Document:

<PAGE>
                                                    EXECUTION COPY

                                                                   EXHIBIT 4-235

                                   INDENTURE

                           DATED AS OF August 1, 2003

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

                           THE DETROIT EDISON COMPANY
                                (2000 2ND AVENUE,
                            DETROIT, MICHIGAN 48226)

                                       TO

               BANK ONE, NATIONAL ASSOCIATION (153 W. 51st Street
                            NEW YORK, NEW YORK 10019)

                                   AS TRUSTEE

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

                   SUPPLEMENTAL TO MORTGAGE AND DEED OF TRUST
                           DATED AS OF OCTOBER 1, 1924

                                  PROVIDING FOR

                    (A) GENERAL AND REFUNDING MORTGAGE BONDS,
                                  2003 SERIES A

                                       AND

                         (B) RECORDING AND FILING DATA.

<PAGE>

                               TABLE OF CONTENTS*

<TABLE>
<CAPTION>
                                                                                                     PAGE
                                                                                                     ----
<S>                                                                                                  <C>
PARTIES.......................................................................................         3
RECITALS......................................................................................         3
         Original Indenture and Supplementals.................................................         3
         Issue of Bonds Under Indenture.......................................................         4
         Bonds Heretofore Issued..............................................................         4
         Reason for Creation of New Series....................................................        10
         Bonds to be 2003 Series A ...........................................................        10
         Further Assurance....................................................................        11
         Authorization of Supplemental Indenture..............................................        11
         Consideration for Supplemental Indenture.............................................        11
PART I. CREATION OF THREE HUNDRED THIRTY-FIFTH SERIES OF BONDS.
GENERAL AND REFUNDING MORTGAGE BONDS, 2003 SERIES A...........................................        11
         Sec. 1.   Terms of Bonds of 2003 Series A............................................        11
                   Release....................................................................        14
         Sec. 2.   Redemption of Bonds of 2003 Series A.......................................        14
         Sec. 3.   Redemption of Bonds of 2003 Series A in event of acceleration of Notes.....        15
         Sec. 4.   Form of Bonds of 2003 Series A.............................................        16
                   Form of Trustee's Certificate..............................................        20
PART II. RECORDING AND FILING DATA............................................................        21
         Recording and Filing of Original Indenture...........................................        21
         Recording and Filing of Supplemental Indentures......................................        21
         Recording of Certificates of Provision for Payment...................................        25
PART III. THE TRUSTEE.........................................................................        25
         Terms and Conditions of Acceptance of Trust by Trustee...............................        25
PART IV. MISCELLANEOUS........................................................................        25
         Confirmation of Section 318(c) of Trust Indenture Act................................        25
         Execution in Counterparts............................................................        26
         Testimonium..........................................................................        26
         Execution............................................................................        27
         Acknowledgment of Execution by Company...............................................        28
         Execution by Trustee.................................................................        29
         Acknowledgment of Execution by Trustee...............................................        30
         Affidavit as to Consideration and Good Faith.........................................        31
</TABLE>

----------
* This Table of Contents shall not have any bearing upon the interpretation of
any of the terms or provisions of this Indenture.

                                       2

<PAGE>

PARTIES.                  SUPPLEMENTAL INDENTURE, dated as of the 1st day of
                          August, in the year 2003, between THE DETROIT EDISON
                          COMPANY, a corporation organized and existing under
                          the laws of the State of Michigan and a public utility
                          (hereinafter called the "Company"), party of the first
                          part, and Bank One, National Association, a trust
                          company organized and existing under the laws of the
                          United States, having its corporate trust office at
                          153 W. 51st Street in the Borough of Manhattan, The
                          City and State of New York, as successor Trustee under
                          the Mortgage and Deed of Trust hereinafter mentioned
                          (hereinafter called the "Trustee"), party of the
                          second part.

ORIGINAL INDENTURE AND    WHEREAS, the Company has heretofore executed and
SUPPLEMENTALS.            delivered its Mortgage and Deed of Trust (hereinafter
                          referred to as the "Original Indenture"), dated as of
                          October 1, 1924, to the Trustee, for the security of
                          all bonds of the Company outstanding thereunder, and
                          pursuant to the terms and provisions of the Original
                          Indenture, indentures dated as of, respectively, June
                          1, 1925, August 1, 1927, February 1, 1931, June 1,
                          1931, October 1, 1932, September 25, 1935, September
                          1, 1936, November 1, 1936, February 1, 1940, December
                          1, 1940, September 1, 1947, March 1, 1950, November
                          15, 1951, January 15, 1953, May 1, 1953, March 15,
                          1954, May 15, 1955, August 15, 1957, June 1, 1959,
                          December 1, 1966, October 1, 1968, December 1, 1969,
                          July 1, 1970, December 15, 1970, June 15, 1971,
                          November 15, 1971, January 15, 1973, May 1, 1974,
                          October 1, 1974, January 15, 1975, November 1, 1975,
                          December 15, 1975, February 1, 1976, June 15, 1976,
                          July 15, 1976, February 15, 1977, March 1, 1977, June
                          15, 1977, July 1, 1977, October 1, 1977, June 1, 1978,
                          October 15, 1978, March 15, 1979, July 1, 1979,
                          September 1, 1979, September 15, 1979, January 1,
                          1980, April 1, 1980, August 15, 1980, August 1, 1981,
                          November 1, 1981, June 30, 1982, August 15, 1982, June
                          1, 1983, October 1, 1984, May 1, 1985, May 15, 1985,
                          October 15, 1985, April 1, 1986, August 15, 1986,
                          November 30, 1986, January 31, 1987, April 1, 1987,
                          August 15, 1987, November 30, 1987, June 15, 1989,
                          July 15, 1989, December 1, 1989, February 15, 1990,
                          November 1, 1990, April 1, 1991, May 1, 1991, May 15,
                          1991, September 1, 1991, November 1, 1991, January 15,
                          1992, February 29, 1992, April 15, 1992, July 15,
                          1992, July 31, 1992, November 30, 1992, December 15,
                          1992, January 1, 1993, March 1, 1993, March 15, 1993,
                          April 1, 1993, April 26, 1993, May 31, 1993, June 30,
                          1993, June 30, 1993, September 15, 1993, March 1,
                          1994, June 15, 1994, August 15, 1994, December 1,
                          1994, August 1, 1995, August 1, 1999, August 15, 1999
                          and January 1, 2000, April 15, 2000, August 1, 2000,
                          March 15, 2001, May 1, 2001, August 15, 2001,
                          September 15, 2001, September 17, 2002, October 15,
                          2002 and December 1, 2002 supplemental to the Original
                          Indenture, have heretofore been entered into between
                          the Company and the Trustee (the Original Indenture
                          and all indentures supplemental thereto together being
                          hereinafter sometimes referred to as the "Indenture");
                          and

ISSUE OF BONDS            WHEREAS, the Indenture provides that said bonds shall
UNDER INDENTURE.          be issuable in one or more series, and makes provision
                          that the rates of interest and dates for the payment
                          thereof, the date of maturity or dates of maturity, if
                          of serial maturity, the terms and rates of optional
                          redemption (if redeemable),

                                       3

<PAGE>

                          the forms of registered bonds without coupons of any
                          series and any other provisions and agreements in
                          respect thereof, in the Indenture provided and
                          permitted, as the Board of Directors may determine,
                          may be expressed in a supplemental indenture to be
                          made by the Company to the Trustee thereunder; and

BONDS HERETOFORE          WHEREAS, bonds in the principal amount of Ten billion
ISSUED.                   five hundred six million six hundred forty-seven
                          thousand dollars ($10,506,647,000) have heretofore
                          been issued under the indenture as follows, viz:

<TABLE>
<S>                 <C>                     <C>
(1)                 Bonds of                -- Principal Amount $26,016,000,
                    Series A
(2)                 Bonds of                -- Principal Amount $23,000,000,
                    Series B
(3)                 Bonds of                -- Principal Amount $20,000,000,
                    Series C
(4)                 Bonds of                -- Principal Amount $50,000,000,
                    Series D
(5)                 Bonds of                -- Principal Amount $15,000,000,
                    Series E
(6)                 Bonds of                -- Principal Amount $49,000,000,
                    Series F
(7)                 Bonds of                -- Principal Amount $35,000,000,
                    Series G
(8)                 Bonds of                -- Principal Amount $50,000,000,
                    Series H
(9)                 Bonds of                -- Principal Amount $60,000,000,
                    Series I
(10)                Bonds of                -- Principal Amount $35,000,000,
                    Series J
(11)                Bonds of                -- Principal Amount $40,000,000,
                    Series K
(12)                Bonds of                -- Principal Amount $24,000,000,
                    Series L
(13)                Bonds of                -- Principal Amount $40,000,000,
                    Series M
(14)                Bonds of                -- Principal Amount $40,000,000,
                    Series N
(15)                Bonds of                -- Principal Amount $60,000,000,
                    Series O
(16)                Bonds of                -- Principal Amount $70,000,000,
                    Series P
(17)                Bonds of                -- Principal Amount $40,000,000,
                    Series Q
(18)                Bonds of                -- Principal Amount $50,000,000,
                    Series W
(19)                Bonds of                -- Principal Amount $100,000,000,
                    Series AA
(20)                Bonds of                -- Principal Amount $50,000,000,
                    Series BB
(21)                Bonds of                -- Principal Amount $50,000,000,
                    Series CC
</TABLE>

                                       4

<PAGE>

<TABLE>
<S>                 <C>                     <C>
(22)                Bonds of                -- Principal Amount 100,000,000,
                    Series UU
(23-31)             Bonds of                -- Principal Amount $14,305,000,
                    Series DDP
                    Nos. 1-9
(32-45)             Bonds of                -- Principal Amount $45,600,000,
                    Series FFR
                    Nos. 1-14
(46-67)             Bonds of                -- Principal Amount $42,300,000,
                    Series GGP
                    Nos. 1-22
(68)                Bonds of                -- Principal Amount $50,000,000,
                    Series HH
(69-90)             Bonds of                -- Principal Amount $3,750,000,
                    Series IIP
                    Nos. 1-22
(91-98)             Bonds of                -- Principal Amount $6,850,000,
                    Series JJP
                    Nos. 1-8
(99-107)            Bonds of                -- Principal Amount $34,890,000,
                    Series KKP
                    Nos. 1-9
(108-122)           Bonds of                -- Principal Amount $8,850,000,
                    Series LLP
                    Nos. 1-15
(123-143)           Bonds of                -- Principal Amount $47,950,000,
                    Series NNP
                    Nos. 1-21
(144-161)           Bonds of                -- Principal Amount $18,880,000,
                    Series OOP
                    Nos. 1-18
(162-180)           Bonds of                -- Principal Amount $13,650,000,
                    Series QQP
                    Nos. 1-19
(181-195)           Bonds of                -- Principal Amount $3,800,000,
                    Series TTP
                    Nos. 1-15
(196)               Bonds of 1980           -- Principal Amount $50,000,000,
                    Series A
(197-221)           Bonds of 1980           -- Principal Amount $35,000,000,
                    Series CP
                    Nos. 1-25
(222-232)           Bonds of 1980           -- Principal Amount $10,750,000,
                    Series DP
                    Nos. 1-11
(233-248)           Bonds of 1981           -- Principal Amount 124,000,000,
                    Series AP
                    Nos. 1-16
(249)               Bonds of 1985           -- Principal Amount $35,000,000,
                    Series A
(250)               Bonds of 1985           -- Principal Amount $50,000,000,
                    Series B
(251)               Bonds of                -- Principal Amount $70,000,000,
                    Series PP
</TABLE>

                                       5

<PAGE>

<TABLE>
<S>                 <C>                     <C>
(252)               Bonds of                -- Principal Amount $70,000,000,
                    Series RR
(253)               Bonds of                -- Principal Amount $50,000,000,
                    Series EE
(254-255)           Bonds of                -- Principal Amount $5,430,000,
                    Series MMP and
                    MMP No. 2
(256)               Bonds of                -- Principal Amount $75,000,000,
                    Series T
(257)               Bonds of                -- Principal Amount $75,000,000,
                    Series U
(258)               Bonds of 1986           -- Principal Amount 100,000,000,
                    Series B
(259)               Bonds of 1987           -- Principal Amount 250,000,000,
                    Series D
(260)               Bonds of 1987           -- Principal Amount 150,000,000,
                    Series E
(261)               Bonds of 1987           -- Principal Amount 225,000,000,
                    Series C
(262)               Bonds of                -- Principal Amount 100,000,000,
                    Series V
(263)               Bonds of                -- Principal Amount 150,000,000,
                    Series SS
(264)               Bonds of 1980           -- Principal Amount 100,000,000,
                    Series B
(265)               Bonds of 1986           -- Principal Amount 200,000,000,
                    Series C
(266)               Bonds of 1986           -- Principal Amount 200,000,000,
                    Series A
(267)               Bonds of 1987           -- Principal Amount 175,000,000,
                    Series B
(268)               Bonds of                -- Principal Amount 100,000,000,
                    Series X
(269)               Bonds of 1987           -- Principal Amount 200,000,000,
                    Series F
(270)               Bonds of 1987           -- Principal Amount 300,000,000,
                    Series A
(271)               Bonds of                -- Principal Amount $60,000,000,
                    Series Y
(272)               Bonds of                -- Principal Amount 100,000,000,
                    Series Z
(273)               Bonds of 1989           -- Principal Amount 300,000,000,
                    Series A
(274)               Bonds of 1984           -- Principal Amount $2,400,000,
                    Series AP
(275)               Bonds of 1984           -- Principal Amount $7,750,000,
                    Series BP
(276)               Bonds of                -- Principal Amount 100,000,000,
                    Series R
(277)               Bonds of                -- Principal Amount 150,000,000,
                    Series S
(278)               Bonds of 1993           -- Principal Amount 100,000,000,
                    Series D
</TABLE>

                                       6

<PAGE>

<TABLE>
<S>                 <C>                     <C>
(279)               Bonds of 1992           -- Principal Amount $50,000,000,
                    Series E
(280)               Bonds of 1993           -- Principal Amount $50,000,000,
                    Series B
(281)               Bonds of 1989           -- Principal Amount $66,565,000,
                    Series BP
(282)               Bonds of 1990           -- Principal Amount $194,649,000
                    Series A
(283)               Bonds of 1993           -- Principal Amount $225,000,000
                    Series G
(284)               Bonds of 1993           -- Principal Amount $160,000,000
                    Series K
(285)               Bonds of 1991           -- Principal Amount $41,480,000
                    Series EP
(286)               Bonds of 1993           -- Principal Amount $50,000,000
                    Series H
(287)               Bonds of 1999           -- Principal Amount $40,000,000
                    Series D
(288)               Bonds of 1991           -- Principal Amount $98,375,000
                    Series FP
(289)               Bonds of 1992           -- Principal Amount $20,975,000
                    Series BP
(290)               Bonds of 1992           -- Principal Amount $300,000,000
                    Series D
(291)               Bonds of 1992           -- Principal Amount $35,000,000
                    Series CP
(292)               Bonds of 1993           -- Principal Amount $225,000,000
                    Series C
(293)               Bonds of 1993           -- Principal Amount $400,000,000
                    Series E
(294)               Bonds of 1993           -- Principal Amount $300,000,000
                    Series J
</TABLE>

                          all of which have either been retired and cancelled,
                          or no longer represent obligations of the Company,
                          having been called for redemption and funds necessary
                          to effect the payment, redemption and retirement
                          thereof having been deposited with the Trustee as a
                          special trust fund to be applied for such purpose;

                          (295-300) Bonds of Series KKP Nos. 10-15 in the
                          principal amount of One hundred seventy-nine million
                          five hundred ninety thousand dollars ($179,590,000),
                          of which one hundred twenty-four million two hundred
                          ninety thousand dollars ($124,290,000) principal
                          amount have heretofore been retired and Fifty-five
                          million three hundred thousand dollars ($55,300,000)
                          principal amount are outstanding at the date hereof;

                                       7

<PAGE>

                          (301) Bonds of 1990 Series B in the principal amount
                          of Two hundred fifty-six million nine hundred
                          thirty-two thousand dollars ($256,932,000) of which
                          One hundred thirty-three million two hundred
                          twenty-four thousand dollars ($133,224,000) principal
                          amount havetofore been retired and One hundred
                          twenty-three million seven hundred eight thousand
                          dollars ($123,708,000) principal amount are
                          outstanding at the date hereof;

                          (302) Bonds of 1990 Series C in the principal amount
                          of Eighty-five million four hundred seventy-five
                          thousand dollars ($85,475,000) of which Forty-seven
                          million eight hundred sixty-six thousand dollars
                          ($47,866,000) principal amount have heretofore been
                          retired and Thirty-seven million six hundred nine
                          thousand dollars ($37,609,000) principal amount are
                          outstanding at the date hereof;

                          (303) Bonds of 1991 Series AP in the principal amount
                          of Thirty-two million three hundred seventy-five
                          thousand dollars ($32,375,000), all of which are
                          outstanding at the date hereof;

                          (304) Bonds of 1991 Series BP in the principal amount
                          of Twenty-five million nine hundred ten thousand
                          dollars ($25,910,000), all of which are outstanding at
                          the date hereof;

                          (305) Bonds of 1991 Series CP in the principal amount
                          of Thirty-two million eight hundred thousand dollars
                          ($32,800,000), all of which are outstanding at the
                          date hereof;

                          (306) Bonds of 1991 Series DP in the principal amount
                          of Thirty-seven million six hundred thousand dollars
                          ($37,600,000), all of which are outstanding at the
                          date hereof;

                          (307) Bonds of 1992 Series AP in the principal amount
                          of Sixty-six million dollars ($66,000,000), all of
                          which are outstanding at the date hereof;

                          (308) Bonds of 1989 Series BP No. 2 in the principal
                          amount of Thirty-six million dollars ($36,000,000),
                          all of which are outstanding at the date hereof;

                          (309) Bonds of 1993 Series FP in the principal amount
                          of Five million six hundred eighty-five thousand
                          dollars ($5,685,000), all of which are outstanding at
                          the date hereof;

                          (310) Bonds of 1993 Series IP in the principal amount
                          of Five million eight hundred twenty-five thousand
                          dollars ($5,825,000), all of which are outstanding at
                          the date hereof;

                          (311) Bonds of 1993 Series AP in the principal amount
                          of Sixty-five million dollars ($65,000,000), all of
                          which are outstanding at the date hereof;

                                       8

<PAGE>

                          (312) Bonds of 1994 Series AP in the principal amount
                          of Seven million five hundred thirty-five thousand
                          dollars ($7,535,000), all of which are outstanding at
                          the date hereof;

                          (313) Bonds of 1994 Series BP in the principal amount
                          of Twelve million nine hundred thirty-five thousand
                          dollars ($12,935,000), all of which are outstanding at
                          the date hereof;

                          (314) Bonds of 1994 Series C in the principal amount
                          of Two hundred million dollars ($200,000,000), of
                          which One hundred million dollars ($100,000,000)
                          principal amount have heretofore been retired and One
                          hundred million dollars ($100,000,000) principal
                          amount are outstanding at the date hereof;

                          (315) Bonds of 1994 Series DP in the principal amount
                          of Twenty-three million seven hundred thousand dollars
                          ($23,700,000), all of which are outstanding at the
                          date hereof;

                          (316) Bonds of 1995 Series AP in the principal amount
                          of Ninety-seven million dollars ($97,000,000), all of
                          which are outstanding at the date hereof;

                          (317) Bonds of 1995 Series BP in the principal amount
                          of Twenty-two million, one hundred seventy-five
                          thousand dollars ($22,175,000), all of which are
                          outstanding at the date hereof;

                          (318) Bonds of 1999 Series AP in the principal amount
                          of One hundred eighteen million three hundred sixty
                          thousand dollars ($118,360,000), all of which are
                          outstanding at the date hereof;

                          (319) Bonds of 1999 Series BP in the principal amount
                          of Thirty-nine million seven hundred forty-five
                          thousand dollars ($39,745,000), all of which are
                          outstanding of the date hereof;

                          (320) Bonds of 1999 Series CP in the principal amount
                          of Sixty-six million five hundred sixty-five thousand
                          dollars ($66,565,000), all of which are outstanding at
                          the date hereof;

                          (321) Bonds of 2000 Series A in the principal amount
                          of Two Hundred Twenty million dollars ($220,000,000)
                          of which One hundred forty-three million eight hundred
                          ninety-five thousand dollars ($143,895,000) principal
                          amount have heretofore been retired and seventy-six
                          million one hundred five thousand dollars
                          ($76,105,000) principal amount are outstanding at the
                          date hereof;

                          (322) Bonds of 2000 Series B in the principal amount
                          of Fifty million seven hundred forty-five thousand
                          dollars ($50,745,000), all of which are outstanding at
                          the date hereof;

                          (323) Bonds of 2001 Series AP in the principal amount
                          of Thirty-one million ($31,000,000), all of which are
                          outstanding at the date hereof;

                          (324) Bonds of 2001 Series BP in the principal amount
                          of Eighty-two million three hundred fifty thousand
                          ($82,350,000) all of which are outstanding at the date
                          hereof;

                                       9

<PAGE>

                          (325) Bonds of 2001 Series CP in the principal amount
                          of One hundred thirty-nine million eight hundred
                          fifty-five thousand dollars ($139,855,000) all of
                          which are outstanding at the date hereof;

                          (326) Bonds of 2001 Series D in the principal amount
                          of Two hundred million dollars ($200,000,000) all of
                          which are outstanding at the date hereof;

                          (327) Bonds of 2001 Series E in the principal amount
                          of Five hundred million dollars ($500,000,000) all of
                          which are outstanding at the date hereof;

                          (328) Bonds of 2002 Series A in the principal amount
                          of Two hundred twenty-fifty million dollars
                          ($225,000,000) all of which are outstanding at the
                          date hereof;

                          (329) Bonds of 2002 Series B in the principal amount
                          of Two hundred twenty-fifty million dollars
                          ($225,000,000) all of which are outstanding at the
                          date hereof;

                          (333) Bonds of 2002 Series C in the principal amount
                          of Sixty-four million three hundred thousand dollars
                          ($64,300,000) all of which are outstanding at the date
                          hereof;

                          (334) Bonds of 2002 Series D in the principal amount
                          of Fifty-five million nine hundred seventy-five
                          thousand dollars ($55,975,000) all of which are
                          outstanding at the date hereof; and

                          accordingly, the Company has issued and has presently
                          outstanding Two billion six hundred sixty-two million
                          one hundred fifty-seven thousand dollars
                          ($2,662,157,000) aggregate principal amount of its
                          General and Refunding Mortgage Bonds (the "Bonds") at
                          the date hereof; and

REASON FOR CREATION OF    WHEREAS, the Company intends to issue a series of
NEW SERIES.               Notes under the Note Indenture herein referred to,
                          and, pursuant to the Note Indenture, in order to
                          secure (a) its obligations to XL Capital Assurance
                          Inc., an insurance company incorporated under the laws
                          of the State of New York ("XLCA"), under the Insurance
                          Agreement dated August 28, 2003 (the "2003 A Insurance
                          Agreement") between the Company and XLCA relating to
                          the financial guaranty insurance policy issued by XLCA
                          with respect to the Michigan Strategic Fund Limited
                          Obligation Revenue and Refunding Revenue Bonds (The
                          Detroit Edison Company Exempt Facilities Project),
                          Series 2003A (the "2003A Bonds"), issued under the
                          Trust Indenture dated as of August 1, 2003 (the "2003A
                          Bond Indenture") between Michigan Strategic Fund and
                          Bank One Trust Company, National Association, as
                          trustee, and the Company has agreed to issue its
                          General and Refunding Mortgage Bonds under the
                          Indenture in order further to secure its obligations
                          with respect to such Notes; and

BONDS TO BE 2003          WHEREAS, for such purpose the Company desires by this
SERIES A.                 Supplemental Indenture to create a new series of
                          bonds, to be designated "General and

                                       10

<PAGE>

                          Refunding Mortgage Bonds, 2003 Series A" in the
                          aggregate principal amount of forty-nine million
                          dollars ($49,000,000) to be authenticated and
                          delivered pursuant to Section 8 of Article III of the
                          Indenture; and

FURTHER ASSURANCE.        WHEREAS, the Original Indenture, by its terms,
                          includes in the property subject to the lien thereof
                          all of the estates and properties, real, personal and
                          mixed, rights, privileges and franchises of every
                          nature and kind and wheresoever situate, then or
                          thereafter owned or possessed by or belonging to the
                          Company or to which it was then or at any time
                          thereafter might be entitled in law or in equity
                          (saving and excepting, however, the property therein
                          specifically excepted or released from the lien
                          thereof), and the Company therein covenanted that it
                          would, upon reasonable request, execute and deliver
                          such further instruments as may be necessary or proper
                          for the better assuring and confirming unto the
                          Trustee all or any part of the trust estate, whether
                          then or thereafter owned or acquired by the Company
                          (saving and excepting, however, property specifically
                          excepted or released from the lien thereof); and

AUTHORIZATION OF          WHEREAS, the Company in the exercise of the powers and
SUPPLEMENTAL INDENTURE.   authority conferred upon and reserved to it under and
                          by virtue of the provisions of the Indenture, and
                          pursuant to resolutions of its 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 and legally
                          binding instrument in accordance with its terms have
                          been done, performed and fulfilled, and the execution
                          and delivery hereof have been in all respects duly
                          authorized;

CONSIDERATION FOR         NOW, THEREFORE, THIS INDENTURE WITNESSETH: That The
SUPPLEMENTAL INDENTURE.   Detroit Edison Company, in consideration of the
                          premises and of the covenants contained in the
                          Indenture and of the sum of One Dollar ($1.00) and
                          other good and valuable consideration to it duly paid
                          by the Trustee at or before the ensealing and delivery
                          of these presents, the receipt whereof is hereby
                          acknowledged, hereby covenants and agrees to and with
                          the Trustee and its successors in the trusts under the
                          Original Indenture and in said indentures supplemental
                          thereto as follows:

                                     PART I.
             CREATION OF THREE HUNDRED THIRTY-FIFTH SERIES OF BONDS,
               GENERAL AND REFUNDING MORTGAGE BONDS, 2003 SERIES A

TERMS OF BONDS OF 2003           SECTION 1. The Company hereby creates the three
SERIES A.                 hundred thirty-fifth series of bonds to be issued
                          under and secured by the Original Indenture as amended
                          to date and as further amended by this Supplemental
                          Indenture, to be designated, and to be distinguished
                          from the bonds of all other series, by the title
                          "General and Refunding Mortgage Bonds, 2003 Series A"
                          (elsewhere herein referred to as the "bonds of 2003
                          Series A"). The aggregate principal amount of bonds of

                                       11
<PAGE>

                          2003 Series A shall be limited to forty-nine million
                          dollars ($49,000,000), except as provided in Sections
                          7 and 13 of Article II of the Original Indenture with
                          respect to exchanges and replacements of bonds.

                                 Subject to the release provisions set forth
                          below, each bond of 2003 Series A is to be irrevocably
                          assigned to, and registered in the name of, Bank One
                          Trust Company, National Association, as trustee, or a
                          successor trustee (said trustee or any successor
                          trustee being hereinafter referred to as the "Note
                          Indenture Trustee"), under the collateral trust
                          indenture, dated as of June 30, 1993 (the "Note
                          Indenture"), as supplemented, between the Note
                          Indenture Trustee and the Company, to secure payment
                          of the Company's 5 1/2 % Senior Notes due 2030 (for
                          purposes of this Part, the "Notes").

                                 The bonds of 2003 Series A shall be issued as
                          registered bonds without coupons in denominations of a
                          multiple of $1,000. The bonds of 2003 Series A shall
                          be issued in the aggregate principal amount of
                          $49,000,000, shall mature on June 1, 2030 (subject to
                          earlier redemption or release) and shall bear interest
                          at the rate of 5 1/2 % per annum, payable semiannually
                          in arrears on June 1 and December 1 of each year
                          (commencing December 1, 2003), until the principal
                          thereof shall have become due and payable and
                          thereafter until the Company's obligation with respect
                          to the payment of said principal shall have been
                          discharged as provided in the Indenture.

                                 The bonds of 2003 Series A shall be payable as
                          to principal, premium, if any, and interest as
                          provided in the Indenture, but only to the extent and
                          in the manner herein provided. The bonds of 2003
                          Series A shall be payable, both as to principal and
                          interest, at the office or agency of the Company in
                          the Borough of Manhattan, The City and State of New
                          York, 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.

                                 Except as provided herein, each bond of 2003
                          Series A shall be dated the date of its authentication
                          and interest shall be payable on the principal
                          represented thereby from the June 1 or December 1 next
                          preceding the date thereof to which interest has been
                          paid on bonds of 2003 Series A, unless the bond is
                          authenticated on a date to which interest has been
                          paid, in which case interest shall be payable from the
                          date of authentication, or unless the date of
                          authentication is prior to December 1, 2003, in which
                          case interest shall be payable from August 28, 2003.

                                 The bonds of 2003 Series A in definitive form
                          shall be, at the election of the Company, fully
                          engraved or shall be lithographed or printed in
                          authorized denominations as aforesaid and numbered 1
                          and upwards (with such further designation as may be
                          appropriate and desirable to indicate by such
                          designation the form, series and denomination of bonds
                          of 2003 Series A). Until bonds of 2003 Series A in
                          definitive form are ready for delivery, the Company
                          may execute, and upon its request in writing the
                          Trustee shall authenticate and

                                       12

<PAGE>

                          deliver in lieu thereof, bonds of 2003 Series A in
                          temporary form, as provided in Section 10 of Article
                          II of the Indenture. Temporary bonds of 2003 Series A,
                          if any, may be printed and may be issued in authorized
                          denominations in substantially the form of definitive
                          bonds of 2003 Series A, but without a recital of
                          redemption prices and with such omissions, insertions
                          and variations as may be appropriate for temporary
                          bonds, all as may be determined by the Company.

                                 Interest on any bond of 2003 Series A that is
                          payable on any interest payment date and is punctually
                          paid or duly provided for shall be paid to the person
                          in whose name that bond, or any previous bond to the
                          extent evidencing the same debt as that evidenced by
                          that bond, is registered at the close of business on
                          the regular record date for such interest, which
                          regular record date shall be the fifteenth calendar
                          day (whether or not a business day) next preceding
                          such interest payment date. If the Company shall
                          default in the payment of the interest due on any
                          interest payment date on the principal represented by
                          any bond of 2003 Series A, such defaulted interest
                          shall forthwith cease to be payable to the registered
                          holder of that bond on the relevant regular record
                          date by virtue of his having been such holder, and
                          such defaulted interest may be paid to the registered
                          holder of that bond (or any bond or bonds of 2003
                          Series A issued upon transfer or exchange thereof) on
                          the date of payment of such defaulted interest or, at
                          the election of the Company, to the person in whose
                          name that bond (or any bond or bonds of 2003 Series A
                          issued upon transfer or exchange thereof) is
                          registered on a subsequent record date established by
                          notice given by mail by or on behalf of the Company to
                          the holders of bonds of 2003 Series A not less than
                          ten (10) days preceding such subsequent record date,
                          which subsequent record date shall be at least five
                          (5) days prior to the payment date of such defaulted
                          interest.

                                 Bonds of 2003 Series A shall not be assignable
                          or transferable except as may be set forth under
                          Section 405 of the Note Indenture or in the
                          supplemental indenture relating to the Notes, or,
                          subject to compliance with applicable law, as may be
                          involved in the course of the exercise of rights and
                          remedies consequent upon an Event of Default under the
                          Note Indenture. Any such transfer shall be made upon
                          surrender thereof for cancellation at the office or
                          agency of the Company in the Borough of Manhattan, The
                          City and State of New York, together with a written
                          instrument of transfer (if so required by the Company
                          or by the Trustee) in form approved by the Company
                          duly executed by the holder or by its duly authorized
                          attorney. Bonds of 2003 Series A shall in the same
                          manner be exchangeable for a like aggregate principal
                          amount of bonds of 2003 Series A upon the terms and
                          conditions specified herein and in Section 7 of
                          Article II of the Indenture. The Company waives its
                          rights under Section 7 of Article II of the Indenture
                          not to make exchanges or transfers of bonds of 2003
                          Series A during any period of ten days next preceding
                          any redemption date for such bonds.

                                 Bonds of 2003 Series A, in definitive and
                          temporary form, may bear such legends as may be
                          necessary to comply with any law or with any rules or
                          regulations made pursuant thereto or as may be
                          specified in the Note Indenture.

                                       13

<PAGE>

                                 Upon payment of the principal or premium, if
                          any, or interest on the 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 Article V of the Note Indenture, bonds
                          of 2003 Series A in a principal amount equal to the
                          principal amount of such Notes, shall, to the extent
                          of such payment of principal, premium or interest, be
                          deemed fully paid and the obligation of the Company
                          thereunder to make such payment shall forthwith cease
                          and be discharged, and, in the case of the payment of
                          principal and premium, if any, such bonds shall be
                          surrendered for cancellation or presented for
                          appropriate notation to the Trustee.

                                 In the event the Company desires to provide for
                          the payment of bonds of 2003 Series A, in lieu of
                          defeasing such bonds in accordance with the Indenture,
                          it shall either redeem an equal principal amount of
                          2003A Bonds or take such action as shall be required
                          by Section 2.04 of the 2003A Bond Indenture to defease
                          an equal principal amount of the 2003A Bonds. Pursuant
                          to Section 2.03(c) of the Note Indenture, such
                          redemption or defeasance shall result in the discharge
                          of the Company's obligation with respect to such Notes
                          and the cancellation thereof which, in accordance with
                          the preceding paragraph, shall result in the discharge
                          of the Company's obligation with respect to the
                          applicable bonds of 2003 Series A and cancellation
                          thereof.

                                 Any amount payable by the Company in respect of
                          principal of bonds of 2003 Series A, whether at
                          maturity or prior to maturity by redemption or upon
                          acceleration or otherwise, in a circumstance where
                          there has not been a corresponding payment of
                          principal of 2003A Bonds shall be applied
                          simultaneously to the redemption or defeasance of an
                          equal principal amount of 2003A Bonds in accordance
                          with the 2003A Bond Indenture. In the event the amount
                          so paid is insufficient to provide for such redemption
                          or defeasance, the Company shall pay such additional
                          amount as shall be necessary to make up for the
                          deficiency.

RELEASE.                         From and after the Release Date (as defined in
                          the Note Indenture), the bonds of 2003 Series A shall
                          be deemed fully paid, satisfied and discharged and the
                          obligation of the Company thereunder shall be
                          terminated. On the Release Date, the bonds of 2003
                          Series A shall be surrendered to and canceled by the
                          Trustee. The Company covenants and agrees that, prior
                          to the Release Date, it will not take any action that
                          would cause the outstanding principal amount of the
                          bonds of 2003 Series A to be less than the then
                          outstanding principal amount of the Notes.

REDEMPTION OF                    SECTION 2. Bonds of 2003 Series A shall be
BONDS OF 2003 SERIES A.   redeemed on the respective dates and in the respective
                          principal amounts which correspond to the redemption
                          dates for, and the principal amounts to be redeemed
                          of, the Notes.

                                       14

<PAGE>

                                 In the event the Company elects to redeem any
                          Notes prior to maturity in accordance with the
                          provisions of the Note Indenture and the 2003A
                          Insurance Agreement, the Company shall on the same
                          date redeem bonds of 2003 Series A in principal
                          amounts and at redemption prices corresponding to the
                          Notes so redeemed. The Company agrees to give the
                          Trustee notice of any such redemption of bonds of 2003
                          Series A on the same date as it gives notice of
                          redemption of Notes to the Note Indenture Trustee.

REDEMPTION OF                    SECTION 3. In the event of an Event of Default
BONDS OF 2003 SERIES A IN under the Note Indenture and the acceleration of all
EVENT OF ACCELERATION OF  Notes, the bonds of 2003 Series A shall be redeemable
NOTES OR IN EVENT OF      in whole upon receipt by the Trustee of a written
REDEMPTION OF NOTES UPON  demand (hereinafter called a "Redemption Demand") from
ACCELERATION OF 2003A     the Note Indenture Trustee stating that there has
BONDS.                    occurred under the Note Indenture both an Event of
                          Default and a declaration of acceleration of payment
                          of principal, accrued interest and premium, if any, on
                          the Notes, specifying the last date to which interest
                          on the Notes has been paid (such date being
                          hereinafter referred to as the "Initial Interest
                          Accrual Date") and demanding redemption of the bonds
                          of said series. In addition, in the event of a
                          required redemption of the Notes upon demand of XLCA
                          prior to the Release Date upon a declaration of
                          acceleration of the payment of the 2003A Bonds, the
                          bonds of 2003 Series A shall be redeemable in whole
                          upon receipt by the Trustee of a Redemption Demand
                          from the Note Indenture Trustee stating that such
                          redemption of the Notes is required, stating that the
                          redemption price was not paid when due and demanding
                          redemption of the bonds of the 2003 Series A. The
                          Trustee shall, within five days after receiving such
                          Redemption Demand, mail a copy thereof to the Company
                          marked to indicate the date of its receipt by the
                          Trustee. Promptly upon receipt by the Company of such
                          copy of a Redemption Demand, the Company shall fix a
                          date on which it will redeem the bonds of said series
                          so demanded to be redeemed (hereinafter called the
                          "Demand Redemption Date"). Notice of the date fixed as
                          the Demand Redemption Date shall be mailed by the
                          Company to the Trustee at least ten days prior to such
                          Demand Redemption Date. The date to be fixed by the
                          Company as and for the Demand Redemption Date may be
                          any date up to and including the earlier of (x) the
                          60th day after receipt by the Trustee of the
                          Redemption Demand or (y) the maturity date of such
                          bonds first occurring following the 20th day after the
                          receipt by the Trustee of the Redemption Demand;
                          provided, however, that if the Trustee shall not have
                          received such notice fixing the Demand Redemption Date
                          on or before the 10th day preceding the earlier of
                          such dates, the Demand Redemption Date shall be deemed
                          to be the earlier of such dates. The Trustee shall
                          mail notice of the Demand Redemption Date (such notice
                          being hereinafter called the "Demand Redemption
                          Notice") to the Note Indenture Trustee not more than
                          ten nor less than five days prior to the Demand
                          Redemption Date.

                                 Each bond of 2003 Series A shall be redeemed by
                          the Company on the Demand Redemption Date therefore
                          upon surrender thereof by the Note Indenture Trustee
                          to the Trustee at a redemption price equal to the
                          principal amount thereof plus accrued interest thereon
                          at the rate specified for such bond from the Initial
                          Interest

                                       15

<PAGE>

                          Accrual Date to the Demand Redemption Date plus an
                          amount equal to the aggregate premium, if any, due and
                          payable on such Demand Redemption Date on all Notes;
                          provided, however, that in the event of a receipt by
                          the Trustee of a notice that, pursuant to Section 602
                          of the Note Indenture, the Note Indenture Trustee has
                          terminated proceedings to enforce any right under the
                          Note Indenture, then any Redemption Demand shall
                          thereby be rescinded by the Note Indenture Trustee,
                          and no Demand Redemption Notice shall be given, or, if
                          already given, shall be automatically annulled; but no
                          such rescission or annulment shall extend to or affect
                          any subsequent default or impair any right consequent
                          thereon.

                                 Anything herein contained to the contrary
                          notwithstanding, the Trustee is not authorized to take
                          any action pursuant to a Redemption Demand and such
                          Redemption Demand shall be of no force or effect,
                          unless it is executed in the name of the Note
                          Indenture Trustee by its President or one of its Vice
                          Presidents.

FORM OF BONDS OF                 SECTION 4. The bonds of 2003 Series A and the
2003 SERIES A.            form of Trustee's Certificate to be endorsed on such
                          bonds shall be substantially in the following forms,
                          respectively:

                           THE DETROIT EDISON COMPANY
                       GENERAL AND REFUNDING MORTGAGE BOND
                                  2003 SERIES A

                                 Notwithstanding any provisions hereof or in the
                          Indenture, this bond is not assignable or transferable
                          except as may be required to effect a transfer to any
                          successor trustee under the Collateral Trust
                          Indenture, dated as of June 30, 1993, as amended, and
                          as further supplemented as of August 1, 2003, between
                          The Detroit Edison Company and Bank One Trust Company,
                          National Association, as Note Trustee, or, subject to
                          compliance with applicable law, as may be involved in
                          the course of the exercise of rights and remedies
                          consequent upon an Event of Default under said
                          Indenture.

                               $49,000,000                    No. R-1

                                 THE DETROIT EDISON COMPANY (hereinafter called
                          the "Company"), a corporation of the State of
                          Michigan, for value received, hereby promises to pay
                          to Bank One Trust Company, National Association, as
                          Note Trustee, or registered assigns, at the Company's
                          office or agency in the Borough of Manhattan, The City
                          and State of New York, the principal sum of Forty-Nine
                          Million Dollars ($49,000,000) in lawful money of the
                          United States of America on June 1, 2030 (subject to
                          earlier redemption or release) and interest thereon at
                          the rate of 5 1/2 % per annum, in like lawful money,
                          from August 28, 2003, and after the first payment of
                          interest on bonds of this Series has been made or
                          otherwise provided for, from the most recent date to
                          which interest has been paid or otherwise provided
                          for, semi-annually on June 1 and December 1 of each
                          year (commencing

                                       16

<PAGE>

                          December 1, 2003), until the Company's obligation with
                          respect to payment of said principal shall have been
                          discharged, all as provided, to the extent and in the
                          manner specified in the Indenture hereinafter
                          mentioned and in the supplemental indenture pursuant
                          to which this bond has been issued.

                                 Under a Collateral Trust Indenture, dated as of
                          June 30, 1993, as amended and as further supplemented
                          as of August 1, 2003 (hereinafter called the "Note
                          Indenture"), between the Company and Bank One Trust
                          Company, National Association, as Note Trustee
                          (hereinafter called the "Note Indenture Trustee"), the
                          Company has issued its 5 1/2% Senior Notes due 2030
                          (the "Notes"). This bond was originally issued to the
                          Note Indenture Trustee so as to secure the payment of
                          the Notes. Payments of principal of, or premium, if
                          any, or interest on, the Notes shall constitute like
                          payments on this bond as further provided herein and
                          in the supplemental indenture pursuant to which this
                          bond has been issued.

                                 The Notes were issued to XL Capital Assurance
                          Inc., an insurance company incorporated under New York
                          law ("XLCA"), to secure the Company's obligations to
                          XLCA under that certain Insurance Agreement dated
                          August , 2003 (the "Insurance Agreement") between the
                          Company and XLCA relating to Financial Guaranty
                          Insurance Policy No. CA0678A issued by XLCA with
                          respect to the Michigan Strategic Fund Limited
                          Obligation Refunding Revenue Bonds (The Detroit Edison
                          Company Exempt Facilities Project), Series 2003A (the
                          "2003A Bonds") which are issued under the Trust
                          Indenture dated as of August 1, 2003 (the "2003A Bond
                          Indenture") between Michigan Strategic Fund and Bank
                          One Trust Company, National Association, as trustee

                                 This bond is one of an authorized issue of
                          bonds of the Company, unlimited as to amount except as
                          provided in the Indenture hereinafter mentioned or any
                          indentures supplemental thereto, and is one of a
                          series of General and Refunding Mortgage Bonds known
                          as 2003 Series A, limited to an aggregate principal
                          amount of $49,000,000, except as otherwise provided in
                          the Indenture hereinafter mentioned. This bond and all
                          other bonds of said series are issued and to be issued
                          under, and are all equally and ratably secured (except
                          insofar as any sinking, amortization, improvement or
                          analogous fund, established in accordance with the
                          provisions of the Indenture hereinafter mentioned, may
                          afford additional security for the bonds of any
                          particular series and except as provided in Section 3
                          of Article VI of said Indenture) by an Indenture,
                          dated as of October 1, 1924, duly executed by the
                          Company to Bank One, National Association, as
                          successor in interest to Bankers Trust Company, a
                          corporation organized under the laws of the Untied
                          States, as Trustee, to which Indenture and all
                          indentures supplemental thereto (including the
                          Supplemental Indenture dated as of August 1, 2003)
                          reference is hereby made for a description of the
                          properties and franchises mortgaged and conveyed, the
                          nature and extent of the security, the terms and
                          conditions upon which the bonds are issued and under
                          which additional bonds may be issued, and the rights
                          of the holders of the

                                       17

<PAGE>

                          bonds and of the Trustee in respect of such security
                          (which Indenture and all indentures supplemental
                          thereto, including the Supplemental Indenture dated as
                          of August 1, 2003, are hereinafter collectively called
                          the "Indenture"). As provided in the Indenture, said
                          bonds may be for various principal sums and are
                          issuable in series, which may mature at different
                          times, may bear interest at different rates and may
                          otherwise vary as in said Indenture provided. With the
                          consent of the Company and to the extent permitted by
                          and as provided in the Indenture, the rights and
                          obligations of the Company and of the holders of the
                          bonds and the terms and provisions of the Indenture,
                          or of any indenture supplemental thereto, may be
                          modified or altered in certain respects by affirmative
                          vote of at least eighty-five percent (85%) in amount
                          of the bonds then outstanding, and, if the rights of
                          one or more, but less than all, series of bonds then
                          outstanding are to be affected by the action proposed
                          to be taken, then also be affirmative vote of at least
                          eighty-five percent (85%) in amount of the series of
                          bonds so to be affected (excluding in every instance
                          bonds disqualified from voting by reason of the
                          Company's interest therein as specified in the
                          Indenture); provided, however, that, without the
                          consent of the holder hereof, no such modification or
                          alteration shall, among other things, affect the terms
                          of payment of the principal of or the interest on this
                          bond, which in those respects is unconditional.

                                 This bond is redeemable prior to the Release
                          Date upon the terms and conditions set forth in the
                          Indenture, including provision for redemption upon
                          demand of the Note Indenture Trustee following the
                          occurrence of an Event of Default under the Note
                          Indenture and the acceleration of the principal of the
                          Notes and including provision for redemption upon
                          demand of the Note Indenture Trustee in the event of a
                          required redemption of the Notes following a
                          declaration of acceleration of the 2003A Bonds and
                          payment by XLCA of the accelerated principal of the
                          2003A Bonds, such demand stating that such redemption
                          of the Notes is required, stating that the redemption
                          price thereof was not paid when due and demanding
                          redemption of this bond.

                                 Under the Indenture, funds may be deposited
                          with the Trustee (which shall have become available
                          for payment), in advance of the redemption date of any
                          of the bonds of 2003 Series A (or portions thereof),
                          in trust for the redemption of such bonds (or portions
                          thereof) and the interest due or to become due
                          thereon, and thereupon all obligations of the Company
                          in respect of such bonds (or portions thereof) so to
                          be redeemed and such interest shall cease and be
                          discharged, and the holders thereof shall thereafter
                          be restricted exclusively to such funds for any and
                          all claims of whatsoever nature on their part under
                          the Indenture or with respect to such bonds (or
                          portions thereof) and interest. In the event the
                          Company desires to provide for the payment of bonds of
                          2003 Series A, in lieu of defeasing such bonds in
                          accordance with the Indenture, the Company shall
                          either redeem an equal principal amount of 2003A Bonds
                          or take such action as shall be required by the 2003A
                          Bond Indenture to defease an equal principal amount of
                          2003A Bonds.

                                       18

<PAGE>

                                 In case an event of default, as defined in the
                          Indenture, shall occur, the principal of all the bonds
                          issued thereunder may become or be declared due and
                          payable, in the manner, with the effect and subject to
                          the conditions provided in the Indenture.

                                 Any amount payable by the Company in respect of
                          principal of bonds of 2003 Series A, whether at
                          maturity or prior to maturity by redemption or
                          otherwise, in a circumstance where there has not been
                          a corresponding payment of principal of 2003A Bonds
                          shall be applied simultaneously to the redemption or
                          defeasance of an equal principal amount of 2003A Bonds
                          in accordance with the 2003A Bond Indenture.

                                 Upon payment of the principal of, or premium,
                          if any, or interest on, the 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 Article V of the Note
                          Indenture, bonds of 2003 Series A in a principal
                          amount equal to the principal amount of such Notes,
                          and having both a corresponding maturity date and
                          interest rate shall, to the extent of such payment of
                          principal, premium or interest, be deemed fully paid
                          and the obligation of the Company thereunder to make
                          such payment shall forthwith cease and be discharged,
                          and, in the case of the payment of principal and
                          premium, if any, such bonds of said series shall be
                          surrendered for cancellation or presented for
                          appropriate notation to the Trustee.

                                 This bond is not assignable or transferable
                          except as set forth under Section 405 of the Note
                          Indenture or in the supplemental indenture relating to
                          the Notes, or, subject to compliance with applicable
                          law, as may be involved in the course of the exercise
                          of rights and remedies consequent upon an Event of
                          Default under the Note Indenture. Any such transfer
                          shall be made by the registered holder hereof, in
                          person or by his attorney duly authorized in writing,
                          on the books of the Company kept at its office or
                          agency in the Borough of Manhattan, The City and State
                          of New York, upon surrender and cancellation of this
                          bond, and thereupon, a new registered bond of the same
                          series of authorized denominations for a like
                          aggregate principal amount will be issued to the
                          transferee in exchange therefor, and this bond with
                          others in like form 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 as provided and upon the terms
                          and conditions set forth in the Indenture, and upon
                          payment, in any event, of the charges prescribed in
                          the Indenture.

                                 From and after the Release Date (as defined in
                          the Note Indenture), the bonds of 2003 Series A shall
                          be deemed fully paid, satisfied and discharged and the
                          obligation of the Company thereunder shall be
                          terminated. On the Release Date, the bonds of 2003
                          Series A shall be surrendered to and cancelled by the
                          Trustee. The Company covenants and agrees that, prior
                          to the Release Date, it will not take any action that
                          would cause the outstanding principal amount of the
                          bond of 2003 Series A to be less than the then
                          outstanding principal amount of the Notes.

                                       19

<PAGE>

                                 No recourse shall be had for the payment of the
                          principal of or the interest on this bond, or for any
                          claim based hereon or otherwise in respect hereof or
                          of the Indenture, or of any indenture supplemental
                          thereto, against any incorporator, or against any
                          past, present or future stockholder, director or
                          officer, as such, 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 howsoever; all such
                          liability being, by the acceptance hereof and as art
                          of the consideration for the issue hereof, expressly
                          waived and released by every holder or owner hereof,
                          as more fully provided in the Indenture.

                                 This bond shall not be valid or become
                          obligatory for any purpose until Bank One, National
                          Association, the Trustee under the Indenture, or its
                          successor thereunder, shall have signed the form of
                          certificate endorsed hereon.

                                 IN WITNESS WHEREOF, THE DETROIT EDISON COMPANY
                          has caused this instrument to be executed by its Vice
                          President and Treasurer, with his manual or facsimile
                          signatures, and its corporate seal, or a facsimile
                          thereof, to be impressed or imprinted hereon and the
                          same to be attested by its Vice President and
                          Corporate Secretary by manual or facsimile signature.

                          Dated: August   , 2003

                                     THE DETROIT EDISON COMPANY

                                       By:___________________________________
                                            Vice President and Treasurer

                          [SEAL]

                          Attest:____________________________________________
                                    Vice President and Corporate Secretary

                                     [FORM OF TRUSTEE'S CERTIFICATE]

FORM OF TRUSTEE'S                This bond is one of the bonds, of the series
CERTIFICATE.              designated therein, described in the within-mentioned
                          Indenture.

                          BANK ONE, NATIONAL ASSOCIATION as Trustee

                          By __________________________________
                                  Authorized Officer

                                       20

<PAGE>

                                      PART II.

                                  RECORDING AND FILING DATA

RECORDING AND FILING OF           The Original Indenture and indentures
ORIGINAL INDENTURE.       supplemental thereto have been recorded and/or filed
                          and Certificates of Provision for Payment have been
                          recorded as hereinafter set forth.

                                 The Original Indenture has been recorded as a
                          real estate mortgage and filed as a chattel Mortgage
                          in the offices of the respective Registers of Deeds of
                          certain counties in the State of Michigan as set forth
                          in the Supplemental Indenture dated as of September 1,
                          1947, has been recorded as a real estate mortgage in
                          the office of the Register of Deeds of Genesee County,
                          Michigan as set forth in the Supplemental Indenture
                          dated as of May 1, 1974, has been filed in the Office
                          of the Secretary of State of Michigan on November 16,
                          1951 and has been filed and recorded in the office of
                          the Interstate Commerce Commission on December 8,
                          1969.

RECORDING AND FILING OF          Pursuant to the terms and provisions of the
SUPPLEMENTAL INDENTURES.  Original Indenture, indentures supplemental thereto
                          heretofore entered into have been Recorded as a real
                          estate mortgage and/or filed as a chattel mortgage or
                          as a financing statement in the offices of the
                          respective Registers of Deeds of certain counties in
                          the State of Michigan, the Office of the Secretary of
                          State of Michigan and the Office of the Interstate
                          Commerce Commission, as set forth in supplemental
                          indentures as follows:

<TABLE>
<CAPTION>
                                                                               RECORDED AND/OR
                                                                            FILED AS SET FORTH IN
          SUPPLEMENTAL                  PURPOSE OF                              SUPPLEMENTAL
           INDENTURE                   SUPPLEMENTAL                              INDENTURE
          DATED AS OF                   INDENTURE                               DATED AS OF:
          -----------                   ---------                               ------------
<S>                                   <C>                                   <C>
June 1, 1925(a)(b).............       Series B Bonds                         February 1, 1940

August 1, 1927(a)(b)...........       Series C Bonds                         February 1, 1940

February 1, 1931(a)(b).........       Series D Bonds                         February 1, 1940

June 1, 1931(a)(b).............       Subject Properties                     February 1, 1940

October 1, 1932(a)(b)..........       Series E Bonds                         February 1, 1940

September 25, 1935(a)(b).......       Series F Bonds                         February 1, 1940

September 1, 1936(a)(b)........       Series G Bonds                         February 1, 1940

November 1, 1936(a)(b).........       Subject Properties                     February 1, 1940

February 1, 1940(a)(b).........       Subject Properties                     September 1, 1947

December 1, 1940(a)(b).........       Series H Bonds and Additional          September 1, 1947
                                      Provisions

</TABLE>

                                       21

<PAGE>

<TABLE>
<S>                                   <C>                                    <C>
September 1, 1947(a)(b)(c).....       Series I Bonds, Subject Properties     November 15, 1951
                                      and Additional Provisions

March 1, 1950(a)(b)(c).........       Series J Bonds and Additional          November 15, 1951
                                      Provisions

November 15, 1951(a)(b)(c).....       Series K Bonds Additional Provisions   January 15, 1953
                                      and Subject Properties

January 15, 1953(a)(b).........       Series L Bonds                         May 1, 1953

May 1, 1953(a).................       Series M Bonds and Subject Properties  March 15, 1954

March 15, 1954(a)(c)...........       Series N Bonds and Subject Properties  May 15, 1955

May 15, 1955(a)(c).............       Series O Bonds and Subject Properties  August 15, 1957

August 15, 1957(a)(c)..........       Series P Bonds Additional Provisions   June 1, 1959
                                      and Subject Properties

June 1, 1959(a)(c).............       Series Q Bonds and Subject Properties  December 1, 1966

December 1, 1966(a)(c).........       Series R Bonds Additional Provisions   October 1, 1968
                                      and Subject Properties

October 1, 1968(a)(c)..........       Series S Bonds and Subject Properties  December 1, 1969

December 1, 1969(a)(c).........       Series T Bonds and Subject Properties  July 1, 1970

July 1, 1970(c)................       Series U Bonds and Subject Properties  December 15, 1970

December 15, 1970(c)...........       Series V and Series W Bonds            June 15, 1971

June 15, 1971(c)...............       Series X Bonds and Subject Properties  November 15, 1971

November 15, 1971(c)...........       Series Y Bonds and Subject Properties  January 15, 1973

January 15, 1973(c)............       Series Z Bonds and Subject Properties  May 1, 1974

May 1, 1974....................       Series AA Bonds and Subject            October 1, 1974
                                      Properties

October 1, 1974................       Series BB Bonds and Subject            January 15, 1975
                                      Properties

January 15, 1975...............       Series CC Bonds and Subject            November 1, 1975
                                      Properties

November 1, 1975...............       Series DDP Nos. 1-9 Bonds and          December 15, 1975
                                      Subject Properties

December 15, 1975..............       Series EE Bonds and Subject            February 1, 1976
                                      Properties

February 1, 1976...............       Series FFR Nos. 1-13 Bonds             June 15, 1976

June 15, 1976..................       Series GGP Nos. 1-7 Bonds and          July 15, 1976
                                      Subject Properties

July 15, 1976..................       Series HH Bonds and Subject            February 15, 1977
                                      Properties

February 15, 1977..............       Series MMP Bonds and Subject           March 1, 1977
                                      Properties
</TABLE>

                                       22
<PAGE>

<TABLE>
<S>                                   <C>                                    <C>
March 1, 1977..................       Series IIP Nos. 1-7 Bonds, Series      June 15, 1977
                                      JJP Nos. 1-7 Bonds, Series KKP Nos.
                                      1-7 Bonds and Series LLP Nos. 1-7
                                      Bonds

June 15, 1977..................       Series FFR No. 14 Bonds and Subject    July 1, 1977
                                      Properties

July 1, 1977...................       Series NNP Nos. 1-7 Bonds and          October 1, 1977
                                      Subject Properties

October 1, 1977................       Series GGP Nos. 8-22 Bonds and         June 1, 1978
                                      Series OOP Nos. 1-17 Bonds and
                                      Subject Properties

June 1, 1978...................       Series PP Bonds, Series QQP Nos. 1-9   October 15, 1978
                                      Bonds and Subject Properties

October 15, 1978...............       Series RR Bonds and Subject            March 15, 1979
                                      Properties

March 15, 1979.................       Series SS Bonds and Subject            July 1, 1979
                                      Properties

July 1, 1979...................       Series IIP Nos. 8-22 Bonds, Series     September 1, 1979
                                      NNP Nos. 8-21 Bonds and Series TTP
                                      Nos. 1-15 Bonds and Subject
                                      Properties

September 1, 1979..............       Series JJP No. 8 Bonds, Series KKP     September 15, 1979
                                      No. 8 Bonds, Series LLP Nos. 8-15
                                      Bonds, Series MMP No. 2 Bonds and
                                      Series OOP No. 18 Bonds and Subject
                                      Properties

September 15, 1979.............       Series UU Bonds                        January 1, 1980

January 1, 1980................       1980 Series A Bonds and Subject        April 1, 1980
                                      Properties

April 1, 1980..................       1980 Series B Bonds                    August 15, 1980

August 15, 1980................       Series QQP Nos. 10-19 Bonds, 1980      August 1, 1981
                                      Series CP Nos. 1-12 Bonds and 1980
                                      Series DP No. 1-11 Bonds and Subject
                                      Properties

August 1, 1981.................       1980 Series CP Nos. 13-25 Bonds and    November 1, 1981
                                      Subject Properties

November 1, 1981...............       1981 Series AP Nos. 1-12 Bonds         June 30, 1982

June 30, 1982..................       Article XIV Reconfirmation             August 15, 1982

August 15, 1982................       1981 Series AP Nos. 13-14 and          June 1, 1983
                                      Subject Properties

June 1, 1983...................       1981 Series AP Nos. 15-16 and          October 1, 1984
                                      Subject Properties

October 1, 1984................       1984 Series AP and 1984 Series BP      May 1, 1985
                                      Bonds and Subject Properties

May 1, 1985....................       1985 Series A Bonds                    May 15, 1985

May 15, 1985...................       1985 Series B Bonds and Subject        October 15, 1985
                                      Properties

October 15, 1985...............       Series KKP No. 9 Bonds and Subject     April 1, 1986
                                      Properties
</TABLE>

                                       23

<PAGE>

<TABLE>
<S>                                   <C>                                    <C>
April 1, 1986..................       1986 Series A and Subject Properties   August 15, 1986

August 15, 1986................       1986 Series B and Subject Properties   November 30, 1986

November 30, 1986..............       1986 Series C                          January 31, 1987

January 31, 1987...............       1987 Series A                          April 1, 1987

April 1, 1987..................       1987 Series B and 1987 Series C        August 15, 1987

August 15, 1987................       1987 Series D and 1987 Series E and    November 30, 1987
                                      Subject Properties

November 30, 1987..............       1987 Series F                          June 15, 1989

June 15, 1989..................       1989 Series A                          July 15, 1989

July 15, 1989..................       Series KKP No. 10                      December 1, 1989

December 1, 1989...............       Series KKP No. 11 and 1989 Series BP   February 15, 1990

February 15, 1990..............       1990 Series A, 1990 Series B, 1990     November 1, 1990
                                      Series C, 1990 Series D, 1990 Series
                                      E and 1990 Series F

November 1, 1990...............       Series KKP No. 12                      April 1, 1991

April 1, 1991..................       1991 Series AP                         May 1, 1991

May 1, 1991....................       1991 Series BP and 1991 Series CP      May 15, 1991

May 15, 1991...................       1991 Series DP                         September 1, 1991

September 1, 1991..............       1991 Series EP                         November 1, 1991

November 1, 1991...............       1991 Series FP                         January 15, 1992

January 15, 1992...............       1992 Series BP                         February  29, 1992 and
                                                                             April 15, 1992

February 29, 1992..............       1992 Series AP                         April 15, 1992

April 15, 1992.................       Series KKP No. 13                      July 15, 1992

July 15, 1992..................       1992 Series CP                         November 30, 1992

July 31, 1992..................       1992 Series D                          November 30, 1992

November 30, 1992..............       1992 Series E and 1993 Series D        March 15, 1993

December 15, 1992..............       Series KKP No. 14 and 1989 Series BP   March 15, 1992
                                      No. 2

January 1, 1993................       1993 Series C                          April 1, 1993

March 1, 1993..................       1993 Series E                          June 30, 1993

March 15, 1993.................       1993 Series D                          September 15, 1993

April 1, 1993..................       1993 Series FP and 1993 Series IP      September 15, 1993

April 26, 1993.................       1993 Series G and Amendment of         September 15, 1993
                                      Article II, Section 5

May 31, 1993...................       1993 Series J                          September 15, 1993

September 15, 1993.............       1993 Series K                          March 1, 1994

March 1, 1994..................       1994 Series AP                         June 15, 1994

June 15, 1994..................       1994 Series BP                         December 1, 1994

August 15, 1994................       1994 Series C                          December 1, 1994

December 1, 1994...............       Series KKP No. 15 and 1994 Series DP   August 1, 1995

August 1, 1995.................       1995 Series AP and 1995 Series DP      August 1, 1999
</TABLE>

                  (a) See Supplemental Indenture dated as of July 1, 1970 for
                  Interstate Commerce Commission filing and recordation
                  information.

                  (b) See Supplemental Indenture dated as of May 1, 1953 for
                  Secretary of State of Michigan filing information.

                  (c) See Supplemental Indenture dated as of May 1, 1974 for
                  County of Genesee, Michigan recording and filing information.

                                       24

<PAGE>

RECORDING OF              All the bonds of Series A which were issued under the
CERTIFICATES OF           Original Indenture dated as of October 1, 1924, and of
PROVISION FOR             Series B, C, D, E, F, G, H, I, J, K, L, M, N, O, P, Q,
PAYMENT.                  R, S, W, Y, Z, AA, BB, CC, DDP Nos. 1-9, FFR Nos.
                          1-14, GGP Nos. 1-22, HH, IIP Nos. 1-22, JJP Nos. 1-8,
                          KKP Nos. 1-9, LLP Nos. 1-15, NNP Nos. 1-21, OOP Nos.
                          1-18, QQP Nos. 1-17, TTP Nos. 1-15, UU, 1980 Series A,
                          1980 Series CP Nos. 1-25, 1980 Series DP Nos. 1-11,
                          1981 Series AP Nos. 1-16, 1984 Series AP, 1984 Series
                          BP, 1985 Series A, 1985 Series B, 1987 Series A, PP,
                          RR, EE, MMP, MMP No. 2, 1989 Series A, 1990 Series A,
                          1993 Series D, 1993 Series G and 1993 Series H which
                          were issued under Supplemental Indentures dated as of,
                          respectively, June 1, 1925, August 1, 1927, February
                          1, 1931, October 1, 1932, September 25, 1935,
                          September 1, 1936, December 1, 1940, September 1,
                          1947, November 15, 1951, January 15, 1953, May 1,
                          1953, March 15, 1954, May 15, 1955, August 15, 1957,
                          December 15, 1970, November 15, 1971, January 15,
                          1973, May 1, 1974, October 1, 1974, January 15, 1975,
                          November 1, 1975, February 1, 1976, June 15, 1976,
                          July 15, 1976, October 1, 1977, March 1, 1977, July 1,
                          1979, March 1, 1977, March 1, 1977, March 1, 1977,
                          September 1, 1979, July 1, 1977, July 1, 1979,
                          September 15, 1979, October 1, 1977, June 1, 1978,
                          October 1, 1977, July 1, 1979, January 1, 1980, August
                          15, 1980, November 1, 1981, October 1, 1984 May 1,
                          1985, May 15, 1985, January 31, 1987, June 1, 1978,
                          October 15, 1978, December 15, 1975, February 15,
                          1977, September 1, 1979, June 15, 1989, February 15,
                          1990, March 15, 1993, April 26, 1992 and September 15,
                          1992 have matured or have been called for redemption
                          and funds sufficient for such payment or redemption
                          have been irrevocably deposited with the Trustee for
                          that purpose; and Certificates of Provision for
                          Payment have been recorded in the offices of the
                          respective Registers of Deeds of certain counties in
                          the State of Michigan, with respect to all bonds of
                          Series A, B, C, D, E, F, G, H, K, L, M, O, W, BB, CC,
                          DDP Nos. 1 and 2, FFR Nos. 1-3, GGP Nos. 1 and 2, IIP
                          No. 1, JJP No. 1, KKP No. 1, LLP No. 1 and GGP No. 8.

                                   PART III.

                                  THE TRUSTEE.

TERMS AND CONDITIONS OF           The Trustee hereby accepts the trust hereby
ACCEPTANCE OF TRUST BY            declared and provided, and agrees to perform
TRUSTEE.                          the same upon the terms and conditions in the
                                  Original Indenture, as amended to date and as
                                  supplemented by this Supplemental 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 and 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.

                                       25

<PAGE>

                                    PART IV.

                                 MISCELLANEOUS.

CONFIRMATION OF SECTION   Except to the extent specifically provided therein, no
318 (c) OF TRUST          provision of this supplemental indenture or any future
INDENTURE ACT.            supplemental indenture is intended to modify, and the
                          parties do hereby adopt and confirm, the provisions of
                          Section 318(c) of the Trust Indenture Act which amend
                          and supersede provisions of the Indenture in effect
                          prior to November 15, 1990.

EXECUTION IN              THIS SUPPLEMENTAL INDENTURE MAY BE SIMULTANEOUSLY
COUNTERPARTS.             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.

TESTIMONIUM.              IN WITNESS WHEREOF, THE DETROIT EDISON COMPANY AND
                          BANK ONE, NATIONAL ASSOCIATION HAVE CAUSED THESE
                          PRESENTS TO BE SIGNED IN THEIR RESPECTIVE CORPORATE
                          NAMES BY THEIR RESPECTIVE CHAIRMEN OF THE BOARD,
                          PRESIDENTS, VICE PRESIDENTS, ASSISTANT VICE
                          PRESIDENTS, TREASURERS OR ASSISTANT TREASURERS AND
                          IMPRESSED WITH THEIR RESPECTIVE CORPORATE SEALS,
                          ATTESTED BY THEIR RESPECTIVE SECRETARIES OR ASSISTANT
                          SECRETARIES, ALL AS OF THE DAY AND YEAR FIRST ABOVE
                          WRITTEN.

                                       26

<PAGE>

THE DETROIT EDISON COMPANY,

By: _______________________
Name:
Title:

EXECUTION.                Attest:

                          _____________________________
                          Name:
                          Title:

Signed, sealed and delivered by
THE DETROIT EDISON COMPANY,

in the presence of

______________________________
Name:

______________________________
Name:

<PAGE>

STATE OF MICHIGAN
            SS.:

COUNTY OF WAYNE

Acknowledgement of        On this ____ day of August, 2003, before me, the
Execution by              subscriber, a Notary Public within and for the County
Company                   of Wayne, in the State of Michigan, personally
                          appeared _________________, to me personally known,
                          who, being by me duly sworn, did say that he does
                          business at 2000 2nd Avenue, Detroit, Michigan 48226
                          and is the Assistant Treasurer of THE DETROIT EDISON
                          COMPANY, one of the corporations described in and
                          which executed the foregoing instrument; that he knows
                          the corporate seal of the said corporation and that
                          the seal affixed to said 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 that he
                          subscribed his name thereto by like authority; and
                          said _____________ acknowledged said instrument to be
                          the free act and deed of said corporation.

(Notarial Seal)           _____________________________
                          ______________________ Notary
                          _____________________________
                          My Commission Expires

<PAGE>

BANK ONE, NATIONAL ASSOCIATION,

(Corporate Seal)          By: ___________________________
                              Name:
                              Title:

Attest:

Name
Title:

Signed, sealed and delivered by

BANK ONE, NATIONAL ASSOCIATION,
in the presence of

_________________________________
Name:

_________________________________
Name:

<PAGE>

                              STATE OF ILLINOIS
                                                SS:

Acknowledgment of         On this _____ day of August, 2003, before me, the
Execution by Trustee.     subscriber, a Notary Public within and for the County
                          of Cook, in the State of Illinois, personally appeared
                          ________________, to me personally known, who, being
                          by me duly sworn, did say that his business office is
                          located at 1 Bank One Plaza, Chicago, Illinois 60670,
                          and he is Vice President of BANK ONE, NATIONAL
                          ASSOCIATION, one of the corporations described in and
                          which executed the foregoing instrument; that he knows
                          the corporate seal of the said corporation and that
                          the seal affixed to said 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 that he
                          subscribed his name thereto by like authority; and
                          said ________________ acknowledged said instrument to
                          be the free act and deed of said corporation.

(Notarial Seal)           _______________________________________
                          Notary Public, State of Illinois
                          No.
                          Qualified in Cook County
                          Commission Expires _____________

<PAGE>

                              STATE OF MICHIGAN
                                                SS:

                              COUNTY OF WAYNE.

Affidavit as to           ____________ being duly sworn, says: that he is the
Consideration and Good    Assistant Treasurer of THE DETROIT EDISON COMPANY, the
Faith.                    Mortgagor named in the foregoing instrument, and that
                          he has knowledge of the facts in regard to the making
                          of said instrument and of the consideration therefor;
                          that the consideration for said instrument was and is
                          actual and adequate, and that the same was given in
                          good faith for the purposes in such instrument set
                          forth.

                          _________________________________
                          Name:

Sworn to before me this ____ day of August, 2003

_____________________________
_____________________, Notary
_____________________________
My Commission Expires:_______
(Notarial Seal)<PAGE>

                                                                   EXHIBIT 4-236

                                                                  EXECUTION COPY

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

                           THE DETROIT EDISON COMPANY
                                       AND
                  BANK ONE TRUST COMPANY, NATIONAL ASSOCIATION
                                     TRUSTEE

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

                         TWELFTH SUPPLEMENTAL INDENTURE

                           DATED AS OF AUGUST 1, 2003

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

                  SUPPLEMENTING THE COLLATERAL TRUST INDENTURE
                            DATED AS OF JUNE 30, 1993
                                  PROVIDING FOR
                          5 1/2% SENIOR NOTES DUE 2030

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

<PAGE>

         SUPPLEMENTAL INDENTURE, dated as of the 1st day of August 2003, between
THE DETROIT EDISON COMPANY, a corporation organized and existing under the laws
of the State of Michigan (the "Company"), and BANK ONE TRUST COMPANY, NATIONAL
ASSOCIATION, a national banking association organized under the laws of the
United States of America, having its principal office in The City of Columbus,
Ohio, as trustee (the "Trustee");

         WHEREAS, the Company has heretofore executed and delivered to the
Trustee a Collateral Trust Indenture dated as of June 30, 1993 (the "Original
Indenture"), as supplemented, providing for the issuance by the Company from
time to time of its debt securities; and

         WHEREAS, the Company now desires to provide for the issuance of an
additional series of its senior debt securities pursuant to the Original
Indenture to secure its obligations to XL Capital Assurance Inc., an insurance
company incorporated under the laws of the State of New York ("XLCA"), under
that certain Insurance Agreement dated August 28, 2003 (the "2003A Insurance
Agreement") between the Company and XLCA relating to the financial guaranty
insurance policy, No. CA00678A, issued by XLCA with respect to the Michigan
Strategic Fund Limited Obligation Refunding Revenue Bonds (The Detroit Edison
Company Exempt Facilities Project), Series 2003A (the "2003A Bonds"); and

         WHEREAS, the Company intends hereby to designate series of debt
securities which shall have the benefit of the provisions of Article Four of the
Original Indenture and the other related provisions of the Original Indenture
relating to the grant of security, subject to the release provisions provided
for herein, and which shall have the terms and variations from the provisions of
the Original Indenture as set forth herein; and

         WHEREAS, the Company, in the exercise of the power and authority
conferred upon and reserved to it under the provisions of the Original
Indenture, including Section 1001 thereof, and pursuant to appropriate
resolutions of the Board of Directors, has duly determined to make, execute and
deliver to the Trustee this Twelfth Supplemental Indenture to the Original
Indenture as permitted by Sections 201 and 301 of the Original Indenture in
order to establish the form or terms of, and to provide for the creation and
issue of, a series of its debt securities under the Original Indenture, which
shall be known as the 5 1/2% Senior Notes due 2030; and

         WHEREAS, all things necessary to make such debt securities, when
executed by the Company and authenticated and delivered by the Trustee or any
Authenticating Agent and issued upon the terms and subject to the conditions
hereinafter and in the Original Indenture set forth against payment therefor,
the valid, binding and legal obligations of the Company and to make this
Supplemental Indenture a valid, binding and legal agreement of the Company, have
been done;

         NOW, THEREFORE, THIS TWELFTH SUPPLEMENTAL INDENTURE WITNESSETH that, in
order to establish the terms of series of debt securities, and for and in
consideration of the premises and of the covenants contained in the Original
Indenture and in this Twelfth Supplemental Indenture and for other good and
valuable consideration the receipt and sufficiency of which are hereby
acknowledged, it is mutually covenanted and agreed as follows:

<PAGE>

                                   ARTICLE ONE

                              DEFINITIONS AND OTHER
                        PROVISIONS OF GENERAL APPLICATION

         SECTION 1.01. Definitions. Each capitalized term that is used herein
and is defined in the Original Indenture shall have the meaning specified in the
Original Indenture unless such term is otherwise defined herein. The following
terms shall have the respective meanings set forth below:

         "Bond Indenture" means the 2003A Bond Indenture.

         "Bond Trustee" means Bank One Trust Company, National Association, as
trustee under the 2003A Bond Indenture.

         "Business Day" means any day other than a day on which banking
institutions in The State of New York or the State of Michigan are authorized or
obligated pursuant to law or executive order to close.

         "Capitalization" means the total of all the following items appearing
on, or included in, the consolidated balance sheet of the Company: (i)
liabilities for indebtedness maturing more than 12 months from the date of
determination; and (ii) common stock, common stock expense, accumulated other
comprehensive income or loss, preferred stock, preference stock, premium on
capital stock and retained earnings (however the foregoing may be designated),
less, to the extent not otherwise deducted, the cost of shares of capital stock
of the Company held in its treasury, if any. Subject to the foregoing,
Capitalization shall be determined in accordance with generally accepted
accounting principles and practices applicable to the type of business in which
the Company is engaged and approved by the independent accountants regularly
retained by the Company, and may be determined as of a date not more than 60
days prior to the happening of the event for which the determination is being
made.

         "Debt" means any outstanding debt for money borrowed evidenced by
notes, debentures, bonds or other securities, or guarantees of any debt.

         "Net Tangible Assets" means the amount shown as total assets on the
consolidated balance sheet of the Company, less (i) intangible assets including,
but without limitation, such items as goodwill, trademarks, trade names,
patents, unamortized debt discount and expense and other regulatory assets
carried as an asset on the Company's consolidated balance sheet, and (ii)
appropriate adjustments, if any, on account of minority interests. Net Tangible
Assets shall be determined in accordance with generally accepted accounting
principles and practices applicable to the type of business in which the Company
is engaged and approved by the independent accountants regularly retained by the
Company, and may be determined as of a date not more than 60 days prior to the
happening of the event for which such determination is being made.

         "Operating Property" means (i) any interest in real property owned by
the Company and (ii) any asset owned by the Company that is depreciable in
accordance with generally accepted accounting principles, excluding, in either
case, any interest of the Company as lessee under any lease (except for a lease
that results from a Sale and Lease-Back Transaction) that has been or would be
capitalized on the books of the lessee in accordance with generally accepted
accounting principles.

<PAGE>

         "Pledged Bonds" means the related series of Bonds and any other
Mortgage Bonds issued to secure Securities subject to the release provisions
provided herein or in any other supplemental indenture to the Original
Indenture.

         "Release Date" means the date as of which all Mortgage Bonds, (i) other
than the Pledged Bonds, including the related series of Bonds, and (ii) other
than outstanding Mortgage Bonds (exclusive of Pledged Bonds), which do not in
aggregate principal amount exceed the greater of 5% of the Net Tangible Assets
of the Company or 5% of the Capitalization of the Company, have been retired
through payment, redemption or otherwise, provided that no default or Event of
Default has occurred and, at such time, is continuing under the Original
Indenture.

         "Sale and Lease-Back Transaction" means any arrangement with any person
providing for the leasing to the Company of any Operating Property (except for
leases for a term, including any renewal or potential renewal, of not more than
48 months), which Operating Property has been or is to be sold or transferred by
the Company to the person; provided, however, Sale and Lease-Back Transaction
shall not include any arrangement first entered into prior to the date hereof
and shall not include any transaction pursuant to which the Company sells
Operating Property to, and thereafter purchase energy or services from, any
entity, which transaction is ordered or authorized by any regulatory authority
having jurisdiction over the Company or its operations or is entered into
pursuant to any plan or program of industry restructuring ordered or authorized
by any such regulatory authority.

         "Substitute Mortgage" means a mortgage indenture of the Company, other
than the Mortgage, designated by the Company to the Trustee as a Substitute
Mortgage pursuant to Section 4.03 hereof.

         "Substitute Mortgage Bonds" means any mortgage bonds issued by the
Company under a Substitute Mortgage and delivered to the Trustee pursuant to
Section 4.03 hereof or pursuant to the comparable provision of any other
supplemental indenture relating to Securities subject to the release provisions.

         "2003A Bond Indenture" means the Trust Indenture dated as of August 1,
2003 between Michigan Strategic Fund and the Bond Trustee relating to the 2003A
Bonds.

         "Value" means, with respect to a Sale and Lease-Back Transaction, as of
any particular time, the amount equal to the greater of (i) the net proceeds to
the Company from the sale or transfer of the property leased pursuant to the
Sale and Lease-Back Transaction or (ii) the net book value of the property, as
determined by the Company in accordance with generally accepted accounting
principles at the time of entering into the Sale and Lease-Back transaction, in
either case multiplied by a fraction, the numerator of which shall be equal to
the number of full years of the term of the lease that is part of the Sale and
Lease-Back Transaction remaining at the time of determination and the
denominator of which shall be equal to the number of full years of the term,
without regard, in any case, to any renewal or extension options contained in
the lease.

         SECTION 1.02. Section References. Each reference to a particular
section set forth in this Supplemental Indenture shall, unless the context
otherwise requires, refer to this Supplemental Indenture.

<PAGE>

                                   ARTICLE TWO

                        TITLE AND TERMS OF THE SECURITIES

         SECTION 2.01. Title of the Securities; Stated Maturity. This
Supplemental Indenture hereby establishes a series of Securities, which shall be
known as the Company's "5 1/2% Senior Notes due 2030" (the "Notes"). For
purposes of the Original Indenture, the Notes shall constitute a single series
of Securities. The Stated Maturity on which the principal of the Notes shall be
due and payable will be June 1, 2030. The Notes are being issued to secure the
Company's obligations to XLCA under the 2003A Insurance Agreement.

         SECTION 2.02. Certain Variations from the Original Indenture. (a) The
Notes shall have the benefit of the provisions of the Original Indenture
including (for avoidance of doubt and not for purposes of limitation) the
Granting Clause, the definitions of "Deliverable Mortgage Bonds," "Deliverable
Securities," "Designated Mortgage Bonds," "Grant," "Mortgage," "Mortgage Bonds,"
"Mortgage Trustee," "Previously Delivered Mortgage Bonds," and "Trust Estate,"
Section 301 (20), Section 301 (a), Sections 301 (b), Section 301 (d), and
Article VI, subject, in each case, to the release provisions provided for in
Section 4.02 herein. In addition, on and after the Release Date, unless
Substitute Mortgage Bonds are issued to secure the Notes, the Notes shall have
the benefit of the additional covenants set forth in Article Three hereof.

         (b) In the event the Company desires to provide for the payment of the
Notes, in lieu of defeasing such Notes in accordance with Section 5.03 of the
Original Indenture, it shall either redeem an equal principal amount of the
2003A Bonds or take such action as shall be required by Section 2.04 of the
2003A Bond Indenture to defease an equal principal amount of the 2003A Bonds.
Pursuant to Section 2.03(c) hereof, such redemption or defeasance shall result
in the discharge of the Company's obligation with respect to such Notes and the
cancellation of such Notes.

         (c) Any amount payable by the Company in respect of principal of the
Notes whether at maturity or prior to maturity by redemption or upon redemption
or acceleration or otherwise, in a circumstance where there has not been a
corresponding payment of principal of 2003A Bonds shall be applied
simultaneously to the redemption or defeasance of any equal principal amount of
2003A Bonds in accordance with the 2003A Bond Indenture. In the event the amount
so paid is insufficient to provide for such redemption or defeasance, the
Company shall pay such additional amounts as shall be necessary to make up the
deficiency.

         SECTION 2.03. Amount, Assignability and Redemption.

         (a) The aggregate principal amount of Notes that may be issued under
this Supplemental Indenture is limited to $49,000,000 (except as provided in
Section 301(2) of the Original Indenture). The Notes shall be issuable only in
fully registered form and, as permitted by Section 301 and Section 302 of the
Original Indenture, in denominations of $1,000 and integral multiples thereof to
XLCA. The Notes shall not be assignable or transferable except as may be
required to effect a transfer to any successor insurer for the 2003A Bonds.

         (b) The Notes may bear such legends as may be necessary to refer to the
2003A Insurance Agreement between the Company and XLCA or to comply with any law
or with any rules or regulations made pursuant thereto or to evidence the
limited assignability.

<PAGE>

         (c) Upon payment of the principal or premium, if any, or interest on
the 2003A Bonds, whether at maturity or prior to maturity by redemption or
otherwise, or upon provision for the payment thereof having been made in
accordance with Article I or IV of the 2003A Bond Indenture, Notes in a
principal amount equal to the principal amount of the related Bonds shall, to
the extent of such payment of principal, premium or interest, be deemed fully
paid and the obligation of the Company thereunder to make such payment shall
forthwith cease and be discharged, and, in the case of the payment of principal
and premium, if any, such Notes shall be surrendered for cancellation or
presented for appropriate notation to the Trustee.

         (d) The Notes shall be redeemed on the dates and in the respective
principal amounts which correspond to the redemption date for, and the principal
amount to be redeemed of, the 2003A Bonds.

         (e) In the event of an Event of Default under the Bond Indenture and
the acceleration of the 2003A Bonds, the related Notes shall be redeemable in
whole upon receipt by the Trustee of a written demand (Redemption Demand) from
XLCA indicating that it has paid the accelerated principal.

         SECTION 2.04. Certain Terms of the Notes.

         (a) The Notes shall bear interest at the rate of 5 1/2% per annum on
the respective principal amount thereof, from August 28, 2003, or from the most
recent Interest Payment Date to which interest has been paid or duly provided
for, until the principal of such series of Notes becomes due and payable, and on
any overdue principal and premium and (to the extent that payment of such
interest is enforceable under applicable law) on any overdue installment of
interest at the same rate per annum during such overdue period. Interest on the
Notes will be payable semiannually in arrears on June 1 and December 1 of each
year (each such date, an "Interest Payment Date"), commencing December 1, 2003.
Payment of interest on the 2003A Bonds shall be deemed to constitute payment on
the related series of Notes. The amount of interest payable for any period shall
be computed on the basis of twelve 30-day months and a 360-day year.

         (b) In the event that any Interest Payment Date, redemption date or
other date of Maturity of the Notes is not a Business Day, then payment of the
amount payable on such date will be made on the next succeeding day which is a
Business Day (and without any interest or other payment in respect of any such
delay), in each case with the same force and effect as if made on such date. The
interest installment so payable, and punctually paid or duly provided for, on
any Interest Payment Date with respect to any Note will, as provided in the
Original Indenture, be paid to the person in whose name the Note (or one or more
Predecessor Securities, as defined in said Indenture) is registered at the close
of business on the relevant record date for such interest installment, which
shall be the fifteenth calendar day (whether or not a Business Day) prior to the
relevant Interest Payment Date (the "Regular Record Date"). Any such interest
installment not punctually paid or duly provided for shall forthwith cease to be
payable to the registered Holders on such Regular Record Date, and may either be
paid to the person in whose name the Note (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date to
be fixed by the Trustee for the payment of such defaulted interest, notice
whereof shall be given to the registered Holders of the applicable series of
Notes not less than ten days prior to such Special Record Date, or may be paid
at any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Notes may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in the Original
Indenture. The principal of, and premium, if any, and the interest on the Notes
shall be payable at the office

<PAGE>

or agency of the Company maintained for that purpose in the Borough of
Manhattan, The City of New York, in any coin or currency of the United States of
America that at the time of payment is legal tender for payment of public and
private debts; provided, however, that payment of interest may be made at the
option of the Company by check mailed to the registered Holder at the close of
business on the Regular Record Date at such address as shall appear in the
Security Register.

         (c) The Notes are not subject to repayment at the option of the Holders
thereof and are not subject to any sinking fund, except to the extent that XLCA,
or its successor in interest, may have exercised its rights pursuant to Section
2.03 hereof. As provided in the form of Note attached hereto as Exhibit A, the
Notes are subject to Optional Redemption and Extraordinary Optional Redemption,
as a whole or in part, and Special Optional Redemption, in whole, by the Company
prior to Stated Maturity of the principal thereof upon the same terms as the
2003A Bonds. Except as modified in the form of the Notes, redemptions shall be
effected in accordance with Article Twelve of the Original Indenture.

         (d) The Notes shall have such other terms and provisions as are set
forth in the form of Note attached hereto as Exhibit A (which is incorporated by
reference in and made a part of this Supplemental Indenture as if set forth in
full at this place).

         SECTION 2.05. Form of Notes. Attached hereto as Exhibit A is the form
of the definitive 5 1/2% Notes. If the Company elects to have the Notes secured
by Substitute Mortgage Bonds on and after the Release Date, the terms of the
Notes shall be amended to make appropriate reference to the Substitute Mortgage
and the Substitute Mortgage Bonds; provided, that the consent of Holders shall
not be required in connection with such amendment.

                                  ARTICLE THREE

                              ADDITIONAL COVENANTS

         SECTION 3.01. Limitations on Liens. (a) From and after the Release
Date, unless Substitute Mortgage Bonds are issued to secure the Notes, so long
as any Notes are outstanding, the Company may not issue, assume, guarantee
(including any contingent obligation to purchase) or permit to exist any Debt
that is secured by any mortgage, security interest, pledge or lien ("Lien") of
or upon any Operating Property owned by the Company, whether owned at the
Release Date or subsequently acquired, without effectively securing the Notes
(together with, if the Company shall so determine, any other indebtedness of the
Company ranking equally with the Notes) equally and ratably with the Debt (but
only so long as the Debt is so secured).

         The foregoing restriction will not apply to:

         (i)      Liens on any Operating Property existing at the time of its
                  acquisition and not created in contemplation of the
                  acquisition;

         (ii)     Liens on Operating Property of a corporation existing at the
                  time the corporation is merged into or consolidated with the
                  Company, or at the time the corporation disposes of
                  substantially all of its properties (or those of a division)
                  to the Company, provided that the Lien is not extended to
                  property owned by the Company immediately prior to the merger,
                  consolidation or other disposition and is not created in
                  contemplation of the merger, consolidation or other
                  disposition;

<PAGE>

         (iii)    Liens on Operating Property to secure the cost of acquisition,
                  construction, development or substantial repair, alteration or
                  improvement of such property or to secure indebtedness
                  incurred to provide funds for any of these purposes or for
                  reimbursement of funds previously expended for any of these
                  purposes, provided the Liens are created or assumed
                  contemporaneously with, or within 18 months after, the
                  acquisition or the completion of substantial repair or
                  alteration, construction, development or substantial
                  improvement or within 6 months thereafter pursuant to a
                  commitment for financing arranged with a lender or investor
                  within such 18-month period;

         (iv)     Liens in favor of the United States or any state or any
                  department, agency or instrumentality or political subdivision
                  of the United States or any state, or for the benefit of
                  holders of securities issued by any of these entities, to
                  secure any Debt incurred for the purpose of financing all or
                  any part of the purchase price or the cost of substantially
                  repairing or altering, constructing, developing or
                  substantially improving the Operating Property of the Company;
                  or

         (v)      Any extension, renewal or replacement (or successive
                  extensions, renewals or replacements), in whole or in part, of
                  any Lien referred to in the exceptions listed above, provided,
                  however, that the principal amount of Debt secured thereby and
                  not otherwise authorized by those exceptions listed above
                  shall not exceed the principal amount of Debt, plus any
                  premium or fee payable in connection with any such extension,
                  renewal or replacement, so secured at the time of such
                  extension, renewal or replacement.

         (b) In addition, notwithstanding the foregoing restrictions, from and
after the Release Date, the Company may issue, assume or guarantee Debt secured
by a Lien which would otherwise be subject to the foregoing restrictions up to
an aggregate amount which, together with all other of the Company's secured Debt
(not including secured Debt permitted under any of the foregoing exceptions) and
the Value of Sale and Lease-Back Transactions existing at such time (other than
Sale and Lease-Back Transactions the proceeds of which have been applied to the
retirement of certain indebtedness, Sale and Lease-Back Transactions in which
the property involved would have been permitted to be subjected to a Lien under
any of the foregoing exceptions, and Sale and Lease-Back Transactions that are
permitted by the first sentence of Section 3.02 below), does not exceed the
greater of 10% of the Company's Net Tangible Assets or 10% of the Company's
Capitalization. The foregoing restrictions do not limit the Company's ability to
place Liens on (i) the capital stock of any of the Company's subsidiaries or
(ii) the assets of any of the Company's subsidiaries.

         SECTION 3.02. Limitations on Sale and Lease-Back Transactions. So long
as the Notes are outstanding from and after the Release Date, unless Substitute
Mortgage Bonds are issued to secure the Notes, the Company may not enter into or
permit to exist any Sale and Lease-Back Transaction with respect to any
Operating Property (except for leases for a term, including any renewal or
potential renewal, of not more than 48 months), if the purchaser's commitment is
obtained more than 18 months after the later of the completion of the
acquisition, construction or development of the Operating Property or the
placing in operation of the Operating Property or of the Operating Property as
constructed or developed or substantially repaired, altered or improved. This
restriction will not apply if (a) the Company would be entitled pursuant to
Section 3.01(a) above to issue, assume, guarantee or permit to exist Debt
secured by a Lien on the Operating Property without equally and ratably securing
the Notes, (b) after giving effect to the Sale and Lease-Back Transaction,
pursuant to Section 3.01(b) above, the Company could incur, at least $1.00 of
additional Debt secured by Liens (other than Liens permitted by clause (a)), or
(c) the

<PAGE>

Company applies within 180 days an amount equal to, in the case of a sale or
transfer for cash, the net proceeds (not less than the fair value of the
Operating Property so leased), and, otherwise, an amount equal to the fair value
(as determined by the Board of Directors of the Company) of the Operating
Property so leased to the retirement of Notes or other Debt of the Company
ranking equally with the Notes; provided, however, that any such retirement of
Notes shall be in accordance with the terms and provisions of the Indenture and
the Notes; provided, further, that the amount to be applied to such retirement
of Notes or other Debt shall be reduced by an amount equal to the sum of (a) an
amount equal to the redemption price with respect to Notes delivered within such
one hundred eighty (180)-day period to the Trustee for retirement and
cancellation and (b) the principal amount, plus any premium or fee paid in
connection with any redemption in accordance with the terms of other Debt
voluntarily retired by the Company within such one hundred eighty (180)-day
period, excluding in each case retirements pursuant to mandatory sinking fund or
prepayment provisions and payments at maturity.

         SECTION 3.03. Waiver. Section 1109 of the Original Indenture shall
apply to the covenants set forth in Sections 3.01 and 3.02 above at any time
such covenants are in effect.

                                  ARTICLE FOUR

                         SECURITY AND RELEASE PROVISIONS

         SECTION 4.01. Security. Subject to Section 4.02 below, as provided in
and pursuant to Article Four of the Original Indenture, the Notes will be
secured as to payments of principal, interest and premium, if any, by a series
of Mortgage Bonds (the "General and Refunding Mortgage Bonds, 2003 Series A",
the "Bonds," the "Bonds of the related series" or the "related series of Bonds")
of the Company to be issued concurrently with the issuance of the Notes under
and secured by a Mortgage and Deed of Trust, dated as of October 1, 1924,
between the Company and Bank One, National Association, as successor trustee
(the "Mortgage Trustee"), as amended and supplemented by various supplemental
indentures, including the supplemental indenture, dated as of August 1, 2003,
creating the Bonds (collectively, the "Mortgage"), pledged by the Company for
the benefit of the Holders of the respective series of Notes to the Trustee
under this Supplemental Indenture. The Bonds shall be issued in an aggregate
principal amount equal to the aggregate principal amount of the Notes.

         SECTION 4.02. Release. Until the Release Date and subject to Article
Four of the Original Indenture, the Bonds of the related series issued and
delivered to the Trustee shall serve as security for any and all obligations of
the Company under all Notes of the applicable series from time to time
Outstanding, including, but not limited to (1) the full and prompt payment of
the principal and premium, if any, on such Notes when and as the same shall
become due and payable in accordance with the terms and provisions of the
Indenture or such Notes, either at the Stated Maturity thereof, upon
acceleration of the maturity thereof, upon redemption, or otherwise, and (2) the
full and prompt payment of any interest on such Notes when and as the same shall
become due and payable in accordance with the terms and provisions of this
Indenture or the Notes including, if and to the extent provided for in such
Notes, interest on overdue installments of principal and (to the extent
permitted by law) interest on overdue installments of interest.

         Each supplemental indenture to the Mortgage pursuant to which any Bonds
are issued shall contain a provision to the effect that any payment by the
Company hereunder of principal of or premium or interest on Notes which shall
have been authenticated and delivered in connection with the issuance and
delivery to the Trustee of such Bonds (other than by the application of the

<PAGE>

proceeds of a payment in respect of such Bonds) shall to the extent thereof, be
deemed to satisfy and discharge the obligation of the Company, if any, to make a
payment of principal, premium or interest, as the case may be, in respect of
such Bonds which is then due.

         Notwithstanding anything in the Original Indenture to the contrary,
from and after the Release Date, the obligation of the Company to make payment
with respect to the principal of and premium, if any, and interest on the Bonds
shall be deemed satisfied and discharged as provided in the supplemental
indenture or indentures to the Mortgage creating such Bonds and the Bonds shall
cease to secure in any manner Notes theretofore or subsequently issued; the
Trustee shall thereupon surrender the Bonds to the Mortgage Trustee for
cancellation and execute and deliver such proper instruments of release as may
be required. From and after the Release Date, all Notes, whether theretofore or
subsequently issued, shall, at the Company's option, either (i) become unsecured
or (ii) be secured by Substitute Mortgage Bonds pursuant to Section 4.03 below,
and any conditions to the issuance of Notes that refer or relate to Bonds or the
Mortgage shall be inapplicable (except as such conditions shall be deemed to
refer to Substitute Mortgage Bonds or a Substitute Mortgage pursuant to Section
4.03 below). From and after the Release Date, the Company shall not issue any
additional Mortgage Bonds, including Pledged Bonds, under the Mortgage. Notice
of the occurrence of the Release Date shall be given by the Trustee to the
Holders of the Notes in the manner provided for in the Original Indenture not
later than 30 days after the Company notifies the Trustee of the occurrence of
the Release Date.

         In connection with the establishment of the occurrence of the Release
Date, the Trustee shall be entitled to receive, may presume the correctness of,
and shall be fully protected in relying upon, an Officers' Certificate
designating the Release Date and stating that the conditions to the occurrence
of the Release Date have been satisfied.

         When the obligation of the Company to make payments with respect to the
principal of, and premium, if any, and interest on all or any part of the Bonds
shall be satisfied or deemed satisfied pursuant to the Original Indenture or
pursuant to this Supplemental Indenture, the Trustee shall, upon written request
of the Company, deliver to the Company without charge therefor all of the Bonds
so satisfied or deemed satisfied, together with such appropriate instruments of
transfer or release as may be reasonably requested by the Company. All Bonds
delivered to the Company in accordance with this Section shall be delivered by
the Company to the Mortgage Trustee for cancellation.

         SECTION 4.03. Substitute Mortgage Bonds.

         (a) The Company shall notify the Trustee not less than 90 days prior to
the Release Date (or such shorter period as the Company and the Trustee may
agree) that the Company has determined to deliver to the Trustee on the Release
Date Substitute Mortgage Bonds in an aggregate principal amount equal to the
aggregate principal amount of Notes and any other Securities subject to the
release provisions Outstanding on the Release Date, in trust for the benefit of
the Holders from time to time of the Notes and any other Securities subject to
the release provisions issued under the Original Indenture, as supplemented, as
security for any and all obligations of the Company under the Notes and any
other Securities subject to the release provisions, including but not limited
to, (1) the full and prompt payment of the principal of and premium, if any, on
the Notes and any other Securities subject to the release provisions when and as
the same shall become due and payable in accordance with the terms and
provisions of the Original Indenture, as supplemented, or the Notes or such
other Securities subject to the release provisions, either at the stated
maturity thereof, upon acceleration of the maturity thereof or upon redemption,
and (2) the

<PAGE>

full and prompt payment of any interest on the Notes and any other Securities
subject to the release provisions when and as the same shall become due and
payable in accordance with the terms and provisions of the Original Indenture,
as supplemented, or the Notes or such other Securities subject to the release
provisions.

         (b) The Substitute Mortgage Bonds to be delivered pursuant to the
notice described in Section 4.03(a) shall be delivered in separate series and
issues corresponding to the series and issues of Notes and other Securities
subject to the release provisions Outstanding on the Release Date, each series
or issue of Substitute Mortgage Bonds having the same stated rate or rates of
interest (or interest calculated in the same manner), Interest Payment Dates,
stated maturity date and redemption provisions, and in the same aggregate
principal amount, as the related series or issue of Notes or other Securities
subject to the release provisions outstanding on the Release Date. The Company
shall enter into a Substitute Mortgage for the issuance of Substitute Mortgage
Bonds, and designate it as such in the notice.

         (c) The notice described in Section 4.03(a) shall also state that on
the Release Date the Company shall deliver to the Trustee a supplemental
indenture to the Original Indenture that will provide, among other things, that
upon the issuance of Notes and other Securities subject to the release
provisions on or after the Release Date, the Company shall deliver to the
Trustee in trust for the benefit of the Holders as described in Section 4.03(a)
hereof, and the Trustee shall accept therefor, related series of Substitute
Mortgage Bonds registered in the name of the Trustee and conforming to the
requirements therein specified.

         (d) The determination whether to deliver Substitute Mortgage Bonds
shall be made in the Company's sole discretion and without any obligation to do
so.

         (e) In the event that the Company does not deliver the notice described
in Section 4.03(a), the Notes and other Securities subject to the release
provisions Outstanding on the Release Date shall, as of the Release Date, no
longer be entitled to the benefit of the pledge of the Pledged Bonds and shall
thereafter be general unsecured obligations of the Company.

         (f) Article Four and related provisions of the Original Indenture shall
apply to Substitute Mortgage Bonds pledged to the Trustee hereunder and the
provisions thereof shall be deemed to refer to the Substitute Mortgage and the
Substitute Mortgage Bonds. If the Company elects to have the Notes secured by
Substitute Mortgage Bonds on and after the Release Date, Article Four and
related provisions may be amended to make appropriate reference to the
Substitute Mortgage and the Substitute Mortgage Bonds; provided, that the
consent of Holders shall not be required in connection with such amendment.

         SECTION 4.04. Events of Default.

         (a) On and after the Release Date, Section 601(8) of the Original
Indenture shall no longer apply to the Notes.

         (b) On and after the Release Date, if the Notes become secured by
Substitute Mortgage Bonds pursuant to Section 4.03 above, the occurrence of a
"default" (as defined in the Substitute Mortgage) shall constitute an Event of
Default under Section 601 of the Original Indenture with respect to the Notes
and the references in Section 601(4) of the Original Indenture and related
provisions to "Mortgage Bonds" shall be deemed to refer to "Substitute Mortgage
Bonds."

<PAGE>

                                  ARTICLE FIVE

                            MISCELLANEOUS PROVISIONS

         The Trustee makes no undertaking or representations in respect of, and
shall not be responsible in any manner whatsoever for and in respect of, the
validity or sufficiency of this Tenth Supplemental Indenture or the proper
authorization or the due execution hereof by the Company or for or in respect of
the recitals and statements contained herein, all of which recitals and
statements are made solely by the Company.

         Except as expressly amended hereby and by the supplemental indenture
appointing the Trustee as successor trustee, the Original Indenture shall
continue in full force and effect in accordance with the provisions thereof and
the Original Indenture is in all respects hereby ratified and confirmed. This
Twelfth Supplemental Indenture and all its provisions shall be deemed a part of
the Original Indenture in the manner and to the extent herein and therein
provided.

         This Twelfth Supplemental Indenture and the Notes shall be governed by,
and construed in accordance with, the laws of the State of New York.

         This Twelfth Supplemental Indenture 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.

<PAGE>

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

                                             THE DETROIT EDISON COMPANY

                                             By: _______________________________
                                             Name:  J. F. Tompkins
                                             Title: Assistant Treasurer

ATTEST:

By:_________________________________
Name:  Susan M. Beale
Title: Vice President and Corporate
       Secretary

<PAGE>

                                             BANK ONE TRUST COMPANY,
                                             NATIONAL ASSOCIATION, as Trustee

                                             By:________________________________
                                             Name
                                             Title:

ATTEST:

By:_________________________________
Name:
Title:

<PAGE>

                                                                       EXHIBIT A

         THIS NOTE IS BEING ISSUED TO XL CAPITAL ASSURANCE INC., AN INSURANCE
COMPANY INCORPORATED UNDER THE LAWS OF THE STATE OF NEW YORK ("XLCA"), TO SECURE
THE OBLIGATIONS OF THE DETROIT EDISON COMPANY (THE "COMPANY") TO XLCA UNDER THAT
CERTAIN INSURANCE AGREEMENT DATED AS OF AUGUST 28, 2003 BETWEEN THE COMPANY AND
XLCA REFERRED TO HEREIN. THIS NOTE IS NOT TRANSFERABLE OR ASSIGNABLE EXCEPT AS
MAY BE REQUIRED TO EFFECT A TRANSFER TO A SUCCESSOR INSURER OF THE MICHIGAN
STRATEGIC FUND LIMITED OBLIGATION REFUNDING REVENUE BONDS (THE DETROIT EDISON
COMPANY EXEMPT FACILITIES PROJECT), SERIES 2003A

NO. R-1                                                           $49,000,000

                           THE DETROIT EDISON COMPANY

                          5 1/2% SENIOR NOTES DUE 2030

Principal Amount: $49,000,000

Authorized Denomination: $1,000

Regular Record Date: close of business on the 15th calendar day (whether or not
a Business Day) prior to the relevant Interest Payment Date

Original Issue Date: August 28, 2003

Stated Maturity: June 1, 2030

Interest Payment Dates: June 1 and December 1 of each year, commencing December
1, 2003

Interest Rate: 5 1/2% per annum

         THE DETROIT EDISON COMPANY, a corporation duly organized and existing
under the laws of the State of Michigan (the "Company", which term includes any
successor corporation under the Indenture hereinafter referred to), for value
received, hereby promises to pay to XL Capital Assurance Inc. or registered
assigns, at the office or agency of the Company in The City of New York, New
York, the principal sum of Forty-Nine Million Dollars ($49,000,000) on June 1,
2030 (the "Stated Maturity"), in the coin or currency of the United States, and
to pay interest thereon from the Original Issue Date shown above, or from the
most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually in arrears on each Interest Payment Date as
specified above, commencing on December 1, 2003, and on the Stated Maturity at
the rate per annum shown above (the "Interest Rate") until the principal hereof
is paid or made available for payment and on any overdue principal and premium
and on any overdue installment of interest. The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as
provided in the Indenture, be paid to the Person in whose name this Note (or one
or more Predecessor Securities) is registered on the Regular Record Date as
specified above next preceding such Interest Payment Date. This note is being
issued to XL Capital Assurance Inc., an insurance company incorporated under New
York law ("XLCA"), to secure the Company's obligations to XLCA under that
certain Insurance Agreement dated as of August 28,

<PAGE>

2003 (the "Insurance Agreement") between the Company and XLCA relating to
Financial Guaranty Insurance Policy No. CA006787A issued by XLCA with respect to
the Michigan Strategic Fund Limited Obligation Refunding Revenue Bonds (The
Detroit Edison Company Exempt Facilities Project), Series 2003A (the "2003A
Bonds"), which are issued under the Trust Indenture dated as of August 1, 2003
(the "2003A Bond Indenture") between Michigan Strategic Fund and Bank One Trust
Company, National Association, as trustee. Except as otherwise provided in the
Indenture, any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may
either 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 Holders of Notes of
this series not less than 10 days prior to such Special Record Date, or be paid
at any time in any other lawful manner not inconsistent with the requirements of
any securities exchange, if any, on which the Notes of this series shall be
listed, and upon such notice as may be required by any such exchange, all as
more fully provided in the Indenture.

         Payments of interest on this Note will include interest accrued to but
excluding the respective Interest Payment Dates. Interest payments for this Note
shall be computed and paid on the basis of a 360-day year of twelve 30-day
months. The Company shall pay interest on overdue principal and premium, if any,
and, to the extent lawful, on overdue installments of interest at the rate per
annum borne by this Note. In the event that any Interest Payment Date,
Redemption Date or Maturity Date is not a Business Day, then the required
payment of principal, premium, if any, and interest 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). "Business Day" means any day other than a day on
which banking institutions in the State of New York or the State of Michigan are
authorized or obligated pursuant to law or executive order to close.

         Payment of principal of, premium, if any, and interest on the Notes
shall be made in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts.
Payments of principal, premium, if any, and interest due at the Stated Maturity
or earlier redemption of such Securities shall be made at the office of the
Paying Agent upon surrender of such Securities to the Paying Agent. Payments of
interest shall be made, at the option of the Company, subject to such surrender
where applicable, by check mailed to the address of the Person entitled thereto
as such address shall appear in the Security Register.

         UNTIL THE RELEASE DATE (AS DEFINED BELOW), THIS NOTE SHALL BE SECURED
BY GENERAL AND REFUNDING MORTGAGE BONDS (THE "MORTGAGE BONDS") ISSUED AND
DELIVERED BY THE COMPANY TO THE TRUSTEE (AS DEFINED BELOW) UNDER THE COMPANY'S
SUPPLEMENTAL INDENTURE DATED AS OF AUGUST 1, 2003, SUPPLEMENTING THE MORTGAGE
AND DEED OF TRUST DATED AS OF OCTOBER 1, 1924 BETWEEN THE COMPANY AND BANK ONE,
NATIONAL ASSOCIATION (THE "MORTGAGE TRUSTEE"), PLEDGED BY THE COMPANY FOR THE
BENEFIT OF THE HOLDERS OF THE NOTES TO THE TRUSTEE UNDER THE INDENTURE (THE
"MORTGAGE"). ON THE RELEASE DATE, THE NOTES SHALL CEASE TO BE SECURED BY SUCH
MORTGAGE BONDS AND, AT THE COMPANY'S OPTION, SHALL EITHER (1) BECOME UNSECURED
GENERAL OBLIGATIONS OF THE COMPANY OR (2) BE SECURED BY SUBSTITUTE MORTGAGE
BONDS UNDER A SUBSTITUTE MORTGAGE.

<PAGE>

         This Note shall not be entitled to any benefit under the Indenture
hereinafter referred to, be valid or become obligatory for any purpose until the
Certificate of Authentication hereon shall have been signed by or on behalf of
the Trustee.

         Unless the Certificate of Authentication hereon has been executed by
the Trustee or a duly appointed Authentication Agent referred to herein, this
Note shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

         This Note is one of a duly authorized series of Securities of the
Company (herein sometimes referred to as the "Notes"), specified in the
Indenture, all issued or to be issued in one or more series under and pursuant
to a Collateral Trust Indenture dated as of June 30, 1993 (the "Original
Indenture") duly executed and delivered between the Company and Bank One Trust
Company, National Association, as Trustee (herein referred to as the "Trustee"),
as supplemented through and including a Twelfth Supplemental Indenture dated as
of August 1, 2003 (together with the Original Indenture, the "Indenture")
between the Company and the Trustee, to which Indenture and all indentures
supplemental thereto reference is hereby made for a description of the
respective rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the registered Holders of the Notes
and of the terms upon which the Notes are, and are to be, authenticated and
delivered.

         The Notes are not subject to repayment at the option of the Holders
thereof and are not subject to any sinking fund, except to the extent that XLCA,
or its successor in interest, may have exercised its rights pursuant to Section
2.03 of the aforesaid Twelfth Supplemental Indenture. The Notes are subject to
Optional Redemption and Extraordinary Optional Redemption, as a whole or in
part, and Special Optional Redemption, in whole, by the Company prior to Stated
Maturity of the principal thereof upon the same terms as the 2003A Bonds are
subject to redemption. Upon payment of the principal or premium, if any, on the
2003A Bonds, whether at maturity or prior to maturity by redemption or
otherwise, or upon provision for the payment thereof having been made in
accordance with Article I or IV of the 2003A Bond Indenture, or upon payment of
interest on the 2003A Bonds, Notes in a principal amount equal to the principal
amount of the 2003A Bonds so paid, or interest on Notes in an amount equal to
the interest on the 2003A Bonds so paid, as the case may be, shall, to the
extent of such payment, be deemed fully paid and the obligation of the Company
thereunder to make such payment shall forthwith crease and be discharged, and,
in the case of the payment of principal and premium, if any, such Notes shall be
surrendered for cancellation or presented for appropriate notation to the
Trustee.

         Notwithstanding the foregoing, installments of interest on this Note
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 registered
Holders as of the close of business on the relevant Record Date.

         Notice of any Optional, Extraordinary Optional or Special Optional
Redemption will be mailed at least 30 days but not more than 60 days before the
Optional, Extraordinary Optional or Special Optional Redemption Date, as the
case may be, to the Holder hereof at its registered address.

         Unless the Company defaults in payment of the applicable Redemption
Price, on and after the applicable Redemption Date interest will cease to accrue
on the principal amount of this Note called for redemption.

         If money sufficient to pay the applicable Redemption Price with respect
to the principal amount of and accrued interest on the principal amount of this
Note to be redeemed on the

<PAGE>

applicable Redemption Date is deposited with the Trustee or Paying Agent on or
before the related Redemption Date and certain other conditions are satisfied,
then on or after such date, interest will cease to accrue on the principal
amount of this Note called for redemption.

         If the Notes are only partially redeemed by the Company, the Trustee
shall select which Notes are to be redeemed in a manner it deems fair and
appropriate in accordance with the terms of the Indenture.

         In the event of redemption of this Note in part only, a new Note or
Notes of this series for the unredeemed portion hereof will be issued in the
name of the registered Holder hereof upon the cancellation hereof.

         In case an Event of Default, as defined in the Indenture, shall have
occurred and be continuing, the principal of all of the Notes may be declared,
and upon such declaration shall become, due and payable, in the manner, with the
effect and subject to the conditions provided in the Indenture.

         The Indenture contains provisions for defeasance at any time of the
entire indebtedness of this Note upon compliance by the Company with certain
conditions set forth therein. In the event the Company desires to provide for
the payment of Notes, in lieu of defeasing the Notes in accordance with the
Indenture, the Company shall either redeem an equal principal amount of 2003A
Bonds or take such action as shall be required by the 2003A Bond Indenture to
defease an equal principal amount of 2003A Bonds.

         Any amount payable by the Company in respect of principal of the Notes,
whether at maturity or prior to maturity by redemption or otherwise, in a
circumstance where there has not been a corresponding payment of principal of
2003A Bonds shall be applied simultaneously to the redemption or defeasance of
any equal principal amount of 2003A Bonds in accordance with the 2003A Bond
Indenture.

         The Indenture contains provisions permitting the Company and the
Trustee, with the consent of the registered Holders of not less than a majority
in aggregate principal amount of the outstanding Securities of each series
affected at the time, as defined in the Indenture, to execute supplemental
indentures for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Indenture or of any supplemental
indenture or of modifying in any manner the rights of the registered Holders of
the Securities; provided, however, that no such supplemental indenture shall (i)
extend the fixed maturity of any Securities of any series, or reduce the
principal amount thereof, or reduce the rate of or extend the time of payment of
interest thereon, or reduce any premium payable upon the redemption thereof,
without the consent of the registered Holder of each Security so affected or
(ii) reduce the aforesaid percentage of Securities, the registered Holders of
which are required to consent to any such supplemental indenture, without the
consent of the registered Holders of each Security then outstanding and affected
thereby. The Indenture also contains provisions permitting (i) the registered
Holders of at least 66 2/3% in aggregate principal amount of the Securities of
all series at the time outstanding affected thereby, on behalf of the registered
Holders of the Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and (ii) the registered Holders of a
majority in aggregate principal amount of the Securities of all series at the
time outstanding affected thereby, on behalf of the registered Holders of the
Securities of such series, to waive certain past defaults under the Indenture
and their consequences. Any such consent or waiver by the registered Holder of
this Note (unless revoked as provided in the Indenture) shall be conclusive and
binding upon such registered Holder and upon all future

<PAGE>

registered Holders and owners of this Note and of any Note issued in exchange
hereof or in place hereof (whether by registration of transfer or otherwise),
irrespective of whether or not any notation of such consent or waiver is made
upon this Note.

         No reference herein to the Indenture and no provision 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 interest on this Note at
the time and place and at the rate and in the coin or currency herein
prescribed.

         Prior to the Release Date, the Notes of this series shall be secured by
a series of Mortgage Bonds (the "Related Series of Bonds"), delivered by the
Company to the Trustee for the benefit of the Holders of the Notes. Reference is
made to the Mortgage and the Indenture for a description of the rights of the
Trustee as Holder of the Related Series of Bonds, the property mortgaged and
pledged under the 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 Related Series of Bonds are secured
and the circumstances under which additional Mortgage Bonds may be issued.

         FROM AND AFTER SUCH TIME AS ALL BONDS, OTHER THAN (1) PLEDGED BONDS,
INCLUDING THE RELATED SERIES OF BONDS, AND (2) MORTGAGE BONDS (EXCLUSIVE OF
PLEDGED BONDS), WHICH DO NOT IN AGGREGATE PRINCIPAL AMOUNT EXCEED THE GREATER OF
FIVE PERCENT (5%) OF NET TANGIBLE ASSETS OR FIVE PERCENT (5%) OF CAPITALIZATION,
HAVE BEEN RETIRED THROUGH PAYMENT, REDEMPTION OR OTHERWISE (INCLUDING THOSE
MORTGAGE BONDS THE PAYMENT FOR WHICH HAS BEEN PROVIDED FOR IN ACCORDANCE WITH
THE MORTGAGE) AT, BEFORE OR AFTER THE MATURITY THEREOF, PROVIDED THAT NO DEFAULT
OR EVENT OF DEFAULT HAS OCCURRED AND IS CONTINUING (THE "RELEASE DATE"), THE
RELATED SERIES OF BONDS SHALL CEASE TO SECURE THE NOTES IN ANY MANNER.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note is registrable in the Security Register of
the Company, upon surrender of this Note for registration of transfer at the
office or agency of the Company in any place where the principal of and any
interest on this Note are payable or at such other offices or agencies as the
Company may designate, duly endorsed by or accompanied by a written instrument
or instruments of transfer in form satisfactory to the Company and the Security
Registrar or any transfer agent duly executed by the registered Holder hereof or
his or her attorney duly authorized in writing, and thereupon one or more new
Notes of this series and of like tenor, of authorized denominations and for the
same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be made for any such transfer, but the
Company may require payment of a sum sufficient to cover any tax or other
governmental charge payable in relation thereto.

         Prior to due presentment for registration of transfer of this Note, the
Company, the Trustee, any paying agent and any Note Registrar may deem and treat
the registered Holder hereof as the absolute owner hereof (whether or not this
Note shall be overdue and notwithstanding any notice of ownership or writing
hereon made by anyone other than the Note Registrar) for the purpose of
receiving payment of or on account of the principal hereof and interest due
hereon and for all other purposes, and neither the Company nor the Trustee nor
any Paying Agent nor any Security Registrar shall be affected by any notice to
the contrary.

<PAGE>

         As set forth in, and subject to the provisions of, the Indenture, no
Holder of any Note will have any right to institute any proceeding with respect
to the Indenture or for any remedy thereunder, unless (i) such Holder shall have
previously given to the Trustee written notice of a continuing Event of Default
with respect to the Notes of this series, (ii) the Holders of not less than 25%
in principal amount of the outstanding Notes of this series shall have made
written request, and offered reasonable indemnity, to the Trustee to institute
such proceeding as trustee, (iii) the Trustee shall have failed to institute
such proceeding within 60 days and (iv) the Trustee shall not have received from
the Holders of a majority in principal amount of the outstanding Notes of this
series a direction inconsistent with such request within such 60-day period;
provided, however, that such limitations do not apply to a suit instituted by
the Holder hereof for the enforcement of payment of the principal of or any
interest on this Note on or after the respective due dates expressed herein.

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

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

                                             THE DETROIT EDISON COMPANY

                                             By:________________________________
                                             Name:  N.A. Khouri
                                             Title: Vice President and Treasurer

ATTEST:

By:_________________________________
Name:  Susan M. Beale
Title: Vice President and Corporate
       Secretary

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Notes of the series of Notes described in the within
mentioned Indenture.

                                             BANK ONE TRUST COMPANY,
                                             NATIONAL ASSOCIATION

                                             By_________________________________
                                                     Authorized Signatory
                                             Date:   August 28, 2003

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 type name and address, including zip code of assignee)

the within Note and all rights thereunder, hereby irrevocably constituting and
appointing such person attorneys to transfer the within Note on the books of the
Issuer, with full power of substitution in the premises.

Dated:__________________

         NOTICE: The signature of this assignment must correspond with the name
as written upon the face of the within Note in every particular, without
alteration or enlargement or any change whatever and NOTICE: Signature(s) must
be guaranteed by a financial institution that is a member of the Securities
Transfer Agents Medallion Program ("STAMP"), the Stock Exchange, Inc. Medallion
Signature Program ("MSP"). When assignment is made by a guardian, trustee,
executor or administrator, an officer of a corporation, or anyone in a
representative capacity, proof of his or her authority to act must accompany
this Note.

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