Document:

Exhibit 4.3

 

FOURTH SUPPLEMENTAL INDENTURE

 

FOURTH SUPPLEMENTAL INDENTURE
(this “Supplemental Indenture”), dated as of August 17, 2020, among Utah Solar Master HoldCo LLC and Mesquite
Star Holdings LLC (collectively, the “Guaranteeing Subsidiaries”), each a subsidiary of Clearway Energy Operating
LLC (or its permitted successor), a Delaware limited liability company (the “Company”), the Company, the other
Guarantors (as defined in the Indenture referred to herein) and Delaware Trust Company (as successor in interest to Law Debenture
Trust Company of New York), as trustee under the Indenture referred to below (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Company
has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of December 11,
2019 providing for the issuance of 4.750% Senior Notes due 2028 (the “Notes”);

 

WHEREAS, the Indenture
provides that under certain circumstances the Guaranteeing Subsidiaries shall execute and deliver to the Trustee a supplemental
indenture pursuant to which each Guaranteeing Subsidiary shall fully and unconditionally guarantee all of the Company’s Obligations
under the Notes and the Indenture on the terms and conditions set forth herein (the “Subsidiary Guarantee”);
and

 

WHEREAS, pursuant to
Sections 4.10 and 9.01 of the Indenture, the Trustee, the Company and the other Guarantors are authorized to execute and deliver
this Supplemental Indenture.

 

NOW, THEREFORE, in consideration
of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiaries
and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

 

1.            CAPITALIZED
TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

2.            AGREEMENT
TO GUARANTEE. Each Guaranteeing Subsidiary hereby becomes a party to the Indenture as a Guarantor and as such will have all the
rights and be subject to all the Obligations and agreements of Guarantors under the Indenture. Each Guaranteeing Subsidiary hereby
agrees to provide a full and unconditional Guarantee on the terms and subject to the conditions set forth in the Subsidiary Guarantee
and in the Indenture including but not limited to Article 10 thereof.

 

3.            NO
RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as such,
will have any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture, the Subsidiary Guarantees
or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting
a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.
The waiver may not be effective to waive liabilities under the federal securities laws.

 

     

     

    

 

4.            NEW
YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.

 

5.            COUNTERPARTS.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement.

 

6.            EFFECT
OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof.

 

7.            THE
TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this
Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing
Subsidiaries and the Company.

 

8.            RATIFICATION
OF INDENTURE; SUPPLEMENTAL INDENTURE FOR ADDITIONAL GUARANTEES PART OF INDENTURE. Except as expressly amended hereby, the
Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force
and effect. This Supplemental Indenture for Additional Guarantees shall form a part of the Indenture for all purposes, and every
Holder of Notes heretofore or hereafter authenticated and delivered shall by bound hereby.

 

    2

     

    

 

9.            ELECTRONIC
SIGNATURES. Each of the transaction parties agrees on behalf of itself, and any Person acting or claiming by, under or through
such transaction party, that any written instrument delivered in connection with this Supplemental Indenture, the Indenture or
any related document, including without limitation any amendments or supplements to such documents, may be executed by electronic
methods (whether by .pdf scan or utilization of an electronic signature platform or application). Any electronic signature document
delivered via email from a person authorized on an incumbency certificate provided by the Company, any Guaranteeing Subsidiary
or any other Guarantor to the Trustee shall be considered signed or executed by such person on behalf of the Company, such Guaranteeing
Subsidiary, or such other Guarantor, as applicable. Each of the Company, the Guaranteeing Subsidiaries, and the other Guarantors
agree to assume all risks arising out of the use of electronic methods for all purposes including the authorization, execution,
delivery, or submission of documents, instruments, notices, directions, instructions, reports, opinions and certificates to
the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk of interception
and misuse by third parties. Any electronic signature shall have the same legal validity and enforceability as a manually executed
signature to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National
Commerce Act, the New York State Electronic Signatures and Records Act, or any similar federal or state law, rule or regulation,
as the same may be in effect from time to time, and the parties hereby waive any objection to the contrary. Any document accepted,
executed or agreed to in conformity with such laws will be binding on all parties hereto to the same extent as if it were physically
executed and each party hereby consents to the use of any third party electronic signature capture service providers as may be
reasonably chosen by a signatory hereto.

 

    3

     

    

 

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

 

	 	UTAH SOLAR MASTER HOLDCO LLC
	 	MESQUITE STAR HOLDINGS LLC
	 	 
	 	 
	 	By:	/s/ Chad
    Plotkin
	 	Name: 	Chad Plotkin
	 	Title:	 Vice President & Treasurer
	 	 
	 	CLEARWAY ENERGY OPERATING LLC
	 	CLEARWAY ENERGY LLC
	 	DGPV HOLDING LLC
	 	 
	 	 
	 	By: 	/s/ Chad Plotkin
	 	Name: 	Chad Plotkin
	 	Title: 	Senior Vice President, Chief Financial Officer &
Treasurer

 

[Signature
Page to Fourth  Supplemental Indenture]

 

    

     

    

 

	 	ALTA WIND 1-5 HOLDING COMPANY, LLC
	 	ALTA WIND COMPANY, LLC
	 	CBAD HOLDINGS II, LLC
	 	CENTRAL CA FUEL CELL 1, LLC
	 	CLEARWAY SOLAR STAR LLC
	 	CWEN PINNACLE REPOWERING HOLDINGS LLC
	 	DG SREC HOLDCO LLC
	 	ECP UPTOWN CAMPUS HOLDINGS LLC
	 	ENERGY CENTER CAGUAS HOLDINGS LLC
	 	ENERGY CENTER FAJARDO HOLDINGS LLC
	 	ENERGY CENTER HONOLULU HOLDINGS LLC
	 	FUEL CELL HOLDINGS LLC
	 	NIMH SOLAR HOLDINGS LLC
	 	PORTFOLIO SOLAR I, LLC
	 	RPV HOLDING LLC
	 	SOLAR FLAGSTAFF ONE LLC
	 	SOLAR IGUANA LLC
	 	SOLAR LAS VEGAS MB 1 LLC
	 	SOLAR TABERNACLE LLC
	 	SOUTH TRENT HOLDINGS LLC
	 	SPP ASSET HOLDINGS, LLC
	 	SPP FUND II HOLDINGS, LLC
	 	SPP FUND II, LLC
	 	SPP FUND II-B, LLC
	 	SPP FUND III, LLC
	 	THERMAL CANADA INFRASTRUCTURE HOLDINGS LLC
	 	THERMAL HAWAII DEVELOPMENT HOLDINGS LLC
	 	THERMAL INFRASTRUCTURE DEVELOPMENT HOLDINGS LLC
	 	UB FUEL CELL, LLC
	 	 
	 	 
	 	By: 	/s/ Chad
    Plotkin
	 	Name:	 Chad Plotkin
	 	Title: 	Vice President & Treasurer

 

[Signature Page to
Fourth Supplemental Indenture]

 

    

     

    

 

	DELAWARE TRUST COMPANY	 
	 	 
	 	 
	By:	/s/ Benjamin
    Hancock	 
	 	Authorized Signatory:	 

 

[Signature Page to
Fourth Supplemental Indenture]Exhibit 4.1

 

Counterpart __ of 75 Counterparts

 

 

DUKE ENERGY PROGRESS, LLC

(formerly Duke Energy Progress, Inc.)

 

 

TO

 

 

THE BANK OF NEW YORK MELLON

(formerly The Bank of New York (formerly Irving Trust Company))

 

AND

 

CHRISTIE LEPPERT

(successor to Frederick G. Herbst, Richard
H. West, J.A. Austin, E.J. McCabe,

G. White, D.W. May, J.A. Vaughan, Joseph
J. Arney, Wafaa Orfy,

W.T. Cunningham, Douglas J. MacInnes,
Ming Ryan and Tina D. Gonzalez)

 

	 	as Trustees under Duke Energy Progress, LLC’s

 Mortgage and Deed of Trust, dated as of May 1,1940

 

 

 

Ninetieth Supplemental Indenture

 

Providing among other things for

First Mortgage Bonds, 2.50% Series due 2050 (One Hundred-fifth
Series)

Dated as of August 1, 2020

 

Prepared by and Return
to:

Hunton Andrews Kurth LLP

c/o Brendan P. Harney

200 Park Avenue, 52nd Floor

New York, New York 10166

 

    

     

    

 

Ninetieth
SUPPLEMENTAL INDENTURE

 

INDENTURE, dated
as of August 1, 2020, by and between DUKE ENERGY PROGRESS, LLC (formerly Duke Energy Progress, Inc.), a limited liability
company of the State of North Carolina, whose post office address is 410 South Wilmington Street, Raleigh, North Carolina 27601-1748
(hereinafter sometimes referred to as the “Company”), and THE BANK OF NEW YORK MELLON (formerly The Bank of New York
(formerly Irving Trust Company)), a corporation of the State of New York, whose post office address is 101 Barclay Street, New
York, New York 10286 (hereinafter sometimes referred to as the “Corporate Trustee”), and CHRISTIE LEPPERT (successor
to Frederick G. Herbst, Richard H. West, J.A. Austin, E.J. McCabe, G. White, D.W. May, J.A. Vaughan, Joseph J. Arney, Wafaa Orfy,
W.T. Cunningham, Douglas J. MacInnes, Ming Ryan and Tina D. Gonzalez), whose post office address is 10161 Centurion Parkway, Jacksonville,
Florida 32256 (hereinafter sometimes referred to as the “Individual Trustee”; the Corporate Trustee and the Individual
Trustee being hereinafter together sometimes referred to as the “Trustees”), as Trustees under the Mortgage and Deed
of Trust, dated as of May 1, 1940 (hereinafter referred to as the “Original Mortgage” and, as supplemented from
time to time by the eighty-nine supplemental indentures mentioned below, by this Indenture, and by all other indentures, if any,
supplemental to the Original Mortgage, hereinafter referred to as the “Mortgage”), which Original Mortgage was executed
and delivered by the Company to Irving Trust Company (now The Bank of New York Mellon) and Frederick G. Herbst to secure the payment
of bonds issued or to be issued under and in accordance with the provisions of the Original Mortgage, reference to which Original
Mortgage is hereby made, this Indenture (hereinafter sometimes referred to as the “Ninetieth Supplemental Indenture”)
being supplemental thereto:

 

WHEREAS, the Original
Mortgage was recorded in various Counties in the States of North Carolina and South Carolina; and

 

WHEREAS, the Original
Mortgage was indexed and cross-indexed in the real and chattel mortgage records in various Counties in the States of North Carolina
and South Carolina; and

 

WHEREAS, an instrument,
dated as of June 25, 1945, was executed by the Company appointing Richard H. West as Individual Trustee in succession to said
Frederick G. Herbst (deceased) under the Original Mortgage, as theretofore supplemented, and by Richard H. West accepting said
appointment, which instrument was recorded in various Counties in the States of North Carolina and South Carolina; and

 

WHEREAS, an instrument,
dated as of December 12, 1957, was executed by the Company appointing J.A. Austin as Individual Trustee in succession to said
Richard H. West (resigned) under the Original Mortgage, as theretofore supplemented, and by J.A. Austin accepting said appointment,
which instrument was recorded in various Counties in the States of North Carolina and South Carolina; and

 

WHEREAS, an instrument,
dated as of April 15, 1966, was executed by the Company appointing E.J. McCabe as Individual Trustee in succession to said
J.A. Austin (resigned) under the Original Mortgage, as theretofore supplemented, and by E.J. McCabe accepting said appointment,
which instrument was recorded in various Counties in the States of North Carolina and South Carolina; and

 

WHEREAS, by the Seventeenth
Supplemental Indenture mentioned below, the Company, among other things, appointed G. White as Individual Trustee in succession
to said E.J. McCabe (resigned), and G. White accepted said appointment; and

 

    

     

    

 

WHEREAS, by the Nineteenth
Supplemental Indenture mentioned below, the Company, among other things, appointed D.W. May as Individual Trustee in succession
to said G. White (resigned), and D.W. May accepted said appointment; and

 

WHEREAS, by the Thirty-fifth
Supplemental Indenture mentioned below, the Company, among other things, appointed J.A. Vaughan as Individual Trustee in succession
to said D.W. May (resigned), and J.A. Vaughan accepted said appointment; and

 

WHEREAS, an instrument,
dated as of June 27, 1988, was executed by the Company appointing Joseph J. Arney as Individual Trustee in succession to said
J.A. Vaughan (resigned) under the Original Mortgage, as theretofore supplemented, and by Joseph J. Arney accepting said appointment,
which instrument was recorded in various Counties in the States of North Carolina and South Carolina; and

 

WHEREAS, by the Forty-fifth
Supplemental Indenture mentioned below, the Company, among other things, appointed Wafaa Orfy as Individual Trustee in succession
to said Joseph J. Arney (resigned), and Wafaa Orfy accepted said appointment; and

 

WHEREAS, by the Forty-ninth
Supplemental Indenture mentioned below, the Company, among other things, appointed W.T. Cunningham as Individual Trustee in succession
to said Wafaa Orfy (resigned), and W.T. Cunningham accepted said appointment; and

 

WHEREAS, by the Sixty-sixth
Supplemental Indenture mentioned below, the Company, among other things, appointed Douglas J. MacInnes as Individual Trustee in
succession to said W.T. Cunningham (resigned), and Douglas J. MacInnes accepted said appointment; and

 

WHEREAS, by the Seventy-sixth
Supplemental Indenture mentioned below, the Company, among other things, appointed Ming Ryan as Individual Trustee in succession
to said Douglas J. MacInnes (resigned), and Ming Ryan accepted said appointment; and

 

WHEREAS, by the Seventy-ninth
Supplemental Indenture mentioned below, the Company, among other things, appointed Tina D. Gonzalez as Individual Trustee in succession
to said Ming Ryan (resigned), and Tina D. Gonzalez accepted said appointment; and

 

WHEREAS, by the Eighty-seventh
Supplemental Indenture mentioned below, the Company, among other things, appointed Christie Leppert as Individual Trustee in succession
to said Tina D. Gonzalez (resigned), and Christie Leppert accepted said appointment; and

 

WHEREAS, such instruments
were indexed and cross-indexed in the real and chattel mortgage records in various Counties in the States of North Carolina and
South Carolina; and

 

WHEREAS, effective
January 1, 2003, the Company began doing business under the name Progress Energy Carolinas, Inc., without changing the
legal name of the Company; and certificates of doing business by the Company under such name were recorded in all counties in the
States of North Carolina and South Carolina in which this Ninetieth Supplemental Indenture is to be recorded and were filed and
indexed and cross-indexed in the real property records in each of such counties; and

 

WHEREAS, effective
April 29, 2013, the Company changed its name to Duke Energy Progress, Inc. and evidence of such name change was (i) recorded
in all counties in the States of North Carolina and South Carolina in which this Ninetieth Supplemental Indenture is to be recorded
and (ii) filed and indexed and cross-indexed in the real property records in each of such counties; and

 

    2

     

    

 

WHEREAS, the Company
converted its form of organization effective August 1, 2015 from a North Carolina corporation to a North Carolina limited
liability company named “Duke Energy Progress, LLC,” and evidence of such conversion was (i) recorded in all counties
in the States of North Carolina and South Carolina in which this Ninetieth Supplemental Indenture is to be recorded and (ii) filed
and indexed and cross-indexed in the real property records in each of such counties; and

 

WHEREAS, by the Original
Mortgage, the Company covenanted that it would execute and deliver such supplemental indenture or indentures and such further instruments
and do such further acts as might be necessary or proper to carry out more effectually the purposes of the Mortgage and to make
subject to the lien of the Original Mortgage any property thereafter acquired intended to be subject to the lien thereof; and

 

WHEREAS, for said purposes,
among others, the Company executed and delivered to the Trustees the following supplemental indentures:

 

	Designation	 	Dated as of
	First Supplemental Indenture	 	January 1, 1949
	Second Supplemental Indenture	 	December 1, 1949
	Third Supplemental Indenture	 	February 1, 1951
	Fourth Supplemental Indenture	 	October 1, 1952
	Fifth Supplemental Indenture	 	March 1, 1958
	Sixth Supplemental Indenture	 	April 1, 1960
	Seventh Supplemental Indenture	 	November 1, 1961
	Eighth Supplemental Indenture	 	July 1, 1964
	Ninth Supplemental Indenture	 	April 1, 1966
	Tenth Supplemental Indenture	 	October 1, 1967
	Eleventh Supplemental Indenture	 	October 1, 1968
	Twelfth Supplemental Indenture	 	January 1, 1970
	Thirteenth Supplemental Indenture	 	August 1, 1970
	Fourteenth Supplemental Indenture	 	January 1, 1971
	Fifteenth Supplemental Indenture	 	October 1, 1971
	Sixteenth Supplemental Indenture	 	May 1, 1972
	Seventeenth Supplemental Indenture	 	May 1, 1973
	Eighteenth Supplemental Indenture	 	November 1, 1973
	Nineteenth Supplemental Indenture	 	May 1, 1974
	Twentieth Supplemental Indenture	 	December 1, 1974
	Twenty-first Supplemental Indenture	 	April 15, 1975
	Twenty-second Supplemental Indenture	 	October 1, 1977
	Twenty-third Supplemental Indenture	 	June 1, 1978
	Twenty-fourth Supplemental Indenture	 	May 15, 1979
	Twenty-fifth Supplemental Indenture	 	November 1, 1979
	Twenty-sixth Supplemental Indenture	 	November 1, 1979
	Twenty-seventh Supplemental Indenture	 	April 1, 1980
	Twenty-eighth Supplemental Indenture	 	October 1, 1980
	Twenty-ninth Supplemental Indenture	 	October 1, 1980
	Thirtieth Supplemental Indenture	 	December 1, 1982
	Thirty-first Supplemental Indenture	 	March 15, 1983
	Thirty-second Supplemental Indenture	 	March 15, 1983
	Thirty-third Supplemental Indenture	 	December 1, 1983
	Thirty-fourth Supplemental Indenture	 	December 15, 1983
	Thirty-fifth Supplemental Indenture	 	April 1, 1984
	Thirty-sixth Supplemental Indenture	 	June 1, 1984
	Thirty-seventh Supplemental Indenture	 	June 1, 1984
	Thirty-eighth Supplemental Indenture	 	June 1, 1984
	Thirty-ninth Supplemental Indenture	 	April 1, 1985

 

    3

     

    

 

	Designation	 	Dated as of
	Fortieth Supplemental Indenture	 	October 1, 1985
	Forty-first Supplemental Indenture	 	March 1, 1986
	Forty-second Supplemental Indenture	 	July 1, 1986
	Forty-third Supplemental Indenture	 	January 1, 1987
	Forty-fourth Supplemental Indenture	 	December 1, 1987
	Forty-fifth Supplemental Indenture	 	September 1, 1988
	Forty-sixth Supplemental Indenture	 	April 1, 1989
	Forty-seventh Supplemental Indenture	 	August 1, 1989
	Forty-eighth Supplemental Indenture	 	November 15, 1990
	Forty-ninth Supplemental Indenture	 	November 15, 1990
	Fiftieth Supplemental Indenture	 	February 15, 1991
	Fifty-first Supplemental Indenture	 	April 1, 1991
	Fifty-second Supplemental Indenture	 	September 15, 1991
	Fifty-third Supplemental Indenture	 	January 1, 1992
	Fifty-fourth Supplemental Indenture	 	April 15, 1992
	Fifty-fifth Supplemental Indenture	 	July 1, 1992
	Fifty-sixth Supplemental Indenture	 	October 1, 1992
	Fifty-seventh Supplemental Indenture	 	February 1, 1993
	Fifty-eighth Supplemental Indenture	 	March 1, 1993
	Fifty-ninth Supplemental Indenture	 	July 1, 1993
	Sixtieth Supplemental Indenture	 	July 1, 1993
	Sixty-first Supplemental Indenture	 	August 15, 1993
	Sixty-second Supplemental Indenture	 	January 15, 1994
	Sixty-third Supplemental Indenture	 	May 1, 1994
	Sixty-fourth Supplemental Indenture	 	August 15, 1997
	Sixty-fifth Supplemental Indenture	 	April 1, 1998
	Sixty-sixth Supplemental Indenture	 	March 1, 1999
	Sixty-seventh Supplemental Indenture	 	March 1, 2000
	Sixty-eighth Supplemental Indenture	 	April 1, 2000
	Sixty-ninth Supplemental Indenture	 	June 1, 2000
	Seventieth Supplemental Indenture	 	July 1, 2000
	Seventy-first Supplemental Indenture	 	February 1, 2002
	Seventy-second Supplemental Indenture	 	September 1, 2003
	Seventy-third Supplemental Indenture	 	March 1, 2005
	Seventy-fourth Supplemental Indenture	 	November 1, 2005
	Seventy-fifth Supplemental Indenture	 	March 1, 2008
	Seventy-sixth Supplemental Indenture	 	January 1, 2009
	Seventy-seventh Supplemental Indenture	 	June 18, 2009
	Seventy-eighth Supplemental Indenture	 	September 1, 2011
	Seventy-ninth Supplemental Indenture	 	May 1, 2012
	Eightieth Supplemental Indenture	 	March 1, 2013
	Eighty-first Supplemental Indenture	 	June 1, 2013
	Eighty-second Supplemental Indenture	 	March 1, 2014
	Eighty-third Supplemental Indenture	 	November 1, 2014
	Eighty-fourth Supplemental Indenture	 	August 1, 2015
	Eighty-fifth Supplemental Indenture	 	August 1, 2015
	Eighty-sixth Supplemental Indenture	 	September 1, 2016
	Eighty-seventh Supplemental Indenture	 	September 1, 2017
	Eighty-eighth Supplemental Indenture	 	August 1, 2018
	Eighty-ninth Supplemental Indenture	 	March 1, 2019

 

which supplemental indentures (other than
said Sixty-fifth Supplemental Indenture and said Sixty-seventh Supplemental Indenture) were recorded in various Counties in the
States of North Carolina and South Carolina, and were indexed and cross-indexed in the real and chattel mortgage or security interest
records in various Counties in the States of North Carolina and South Carolina; and

 

    4

     

    

 

WHEREAS, no recording
or filing of said Sixty-fifth Supplemental Indenture in any manner or place is required by law in order to fully preserve and protect
the security of the bondholders and all rights of the Trustees or is necessary to make effective the lien intended to be created
by the Original Mortgage or said Sixty-fifth Supplemental Indenture; and said Sixty-seventh Supplemental Indenture was recorded
only in Rowan County, North Carolina to make subject to the lien of the Mortgage certain property of the Company located in said
County intended to be subject to the lien of the Original Mortgage, all in accordance with Section 42 of the Mortgage; and

 

WHEREAS, the Original
Mortgage and said First through Ninetieth Supplemental Indentures (other than said Sixty-fifth and said Sixty-seventh Supplemental
Indentures) were or are to be recorded in all Counties in the States of North Carolina and South Carolina in which this Ninetieth
Supplemental Indenture is to be recorded; and

 

WHEREAS, in addition
to the property described in the Original Mortgage, as heretofore supplemented, the Company has acquired certain other property,
rights and interests in property; and

 

WHEREAS, the Company
has heretofore issued, in accordance with the provisions of the Original Mortgage, as from time to time then supplemented, the
following series of First Mortgage Bonds:

 

	Series	 	Principal
 Amount
 Issued	 	 	Principal
 Amount
 Outstanding	 
	3-3/4% Series due 1965	 	$	46,000,000	 	 	 	None	 
	3-1/8% Series due 1979	 	 	20,100,000	 	 	 	None	 
	3-1/4% Series due 1979	 	 	43,930,000	 	 	 	None	 
	2-7/8% Series due 1981	 	 	15,000,000	 	 	 	None	 
	3-1/2% Series due 1982	 	 	20,000,000	 	 	 	None	 
	4-1/8% Series due 1988	 	 	20,000,000	 	 	 	None	 
	4-7/8% Series due 1990	 	 	25,000,000	 	 	 	None	 
	4-1/2% Series due 1991	 	 	25,000,000	 	 	 	None	 
	4-1/2% Series due 1994	 	 	30,000,000	 	 	 	None	 
	5-1/8% Series due 1996	 	 	30,000,000	 	 	 	None	 
	6-3/8% Series due 1997	 	 	40,000,000	 	 	 	None	 
	6-7/8% Series due 1998	 	 	40,000,000	 	 	 	None	 
	8-3/4% Series due 2000	 	 	40,000,000	 	 	 	None	 
	8-3/4% Series due August 1, 2000	 	 	50,000,000	 	 	 	None	 
	7-3/8% Series due 2001	 	 	65,000,000	 	 	 	None	 
	7-3/4% Series due October 1, 2001	 	 	70,000,000	 	 	 	None	 
	7-3/4% Series due 2002	 	 	100,000,000	 	 	 	None	 
	7-3/4% Series due 2003	 	 	100,000,000	 	 	 	None	 
	8-1/8% Series due November 1, 2003	 	 	100,000,000	 	 	 	None	 
	9-3/4% Series due 2004	 	 	125,000,000	 	 	 	None	 
	11-1/8% Series due 1994	 	 	50,000,000	 	 	 	None	 
	11% Series due April 15, 1984	 	 	100,000,000	 	 	 	None	 
	8-1/2% Series due October 1, 2007	 	 	100,000,000	 	 	 	None	 
	9-1/4% Series due June 1, 2008	 	 	100,000,000	 	 	 	None	 
	10-1/2% Series due May 15, 2009	 	 	125,000,000	 	 	 	None	 
	12-1/4% Series due November 1, 2009	 	 	100,000,000	 	 	 	None	 
	Pollution Control Series A	 	 	63,000,000	 	 	 	None	 
	14-1/8% Series due April 1, 1987	 	 	125,000,000	 	 	 	None	 
	Pollution Control Series B	 	 	50,000,000	 	 	 	None	 

 

    5

     

    

 

	Series	 	Principal
 Amount
 Issued	 	 	Principal
 Amount
 Outstanding	 
	Pollution Control Series C	 	 	6,000,000	 	 	 	None	 
	11-5/8% Series due December 1, 1992	 	 	100,000,000	 	 	 	None	 
	Pollution Control Series D	 	 	48,485,000	 	 	 	None	 
	Pollution Control Series E	 	 	5,970,000	 	 	 	None	 
	12-7/8% Series due December 1, 2013	 	 	100,000,000	 	 	 	None	 
	Pollution Control Series F	 	 	34,700,000	 	 	 	None	 
	13-3/8% Series due April 1, 1994	 	 	100,000,000	 	 	 	None	 
	Pollution Control Series G	 	 	122,615,000	 	 	 	None	 
	Pollution Control Series H	 	 	70,000,000	 	 	 	None	 
	Pollution Control Series I	 	 	70,000,000	 	 	 	None	 
	Pollution Control Series J	 	 	6,385,000	 	 	 	None	 
	Pollution Control Series K	 	 	2,580,000	 	 	 	None	 
	Extendible Series due April 1, 1995	 	 	125,000,000	 	 	 	None	 
	11-3/4% Series due October 1, 2015	 	 	100,000,000	 	 	 	None	 
	8-7/8% Series due March 1, 2016	 	 	100,000,000	 	 	 	None	 
	8-1/8% Series due July 1, 1996	 	 	125,000,000	 	 	 	None	 
	8-1/2% Series due January 1, 2017	 	 	100,000,000	 	 	 	None	 
	9.174% Series due December 1, 1992	 	 	100,000,000	 	 	 	None	 
	9% Series due September 1, 1993	 	 	100,000,000	 	 	 	None	 
	9.60% Series due April 1, 1991	 	 	100,000,000	 	 	 	None	 
	Secured Medium-Term Notes, Series A	 	 	200,000,000	 	 	 	None	 
	8-1/8% Series due November 15, 1993	 	 	100,000,000	 	 	 	None	 
	Secured Medium-Term Notes, Series B	 	 	100,000,000	 	 	 	None	 
	8-7/8% Series due February 15, 2021	 	 	125,000,000	 	 	 	None	 
	9% Series due April 1, 2022	 	 	100,000,000	 	 	 	None	 
	8-5/8% Series due September 15, 2021	 	 	100,000,000	 	 	$	100,000,000	 
	5.20% Series due January 1, 1995	 	 	125,000,000	 	 	 	None	 
	7-7/8% Series due April 15, 2004	 	 	150,000,000	 	 	 	None	 
	8.20% Series due July 1, 2022	 	 	150,000,000	 	 	 	None	 
	6-3/4% Series due October 1, 2002	 	 	100,000,000	 	 	 	None	 
	6-1/8% Series due February 1, 2000	 	 	150,000,000	 	 	 	None	 
	7-1/2% Series due March 1, 2023	 	 	150,000,000	 	 	 	None	 
	5-3/8% Series due July 1, 1998	 	 	100,000,000	 	 	 	None	 
	Secured Medium-Term Notes, Series C	 	 	200,000,000	 	 	 	None	 
	6-7/8% Series due August 15, 2023	 	 	100,000,000	 	 	 	None	 
	5-7/8% Series due January 15, 2004	 	 	150,000,000	 	 	 	None	 
	Pollution Control Series L	 	 	72,600,000	 	 	 	72,600,000	 
	Pollution Control Series M	 	 	50,000,000	 	 	 	50,000,000	 
	6.80% Series due August 15, 2007	 	 	200,000,000	 	 	 	None	 
	5.95% Senior Note Series due March 1, 2009	 	 	400,000,000	 	 	 	None	 
	7.50% Senior Note Series due April 1, 2005	 	 	300,000,000	 	 	 	None	 
	Pollution Control Series N	 	 	67,300,000	 	 	 	None	 
	Pollution Control Series O	 	 	55,640,000	 	 	 	None	 
	Pollution Control Series P	 	 	50,000,000	 	 	 	50,000,000	 
	Pollution Control Series Q	 	 	50,000,000	 	 	 	50,000,000	 
	Pollution Control Series R	 	 	45,600,000	 	 	 	45,600,000	 
	Pollution Control Series S	 	 	41,700,000	 	 	 	41,700,000	 
	Pollution Control Series T	 	 	50,000,000	 	 	 	50,000,000	 
	Pollution Control Series U	 	 	50,000,000	 	 	 	50,000,000	 
	Pollution Control Series V	 	 	87,400,000	 	 	 	87,400,000	 
	Pollution Control Series W	 	 	48,485,000	 	 	 	None	 
	5.125% Series due 2013	 	 	400,000,000	 	 	 	None	 
	6.125% Series due 2033	 	 	200,000,000	 	 	 	200,000,000	 

 

    6

     

    

 

	Series	 	Principal
 Amount
 Issued	 	 	Principal
 Amount
 Outstanding	 
	5.15% Series due 2015	 	 	300,000,000	 	 	 	None	 
	5.70% Series due 2035	 	 	200,000,000	 	 	 	200,000,000	 
	5.25% Series due 2015	 	 	400,000,000	 	 	 	None	 
	6.30% Series due 2038	 	 	325,000,000	 	 	 	325,000,000	 
	5.30% Series due 2019	 	 	600,000,000	 	 	 	None	 
	3.00% Series due 2021	 	 	500,000,000	 	 	 	500,000,000	 
	2.80% Series due 2022	 	 	500,000,000	 	 	 	500,000,000	 
	4.10% Series due 2042	 	 	500,000,000	 	 	 	500,000,000	 
	4.10% Series due 2043	 	 	500,000,000	 	 	 	500,000,000	 
	Pollution Control Series X	 	 	48,485,000	 	 	 	48,485,000	 
	Floating Rate Series due 2017	 	 	250,000,000	 	 	 	None	 
	4.375% Series due 2044	 	 	400,000,000	 	 	 	400,000,000	 
	Second Floating Rate Series due 2017	 	 	200,000,000	 	 	 	None	 
	4.15% Series due 2044	 	 	500,000,000	 	 	 	500,000,000	 
	3.25% Series due 2025	 	 	500,000,000	 	 	 	500,000,000	 
	4.20% Series due 2045	 	 	700,000,000	 	 	 	700,000,000	 
	3.70% Series due 2046	 	 	450,000,000	 	 	 	450,000,000	 
	Floating Rate Series due 2020	 	 	300,000,000	 	 	 	300,000,000	 
	3.60% Series due 2047	 	 	500,000,000	 	 	 	500,000,000	 
	3.375% Series due 2023	 	 	300,000,000	 	 	 	300,000,000	 
	3.700% Series due 2028	 	 	500,000,000	 	 	 	500,000,000	 
	3.45% Series due 2029	 	 	600,000,000	 	 	 	600,000,000	 

 

which bonds are herein sometimes referred
to as bonds of the First through One Hundred-fourth Series, respectively; and

 

WHEREAS, Section 8
of the Original Mortgage, as heretofore supplemented, provides that the form of each series of bonds (other than the First Series)
issued thereunder and of the coupons to be attached to coupon bonds of such series shall be established by Resolution of the Board
of Directors of the Company and that the form of such series, as established by said Board of Directors, shall specify the descriptive
title of the bonds and various other terms thereof, and may also contain such provisions not inconsistent with the provisions of
the Mortgage as said Board of Directors may, in its discretion, cause to be inserted therein expressing or referring to the terms
and conditions upon which such bonds are to be issued and/or secured under the Mortgage; and

 

WHEREAS, Section 120
of the Original Mortgage, as heretofore supplemented, provides, among other things, that any power, privilege or right expressly
or impliedly reserved to or in any way conferred upon the Company by any provision of the Mortgage, whether such power, privilege
or right is in any way restricted or is unrestricted, may be in whole or in part waived or surrendered or subjected to any restriction
if at the time unrestricted or to additional restriction if already restricted, and the Company may enter into any further covenants,
limitations or restrictions for the benefit of any one or more series of bonds issued thereunder, or the Company may cure any ambiguity
contained therein, or in any supplemental indenture, or may establish the terms and provisions of any series of bonds other than
said First Series, by an instrument in writing executed and acknowledged by the Company in such manner as would be necessary to
entitle a conveyance of real estate to record in all of the states in which any property at the time subject to the lien of the
Mortgage shall be situated; and

 

    7

     

    

 

WHEREAS, the Company
now desires to create one new series of bonds and to add to its covenants and agreements contained in the Original Mortgage, as
heretofore supplemented, certain other covenants and agreements to be observed by it; and

 

WHEREAS, the execution
and delivery by the Company of this Ninetieth Supplemental Indenture, and the terms of the bonds of the One Hundred-fifth Series,
hereinafter referred to, have been duly authorized by the Board of Directors of the Company by appropriate resolutions of said
Board of Directors;

 

NOW, THEREFORE, THIS
INDENTURE WITNESSETH:

 

That the Company, in
consideration of the premises and of One Dollar to it duly paid by the Trustees at or before the ensealing and delivery of these
presents, the receipt whereof is hereby acknowledged, and in further evidence of assurance of the estate, title and rights of the
Trustees and in order further to secure the payment of both the principal of and interest and premium, if any, on the bonds from
time to time issued under the Mortgage, according to their tenor and effect and the performance of all the provisions of the Original
Mortgage (including any instruments supplemental thereto and any modification made as in the Mortgage provided) and of said bonds,
hereby grants, bargains, sells, releases, conveys, assigns, transfers, mortgages, pledges, sets over and confirms (subject, however,
to Excepted Encumbrances as defined in Section 6 of the Original Mortgage, as heretofore supplemented) unto The Bank of New
York Mellon and Christie Leppert, as Trustees under the Mortgage, and to their successor or successors in said trust, and to said
Trustees and their successors and assigns forever, all the following described properties of the Company:

 

All electric generating plants,
stations, transmission lines, and electric distribution systems, including permanent improvements, extensions or additions to or
about such electrical plants, stations, transmission lines and distribution systems of the Company; all dams, power houses, power
sites, buildings, generators, reservoirs, pipe lines, flumes, structures and works; all substations, transformers, switchboards,
towers, poles, wires, insulators, and other appliances and equipment, and the Company’s rights or interests in the land upon
which the same are situated, and all other property, real or personal, forming a part of or appertaining to, or used, occupied
or enjoyed in connection with said generating plants, stations, transmission lines, and distribution systems; together with all
rights of way, easements, permits, privileges, franchises and rights for or related to the construction, maintenance, or operation
thereof, through, over, under or upon any public streets or highways, or the public lands of the United States, or of any State
or other lands; and all water appropriations and water rights, permits and privileges; including all property, real, personal,
and mixed, acquired by the Company after the date of the execution and delivery of the Original Mortgage, in addition to property
covered by the above-mentioned supplemental indentures (except any herein or in the Original Mortgage, as heretofore supplemented,
expressly excepted), now owned or, subject to the provisions of Section 87 of the Mortgage, hereafter acquired by the Company
and wheresoever situated, including (without in anywise limiting or impairing by the enumeration of the same the scope and intent
of the foregoing or of any general description contained in this Ninetieth Supplemental Indenture) all lands, power sites, flowage
rights, water rights, flumes, raceways, dams, rights of way and roads; all steam and power houses, gas plants, street lighting
systems, standards and other equipment incidental thereto, telephone, radio and television systems, air-conditioning systems and
equipment incidental thereto, water works, steam heat and hot water plants, lines, service and supply systems, bridges, culverts,
tracks, ice or refrigeration plants and equipment, street and interurban railway systems, offices, buildings and other structures
and the equipment thereof; all machinery, engines, boilers, dynamos, electric and gas machines, regulators, meters, transformers,
generators, motors, electrical, gas and mechanical appliances, conduits, cables, water, steam, heat, gas or other pipes, gas mains
and pipes, service pipes, fittings, valves and connections, pole and transmission lines, wires, cables, tools, implements, apparatus,
furniture, chattels and choses in action; all municipal and other franchises, consents or permits; all lines for the transmission
and distribution of electric current, gas, steam heat or water for any purpose including poles, wires, cables, pipes, conduits,
ducts and all apparatus for use in connection therewith; all real estate, lands, easements, servitudes, licenses, permits, franchises,
privileges, rights of way and other rights in or relating to real estate or the occupancy of the same and (except as herein or
in the Original Mortgage, as heretofore supplemented, expressly excepted) all the right, title and interest of the Company in and
to all other property of any kind or nature appertaining to and/or used and/or occupied and/or enjoyed in connection with any property
hereinbefore or in the Original Mortgage, as heretofore supplemented, described.

 

    8

     

    

 

TOGETHER WITH all and
singular the tenements, hereditaments and appurtenances belonging or in any wise appertaining to the aforesaid property or any
part thereof, with the reversion and reversions, remainder and remainders and (subject to the provisions of Section 57 of
the Original Mortgage, as heretofore supplemented) the tolls, rents, revenues, issues, earnings, income, product and profits thereof,
and all the estate, right, title and interest and claim whatsoever, at law as well as in equity, which the Company now has or may
hereafter acquire in and to the aforesaid property and franchises and every part and parcel thereof.

 

IT IS HEREBY AGREED
by the Company that, subject to the provisions of Section 87 of the Original Mortgage, as heretofore supplemented, all the
property, rights, and franchises acquired by the Company after the date hereof (except any herein or in the Mortgage, as heretofore
supplemented, expressly excepted) shall be and are as fully granted and conveyed hereby and as fully embraced within the lien hereof
and the lien of the Original Mortgage as if such property, rights and franchises were now owned by the Company and were specifically
described herein and conveyed hereby.

 

PROVIDED THAT the following
are not and are not intended to be now or hereafter granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged,
pledged, set over or confirmed hereunder and are hereby expressly excepted from the lien and operation of this Ninetieth Supplemental
Indenture and from the lien and operation of the Mortgage, namely: (1) cash, shares of stock and obligations (including bonds,
notes and other securities) not hereafter specifically pledged, paid, deposited or delivered under the Mortgage or covenanted so
to be; (2) merchandise, equipment, materials or supplies held for the purpose of sale in the usual course of business and
fuel, oil and similar materials and supplies consumable in the operation of any properties of the Company; rolling stock, buses,
motor coaches, vehicles and automobiles; (3) bills, notes and accounts receivable, and all contracts, leases and operating
agreements not specifically pledged under the Mortgage or this Ninetieth Supplemental Indenture or covenanted so to be; (4) electric
energy and other materials or products generated, manufactured, produced or purchased by the Company for sale, distribution or
use in the ordinary course of its business; (5) any property which does not constitute Property Additions, Funded Property
or Funded Cash (each as defined in the Original Mortgage as supplemented) and (6) any property and rights heretofore released
from the lien of the Original Mortgage, as heretofore supplemented; provided, however, that the property and rights expressly excepted
from the lien and operation of the Original Mortgage, as heretofore supplemented, and this Ninetieth Supplemental Indenture in
the above subdivisions (2) and (3) shall (to the extent permitted by law) cease to be so excepted in the event and as
of the date that either or both of the Trustees or a receiver or trustee shall enter upon and take possession of the Mortgaged
and Pledged Property in the manner provided in Article XII of the Mortgage by reason of the occurrence of a Default as defined
in said Article XII.

 

TO HAVE AND TO HOLD
all such properties, real, personal and mixed, granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged,
pledged, set over or confirmed by the Company as aforesaid, or intended so to be, unto the Trustees, their successors and assigns
forever.

 

    9

     

    

 

IN TRUST NEVERTHELESS,
for the same purposes and upon the same terms, trusts and conditions and subject to and with the same provisos and covenants as
are set forth in the Original Mortgage, as heretofore supplemented, this Ninetieth Supplemental Indenture being supplemental to
the Original Mortgage.

 

AND IT IS HEREBY COVENANTED
by the Company that all the terms, conditions, provisos, covenants and provisions contained in the Mortgage, as heretofore supplemented,
shall affect and apply to the property hereinbefore described and conveyed and to the estate, rights, obligations and duties of
the Company and the Trustees and the beneficiaries of the trust with respect to said property, and to the Trustees and their successors
as Trustees of said property in the same manner and with the same effect as if the said property had been owned by the Company
at the time of the execution of the Original Mortgage and had been specifically and at length described in and conveyed to the
Trustees by the Original Mortgage as a part of the property therein stated to be conveyed.

 

The Company further
covenants and agrees to and with the Trustees and their successor or successors in such trust under the Mortgage as follows:

 

ARTICLE I

ONE HUNDRED-FIFTH SERIES OF BONDS

 

SECTION 1.
(A) There shall be a series of bonds designated “2.50% Series due 2050” (herein sometimes referred
to as the “One Hundred-fifth Series”), which shall also bear the descriptive title “First Mortgage Bond”,
and the form thereof, which shall be established by Resolution of the Board of Directors of the Company, shall contain suitable
provisions with respect to the matters hereinafter in this Section specified. Bonds of the One Hundred-fifth Series shall
be initially issued in the aggregate principal amount of $600,000,000, mature on August 15, 2050, bear interest at the rate
of 2.50% per annum, payable from August 20, 2020, if the date of said bonds is on or prior to February 15, 2021, or,
if the date of said bonds is after February 15, 2021, from the February 15 or August 15 next preceding the date
of said bonds, semi-annually on February 15 and August 15 of each year commencing on February 15, 2021, be issued
as fully registered bonds in the denominations of Two Thousand Dollars and in any integral multiple of One Thousand Dollars in
excess thereof and be dated as in Section 10 of the Mortgage provided, the principal of and interest on each said bond to
be payable at the office or agency of the Company in the Borough of Manhattan, The City of New York, in such coin or currency of
the United States of America as at the time of payment is legal tender for public and private debts.

 

Interest on bonds of
the One Hundred-fifth Series will be computed on the basis of a 360-day year comprised of twelve 30-day months. If a due date
for the payment of interest, principal or any Redemption Price (as defined below) on the bonds of the One Hundred-fifth Series,
falls on a day that is not a Business Day, then the payment will be made on the next succeeding Business Day, and no interest will
accrue on the amounts payable for the period from and after the original due date and until the next Business Day. The term “Business
Day” means any day other than a Saturday or Sunday or day on which banking institutions in The City of New York are required
or authorized to close.

 

(B)            At
any time on or after February 15, 2050 (the “Par Call Date”), the bonds of the One Hundred-fifth Series shall
be redeemable at the option of the Company, or with the Proceeds of Released Property (as contemplated by clause (4) of Section 61
of the Mortgage), in whole or in part and from time to time, prior to maturity, upon notice as provided in Sections 52 and 54 of
the Mortgage (given by mail or, if the bonds of the One Hundred-fifth Series are represented by one or more One Hundred-fifth
Series Global Bonds (as hereinafter defined), given in accordance with the procedures of DTC (as hereinafter defined), not
less than 30 days and not more than 90 days prior to the date fixed for redemption), at a redemption price equal to 100% of the
principal amount of the bonds then Outstanding to be redeemed, plus in each case accrued but unpaid interest on such principal
amount to, but excluding, such date fixed for redemption. At any time prior to the Par Call Date, the bonds of the One Hundred-fifth
Series shall be redeemable at the option of the Company, or with the Proceeds of Released Property (as contemplated by clause
(4) of Section 61 of the Mortgage), in whole or in part and from time to time, upon notice as provided in Sections 52
and 54 of the Mortgage (given by mail or, if the bonds of the One Hundred-fifth Series are represented by one or more One
Hundred-fifth Series Global Bonds (as hereinafter defined), given in accordance with the procedures of DTC (as hereinafter
defined), not less than 30 days and not more than 90 days prior to the date fixed for redemption (together with the date fixed
for redemption referred to in the preceding sentence, each a “Redemption Date”)), at a redemption price (hereinafter
sometimes referred to as the “Make-Whole Redemption Price” and, together with the redemption price referred to in the
preceding sentence, each a “Redemption Price”) equal to the greater of (i) 100% of the principal amount of the
bonds then Outstanding to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal
and interest on such bonds being redeemed that would be due if such bonds matured on the Par Call Date, computed by discounting
such payments, in each case, to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate (as defined below) plus 20 basis points, plus in either case accrued but unpaid interest on such principal
amount to, but excluding, such Redemption Date. On and after any Redemption Date, if sufficient cash shall have been deposited
with the Corporate Trustee (and/or if the Company has irrevocably directed the Corporate Trustee to apply, from moneys held by
it available to be used for the redemption of bonds, sufficient cash) to redeem all of the bonds of the One Hundred-fifth Series called
for redemption, interest on the bonds of the One Hundred-fifth Series, or the portions of them so called for redemption, shall
cease to accrue.

 

    10

     

    

 

“Treasury Rate”
means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated
maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

 

“Comparable Treasury
Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity
comparable to the remaining term of the bonds of the One Hundred-fifth Series to be redeemed (assuming, for this purpose,
that the bonds of the One Hundred-fifth Series matured on the Par Call Date), that would be utilized at the time of selection
and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity
to the remaining term of such bonds of the One Hundred-fifth Series.

 

“Comparable Treasury
Price” means, with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer Quotations for such
Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the Quotation
Agent obtains fewer than four of such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations
as determined by the Company.

 

“Quotation Agent”
means one of the Reference Treasury Dealers appointed by the Company.

 

“Reference Treasury
Dealer” means each of Citigroup Global Markets Inc., J.P. Morgan Securities LLC, TD Securities (USA) LLC, Wells Fargo Securities,
LLC, a Primary Treasury Dealer (as defined below) selected by MUFG Securities Americas Inc. and a Primary Treasury Dealer selected
by PNC Capital Markets LLC, or their respective affiliates or successors, each of which is a primary U.S. Government securities
dealer in the United States (a “Primary Treasury Dealer”); provided, however, that if any of the foregoing or their
affiliates or successors shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury
Dealer.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined
by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time,
on the third Business Day preceding such Redemption Date.

 

    11

     

    

 

In case of a redemption
of only a part of the bonds of the One Hundred-fifth Series, absent any written agreement of the registered holders of all of the
bonds of the One Hundred-fifth Series satisfactory to the Corporate Trustee specifying the particular bonds of the One Hundred-fifth
Series to be redeemed, the Corporate Trustee shall draw by lot, according to such method as it shall deem proper in its discretion,
or portions of them, to be redeemed, provided, that if the bonds of the One Hundred-fifth Series are represented by one or
more One Hundred-fifth Series Global Bonds, interests in the bonds of the One Hundred-fifth Series shall be selected
for redemption by DTC in accordance with its standard procedures therefor.

 

In case of any bonds
of the One Hundred-fifth Series called for redemption in whole or in part prior to the Par Call Date, the Company shall deliver
to the Corporate Trustee promptly upon its calculation thereof, but in any event prior to the related Redemption Date, a Treasurer’s
Certificate setting forth its calculation of the Make-Whole Redemption Price applicable to such redemption. The Corporate Trustee
shall be under no duty to inquire into, may conclusively presume the correctness of, and shall be fully protected in relying upon
the Company’s calculation of any Make-Whole Redemption Price of the bonds of the One Hundred-fifth Series.

 

In lieu of stating
any Make-Whole Redemption Price, notices of redemption of the bonds of the One Hundred-fifth Series called for redemption
in whole or in part shall state substantially the following: “The redemption price of the bonds to be redeemed shall equal
the greater of (i) 100% of the principal amount of the bonds then Outstanding to be redeemed and (ii) the sum of the
present values of the remaining scheduled payments of principal and interest thereon being redeemed that would be due if such bonds
matured on the Par Call Date, computed by discounting such payments, in each case, to the Redemption Date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in this Ninetieth Supplemental Indenture)
plus 20 basis points, plus in each case accrued but unpaid interest on the principal amount thereof called for redemption to, but
excluding, the Redemption Date.”

 

Except as provided
herein, Article X of the Mortgage shall apply to redemptions of bonds of the One Hundred-fifth Series.

 

(C)            Subject
to the provisions set forth below with respect to One Hundred-fifth Series Global Bonds, at the option of the registered owner,
any bonds of the One Hundred-fifth Series, upon surrender thereof for cancellation at the office or agency of the Company in the
Borough of Manhattan, The City of New York, shall be exchangeable for a like aggregate principal amount of bonds of the same series
of other authorized denominations. The bonds of the One Hundred-fifth Series may bear such legends as may be necessary to
comply with any law or with any rules or regulations made pursuant thereto or with the rules or regulations of any stock
exchange or to conform to usage or agreement with respect thereto.

 

Subject to the provisions
set forth below with respect to One Hundred-fifth Series Global Bonds, bonds of the One Hundred-fifth Series shall be
transferable upon the surrender thereof for cancellation, together with a written instrument of transfer in form approved by the
registrar duly executed by the registered owner or by his duly authorized attorney, at the office or agency of the Company in the
Borough of Manhattan, The City of New York.

 

    12

     

    

 

Upon any exchange or
transfer of bonds of the One Hundred-fifth Series, the Company may make a charge therefor sufficient to reimburse it for any tax
or taxes or other governmental charge required to be paid by the Company, as provided in Section 12 of the Mortgage, but the
Company hereby waives any right to make a charge in addition thereto for any exchange or transfer of bonds of said Series.

 

(D)            The
bonds of the One Hundred-fifth Series shall be issued in registered form without coupons and shall be issued initially in
the form of one or more global bonds (each such global bond hereinafter sometimes referred to as a “One Hundred-fifth Series Global
Bond”) to or on behalf of The Depository Trust Company (hereinafter sometimes referred to as “DTC”), as depositary
therefor, and registered in the name of such depositary or its nominee. Any bonds of the One Hundred-fifth Series to be issued
or transferred to, or to be held by or on behalf of DTC as such depositary or such nominee (or any successor of such depositary
or nominee) for such purpose shall bear the depositary legends as required or otherwise agreed to by the Corporate Trustee and
the Company, and in the case of a successor depositary, such legend or legends as such depositary and/or the Company shall require
and to which each shall agree, in each case such agreement to be confirmed in writing to the Corporate Trustee. Notwithstanding
any other provision in this Ninetieth Supplemental Indenture, payment of interest on the bonds of the One Hundred-fifth Series may
be made at the option of the Company by check mailed to the registered holders thereof at their registered address, and, with respect
to a One Hundred-fifth Series Global Bond, the Company may make payments of principal of, any Redemption Price and interest
on such One Hundred-fifth Series Global Bond pursuant to and in accordance with such arrangements as are agreed upon by the
Company and the depositary for such One Hundred-fifth Series Global Bond.

 

Except under the limited
circumstances described below, bonds of the One Hundred-fifth Series represented by a One Hundred-fifth Series Global
Bond or Bonds shall not be exchangeable for, and shall not otherwise be issuable as, bonds of the One Hundred-fifth Series in
definitive form. The One Hundred-fifth Series Global Bond or Bonds described in this Section 1(D) may not be transferred
except by the depositary to a nominee of the depositary or by a nominee of the depositary to the depositary or another nominee
of the depositary or to a successor depositary or its nominee.

 

A One Hundred-fifth
Series Global Bond shall be exchangeable for bonds of the One Hundred-fifth Series registered in the names of persons
other than the depositary or its nominee only if (i) the depositary notifies the Company that it is unwilling or unable to
continue as a depositary for such One Hundred-fifth Series Global Bond and no successor depositary shall have been appointed
by the Company within 90 days of receipt by the Company of such notification, or if at any time the depositary ceases to be a clearing
agency registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) at a time when the depositary
is required to be so registered to act as such depositary and no successor depositary shall have been appointed by the Company
within 90 days after it becomes aware of such cessation, (ii) a Default has occurred and is continuing with respect to the
bonds of the One Hundred-fifth Series or (iii) the Company in its sole discretion, and subject to the procedures of the
depositary, determines that such One Hundred-fifth Series Global Bond shall be so exchangeable. Any One Hundred-fifth Series Global
Bond that is exchangeable pursuant to the preceding sentence shall be exchangeable for bonds of the One Hundred-fifth Series registered
in such names as the depositary shall direct.

 

In any exchange provided
in the preceding paragraph the Company shall execute, and the Corporate Trustee, upon receipt of a Company request for the authentication
and delivery of bonds of the One Hundred-fifth Series in the form of definitive certificates in exchange in whole or in part
for such One Hundred-fifth Series Global Bond or Bonds, shall authenticate and deliver, without service charge, to each person
specified by the depositary, bonds of the One Hundred-fifth Series in the form of definitive certificates of like tenor and
terms in an aggregate principal amount equal to the principal amount of such One Hundred-fifth Series Global Bond or the aggregate
principal amount of such One Hundred-fifth Series Global Bonds in exchange for such One Hundred-fifth Series Global Bond
or Bonds. Upon the exchange of the entire principal amount of a One Hundred-fifth Series Global Bond for bonds of the One
Hundred-fifth Series in the form of definitive certificates, such One Hundred-fifth Series Global Bond shall be canceled
by the Corporate Trustee. Bonds of the One Hundred-fifth Series issued in exchange for a One Hundred-fifth Series Global
Bond shall be registered in such names and in such authorized denominations as the depositary for such One Hundred-fifth Series Global
Bond, acting pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Corporate Trustee.
Provided that the Company and the Corporate Trustee have so agreed, the Corporate Trustee shall deliver such bonds of the One Hundred-fifth
Series to the persons in whose names the bonds of the One Hundred-fifth Series are so to be registered.

 

    13

     

    

 

Any endorsement of
a One Hundred-fifth Series Global Bond to reflect the principal amount thereof, or any increase or decrease in such principal
amount, shall be made in such manner and by such person or persons as shall be specified in or pursuant to any applicable letter
of representations or other arrangement entered into with, or procedures of, the depositary with respect to such One Hundred-fifth
Series Global Bond or in a Company request. Subject to the terms of the Mortgage, the Corporate Trustee shall deliver and
redeliver any such One Hundred-fifth Series Global Bond in the manner and upon instructions given by the person or persons
specified in or pursuant to any applicable letter of representations or other arrangement entered into with, or procedures of,
the depositary with respect to such One Hundred-fifth Series Global Bond or in any applicable Company request. If a Company
request is so delivered, any instructions by the Company with respect to such One Hundred-fifth Series Global Bond contained
therein shall be in writing but need not be accompanied by or contained in a Treasurer’s Certificate and need not be accompanied
by an opinion of counsel.

 

The depositary or,
if there be one, its nominee, shall be the holder of a One Hundred-fifth Series Global Bond for all purposes under the Mortgage
and the bonds of the One Hundred-fifth Series and beneficial owners with respect to such One Hundred-fifth Series Global
Bond shall hold their interests pursuant to applicable procedures of such depositary. The Company, the Corporate Trustee, any bond
registrar, any paying agent and any other agent of the Company or the Corporate Trustee shall be entitled to deal with such depositary
for all purposes of the Mortgage relating to such One Hundred-fifth Series Global Bond (including the payment of principal,
the Redemption Price, if applicable, and interest and the giving of instructions or directions by or to the beneficial owners of
such One Hundred-fifth Series Global Bond as the sole holder of such One Hundred-fifth Series Global Bond and shall have
no obligations to the beneficial owners thereof (including any direct or indirect participants in such depositary)). None of the
Company, the Corporate Trustee, any paying agent, any bond registrar or any other agent of the Company or the Corporate Trustee
shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial
ownership interests of a beneficial owner in or pursuant to any applicable letter of representations or other arrangement or transaction
entered into with, or procedures of, the depositary with respect to such One Hundred-fifth Series Global Bond or for maintaining,
supervising or reviewing any records relating to such beneficial ownership interests, or for any acts or omissions of a depositary.

 

    14

     

    

 

ARTICLE II

DIVIDEND COVENANT

 

SECTION 2.
The Company covenants and agrees that, so long as any of the bonds of the One Hundred-fifth Series remain Outstanding,
the Company will not declare or pay any dividends upon its common stock (other than dividends in common stock) or make any other
distributions on its common stock or purchase or otherwise retire any shares of its common stock, unless immediately after such
declaration, payment, purchase, retirement or distribution (hereinafter in this Section referred to as “Restricted Payments”),
and giving effect thereto, the amount arrived at by adding:

 

(a)            the
aggregate amount of all such Restricted Payments (other than the dividend of fifty cents ($.50) per share declared on December 8,
1948 and paid on February 1, 1949 to holders of common stock) made by the Company during the period from December 31,
1948, to and including the effective date of the Restricted Payment in respect of which the determination is being made, plus

 

(b)            an
amount equal to the aggregate amount of cumulative dividends for such period (whether or not paid) on all preferred stock of the
Company from time to time outstanding during such period, at the rate or rates borne by such preferred stock, plus

 

(c)            an
amount equal to the amount, if any, by which fifteen per centum (15%) of the Gross Operating Revenues of the Company for such period
shall exceed the aggregate amount during such period expended and/or accrued on its books for maintenance and/or appropriated on
its books out of income for property retirement, in each case in respect of the Mortgaged and Pledged Property and/or automotive
equipment used primarily in the electric utility business of the Company (but excluding any provisions for amortization of any
amounts included in utility plant acquisition adjustment accounts or utility plant adjustment accounts), will not exceed the amount
of the aggregate net income of the Company for said period available for dividends (computed and ascertained in accordance with
sound accounting practice, on a cumulative basis, including the making of proper deductions for any deficits occurring during any
part of such period), plus $3,000,000.

 

The Company further
covenants and agrees that not later than May 1 of each year beginning with the year 2020 it will furnish to the Corporate
Trustee a Treasurer’s Certificate stating whether or not the Company has fully observed the restrictions imposed upon it
by the covenant contained in this Section 2.

 

The terms (i) “dividend”
shall be interpreted so as to include distributions and (ii) “common stock” and “shares of common stock”
shall be interpreted so as to include membership interests.

 

ARTICLE III

CERTAIN PROVISIONS WITH RESPECT TO FUTURE ADVANCES

 

SECTION 3.
Upon the filing of this Ninetieth Supplemental Indenture for record in all counties in which the Mortgaged and Pledged Property
is located, and until a further indenture or indentures supplemental to the Mortgage shall be executed and delivered by the Company
to the Trustees pursuant to authorization by the Board of Directors of the Company and filed for record in all counties in which
the Mortgaged and Pledged Property is located further increasing or decreasing the amount of future advances which may be secured
by the Mortgage, the Mortgage may secure future advances and other indebtedness and sums not to exceed in the aggregate $2,500,000,000,
in addition to $8,720,785,000 in aggregate principal amount of bonds to be Outstanding at the time of such filing, and all such
advances and other indebtedness and sums shall be secured by the Mortgage, equally, to the same extent and with the same priority,
as the amount originally advanced on the security of the Original Mortgage, namely, $46,000,000, and such advances and other indebtedness
and sums may be made or become owing and may be repaid and again made or become owing and the amount so stated shall be considered
only as the total amount of such advances and other indebtedness and sums as may be outstanding at one time.

 

ARTICLE IV

MISCELLANEOUS PROVISIONS

 

SECTION 4.
Subject to any amendments provided for in this Ninetieth Supplemental Indenture, the terms defined in the Original Mortgage,
as heretofore supplemented, shall, for all purposes of this Ninetieth Supplemental Indenture, have the meanings specified in the
Original Mortgage, as heretofore supplemented.

 

    15

     

    

 

SECTION 5.
The Trustees hereby accept the trusts herein declared, provided, created or supplemented and agree to perform the same upon
the terms and conditions herein and in the Original Mortgage, as heretofore supplemented, set forth and upon the following terms
and conditions:

 

The Trustees shall
not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Ninetieth Supplemental Indenture
or for or in respect of the recitals contained herein, all of which recitals are made by the Company solely. In general each and
every term and condition contained in Article XVI of the Original Mortgage, as heretofore supplemented, shall apply to and
form part of this Ninetieth Supplemental Indenture with the same force and effect as if the same were herein set forth in full
with such omissions, variations and insertions, if any, as may be appropriate to make the same conform to the provisions of this
Ninetieth Supplemental Indenture.

 

SECTION 6.
Subject to the provisions of Article XV and Article XVI of the Mortgage, whenever in this Ninetieth Supplemental
Indenture either of the parties hereto is named or referred to, this shall be deemed to include the successors or assigns of such
party, and all the covenants and agreements in this Ninetieth Supplemental Indenture contained by or on behalf of the Company or
by or on behalf of the Trustees shall bind and inure to the benefit of the respective successors and assigns of such parties whether
so expressed or not.

 

SECTION 7.
Nothing in this Ninetieth Supplemental Indenture, expressed or implied, is intended, or shall be construed, to confer upon,
or to give to, any person, firm or corporation, other than the parties hereto and the holders of the Outstanding bonds and coupons,
any right, remedy or claim under or by reason of this Ninetieth Supplemental Indenture or any covenant, condition, stipulation,
promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in this Ninetieth Supplemental
Indenture contained by or on behalf of the Company shall be for the sole and exclusive benefit of the parties hereto, and of the
holders of the Outstanding bonds and coupons.

 

SECTION 8.
This Ninetieth 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. The words “execution,”
signed,” signature,” and words of like import in the Mortgage shall include images of manually executed signatures
transmitted by facsimile, email or other electronic format (including, without limitation, “pdf,” “tif”
or “jpg”) and other electronic signatures (including without limitation, DocuSign and AdobeSign). The use of electronic
signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated,
received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed
signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other
applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial
Code. Without limitation to the foregoing, and anything in the Mortgage to the contrary notwithstanding, (a) any officers’
certificate, Opinion of Counsel, Trustee’s Certificate, Engineer’s Certificate, Net Earning Certificate, bond, certificate
of authentication appearing on or attached to any bond, or other certificate, opinion of counsel, instrument, agreement or other
document delivered pursuant to the Mortgage may be executed, attested and transmitted by any of the foregoing electronic means
and formats, (b) all references in Article II or elsewhere in the Mortgage to the execution, attestation or authentication
of any bond or any certificate of authentication appearing on or attached to any bond by means of a manual or facsimile signature
shall be deemed to include signatures that are made or transmitted by any of the foregoing electronic means or formats, and (c) any
requirement in Article II or elsewhere in the Mortgage that any signature be made under a corporate seal (or facsimile thereof)
shall not be applicable to the bonds of the One Hundred-fifth Series.

 

[SIGNATURES
ON THE FOLLOWING PAGES]

 

    16

     

    

 

The laws of South
Carolina provide that in any real estate foreclosure proceeding a defendant against whom a personal judgment is taken or asked
may within thirty days after the sale of the mortgaged property apply to the court for an order of appraisal. The statutory appraisal
value as approved by the court would be substituted for the high bid and may decrease the amount of any deficiency owing in connection
with the transaction. THE COMPANY HEREBY WAIVES AND RELINQUISHES THE STATUTORY APPRAISAL RIGHTS, WHICH MEANS THE HIGH BID AT
THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY APPRAISED VALUE OF THE MORTGAGED PROPERTY.

 

IN WITNESS WHEREOF,
Duke Energy Progress, LLC has caused its name to be hereunto affixed, and this instrument to be signed and sealed by its President
or one of its Vice Presidents or its Treasurer and its company seal to be attested by its Corporate Secretary or one of its Assistant
Secretaries, and The Bank of New York Mellon has caused its corporate name to be hereunto affixed, and this instrument to be signed
and sealed by one of its Vice Presidents, Senior Associates or Associates and its corporate seal to be attested by one of its Vice
Presidents, Senior Associates or Associates, and Christie Leppert (who is appointed as successor Individual Trustee effective immediately)
has hereunto set her hand and seal, all as of the day and year first above written.

 

	 	DUKE ENERGY PROGRESS, LLC
	 	 
	 	By:	 /s/ Karl W. Newlin
	 	 	Karl W. Newlin
	 	 	Treasurer and Senior Vice President, Corporate Development

 

Executed, sealed and delivered by DUKE

ENERGY PROGRESS, LLC by Karl W. Newlin,

one of its Senior Vice Presidents, and

attested by Robert T. Lucas III, one of its

Assistant Secretaries, in the presence of:

 

	 	ATTEST:
	 	 
	 	/s/ Robert T. Lucas III
	 	Robert T. Lucas III
	 	Assistant Secretary

 

	/s/ Nancy M. Wright	 	 
	 Nancy M. Wright	 	 

 

 

	/s/ Carol Melendez	 	 
	 Carol Melendez	 	 

 

[COMPANY’S SIGNATURE PAGE]

[NINETIETH SUPPLEMENTAL INDENTURE DATED AS OF AUGUST 1, 2020

TO THE DUKE ENERGY PROGRESS, LLC MORTGAGE AND DEED OF TRUST

DATED AS OF MAY 1, 1940]

 

    

     

    

 

	 	THE BANK OF NEW YORK MELLON,
	 	as Corporate Trustee
	 	 	 
	 	By:	/s/
    Rita Duggan
	 	 	Rita Duggan
	 	 	Vice President

 

Executed, sealed and delivered

by THE BANK OF NEW YORK

MELLON, as Corporate Trustee, by Rita Duggan,

one of its Vice Presidents,

and attested by Christine Conway,

one of its Vice Presidents, in the

	presence of:	ATTEST:

 

	 	/s/ Christine Conway
	 	Christine Conway
	 	Vice President

 

 

	/s/ Christopher Jacob	 
	Christopher Jacob	 
	 	 
	 	 
	/s/ Kevin Facal	 
	Kevin Facal	 

 

[CORPORATE TRUSTEE’S SIGNATURE
PAGE]

[NINETIETH SUPPLEMENTAL INDENTURE DATED AS OF AUGUST 1, 2020

TO THE DUKE ENERGY PROGRESS, LLC MORTGAGE AND DEED OF TRUST

DATED AS OF MAY 1, 1940]

 

    

     

    

 

	 	/s/ Christie Leppert
	 	Christie Leppert, as successor
    Individual Trustee

 

Executed and delivered by

 

CHRISTIE LEPPERT, as successor Individual Trustee, in the presence
of:

 

	/s/ Michele R. Shrum	 
	Michele R. Shrum	 
	 	 
	 	 
	/s/ Nathan Turner	 
	Nathan Turner	 

 

[INDIVIDUAL TRUSTEE’S SIGNATURE
PAGE]

[NINETIETH SUPPLEMENTAL INDENTURE DATED AS OF AUGUST 1, 2020

TO THE DUKE ENERGY PROGRESS, LLC MORTGAGE AND DEED OF TRUST

DATED AS OF MAY 1, 1940]

 

    

     

    

 

 

 

	STATE OF NORTH CAROLINA	)
	 	) SS.:
	COUNTY OF MECKLENBURG	)

 

This 20th
day of August, A.D. 2020, personally came before me, Phoebe P. Elliott, a Notary Public, KARL W. NEWLIN, who, being by me duly
sworn, acknowledged before me that he is Treasurer and Senior Vice President, Corporate Development of DUKE ENERGY PROGRESS, LLC,
and that the seal affixed to the foregoing instrument in writing is the company seal of said company, and that said writing was
signed and sealed by him in behalf of said limited liability company by its authority duly given. And the said KARL W. NEWLIN acknowledged
the said writing to be the act and deed of said limited liability company.

 

On the
20th day of August, in the year of 2020, before me personally came KARL W. NEWLIN, to me known, who, being by me
duly sworn, did depose and say that he resides at 2132 Brookwood Road,
Charlotte, NC 28211;
that he is Treasurer and Senior Vice President, Corporate Development of DUKE ENERGY PROGRESS, LLC, one of the limited
liability companies described in and which executed the above instrument; that he knows the seal of said limited liability
company; that the seal affixed to said instrument is such company seal; that it was so affixed by order of the Board of
Directors of said limited liability company, and that he signed his name thereto by like order.

 

	 	/s/
Jenny Pattana
	 	Jenny Pattana
	 	NOTARY PUBLIC, State of North
    Carolina
	 	Mecklenburg County
	 	My Commission Expires: June 8,
    2025

 

	STATE OF NORTH CAROLINA	)
	 	) SS.:
	COUNTY OF MECKLENBURG	)

 

This 20th
day of August, A.D. 2020, personally came before me, Phoebe P. Elliott, a Notary Public, ROBERT T. LUCAS III, who, being by me
duly sworn, acknowledged before me that he is the Assistant Secretary of DUKE ENERGY PROGRESS, LLC, and that the seal affixed to
the foregoing instrument in writing is the company seal of said company, and that said writing was signed and attested by him on
behalf of said limited liability company by its authority duly given.

 

On the 20th
day of August, in the year of 2020, before me personally came ROBERT T. LUCAS III, to me known, who, being by me duly sworn, did
depose and say that he resides at 1650 Myers Park Drive, Charlotte, NC 28207; that he is the Assistant Secretary of DUKE ENERGY
PROGRESS, LLC, one of the limited liability companies described in and which executed the above instrument; that he knows the seal
of said limited liability company; that the seal affixed to said instrument is such company seal; that it was so affixed by order
of the Board of Directors of said limited liability company, and that he signed and attested his name thereto by the authority
of the Board of Directors of said limited liability company.

 

	 	/s/
Jenny Pattana
	 	Jenny Pattana
	 	NOTARY PUBLIC, State of North
    Carolina
	 	Mecklenburg County
	 	My Commission Expires: June 8,
    2025

 

    

     

    

 

	STATE OF NEW YORK	)
	 	) SS.:
	COUNTY OF NEW YORK	)

 

On August 17, 2020 before me, the undersigned, personally appeared RITA DUGGAN, personally known to me or proved to me on
the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me
that she signed the same in her capacity as a Vice President of THE BANK OF NEW YORK MELLON, a New York banking corporation, as
Corporate Trustee, and that by her signature on the instrument, the individual, or the person upon behalf of which the individual
acted, signed the instrument.

 

I, Helen Choi, a Notary
Public of the State of New York, certify that RITA DUGGAN personally came before me this day and acknowledged that she is a Vice
President of THE BANK OF NEW YORK MELLON, a New York banking corporation, as Corporate Trustee, and that she, as Vice President,
being authorized to do so, signed the foregoing on behalf of the corporation.

 

Witness my hand and
official seal, this the 17th day of August, 2020.

 

	 	/s/ Helen Choi
	 	Helen Choi
	 	Notary Public, State of New
    York
	 	No. 01CH6291290
	 	Qualified in New York County
	 	Commission Expires October 15,
    2021

 

	STATE OF NEW YORK	)
	 	) SS.:
	COUNTY OF NEW YORK	)

 

On August 17,
2020 before me, the undersigned, personally appeared CHRISTINE CONWAY, personally known to me or proved to me on the basis of satisfactory
evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he signed and attested
the same in her capacity as a Vice President of THE BANK OF NEW YORK MELLON, a New York banking corporation, as Corporate Trustee,
and that by her signature on the instrument, the individual, or the person upon behalf of which the individual acted, signed and
attested the instrument.

 

I, Helen Choi, a Notary
Public of the State of New York, certify that CHRISTINE CONWAY personally came before me this day and acknowledged that she is
a Vice President of THE BANK OF NEW YORK MELLON, a New York banking corporation, as Corporate Trustee, and that she, as Vice President,
being authorized to do so, signed and attested the foregoing on behalf of the corporation.

 

Witness my hand and
official seal, this the 17th day of August, 2020.

 

	 	/s/ Helen Choi
	 	Helen Choi
	 	Notary Public, State of New
    York
	 	No. 01CH6291290
	 	Qualified in New York County
	 	Commission Expires October 15,
    2021

 

    

     

    

 

	
STATE OF FLORIDA	)
	 	) SS.:
	COUNTY OF DUVAL	)

 

On August 18,
2020 before me, the undersigned, personally appeared CHRISTIE LEPPERT, personally known to me or proved to me on the basis of satisfactory
evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that she executed the same
in her capacity as successor Individual Trustee, and that by her signature on the instrument, the individual, or the person upon
behalf of which the individual acted, executed the instrument.

 

I, Joshua P. Kakareka,
a Notary Public of the State of Florida, do hereby certify that CHRISTIE LEPPERT, as successor Individual Trustee, personally appeared
before me this day and acknowledged the due execution of the foregoing instrument.

 

Witness my hand and
official seal, this the 18th day of August, 2020.

 

 

	 	/s/ Joshua P. Kakareka
	 	Joshua P. Kakareka
 Notary
    Public, State of Florida
	 	My Commission expires: November 13,
    2023
 Commission Number: No. GG931852

 

    

     

    

 

THIS SECURITY IS A ONE HUNDRED-FIFTH SERIES
GLOBAL BOND WITHIN THE MEANING OF THE MORTGAGE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY
IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE MORTGAGE.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO DUKE ENERGY PROGRESS,
LLC OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

 

THIS FIRST MORTGAGE BOND, 2.50% SERIES
DUE 2050 MAY, UNDER CONDITIONS PROVIDED IN THE MORTGAGE, BE EXCHANGED FOR FIRST MORTGAGE BONDS, 2.50% SERIES DUE 2050 IN THE FORM OF
DEFINITIVE CERTIFICATES OF LIKE TENOR AND OF AN EQUAL AGGREGATE PRINCIPAL AMOUNT, IN AUTHORIZED DENOMINATIONS, REGISTERED
IN THE NAMES OF SUCH PERSONS AS THE DEPOSITARY SHALL INSTRUCT THE CORPORATE TRUSTEE. ANY SUCH EXCHANGE SHALL BE MADE UPON RECEIPT
BY THE CORPORATE TRUSTEE OF A REQUEST BY DUKE ENERGY PROGRESS, LLC THEREFOR AND A WRITTEN INSTRUCTION FROM THE DEPOSITARY SETTING
FORTH THE NAME OR NAMES IN WHICH THE CORPORATE TRUSTEE IS TO REGISTER SUCH FIRST MORTGAGE BONDS, 2.50% SERIES DUE 2050 IN THE FORM OF
DEFINITIVE CERTIFICATES.

 

 

	REGISTERED BOND	CUSIP: 26442U AK0

 

 

DUKE ENERGY PROGRESS, LLC

First Mortgage Bond,

2.50% Series due 2050

 

 

	No. R-1	$500,000,000

 

    

     

    

 

DUKE ENERGY PROGRESS,
LLC, a North Carolina limited liability company (the “Company”), for value received, hereby promises to pay
to

 

Cede & Co.

 

or registered assigns, at the office or
agency of the Company in the Borough of Manhattan, The City of New York,

 

FIVE
HUNDRED MILLION DOLLARS ($500,000,000)

 

on August 15, 2050, in such coin or
currency of the United States of America as at the time of payment is legal tender for public and private debts, and to pay to
the registered owner hereof interest thereon from August 20, 2020, if the date of this bond is on or prior to February15,
2021, or, if the date of this bond is after February 15, 2021, from the February 15 or August 15 next preceding
the date of this bond, at the rate of 2.50% per annum (with interest on overdue principal and overdue installments of interest
payable in accordance with the terms of the Mortgage (as hereinafter defined)) in like coin or currency semi-annually at said office
or agency, on February 15 and August 15 in each year until the principal of this bond shall have become due and payable
(each an “Interest Payment Date”). If the date of this bond is on or prior to February 15, 2021, such payments
shall commence on February 15, 2021. Interest on this bond will be computed on the basis of a 360-day year comprised of twelve
30-day months.

 

Any interest on this
bond which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the person in
whose name this bond (or one or more predecessor bonds) is registered at the close of business on the tenth calendar day next preceding
such Interest Payment Date (i.e., February 5 and August 5, respectively) (each a “Regular Record Date”),
provided, however, that so long as this bond is registered in the name of The Depository Trust Company, a New York corporation,
its nominee or a successor depositary, the Regular Record Date shall be the close of business on the business day (as defined in
the Ninetieth Supplemental Indenture mentioned below) immediately preceding such Interest Payment Date.

 

    

     

    

 

Any interest on this
bond which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be
payable to the registered holder on the relevant Regular Record Date solely by virtue of such holder having been such holder; and
such interest, together with any interest thereon as provided in the Mortgage (collectively, “Defaulted Interest”),
may be paid by the Company, at its election in each case, as provided in Subsection A or B below:

 

A.            The
Company may elect to make payment of any Defaulted Interest on the bonds of this series (as defined below) to the persons in whose
names such bonds (or their respective predecessor bonds) are registered at the close of business on a special record date for the
payment of such Defaulted Interest, which shall be fixed in the following manner (a “Special Record Date”).
The Company shall notify the Corporate Trustee referred to below in writing of the amount of Defaulted Interest proposed to be
paid on each bond and the date of the proposed payment (which date shall be such as will enable the Corporate Trustee to comply
with the next two sentences hereof), and at the same time the Company shall deposit with the Corporate Trustee an amount of money
equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory
to the Corporate Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the persons entitled to such Defaulted Interest as in this Subsection provided and not to be deemed otherwise
part of the trust estate or trust moneys. Thereupon the Corporate Trustee shall fix a Special Record Date for the payment of such
Defaulted Interest which shall be not more than 15 nor less than 10 days prior to the date of the proposed payment and not less
than 10 days after the receipt by the Corporate Trustee of the notice of the proposed payment. The Corporate Trustee shall promptly
notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each holder
of a bond of this series at such holder’s address as it appears in the bond register not less than 10 days prior to such
Special Record Date. The Corporate Trustee may, in its discretion in the name and at the expense of the Company, cause a similar
notice to be published at least once in a newspaper approved by the Company in each place of payment of the bonds of this series,
but such publication shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest
shall be paid to the persons in whose names the bonds of this series (or their respective predecessor bonds) are registered on
such Special Record Date and shall no longer be payable pursuant to the following Subsection B.

 

B.            The
Company may make payment of any Defaulted Interest on the bonds of this series in any other lawful manner not inconsistent with
the requirements of any securities exchange on which such bonds may be listed and upon such notice as may be required by such exchange,
if, after notice given by the Company to the Corporate Trustee of the proposed payment pursuant to this Subsection, such payment
shall be deemed practicable by the Corporate Trustee.

 

Subject to the foregoing,
each bond of this series delivered under the Mortgage hereinafter mentioned upon transfer of or in exchange for or in lieu of any
other bond of this series shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such
other bond.

 

    

     

    

 

This bond is one of
an issue of bonds of the Company issuable in series and is one of a series known as its First Mortgage Bonds, 2.50% Series due
2050 (the “bonds of this series”), all bonds of all series issued and to be issued under and equally secured
(except in so far as any sinking fund or other fund, established in accordance with the provisions of the Mortgage hereinafter
mentioned, may afford additional security for the bonds of any particular series) by a Mortgage and Deed of Trust (together with
any indenture supplemental thereto, including the Ninetieth Supplemental Indenture, dated as of August 1, 2020, the “Mortgage”),
dated as of May 1, 1940, executed by the Company to The Bank of New York Mellon (formerly Irving Trust Company), as Corporate
Trustee, and Christie Leppert (successor to Frederick G. Herbst), as Individual Trustee. Reference is made to the Mortgage for
a description of the property mortgaged and pledged, the nature and extent of the security, the rights of the holders of the bonds
and of the Trustees in respect thereof, the duties and immunities of the Trustees and the terms and conditions upon which the bonds
are and are to be secured and the circumstances under which additional bonds may be issued. With the consent of the Company and
to the extent permitted by and as provided in the Mortgage, the rights and obligations of the Company and/or the rights of the
holders of the bonds and/or coupons and/or the terms and provisions of the Mortgage may be modified or altered by affirmative vote
of the holders of at least 66 2/3% in principal amount of the bonds then outstanding under the Mortgage and, if the rights of one
or more, but less than all, series of bonds then outstanding are to be affected, then also by affirmative vote of the holders of
at least 66 2/3% in principal amount of the bonds then outstanding of each series of bonds so to be affected (excluding in any
case bonds disqualified from voting by reason of the Company’s interest therein as provided in the Mortgage); provided that,
without the consent of the holder hereof, no such modification or alteration, among other things, shall impair or affect the right
of the holder to receive payment of the principal of and interest on this bond, on or after the respective due dates expressed
herein, or permit the creation of any lien equal or prior to the lien of the Mortgage or deprive the holder of a lien on the mortgaged
and pledged property.

 

The principal hereof
may be declared or may become due prior to the maturity date hereinbefore named on the conditions, in the manner and at the time
set forth in the Mortgage, upon the occurrence of a default as in the Mortgage provided.

 

This bond is transferable
as prescribed in the Mortgage by the registered owner hereof in person, or by his duly authorized attorney, at the office or agency
of the Company in the Borough of Manhattan, The City of New York, upon surrender and cancellation of this bond, and thereupon a
new fully registered temporary or definitive bond of the same series for a like principal amount will be issued to the transferee
in exchange herefor as provided in the Mortgage. The Company and the Trustees may deem and treat the person in whose name this
bond is registered as the absolute owner hereof for the purpose of receiving payment and for all other purposes.

 

In the manner prescribed
in the Mortgage, any bonds of this series, upon surrender thereof for cancellation at the office or agency of the Company in the
Borough of Manhattan, The City of New York, are exchangeable for a like aggregate principal amount of bonds of the same series
of other authorized denominations.

 

At any time on or after
February 15, 2050 (the “Par Call Date”), the bonds of this series shall be redeemable at the option of the Company,
in whole or in part and from time to time, prior to maturity, upon notice as provided in the Mortgage (given not less than 30 days
and not more than 90 days prior to the date fixed for redemption), at a redemption price equal to 100% of the principal amount
of the bonds then outstanding to be redeemed, plus in each case accrued interest on such principal amount to, but excluding, such
date fixed for redemption. At any time prior to the Par Call Date, the bonds of this series shall be redeemable at the option of
the Company, in whole or in part and from time to time, upon notice as provided in the Mortgage (given not less than 30 days and
not more than 90 days prior to the date fixed for redemption (together with the date fixed for redemption referred to in the preceding
sentence, each a “Redemption Date”)), at a redemption price (together with the redemption price referred to
in the preceding sentence, each a “Redemption Price”) equal to the greater of (i) 100% of the principal
amount of the bonds then outstanding to be redeemed and (ii) the sum of the present values of the remaining scheduled payments
of principal and interest on such bonds being redeemed that would be due if such bonds matured on the Par Call Date, computed by
discounting such payments, in each case, to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate (as defined in the Ninetieth Supplemental Indenture mentioned above) plus 20 basis points,
plus in either case accrued but unpaid interest on such principal amount to, but excluding, the Redemption Date. On and after any
Redemption Date, if sufficient cash shall have been deposited with Corporate Trustee (and/or if the Company has irrevocably directed
the Corporate Trustee to apply, from moneys held by it available to be used for the redemption of bonds, sufficient cash) to redeem
all of the bonds of this series called for redemption, interest on the bonds of this series, or the portions of them so called
for redemption, shall cease to accrue. Reference is made to said Ninetieth Supplemental Indenture for the full terms of the redemption
provisions applicable to the bonds of this series.

 

    

     

    

 

No recourse shall be
had for the payment of the principal or any Redemption Price of or interest on this bond against any incorporator or any past,
present or future subscriber to the capital stock, stockholder, officer or director of the Company or of any predecessor or successor
corporation, as such, either directly or through the Company or any predecessor or successor corporation, under any rule of
law, statute or constitution or by the enforcement of any assessment or otherwise, all such liability of incorporators, subscribers,
stockholders, officers and directors being released by the holder or owner hereof by the acceptance of this bond and being likewise
waived and released by the terms of the Mortgage.

 

This bond shall not
become obligatory until The Bank of New York Mellon (formerly Irving Trust Company), the Corporate Trustee under the Mortgage,
or its successor thereunder, shall have signed the form of certificate endorsed hereon.

 

[Signature Page Follows]

 

    

     

    

 

IN WITNESS WHEREOF,
DUKE ENERGY PROGRESS, LLC has caused this bond to be signed in its name with the manual or facsimile signature of its President
or one of its Vice Presidents and its company seal to be impressed or imprinted hereon and attested by its Secretary or one of
its Assistant Secretaries.

 

	 	DUKE ENERGY PROGRESS, LLC
	 	 
	 DATED: August 20, 2020	 
	 	 
	 	By:	 
	 	 	Karl W. Newlin
	 	 	Treasurer and Senior Vice President,
	 	 	Corporate Development

 

ATTEST:

 

 

	 	 
	Robert T. Lucas III	 
	Assistant Secretary	 

 

    

     

    

 

CORPORATE
TRUSTEE’S CERTIFICATE

 

This bond is one of
the bonds, of the series herein designated, described or provided for in the within-mentioned Mortgage.

 

	 	THE BANK OF NEW YORK MELLON,
	 	Corporate Trustee
	 	 
	 	 
	 	By:	 
	 	 	Authorized Officer

 

    

     

    

 

THIS SECURITY IS A ONE HUNDRED-FIFTH SERIES
GLOBAL BOND WITHIN THE MEANING OF THE MORTGAGE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY
IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE MORTGAGE.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO DUKE ENERGY PROGRESS,
LLC OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

 

THIS FIRST MORTGAGE BOND, 2.50% SERIES
DUE 2050 MAY, UNDER CONDITIONS PROVIDED IN THE MORTGAGE, BE EXCHANGED FOR FIRST MORTGAGE BONDS, 2.50% SERIES DUE 2050 IN THE FORM OF
DEFINITIVE CERTIFICATES OF LIKE TENOR AND OF AN EQUAL AGGREGATE PRINCIPAL AMOUNT, IN AUTHORIZED DENOMINATIONS, REGISTERED
IN THE NAMES OF SUCH PERSONS AS THE DEPOSITARY SHALL INSTRUCT THE CORPORATE TRUSTEE. ANY SUCH EXCHANGE SHALL BE MADE UPON RECEIPT
BY THE CORPORATE TRUSTEE OF A REQUEST BY DUKE ENERGY PROGRESS, LLC THEREFOR AND A WRITTEN INSTRUCTION FROM THE DEPOSITARY SETTING
FORTH THE NAME OR NAMES IN WHICH THE CORPORATE TRUSTEE IS TO REGISTER SUCH FIRST MORTGAGE BONDS, 2.50% SERIES DUE 2050 IN THE FORM OF
DEFINITIVE CERTIFICATES.

 

	REGISTERED BOND	CUSIP: 26442U AK0

 

 

DUKE ENERGY PROGRESS, LLC

First Mortgage Bond,

2.50% Series due 2050

 

 

	No. R-2	$100,000,000

 

    

     

    

 

DUKE ENERGY PROGRESS,
LLC, a North Carolina limited liability company (the “Company”), for value received, hereby promises to pay
to

 

Cede & Co.

 

or registered assigns, at the office or
agency of the Company in the Borough of Manhattan, The City of New York,

 

ONE
HUNDRED MILLION DOLLARS ($100,000,000)

 

on August 15, 2050, in such coin or
currency of the United States of America as at the time of payment is legal tender for public and private debts, and to pay to
the registered owner hereof interest thereon from August 20, 2020, if the date of this bond is on or prior to February15,
2021, or, if the date of this bond is after February 15, 2021, from the February 15 or August 15 next preceding
the date of this bond, at the rate of 2.50% per annum (with interest on overdue principal and overdue installments of interest
payable in accordance with the terms of the Mortgage (as hereinafter defined)) in like coin or currency semi-annually at said office
or agency, on February 15 and August 15 in each year until the principal of this bond shall have become due and payable
(each an “Interest Payment Date”). If the date of this bond is on or prior to February 15, 2021, such payments
shall commence on February 15, 2021. Interest on this bond will be computed on the basis of a 360-day year comprised of twelve
30-day months.

 

Any interest on this
bond which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the person in
whose name this bond (or one or more predecessor bonds) is registered at the close of business on the tenth calendar day next preceding
such Interest Payment Date (i.e., February 5 and August 5, respectively) (each a “Regular Record Date”),
provided, however, that so long as this bond is registered in the name of The Depository Trust Company, a New York corporation,
its nominee or a successor depositary, the Regular Record Date shall be the close of business on the business day (as defined in
the Ninetieth Supplemental Indenture mentioned below) immediately preceding such Interest Payment Date.

 

    

     

    

 

Any interest on this
bond which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be
payable to the registered holder on the relevant Regular Record Date solely by virtue of such holder having been such holder; and
such interest, together with any interest thereon as provided in the Mortgage (collectively, “Defaulted Interest”),
may be paid by the Company, at its election in each case, as provided in Subsection A or B below:

 

A.            The
Company may elect to make payment of any Defaulted Interest on the bonds of this series (as defined below) to the persons in whose
names such bonds (or their respective predecessor bonds) are registered at the close of business on a special record date for the
payment of such Defaulted Interest, which shall be fixed in the following manner (a “Special Record Date”).
The Company shall notify the Corporate Trustee referred to below in writing of the amount of Defaulted Interest proposed to be
paid on each bond and the date of the proposed payment (which date shall be such as will enable the Corporate Trustee to comply
with the next two sentences hereof), and at the same time the Company shall deposit with the Corporate Trustee an amount of money
equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory
to the Corporate Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the persons entitled to such Defaulted Interest as in this Subsection provided and not to be deemed otherwise
part of the trust estate or trust moneys. Thereupon the Corporate Trustee shall fix a Special Record Date for the payment of such
Defaulted Interest which shall be not more than 15 nor less than 10 days prior to the date of the proposed payment and not less
than 10 days after the receipt by the Corporate Trustee of the notice of the proposed payment. The Corporate Trustee shall promptly
notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each holder
of a bond of this series at such holder’s address as it appears in the bond register not less than 10 days prior to such
Special Record Date. The Corporate Trustee may, in its discretion in the name and at the expense of the Company, cause a similar
notice to be published at least once in a newspaper approved by the Company in each place of payment of the bonds of this series,
but such publication shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest
shall be paid to the persons in whose names the bonds of this series (or their respective predecessor bonds) are registered on
such Special Record Date and shall no longer be payable pursuant to the following Subsection B.

 

B.            The
Company may make payment of any Defaulted Interest on the bonds of this series in any other lawful manner not inconsistent with
the requirements of any securities exchange on which such bonds may be listed and upon such notice as may be required by such exchange,
if, after notice given by the Company to the Corporate Trustee of the proposed payment pursuant to this Subsection, such payment
shall be deemed practicable by the Corporate Trustee.

 

Subject to the foregoing,
each bond of this series delivered under the Mortgage hereinafter mentioned upon transfer of or in exchange for or in lieu of any
other bond of this series shall carry all the rights to interest accrued and unpaid, and to accrue, which were carried by such
other bond.

 

    

     

    

 

This bond is one of
an issue of bonds of the Company issuable in series and is one of a series known as its First Mortgage Bonds, 2.50% Series due
2050 (the “bonds of this series”), all bonds of all series issued and to be issued under and equally secured
(except in so far as any sinking fund or other fund, established in accordance with the provisions of the Mortgage hereinafter
mentioned, may afford additional security for the bonds of any particular series) by a Mortgage and Deed of Trust (together with
any indenture supplemental thereto, including the Ninetieth Supplemental Indenture, dated as of August 1, 2020, the “Mortgage”),
dated as of May 1, 1940, executed by the Company to The Bank of New York Mellon (formerly Irving Trust Company), as Corporate
Trustee, and Christie Leppert (successor to Frederick G. Herbst), as Individual Trustee. Reference is made to the Mortgage for
a description of the property mortgaged and pledged, the nature and extent of the security, the rights of the holders of the bonds
and of the Trustees in respect thereof, the duties and immunities of the Trustees and the terms and conditions upon which the bonds
are and are to be secured and the circumstances under which additional bonds may be issued. With the consent of the Company and
to the extent permitted by and as provided in the Mortgage, the rights and obligations of the Company and/or the rights of the
holders of the bonds and/or coupons and/or the terms and provisions of the Mortgage may be modified or altered by affirmative vote
of the holders of at least 66 2/3% in principal amount of the bonds then outstanding under the Mortgage and, if the rights of one
or more, but less than all, series of bonds then outstanding are to be affected, then also by affirmative vote of the holders of
at least 66 2/3% in principal amount of the bonds then outstanding of each series of bonds so to be affected (excluding in any
case bonds disqualified from voting by reason of the Company’s interest therein as provided in the Mortgage); provided that,
without the consent of the holder hereof, no such modification or alteration, among other things, shall impair or affect the right
of the holder to receive payment of the principal of and interest on this bond, on or after the respective due dates expressed
herein, or permit the creation of any lien equal or prior to the lien of the Mortgage or deprive the holder of a lien on the mortgaged
and pledged property.

 

The principal hereof
may be declared or may become due prior to the maturity date hereinbefore named on the conditions, in the manner and at the time
set forth in the Mortgage, upon the occurrence of a default as in the Mortgage provided.

 

This bond is transferable
as prescribed in the Mortgage by the registered owner hereof in person, or by his duly authorized attorney, at the office or agency
of the Company in the Borough of Manhattan, The City of New York, upon surrender and cancellation of this bond, and thereupon a
new fully registered temporary or definitive bond of the same series for a like principal amount will be issued to the transferee
in exchange herefor as provided in the Mortgage. The Company and the Trustees may deem and treat the person in whose name this
bond is registered as the absolute owner hereof for the purpose of receiving payment and for all other purposes.

 

In the manner prescribed
in the Mortgage, any bonds of this series, upon surrender thereof for cancellation at the office or agency of the Company in the
Borough of Manhattan, The City of New York, are exchangeable for a like aggregate principal amount of bonds of the same series
of other authorized denominations.

 

At any time on or after
February 15, 2050 (the “Par Call Date”), the bonds of this series shall be redeemable at the option of the Company,
in whole or in part and from time to time, prior to maturity, upon notice as provided in the Mortgage (given not less than 30 days
and not more than 90 days prior to the date fixed for redemption), at a redemption price equal to 100% of the principal amount
of the bonds then outstanding to be redeemed, plus in each case accrued interest on such principal amount to, but excluding, such
date fixed for redemption. At any time prior to the Par Call Date, the bonds of this series shall be redeemable at the option of
the Company, in whole or in part and from time to time, upon notice as provided in the Mortgage (given not less than 30 days and
not more than 90 days prior to the date fixed for redemption (together with the date fixed for redemption referred to in the preceding
sentence, each a “Redemption Date”)), at a redemption price (together with the redemption price referred to
in the preceding sentence, each a “Redemption Price”) equal to the greater of (i) 100% of the principal
amount of the bonds then outstanding to be redeemed and (ii) the sum of the present values of the remaining scheduled payments
of principal and interest on such bonds being redeemed that would be due if such bonds matured on the Par Call Date, computed by
discounting such payments, in each case, to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate (as defined in the Ninetieth Supplemental Indenture mentioned above) plus 20 basis points,
plus in either case accrued but unpaid interest on such principal amount to, but excluding, the Redemption Date. On and after any
Redemption Date, if sufficient cash shall have been deposited with Corporate Trustee (and/or if the Company has irrevocably directed
the Corporate Trustee to apply, from moneys held by it available to be used for the redemption of bonds, sufficient cash) to redeem
all of the bonds of this series called for redemption, interest on the bonds of this series, or the portions of them so called
for redemption, shall cease to accrue. Reference is made to said Ninetieth Supplemental Indenture for the full terms of the redemption
provisions applicable to the bonds of this series.

 

    

     

    

 

No recourse shall be
had for the payment of the principal or any Redemption Price of or interest on this bond against any incorporator or any past,
present or future subscriber to the capital stock, stockholder, officer or director of the Company or of any predecessor or successor
corporation, as such, either directly or through the Company or any predecessor or successor corporation, under any rule of
law, statute or constitution or by the enforcement of any assessment or otherwise, all such liability of incorporators, subscribers,
stockholders, officers and directors being released by the holder or owner hereof by the acceptance of this bond and being likewise
waived and released by the terms of the Mortgage.

 

This bond shall not
become obligatory until The Bank of New York Mellon (formerly Irving Trust Company), the Corporate Trustee under the Mortgage,
or its successor thereunder, shall have signed the form of certificate endorsed hereon.

 

[Signature Page Follows]

 

    

     

    

 

IN WITNESS WHEREOF,
DUKE ENERGY PROGRESS, LLC has caused this bond to be signed in its name with the manual or facsimile signature of its President
or one of its Vice Presidents and its company seal to be impressed or imprinted hereon and attested by its Secretary or one of
its Assistant Secretaries.

 

 

	 	DUKE ENERGY PROGRESS, LLC
	 	 
	DATED: August 20, 2020	 
	 	 
	 	By:	 
	 	 	Karl W. Newlin
	 	 	Treasurer and Senior Vice President,
	 	 	Corporate Development

 

ATTEST:

 

 

	 	 
	Robert T. Lucas III	 
	Assistant Secretary	 

 

    

     

    

 

CORPORATE
TRUSTEE’S CERTIFICATE

 

This bond is one of
the bonds, of the series herein designated, described or provided for in the within-mentioned Mortgage.

 

	 	THE BANK OF NEW YORK MELLON,
	 	Corporate Trustee
	 	 
	 	 
	 	By:	 
	 	 	Authorized Officer

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