Document:

Contract No. P71039

  	
  Exhibit
  4.5

  

 

CJSC “Tetra Pak”, Moscow,
hereinafter referred to as the “Seller”, represented by the Commercial
Operations Director Uros Kepic, acting on the basis of the Power of attorney
28-12/126 dated 01/01/2007, on the one part, and

OАО “Ramensky Dairy”,
Ramenskoe, Russia, hereinafter referred to as the “Buyer”, represented by
Executive Director Mr. K.G. Sikachev, acting on the basis of Regulation Rules,
on the other part, have concluded the present contract on the following:

1. SUBJECT OF THE CONTRACT.

1.1. The Seller sells and the Buyer buys packaging
material for packaging of food (milk, juices, milkcontaining and
juice-containing food products) together with respective additional materials
(Strips, Caps, Straws and etc.) in accordance with the Specification (Annex
No.1 to the present contract), hereinafter referred to as “the Goods”, and
custom cleared (if applicable) and free from third parties rights and charges.

1.2. Deliveries shall be fulfilled as per orders
placed by the Buyer in accordance with the Annex No. 2. The orders are placed
by the Buyer mainly via ebusiness electronic system. Orders may also be placed
by fax/e-mail.

2. TOTAL CONTRACT AMOUNT.

Approximate amount of the Contract is EURO 18 000 000
(eighteen million) EURO, VAT excluded. The exact amount of the Contract is to
be determined according to the actual deliveries of the Goods.

3. PRICE OF THE CONTRACT.

3.1. Price of the Goods stipulated in the
Specification (Annex No.1 to the present Contract), is given in EURO and
comprises the following:

·     cost of packaging material ex
manufacturing plant stated in the specification (Annex no.1 to the present
contract);

	
  THE SELLER

  	
   

  	
  THE
  BUYER

  
	
   

  	
   

  	
   

  

 

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

·     cost of pallets

3.2. In case packaging material is shipped from TP
factories, the Seller is obliged to prove transport costs reinvoicing by
submitting to the Buyer copies of the invoices issued to the Seller by the
transport companies.,if another didn’t agreed between parties.

3.3. The price of the Goods excludes VAT and other
taxes due for payment by the Buyer. VAT is to be paid at the rate valid at the
date of the invoice issued by the Seller.

3.4. Price of the Goods excludes the following:

·     cost of LS-strip (for
roll-fed material; is shown in the invoices separately);

·     cost of insurance ([*]% from the price of the Goods; added to
the price of the Goods, is shown

separately in the documents);

·     cost of transportation (added
to the price of the Goods; is shown separately in the documents);

3.5. The cost of insurance and transportation are
included in the invoices separately and due for payment by the Buyer within
terms stipulated in the item 4.1 of the present contract.

3.6. Price of the Goods and currency of the contract
can be amended by the Seller within validity of the present contract by written
mutual agreement of the Parties.

3.7. The Seller should come to an agreement with the
Buyer about the new prices and/or change of currency not later than [*] before the changes enter into force.

4. QUANTITY OF GOODS AND TERMS OF
PAYMENT.

4.1. Payment should be made in rubles by the bank
transfer to the Seller’s account (refer to article 16) in accordance with the
exchange rate of the Central Bank of RF on the date of writing off the amount
from the Buyer’s account. Factura-invoices should be paid within [*] days from the date of its issuing

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

but not earlier than the delivery of the Goods to the
Buyer’s warehouse.

4.2. Date of issue of the factura-invoice can not be
earlier than the date of dispatch.

4.3. In case the Buyer breaches payment terms on its
fault, the Seller has the right to charge the penalty on overdue amount on the
basis of 20% annual rate for every day of delay. The Seller should inform the
Buyer in written if such penalties are implemented.

4.4. Due to production characteristics, the Seller has
the right to deliver up to 10% above or below the quantity of ordered Goods. In
this case delivery is considered to be agreed on the terms of the present
contract. In the end of each month the parties shall sign statement of accounts
based on actually delivered goods. This statement forms the ground for final accounts.

5. TERMS OF DELIVERY.

5.1. The Goods are to be delivered to the Buyer’s
warehouse (Moscow and Moscow region) by transport of the Seller at the Buyer’s
expense unless otherwise is specified in the order. Delivery address: Russia,
140100 Moscow region, Ramenskoe, Transportny proezd, 1.

5.2. Delivery is to be made by fully-loaded trucks
according to the order agreed by the parties, the only exception being the last
shipment.

5.3.1. Dispatch of all kinds of the Goods should be
made within [*] weeks, if another
didn’t agreed between parties, after the Seller receives the official order
from the Buyer provided the Seller has the design - the original proof of
technological texts signed and dated, duly approved by the Buyer.

5.3.2. Dispatch of the Goods from TP Potok, TP
Timashevsk and TP Lobnya factories should be made within [*] days, if another didn’t agreed between
parties, after the Seller receives the official order from the Buyer provided
the Seller has the design - the original proof of technological texts

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

signed and dated, duly approved by the Buyer.

5.3.3. The Seller is obliged to deliver the Goods
during period stipulated in the Annex No 4 depending on the place of dispatch
and the place of delivery. Periods of delivery are calculated from the moment
of dispatch of the Goods from the Seller’s factories. In case if delivery date
of Goods is exceeds established dispatch date, prescribed in points 5.3.1 and
5.3.2., then delivery date mentioned in Annex 4 calculates from the moment of
maximum dispatch date expiration, established in points 5.3.1. and 5.3.2.

5.3.4. Delivery Date, confirmed by Seller, can not be
out of dates, calculated in accordance with point 5.3.3. In case if delivery
date is out of delivery time maximum range, calculated in accordance with point
5.3.3 and another didn’t agreed between parties, then delivery date should be
the last day, calculated in accordance with point 5.3.3.

5.3.5. Confirmation of the order serves as a
confirmation that the Seller has the design corresponding to the order.

5.4. The design should be made in accordance with the
design color printout provided by the Buyer and agreed upon between the Buyer
and the Seller. Signed and dated design proof is to be considered as the final
version of design for production of placed order.

5.5. In case the Buyer changes the design during the
production of the order already placed and confirmed, within 24 hours from the
receipt of the notification about renewal of design and stoppage of production
of the order with old design, the Seller has to stop the production of the
order with the design to be amended, and the Buyer is obliged to buy already
produced lot of Goods and/or to pay the costs connected with the preparation of
the order for production as per documents confirming actual costs.

5.6. Any changes in the designs existing at the moment
of signing of the present contract as well as elaboration of new designs are to
be made by the

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

Seller at the terms agreed upon with the Buyer and
stipulated in the separate contract.

5.7. In case of delay of delivery at the Seller’s
fault, the Buyer has the right to charge the penalty on delayed lot of delivery
amount on the basis of 20% annual rate for every day of delay. The Buyer should
inform the Seller in written if such penalties are implemented.

5.8. The Buyer shall undertake the costs of storage of
unpaid Goods at the Seller’s warehouse in case of delay in shipment of the
Goods, if such delay occurred due to the Buyer’s fault and exceeded 7 (seven)
calendar days from the maximum dispatch date, calculated in accordance with
points 5.3.1. and 5.3.2. The Seller should provide the Buyer with the report
about the actual storage costs. Storage costs are calculated starting from 8th calendar day.

After 7 (seven) days expire, the Seller has the right
to invoice to the Buyer actually born storage costs and to dispatch the Goods
to the Buyer on the 10th (tenth)
day by the Seller’s transport at the Buyer’s expense with 2 (two) workings days
written preliminary note to the Buyer. In this case the Buyer has to accept the
Goods at the Buyer’s warehouse within 24 (twenty four) hours from the moment of
arrival of the truck to the Buyer’s warehouse provided the date of arrival is a
working day.

5.9. The Seller shall send to the Buyer shipment
advice immediately after shipment of the truck from the factory/customs
terminal and supply the Buyer with the transport documents for each shipment
lot by fax/e-mail within 48 (forty eight) hours from the delivery.

5.10. The Buyer shall be informed in advance about the
possibility of transfer the production of packaging material to another
production facility. This decision shall be made by mutual agreement of the
parties.

5.11. The Buyer shall compensate to the Seller the
costs connected with the demurrage of unloaded

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

truck, starting from the day after the agreed date of
arrival of the truck to the address indicated in the transport documents, on
the basis of 150,00 EURO (VAT excluded) per day for the demurrage of unloaded
truck arrived from Tetra Pak factories provided the truck arrives to the
address indicated in the transport 
documents not later than 12:00am on the agreed arrival date.

5.11.1. In case the truck arrives to the address,
specified in the transport documents, earlier than the agreed arrival date, the
demurrage cost from the moment of arrival of the truck till agreed delivery
date should not be charged.

5.11.2. In case the truck arrives to the address,
specified in the transport documents, later than 12:00am at the agreed arrival
date, the demurrage cost should be calculated after 24 (twenty four) hours from
the time of arrival of the truck to the Buyer’s warehouse.

5.11.3. In case the truck arrives to the address,
specified in the transport documents, later than the agreed arrival date, the
demurrage cost should be calculated after 48 (forty eight) hours from the
actual time of arrival of the truck to the Buyer’s warehouse. Actual time of
arrival of the truck (date, time) is to be stated by the Buyer’s representative
in the transport documents.

The remarks of the Buyer’s representative and
transport company representative in the transport documents are to be the basis
for the demurrage calculation (transport waybill – for domestic deliveries, CMR
– for import deliveries).

5.12. Delivery date is considered to be the date of
delivery of the Goods to the buyer’s warehouse. The Buyer shall return to the
Seller signed copy of delivery note TORG-12 within 15 (fifteen) days from the
date the Seller provides the Buyer with this document but not earlier than the
delivery date.

5.13. In spite of delivery terms agreed upon by the
parties, the title of the Goods transfers to the Buyer from the moment of
dispatch of the Goods from the Seller’s warehouse to the forwarder; in case of
import delivery of the Goods – from the date of

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

customs clearance and release of the Goods for free
circulation on RF  territory.

6. TRANSPORTATION RISK.

6.1. The Seller shall take the risk of loss or damage
to the Goods which might arise during transportation of the Goods to the Buyer’s
warehouse by the Seller’s transport.

6.2. The Seller shall reimburse to the Buyer all the
losses including transportation costs and insurance occurred due to the damage
of the Goods during transportation provided the Buyer fulfills the terms stated
in the article 10.7 of the present contract “Acceptance
of the Goods damaged during the transportation”. The Buyer shall
determine the form of reimbursement by cash or by delivery.

7. REQUIREMENTS TO PAYMENT ORDERS.

The Buyer shall specify the following information when
filling in the payment orders for prepayment or payment according to the
invoice:

·     Date and number of the factura-invoice

·     INN

·     Exchange rate at the date
when the money have been written off from the Buyer’s account.

In case 
repayment or payment against invoice is made by the third party, the
name of the Buyer must be stipulated in the payment order in addition to the
items above.

8. PACKING AND MARKING.

8.1. The Goods are to be dispatched in packing
suitable for Iong distance transportation. Each cargo unit (pallet) is wrapped
in polyethylene film. Marking of the pallet shall be as follows:

	
  Consignee: 

  
	
  Address of destination: 

  
	
  Name of the Seller:

  
	
  Name of the Goods: 

  
	
  Pallet weight: 

  
	
  Quantity: 

  
	
  Manufacture date: 

  
	
  Lot number:                            

  
	
   

  

9. STORAGE TERMS.

9.1. Each pallet with
packaging material is wrapped in polyethylene film.

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

9.2. Pallets with roll-fed packaging material can be
stacked in three rows on top of each other provided they are separated by the
rigid dividers. Pallets with blank packaging material are prohibited for stacking
in more than one row.

9.3. Transportation pallets are irrevocable and its
lifetime is limited.

9.4. The Goods must be stored only on pallets, 100mm
min away from the walls.

9.5. The Goods must not be exposed to direct moisture
(such as pipes evaporation) or sunlight.

9.6. Temperature: Permitted storage temperature is set
in a range +10° - +40°C; however before the production the Goods must pass the
adaptation period at the temperature +20° - +30° С. The optimal storage
temperature is +20°C.

9.7. Air humidity: 40% to 65 % RH.

10. ACCEPTANCE OF THE GOODS.

10.1. The Buyer or Consignee shall put the remarks (if
necessary) in the transport documents during acceptance of the Goods. In case
of discrepancy between actually accepted quantity and quantity declared in the
transport document, the Buyer/Consignee or Carrier shall put the respective
remark in the transport  document.

10.2. Within 5 (five) calendar days from shipment date
the Seller shall provide the Buyer with facturainvoice and delivery note issued
in the form legally approved by Goskomstat RF (TORG-12) for each shipment lot.

10.3. Final acceptance of the Goods in respect of
cargo units of delivered goods is to be made by the Buyer at the site within 10
(ten) calendar days from the date of the delivery.

10.4. In case the Buyer has any claims as per

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

quality of delivered Goods or damages which can not be
seen during acceptance, he has the right to submit these claims to the Seller
within 12 (twelve) months from the delivery date provided all the storage
requirements stipulated in the article 9 have been met. No claims are accepted
if the above time is overdue.

10.5. In case of any claims the Buyer should prepare
the claim according to the “Goods Claim Routine” (Annex No3 to the present
contract).

10.6. If the quality/quantity claims are submitted by
the Buyer and received by the Seller not later than 12 (twelve) months from the
date of delivery of the Goods to the Buyer’s warehouse, the claimed goods shall
be delivered to the Buyer within 30 days from the date the claim has been
accepted. In this case the Seller shall reimburse to the Buyer the
transportation cost and insurance of the claimed/under-delivered material.

10.7. Acceptance of goods damaged
during transportation.

In case transport damage to the Goods is found, the
Buyer shall make the following steps at his own expense and risk:

·     to make the acceptance of the
damaged goods,

·     to immediately inform the
Seller about the damages in written by fax/cable/e-mail,

·     to take all the necessary
steps to prevent further damage and loss of the goods and transport facilities,

·     to take pictures of the
damaged goods prior to unloading (the picture should show the damage and,
whenever possible, the reason of the damage),

·     in case of truck delivery of
damaged goods, to put the appropriate remarks in the transport  documents/CMR, to get a signature of the
transport company representative on these transport documents. In case the
transport company representative refuses to sign the transport documents with
the remark of the damage, the Buyer puts this remark by himself.

·     in case the damaged goods
arrived by rail or by the Buyer’s transport, the Buyer, together with the
railways representatives, shall make the commercial certificate about the
damage during unloading the goods. In case it is impossible to make this
certificate during unloading, it has to be issued

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

within the next 24 (twenty four)  hours. Should the carrier refuses to make
this commercial certificate or this certificate is issued with mistakes, the
consignee is obliged to inform the forwarder in written within 3 days. The
letter signed by the railway  authorities
is to serve enough ground for the Seller to receive the Buyer’s claim for
consideration.

·     to forward the originals of
the above listed documents to the Seller by courier service within 72 (seventy
two) hours from the moment of acceptance of the goods.

11. INTANGIBLE PROPERTY.

11.1. The Buyer releases the Seller from any
obligations towards third parties connected with the orders illegitimately
placed by the Buyer.

11.2. Provided the Seller sticks to agreed signs,
indications, texts, drawings and its allocation on the Goods in accordance with
the design color printout stipulated in the article 5.4. of the present
contract, the Buyer  releases the Seller
from any responsibility for all the claims and damages which might be caused by
the use or the reproduction of the existing somebody else’s designs,
trademarks, texts or placement in respect of the provided signs printed on the
Goods.

11.3. The Seller confirms the following:

·     allocation of trade mark by
the Seller regardless of the color printout of the design (if applicable) shall

be made by the Seller itself and shall not create
obstacles in using the Goods by the Buyer;

·     the Seller has obtained all
the necessary owner’s permissions for trademark allocation on the Goods

regardless of the design color printout (if
applicable), for its use and distribution on the Buyer’s territory;

·     construction of packaging
material, goods made of it, and separate elements, its form and composition

as the objects of intellectual property are free from
rights and charges of third parties;

·     delivered Goods are released
for free circulation on the Buyer’s territory. In case of breach of this
condition the Seller is obliged to reimburse to the Buyer losses born by the
latter.

11.4. In case of unauthorized use of the Seller’s or
Buyer’s trademarks by one of the parties without permission, the injured party
may terminate this Contract and seek for damages compensation or any other
remedies available under applicable laws.

12. FORCE MAJEURE.

12.1. If the Seller or the Buyer are prevented to
perform its obligations in accordance with this Contract in full or partially
or is unreasonably burdened by circumstances beyond his control, including but
not limited to: Acts of God, civil war, mobilization, military conscription on
a large scale, riots, insurrections and revolutions, sabotage, requisition,
confiscation, nationalization, embargoes and expropriation, public bans or acts
of authorities, strikes, lockouts, natural cataclysms such as hurricanes,
earthquakes, lightning, fire, explosions, abnormal weather conditions for the
concrete area, non-fulfillment of obligations and delays of deliveries by
subcontractors due to above mentioned circumstances, the delay in the
performance of the obligations under the present contract will not lead to any
obligation for compensation.

12.2. Force-majeure circumstances should be proved by
the certificate issued by the competent authorities.

12.3. The party declared that force-majeure
circumstance occurred, should inform the other party about it within 7 (seven)
calendar days from the moment such circumstances occur.

12.4. The party declared that force-majeure
circumstance occurred, should provide the other party with the documents
stipulated in the article 12.2. during 30 (thirty) working days from the

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

moment such circumstances occur.

12.5. Should the above period is violated, the
respective party loose the right to refer to such circumstances as to the
ground releasing this party from the responsibility/compensation.

13. ARBITRATION.

13.1. The Seller and the Buyer shall take all measures
to settle all disputes arisen from the present contract by amicable way.

13.2. All disputes, differences or demands which may
arise out of or in connection with the present Contract, in respect of its
fulfilment, violation or nullification, are to be settled in the International
commercial Arbitration court at the Chamber of Commerce and Industry of RF in
Moscow in accordance with it’s Rules.

13.3. Place of arbitration is Moscow. During the
settlement of all disputes the parties must be guided by the Material Rules of
RF.

14. CONFIDENTIALITY.

14.1. The parties hereby agreed that any information
with stamp “confidentially”, transferred by act of acceptance-transmission on
any information carrier transferred or received within the frame of the present
contract or in connection with it, is to be treated as confidential and shall
not be disclosed to third parties without mutual agreement by the parties, with
the exception of public authority demand.

14.2. The parties agreed that in case of consent for
the transfer of confidential information to third parties, the party initiated
this transfer is responsible for keeping this information by third parties as
confidential. The parties also bear responsibility for keeping the confidential
information by its staff.

14.3. The confidentiality clause will as well be valid
during 3 (three) years after the contract is terminated.

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

15. OTHER CONDITIONS.

15.1. The contract enters into force from the date of
its signing and is valid within 1 calendar year, i.e. till December 31, 2007
Termination of the Contract should not release the parties from the performance
of its obligations acting on the date of the contract termination.

15.2. All the preliminary agreements, discussions and
correspondence between the parties in respect of this contract are to be
considered null and void from the date of signing of the present contract.

15.3. All the Annexes and Annexes to the present
contract form its integral part.

15.4. All the Amendments and Annexes to the present
contract are valid only if made in written form and signed by both parties.

15.5. Neither party has the right to assign its
obligations and rights under the present contract to any third party without
written consent of the other party.

However the Seller can assign its rights and
obligations regarding this Contract to another company within Tetra Laval
Group. The Buyer can assign its rights and obligations regarding this Contract
to another company within Wimm-Bill- Dann group located in the European part of
the Russian Federation.

In both cases the above should take place against
written consent of the parties.

15.6. If the Buyer terminates the present contract
before its end, the Seller must immediately stop further production of the
Goods for the deliveries under the present contract provided the Buyer supplies
the Seller with written intention to terminate the contract before its end.
Should there be anу orders in production, the Seller should immediately
stop further production and the Buyer is obliged to pay the price of the Goods
actually produced on the date of termination of the present contract.

15.7. In case of amendments in the legislation in
respect of tax rates, payments shall be effected in

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

accordance with the tax rate valid at the date of
factura-invoice and delivery note. In this case VAT shall be paid at the rate
valid on the date of the Seller’s invoice.

15.8. The Parties hereby recognize the documents
transmitted by fax or electronic facilities, including but not limited to:
e-mail and electronic system ebusiness, to be equivalent to that executed in
the appropriate written form. Such documents shall be binding upon both parties
provided they are signed by authorized parties. The parties agree that the way
of transmitting the documents by fax or electronic facilities per se shall not  constitute the grounds to contest their
validity or binding character.

16. LEGAL ADDRESSES OF THE PARTIES.

	
  Seller:

  CJSC Tetra Pak

  Address:

  8, Wilhelm Pieck str., 129226 Moscow, Russia.

  Account:

  INN 7706017070

  Acc. 40702810900001000943 with ING Bank

  Evrazia Moscow

  Corr. acc. 30101810500000000222

  BIK 044525222 КПП 774850001

  Address of the Bank:

  127473, Moscow, Krasnoproletarskaya st, 36

  

  	
   

  	
  Buyer:

  OАО “Ramensky Dairy”

  1, Trasportny proezd, c. Rameskoe, 140100,

  Moscow region, Russia

  Account:

  INN 5040005678 code ОКПО
  0526943

  code ОКОНХ 18221,
  18145

  BIK 044525225

  KPP 504001001

  Account 40702810538360108250

  Corr. Account 30101810400000000225

  Zentralny OSB No8641 Sberbank of Russian,

  Moscow

   

  

 

The Contract is made in English and Russian languages
in two copies, one for each party. In case of 
differences between English and Russian texts the Russian text shall
always prevail over the English text.

Annex 1: Specification of the Goods

Annex 2: LQS and Quantity discounts for packaging
material.

Annex 3: Packaging material claim routine.

Annex 4: Periods of delivery of the Goods.

FOR
AND ON BEHALF OF THE SELLER

	
  Date: 01 January 2007 

  	
  /s/ (Uros Kepic Commercial Operations Director)

  	
   

  
	
   

  	
   

  
	
  FOR AND ON BEHALF OF THE BUYER

  
	
   

  
	
  Date: 01 January 2007 

  	
  /s/ (Sikachev K. G. Executive Director)

  	
   

  

 

“[*]” means that certain
confidential material has been filed separately with the Securities and
Exchange Commission

Annex 1 to Contract P71039

January
01, 2007

SPECIFICATION

Annex No 1 is valid from 01/01/2007 till
31/12/2007.

	
  ##

  	
   

  	
  Type of packaging material

  	
   

  	
  Package volume, ml

  	
   

  	
  Final price Seller’s

  warehouse (TP factory)

  EUR, Excl. VAT

  	
   

  	
  Printing

  method

  
	
  Delivery
  from: Tetra Pak Kiev (Ukraine), Lund (Sweden), Gorny Milanovec (Serbia),
  Moscow (Russia)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1 Accessory materials
  

  	
   

  	
  TBA/j

  7369-460

  MPM LS Strip 8856-951-01 

  	
   

  	
  200 ml
  Base

  Usage rate: 0.076 kg / 1000 packs 

  	
   

  	
  [*] / 1000 pcs

  [*] / kg 

  	
   

  	
  Flexoprocess

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2 Accessory materials
  

  	
   

  	
  TBA/j

  7369-813

  Cap PeCap3

  MPM LS Strip 8856-951-01

  IS PEP Strip 8865-967-01

  PULL Tab Strip 8729-728-01

  Cap SlimCap

  MPM LS Strip 8856-951-01

  IS PEP Strip 8865-963-01

  PULL Tab Strip 8729-725-01 

  	
   

  	
  1000 ml
  Slim

  Usage rate: 0.146 kg / 1000 packs

  Usage rate: 0.030 kg / 1000 packs

  Usage rate: 0.0135 km / 1000 

  

  Usage rate: 0.146 kg / 1000 packs

  Usage rate: 0.025 kg / 1000 packs

  Usage rate: 0.014 km / 1000 

  	
   

  	
  [*] / 1000 packs

  [*] / kg

  [*] / kg

  [*] / kg

  

  [*] / kg

  [*] / kg

  [*] / kg 

  	
   

  	
  Flexoprocess

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3 Accessory materials
  

  	
   

  	
  TBA/lk

  7074/7369-835

  Cap PeCap3

  MPM LS Strip 8856-951-01

  IS PEP Strip 8865-967-01

  PULL Tab Strip 8729-728-01

  Cap SlimCap

  MPM LS Strip 8856-951-01 IS PEP Strip 8865-963-01 PULL Tab Strip
  8729-725-01 

  	
   

  	
  1500 ml
  Slim

  Usage rate: 0.178 kg / 1000 packs

  Usage rate: 0.030 kg / 1000

  packs Usage rate: 0.0135 km / 1000

  

  Usage rate: 0.178 kg / 1000 packs

  Usage rate: 0.025 kg / 1000 packs

  Usage rate: 0.014 km / 1000 

  	
   

  	
  [*] / 1000 packs

  [*] / kg

  [*] / kg

  [*] / kg

  

  [*] / kg

  [*] / kg

  [*] / kg 

  	
   

  	
  Flexoprocess

  

 

	
  THE SELLER

  	
  THE BUYER

  
	
  ZAO “Tetra Pak”

  	
  OAO “Ramensky Dairy
  plant”

  
	
   

  	
   

  	
   

  	
   

  
				

 

“[*]”
means that certain confidential material has been filed separately with the
Securities and Exchange Commission

 1
 

SPECIFICATION

	
  ##

  	
   

  	
  Type of packaging material

  	
   

  	
  Package volume, ml

  	
   

  	
  Final price Seller’s

  warehouse (TP factory)

  EUR, Excl. VAT

  	
   

  	
  Printing

  method

  
	
  Delivery
  from: Tetra Pak Arganda (Spain)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1 Accessory  materials 

  	
   

  	
  TPA/j

  7452-602

  MPM LS Strip 8856-951-01

  IS PEP Strip 8865-184-01

  PULL Tab Strip 8729-722-01

  OS OPP Strip 8873-149-01 

  	
   

  	
  330 ml
  Square

  Usage rate: 0.103 kg / 1000 packs

  Usage rate: 0.031 kg / 1000 packs

  Usage rate: 0.035 km/ 1000 packs

  Usage rate: 0.044 kg/ 1000 packs 

  	
   

  	
  [*] / 1000 pcs

  [*] / kg

  [*] / kg

  [*] / kg

  [*] / kg 

  	
   

  	
  Flexoprocess 

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Delivery
  from: Tetra Pak Wrexham (UK)

  
	
  1 Accessory  materials 

  	
   

  	
  TBA/lk

  6815-852

  MPM LS Strip 8856-951-01

  IS PEP Strip 8865-967-01

  PULL Tab Strip 8729-728-01 

  	
   

  	
  2000 ml
  Slim

  Usage rate: 0.178 kg / 1000 packs

  Usage rate: 0.040 kg / 1000 packs

  Usage rate: 0.015 km / 1000 packs 

  	
   

  	
  [*] / 1000 pcs

  [*] / kg

  [*] / kg

  [*] / kg 

  	
   

  	
  Flexoprocess 

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Delivery
  from: Tetra Pak Limburg (Germany)

  
	
  1 Accessory  materials 

  	
   

  	
  TPA/lk

  7438-811

  MPM LS Strip 8856-951-01 

  	
   

  	
  1000 ml
  Square

  Usage rate: 0.165 kg / 1000 packs 

  	
   

  	
  [*] / 1000 pcs

  [*] / kg 

  	
   

  	
  Flexoprocess 

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2 Accessory  materials 

  	
   

  	
  TPA/lk

  7437-811

  MPM LS Strip 8856-951-01 

  	
   

  	
  1000 ml
  Square

  Usage rate: 0.165 kg / 1000 packs 

  	
   

  	
  [*] / 1000 pcs

  [*] / kg 

  	
   

  	
  Flexoprocess 

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3 Accessory  materials 

  	
   

  	
  TPA/lk

  7081-811

  MPM LS Strip 8856-951-01 

  	
   

  	
  1000 ml
  Square

  Usage rate: 0.165 kg / 1000 packs 

  	
   

  	
  [*] / 1000 pcs

  [*] / kg 

  	
   

  	
  Offset 

  

 

“[*]”
means that certain confidential material has been filed separately with the
Securities and Exchange Commission

 2
 

SPECIFICATION

	
  ##

  	
   

  	
  Type of caps

  	
   

  	
  Quality

  	
   

  	
  Final price Seller’s warehouse (TP factory)

  EUR, Excl. VAT

  
	
  Delivery
  from: Germany, Italy

  
	
  1

  	
   

  	
  Slim Cap for Tetra Brik Aseptic 2000 Slim

  8944-002-01 white

  	
   

  	
   

  	
   

  	
  [*] / 1000 pcs

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Delivery
  from: France, Italy, Russia

  
	
  1

  	
   

  	
  Slim Cap for Tetra Brik Aseptic 1000ml,

  1500ml Slim 8944-001-01 white

  	
   

  	
   

  	
   

  	
  [*] / 1000 pcs

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Delivery
  from: Sweden, France, Italy

  
	
  1

  	
   

  	
  ReCap cap for Tetra Brik Aseptic materials

  1000 ml 8940-001-01 white

  	
   

  	
   

  	
   

  	
  [*] / 1000 pcs

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Delivery
  from: France, Russia

  
	
  1

  	
   

  	
  StreamCap cap for Tetra Prism Aseptic materials
  1000ml Square

  8958-001-38 red

  	
   

  	
   

  	
   

  	
  [*] / 1000 pcs

  

 

“[*]”
means that certain confidential material has been filed separately with the
Securities and Exchange Commission

 3
 

SPECIFICATION

	
  ##

  	
   

  	
  Type of caps

  	
   

  	
  Quality

  	
   

  	
  Final price Seller’s warehouse (TP factory)
  EUR, Excl. VAT

  
	
  Delivery
  from: Tetra Pak Potok (Russia)

  
	
  1

  	
   

  	
  U straws, 150mm long, 4 mm diam For TBA 200B
  Code: 8775-145-02/03 white/transp

  	
   

  	
  1000
  pcs

  	
   

  	
  [*] /
  1000 pcs

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2

  	
   

  	
  U straws, 150mm long, 4 mm diam For TBA 200B
  Code: 8775-145-57

  red-blue-white

  	
   

  	
  1000
  pcs

  	
   

  	
  [*] /
  1000 pcs

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Delivery
  from: Tubex (Portugal, Thailand)

  
	
  1

  	
   

  	
  T Straws, 150mm long, 5/6 mm diam for TPA 330
  Square Code: 8783-919-05 green/T15056

  	
   

  	
  1000
  pcs

  	
   

  	
  [*] /
  1000 pcs

  

 

“[*]”
means that certain confidential material has been filed separately with the
Securities and Exchange Commission

 4

Annex
No. 2 to contract No. P71039

1. Set-up charges and minimum order size:

1.1. Tetra Brik / Tetra Brik Aseptic / Tetra Prizma Aseptic
(juice/milk)

Minimum
order size without set-up charge equals to [*] packs.

Set-up
Charges for the listed materials must be charged for individual order or
co-print less than [*] packs as a lump sum per printing method:

	
  Flexo / Flexoprocess

  	
   

  	
  + [*] EURO per
  order

  
	
  Roto / Offset

  	
   

  	
  + [*] EURO per order

  

 

Set-up Charge does not
include VAT and must be shown in the invoice separately.

In
case of partial deliveries, total amount of set-up charge is to be added to the
first invoice.

1.2. Tetra Fino Aseptic

Minimum
order size without Low Quantity set-up charge equals to [*] packs.

Set-up
charges for the listed materials must be charged for individual order or
co-print less than [*] packs as a lump sum per printing method:

“[*]” means that certain confidential material has
been filed separately with the Securities and Exchange Commission

 1
 

 

	
  Flexo / Flexoprocess

  	
   

  	
  + [*] EURO per order

  
	
  Roto / Offset

  	
   

  	
  + [*] EURO per order

  

 

Set-up charge does not
include VAT and must be shown in the invoice separately.

In
case of the partial delivery with quantity not less than [*] packs, total
amount of set-up charge is to be added to the first invoice.

1.3. Tetra Top

During
the period 01/01/07 – 31/12/07 minimum order size without Low Quantity Set-up
charges equals to [*] packs.

Set-up
Charges for the listed materials must be charged for individual order or
co-print less than [*] packs as a lump sum per printing method:

	
  Flexo
  / Flexoprocess

  	
   

  	
  + [*] EURO per order

  
	
  Roto / Offset

  	
   

  	
  + [*] EURO per order

  

 

Set-up charge does not
include VAT and must be shown in the invoice separately.

In
case of partial delivery with quantity not less than [*] packs, total amount of
set-up charge is to be added to the first invoice.

1.4.
Minimum production order size for roll packaging material – 1 roll.

125 ml – minimum 520 000
packs

160 – 300 ml – minimum 370
000 packs

330 – 600 ml – minimum 210
000 packs

750 – 1000 ml – minimum 120
000 packs

over
1000 ml – minimum 80 000 packs

2. Low Quantity Surcharges for Blank Packaging Material Tetra
Rex.

	
  2.1.
  Tetra Rex Low Quantity Surcharge scheme:

  
	
   

  
	
  Order (1000 packs)

  	
   

  	
  Surcharge (EURO / 1000 packs)

  
	
  [*]

  	
   

  	
  [*]

  
	
  [*]

  	
   

  	
  [*]

  

 

Low
Quantity Surcharges are based on ordered quantity. When ordering quantities
stipulated in column “Order” a sum of EURO stipulated in column “Surcharge”
should be added to the price.

2.2.
Minimum production order size for blank material Tetra Rex equals to 50 000
packs.

3. Order Routine for packaging material.

3.1.
The term “Single order” should be interpreted as Buyer’s order for production
of certain quantity of packaging material with one approved design.

3.2.
The term “Co-print order” should be interpreted as a set of single orders with
designs of similar colors in quantity multiple to:

“[*]”
means that certain confidential material has been filed separately with the
Securities and Exchange Commission

 2
 

·  4 for factories TP Kiev, TP Wrexham, TP Lund,
TP Izmir, TP Timashevsk, packaging material TBA/m, TFA/m, TBA/j 1000ml Base,
1000ml Slim, 1500ml Slim, 2000ml Slim, TB/m 1000ml and 500ml

·  5 for factories TP Kiev, TP Lund, TP Gorny
Milanovec, TP Arganda, TP Limburg, TP Lobnya, packaging material TBA/m 500ml
Slim, 1000ml Base, 1000ml Slim, 1000ml Square, 1500ml Slim, TBA/j 1000ml Slim,
1500ml Slim, TPA/j 1000ml Square, TB/m 500ml Square, 1000ml Square

·  6 for factories TP Kiev, TP Timashevsk, TP
Lund, TP Gorny Milanovec, TP Dijon, packaging material TBA/m, TBA/j 200ml Base,
200ml Slim, 200ml Square

·  7 for factories TP Kiev, TP Lund, TP Wrexham,
TP Arganda, packaging material TT/m 150ml Mini, 
TPA/m 250ml Square, 330ml Square, TBA/m 200ml Base, TBA/j 200ml Base,
TBA/m 200ml Slim.

“Co-print
order” term is valid only for roll-fed material Tetra Brik, Tetra Brik Aseptic,
Tetra Prizma Aseptic, Tetra Fino Aseptic, Tetra Top.

3.3.
The order for roll-fed packaging material should be placed in quantity
divisible by one mother reel for respective type of package.

3.4.
Single order or co-print order forms an integral part of the present Contract,
should be issued in accordance with enclosed form and should contain the
following information:

·  customer
name;

·  product
name and design number with indication of plate numbers;

·  type/volume
of package;

·  quantity
of ordered material;

·  requested
date of arrival of the Goods at the Buyer’s warehouse;

·  place
of production of packaging material.

3.5.
The order should be sent to the address of Customer Service Representative
(CSR) via e-business electronic system (in most cases) or, in exceptional
cases, via e-mail/fax.

“[*]”
means that certain confidential material has been filed separately with the
Securities and Exchange Commission

 3
 

3.6. Within 2 (two) working
weeks upon receipt of the order the Seller shall inform the Buyer by fax or
e-mail that the order has been accepted by the factory for production. The
order forms an integral part of the present contract from the moment the Buyer
receives the confirmation from the Seller.

3.7.
Should there is no confirmation sent by the Seller, the order is considered
unplaced.

4. Launch of new products.

The
Seller grants to the Buyer the right to place [*] first orders free of Low
Quality surcharge for a new product in the existing package format or for the
products in new Tetra Pak package format.

FOR
AND ON BEHALF OF THE SELLER

	
  Date: 01 January 2007
                                           
  

  	
  /s/ (Uros Kepic Commercial Operations Director)

  	
   

  

 

FOR
AND ON BEHALF OF THE BUYER

	
  Date: 01 January 2007
                                           
  

  	
  /s/ (Sikachev K. G. Executive Director)

  	
   

  

 

“[*]”
means that certain confidential material has been filed separately with the
Securities and Exchange Commission

 4
 

Sample Production Order Form

	
  Ordered by

  	
   

  	
  Number of

  design with

  plates

  	
   

  	
  Description of

  design

  	
   

  	
  Format/volume

  	
   

  	
  Quantity

  	
   

  	
  Requested

  ship date

  	
   

  	
  Requested

  arrival date

  	
   

  	
  Plant

  
	
  Tsaritsino Dairy plant

  	
   

  	
  34-1497

  	
   

  	
  Domik v derevnye 3% milk

  	
   

  	
  TBA 100g

  	
   

  	
  500 000

  	
   

  	
  13 Mar 2006

  	
   

  	
  20 Mar 2006

  	
   

  	
  Timashevsk

  

 

“[*]” means that
certain confidential material has been filed separately with the Securities and
Exchange Commission

 5

Annex
No. 3 to contract No. P71039

Goods Claim Routine.

1. Composing a claim act.

1.1.
In case the Buyer has any claims as per the quality and/or quantity of the
Goods, the Buyer shall call a committee consisting of not less than 3
representatives of the Buyer appointed by the general manager, which shall draw
up a Claim Act with mandatory indication of the following information:

·  Company
name and address;

·  Claim
Act number;

·  Date
and time;

·  List
of committee representatives with titles;

·  Date
of examination;

·  Goods
description;

·  Production
factory name;

·  P-Order
number (assigned by Tetra Pak and stated on the reel label);

·  ID
number (assigned by Tetra Pak and stated on the reel label in column “ID” or “Global
ID”);

·  Goods
type;

·  Date
of Goods manufacture “Production Date” (if exists on label);

·  Reel
number or Parcel number;

·  Date
of arrival of the Goods to the Buyer;

·  Packaging
machine type (if Packaging Material used in production);

·  Quantity
of Goods not corresponding to contract;

·  Description
of inconsistencies;

·  Signatures
of all committee representatives.

A
recommended sample of the Claim Act form is stated at the end of the present
Annex.

1.2.
The Claim Act shall be drawn up in not less than two originals, one of which
shall be sent to the Seller.

2. Storage of material.

The
material shall then be moved to a separate storage, placed on hold and stored
according to the storage terms stipulated in the contract P71039.

	
  THE SELLER

  	
   

  	
  THE BUYER

  
	
   

  	
   

  	
   

  

 

“[*]” means that certain confidential material has
been filed separately with the Securities and Exchange Commission

3. Actions of the parties.

3.1.
Buyer shall send the Claim Act and, in case of quality claim, material samples
(not less than 4 meters of roll packaging material in the form of a roll, 20
samples of blank packaging material, in case of complains on stiffness the
samples should be folded up by creasing lines as per package size; 20 samples
of additional materials if it has defects) to the Seller to the following
address: Moscow, ul . Vilgelma Pika, 8 . Date of acceptance of the claim for
consideration is to be the date of receipt of official claim by the Seller.

3.2.
Customer Service Representative of the Seller will contact the Buyer within 48
(forty eight) hours once the claim is received to confirm the receipt of the
claim.

3.3.
Depending on the amount of material claimed/under delivered, the nature of the
defect, the size of the order and the Buyer’s situation three different actions
could be carried out:

3.3.1.
If the nature of the defect and the impossibility of the Goods’ usage are
evident to Tetra Pak specialist, the claim is accepted for consideration
without sending Seller’s service engineer to the Buyer’s production site.

3.3.2. Urgent visit of
Seller’s service engineer to the Buyer’s production site to investigate the
claim.

In
this case, the service engineer is sent to the site at the time convenient for
both parties. In case mutual consent was not reached, the above mentioned
period shall not exceed 3 (three) working days from the moment the claim is
received.

3.3.3.
Upon mutual agreement of the parties for the article 3.3.2., claim may be
investigated at the next production site visit by the service engineer. In this
case, the claim will be investigated at the next site visit within 2 (two)
months from the date of receipt of the claim.

3.4.
At the time of the visit, Seller’s service engineer investigates the
possibility of using the Goods in the filling line.

“[*]” means that certain confidential material has
been filed separately with the Securities and Exchange Commission

3.4.1.
If service engineer confirms that it is possible to use the Goods for
production provided all adjustments made to the packaging machine are within
the limits specified in the respective technical documentation supplied with
the machine, the claim is rejected and the Buyer shall pay for the services
rendered during the machine adjustment under current service contract.

3.4.2.
If service engineer confirms that it is possible to use the Goods for
production provided some of the adjustments made to the packaging machine are
outside the limits specified in the respective technical documentation supplied
with the machine, the claim is rejected but the services rendered during the
machine adjustment shall be for the at the Seller’s expense.

3.4.3.
If service engineer confirms that it is impossible to use the Goods for
production after filling machine adjustments, the claim is rejected but the
services rendered during the machine adjustment shall be for the at the Seller’s
expense.

3.5.
If service engineer has made adjustments to the packaging machine, the work
report should list and detail the adjustments made. A copy of the report is
returned to the Customer Service Representative.

3.6.
Item 3.4 is not obligatory for application to quality claims referring to
non-correspondence of the images place on the Goods to those agreed upon with
the Buyer.

4. Claim decision.

4.1.
Upon accepting the claim for consideration, Seller’s Customer Service
Representative shall inform the Buyer about the decision taken regarding the
material claim:

·  within
[*] weeks from the receipt of the Claim Act for TP Potok/Timashevsk/Lobnya
factories;

·  within
[*] weeks from the receipt of the Claim Act for other TP factories.

4.2.
In case there is no reply for the claim within period foreseen in the article
4.1, the claim is considered to be accepted by the Seller without any
objections and should be satisfied in full.

4.3.
In case the claim is accepted, the Seller should compensate the claimed/under
delivered material in

“[*]” means that certain confidential material has
been filed separately with the Securities and Exchange Commission

accordance
with the contract P71039 and to move the claimed material as per Buyer’s
request in the following order:

·  for
Buyers’ plants situated within Moscow and Moscow region: in case full truck of
claimed material is available or within [*] months from the date of the Buyer’s
request, whatever happens first.

·  for
other WBD plants: in case full truck of claimed material is available or within
[*] months from the date of the Buyer’s request, whatever happens first.

FOR
AND ON BEHALF OF THE SELLER

	
  Date: 01 January 2007
                                          
  

  	
  /s/ (Uros Kepic
  Commercial Operations Director)

  	
   

  

 

FOR
AND ON BEHALF OF THE BUYER

	
  Date: 01 January 2007
                                          
  

  	
  /s/ (Sikachev K.
  G. Executive Director)

  	
   

  

 

“[*]” means that
certain confidential material has been filed separately with the Securities and
Exchange Commission

	
  

  	
  Street name,
  Moscow, 192236, Russia

  
	
   

  	
  Tel. (095)
  999-9999, fax (095) 999-9999

  
	
   

  	
  APPROVED

  
	
   

  	
  General Director

  
	
   

  	
  Company Name

  
	
   

  	
                                       2007

  

 

CLAIM ACT No. XX/2006

Date of
preparation:
                                          
 2007

Place of
preparation: Company name, Street name, Moscow

Committee
representatives: Head of Quality Control Person’s Name; Head
of Raw Materials Warehouse Person’s Name; Deputy Chief Specialist Person’s Name;

Date of
examination:                
2006

Materials:
TBA Apple Juice 0.2 l

Supplier:
Tetra Pak Ukraine

Labeling:

P-Order number (stated on the reel label): 00089109

ID number (stated on the reel label): 054148741

Packaging type: TBA/j

Date of manufacture:  5 November 2005

Reel 1: 020004
                   
Quantity: 7,159  (remainder)

Reel 2: 060003                    
Quantity: 17,000

Date
received:     22 November 2006

Packing
machine type:   TBA/19

Quantity:   24,159 pcs

Findings:

At
production time an inspection revealed layer separation of the TBA packaging
material (separation of laminate from the paper base).

Committee’s
opinion:

The TBA “Apple Juice” 0.2 l packaging material, 24,159
pieces in total, should not be rejected for manufacture, as unfit for that
purpose.

Enclosures: 
samples of packaging material

Signatures
of committee representatives:

	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

This act has been prepared in 6 copies:

1                 
— accounting department;

2                 
— accounting department;

3                 
— raw materials warehouse;

4                 
— raw materials logistics department;

5                 
— quality control (laboratory);

6                  —
representative of Tetra Pak.

“[*]” means that certain confidential material has
been filed separately with the Securities and Exchange Commission

Annex 1 to Contract P71039

January 01, 2007

Periods of delivery of
Goods from Tetra Pak factories

 

	
  TP Factories / 

  WBD Plants

  	
   

  	
  OAO

  Ramensky 

  Dairy Plant

  Moscow

  	
   

  	
  OAO

  Lianozovo

  Dairy plant

  Moscow

  	
   

  	
  OAO

  Tsaritsino

  Dairy Plant

  Moscow

  	
   

  	
  OAO

  Ochakovo

  Dairy Plant

  Moscow

  	
   

  	
  OAO

  ZDMP

  Moscow

  	
   

  	
  ZAO

  Anna

  Milk

  Anna

  	
   

  	
  OAO

  Dairy Plant

  Timashevsk

  	
   

  	
  OAO

  Vladivostok

  Dairy Plant

  Vladivostok

  	
   

  	
  OAO

  Nizhny

  Novgorod

  Dairy Plant

  Nizhny

  Novgorod

  	
   

  	
  OAO

  Siberian

  Milk

  Novosibirsk

  	
   

  	
  ZAO

  Kursk

  Baby

  Food

  Plant

  Kursk

  region

  	
   

  	
  OOO

  Manros

  Omsk

  	
   

  	
  OAO

  Ufamolagroprom

  Ufa

  	
   

  	
  OAO

  Baltic

  milk

  St. 

  Petersburg

  	
   

  	
  OAO

  Obninsk

  Dairy

  Plant

  Obninsk

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  6

  	
   

  	
  6

  	
   

  	
  6

  	
   

  	
  6

  	
   

  	
  6

  	
   

  	
  7

  	
   

  	
  8

  	
   

  	
  28

  	
   

  	
  7

  	
   

  	
  22

  	
   

  	
  8

  	
   

  	
  20

  	
   

  	
  12

  	
   

  	
  7

  	
   

  	
  6

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  8

  	
   

  	
  8

  	
   

  	
  8

  	
   

  	
  8

  	
   

  	
  8

  	
   

  	
  9

  	
   

  	
  10

  	
   

  	
  30

  	
   

  	
  9

  	
   

  	
  24

  	
   

  	
  10

  	
   

  	
  22

  	
   

  	
  14

  	
   

  	
  5

  	
   

  	
  8

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  15

  	
   

  	
  16

  	
   

  	
  35

  	
   

  	
  15

  	
   

  	
  29

  	
   

  	
  16

  	
   

  	
  28

  	
   

  	
  19

  	
   

  	
  14

  	
   

  	
  14

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  12

  	
   

  	
  12

  	
   

  	
  12

  	
   

  	
  12

  	
   

  	
  12

  	
   

  	
  13

  	
   

  	
  14

  	
   

  	
  34

  	
   

  	
  13

  	
   

  	
  28

  	
   

  	
  14

  	
   

  	
  26

  	
   

  	
  18

  	
   

  	
  12

  	
   

  	
  12

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  10

  	
   

  	
  10

  	
   

  	
  10

  	
   

  	
  10

  	
   

  	
  10

  	
   

  	
  11

  	
   

  	
  12

  	
   

  	
  32

  	
   

  	
  11

  	
   

  	
  26

  	
   

  	
  12

  	
   

  	
  24

  	
   

  	
  16

  	
   

  	
  10

  	
   

  	
  10

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  9

  	
   

  	
  9

  	
   

  	
  9

  	
   

  	
  9

  	
   

  	
  9

  	
   

  	
  10

  	
   

  	
  11

  	
   

  	
  31

  	
   

  	
  10

  	
   

  	
  25

  	
   

  	
  11

  	
   

  	
  23

  	
   

  	
  15

  	
   

  	
  10

  	
   

  	
  10

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  15

  	
   

  	
  16

  	
   

  	
  35

  	
   

  	
  15

  	
   

  	
  29

  	
   

  	
  15

  	
   

  	
  28

  	
   

  	
  19

  	
   

  	
  14

  	
   

  	
  14

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  15

  	
   

  	
  16

  	
   

  	
  35

  	
   

  	
  15

  	
   

  	
  29

  	
   

  	
  17

  	
   

  	
  28

  	
   

  	
  19

  	
   

  	
  14

  	
   

  	
  14

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  3

  	
   

  	
  3

  	
   

  	
  3

  	
   

  	
  3

  	
   

  	
  3

  	
   

  	
  3

  	
   

  	
  3

  	
   

  	
  25

  	
   

  	
  4

  	
   

  	
  19

  	
   

  	
  2

  	
   

  	
  18

  	
   

  	
  9

  	
   

  	
  4

  	
   

  	
  3

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  15

  	
   

  	
  16

  	
   

  	
  36

  	
   

  	
  15

  	
   

  	
  30

  	
   

  	
  16

  	
   

  	
  28

  	
   

  	
  20

  	
   

  	
  14

  	
   

  	
  14

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  22

  	
   

  	
  23

  	
   

  	
  37

  	
   

  	
  22

  	
   

  	
  31

  	
   

  	
  23

  	
   

  	
  30

  	
   

  	
  24

  	
   

  	
  21

  	
   

  	
  21

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  45

  	
   

  	
  45

  	
   

  	
  45

  	
   

  	
  45

  	
   

  	
  45

  	
   

  	
  46

  	
   

  	
  48

  	
   

  	
  35

  	
   

  	
  44

  	
   

  	
  45

  	
   

  	
  45

  	
   

  	
  45

  	
   

  	
  48

  	
   

  	
  43

  	
   

  	
  45

  	
   

  
	
  [*]

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  50

  	
   

  	
  21

  	
   

  	
  35

  	
   

  	
  23

  	
   

  	
  34

  	
   

  	
  25

  	
   

  	
  21

  	
   

  	
  21

  	
   

  
	
  [*]

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  21

  	
   

  	
  22

  	
   

  	
  37

  	
   

  	
  21

  	
   

  	
  31

  	
   

  	
  23

  	
   

  	
  30

  	
   

  	
  23

  	
   

  	
  20

  	
   

  	
  21

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  14

  	
   

  	
  15

  	
   

  	
  16

  	
   

  	
  35

  	
   

  	
  15

  	
   

  	
  29

  	
   

  	
  16

  	
   

  	
  28

  	
   

  	
  19

  	
   

  	
  14

  	
   

  	
  14

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  1

  	
   

  	
  1

  	
   

  	
  1

  	
   

  	
  1

  	
   

  	
  1

  	
   

  	
  2

  	
   

  	
  3

  	
   

  	
  29

  	
   

  	
  2

  	
   

  	
  22

  	
   

  	
  2

  	
   

  	
  20

  	
   

  	
  6

  	
   

  	
  2

  	
   

  	
  1

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  1

  	
   

  	
  1

  	
   

  	
  1

  	
   

  	
  1

  	
   

  	
  1

  	
   

  	
  2

  	
   

  	
  3

  	
   

  	
  29

  	
   

  	
  2

  	
   

  	
  22

  	
   

  	
  2

  	
   

  	
  20

  	
   

  	
  6

  	
   

  	
  2

  	
   

  	
  1

  	
   

  
	
  Tetra Pak [*]

  	
   

  	
  15

  	
   

  	
  15

  	
   

  	
  15

  	
   

  	
  15

  	
   

  	
  15

  	
   

  	
  16

  	
   

  	
  17

  	
   

  	
  46

  	
   

  	
  16

  	
   

  	
  39

  	
   

  	
  17

  	
   

  	
  29

  	
   

  	
  21

  	
   

  	
  17

  	
   

  	
  15

  	
   

  
	
  Tetra
  Pak [*]

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  	
  50

  	
   

  

 

All periods are in calendar days. Calendar days are
working days, saturdays, sundays, excluding national holidays.

The specified
periods are stated for fully loaded vehicles and can be changed in case of
occurrence of force major

“[*]” means that certain confidential material has
been filed separately with the Securities and Exchange CommissionExhibit
4.01

SUPPLEMENTAL
TRUST INDENTURE

FROM

NORTHERN
STATES POWER COMPANY

(A MINNESOTA CORPORATION)

TO

BNY MIDWEST TRUST COMPANY

DATED JUNE 1, 2007

SUPPLEMENTAL
TO TRUST INDENTURE

DATED FEBRUARY 1, 1937

AND

SUPPLEMENTAL
AND RESTATED 

TRUST INDENTURE

DATED MAY 1, 1988

TABLE OF
CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  PARTIES

  	
   

  	
   

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  RECITALS

  	
   

  	
   

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
  SPECIFIC SUBJECTION OF ADDITIONAL PROPERTY TO THE
  LIEN OF THE INDENTURE

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 1.01

  	
   

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  FORM AND EXECUTION OF BONDS OF SERIES DUE JULY 1,
  2037

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 2.01

  	
   

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 2.02

  	
   

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 2.03

  	
   

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 2.04

  	
   

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 2.05

  	
   

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 2.06

  	
   

  	
   

  	
  14

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  APPOINTMENT OF AUTHENTICATING AGENT

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 3.01

  	
   

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 3.02

  	
   

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 3.03

  	
   

  	
   

  	
  18

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 3.04

  	
   

  	
   

  	
  19

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  FINANCING STATEMENT TO COMPLY WITH THE UNIFORM
  COMMERCIAL CODE

  	
   

  	
  19

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 4.01

  	
   

  	
   

  	
  19

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 4.02

  	
   

  	
   

  	
  19

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 4.03

  	
   

  	
   

  	
  19

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 4.04

  	
   

  	
   

  	
  20

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 4.05

  	
   

  	
   

  	
  20

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 4.06

  	
   

  	
   

  	
  24

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  MISCELLANEOUS

  	
   

  	
  24

  

 

 i
 

 

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Section 5.01

  	
   

  	
   

  	
  24

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 5.02

  	
   

  	
   

  	
  24

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 5.03

  	
   

  	
   

  	
  24

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 5.04

  	
   

  	
   

  	
  24

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 5.05

  	
   

  	
   

  	
  24

  
	
   

  	
   

  	
   

  	
   

  
	
  Section 5.06

  	
   

  	
   

  	
  24

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE A – PROPERTIES

  	
   

  	
   

  

 

 ii

Supplemental Trust Indenture,  made effective as of the 1st day of June, 2007, by and
between NORTHERN STATES POWER COMPANY (formerly Northern Power Corporation),  a corporation duly organized and
existing under and by virtue of the laws of the State of Minnesota, having its
principal office in the City of Minneapolis, Minnesota (the “Company”), party
of the first part, and BNY MIDWEST TRUST
COMPANY, a corporation duly organized and existing under and by virtue
of the laws of the State of Illinois, having its principal office in the City
of Chicago, Illinois (as successor trustee to Harris Trust and Savings Bank),
as trustee (the “Trustee”), party of the second part;

WITNESSETH:

WHEREAS,
a predecessor in interest to the
Company, Xcel Energy Inc. (formerly Northern States Power Company), a
corporation duly organized and existing under and by virtue of the laws of the
State of Minnesota (the “Predecessor Company”) has heretofore executed and
delivered to the Trustee its Trust Indenture (the “1937 Indenture”), made as of
February 1, 1937, whereby the Predecessor Company granted, bargained, sold,
warranted, released, conveyed, assigned, transferred, mortgaged, pledged, set
over and confirmed to the Trustee and to its respective successors in trust,
all property, real, personal and mixed then owned or thereafter acquired or to
be acquired by the Predecessor Company (except as therein excepted from the
lien thereof) and subject to the rights reserved by the Predecessor Company in
and by the provisions of the 1937 Indenture, to be held by said Trustee in
trust in accordance with the provisions of the 1937 Indenture for the equal pro
rata benefit and security of all and each of the bonds issued and to be issued
thereunder in accordance with the provisions thereof; and

WHEREAS, the Predecessor Company heretofore has executed
and delivered to the Trustee a Supplemental Trust Indenture, made as of June 1,
1942, whereby the Predecessor Company conveyed, assigned, transferred,
mortgaged, pledged, set over and confirmed to the Trustee, and its respective
successors in said trust, additional property acquired by it subsequent to the
date of the 1937 Indenture; and

WHEREAS, the Predecessor Company heretofore has executed
and delivered to the Trustee the following additional Supplemental Trust
Indentures which, in addition to conveying, assigning, transferring,
mortgaging, pledging, setting over and confirming to the Trustee, and its
respective successors in said trust, additional property acquired by it
subsequent to the preparation of the next preceding Supplemental Trust
Indenture and adding to the covenants, conditions and agreements of the 1937
Indenture certain additional covenants, conditions and agreements to be
observed by the Predecessor Company, created the following series of First
Mortgage Bonds:

 

	
  Date of Supplemental

  Trust Indenture

  	
   

  	
  Designation of Series

  
	
   

  	
   

  	
   

  
	
  February 1, 1944

  	
   

  	
  Series due February 1, 1974
  (retired)

  
	
  October 1, 1945

  	
   

  	
  Series due October 1, 1975
  (retired)

  
	
  July 1, 1948

  	
   

  	
  Series due July 1, 1978
  (retired)

  
	
  August 1, 1949

  	
   

  	
  Series due August 1, 1979
  (retired)

  
	
  June 1, 1952

  	
   

  	
  Series due June 1, 1982
  (retired)

  
	
  October 1, 1954

  	
   

  	
  Series due October 1, 1984
  (retired)

  
	
  September 1, 1956

  	
   

  	
  Series due 1986 (retired)

  
	
  August 1, 1957

  	
   

  	
  Series due August 1, 1987
  (redeemed)

  
	
  July 1, 1958

  	
   

  	
  Series due July 1, 1988
  (retired)

  
	
  December 1, 1960

  	
   

  	
  Series due December 1, 1990
  (retired)

  
	
  August 1, 1961

  	
   

  	
  Series due August 1, 1991
  (retired)

  
	
  June 1, 1962

  	
   

  	
  Series due June 1, 1992
  (retired)

  
	
  September 1, 1963

  	
   

  	
  Series due September 1, 1993
  (retired)

  
	
  August 1, 1966

  	
   

  	
  Series due August 1, 1996
  (redeemed)

  
	
  June 1, 1967

  	
   

  	
  Series due June 1, 1995
  (redeemed)

  
	
  October 1, 1967

  	
   

  	
  Series due October 1, 1997
  (redeemed)

  
	
  May 1, 1968

  	
   

  	
  Series due May 1, 1998
  (redeemed)

  
	
  October 1, 1969

  	
   

  	
  Series due October 1, 1999
  (redeemed)

  
	
  February 1, 1971

  	
   

  	
  Series due March 1, 2001
  (redeemed)

  
	
  May 1, 1971

  	
   

  	
  Series due June 1, 2001
  (redeemed)

  
	
  February 1, 1972

  	
   

  	
  Series due March 1, 2002
  (redeemed)

  
	
  January 1, 1973

  	
   

  	
  Series due February 1, 2003
  (redeemed)

  
	
  January 1, 1974

  	
   

  	
  Series due January 1, 2004
  (redeemed)

  
	
  September 1, 1974

  	
   

  	
  Pollution Control Series A
  (redeemed)

  
	
  April 1, 1975

  	
   

  	
  Pollution Control Series B
  (redeemed)

  
	
  May 1, 1975

  	
   

  	
  Series due May 1, 2005
  (redeemed)

  
	
  March 1, 1976

  	
   

  	
  Pollution Control Series C
  (retired)

  
	
  June 1, 1981

  	
   

  	
  Pollution Control Series D, E
  and F (redeemed)

  
	
  December 1, 1981

  	
   

  	
  Series due December 1, 2011
  (redeemed)

  
	
  May 1, 1983

  	
   

  	
  Series due May 1, 2013
  (redeemed)

  
	
  December 1, 1983

  	
   

  	
  Pollution Control Series G
  (redeemed)

  
	
  September 1, 1984

  	
   

  	
  Pollution Control Series H
  (redeemed)

  
	
  December 1, 1984

  	
   

  	
  Resource Recovery Series I
  (redeemed)

  
	
  May 1, 1985

  	
   

  	
  Series due June 1, 2015
  (redeemed)

  
	
  September 1, 1985

  	
   

  	
  Pollution Control Series J, K
  and L (redeemed)

  
	
  July 1, 1989

  	
   

  	
  Series due July 1, 2019 (redeemed)

  
	
  June 1, 1990

  	
   

  	
  Series due June 1, 2020
  (redeemed)

  
	
  October 1, 1992

  	
   

  	
  Series due October 1, 1997
  (retired)

  
	
  April 1, 1993

  	
   

  	
  Series due April 1, 2003
  (retired)

  
	
  December 1, 1993

  	
   

  	
  Series due December 1, 2000
  (retired), and December 1, 2005 (retired)

  
	
  February 1, 1994

  	
   

  	
  Series due February 1, 1999
  (retired)

  

 

 2
 

 

	
  Date of Supplemental

  Trust Indenture

  	
   

  	
  Designation of Series

  
	
   

  	
   

  	
   

  
	
  October 1, 1994

  	
   

  	
  Series due October 1, 2001
  (retired)

  
	
  June 1, 1995

  	
   

  	
  Series due July 1, 2025

  
	
  April 1, 1997

  	
   

  	
  Pollution Control Series M
  (redeemed), N, O and P

  
	
  March 1, 1998

  	
   

  	
  Series due March 1, 2003
  (retired), and  March 1, 2028

  
	
  May 1, 1999

  	
   

  	
  Resource Recovery Series Q
  (retired)

  
	
  June 1, 2000

  	
   

  	
  Resource Recovery Series R
  (retired); and

  

 

WHEREAS,
on August 18, 2000, New Centuries Energies, Inc. was merged with and into the
Predecessor Company and the Predecessor Company changed its corporate name from
Northern States Power Company to Xcel Energy Inc.; and

WHEREAS,
pursuant to an Assignment and Assumption Agreement dated as of August 18, 2000
between the Predecessor Company and the Company, substantially all the assets
of the Predecessor Company (other than the stock of the Predecessor Company’s
subsidiaries) were conveyed to, and substantially all the liabilities of the
Predecessor Company, including liabilities created under the Indenture (as
hereinafter defined), were assumed by, the Company (the “Assignment”); and

WHEREAS,
pursuant to the Supplemental Trust Indenture dated as of August 1, 2000 among
the Predecessor Company, the Company and Harris Trust and Savings Bank, as
trustee, the requirements and conditions precedent set forth in the Original
Indenture and the Restated Indenture (each as hereinafter defined) with respect
to the Assignment were satisfied; and

WHEREAS, the Company
heretofore has executed and delivered to the Trustee the following additional
Supplemental Trust Indentures which, in addition to conveying, assigning,
transferring, mortgaging, pledging, setting over and confirming to the Trustee,
and its respective successors in said trust, additional property acquired by it
(or, as the case may be, the Predecessor Company) subsequent to the preparation
of the next preceding Supplemental Trust Indenture and adding to the covenants,
conditions and agreements of the 1937 Indenture certain additional covenants,
conditions and agreements to be observed by the Company, created the following
series of First Mortgage Bonds: 

	
  Date of Supplemental

  Trust Indenture

  	
   

  	
  Designation of Series

  
	
   

  	
   

  	
   

  
	
  June 1, 2002

  	
   

  	
  Series due August 15, 2003
  (retired)

  
	
  July 1, 2002

  	
   

  	
  Pollution Control Series S

  
	
  August 1, 2002

  	
   

  	
  Series A and Series B due
  August 28, 2012

  
	
  May 1, 2003

  	
   

  	
  Series due 2004, extendible
  through 2006 (retired)

  
	
  August 1, 2003

  	
   

  	
  Series due August 1, 2006
  (retired) and Series due

  August 1, 2010

  
	
  July 1, 2005

  	
   

  	
  Series due July 15, 2035;
  and

  
	
  May 1, 2006

  	
   

  	
  Series due June 1, 2036; and

  

 

 3
 

WHEREAS, the 1937 Indenture and all of the foregoing
Supplemental Trust Indentures are referred to herein collectively as the “Original
Indenture”; and

WHEREAS, the Predecessor Company heretofore has executed
and delivered to the Trustee a Supplemental and Restated Trust Indenture, dated
May 1, 1988 (the “Restated Indenture”), which, in addition to conveying,
assigning, transferring, mortgaging, pledging, setting over and confirming to
the Trustee, and its respective successors in said trust, additional property
acquired by it subsequent to the preparation of the next preceding Supplemental
Trust Indenture, amended and restated the Original Indenture (except for those
Supplemental Trust Indentures executed after May 1, 1988); and

WHEREAS, the Restated Indenture became effective and
operative on July 20, 2005; and

WHEREAS,
the Original Indenture, the Restated
Indenture and all trust indentures supplemental thereto are referred to herein
collectively as the “Indenture”; and

WHEREAS,
pursuant to the Agreement of Resignation, Appointment and Acceptance dated as
of May 1, 2002 among the Company, BNY Midwest Trust Company, as successor
trustee, and Harris Trust and Savings Bank, the Trustee accepted the rights,
powers, duties and obligations of the trustee under the Indenture effective as
of May 9, 2002; and

WHEREAS,
the Indenture provides that bonds
may be issued thereunder in one or more series, each series to have such
distinctive designation as the Board of Directors of the Company may select for
such series; and

WHEREAS,
the Company is desirous of providing
for the creation of a new series of First Mortgage Bonds, said new series of
bonds to be designated “First Mortgage Bonds, Series due July 1, 2037,”  the bonds of such series to be issued as registered bonds
without coupons in denominations of $1,000 and integral multiples of $1,000,
and the bonds of such series to be substantially in the form and of the tenor
following with the redemption prices inserted therein in conformity with the
provisions of Section 2.02 hereof, to-wit:

(Form of Bonds of Series due July 1,
2037)

NORTHERN STATES POWER COMPANY

(Incorporated under the laws of the State of Minnesota)

First Mortgage Bond

Series due July 1, 2037

CUSIP No. 665772CC1

	
  No.                         

  	
   

  	
  $                         

  

 

[Unless this
certificate is presented by an authorized representative of The Depository
Trust Company, a New York corporation, to the Company or its agent for
registration of transfer, exchange or payment, and any certificate issued is
registered in the name of Cede & Co. or such other name as is requested by an
authorized representative of The Depository Trust Company (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of The Depository Trust Company),

 4
 

ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof,
Cede & Co., has an interest herein.]*

NORTHERN STATES POWER COMPANY, a
corporation organized and existing under the laws of the State of Minnesota
(the “Company”), for value received, hereby promises to pay to [                    ]
or its registered assigns, at the office of the Trustee, in Chicago, Illinois,
or, at the option of the registered owner, at the agency of the Company in the
Borough of Manhattan, City and State of New York, an amount equal to [                                 ]
Dollars in lawful money of the United States of America, on the 1st day of
July, 2037, and to pay interest hereon from the date hereof at the rate of 6.20
percent per annum, in like money, until the Company’s obligation with respect
to the payment of such principal sum shall be discharged; said interest being
payable at the option of the person entitled to such interest either at the
office of the Trustee, in Chicago, Illinois, or at the agency of the Company in
the Borough of Manhattan, The City and State of New York, on the 1st day of
January and on the 1st day of July in each year, commencing January
1, 2008 provided that as long as there is no existing default in the payment of
interest and except for the payment of defaulted interest, the interest payable
on any January 1 or July 1 will be paid to the person in whose name this bond
was registered at the close of business on the record date (the December 15
prior to such January 1 or the June 15 prior to such July 1 (whether or not a
business day)).  If any interest
payment date or date on which the principal of this bond is required to be paid
is not a business day, then payment of principal, premium or interest need not
be made on such date but may be made on the next succeeding business day with
the same force and effect as if made on such interest payment date or date on
which the principal of this bond is required to be paid and, in the case of
timely payment thereof, no interest shall accrue for the period from and after
such interest payment date or the date on which the principal of this bond is
required to be paid.  The term “business
day” shall mean any day other than a Saturday or Sunday or a day on which the
offices of the Trustee in the City of Chicago, Illinois, are closed pursuant to
authorization of law.

[EXCEPT UNDER
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, THESE GLOBAL BONDS MAY
NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE REGISTERED DEPOSITORY OR BY A
NOMINEE OF THE REGISTERED DEPOSITORY TO THE REGISTERED DEPOSITORY, ANOTHER
NOMINEE OF THE REGISTERED DEPOSITORY, A SUCCESSOR OF THE REGISTERED DEPOSITORY
OR A NOMINEE OF SUCH SUCCESSOR.]*

This bond is one of a duly
authorized issue of bonds of the Company, of the series and designation
indicated on the face hereof, which issue of bonds consists, or may consist, of
several series of varying denominations, dates and tenor, all issued and to be
issued under and equally secured (except insofar as a sinking fund, or similar
fund, established in accordance with the provisions of the Indenture may afford
additional security for the bonds of any specific series) by a Trust Indenture
dated February 1, 1937 (the “1937 Indenture”), as supplemented by 56
supplemental trust indentures (collectively, the “Supplemental Indentures”), a
Supplemental and Restated Trust Indenture dated May 1, 1988 (the “Restated
Indenture”) and a new

* This legend to be included if the bonds are
issued as a global bond in book-entry form.

 5
 

supplemental trust indenture for
the bonds of this series (the “Supplemental Trust Indenture”), executed by the
Company to BNY MIDWEST TRUST COMPANY (as
successor trustee to Harris Trust and Savings Bank), as trustee (the “Trustee”).  The 1937 Indenture, as supplemented by the
Supplemental Indentures, the Restated Indenture and the Supplemental Trust
Indenture, is referred to herein as the “Indenture.”  The Restated Indenture amends and restates
the 1937 Indenture and certain of the Supplemental Indentures and became effective
and operative on July 20,
2005.  Reference hereby is made to the
Indenture for a description of the property mortgaged and pledged, the nature
and extent of the security, the rights of the holders of the bonds as to such
security and the terms and conditions upon which the bonds may be issued under
the Indenture and are secured.  The
principal hereof may be declared or may become due on the conditions, in the
manner and at the time set forth in the Indenture upon the happening of a
default as provided in the Indenture.

With the consent of the Company
and to the extent permitted by and as provided in the Indenture, the rights and
obligations of the Company and of the holders of the bonds and the terms and
provisions of the Indenture and of any instruments supplemental thereto 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 Indenture and any
instruments supplemental thereto (excluding bonds challenged and disqualified
from voting by reason of the Company’s interest therein as provided in the
Indenture); provided that without the consent of all holders of all bonds
affected no such modification or alteration shall permit the extension of the
maturity of the principal of any bond or the reduction in the rate of interest
thereon or any other modification in the terms of payment of such principal or
interest.

The Company and the Trustee 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
and shall not be affected by any notice to the contrary.

The bonds of this series
shall be redeemable at the option of the Company, as a whole or in part, on any
date upon not less than 30 days’ previous notice to be given in the manner and
with the effect provided in Section 10.02 of the Restated Indenture at a
redemption price equal to the greater of (a) the principal amount of the bonds
of this series being redeemed or (b) the sum of the present values of the
remaining scheduled payments of principal and interest on the bonds of this
series that are being redeemed (exclusive of interest accrued to the date of
redemption), discounted to the redemption date on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Treasury Yield plus
15 basis points, plus in each case accrued and unpaid interest to the
redemption date.

“Treasury Yield” means, with respect to any redemption
date, (i) the yield, under the heading which represents the average for the
immediately preceding week, appearing in the most recently published
statistical release designated “H.15(519)” or any successor publication which
is published weekly by the Board of Governors of the Federal Reserve System and
which establishes yields on actively traded U.S. Treasury securities adjusted
to constant maturity under the caption “Treasury Constant Maturities,” for the
maturity corresponding to the Comparable Treasury Issue (if no maturity is within
three months before or after the remaining term, yields for the two published
maturities most closely corresponding to the Comparable Treasury Issue will be
determined and the Treasury Yield will be interpolated or extrapolated from
such yields

 6
 

on a straight line basis, rounding to the nearest
month); or (ii) if such release (or any successor release) is not published
during the week preceding the calculation date or does not contain such yields,
the rate per annum equal to the semi-annual equivalent yield to maturity of the
Comparable Treasury Issue, calculated using 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.  The Treasury Yield will be calculated on the
third business day preceding the date fixed for redemption.

“Comparable Treasury Issue” means the U.S. Treasury
security selected by an Independent Investment Banker as having a maturity
comparable to the remaining term of the bonds of this series that would be
utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of the bonds of this series.

“Comparable Treasury Price” means (i) the average of
the Reference Treasury Dealer Quotations for such redemption date, after
excluding the highest and lowest of such Reference Treasury Dealer Quotations
for such redemption date, or (ii) if the Trustee obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all such Reference
Treasury Dealer Quotations.

“Independent Investment Banker” means Banc of America
Securities LLC or its successors or, if such firm or its successors are
unwilling or unable to select the Comparable Treasury Issue, an independent
investment banking institution of national standing appointed by the Trustee
after consultation with the Company.

“Reference Treasury Dealer” means (i) Banc of America
Securities LLC or UBS Securities LLC and any other primary U.S. Government
securities dealer in the United States (a “Primary Treasury Dealer”) designated
by, and not affiliated with, Banc of America Securities LLC or UBS Securities
LLC and their respective successors, provided, however, that if Banc of America
Securities LLC or UBS Securities LLC or any of their respective designees
ceases to be a Primary Treasury Dealer, the Company shall appoint another
Primary Treasury Dealer as a substitute, and (ii) any other Primary Treasury
Dealers selected by the Company after consultation with the Independent
Investment Banker.

“Reference Treasury Dealer Quotations” means, for each
Reference Treasury Dealer and any redemption date, the average, as determined
by the Independent Investment Banker, 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 Independent Investment Banker by
such Reference Treasury Dealer at 5:00 p.m. on the third business day preceding
such redemption date.

Bonds of this series are not subject to a sinking
fund.

This bond is transferable as
prescribed in the Indenture by the registered owner hereof in person, or by his
duly authorized attorney, at the office of the Trustee in Chicago, Illinois, or
at the option of the owner at the agency of the Company in the Borough of
Manhattan, The City and State of New York, or elsewhere if authorized by the
Company, upon surrender and

 7
 

cancellation of this bond, and
thereupon a new bond or bonds of the same series and of a like aggregate
principal amount will be issued to the transferee in exchange therefor as
provided in the Indenture, upon payment of taxes or other governmental charges,
if any, that may be imposed in relation thereto.

Bonds of this series are
interchangeable as to denominations in the manner and upon the conditions
prescribed in the Indenture.

No charge shall be made by the
Company for any exchange or transfer of bonds of this series, other than for
taxes or other governmental charges, if any, that may be imposed in relation
thereto.

The Company shall not be required to issue, transfer
or exchange any bond of this series during a period of 10 days immediately
preceding any selection of bonds of this series to be redeemed.  The Company shall not be required to transfer
or exchange any bond of this series called or being called for redemption in
its entirety or to transfer or exchange the called portion of a bond of this
series which has been called for partial redemption.

No recourse shall be had for the
payment of the principal of or the interest on this bond, or any part thereof,
or of any claim based hereon or in respect hereof or of said Indenture, against
any incorporator, or any past, present or future shareholder, officer or
director of the Company or of any predecessor or successor corporation, either
directly or through the Company, or through any such predecessor or successor
corporation, or through any receiver or a trustee in bankruptcy, whether by
virtue of any constitution, statute or rule of law or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issue hereof, expressly waived
and released, as more fully provided in the Indenture.

This bond shall not be valid or
become obligatory for any purpose unless and until the certificate of
authentication hereon shall have been signed by or on behalf of BNY Midwest
Trust Company (as successor
trustee to Harris Trust and Savings Bank), as Trustee under the Indenture, or
its successor thereunder.

IN WITNESS WHEREOF, NORTHERN
STATES POWER COMPANY has caused this bond to be executed in its name by its
President or a Vice President and its corporate seal, or a facsimile thereof,
to be hereto affixed and attested by its Secretary or an Assistant Secretary.

	
  Dated:

  	
   

  	
   

  	
  NORTHERN STATES POWER COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Vice President

  	
   

  
									

 

(Form of Trustee’s Certificate)

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

 8
 

 

	
  

  	
  BNY MIDWEST TRUST COMPANY, as

  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  

 

and

WHEREAS,
the Company is desirous of
conveying, assigning, transferring, mortgaging, pledging, setting over and
confirming to the Trustee and to its respective successors in trust, additional
property acquired by it subsequent to the date of the preparation of the
Supplemental Trust Indenture dated as of May 1, 2006; and

WHEREAS,
the Indenture provides in substance
that the Company and the Trustee may enter into indentures supplemental thereto
for the purposes, among others, of creating and setting forth the particulars
of any new series of bonds and of providing the terms and conditions of the
issue of the bonds of any series not expressly provided for in the Indenture
and of conveying, assigning, transferring, mortgaging, pledging, setting over
and confirming to the Trustee additional property of the Company, and for any
other purpose not inconsistent with the terms of the Indenture; and

WHEREAS,
the execution and delivery of this
Supplemental Trust Indenture have been duly authorized by a resolution adopted
by the Board of Directors of the Company; and

WHEREAS,
the Trustee has duly determined to
execute this Supplemental Trust Indenture and to be bound, insofar as it may
lawfully do so, by the provisions hereof;

NOW,
THEREFORE, Northern States Power
Company, in consideration of the premises and of one dollar duly paid to it by the
Trustee at or before the ensealing and delivery of these presents, the receipt
of which is hereby acknowledged, and other good and valuable considerations,
does hereby covenant and agree to and with BNY Midwest Trust Company (as successor trustee to Harris Trust
and Savings Bank), as Trustee, and its successors in the trust under the
Indenture for the benefit of those who hold or shall hold the bonds, or any of
them, issued or to be issued thereunder, as follows:

ARTICLE I

SPECIFIC SUBJECTION OF ADDITIONAL PROPERTY

TO THE LIEN OF THE INDENTURE

SECTION 1.01.  The Company, in order to better secure the
payment, of both the principal and interest, of all bonds of the Company at any
time outstanding under the Indenture according to their tenor and effect and
the performance of and compliance with the covenants and conditions contained
in the Indenture, has granted, bargained, sold, warranted, released, conveyed,
assigned, transferred, mortgaged, pledged, set over and confirmed, and by these
presents does grant, bargain, sell, warrant, release, convey, assign, transfer,
mortgage, pledge, set over and confirm, to the Trustee and to its respective
successors in said trust forever, subject to the rights reserved by the Company
in and by the provisions of the Indenture, all of the property

 9
 

described and mentioned or enumerated in a schedule
annexed hereto and marked Schedule A, reference to said schedule being made
hereby with the same force and effect as if the same were incorporated herein
at length; together with all and singular the tenements, hereditaments and
appurtenances belonging and in any way appertaining to the aforesaid property
or any part thereof with the reversion and reversions, remainder and
remainders, tolls, rents and revenues, issues, income, products and profits
thereof;

Also, in order to subject the
personal property and chattels of the Company to the lien of the Indenture and
to conform with the provisions of the Uniform Commercial Code, all fossil,
nuclear, hydro and other electric generating plants, including buildings and
other structures, turbines, generators, exciters, boilers, reactors, nuclear
fuel, other boiler plant equipment, condensing equipment and all other
generating equipment; substations; electric transmission and distribution systems,
including structures, poles, towers, fixtures, conduits, insulators, wires,
cables, transformers, services and meters; steam heating mains and equipment;
gas transmission and distribution systems, including structures, storage
facilities, mains, compressor stations, purifier stations, pressure holders,
governors, services and meters; telephone plant and related distribution
systems; trucks and trailers; office, shop and other buildings and structures,
furniture and equipment; apparatus and equipment of all other kinds and
descriptions; materials and supplies; all municipal and other franchises,
leaseholds, licenses, permits, privileges, patents and patent rights; all
shares of stock, bonds, evidences of indebtedness, contracts, claims, accounts
receivable, choses in action and other intangibles, all books of account and
other corporate records;

Excluding, however, all
merchandise and appliances heretofore or hereafter acquired for the purpose of
sale to customers and others;

All the estate, right, title,
interest and claim, whatsoever, at law as well as in equity, which the Company
now has or hereafter may acquire in and to the aforesaid property and every
part and parcel thereof subject, however, to the right of the Company, upon the
occurrence and continuation of a Completed Default as defined in the Indenture,
to retain in its possession all shares of stock, notes, evidences of
indebtedness, other securities and cash not expressly required by the
provisions hereof to be deposited with the Trustee, to retain in its possession
all contracts, bills and accounts receivable, motor cars, any stock of goods,
wares and merchandise, equipment or supplies acquired for the purpose of
consumption in the operation, construction or repair of any of the properties of
the Company, and to sell, exchange, pledge, hypothecate or otherwise dispose of
any or all of such property so retained in its possession, free from the lien
of the Indenture, without permission or hindrance on the part of the Trustee,
or any of the bondholders. No person in any dealings with the Company in
respect of any such property shall be charged with any notice or knowledge of
any such Completed Default under the Indenture while the Company is in
possession of such property.  Nothing
contained herein or in the Indenture shall be deemed or construed to require
the deposit with, or delivery to, the Trustee of any of such property, except
such as is specifically required to be deposited with the Trustee by some
express provision of the Indenture;

To have and to hold all said
property, real, personal and mixed, granted, bargained, sold, warranted,
released, conveyed, assigned, transferred, mortgaged, pledged, set over or
confirmed by the Company as aforesaid, or intended so to be, to the Trustee and
its successors and assigns

 10
 

forever, subject, however, to
Permitted Encumbrances  and to the
further reservations, covenants, conditions, uses and trusts set forth in the
Indenture; in trust nevertheless for the same purposes and upon the same
conditions as are set forth in the Indenture.

ARTICLE II

FORM AND EXECUTION OF BONDS OF SERIES DUE JULY 1, 2037

SECTION
2.01.  There is hereby created,
for issuance under the Indenture, a series of bonds designated Series due July 1, 2037, each of which shall bear the
descriptive title “First Mortgage Bonds, Series due July 1, 2037,” (such bonds,
the “Series 2037 Bonds”) and the form thereof shall contain suitable provisions
with respect to the matters hereafter specified in this Section.  The Series 2037 Bonds may forthwith be executed by the Company
substantially in the form set forth in the recitals, including the relevant
provisions as indicated therein, and delivered to the Trustee for
authentication and delivery by the Trustee in accordance with the provisions of
the Indenture and this Supplemental Trust Indenture.  The aggregate principal amount of the Series 2037 Bonds outstanding at any time
shall not exceed $350,000,000.  The
Series 2037 Bonds shall mature on July 1, 2037, and shall be issued as
registered bonds without coupons in denominations of $1,000.  The Series 2037 Bonds shall bear interest at
a rate of 6.20% per annum on the principal amount thereof payable semi-annually
on January 1 and July 1 of each
year, commencing January 1, 2008, and the principal shall be payable at the
office of the Trustee in Chicago, Illinois, or at the option of the registered
owner at the agency of the Company in the Borough of Manhattan, City and State
of New York, in lawful money of the United States of America, and the interest shall
be payable in like money at the option of the person entitled to such interest
either at said office of the Trustee in Chicago, Illinois, or at the agency of
the Company in the Borough of Manhattan, City and State of New York.  Interest on the Series 2037 Bonds shall be calculated on
the basis of a 360-day year consisting of twelve 30-day months.  If any interest payment date or date on which
the principal of this bond is required to be paid is not a business day, then
payment of principal, premium or interest need not be made on such date but may
be made on the next succeeding business day with the same force and effect as
if made on such interest payment date or date on which the principal of this
bond is required to be paid and, in the case of timely payment thereof, no
interest shall accrue for the period from and after such interest payment date
or the date on which the principal of this bond is required to be paid.  The
Series 2037 Bonds shall be dated as of the date of authentication thereof by the
Trustee.  The term “business day” shall
mean any day other than a Saturday or Sunday or a day on which the offices of
the Trustee in the City of Chicago, Illinois, are closed pursuant to
authorization of law.

As long as there is no existing default in the payment
of interest on the Series 2037 Bonds, the
person in whose name any Series 2037 Bond is registered at the close of
business on any Record Date with respect to any interest payment date shall be
entitled to receive the interest payable on such interest payment date
notwithstanding any transfer or exchange of any such Series 2037 Bond
subsequent to the Record Date and on or prior to such interest payment date,
except as and to the extent the Company shall default in the payment of the
interest due on such interest payment date, in which case such defaulted
interest shall be paid to the person in whose name such Series 2037 Bond is
registered on the Special Record Date for the payment of such defaulted
interest to be fixed by the Trustee, notice thereof shall be given to the
registered holder of any Series 2037 Bond not less than 10 days prior to such
Special Record Date, or may be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities

 11
 

exchange on which the Series
2037 Bond may be listed, and upon such notice as may be required by such
exchange.

The term “Record Date” as used
in this Section 2.01 with respect to any interest payment date (January 1 or
July 1) shall mean the December 15 prior to such January 1 or the June 15 prior
to such July 1 (whether or not a business day).

As used in this Section 2.01,
the term “default in the payment of interest” means failure to pay interest on
the applicable interest payment date disregarding any period of grace permitted
by the Indenture.

The “Special Record Date” as
used in this Section 2.01 shall be fixed in the following manner.  The Company shall notify the Trustee in
writing of the amount of defaulted interest proposed to be paid on each Series
2037 Bond  and the date of the proposed payment,
and at the same time the Company shall deposit with the 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 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 provided in this Section 2.01.  Thereupon the 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 Trustee of the notice of the
proposed payment.  The 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 the Series 2037 Bonds, at his, her or
its address as it appears in the bond register, not less than 10 days prior to
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 Series 2037 Bonds are registered on such Special
Record Date and shall not be payable pursuant to the paragraph immediately
following in this Section 2.01.

The Company may make payment of
any defaulted interest in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Series 2037 Bonds may be
listed, and upon such notice as may be required by such exchange, if, after
notice is given by the Company to the Trustee of the proposed payment pursuant
to this Section 2.01, such payment shall be deemed practicable by the Trustee.

SECTION 2.02.  The Series
2037 Bonds shall be redeemable at the option of the Company, as a whole
or in part, on any date upon not less than 30 days’ previous notice to be given
in the manner and with the effect provided in Section 10.02 of the Restated
Indenture at a redemption price equal to the greater of (a) the principal
amount of the Series 2037 Bonds being redeemed or (b) the sum of the present
values of the remaining scheduled payments of principal and interest on the Series 2037 Bonds that are being redeemed
(exclusive of interest accrued to the date of redemption), discounted to the
redemption date on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Treasury Yield plus 15 basis points, plus in each
case accrued and unpaid interest to the redemption date.

 12
 

“Treasury Yield” means, with respect to any redemption
date, (i) the yield, under the heading which represents the average for the
immediately preceding week, appearing in the most recently published
statistical release designated “H.15(519)” or any successor publication which
is published weekly by the Board of Governors of the Federal Reserve System and
which establishes yields on actively traded U.S. Treasury securities adjusted
to constant maturity under the caption “Treasury Constant Maturities,” for the
maturity corresponding to the Comparable Treasury Issue (if no maturity is
within three months before or after the remaining term, yields for the two
published maturities most closely corresponding to the Comparable Treasury
Issue will be determined and the Treasury Yield will be interpolated or
extrapolated from such yields on a straight line basis, rounding to the nearest
month); or (ii) if such release (or any successor release) is not published
during the week preceding the calculation date or does not contain such yields,
the rate per annum equal to the semi-annual equivalent yield to maturity of the
Comparable Treasury Issue, calculated using 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.  The Treasury Yield will be calculated on the
third business day preceding the date fixed for redemption.

“Comparable Treasury Issue” means the U.S. Treasury
security selected by an Independent Investment Banker as having a maturity comparable
to the remaining term of the bonds of the series to be redeemed that would be
utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of the bonds of the series being redeemed.

“Comparable Treasury Price” means (i) the average of
the Reference Treasury Dealer Quotations for such redemption date, after
excluding the highest and lowest of such Reference Treasury Dealer Quotations
for such redemption date, or (ii) if the Trustee obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all such Reference
Treasury Dealer Quotations.

“Independent Investment Banker” means Banc of America
Securities LLC or its successors
or, if such firm or its successors are unwilling or unable to select the
Comparable Treasury Issue, an independent investment banking institution of
national standing appointed by the Trustee after consultation with the Company.

“Reference Treasury Dealer” means (i) Banc of America
Securities LLC or UBS Securities LLC and
any other primary U.S. Government securities dealer in the United States (a “Primary
Treasury Dealer”) designated by, and not affiliated with, Banc of America
Securities LLC or UBS Securities LLC and
their respective successors, provided, however, that if Banc of America
Securities LLC or UBS Securities LLC or
any of their respective designees ceases to be a Primary Treasury Dealer, the
Company shall appoint another Primary Treasury Dealer as a substitute; and (ii)
any other Primary Treasury Dealers selected by the Company after consultation
with the Independent Investment Banker.

“Reference Treasury Dealer Quotations” means, for each
Reference Treasury Dealer and any redemption date, the average, as determined
by the Independent Investment Banker, 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 Independent Investment Banker by
such

 13

Reference Treasury Dealer at 5:00 p.m. on the third
business day preceding such redemption date.

The Series 2037
Bonds are not subject to a sinking fund.

The redemption prices of the Series 2037 Bonds need not be specified in any temporary bond of
said series if an appropriate reference be made in said temporary bond to the
provision of this Section.

SECTION 2.03.  The registered owner of any Series 2037 Bond or Bonds, at his, her or
its option, may surrender the same with other bonds of such series at the office
of the Trustee in Chicago, Illinois, or at the agency of the Company in the
Borough of Manhattan, The City and State of New York, or elsewhere if
authorized by the Company, for cancellation, in exchange for other bonds of
such series of higher or lower authorized denominations, but of the same
aggregate principal amount, bearing interest from its date, and upon receipt of
any payment required under the provisions of Section 2.04 hereof.  Thereupon the Company shall execute and
deliver to the Trustee and the Trustee shall authenticate and deliver such
other registered bonds to such registered owner at its office or at any other
place specified as aforesaid.

Notwithstanding any other provisions of the Indenture
to the contrary, the Company shall not be required to issue, transfer or
exchange any Series 2037 Bond during a
period of ten (10) days next preceding any selection of Series 2037 Bonds to be
redeemed.  The Company shall not be
required to transfer or exchange any Series 2037 Bond called or being called
for redemption in its entirety or to transfer or exchange the called portion of
a Series 2037 Bond which has been called for partial redemption.

SECTION 2.04.  No charge shall be made by the Company for
any exchange or transfer of Series 2037
Bonds  other than for taxes or other
governmental charges, if any, that may be imposed in relation thereto.

SECTION 2.05.  The Series
2037 Bonds shall be executed on behalf of the Company by its President
or one of its Vice Presidents, and its corporate seal shall be thereunto
affixed, or printed, lithographed or engraved thereon, in facsimile, and
attested by the signature of its Secretary or one of its Assistant
Secretaries.  Any such signatures may be
manual or facsimile signatures and may be imprinted or otherwise
reproduced.  In case any of the officers
who shall have signed any bonds or attested the seal thereon shall cease to be
such officers of the Company before the bonds so signed and sealed actually
shall have been authenticated by the Trustee or delivered by the Company, such
bonds nevertheless may be issued, authenticated and delivered with the same
force and effect as though the person or persons who signed such bonds and
attested the seal thereon had not ceased to be such officer or officers of the Company.  Any bond issuable hereunder may be signed or
attested on behalf of the Company by such person as at the actual date of the
execution of such bond shall be the proper officer of the Company, although at
the date of such bond such person shall not have been an officer of the
Company.

SECTION 2.06.  (a) Except as provided in subsections
(c) and (g) below, the registered holder of all of the Series 2037 Bonds shall be The Depository Trust Company (“DTC”)
and such Series 2037 Bonds shall be
registered in the name of Cede & Co., as nominee for DTC.

 14
 

Payment of principal of, premium, if any, and interest
on any Series 2037 Bonds registered
in the name of Cede & Co. shall be made by transfer of New York Federal or
equivalent immediately available funds with respect to the Series 2037 Bonds to the account of Cede
& Co. on each such payment date for the Series
2037 Bonds at the address indicated for Cede & Co. in the bond
register kept by the Trustee.

(b)           The Series 2037 Bonds shall be initially issued in the form of one or
more separate single authenticated fully registered certificates in the
aggregate principal amount of all Series
2037 Bonds.  Upon initial
issuance, the ownership of such Series 2037
Bonds shall be registered in the bond register kept by the Trustee in
the name of Cede & Co., as nominee of DTC. 
The Trustee and the Company may treat DTC (or its nominee) as the sole
and exclusive registered holder of the Series
2037 Bonds registered in its name for the purposes of payment of the
principal of, premium, if any, and interest on the Series 2037 Bonds and of giving any notice permitted or required
to be given to holders under the Indenture, except as provided in Section
2.06(g) below; and neither the Trustee nor the Company shall be affected by any
notice to the contrary.  Neither the
Trustee nor the Company shall have any responsibility or obligation to any of
DTC’s participants (each a “Participant”), any person claiming a beneficial
ownership in the Series 2037 Bonds
under or through DTC or any Participant (each a “Beneficial Owner”) or any
other person which is not shown on the bond register maintained by the Trustee
as being a registered holder, with respect to (1) the accuracy of any
records maintained by DTC or any Participant; (2) the payment by DTC or
any Participant of any amount in respect of the principal of, premium, if any,
or interest on the Series 2037 Bonds;
(3) the delivery by DTC or any Participant of any notice to any Beneficial
Owner which is permitted or required to be given to registered holders under
the Indenture of the Series 2037 Bonds;
(4) the selection of the Beneficial Owners to receive payment in the event of
any partial redemption of the Series 2037
Bonds; or (5) any consent given or other action taken by DTC as
bondholder.  The Trustee shall pay all
principal of, premium, if any, and interest on the Series 2037 Bonds registered in the name of Cede & Co. only to
or “upon the order of” (as that term is used in the Uniform Commercial Code as
adopted in Minnesota and New York) DTC, and all such payments shall be valid
and effective to fully satisfy and discharge the Company’s obligations with
respect to the principal of, premium, if any, and interest on such Series 2037 Bonds to the extent of the sum
or sums so paid.  Except as otherwise
provided in Sections 2.06(c) and (g) below, no person other than DTC shall
receive authenticated bond certificates evidencing the obligation of the
Company to make payments of principal of and interest on the Series 2037 Bonds.  Upon delivery by DTC to the Trustee of
written notice to the effect that DTC has determined to substitute a new
nominee in place of Cede & Co., and subject to the provisions of the
Indenture with respect to transfers of bonds, the word “Cede & Co.” in this
Supplemental Trust Indenture shall refer to such new nominee of DTC.

(c)           If the Company in its discretion
determines that it is in the best interest of the Beneficial Owners that they
be able to obtain bond certificates for the Series
2037 Bonds or there shall have occurred and be continuing a Completed
Default with respect to the Series 2037
Bonds, the Company shall notify DTC and the Trustee, whereupon DTC will
notify the Participants of the availability through DTC of bond
certificates.  In such event, the Trustee
shall issue, transfer and exchange bond certificates as requested by DTC in
appropriate amounts pursuant to Article II of the Restated Indenture and
Section 2.03 of this Supplemental Trust Indenture.  The Company shall pay all costs in connection
with the production of bond

 15
 

certificates if the Company makes such a determination
under this Section 2.06(c).  DTC may
determine to discontinue providing its services with respect to the Series 2037 Bonds at any time by giving
written notice to the Company and the Trustee and discharging its
responsibilities with respect thereto under applicable law.  Under such circumstances (if there is no
successor book-entry depository), the Company and the Trustee shall be
obligated (at the sole cost and expense of the Company) to deliver bond
certificates as described in this Supplemental Trust Indenture.  If bond certificates are issued, the
provisions of the Indenture shall apply to, among other things, the transfer
and exchange of such certificates and the method of payment of principal of,
premium, if any, and interest on such certificates.  Whenever DTC requests the Company and the
Trustee to do so, the Company will direct the Trustee (at the sole cost and
expense of the Company) to cooperate with DTC in taking appropriate action
after reasonable notice (1) to make available one or more separate certificates
evidencing the Series 2037 Bonds to
any Participant or (2) to arrange for another book-entry depository to maintain
custody of certificates evidencing the Series
2037 Bonds registered in the name of such depository or its
nominee.  Any successor book-entry
depository must be a clearing agency registered with the Securities and
Exchange Commission pursuant to Section 17A of the Securities Exchange Act of
1934, as amended, and must enter into an agreement with the Company and the
Trustee agreeing to act as the depository and clearing agency for the Series 2037 Bonds (except as provided in
Section 2.06(g) below).  After such
agreement has become effective, DTC shall present the Series 2037 Bonds for registration of transfer in accordance with
Section 2.12 of the Restated Indenture, and the Trustee shall register them in
the name of the successor book-entry depository or its nominee and all
references thereafter to DTC shall be to such successor book-entry
depository.  If a successor book-entry
depository has not accepted such position before the effective date of DTC’s
termination of its services, the book-entry system shall automatically
terminate and may not be reinstated without the consent of all registered
holders of the Series 2037 Bonds.

(d)           Notwithstanding any other provision
of this Supplemental Trust Indenture to the contrary, so long as any Series 2037 Bonds are registered in the
name of Cede & Co., as nominee of DTC, all payments with respect to the
principal of, premium, if any, and interest on such Series 2037 Bonds and all notices with respect to such Series 2037 Bonds shall be made and given,
respectively, to DTC as provided in the blanket representation letter among
DTC, the Company and the Trustee.  The
Trustee is hereby authorized and directed to comply with all terms of the
representation letter.

(e)           In connection with any notice or
other communication to be provided pursuant to the Indenture for the Series 2037 Bonds by the Company or the
Trustee with respect to any consent or other action to be taken by the
registered holders of the Series 2037 Bonds,
the Company or the Trustee, as the case may be, shall seek to establish a
record date to the extent permitted by the Indenture for such consent or other
action and give DTC notice of such record date not less than fifteen (15)
calendar days in advance of such record date to the extent possible. Such
notice to DTC shall be given only when DTC is the sole registered holder.

(f)            NEITHER THE COMPANY NOR THE TRUSTEE
WILL HAVE ANY RESPONSIBILITY OR OBLIGATIONS TO THE PARTICIPANTS OR THE
BENEFICIAL OWNERS WITH RESPECT TO (1) THE ACCURACY OF ANY RECORDS MAINTAINED BY
DTC OR ANY PARTICIPANT; (2) THE PAYMENT BY DTC OR ANY PARTICIPANT OF ANY AMOUNT
DUE TO ANY BENEFICIAL OWNER IN RESPECT OF THE

 16
 

PRINCIPAL OF, PREMIUM, IF ANY, OR INTEREST ON THE SERIES 2037 BONDS; (3) THE DELIVERY BY DTC
OR ANY PARTICIPANT OF ANY NOTICE TO ANY BENEFICIAL OWNER WHICH IS REQUIRED OR
PERMITTED UNDER THE TERMS OF THE INDENTURE TO BE GIVEN TO REGISTERED HOLDERS;
(4) THE SELECTION OF THE BENEFICIAL OWNERS TO RECEIVE PAYMENT IN THE EVENT OF
ANY PARTIAL REDEMPTION OF THE SERIES 2037
BONDS; OR (5) ANY CONSENT GIVEN OR OTHER ACTION TAKEN BY DTC AS A
REGISTERED HOLDER.

SO LONG AS CEDE & CO. IS THE REGISTERED HOLDER OF
THE SERIES 2037 BONDS AS NOMINEE OF
DTC, REFERENCES HEREIN TO REGISTERED HOLDERS OF THE SERIES 2037 BONDS SHALL MEAN CEDE & CO. AND SHALL NOT MEAN THE
BENEFICIAL OWNERS OF THE SERIES 2037 BONDS
NOR THE PARTICIPANTS.

(g)           The Company, in its sole discretion,
may terminate the services of DTC with respect to the Series 2037 Bonds if the Company determines that: (i) DTC
(x) is unable to discharge its responsibilities with respect to the Series 2037 Bonds or (y) at any time
ceases to be a clearing agency registered under the Securities Exchange Act of
1934, as amended; or (ii) there shall have occurred and be continuing a
Completed Default with respect to the Series
2037 Bonds.  The Company, in its
sole discretion, may terminate the services of DTC with respect to the Series 2037 Bonds if the Company
determines that a continuation of the requirement that all of the
outstanding Series 2037 Bonds be registered with the registration books kept by
the Trustee in the name of Cede & Co., as nominee of DTC, is not in the
best interest of the Beneficial Owners of the Series 2037 Bonds.  After
such event and if no substitute book-entry depository is appointed by the
Company, Series 2037 Bond certificates will be delivered as described in the
Indenture.

(h)           Upon the termination of the services
of DTC with respect to the Series 2037
Bonds pursuant to subsections (c) or (g) of this Section 2.06 after
which no substitute book-entry depository is appointed, the Series 2037 Bonds shall be registered in
whatever name or names holders transferring or exchanging the Series 2037 Bonds shall designate in
accordance with the provisions of the Indenture.

ARTICLE III

APPOINTMENT OF AUTHENTICATING AGENT

SECTION
3.01.  The Trustee shall, if requested in writing so to do by the Company,
promptly appoint an agent or agents of the Trustee who shall have authority to
authenticate registered Series 2037 Bonds in the name and on behalf of the
Trustee.  Such appointment by the Trustee
shall be evidenced by a certificate of a vice-president of the Trustee
delivered to the Company prior to the effectiveness of such appointment.

SECTION
3.02.  (a) Any such
authenticating agent shall be acceptable to the Company and at all times shall
be a corporate bank or trust company organized and doing business under the
laws of the United States or any of its states, have a combined capital and
surplus of at least $5,000,000, be authorized under such laws to exercise
corporate trust powers and be subject to supervision or examination by Federal
or State authority.  If such corporation
publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising

 17
 

or examining authority, then for
the purposes of this Section 3.02 the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published.

(b)           Any corporation into which any
authenticating agent may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which any authenticating agent shall be a party, or any
corporation succeeding to the corporate agency business of any authenticating
agent, shall continue to be the authenticating agent without the execution or
filing of any paper or any further act on the part of the Trustee or the
authenticating agent.

(c)           Any authenticating agent at any time
may resign by giving written notice of resignation to the Trustee and to the
Company.  The Trustee may at any time,
and upon written request of the Company to the Trustee shall, terminate the
agency of any authenticating agent by giving written notice of termination to
such authenticating agent and to the Company. 
Upon receiving such a notice of resignation or upon such a termination,
or in case at any time any authenticating agent shall cease to be eligible in
accordance with the provisions of this Section 3.02, the Trustee, unless
otherwise requested in writing by the Company, promptly shall appoint a
successor authenticating agent, which shall be acceptable to the Company.  Any successor authenticating agent upon
acceptance of its appointment hereunder shall become vested with all the rights,
powers, duties and responsibilities of its predecessor hereunder, with like
effect as if originally named.  No
successor authenticating agent shall be appointed unless eligible under the
provisions of this Section 3.02.

(d)           The Company agrees to pay to any
authenticating agent, appointed in accordance with the provisions of this
Section 3.02, reasonable compensation for its services, and the Company shall
be entitled to be reimbursed for such payments.

SECTION
3.03.  If an appointment is made pursuant to this Article III, the registered
Series 2037 Bonds shall have endorsed thereon, in addition to the Trustee’s
Certificate, an alternate Trustee’s Certificate in the following form:

(Form of Trustee’s
Certificate)

This bond is one of the bonds of
the Series designated thereon, described in the within-mentioned Indenture.

	
  

  	
  BNY MIDWEST TRUST COMPANY, as

  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authenticating Agent

  	
   

  

 

 18
 

 

	
  

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Dated:

  	
   

  	
   

  
					

 

SECTION 3.04.  No
provision of this Article III shall require the Trustee to have at any time
more than one such authenticating agent for any one State or to appoint any
such authenticating agent in the State in which the Trustee has its principal
place of business.

ARTICLE IV

FINANCING STATEMENT TO COMPLY WITH

THE UNIFORM COMMERCIAL CODE

SECTION 4.01.  The name and address of the debtor and
secured party are set forth below:

	
  Debtor:

  	
  Northern States Power Company

  414 Nicollet Mall

  Minneapolis, Minnesota 55401

  
	
   

  	
   

  	
   

  
	
  Secured Party:

  	
  BNY Midwest Trust Company, Trustee

  2 North LaSalle Street

  Suite 1020

  Chicago, Illinois 60602

  
			

 

NOTE:  Northern
States Power Company, the debtor above named, is “a transmitting utility” under
the Uniform Commercial Code as adopted in Minnesota, North Dakota and South
Dakota.

SECTION 4.02.  Reference to Article I hereof is made for a
description of the property of the debtor covered by this Financing Statement
with the same force and effect as if incorporated in this Section at length.

SECTION 4.03.  The maturity dates and respective principal
amounts of obligations of the debtor secured and presently to be secured by the
Indenture and this Supplemental Trust Indenture, reference to all of which for
the terms and conditions thereof is hereby made with the same force and effect
as if incorporated herein at length, are as follows:

	
  First Mortgage Bonds

  	
   

  	
  Principal Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Series due July 1, 2025

  	
   

  	
  $

  	
  250,000,000

  	
   

  
	
  Pollution Control Series N

  	
   

  	
  $

  	
  27,900,000

  	
   

  
	
  Pollution Control Series O

  	
   

  	
  $

  	
  50,000,000

  	
   

  
	
  Pollution Control Series P

  	
   

  	
  $

  	
  50,000,000

  	
   

  
	
  Series due March 1, 2028

  	
   

  	
  $

  	
  150,000,000

  	
   

  
	
  Pollution Control Series S

  	
   

  	
  $

  	
  69,000,000

  	
   

  
	
  Series A and Series B due August 28, 2012

  	
   

  	
  $

  	
  450,000,000

  	
   

  

 

 19
 

 

	
  First Mortgage Bonds

  	
   

  	
  Principal Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Series due August 1, 2010

  	
   

  	
  $

  	
  175,000,000

  	
   

  
	
  Series due July 15, 2035

  	
   

  	
  $

  	
  250,000,000

  	
   

  
	
  Series due June 1, 2036

  	
   

  	
  $

  	
  400,000,000

  	
   

  
	
  Series
  due July 1, 2037

  	
   

  	
  $

  	
  350,000,000

  	
   

  

 

SECTION 4.04.  This Financing Statement is hereby adopted
for all of the First Mortgage Bonds of the Series mentioned above secured by
said Indenture and this Supplemental Trust Indenture.

SECTION 4.05.  The 1937 Indenture, the Restated Indenture
and the prior Supplemental Indentures, as set forth below, have been filed or
recorded in each and every office in the States of Minnesota, North Dakota and
South Dakota designated by law for the filing or recording thereof in respect
of all property of the Company subject thereto:

	
  Original Indenture

  	
   

  
	
  Dated February 1, 1937

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated June 1, 1942

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated February 1, 1944

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated October 1, 1945

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated July 1, 1948

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated August 1, 1949

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated June 1, 1952

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated October 1, 1954

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated September 1, 1956

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated August 1, 1957

  	
   

  

 

 20
 

 

	
  Supplemental Indenture

  	
   

  
	
  Dated July 1, 1958

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated December 1, 1960

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated August 1, 1961

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated June 1, 1962

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated September 1, 1963

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated August 1, 1966

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated June 1, 1967

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated October 1, 1967

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated May 1, 1968

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated October 1, 1969

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated February 1, 1971

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated May 1, 1971

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated February 1, 1972

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated January 1, 1973

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated January 1, 1974

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated September 1, 1974

  	
   

  

 

 21
 

 

	
  Supplemental Indenture

  	
   

  
	
  Dated April 1, 1975

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated May 1, 1975

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated March 1, 1976

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated June 1, 1981

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated December 1, 1981

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated May 1, 1983

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated December 1, 1983

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated September 1, 1984

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture 

  	
   

  
	
  Dated December 1, 1984

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated May 1, 1985

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated September 1, 1985

  	
   

  
	
   

  	
   

  
	
  Supplemental and
  Restated Indenture

  	
   

  
	
  Dated May 1, 1988

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated July 1, 1989

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated June 1, 1990

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated October 1, 1992

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated April 1, 1993

  	
   

  

 

 22
 

 

	
  Supplemental Indenture

  	
   

  
	
  Dated December 1, 1993

  	
   

  
	
   

  	
   

  
	
  Supplemental Indenture

  	
   

  
	
  Dated February 1, 1994

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated October 1, 1994

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated June 1, 1995

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated April 1, 1997

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated March 1, 1998

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated May 1, 1999

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated June 1, 2000

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated August 1, 2000

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated June 1, 2002

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated July 1, 2002

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated August 1, 2002

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated May 1, 2003

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture 

  	
   

  
	
  Dated August 1, 2003

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture 

  	
   

  
	
  Dated July 1, 2005

  	
   

  
	
   

  	
   

  
	
  Supplemental
  Indenture

  	
   

  
	
  Dated May 1, 2006

  	
   

  

 

 23
 

SECTION 4.06.  The property covered by this Financing
Statement also shall secure additional series of First Mortgage Bonds of the
debtor which may be issued from time to time in the future in accordance with
the provisions of the Indenture.

ARTICLE V

MISCELLANEOUS

SECTION 5.01.  The recitals of fact herein, except the
recital that the Trustee has duly determined to execute this Supplemental Trust
Indenture and be bound, insofar as it may lawfully so do, by the provisions
hereof and in the bonds shall be taken as statements of the Company and shall
not be construed as made by the Trustee. 
The Trustee makes no representations as to the value of any of the
property subject to the lien of the Indenture, or any part thereof, or as to
the title of the Company thereto, or as to the security afforded thereby and
hereby, or as to the validity of this Supplemental Trust Indenture or of the
bonds issued under the Indenture by virtue hereof (except the Trustee’s
certificate) and the Trustee shall incur no responsibility in respect of such
matters.

SECTION 5.02.  This Supplemental Trust Indenture shall be
construed in connection with and as a part of the Indenture.

SECTION 5.03.  (a) If any provision of the Indenture or
this Supplemental Trust Indenture limits, qualifies or conflicts with another
provision of the Indenture required to be included in indentures qualified
under the Trust Indenture Act of 1939, as amended (as enacted prior to the date
of this Supplemental Trust Indenture) by any of the provisions of Sections 310
to 317, inclusive, of the said Act, such required provision shall control.

(b)           In case any one or more of the
provisions contained in this Supplemental Trust Indenture or in the bonds
issued hereunder shall be invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained
herein and therein shall not in any way be affected, impaired, prejudiced or
disturbed thereby.

SECTION 5.04.  Wherever in this Supplemental Trust Indenture
the word “Indenture” is used without the prefix “1937,” “Original,” “Restated,”
or “Supplemental,” such word was used intentionally to include in its meaning
both the 1937 Indenture, as amended and restated by the Restated Indenture, and
all indentures supplemental thereto.

SECTION 5.05.  Wherever in this Supplemental Trust 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 Supplemental Trust Indenture contained by or on behalf of
the Company or by or on behalf of the Trustee shall bind and inure to the
benefit of the respective successors and assigns of such parties, whether so
expressed or not.

SECTION 5.06.  (a) This Supplemental Trust Indenture
may be executed simultaneously in several counterparts, and all said
counterparts executed and delivered, each as an original, shall constitute but
one and the same instrument.

(b)           The Table of Contents and the
descriptive headings of the several Articles of this Supplemental Trust
Indenture were formulated, used and inserted in this Supplemental Trust

 24
 

Indenture for convenience only and shall not be deemed
to affect the meaning or construction of any of the provisions hereof.

The total aggregate amount of
obligations to be issued forthwith under this Supplemental Trust Indenture is
$350,000,000.

 25

IN
WITNESS WHEREOF, on this 19th day of
June, A.D. 2007, NORTHERN STATES POWER
COMPANY, a Minnesota corporation, party of the first part, has caused
its corporate name and seal to be hereunto affixed and this Supplemental Trust
Indenture effective June 1, 2007, to be signed by its President or a Vice
President, and attested by its Secretary or an Assistant Secretary, for and in
its behalf, and BNY MIDWEST TRUST COMPANY
(as successor trustee to Harris Trust and Savings Bank), an Illinois
corporation, as Trustee, party of the second part, to evidence its acceptance
of the trust hereby created, has caused its corporate name and seal to be
hereunto affixed, and this Supplemental Trust Indenture effective June 1, 2007,
to be signed by its President, a Vice President or an Assistant Vice President,
and attested by its Secretary or an Assistant Secretary, for and in its behalf.

	
  

  	
  NORTHERN STATES POWER COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
        /s/ George E.
  Tyson II

  	
   

  
	
   

  	
  By:

  	
  George E. Tyson II

  
	
   

  	
  Its: 

  	
  Vice President and Treasurer

  
	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
        /s/ Patrice D.
  Blaeser 

  	
   

  	
   

  	
   

  
	
  By: Patrice D. Blaeser 

  	
   

  	
   

  	
   

  
	
  Its: Assistant Secretary

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Executed by Northern States Power Company

  in the presence of:

  	
   

  	
   

  	
  (CORPORATE SEAL)

  
	
   

  	
   

  	
   

  	
   

  
	
        /s/ Robert E.
  LaBahn 

  	
   

  	
   

  	
   

  
	
  Robert E. LaBahn, Witness

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
        /s/ Nicholas J.
  Casavan

  	
   

  	
   

  	
   

  
	
  Nicholas J. Casavan, Witness

  	
   

  	
   

  	
   

  
					

 

 

	
  

  	
  BNY MIDWEST TRUST COMPANY, as

  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
        /s/   J.
  Bartolini

  	
   

  
	
   

  	
  By:

  	
    J. Bartolini

  
	
   

  	
  Its: 

  	
    Vice President

  
	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
        /s/   M.
  Callahan

  	
   

  	
   

  	
   

  
	
  By:  M. Callahan

  	
   

  	
   

  	
   

  
	
  Its:  Vice President

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Executed by BNY Midwest Trust Company in

  the presence of:

  	
   

  	
   

  	
  (CORPORATE SEAL)

  
	
   

  	
   

  	
   

  	
   

  
	
        /s/   A.
  Hernandez

  	
   

  	
   

  	
   

  
	
  Witness: A. Hernandez

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
        /s/   T.
  Mosterd

  	
   

  	
   

  	
   

  
	
  Witness: T. Mosterd

  	
   

  	
   

  	
   

  
					

 

 

	
  STATE OF MINNESOTA

  	
  )

  	
   

  
	
   

  	
  )

  	
  SS.:

  
	
  COUNTY OF HENNEPIN

  	
  )

  	
   

  

 

On this 19th day of June, A.D.
2007, before me, Sharon M. Quellhorst, a Notary Public in and for said County
in the State aforesaid, personally appeared George E. Tyson II and Patrice D. Blaeser, to me personally known, and to me known to be
the Vice President and Treasurer and Assistant Secretary, respectively, of
Northern States Power Company, one of the corporations described in and which executed
the within and foregoing instrument, and who, being by me severally duly sworn,
each for himself, did say that he, the said George E. Tyson II is a Vice
President and Treasurer and Patrice D. Blaeser is an Assistant Secretary, of
said Northern States Power Company, a corporation; that the seal affixed to the
within and foregoing instrument is the corporate seal of said corporation, and
that said instrument was executed on behalf of said corporation by authority of
its stockholders and board of directors; and said George E. Tyson II and
Patrice D. Blaeser each acknowledged said instrument to be the free act and
deed of said corporation and that such corporation executed the same.

WITNESS my
hand and notarial seal, this 19th day of June, A.D. 2007.

	
        /s/   Sharon
  M. Quellhorst 

  	
   

  
	
  Sharon M. Quellhorst  

  	
   

  
	
  Notary Public

  	
   

  
	
  My commission expires:

  	
         1/31/2010

  	
   

  
	
   

  	
            (NOTARY
  SEAL)

  
			

 

 

	
  STATE OF MINNESOTA

  	
  )

  	
   

  
	
   

  	
  )

  	
  SS.:

  
	
  COUNTY OF HENNEPIN

  	
  )

  	
   

  

 

George E. Tyson II
and Patrice D. Blaeser, being
severally duly sworn, each deposes and says that they are Vice President and Treasurer and Assistant Secretary, respectively,
of Northern States Power Company, the corporation described in and which
executed the within and foregoing Supplemental Trust Indenture, as mortgagor;
and each for himself further says that said Supplemental Trust Indenture was
executed in good faith, and not for the purpose of hindering, delaying, or
defrauding any creditor of the said mortgagor.

	
        /s/   George
  E. Tyson II

  	
   

  	
        /s/   Patrice
  D. Blaeser

  	
   

  
	
  George E. Tyson II

  	
   

  	
  Patrice D. Blaeser

  

 

Subscribed and sworn to before
me this 19th  day of June, A.D. 2007.

	
        /s/   Sharon
  M. Quellhorst

  	
   

  	
   

  
	
  Sharon M. Quellhorst

  	
   

  	
   

  
	
  Notary Public

  	
   

  	
   

  
	
  My commission expires:

  	
            1/31/2010

  	
   

  	
   

  
	
   

  	
   

  	
  (NOTARY SEAL)

  
				

 

 

	
  STATE OF ILLINOIS

  	
  )

  	
   

  
	
   

  	
  )

  	
  SS.:

  
	
  COUNTY OF COOK

  	
  )

  	
   

  

 

On this 14th day of June, A.D.
2007, before me, Julie Braun, a Notary Public in and for said County in the
State aforesaid, personally appeared J. Bartolini and Mary Callahan to me
personally known, and to me known to be the Vice President and Vice President,
respectively, of BNY Midwest Trust Company, one of the corporations described
in and which executed the within and foregoing instrument, and who, being by me
severally duly sworn, each, did say that she, the said J. Bartolini, is
Vice President, and she, the said Mary Callahan, is the Vice President, of said
BNY Midwest Trust Company, a corporation; that the seal affixed to the within
and foregoing instrument is the corporate seal of said corporation, and that
said instrument was executed on behalf of said corporation by authority of its
board of directors; and said J. Bartolini and Mary Callahan each acknowledged
said instrument to be the free act and deed of said corporation and that such
corporation executed the same.

WITNESS my hand and notarial seal, this 14th day of
June, A.D. 2007.

	
        /s/   Julie
  Braun

  	
   

  
	
  Julie Braun

  	
   

  
	
  Notary Public

  	
   

  
	
  My commission expires:

  	
       June 23, 2010

  	
   

  
	
   

  	
                  (NOTARY
  SEAL)

  
			

 

 

	
  STATE OF ILLINOIS

  	
  )

  	
   

  
	
   

  	
  )

  	
  SS.:

  
	
  COUNTY OF COOK

  	
  )

  	
   

  

 

J. Bartolini and Mary Callahan, being severally duly
sworn, each for herself deposes and says that she, the said J. Bartolini,
is Vice President, and she, the said Mary Callahan, is Vice President, of BNY
Midwest Trust Company, the corporation described in and which executed the
within and foregoing Supplemental Trust Indenture, as mortgagee; and each for
himself further says that said Supplemental Trust Indenture was executed in
good faith, and not for the purpose of hindering, delaying, or defrauding any
creditor of the mortgagor.

	
        /s/   J.
  Bartolini

  	
   

  	
        /s/   Mary
  Callahan

  	
   

  
	
  J. Bartolini

  	
   

  	
  Mary Callahan

  

 

Subscribed and sworn to before
me this 14th day of June, A.D. 2007.

	
        /s/   Julie
  Braun

  	
   

  
	
  Julie Braun

  	
   

  
	
  Notary Public

  	
   

  
	
  My commission expires:

  	
         June 23,
  2010

  	
   

  
	
   

  	
   

  	
  (NOTARY SEAL)

  
					

 

SCHEDULE A

The property referred to in
Article I of the foregoing Supplemental Trust Indenture from Northern States
Power Company to BNY Midwest Trust Company, Trustee, made as of June 1, 2007,
includes the following property hereinafter more specifically described.  Such description, however, is not intended to
limit or impair the scope or intention of the general description contained in
the granting clauses or elsewhere in the Restated Indenture.

I.
PROPERTIES IN THE STATE OF MINNESOTA

1.             The following described real
property, situate, lying and being in the County of Dakota, to-wit:

All that part of Government Lot 2, Section 23, Township 28, Range 23
described as follows:

Beginning at a point 660 feet West of the Southeast corner of said
Government Lot 2, said point being on the South line of Government Lot 2,
thence North 3 degrees 33 minutes 54 seconds West a distance of 160 feet more
or less to the Southwesterly right of way line of the new Lilydale Road; thence
North 58 degrees 3 minutes 54 seconds West a distance of 115 feet more or less
to the center of the old Lilydale Road, thence Southwesterly along the center
line of the old Lilydale Road a distance of 205 feet more or less to the
Northeasterly right of way line of Interstate Highway No. 35E; thence South 68
degrees 16 minutes 50 seconds East along said Northeasterly right of way line a
distance of 145 feet more or less to the beginning of a curve to the Southeast,
central angle 16 degrees 8 minutes 18 seconds radius 284 feet; thence along
said curve a distance of 80 feet more or less to the South line of Government
Lot 2; thence along the South line of Government Lot 2 a distance of 44 feet
more or less to the point of beginning.

II. TRANSMISSION LINES OF THE
COMPANY

IN THE STATE OF MINNESOTA

The electric transmission
lines of the Company, including towers, poles, pole lines, wire, switch racks,
switchboards, insulators, and other appliances and equipment, and all other
property forming a part thereof or appertaining thereto, and all service lines
extending therefrom; together with all rights for or relating to the
construction, maintenance of operation thereof, through, over, under, or upon
any private property of public streets or highways within as well as without
the corporate limits of any municipal corporation, and particularly the
following described lines, to-wit:

	
  Line 5544

  	
  4.55 miles

  	
  Wilmarth-Eastwood

  
	
   

  	
   

  
	
   

  	
   

  	
  Blue Earth Co., MN., Sec. 31, T. 109 N., R. 26 W.

  
	
   

  	
   

  	
  Blue Earth Co., MN., Sec.’s 4, 5, 6, 9, 10, T. 108
  N., R. 26 W.

  

 

 

	
  Line 5304

  	
  26.48 miles

  	
  Lakefield Jct.-Fox Lake

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Jackson Co., MN. Sec.’s 3, 10, 13, 14, 15, T. 102
  N., R. 36 W.

  
	
   

  	
   

  	
  Jackson Co., MN. Sec.’s 13, 14, 15, 16, 17, 18, T.
  102 N., R. 35 W.

  
	
   

  	
   

  	
  Jackson Co., MN. Sec.’s 7, 8, 9, 10, 11, 12, 18, T.
  102 N., R. 34 W.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Martin Co., MN. Sec.’s 1, 7, 8, 9, 10, 11, T. 102
  N., R. 33 W.

  
	
   

  	
   

  	
  Martin Co., MN. Sec.’s 5, 6, T. 102 N., R. 32 W.

  

 

This instrument was drafted by
Northern States Power Company, 414 Nicollet Mall, Minneapolis, Minnesota 55401.

Tax statements for the real
property described in this instrument should be sent to Northern States Power
Company, 414 Nicollet Mall, Minneapolis, Minnesota 55401.

Return recorded document(s) to
Lori R. Pagel, GO-Mezzanine, Xcel Energy, 414 Nicollet Mall, Minneapolis,
Minnesota 55401.

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