Document:

Exhibit

Exhibit 4.5
DESCRIPTION OF THE REGISTRANTS’ SECURITIES REGISTERED PURUSUANT TO 
SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
Macquarie Infrastructure Corporation (“MIC,” the “Company,” “we,” “our” or “us”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: our common stock.
The following description is a summary of the material provisions of our certificate of incorporation and bylaws, in each case to the extent that they relate to shares of our capital stock. This summary does not purport to be complete and is subject to, and is qualified in its entirety by reference to, all of the provisions of the certificate of incorporation and the bylaws, both of which are filed as exhibits to this Annual Report on Form 10-K.  The terms of these securities also may be affected by the General Corporation Law of the State of Delaware (which we refer to below as the “DGCL”).
Authorized Capitalization
Our authorized capital stock consists of (i) 500,000,000 shares of common stock, $0.001, par value per share, (ii) 100 shares of special stock, $0.001, par value per share, and (iii) 100,000,000 shares of preferred stock, par value $0.001 per share. As of December 31, 2019, we had outstanding 86,600,302 shares of common stock, 100 shares of special stock and no shares of preferred stock.
Common Stock
Voting.  Each share of common stock is entitled to one vote on each matter submitted to a vote at a meeting of stockholders. Except as provided in the certificate of incorporation, the holders of common stock and special stock vote separately as different classes. Holders of common stock are not entitled to vote cumulatively for the election of directors. Except as provided in the certificate of incorporation or under the DGCL, all matters to be voted on by holders of common stock must be approved by a majority of the voting power of the shares of common stock present in person or represented by proxy at the meeting of stockholders or, in the case of the election of directors, by a majority of the votes cast unless the election is contested, in which case directors will be elected by a plurality of the votes cast. Any nominee who fails to receive the required number of votes in an uncontested election agrees to promptly tender his or her resignation, and the board of directors will determine whether to accept or reject such resignation following receipt of a recommendation from the nominating and governance committee.
Dividends.  Subject to applicable law and the preference of any other stock ranking prior to the common stock as to the payment of dividends, holders of common stock are entitled to receive dividends in amounts as determined by the board of directors. We may pay dividends consisting of cash, property or shares of our capital stock.
Delaware law allows a corporation to pay dividends only out of surplus, as determined under Delaware law or, if there is no surplus, out of net profits for the fiscal year in which the dividend was declared and for the preceding fiscal year. Under Delaware law, however, a corporation cannot pay dividends out of net profits if, after paying the dividend, the corporation’s capital would be less than the capital represented by the outstanding stock of all classes having a preference upon the distribution of assets.
Transfer Restriction.  The certificate of incorporation and bylaws do not restrict the transfer of shares of common stock but the bylaws provide that we have the power to enter into and perform any agreement with any stockholders to restrict the transfer of shares of our common stock in any manner not prohibited by the DGCL.
Election of Directors.  Under the certificate of incorporation, at any time when the Third Amended and Restated Management Services Agreement (as may be amended from time to time, the “Management Services Agreement”), dated May 21, 2015, among the Company, MIC Ohana Corporation (“MIC Ohana”) and Macquarie Infrastructure Management (USA) Inc. (the “Manager”) is in effect and our Manager or any of its affiliates holds at least 200,000 shares of common stock (which represents the number of shares of common stock with an aggregate value of at least $5 million at a price per share of common stock equal to the per share price of the shares sold in the initial public offering of the predecessor to MIC LLC) (as adjusted to reflect any subsequent equity splits or similar recapitalizations), 

holders of common stock, voting separately as a class, will be entitled to elect our directors other than one director who will be elected by the holders of special stock and who will act as the chairman of the board of directors.
At any time when the Management Services Agreement is not in effect or neither our Manager nor any of its affiliates holds at least 200,000 shares of common stock (as adjusted to reflect any subsequent equity splits or similar recapitalizations), the holders of common stock will be entitled to elect all of the directors to be elected at an election.
Other Rights.  Upon our liquidation, dissolution or winding up, all holders of common stock will be entitled to share equally, on a per share basis, in all of our assets of whatever kind available for distribution.
Trading.  Our common stock is listed on the NYSE under the symbol “MIC”. Our transfer agent and registrar is Computershare, Inc.
Special Stock 
Concurrently with our conversion from a corporation to a limited liability company, we issued to our Manager 100 shares of special stock. The sole purpose for the issuance of special stock to our Manager was to preserve our Manager’s previously-existing right to appoint one director to serve as the chairman of our board of directors, which right would otherwise have been lost upon consummation of the conversion.
Voting.  Each share of special stock is entitled to one vote on each matter to which holders of special stock are entitled to vote or provide consent.
Holders of special stock are not entitled to vote on or consent to any matter, except those matters explicitly set forth in the certificate of incorporation, which are as follows:
		
	•
	any further authorization for issuance of shares of special stock, which issuance will require the prior affirmative vote or written consent of the holders of a majority of the shares outstanding of special stock, voting or consenting separately as a class;

		
	•
	any issuance of shares of preferred stock, which issuance will require the prior affirmative or written consent of the holders of a majority of the shares outstanding of special stock, voting or consenting separately as a class;

		
	•
	any amendment of any provision of the certificate of incorporation or bylaws that would adversely affect the rights of holders of special stock as a class, which amendment will require the prior affirmative vote or written consent of the holders of a majority of the shares outstanding of special stock, voting or consenting separately as a class;

		
	•
	election of one director who will act as the chairman of the board of directors, which election will require the affirmative vote or written consent of the holders of special stock, voting or consenting separately as a class, as discussed immediately below in the section entitled “- Election of One Director”;

		
	•
	removal of any director for cause, which removal will require the affirmative vote of the holders of at least 66 2/3% of the voting power of the issued and outstanding shares of common stock and special stock (and any series of preferred stock then entitled to vote at an election of directors), voting together as a single class; and

		
	•
	removal of any director elected by the holders of special stock, voting or consenting separately as a class, without cause, which removal will require the affirmative vote or written consent of the holders of at 66 2/3% of the voting power of the issued and outstanding shares of special stock, voting or consenting separately as a class.

Election of One Director.  Under the certificate of incorporation, holders of special stock are entitled to elect one director, who will act as the chairman of the board of directors, at any time when the Management Services Agreement is in effect and our Manager or any of its affiliates holds at least 200,000 shares of common stock (as adjusted to reflect any subsequent equity splits or similar recapitalizations).
Dividends.  The certificate of incorporation provides that holders of special stock are not entitled to any dividends. 

Transfer Restriction.  The certificate of incorporation provides that holders of special stock may not offer, sell, pledge, transfer, dispose or distribute shares of special stock or enter into any agreement with respect to the foregoing.
Redemption.  Upon the earlier of (i) the termination of the Management Services Agreement or (ii) the date on which neither our Manager nor any of its affiliates holds at least 200,000 shares of common stock (as adjusted to reflect any subsequent equity splits or similar recapitalizations) (in either case, a “Redemption Event”), all outstanding shares of special stock will be redeemed by us at a price equal to $0.001 per share, within five business days after we become aware of the occurrence of a Redemption Event. If we do not have sufficient funds legally available to redeem all outstanding shares of special stock, we will redeem a pro rata portion of each holder’s redeemable shares out of any legally available funds and redeem the remaining shares as soon as practicable after we have funds legally available thereafter. Any shares of special stock which are redeemed or otherwise acquired by us or any of our subsidiaries will be automatically and immediately canceled and retired and will not be reissued, sold or transferred. Neither we nor any of our subsidiaries may exercise any voting or other rights granted to the holders of special stock following redemption.
Other Rights.  Holders of special stock are not entitled to share in any distribution of assets in the event of any liquidation, dissolution or winding up of our affairs.
Trading.  Our special stock is not listed on any stock exchange.
Preferred Stock
Our board of directors is authorized to fix the designations, rights, preferences, powers and limitations of and to issue each series of the preferred stock. Our board of directors has flexibility to create one or more series of preferred stock, from time to time, and to determine the relative designations, powers, preferences and relative, participating, optional or other special rights, and the qualifications, limitations or restrictions of each series.  The consent of our Manager, as holder of shares of special stock, is required for issuances of preferred stock.
Preferred stock may be issued, at the discretion of our board of directors, for any proper corporate purpose, without further action by our stockholders other than as may be required by applicable law. Stockholders do not have preemptive rights with respect to the future issuance of shares of preferred stock and stockholders’ interest in us could be diluted by any such issuance with respect to any of the following: earnings per share, voting, liquidation rights and book and market value.
The issuance of shares of preferred stock could affect the relative rights of holders of common stock. Depending upon the exact terms, limitations and relative rights and preferences, if any of the shares of preferred stock as determined by the board of directors at the time of issuance, the holders of shares of preferred stock may be entitled to a higher dividend rate than that paid on the common stock, a prior claim on funds available for the payment of dividends, a fixed preferential payment in the event of liquidation and dissolution, redemption rights, rights to convert their shares of preferred stock into shares of common stock, and voting rights which would tend to dilute the voting control of the holders of shares of common stock. Any shares of preferred stock could be issued with rights, preferences and privileges that may be superior to those of the common stock.
Our board of directors has represented that it will not, without prior stockholder approval, approve the issuance or use of preferred stock for any defensive or anti-takeover purpose or for the purpose of implementing any stockholder rights plan. Within these limits, as well as others imposed by applicable law and NYSE rules, the board of directors may approve the issuance or use of preferred stock for capital raising, financing and acquisition needs or opportunities that has the effect of making an acquisition of our Company more difficult or costly, as could also be the case if the board of directors were to issue additional common stock.
Forum Selection Clause
Our bylaws provide that, unless we consent in writing to the selection of an alternative forum, to the fullest extent permitted by law, the sole and exclusive forum for any stockholder (including any beneficial owner) to bring (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers, or employees to us or to our stockholders, (iii) any action asserting a claim 

arising pursuant to any provision of the DGCL or our certificate of incorporation or bylaws, (iv) any action to interpret, apply, enforce or determine the validity of our certificate of incorporation or bylaws or (v) any action asserting a claim governed by the internal affairs doctrine, will be the Court of Chancery of the State of Delaware. Any person or entity purchasing or otherwise acquiring or holding any interest in shares of our capital stock is deemed to have notice of and consented to the foregoing provisions.
Anti-Takeover Provisions in the Certificate of Incorporation and Bylaws and Under Delaware Corporate Law 
A number of provisions of our certificate of incorporation, bylaws and the DGCL could have the effect of making it more difficult for a third party to acquire, or of discouraging a third party from acquiring, control of us.
Business Combinations.  The certificate of incorporation prohibits the merger or consolidation of us with or into any limited liability company, corporation, trust or any other unincorporated business or the sale, lease or exchange of all or substantially all of our assets unless the board of directors adopts a resolution by a majority vote approving such action and unless such action is approved by the affirmative vote of a majority of the outstanding shares entitled to vote thereon; provided, however, that any shares held by the Manager or an affiliate or associate of the Manager shall not be entitled to vote to approve any merger or consolidation with or into, or sale, lease or exchange to, the Manager or any affiliate or an associate thereof.
We are subject to the provisions of Section 203 of the DGCL.  Section 203 prohibits an “interested stockholder” from engaging in a “business combination” with a Delaware corporation for three years following the date such person became an interested stockholder, unless:
		
	•
	prior to the date such person became an interested stockholder, the board of directors of the corporation approved the transaction in which the interested stockholder became an interested stockholder or approved the business combination;

		
	•
	upon consummation of the transaction that resulted in the interested stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding stock held by directors who are also officers of the corporation and stock held by certain employee stock plans; or

		
	•
	on or subsequent to the date of the transaction in which such person became an interested stockholder, the business combination is approved by the board of directors of the corporation and authorized at a meeting of stockholders by the affirmative vote of the holders of at least two-thirds of the outstanding voting stock of the corporation not owned by the interested stockholder.

Section 203 defines a “business combination” to generally include:
		
	•
	any merger or consolidation involving the corporation and an interested stockholder;

		
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	any sale, transfer, pledge or other disposition involving an interested stockholder of 10% or more of the assets of the corporation;

		
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	subject to certain exceptions, any transaction which results in the issuance or transfer by the corporation of any stock of the corporation to an interested stockholder;

		
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	any transaction involving the corporation which has the effect of increasing the proportionate share of any class or series of stock of the corporation beneficially owned by the interested stockholder; or

		
	•
	the receipt by an interested stockholder of any loans, guarantees, pledges or other financial benefits provided by or through the corporation.

Section 203 generally defines an “interested stockholder” as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by such entity or person.
The certificate of incorporation also provides that the affirmative vote of at least 66 2/3% of our outstanding shares of stock (excluding shares held by an “interested stockholder” (as defined in the certificate of incorporation) or any of its affiliates or associate) is required to approve any “business combination” (as defined in the certificate of incorporation). Such affirmative vote is required notwithstanding any law or agreement with any securities exchange or otherwise. The “continuing directors” (as defined in the certificate of incorporation) will determine, on the basis of information known to them after reasonable inquiry, all facts necessary to determine compliance with the provisions 

relating to certain business combinations and transactions, including, without limitation, (a) whether a person is an interested stockholder, (b) the number of shares of our stock beneficially owned by any person, (c) whether a person is an affiliate or associate of another and (d) the “fair market value” (as defined in the certificate of incorporation) of our equity securities or any of our subsidiaries.
Vacancies; Acting by Written Consent.  Subject to the right of our Manager as holder of the special stock to elect one director and his or her successor in the event of a vacancy, the certificate of incorporation authorizes only our board of directors to fill vacancies, including for newly created directorships. This provision could prevent a stockholder of ours from effectively obtaining an indirect majority representation on our board of directors by permitting the existing board to increase the number of directors and to fill the vacancies with its own nominees.
Except as otherwise provided in the certificate of incorporation, holders of our shares are not permitted to act by written consent. Instead, stockholders may only take action via proxy, which may be presented at a duly called annual or special meeting of our stockholders. Furthermore, the certificate of incorporation provides that special meetings may only be called by the chairman of our board of directors or by resolution adopted by our board of directors.
Nomination and Proposal Procedures.  Our bylaws provide that stockholders seeking to bring business before an annual meeting of members or to nominate candidates for election as directors at an annual meeting of stockholders of our Company must provide notice thereof in writing to us not less than 120 days and not more than 150 days prior to the anniversary date of our preceding year’s annual meeting. In addition, the stockholder furnishing such notice must be a stockholder of record on both (1) the date of delivering such notice and (2) the record date for the determination of stockholders entitled to vote at such meeting. The bylaws specify certain requirements as to the form and content of a stockholder’s notice. These provisions may preclude stockholders from bringing matters before an annual meeting or from making nominations for directors at an annual or special meeting. To deliver timely notice of a nomination for a special meeting of stockholders, a stockholder must submit such written notice at least 120 days but not more than the later of the 90th day prior to such special meeting or the 10th day following the day on which public announcement is first made of the special meeting date and of the proposed nominees.
Future Issuances of Common Stock.  Authorized but unissued shares of common stock are available for future issuance, without approval of our stockholders. These additional shares may be utilized for a variety of purposes, including acquisitions, compensation and incentive plans and future public or private offerings to raise additional capital. One of the effects of the existence of such unissued shares may be to enable the board of directors to discourage or prevent a potential acquisition or takeover (by means of a tender or exchange offer, proxy contest or otherwise) and thereby to protect the continuity of the management.
Removal Procedures.  Our certificate of incorporation provides that any director may be removed for cause by the affirmative vote of the holders of at least 66 2/3% of the voting power of the issued and outstanding shares of common stock, special stock and preferred stock, if any, voting together as a single class. Any director elected by the holders of common stock, voting separately as a class, may be removed from office at any time, without cause, solely by the affirmative vote of at least 66 2/3% of the voting power of the issued and outstanding shares of common stock voting separately as a separate class. Any director elected by the holders of special stock, voting or consenting separately as a class, may be removed from office at any time, without cause, solely by the affirmative vote or written consent of the holders of at least 66 2/3% of the voting power of the issued and outstanding shares of special stock voting separately as a separate class.
Rights Plan.  Although we do not have a stockholder rights plan, under Delaware law, the board of directors could adopt such a plan without stockholder approval. If adopted, a stockholder rights plan could operate to cause substantial dilution to a person or group that attempts to acquire us on terms not approved by the board of directors.
Amendment of Certificate of Incorporation and Bylaws.  Our board of directors has broad authority, subject to the limitations described below, to amend the certificate of incorporation and bylaws. The board, with stockholder approval if required, could in the future choose to amend the certificate of incorporation or bylaws to include other provisions which have the intention or effect of discouraging takeover attempts. Under the DGCL, the certificate of incorporation may be amended by an affirmative vote of a majority of the directors then in office and a majority of 

the outstanding stock and entitled to vote thereon. The certificate of incorporation and the bylaws provide that the board of directors may amend the bylaws by resolution adopted by the affirmative vote of a majority of the total number of directors then in office, subject to limitations under Delaware law. Section 6.6 (Replacement manager) and Section 11.1 (Amendments) of the bylaws may not be amended without the affirmative vote of a majority of the voting power of the shares present in person or represented by proxy at a meeting of stockholders. For so long as the Management Services Agreement is in effect, Section 3.7 (Appointment of Chairman of the Board), Article VI (Management), and Article XI (Amendments) of the bylaws may not be amended without the prior written consent of our Manager.
Anti-Takeover Provisions in the Management Services Agreement
The Management Services Agreement specifies limited circumstances under which the Manager may be terminated by the Company.  In addition, the Disposition Agreement, dated as of October 30, 2019 (as may be amended from time to time, the “Disposition Agreement”) among the Company, MIC Ohana and the Manager, provides that, during the term of the Disposition Agreement, the Management Services Agreement will terminate with respect to businesses of the Company that are sold, and upon the sale of the Company, and provides for related payments to the Manager.Document

Exhibit 4.1

This instrument was prepared by, and when recorded should be returned to:

Richard W. Astle
Sidley Austin LLP
One South Dearborn Street
Chicago, Illinois 60603

SUPPLEMENTAL INDENTURE

Dated as of February 10, 2020

COMMONWEALTH EDISON COMPANY

to

BNY MELLON TRUST COMPANY OF ILLINOIS

and

D.G. DONOVAN

Trustees Under Mortgage Dated July 1, 1923, and Certain
Indentures Supplemental Thereto

Providing for Issuance of

FIRST MORTGAGE 2.200% BONDS, SERIES 128
Due March 1, 2030
and
FIRST MORTGAGE 3.000% BONDS, SERIES 129
Due March 1, 2050

1

THIS SUPPLEMENTAL INDENTURE, dated as of February 10, 2020, between COMMONWEALTH EDISON COMPANY, a corporation organized and existing under the laws of the State of Illinois (hereinafter called the “Company”) having an address at 440 South LaSalle Street, Suite 3300, Chicago, Illinois 60605, party of the first part, BNY MELLON TRUST COMPANY OF ILLINOIS (formerly known as BNY Midwest Trust Company), a trust company organized and existing under the laws of the State of Illinois having an address at 2 North LaSalle Street, Suite 700, Chicago, Illinois 60602, and D.G. DONOVAN, an individual having an address at 2 North LaSalle Street, Suite 700, Chicago, Illinois 60602, as Trustee and Co-Trustee, respectively, under the Mortgage of the Company dated July 1, 1923, as amended and supplemented by Supplemental Indenture dated August 1, 1944 and the subsequent supplemental indentures hereinafter mentioned, parties of the second part (said Trustee being hereinafter called the “Trustee”, the Trustee and said Co-Trustee being hereinafter together called the “Trustees”, and said Mortgage dated July 1, 1923, as amended and supplemented by said Supplemental Indenture dated August 1, 1944 and subsequent supplemental indentures, being hereinafter called the “Mortgage”),

W I T N E S S E T H:

WHEREAS, the Company duly executed and delivered the Mortgage to provide for the issue of, and to secure, its bonds, issuable in series and without limit as to principal amount except as provided in the Mortgage; and

WHEREAS, the Company from time to time has executed and delivered supplemental indentures to the Mortgage to provide for (i) the creation of additional series of bonds secured by the Mortgage, (ii) the amendment of certain of the terms and provisions of the Mortgage and (iii) the confirmation of the
lien of the Mortgage upon property of the Company, such supplemental indentures that are currently effective and the respective dates, parties thereto and purposes thereof, being as follows:

									
	Supplemental
Indenture Date
	Parties
	Providing For

	August 1, 1944
	Company to Continental Illinois National Bank and Trust Company of Chicago and Edmond B. Stofft, as Trustee and Co- Trustee
	Amendment and restatement of
Mortgage dated July 1, 1923

	August 1, 1946
	Company to Continental Illinois National Bank and Trust Company of Chicago and Edmond B. Stofft, as Trustee and Co- Trustee
	Confirmation of mortgage lien

	April 1, 1953
	Company to Continental Illinois National Bank and Trust Company of Chicago and Edmond B. Stofft, as Trustee and Co- Trustee
	Confirmation of mortgage lien

	March 31, 1967
	Company to Continental Illinois National Bank and Trust Company of Chicago and Edward J. Friedrich, as Trustee and Co- Trustee
	Confirmation of mortgage lien

	April 1, 1967
	Company to Continental Illinois National Bank and Trust Company of Chicago and Edward J. Friedrich, as Trustee and Co- Trustee
	Amendment of Sections 3.01, 3.02,
3.05 and 3.14 of the Mortgage and issuance of First Mortgage 5-3/8% Bonds, Series Y

1

									
	Supplemental
Indenture Date
	

Parties
	

Providing For

	February 28, 1969
	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co- Trustee
	Confirmation of mortgage lien

	May 29, 1970
	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co- Trustee
	Confirmation of mortgage lien

	June 1, 1971
	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co- Trustee
	Confirmation of mortgage lien

	April 1, 1972
	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co- Trustee
	Confirmation of mortgage lien

	May 31, 1972
	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co- Trustee
	Confirmation of mortgage lien

	June 15, 1973
	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co- Trustee
	Confirmation of mortgage lien

	May 31, 1974
	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co- Trustee
	Confirmation of mortgage lien

	June 13, 1975
	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co- Trustee
	Confirmation of mortgage lien

	May 28, 1976
	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co- Trustee
	Confirmation of mortgage lien

	June 3, 1977
	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co- Trustee
	Confirmation of mortgage lien

	May 17, 1978
	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co- Trustee
	Confirmation of mortgage lien

2

									
	Supplemental
Indenture Date
	

Parties
	

Providing For

	August 31, 1978
	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co- Trustee
	Confirmation of mortgage lien

	June 18, 1979
	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co- Trustee
	Confirmation of mortgage lien

	June 20, 1980
	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co- Trustee
	Confirmation of mortgage lien

	April 16, 1981
	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co- Trustee
	Confirmation of mortgage lien

	April 30, 1982
	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co- Trustee
	Confirmation of mortgage lien

	April 15, 1983
	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co- Trustee
	Confirmation of mortgage lien

	April 13, 1984
	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co- Trustee
	Confirmation of mortgage lien

	April 15, 1985
	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co- Trustee
	Confirmation of mortgage lien

	April 15, 1986
	Company to Continental Illinois National Bank and Trust Company of Chicago and M.J. Kruger, as Trustee and Co-Trustee
	Confirmation of mortgage lien

	January 13, 2003
	Company to BNY Midwest Trust Company and D.G. Donovan, as Trustee and Co-Trustee
	Issuance of First Mortgage 3.700% Bonds, Series 99 and First Mortgage
5.875% Bonds, Series 100

	February 22, 2006
	Company to BNY Midwest Trust Company and D.G. Donovan, as Trustee and Co-Trustee
	Issuance of First Mortgage 5.90% Bonds, Series 103

	March 1, 2007
	Company to BNY Midwest Trust Company and D.G. Donovan, as Trustee and Co-Trustee
	Issuance of additional First Mortgage
5.90% Bonds, Series 103

	December 20, 2007
	Company to BNY Midwest Trust Company and D.G. Donovan, as Trustee and Co-Trustee
	Issuance of First Mortgage 6.45% Bonds, Series 107

3

									
	Supplemental
Indenture Date
	

Parties
	

Providing For

	July 12, 2010
	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee
	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 4.00% Bonds, Series 109

	August 22, 2011
	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee
	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 1.95% Bonds, Series 111 and First Mortgage 3.40% Bonds, Series 112

	September 17, 2012
	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee
	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 3.80% Bonds, Series 113

	August 1, 2013
	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee
	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 4.60% Bonds, Series 114

	January 2, 2014
	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee
	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 2.150% Bonds, Series 115 and First Mortgage 4.700% Bonds, Series 116

	October 28, 2014
	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee
	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 3.10% Bonds, Series 117

	February 18, 2015
	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee
	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 3.70% Bonds, Series 118

	November 4, 2015
	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee
	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 4.350% Bonds, Series 119

	June 15, 2016
	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee
	Amendment of Sections 15.01 and
15.06 of the Mortgage and issuance of First Mortgage 2.550% Bonds, Series 120 and First Mortgage
3.650% Bonds, Series 121

	August 9, 2017
	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee
	Amendment of Sections 15.01 and
15.06 of the Mortgage and issuance of First Mortgage 2.950% Bonds, Series 122 and First Mortgage
3.750% Bonds, Series 123

	February 6, 2018
	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee
	Amendment of Sections 15.01 and
15.06 of the Mortgage and issuance of First Mortgage 4.000% Bonds, Series 124

	July 26, 2018
	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee
	Amendment of Sections 15.01 and
15.06 of the Mortgage and issuance of First Mortgage 3.700% Bonds, Series 125

4

									
	Supplemental
Indenture Date
	

Parties
	

Providing For

	February 7, 2019
	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee
	Amendment of Sections 15.01 and
15.06 of the Mortgage and issuance of First Mortgage 4.000% Bonds, Series 126

	October 29, 2019
	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee
	Amendment of Sections 15.01 and
15.06 of the Mortgage and issuance of First Mortgage 3.200% Bonds, Series 127

WHEREAS, the respective designations, maturity dates and stated principal amounts of the bonds of each series presently outstanding under, and secured by, the Mortgage and the several supplemental indentures above referred to, are as follows:

Designation                                               Maturity Date                  Principal Amount

									
	First Mortgage 5.875% Bonds, Series 100
	February 1, 2033
	253,600,000

	First Mortgage 5.90% Bonds, Series 103
	March 15, 2036
	625,000,000

	First Mortgage 6.45% Bonds, Series 107
	January 15, 2038
	450,000,000

	First Mortgage 4.00% Bonds, Series 109
	August 1, 2020
	500,000,000

	First Mortgage 3.40% Bonds, Series 112
	September 1, 2021
	350,000,000

	First Mortgage 3.80% Bonds, Series 113
	October 1, 2042
	350,000,000

	First Mortgage 4.60% Bonds, Series 114
	August 15, 2043
	350,000,000

	First Mortgage 4.700% Bonds, Series 116
	January 15, 2044
	350,000,000

	First Mortgage 3.10% Bonds, Series 117
	November 1, 2024
	250,000,000

	First Mortgage 3.70% Bonds, Series 118
	March 1, 2045
	400,000,000

	First Mortgage 4.350% Bonds, Series 119
	November 15, 2045
	450,000,000

	First Mortgage 2.550% Bonds, Series 120
	June 15, 2026
	500,000,000

	First Mortgage 3.650% Bonds, Series 121
	June 15, 2046
	700,000,000

	First Mortgage 2.950% Bonds, Series 122
	August 15, 2027
	350,000,000

	First Mortgage 3.750% Bonds, Series 123
	August 15, 2047
	650,000,000

	First Mortgage 4.000% Bonds, Series 124
	March 1, 2048
	800,000,000

	First Mortgage 3.700% Bonds, Series 125
	August 15, 2028
	550,000,000

	First Mortgage 4.000% Bonds, Series 126
	March 1, 2049
	400,000,000

	First Mortgage 3.200% Bonds, Series 127
	November 15, 2049
	                 300,000,000  

	

	Total
	$8,578,600,000

WHEREAS, the Mortgage provides for the issuance from time to time thereunder, in series, of bonds of the Company for the purposes and subject to the limitations therein specified; and

WHEREAS, the Company desires, by this Supplemental Indenture, to create two additional series of bonds to be issuable under the Mortgage, such bonds to be designated “First Mortgage 2.200% Bonds, Series 128” (hereinafter called the “bonds of Series 128”) and “First Mortgage 3.000% Bonds, Series
129” (hereinafter called the “bonds of Series 129”), and the terms and provisions to be contained in the bonds of Series 128 and the bonds of Series 129, respectively, or to be otherwise applicable thereto to be
as set forth in this Supplemental Indenture; and

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WHEREAS, the bonds of Series 128 and the Trustee’s certificate to be endorsed thereon and the bonds of Series 129 and the Trustee’s certificate to be endorsed thereon each shall be substantially in the form of the General Form of Registered Bond Without Coupons and the form of the General Form of Trustee’s Certificate set forth in Section 3.05 of the Supplemental Indenture dated August 1, 1944 to the Mortgage with such appropriate insertions, omissions and variations in order to express the designation, date, maturity date, annual interest rate, record dates for, and dates of, payment of interest, denominations, terms of redemption and redemption prices, and other terms and characteristics authorized or permitted by the Mortgage or not inconsistent therewith; and

WHEREAS, the Company is legally empowered and has been duly authorized by the necessary corporate action and by an order or orders of the Illinois Commerce Commission to make, execute and deliver this Supplemental Indenture and to create, as an additional series of bonds of the Company, the bonds of Series 128 and the bonds of Series 129, and all acts and things whatsoever necessary to make this Supplemental Indenture, when executed and delivered by the Company and the Trustees, a valid, binding and legal instrument, and to make the bonds of Series 128 and the bonds of Series 129, when authenticated by the Trustee and issued as in the Mortgage and in this Supplemental Indenture provided, the valid, binding and legal obligations of the Company, entitled in all respects to the security of the Mortgage, as amended and supplemented, have been done and performed;

NOW, THEREFORE, in consideration of the premises and of the sum of one dollar duly paid by the Trustees to the Company, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows:

SECTION 1.  Designation and Issuance of Bonds of Series 128 and Bonds of Series 129. The bonds of Series 128 shall, as hereinbefore recited, be designated as the Company’s “First Mortgage
2.200% Bonds, Series 128,” and shall be issued in the original aggregate principal amount of
$350,000,000.  The bonds of Series 129 shall, as hereinbefore recited, be designated as the Company’s
“First Mortgage 3.000% Bonds, Series 129,” and shall be issued in the original aggregate principal amount of $650,000,000.  Subject to the provisions of the Mortgage, additional bonds of Series 128 and bonds of Series 129 may be issued without limitation as to the aggregate principal amount thereof.

SECTION 2.  Form, Date, Maturity Dates, Interest Rates and Interest Payment Dates of Bonds of Series 128 and Bonds of Series 129. (a) The definitive bonds of Series 128 and bonds of Series 129 shall be in engraved, lithographed, printed or typewritten form and shall be registered bonds
without coupons; and such bonds and the Trustee's certificate to be endorsed thereon shall be substantially in the forms hereinbefore recited, respectively.  The bonds of Series 128 and bonds of Series 129 shall be
dated as provided in Section 3.01 of the Mortgage, as amended by Supplemental Indenture dated April 1,
1967.

(b)        The bonds of Series 128 shall mature on March 1, 2030.  The bonds of Series 129 shall mature on March 1, 2050.

(c)        The bonds of Series 128 shall bear interest at the rate of 2.200% per annum until the principal thereof shall be paid.  The bonds of Series 129 shall bear interest at the rate of 3.000% per annum until the principal thereof shall be paid.

(d)        Interest on the bonds of Series 128 and the bonds of Series 129 shall be payable semi- annually on the first day of March and the first day of September in each year, commencing September 1,
2020.  February 15 and August 15 in each year are hereby established as record dates for the payment of interest payable on the next succeeding interest payment dates, respectively.  The interest on each bond of
Series 128 and each bond of Series 129 so payable on any interest payment date shall, subject to the

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exceptions provided in Section 3.01 of the Mortgage, as amended by said Supplemental Indenture dated April 1, 1967, be paid to the person in whose name such bond is registered at the close of business on February 15 or August 15, as the case may be, next preceding such interest payment date.

SECTION 3.  Execution of Bonds of Series 128 and Bonds of Series 129.  The bonds of Series
128 and bonds of Series 129 shall be executed on behalf of the Company by its President or one of its Vice Presidents, manually or by facsimile signature, and shall have its corporate seal affixed thereto or a facsimile of such seal imprinted thereon, attested by its Secretary or one of its Assistant Secretaries, manually or by facsimile signature, all as may be provided by resolution of the Board of Directors of the Company.  In case any officer or officers whose signature or signatures, manual or facsimile, shall appear upon any bond of Series 128 or any bond of Series 129 shall cease to be such officer or officers before such bond shall have been actually authenticated and delivered, such bond nevertheless may be issued, authenticated and delivered with the same force and effect as though the person or persons whose signature or signatures, manual or facsimile, appear thereon had not ceased to be such officer or officers of the Company.

SECTION 4.  Medium and Places of Payment of Principal of and Interest on Bonds of Series
128 and Bonds of Series 129; Transferability and Exchangeability.  Both the principal of and interest on the bonds of Series 128 and bonds of Series 129 shall be payable in any coin or currency of the United
States of America which at the time of payment is legal tender for the payment of public and private
debts, and both such principal and interest shall be payable at the office or agency of the Company in the
City of Chicago, State of Illinois, or, at the option of the registered owner, at the office or agency of the Company in the Borough of Manhattan, The City of New York, State of New York, and such bonds shall be transferable and exchangeable, in the manner provided in Sections 3.09 and 3.10 of the Mortgage, at said office or agency.  No charge shall be made by the Company to the registered owner of any bond of Series 128 or any bond of Series 129 for the transfer of such bond or for the exchange thereof for bonds of other authorized denominations, except, in the case of transfer, a charge sufficient to reimburse the Company for any stamp or other tax or governmental charge required to be paid by the Company or the Trustee.

SECTION 5.  Denominations and Numbering of Bonds of Series 128 and Bonds of Series 129.
The bonds of Series 128 and bonds of Series 129 shall be issued in the denomination of $2,000 and in such multiples of $1,000 as shall from time to time hereafter be determined and authorized by the Board
of Directors of the Company or by any officer or officers of the Company authorized to make such
determination, the authorization of the denomination of any bond of Series 128 or bond of Series 129 to be conclusively evidenced by the execution thereof on behalf of the Company.  Bonds of Series 128 shall be numbered R-1 and consecutively upwards; and bonds of Series 129 shall be numbered R-1 and consecutively upwards.

SECTION 6.  Temporary Bonds of Series 128 and Bonds of Series 129.  Until definitive bonds of Series 128 or definitive bonds of Series 129 are ready for delivery, there may be authenticated and issued in lieu of any thereof and subject to all of the provisions, limitations and conditions set forth in Section 3.11 of the Mortgage, temporary registered bonds without coupons of Series 128 or temporary registered bonds without coupons of Series 129, as the case may be.

SECTION 7.  Redemption of Bonds of Series 128.  (a)  The bonds of Series 128 shall be redeemable, at the option of the Company, as a whole or in part, at any time prior to December 1, 2029 (three months prior to the maturity date of the bonds of Series 128) upon notice sent by the Company through the mail, postage prepaid, at least thirty (30) days and not more than forty-five (45) days prior to the date fixed for redemption, to the registered holder of each bond to be redeemed in whole or in part,

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addressed to such holder at his address appearing upon the registration books, at a redemption price equal to the greater of

(1)        100% of the principal amount of the bonds of Series 128 to be redeemed, plus accrued and unpaid interest up to but excluding the redemption date, or

(2)        as determined by the Quotation Agent (as hereinafter defined), the sum of the present values of the remaining scheduled payments of principal and interest on the bonds of Series 128 to be redeemed that would be due if such bonds matured on December 1, 2029 but for the redemption (not including any portion of payments of interest accrued as of the redemption date), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as hereinafter defined) plus twelve and one-half (12.5) basis points, plus accrued and unpaid interest up to but excluding the redemption date.

The bonds of Series 128 shall be redeemable, at the option of the Company, as a whole or in part, at any time on or after December 1, 2029 upon notice sent by the Company through the mail, postage prepaid, at least thirty (30) days and not more than forty-five (45) days prior to the date fixed for redemption, to the registered holder of each bond to be redeemed in whole or in part, addressed to such holder at his address appearing upon the registration books, at a redemption price equal to 100% of the principal amount of the bonds of Series 128 to be redeemed, plus accrued and unpaid interest on those bonds of Series 128 up to but excluding the redemption date.

Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the bonds of Series 128 or portions of the bonds of Series 128 called for redemption.

(b)        The bonds of Series 129 shall be redeemable, at the option of the Company, as a whole or in part, at any time prior to September 1, 2049 (six months prior to the maturity date of the bonds of
Series 129) upon notice sent by the Company through the mail, postage prepaid, at least thirty (30) days and not more than forty-five (45) days prior to the date fixed for redemption, to the registered holder of
each bond to be redeemed in whole or in part, addressed to such holder at his address appearing upon the registration books, at a redemption price equal to the greater of

(1)        100% of the principal amount of the bonds of Series 129 to be redeemed, plus accrued and unpaid interest up to but excluding the redemption date, or

(2)        as determined by the Quotation Agent (as hereinafter defined), the sum of the present values of the remaining scheduled payments of principal and interest on the bonds of Series 129 to be redeemed that would be due if such bonds matured on September 1, 2049 but for the redemption (not including any portion of payments of interest accrued as of the redemption date), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as hereinafter defined) plus fifteen (15) basis points, plus accrued and unpaid interest up to but excluding the redemption
date.

The bonds of Series 129 shall be redeemable, at the option of the Company, as a whole or in part, at any time on or after September 1, 2049 upon notice sent by the Company through the mail, postage prepaid, at least thirty (30) days and not more than forty-five (45) days prior to the date fixed for redemption, to the registered holder of each bond to be redeemed in whole or in part, addressed to such holder at his address appearing upon the registration books, at a redemption price equal to 100% of the principal amount of the

8

bonds of Series 129 to be redeemed, plus accrued and unpaid interest on those bonds of Series 129 up to but excluding the redemption date.

Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the bonds of Series 129 or portions of the bonds of Series 129 called for redemption.

(c)        For purposes of the foregoing Sections 7(a) and 7(b), the following terms shall have the respective meanings set forth below:

“Adjusted Treasury Rate” means, with respect to any redemption date, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the redemption date.

“Business Day” means any day that is not a day on which banking institutions in New
York City are authorized or required by law or regulation to close.

“Comparable Treasury Issue” means the United States Treasury security selected by the
Quotation Agent as having a maturity comparable to the remaining term of the bonds of Series
128 or the bonds of Series 129, as applicable, to be redeemed (assuming, for that purpose, that the bonds of Series 128 matured on December 1, 2029 and the bonds of Series 129 matured on
September 1, 2049) that would be used, 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 Series 128 or the bonds of Series 129, as applicable.

“Comparable Treasury Price” means, with respect to any redemption date:

(i)         the average of the Reference Treasury Dealer Quotations for that redemption date, after excluding the highest and lowest of the Reference Treasury Dealer Quotations; or

(ii)        if the Quotation Agent obtains fewer than three Reference Treasury
Dealer Quotations, the average of all Reference Treasury Dealer Quotations so received.
“Quotation Agent” means the Reference Treasury Dealer appointed by the Company. “Reference Treasury Dealer” means (1) each of (a) BNP Paribas Securities Corp., (b)
BofA Securities, Inc., (c) Citigroup Global Markets Inc. and (d) a Primary Treasury Dealer selected by MUFG Securities Americas Inc., and in each case their respective successors and
affiliates, unless any of them ceases to be a primary U.S. Government securities dealer in the
United States of America (“Primary Treasury Dealer”), in which case the Company shall substitute another Primary Treasury Dealer; and (2) any other Primary Treasury Dealer selected by the Company.

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by that Reference Treasury Dealer at
3:30 p.m., New York City time, on the third Business Day preceding that redemption date.

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(d)        In case the Company shall desire to exercise such right to redeem and pay off all or any part of such bonds of Series 128 or bonds of Series 129 as hereinbefore provided, it shall comply with all the terms and provisions of Article V of the Mortgage applicable thereto, and such redemption shall be made under and subject to the terms and provisions of Article V and in the manner and with the effect therein provided, but at the time or times and upon mailing of notice, all as hereinbefore set forth in this Section 7. No publication of notice of any redemption of any bonds of Series 128 or any bonds of Series
129 shall be required under Section 5.03(a) of the Mortgage.

(e)        Notwithstanding any provision of this Section 7, in the event the bonds of Series 128 or the bonds of Series 129 are registered in the name of DTC (as defined below) or its nominee, as provided in Section 8 hereof, any notice of redemption with respect to the bonds of Series 128 or bonds of Series
129, as applicable, shall be delivered in accordance with the applicable procedures of DTC.

SECTION 8.  Book-Entry Only System. It is intended that the bonds of Series 128 and the bonds of Series 129 be registered so as to participate in the securities depository system (the “DTC System”)
with The Depository Trust Company (“DTC”), as set forth herein. The bonds of Series 128 and the
bonds of Series 129 shall be initially issued in the form of a fully registered bond or bonds in the name of Cede & Co., or any successor thereto, as nominee for DTC.  The Company and the Trustees are authorized to execute and deliver such letters to or agreements with DTC as shall be necessary to effectuate the DTC System, including the Letter of Representations from the Company and the Trustees to DTC relating to the bonds of Series 128 and the bonds of Series 129 (the “Representation Letter”).  In the event of any conflict between the terms of the Representation Letter and the Mortgage, the terms of the Mortgage shall control. DTC may exercise the rights of a bondholder only in accordance with the terms hereof applicable to the exercise of such rights.

With respect to bonds of Series 128 and the bonds of Series 129 registered in the name of DTC or its nominee, the Company and the Trustees shall have no responsibility or obligation to any broker-dealer, bank or other financial institution for which DTC holds such bonds from time to time as securities depository (each such broker-dealer, bank or other financial institution being referred to herein as a “Depository Participant”) or to any person on behalf of whom such a Depository Participant holds an interest in such bonds (each such person being herein referred to as an “Indirect Participant”). Without limiting the immediately preceding sentence, the Company and the Trustees shall have no responsibility
or obligation with respect to:

(i)         the accuracy of the records of DTC, its nominee or any Depository Participant with respect to any ownership interest in the bonds of Series 128 or the bonds of Series 129,

(ii)        the delivery to any Depository Participant or any Indirect Participant or any other person, other than a registered owner of a bond of Series 128 or a bond of Series 129, of any notice with respect to the bonds of Series 128 or the bonds of Series 129, including any notice of redemption,

(iii)       the payment to any Depository Participant or Indirect Participant or any other person, other than a registered owner of a bond of Series 128 or a bond of Series 129, of any amount with respect to principal of, redemption premium, if any, on, or interest on, the bonds of Series 128 or the bonds of Series 129, or

(iv)       any consent given by DTC as registered owner.

So long as certificates for the bonds of Series 128 or the bonds of Series 129 are not issued as hereinafter provided, the Company and the Trustees may treat DTC or any successor securities depository as, and

10

deem DTC or any successor securities depository to be, the absolute owner of such bonds for all purposes whatsoever, including, without limitation, (1) the payment of principal and interest on such bonds, (2) giving notice of matters (including redemption) with respect to such bonds and (3) registering transfers with respect to such bonds. While a bond of Series 128 or a bond of Series 129 is in the DTC System, no person other than DTC or its nominee shall receive a certificate with respect to such bond.

In the event that:

(a)        DTC notifies the Company that it is unwilling or unable to continue as depositary or if DTC ceases to be a clearing agency registered under applicable law and a successor depositary is not appointed by the Company within 90 days,

(b)        the Company determines that the beneficial owners of the bonds of Series 128 should be able to obtain certificated bonds and so notifies the Trustees in writing or

(c)        there shall have occurred and be continuing a completed default or any event which after notice or lapse of time or both would be a completed default with respect to the bonds of Series 128,

the bonds of Series 128 shall no longer be restricted to being registered in the name of DTC or its nominee. In the case of clause (a) of the preceding sentence, the Company may determine that the bonds of Series 128 shall be registered in the name of and deposited with a successor depository operating a securities depository system, as may be acceptable to the Company and the Trustees, or such depository's agent or designee, and if the Company does not appoint a successor securities depository system within
90 days, then the bonds may be registered in whatever name or names registered owners of bonds transferring or exchanging such bonds shall designate, in accordance with the provisions hereof.

Notwithstanding any other provision of the Mortgage to the contrary, so long as any bond of Series 128 is registered in the name of DTC or its nominee, all payments with respect to principal of and interest on such bond and all notices with respect to such bond shall be made and given, respectively, in the manner provided in the Representation Letter.

In the event that:

(a)        DTC notifies the Company that it is unwilling or unable to continue as depositary or if DTC ceases to be a clearing agency registered under applicable law and a successor depositary is not appointed by the Company within 90 days,

(b)        the Company determines that the beneficial owners of the bonds of Series 129 should be able to obtain certificated bonds and so notifies the Trustees in writing or

(c)        there shall have occurred and be continuing a completed default or any event which after notice or lapse of time or both would be a completed default with respect to the bonds of Series 129,

the bonds of Series 129 shall no longer be restricted to being registered in the name of DTC or its nominee. In the case of clause (a) of the preceding sentence, the Company may determine that the bonds of Series 129 shall be registered in the name of and deposited with a successor depository operating a securities depository system, as may be acceptable to the Company and the Trustees, or such depository's agent or designee, and if the Company does not appoint a successor securities depository system within

11

90 days, then the bonds may be registered in whatever name or names registered owners of bonds transferring or exchanging such bonds shall designate, in accordance with the provisions hereof.

Notwithstanding any other provision of the Mortgage to the contrary, so long as any bond of Series 129 is registered in the name of DTC or its nominee, all payments with respect to principal of and interest on such bond and all notices with respect to such bond shall be made and given, respectively, in the manner provided in the Representation Letter.

SECTION 9.  Legends.  So long as the bonds of Series 128 are held by DTC, such bonds of Series 128 shall, and so long as the bonds of Series 129 are held by DTC, such bonds of Series 129 shall, in each case, bear the following legend:

Unless this bond is presented by an authorized representative of the Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any bond issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), any transfer, pledge or other use hereof for value or otherwise by a person is wrongful inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

SECTION 10.  Confirmation of Lien.  The Company, for the equal and proportionate benefit
and security of the holders of all bonds at any time issued under the Mortgage, hereby confirms the lien of the Mortgage upon, and hereby grants, bargains, sells, transfers, assigns, pledges, mortgages, warrants
and conveys unto the Trustees, all property of the Company and all property hereafter acquired by the
Company, other than (in each case) property which, by virtue of any of the provisions of the Mortgage, is excluded from such lien, and hereby confirms the title of the Trustees (as set forth in the Mortgage) in and
to all such property.  Without in any way limiting or restricting the generality of the foregoing, there is
specifically included within the confirmation of lien and title hereinabove expressed the property of the
Company legally described on Exhibit A attached hereto and made a part hereof.

SECTION 11.  Amendment of Provisions of Mortgage.  (a)  Section 15.06 of the Mortgage shall be amended and restated to read in its entirety as follows:

SECTION 15.06.   The Trustee and any successor to the Trustee may resign and be discharged from the trusts created by this Mortgage by giving notice thereof in writing to the Company, specifying the date when such resignation shall take effect, and by giving notice thereof to the bondholders in the manner and to the extent provided under Section 15.10(c), and by publishing such notice at least once a week for three successive calendar weeks (the first such publication to be not less than thirty days nor more than sixty days prior to the effective date of such resignation) in one authorized newspaper in the City of Chicago, State of Illinois, and in one authorized newspaper in the Borough of Manhattan, The City of New York, State of New York. Subject to the provisions of Sections 15.04 and 15.05, such resignation shall take effect on the date specified in such notice unless previously a successor Trustee shall have been appointed as hereinafter provided, in which event such resignation shall take effect upon the appointment of such successor Trustee. The Co-Trustee and any successor to the Co-Trustee may resign at any time and be discharged from the trusts hereby created by giving the Trustee and the Company notice in writing of such resignation, specifying a date when such resignation shall take effect, which shall be at least thirty days after the giving of such notice.  Such resignation shall, subject to the provisions of Sections 15.04 and 15.05, take effect on the date specified in such notice unless previously a successor trustee shall have been appointed as hereinafter provided, in which

12

event such resignation shall take effect immediately upon the appointment of such a successor trustee.

Either of the Trustees or any successor trustee may be removed at any time by the holders of a majority in principal amount of the bonds issued hereunder and at the time outstanding, upon payment  to  the  trustee  so  removed  of  all  moneys  then  due  to  it  or  him  hereunder,  by  an instrument or concurrent instruments in writing, signed in duplicate by such holders.  One copy shall be filed with the Company and the other with the trustee so removed.

The Co-Trustee and any successor to the Co-Trustee may be removed at any time by an instrument in writing signed in duplicate by the Trustee, one copy of which shall be filed with the Company and the other delivered to the Co-Trustee so removed.

In case at any time either of the Trustees or any successor trustee shall resign, die, be dissolved or be removed or otherwise shall become disqualified to act or incapable of acting, or in case control of the Trustee or of any successor trustee, or of its officers shall be taken over by any public officer or officers, a successor trustee may be appointed by the holders of a majority in principal amount of the bonds issued hereunder and at the time outstanding by an instrument or concurrent instruments in writing signed in duplicate by such holders, and filed, one copy with the retiring trustee and the other with the successor trustee, notification thereof being given to the Company by such successor trustee; but until a successor trustee shall be so appointed by the bondholders as herein authorized, the Company, by an instrument in writing, executed by order of the Board of Directors, shall in any such case appoint a successor to the Trustee and the Trustee shall, by an instrument in writing in any such case, appoint a successor to the Co-Trustee.  Every such  successor  to  the  Trustee  so  appointed  by  the  bondholders,  by  a  court  of  competent jurisdiction or by the Company shall be a bank or trust company in good standing organized and doing business under the laws of the United States or of any State, having an office in the United States of America, and (a) which shall be a corporation having a combined capital and surplus of not less than $5,000,000, (b) which shall be authorized under the laws of the jurisdiction of incorporation to exercise corporate trust powers, and (c) which shall be subject to supervision or examination by a Federal or State authority.   If such successor Trustee publishes reports of condition at least annually, pursuant to law or to the requirements of such supervising or examining authority, the combined capital and surplus of such successor Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.   Every such successor trustee appointed by the bondholders or by the Trustee in succession to the Co-Trustee shall always be an individual, a citizen of the United States of America, unless otherwise required by law.

Anything  hereinabove  to the  contrary  notwithstanding,  in  case  at  any  time  the  Co- Trustee, or any successor thereto, shall die, become incapable of acting, resign or be removed, all the estates, properties, rights, powers, trusts, duties and obligations of the Trustees hereunder shall, to the extent permitted by law, vest in and be exercised by the Trustee, without the appointment of a successor Co-Trustee.

If in a proper case no appointment of a successor to the Trustee or of a successor to the Co-Trustee shall be made pursuant to the foregoing provisions of this Article XV within six months after a vacancy shall have occurred in the office of trustee, the holder of any bond or the retiring Trustee or Co-Trustee may apply to any court, State or Federal having jurisdiction to appoint a successor trustee, and such court may thereupon, after such notice, if any, as such court may deem proper and prescribe, appoint a successor to the Trustee or to the Co-Trustee, as the case may be.

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(b)        Section 15.01 of the Mortgage shall be amended to add the following new Sections
15.01(k), 15.01(l) and 15.01(m):

(k)        In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

(l)         In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

(m)       In the event that certificates for the bonds of a series are issued to registered holders of such bonds other than a securities depository, the Company agrees:

(1)        to cooperate with the Trustee in the determination of whether there are any United States tax withholding obligations in respect of payments to be made on those bonds under this Mortgage by providing the Trustee with information within the Company’s possession or control about the holders of those bonds or other applicable parties and/or transactions (including any modification to the terms of such transactions) so the Trustee can determine whether it has United States tax related obligations under applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Law”),

(2)        the Trustee shall be entitled to make any withholding or deduction from payments otherwise payable to the holders of those bonds under this Mortgage to the extent necessary to comply with Applicable Law for which the Trustee shall not have any liability, and

(3)        to hold harmless the Trustee for any losses it may suffer due to the actions the Trustee takes in respect of those bonds to comply with Applicable Law; provided that the Trustee has acted in good faith and has not been negligent in such compliance.

(c)        The holders of the bonds of Series 128 and the bonds of Series 129 shall be deemed to have approved the amendments set forth in Sections 11(a) and 11(b); however, those amendments shall not become effective until such time as the amendments shall have received the requisite approvals under the provisions of the Mortgage.

SECTION 12.  Miscellaneous.  The terms and conditions of this Supplemental Indenture shall be deemed to be a part of the terms and conditions of the Mortgage for any and all purposes. The Mortgage, as supplemented by said indentures supplemental thereto dated subsequent to August 1, 1944 and referred to in the recitals of this Supplemental Indenture, and as further supplemented by this Supplemental Indenture, is in all respects hereby ratified and confirmed.

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This Supplemental Indenture shall bind and, subject to the provisions of Article XIV of the
Mortgage, inure to the benefit of the respective successors and assigns of the parties hereto.

Although this Supplemental Indenture is dated as of February 10, 2020, it shall be effective only from and after the actual time of its execution and delivery by the Company and the Trustees on the date indicated by their respective acknowledgments hereto annexed.

Notwithstanding anything to the contrary contained in the Mortgage, the maximum amount of indebtedness secured by the Mortgage shall not exceed 200% of the aggregate stated principal amount of the bonds of each series presently outstanding under, and secured by, the Mortgage, as set forth in the Recitals to this Supplemental Indenture, except to the extent such maximum amount may be adjusted by a subsequent recorded supplemental indenture (which adjustment, and the corresponding supplemental indenture, shall not require the consent or approval of the holders of any bonds then outstanding under the Mortgage, including the holders of the bonds of Series 128 and the bonds of Series 129).

This Supplemental Indenture may be simultaneously executed in any number of counterparts, and all such counterparts executed and delivered, each as an original, shall constitute but one and the same instrument.

The recitals contained herein shall be taken as the statements of the Company, and the Trustees assume no responsibility for their correctness.  The Trustees make no representations as to the validity or sufficiency of this Supplemental Indenture.

15

IN WITNESS WHEREOF, Commonwealth Edison Company has caused this Supplemental Indenture to be executed in its name by its Senior Vice President, Chief Financial Officer and Treasurer, and attested by its Assistant Secretary, and BNY Mellon Trust Company
of Illinois, as Trustee under the Mortgage, has caused this Supplemental Indenture to be executed in its name by one of its Directors, and attested by one of its Vice Presidents, and D.G. Donovan, as Co-Trustee under the Mortgage, has hereunto affixed his signature, all as of the day and year first above written.
COMMONWEALTH EDISON COMPANY By:      /s/ Jeanne M. Jones
Jeanne M. Jones
Senior Vice President,
Chief Financial Officer and Treasurer

ATTEST:

/s/ Elizabeth M. Hensen Elizabeth M. Hensen Assistant Secretary

BNY MELLON TRUST COMPANY OF ILLINOIS

By:      /s/ Keith E. Bear Keith E. Bear Director

ATTEST:

/s/ Robert Castle Robert Castle Vice President

  /s/ D.G. Donovan
  D.G. Donovan

S-1

STATE OF ILLINOIS           )
) COUNTY OF COOK            )

I, MARY E. NOLAN, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY that Jeanne M. Jones, Senior Vice President, Chief Financial Officer and Treasurer of Commonwealth Edison Company, an Illinois corporation, one of the parties described in and which executed the foregoing instrument, and Elizabeth M. Hensen, Assistant Secretary of said corporation, who are both personally known to me to be the same persons whose names are subscribed to the foregoing instrument as such Senior Vice President, Chief Financial Officer and Treasurer and Assistant Secretary, respectively, and who are both personally known to me to be Senior Vice President, Chief Financial Officer and Treasurer and Assistant Secretary, respectively, of said corporation, appeared before me this day in person and severally acknowledged that they signed, executed and delivered said instrument as their free and voluntary act as such Senior Vice President, Chief Financial Officer and Treasurer and Assistant Secretary, respectively, of said corporation, and as the free and voluntary act of said corporation, for the uses and purposes therein set forth.

GIVEN under my hand and notarial seal this 17th day of February, A.D. 2020.

/s/ Mary E. Nolan     
Mary E. Nolan 
Notary Public

(NOTARIAL SEAL)

My Commission expires April 23, 2021.

S-2

STATE OF ILLINOIS           )
) COUNTY OF COOK            )

I, LAWRENCE M. KUSCH, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY that KEITH E. BEAR, Director of BNY Mellon Trust Company of Illinois, an Illinois trust company, one of the parties described in and which executed the foregoing instrument, and ROBERT CASTLE, Vice President of said trust company, who are both personally known to me to be the same persons whose names are subscribed to the foregoing instrument as such Director and Vice President, respectively, and who are both personally known to me to be a Director and Vice President, respectively, of said trust company, appeared before me this day in person and severally acknowledged that they signed, executed and delivered said instrument as their free and voluntary act as such Director and Vice President, respectively, of said trust company, and as the free and voluntary act of said trust company, for the uses and purposes therein set forth.

GIVEN under my hand and notarial seal this 12th day of February, A.D. 2020.

/s/ Lawrence M. Kusch Lawrence M. Kusch Notary Public

(NOTARIAL SEAL)

My Commission expires October 24, 2022.

S-3

STATE OF ILLINOIS           )
) COUNTY OF COOK            )

I,  LAWRENCE M. KUSCH, a  Notary Public in  and for said  County, in  the State aforesaid, DO HEREBY CERTIFY that D.G. DONOVAN, one of the parties described in and which executed the foregoing instrument, who is personally known to me to be the same person whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged that he signed, executed and delivered said instrument as his free and voluntary act for the uses and purposes therein set forth.

GIVEN under my hand and notarial seal this 12th day of February, A.D. 2020.

/s/ Lawrence M. Kusch Lawrence M. Kusch Notary Public

(NOTARIAL SEAL)

My Commission expires October 24, 2022.

S-4

EXHIBIT A LEGAL DESCRIPTIONS

[omitted]

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