Tax Event Redemption occurs prior
to a successful remarketing of the Notes, a portfolio of principal or interest
strips of U.S. Treasury Securities that mature on or prior to the Stock Purchase
Date in an aggregate amount equal to the aggregate principal amount of the Notes
included in the Normal Units on the Tax Event Redemption Date and with respect
to each scheduled interest Payment Date on the Notes that occurs after the Tax
Event Redemption Date and on or before the Stock Purchase Date, interest or
principal strips of U.S. Treasury Securities that mature on or prior to such
interest Payment Date in an aggregate amount equal to the aggregate interest
payment that would be due on the aggregate principal amount of the Notes on such
date if the interest rate of the Notes were not reset on the applicable
Remarketing Date, and (ii) solely for purposes of determining the Treasury
Portfolio Purchase Price in the case of a Tax Event Redemption Date occurring
prior to a successful remarketing of the Notes, a portfolio of U.S. Treasury
Securities consisting of principal or interest strips of U.S. Treasury
Securities that mature on or prior to the Stock Purchase Date in an aggregate
amount equal to the aggregate principal amount of the Notes outstanding on the
Tax Event Redemption Date and with respect to each scheduled interest Payment
Date on the Notes that occurs after the Tax Event Redemption Date and on or
before the Stock Purchase Date, interest or principal strips of U.S. Treasury
Securities that mature on or prior to such interest Payment Date in an aggregate
amount equal to the aggregate interest payment that would be due on the
aggregate principal amount of the Notes outstanding on the Tax Event Redemption
Date.

         "TREASURY PORTFOLIO PURCHASE PRICE" means the lowest aggregate price
quoted by a primary U.S. government securities dealer in New York City to the
Quotation Agent on the third Business Day immediately preceding the Tax Event
Redemption Date for the purchase of the Treasury Portfolio for settlement on the
Tax Event Redemption Date.

         "TREASURY SECURITY" means a zero-coupon U.S. Treasury security (CUSIP
Number __________) maturing on the Stock Purchase Date that will pay $1,000 on
such maturity date.

         "TRUSTEE" means The Bank of New York, a banking corporation of the
State of New York, as trustee under the Indenture, or any successor thereto.

         "UNDERWRITING AGREEMENT" means the Underwriting Agreement relating to
the Units dated _____________, 200_ among the Company and the underwriters named
therein.

         "UNIT" means a Normal Unit or a Stripped Unit.

         "VICE-PRESIDENT" means any vice-president, whether or not designated by
a number or a word or words added before or after the title vice-president.

SECTION 1.2       COMPLIANCE CERTIFICATES AND OPINIONS.

         Except as otherwise expressly provided by this Agreement, upon any
application or request by the Company to the Agent to take any action under any
provision of this Agreement, the Company shall furnish to the Agent an Officer's
Certificate stating that all conditions precedent, if any, provided for in this
Agreement relating to the proposed action have been

                                       12
<Page>

complied with and, if requested by the Agent, an Opinion of Counsel stating
that, in the opinion of such counsel, all such conditions precedent, if any,
have been complied with, except that in the case of any such application or
request as to which the furnishing of such documents is specifically required by
any provision of this Agreement relating to such particular application or
request, no additional certificate or opinion need be furnished.

         Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Agreement shall include:

         (a) a statement that the individual signing such certificate or opinion
has read such covenant or condition and the definitions herein relating thereto;

         (b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such
certificate or opinion are based;

         (c) a statement that, in the opinion of such individual, he or she has
made such examination or investigation as is necessary to enable such individual
to express an informed opinion as to whether or not such covenant or condition
has been complied with; and

         (d) a statement as to whether, in the opinion of such individual, such
condition or covenant has been complied with.

SECTION 1.3       FORM OF DOCUMENTS DELIVERED TO AGENT.

         (a) In any case where several matters are required to be certified by,
or covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several documents.

         (b) Any certificate or opinion of an officer of the Company may be
based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate or Opinion of Counsel may be based, insofar as
it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Company stating that the
information with respect to such factual matters is in the possession of the
Company unless such counsel knows, or in the exercise of reasonable care should
know, that the certificate or opinion or representations with respect to such
matters are erroneous.

         Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Agreement, they may, but need not, be consolidated and
form one instrument.

                                       13
<Page>

SECTION 1.4       ACTS OF HOLDERS; RECORD DATES.

         (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Agreement to be given or taken by
Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by agent duly
appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered
to the Agent and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the Act of the Holders signing such
instrument or instruments. Proof of execution of any such instrument or of a
writing appointing any such agent shall be sufficient for any purpose of this
Agreement and (subject to Section 7.1) conclusive in favor of the Agent and the
Company, if made in the manner provided in this Section.

         (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved in any manner which the Agent deems
sufficient.

         (c) The ownership of Units shall be proved by the Normal Units Register
or the Stripped Units Register, as the case may be.

         (d) Any request, demand, authorization, direction, notice, consent,
waiver or other Act of the Holder of any Certificate shall bind every future
Holder of the same Certificate and the Holder of every Certificate issued upon
the registration of transfer thereof or in exchange therefor or in lieu thereof
in respect of anything done, omitted or suffered to be done by the Agent or the
Company in reliance thereon, whether or not notation of such action is made upon
such Certificate.

         (e) The Company may set any day as a record date for the purpose of
determining the Holders of Outstanding Units entitled to give, make or take any
request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Agreement to be given, made or taken by
Holders of Units. If any record date is set pursuant to this paragraph, the
Holders of the Outstanding Normal Units and the Outstanding Stripped Units, as
the case may be, on such record date, and no other Holders, shall be entitled to
take the relevant action with respect to the Normal Units or the Stripped Units,
as the case may be, whether or not such Holders remain Holders after such record
date; provided that no such action shall be effective hereunder unless taken on
or prior to the applicable Expiration Date by Holders of the requisite number of
Outstanding Units on such record date. Nothing in this paragraph shall be
construed to prevent the Company from setting a new record date for any action
for which a record date has previously been set pursuant to this paragraph
(whereupon the record date previously set shall automatically and with no action
by any Person be cancelled and of no effect), and nothing in this paragraph
shall be construed to render ineffective any action taken by Holders of the
requisite number of Outstanding Units on the date such action is taken. Promptly
after any record date is set pursuant to this paragraph, the Company, at its own
expense, shall cause notice of such record date, the proposed action by Holders
and the applicable Expiration Date to be given to the Agent in writing and to
each Holder of Units in the manner set forth in Section 1.6.

                                       14
<Page>

         (f) With respect to any record date set pursuant to this Section, the
Company may designate any date as the Expiration Date and from time to time may
change the Expiration Date to any earlier or later day; provided that no such
change shall be effective unless notice of the proposed new Expiration Date is
given to the Agent in writing, and to each Holder of Units in the manner set
forth in Section 1.6, on or prior to the existing Expiration Date. If an
Expiration Date is not designated with respect to any record date set pursuant
to this Section, the Company shall be deemed to have initially designated the
180th day after such record date as the Expiration Date with respect thereto,
subject to its right to change the Expiration Date as provided in this
paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than
the 180th day after the applicable record date.

SECTION 1.5       NOTICES.

         Any request, demand, authorization, direction, notice, consent, waiver
or Act of Holders or other document provided or permitted by this Agreement to
be made upon, given or furnished to, or filed with:

         (a) the Agent by any Holder or by the Company shall be sufficient for
every purpose hereunder (unless otherwise herein expressly provided) if made,
given, furnished or filed in writing and personally delivered, mailed,
first-class postage prepaid, telecopied or delivered by overnight air courier
guaranteeing next day delivery, to the Agent at The Bank of New York, 101
Barclay Street, New York, New York 10286, Attention: Vice President, telecopy:
(212) 896-7298, or at any other address furnished in writing by the Agent to the
Holders and the Company; or

         (b) the Company by the Agent or by any Holder shall be sufficient for
every purpose hereunder (unless otherwise herein expressly provided) if made,
given, furnished or filed in writing and personally delivered, mailed,
first-class postage prepaid, telecopied or delivered by overnight air courier
guaranteeing next day delivery, to the Company at Ameren Corporation, 1901
Chouteau Avenue, St. Louis, Missouri 63103, telecopy: (314) 554-2888, Attention:
Treasurer, or at any other address furnished in writing to the Agent by the
Company; or

         (c) the Collateral Agent by the Agent, the Company or any Holder shall
be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if made, given, furnished or filed in writing and personally
delivered, mailed, first-class postage prepaid, telecopied or delivered by
overnight air courier guaranteeing next day delivery, addressed to the
Collateral Agent at BNY Trust Company of Missouri,
______________________________, Attention: _______________, telecopy:
_________________, or at any other address furnished in writing by the
Collateral Agent to the Agent, the Company and the Holders; or

         (d) the Trustee by the Company shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if made, given, furnished
or filed in writing and personally delivered, mailed, first-class postage
prepaid, telecopied or delivered by overnight air courier guaranteeing next day
delivery, addressed to the Trustee at The Bank of New York, 101 Barclay Street,
New York, New York 10286, Attention: Corporate Trust Administration, telecopy:
(212) 896-7298 or at any other address furnished in writing by the Trustee to
the Company.

                                       15
<Page>

SECTION 1.6       NOTICE TO HOLDERS; WAIVER.

         (a) Where this Agreement provides for notice to Holders of any event,
such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to each Holder
affected by such event, at its address as it appears in the applicable Register,
not later than the latest date, and not earlier than the earliest date,
prescribed for the giving of such notice. In any case where notice to Holders is
given by mail, neither the failure to mail such notice, nor any defect in any
notice so mailed to any particular Holder shall affect the sufficiency of such
notice with respect to other Holders. Where this Agreement provides for notice
in any manner, such notice may be waived in writing by the Person entitled to
receive such notice, either before or after the event, and such waiver shall be
the equivalent of such notice. Waivers of notice by Holders shall be filed with
the Agent, but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such waiver.

         (b) In case by reason of the suspension of regular mail service or by
reason of any other cause it shall be impracticable to give such notice by mail,
then such notification as shall be made with the approval of the Agent shall
constitute a sufficient notification for every purpose hereunder.

SECTION 1.7       EFFECT OF HEADINGS AND TABLE OF CONTENTS.

         The Article and Section headings herein and the Table of Contents are
for convenience only and shall not affect the construction hereof.

SECTION 1.8       SUCCESSORS AND ASSIGNS.

         All covenants and agreements in this Agreement by the Company shall
bind its successors and assigns, whether so expressed or not.

SECTION 1.9       SEPARABILITY CLAUSE.

         In case any provision in this Agreement or in the securities shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions hereof and thereof shall not in any way be affected or
impaired thereby.

SECTION 1.10      BENEFITS OF AGREEMENT.

         Nothing in this Agreement or in the Units, express or implied, shall
give to any Person, other than the parties hereto and their successors hereunder
and, to the extent provided hereby, the Holders, any benefits or any legal or
equitable right, remedy or claim under this Agreement. The Holders from time to
time shall be beneficiaries of this Agreement and shall be bound by all of the
terms and conditions hereof and of the Units evidenced by their Certificates by
their acceptance of delivery of such Certificates.

                                       16
<Page>

SECTION 1.11      GOVERNING LAW.

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

SECTION 1.12      LEGAL HOLIDAYS.

         (a) In any case where any Payment Date shall not be a Business Day,
then (notwithstanding any other provision of this Agreement or the Normal Units
Certificates) payments on the Notes shall not be made on such date, but such
payments shall be made on the next succeeding Business Day with the same force
and effect as if made on such Payment Date, provided that no interest shall
accrue or be payable by the Company for the period from and after any such
Payment Date, except that if such next succeeding Business Day is in the next
succeeding calendar year, such payment shall be made on the immediately
preceding Business Day with the same force and effect as if made on such Payment
Date.

         (b) If any date on which Contract Adjustment Payments are to be made on
the Purchase Contracts is not a Business Day, then payment of the Contract
Adjustment Payments payable on that date will be made on the next succeeding day
which is a Business Day, and no interest or additional payment will be paid in
respect of the delay. However, if that Business Day is in the next succeeding
calendar year, the payment will be made on the immediately preceding Business
Day with the same force and effect as if made on that Payment Date.

         (c) In any case where the Stock Purchase Date shall not be a Business
Day, then (notwithstanding any other provision of this Agreement or the
Certificates), the Purchase Contracts shall not be performed on such date, but
the Purchase Contracts shall be performed on the immediately following Business
Day with the same force and effect as if performed on the Stock Purchase Date.

SECTION 1.13      COUNTERPARTS.

         This Agreement may be executed in any number of counterparts by the
parties hereto, each of which, when so executed and delivered, shall be deemed
an original, but all such counterparts shall together constitute one and the
same instrument.

SECTION 1.14      INSPECTION OF AGREEMENT.

         A copy of this Agreement shall be available at all reasonable times
during normal business hours at the Corporate Trust Office for inspection by any
Holder.

                                  ARTICLE II.

                                CERTIFICATE FORMS

SECTION 2.1       FORMS OF CERTIFICATES GENERALLY.

         (a) The Normal Units Certificates (including the form of Purchase
Contract forming part of the Normal Units evidenced thereby) shall be in
substantially the form set forth in Exhibit

                                       17
<Page>

A hereto, with such letters, numbers or other marks of identification or
designation and such legends or endorsements printed, lithographed or engraved
thereon as may be required by the rules of any securities exchange or quotation
system on which the Normal Units are listed or quoted for trading or any
depositary therefor, or as may, consistently herewith, be determined by the
officers of the Company executing such Normal Units Certificates, as evidenced
by their execution of the Normal Units Certificates.

         (b) The definitive Normal Units Certificates shall be printed,
lithographed or engraved on steel engraved borders or may be produced in any
other manner, all as determined by the officers of the Company executing such
Normal Units Certificates, consistent with the provisions of this Agreement, as
evidenced by their execution thereof.

         (c) The Stripped Units Certificates (including the form of Purchase
Contracts forming part of the Stripped Units evidenced thereby) shall be in
substantially the form set forth in Exhibit B hereto, with such letters, numbers
or other marks of identification or designation and such legends or endorsements
printed, lithographed or engraved thereon as may be required by the rules of any
securities exchange or the quotation system on which the Stripped Units may be
listed or quoted for trading or any depositary therefor, or as may, consistently
herewith, be determined by the officers of the Company executing such Stripped
Units Certificates, as evidenced by their execution of the Stripped Units
Certificates.

         (d) The definitive Stripped Units Certificates shall be printed,
lithographed or engraved on steel engraved borders or may be produced in any
other manner, all as determined by the officers of the Company executing such
Stripped Units Certificates, consistent with the provisions of this Agreement,
as evidenced by their execution thereof.

         (e) Every Global Certificate authenticated, executed on behalf of the
Holders and delivered hereunder shall bear a legend in substantially the
following form:

         THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE
PURCHASE CONTRACT AGREEMENT (AS HEREINAFTER DEFINED) AND IS REGISTERED IN THE
NAME OF THE CLEARING AGENCY OR A NOMINEE THEREOF. THIS CERTIFICATE MAY NOT BE
EXCHANGED IN WHOLE OR IN PART FOR A CERTIFICATE REGISTERED, AND NO TRANSFER OF
THIS CERTIFICATE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY
PERSON OTHER THAN SUCH CLEARING AGENCY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE PURCHASE CONTRACT AGREEMENT.

SECTION 2.2       FORM OF AGENT'S CERTIFICATE OF AUTHENTICATION.

         (a) The form of the Agent's certificate of authentication of the Normal
Units shall be in substantially the form set forth on the form of the Normal
Units Certificates.

         (b) The form of the Agent's certificate of authentication of the
Stripped Units shall be in substantially the form set forth on the form of the
Stripped Units Certificates.

                                       18
<Page>

                                  ARTICLE III.

                                    THE UNITS

SECTION 3.1       TITLE AND TERMS; DENOMINATIONS.

         (a) The aggregate number of Normal Units and Stripped Units, if any,
evidenced by Certificates authenticated, executed on behalf of the Holders and
delivered hereunder is limited to 12,000,000 (13,800,000 if the Underwriters'
(as defined in the Underwriting Agreement) over-allotment option pursuant to the
Underwriting Agreement is exercised in full), except for Certificates
authenticated, executed and delivered upon registration of transfer of, in
exchange for, or in lieu of, other Certificates pursuant to Section 3.4, 3.5,
3.10, 3.13, 3.14, 5.9, 5.10 or 8.5.

         (b) The Certificates shall be issuable only in registered form and only
in denominations of a single Unit and any integral multiple thereof.

SECTION 3.2       RIGHTS AND OBLIGATIONS EVIDENCED BY THE CERTIFICATES.

         (a) Each Normal Units Certificate shall evidence the number of Normal
Units specified therein, with each such Normal Unit representing the ownership
by the Holder thereof of a beneficial interest in a Note or the appropriate
Treasury Consideration or Applicable Ownership Interest in the Treasury
Portfolio, as the case may be, subject to the Pledge of such Note, Treasury
Consideration or Applicable Ownership Interest in the Treasury Portfolio, as the
case may be, by such Holder pursuant to the Pledge Agreement, and the rights and
obligations of the Holder thereof and the Company under one Purchase Contract.
The Agent as attorney-in-fact for, and on behalf of, the Holder of each Normal
Unit shall pledge, pursuant to the Pledge Agreement, the Note or the appropriate
Treasury Consideration or Applicable Ownership Interest in the Treasury
Portfolio, as the case may be, forming a part of such Normal Unit, to the
Collateral Agent and grant to the Collateral Agent a security interest in the
right, title, and interest of such Holder in such Note, Treasury Consideration
or Applicable Ownership Interest in the Treasury Portfolio, as the case may be,
for the benefit of the Company, to secure the obligation of the Holder under
each Purchase Contract to purchase the Common Stock of the Company. Prior to the
purchase of shares of Common Stock under each Purchase Contract, such Purchase
Contracts shall not entitle the Holders of Normal Units Certificates to any of
the rights of a holder of shares of Common Stock, including, without limitation,
the right to vote or receive any dividends or other payments or to consent or to
receive notice as stockholders in respect of the meetings of stockholders or for
the election of directors of the Company or for any other matter, or any other
rights whatsoever as stockholders of the Company.

         (b) Each Stripped Units Certificate shall evidence the number of
Stripped Units specified therein, with each such Stripped Unit representing the
ownership by the Holder thereof of a 1/40 undivided beneficial interest in a
Treasury Security, subject to the Pledge of such interest in such Treasury
Security by such Holder pursuant to the Pledge Agreement, and the rights and
obligations of the Holder thereof and the Company under one Purchase Contract.
Prior to the purchase of shares of Common Stock under each Purchase Contract,
such Purchase Contracts shall not entitle the Holders of Stripped Units
Certificates to any of the rights of a holder of shares of Common Stock,
including, without limitation, the right to vote or receive any

                                       19
<Page>

dividends or other payments or to consent or to receive notice as stockholders
in respect of the meetings of stockholders or for the election of directors of
the Company or for any other matter, or any other rights whatsoever as
stockholders of the Company.

SECTION 3.3       EXECUTION, AUTHENTICATION, DELIVERY AND DATING.

         (a) Subject to the provisions of Sections 3.13 and 3.14, upon the
execution and delivery of this Agreement, and at any time and from time to time
thereafter, the Company may deliver Certificates executed by the Company to the
Agent for authentication, execution on behalf of the Holders and delivery,
together with its Issuer Order for authentication of such Certificates, and the
Agent in accordance with such Issuer Order shall authenticate, execute on behalf
of the Holders and deliver such Certificates.

         (b) The Certificates shall be executed on behalf of the Company by the
Chief Executive Officer, the Chief Financial Officer, the President, any
Vice-President, the Treasurer, any Assistant Treasurer, the Secretary or any
Assistant Secretary (or other officer performing similar functions) of the
Company and delivered to the Agent. The signature of any of these officers on
the Certificates may be manual or facsimile.

         (c) Certificates bearing the manual or facsimile signatures of
individuals who were at any time the proper officers of the Company shall bind
the Company, notwithstanding that such individuals or any of them have ceased to
hold such offices prior to the authentication and delivery of such Certificates
or did not hold such offices at the date of such Certificates.

         (d) No Purchase Contract evidenced by a Certificate shall be valid
until such Certificate has been executed on behalf of the Holder by the manual
signature of an authorized signatory of the Agent, as such Holder's
attorney-in-fact. Such signature by an authorized signatory of the Agent shall
be conclusive evidence that the Holder of such Certificate has entered into the
Purchase Contracts evidenced by such Certificate.

         (e) Each Certificate shall be dated the date of its authentication.

         (f) No Certificate shall be entitled to any benefit under this
Agreement or be valid or obligatory for any purpose unless there appears on such
Certificate a certificate of authentication substantially in the form provided
for herein executed by an authorized signatory of the Agent by manual signature,
and such certificate upon any Certificate shall be conclusive evidence, and the
only evidence, that such Certificate has been duly authenticated and delivered
hereunder.

SECTION 3.4       TEMPORARY CERTIFICATES.

         (a) Pending the preparation of definitive Certificates, the Company
shall execute and deliver to the Agent, and the Agent shall authenticate,
execute on behalf of the Holders, and deliver, in lieu of such definitive
Certificates, temporary Certificates which are in substantially the form set
forth in Exhibit A or Exhibit B hereto, as the case may be, with such letters,
numbers or other marks of identification or designation and such legends or
endorsements printed, lithographed or engraved thereon as may be required by the
rules of any securities exchange on which the Normal Units or Stripped Units, as
the case may be, are listed, or as may,

                                       20
<Page>

consistent herewith, be determined by the officers of the Company executing such
Certificates, as evidenced by their execution of the Certificates.

         (b) If temporary Certificates are issued, the Company will cause
definitive Certificates to be prepared without unreasonable delay. After the
preparation of definitive Certificates, the temporary Certificates shall be
exchangeable for definitive Certificates upon surrender of the temporary
Certificates at the Corporate Trust Office, at the expense of the Company and
without charge to the Holder. Upon surrender for cancellation of any one or more
temporary Certificates, the Company shall execute and deliver to the Agent, and
the Agent shall authenticate, execute on behalf of the Holder, and deliver in
exchange therefor, one or more definitive Certificates of like tenor and
denominations and evidencing a like number of Normal Units or Stripped Units, as
the case may be, as the temporary Certificate or Certificates so surrendered.
Until so exchanged, the temporary Certificates shall in all respects evidence
the same benefits and the same obligations with respect to the Normal Units or
Stripped Units, as the case may be, evidenced thereby as definitive
Certificates.

SECTION 3.5       REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE.

         (a) The Agent shall keep at the Corporate Trust Office a register (the
Normal Units Register) in which, subject to such reasonable regulations as it
may prescribe, the Agent shall provide for the registration of Normal Units
Certificates and of transfers of Normal Units Certificates (the Agent, in such
capacity, the Normal Units Registrar) and a register (the Stripped Units
Register) in which, subject to such reasonable regulations as it may prescribe,
the Agent shall provide for the registration of the Stripped Units Certificates
and transfers of Stripped Units Certificates (the Agent, in such capacity, the
Stripped Units Registrar).

         (b) Upon surrender for registration of transfer of any Certificate at
the Corporate Trust Office, the Company shall execute and deliver to the Agent,
and the Agent shall authenticate, execute on behalf of the designated transferee
or transferees, and deliver, in the name of the designated transferee or
transferees, one or more new Certificates of like tenor and denominations, and
evidencing a like number of Normal Units or Stripped Units, as the case may be.

         (c) At the option of the Holder, Certificates may be exchanged for
other Certificates, of like tenor and denominations and evidencing a like number
of Normal Units or Stripped Units, as the case may be, upon surrender of the
Certificates to be exchanged at the Corporate Trust Office. Whenever any
Certificates are so surrendered for exchange, the Company shall execute and
deliver to the Agent, and the Agent shall authenticate, execute on behalf of the
Holder, and deliver the Certificates which the Holder making the exchange is
entitled to receive.

         (d) All Certificates issued upon any registration of transfer or
exchange of a Certificate shall evidence the ownership of the same number of
Normal Units or Stripped Units, as the case may be, and be entitled to the same
benefits and subject to the same obligations, under this Agreement as the Normal
Units or Stripped Units, as the case may be, evidenced by the Certificate
surrendered upon such registration of transfer or exchange.

                                       21
<Page>

         (e) Every Certificate presented or surrendered for registration of
transfer or for exchange shall (if so required by the Agent) be duly endorsed,
or be accompanied by a written instrument of transfer in form satisfactory to
the Company and the Agent duly executed, by the Holder thereof or its attorney
duly authorized in writing.

         (f) No service charge shall be made for any registration of transfer or
exchange of a Certificate, but the Company and the Agent may require payment
from the Holder of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or
exchange of Certificates, other than any exchanges pursuant to Sections 3.6, 3.9
and 8.5 not involving any transfer.

         (g) Notwithstanding the foregoing, the Company shall not be obligated
to execute and deliver to the Agent, and the Agent shall not be obligated to
authenticate, execute on behalf of the Holder and deliver any Certificate
presented or surrendered for registration of transfer or for exchange on or
after the Business Day immediately preceding the earlier of the Stock Purchase
Date or the Termination Date. In lieu of delivery of a new Certificate, upon
satisfaction of the applicable conditions specified above in this Section and
receipt of appropriate registration or transfer instructions from such Holder,
the Agent shall,

                  (i) if the Stock Purchase Date has occurred, deliver the
         shares of Common Stock issuable in respect of the Purchase Contracts
         forming a part of the Units evidenced by such Certificate,

                  (ii) in the case of Normal Units, if a Termination Event shall
         have occurred prior to the Stock Purchase Date, transfer the Notes or
         the appropriate Treasury Consideration or Applicable Ownership Interest
         in the Treasury Portfolio, as applicable, relating to such Normal
         Units, or

                  (iii) in the case of Stripped Units, if a Termination Event
         shall have occurred prior to the Stock Purchase Date, transfer the
         Treasury Securities relating to such Stripped Units, in each case
         subject to the applicable conditions and in accordance with the
         applicable provisions of Article V.

SECTION 3.6       BOOK-ENTRY INTERESTS.

         The Certificates, on original issuance, will be issued in the form of
one or more, fully registered Global Certificates, to be delivered to the
Depositary by, or on behalf of, the Company. Such Global Certificate shall
initially be registered on the books and records of the Company in the name of
Cede & Co., the nominee of the Depositary, and no Beneficial Owner will receive
a definitive Certificate representing such Beneficial Owner's interest in such
Global Certificate, except as provided in Section 3.9. The Agent shall enter
into an agreement with the Depositary if so requested by the Company. Unless and
until definitive, fully registered Certificates have been issued to Beneficial
Owners pursuant to Section 3.9:

         (a) the provisions of this Section 3.6 shall be in full force and
effect;

         (b) the Company shall be entitled to deal with the Clearing Agency for
all purposes of this Agreement (including the payment of Contract Adjustment
Payments, if any, and receiving

                                       22
<Page>

approvals, votes or consents hereunder) as the Holder of the Units and the sole
holder of the Global Certificate(s) and shall have no obligation to the
Beneficial Owners;

         (c) to the extent that the provisions of this Section 3.6 conflict with
any other provisions of this Agreement, the provisions of this Section 3.6 shall
control; and

         (d) the rights of the Beneficial Owners shall be exercised only through
the Clearing Agency and shall be limited to those established by law and
agreements between such Beneficial Owners and the Clearing Agency and/or the
Clearing Agency Participants. The Clearing Agency will make book-entry transfers
among Clearing Agency Participants and receive and transmit payments of Contract
Adjustment Payments to such Clearing Agency Participants.

SECTION 3.7       NOTICES TO HOLDERS.

         Whenever a notice or other communication to the Holders is required to
be given under this Agreement, the Company or the Company's agent shall give
such notices and communications to the Holders and, with respect to any Units
registered in the name of a Clearing Agency or the nominee of a Clearing Agency,
the Company or the Company's agent shall, except as set forth herein, have no
obligations to the Beneficial Owners.

SECTION 3.8       APPOINTMENT OF SUCCESSOR CLEARING AGENCY.

         If any Clearing Agency elects to discontinue its services as securities
depositary with respect to the Units, the Company may, in its sole discretion,
appoint a successor Clearing Agency with respect to the Units.

SECTION 3.9       DEFINITIVE CERTIFICATES.

         If

                  (i) a Clearing Agency elects to discontinue its services as
         securities depositary with respect to the Units and a successor
         Clearing Agency is not appointed within 90 days after such
         discontinuance pursuant to Section 3.8,

                  (ii) the Company elects to terminate the book-entry system
         through the Clearing Agency with respect to the Units, or

                  (iii) there shall have occurred and be continuing a default by
         the Company in respect of its obligations under one or more Purchase
         Contracts,

then upon surrender of the Global Certificates representing the Book- Entry
Interests with respect to the Units by the Clearing Agency, accompanied by
registration instructions, the Company shall cause definitive Certificates to be
delivered to Beneficial Owners in accordance with the instructions of the
Clearing Agency. The Company shall not be liable for any delay in delivery of
such instructions and may conclusively rely on and shall be protected in relying
on, such instructions.

                                       23
<Page>

SECTION 3.10      MUTILATED, DESTROYED, LOST AND STOLEN CERTIFICATES.

         (a) If any mutilated Certificate is surrendered to the Agent, the
Company shall execute and deliver to the Agent, and the Agent shall
authenticate, execute on behalf of the Holder, and deliver in exchange therefor,
a new Certificate at the cost of the Holder, evidencing the same number of
Normal Units or Stripped Units, as the case may be, and bearing a Certificate
number not contemporaneously outstanding.

         (b) If there shall be delivered to the Company and the Agent (i)
evidence to their satisfaction of the destruction, loss or theft of any
Certificate, and (ii) such security or indemnity at the cost of the Holder as
may be required by them to hold each of them and any agent of any of them
harmless, then, in the absence of notice to the Company or the Agent that such
Certificate has been acquired by a bona fide purchaser, the Company shall
execute and deliver to the Agent, and the Agent shall authenticate, execute on
behalf of the Holder, and deliver to the Holder, in lieu of any such destroyed,
lost or stolen Certificate, a new Certificate, evidencing the same number of
Normal Units or Stripped Units, as the case may be, and bearing a Certificate
number not contemporaneously outstanding.

         (c) Notwithstanding the foregoing, the Company shall not be obligated
to execute and deliver to the Agent, and the Agent shall not be obligated to
authenticate, execute on behalf of the Holder, and deliver to the Holder, a
Certificate on or after the Business Day immediately preceding the earlier of
the Stock Purchase Date or the Termination Date. In lieu of delivery of a new
Certificate, upon satisfaction of the applicable conditions specified above in
this Section and receipt of appropriate registration or transfer instructions
from such Holder, the Agent shall (i) if the Stock Purchase Date has occurred,
deliver the shares of Common Stock issuable in respect of the Purchase Contracts
forming a part of the Units evidenced by such Certificate, or (ii) if a
Termination Event shall have occurred prior to the Stock Purchase Date, transfer
the Notes, the appropriate Treasury Consideration or Applicable Ownership
Interest in the Treasury Portfolio, or the Treasury Securities, as the case may
be, evidenced thereby, in each case subject to the applicable conditions and in
accordance with the applicable provisions of Article V.

         (d) Upon the issuance of any new Certificate under this Section, the
Company and the Agent may require the payment by the Holder of a sum sufficient
to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Agent)
connected therewith.

         (e) Every new Certificate issued pursuant to this Section in lieu of
any destroyed, lost or stolen Certificate shall constitute an original
additional contractual obligation of the Company and of the Holder in respect of
the Unit evidenced thereby, whether or not the destroyed, lost or stolen
Certificate (and the Units evidenced thereby) shall be at any time enforceable
by anyone, and shall be entitled to all the benefits and be subject to all the
obligations of this Agreement equally and proportionately with any and all other
Certificates delivered hereunder.

         (f) The provisions of this Section are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Certificates.

                                       24
<Page>

SECTION 3.11      PERSONS DEEMED OWNERS.

         (a) Prior to due presentment of a Certificate for registration of
transfer, the Company and the Agent, and any agent of the Company or the Agent,
may treat the Person in whose name such Certificate is registered as the owner
of the Units evidenced thereby, for the purpose of receiving interest payments
on the Notes, receiving payment of Contract Adjustment Payments, performance of
the Purchase Contracts and for all other purposes whatsoever, whether or not any
such payments shall be overdue and notwithstanding any notice to the contrary,
and neither the Company nor the Agent, nor any agent of the Company or the
Agent, shall be affected by notice to the contrary.

         (b) Notwithstanding the foregoing, with respect to any Global
Certificate, nothing herein shall prevent the Company, the Agent or any agent of
the Company or the Agent, from giving effect to any written certification, proxy
or other authorization furnished by any Clearing Agency (or its nominee), as a
Holder, with respect to such Global Certificate or impair, as between such
Clearing Agency and owners of beneficial interests in such Global Certificate,
the operation of customary practices governing the exercise of rights of such
Clearing Agency (or its nominee) as Holder of such Global Certificate.

SECTION 3.12      CANCELLATION.

         (a) All Certificates surrendered (i) for delivery of shares of Common
Stock on or after any Settlement Date; (ii) upon the transfer of Notes, the
appropriate Treasury Consideration or Applicable Ownership Interest in the
Treasury Portfolio, or Treasury Securities, as the case may be, after the
occurrence of a Termination Event; or (iii) upon the registration of a transfer
or exchange of a Unit shall, if surrendered to any Person other than the Agent,
be delivered to the Agent and, if not already cancelled, shall be promptly
cancelled by it. The Company may at any time deliver to the Agent for
cancellation any Certificates previously authenticated, executed and delivered
hereunder which the Company may have acquired in any manner whatsoever, and all
Certificates so delivered shall, upon Issuer Order, be promptly cancelled by the
Agent. No Certificates shall be authenticated, executed on behalf of the Holder
and delivered in lieu of or in exchange for any Certificates cancelled as
provided in this Section, except as expressly permitted by this Agreement. All
cancelled Certificates held by the Agent shall be destroyed by the Agent unless
otherwise directed by Issuer Order.

         (b) If the Company or any Affiliate of the Company shall acquire any
Certificate, such acquisition shall not operate as a cancellation of such
Certificate unless and until such Certificate is delivered to the Agent
cancelled or for cancellation.

SECTION 3.13      ESTABLISHMENT OF STRIPPED UNITS.

         (a) A Holder may separate the Pledged Notes, Pledged Treasury
Consideration or Pledged Applicable Ownership Interest in the Treasury
Portfolio, as applicable, from the related Purchase Contracts in respect of the
Normal Units held by such Holder by substituting for such Pledged Notes, Pledged
Treasury Consideration or Pledged Applicable Ownership Interest in the Treasury
Portfolio, as the case may be, Treasury Securities that will pay, on the Stock
Purchase Date, an amount equal to the aggregate principal amount of such Notes
or the appropriate

                                       25
<Page>

Treasury Consideration or Applicable Ownership Interest (as specified in clause
(A) of the definition of such term) of the Treasury Portfolio (a Collateral
Substitution), at any time from and after the date of this Agreement and on or
prior to the second Business Day immediately preceding the Stock Purchase Date,
by (i) depositing with the Collateral Agent Treasury Securities having an
aggregate principal amount equal to the aggregate Stated Amount of such Normal
Units, and (ii) transferring the related Normal Units to the Agent accompanied
by a notice to the Agent, substantially in the form of Exhibit D hereto, stating
that the Holder has transferred the relevant amount of Treasury Securities to
the Collateral Agent and requesting that the Agent instruct the Collateral Agent
to release the Pledged Notes, Pledged Treasury Consideration or Pledged
Applicable Ownership Interest of the Treasury Portfolio, as the case may be,
underlying such Normal Units, whereupon the Agent shall promptly give such
instruction to the Collateral Agent, substantially in the form of Exhibit C
hereto. Notwithstanding the foregoing, a Holder may not separate the Pledged
Notes, Pledged Treasury Consideration or Pledged Applicable Ownership Interest
of the Treasury Portfolio, as the case may be, from the related Purchase
Contracts in respect of the Normal Units held by such Holder during the periods
beginning on the fourth Business Day prior to any Remarketing Period and ending
on the third business day after the end of such Remarketing Period. Upon receipt
of the Treasury Securities described in clause (i) above and the instruction
described in clause (ii) above, in accordance with the terms of the Pledge
Agreement, the Collateral Agent will release to the Agent, on behalf of the
Holder, such Pledged Notes, Pledged Treasury Consideration or Pledged Applicable
Ownership Interest of the Treasury Portfolio, as the case may be, from the
Pledge, free and clear of the Company's security interest therein, and upon
receipt thereof the Agent shall promptly:

                  (i) cancel the related Normal Units;

                  (ii) transfer the Pledged Notes, Pledged Treasury
         Consideration or Pledged Applicable Ownership Interest of the Treasury
         Portfolio, as the case may be, to the Holder; and

                  (iii) authenticate, execute on behalf of such Holder and
         deliver a Stripped Units Certificate executed by the Company in
         accordance with Section 3.3 evidencing the same number of Purchase
         Contracts as were evidenced by the cancelled Normal Units.

         (b) Holders who elect to separate the Pledged Notes, Pledged Treasury
Consideration or Pledged Applicable Ownership Interest of the Treasury
Portfolio, as the case may be, from the related Purchase Contract and to
substitute Treasury Securities for such Pledged Notes, Pledged Treasury
Consideration or Pledged Applicable Ownership Interest of the Treasury
Portfolio, as the case may be, shall be responsible for any fees or expenses
payable to the Collateral Agent for its services as Collateral Agent in respect
of the substitution, and the Company shall not be responsible for any such fees
or expenses.

         (c) Holders may make Collateral Substitutions (i) if Treasury
Securities are being substituted for Pledged Notes, only in integral multiples
of 40 Normal Units, or (ii) if the Collateral Substitutions occur after the
Remarketing Date or any Subsequent Remarketing Date, or after a Tax Event
Redemption, as the case may be, only in integral multiples of Normal Units such
that the Treasury Securities to be deposited and the Treasury Consideration, or
the

                                       26
<Page>

Applicable Ownership Interest in the Treasury Portfolio, as the case may be, to
be released are in integral multiples of $1,000.

         (d) In the event a Holder making a Collateral Substitution pursuant to
this Section 3.13 fails to effect a book-entry transfer of the Normal Units or
fails to deliver a Normal Units Certificate to the Agent after depositing
Treasury Securities with the Collateral Agent, the Pledged Notes, Pledged
Treasury Consideration or Pledged Applicable Ownership Interest in the Treasury
Portfolio, as the case may be, constituting a part of such Normal Units, and any
distributions on such Pledged Notes, Pledged Treasury Consideration or Pledged
Applicable Ownership Interest in the Treasury Portfolio, as the case may be,
shall be held in the name of the Agent or its nominee in trust for the benefit
of such Holder, until such Normal Units are so transferred or the Normal Units
Certificate is so delivered, as the case may be, or, with respect to a Normal
Units Certificate, such Holder provides evidence satisfactory to the Company and
the Agent that such Normal Units Certificate has been destroyed, lost or stolen,
together with any indemnity that may be required by the Agent and the Company.

         (e) Except as described in this Section 3.13, for so long as the
Purchase Contract underlying a Normal Unit remains in effect, such Normal Unit
shall not be separable into its constituent parts, and the rights and
obligations of the Holder of such Normal Unit in respect of the Note or the
appropriate Treasury Consideration, as the case may be, and the Purchase
Contract comprising such Normal Unit may be acquired, and may be transferred and
exchanged, only as a Normal Unit.

SECTION 3.14      REESTABLISHMENT OF NORMAL UNITS.

         (a) A Holder of Stripped Units may reestablish Normal Units at any time
from and after the date of this Agreement and on or prior to the second Business
Day immediately preceding the Stock Purchase Date, by (i) depositing with the
Collateral Agent the Notes or the appropriate Treasury Consideration or
Applicable Ownership Interest in the Treasury Portfolio (identified and
calculated by reference to the Treasury Consideration then comprising Normal
Units), as the case may be, then comprising such number of Normal Units as is
equal to such Stripped Units and (ii) transferring such Stripped Units to the
Agent accompanied by a notice to the Agent, substantially in the form of Exhibit
D hereto, stating that the Holder has transferred the relevant amount of Notes
or the appropriate Treasury Consideration or Applicable Ownership Interest in
the Treasury Portfolio, as the case may be, to the Collateral Agent and
requesting that the Agent instruct the Collateral Agent to release the Pledged
Treasury Securities underlying such Stripped Unit, whereupon the Agent shall
promptly give such instruction to the Collateral Agent, substantially in the
form of Exhibit C hereto. Notwithstanding the foregoing, a Holder may not
reestablish Normal Units during the periods beginning on the fourth Business Day
prior to any Remarketing Period and ending on the third business day after the
end of such Remarketing Period. Upon receipt of the Notes or the appropriate
Treasury Consideration or Applicable Ownership Interest in the Treasury
Portfolio, as the case may be, described in clause (i) above and the instruction
described in clause (ii) above, in accordance with the terms of the Pledge
Agreement, the Collateral Agent will release to the Agent, on behalf of the
Holder, such Pledged Treasury Securities from the Pledge, free and clear of the
Company's security interest therein, and upon receipt thereof the Agent shall
promptly:

                                       27
<Page>

                  (i) cancel the related Stripped Units;

                  (ii) transfer the Pledged Treasury Securities to the Holder;
         and

                  (iii) authenticate, execute on behalf of such Holder and
         deliver a Normal Units Certificate executed by the Company in
         accordance with Section 3.3 evidencing the same number of Purchase
         Contracts as were evidenced by the cancelled Stripped Units.

         (b) Holders of Stripped Units may reestablish Normal Units (i) only in
integral multiples of 40 Stripped Units for 40 Normal Units or (ii) if the
reestablishment occurs after the Remarketing Date (if such remarketing is
successful) or any Subsequent Remarketing Date, or after a Tax Event Redemption,
only in integral multiples of Stripped Units such that the Treasury
Consideration to be deposited and the Treasury Securities to be released are in
integral multiples of $1,000.

         (c) Except as provided in this Section 3.14, for so long as the
Purchase Contract underlying a Stripped Unit remains in effect, such Stripped
Unit shall not be separable into its constituent parts, and the rights and
obligations of the Holder of such Stripped Unit in respect of the Treasury
Security and Purchase Contract comprising such Stripped Unit may be acquired,
and may be transferred and exchanged, only as a Stripped Unit.

SECTION 3.15      TRANSFER OF COLLATERAL UPON OCCURRENCE OF TERMINATION EVENT.

         Upon the occurrence of a Termination Event and the transfer to the
Agent of the Notes, the appropriate Treasury Consideration or Applicable
Ownership Interest in the Treasury Portfolio, or the Treasury Securities, as the
case may be, underlying the Normal Units and the Stripped Units pursuant to the
terms of the Pledge Agreement, the Agent shall request transfer instructions
with respect to such Notes or the appropriate Treasury Consideration or Treasury
Securities, as the case may be, from each Holder by written request mailed to
such Holder at its address as it appears in the Normal Units Register or the
Stripped Units Register, as the case may be. Upon book-entry transfer of the
Normal Units or Stripped Units or delivery of a Normal Units Certificate or
Stripped Units Certificate to the Agent with such transfer instructions, the
Agent shall transfer the Notes, the appropriate Treasury Consideration or
Applicable Ownership Interest in the Treasury Portfolio, or Treasury Securities,
as the case may be, underlying such Normal Units or Stripped Units, as the case
may be, to such Holder by book-entry transfer, or other appropriate procedures,
in accordance with such instructions. In the event a Holder of Normal Units or
Stripped Units fails to effect such transfer or delivery, the Notes, the
appropriate Treasury Consideration or Applicable Ownership Interest in the
Treasury Portfolio, or Treasury Securities, as the case may be, underlying such
Normal Units or Stripped Units, as the case may be, and any distributions
thereon, shall be held in the name of the Agent or its nominee in trust for the
benefit of such Holder, until such Normal Units or Stripped Units are
transferred or the Normal Units Certificate or Stripped Units Certificate is
surrendered or such Holder provides satisfactory evidence that such Normal Units
Certificate or Stripped Units Certificate has been destroyed, lost or stolen,
together with any indemnity that may be required by the Agent and the Company.

                                       28
<Page>

SECTION 3.16      NO CONSENT TO ASSUMPTION.

         Each Holder of a Unit, by acceptance thereof, shall be deemed expressly
to have withheld any consent to the assumption under Section 365 of the
Bankruptcy Code or otherwise, of the Purchase Contract by the Company, any
receiver, liquidator or person or entity performing similar functions or its
trustee in the event that the Company becomes the debtor under the Bankruptcy
Code or subject to other similar state or federal law providing for
reorganization or liquidation.

                                   ARTICLE IV.

                                    THE NOTES

SECTION 4.1       PAYMENT OF INTEREST; RIGHTS TO INTEREST PAYMENTS PRESERVED;
                  NOTICE.

         (a) A payment on any Note, Treasury Consideration or Applicable
Ownership Interest in the Treasury Portfolio, as the case may be, which is paid
on any Payment Date shall, subject to receipt thereof by the Agent from the
Collateral Agent as provided by the terms of the Pledge Agreement, be paid to
the Person in whose name the Normal Units Certificate (or one or more
Predecessor Normal Units Certificates) of which such Note or the appropriate
Treasury Consideration or Applicable Ownership Interest in the Treasury
Portfolio, as the case may be, is a part is registered at the close of business
on the Record Date for such Payment Date.

         (b) Each Normal Units Certificate evidencing Notes delivered under this
Agreement upon registration of transfer of or in exchange for or in lieu of any
other Normal Units Certificate shall carry the rights to interest accrued and
unpaid, which were carried by the Notes underlying such other Normal Units
Certificate.

         (c) In the case of any Normal Unit with respect to which Early
Settlement of the underlying Purchase Contract is effected on an Early
Settlement Date, Merger Early Settlement of the underlying Purchase Contract is
effected on a Merger Early Settlement Date, Cash Settlement is effected on the
Business Day immediately preceding the Stock Purchase Date, or a Collateral
Substitution is effected, in each case on a date that is after any Record Date
and on or prior to the next succeeding Payment Date, payments on the Note or the
appropriate Treasury Consideration or Applicable Ownership Interest in the
Treasury Portfolio, as the case may be, underlying such Normal Unit otherwise
payable on such Payment Date shall be payable on such Payment Date
notwithstanding such Early Settlement, Merger Early Settlement, Cash Settlement
or Collateral Substitution, as the case may be, and such payments shall, subject
to receipt thereof by the Agent, be payable to the Person in whose name the
Normal Units Certificate (or one or more Predecessor Normal Unit Certificates)
was registered at the close of business on the Record Date. Except as otherwise
expressly provided in the immediately preceding sentence, in the case of any
Normal Unit with respect to which Early Settlement, Merger Early Settlement or
Cash Settlement of the underlying Purchase Contract is effected, or with respect
to which a Collateral Substitution has been effected, payments on the related
Notes or payments on the appropriate Treasury Consideration or Applicable
Ownership Interest in the Treasury Portfolio, as the case may be, that would
otherwise be payable after the applicable Settlement Date or after such
Collateral Substitution, as the case may be, shall not be payable hereunder to
the Holder of such

                                       29
<Page>

Normal Unit; provided, that to the extent that such Holder continues to hold the
Separate Notes that formerly comprised a part of such Holder's Normal Units,
such Holder shall be entitled to receive the payments on such Separate Notes.

SECTION 4.2       NOTICE AND VOTING.

         Under the terms of the Pledge Agreement, the Agent will be entitled to
exercise the voting and any other consensual rights pertaining to the Pledged
Notes but only to the extent instructed by the Holders as described below. Upon
receipt of notice of any meeting at which holders of Notes are entitled to vote
or upon any solicitation of consents, waivers or proxies of holders of Notes,
the Agent shall, as soon as practicable thereafter, mail to the Holders of
Normal Units a notice (a) containing such information as is contained in the
notice or solicitation, (b) stating that each Holder on the record date set by
the Agent therefor (which, to the extent possible, shall be the same date as the
record date for determining the holders of Notes entitled to vote) shall be
entitled to instruct the Agent as to the exercise of the voting rights
pertaining to the Pledged Notes underlying their Normal Units and (c) stating
the manner in which such instructions may be given. Upon the written request of
the Holders of Normal Units on such record date, the Agent shall endeavor
insofar as practicable to vote or cause to be voted, in accordance with the
instructions set forth in such requests, the maximum number of Pledged Notes as
to which any particular voting instructions are received. In the absence of
specific instructions from the Holder of a Normal Unit, the Agent shall abstain
from voting the Pledged Note underlying such Normal Unit. The Company hereby
agrees, if applicable, to solicit Holders of Normal Units to timely instruct the
Agent in order to enable the Agent to vote such Pledged Notes.

SECTION 4.3       TAX EVENT REDEMPTION.

         Upon the occurrence of a Tax Event Redemption prior to the successful
remarketing of the Notes, the Company may elect to instruct in writing the
Collateral Agent to apply, and upon such written instruction, the Collateral
Agent shall apply, out of the aggregate Redemption Price for the Notes that are
components of Normal Units, an amount equal to the aggregate Tax Event
Redemption Principal Amount for the Notes that are components of Normal Units to
purchase on behalf of the Holders of Normal Units the Treasury Portfolio and
promptly remit the remaining portion of such Redemption Price to the Agent for
payment to the Holders of such Normal Units. The Treasury Portfolio will be
substituted for the Pledged Notes, and will be pledged to the Collateral Agent
in accordance with the terms of the Pledge Agreement to secure the obligation of
each Holder of a Normal Unit to purchase the Common Stock under the Purchase
Contract constituting a part of such Normal Unit. Following the occurrence of a
Tax Event Redemption prior to a successful remarketing of the Notes, the Holders
of Normal Units and the Collateral Agent shall have such security interests,
rights and obligations with respect to the Treasury Portfolio as the Holder of
Normal Units and the Collateral Agent had in respect of the Notes, as the case
may be, subject to the Pledge thereof as provided in Articles II, III, IV, V and
VI of the Pledge Agreement, and any reference herein or in the Certificates to
the Note shall be deemed to be a reference to such Treasury Portfolio and any
reference herein or in the Certificates to interest on the Notes shall be deemed
to be a reference to corresponding distributions on the Treasury Portfolio. The
Company may cause to be made in any Normal Unit Certificates

                                       30
<Page>

thereafter to be issued such change in phraseology and form (but not in
substance) as may be appropriate to reflect the substitution of the Treasury
Portfolio for Notes as collateral.

         The Company shall cause notice of any Tax Event Redemption to be
mailed, at least 30 calendar days but not more than 60 calendar days before such
Tax Event Redemption Date, to each Holder of Notes to be redeemed at its
registered address.

         Upon the occurrence of a Tax Event Redemption after the successful
remarketing of the Notes, the Redemption Price will be payable in cash to the
holders of the Notes.

                                   ARTICLE V.

                     THE PURCHASE CONTRACTS; THE REMARKETING

SECTION 5.1       PURCHASE OF SHARES OF COMMON STOCK.

         (a) Each Purchase Contract shall, unless an Early Settlement has
occurred in accordance with Section 5.9, or a Merger Early Settlement has
occurred in accordance with Section 5.10, obligate the Holder of the related
Unit to purchase, and the Company to sell, on the Stock Purchase Date at a price
equal to $25 (the Purchase Price), a number of newly issued shares of Common
Stock equal to the Settlement Rate unless, on or prior to the Stock Purchase
Date, there shall have occurred a Termination Event with respect to the Unit of
which such Purchase Contract is a part. The Settlement Rate is equal to,

                  (i) if the Applicable Market Value (as defined below) is
         greater than or equal to $_____ (the Threshold Appreciation Price),
         ______ shares of Common Stock per Purchase Contract,

                  (ii) if the Applicable Market Value is less than the Threshold
         Appreciation Price, but is greater than $_____, the number of shares of
         Common Stock per Purchase Contract equal to the Stated Amount of the
         related Unit divided by the Applicable Market Value, and

                  (iii) if the Applicable Market Value is equal to or less than
         $_____, ______ shares of Common Stock per Purchase Contract,

in each case subject to adjustment as provided in Section 5.6 (and in each case
rounded upward or downward to the nearest 1/10,000th of a share). As provided in
Section 5.12, no fractional shares of Common Stock will be issued upon
settlement of Purchase Contracts.

         (b) No fractional shares of Common Stock will be issued by the Company
with respect to the payment of Contract Adjustment Payments on the Stock
Purchase Date. In lieu of fractional shares otherwise issuable with respect to
such payment of Contract Adjustment Payments, the Holder will be entitled to
receive an amount in cash as provided in Section 5.12.

         (c) The Applicable Market Value means the average of the Closing Price
per share of Common Stock on each of the 20 consecutive Trading Days ending on
the third Trading Day immediately preceding the Stock Purchase Date. The Closing
Price of the Common Stock on any date of determination means the closing sale
price (or, if no closing price is reported, the last

                                       31
<Page>

reported sale price) of the Common Stock on the New York Stock Exchange (the
NYSE) on such date or, if the Common Stock is not listed for trading on the NYSE
on any such date, as reported in the composite transactions for the principal
United States securities exchange on which the Common Stock is so listed, or if
the Common Stock is not so listed on a United States national or regional
securities exchange, as reported by The Nasdaq Stock Market, or, if the Common
Stock is not so reported, the last quoted bid price for the Common Stock in the
over-the-counter market as reported by the National Quotation Bureau or similar
organization, or, if such bid price is not available, the market value of the
Common Stock on such date as determined by a nationally recognized independent
investment banking firm retained for this purpose by the Company. A Trading Day
means a day on which the Common Stock (A) is not suspended from trading on any
national or regional securities exchange or association or over-the-counter
market at the close of business and (B) has traded at least once on the national
or regional securities exchange or association or over-the-counter market that
is the primary market for the trading of the Common Stock.

         (d) Each Holder of a Unit, by its acceptance thereof, irrevocably
authorizes the Agent to enter into and perform the related Purchase Contract on
its behalf as its attorney-in-fact (including the execution of Certificates on
behalf of such Holder), agrees to be bound by the terms and provisions thereof,
covenants and agrees to perform its obligations under such Purchase Contracts,
and consents to the provisions hereof, irrevocably authorizes the Agent as its
attorney-in-fact to enter into and perform the Pledge Agreement on its behalf as
its attorney-in-fact, and consents to and agrees to be bound by the Pledge of
the Notes, the appropriate Treasury Consideration or Applicable Ownership
Interest in the Treasury Portfolio, or the Treasury Securities, pursuant to the
Pledge Agreement; provided that upon a Termination Event, the rights of the
Holder of such Unit under the Purchase Contract may be enforced without regard
to any other rights or obligations. Each Holder of a Unit, by its acceptance
thereof, further covenants and agrees, that, to the extent and in the manner
provided in Section 5.4 and the Pledge Agreement, but subject to the terms
thereof, payments in respect of the Notes, the appropriate Treasury
Consideration or Applicable Ownership Interest in the Treasury Portfolio, or the
Treasury Securities to be paid upon settlement of such Holder's obligations to
purchase Common Stock under the Purchase Contract, shall be paid on the Stock
Purchase Date by the Collateral Agent to the Company in satisfaction of such
Holder's obligations under such Purchase Contract.

         (e) Upon registration of transfer of a Certificate, the transferee
shall be bound (without the necessity of any other action on the part of such
transferee) under the terms of this Agreement, the Purchase Contracts underlying
such Certificate and the Pledge Agreement, and the transferor shall be released
from the obligations under this Agreement, the Purchase Contracts underlying the
Certificates so transferred and the Pledge Agreement. The Company covenants and
agrees, and each Holder of a Certificate, by its acceptance thereof, likewise
covenants and agrees, to be bound by the provisions of this paragraph.

SECTION 5.2       CONTRACT ADJUSTMENT PAYMENTS.

         (a) Subject to Section 5.3 herein, the Company shall pay, on each
Payment Date, the Contract Adjustment Payments, if any, payable in respect of
each Purchase Contract to the Person in whose name a Certificate (or one or more
Predecessor Certificates) is registered at the

                                       32
<Page>

close of business on the Record Date next preceding such Payment Date in such
coin or currency of the United States as at the time of payment shall be legal
tender for payments. The Contract Adjustment Payments, if any, will be payable
at the New York Office maintained for that purpose or, at the option of the
Company, by check mailed to the address of the Person entitled thereto at such
Person's address as it appears on the Register or by wire transfer to the
account designated by a prior written notice by such Person.

         (b) Upon the occurrence of a Termination Event, the Company's
obligation to pay Contract Adjustment Payments (including any accrued Deferred
Contract Adjustment Payments), if any, shall cease.

         (c) Each Certificate delivered under this Agreement upon registration
of transfer of or in exchange for or in lieu of (including as a result of a
Collateral Substitution or the re-establishment of a Normal Unit) any other
Certificate shall carry the rights to Contract Adjustment Payments, if any,
accrued and unpaid, and to accrue Contract Adjustment Payments, if any, which
were carried by the Purchase Contracts underlying such other Certificates.

         (d) Subject to Sections 5.4, 5.9 and 5.10, in the case of any Unit with
respect to which Early Settlement or Merger Early Settlement of the underlying
Purchase Contract is effected on an Early Settlement Date, a Merger Early
Settlement Date, respectively, or in respect of which Cash Settlement of the
underlying Purchase Contract is effected on the Business Day immediately
preceding the Stock Purchase Date, or with respect to which a Collateral
Substitution or an establishment or re-establishment of a Normal Unit pursuant
to Section 3.14 is effected, in each case on a date that is after any Record
Date and on or prior to the next succeeding Payment Date, Contract Adjustment
Payments on the Purchase Contract underlying such Unit otherwise payable on such
Payment Date shall be payable on such Payment Date notwithstanding such Cash
Settlement, Early Settlement, Merger Early Settlement, Collateral Substitution
or establishment or re-establishment of Normal Units, and such Contract
Adjustment Payments shall be paid to the Person in whose name the Certificate
evidencing such Unit (or one or more Predecessor Certificates) is registered at
the close of business on such Record Date. Except as otherwise expressly
provided in the immediately preceding sentence, in the case of any Unit with
respect to which Cash Settlement, Early Settlement or Merger Early Settlement of
the underlying Purchase Contract is effected on the Business Day immediately
preceding the Stock Purchase Date, an Early Settlement Date or Merger Early
Settlement Date, as the case may be, or with respect to which a Collateral
Substitution or an establishment or re- establishment of a Normal Unit has been
effected, Contract Adjustment Payments, if any, that would otherwise be payable
after the Early Settlement Date, or Merger Early Settlement Date, Collateral
Substitution or such establishment or re-establishment with respect to such
Purchase Contract shall not be payable.

SECTION 5.3       DEFERRAL OF CONTRACT ADJUSTMENT PAYMENTS.

         (a) The Company shall have the right, at any time prior to the Stock
Purchase Date, to defer the payment of any or all of the Contract Adjustment
Payments otherwise payable on any Payment Date, but only if the Company shall
give the Holders and the Agent written notice of its election to defer each such
deferred Contract Adjustment Payment (specifying the amount to be deferred) at
least ten Business Days prior to the earlier of

                                       33
<Page>

                  (i) the next succeeding Payment Date or (ii) the date the
         Company is required to give notice of the Record Date or Payment Date
         with respect to payment of such Contract Adjustment Payments to the
         NYSE or other applicable self-regulatory organization or to Holders of
         the Units, but in any event not less than one Business Day prior to
         such Record Date. Any Contract Adjustment Payments so deferred shall,
         to the extent permitted by law, bear additional Contract Adjustment
         Payments thereon at the rate of ______% per year (computed on the basis
         of a 360-day year of 12 30-day months), compounding on each succeeding
         Payment Date, until paid in full (such deferred installments of
         Contract Adjustment Payments, if any, together with the additional
         Contract Adjustment Payments accrued thereon, being referred to herein
         as the Deferred Contract Adjustment Payments). Deferred Contract
         Adjustment Payments, if any, shall be due on the next succeeding
         Payment Date except to the extent that payment is deferred pursuant to
         this Section 5.3. No Contract Adjustment Payments may be deferred to a
         date that is after the Purchase Contract Settlement Date and no such
         deferral period may end other than on a Payment Date. If the Purchase
         Contracts are terminated upon the occurrence of a Termination Event,
         the Holder's right to receive Contract Adjustment Payments, if any, and
         Deferred Contract Adjustment Payments, will terminate.

         (b) In the event that the Company elects to defer the payment of
Contract Adjustment Payments on the Purchase Contracts until a Payment Date
prior to the Stock Purchase Date, then all Deferred Contract Adjustment
Payments, if any, shall be payable to the registered Holders as of the close of
business on the Record Date immediately preceding such Payment Date.

         (c) In the event that the Company elects to defer the payment of
Contract Adjustment Payments on the Purchase Contracts until the Stock Purchase
Date, each Holder will receive on the Stock Purchase Date in lieu of a cash
payment a number of shares of Common Stock (in addition to a number of shares of
Common Stock equal to the Settlement Rate) equal to (A) the aggregate amount of
Deferred Contract Adjustment Payments payable to such Holder (net of any
required tax withholding on such Deferred Contract Adjustment Payment, which
shall be remitted to the appropriate taxing jurisdiction) divided by (B) the
Applicable Market Value.

         (d) No fractional shares of Common Stock will be issued by the Company
with respect to the payment of Deferred Contract Adjustment Payments on the
Stock Purchase Date. In lieu of fractional shares otherwise issuable with
respect to such payment of Deferred Contract Adjustment Payments, the Holder
will be entitled to receive an amount in cash as provided in Section 5.12.

         (e) In the event the Company exercises its option to defer the payment
of Contract Adjustment Payments then, until the Deferred Contract Adjustment
Payments have been paid, the Company shall not declare or pay dividends on, make
distributions with respect to, or redeem, purchase or acquire, or make a
liquidation payment with respect to, any of the Company's Capital Stock other
than:

                  (i) purchases, redemptions or acquisitions of shares of
         Capital Stock of the Company in connection with any employment
         contract, benefit plan or other similar arrangement with or for the
         benefit of employees, officers or directors or a stock purchase

                                       34
<Page>

         or dividend reinvestment plan, or the satisfaction by the Company of
         its obligations pursuant to any contract or security outstanding on the
         date the Company exercises its right to defer the Contract Adjustment
         Payments;

                  (ii) as a result of a reclassification of the Company's
         Capital Stock or the exchange or conversion of one class or series of
         the Company's Capital Stock for another class or series of the
         Company's Capital Stock;

                  (iii) the purchase of fractional interests of the Company's
         Capital Stock pursuant to the conversion or exchange provisions of such
         Capital Stock or the security being converted or exchanged;

                  (iv) dividends or distributions in any series of the Company's
         Capital Stock (or rights to acquire Capital Stock) or repurchases,
         acquisitions or redemptions of Capital Stock in connection with the
         issuance of exchange of any series of the Company's Capital Stock (or
         securities convertible into or exchangeable for shares of the Company's
         Capital Stock); or

                  (v) redemptions, exchanges or repurchases of any rights
         outstanding under a shareholder rights plan or the declaration or
         payment thereunder of a dividend or distribution of or with respect to
         rights in the future.

SECTION 5.4       PAYMENT OF PURCHASE PRICE: REMARKETING.

         (a) Unless a Tax Event Redemption, successful remarketing, Termination
Event, Merger Early Settlement or Early Settlement has occurred, each Holder of
a Normal Unit may pay in cash (Cash Settlement) the Purchase Price for the
shares of Common Stock to be purchased pursuant to a Purchase Contract if such
Holder notifies the Agent by use of a notice in substantially the form of
Exhibit E hereto of its intention to make a Cash Settlement. Such notice shall
be made on or prior to 5:00 p.m., New York City time, on the seventh Business
Day immediately preceding the Stock Purchase Date. The Agent shall promptly
notify the Collateral Agent of the receipt of such a notice from a Holder
intending to make a Cash Settlement.

                  (i) A Holder of a Normal Unit who has so notified the Agent of
         its intention to make a Cash Settlement is required to pay the Purchase
         Price to the Collateral Agent prior to 11:00 a.m., New York City time,
         on the Business Day immediately preceding the Stock Purchase Date in
         lawful money of the United States by certified or cashiers' check or
         wire transfer, in each case payable to or upon the order of the
         Company. Any cash received by the Collateral Agent will be paid to the
         Company on the Stock Purchase Date in settlement of the Purchase
         Contract in accordance with the terms of this Agreement and the Pledge
         Agreement.

                  (ii) If a Holder of a Normal Unit fails to notify the Agent of
         its intention to make a Cash Settlement in accordance with paragraph
         (a)(i) above, such failure shall constitute an event of default and the
         Holder shall be deemed to have consented to the disposition of the
         Pledged Notes pursuant to the remarketing as described in paragraph
         below. If a Holder of a Normal Units does notify the Agent as provided
         in paragraph (a)(i) above of its intention to pay the Purchase Price in
         cash, but fails to make such

                                       35
<Page>

         payment as required by paragraph (a)(i) above, such failure shall also
         constitute a default; however, the Notes of such a Holder will not be
         remarketed but instead the Collateral Agent, for the benefit of the
         Company, will exercise its rights as a secured party with respect to
         such Notes, including but not limited to those rights specified in
         subsection (b)(iii) below.

         (b) (i) The Company shall engage a nationally recognized investment
bank (the Remarketing Agent) pursuant to a Remarketing Agreement to be mutually
agreed on by the Company, the Agent and the Remarketing Agent, but substantially
as set forth below, to sell the Notes of Holders of Normal Units, other than
Holders that have elected not to participate in the remarketing pursuant to the
procedures set forth in clause (iv) below and holders of Separate Notes that
have elected to participate in the remarketing pursuant to the procedures set
forth in Section 4.5(d) of the Pledge Agreement. On the seventh day prior to the
Remarketing Date, the Agent shall give Holders of Normal Units and holders of
Separate Notes notice of the remarketing in a daily newspaper in the English
language of general circulation in The City of New York, which is expected to be
The Wall Street Journal, including the specific U.S. Treasury security or
securities (including the CUSIP number and/or the principal terms of such
Treasury security or securities) described in clause (iv) below, that must be
delivered by Holders of Normal Units that elect not to participate in the
remarketing pursuant to clause (iv) below, no later than 10:00 a.m. on the
fourth Business Day preceding the Remarketing Date. The Agent shall notify, by
10:00 a.m., New York City time, on the third Business Day preceding the
Remarketing Date, the Remarketing Agent and the Collateral Agent of the
aggregate number of Notes of Normal Unit Holders to be remarketed. On the third
Business Day preceding the Remarketing Date, no later than by 10:00 a.m. New
York City time, pursuant to the terms of the Pledge Agreement, the Custodial
Agent will notify the Remarketing Agent of the aggregate number of Separate
Notes to be remarketed. On the Business Day immediately preceding the
Remarketing Date, the Collateral Agent and the Custodial Agent, pursuant to the
terms of the Pledge Agreement, will deliver for remarketing to the Remarketing
Agent all Notes to be remarketed. Upon receipt of such notice from the Agent and
the Custodial Agent and such Notes from the Collateral Agent and the Custodial
Agent, the Remarketing Agent will, on the third Business Day following the
Remarketing Date, use its reasonable best efforts to sell such Notes on such
date at a price equal to 100._% of the Remarketing Value. The Remarketing Agent
will use the proceeds from a successful remarketing to purchase the appropriate
U.S. Treasury securities (the Agent-purchased Treasury Consideration) with the
CUSIP numbers, if any, selected by the Remarketing Agent, described in clauses
(i) and (ii) of the definition of Remarketing Value related to the Notes of
Holders of Normal Units that were remarketed. On or prior to the third Business
Day following the Remarketing Date, the Remarketing Agent shall deliver such
Agent-purchased Treasury Consideration to the Agent, which shall thereupon
deliver such Agent-purchased Treasury Consideration to the Collateral Agent. The
Collateral Agent, for the benefit of the Company, will thereupon apply such
Agent-purchased Treasury Consideration, in accordance with the Pledge Agreement,
to secure such Holders' obligations under the Purchase Contracts. The
Remarketing Agent will deduct as a remarketing fee an amount not exceeding __
basis points (.__%) of the total proceeds from the remarketing (the Remarketing
Fee). The Remarketing Agent will remit (1) the portion of the proceeds from the
remarketing attributable to the Separate Notes to the holders of Separate Notes
that were remarketed and (2) the remaining portion of the proceeds, less those
proceeds used to purchase the Agent-purchased Treasury Consideration, to the
Holders of the Normal Units that were

                                       36
<Page>

remarketed, all determined on a pro rata basis, in each case, on or prior to the
third Business Day following the Remarketing Date. Holders whose Notes are so
remarketed will not otherwise be responsible for the payment of any Remarketing
Fee in connection therewith.

         (i) If, in spite of using its commercially reasonable best efforts, the
Remarketing Agent cannot remarket the Notes included in the remarketing at a
price equal to at least 100._% of the Remarketing Value, the Remarketing Agent
will attempt to establish a Remarketing Rate meeting these requirements on each
of the two immediately following Business Days. If the Remarketing Agent cannot
establish a Remarketing Rate meeting these requirements on either of those days,
it will attempt to establish such a Remarketing Rate on each of the three
Business Days immediately preceding _________, 200_. If the Remarketing Agent
cannot establish such a Remarketing Rate either on any of the two Business Days
immediately following the Remarketing Date or on any of the three Business Days
immediately preceding _________, 200_, the remarketing in each such period will
be deemed to have failed (each, a Failed Remarketing). If the Remarketing Agent
cannot establish such a Remarketing Rate on any of the three Business Days
immediately preceding ________, 200_, the Remarketing Agent will further attempt
to establish such a Remarketing Rate on each of the three Business Days
immediately preceding the Stock Purchase Date. If, in spite of using its
commercially reasonable best efforts, the Remarketing Agent fails to remarket
the Notes underlying the Normal Units at 100._% of the Remarketing Value in
accordance with the terms of the Pledge Agreement by 4:00 p.m., New York City
time, on the Business Day immediately preceding the Stock Purchase Date, the
Last Failed Remarketing will be deemed to have occurred. In this case, within
three Business Days following the date of the Last Failed Remarketing, the
Remarketing Agent shall return any Notes delivered to it to the Collateral
Agent. The Collateral Agent, for the benefit of the Company, may exercise its
rights as a secured party with respect to such Notes, including those actions
specified in subsection (b) (iii) below; provided, that if upon the Last Failed
Remarketing, the Collateral Agent exercises such rights for the benefit of the
Company with respect to such Notes, any accumulated and unpaid interest on such
Notes will become payable by the Company to the Agent for payment to the Holder
of the Normal Units to which such Notes relate. Such payment will be made by the
Company on or prior to 11 a.m., New York City time, on the Stock Purchase Date
in lawful money of the United States by certified or cashier's check or wire
transfer in immediately available funds payable to or upon the order of the
Agent. The Company will cause a notice of any Failed Remarketing and of the Last
Failed Remarketing to be published on the fourth Business Day following the
Remarketing Date and the date of the Last Failed Remarketing and any Subsequent
Remarketing Date and the date of the Last Failed Remarketing, as the case may
be, in a daily newspaper in the English language of general circulation in The
City of New York, which is expected to be The Wall Street Journal. The Company
will also release this information by means of Bloomberg and Reuters newswire.

         (ii) With respect to any Notes which constitute part of Normal Units
which are subject to the Last Failed Remarketing, the Collateral Agent for the
benefit of the Company reserves all of its rights as a secured party with
respect thereto and, subject to applicable law and Section 5.4 (e) below, may,
among other things, retain such Notes in full satisfaction of the Holders'
obligations under the Purchase Contracts.

                                       37
<Page>

         (iii) A Holder of Normal Units may elect not to participate in the
remarketing and retain the Notes underlying such Units by notifying the Agent of
such election and delivering the specific U.S. Treasury security or securities
(including the CUSIP number and/or the principal terms of such security or
securities) identified by the Agent that constitute the U.S. Treasury securities
described in clauses (i) and (ii) of the definition of Remarketing Value
relating to the retained Notes (as if only such Notes were being remarketed)
(the Opt-out Treasury Consideration) to the Agent not later than 10:00 a.m. on
the fourth Business Day prior to the Remarketing Date (or, in the case of a
Failed Remarketing, not later than 10:00 a.m. on the Business Day immediately
prior to the Subsequent Remarketing Date). Upon receipt thereof by the Agent,
the Agent shall deliver such Opt-out Treasury Consideration to the Collateral
Agent, which will, for the benefit of the Company, thereupon apply such Opt-out
Treasury Consideration to secure such Holder's obligations under the Purchase
Contracts. On the first Business Day immediately preceding the Remarketing Date,
the Collateral Agent, pursuant to the terms of the Pledge Agreement, will
deliver the Pledged Notes of such Holder to the Agent. Within three Business
Days following the Remarketing Date, (A) if the remarketing was successful, the
Agent shall distribute such Notes to the Holders thereof, and (B) if there was a
Failed Remarketing on such date, the Agent will deliver such Notes to the
Collateral Agent, which will, for the benefit of the Company, thereupon apply
such Notes to secure such Holders' obligations under the Purchase Contract and
return the Opt- out Treasury Consideration delivered by such Holders to such
Holders. A Holder that does not so deliver the Opt-out Treasury Consideration
pursuant to this clause (iv) shall be deemed to have elected to participate in
the remarketing.

         (c) Upon the maturity of the Pledged Treasury Securities underlying the
Stripped Units and the Pledged Treasury Consideration or Pledged Applicable
Ownership Interest in the Treasury Portfolio, as the case may be, underlying the
Normal Units, on the Stock Purchase Date, the Collateral Agent shall remit to
the Company an amount equal to the aggregate Purchase Price applicable to such
Units, as payment for the Common Stock issuable upon settlement thereof without
receiving any instructions from the Holders of such Units. In the event the
payments in respect of the Pledged Treasury Securities, Pledged Treasury
Consideration or Pledged Applicable Ownership Interest in the Treasury Portfolio
underlying a Unit is in excess of the Purchase Price of the Purchase Contract
being settled thereby, the Collateral Agent will distribute such excess to the
Agent for the benefit of the Holder of such Unit when received.

         (d) Any distribution to Holders of excess funds and interest described
in Section 5.4 (b) and (c) above shall be payable at the office of the Agent in
The City of New York, New York maintained for that purpose or, at the option of
the Holder or the holder of Separate Notes, as applicable, by check mailed to
the address of the Person entitled thereto at such address as it appears on the
Register or by wire transfer to an account specified by the Holder or the holder
of Separate Notes, as applicable.

         (e) The obligations of each Holder to pay the Purchase Price are non-
recourse obligations and except to the extent paid by Early Settlement or Merger
Early Settlement, are payable solely out of the proceeds of any Collateral
pledged to secure the obligations of the Holders and in no event will Holders be
liable for any deficiency between such payments and the Purchase Price.

                                       38
<Page>

         (f) Notwithstanding anything to the contrary herein, the Company shall
not be obligated to issue any Common Stock in respect of a Purchase Contract or
deliver any certificates therefor to the Holder of the related Unit unless the
Company shall have received payment in full of the aggregate Purchase Price for
the shares of Common Stock to be purchased thereunder by such Holder in the
manner herein set forth.

SECTION 5.5       ISSUANCE OF SHARES OF COMMON STOCK.

         Unless a Termination Event shall have occurred on or prior to the Stock
Purchase Date or an Early Settlement or a Merger Early Settlement shall have
occurred, on the Stock Purchase Date, upon its receipt of payment in full of the
Purchase Price for the shares of Common Stock purchased by the Holders pursuant
to the foregoing provisions of this Article and subject to Section 5.6(b), the
Company shall issue and deposit with the Agent, for the benefit of the Holders
of the Outstanding Units, one or more certificates representing the newly issued
shares of Common Stock registered in the name of the Agent (or its nominee) as
custodian for the Holders (such certificates for shares of Common Stock,
together with any dividends or distributions for which a record date and payment
date for such dividend or distribution has occurred after the Stock Purchase
Date, being hereinafter referred to as the Purchase Contract Settlement Fund) to
which the Holders are entitled hereunder. Subject to the foregoing, upon
surrender of a Certificate to the Agent on or after the Stock Purchase Date,
together with settlement instructions thereon duly completed and executed, the
Holder of such Certificate shall be entitled to receive in exchange therefor a
certificate representing that number of whole shares of Common Stock which such
Holder is entitled to receive pursuant to the provisions of this Article V
(after taking into account all Units then held by such Holder) together with
cash in lieu of fractional shares as provided in Section 5.12 and any dividends
or distributions with respect to such shares constituting part of the Purchase
Contract Settlement Fund, but without any interest thereon, and the Certificate
so surrendered shall forthwith be cancelled. Such shares shall be registered in
the name of the Holder or the Holder's designee as specified in the settlement
instructions provided by the Holder to the Agent. If any shares of Common Stock
issued in respect of a Purchase Contract are to be registered to a Person other
than the Person in whose name the Certificate evidencing such Purchase Contract
is registered, no such registration shall be made unless the Person requesting
such registration has paid any transfer and other taxes required by reason of
such registration in a name other than that of the registered Holder of such
Certificate or has established to the satisfaction of the Company that such tax
either has been paid or is not payable.

SECTION 5.6       ADJUSTMENT OF SETTLEMENT RATE.

         (a) Adjustments for Dividends, Distributions, Stock Splits, Etc.

         (1) STOCK DIVIDENDS. In case the Company shall pay or make a dividend
or other distribution on the Common Stock in Common Stock, the Settlement Rate,
as in effect at the opening of business on the day following the date fixed for
the determination of stockholders entitled to receive such dividend or other
distribution shall be increased by dividing such Settlement Rate by a fraction
of which the numerator shall be the number of shares of Common Stock outstanding
at the close of business on the date fixed for such determination and the
denominator shall be the sum of such number of shares and the total number of
shares

                                       39
<Page>

constituting such dividend or other distribution, such increase to become
effective immediately after the opening of business on the day following the
date fixed for such determination. For the purposes of this paragraph (1), the
number of shares of Common Stock at the time outstanding shall not include
shares held in the treasury of the Company but shall include any shares issuable
in respect of any scrip certificates issued in lieu of fractions of shares of
Common Stock. The Company will not pay any dividend or make any distribution on
shares of Common Stock held in the treasury of the Company.

         (2) STOCK PURCHASE RIGHTS. In case the Company shall issue rights,
options or warrants to all holders of its Common Stock (not being available on
an equivalent basis to Holders of the Units upon settlement of the Purchase
Contracts underlying such Units) entitling them to subscribe for or purchase
shares of Common Stock at a price per share less than the Current Market Price
per share of the Common Stock on the date fixed for the determination of
stockholders entitled to receive such rights, options or warrants (other than
pursuant to a dividend reinvestment, share purchase or similar plan), the
Settlement Rate in effect at the opening of business on the day following the
date fixed for such determination shall be increased by dividing such Settlement
Rate by a fraction, the numerator of which shall be the number of shares of
Common Stock outstanding at the close of business on the date fixed for such
determination plus the number of shares of Common Stock which the aggregate of
the offering price of the total number of shares of Common Stock so offered for
subscription or purchase would purchase at such Current Market Price and the
denominator of which shall be the number of shares of Common Stock outstanding
at the close of business on the date fixed for such determination plus the
number of shares of Common Stock so offered for subscription or purchase, such
increase to become effective immediately after the opening of business on the
day following the date fixed for such determination. For the purposes of this
paragraph (2), the number of shares of Common Stock at any time outstanding
shall not include shares held in the treasury of the Company but shall include
any shares issuable in respect of any scrip certificates issued in lieu of
fractions of shares of Common Stock. The Company shall not issue any such
rights, options or warrants in respect of shares of Common Stock held in the
treasury of the Company.

         (3) STOCK SPLITS; REVERSE SPLITS. In case outstanding shares of Common
Stock shall be subdivided or split into a greater number of shares of Common
Stock, the Settlement Rate in effect at the opening of business on the day
following the day upon which such subdivision or split becomes effective shall
be proportionately increased, and, conversely, in case outstanding shares of
Common Stock shall each be combined into a smaller number of shares of Common
Stock, the Settlement Rate in effect at the opening of business on the day
following the day upon which such combination becomes effective shall be
proportionately reduced, such increase or reduction, as the case may be, to
become effective immediately after the opening of business on the day following
the day upon which such subdivision, split or combination becomes effective.

         (4) DEBT OR ASSET DISTRIBUTIONS. (i) In case the Company shall, by
dividend or otherwise, distribute to all holders of its Common Stock evidences
of its indebtedness or assets (including securities, but excluding any rights or
warrants referred to in paragraph (2) of this Section, any dividend or
distribution paid exclusively in cash and any dividend, shares of capital stock
of any class or series, or similar equity interests, of or relating to a
subsidiary or other

                                       40
<Page>

business unit in the case of a Spin-Off referred to in the next paragraph, or
distribution referred to in paragraph (1) of this Section), the Settlement Rate
shall be adjusted so that the same shall equal the rate determined by dividing
the Settlement Rate in effect immediately prior to the close of business on the
date fixed for the determination of stockholders entitled to receive such
distribution by a fraction, the numerator of which shall be the Current Market
Price per share of the Common Stock on the date fixed for such determination
less the then fair market value (as determined by the Board of Directors, whose
determination shall be conclusive and described in a Board Resolution filed with
the Agent) of the portion of the assets or evidences of indebtedness so
distributed applicable to one share of Common Stock and the denominator of which
shall be such Current Market Price per share of the Common Stock, such
adjustment to become effective immediately prior to the opening of business on
the day following the date fixed for the determination of stockholders entitled
to receive such distribution. In any case in which this paragraph (4) is
applicable, paragraph (2) of this Section shall not be applicable.

                  (ii) In the case of a Spin-Off, the Settlement Rate in effect
immediately before the close of business on the record date fixed for
determination of stockholders entitled to receive that distribution will be
increased by multiplying the Settlement Rate by a fraction, the numerator of
which is the Current Market Price per share of the Common Stock plus the Fair
Market Value of the portion of those shares of Capital Stock or similar equity
interests so distributed applicable to one share of Common Stock and the
denominator of which is the Current Market Price per share of the Common Stock.
Any adjustment to the settlement rate under the this paragraph 4(ii) will occur
at the earlier of (1) the tenth Trading Day from, and including, the effective
date of the Spin-Off and (2) the date of the securities being offered in the
Initial Public Offering of the Spin-Off, if that Initial Public Offering is
effected simultaneously with the Spin-Off.

         (5) CASH DISTRIBUTIONS. In case the Company shall, (i) by dividend or
otherwise, distribute to all holders of its Common Stock cash (excluding any
cash that is distributed in a Reorganization Event to which Section 5.6(b)
applies or as part of a distribution referred to in paragraph (4) of this
Section) in an aggregate amount that, combined together with (ii) the aggregate
amount of any other distributions to all holders of its Common Stock made
exclusively in cash within the 12 months preceding the date of payment of such
distribution and in respect of which no adjustment pursuant to this paragraph
(5) or paragraph (6) of this Section has been made and (iii) the aggregate of
any cash plus the fair market value as of the date of the expiration of the
tender or exchange offer referred to below (as determined by the Board of
Directors, whose determination shall be conclusive and described in a Board
Resolution) of consideration payable in respect of any tender or exchange offer
by the Company or any of its subsidiaries for all or any portion of the Common
Stock concluded within the 12 months preceding the date of payment of the
distribution described in clause (i) above and in respect of which no adjustment
pursuant to this paragraph (5) or paragraph (6) of this Section has been made,
exceeds __% of the product of the Current Market Price per share of the Common
Stock on the date for the determination of holders of shares of Common Stock
entitled to receive such distribution times the number of shares of Common Stock
outstanding on such date, then, and in each such case, immediately after the
close of business on such date for determination, the Settlement Rate shall be
increased so that the same shall equal the rate determined by dividing the
Settlement Rate in effect immediately prior to the close of business on the date
fixed for determination of the stockholders entitled to receive such
distribution by a fraction (A) the

                                       41
<Page>

numerator of which shall be equal to the Current Market Price per share of the
Common Stock on the date fixed for such determination less an amount equal to
the quotient of (x) the combined amount distributed or payable in the
transactions described in clauses (i), (ii) and (iii) above and (y) the number
of shares of Common Stock outstanding on such date for determination and (B) the
denominator of which shall be equal to the Current Market Price per share of the
Common Stock on such date for determination.

         (6) TENDER OFFERS. In case (i) a tender or exchange offer made by the
Company or any subsidiary of the Company for all or any portion of the Common
Stock shall expire and such tender or exchange offer (as amended upon the
expiration thereof) shall require the payment to stockholders (based on the
acceptance (up to any maximum specified in the terms of the tender or exchange
offer) of Purchased Shares) of an aggregate consideration having a fair market
value (as determined by the Board of Directors, whose determination shall be
conclusive and described in a Board Resolution) that combined together with (ii)
the aggregate of the cash plus the fair market value (as determined by the Board
of Directors, whose determination shall be conclusive and described in a Board
Resolution), as of the expiration of such tender or exchange offer, of
consideration payable in respect of any other tender or exchange offer, by the
Company or any subsidiary of the Company for all or any portion of the Common
Stock expiring within the 12 months preceding the expiration of such tender or
exchange offer and in respect of which no adjustment pursuant to paragraph (5)
of this Section or this paragraph (6) has been made and (iii) the aggregate
amount of any distributions to all holders of the Company's Common Stock made
exclusively in cash within the 12 months preceding the expiration of such tender
or exchange offer and in respect of which no adjustment pursuant to paragraph
(5) of this Section or this paragraph (6) has been made, exceeds __% of the
product of the Current Market Price per share of the Common Stock as of the last
time (the Expiration Time) tenders could have been made pursuant to such tender
or exchange offer (as it may be amended) times the number of shares of Common
Stock outstanding (including any tendered shares) on the Expiration Time, then,
and in each such case, immediately prior to the opening of business on the day
after the date of the Expiration Time, the Settlement Rate shall be adjusted so
that the same shall equal the rate determined by dividing the Settlement Rate
immediately prior to the close of business on the date of the Expiration Time by
a fraction (A) the numerator of which shall be equal to (x) the product of (I)
the Current Market Price per share of the Common Stock on the date of the
Expiration Time and (II) the number of shares of Common Stock outstanding
(including any tendered shares) on the Expiration Time less (y) the amount of
cash plus the fair market value (determined as aforesaid) of the aggregate
consideration payable to stockholders based on the transactions described in
clauses (i), (ii) and (iii) above (assuming in the case of clause (i) the
acceptance, up to any maximum specified in the terms of the tender or exchange
offer, of Purchased Shares), and (B) the denominator of which shall be equal to
the product of (x) the Current Market Price per share of the Common Stock as of
the Expiration Time and (y) the number of shares of Common Stock outstanding
(including any tendered shares) as of the Expiration Time less the number of all
shares validly tendered and not withdrawn as of the Expiration Time (the shares
deemed so accepted, up to any such maximum, being referred to as the Purchased
Shares).

         (7) RECLASSIFICATION. The reclassification of Common Stock into
securities including securities other than Common Stock (other than any
reclassification upon a Reorganization Event to which Section 5.6(b) applies)
shall be deemed to involve (i) a

                                       42
<Page>

distribution of such securities other than Common Stock to all holders of Common
Stock (and the effective date of such reclassification shall be deemed to be the
date fixed for the determination of stockholders entitled to receive such
distribution and the date fixed for such determination within the meaning of
paragraph (4) of this Section), and (ii) a subdivision, split or combination, as
the case may be, of the number of shares of Common Stock outstanding immediately
prior to such reclassification into the number of shares of Common Stock
outstanding immediately thereafter (and the effective date of such
reclassification shall be deemed to be the day upon which such subdivision or
split becomes effective or the day upon which such combination becomes
effective, as the case may be, and the day upon which such subdivision, split or
combination becomes effective within the meaning of paragraph (3) of this
Section).

         (8) CURRENT MARKET PRICE. The Current Market Price of the Common Stock
means (a) on any day the average of the Sales Prices for the 5 consecutive
Trading Day preceding the earlier of the day preceding the day in question and
the day before the ex date with respect to the issuance or distribution
requiring computation, (b) in the case of any Spin-Off that is effected
simultaneously with and Initial Public Offering of the securities being
distributed in the Spin-Off, the Sale Price of the Common Stock on the Trading
Day on which the initial public offering price of the securities being
distributed in the Spin-Off is determined, and (c) in the case of any other
Spin-Off, the average of the Sale Prices of the Common Stock over the first 10
Trading Days after the effective date of such Spin- Off. For purposes of this
paragraph, the term ex date, when used with respect to any issuance or
distribution, shall mean the first date on which the Common Stock trades regular
way on such exchange or in such market without the right to receive such
issuance or distribution.

         (9) CALCULATION OF ADJUSTMENTS. All adjustments to the Settlement Rate
shall be calculated to the nearest 1/10,000th of a share of Common Stock (or if
there is not a nearest 1/10,000th of a share to the next lower 1/10,000th of a
share). No adjustment in the Settlement Rate shall be required unless such
adjustment would require an increase or decrease of at least one percent
therein; provided, that any adjustments which by reason of this subparagraph are
not required to be made shall be carried forward and taken into account in any
subsequent adjustment. If an adjustment is made to the Settlement Rate pursuant
to paragraph (1), (2), (3), (4), (5), (6), (7) or (10) of this Section 5.6(a),
an adjustment shall also be made to the Applicable Market Value solely to
determine which of clauses (i), (ii) or (iii) of the definition of Settlement
Rate in Section 5.1(a) will apply on the Stock Purchase Date. Such adjustment
shall be made by multiplying the Applicable Market Value by a fraction, the
numerator of which shall be the Settlement Rate immediately after such
adjustment pursuant to paragraph (1), (2), (3), (4), (5), (6), (7) or (10) of
this Section 5.6(a) and the denominator of which shall be the Settlement Rate
immediately before such adjustment; provided, that if such adjustment to the
Settlement Rate is required to be made pursuant to the occurrence of any of the
events contemplated by paragraph (1), (2), (3), (4), (5), (7) or (10) of this
Section 5.6(a) during the period taken into consideration for determining the
Applicable Market Value, appropriate and customary adjustments shall be made to
the Settlement Rate.

         (10) INCREASE OF SETTLEMENT RATE. The Company may make such increases
in the Settlement Rate, in addition to those required by this Section, as it
considers to be advisable in order to avoid or diminish any income tax to any
holders of shares of Common Stock resulting

                                       43
<Page>

from any dividend or distribution of stock or issuance of rights or warrants to
purchase or subscribe for stock or from any event treated as such for income tax
purposes or for any other reasons.

         (b) Adjustment for Consolidation, Merger or Other Reorganization Event.

         In the event of

         (1) any consolidation or merger of the Company with or into another
Person (other than a merger or consolidation in which the Company is the
continuing corporation and in which the Common Stock outstanding immediately
prior to the merger or consolidation is not exchanged for cash, securities or
other property of the Company or another corporation),

         (2) any sale, transfer, lease or conveyance to another Person of the
property of the Company as an entirety or substantially as an entirety,

         (3) any statutory exchange of securities of the Company with another
Person (other than in connection with a merger or acquisition), or

         (4) any liquidation, dissolution or winding up of the Company other
than as a result of or after the occurrence of a Termination Event (any such
event, a Reorganization Event), each share of Common Stock covered by each
Purchase Contract forming a part of a Unit immediately prior to such
Reorganization Event shall, after such Reorganization Event, be converted for
purposes of the Purchase Contract into the kind and amount of securities, cash
and other property receivable in such Reorganization Event (without any interest
thereon, and without any right to dividends or distribution thereon which have a
record date that is prior to the Stock Purchase Date) per share of Common Stock
by a holder of Common Stock that (i) is not a Person with which the Company
consolidated or into which the Company merged or which merged into the Company
or to which such sale or transfer was made, as the case may be (any such Person,
a Constituent Person), or an Affiliate of a Constituent Person to the extent
such Reorganization Event provides for different treatment of Common Stock held
by Affiliates of the Company and non-Affiliates, and (ii) failed to exercise his
rights of election, if any, as to the kind or amount of securities, cash and
other property receivable upon such Reorganization Event (provided that if the
kind or amount of securities, cash and other property receivable upon such
Reorganization Event is not the same for each share of Common Stock held
immediately prior to such Reorganization Event by other than a Constituent
Person or an Affiliate thereof and in respect of which such rights of election
shall not have been exercised (Non-electing Share), then for the purpose of this
Section the kind and amount of securities, cash and other property receivable
upon such Reorganization Event by each Non-electing Share shall be deemed to be
the kind and amount so receivable per share by a plurality of the Non-electing
Shares). On the Stock Purchase Date, the Settlement Rate then in effect will be
applied to the value on the Stock Purchase Date of such securities, cash or
other property.

         In the event of such a Reorganization Event, the Person formed by such
consolidation, merger or exchange or the Person which acquires the assets of the
Company or, in the event of a liquidation or dissolution of the Company, the
Company or a liquidating trust created in connection therewith, shall execute
and deliver to the Agent an agreement supplemental hereto

                                       44
<Page>

providing that the Holder of each Outstanding Unit shall have the rights
provided by this Section 5.6. Such supplemental agreement shall provide for
adjustments which, for events subsequent to the effective date of such
supplemental agreement, shall be as nearly equivalent as may be practicable to
the adjustments provided for in this Section. The above provisions of this
Section shall similarly apply to successive Reorganization Events.

SECTION 5.7       NOTICE OF ADJUSTMENTS AND CERTAIN OTHER EVENTS.

         (a) Whenever the Settlement Rate is adjusted as herein provided, the
Company shall:

                  (i) forthwith compute the Settlement Rate in accordance with
         Section 5.6 and prepare and transmit to the Agent an Officer's
         Certificate setting forth the Settlement Rate, the method of
         calculation thereof in reasonable detail, and the facts requiring such
         adjustment and upon which such adjustment is based; and

                  (ii) as soon as practicable following the occurrence of an
         event that requires an adjustment to the Settlement Rate pursuant to
         Section 5.6 (or if the Company is not aware of such occurrence, as soon
         as practicable after becoming so aware), provide a written notice to
         the Holders of the Units of the occurrence of such event and a
         statement in reasonable detail setting forth the method by which the
         adjustment to the Settlement Rate was determined and setting forth the
         adjusted Settlement Rate.

         (b) The Agent shall not at any time be under any duty or responsibility
to any Holder of Units to determine whether any facts exist which may require
any adjustment of the Settlement Rate, or with respect to the nature or extent
or calculation of any such adjustment when made, or with respect to the method
employed in making the same. The Agent shall not be accountable with respect to
the validity or value (or the kind or amount) of any shares of Common Stock, or
of any securities or property, which may at the time be issued or delivered with
respect to any Purchase Contract; and the Agent makes no representation with
respect thereto. The Agent shall not be responsible for any failure of the
Company to issue, transfer or deliver any shares of Common Stock pursuant to a
Purchase Contract or to comply with any of the duties, responsibilities or
covenants of the Company contained in this Article.

SECTION 5.8       TERMINATION EVENT; NOTICE.

         The Purchase Contracts and all obligations and rights of the Company
and the Holders thereunder, including the rights and obligations of Holders to
purchase Common Stock, shall immediately and automatically terminate, without
the necessity of any notice or action by any Holder, the Agent or the Company,
if, on or prior to the Stock Purchase Date, a Termination Event shall have
occurred. Upon and after the occurrence of a Termination Event, the Normal Units
shall thereafter represent the right to receive the Notes or the appropriate
Treasury Consideration or Applicable Ownership Interest in the Treasury
Portfolio, as the case may be, forming a part of such Normal Units, and the
Stripped Units shall thereafter represent the right to receive the Treasury
Securities forming a part of such Stripped Units, in each case in accordance
with the provisions of Section 4.3 of the Pledge Agreement. Upon the occurrence
of a Termination Event, the Company shall promptly but in no event later than
two Business Days

                                       45
<Page>

thereafter give written notice to the Agent, the Collateral Agent and to the
Holders, at their addresses as they appear in the Register.

SECTION 5.9       EARLY SETTLEMENT.

         (a) Subject to and upon compliance with the provisions of this Section
5.9, Purchase Contracts underlying Units having an aggregate Stated Amount equal
to $1,000 or an integral multiple thereof, may, at the option of the Holder
thereof, be settled early (Early Settlement) on or prior to 10:00 a.m. on the
seventh Business Day immediately preceding the Stock Purchase Date. In order to
exercise the right to effect Early Settlement with respect to any Purchase
Contracts, the Holder of the Certificate evidencing the related Units shall
deliver such Certificate to the Agent at the Corporate Trust Office duly
endorsed for transfer to the Company or in blank with the form of Election to
Settle Early on the reverse thereof duly completed and accompanied by payment
payable to the Company in immediately available funds in an amount (the Early
Settlement Amount) equal to (A) the product of (i) the Stated Amount of such
Units multiplied by (ii) the number of Purchase Contracts with respect to which
the Holder has elected to effect Early Settlement, plus (B) if such delivery is
made with respect to any Purchase Contracts during the period from close of
business on any Record Date next preceding any Payment Date to the opening of
business on such Payment Date, an amount equal to the Contract Adjustment
Payments, if any, payable on such Payment Date with respect to such Purchase
Contracts; provided that no payment shall be required pursuant to clause (B) of
this sentence if the Company shall have elected to defer the Contract Adjustment
Payments which would otherwise be payable on such Payment Date. Except as
provided in the immediately preceding sentence and subject to Section 5.2(d), no
payment or adjustment shall be made upon Early Settlement of any Purchase
Contract on any Contract Adjustment Payments accrued on such Purchase Contract
or on account of any dividends on the Common Stock issued upon such Early
Settlement. If the foregoing requirements are first satisfied with respect to
Purchase Contracts underlying any Unit at or prior to 5:00 p.m., New York City
time, on a Business Day, such day shall be the Early Settlement Date with
respect to such Unit and if such requirements are first satisfied after 5:00
p.m., New York City time, on a Business Day or on a day that is not a Business
Day, the Early Settlement Date with respect to such Units shall be the next
succeeding Business Day.

         (b) Upon Early Settlement of any Purchase Contract by the Holder of the
related Units, the Company shall issue, and the Holder shall be entitled to
receive, ________ shares of Common Stock on account of such Purchase Contract
(the Early Settlement Rate). The Early Settlement Rate shall be adjusted in the
same manner and at the same time as the Settlement Rate is adjusted. As promptly
as practicable after Early Settlement of Purchase Contracts in accordance with
the provisions of this Section 5.9, the Company shall issue and shall deliver to
the Agent at the Corporate Trust Office a certificate or certificates for the
full number of shares of Common Stock issuable upon such Early Settlement
together with payment in lieu of any fraction of a share, as provided in Section
5.12.

         (c) No later than the third Business Day after the applicable Early
Settlement Date the Company shall cause (i) the shares of Common Stock issuable
upon Early Settlement of Purchase Contracts to be issued and delivered, and (ii)
the related Pledged Notes, Pledged Treasury Consideration or Pledged Applicable
Ownership Interest in the Treasury Portfolio, in the case of Normal Units, or
the related Pledged Treasury Securities, in the case of Stripped

                                       46
<Page>

Units, to be released from the Pledge by the Collateral Agent and transferred,
in each case, to the Agent for delivery to the Holder thereof or the Holder's
designee.

         (d) Upon Early Settlement of any Purchase Contracts, and subject to
receipt of shares of Common Stock from the Company and the Pledged Notes,
Pledged Treasury Consideration, Pledged Applicable Ownership Interest in the
Treasury Portfolio, or Pledged Treasury Securities, as the case may be, from the
Collateral Agent, as applicable, the Agent shall, in accordance with the
instructions provided by the Holder thereof on the applicable form of Election
to Settle Early on the reverse of the Certificate evidencing the related Units,
(i) transfer to the Holder the Pledged Notes, Pledged Treasury Consideration,
Pledged Applicable Ownership Interest in the Treasury Portfolio, or Pledged
Treasury Securities, as the case may be, forming a part of such Units, and (ii)
deliver to the Holder a certificate or certificates for the full number of
shares of Common Stock issuable upon such Early Settlement together with payment
in lieu of any fraction of a share, as provided in Section 5.12.

         (e) In the event that Early Settlement is effected with respect to
Purchase Contracts underlying less than all the Units evidenced by a
Certificate, upon such Early Settlement the Company shall execute and the Agent
shall authenticate, countersign and deliver to the Holder thereof, at the
expense of the Company, a Certificate evidencing the Units as to which Early
Settlement was not effected.

SECTION 5.10      EARLY SETTLEMENT UPON MERGER.

         (a) In the event of a merger or consolidation of the Company of the
type described in clause (1) of Section 5.6(b) in which the Common Stock
outstanding immediately prior to such merger or consolidation is exchanged for
consideration consisting of at least 30% cash or cash equivalents (any such
event a Cash Merger), then the Company (or the successor to the Company
hereunder) shall be required to offer the Holder of each Unit the right to
settle the Purchase Contract underlying such Unit prior to the Stock Purchase
Date (Merger Early Settlement) as provided herein. On or before the fifth
Business Day after the consummation of a Cash Merger, the Company or, at the
request and expense of the Company, the Agent, shall give all Holders notice of
the occurrence of the Cash Merger and of the right of Merger Early Settlement
arising as a result thereof. The Company shall also deliver a copy of such
notice to the Agent and the Collateral Agent.

         Each such notice shall contain:

                  (i) the date, which shall be not less than 20 nor more than 30
         calendar days after the date of such notice, on which the Merger Early
         Settlement will be effected (the Merger Early Settlement Date);

                  (ii) the date, which shall be on or one Business Day prior to
         the Merger Early Settlement Date, by which the Merger Early Settlement
         right must be exercised;

                  (iii) the Settlement Rate in effect as a result of such Cash
         Merger and the kind and amount of securities, cash and other property
         receivable by the Holder upon settlement of each Purchase Contract
         pursuant to Section 5.6(b);

                                       47
<Page>

                  (iv) a statement to the effect that all or a portion of the
         Purchase Price payable by the Holder to settle the Purchase Contract
         will be offset against the amount of cash so receivable upon exercise
         of Merger Early Settlement, as applicable; and

                  (v) the instructions a Holder must follow to exercise the
         Merger Early Settlement right.

         (b) To exercise a Merger Early Settlement right, a Holder shall deliver
to the Agent at the Corporate Trust Office on or before 5:00 p.m., New York City
time on the date specified in the notice the Certificate(s) evidencing the Units
with respect to which the Merger Early Settlement right is being exercised duly
endorsed for transfer to the Company or in blank with the form of Election to
Settle Early on the reverse thereof duly completed and accompanied by payment
payable to the Company in immediately available funds in an amount equal to the
Early Settlement Amount less the amount of cash that otherwise would be
deliverable by the Company or its successor upon settlement of the Purchase
Contract in lieu of Common Stock pursuant to Section 5.6(b) and as described in
the notice to Holders (the Merger Early Settlement Amount).

         (c) On the Merger Early Settlement Date, the Company shall deliver or
cause to be delivered (i) the net cash, securities and other property to be
received by such exercising Holder, equal to the Settlement Rate as adjusted
pursuant to Section 5.6, in respect of the number of Purchase Contracts for
which such Merger Early Settlement right was exercised, and (ii) the related
Pledged Notes, Pledged Treasury Consideration or Pledged Applicable Ownership
Interest in the Treasury Portfolio, in the case of Normal Units, or Pledged
Treasury Securities, in the case of Stripped Units, to be released from the
Pledge by the Collateral Agent and transferred, in each case, to the Agent for
delivery to the Holder thereof or its designee. In the event a Merger Early
Settlement right shall be exercised by a Holder in accordance with the terms
hereof, all references herein to Stock Purchase Date shall be deemed to refer to
such Merger Early Settlement Date.

         (d) Upon Merger Early Settlement of any Purchase Contracts, and subject
to receipt of such net cash, securities or other property from the Company and
the Pledged Notes, Pledged Treasury Consideration, Pledged Applicable Ownership
Interest in the Treasury Portfolio or Pledged Treasury Securities, as the case
may be, from the Collateral Agent, as applicable, the Agent shall, in accordance
with the instructions provided by the Holder thereof on the applicable form of
Election to Settle Early on the reverse of the Certificate evidencing the
related Units, (i) transfer to the Holder the Pledged Notes, Pledged Treasury
Consideration, Pledged Applicable Ownership Interest in the Treasury Portfolio,
or Pledged Treasury Securities, as the case may be, forming a part of such
Units, and (ii) deliver to the Holder such net cash, securities or other
property issuable upon such Merger Early Settlement together with payment in
lieu of any fraction of a share, as provided in Section 5.12.

         (e) In the event that Merger Early Settlement is effected with respect
to Purchase Contracts underlying less than all the Units evidenced by a
Certificate, upon such Merger Early Settlement the Company (or the successor to
the Company hereunder) shall execute and the Agent shall authenticate,
countersign and deliver to the Holder thereof, at the expense of the Company, a
Certificate evidencing the Units as to which Merger Early Settlement was not
effected.

                                       48
<Page>

SECTION 5.11      CHARGES AND TAXES.

         The Company will pay all stock transfer and similar taxes attributable
to the initial issuance and delivery of the shares of Common Stock pursuant to
the Purchase Contracts and in payment of any Deferred Contract Adjustment
Payments; provided, that the Company shall not be required to pay any such tax
or taxes which may be payable in respect of any exchange of or substitution for
a Certificate evidencing a Unit or any issuance of a share of Common Stock in a
name other than that of the registered Holder of a Certificate surrendered in
respect of the Units evidenced thereby, other than in the name of the Agent, as
custodian for such Holder, and the Company shall not be required to issue or
deliver such share certificates or Certificates unless and until the Person or
Persons requesting the transfer or issuance thereof shall have paid to the
Company the amount of such tax or shall have established to the satisfaction of
the Company that such tax has been paid.

SECTION 5.12      NO FRACTIONAL SHARES.

         No fractional shares or scrip representing fractional shares of Common
Stock shall be issued or delivered upon settlement on the Stock Purchase Date or
upon Early Settlement or Merger Early Settlement of any Purchase Contracts. If
Certificates evidencing more than one Purchase Contract shall be surrendered for
settlement at one time by the same Holder, the number of full shares of Common
Stock which shall be delivered upon settlement shall be computed on the basis of
the aggregate number of Purchase Contracts evidenced by the Certificates so
surrendered. Instead of any fractional share of Common Stock which would
otherwise be deliverable upon settlement of any Purchase Contracts on the
applicable Settlement Date or upon Early Settlement or Merger Early Settlement,
the Company, through the Agent, shall make a cash payment in respect of such
fractional shares in an amount equal to the value of such fractional shares
times the Applicable Market Value. The Company shall provide the Agent from time
to time with sufficient funds to permit the Agent to make all cash payments
required by this Section 5.12 in a timely manner.

                                   ARTICLE VI.

                                    REMEDIES

SECTION 6.1       UNCONDITIONAL RIGHT OF HOLDERS TO PURCHASE COMMON STOCK.

         The Holder of any Unit shall have the right, which is absolute and
unconditional,

         (a) subject to the right of the Company to defer payment thereof
pursuant to Section 5.3, and to the forfeiture of any Deferred Contract
Adjustment Payments upon Early Settlement pursuant to Section 5.9(c) or upon
Merger Early Settlement pursuant to Section 5.10(c) or upon the occurrence of a
Termination Event, to receive payment of each installment of the Contract
Adjustment Payments, if any, with respect to the Purchase Contract constituting
a part of such Unit on the respective Payment Date for such Unit, and

         (b) to purchase Common Stock pursuant to the Purchase Contract
constituting a part of such Unit and to institute suit for the enforcement of
any such right to purchase Common Stock, and such rights shall not be impaired
without the consent of such Holder.

                                       49
<Page>

SECTION 6.2       RESTORATION OF RIGHTS AND REMEDIES.

         If any Holder has instituted any proceeding to enforce any right or
remedy under this Agreement and such proceeding has been discontinued or
abandoned for any reason, or has been determined adversely to such Holder, then
and in every such case, subject to any determination in such proceeding, the
Company and such Holder shall be restored severally and respectively to their
former positions hereunder and thereafter all rights and remedies of such Holder
shall continue as though no such proceeding had been instituted.

SECTION 6.3       RIGHTS AND REMEDIES CUMULATIVE.

         Except as otherwise provided with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Certificates in Section 3.10(f), no
right or remedy herein conferred upon or reserved to the Holders is intended to
be exclusive of any other right or remedy, and every right and remedy shall, to
the extent permitted by law, be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

SECTION 6.4       DELAY OR OMISSION NOT WAIVER.

         No delay or omission of any Holder to exercise any right or remedy upon
a default shall impair any such right or remedy or constitute a waiver of any
such right. Every right and remedy given by this Article or by law to the
Holders may be exercised from time to time, and as often as may be deemed
expedient, by such Holders.

SECTION 6.5       UNDERTAKING FOR COSTS.

         All parties to this Agreement agree, and each Holder of a Unit, by its
acceptance of such Unit shall be deemed to have agreed, that any court may in
its discretion require, in any suit for the enforcement of any right or remedy
under this Agreement, or in any suit against the Agent for any action taken,
suffered or omitted by it as Agent, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in
its discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; provided that
the provisions of this Section shall not apply to any suit instituted by the
Company, to any suit instituted by the Agent, to any suit instituted by any
Holder, or group of Holders, holding in the aggregate more than 10% of the
Outstanding Units, or to any suit instituted by any Holder for the enforcement
of distributions on any Notes on any Purchase Contract on or after the
respective Payment Date therefor in respect of any Unit held by such Holder, or
for enforcement of the right to purchase shares of Common Stock under the
Purchase Contract constituting part of any Unit held by such Holder.

SECTION 6.6       WAIVER OF STAY OR EXTENSION LAWS.

         The Company covenants (to the extent that it may lawfully do so) that
it will not at any time insist upon, or plead, or in any manner whatsoever claim
or take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, which may

                                       50
<Page>

affect the covenants or the performance of this Agreement; and the Company (to
the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law, but will suffer and permit the execution of every
such power as though no such law had been enacted.

                                  ARTICLE VII.

                                    THE AGENT

SECTION 7.1       CERTAIN DUTIES, RIGHTS AND IMMUNITIES.

         (a) The Agent shall act as agent for the Holders of the Units hereunder
with such powers as are specifically vested in the Agent by the terms of this
Agreement, the Pledge Agreement, the Remarketing Agreement, the Notes and the
Units, and any documents evidencing thereof or related thereto (the "Transaction
Documents"), together with such other powers as are reasonably incidental
thereto. The Agent:

             (1) shall have no duties or responsibilities except those expressly
set forth in the Transaction Documents and no implied covenants or obligations
shall be inferred from any Transaction Documents against the Agent, nor shall
the Agent be bound by the provisions of any agreement by any party hereto
beyond the specific terms hereof;

             (2) shall be entitled conclusively to rely upon (x) any
certification, order, judgment, opinion, notice or other communication
(including, without limitation, any thereof by telephone or facsimile)
reasonably believed by it to be genuine and correct and to have been signed or
sent by or on behalf of the proper Person or Persons (without being required to
determine the correctness of any fact stated therein), (y) the truth of the
statements and the correctness of the opinions expressed therein and (z) advice
and statements of legal counsel and other experts selected by the Agent;

             (3) as to any matters not expressly provided for by any Transaction
Document, shall in all cases be fully protected in acting, or in refraining from
acting, hereunder or thereunder in accordance with instructions given by the
Company or the Holders in accordance with the Transaction Documents;

             (4) shall not be responsible for any recitals contained in any
Transaction Document, or in any certificate or other document referred to or
provided for in, or received by it under, any Transaction Document or the Units,
or for the value, validity, effectiveness, genuineness, enforceability or
sufficiency of any Transaction Document (other than as against the Agent) or the
Units or any other document referred to or provided for herein or therein or for
any failure by the Company, any Holder or any other Person (except the Agent) to
perform any of its obligations hereunder or thereunder or for the perfection,
priority or, except as expressly required hereby, existence, validity,
perfection or maintenance of any security interest created under the Pledge
Agreement, or for the use or application by the Company of the proceeds in
respect of the Purchase Contracts;

             (5) shall not be required to initiate or conduct any litigation or
collection proceedings hereunder;

                                       51
<Page>

             (6) shall not be responsible for any action taken or omitted to be
taken by it hereunder or under any other document or instrument referred to or
provided for herein or in connection herewith or therewith, except for its own
negligence, or willful misconduct; and

             (7) shall not be required to advise any party as to selling or
retaining, or taking or refraining from taking any action with respect to, the
Units or other rights under any Transaction Document.

         (b) No provision of any Transaction Document shall be construed to
relieve the Agent from liability for its own negligent action, its own negligent
failure to act, its own bad faith, or its own willful misconduct, except that:

             (1) this paragraph (b) shall not be construed to limit the effect
of paragraph (a) of this Section;

             (2) the Agent shall not be liable for any error of judgment made in
good faith by a Responsible Officer, unless it shall be proved that the Agent
was negligent in ascertaining the pertinent facts; and

             (3) in no event shall the Agent be required to expend or risk its
own funds or otherwise incur any financial liability in the performance of any
of its duties hereunder.

         (c) In no event shall the Agent or its officers, employees or agents be
liable for any special, indirect, individual, punitive or consequential damages,
lost profits or loss of business, arising in connection with any Transaction
Document, whether or not the likelihood of such loss or damage was known to the
Agent, incurred without any act or deed that is found to be attributable to
negligence, bad faith or willful misconduct on the part of the Agent.

         (d) Whether or not therein expressly so provided, every provision of
every Transaction Document relating to the conduct or affecting the liability of
or affording protection to the Agent shall be subject to the provisions of this
Section.

         (e) The Agent is authorized to execute and deliver the Pledge Agreement
and the Remarketing Agreement and any supplement thereto in its capacity as
Agent.

         (f) The Agent shall have no liability whatsoever for the action or
inaction of any Clearing Agency or any book-entry system thereof. In no event
shall any Clearing Agency or any book-entry system thereof be deemed an agent or
subcustodian of the Agent.

         (g) The Agent shall not be responsible or liable for any failure or
delay in the performance of its obligations under any Transaction Document
arising out of or caused, directly or indirectly, by circumstances beyond its
reasonable control, including, without limitation, acts of God; earthquakes;
fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots;
interruptions, loss or malfunctions of utilities, computer (hardware or
software) or communications service; accidents; labor disputes; acts of civil or
military authority; governmental actions; or inability to obtain labor,
material, equipment or transportation.

                                       52
<Page>

         (h) In case a Default has occurred (that has not been cured or waived),
and is actually known by a Responsible Officer of the Agent, the Agent shall
exercise such of the rights and powers vested in it by this Agreement, and use
the same degree of care and skill in its exercise thereof, as a prudent person
would exercise or use under the circumstances in the conduct of his or her own
affairs.

SECTION 7.2       NOTICE OF DEFAULT.

         Within 30 days after the occurrence of any default by the Company
hereunder of which a Responsible Officer of the Agent has actual knowledge, the
Agent shall transmit by mail to the Company and the Holders of Units, as their
names and addresses appear in the Register, notice of such default hereunder,
unless such default shall have been cured or waived.

SECTION 7.3       CERTAIN RIGHTS OF AGENT.

         Subject to the provisions of Section 7.1:

         (a) any request or direction of the Company mentioned herein shall be
sufficiently evidenced by an Officer's Certificate, Issuer Order or Issuer
Request, and any resolution of the Board of Directors of the Company may be
sufficiently evidenced by a Board Resolution;

         (b) whenever in the administration of this Agreement the Agent shall
deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Agent (unless other evidence be
herein specifically prescribed) may, in the absence of bad faith on its part,
rely upon an Officer's Certificate of the Company;

         (c) the Agent may consult with counsel and the written advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon;

         (d) the Agent shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture,
note, other evidence of indebtedness or other paper or document, but the Agent,
in its discretion, may make reasonable further inquiry or investigation into
such facts or matters related to the execution, delivery and performance of the
Purchase Contracts as it may see fit, and, if the Agent shall determine to make
such further inquiry or investigation, it shall be given a reasonable
opportunity to examine the books, records and premises of the Company,
personally or by agent or attorney; and

         (e) the Agent may execute any of the powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys or an
Affiliate of the Agent and the Agent shall not be responsible for any misconduct
or negligence on the part of any agent or attorney or an Affiliate appointed
with due care by it hereunder.

SECTION 7.4       NOT RESPONSIBLE FOR RECITALS, ETC.

         The recitals contained herein and in the Certificates shall be taken as
the statements of the Company.

                                       53
<Page>

SECTION 7.5       MAY HOLD UNITS AND OTHER DEALINGS.

         Any Registrar or any other agent of the Company, or the Agent and its
Affiliates, in their individual or any other capacity, may become the owner or
pledgee of Units and may otherwise deal with the Company, the Collateral Agent
or any other Person with the same rights it would have if it were not Registrar
or such other agent, or the Agent. The Agent and its Affiliates may (without
having to account therefor to the Company or any Holder of Units or holder of
Separate Notes) accept deposits from, lend money to, make their investments in
and generally engage in any kind of banking, trust or other business with the
Company, any Holder of Units and any holder of Separate Notes (and any of their
respective subsidiaries or Affiliates) as if it were not acting as the Agent and
the Agent and their Affiliates may accept fees and other consideration from the
Company, any Holder of Units or any holder of Separate Notes without having to
account for the same to any such Person.

SECTION 7.6       MONEY HELD IN CUSTODY.

         Money held by the Agent in custody hereunder need not be segregated
from the Agent's other funds except to the extent required by law or provided
herein. The Agent shall be under no obligation to invest or pay interest on any
money received by it hereunder except as otherwise agreed in writing with the
Company.

SECTION 7.7       COMPENSATION AND REIMBURSEMENT.

         The Company agrees:

         (a) to pay to the Agent from time to time compensation for all services
rendered by it hereunder as shall be agreed in writing between the Company and
the Agent;

         (b) to reimburse the Agent upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Agent in accordance
with any provision of this Agreement (including the reasonable compensation and
the reasonable expenses and disbursements of its agents and counsel), except any
such expense, disbursement or advance as may be attributable to its negligence,
willful misconduct or bad faith; and

         (c) to indemnify the Agent and any predecessor Agent for, and to hold
it harmless against, any loss, liability or reasonable out-of-pocket expense
incurred without negligence, willful misconduct or bad faith on its part,
arising out of or in connection with the acceptance or administration of its
duties under the Transaction Documents, including the costs and expenses
(including reasonable fees and expenses of counsel) of defending itself against
any claim or liability in connection with the exercise or performance of any of
its powers or duties under the Transaction Documents. The Agent shall each
promptly notify the Company of any third party claim which may give rise to the
indemnity hereunder and give the Company the opportunity to participate in the
defense of such claim with counsel reasonably satisfactory to the indemnified
party, and no such claim shall be settled without the written consent of the
Company, which consent shall not be unreasonably withheld.

         The provisions of this Section 7.7 shall survive the termination of
this Agreement.

                                       54
<Page>

SECTION 7.8       CORPORATE AGENT REQUIRED; ELIGIBILITY.

         There shall at all times be an Agent hereunder which shall be a
corporation organized and doing business under the laws of the United States of
America, any State thereof or the District of Columbia, authorized under such
laws to exercise corporate trust powers, having (or being a member of a bank
holding company having) a combined capital and surplus of at least $50,000,000,
subject to supervision or examination by federal or state authority and having a
Corporate Trust Office in the Borough of Manhattan, The City of New York, if
there be such a corporation, qualified and eligible under this Article and
willing to act on reasonable terms. If such corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of said
supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. If at any time the Agent shall cease to be eligible in accordance
with the provisions of this Section, it shall resign immediately in the manner
and with the effect hereinafter specified in this Article.

SECTION 7.9       RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

         (a) No resignation or removal of the Agent and no appointment of a
successor Agent pursuant to this Article shall become effective until the
acceptance of appointment by the successor Agent in accordance with the
applicable requirements of Section 7.10.

         (b) The Agent may resign at any time by giving written notice thereof
to the Company 60 days prior to the effective date of such resignation. If the
instrument of acceptance by a successor Agent required by Section 7.10 shall not
have been delivered to the Agent within 30 days after the giving of such notice
of resignation, the resigning Agent may petition any court of competent
jurisdiction for the appointment of a successor Agent.

         (c) The Agent may be removed at any time by Act of the Holders of a
majority in number of the Outstanding Units delivered to the Agent and the
Company.

         (d) If at any time:

             (1) the Agent fails to comply with Section 310(b) of the TIA, after
written request therefor by the Company or by any Holder who has been a bona
fide Holder of a Unit for at least six months; or

             (2) the Agent shall cease to be eligible under Section 7.8 and
shall fail to resign after written request therefor by the Company or by any
such Holder; or

             (3) the Agent shall become incapable of acting or shall be adjudged
bankrupt or insolvent or a receiver of the Agent or of its property shall be
appointed or any public officer shall take charge or control of the Agent or of
its property or affairs for the purpose of rehabilitation, conservation or
liquidation;

then, in any such case, (x) the Company by a Board Resolution may remove the
Agent, or (y) any Holder who has been a bona fide Holder of a Unit for at least
six months may, on behalf of

                                       55
<Page>

himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Agent and the appointment of a successor
Agent.

         (e) If the Agent shall resign, be removed or become incapable of
acting, or if a vacancy shall occur in the Corporate Trust Office of Agent for
any cause, the Company, by a Board Resolution, shall promptly appoint a
successor Agent and shall comply with the applicable requirements of Section
7.10. If no successor Agent shall have been so appointed by the Company and
accepted appointment in the manner required by Section 7.10, any Holder who has
been a bona fide Holder of a Unit for at least six months may, on behalf of
himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Agent.

         (f) The Company shall give, or shall cause such successor Agent to
give, notice of each resignation and each removal of the Agent and each
appointment of a successor Agent by mailing written notice of such event by
first-class mail, postage prepaid, to all Holders as their names and addresses
appear in the applicable Register. Each notice shall include the name of the
successor Agent and the address of its Corporate Trust Office.

         (g) If the Agent has or shall acquire any "conflicting interest" within
the meaning of Section 310(b) of the TIA, the Agent and the Company shall in all
respects comply with the provisions of Section 310(b) of the TIA.

SECTION 7.10      ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

         (a) In case of the appointment hereunder of a successor Agent, every
such successor Agent so appointed shall execute, acknowledge and deliver to the
Company and to the retiring Agent an instrument accepting such appointment, and
thereupon the resignation or removal of the retiring Agent shall become
effective and such successor Agent, without any further act, deed or conveyance,
shall become vested with all the rights, powers, agencies and duties of the
retiring Agent; but, on the request of the Company or the successor Agent, such
retiring Agent shall, upon payment of its charges, execute and deliver an
instrument transferring to such successor Agent all the rights, powers and
trusts of the retiring Agent and shall duly assign, transfer and deliver to such
successor Agent all property and money held by such retiring Agent hereunder.

         (b) Upon request of any such successor Agent, the Company shall execute
any and all instruments for more fully and certainly vesting in and confirming
to such successor Agent all such rights, powers and agencies referred to in
paragraph (a) of this Section.

         (c) No successor Agent shall accept its appointment unless at the time
of such acceptance such successor Agent shall be qualified and eligible under
this Article.

SECTION 7.11      MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.

         Any corporation into which the Agent may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Agent shall be a party, or any
corporation succeeding to all or substantially all the corporate trust business
of the Agent, shall be the successor of the Agent hereunder, provided

                                       56
<Page>

such corporation shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Certificates shall have been
authenticated and executed on behalf of the Holders, but not delivered, by the
Agent then in office, any successor by merger, conversion or consolidation to
such Agent shall adopt such authentication and execution and deliver the
Certificates so authenticated and executed with the same effect as if such
successor Agent had itself authenticated and executed such Units.

SECTION 7.12      PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS.

         (a) The Agent shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Holders received by the Agent in its
capacity as Registrar.

         (b) If three or more Holders (herein referred to as Applicants) apply
in writing to the Agent, and furnish to the Agent reasonable proof that each
such applicant has owned a Unit for a period of at least six months preceding
the date of such application, and such application states that the applicants
desire to communicate with other Holders with respect to their rights under this
Agreement or under the Units and is accompanied by a copy of the form of proxy
or other communication which such applicants propose to transmit, then the Agent
shall mail to all the Holders copies of the form of proxy or other communication
which is specified in such request, with reasonable promptness after a tender to
the Agent of the materials to be mailed and of payment, or provision for the
payment, of the reasonable expenses of such mailing.

SECTION 7.13      FAILURE TO ACT

         In the event of any ambiguity in the provisions of any Transaction
Document or any dispute between or conflicting claims by or among the parties
hereto or any other Person, the Agent shall be entitled, after prompt notice to
the Company and the Holders of Units, at its sole option, to refuse to comply
with any and all such claims, demands or instructions so long as such dispute or
conflict shall continue, and the Agent shall not be or become liable in any way
to any of the parties hereto for its failure or refusal to comply with such
conflicting claims, demands or instructions. The Agent shall be entitled to
refuse to act until either (i) such conflicting or adverse claims or demands
shall have been finally determined by a court of competent jurisdiction or
settled by agreement between the conflicting parties as evidenced in a writing,
reasonably satisfactory to the Agent, or (ii) the Agent shall have received
security or an indemnity reasonably satisfactory to the Agent sufficient to save
the Agent harmless from and against any and all loss, liability or reasonable
out-of-pocket expense which the Agent may incur by reason of its acting without
bad faith, willful misconduct or negligence. The Agent may in addition elect to
commence an interpleader action or seek other judicial relief or orders as the
Agent may deem necessary. Notwithstanding anything contained herein to the
contrary, the Agent shall not be required to take any action that is in its
opinion contrary to law or to the terms of any Transaction Document, or which
would in its opinion subject it or any of its officers, employees or directors
to liability.

                                       57
<Page>

SECTION 7.14      NO OBLIGATIONS OF AGENT.

         Except to the extent otherwise provided in this Agreement, the Agent
assumes no obligation and shall not be subject to any liability under this
Agreement, the Pledge Agreement or any Purchase Contract in respect of the
obligations of the Holder of any Unit thereunder. The Company agrees, and each
Holder of a Certificate, by such Holder's acceptance thereof, shall be deemed to
have agreed, that the Agent's execution of the Certificates on behalf of the
Holders shall be solely as agent and attorney-in-fact for the Holders, and that
the Agent shall have no obligation to perform such Purchase Contracts on behalf
of the Holders, except to the extent expressly provided in Article V.

SECTION 7.15      TAX COMPLIANCE.

         (a) The Agent, on its own behalf and on behalf of the Company, will
comply with all applicable certification, information reporting and withholding
(including backup withholding) requirements imposed by applicable tax laws,
regulations or administrative practice with respect to (i) any payments made
with respect to the Units or (ii) the issuance, delivery, holding, transfer,
redemption or exercise of rights under the Units. Such compliance shall include,
without limitation, the preparation and timely filing of required returns and
the timely payment of all amounts required to be withheld to the appropriate
taxing authority or its designated agent.

         (b) The Agent shall comply with any reasonable written direction timely
received from the Company with respect to the application of such requirements
to particular payments or Holders or in other particular circumstances, and may
for purposes of this Agreement rely on any such direction in accordance with the
provisions of Section 7.1(a)(2).

         (c) The Agent shall maintain all appropriate records documenting
compliance with such requirements, and shall make such records available, on
written request, to the Company or its authorized representative within a
reasonable period of time after receipt of such request.

                                  ARTICLE VIII.

                             SUPPLEMENTAL AGREEMENTS

SECTION 8.1       SUPPLEMENTAL AGREEMENTS WITHOUT CONSENT OF HOLDERS.

         Without the consent of any Holders, the Company and the Agent, at any
time and from time to time, may enter into one or more agreements supplemental
hereto, in form satisfactory to the Company and the Agent, for any of the
following purposes:

         (a) to evidence the succession of another Person to the Company, and
the assumption by any such successor of the covenants of the Company herein and
in the Certificates; or

         (b) to add to the covenants of the Company for the benefit of the
Holders, or to surrender any right or power herein conferred upon the Company;
or

         (c) to evidence and provide for the acceptance of appointment hereunder
by a successor Agent; or

                                       58
<Page>

         (d) to make provision with respect to the rights of Holders pursuant to
the requirements of Section 5.6(b) or 5.10; or

         (e) to cure any ambiguity, to correct or supplement any provisions
herein which may be inconsistent with any other provisions herein, or to make
any other provisions with respect to such matters or questions arising under
this Agreement, provided such action shall not adversely affect the interests of
the Holders.

SECTION 8.2       SUPPLEMENTAL AGREEMENTS WITH CONSENT OF HOLDERS.

         (a) With the consent of the Holders of not less than a majority of the
outstanding Purchase Contracts voting together as one class, by Act of said
Holders delivered to the Company and the Agent, the Company, when authorized by
a Board Resolution, and the Agent may enter into an agreement or agreements
supplemental hereto for the purpose of modifying in any manner the terms of the
Purchase Contracts, or the provisions of this Agreement or the rights of the
Holders in respect of the Units; provided, that, except as contemplated herein,
no such supplemental agreement shall, without the consent of the Holder of each
Outstanding Unit affected thereby:

             (1) change any Payment Date;

             (2) change the amount or the type of Collateral required to be
Pledged to secure a Holder's obligations under the Purchase Contract, impair
the right of the Holder of any Purchase Contract to receive distributions on
the related Collateral (except for the rights of Holders of Normal Units to
substitute the Treasury Securities for the Pledged Notes, Pledged Treasury
Consideration or Pledged Applicable Ownership Interest in the Treasury
Portfolio, or the rights of holders of Stripped Units to substitute Notes or
appropriate Treasury Consideration or Applicable Ownership Interest in the
Treasury Portfolio for the Pledged Treasury Securities) or otherwise adversely
affect the Holder's rights in or to such Collateral or materially adversely
alter the rights in or to such Collateral;

             (3) reduce any Contract Adjustment Payments, if any, or any
Deferred Contract Adjustment Payment, or change any place where, or the coin or
currency in which, any Contract Adjustment Payment is payable;

             (4) impair the right to institute suit for the enforcement of any
Purchase Contract, any Contract Adjustment Payment, if any, or any Deferred
Contract Adjustment Payment, if any;

             (5) reduce the number of shares of Common Stock to be purchased
pursuant to any Purchase Contract, increase the price to purchase shares of
Common Stock upon settlement of any Purchase Contract, change the Stock Purchase
Date or otherwise materially adversely affect the Holder's rights under any
Purchase Contract; or

             (6) reduce the percentage of the outstanding Purchase Contracts the
consent of whose Holders is required for any such supplemental agreement;

                                       59
<Page>

provided, that if any amendment or proposal referred to above would adversely
affect only the Normal Units or the Stripped Units, then only the affected class
of Holder as of the record date for the Holders entitled to vote thereon will be
entitled to vote on such amendment or proposal, and such amendment or proposal
shall not be effective except with the consent of Holders of not less than a
majority of such class.

         (b) It shall not be necessary for any Act of Holders under this Section
to approve the particular form of any proposed supplemental agreement, but it
shall be sufficient if such Act shall approve the substance thereof.

SECTION 8.3       EXECUTION OF SUPPLEMENTAL AGREEMENTS.

         In executing, or accepting the additional agencies created by, any
supplemental agreement permitted by this Article or the modifications thereby of
the agencies created by this Agreement, the Agent shall be provided and (subject
to Section 7.1) shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental agreement is authorized or
permitted by this Agreement. The Agent may, but shall not be obligated to, enter
into any such supplemental agreement which affects the Agent's own rights,
duties or immunities under this Agreement or otherwise.

SECTION 8.4       EFFECT OF SUPPLEMENTAL AGREEMENTS.

         Upon the execution of any supplemental agreement under this Article,
this Agreement shall be modified in accordance therewith, and such supplemental
agreement shall form a part of this Agreement for all purposes; and every Holder
of Certificates theretofore or thereafter authenticated, executed on behalf of
the Holders and delivered hereunder shall be bound thereby.

SECTION 8.5       REFERENCE TO SUPPLEMENTAL AGREEMENTS.

         Certificates authenticated, executed on behalf of the Holders and
delivered after the execution of any supplemental agreement pursuant to this
Article may, and shall if required by the Agent, bear a notation in form
approved by the Agent as to any matter provided for in such supplemental
agreement. If the Company shall so determine, new Certificates so modified as to
conform, in the opinion of the Agent and the Company, to any such supplemental
agreement may be prepared and executed by the Company and authenticated,
executed on behalf of the Holders and delivered by the Agent in exchange for
Outstanding Certificates.

                                   ARTICLE IX.

                    CONSOLIDATION, MERGER, SALE OR CONVEYANCE

SECTION 9.1       COVENANT NOT TO MERGE, CONSOLIDATE, SELL OR CONVEY PROPERTY
                  EXCEPT UNDER CERTAIN CONDITIONS.

         The Company covenants that it will not (a) merge with or into or
consolidate with any other Person or (b) sell, assign, transfer, lease or convey
all or substantially all of its properties and assets to any Person or group of
affiliated Persons in one transaction or a series of related transactions other
than, with respect to clause (b), a direct or indirect wholly-owned subsidiary
of

                                       60
<Page>

the Company, unless (i) either the Company shall be the continuing corporation,
or the successor (if other than the Company) shall be a corporation organized
and existing under the laws of the United States of America or a State thereof
or the District of Columbia and such corporation shall expressly assume all the
obligations of the Company under the Purchase Contracts, the Notes, this
Agreement, the Remarketing Agreement and the Pledge Agreement by one or more
supplemental agreements in form reasonably satisfactory to the Agent and the
Collateral Agent, executed and delivered to the Agent and the Collateral Agent
by such corporation, and (ii) the Company or such successor corporation, as the
case may be, shall not, immediately after such merger or consolidation, or such
sale, assignment, transfer, lease or conveyance, be in default in the
performance of any covenant or condition hereunder, under any of the Purchase
Contracts, under the Remarketing Agreement, or under the Pledge Agreement.

SECTION 9.2       RIGHTS AND DUTIES OF SUCCESSOR CORPORATION.

         (a) In case of any such consolidation, merger, sale, assignment,
transfer, lease or conveyance and upon any such assumption by a successor
corporation in accordance with Section 9.1, such successor corporation shall
succeed to and be substituted for the Company with the same effect as if it had
been named herein as the Company. Such successor corporation thereupon may cause
to be signed, and may issue either in its own name or in the name of the
Company, any or all of the Certificates evidencing Units issuable hereunder
which theretofore shall not have been signed by the Company and delivered to the
Agent; and, upon the order of such successor corporation, instead of the
Company, and subject to all the terms, conditions and limitations in this
Agreement prescribed, the Agent shall authenticate and execute on behalf of the
Holders and deliver any Certificates which previously shall have been signed and
delivered by the officers of the Company to the Agent for authentication and
execution, and any Certificate evidencing Units which such successor corporation
thereafter shall cause to be signed and delivered to the Agent for that purpose.
All the Certificates so issued shall in all respects have the same legal rank
and benefit under this Agreement as the Certificates theretofore or thereafter
issued in accordance with the terms of this Agreement as though all of such
Certificates had been issued at the date of the execution hereof.

         (b) In case of any such consolidation, merger, sale, assignment,
transfer, lease or conveyance such change in phraseology and form (but not in
substance) may be made in the Certificates evidencing Units thereafter to be
issued as may be appropriate.

SECTION 9.3       OPINION OF COUNSEL GIVEN TO AGENT.

         The Agent, subject to Sections 7.1 and 7.3, shall receive an Opinion of
Counsel as conclusive evidence that any such consolidation, merger, sale,
assignment, transfer, lease or conveyance, and any such assumption, complies
with the provisions of this Article and that all conditions precedent to the
consummation of any such consolidation, merger, sale, assignment, transfer,
lease or conveyance have been met.

                                       61
<Page>

                                   ARTICLE X.

                                    COVENANTS

SECTION 10.1      PERFORMANCE UNDER PURCHASE CONTRACTS.

         The Company covenants and agrees for the benefit of the Holders from
time to time of the Units that it will duly and punctually perform its
obligations under the Purchase Contracts in accordance with the terms of the
Purchase Contracts and this Agreement.

SECTION 10.2      MAINTENANCE OF OFFICE OR AGENCY.

         (a) The Company will maintain in the Borough of Manhattan, The City of
New York an office or agency where Certificates may be presented or surrendered
for acquisition of shares of Common Stock upon settlement of the Purchase
Contracts on any Settlement Date and for transfer of Collateral upon occurrence
of a Termination Event, where Certificates may be surrendered for registration
of transfer or exchange, for a Collateral Substitution or reestablishment of
Normal Units and where notices and demands to or upon the Company in respect of
the Units and this Agreement may be served. The Company will give prompt written
notice to the Agent of the location, and any change in the location, of such
office or agency. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Agent with the address
thereof, such presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office, and the Company hereby appoints the Agent
as its agent to receive all such presentations, surrenders, notices and demands.

         (b) The Company may also from time to time designate one or more other
offices or agencies where Certificates may be presented or surrendered for any
or all such purposes and may from time to time rescind such designations;
provided, that no such designation or rescission shall in any manner relieve the
Company of its obligation to maintain an office or agency in the Borough of
Manhattan, The City of New York for such purposes. The Company will give prompt
written notice to the Agent of any such designation or rescission and of any
change in the location of any such other office or agency. The Company hereby
designates as the place of payment for the Units the Corporate Trust Office and
appoints the Agent at its Corporate Trust Office as paying agent.

SECTION 10.3      COMPANY TO RESERVE COMMON STOCK.

         The Company shall at all times prior to the Stock Purchase Date reserve
and keep available, free from preemptive rights, out of its authorized but
unissued Common Stock the full number of shares of Common Stock issuable against
tender of payment in respect of all Purchase Contracts constituting a part of
the Units evidenced by Outstanding Certificates.

SECTION 10.4      COVENANTS AS TO COMMON STOCK.

         The Company covenants that all shares of Common Stock which may be
issued against tender of payment in respect of any Purchase Contract
constituting a part of the Outstanding Units will, upon issuance, be duly
authorized, validly issued, fully paid and nonassessable.

                                       62
<Page>

                                   ARTICLE XI.

                               TRUST INDENTURE ACT

SECTION 11.1      TRUST INDENTURE ACT; APPLICATION.

         (a) This Agreement is subject to the provisions of the TIA that are
required or deemed to be part of this Agreement and shall, to the extent
applicable, be governed by such provisions; and

         (b) if and to the extent that any provision of this Agreement limits,
qualifies or conflicts with the duties imposed by Section 310 to 317, inclusive,
of the TIA, such imposed duties shall control.

SECTION 11.2      LISTS OF HOLDERS OF SECURITIES.

         (a) The Company shall furnish or cause to be furnished to the Agent (a)
semiannually, not later than ________ and __________ in each year, commencing
_________, 200__, a list, in such form as the Agent may reasonably require, of
the names and addresses of the Holders ("List of Holders") as of a date not more
than 15 days prior to the delivery thereof, and (b) at such other times as the
Agent may request in writing, within 30 days after the receipt by the Company of
any such request, a List of Holders as of a date not more than 15 days prior to
the time such list is furnished; provided that, the Company shall not be
obligated to provide such List of Holders at any time the List of Holders does
not differ from the most recent List of Holders given to the Agent by the
Company. The Agent may destroy any List of Holders previously given to it on
receipt of a new List of Holders.

         (b) The Agent shall comply with its obligations under Section 311(a) of
the TIA, subject to the provisions of Section 311(b) and Section 312(b) of the
TIA.

SECTION 11.3      REPORTS BY THE AGENT.

         Not later than ____________ of each year, commencing ___________, 200_,
the Agent shall provide to the Holders such reports, if any, as are required by
Section 313(a) of the TIA in the form and in the manner provided by Section
313(a) of the TIA. Such reports shall be as of the preceding __________. The
Agent shall also comply with the requirements of Sections 313(b), (c) and (d) of
the TIA.

SECTION 11.4      PERIODIC REPORTS TO AGENT.

         The Company shall provide to the Agent such documents, reports and
information as required by Section 314(a) (if any) and the compliance
certificate required by Section 314(a) of the TIA in the form, in the manner and
at the times required by Section 314(a) of the TIA.

SECTION 11.5 EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT.

         The Company shall provide to the Agent such evidence of compliance with
any conditions precedent provided for in this Agreement as and to the extent
required by

                                       63
<Page>

Section 314(c) of the TIA. Any certificate or opinion required to be given by an
officer pursuant to Section 314(c)(1) of the TIA may be given in the form of a
Officer's Certificate. Any opinion required to be given pursuant to Section
314(c)(2) of the TIA may be given in the form of an Opinion of Counsel.

SECTION 11.6      DEFAULTS; WAIVER.

         The Holders of a majority of the outstanding Purchase Contracts voting
together as one class may, by vote or consent, on behalf of all of the Holders,
waive any past Default and its consequences, except a Default

         (a) in the payment on any Unit, or

         (b) in respect of a provision hereof which under Section 8.2 cannot be
modified or amended without the consent of the Holder of each Outstanding Unit
affected.

Upon such waiver, any such Default shall cease to exist, and any Default arising
therefrom shall be deemed to have been cured, for every purpose of this
Agreement, but no such waiver shall extend to any subsequent or other Default or
impair any right consequent thereon.

SECTION 11.7      AGENT'S KNOWLEDGE OF DEFAULTS.

         The Agent shall not be deemed to have knowledge of any Default unless a
Responsible Officer shall have obtained written notice of such Default.

SECTION 11.8      CONFLICTING INTERESTS.

         The Indenture shall be deemed to be specifically described in this
Agreement for the purposes of clause (i) of the first proviso contained in
Section 310(b) of the TIA.

SECTION 11.9      DIRECTION OF AGENT.

         Sections 315(d)(3) and 316(a)(1)(A) of the TIA are hereby expressly
excluded from this Agreement, as permitted by the TIA.

                                       64
<Page>

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

                                           AMEREN CORPORATION

                                           By:
                                              ----------------------------------
                                              Name:
                                              Title:

                                           THE BANK OF NEW YORK,
                                           as Purchase Contract Agent

                                           By:
                                              ----------------------------------
                                              Name:
                                              Title:

                                       65
<Page>

                                    EXHIBIT A
                        FORM OF NORMAL UNITS CERTIFICATE

         THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE
PURCHASE CONTRACT AGREEMENT (AS HEREINAFTER DEFINED) AND IS REGISTERED IN THE
NAME OF THE CLEARING AGENCY OR A NOMINEE THEREOF. THIS CERTIFICATE MAY NOT BE
EXCHANGED IN WHOLE OR IN PART FOR A CERTIFICATE REGISTERED, AND NO TRANSFER OF
THIS CERTIFICATE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY
PERSON OTHER THAN SUCH CLEARING AGENCY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE PURCHASE CONTRACT AGREEMENT.

         Unless this Certificate is presented by an authorized representative of
The Depository Trust Company (55 Water Street, New York, New York) to the
Company or its agent for registration of transfer, exchange or payment, and any
Certificate issued is registered in the name of Cede & Co., or such other name
as requested by an authorized representative of The Depository Trust Company,
and any payment hereon is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL since the registered owner
hereof, Cede & Co., has an interest herein.

                   (Form of Face of Normal Units Certificate)

No:_____
CUSIP No._____
Number of Normal Units_____

         This Normal Units Certificate certifies that Cede & Co. is the
registered Holder of the number of Normal Units set forth above. Each Normal
Unit represents (i) either (a) beneficial ownership by the Holder of one ______%
Senior Note (the Note) of Ameren Corporation, a Missouri corporation (the
Company), having a principal amount of $25, subject to the Pledge of such Note
by such Holder pursuant to the Pledge Agreement, (b) if the Note has been
remarketed by the Remarketing Agent (or if the Holder has elected not to have
the Note remarketed by delivering the appropriate Treasury Consideration
specified by the Remarketing Agent), the appropriate Treasury Consideration,
subject to the Pledge of such Treasury Consideration by such Holder pursuant to
the Pledge Agreement, or (c) if a Tax Event Redemption has occurred, the
appropriate Applicable Ownership Interest in the Treasury Portfolio subject to
the Pledge of such Applicable Ownership Interest in the Treasury Portfolio
pursuant to the Pledge Agreement, and (ii) the rights and obligations of the
Holder under one Purchase Contract with the Company. All capitalized terms used
herein which are defined in the Purchase Contract Agreement have the meaning set
forth therein.

         Pursuant to the Pledge Agreement, the Note or the appropriate Treasury
Consideration or Applicable Ownership Interest in the Treasury Portfolio, as the
case may be, constituting part of each Normal Unit evidenced hereby has been
pledged to the Collateral Agent, for the benefit of the Company, to secure the
obligations of the Holder under the Purchase Contract comprising a part of such
Normal Unit.

                                      A-1
<Page>

         The Pledge Agreement provides that all payments in respect of the
Pledged Notes, Pledged Treasury Consideration or Pledged Applicable Ownership
Interest in the Treasury Portfolio received by the Collateral Agent shall be
paid by the Collateral Agent by wire transfer in same day funds (i) in the case
of (A) quarterly cash distributions on Normal Units which include Pledged Notes,
Pledged Treasury Consideration or Pledged Applicable Ownership Interest in the
Treasury Portfolio and (B) any payments in respect of the Notes, Treasury
Consideration or Applicable Ownership Interest in the Treasury Portfolio, as the
case may be, that have been released from the Pledge pursuant to the Pledge
Agreement, to the Agent to the account designated by the Agent, no later than
10:00 a.m., New York City time, on the Business Day such payment is received by
the Collateral Agent (provided that in the event such payment is received by the
Collateral Agent on a day that is not a Business Day or after 9:00 a.m., New
York City time, on a Business Day, then such payment shall be made no later than
9:30 a.m., New York City time, on the next succeeding Business Day) and (ii) in
the case of payments in respect of any Pledged Notes, Pledged Treasury
Consideration or Pledged Applicable Ownership Interest in the Treasury
Portfolio, as the case may be, to be paid upon settlement of such Holder's
obligations to purchase Common Stock under the Purchase Contract, to the Company
on the Stock Purchase Date (as defined herein) in accordance with the terms of
the Pledge Agreement, in full satisfaction of the respective obligations of the
Holders of the Normal Units of which such Pledged Notes, Pledged Treasury
Consideration or Pledged Applicable Ownership Interest in the Treasury
Portfolio, as the case may be, are a part under the Purchase Contracts forming a
part of such Normal Units. Quarterly distributions on Normal Units which include
Pledged Notes, Pledged Treasury Consideration or Pledged Applicable Ownership
Interest in the Treasury Portfolio, as the case may be, which are payable
quarterly in arrears on ____________, ____________, ____________, and
____________ each year, commencing ____________, 200_ (a Payment Date), shall,
subject to receipt thereof by the Agent from the Collateral Agent, be paid to
the Person in whose name this Normal Units Certificate (or a Predecessor Normal
Units Certificate) is registered at the close of business on the Record Date for
such Payment Date.

         Each Purchase Contract evidenced hereby obligates the Holder of this
Normal Units Certificate to purchase, and the Company to sell, on ____________,
200_ (the Stock Purchase Date), at a price equal to $25 (the Stated Amount), a
number of newly issued shares of Common Stock, $.01 par value per share (Common
Stock), of the Company, equal to the Settlement Rate, unless on or prior to the
Stock Purchase Date there shall have occurred a Termination Event or a Cash
Settlement, Early Settlement or Merger Early Settlement with respect to the
Normal Units of which such Purchase Contract is a part, all as provided in the
Purchase Contract Agreement and more fully described on the reverse hereof. The
Purchase Price (as defined herein) for the shares of Common Stock purchased
pursuant to each Purchase Contract evidenced hereby, if not paid earlier, shall
be paid on the Stock Purchase Date by application of payments received in
respect of the Pledged Notes, Pledged Treasury Consideration or Pledged
Applicable Ownership Interest in the Treasury Portfolio, as the case may be,
pledged to secure the obligations of the Holder under such Purchase Contract.

         Payments on the Notes or the appropriate Treasury Consideration or
Applicable Ownership Interest in the Treasury Portfolio, as the case may be,
will be payable at the office of the Agent in The City of New York, New York or,
at the option of the Company, by check

                                      A-2
<Page>

mailed to the address of the Person entitled thereto as such address appears on
the Normal Units Register or by wire transfer to an account specified by the
Company.

         The Company shall pay on each Payment Date in respect of each Purchase
Contract forming part of a Normal Unit evidenced hereby an amount (the Contract
Adjustment Payment) equal to ____% per year of the Stated Amount, computed on
the basis of a 360-day year of twelve 30-day months, subject to deferral at the
option of the Company as provided in the Purchase Contract Agreement and more
fully described on the reverse hereof (provided that if any date on which a
Contract Adjustment Payment is to be made on the Purchase Contracts is not a
Business Day, then payment of such Contract Adjustment Payment payable on such
date will be made on the next succeeding day which is a Business Day, and no
interest or payment will be paid in respect of such delay, except that if such
next succeeding Business Day is in the next succeeding calendar year, then such
payment will be made on the immediately preceding Business Day). Such Contract
Adjustment Payments shall be payable to the Person in whose name this Normal
Units Certificate (or a Predecessor Normal Units Certificate) is registered at
the close of business on the Record Date for such Payment Date.

         Contract Adjustment Payments will be payable at the office of the Agent
in The City of New York, New York or, at the option of the Company, by check
mailed to the address of the Person entitled thereto as such address appears on
the Normal Units Register.

         Reference is hereby made to the further provisions set forth on the
reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

         Unless the certificate of authentication hereon has been executed by
the Agent by manual signature, this Normal Units Certificate shall not be
entitled to any benefit under the Pledge Agreement or the Purchase Contract
Agreement or be valid or obligatory for any purpose.

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

                                                     AMEREN CORPORATION

                                                     By:
                                                        ------------------------
                                                        Name:
                                                        Title:

                                                     By:
                                                        ------------------------
                                                        Name:
                                                        Title:

                                      A-3
<Page>

                                     HOLDER SPECIFIED ABOVE (as to obligations
                                     of such Holder under the Purchase
                                     Contracts evidenced hereby)

                                     By:
                                        ----------------------------------------

                                     THE BANK OF NEW YORK, not individually but
                                     solely as Attorney-in-Fact of such Holder

                                     By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                      AGENT'S CERTIFICATE OF AUTHENTICATION

                  This is one of the Normal Units Certificates referred to in
the within mentioned Purchase Contract Agreement.

                                                 THE BANK OF NEW YORK,
                                                 as Purchase Contract Agent

Dated:                                           By:
      ------------------------------                ----------------------------
                                                         Authorized Officer

                                      A-4
<Page>

                      (REVERSE OF NORMAL UNITS CERTIFICATE)

         Each Purchase Contract evidenced hereby is governed by a Purchase
Contract Agreement, dated as of __________, 200_ (as may be supplemented from
time to time, the Purchase Contract Agreement), between the Company and The Bank
of New York, as Purchase Contract Agent (including its successors thereunder,
herein called the Agent), to which Purchase Contract Agreement and supplemental
agreements thereto reference is hereby made for a description of the respective
rights, limitations of rights, obligations, duties and immunities thereunder of
the Agent, the Company, and the Holders and of the terms upon which the Normal
Units Certificates are, and are to be, executed and delivered.

         Each Purchase Contract evidenced hereby obligates the Holder of this
Normal Units Certificate to purchase, and the Company to sell, on the Stock
Purchase Date at a price equal to $25 (the Purchase Price), a number of shares
of Common Stock of the Company equal to the Settlement Rate, unless, on or prior
to the Stock Purchase Date, there shall have occurred a Termination Event or an
Early Settlement, Merger Early Settlement or Cash Settlement with respect to the
Unit of which such Purchase Contract is a part. The Settlement Rate is equal to
(a) if the Applicable Market Value (as defined below) is greater than or equal
to $______ (the Threshold Appreciation Price), ______ shares of Common Stock per
Purchase Contract, (b) if the Applicable Market Value is less than the Threshold
Appreciation Price but is greater than $____, the number of shares of Common
Stock per Purchase Contract equal to the Stated Amount divided by the Applicable
Market Value and (c) if the Applicable Market Value is less than or equal to
$____, _______ shares of Common Stock per Purchase Contract, in each case
subject to adjustment as provided in the Purchase Contract Agreement. No
fractional shares of Common Stock will be issued upon settlement of Purchase
Contracts, as provided in the Purchase Contract Agreement.

         The Applicable Market Value means the average of the Closing Price per
share of Common Stock on each of the 20 consecutive Trading Days ending on the
third Trading Day immediately preceding the Stock Purchase Date.

         The Closing Price of the Common Stock on any date of determination
means the closing sale price (or, if no closing sale price is reported, the last
reported sale price) of the Common Stock on the New York Stock Exchange (the
NYSE) on such date or, if the Common Stock is not listed for trading on the NYSE
on any such date, as reported in the composite transactions for the principal
United States securities exchange on which the Common Stock is so listed, or if
the Common Stock is not so listed on a United States national or regional
securities exchange, as reported by The Nasdaq Stock Market, or, if the Common
Stock is not so reported, the last quoted bid price for the Common Stock in the
over-the-counter market as reported by the National Quotation Bureau or similar
organization, or, if such bid price is not available, the market value of the
Common Stock on such date as determined by a nationally recognized independent
investment banking firm retained for this purpose by the Company.

         A Trading Day means a day on which the Common Stock (A) is not
suspended from trading on any national or regional securities exchange or
association or over-the-counter market at the close of business and (B) has
traded at least once on the national or regional securities

                                      A-5
<Page>

exchange or association or over-the-counter market that is the primary market
for the trading of the Common Stock.

         Each Purchase Contract evidenced hereby may be settled prior to the
Stock Purchase Date through Cash Settlement, Early Settlement or Merger Early
Settlement, in accordance with the terms of the Purchase Contract Agreement.

         In accordance with the terms of the Purchase Contract Agreement, the
Holder of this Normal Units Certificate shall pay the Purchase Price for the
shares of Common Stock purchased pursuant to each Purchase Contract evidenced
hereby (i) by effecting a Cash Settlement, Early Settlement or Merger Early
Settlement, (ii) by application of payments received in respect of the Pledged
Treasury Consideration acquired from the proceeds of a remarketing of the
related Pledged Notes underlying the Normal Units represented by this Normal
Units Certificate, (iii) if the Holder has elected not to participate in the
remarketing, by application of payments received in respect of the Pledged
Treasury Consideration deposited by such Holder in respect of such Purchase
Contract or (iv) if a Tax Event Redemption has occurred prior to the successful
remarketing of the Notes by application of payments received in respect of the
Pledged Applicable Ownership Interest in the Treasury Portfolio purchased by the
Collateral Agent on behalf of the Holder of this Normal Units Certificate. If,
as provided in the Purchase Contract Agreement, upon the occurrence of a Last
Failed Remarketing the Collateral Agent, for the benefit of the Company,
exercises its rights as a secured creditor with respect to the Pledged Notes
related to this Normal Units Certificate, any accrued and unpaid interest on
such Pledged Notes will become payable by the Company to the Holder of this
Normal Units Certificate in the manner provided for in the Purchase Contract
Agreement.

         The Company shall not be obligated to issue any shares of Common Stock
in respect of a Purchase Contract or deliver any certificates therefor to the
Holder unless it shall have received payment in full of the aggregate Purchase
Price for the shares of Common Stock to be purchased thereunder in the manner
herein set forth.

         Under the terms of the Pledge Agreement, the Agent will be entitled to
exercise the voting and any other consensual rights pertaining to the Pledged
Notes. Upon receipt of notice of any meeting at which holders of Notes are
entitled to vote or upon the solicitation of consents, waivers or proxies of
holders of Notes, the Agent shall, as soon as practicable thereafter, mail to
the Holders of Normal Units a notice (a) containing such information as is
contained in the notice or solicitation, (b) stating that each such Holder on
the record date set by the Agent therefor (which, to the extent possible, shall
be the same date as the record date for determining the holders of Notes
entitled to vote) shall be entitled to instruct the Agent as to the exercise of
the voting rights pertaining to the Pledged Notes constituting a part of such
Holder's Normal Units and (c) stating the manner in which such instructions may
be given. Upon the written request of the Holders of Normal Units on such record
date, the Agent shall endeavor insofar as practicable to vote or cause to be
voted, in accordance with the instructions set forth in such requests, the
maximum number of Pledged Notes as to which any particular voting instructions
are received. In the absence of specific instructions from the Holder of a
Normal Unit, the Agent shall abstain from voting the Pledged Note evidenced by
such Normal Unit.

                                      A-6
<Page>

         The Normal Units Certificates are issuable only in registered form and
only in denominations of a single Normal Unit and any integral multiple thereof.
The transfer of any Normal Units Certificate will be registered and Normal Units
Certificates may be exchanged as provided in the Purchase Contract Agreement.
The Normal Units Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents permitted by the Purchase
Contract Agreement. No service charge shall be required for any such
registration of transfer or exchange, but the Company and the Agent may require
payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith. The Holder of a Normal Unit may substitute for
the Pledged Notes, Pledged Treasury Consideration or Pledged Applicable
Ownership Interest in the Treasury Portfolio, as the case may be, securing its
obligations under the related Purchase Contract Treasury Securities in
accordance with the terms of the Purchase Contract Agreement and the Pledge
Agreement. From and after such Collateral Substitution, the Unit for which such
Pledged Treasury Securities secures the Holder's obligation under the Purchase
Contract shall be referred to as a Stripped Unit. A Holder that elects to
substitute a Treasury Security for Pledged Notes, Pledged Treasury Consideration
or Pledged Applicable Ownership Interest in the Treasury Portfolio, as the case
may be, thereby creating Stripped Units, shall be responsible for any fees or
expenses payable in connection therewith. Except as provided in the Purchase
Contract Agreement, for so long as the Purchase Contract underlying a Normal
Unit remains in effect, such Normal Unit shall not be separable into its
constituent parts, and the rights and obligations of the Holder of such Normal
Units in respect of the Pledged Note, Pledged Treasury Consideration or Pledged
Applicable Ownership Interest in the Treasury Portfolio, as the case may be, and
Purchase Contract constituting such Normal Unit may be transferred and exchanged
only as a Normal Unit.

         A Holder of Stripped Units may reestablish Normal Units by delivering
to the Collateral Agent Notes or the appropriate Treasury Consideration or
Applicable Ownership Interest in the Treasury Portfolio, as the case may be, in
exchange for the release of the Pledged Treasury Securities in accordance with
the terms of the Purchase Contract Agreement and the Pledge Agreement.

         Subject to the next succeeding paragraph, the Company shall pay, on
each Payment Date, the Contract Adjustment Payments, if any, payable in respect
of each Purchase Contract to the Person in whose name the Normal Units
Certificate evidencing such Purchase Contract is registered at the close of
business on the Record Date for such Payment Date. Contract Adjustment Payments,
if any, will be payable at the office of the Agent in The City of New York, New
York or, at the option of the Company, by check mailed to the address of the
Person entitled thereto at such address as it appears on the Normal Units
Register or by wire transfer to the account designated by such Person in
writing.

         The Company shall have the right, at any time prior to the Stock
Purchase Date, to defer the payment of any or all of the Contract Adjustment
Payments otherwise payable on any Payment Date, but only if the Company shall
give the Holders and the Agent written notice of its election to defer Contract
Adjustment Payments as provided in the Purchase Contract Agreement. Any Contract
Adjustment Payments so deferred shall, to the extent permitted by law, bear
additional Contract Adjustment Payments thereon at the rate of ____% per year
(computed on the basis of a 360-day year of twelve 30-day months), compounding
on each succeeding Payment Date, until paid in full (such deferred installments
of Contract Adjustment

                                      A-7
<Page>

Payments, if any, together with the additional Contract Adjustment Payments, if
any, accrued thereon, are referred to herein as the Deferred Contract Adjustment
Payments). Deferred Contract Adjustment Payments, if any, shall be due on the
next succeeding Payment Date except to the extent that payment is deferred
pursuant to the Purchase Contract Agreement. No Contract Adjustment Payments may
be deferred to a date that is after the Stock Purchase Date and no such deferral
period may end other than on a Payment Date.

         In the event that the Company elects to defer the payment of Contract
Adjustment Payments on the Purchase Contracts until a Payment Date prior to the
Stock Purchase Date, then all Deferred Contract Adjustment Payments, if any,
shall be payable to the registered Holders as of the close of business on the
Record Date immediately preceding such Payment Date.

         In the event that the Company elects to defer the payment of Contract
Adjustment Payments on the Purchase Contracts until the Stock Purchase Date, the
Holder of this Normal Units Certificate will receive on the Stock Purchase Date,
in lieu of a cash payment, a number of shares of Common Stock (in addition to
the number of shares of Common Stock equal to the Settlement Rate) equal to (i)
the aggregate amount of Deferred Contract Adjustment Payments payable to the
Holder of this Normal Units Certificate divided by (ii) the Applicable Market
Value.

         In the event the Company exercises its option to defer the payment of
Contract Adjustment Payments, then, until the Deferred Contract Adjustment
Payments have been paid, the Company shall not declare or pay dividends on, make
distributions with respect to, or redeem, purchase or acquire, or make a
liquidation payment with respect to, any of its Capital Stock other than (i)
purchases, redemptions or acquisitions of shares of Capital Stock in connection
with any employment contract, benefit plan or other similar arrangement with or
for the benefit of employees, officers or directors or a stock purchase or
dividend reinvestment plan, or the satisfaction by the Company of its
obligations pursuant to any contract or security outstanding on the date the
Company exercises its rights to defer the Contract Adjustment Payments; (ii) as
a result of a reclassification of the Company's Capital Stock or the exchange or
conversion of one class or series of for another class or series of the
Company's Capital Stock; (iii) the purchase of fractional interests in shares of
any series of the Company's Capital Stock pursuant to the conversion or exchange
provisions of such Capital Stock or the security being converted or exchanged;
(iv) dividends or distributions in any series of the Company's Capital Stock (or
rights to acquire Capital Stock) or repurchases, acquisitions or redemptions of
Capital Stock in connection with the issuance or exchange of any series of
Capital Stock (or securities convertible into or exchangeable for shares of our
Capital Stock); or (v) redemptions, exchanges or repurchases of any rights
outstanding under a shareholder rights plan or the declaration or payment
thereunder of a dividend or distribution of or with respect to rights in the
future.

         The Purchase Contracts and all obligations and rights of the Company
and the Holders thereunder, including, without limitation, the rights of the
Holders to receive and the obligation of the Company to pay Contract Adjustment
Payments, if any, or any Deferred Contract Adjustment Payments, and the rights
of the Holders to purchase Common Stock, shall immediately and automatically
terminate, without the necessity of any notice or action by any Holder, the
Agent or the Company, if, on or prior to the Stock Purchase Date, a Termination
Event shall have occurred. Upon the occurrence of a Termination Event, the
Company shall

                                      A-8
<Page>

promptly but in no event later than two Business Days thereafter give written
notice to the Agent, the Collateral Agent and to the Holders, at their addresses
as they appear in the Normal Units Register. Upon and after the occurrence of a
Termination Event, the Collateral Agent shall release the Pledged Notes, Pledged
Treasury Consideration or Pledged Applicable Ownership Interest in the Treasury
Portfolio, as the case may be, from the Pledge in accordance with the provisions
of the Pledge Agreement.

         Upon registration of transfer of this Normal Units Certificate, the
transferee shall be bound (without the necessity of any other action on the part
of such transferee, except as may be required by the Agent pursuant to the
Purchase Contract Agreement), under the terms of the Purchase Contract Agreement
and the Purchase Contracts evidenced hereby and the transferor shall be released
from the obligations under the Purchase Contracts evidenced by this Normal Units
Certificate. The Company covenants and agrees, and the Holder, by its acceptance
hereof, likewise covenants and agrees, to be bound by the provisions of this
paragraph.

         The Holder of this Normal Units Certificate, by its acceptance hereof,
authorizes the Agent to enter into and perform the related Purchase Contracts
forming part of the Normal Units evidenced hereby on his behalf as his attorney-
in-fact, expressly withholds any consent to the assumption (i.e., affirmance) of
the Purchase Contracts by the Company or its trustee in the event that the
Company becomes the subject of a case under the Bankruptcy Code, agrees to be
bound by the terms and provisions thereof, covenants and agrees to perform such
Holder's obligations under such Purchase Contracts, consents to the provisions
of the Purchase Contract Agreement, authorizes the Agent to enter into and
perform the Pledge Agreement on such Holder's behalf as attorney-in-fact, and
consents to the Pledge of the Notes or the appropriate Treasury Consideration or
Applicable Ownership Interest in the Treasury Portfolio, as the case may be,
underlying this Normal Units Certificate pursuant to the Pledge Agreement. The
Holder further covenants and agrees, that, to the extent and in the manner
provided in the Purchase Contract Agreement and the Pledge Agreement, but
subject to the terms thereof, payments in respect of the Pledged Notes, Pledged
Treasury Consideration or Pledged Applicable Ownership Interest in the Treasury
Portfolio, as the case may be, to be paid upon settlement of such Holder's
obligations to purchase Common Stock under the Purchase Contract, shall be paid
on the Stock Purchase Date by the Collateral Agent to the Company in
satisfaction of such Holder's obligations under such Purchase Contract and such
Holder shall acquire no right, title or interest in such payments.

         Each Holder of any Unit, and each Beneficial Owner thereof, by its
acceptance thereof or of its interest therein, further agrees to treat (i)
itself as the owner of the related Notes, Treasury Consideration, Applicable
Ownership Interest in the Treasury Portfolio or Treasury Securities, as the case
may be, and (ii) the Notes as indebtedness of the Company, in each case, for all
tax purposes.

         Subject to certain exceptions, the provisions of the Purchase Contract
Agreement may be amended with the consent of the Holders of a majority of the
Purchase Contracts.

         The Purchase Contracts shall for all purposes be governed by, and
construed in accordance with, the laws of the State of New York, without regard
to its principles of conflicts of laws.

                                      A-9
<Page>

         The Company, the Agent and its Affiliates and any agent of the Company
or the Agent may treat the Person in whose name this Normal Units Certificate is
registered as the owner of the Normal Units evidenced hereby for the purpose of
receiving quarterly payments on the Notes, the Treasury Consideration or the
Applicable Ownership Interest in the Treasury Portfolio, as the case may be,
receiving payments of Contract Adjustment Payments, if any, and any Deferred
Contract Adjustment Payments, performance of the Purchase Contracts and for all
other purposes whatsoever, whether or not any payments in respect thereof be
overdue and notwithstanding any notice to the contrary, and neither the Company,
the Agent, such Affiliates nor any such agent shall be affected by notice to the
contrary.

         The Purchase Contracts shall not, prior to the settlement thereof,
entitle the Holder to any of the rights of a holder of shares of Common Stock.

         A copy of the Purchase Contract Agreement is available for inspection
at the offices of the Agent.

                                      A-10
<Page>

                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM -                              as tenants in common

UNIF GIFT MIN ACT-                                     Custodian
                                       -----------------------------------------
                                       (cust)                         (minor)

                                           Under Uniform Gifts to Minors Act
                                       -----------------------------------------
                                                         (State)

TEN ENT -                              as tenants by the entireties

JT TEN -                               as joint tenants with right of
                                       survivorship and not as tenants in common

Additional abbreviations may also be used though not in the above list.

                                      A-11
<Page>

                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
(Please insert Social Security or Taxpayer I.D. or other Identifying Number of
Assignee)

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
(Please Print or Type Name and Address Including Postal Zip Code of Assignee)

the within Normal Units Certificates and all rights thereunder, hereby
irrevocably constituting and appointing

--------------------------------------------------------------------------------
attorney to transfer said Normal Units Certificates on the books of Ameren
Corporation with full power of substitution in the premises.

Dated:
      -------------------                            ---------------------------
                                                           Signature:

                                                     NOTICE: The signature to
                                                     this assignment must
                                                     correspond with the name as
                                                     it appears upon the face of
                                                     the within Normal Units
                                                     Certificates in every
                                                     particular, without
                                                     alteration or enlargement
                                                     or any change whatsoever.

Signature Guarantee:
                    -------------------

                                      A-12
<Page>

                             SETTLEMENT INSTRUCTIONS

         The undersigned Holder directs that a certificate for shares of Common
Stock deliverable upon settlement on or after the Stock Purchase Date of the
Purchase Contracts underlying the number of Normal Units evidenced by this
Normal Units Certificate be registered in the name of, and delivered, together
with a check in payment for any fractional share, to the undersigned at the
address indicated below unless a different name and address have been indicated
below. If shares are to be registered in the name of a Person other than the
undersigned, the undersigned will pay any transfer tax payable incident thereto.

Dated:
      ---------------------------             ----------------------------------
                                                            Signature:

Signature Guarantee:
                    ---------------------------

                                             (if assigned to another person)

If shares are to be registered in the                REGISTERED HOLDER
name of and delivered to a Person other
than the Holder, please (i) print such
Person's name and address and (ii) provide
a guarantee of your signature:

               PLEASE PRINT NAME AND ADDRESS OF REGISTERED HOLDER:

------------------------------------         -----------------------------------
                Name                                         Name

------------------------------------         -----------------------------------

------------------------------------         -----------------------------------

------------------------------------         -----------------------------------
               Address                                      Address

--------------------------------------------------------------------------------
         Social Security or other Taxpayer Identification Number, if any

                                      A-13
<Page>

                            ELECTION TO SETTLE EARLY

         The undersigned Holder of this Normal Units Certificate hereby
irrevocably exercises the option to effect Early Settlement in accordance with
the terms of the Purchase Contract Agreement with respect to the Purchase
Contracts underlying the number of Normal Units evidenced by this Normal Units
Certificate specified below. The option to effect Early Settlement may be
exercised only with respect to Purchase Contracts underlying Normal Units with
an aggregate Stated Amount equal to $1,000 or an integral multiple thereof. The
undersigned Holder directs that a certificate for shares of Common Stock
deliverable upon such Early Settlement be registered in the name of, and
delivered, together with a check in payment for any fractional share and any
Normal Units Certificate representing any Normal Units evidenced hereby as to
which Early Settlement of the related Purchase Contracts is not effected, to the
undersigned at the address indicated below unless a different name and address
have been indicated below. Pledged Notes, Pledged Treasury Consideration or the
Pledged Applicable Ownership Interest in the Treasury Portfolio, as the case may
be, deliverable upon such Early Settlement will be transferred in accordance
with the transfer instructions set forth below. If shares are to be registered
in the name of a Person other than the undersigned, the undersigned will pay any
transfer tax payable incident thereto.

Dated:
      ---------------------------                -------------------------------
                                                          Signature:

Signature Guarantee:                             Signature Guarantee:
                    -------------------                              -----------

Number of Units evidenced hereby as to which Early Settlement of the related
Purchase Contracts is being elected:

If shares of Common Stock are to                     REGISTERED HOLDER
be registered in the name of and
delivered to and Pledged Notes,
Pledged Treasury Consideration or
Pledged Applicable Ownership
Interest in the Treasury Portfolio,
as the case may be, are to be
transferred to a Person other than
the Holder, please print such
Person's name and address:

                                      A-14
<Page>

               PLEASE PRINT NAME AND ADDRESS OF REGISTERED HOLDER:

------------------------------------         -----------------------------------
                Name                                         Name

------------------------------------         -----------------------------------

------------------------------------         -----------------------------------

------------------------------------         -----------------------------------
               Address                                      Address

--------------------------------------------------------------------------------
         Social Security or other Taxpayer Identification Number, if any

Transfer instructions for Pledged Notes, Pledged Treasury Consideration or the
Pledged Applicable Ownership Interest in the Treasury Portfolio, as the case may
be, transferable upon Early Settlement or a Termination Event:

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

                                      A-15
<Page>

                     [TO BE ATTACHED TO GLOBAL CERTIFICATES]

            SCHEDULE OF INCREASES OR DECREASES IN GLOBAL CERTIFICATE

         The following increases or decreases in this Global Certificate have
been made:

<Table>
<Caption>

---------------------------------------------------------------------------------------------------------------------
                                                                         STATED AMOUNT OF THE
                           AMOUNT OF DECREASE    AMOUNT OF INCREASE       GLOBAL CERTIFICATE
                           IN STATED AMOUNT OF   IN STATED AMOUNT OF           FOLLOWING            SIGNATURE OF
                               THE GLOBAL            THE GLOBAL              SUCH DECREASE      AUTHORIZED OFFICER OF
          DATE                 CERTIFICATE           CERTIFICATE               OR INCREASE               AGENT
---------------------------------------------------------------------------------------------------------------------
<S>                        <C>                   <C>                     <C>                    <C>

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------
</Table>

                                      A-16
<Page>

                                    EXHIBIT B
                       FORM OF STRIPPED UNITS CERTIFICATE

         THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE
PURCHASE CONTRACT AGREEMENT (AS HEREINAFTER DEFINED) AND IS REGISTERED IN THE
NAME OF THE CLEARING AGENCY OR A NOMINEE THEREOF. THIS CERTIFICATE MAY NOT BE
EXCHANGED IN WHOLE OR IN PART FOR A CERTIFICATE REGISTERED, AND NO TRANSFER OF
THIS CERTIFICATE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY
PERSON OTHER THAN SUCH CLEARING AGENCY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE PURCHASE CONTRACT AGREEMENT.

         Unless this Certificate is presented by an authorized representative of
The Depository Trust Company (55 Water Street, New York, New York) to the
Company or its agent for registration of transfer, exchange or payment, and any
Certificate issued is registered in the name of Cede & Co., or such other name
as requested by an authorized representative of The Depository Trust Company,
and any payment hereon is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL since the registered owner
hereof, Cede & Co., has an interest herein.

                  (Form of Face of Stripped Units Certificate)

No.____
CUSIP No._____
Number of Stripped Units______

         This Stripped Units Certificate certifies that Cede & Co. is the
registered Holder of the number of Stripped Units set forth above. Each Stripped
Unit represents (i) a 1/40 undivided beneficial ownership interest in a Treasury
Security, subject to the Pledge of such interest in such Treasury Security by
such Holder pursuant to the Pledge Agreement, and (ii) the rights and
obligations of the Holder under one Purchase Contract with Ameren Corporation, a
Missouri corporation (the Company), All capitalized terms used herein which are
defined in the Purchase Contract Agreement have the meaning set forth therein.

         Pursuant to the Pledge Agreement, the Treasury Security constituting
part of each Stripped Unit evidenced hereby has been pledged to the Collateral
Agent, for the benefit of the Company, to secure the obligations of the Holder
under the Purchase Contract comprising a part of such Stripped Unit.

         Each Purchase Contract evidenced hereby obligates the Holder of this
Stripped Units Certificate to purchase, and the Company to sell, on ___________,
200_ (the Stock Purchase Date), at a price equal to $25 (the Stated Amount), a
number of shares of Common Stock, $0.01 par value per share (Common Stock), of
the Company, equal to the Settlement Rate, unless on or prior to the Stock
Purchase Date there shall have occurred a Termination Event or an Early
Settlement, Merger Early Settlement or Cash Settlement with respect to the
Stripped Units of which such Purchase Contract is a part, all as provided in the
Purchase Contract Agreement and more fully described on the reverse hereof. The
Purchase Price (as defined herein) for the shares

                                      B-1
<Page>

of Common Stock purchased pursuant to each Purchase Contract evidenced hereby,
if not paid earlier, shall be paid on the Stock Purchase Date by application of
payments received in respect of the Pledged Treasury Securities pledged to
secure the obligations under such Purchase Contract in accordance with the terms
of the Pledge Agreement. The Company shall pay on each Payment Date in respect
of each Purchase Contract forming part of a Stripped Unit evidenced hereby an
amount (the Contract Adjustment Payments) equal to ____% per year of the Stated
Amount, computed on the basis of a 360-day year of 12 30-day months, subject to
deferral at the option of the Company as provided in the Purchase Contract
Agreement and more fully described on the reverse hereof (provided that if on
any date on which Contract Adjustment Payments are to be made on the Purchase
Contracts is not a Business Day, then payment of the Contract Adjustment
Payments payable on that date will be made on the next succeeding day which is a
Business Day, and no interest or payment will be paid in respect of the delay,
except that if such next succeeding Business Day is in the next succeeding
calendar year, such payment will be made on the immediately preceding Business
Day). Such Contract Adjustment Payments shall be payable to the Person in whose
name this Stripped Units Certificate (or a Predecessor Stripped Units
Certificate) is registered at the close of business on the Record Date for such
Payment Date.

         Contract Adjustment Payments will be payable at the office of the Agent
in the City of New York or, at the option of the Company, by check mailed to the
address of the Person entitled thereto as such address appears on the Normal
Units Register. Reference is hereby made to the further provisions set forth on
the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

         Unless the certificate of authentication hereon has been executed by
the Agent by manual signature, this Stripped Units Certificate shall not be
entitled to any benefit under the Pledge Agreement or the Purchase Contract
Agreement or be valid or obligatory for any purpose.

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

                                                     AMEREN CORPORATION

                                                     By:
                                                        ------------------------
                                                        Name:
                                                        Title:

                                                     By:
                                                        ------------------------
                                                        Name:
                                                        Title:

                                      B-2
<Page>

                                    HOLDER SPECIFIED ABOVE (as to obligations
                                    of such Holder under the Purchase
                                    Contracts evidenced hereby)

                                    By:
                                       -----------------------------------------

                                    THE BANK OF NEW YORK,
                                    not individually but solely as
                                    Attorney-in-Fact of such Holder

                                    By:
                                       -----------------------------------------
                                       Name:
                                       Title:

                                      B-3
<Page>

                      AGENT'S CERTIFICATE OF AUTHENTICATION

         This is one of the Stripped Units referred to in the within-mentioned
Purchase Contract Agreement.

Dated:                                        THE BANK OF NEW YORK,
                                                as Purchase Contract Agent

                                              By:
                                                 -------------------------------
                                                        Authorized Officer

                                      B-4
<Page>

                     (REVERSE OF STRIPPED UNITS CERTIFICATE)

         Each Purchase Contract evidenced hereby is governed by a Purchase
Contract Agreement, dated as of _________, 200_ (as may be supplemented from
time to time, the Purchase Contract Agreement), between the Company and The Bank
of New York, as Purchase Contract Agent (including its successors thereunder,
herein called the Agent), to which the Purchase Contract Agreement and
supplemental agreements thereto reference is hereby made for a description of
the respective rights, limitations of rights, obligations, duties and immunities
thereunder of the Agent, the Company and the Holders and of the terms upon which
the Stripped Units Certificates are, and are to be, executed and delivered.

         Each Purchase Contract evidenced hereby obligates the Holder of this
Stripped Units Certificate to purchase, and the Company to sell, on the Stock
Purchase Date at a price equal to $25 (the Purchase Price), a number of shares
of Common Stock of the Company equal to the Settlement Rate, unless, on or prior
to the Stock Purchase Date, there shall have occurred a Termination Event or an
Early Settlement, Merger Early Settlement or Cash Settlement with respect to the
Unit of which such Purchase Contract is a part. The Settlement Rate is equal to
(a) if the Applicable Market Value (as defined below) is greater than or equal
to $____ (the Threshold Appreciation Price), ______ shares of Common Stock per
Purchase Contract, (b) if the Applicable Market Value is less than the Threshold
Appreciation Price but is greater than $____, the number of shares of Common
Stock per Purchase Contract equal to the Stated Amount divided by the Applicable
Market Value and (c) if the Applicable Market Value is less than or equal to
$____, _______ shares of Common Stock per Purchase Contract, in each case
subject to adjustment as provided in the Purchase Contract Agreement. No
fractional shares of Common Stock will be issued upon settlement of Purchase
Contracts, as provided in the Purchase Contract Agreement.

         The Applicable Market Value means the average of the Closing Price per
share of Common Stock on each of the 20 consecutive Trading Days ending on the
third Trading Day immediately preceding the Stock Purchase Date.

         The Closing Price of the Common Stock on any date of determination
means the closing sale price (or, if no closing price is reported, the last
reported sale price) of the Common Stock on the New York Stock Exchange (the
NYSE) on such date or, if the Common Stock is not listed for trading on the NYSE
on any such date, as reported in the composite transactions for the principal
United States securities exchange on which the Common Stock is so listed, or if
the Common Stock is not so listed on a United States national or regional
securities exchange, as reported by The Nasdaq Stock Market, or, if the Common
Stock is not so reported, the last quoted bid price for the Common Stock in the
over-the-counter market as reported by the National Quotation Bureau or similar
organization, or, if such bid price is not available, the market value of the
Common Stock on such date as determined by a nationally recognized independent
investment banking firm retained for this purpose by the Company.

         A Trading Day means a day on which the Common Stock (A) is not
suspended from trading on any national or regional securities exchange or
association or over-the-counter market at the close of business and (B) has
traded at least once on the national or regional securities

                                      B-5
<Page>

exchange or association or over-the-counter market that is the primary market
for the trading of the Common Stock.

         Each Purchase Contract evidenced hereby may be settled prior to the
Stock Purchase Date through Early Settlement, Merger Early Settlement or Cash
Settlement, in accordance with the terms of the Purchase Contract Agreement.

         In accordance with the terms of the Purchase Contract Agreement, the
Holder of this Stripped Units Certificate shall pay the Purchase Price for the
shares of Common Stock purchased pursuant to each Purchase Contract evidenced
hereby (i) by effecting an Early Settlement, Merger Early Settlement or Cash
Settlement or (ii) by application of payments received in respect of the Pledged
Treasury Securities underlying the Stripped Units represented by this Stripped
Units Certificate.

         The Company shall not be obligated to issue any shares of Common Stock
in respect of a Purchase Contract or deliver any certificates therefor to the
Holder unless it shall have received payment in full of the aggregate Purchase
Price for the shares of Common Stock to be purchased thereunder in the manner
herein set forth.

         The Stripped Units Certificates are issuable only in registered form
and only in denominations of a single Stripped Unit and any integral multiple
thereof. The transfer of any Stripped Units Certificate will be registered and
Stripped Units Certificates may be exchanged as provided in the Purchase
Contract Agreement. The Stripped Units Registrar may require a Holder, among
other things, to furnish appropriate endorsements and transfer documents
permitted by the Purchase Contract Agreement. No service charge shall be
required for any such registration of transfer or exchange, but the Company and
the Agent may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith. The Holder of a Stripped
Unit may substitute for the Pledged Treasury Securities securing its obligations
under the related Purchase Contract Notes or the appropriate Treasury
Consideration or Applicable Ownership Interest in the Treasury Portfolio in
accordance with the terms of the Purchase Contract Agreement and the Pledge
Agreement. From and after such substitution, the Unit for which such Pledged
Notes, Pledged Treasury Consideration or Pledged Applicable Ownership Interest
in the Treasury Portfolio secures the Holder's obligation under the Purchase
Contract shall be referred to as a Normal Unit. A Holder that elects to
substitute Notes or the appropriate Treasury Consideration or Applicable
Ownership Interest in the Treasury Portfolio, as the case may be, for Pledged
Treasury Securities, thereby reestablishing Normal Units, shall be responsible
for any fees or expenses payable in connection therewith. Except as provided in
the Purchase Contract Agreement, for so long as the Purchase Contract underlying
a Stripped Unit remains in effect, such Stripped Unit shall not be separable
into its constituent parts, and the rights and obligations of the Holder of such
Stripped Unit in respect of the Pledged Treasury Security and the Purchase
Contract constituting such Stripped Unit may be transferred and exchanged only
as a Stripped Unit.

         Subject to the next succeeding paragraph, the Company shall pay, on
each Payment Date, the Contract Adjustment Payments, payable in respect of each
Purchase Contract to the Person in whose name the Stripped Units Certificate
evidencing such Purchase Contract is registered at the close of business on the
Record Date for such Payment Date. Contract Adjustment Payments, if

                                      B-6
<Page>

any, will be payable at the office of the Agent in The City of New York, New
York or, at the option of the Company, by check mailed to the address of the
Person entitled thereto at such address as it appears on the Stripped Units
Register.

         The Company shall have the right, at any time prior to the Stock
Purchase Date, to defer the payment of any or all of the Contract Adjustment
Payments otherwise payable on any Payment Date, but only if the Company shall
give the Holders and the Agent written notice of its election to defer Contract
Adjustment Payments as provided in the Purchase Contract Agreement. Any Contract
Adjustment Payments so deferred shall, to the extent permitted by law, bear
additional Contract Adjustment Payments thereon at the rate of ____% per year
(computed on the basis of a 360-day year of 12 30-day months), compounding on
each succeeding Payment Date, until paid in full (such deferred installments of
Contract Adjustment Payments, if any, together with the additional Contract
Adjustment Payments accrued thereon, are referred to herein as the Deferred
Contract Adjustment Payments). Deferred Contract Adjustment Payments, if any,
shall be due on the next succeeding Payment Date except to the extent that
payment is deferred pursuant to the Purchase Contract Agreement. No Contract
Adjustment Payments may be deferred to a date that is after the Stock Purchase
Date and no such deferral period may end other than on a Payment Date.

         In the event that the Company elects to defer the payment of Contract
Adjustment Payments on the Purchase Contracts until a Payment Date prior to the
Stock Purchase Date, then all Deferred Contract Adjustment Payments, if any,
shall be payable to the registered Holders as of the close of business on the
Record Date immediately preceding such Payment Date.

         In the event that the Company elects to defer the payment of Contract
Adjustment Payments on the Purchase Contracts until the Stock Purchase Date, the
Holder of this Stripped Units Certificate will receive on the Stock Purchase
Date, in lieu of a cash payment, a number of shares of Common Stock (in addition
to the number of shares of Common Stock equal to the Settlement Rate) equal to
(i) the aggregate amount of Deferred Contract Adjustment Payments payable to the
Holder of this Stripped Units Certificate divided by (ii) the Applicable Market
Value.

         In the event the Company exercises its option to defer the payment of
Contract Adjustment Payments, then, until the Deferred Contract Adjustment
Payments have been paid, the Company shall not declare or pay dividends on, make
distributions with respect to, or redeem, purchase or acquire, or make a
liquidation payment with respect to, any of its Capital Stock other than (i)
purchases, redemptions or acquisitions of shares of Capital Stock in connection
with any employment contract, benefit plan or other similar arrangement with or
for the benefit of employees, officers or directors or a stock purchase or
dividend reinvestment plan, or the satisfaction by the Company of its
obligations pursuant to any contract or security outstanding on the date the
Company exercises its rights to defer the Contract Adjustment Payments; (ii) as
a result of a reclassification of the Company's Capital Stock or the exchange or
conversion of one class or series of the Company's Capital Stock for another
class or series of the Company's Capital Stock; (iii) the purchase of fractional
interests in shares of the Company's Capital Stock pursuant to the conversion or
exchange provisions of such Capital Stock or the security being converted or
exchanged; (iv) dividends or distributions in Capital Stock (or rights to
acquire Capital Stock) or repurchases, acquisitions or redemptions of Capital
Stock in

                                      B-7
<Page>

connection with the issuance or exchange of Capital Stock (or securities
convertible into or exchangeable for shares of our Capital Stock); or (v)
redemptions, exchanges or repurchases of any rights outstanding under a
shareholder rights plan or the declaration or payment thereunder of a dividend
or distribution of or with respect to rights in the future.

         The Purchase Contracts and all obligations and rights of the Company
and the Holders thereunder, including, without limitation, the rights of the
Holders to receive and the obligation of the Company to pay Contract Adjustment
Payments, if any, or any Deferred Contract Adjustment Payments, and the rights
and obligations of Holders to purchase Common Stock, shall immediately and
automatically terminate, without the necessity of any notice or action by any
Holder, the Agent or the Company, if, on or prior to the Stock Purchase Date, a
Termination Event shall have occurred. Upon the occurrence of a Termination
Event, the Company shall promptly but in no event later than two business days
thereafter give written notice to the Agent, the Collateral Agent and to the
Holders, at their addresses as they appear in the Stripped Units Register. Upon
and after the occurrence of a Termination Event, the Collateral Agent shall
release the Pledged Treasury Securities from the Pledge in accordance with the
provisions of the Pledge Agreement.

         Upon registration of transfer of this Stripped Units Certificate, the
transferee shall be bound (without the necessity of any other action on the part
of such transferee, except as may be required by the Agent pursuant to the
Purchase Contract Agreement), under the terms of the Purchase Contract Agreement
and the Purchase Contracts evidenced hereby and the transferor shall be released
from the obligations under the Purchase Contracts evidenced by this Stripped
Units Certificate. The Company covenants and agrees, and the Holder, by his
acceptance hereof, likewise covenants and agrees, to be bound by the provisions
of this paragraph.

         The Holder of this Stripped Units Certificate, by his acceptance
hereof, authorizes the Agent to enter into and perform the related Purchase
Contracts forming part of the Stripped Units evidenced hereby on his behalf as
its attorney-in-fact, expressly withholds any consent to the assumption (i.e.,
affirmance) of the Purchase Contracts by the Company or its trustee in the event
that the Company becomes the subject of a case under the Bankruptcy Code, agrees
to be bound by the terms and provisions thereof, covenants and agrees to perform
such Holder's obligations under such Purchase Contracts, consents to the
provisions of the Purchase Contract Agreement, authorizes the Agent to enter
into and perform the Pledge Agreement on such Holder's behalf as attorney-in-
fact, and consents to the Pledge of the Treasury Securities underlying this
Stripped Units Certificate pursuant to the Pledge Agreement. The Holder further
covenants and agrees, that, to the extent and in the manner provided in the
Purchase Contract Agreement and the Pledge Agreement, but subject to the terms
thereof, payments in respect of the Pledged Treasury Securities, to be paid upon
settlement of such Holder's obligations to purchase Common Stock under the
Purchase Contract, shall be paid on the Stock Purchase Date by the Collateral
Agent to the Company in satisfaction of such Holder's obligations under such
Purchase Contract and such Holder shall acquire no right, title or interest in
such payments.

         Each Holder of any Unit, and each Beneficial Owner thereof, by its
acceptance thereof or of its interest therein, further agrees to treat (i)
itself as the owner of the related Notes, Treasury Consideration or Treasury
Securities, as the case may be, and (ii) the Notes as indebtedness of

                                      B-8
<Page>

the Company, in each case, for United States federal, state and local income and
franchise tax purposes.

         Subject to certain exceptions, the provisions of the Purchase Contract
Agreement may be amended with the consent of the Holders of a majority of the
Purchase Contracts.

         The Purchase Contracts shall for all purposes be governed by, and
construed in accordance with, the laws of the State of New York, without regard
to its principles of conflicts of laws.

         The Company, the Agent and its Affiliates and any agent of the Company
or the Agent may treat the Person in whose name this Stripped Units Certificate
is registered as the owner of the Stripped Units evidenced hereby for the
purpose of receiving any Contract Adjustment Payments and any Deferred Contract
Adjustment Payments performance of the Purchase Contracts and for all other
purposes whatsoever, whether or not any payments in respect thereof be overdue
and notwithstanding any notice to the contrary, and neither the Company, the
Agent, such Affiliate, nor any such agent shall be affected by notice to the
contrary.

         The Purchase Contracts shall not, prior to the settlement thereof,
entitle the Holder to any of the rights of a holder of shares of Common Stock.

         A copy of the Purchase Contract Agreement is available for inspection
at the offices of the Agent.

                                      B-9
<Page>

                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM -                                 as tenants in common

UNIF GIFT MIN ACT-                                      Custodian
                                          --------------------------------------
                                          (cust)                    (minor)

                                             Under Uniform Gifts to Minors Act
                                          --------------------------------------
                                                        (State)

TEN ENT -                                 as tenants by the entireties

JT TEN -                                  as joint tenants with right of
                                          survivorship and not as tenants in
                                          common

Additional abbreviations may also be used though not in the above list.

                                      B-10
<Page>

                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
(Please insert Social Security or Taxpayer I.D. or other Identifying Number of
Assignee)

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
(Please Print or Type Name and Address Including Postal Zip Code of Assignee)

the within Normal Units Certificates and all rights thereunder, hereby
irrevocably constituting and appointing

--------------------------------------------------------------------------------
attorney to transfer said Normal Units Certificates on the books of Ameren
Corporation with full power of substitution in the premises.

Dated:
      ---------------------                          ---------------------------
                                                              Signature:

                                                     NOTICE: The signature to
                                                     this assignment must
                                                     correspond with the name as
                                                     it appears upon the face of
                                                     the within Normal Units
                                                     Certificates in every
                                                     particular, without
                                                     alteration or enlargement
                                                     or any change whatsoever.

Signature Guarantee:
                    -------------------

                                      B-11
<Page>

                             SETTLEMENT INSTRUCTIONS

         The undersigned Holder directs that a certificate for shares of Common
Stock deliverable upon settlement on or after the Stock Purchase Date of the
Purchase Contracts underlying the number of Stripped Units evidenced by this
Stripped Units Certificate be registered in the name of, and delivered, together
with a check in payment for any fractional share, to the undersigned at the
address indicated below unless a different name and address have been indicated
below. If shares are to be registered in the name of a Person other than the
undersigned, the undersigned will pay any transfer tax payable incident thereto.

Dated:
      ----------------------------            ----------------------------------
                                                              Signature:

Signature Guarantee:
                    --------------------------

                                                (if assigned to another person)

If shares are to be registered in the                 REGISTERED HOLDER
name of and delivered to a Person other
than the Holder, please (i) print such
Person's name and address and (ii) provide
a guarantee of your signature:

               PLEASE PRINT NAME AND ADDRESS OF REGISTERED HOLDER:

------------------------------------         -----------------------------------
                Name                                         Name

------------------------------------         -----------------------------------

------------------------------------         -----------------------------------

------------------------------------         -----------------------------------
               Address                                      Address

--------------------------------------------------------------------------------
         Social Security or other Taxpayer Identification Number, if any

                                      B-12
<Page>

                            ELECTION TO SETTLE EARLY

         The undersigned Holder of this Stripped Units Certificate hereby
irrevocably exercises the option to effect Early Settlement in accordance with
the terms of the Purchase Contract Agreement with respect to the Purchase
Contracts underlying the number of Stripped Units evidenced by this Stripped
Units Certificate specified below. The option to effect Early Settlement may be
exercised only with respect to Purchase Contracts underlying Stripped Units with
an aggregate Stated Amount equal to $1,000 or an integral multiple thereof. The
undersigned Holder directs that a certificate for shares of Common Stock
deliverable upon such Early Settlement be registered in the name of, and
delivered, together with a check in payment for any fractional share and any
Stripped Units Certificate representing any Stripped Units evidenced hereby as
to which Early Settlement of the related Purchase Contracts is not effected, to
the undersigned at the address indicated below unless a different name and
address have been indicated below. Pledged Treasury Securities deliverable upon
such Early Settlement will be transferred in accordance with the transfer
instructions set forth below. If shares are to be registered in the name of a
Person other than the undersigned, the undersigned will pay any transfer tax
payable incident thereto.

Dated:
      --------------------------               ---------------------------------
                                                          Signature:

Signature Guarantee:                           Signature Guarantee:
                    ------------------                             -------------

Number of Units evidenced hereby as to which Early Settlement of the related
Purchase Contracts is being elected:

If shares of Common Stock are to                     REGISTERED HOLDER
be registered in the name of and
delivered to and Pledged Notes,
Pledged Treasury Consideration or
Pledged Applicable Ownership
Interest in the Treasury Portfolio,
as the case may be, are to be
transferred to a Person other than
the Holder, please print such
Person's name and address:

                                      B-13
<Page>

               PLEASE PRINT NAME AND ADDRESS OF REGISTERED HOLDER:

------------------------------------         -----------------------------------
                Name                                         Name

------------------------------------         -----------------------------------

------------------------------------         -----------------------------------

------------------------------------         -----------------------------------
               Address                                      Address

--------------------------------------------------------------------------------
         Social Security or other Taxpayer Identification Number, if any

Transfer instructions for Pledged Notes, Pledged Treasury Consideration or the
Pledged Applicable Ownership Interest in the Treasury Portfolio, as the case may
be, transferable upon Early Settlement or a Termination Event:

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

                                      B-14
<Page>

                     [TO BE ATTACHED TO GLOBAL CERTIFICATES]

            SCHEDULE OF INCREASES OR DECREASES IN GLOBAL CERTIFICATE

      The following increases or decreases in this Global Certificate have
been made:

<Table>
<Caption>

---------------------------------------------------------------------------------------------------------------------
                                                                         STATED AMOUNT OF THE
                           AMOUNT OF DECREASE    AMOUNT OF INCREASE       GLOBAL CERTIFICATE
                           IN STATED AMOUNT OF   IN STATED AMOUNT OF           FOLLOWING            SIGNATURE OF
                               THE GLOBAL            THE GLOBAL              SUCH DECREASE      AUTHORIZED OFFICER OF
          DATE                 CERTIFICATE           CERTIFICATE               OR INCREASE               AGENT
---------------------------------------------------------------------------------------------------------------------
<S>                        <C>                   <C>                     <C>                    <C>

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

------------------------- ---------------------- ----------------------- ---------------------- ----------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------
</Table>

                                      B-15
<Page>

                                    EXHIBIT C

                   INSTRUCTION FROM PURCHASE CONTRACT AGENT TO
                                COLLATERAL AGENT

BNY Trust Company of Missouri
as Collateral Agent

--------------------
-------------------
Attn:
     ----------------------
Telecopy:
         -------------

Re: Equity Security Units of Ameren Corporation (the Company)

         We hereby notify you in accordance with Section 4.1 of the Pledge
Agreement, dated as of ________, 200_, among the Company, you, as Collateral
Agent, Custodial Agent and Securities Intermediary, and us, as Purchase Contract
Agent and as attorney-in-fact for the holders of [Normal Units] [Stripped Units]
from time to time, that the holder of securities listed below (the Holder) has
elected to substitute [$_______ aggregate principal amount of Treasury
Securities (CUSIP No. _____)] [$_______ principal amount of Notes or the
appropriate Treasury Consideration, as the case may be,] in exchange for the
related [Pledged Notes, Pledged Treasury Consideration or Pledged Applicable
Ownership Interest in the Treasury Portfolio, as the case may be (CUSIP No.
____),] [Pledged Treasury Securities] held by you in accordance with the Pledge
Agreement and has delivered to us a notice stating that the Holder has
transferred [Treasury Securities] [Notes or the appropriate Treasury
Consideration or Applicable Ownership Interest in the Treasury Portfolio, as the
case may be,] to you, as Collateral Agent. We hereby instruct you, upon receipt
of such [Pledged Treasury Securities] [Pledged Notes, Pledged Treasury
Consideration or Pledged Applicable Ownership Interest in the Treasury
Portfolio, as the case may be], and upon the payment by such Holder of any
applicable fees, to release the [Notes, Treasury Consideration or Applicable
Ownership Interest in the Treasury Portfolio, as the case may be,] [Treasury
Securities] related to such [Normal Units] [Stripped Units] to us in accordance
with the Holder's instructions.

Date:                                                By:
     ---------------------------------------            ------------------------

                                                     THE BANK OF NEW YORK,

                                                     By:
                                                        ------------------------
                                                        Name:
                                                        Title:

                                      C-1
<Page>

Please print name and address of Registered Holder electing to substitute

[Treasury Securities] [Notes or Treasury Consideration or Applicable Ownership
Interest in the Treasury Portfolio, as the case may be,] for the [Pledged Notes,
Pledged Treasury Consideration or Pledged Applicable Ownership Interest in the
Treasury Portfolio, as the case may be,] [Pledged Treasury Securities]:

------------------------------------         -----------------------------------
                Name                                         Name

------------------------------------         -----------------------------------

------------------------------------         -----------------------------------

------------------------------------         -----------------------------------
               Address                                      Address

--------------------------------------------------------------------------------
         Social Security or other Taxpayer Identification Number, if any

                                      C-2
<Page>

                                    EXHIBIT D

                     INSTRUCTION TO PURCHASE CONTRACT AGENT

The Bank of New York
101 Barclay Street
New York, New York

Attention: Corporate Trust Administration, Telecopy: (212) 896-7298
Attention:

Re: Equity Security Units of Ameren Corporation (the Company)

         The undersigned Holder hereby notifies you that it has delivered to BNY
Trust Company of Missouri, as Collateral Agent, Custodial Agent and Securities
Intermediary [$_________ aggregate principal amount of Treasury Securities]
[$_________ principal amount of Notes or the appropriate Treasury Consideration
or Applicable Ownership Interest in the Treasury Portfolio, as the case may be,]
in exchange for the related [Pledged Notes, Pledged Treasury Consideration or
Pledged Applicable Ownership Interest in the Treasury Portfolio, as the case may
be,] [Pledged Treasury Securities] held by the Collateral Agent, in accordance
with Section 4.1 of the Pledge Agreement, dated __________, 200_ among you, the
Company and the Collateral Agent. The undersigned Holder has paid the Collateral
Agent all applicable fees relating to such exchange. The undersigned Holder
hereby instructs you to instruct the Collateral Agent to release to you on
behalf of the undersigned Holder the [Pledged Notes, Pledged Treasury
Consideration or Pledged Applicable Ownership Interest in the Treasury
Portfolio, as the case may be,] [Pledged Treasury Securities] related to such
[Normal Units] [Stripped Units].

                                      D-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}]]