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Exhibit 4.3    
    

	REGISTERED	 	REGISTERED
	Ill. C. C. No. 6335

        THIS
NOTE IS A GLOBAL NOTE REGISTERED IN THE NAME OF THE DEPOSITARY (REFERRED TO HEREIN) OR A NOMINEE THEREOF AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE FOR THE INDIVIDUAL NOTES
REPRESENTED HEREBY AS PROVIDED IN THE INDENTURE REFERRED TO BELOW, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK), TO THE TRUSTEE FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

UNION
ELECTRIC COMPANY

5.10% SENIOR SECURED NOTE DUE 2019 

	

CUSIP: 02360F AA 4	
 	

NUMBER: 1
	ISIN:    US02360FAA49	 	 
	ORIGINAL ISSUE DATE: September 23, 2004	 	PRINCIPAL AMOUNT: $300,000,000
	

INTEREST RATE: 5.10%	
 	

MATURITY DATE: October 1, 2019

        UNION
ELECTRIC COMPANY, a corporation of the State of Missouri (the "COMPANY"), for value received hereby promises to pay to CEDE & CO. or registered assigns, the principal sum of
THREE HUNDRED MILLION DOLLARS ($300,000,000) on the Maturity Date set forth above, and to pay interest thereon from September 23, 2004 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually in arrears on the April 1 and October 1 in each year, commencing April 1, 2005, at the per annum Interest
Rate set forth above, until the principal hereof is paid or made available for payment. No interest shall accrue on the Maturity Date, so long as the principal amount of this Note is paid on the
Maturity Date. The interest so payable and punctually paid or duly provided for on any such Interest Payment Date (except for interest payable on the Maturity Date set forth above or, if applicable,
upon redemption or acceleration) will, as provided in the Indenture (as defined below), be paid to the Person in whose name this Note is registered at the close of business on the Regular Record Date
for such interest, which shall be the March 15 or September 15, as the case may be, next preceding such Interest Payment Date; provided that the first Interest Payment Date for any part
of this Note, the Original Issue Date of which is after a Regular Record Date but prior to the applicable Interest Payment Date, shall be the Interest Payment Date following the next succeeding
Regular Record Date; and provided that interest payable on the Maturity Date set forth above or, if applicable, upon redemption or acceleration, shall be payable to the Person to whom principal shall
be payable. Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date
and shall be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice
whereof shall be given to Noteholders not 

more
than fifteen days or fewer than ten days prior to such Special Record Date. Payment of the principal of and interest and premium on this Note shall be payable pursuant to Section 2.12(a)
of the Indenture. 

        This
Note is a Global Note in respect of a duly authorized issue of 5.10% Senior Secured Notes due 2019 (the "NOTES OF THIS SERIES", which term includes any Global Notes representing
such Notes) of the Company issued and to be issued under an Indenture dated as of August 15, 2002,
between the Company and The Bank of New York, as trustee (the "TRUSTEE", which term includes any successor Trustee under the Indenture) and indentures supplemental thereto (collectively, the
"INDENTURE"). Under the Indenture, one or more series of notes may be issued and, as used herein, the term "Notes" refers to the Notes of this Series and any other outstanding series of Notes.
Reference is hereby made to the Indenture for a more complete statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the
Noteholders and of the terms upon which the Notes are and are to be authenticated and delivered. This Note has been issued in respect of the series designated on the first page hereof in the aggregate
principal amount of $300,000,000. 

        Prior
to the Release Date (as hereinafter defined), the Notes will be secured by first mortgage bonds (the "SENIOR NOTE FIRST MORTGAGE BONDS") delivered by the Company to the Trustee for
the benefit of the Holders of the Notes, issued under the Indenture of Mortgage or Deed of Trust, dated June 15, 1937, from the Company to The Bank of New York, as successor trustee (the
"MORTGAGE TRUSTEE"), as supplemented and modified (collectively, the "FIRST MORTGAGE"). Reference is made to the First Mortgage and the Indenture for a description of the rights of the Trustee as
holder of the Senior Note First Mortgage Bonds, the property mortgaged and pledged, the nature and extent of the security and the rights of the holders of first mortgage bonds, under the First
Mortgage and the rights of the Company and of the Mortgage Trustee in respect thereof, the duties and immunities of the Mortgage Trustee and the terms and conditions upon which the Senior Note First
Mortgage Bonds are secured and the circumstances under which additional first mortgage bonds may be issued. 

        From
and after such time as all first mortgage bonds (other than Senior Note First Mortgage Bonds) issued under the First Mortgage have been retired through payment, redemption or
otherwise at, before or after the maturity thereof (the "Release Date"), the Senior Note First Mortgage Bonds shall cease to secure the Notes in any manner. In certain circumstances prior to the
Release Date as provided in the Indenture, the Company is permitted to reduce the aggregate principal amount of a series of Senior Note First Mortgage Bonds held by the Trustee, but in no event prior
to the Release Date to an amount less than the aggregate outstanding principal amount of the series of Notes initially issued contemporaneously with such Senior Note First Mortgage Bonds. 

        Each
Note of this Series shall be dated and issued as of the date of its authentication by the Trustee and shall bear an Original Issue Date. Each Note issued upon transfer, exchange or
substitution of such Note shall bear the Original Issue Date of such transferred, exchanged or substituted Note, as the case may be. 

        All
or a portion of the Notes of this Series may be redeemed at the option of the Company at any time or from time to time. The redemption price for the Notes of this Series to be
redeemed on any redemption date will be equal to the greater of: (a) 100% of the principal amount of the Notes of this Series being redeemed on the redemption date; or (b) the sum of the
present values of the remaining scheduled payments of principal and interest on the Notes of this Series being redeemed on that redemption date (not including any portion of any payments of interest
accrued to the redemption date) discounted to the redemption date on a semiannual basis at the Adjusted Treasury Rate (as defined below) plus 15 basis points, as determined by the Reference Treasury
Dealer (as defined below); plus, in each case, accrued and unpaid interest thereon to the redemption date.
Notwithstanding the foregoing, installments of interest on Notes of this Series that are due and payable on Interest Payment Dates falling on or prior to a redemption date will be payable on the
Interest Payment Date to the Holder of this Note as of the close of business on the relevant Regular Record 

Date.
The redemption price will be calculated on the basis of a 360-day year consisting of twelve 30-day months. 

        The
Company shall mail notice of any redemption at least 30 days but not more than 60 days before the redemption date to each Holder of the Notes of this Series to be
redeemed. Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes of this Series or portions thereof called for
redemption. 

        "ADJUSTED
TREASURY RATE" means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a
price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 

        "COMPARABLE
TREASURY ISSUE" means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable to the remaining term of the Notes of this
Series to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to
the remaining term of such Notes of this Series. 

        "COMPARABLE
TREASURY PRICE" means, with respect to any redemption date, (A) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the
highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Trustee obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such quotations, or
(C) if only one Reference Treasury Dealer Quotation is received, such quotation. 

        "REFERENCE
TREASURY DEALER" means (A) BNP Paribas Securities Corp., BNY Capital Markets, Inc. or Lehman Brothers Inc. (or their respective affiliates which are
Primary Treasury Dealers), and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a "Primary
Treasury Dealer"), the Company shall substitute therefor another Primary Treasury Dealer; and (B) any other Primary Treasury Dealer(s) selected by the Trustee after consultation with the
Company. 

        "REFERENCE
TREASURY DEALER QUOTATIONS" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Trustee, of the bid and
asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m.
(New York City time) on the third Business Day preceding such redemption date. 

        Interest
payments for this Note shall be computed and paid on the basis of a 360-day year of twelve 30-day months (and for any partial periods shall be calculated
on the basis of the number of days elapsed in a 360-day year of twelve 30-day months). If any Interest Payment Date or date on which the principal of this Note is required to
be paid is not a Business Day, then payment of principal, premium, if any, or interest need not be made on such date but may be made on the next succeeding Business Day with the same force and effect
as if made on such Interest Payment Date or date on which the principal of this Note is required to be paid and, in the case of timely payment thereof, no interest shall accrue for the period from and
after such Interest Payment Date or the date on which the principal of this Note is required to be paid. 

        The
Company, at its option, and subject to the terms and conditions provided in the Indenture, will be discharged from any and all obligations in respect of the Notes (except for certain
obligations including obligations to register the transfer or exchange of Notes, replace stolen, lost or mutilated Notes, maintain paying agencies and hold monies for payment in trust, all as set
forth in the Indenture) if the Company deposits with the Trustee money, U.S. Government Obligations which through the payment of interest thereon and principal thereof in accordance with their terms
will provide money, or a combination of money and U.S. Government Obligations, in any event in an amount sufficient, without reinvestment, to pay all the principal of and any premium and interest on
the Notes on the dates such payments are due in accordance with the terms of the Notes. 

        If
an Event of Default shall occur and be continuing, the principal of and interest on the Notes may be declared due and payable in the manner and with the effect provided in the
Indenture and, upon such declaration, the Trustee shall demand the redemption of the Senior Note First Mortgage Bonds to the extent provided in the Indenture. 

        The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modifications of the rights and obligations of the Company and the rights of the
Noteholders under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the outstanding Notes. Any such consent or
waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange therefor or in lieu thereof whether or not notation of such consent or waiver is made upon this Note. 

        As
set forth in and subject to the provisions of the Indenture, no Holder of any Notes will have any right to institute any proceeding with respect to the Indenture or for any remedy
thereunder unless
such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with respect to such Notes, the Holders of not less than a majority in principal amount of the
outstanding Notes affected by such Event of Default shall have made written request and offered reasonable indemnity to the Trustee to institute such proceeding as Trustee and the Trustee shall have
failed to institute such proceeding within 60 days; provided that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of and
any premium, or interest on, this Note on or after the respective due dates expressed here. 

        No
reference herein to the Indenture and to provisions of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of and any premium, and interest on, this Note at the times, places and rates and the coin or currency prescribed in the Indenture. 

        As
provided in the Indenture and subject to certain limitations therein set forth, this Note may be transferred only as permitted by the legend hereto and the provisions of the
Indenture. 

        The
Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York without regard to conflicts of law principles thereof. 

        Unless
the certificate of authentication hereon has been executed by the Trustee, directly or through an Authenticating Agent by manual signature of an authorized officer, this Note
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

        All
terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless otherwise indicated herein. 

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

	 	 	UNION ELECTRIC COMPANY
	

 	
 	

By:	

/s/  JERRE E. BIRDSONG      

	

 	
 	

Title:	

Vice President and Treasurer

	

 	
 	

Attest:	

/s/  G. L. WATERS      

	

 	
 	

Title:	

Assistant Secretary

TRUSTEE'S
CERTIFICATE

OF AUTHENTICATION 

Dated:
September 23, 2004 

This
Note is one of the Notes of the series herein

designated, described or provided for in the within-

mentioned Indenture. 

The
Bank of New York, As Trustee

	By:	 	/s/  ROBERT J. DUNN      
Authorized Signatory	 

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)
	

TEN ENT—as tenants by the entireties	
 	

Under Uniform Gifts to Minors
	

JT TEN—as joint tenants with right of survivorship and not as tenants in common	
 	

 	
 	

 	
 	

 	
 	

 
	 	 	
 State

Additional
abbreviations may also be used

though not in the above list. 

FOR
VALUE RECEIVED the undersigned hereby sell(s),

assign(s) and transfer(s) unto 

PLEASE
INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE 

Please
print or typewrite name and address

including postal zip code of assignee 

	
 the within note and all rights thereunder, hereby irrevocably constituting and appointing attorney to transfer said note on the books of the Company, with full power of substitution in the premises.

Dated: _________________	 	 
	

 	
 	

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatever.

Signature(s) must be guaranteed by a financial institution that is a member of the Securities Transfer Agents Medallion Program ("STAMP"), the Stock Exchange Medallion Program ("SEMP") or the New York Stock Exchange, Inc. Medallion Signature
Program ("MSP").

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Exhibit 4.3QuickLinks
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Exhibit 4.4    
    

WHEN
RECORDED

MAIL TO:

Gerald L. Waters

Union Electric Company

1901 Chouteau Avenue

St. Louis, MO 61303 

Executed in 35 Counterparts, No. 35.

SUPPLEMENTAL INDENTURE

DATED SEPTEMBER 1, 2004

UNION ELECTRIC COMPANY

TO

THE BANK OF NEW YORK,

AS TRUSTEE 

(SUPPLEMENTAL
TO THE INDENTURE OF MORTGAGE AND DEED OF TRUST DATED JUNE 15, 1937, AS AMENDED, EXECUTED BY UNION ELECTRIC COMPANY TO THE BANK OF NEW YORK, AS TRUSTEE) 

First
Mortgage Bonds, Senior Notes

Series GG 

This
instrument was prepared by Steven R. Sullivan, Esq., Senior Vice President Governmental/Regulatory Policy, General Counsel and Secretary of Union Electric Company, 1901 Chouteau Avenue, St.
Louis, Missouri 63103, (314) 554-2098. 

 

        SUPPLEMENTAL
INDENTURE, dated the 1st day of September, Two thousand and four (2004) made by and between UNION ELECTRIC COMPANY, a corporation organized and existing under the laws of
the State of Missouri (hereinafter called the "Company"), party of the first part, and The Bank of New York (successor trustee to Bank of America, National Association, formerly Boatmen's Trust
Company), a bank existing under the laws of the State of New York (hereinafter called the "Trustee"), as Trustee under the Indenture of Mortgage and Deed of Trust dated June 15, 1937,
hereinafter mentioned, party of the second part: 

        WHEREAS, the Company has heretofore executed and delivered to the Trustee its Indenture of Mortgage and Deed of Trust, dated
June 15, 1937, as amended May 1, 1941, April 1, 1971, February 1, 1974, July 7, 1980, February 1, 2000 and August 15, 2002 (said Indenture of Mortgage
and Deed of Trust as so amended, being hereinafter referred to as the "Original Indenture"), to secure the payment of the principal of and the interest (and premium, if any) on all bonds at any time
issued and outstanding thereunder, and indentures supplemental thereto dated June 15, 1937, May 1, 1941, March 17, 1942, April 13, 1945, April 27, 1945,
October 1, 1945, April 11, 1947, April 13, 1949, September 13, 1950, December 1, 1950, September 20, 1951, May 1, 1952, March 1, 1954,
May 1, 1955, August 31, 1955, April 1, 1956, July 1, 1956, August 1, 1957, February 1, 1958, March 1, 1958, November 5, 1958, March 16,
1959, June 24, 1959, December 11, 1959, August 17, 1960, September 1, 1960, October 24, 1960, June 30, 1961, July 1, 1961, August 9, 1962,
September 30, 1963, November 1, 1963, March 12, 1965, April 1, 1965, April 14, 1966, May 1, 1966, February 17, 1967, March 1, 1967,
February 19, 1968, March 15, 1968, August 21, 1968, April 7, 1969, May 1, 1969, September 12, 1969, October 1, 1969, March 26, 1970,
April 1,
1970, June 12, 1970, January 1, 1971, April 1, 1971, September 15, 1971, December 3, 1973, February 1, 1974, April 25, 1974, February 3, 1975,
March 1, 1975, June 11, 1975, May 12, 1976, August 16, 1976, April 26, 1977, October 15, 1977, November 7, 1977, December 1, 1977,
August 1, 1978, October 12, 1979, November 1, 1979, July 7, 1980, August 1, 1980, August 20, 1980, February 1, 1981, October 8, 1981,
August 27, 1982, September 1, 1982, December 15, 1982, March 1, 1983, June 21, 1984, December 12, 1984, June 11, 1985, March 1, 1986,
May 1, 1986, May 1, 1990, December 1, 1991, December 4, 1991, January 1, 1992, September 30, 1992, October 1, 1992, December 1, 1992,
February 1, 1993, February 18, 1993, May 1, 1993, August 1, 1993, October 1, 1993, January 1, 1994, February 1, 2000, August 15, 2002,
March 5, 2003, April 1, 2003, July 15, 2003, October 1, 2003, February 1, 2004 (eight separate indentures supplemental thereto) and May 1, 2004, respectively,
have heretofore been entered into between the Company and the Trustee; and 

        WHEREAS, Bonds have heretofore been issued by the Company under the Original Indenture as follows: 

        (1)   $80,000,000
principal amount of First Mortgage and Collateral Trust Bonds, 33/4% Series due 1962, all of which have been redeemed prior to the date of the
execution hereof; 

        (2)   $90,000,000
principal amount of First Mortgage and Collateral Trust Bonds, 33/8% Series due 1971, which are described in the Supplemental Indenture dated
May 1, 1941 (hereinafter called the "Supplemental Indenture of May 1, 1941"), all of which have been paid at maturity prior to the date of the execution hereof; 

        (3)   $13,000,000
principal amount of First Mortgage and Collateral Trust Bonds, 23/4% Series due 1975 (herein called the "Bonds of 1975 Series"), which are
described in the Supplemental Indenture dated October 1, 1945 (hereinafter called the "Supplemental Indenture of October 1, 1945"), all of which have been paid at maturity prior to the
date of the execution hereof; 

        (4)   $25,000,000
principal amount of First Mortgage and Collateral Trust Bonds, 27/8% Series due 1980 (herein called the "Bonds of 1980 Series"), which are
described in the Supplemental Indenture dated December 1, 1950 (hereinafter called the "Supplemental Indenture of 

2

 

December 1,
1950"), all of which have been paid at maturity prior to the date of the execution hereof; 

        (5)   $30,000,000
principal amount of First Mortgage and Collateral Trust Bonds, 31/4% Series due 1982 (herein called the "Bonds of 1982 Series"), which are
described in the Supplemental Indenture dated May 1, 1952 (hereinafter called the "Supplemental Indenture of May 1, 1952"), all of which have been paid at maturity prior to the date of
the execution hereof; 

        (6)   $40,000,000
principal amount of First Mortgage Bonds, 33/4% Series due 1986 (herein called the "Bonds of 1986 Series"), which are described in the
Supplemental Indenture dated July 1, 1956 (hereinafter called the "Supplemental Indenture of July 1, 1956"), all of which have been paid at maturity prior to the date of the execution
hereof; 

        (7)   $35,000,000
principal amount of First Mortgage Bonds, 43/8% Series due 1988 (herein called the "Bonds of 1988 Series"), which are described in the
Supplemental Indenture dated March 1, 1958 (hereinafter called the "Supplemental Indenture of March 1, 1958"), all of which have been paid at maturity prior to the date of the execution
hereof; 

        (8)   $50,000,000
principal amount of First Mortgage Bonds, 43/4% Series due 1990 (herein called the "Bonds of 1990 Series"), which are described in the
Supplemental Indenture dated September 1, 1960 (hereinafter called the "Supplemental Indenture of September 1, 1960"), all of which have been paid at maturity prior to the date of the
execution hereof; 

        (9)   $30,000,000
principal amount of First Mortgage Bonds, 43/4% Series due 1991 (herein called the "Bonds of 1991 Series"), which are described in the
Supplemental Indenture dated July 1, 1961 (hereinafter called the "Supplemental Indenture of July 1, 1961"), all of which have been paid at maturity prior to the date of the execution
hereof; 

        (10) $30,000,000
principal amount of First Mortgage Bonds, 41/2% Series due 1993 (herein called the "Bonds of 1993 Series"), which are described in the
Supplemental Indenture dated November 1, 1963 (hereinafter called the "Supplemental Indenture of November 1, 1963"), all of which have been redeemed prior to the date of the execution
hereof; 

        (11) $35,000,000
principal amount of First Mortgage Bonds, 41/2% Series due 1995 (herein called the "Bonds of 1995 Series"), which are described in the
Supplemental Indenture dated April 1, 1965 (hereinafter called the "Supplemental Indenture of April 1, 1965"), all of which have been paid at maturity prior to the date of the execution
hereof; 

        (12) $30,000,000
principal amount of First Mortgage Bonds, 51/2% Series due 1996 (herein called the "Bonds of 1996 Series"), which are described in the
Supplemental Indenture dated May 1, 1966 (hereinafter called the "Supplemental Indenture of May 1, 1966"), all of which have been paid at maturity prior to the date of the execution
hereof; 

        (13) $40,000,000
principal amount of First Mortgage Bonds, 51/2% Series due 1997 (herein called the "Bonds of 1997 Series"), which are described in the
Supplemental Indenture dated March 1, 1967
(hereinafter called the "Supplemental Indenture of March 1, 1967"), all of which have been paid at maturity prior to the date of the execution hereof; 

        (14) $50,000,000
principal amount of First Mortgage Bonds, 7% Series due 1998 (herein called the "Bonds of 1998 Series"), which are described in the Supplemental Indenture
dated March 15, 1968 (hereinafter called the "Supplemental Indenture of March 15, 1968"), all of which have been redeemed prior to the date of the execution hereof; 

        (15) $35,000,000
principal amount of First Mortgage Bonds, 73/8% Series due 1999 (herein called the "Bonds of May 1999 Series"), which are described in
the Supplemental Indenture dated 

3

 

May 1,
1969 (hereinafter called the "Supplemental Indenture of May 1, 1969"), all of which have been redeemed prior to the date of the execution hereof; 

        (16) $40,000,000
principal amount of First Mortgage Bonds, 81/4% Series due 1999 (herein called the "Bonds of October 1999 Series"), which are
described in the Supplemental Indenture dated October 1, 1969 (hereinafter called the "Supplemental Indenture of October 1, 1969"), all of which have been redeemed prior to the date of
the execution hereof; 

        (17) $100,000,000
principal amount of First Mortgage Bonds, 9.95% Series due 1999 (herein called the "Bonds of November 1999 Series"), which are described in the
Supplemental Indenture dated November 1, 1979 (hereinafter called the "Supplemental Indenture of November 1, 1979"), all of which have been redeemed prior to the date of the execution
hereof; 

        (18) $60,000,000
principal amount of First Mortgage Bonds, 9% Series due 2000 (herein called the "Bonds of 2000 Series"), which are described in the Supplemental Indenture
dated April 1, 1970 (hereinafter called the "Supplemental Indenture of April 1, 1970"), all of which have been redeemed prior to the date of the execution hereof; 

        (19) $50,000,000
principal amount of First Mortgage Bonds, 77/8% Series due 2001 (herein called the "Bonds of January 2001 Series"), which are
described in the Supplemental Indenture dated January 1, 1971 (hereinafter called the "Supplemental Indenture of January 1, 1971"), all of which have been redeemed prior to the date of
the execution hereof; 

        (20) $50,000,000
principal amount of First Mortgage Bonds, 75/8% Series due 2001 (herein called the "Bonds of April 2001 Series"), which are described
in the Supplemental Indenture dated April 1, 1971
(hereinafter called the "Supplemental Indenture of April 1, 1971"), all of which have been redeemed prior to the date of the execution hereof; 

        (21) $60,000,000
principal amount of First Mortgage Bonds, 81/8% Series due 2001 (herein called the "Bonds of October 2001 Series"), which are
described in the Supplemental Indenture dated September 15, 1971 (hereinafter called the "Supplemental Indenture of September 15, 1971"), all of which have been redeemed prior to the
date of the execution hereof; 

        (22) $70,000,000
principal amount of First Mortgage Bonds, 83/8% Series due 2004 (herein called the "Bonds of 2004 Series"), which are described in the
Supplemental Indenture dated February 1, 1974 (hereinafter called the "Supplemental Indenture of February 1, 1974"), all of which have been redeemed prior to the date of the execution
hereof; 

        (23) $70,000,000
principal amount of First Mortgage Bonds, 101/2% Series due 2005 (herein called the "Bonds of 2005 Series"), which are described in the
Supplemental Indenture dated March 1, 1975 (hereinafter called the "Supplemental Indenture of March 1, 1975"), all of which have been redeemed prior to the date of the execution hereof; 

        (24) $70,000,000
principal amount of First Mortgage Bonds, 87/8% Series due 2006 (herein called the "Bonds of 2006 Series"), which are described in the
Supplemental Indenture dated August 16, 1976 (hereinafter called the "Supplemental Indenture of August 16, 1976"), all of which have been redeemed prior to the date of the execution
hereof; 

        (25) $27,085,000
principal amount of First Mortgage Bonds, 5.80% Environmental Improvement Series 1977, which are described in the Supplemental Indenture dated
October 15, 1977 (hereinafter called the "Supplemental Indenture of October 15, 1977"), all of which have been redeemed prior to the date of the execution hereof; 

        (26) $60,000,000
principal amount of First Mortgage Bonds, 85/8% Series due 2007 (herein called the "Bonds of 2007 Series"), which are described in the
Supplemental Indenture dated 

4

 

December 1,
1977 (hereinafter called the "Supplemental Indenture of December 1, 1977"), all of which have been redeemed prior to the date of the execution hereof; 

        (27) $55,000,000
principal amount of First Mortgage Bonds, 9.35% Series due 2008 (herein called the "Bonds of 2008 Series"), which are described in the Supplemental
Indenture dated August 1, 1978
(hereinafter called the "Supplemental Indenture of August 1, 1978"), all of which have been redeemed prior to the date of the execution hereof; 

        (28) $60,000,000
principal amount of First Mortgage Bonds, Environmental Improvement Series 1980, which are described in the Supplemental Indenture dated
August 1, 1980 (hereinafter called the "Supplemental Indenture of August 1, 1980"), all of which have been redeemed prior to the date of the execution hereof; 

        (29) $150,000,000
principal amount of First Mortgage Bonds, 153/8% Series due 1991 (herein called the "Bonds of February 1991 Series"), which are
described in the Supplemental Indenture dated February 1, 1981 (hereinafter called the "Supplemental Indenture of February 1, 1981"), all of which have been redeemed prior to the date of
the execution hereof; 

        (30) $125,000,000
principal amount of First Mortgage Bonds, 15% Series due 1992 (herein called the "Bonds of 1992 Series"), which are described in the Supplemental Indenture
dated September 1, 1982 (hereinafter called the "Supplemental Indenture of September 1, 1982"), all of which have been redeemed prior to the date of the execution hereof; 

        (31) $100,000,000
principal amount of First Mortgage Bonds, 13% Series due 2013 (herein called the "Bonds of 2013 Series"), which are described in the Supplemental Indenture
dated March 1, 1983 (hereinafter called the "Supplemental Indenture of March 1, 1983"), all of which have been redeemed prior to the date of the execution hereof; 

        (32) $100,000,000
principal amount of First Mortgage Bonds, 93/8% Series due 2016 (herein called the "Bonds of 2016 Series"), which are described in the
Supplemental Indenture dated March 1, 1986 (hereinafter called the "Supplemental Indenture of March 1, 1986"), all of which have been redeemed prior to the date of the execution hereof; 

        (33) $100,000,000
principal amount of First Mortgage Bonds, 87/8% Series due 1996 (herein called the "Bonds of 1996 Series"), which are described in the
Supplemental Indenture dated May 1, 1986 (hereinafter called the "Supplemental Indenture of May 1, 1986"), all of which have been redeemed prior to the date of the execution hereof; 

        (34) $60,000,000
principal amount of First Mortgage Bonds, Environmental Improvement Series 1990A, which are described in the Supplemental Indenture dated
May 1, 1990 (hereinafter called the "Supplemental Indenture of May 1, 1990"), all of which have been redeemed prior to the date of the execution hereof; 

        (35) $125,000,000
principal amount of First Mortgage Bonds, 83/4% Series due 2021 (herein called the "Bonds of 2021 Series"), which are described in the
Supplemental Indenture dated December 1, 1991 (hereinafter called the "Supplemental Indenture of December 1, 1991"), all of which have been redeemed prior to the date of the execution
hereof; 

        (36) $75,000,000
principal amount of First Mortgage Bonds, 8.33% Series due 2002 (herein called the "Bonds of 2002 Series"), which are described in the Supplemental
Indenture dated December 4, 1991 (hereinafter called the "Supplemental Indenture of December 4, 1991"), all of which have been paid at maturity prior to the date of the execution hereof; 

        (37) $100,000,000
principal amount of First Mortgage Bonds, 7.65% Series due 2003 (herein called the "Bonds of 2003 Series"), which are described in the Supplemental
Indenture dated 

5

 

January 1,
1992 (hereinafter called the "Supplemental Indenture of January 1, 1992"), all of which have been paid at maturity prior to the date of the execution hereof; 

        (38) $204,000,000
aggregate principal amount of First Mortgage Bonds, consisting of $100,000,000 principal amount of 63/4% Series due 1999 and $104,000,000
principal amount of 81/4% Series due 2022 (herein called the "Bonds of 1999 Series" and "Bonds of 2022 Series", respectively), which are described in the Supplemental Indenture dated
October 1, 1992 (hereinafter called the "Supplemental Indenture of October 1, 1992"), of which the Bonds of 1999 Series have been paid at maturity prior to the date of execution hereof
and the Bonds of 2022 Series have been redeemed prior to the date of the execution hereof; 

        (39) $170,000,000
aggregate principal amount of First Mortgage Bonds, consisting of $85,000,000 principal amount of 73/8% Series due 2004 and $85,000,000
principal amount of 8% Series due 2022 (herein called the "Bonds of December 2004 Series" and "Bonds of December 2022 Series", respectively, which are described in the Supplemental
Indenture dated December 1, 1992, (hereinafter called the "Supplemental Indenture of December 1, 1992"), of which the Bonds of December 2022 Series have been redeemed prior to the
date of the execution hereof and the Bonds of December 2004 Series are outstanding at the date of the execution hereof; 

        (40) $188,000,000
principal amount of First Mortgage Bonds, 67/8% Series due 2004 (herein called the "Bonds of August 2004 Series"), which are
described in the Supplemental Indenture dated February 1, 1993 (hereinafter called the "Supplemental Indenture of February 1, 1993"), all of which have been paid at maturity prior to the
date of the execution hereof; 

        (41) $148,000,000
principal amount of First Mortgage Bonds, 63/4% Series due 2008 (herein called the "Bonds of May 2008 Series"), which are described
in the Supplemental Indenture dated May 1, 1993 (hereinafter called the "Supplemental Indenture of May 1, 1993"), all of which are outstanding at the date of the execution hereof; 

        (42) $75,000,000
principal amount of First Mortgage Bonds, 7.15% Series due 2023 (herein called the "Bonds of 2023 Series"), which are described in the Supplemental
Indenture dated August 1, 1993 (hereinafter called the "Supplemental Indenture of August 1, 1993"), all of which have been redeemed prior to the date of the execution hereof; 

        (43) $44,000,000
principal amount of First Mortgage Bonds, Environmental Improvement Series 1993 (herein called the "Bonds of 2028 Series"), which are described in
the Supplemental Indenture dated October 1, 1993 (hereinafter called the "Supplemental Indenture of October 1, 1993"), all of which are outstanding at the date of the execution hereof; 

        (44) $100,000,000
principal amount of First Mortgage Bonds, 7% Series due 2024 (herein called the "Bonds of 2024 Series"), which are described in the Supplemental Indenture
dated January 1, 1994 (hereinafter called the "Supplemental Indenture of January 1, 1994"), all of which have been redeemed prior to the date of the execution hereof; 

6

  

        (45) $173,000,000
principal amount of First Mortgage Bonds, Senior Notes Series AA (herein called the "Bonds of 2012 Series"), which are described in the Supplemental
Indenture dated August 15, 2002 (hereinafter called the "Supplemental Indenture of August 15, 2002"), all of which are outstanding at the date of the execution hereof; 

        (46) $184,000,000
principal amount of First Mortgage Bonds, Senior Notes Series BB (herein called the "Bonds of 2034 Series"), which are described in the Supplemental
Indenture dated March 5, 2003 (hereinafter called the "Supplemental Indenture of March 5, 2003"), all of which are outstanding at the date of the execution hereof; 

        (47) $114,000,000
principal amount of First Mortgage Bonds, Senior Notes Series CC (herein called the "Bonds of 2015 Series"), which are described in the Supplemental
Indenture dated April 1, 2003 (hereinafter called the "Supplemental Indenture of April 1, 2003"), all of which are outstanding at the date of the execution hereof; 

        (48) $200,000,000
principal amount of First Mortgage Bonds, Senior Notes Series DD (herein called the "Bonds of 2018 Series"), which are described in the Supplemental
Indenture dated July 15, 2003 (hereinafter called the "Supplemental Indenture of July 15, 2003"), all of which are outstanding at the date of the execution hereof; 

        (49) $200,000,000
principal amount of First Mortgage Bonds, Senior Notes Series EE (herein called the "Bonds of 2013 Series"), which are described in the Supplemental
Indenture dated October 1, 2003 (hereinafter called the "Supplemental Indenture of October 1, 2003"), all of which are outstanding at the date of the execution hereof; 

        (50) $60,000,000
principal amount of First Mortgage Bonds, Environmental Improvement Series 2004A, which are described in the Supplemental Indenture dated
February 1, 2004 (hereinafter called the "Series 2004A Supplemental Indenture of February 1, 2004"), all of which are outstanding at the date of the execution hereof; 

        (51) $50,000,000
principal amount of First Mortgage Bonds, Environmental Improvement Series 2004B, which are described in the Supplemental Indenture dated
February 1, 2004 (hereinafter called the "Series 2004B Supplemental Indenture of February 1, 2004"), all of which are outstanding at the date of the execution hereof; 

        (52) $50,000,000
principal amount of First Mortgage Bonds, Environmental Improvement Series 2004C, which are described in the Supplemental Indenture dated
February 1, 2004 (hereinafter called the "Series 2004C Supplemental Indenture of February 1, 2004"), all of which are outstanding at the date of the execution hereof; 

        (53) $63,000,000
principal amount of First Mortgage Bonds, Environmental Improvement Series 2004D, which are described in the Supplemental Indenture dated
February 1, 2004 (hereinafter called the "Series 2004D Supplemental Indenture of February 1, 2004"), all of which are outstanding at the date of the execution hereof; 

        (54) $63,500,000
principal amount of First Mortgage Bonds, Environmental Improvement Series 2004E, which are described in the Supplemental Indenture dated
February 1, 2004 (hereinafter called the "Series 2004E Supplemental Indenture of February 1, 2004"), all of which are outstanding at the date of the execution hereof; 

        (55) $60,000,000
principal amount of First Mortgage Bonds, Environmental Improvement Series 2004F, which are described in the Supplemental Indenture dated
February 1, 2004 (hereinafter called the "Series 2004F Supplemental Indenture of February 1, 2004"), all of which are outstanding at the date of the execution hereof; 

7

 

        (56) $42,585,000
principal amount of First Mortgage Bonds, Environmental Improvement Series 2004G, which are described in the Supplemental Indenture dated
February 1, 2004 (hereinafter called the "Series 2004G Supplemental Indenture of February 1, 2004"), all of which are outstanding at the date of the execution hereof; 

        (57) $47,500,000
principal amount of First Mortgage Bonds, Environmental Improvement Series 2004H, which are described in the Supplemental Indenture dated
February 1, 2004 (hereinafter called the "Series 2004H Supplemental Indenture of February 1, 2004"), all of which are outstanding at the date of the execution hereof; and 

        (58) $104,000,000
principal amount of First Mortgage Bonds, Senior Notes Series FF (herein called the "Bonds of 2014 Series"), which are described in the Supplemental
Indenture dated May 1, 2004 (hereinafter called the "Supplemental Indenture of May 1, 2004"), all of which are outstanding at the date of the execution hereof; 

        and

        WHEREAS, the Company on August 31, 1955 acquired all of the properties of Union Electric Power Company, the Subsidiary as defined
in Article I of the Original Indenture, upon the dissolution of the Subsidiary; the Company, by Supplemental Indenture dated August 31, 1955, conveyed all of the properties so acquired
(other than property of the character defined as excepted property in the granting clauses of the Original Indenture) to the Trustee upon the terms and trusts in the Original Indenture and the
indentures supplemental thereto set forth for the equal and proportionate benefit and security of all present and future holders of the Bonds and coupons issued and to be issued thereunder, all the
shares of stock of the Subsidiary were released from the lien of the Original Indenture; and the Company became entitled to change the general designation of the Bonds so as to omit the words "and
Collateral Trust"; and 

        WHEREAS, the Articles of Incorporation of the Company were duly amended on April 23, 1956, to change its corporate name from "Union
Electric Company of Missouri" to "Union Electric Company"; and 

        WHEREAS, the Articles of Agreement of the Trustee were duly amended effective on January 4, 1982 to change its corporate name from
"St. Louis Union Trust Company" to "Centerre Trust Company of St. Louis", and further amended on December 9, 1988, to change its corporate name from "Centerre Trust Company of St. Louis" to
"Boatmen's Trust Company"; and 

        WHEREAS, that on March 13, 1998, Boatmen's Trust Company merged into NationsBank, National Association and effective July 5,
1999, changed its name to Bank of America, National Association; and 

        WHEREAS, that on February 1, 2000, The Bank of New York, as transferee of the corporate trust business of Bank of America, National
Association (formerly known as Boatmen's Trust Company), Trustee under the Original Indenture, became successor Trustee under the Original Indenture; and 

        WHEREAS, the Company is entitled at this time to have authenticated and delivered additional Bonds on the basis of "refundable bonds" upon
compliance with and pursuant to the provisions of Section 6 of Article III of the Original Indenture; and 

        WHEREAS, the Company has entered into an Indenture dated as of August 15, 2002 (the "Senior Note Indenture") with The Bank of New
York, as trustee (the "Senior Note Trustee") providing for the issuance from time to time of senior notes thereunder; and 

        WHEREAS, the Company desires by this Supplemental Indenture to provide for the creation of, and the issuance to the Senior Note Trustee
of, a new series of Bonds under the Original Indenture as security for $300,000,000 aggregate principal amount of the Company's 5.10% Senior Secured Notes 

8

 

due
2019 (the "Senior Notes") to be issued under the Senior Note Indenture, to have the designation provided in Article I, Section 1 hereof (herein called the "New Bonds"), and the
Original Indenture provides that certain terms and provisions, as determined by the Board of Directors of the Company, of the Bonds of any particular series may be expressed in and provided by the
execution of an appropriate supplemental indenture; and 

        WHEREAS, the Original Indenture provides that the Company and the Trustee may enter into indentures supplemental to the Original Indenture
specifically to convey, transfer and assign to the Trustee and to subject to the lien of the Original Indenture additional properties acquired by the Company; and 

        WHEREAS, the Company, in the exercise of the powers and authority conferred upon and reserved to it under the provisions of the Original
Indenture and pursuant to appropriate resolutions of the Board of Directors, has duly resolved and determined to make, execute and deliver to the Trustee a Supplemental Indenture in the form hereof
for the purposes herein provided; and 

        WHEREAS, all conditions and requirements necessary to make this Supplemental Indenture a valid, binding and legal instrument have been
done, performed and fulfilled and the execution and delivery hereof have been in all respects duly authorized; 

 NOW, THEREFORE, THIS INDENTURE WITNESSETH:  

        That, in consideration of the premises and of the mutual covenants herein contained and of the acceptance of this trust by the Trustee and of the sum of One
Dollar duly paid by the Trustee to the Company at or before the time of the execution of this Supplemental Indenture, and of other valuable considerations, the receipt whereof is hereby acknowledged,
and in order further to secure the payment of the principal of and interest (and premium, if any) on all Bonds at any time issued and outstanding under the Original Indenture, according to their tenor
and effect, and to secure the Senior Notes, the Company has executed and delivered this Supplemental Indenture and has granted, bargained, sold, warranted, aliened, remised, released, conveyed,
assigned, transferred, mortgaged, pledged, set over and confirmed and by these presents does grant, bargain, sell, warrant, alien, remise, release, convey, assign, transfer, mortgage, pledge, set over
and confirm unto The Bank of New York, as Trustee, and to its successors in trust under the Original Indenture forever, all and singular the following described
properties (in addition to all other properties heretofore subjected to the lien of the Original Indenture and not heretofore released from the lien thereof) – that is to say: 

FIRST.  

        ALL power houses, plants, buildings and other structures, dams, dam sites, substations, heating plants, gas works, holders and tanks, together with all and
singular the electric, heating, gas and mechanical appliances appurtenant thereto of every nature whatsoever, now owned by the Company, including all and singular the machinery, engines, boilers,
furnaces, generators, dynamos, turbines and motors, and all and every character of mechanical appliance for generating or producing electricity, steam, gas and other agencies for light, heat, cold, or
power or other purposes, and all transmission and distribution systems used for the transmission and distribution of electricity, steam, gas and other agencies for light, heat, cold or power or any
other purpose whatsoever, whether underground or overhead, surface or otherwise, now owned by the Company, including all poles, towers, posts, wires, cables, conduits, manholes, mains, pipes, tubes,
drains, furnaces, switchboards, transformers, conductors, insulators, supports, meters, lamps, fuses, junction boxes, regulator stations, and other electric, steam and gas fixtures and apparatus; all
of the aforementioned property being located in the City of St. Louis, the counties of Adair, Audrain, Benton, Bollinger, Boone, Butler, Caldwell, Callaway, Camden, Cape Girardeau, Clark, Clay,
Clinton, Cole, Cooper, Crawford, Daviess, Dunklin, Franklin, Gasconade, Howard, Iron, Jefferson, Knox, Lewis, Lincoln, Livingston, Macon, Madison, Maries, Marion, Miller, 

9

 

Mississippi,
Moniteau, Montgomery, Morgan, New Madrid, Osage, Pemiscot, Perry, Pettis, Phelps, Pike, Pulaski, Ralls, Randolph, Ray, Reynolds, Ripley, St. Charles, St. Francois, Ste. Genevieve, St.
Louis, Saline, Schuyler, Scott, Stoddard, Warren, Washington, and Wayne, Missouri, the counties of Adams, Alexander, Calhoun, Franklin, Hancock, Henderson, Jackson, Jersey, Macoupin, Madison, Massac,
Monroe, Perry, Pike, Pulaski, St. Clair, Union, and Washington, Illinois, and the counties of Des Moines, Henry, Johnson, Lee, and Washington, Iowa, upon real estate owned by the Company, or occupied
by it under rights to so occupy, which real estate is described in the Indenture of Mortgage and Deed of Trust dated June 15, 1937, in the Supplemental Indentures dated May 1, 1941,
March 17, 1942, April 13, 1945, April 27, 1945, October 1, 1945, April 11, 1947, April 13, 1949, September 13, 1950, December 1, 1950,
September 20, 1951, May 1, 1952, March 1, 1954, May 1, 1955, August 31, 1955, April 1, 1956, July 1, 1956, August 1, 1957, February 1,
1958, March 1, 1958, November 5, 1958, March 16, 1959, June 24, 1959, December 11, 1959, August 17, 1960, September 1, 1960, October 24, 1960,
June 30, 1961, July 1, 1961, August 9, 1962, September 30, 1963, November 1, 1963, March 12, 1965, April 1, 1965, April 14, 1966, May 1,
1966, February 17, 1967, March 1, 1967, February 19, 1968, March 15, 1968, August 21, 1968, April 7, 1969, May 1, 1969, September 12, 1969,
October 1, 1969, March 26, 1970, April 1, 1970, June 12, 1970, January 1, 1971, April 1, 1971, September 15, 1971, December 3, 1973,
February 1, 1974, April 25, 1974, February 3, 1975, March 1, 1975, June 11, 1975, May 12, 1976, August 16, 1976, April 26, 1977,
October 15, 1977, November 7, 1977, December 1, 1977, August 1, 1978, October 12, 1979, November 1, 1979, July 7, 1980, August 1, 1980,
August 20, 1980, February 1, 1981, October 8, 1981, August 27, 1982, September 1, 1982, December 15, 1982, March 1, 1983, June 21, 1984,
December 12, 1984, June 11, 1985, March 1, 1986, May 1, 1986, May 1, 1990, December 1, 1991, December 4, 1991, January 1, 1992,
September 30, 1992, October 1, 1992, December 1, 1992, February 1, 1993, February 18, 1993, May 1, 1993, August 1, 1993, October 1, 1993,
January 1, 1994, February 1, 2000, August 15, 2002, March 5, 2003, April 1, 2003, July 15, 2003, October 1, 2003, February 1, 2004 (eight
separate supplemental indentures), May 1, 2004 and in this Supplemental Indenture, or attached to or connected with such real estate or transmission or distribution systems of the Company
leading from or into such real estate. 

SECOND.  

        ALSO, (except as in the Original Indenture expressly excepted) all franchises and all permits, ordinances,
easements, privileges, immunities and licenses, all rights to construct, maintain and operate overhead, surface and underground systems for the distribution and transmission of electricity, steam, gas
or other agencies for the supply to itself or others of light, heat, cold or power, all rights-of-way, all waters, water rights and flowage rights and all grants and consents,
now owned or, subject to the provisions of Article XII of the Original Indenture, which it may hereafter acquire. 

        ALSO, (except as in the Original Indenture expressly excepted) all inventions, patent rights and licenses of every kind now owned by the
Company or, subject to the provisions of Article XII of the Original Indenture, which it may hereafter acquire. 

THIRD.  

        ALSO, subject to the provisions of Article XII of the Original Indenture, all other property, real,
personal and mixed (except as therein or herein expressly excepted) of every nature and kind and wheresoever situated now or hereafter possessed by or belonging to the Company, or to which it is now,
or may at any time hereafter be, in any manner entitled at law or in equity. 

        TO HAVE AND TO HOLD all said properties, real, personal and mixed, mortgaged, pledged and conveyed by the Company as aforesaid, or
intended so to be, unto the Trustee and its successors and assigns forever; 

10

 

        SUBJECT, HOWEVER, to the exceptions and reservations and matters hereinabove recited, to existing leases, to existing liens upon rights of
way for transmission or distribution line purposes, as defined in Article I of the Original Indenture, and any extensions thereof, and subject to existing easements for streets, alleys,
highways, rights-of-way and railroad purposes over, upon and across certain of the property hereinbefore described, and subject also to all the terms, conditions, agreements,
covenants, exceptions and reservations expressed or provided in the deeds or other instruments respectively under and by virtue of which the Company acquired the properties hereinabove described, and
to undetermined liens and charges, if any, incidental to construction or other existing permitted liens as defined in Article I of the Original Indenture; 

        IN TRUST, NEVERTHELESS, upon the terms and trusts in the Original Indenture and the indentures supplemental thereto, including this
Supplemental Indenture, set forth, for the equal and proportionate benefit and security of all present and future holders of the Bonds and coupons issued and to be issued thereunder, or any of them,
without preference of any of said Bonds and coupons of any particular series over the Bonds and coupons of any other series, by reason of priority in the time of the issue, sale or negotiation
thereof, or by reason of the purpose of issue or otherwise howsoever, except as otherwise provided in Section 2 of Article IV of the Original Indenture. 

        AND IT IS HEREBY COVENANTED, DECLARED AND AGREED, by and between the parties hereto, for the benefit of those who shall hold the Bonds and
coupons, or any of them to be issued under the Original Indenture, as follows: 

ARTICLE I 

DESCRIPTION
OF THE NEW BONDS 

        Section 1.
There is hereby created a new series of Bonds to be executed, authenticated and delivered under and secured by the Original Indenture which shall, subject to the
provisions of Section 1 of Article II of the Original Indenture, be designated as "First Mortgage Bonds, Senior Notes Series GG" (the "New Bonds") of the Company. The New Bonds shall be
executed, authenticated and delivered in accordance with the provisions of, and shall in all respects be subject to all of the terms, conditions and covenants of, the Original Indenture and shall be
issued to, and registered in the name of, the Senior Note Trustee under the Senior Note Indenture to secure any and all obligations of the Company under the Senior Notes and any other series of senior
notes from time to time outstanding under the Senior Note Indenture. 

        The
New Bonds shall mature on October 1, 2019, and shall bear interest at the rate per annum set forth in the form of the New Bond contained in Section 3 of this
Article I, payable semi-annually on the 1st day of April and the 1st day of October in each year, commencing on April 1, 2005, and at maturity. The New Bonds shall be payable
as to principal and interest in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts, and shall be payable, in immediately
available funds, at the office of the Senior Note Trustee. 

        Section 2.
The New Bonds shall not be assignable or transferable except as permitted or required by Section 4.04 of the Senior Note Indenture. Any such transfer shall be
effected at the principal office or place of business of the Trustee under the Original Indenture. The New Bonds are exchangeable for the New Bonds of other denominations, as in the Original Indenture
provided, except that payment of a service charge therefor will not be required by the Company. 

        Notwithstanding
the provisions of Section 6 of Article II of the Original Indenture, the New Bonds shall be dated the date of authentication and shall bear interest from
the interest payment date to which interest on the New Bonds has been paid next preceding the date thereof, unless such date is an interest payment date to which interest has been paid, in which case
they shall bear interest from the date thereof, or unless the date thereof is prior to April 1, 2005, in which case they shall bear interest 

11

 

from
September 23, 2004; provided, however, that, subject to the provisions of this Section with respect to failure by the Company to pay any interest on an interest payment date, the holder of
any New Bond dated after a record date (as hereinafter defined) for the payment of interest and prior to the date of payment of such interest shall not be entitled to payment of such interest and
shall have no claim against the Company with respect thereto. 

        The
person in whose name any New Bond is registered at the close of business on any record date with respect to any interest payment date shall be entitled to receive the interest
payable on such interest payment date notwithstanding the cancellation of such Bond upon any transfer or exchange thereof subsequent to the record date and prior to such interest payment date, except
if and to the extent the Company shall default in the payment of the interest due on such interest payment date, in which case such defaulted interest shall be paid to the person in whose name such
Bond is registered on the date of payment of such defaulted interest or on a subsequent record date for such payment if one shall have been established as hereinafter provided. A subsequent record
date may be established by the Company by notice mailed to the holders of the New Bonds not less than ten days preceding such record date, which record date shall be not more than thirty days prior to
the subsequent interest payment date. The term "record date" as used in this Section with respect to any regular interest payment date shall mean the March 15 or September 15, as the
case may be, next preceding such interest payment date, or, if such March 15 or September 15 shall be a legal holiday in the State of New York or in the State of Missouri or a day on
which banking institutions in the Borough of Manhattan, The City of New York, or the City of St. Louis, Missouri, are authorized by law to close, the next preceding day which shall not be a legal
holiday or a day on which such institutions are so authorized to close. 

        Upon
any payment of the principal of, premium, if any, and interest on, all or any portion of the Senior Notes, whether at maturity or prior to maturity by redemption or otherwise or
upon provision for the payment thereof having been made in accordance with Section 5.01(a) of the Senior Note Indenture, the New Bonds in a principal amount equal to the principal amount of
such Senior Notes shall, to the extent of such payment of principal, premium, if any, and interest, be deemed paid and the obligation of the Company thereunder to make such payment shall be discharged
to such extent and, in the case of the payment of principal (and premium, if any), such New Bonds shall be surrendered to the Company for cancellation as provided in Section 4.08 of the Senior
Note Indenture. The Trustee may at any time and all times conclusively assume that the obligation of the Company to make payments with respect to the principal of, premium, if any, and interest on the
Senior Notes, so far as such payments at the time have become due, has been fully satisfied and discharged pursuant to the foregoing sentence unless and until the Trustee shall have received a written
notice from the Senior Note Trustee signed by one of its officers stating (i) the timely payment of principal, or premium, if any, or interest on, the Senior Notes has not been made,
(ii) that the Company is in arrears as to the
payments required to be made by it to the Senior Note Trustee pursuant to the Senior Note Indenture, and (iii) the amount of the arrearage. 

        Section 3.
The New Bonds and the Trustee's certificate on the New Bonds shall be substantially in the following forms respectively: 

12

   [FORM OF FACE OF NEW BOND] 

No.
         

$                

Ill.
C. C. No. 6335 

        NOTWITHSTANDING ANY PROVISIONS HEREOF OR IN THE ORIGINAL INDENTURE THIS BOND IS NOT ASSIGNABLE OR TRANSFERABLE EXCEPT AS PERMITTED OR REQUIRED BY SECTION 4.04 OF
THE INDENTURE DATED AS OF AUGUST 15, 2002, BETWEEN UNION ELECTRIC COMPANY AND THE BANK OF NEW YORK, AS TRUSTEE. 

UNION ELECTRIC COMPANY

(Incorporated under the laws of the State of Missouri)

First Mortgage Bonds, Senior Notes Series GG 

        UNION ELECTRIC COMPANY, a corporation organized and existing under the laws of the State of Missouri (hereinafter called the "Company",
which term shall include any successor corporation as defined in the Amended Indenture referred to on the reverse hereof), for value received, hereby promises to pay to The Bank of New York, as
trustee under the Senior Note Indenture hereinafter referred to, or registered assigns, the sum of ......................................... Dollars, on the 1st day of October, 2019 in any coin or
currency of the United States of America which at the time of payment is legal tender for public and private debts, and to pay interest thereon, in like coin or currency, at the rate of FIVE AND ONE
TENTH per centum (5.10%) per annum, payable semi-annually, on April 1 and October 1 in each year until maturity, commencing April 1, 2005, and at maturity or, if the
Company shall default in the payment of the principal hereof, until the Company's obligation with respect to the payment of such principal shall be discharged as provided in the Amended Indenture
referred to on the reverse hereof. Such interest shall be payable from the April 1 or October 1, as the case may be, next preceding the date hereof to which interest has not been
paid, unless the date hereof is a April 1 or October 1 to which interest has been paid, in which case from the date hereof, or unless the date hereof is prior to the first payment of
interest, in which case from September 23, 2004. The interest so payable will be paid to the person in whose name this Bond, or the Bond in exchange or substitution for which this Bond shall
have been issued, shall have been registered at the close of business on the March 15 or September 15, as the case may be, next preceding the date of payment, subject to certain
exceptions set forth in the Amended Indenture. The principal of, premium, if any, and interest on, this Bond are payable, in immediately available funds, at the office of the Senior Note Trustee
hereinafter referred to. 

        Under
an Indenture dated as of August 15, 2002 (the "Senior Note Indenture") between the Company and The Bank of New York, as trustee (the "Senior Note Trustee"), the Company will
issue, concurrently with the issuance of this Bond, an issue of notes under the Senior Note Indenture entitled "5.10% Senior Secured Notes due 2019" (the "Senior Notes"). Pursuant to Article IV
of the Senior Note Indenture, this Bond is issued to the Senior Note Trustee to secure any and all obligations of the Company under the Senior Notes and any other series of senior notes from time to
time outstanding under the Senior Note Indenture. Payment of principal of, or premium, if any, or interest on, the Senior Notes shall constitute payments on this Bond as further provided herein and in
the Supplemental Indenture dated September 1, 2004 pursuant to which this Bond has been issued (the "Supplemental Indenture"). 

        Upon
any payment of the principal of, premium, if any, and interest on, all or any portion of the Senior Notes, whether at maturity or prior to maturity by redemption or otherwise or
upon provision for the payment thereof having been made in accordance with Section 5.01(a) of the Senior Note Indenture, a principal amount of this Bond equal to the principal amount of such
Senior Notes shall, to the extent of such payment of principal, premium, if any, and interest, be deemed paid and the 

13

 

obligation
of the Company thereunder to make such payment shall be discharged to such extent and, in the case of the payment of principal (and premium, if any), such bonds shall be surrendered to the
Company for cancellation as provided in Section 4.08 of the Senior Note Indenture. The Trustee (as hereinafter defined) may at any time and all times conclusively assume that the obligation of
the Company to make payments with respect to the principal of, premium, if any, and interest on, the Senior Notes, so far as such payments at the time have become due, has been fully satisfied and
discharged pursuant to the foregoing sentence unless and until the Trustee shall have received a written notice from the Senior Note Trustee signed by one of its officers stating (i) that
timely payment of principal of, premium, if any, or interest on, the Senior Notes has not been made, (ii) that the Company is in arrears as to the payments required to be made by it to the
Senior Note Trustee pursuant to the Senior Note Indenture, and (iii) the amount of the arrearage. 

        For
purposes of Section 4.09 of the Senior Note Indenture, this Bond shall be deemed to be the "Related Series of Senior Note First Mortgage Bonds" in respect of the Senior Notes. 

        This
Bond shall not be entitled to any benefit under the Amended Indenture or any indenture supplemental thereto, or become valid or obligatory for any purpose, until The Bank of New
York, the Trustee under the Amended Indenture, or a successor trustee thereto under the Amended Indenture, or an agent therefor, shall have signed the form of certificate endorsed hereon. 

        The
provisions of this Bond are continued on the reverse hereof and such continued provisions shall for all purposes have the same effect as though fully set forth at this place. 

        IN
WITNESS WHEREOF, Union Electric Company has caused this Bond to be signed in its name by its Chairman of the Board or President or a Vice President by manual signature or a facsimile
thereof, and its corporate seal (or a facsimile thereof) to be hereto affixed and attested by its Secretary or an Assistant Secretary by manual signature or a facsimile thereof. 

        Dated,

	 	 	UNION ELECTRIC COMPANY,
	

 	
 	

By	

 Vice President
	[CORPORATE SEAL]	 	 	 
	

Attest:	
 	

 	

 
	
 Secretary	 	 	 

14

 
[FORM OF TRUSTEE'S CERTIFICATE] 

        This
Bond is one of the Bonds, of the series designated therein, described in the within-mentioned Amended Indenture and Supplemental Indenture of September 1, 2004. 

	 	 	THE BANK OF NEW YORK, as TRUSTEE
	

 	
 	

By	

 Authorized Officer

[FORM OF REVERSE OF NEW BOND] 

        This
Bond is one of a duly authorized issue of Bonds of the Company (herein called the "Bonds"), in unlimited aggregate principal amount, of the series hereinafter specified, all issued
and to be issued under and equally secured by the Indenture of Mortgage and Deed of Trust, dated June 15, 1937, executed by the Company to The Bank of New York (successor trustee to Bank of
America, National Association, formerly Boatmen's Trust Company), as trustee (herein called the "Trustee"), as amended by indentures supplemental thereto dated May 1, 1941, April 1,
1971, February 1, 1974, July 7, 1980, February 1, 2000 and August 15, 2002, between the Company and the Trustee (said mortgage and deed of trust, as so amended, being
herein called the "Amended Indenture"), to which Amended Indenture and all indentures supplemental thereto reference is hereby made for a description of the properties mortgaged and pledged, the
nature and extent of the security, the rights of the bearers or registered owners of the Bonds and of the Trustee in respect thereto, and the terms and conditions upon which the Bonds are, and are to
be, secured. To the extent permitted by, and as provided in, the Amended Indenture, modifications or alterations of the Amended Indenture, or of any indenture supplemental thereto, and of the rights
and obligations of the Company and of the holders of the Bonds may be made with the consent of the Company by an affirmative vote of not less than 60% in amount of the Bonds entitled to vote then
outstanding, at a meeting of Bondholders called and held as provided in the Amended Indenture, and by an affirmative vote of not less than 60% in amount of the Bonds of any series entitled to vote
then outstanding and affected by such modification or alteration, in case one or more but less than all of the series of Bonds then outstanding under the Amended Indenture are so affected.
Additionally, the Company may amend the Amended Indenture, as supplemented, by an appropriate written consent of not less than 60% in aggregate principal amount of the Bonds outstanding (and, if the
rights of one or more, but less than all, series of Bonds then outstanding are to be affected by action taken pursuant to such consent, then also by consent of the holders of at least 60% in principal
amount of each series of Bonds so to be affected and outstanding hereunder) without a meeting of such Bondholders. No such modification or alteration shall be made which will affect the terms of
payment of the principal of, or interest or premium on, this Bond, which are unconditional. The Bonds may be issued in series, for various principal sums, may mature at different times, may bear
interest at different rates and may otherwise vary as in the Amended Indenture provided. This Bond is one of a series designated as the "First Mortgage Bonds, Senior Notes Series GG" (herein called
the "Bonds of this Series") of the Company, issued under and secured by the Amended Indenture and described in the indenture (hereinafter called the "New Supplemental Indenture") dated
September 1, 2004, between the Company and the Trustee, supplemental to the Amended Indenture. 

        The
Bonds of this Series are not entitled to the benefit of any improvement, maintenance or analogous fund. 

        This
Bond is not redeemable except on the date, in the principal amount and for the redemption price that correspond to the redemption date for, the principal amount to be redeemed of,
and the redemption price for, the Senior Notes, and except upon written demand of the Senior Note Trustee 

15

 

following
the occurrence of an event of default under the Senior Note Indenture and the acceleration of the Senior Notes, as provided in Section 8.01 of the Senior Note Indenture. 

        In
case an event of default, as defined in the Amended Indenture, shall occur, the principal of all the Bonds at any such time outstanding under the Amended Indenture may be declared or
may become due and payable, upon the conditions and in the manner and with the effect provided in the Amended Indenture. The Amended Indenture provides that such declaration may in certain events be
waived by the holders of a majority in principal amount of the Bonds outstanding. 

        This
Bond shall not be assignable or transferable except as permitted or required by Section 4.04 of the Senior Note Indenture. This Bond is exchangeable by the registered owner
hereof, in person or by duly authorized attorney, on the books of the Company to be kept for that purpose at the office of the Company in the City of St. Louis, Missouri, upon surrender and
cancellation of this Bond and on presentation of a duly executed written instrument of transfer, and thereupon a new Bond or Bonds of the same series, of the same aggregate principal amount and in
authorized denominations will be issued to the transferee or transferees in exchange herefor, without payment of any charge other than stamp taxes and other governmental charges incident thereto; and
this Bond with or without others of like series, may in like manner be exchanged for one or more new Bonds of the same series of other authorized denominations but of the same aggregate principal
amount; all subject to the terms and conditions set forth in the Amended Indenture. 

        As
provided in Section 4.11 of the Senior Note Indenture, from and after the Release Date (as defined in the Senior Note Indenture), the obligations of the Company with respect to
this Bond shall be deemed to be satisfied and discharged, this Bond shall cease to secure in any manner any Senior Notes outstanding under the Senior Note Indenture, and, pursuant to
Section 4.08 of the Senior Note Indenture, the Senior Note Trustee shall forthwith deliver this Bond to the Company for cancellation. 

        No
recourse shall be had for the payment of the principal of, premium, if any, or the interest on, this Bond, or for any claim based hereon or on the Amended Indenture or any indenture
supplemental thereto, against any incorporator, or against any stockholder, director or officer, past, present or future, of the Company, or of any predecessor or successor corporation, either
directly or through the Company or any such predecessor or successor corporation, whether for amounts unpaid on stock
subscriptions or by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability, whether at common law, in equity, by any
constitution, statute or otherwise, of incorporators, stockholders, directors or officers being released by every owner hereof by the acceptance of this Bond and as part of the consideration for the
issue hereof, and being likewise released by the terms of the Amended Indenture. 

[END OF FORM OF REVERSE OF NEW BOND] 

        Section 4.
Until New Bonds in definitive form are ready for delivery, the Company may execute, and upon its request in writing the Trustee shall authenticate and deliver, in lieu
thereof, New Bonds in temporary form, as provided in Section 9 of Article II of the Original Indenture. 

ARTICLE II 

ISSUE
OF THE NEW BONDS 

        Section 1.
The principal amount of the New Bonds which may be authenticated and delivered hereunder is limited to an amount equal to the principal amount of the Senior Notes
issued under the Senior Note Indenture and secured thereby and are further subject to the limitations regarding the principal amount of Bonds which may be issued under the Original Indenture set forth
therein. 

16

 

        Section 2.
The New Bonds in the aggregate principal amount of Three Hundred Million Dollars ($300,000,000), being the initial issue of the New Bonds, may forthwith at any time or
from time to time be executed by the Company and delivered to the Trustee and shall be authenticated by the Trustee and delivered (either before or after the filing or recording hereof) to or upon the
order of the Company, upon compliance by the Company with the applicable provisions of Article III and Article XVIII of the Original Indenture. 

        Section 3.
For purposes of Section 4.09 of the Senior Note Indenture, the New Bonds shall be deemed to be the "Related Series of Senior Notes First Mortgage Bonds" in
respect of the Senior Notes. 

        Section 4.
As provided in Section 4.11 of the Senior Note Indenture, from and after the Release Date (as defined in the Senior Note Indenture), the obligations of the
Company with respect to the New
Bonds shall be deemed to be satisfied and discharged, the New Bonds shall cease to secure in any manner any Senior Notes outstanding under the Senior Note Indenture, and, pursuant to
Section 4.08 of the Senior Note Indenture, the Senior Note Trustee shall forthwith deliver the New Bonds to the Company for cancellation. 

ARTICLE III 

REDEMPTION
OF THE NEW BONDS 

        Section 1.
The New Bonds are not redeemable except on the date, in the principal amount and for the redemption price that correspond to the redemption date for, the principal
amount to be redeemed of, and the redemption price for, the Senior Notes, and except as set forth in Section 2 of this Article III. 

        In
the event that the Company redeems any Senior Notes prior to maturity in accordance with the provisions of the Senior Note Indenture, the Senior Note Trustee shall on the same date
deliver to the Company the New Bonds in principal amount corresponding to the Senior Notes so redeemed, as provided in Section 4.08 of the Senior Note Indenture. The Company agrees to give the
Senior Note Trustee notice of any such redemption of the Senior Notes on or before the date fixed for any such redemption. There shall be no improvement, maintenance or analogous fund for the New
Bonds. 

        Section 2.
Upon the occurrence of an Event of Default under the Senior Note Indenture and the acceleration of the Senior Notes, the New Bonds shall be redeemable in whole upon
receipt by the Trustee of a written demand (hereinafter called a "Redemption Demand") from the Senior Note Trustee stating that there has occurred under the Senior Note Indenture both an Event of
Default and a declaration of acceleration of payment of principal, accrued interest and premium, if any, on the Senior Notes specifying the last date to which interest on such Senior Notes has been
paid (such date being hereinafter referred to as the "Initial Interest Accrual Date") and demanding redemption of the New Bonds. The Company waives any right it may have to prior notice of such
redemption under the Original Indenture. Upon surrender of the New Bonds by the Senior Note Trustee to the Trustee, the New Bonds shall be redeemed at a redemption price equal to the principal amount
thereof plus accrued interest thereon from the Initial Interest Accrual Date to the date of the Redemption Demand; provided, however, that in the event of a rescission or annulment of acceleration of
the Senior Notes pursuant to the last paragraph of Section 8.01(a) of the Senior Note Indenture, then any Redemption Demand shall thereby be deemed to be rescinded by the Senior Note Trustee
although no such rescission or annulment shall extend to or affect any subsequent default or impair any right consequent thereon. 

17

 
ARTICLE IV 

COVENANTS

        The
Company hereby covenants, warrants and agrees; 

        Section 1.
That the Company is lawfully seized and possessed of all of the mortgaged property described in the granting clauses of this Supplemental Indenture; that it has good
right and lawful authority to mortgage the same as provided in this Supplemental Indenture; and that such mortgaged property is, at the actual date of the issue of the New Bonds, free and clear of any
deed of trust, mortgage, lien, charge or encumbrance thereon or affecting the title thereto prior to the Original Indenture, except as set forth in the granting clauses of the Original Indenture or
this Supplemental Indenture. 

        Section 2.
That, so long as any of the New Bonds are outstanding, whenever any officers' certificate is required to be filed or deposited with the Trustee pursuant to
Section 3(b) of Article III of the Original Indenture upon an application for the authentication of additional Bonds pursuant to Article III of the Original Indenture, such
officers' certificate shall include, in addition to the matters required to be stated therein by said Section 3(b), the statement with respect to the net earnings of the Company available for
interest after property retirement appropriations required by Section 2 of Article V of the Supplemental Indenture of July 1, 1956. 

        Section 3.
That, so long as any of the New Bonds are outstanding, the Company will not apply for the authentication and delivery of additional Bonds pursuant to Section 4
of Article III of the Original Indenture or the withdrawal of cash from the trust estate or the reduction of the amount of cash required to be paid into the trust estate or to satisfy the
maintenance and improvement funds under any provision of the Original Indenture or the Supplemental Indentures creating prior series of Bonds, on the basis of the amount of $15,000,000 excluded from
net bondable value of property additions not subject to an unfunded prior lien pursuant to Section 3 of Article V of the Supplemental Indenture of October 1, 1945, or on the basis
of the amount of $7,500,000 excluded from net bondable value of property additions not subject to an unfunded prior lien pursuant to Section 3 of Article V of the Supplemental Indenture
of July 1, 1956. 

        Section 4.
That, so long as any of the New Bonds are outstanding, the Company will not issue or permit to be issued any prior lien bonds secured by an unfunded prior lien in
addition to the prior lien bonds secured by such unfunded prior lien at the time of first acquisition by the Company of property subject thereto (other than in lieu of lost, stolen or mutilated bonds
or on the exchange for bonds already outstanding of an equal principal amount of other bonds of the same issue and the same series, if any, and of the same maturity), except upon compliance with the
provisions of Section 16 of Article IV of the Original Indenture, nor unless the net earnings of the Company available for interest after property retirement appropriations (determined
as provided in Section 2 of Article V of the Supplemental Indenture of July 1, 1956), for any twelve consecutive calendar months during the period of fifteen calendar months
immediately preceding the first day of the month in which the additional prior lien bonds are to be issued, have been, in the aggregate, equal to not less than twice the annual interest charges on the
indebtedness specified in subparagraphs (i) and (ii) of paragraph (1) of Section 2(a) of said Article V; provided that, if the application for the issue of such
additional prior lien bonds is upon the basis of payment at maturity of prior lien bonds theretofore sold or otherwise disposed of or the redemption or purchase thereof after a date two years prior to
the date of maturity, the additional requirement imposed by this Section 4 with respect to net earnings of the Company available for interest after property retirement appropriations shall not
apply. Any officers' certificate with respect to net earnings of the Company, required to be filed with the Trustee as a condition precedent to the issue of such additional prior lien bonds, shall
include, in addition to the matters 

18

 

otherwise
required to be stated therein, the matters required to be stated in an officers' certificate pursuant to paragraphs (1) and (2) of Section 2(a) of said Article V. 

        Section 5.
That, so long as any of the New Bonds are outstanding, the Company will not acquire, by purchase, merger or otherwise, any property subject to a lien or liens which
will on acquisition be an unfunded prior lien or prior liens, except upon compliance with the provisions of Section 14 of Article IV of the Original Indenture, nor unless the net
earnings of such property available for interest after property retirement appropriations (determined in the manner provided in Section 2 of Article V of the Supplemental Indenture of
July 1, 1956), for any twelve consecutive calendar months during the period of fifteen calendar months immediately preceding the first day of the month in which the first acquisition of
property subject to such lien or liens occurs, have been, in the aggregate, equal to not less than twice the amount of annual interest charges, on all outstanding indebtedness secured by such lien or
liens. Any officers' certificate with respect to net earnings of such property, required to be filed with the Trustee as a condition precedent to the acquisition of such property, shall include, in
addition to the matters otherwise required to be stated therein, the matters required to be stated in an officers' certificate pursuant to Section 2 of said Article V applicable,
however, only to the net earnings of such property and to the indebtedness secured by such liens to which such property is subject. 

ARTICLE V 

THE
TRUSTEE 

        The
Trustee hereby accepts the trusts hereby declared and provided, and agrees to perform the same upon the terms and conditions in the Original Indenture and in this Supplemental
Indenture set forth, and upon the following terms and conditions: 

        The
Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or the due execution hereof by the Company
or for or in respect of the recitals contained herein, all of which recitals are made by the Company solely. 

ARTICLE VI 

MISCELLANEOUS
PROVISIONS. 

        Section 1.
Except as otherwise defined herein, all terms contained in this Supplemental Indenture shall, for all purposes thereof, have the meanings given to such terms in
Article I of the Original Indenture. 

        Section 2.
This Supplemental Indenture may be simultaneously executed in any number of counterparts, each of which when so executed shall be deemed to be an original; but such
counterparts shall together constitute but one and the same instrument. 

19

   
        IN WITNESS WHEREOF, said Union Electric Company has caused this Supplemental Indenture to be executed on its behalf by its Chairman of the
Board or President or one of its Vice Presidents and its corporate seal to be hereto affixed and said seal and this Supplemental Indenture to be attested by its Secretary or one of its Assistant
Secretaries; and said The Bank of New York, in evidence of its acceptance of the trust hereby created, has caused this Supplemental Indenture to be executed on its behalf by its President or one of
its Vice Presidents, and its corporate seal to be hereto affixed and said seal and this Supplemental Indenture to be attested by its Secretary, or one of its Assistant Secretaries; all as of the 1st
day of September, Two thousand and four. 

	Attested:	 	UNION ELECTRIC COMPANY,

    1901 Chouteau Avenue

    St. Louis, Missouri 63103
	

/s/  G. L. WATERS      
        G. L. Waters

        Assistant Secretary	
 	

By: /s/  JERRE E. BIRDSONG      
 Name: Jerre E. Birdsong

Title: Vice President and Treasurer
	

Signed, sealed and delivered by

        UNION ELECTRIC COMPANY

        in the presence of:	
 	

 
	

/s/  DAPHYNE BRADLEY      
        Daphyne Bradley	
 	

 
	

/s/  SHARON A. KITCHENS      
        Sharon A. Kitchens

                                        As
Witnesses	
 	

 
	

Attested:	
 	
THE BANK OF NEW YORK,

    911 Washington Avenue

    St. Louis, Missouri 63101
	

/s/  STEPHEN J. BLACKSTONE      
 Stephen J. Blackstone

As Agent	
 	

By: /s/  ROBERT J. DUNN      
 Name: Robert J. Dunn

                As Agent

	Signed, sealed and delivered by

        THE BANK OF NEW YORK

        in the presence of:	 	 
	

/s/  DANIEL G. DWYER      
        Daniel G. Dwyer	
 	

 
	

/s/  REBEKAH FOLTZ      
        Rebekah Foltz

                                        As
Witnesses	
 	

 

20

 

	STATE OF MISSOURI,	 	}
	 	 	} SS.:
	CITY OF ST. LOUIS,	 	}

        On this 20th day of September 2004, before me appeared JERRE E. BIRDSONG, to me personally known, who,
being by me duly sworn, did say that he is a Vice President and Treasurer of UNION ELECTRIC COMPANY, a corporation, and that the seal affixed to the
foregoing instrument is the corporate seal of said corporation, and that said instrument was signed and sealed in behalf of said corporation by authority of its Board of Directors, and said  JERRE E. BIRDSONG acknowledged said instrument to be the free act and deed of said corporation. 

        IN TESTIMONY WHEREOF, I have hereto set my hand and affixed my official seal at my office, in the City and State aforesaid, the day and
year last above written. 

	 	 	/s/  CAROLYN J. SHANNON      

	 	 	CAROLYN J. SHANNON

Notary Public – Notary Seal

STATE OF MISSOURI

St. Louis County

My Commission Expires: Jan. 29, 2008

21

 

	STATE OF MISSOURI,	 	}
	 	 	} SS.:
	CITY OF ST. LOUIS,	 	}

        On this 20th day of September 2004, before me appeared ROBERT J. DUNN, to me personally known, who, being
by me duly sworn, did say that he is a Vice President of THE BANK OF NEW YORK, a corporation, and that the seal affixed to the foregoing instrument is
the corporate seal of said corporation, and that said instrument was signed and sealed in behalf of said corporation, as the trustee thereunder by authority of its Board of Directors, and said  ROBERT J. DUNN, acknowledged said instrument to be the free act and deed of said corporation as the trustee under said instrument. 

        IN TESTIMONY WHEREOF, I have hereto set my hand and affixed my official seal at my office, in the City and State aforesaid, the day and
year last above written. 

	 	 	/s/  JULIANNE DEGGENDORF      

	 	 	JULIANNE DEGGENDORF

Notary Public – Notary Seal

STATE OF MISSOURI

St. Louis County

My Commission Expires: Oct. 11, 2006

22

QuickLinks

Exhibit 4.4

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