Document:

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                                                                     Exhibit 4.2

                            DOMINION RESOURCES, INC.
                                     Issuer

                                       TO

                               JPMORGAN CHASE BANK
                  (formerly known as The Chase Manhattan Bank)
                                     Trustee

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

                       Twenty-Third Supplemental Indenture

                          Dated as of December 1, 2003

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

                                  $200,000,000

                  2003 Series G 2.125% Convertible Senior Notes

                                    Due 2023

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                               TABLE OF CONTENTS*

                                   ARTICLE I
             2003 SERIES G 2.125% CONVERTIBLE SENIOR NOTES DUE 2023

<TABLE>
<S>               <C>                                                         <C>
SECTION 101.      Establishment .............................................   1
SECTION 102.      Definitions ...............................................   2
SECTION 103.      Payment of Principal and Interest .........................   8
SECTION 104.      Denominations .............................................   9
SECTION 105.      Global Securities .........................................   9
SECTION 106.      Optional Redemption .......................................  10
SECTION 107.      Purchase Upon a Fundamental Change ........................  10
SECTION 108.      Purchase at the Option of the Holder ......................  11
SECTION 109.      Further Conditions and Procedures for Purchase ............  12
SECTION 110.      Conversion of the Series G Senior Notes ...................  17
SECTION 111.      Additional Events of Default ..............................  28
SECTION 112.      Amendments; Waiver ........................................  28
SECTION 113.      Register of Securities; Paying Agent; Conversion Agent ....  28
SECTION 114.      Calculations ..............................................  29
SECTION 115.      Tax Treatment .............................................  29
SECTION 116.      Sinking Fund ..............................................  30
SECTION 117.      Additional Interest .......................................  30
SECTION 118.      Limitation on Liens .......................................  30

                                   ARTICLE II
                            MISCELLANEOUS PROVISIONS

SECTION 201.      Recitals by Company .......................................  32
SECTION 202.      Ratification and Incorporation of Original Indenture ......  32
SECTION 203.      Executed in Counterparts ..................................  33
SECTION 204.      Assignment ................................................  33
</TABLE>

_________________
     * This Table of Contents does not constitute part of the Indenture or have
any bearing upon the interpretation of any of its terms and provisions.

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         THIS TWENTY-THIRD SUPPLEMENTAL INDENTURE is made as of the first day of
December, 2003, by and between DOMINION RESOURCES, INC., a Virginia corporation,
having its principal office at 120 Tredegar Street, Richmond, Virginia 23219
(the "Company"), and JPMORGAN CHASE BANK (formerly known as THE CHASE MANHATTAN
BANK), a New York banking corporation, as Trustee (herein called the "Trustee").

                              W I T N E S S E T H:

         WHEREAS, the Company has heretofore entered into a Senior Indenture,
dated as of June 1, 2000 (the "Original Indenture"), as heretofore supplemented
and amended, with the Trustee;

         WHEREAS, the Original Indenture is incorporated herein by this
reference and the Original Indenture, as heretofore supplemented and amended and
as further supplemented by this Twenty-Third Supplemental Indenture, is herein
called the "Indenture";

         WHEREAS, under the Original Indenture, a new series of Securities may
at any time be established in accordance with the provisions of the Original
Indenture and the terms of such series may be described by a supplemental
indenture executed by the Company and the Trustee;

         WHEREAS, the Company proposes to create under the Indenture a series of
Securities;

         WHEREAS, additional Securities of other series hereafter established,
except as may be limited in the Original Indenture as at the time supplemented
and modified, may be issued from time to time pursuant to the Indenture as at
the time supplemented and modified; and

         WHEREAS, all conditions necessary to authorize the execution and
delivery of this Twenty-Third Supplemental Indenture and to make it a valid and
binding obligation of the Company have been done or performed.

         NOW, THEREFORE, in consideration of the agreements and obligations set
forth herein and for other good and valuable consideration, the sufficiency of
which is hereby acknowledged, the parties hereto hereby agree as follows:

                                   ARTICLE I
             2003 SERIES G 2.125% CONVERTIBLE SENIOR NOTES due 2023

         SECTION 101. Establishment. There is hereby established a new series of
Securities to be issued under the Indenture, to be designated as the Company's
2003 Series G 2.125% Convertible Senior Notes Due 2023 (the "Series G Senior
Notes").

         There are to be authenticated and delivered $200,000,000 principal
amount of Series G Senior Notes (up to $220,000,000 if the Underwriters exercise
the over-allotment option granted to them pursuant to Section 4 of the
Underwriting Agreement), and such principal amount of the Series G Senior Notes
may be increased from time to time pursuant to Section 301(2) of the Indenture.
All Series G Senior Notes need not be issued at the same time and such series
may be reopened at any time, without the consent of any Holder, for issuances of
additional Series G

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Senior Notes. Any such additional Series G Senior Notes will have the same
interest rate, maturity and other terms as, and will be fungible with
(including, without limitation, the United States federal income and withholding
tax treatment and consequences thereof), those initially issued. Further Series
G Senior Notes may also be authenticated and delivered as provided by Sections
304, 305, 306, 905, 1107 or 1305 of the Original Indenture or Section 106(e),
109(f) or 110(c)(iv) hereof.

         The Series G Senior Notes shall be issued in definitive fully
registered form without coupons, in substantially the form set out in Exhibit A
hereto. The entire initially issued principal amount of the Series G Senior
Notes shall initially be evidenced by one or more certificates issued to Cede &
Co., as nominee for The Depository Trust Company.

         The form of the Trustee's Certificate of Authentication for the Series
G Senior Notes shall be in substantially the form set forth in Exhibit B hereto.

         Each Series G Senior Note shall be dated the date of authentication
thereof and shall bear interest from the date of original issuance thereof or
from the most recent Interest Payment Date to which interest has been paid or
duly provided for.

         SECTION 102. Definitions. The following defined terms used herein
shall, unless the context otherwise requires, have the meanings specified below.
Capitalized terms used herein for which no definition is provided herein shall
have the meanings set forth in the Original Indenture.

         "Applicable Five Day Trading Period" means, with respect to any
Interest Period, the five Trading Days immediately preceding the first day of
such Interest Period.

         "Business Day" means a day other than (i) a Saturday or a Sunday, (ii)
a day on which banks in New York, New York are authorized or obligated by law or
executive order to remain closed or (iii) a day on which the Corporate Trust
Office is closed for business.

         "Company Purchase Notice" has the meaning provided in Section 109(a)
hereof.

         "Company Purchase Notice Date" has the meaning provided in Section
109(a) hereof.

         "Contingent Interest" has the meaning provided in Section 103(b)
hereof.

         "Contingent Payment Regulations" has the meaning provided in Section
115 hereof.

         "Conversion Agent" means the Trustee or such other office or agency
designated by the Company where Series G Senior Notes may be presented for
conversion.

         "Conversion Date" has the meaning provided in Section 110(c)(i) hereof.

         "Conversion Price" means $1,000 divided by the Conversion Rate,
initially $73.6025 per share of Common Stock.

         "Conversion Rate" has the meaning provided in Section 110(b) hereof.

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         "Current Market Price" per share of Common Stock on any day means the
average of the daily Last Reported Sale Price for the five consecutive Trading
Days ending on the earlier of the day in question (including upon the occurrence
of a Fundamental Change) and the day before the "ex date" with respect to the
issuance or distribution requiring such computation. As used herein, the term
"ex date," when used with respect to any issuance or distribution, shall mean
the first date on which the Common Stock trades regular way on the exchange or
in the market in which the security trades without the right to receive such
issuance or distribution.

         "Distributed Securities" has the meaning provided in Section 110(g)(iv)
hereof.

         "Expiration Time" has the meaning provided in Section 110(g)(vi)
hereof.

         "Fundamental Change" will be deemed to have occurred at the time after
the Original Issue Date that any of the following occurs:

                  (i)  a "person" or "group" within the meaning of Section 13(d)
         of the Exchange Act other than the Company, its subsidiaries or its or
         their employee benefit plans, files a Schedule TO or any schedule, form
         or report under the Exchange Act disclosing that such person or group
         has become the direct or indirect ultimate "beneficial owner," as
         defined in Rule 13d-3 under the Exchange Act, of the Company's common
         equity representing more than 50% of the voting power of the Company's
         common equity entitled to vote generally in the election of directors;
         or

                  (ii) consummation of any share exchange, consolidation or
         merger of the Company or any sale, lease or other transfer in one
         transaction or a series of transactions of all or substantially all of
         the consolidated assets of the Company and its subsidiaries, taken as a
         whole, to any person other than the Company or one or more of its
         subsidiaries pursuant to which the Common Stock will be converted into
         cash, securities or other property; provided, however, that a
         transaction where the holders of the Company's common equity
         immediately prior to such transaction have, directly or indirectly,
         more than 50% of the aggregate voting power of all classes of common
         equity of the continuing or surviving corporation or transferee
         entitled to vote generally in the election of directors immediately
         after such event shall not be a Fundamental Change.

                  A Fundamental Change will not be deemed to have occurred in
         respect of either of the foregoing, however, if either:

                  (i)  the Last Reported Sale Price of the Common Stock for any
         five Trading Days within the 10 consecutive Trading Days ending
         immediately before the later of the Fundamental Change or the public
         announcement thereof, equals or exceeds 105% of the Conversion Price of
         the Series G Senior Notes immediately before the Fundamental Change or
         the public announcement thereof, or

                  (ii) at least 90% of the consideration, excluding cash
         payments for fractional shares, in the transaction or transactions
         constituting the Fundamental Change consists of shares of capital stock
         traded on a national securities exchange or quoted on the Nasdaq

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         National Market or which will be so traded or quoted when issued or
         exchanged in connection with a Fundamental Change (these securities
         being referred to as "publicly traded securities") and as a result of
         this transaction or transactions the Series G Senior Notes become
         convertible into such publicly traded securities, excluding cash
         payments for fractional shares.

                  For purposes of the definition of "Fundamental Change," the
         term capital stock of any Person means any and all shares (including
         ordinary shares or American Depositary Shares), interests,
         participations, or other equivalents however designated of corporate
         stock or other equity participations, including partnership interests,
         whether general or limited, of such Person and any rights (other than
         debt securities convertible or exchangeable into an equity interest),
         warrants or options to acquire an equity interest in such Person.

         "Fundamental Change Purchase Date" has the meaning provided in Section
107(a) hereof.

         "Fundamental Change Purchase Notice" has the meaning provided in
Section 107(b)(i) hereof.

         "Fundamental Change Purchase Price" has the meaning provided in Section
107(a) hereof.

         "interest" includes Contingent Interest, if any.

         "Interest Payment Dates" means June 15 and December 15 of each year,
commencing on June 15, 2004.

         "Interest Period" means any six-month period from June 15 to December
14 and from December 15 to June 14, as appropriate, commencing with the
six-month period beginning December 15, 2006.

         "Last Reported Sale Price" of the Common Stock on any date means the
closing sale price per share (or if no closing sale price is reported, the
average of the bid and ask prices or, if more than one in either case, the
average of the average bid and the average asked prices) on that date as
reported in composite transactions for the principal U.S. securities exchange on
which the Common Stock is traded or, if the Common Stock is not listed on a U.S.
national or regional securities exchange, as reported by the Nasdaq National
Market. If the Common Stock is not listed for trading on a U.S. national or
regional securities exchange and not reported by the Nasdaq National Market on
the relevant date, the "Last Reported Sale Price" will be the last quoted bid
price for the Common Stock in the over-the-counter market on the relevant date
as reported by the National Quotation Bureau or similar organization. If the
Common Stock is not so quoted, the "Last Reported Sale Price" will be the
average of the mid-point of the last bid and ask prices for the Common Stock on
the relevant date quoted by each of at least three nationally recognized
independent investment banking firms selected by the Company for this purpose.
The Last Reported Sale Price shall be determined without reference to extended
or after hours trading.

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         "Lien" means any mortgage, lien, pledge, security interest or other
encumbrance of any kind.

         "Material Subsidiary" means a Subsidiary of the Company whose total
assets (as determined in accordance with GAAP) represent at least 20% of the
total assets of the Company on a consolidated basis.

         "Original Issue Date" means December 11, 2003.

         "Outstanding", when used with respect to the Series G Senior Notes,
means, as of the date of determination, all Series G Senior Notes, theretofore
authenticated and delivered under the Indenture, except:

                  (i)   Series G Senior Notes theretofore canceled by the
         Trustee or delivered to the Trustee for cancellation (whether upon
         conversion into Common Stock, upon redemption or otherwise;

                  (ii)  Series G Senior Notes for whose payment at Maturity the
         necessary amount of money or money's worth has been theretofore
         deposited (other than pursuant to Section 402 of the Original
         Indenture) with the Trustee or any Paying Agent (other than the
         Company) in trust or set aside and segregated in trust by the Company
         (if the Company shall act as its own Paying Agent) for the Holders of
         such Series G Senior Notes provided that, if such Series G Senior Notes
         are to be redeemed, notice of such redemption has been duly given
         pursuant to the Original Indenture or provision therefor satisfactory
         to the Trustee has been made;

                  (iii) Series G Senior Notes with respect to which the Company
         has effected defeasance or covenant defeasance has been effected
         pursuant to Section 402 of the Original Indenture;

                  (iv)  Series G Senior Notes that have been paid pursuant to
         Section 306 of the Original Indenture or in exchange for or in lieu of
         which other Series G Senior Notes have been authenticated and delivered
         pursuant to the Indenture, other than any such Series G Senior Notes in
         respect of which there shall have been presented to the Trustee proof
         satisfactory to it that such Series G Senior Notes are held by a bona
         fide purchaser in whose hands such Series G Senior Notes are valid
         obligations of the Company; and

                  (v)   Series G Senior Notes converted as contemplated by this
         Twenty-Third Supplemental Indenture pursuant to Section 110 hereof;

                  provided, however, that in determining whether the Holders of
         the requisite principal amount of Outstanding Series G Senior Notes
         have given any request, demand, authorization, direction, notice,
         consent or waiver hereunder or are present at a meeting of Holders of
         Series G Senior Notes for quorum purposes, Series G Senior Notes owned
         by the Company or any other obligor upon the Series G Senior Notes or
         any Affiliate of the Company or such other obligor shall be disregarded
         and deemed not to be Outstanding, except that, in determining whether
         the Trustee shall be protected in making any such determination or
         relying upon any such request, demand, authorization,

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         direction, notice, consent or waiver, only Series G Senior Notes which
         a Responsible Officer of the Trustee knows to be so owned shall be so
         disregarded. Series G Senior Notes so owned which shall have been
         pledged in good faith may be regarded as Outstanding if the pledgee
         establishes to the satisfaction of the Trustee (A) the pledgee's right
         so to act with respect to such Series G Senior Notes and (B) that the
         pledgee is not the Company or any other obligor upon the Series G
         Senior Notes or an Affiliate of the Company or such other obligor.

         "Principal Property" means any plant or facility of the Company located
in the United States that in the opinion of the Board of Directors or management
of the Company is of material importance to the business conducted by the
Company and its consolidated Subsidiaries taken as whole.

         "Put Date" has the meaning provided in Section 108(a) hereof.

         "Put Notice" has the meaning provided in Section 108(b)(i) hereof.

         "Purchase Price" means an amount equal to the principal amount of the
Series G Senior Notes to be purchased plus any accrued and unpaid interest to
but excluding the Put Date as set forth in Section 108.

         "Purchased Shares" has the meaning provided in Section 110(g)(vi)
hereof.

         "Record Date" means, with respect to any dividend, distribution or
other transaction or event in which the holders of Common Stock have the right
to receive any cash, securities or other property or in which the Common Stock
(or other applicable security) is exchanged for or converted into any
combination of cash, securities or other property, the date fixed for
determination of shareholders entitled to receive such cash, securities or other
property (whether such date is fixed by the Board of Directors or by statute,
contract or otherwise).

         "Redemption Date" has the meaning provided in Section 106(a) hereof.

         "Redemption Price" has the meaning provided in Section 106(a) hereof.

         "Regular Record Date" means, with respect to each Interest Payment
Date, the close of business on the Business Day preceding such Interest Payment
Date; provided, that with respect to Series G Senior Notes that are not
represented by one or more Global Securities, the Regular Record Date shall be
the close of business on the 15/th/ calendar day (whether or not a Business Day)
preceding such Interest Payment Date.

         "Rights" has the meaning provided in Section 110(f) hereof.

         "Rights Agreement" has the meaning provided in Section 110(f) hereof.

         "Special Record Date" has the meaning provided in Section 103 hereof.

         "Spin-off Market Price" per share of Common Stock of the Company or the
capital stock of, or similar equity interests in, a subsidiary or other business
unit of the Company on any day

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means the average of the daily Last Reported Sale Price for the 10 consecutive
Trading Days commencing on and including the fifth Trading Day after the "ex
date" with respect to the issuance or distribution requiring such computation.
As used herein, the term "ex date," when used with respect to any issuance or
distribution, shall mean the first date on which the Common Stock trades regular
way on the exchange or in the market in which the security trades without the
right to receive such issuance or distribution.

         "Stated Maturity" means December 15, 2023.

         "Tax Original Issue Discount" means the amount of ordinary interest
income on a Series G Senior Note that must be accrued as original issue discount
for United States federal income tax purposes pursuant to Treas. Reg. Sec.
1.1275-4.

         "Trading Day" means (a) if the applicable security is listed, admitted
for trading or quoted on the New York Stock Exchange, the Nasdaq National Market
or another U.S. national or regional securities exchange, a day on which the New
York Stock Exchange, the Nasdaq National Market or such other national or
regional securities exchange, as the case may be, is open for business or (b) if
the applicable security is not so listed, admitted for trading or quoted, any
Business Day.

         "Trading Price" means the price of the Series G Senior Notes as
determined by the Company. The Company may determine the Trading Price based
upon the average of the secondary market bid quotations, as of any date of
determination, per $1,000 principal amount of Series G Senior Notes obtained by
a bid solicitation agent appointed by the Company for $10 million principal
amount of Series G Senior Notes at approximately 4:00 p.m., New York City time,
on such determination date from three recognized securities dealers (none of
which shall be an Affiliate of the Company) in The City of New York (or such
other place that may be determined from time to time by the Company) selected by
the Company; provided, however, if (a) at least three such bids are not obtained
by the bid solicitation agent or (b) in the Company's reasonable judgment, the
bid quotations are not indicative of the secondary market value of the Series G
Senior Notes as of such determination date, then the Trading Price for such
determination date shall equal (1) the Conversion Rate in effect as of such
determination date multiplied by (2) the average Last Reported Sale Price of the
Common Stock for the five Trading Days ending on such determination date,
appropriately adjusted to take into account the occurrence, during the period
commencing on the first of such Trading Days during such five Trading Day period
and ending on such determination date, of any event described in Section 110(g),
Section 110(h)(iii) or Section 110(h)(iv) of this Twenty-Third Supplemental
Indenture.

         "Trigger Event" has the meaning provided in Section 110(g)(iv) hereof.

         "Underwriters" has the meaning provided in the Underwriting Agreement.

         "Underwriting Agreement" means the Underwriting Agreement dated
December 3, 2003 among Credit Suisse First Boston LLC, Morgan Stanley & Co.
Incorporated, Citigroup Global Markets Inc., Goldman, Sachs & Co., ABN AMRO
Rothschild LLC, KBC Financial Products USA Inc., Scotia Capital (USA) Inc.,
SunTrust Capital Markets, Inc. and the Company relating to the purchase and sale
of the Series G Senior Notes.

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         SECTION 103. Payment of Principal and Interest. (a) The principal of
the Series G Senior Notes shall be due at the Stated Maturity (unless earlier
redeemed, converted or purchased by the Company). The unpaid principal amount of
the Series G Senior Notes shall bear interest at the rate of 2.125% per annum
until paid or duly provided for, such interest to accrue from the Original Issue
Date or from the most recent Interest Payment Date to which interest has been
paid or duly provided for. Interest shall be paid semi-annually in arrears on
each Interest Payment Date to the Person in whose name the Series G Senior Notes
are registered on the Regular Record Date for such Interest Payment Date. Any
such interest that is not so punctually paid or duly provided for will forthwith
cease to be payable to the Holders on such Regular Record Date and may either be
paid to the Person or Persons in whose name the Series G Senior Notes are
registered at the close of business on a special record date for the payment of
such defaulted interest to be fixed by the Trustee (in accordance with Section
307 of the Original Indenture)(a "Special Record Date"), notice whereof shall be
given to Holders of the Series G Senior Notes not less than ten (10) days prior
to such Special Record Date, or be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange, if any, on
which the Series G Senior Notes may be listed, and upon such notice as may be
required by any such exchange, all as more fully provided in the Original
Indenture.

         (b) In addition, contingent interest ("Contingent Interest"), if any,
will accrue on each Series G Senior Note during any six-month period from
December 15 to June 14 and from June 15 to December 14, as appropriate,
commencing with the six-month period beginning December 15, 2006, if the average
Trading Price for each $1,000 principal amount of the Series G Senior Notes for
the Applicable Five Day Trading Period with respect to such Interest Period
equals 120% or more of such principal amount of Series G Senior Notes. The
amount of Contingent Interest payable per $1,000 principal amount of Series G
Senior Notes in respect of any such Interest Period shall equal 0.25% of the
average Trading Price for each $1,000 principal amount of the Series G Senior
Notes for the Applicable Five Day Trading Period with respect to such Interest
Period. Contingent Interest, if any, will accrue from December 15 or June 15, as
applicable, and will be payable in the same manner, at the same times and to the
same Persons as ordinary interest. Upon determination that Holders of the Series
G Senior Notes will be entitled to receive Contingent Interest during an
Interest Period, as promptly as practicable after such determination, the
Company shall provide notice thereof to the Holders of the Series G Senior
Notes.

         (c) Payments of interest on the Series G Senior Notes will include
interest accrued to but excluding the respective Interest Payment Date,
Redemption Date, Put Date or Fundamental Change Purchase Date, as the case may
be. Interest payments for the Series G Senior Notes shall be computed and paid
on the basis of a 360-day year of twelve 30-day months. If any date on which
interest is payable on the Series G Senior Notes is not a Business Day, then
payment of the interest payable on such date will be made on the next succeeding
day that is a Business Day (and without any interest or payment in respect of
any such delay), in each case with the same force and effect as if made on the
date the payment was originally payable.

         (d) Payment of the principal and interest on the Series G Senior Notes
shall be made at the office of the Paying Agent in such coin or currency of the
United States of America as at the time of payment is legal tender for payment
of public and private debts. Payments of interest (including interest on any
Interest Payment Date) will be made, at the option of the Company, (i)

                                       8

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by check mailed to the address of the Person entitled thereto as such address
shall appear in the Security Register or (ii) by wire transfer at such place and
to such account at a banking institution in the United States as may be
designated in writing to the Trustee at least sixteen (16) days prior to the
date for payment by the Person entitled thereto. If any date on which principal
and interest is payable on the Series G Senior Notes is not a Business Day, then
payment of the principal and interest payable on such date will be made on the
next succeeding day that is a Business Day (and without any interest or payment
in respect of any such delay), in each case with the same force and effect as if
made on the date the payment was originally payable.

         SECTION 104. Denominations. The Series G Senior Notes may be issued in
denominations of $1,000, or any integral multiple thereof.

         SECTION 105. Global Securities. The Series G Senior Notes will be
issued initially in the form of one or more Global Securities registered in the
name of the Depositary (which shall be The Depository Trust Company) or its
nominee. Except under the limited circumstances described below, Series G Senior
Notes represented by such Global Securities will not be exchangeable for, and
will not otherwise be issuable as, Series G Senior Notes in definitive form. The
Global Securities described above may not be transferred except by the
Depositary to a nominee of the Depositary or by a nominee of the Depositary to
the Depositary or another nominee of the Depositary or to a successor Depositary
or its nominee.

         Owners of beneficial interests in such a Global Security will not be
considered the Holders thereof for any purpose under the Indenture, and no
Global Security representing a Series G Senior Note shall be exchangeable,
except for another Global Security of like denomination and tenor to be
registered in the name of the Depositary or its nominee or to a successor
Depositary or its nominee or except as described below. The rights of Holders of
such Global Security shall be exercised only through the Depositary.

         A Global Security shall be exchangeable for Series G Senior Notes
registered in the names of persons other than the Depositary or its nominee only
if (i) the Depositary notifies the Company that it is unwilling or unable to
continue as a Depositary for such Global Security and no successor Depositary
shall have been appointed by the Company within 90 days of receipt by the
Company of such notification, or if at any time the Depositary ceases to be a
clearing agency registered under the Exchange Act at a time when the Depositary
is required to be so registered to act as such Depositary and no successor
Depositary shall have been appointed by the Company within 90 days after it
becomes aware of such cessation or (ii) the Company in its sole discretion
determines that such Global Security shall be so exchangeable. Any Global
Security that is exchangeable pursuant to the preceding sentence shall be
exchangeable for Series G Senior Notes registered in such names as the
Depositary shall direct.

         SECTION 106. Optional Redemption. (a) On or after December 20, 2006,
the Series G Senior Notes shall be redeemable, in whole or from time to time in
part, at the option of the Company on any date (a "Redemption Date"), at a
redemption price equal to 100% of the principal amount of the Series G Senior
Notes to be redeemed plus any accrued and unpaid interest on the principal
amount to be redeemed to but excluding the Redemption Date (the "Redemption
Price").

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         (b) The Company shall notify each Holder of the redemption in the
manner provided in Section 1104 of the Original Indenture.

         (c) If any Series G Senior Notes selected for partial redemption are
thereafter surrendered for conversion in part before termination of the
conversion right with respect to the portion of the Series G Senior Notes so
selected, the converted portion of such Series G Senior Notes shall be deemed
(so far as may be), solely for purposes of determining the aggregate principal
amount of Series G Senior Notes to be redeemed by the Company, to be the portion
selected for redemption. Series G Senior Notes which have been converted during
a selection of Series G Senior Notes to be redeemed may be treated by the
Trustee as Outstanding for the purpose of such selection. Nothing in this
Section 106(c) shall affect the right of any Holder to convert any Series G
Senior Notes before the termination of the conversion right with respect
thereto.

         (d) In addition to those matters set forth in Section 1104 of the
Indenture, a notice of redemption sent to the Holders of Series G Senior Notes
shall state:

                  (i)   the name of the Paying Agent and Conversion Agent;

                  (ii)  the then current Conversion Rate;

                  (iii) that the Series G Senior Notes called for redemption may
         be converted at any time prior to the close of business on the Business
         Day immediately preceding the Redemption Date; and

                  (iv)  that Holders who wish to convert Series G Senior Notes
         must comply with the procedures in Section 110 of this Twenty-Third
         Supplemental Indenture and the fourth through ninth paragraphs of the
         reverse of the Series G Senior Notes.

         (e) In the event of the redemption of the Series G Senior Notes in part
only, a new Series G Senior Note or Notes for the unredeemed portion will be
issued in the name or names of the Holders thereof upon surrender thereof.

         SECTION 107. Purchase Upon a Fundamental Change. (a) If a Fundamental
Change shall occur at any time prior to Stated Maturity, each Holder shall have
the right, at such Holder's option, to require the Company to purchase any or
all of such Holder's Series G Senior Notes for cash on the date designated by
the Company that is no later than 30 days after the date of the Company Purchase
Notice of the occurrence of such Fundamental Change (subject to extension if
necessary to comply with applicable law, as provided in Section 109(g)) (the
"Fundamental Change Purchase Date"). The Company shall purchase such Series G
Senior Notes at a price (the "Fundamental Change Purchase Price") equal to 100%
of the principal amount of the Series G Senior Notes to be purchased plus any
accrued and unpaid interest on the principal amount to be purchased to but
excluding the Fundamental Change Purchase Date. No Series G Senior Notes may be
purchased at the option of the Holders due to a Fundamental Change if the
principal amount of the Series G Senior Notes has been accelerated and such
acceleration has not been rescinded.

                                       10

<PAGE>

         (b) For a Series G Senior Note to be so purchased at the option of the
Holder pursuant to this Section 107, the Paying Agent must receive:

                  (i)  a written notice of purchase (a "Fundamental Change
         Purchase Notice") substantially in the form entitled "Form of
         Fundamental Change Purchase Notice" on the reverse of the Series G
         Senior Note duly completed, on or before the close of business on the
         fifth Business Day immediately preceding the Fundamental Change
         Purchase Date, subject to extension to comply with applicable law. The
         Fundamental Change Purchase Notice shall state:

                           (1) if certificated, the certificate numbers of the
                  Series G Senior Notes which the Holder shall deliver to be
                  purchased;

                           (2) the portion of the principal amount of the Series
                  G Senior Notes which the Holder shall deliver to be purchased,
                  which portion must be $1,000 or an integral multiple thereof;
                  and

                           (3) that such Series G Senior Notes shall be
                  purchased as of the Fundamental Change Purchase Date pursuant
                  to the terms and conditions specified in the Series G Senior
                  Notes and in the Indenture;

                  (ii) delivery or book-entry transfer of such Series G Senior
         Notes prior to, on or after the Fundamental Change Purchase Date
         (together with all necessary endorsements) at the offices of the Paying
         Agent, such delivery or transfer being a condition to receipt by the
         Holder of the Fundamental Change Purchase Price therefor; provided,
         however, that such Fundamental Change Purchase Price shall be so paid
         pursuant to this Section 107 only if the Series G Senior Notes so
         delivered or transferred to the Paying Agent shall conform in all
         respects to the description thereof in the related Fundamental Change
         Purchase Notice.

         SECTION 108. Purchase at the Option of the Holder. (a) On each of
December 15, 2006, December 15, 2008, December 15, 2013 and December 15, 2018
(each, a "Put Date"), each Holder shall have the right, at such Holder's option,
to require the Company to purchase any or all of such Holder's Series G Senior
Notes for cash. The Company shall purchase such Series G Senior Notes at a price
equal to 100% of the principal amount of the Series G Senior Notes to be
purchased plus any accrued and unpaid interest on the principal amount to be
purchased to but excluding the Put Date.

         (b) For a Series G Senior Note to be so purchased at the option of the
Holder, the Paying Agent must receive:

                  (i)  a written notice of purchase (a "Put Notice")
         substantially in the form entitled "Form of Put Notice" on the reverse
         of the Series G Senior Note duly completed, at any time from the
         opening of business on the date that is 25 Business Days prior to a Put
         Date until the close of business on the fifth Business Day prior to
         such Put Date. The Put Notice shall state:

                                       11

<PAGE>

                           (1) if certificated, the certificate numbers of the
                  Series G Senior Notes which the Holder shall deliver to be
                  purchased;

                           (2) the portion of the principal amount of the Series
                  G Senior Notes which the Holder shall deliver to be purchased,
                  which portion must be $1,000 or an integral multiple thereof;
                  and

                           (3) that such Series G Senior Notes shall be
                  purchased as of the Put Date pursuant to the terms and
                  conditions specified in the Series G Senior Notes and in the
                  Indenture; and

                  (ii) delivery or book-entry transfer of such Series G Senior
         Notes to the Paying Agent prior to, on or after the Put Date (together
         with all necessary endorsements) at the offices of the Paying Agent,
         such delivery or transfer being a condition to receipt by the Holder of
         the Purchase Price therefor; provided, however, that such Purchase
         Price shall be so paid pursuant to this Section 108 only if the Series
         G Senior Notes so delivered or transferred to the Paying Agent shall
         conform in all respects to the description thereof in the related Put
         Notice.

         SECTION 109. Further Conditions and Procedures for Purchase. (a) The
Company shall send notices (each, a "Company Purchase Notice") to the Holders
(and to beneficial owners if required by applicable law) at their addresses
shown in the Series G Senior Note register maintained by the Security Registrar,
and shall deliver a copy of each such notice to the Trustee and Paying Agent,
not less than 30 Business Days prior to each Put Date, or on or before the 30th
day after the occurrence of the Fundamental Change, as the case may be (each
such date of delivery, a "Company Purchase Notice Date"). Any such notice
delivered to the Trustee and the Paying Agent with respect to a Fundamental
Change shall be accompanied by an Officers' Certificate certifying that a
Fundamental Change has occurred and as to the date of the occurrence thereof, on
which Certificate the Trustee and the Paying Agent may conclusively rely. Each
Company Purchase Notice shall include a form of Put Notice or Fundamental Change
Purchase Notice to be completed by a Holder and shall state:

                           (i)   the applicable Purchase Price or Fundamental
                  Change Purchase Price, excluding accrued and unpaid interest,
                  the applicable Conversion Rate at the time of such notice (and
                  any applicable adjustments to the Conversion Rate) and, to the
                  extent known at the time of such notice, the amount of
                  interest that will be payable with respect to the Series G
                  Senior Notes on the applicable Put Date or Fundamental Change
                  Purchase Date;

                           (ii)  if the notice relates to a Fundamental Change,
                  the events causing the Fundamental Change and the date of the
                  Fundamental Change;

                           (iii) the Put Date or Fundamental Change Purchase
                  Date;

                           (iv)  the last date on which a Holder may exercise
                  its purchase right;

                           (v)   the name and address of the Paying Agent and
                  the Conversion Agent;

                                       12

<PAGE>

                           (vi)   that Series G Senior Notes must be surrendered
                  to the Paying Agent to collect payment of the Purchase Price
                  or Fundamental Change Purchase Price;

                           (vii)  that Series G Senior Notes as to which a Put
                  Notice or Fundamental Change Purchase Notice has been given by
                  the Holder to the Company may be converted only if the
                  applicable Put Notice or Fundamental Change Purchase Notice
                  has been withdrawn by the Holder in accordance with the terms
                  of this Twenty-Third Supplemental Indenture; provided that the
                  Series G Senior Notes are otherwise convertible in accordance
                  with the fourth through ninth paragraphs of the reverse of the
                  Series G Senior Notes;

                           (viii) that the Purchase Price or Fundamental Change
                  Purchase Price for any Series G Senior Notes as to which a Put
                  Notice or a Fundamental Change Purchase Notice, as applicable,
                  has been given and not withdrawn shall be paid by the Paying
                  Agent promptly following the later of the Put Date or
                  Fundamental Change Purchase Date, as applicable, or the time
                  of book-entry transfer or delivery of such Series G Senior
                  Notes;

                           (ix)   the procedures the Holder must follow under
                  Sections 107 or 108, as applicable, and Section 109;

                           (x)    briefly, the conversion rights of the Series G
                  Senior Notes and whether, at the time of such notice, the
                  Series G Senior Notes are eligible for conversion;

                           (xi)   that, unless the Company defaults in making
                  payment of such Purchase Price or Fundamental Change Purchase
                  Price on Series G Senior Notes covered by any Put Notice or
                  Fundamental Change Purchase Notice, as applicable, interest
                  will cease to accrue on and after the Put Date or Fundamental
                  Change Purchase Date, as applicable;

                           (xii)  the CUSIP and, if applicable, the ISIN number
                  of the Series G Senior Notes; and

                           (xiii) the procedures for withdrawing a Put Notice or
                  Fundamental Change Purchase Notice.

         At the Company's request, made at least five Business Days prior to the
date upon which such notice is to be mailed, and at the Company's expense, the
Paying Agent shall give the Company Purchase Notice in the Company's name;
provided, however, that, in all cases, the text of the Company Purchase Notice
shall be prepared by the Company.

         (b) Upon receipt by the Paying Agent on behalf of the Company from the
Holder of the Fundamental Change Purchase Notice or the Put Notice specified in
Section 107(b)(i) or Section 108(b)(i), as applicable, the Holder of the Series
G Senior Notes in respect of which such Fundamental Change Purchase Notice or
the Put Notice, as the case may be, was given shall (unless such Fundamental
Change Purchase Notice or the Put Notice is withdrawn as specified in the
following two paragraphs) thereafter be entitled to receive solely the
Fundamental Change

                                       13

<PAGE>

Purchase Price or the Purchase Price with respect to such Series G Senior Notes.
Such Fundamental Change Purchase Price or Purchase Price shall be paid by the
Paying Agent to such Holder promptly following the later of (x) the Fundamental
Change Purchase Date or the Put Date, as the case may be, with respect to such
Series G Senior Notes (provided the conditions in Section 107(b) or Section
108(b), as applicable, have been satisfied) and (y) the time of delivery or
book-entry transfer of such Series G Senior Notes to the Paying Agent by the
Holder thereof in the manner required by Section 107(b)(ii) or Section
108(b)(ii), as applicable.

         Series G Senior Notes in respect of which a Fundamental Change Purchase
Notice or Put Notice, as the case may be, has been given by the Holder thereof
may not be converted for shares of Common Stock on or after the date of the
delivery of such Fundamental Change Purchase Notice or Put Notice, as the case
may be, unless such Fundamental Change Purchase Notice or Put Notice, as the
case may be, has first been validly withdrawn or deemed to have been validly
withdrawn as specified in Section 109(c) or (e); provided that the Series G
Senior Notes are otherwise convertible in accordance with the fourth through
ninth paragraphs of the reverse of the Series G Senior Notes.

         On or before 10:00 a.m. (New York City time) on the Fundamental Change
Purchase Date or the Put Date, as the case may be, the Company shall deposit
with the Paying Agent (or if the Company or an Affiliate of the Company is
acting as the Paying Agent, shall segregate and hold in trust) money sufficient
to pay the aggregate Fundamental Change Purchase Price or the aggregate Purchase
Price, as the case may be, of the Series G Senior Notes to be purchased pursuant
to Section 107 or Section 108, as applicable. Payment by the Paying Agent of
such Fundamental Change Purchase Price or Purchase Price for such Series G
Senior Notes shall be made promptly following the later of the Fundamental
Change Purchase Date or the Put Date, as the case may be, or the time of
book-entry transfer or delivery of such Series G Senior Notes. If the Paying
Agent holds, in accordance with the terms of the Indenture, money sufficient to
pay the Fundamental Change Purchase Price or Purchase Price, as the case may be,
of such Series G Senior Notes on the Fundamental Change Purchase Date or the Put
Date, as the case may be, then, on and after such date, such Series G Senior
Notes shall cease to be Outstanding and interest (including any Contingent
Interest) on such Series G Senior Notes shall cease to accrue, whether or not
book-entry transfer of such Series G Senior Notes is made or such Series G
Senior Notes are delivered to the Paying Agent, and all other rights of the
Holder shall terminate (other than the right to receive the Fundamental Change
Purchase Price or the Purchase Price, as the case may be, upon delivery or
transfer of the Series G Senior Notes). Nothing herein shall preclude the
Company's withholding any tax required by law.

         The Company shall require each Paying Agent (other than the Trustee) to
agree in writing that the Paying Agent shall hold in trust for the benefit of
Holders or the Trustee all money held by the Paying Agent for the payment of the
Fundamental Change Purchase Price or the Purchase Price, as the case may be, and
shall notify the Trustee of any default by the Company in making any such
payment. If the Company or an Affiliate of the Company acts as Paying Agent, it
shall segregate the money held by it as Paying Agent and hold it as a separate
trust fund. The Company at any time may require a Paying Agent to deliver all
money held by it pursuant to this Section 109 to the Trustee and to account for
any funds disbursed by the Paying Agent. Upon doing so, the Paying Agent shall
have no further liability for the money delivered to the Trustee.

                                       14

<PAGE>

         All questions as to the validity, eligibility (including time of
receipt) and acceptance of any Series G Senior Notes for purchase shall be
determined by the Company, whose determination shall be final and binding,
absent manifest error.

         (c) A Put Notice or Fundamental Change Purchase Notice, as the case may
be, may be withdrawn by means of a written notice of withdrawal delivered to the
office of the Paying Agent at any time prior to 5:00 p.m. New York City time on
the fifth Business Day prior to the Put Date or the Fundamental Change Purchase
Date, as the case may be, to which it relates specifying:

                  (i)   if certificated, the certificate number of the Series G
         Senior Notes in respect of which such notice of withdrawal is being
         submitted;

                  (ii)  the principal amount of the Series G Senior Notes with
         respect to which such notice of withdrawal is being submitted; and

                  (iii) the principal amount, if any, of such Series G Senior
         Notes which remains subject to the Put Notice or Fundamental Change
         Purchase Notice, as the case may be, and which has been or shall be
         transferred or delivered for purchase by the Company.

         The Paying Agent shall promptly notify the Company of the receipt by it
of any Put Notice or Fundamental Change Purchase Notice or written notice of
withdrawal thereof.

         (d) Notwithstanding the requirements of Sections 107 or 108 and this
Section 109, if the Series G Senior Notes are represented by Global Securities
in book-entry form the appropriate procedures of the Depositary must be complied
with for any purchase upon a Fundamental Change or Put Option.

         (e) There shall be no purchase of any Series G Senior Notes pursuant to
Section 107 or Section 108 if the principal amount of the Series G Senior Notes
has been accelerated and such acceleration has not been rescinded. The Paying
Agent shall promptly return to the respective Holders thereof any Series G
Senior Notes (x) with respect to which a Put Notice or Fundamental Change
Purchase Notice, as the case may be, has been withdrawn in compliance with this
Twenty-Third Supplemental Indenture, or (y) if the principal amount of the
Series G Senior Notes has been accelerated and such acceleration has not been
rescinded, in which case, upon such return, the Put Notice or Fundamental Change
Purchase Notice with respect thereto shall be deemed to have been withdrawn.

         (f) Any Series G Senior Notes that are to be purchased only in part
shall be surrendered at the office of the Paying Agent (with, if the Company or
the Trustee so requires, due endorsement by, or a written instrument of transfer
in form satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or such Holder's attorney duly authorized in writing) and the Company
shall execute and the Trustee or the Authenticating Agent, if any, shall
authenticate and deliver to the Holder of such Series G Senior Notes, without
service charge, a new Series G Senior Note or Series G Senior Notes, of any
authorized denomination as requested by such Holder in aggregate principal
amount equal to, and in exchange for, the portion of the principal amount of the
Series G Senior Notes so surrendered which is not purchased.

                                       15

<PAGE>

         (g) In connection with any offer to purchase Series G Senior Notes
under Sections 107 or 108 hereof, the Company shall, to the extent applicable,
(i) comply with Rules 13e-4 and 14e-1 (and any successor provisions thereto)
under the Exchange Act, if applicable, (ii) file the related Schedule TO (or any
successor schedule, form or report) under the Exchange Act, if applicable and
(iii) otherwise comply with all applicable federal and state securities laws so
as to permit the rights and obligations under Sections 107, 108 or this Section
109 to be exercised in the manner specified in Sections 107, 108 or this Section
109; provided, however, that the Company shall not take any action in violation
of any applicable federal or state securities laws.

         (h) The Trustee and the Paying Agent shall return to the Company any
cash or property that remains unclaimed as provided in Section 1003 of the
Original Indenture, together with any unclaimed interest (including any
Contingent Interest, if any), held by them for the payment of a Purchase Price
or Fundamental Change Purchase Price, as the case may be; provided, however,
that to the extent that the aggregate amount of cash deposited by the Company
pursuant to Section 109(b) exceeds the aggregate Purchase Price or Fundamental
Change Purchase Price, as the case may be, of the Series G Senior Notes or
portions thereof which the Company is obligated to purchase as of the Put Date
or Fundamental Change Purchase Date, as the case may be, then promptly on and
after the Put Date or Fundamental Change Purchase Date, as the case may be, the
Trustee or the Paying Agent, as the case may be, shall return any such excess to
the Company.

         (i) In any case where a Put Date or a Fundamental Change Purchase Date
shall not be a Business Day at any Place of Payment, then (notwithstanding any
other provision of the Indenture or the Series G Senior Notes) payment of
interest and the Purchase Price or the Fundamental Change Purchase Price, as the
case may be, need not be made at such Place of Payment on such date (provided
that all other conditions therefor have been complied with), but may be made on
the next succeeding Business Day at such Place of Payment (provided that such
conditions have been complied with) with the same force and effect as if made on
the Put Date or the Fundamental Change Purchase Date, as the case may be (and
without any interest or payment in respect of any such delay).

     SECTION 110. Conversion of the Series G Senior Notes. (a) A Holder may
convert its Series G Senior Notes for Common Stock at any time during the
periods specified in the fourth paragraph of the reverse of the Series G Senior
Notes.

         (b) The initial Conversion Rate is 13.5865 shares of Common Stock
issuable upon conversion of $1,000 principal amount of a Series G Senior Note
(the "Conversion Rate"), subject to adjustment as herein set forth. A Holder may
convert a portion of the principal amount of Series G Senior Notes if the
portion is $1,000 or an integral multiple thereof.

         (c) To convert Series G Senior Notes, the requirements set forth in
this Section 110(c) and in the fourth through ninth paragraphs of the reverse of
the Series G Senior Notes must be satisfied.

                  (i) To convert the Series G Senior Notes, a Holder must (1)
         complete and manually sign the irrevocable conversion notice on the
         back of the Series G Senior Notes (or complete and manually sign a
         facsimile of such notice) and deliver such notice to the

                                       16

<PAGE>

         Conversion Agent at the office maintained by the Conversion Agent for
         such purpose, (2) with respect to Series G Senior Notes in
         certificated form, surrender the Notes to the Conversion Agent or with
         respect to Series G Senior Notes represented by Global Securities,
         cause the book-entry transfer thereof to the Conversion Agent, (3)
         furnish appropriate endorsements and transfer documents if required by
         the Conversion Agent, the Company or the Trustee and (4) pay any
         transfer or similar tax, if required. The date on which the Holder
         satisfies all such requirements is the conversion date (the
         "Conversion Date"). As soon as practicable, but in no event later than
         the fifth Business Day following the Conversion Date, the Company
         shall deliver to the Holder, through the Conversion Agent, a
         certificate (or credit the book-entry transfer of such shares of
         Common Stock) for the number of full shares of Common Stock issuable
         upon the conversion and cash in lieu of any fractional share
         determined pursuant to Section 110(d).

                  (ii)   of Series G Senior Notes at the close of business
         on a Regular Record Date will receive payment of interest payable on
         the corresponding Interest Payment Date notwithstanding the conversion
         of such Series G Senior Notes at any time after the close of business
         on such Regular Record Date. Series G Senior Notes surrendered for
         conversion during the period from the close of business on any Regular
         Record Date to the opening of business on the corresponding Interest
         Payment Date must be accompanied by payment of an amount equal to the
         interest that the Holder is to receive on the Series G Senior Notes;
         provided, however, that no such payment need be made with respect to
         Series G Senior Notes in respect of which a Redemption Date or
         Fundamental Change Purchase Date has been set that falls within this
         period or on such Interest Payment Date or to the extent any overdue
         interest (or Contingent Interest, if any) exists at the time of such
         conversion. Except as described above, no payment or adjustment will be
         made for accrued interest on converted Series G Senior Notes.

                  (iii) The Person in whose name the certificate for such shares
         of Common Stock is registered shall be treated as a stockholder of
         record on and after the Conversion Date; provided, however, that no
         surrender of Series G Senior Notes on any date when the stock transfer
         books of the Company shall be closed shall be effective to constitute
         the Person or Persons entitled to receive the shares of Common Stock
         upon such conversion as the record holder or holders of such shares of
         Common Stock on such date, but such surrender shall be effective to
         constitute the Person or Persons entitled to receive such shares of
         Common Stock as the record holder or holders thereof for all purposes
         at the close of business on the next succeeding day on which such stock
         transfer books are open; such conversion shall be at the Conversion
         Rate in effect on the date that such Series G Senior Notes shall have
         been surrendered for conversion, as if the stock transfer books of the
         Company had not been closed. Upon conversion of Series G Senior Notes,
         such Person shall no longer be a Holder of such Series G Senior Notes.

                  (iv)  No payment or adjustment shall be made for dividends on
         or other distributions with respect to any Common Stock except as
         provided in Section 110(g) or as otherwise provided in the Indenture.
         If a Holder converts more than one Series G Senior Note at the same
         time, the number of shares of Common Stock issuable upon the conversion
         shall be based on the total principal amount of the Series G Senior
         Notes converted. Upon surrender of a Series G Senior Note that is
         converted in part, the

                                       17

<PAGE>

         Company shall execute, and the Trustee or the Authenticating Agent
         shall authenticate and deliver to the Holder, a new Series G Senior
         Note in an authorized denomination equal in principal amount to the
         unconverted portion of the Series G Senior Note surrendered. If the
         last day on which Series G Senior Notes may be converted is not a
         Business Day in a place where a Conversion Agent is located, the
         Series G Senior Notes may be surrendered to that Conversion Agent on
         the next succeeding day that is a Business Day. A Holder of Series G
         Senior Notes is not entitled to any rights of a holder of Common Stock
         until such Holder has converted its Series G Senior Notes to Common
         Stock, and only to the extent such Series G Senior Notes are deemed to
         have been converted into Common Stock pursuant to this Section 110.

         (d) The Company shall not issue a fractional share of Common Stock upon
conversion of Series G Senior Notes. Instead the Company shall deliver cash for
the current market value of the fractional share. The current market value of a
fractional share shall be determined to the nearest 1/10,000th of a share by
multiplying the Last Reported Sale Price of a full share of Common Stock on the
Trading Day immediately preceding the Conversion Date by the fractional amount
and rounding the product to the nearest whole cent.

         (e) If a Holder converts Series G Senior Notes, the Company shall pay
any documentary, stamp or similar issue or transfer tax due on the issue of
shares of Common Stock upon the conversion. However, the Holder shall pay any
such tax which is due because the Holder requests the shares to be issued in a
name other than the Holder's name. The Conversion Agent may refuse to deliver
the certificates representing the Common Stock being issued in a name other than
the Holder's name until the Conversion Agent receives a sum sufficient to pay
any tax which shall be due because the shares are to be issued in a name other
than the Holder's name. Nothing herein shall preclude the Company's withholding
any tax required by law.

         (f) The Company shall, prior to issuance of any Series G Senior Notes
hereunder, and from time to time as may be necessary, reserve out of its
authorized but unissued Common Stock a sufficient number of shares of Common
Stock to permit the conversion of the Series G Senior Notes. All shares of
Common Stock delivered upon conversion of the Series G Senior Notes shall be
newly issued shares or treasury shares, shall be duly and validly issued and
fully paid and nonassessable and shall be free from preemptive rights and free
of any lien or adverse claim. The Company shall endeavor promptly to comply with
all federal and state securities laws regulating the order and delivery of
shares of Common Stock upon the conversion of Series G Senior Notes, if any, and
shall cause to have listed or quoted all such shares of Common Stock on the New
York Stock Exchange, or, if not listed thereon, on each United States national
securities exchange or over-the-counter or other domestic market on which the
Common Stock is then listed or quoted. Each share of Common Stock issued upon
conversion of the Series G Senior Notes shall be entitled to receive the
appropriate number of common stock or preferred stock purchase rights, as the
case may be ("Rights"), if any, that shares of Common Stock are entitled to
receive and the certificates representing the Common Stock issued upon such
conversion shall bear such legends, if any, in each case as may be provided by
the terms of any shareholder rights agreement adopted by the Company, as the
same may be amended from time to time (in each case, a "Rights Agreement").

         (g) The Conversion Rate shall be adjusted from time to time by the
Company as follows:

                                       18

<PAGE>

                  (i)  In case the Company shall pay or make a dividend or other
         distribution on the Common Stock in Common Stock, the Conversion Rate,
         as in effect at the opening of business on the day following the date
         fixed for the determination of stockholders entitled to receive such
         dividend or other distribution, shall be increased by dividing such
         Conversion Rate by a fraction of which the numerator shall be the
         number of shares of Common Stock outstanding at the close of business
         on the date fixed for such determination and the denominator shall be
         the sum of such number of shares and the total number of shares
         constituting such dividend or other distribution, such increase to
         become effective immediately after the opening of business on the day
         following the date fixed for such determination. For the purposes of
         this Section 110(g)(i), the number of shares of Common Stock at any
         time outstanding shall not include shares held in treasury by the
         Company but shall include any shares issuable in respect of any scrip
         certificates issued in lieu of fractions of shares of Common Stock. The
         Company will not pay any dividend or make any distribution on shares of
         Common Stock held in treasury by the Company. If any dividend or
         distribution of the type described in this Section 110(g)(i) is
         declared but not so paid or made, the Conversion Rate shall again be
         adjusted to the Conversion Rate that would then be in effect if such
         dividend or distribution had not been declared.

                  (ii) In case the Company shall issue rights, options or
         warrants to all holders of its Common Stock entitling them, for a
         period expiring within 45 days after the record date for the
         determination of stockholders entitled to receive such rights, options
         or warrants, to subscribe for or purchase shares of Common Stock at a
         price per share less than the Current Market Price per share of the
         Common Stock on the date fixed for the determination of stockholders
         entitled to receive such rights, options or warrants (other than
         pursuant to a dividend reinvestment plan or share purchase plan), the
         Conversion Rate in effect at the opening of business on the day
         following the date fixed for such determination shall be increased by
         dividing such Conversion Rate by a fraction of which the numerator
         shall be the number of shares of Common Stock outstanding at the close
         of business on the date fixed for such determination plus the number of
         shares of Common Stock which the aggregate offering price of the total
         number of shares of Common Stock so offered for subscription or
         purchase would purchase at such Current Market Price and the
         denominator shall be the number of shares of Common Stock outstanding
         at the close of business on the date fixed for such determination plus
         the number of shares of Common Stock so offered for subscription or
         purchase at such below Current Market Price. For the purposes of this
         Section 110(g)(ii), the number of shares of Common Stock at any time
         outstanding shall not include shares held in treasury by the Company
         but shall include any shares issuable in respect of any scrip
         certificates issued in lieu of fractions of shares of Common Stock. The
         Company shall not issue any such rights, options or warrants in respect
         of shares of Common Stock held in treasury by the Company. Such
         adjustment pursuant to this Section 110(g)(ii) shall be successively
         made whenever any such rights, options or warrants are issued, and
         shall become effective immediately after the opening of business on the
         day following the date fixed for determination of stockholders entitled
         to receive such rights or warrants. To the extent that shares of Common
         Stock are not delivered after the expiration of such rights, options or
         warrants, the Conversion Rate shall be readjusted to the Conversion
         Rate that would then be in effect had the adjustments made upon the
         issuance of such rights,

                                       19

<PAGE>

         options or warrants been made on the basis of delivery of only the
         number of shares of Common Stock actually delivered. If such rights,
         options or warrants are not so issued, the Conversion Rate shall again
         be adjusted to be the Conversion Rate that would then be in effect if
         such date fixed for the determination of stockholders entitled to
         receive such rights, options or warrants had not been fixed. In
         determining whether any rights, options or warrants entitle the
         holders to subscribe for or purchase shares of Common Stock at a price
         less than the average of the Current Market Price per share of the
         Common Stock, and in determining the aggregate offering price of such
         shares of Common Stock, there shall be taken into account any
         consideration received by the Company for such rights, options or
         warrants and any amount payable on exercise or conversion thereof, the
         value of such consideration, if other than cash, to be determined by
         the Board of Directors.

                  (iii) In case outstanding shares of Common Stock shall be
         subdivided or split into a greater number of shares of Common Stock,
         the Conversion Rate in effect at the opening of business on the day
         following the day upon which such subdivision or split becomes
         effective shall be proportionately increased, and, conversely, in case
         outstanding shares of Common Stock shall each be combined into a
         smaller number of shares of Common Stock, the Conversion Rate in effect
         at the opening of business on the day following the day upon which such
         combination becomes effective shall be proportionately reduced, such
         increase or reduction, as the case may be, to become effective
         immediately after the opening of business on the day following the day
         upon which such subdivision, split or combination becomes effective.

                  (iv)  In case the Company shall, by dividend or otherwise,
         distribute to all holders of its Common Stock evidences of its
         indebtedness, shares of capital stock, securities, cash, property or
         assets (but excluding any rights, options or warrants referred to in
         Section 110(g)(ii) of this Section, any dividend or distribution paid
         exclusively in cash and any dividend or distribution referred to in
         Section 110(g)(i)) (any of the foregoing hereinafter in this Section
         110(g)(iv) called the "Distributed Securities"), the Conversion Rate
         shall be adjusted by dividing the Conversion Rate in effect immediately
         prior to the close of business on the date fixed for the determination
         of stockholders entitled to receive such distribution by a fraction of
         which the numerator shall be the Current Market Price per share of the
         Common Stock on the date fixed for such determination less the then
         Fair Market Value (as determined by the Board of Directors, whose
         determination shall be conclusive and described in a Board Resolution)
         on such date of the portion of the Distributed Securities applicable to
         one share of Common Stock and the denominator shall be such Current
         Market Price per share of the Common Stock, such adjustment to become
         effective immediately prior to the opening of business on the day
         following the date fixed for the determination of stockholders entitled
         to receive such distribution; provided that if the then Fair Market
         Value (as so determined) of the portion of the Distributed Securities
         so distributed applicable to one share of Common Stock is equal to or
         greater than the Current Market Price per share of the Common Stock on
         the date fixed for the determination of stockholders entitled to
         receive such distribution, in lieu of the foregoing adjustment,
         adequate provision shall be made so that each holder shall have the
         right to receive upon conversion the amount of Distributed Securities
         such holder would have received had such holder converted the Series G
         Senior Note on the date fixed for such determination. If such dividend
         or distribution is not so paid or made, the

                                       20

<PAGE>

         Conversion Rate shall again be adjusted to be the Conversion Rate that
         would then be in effect if such dividend or distribution had not been
         declared. If the Board of Directors determines the Fair Market Value
         of any distribution for purposes of this Section 110(g)(iv) by
         reference to the actual or when issued trading market for any
         securities, it must in doing so consider the prices in such market
         over the same period used in computing the Current Market Price on the
         applicable date fixed for the determination of stockholders entitled
         to receive such distribution. In any case in which this Section
         110(g)(iv) is applicable, Sections 110(g)(i) and (ii) shall not be
         applicable.

                  Rights, options or warrants distributed by the Company to all
         holders of Common Stock entitling the holders thereof to subscribe for
         or purchase shares of the Company's capital stock (either initially or
         under certain circumstances), which rights, options or warrants, until
         the occurrence of a specified event or events ("Trigger Event"): (i)
         are deemed to be transferred with such shares of Common Stock; (ii) are
         not exercisable; and (iii) are also issued in respect of future
         issuances of Common Stock, shall be deemed not to have been distributed
         for purposes of this Section 110(g) (and no adjustment to the
         Conversion Rate under this Section 110(g) will be required) until the
         occurrence of the earliest Trigger Event, whereupon such rights,
         options and warrants shall be deemed to have been distributed and an
         appropriate adjustment (if any is required) to the Conversion Rate
         shall be made under this Section 110(g)(iv). If any such right, option
         or warrant, including any such existing rights, options or warrants
         distributed prior to the Original Issue Date, are subject to events,
         upon the occurrence of which such rights, options or warrants become
         exercisable to purchase different securities, evidences of indebtedness
         or other assets, then the date of the occurrence of any and each such
         event shall be deemed to be the date of distribution and record date
         with respect to new rights, options or warrants with such rights (and a
         termination or expiration of the existing rights, options or warrants
         without exercise by any of the holders thereof). In addition, in the
         event of any distribution (or deemed distribution) of rights, options
         or warrants, or any Trigger Event or other event (of the type described
         in the preceding sentence) with respect thereto that was counted for
         purposes of calculating a distribution amount for which an adjustment
         to the Conversion Rate under this Section 110(g) was made, (I) in the
         case of any such rights, options or warrants that shall all have been
         redeemed or repurchased without exercise by any holders thereof, the
         Conversion Rate shall be readjusted upon such final redemption or
         repurchase to give effect to such distribution or Trigger Event, as the
         case may be, as though it were a cash distribution, equal to the per
         share redemption or repurchase price received by a holder or holders of
         Common Stock with respect to such rights, options or warrants (assuming
         such holder had retained such rights, options or warrants), made to all
         holders of Common Stock as of the date of such redemption or
         repurchase, and (II) in the case of such rights, options or warrants
         that shall have expired or been terminated without exercise thereof,
         the Conversion Rate shall be readjusted as if such expired or
         terminated rights and warrants had not been issued.

                  For purposes of this Section 110(g)(iv) and Section 110(g)(i)
         and Section 110(g)(ii), any dividend or distribution to which this
         Section 110(g)(iv) is applicable that also includes shares of Common
         Stock, or rights, options or warrants to subscribe for or purchase
         shares of Common Stock (or both), shall be deemed instead to be (x) a
         dividend or distribution of the evidences of indebtedness, assets or
         shares of capital stock other

                                       21

<PAGE>

         than such shares of Common Stock or rights, options or warrants (and
         any Conversion Rate adjustment required by this Section 110(g)(iv) with
         respect to such dividend or distribution shall then be made)
         immediately followed by (y) a dividend or distribution of such shares
         of Common Stock or such rights, options or warrants (and any further
         Conversion Rate adjustment required by Sections 110(g)(i) and 110(g)
         (ii) with respect to such dividend or distribution shall then be made),
         except any shares of Common Stock included in such dividend or
         distribution shall not be deemed "outstanding at the close of business
         on the date fixed for such determination" within the meaning of Section
         110(g)(i).

                  (v) In case the Company shall make any dividend or
         distribution consisting exclusively of cash to all holders of
         outstanding shares of Common Stock (excluding (I) any dividend or
         distribution in connection with the liquidation, dissolution or winding
         up of the Company, or (II) any quarterly cash dividend on Common Stock
         to the extent that the aggregate cash dividend per share of Common
         Stock in any quarter does not exceed the dividend threshold amount
         ($0.645 initially being the "Dividend Threshold Amount" and such amount
         being subject to adjustment from time to time in a manner inversely
         proportional to adjustments to the Conversion Rate, provided that there
         shall be no adjustment to the Dividend Threshold Amount for adjustments
         to the Conversion Rate under this Section 110(g)(v))), then the
         Conversion Rate will be adjusted by multiplying the applicable
         Conversion Rate by a fraction, the numerator of which will be the
         Current Market Price minus the Dividend Threshold Amount and the
         denominator of which will be the Current Market Price minus the amount
         per share of such dividend or distribution, such adjustment to be
         effective immediately prior to the opening of business on the day
         following the date fixed for the determination of stockholders entitled
         to receive such distribution; provided that if an adjustment is
         required to be made under this clause as a result of a distribution
         that is not a quarterly dividend, the dividend threshold amount will be
         deemed to be zero; and provided further that if the portion of the cash
         so distributed applicable to one share of Common Stock is equal to or
         greater than the Current Market Price on the date fixed for the
         determination of stockholders entitled to receive such distribution, in
         lieu of the foregoing adjustment, adequate provision shall be made so
         that each Holder shall have the right to receive upon conversion the
         amount of cash such Holder would have received had such Holder
         converted each Series G Senior Note on the date fixed for such
         determination.

                  (vi) If a tender or exchange offer made by the Company or any
         Subsidiary for all or any portion of the Common Stock expires and such
         tender or exchange offer (as amended up to the expiration thereof)
         requires the payment to tendering stockholders of consideration per
         share of Common Stock having a Fair Market Value (as determined by the
         Board of Directors, whose determination shall be conclusive and
         described in a Board Resolution) that as of the last time (the
         "Expiration Time") tenders or exchanges may be made under such tender
         or exchange offer (as it may be amended) exceeds the average of the
         Last Reported Sale Price of a share of Common Stock for each of the 10
         consecutive Trading Days next succeeding the Expiration Time, the
         Conversion Rate shall be increased by multiplying the Conversion Rate
         in effect immediately before the Expiration Time by a fraction, (I) the
         numerator of which shall be the sum of (x) the Fair Market Value (as
         determined by the Board of Directors, whose determination shall be
         conclusive

                                       22

<PAGE>

         and described in a Board Resolution) of the aggregate consideration
         payable to stockholders based on the acceptance (up to any maximum
         specified in the terms of the tender or exchange offer) of all shares
         validly tendered or exchanged and not withdrawn as of the Expiration
         Time (the shares deemed so accepted, up to any such maximum, being
         referred to as the "Purchased Shares") and (y) the product of the
         number of shares of Common Stock outstanding (less any Purchased
         Shares) at the Expiration Time and the average of the Last Reported
         Sale Price of a share of Common Stock for each of the 10 consecutive
         Trading Days next succeeding the Expiration Time, and (II) the
         denominator of which shall be the number of shares of Common Stock
         outstanding (including any tendered or exchanged shares) at the
         Expiration Time multiplied by the average of the Last Reported Sale
         Price of a share of Common Stock for each of the 10 consecutive Trading
         Days next succeeding the Expiration Time, such adjustment to become
         effective immediately prior to the opening of business on the day
         following the Expiration Time. If the Company is obligated to purchase
         shares under any such tender or exchange offer, but the Company is
         permanently prevented by applicable law from effecting any such
         purchases or all such purchases are rescinded, the Conversion Rate
         shall again be adjusted to be the Conversion Rate that would then be in
         effect if such tender or exchange offer had not been made.

                  (vii) The reclassification of Common Stock into securities
         including securities other than Common Stock (other than any
         reclassification upon an event to which Section 110(h)(iv) applies)
         shall be deemed to involve (a) a distribution of such securities other
         than Common Stock to all holders of Common Stock (and the effective
         date of such reclassification shall be deemed to be "the date fixed for
         the determination of stockholders entitled to receive such
         distribution" and the "date fixed for such determination" within the
         meaning of Section 110(g)(iv)), and (b) a subdivision, split or
         combination, as the case may be, of the number of shares of Common
         Stock outstanding immediately prior to such reclassification into the
         number of shares of Common Stock outstanding immediately thereafter
         (and the effective date of such reclassification shall be deemed to be
         "the day upon which such subdivision or split becomes effective" or
         "the day upon which such combination becomes effective," as the case
         may be, and "the day upon which such subdivision, split or combination
         becomes effective" within the meaning of Section 110(g)(iii)).

                  (viii) In the event that the Company makes a distribution to
         all holders of its Common Stock consisting of capital stock of, or
         similar equity interests in, a subsidiary or other business unit of the
         Company, the Conversion Rate shall be adjusted by dividing the
         Conversion Rate in effect immediately prior to the close of business on
         the date fixed for the determination of stockholders entitled to
         receive such distribution by a fraction of which the numerator shall be
         the Spin-off Market Price per share of the Common Stock and the
         denominator shall be the Spin-off Market Price per share of the Common
         Stock plus the Spin-off Market Price per share or similar equity
         interest of the subsidiary or other business unit of the Company, such
         adjustment to become effective 10 Trading Days after the effective date
         of such distribution of capital stock of, or similar equity interest
         in, a subsidiary or other business unit of the Company; provided that
         if (x) the average of the Spin-Off Market Price of the Common Stock
         minus (y) the Spin-Off Market Price of the securities distributed in
         respect of each share of Common Stock for

                                       23

<PAGE>

         which this Section 110(g)(viii) applies is less than $1.00, then the
         adjustment provided by for by this Section 110(g)(viii) shall not be
         made and in lieu thereof the provisions of Section 110(g)(iv) shall
         apply to such distribution. In any case in which this Section 110(g)
         (viii) is applicable, Sections 110(g)(i), (ii) and (iv) shall not be
         applicable.

                  (ix) All adjustments to the Conversion Rate, shall be
         calculated to the nearest 1/10,000th of a share of Common Stock (or if
         there is not a nearest 1/10,000th of a share to the next lower
         1/10,000th of a share). No adjustment in the Conversion Rate shall be
         required unless such adjustment would require an increase or decrease
         of at least one percent therein; provided, however, that any
         adjustments which by reason of this subparagraph are not required to be
         made shall be carried forward and taken into account in any subsequent
         adjustment.

                  (x) Notwithstanding the provisions of Section 110(g)(ii) or
         (iv), no adjustment shall be made thereunder, nor shall an adjustment
         be made to the ability of a Holder of a Series G Senior Note to
         convert, for any distribution described therein if the Holder will
         otherwise participate in the distribution without conversion of such
         Holder's Series G Senior Notes.

                  (xi) So long as each share of Common Stock issued upon
         conversion of the Series G Senior Notes is entitled to receive the
         appropriate number of Rights, if any, that shares of Common Stock are
         entitled to receive in accordance with the terms of any Rights
         Agreement, there shall not be any adjustment to the Conversion Rate as
         a result of the issuance of Rights under a Rights Agreement; provided
         that an adjustment to the Conversion Rate shall be made in accordance
         with Section 110(g)(iv) if the Rights separate from the Common Stock.

                  (xii) For purposes of this Section 110(g), "Fair Market Value"
         means the amount that a willing buyer would pay a willing seller in an
         arm's-length transaction. In the case of marketable equity securities,
         the Fair Market Value shall be determined based on the prevailing
         market price of such securities.

         (h) Conversion rate adjustments:

                       (i) No adjustment to the Conversion Rate need be made:

                           (1) upon the issuance of any shares of Common Stock
                  pursuant to any present or future plan providing for the
                  reinvestment of dividends or interest payable on securities of
                  the Company and the investment of additional optional amounts
                  in shares of Common Stock under any plan;

                           (2) upon the issuance of any shares of Common Stock
                  or options or rights to purchase those shares pursuant to any
                  present or future employee, director or consultant benefit
                  plan or program of or assumed by the Company or any of its
                  Subsidiaries;

                           (3) upon the issuance of any shares of Common Stock
                  pursuant to any option, warrant, right, or exercisable,
                  exchangeable or convertible security not

                                       24

<PAGE>

                 described in (2) above and outstanding as of the date the
                 Series G Senior Notes were first issued;

                           (4) for a change in the par value of the Common
                 Stock; or

                           (5) for accrued and unpaid interest.

                           To the extent the Series G Senior Notes become
                 convertible into cash, assets or property (other than capital
                 stock of the Company or securities to which Section 110(h)(iv)
                 applies), no adjustment shall be made thereafter as to the
                 cash, assets or property. Interest shall not accrue on such
                 cash, assets or property.

                 (ii) Whenever the Conversion Rate is adjusted, the Company
         shall promptly mail to Holders a notice of the adjustment. The Company
         shall file with the Trustee and the Conversion Agent such notice. The
         certificate shall, absent manifest error, be conclusive evidence that
         the adjustment is correct. Neither the Trustee nor any Conversion Agent
         shall be under any duty or responsibility with respect to any such
         certificate except to exhibit the same to any Holder desiring
         inspection thereof.

                 (iii) The Company may make such increases in the Conversion
         Rate, in addition to those required by Section 110(g), as the Board of
         Directors considers to be advisable to avoid or diminish any income tax
         to holders of Common Stock or rights to purchase Common Stock resulting
         from any dividend or distribution of stock (or rights to acquire stock)
         or from any event treated as such for income tax purposes. To the
         extent permitted by applicable law, the Company may from time to time
         increase the Conversion Rate by any amount if the Board of Directors
         shall have made a determination that such increase would be in the best
         interests of the Company, which determination shall be conclusive.
         Whenever the Conversion Rate is so increased, the Company shall mail to
         Holders and file with the Trustee and the Conversion Agent a notice of
         such increase. Neither the Trustee nor any Conversion Agent shall be
         under any duty or responsibility with respect to any such notice except
         to exhibit the same to any Holder desiring inspection thereof. The
         notice shall state the increased Conversion Rate and the period it
         shall be in effect.

                 (iv) If any of the following events occur, namely (a) any
         reclassification or change of outstanding shares of Common Stock (other
         than a change in par value, or from par value to no par value, or from
         no par value to par value, or as a result of a subdivision or
         combination), (b) any consolidation, merger or binding share exchange
         of the Company with another Person as a result of which holders of
         Common Stock shall be entitled to receive stock, securities or other
         property or assets (including cash) with respect to or in exchange for
         such Common Stock or (c) any sale or conveyance of all or substantially
         all of the assets of the Company to any other Person as a result of
         which holders of Common Stock shall be entitled to receive stock,
         securities or other property or assets (including cash) with respect to
         or in exchange for such Common Stock, then the Conversion Rate will not
         be adjusted. If any of the events described in the preceding sentence
         occur, the Company or the successor or purchasing Person, as the case
         may be, shall execute with the Trustee a supplemental indenture or
         otherwise amend the terms of the Series G Senior Notes, to provide that
         each Series G Senior Note shall be convertible

                                       25

<PAGE>

         into the kind and amount of shares of stock, other securities or
         property or assets (including cash) that the Holder of the Series G
         Senior Note would have received upon such reclassification, change,
         consolidation, merger, binding share exchange, sale or conveyance if
         such Holder had converted such Series G Senior Note into the number of
         shares of Common Stock issuable upon conversion of such Series G Senior
         Note immediately prior to such reclassification, change, consolidation,
         merger, combination, binding share exchange, sale or conveyance. Such
         supplemental indenture or other amendment to the Series G Senior Notes
         shall provide for adjustments which shall be as nearly equivalent as
         may be practicable to the adjustments provided for in Section 110(g).
         The Company shall cause notice of the execution of such supplemental
         indenture or amendment of the Series G Senior Notes to be mailed to
         each Holder, at its address appearing on the Series G Senior Note
         register, within 20 days after execution thereof. Failure to deliver
         such notice shall not affect the legality or validity of such
         supplemental indenture. The above provisions of this Section shall
         similarly apply to successive reclassifications, changes,
         consolidations, mergers, combinations, binding share exchanges, sales
         and conveyances. If this Section 110(h)(iv) applies to any event or
         occurrence, Section 110(g) shall not apply.

                  (v) The Trustee and any other Conversion Agent shall not at
         any time be under any duty or responsibility to any Holder to either
         calculate the Conversion Rate or determine whether any facts exist
         which may require any adjustment of the Conversion Rate, or with
         respect to the nature or extent or calculation of any such adjustment
         when made, or with respect to the method employed herein, or in any
         supplemental indenture provided to be employed, in making the same and
         shall be protected in relying upon an Officers' Certificate with
         respect to the same. The Trustee and any other Conversion Agent shall
         not be accountable with respect to the validity or value (or the kind
         or amount) of any shares of Common Stock, or of any securities or
         property, which may at any time be issued or delivered upon the
         conversion of any Series G Senior Notes and the Trustee and any other
         Conversion Agent make no representations with respect thereto. Neither
         the Trustee nor any Conversion Agent shall be responsible for any
         failure of the Company to issue, transfer or deliver any shares of
         Common Stock or stock certificates or other securities or property or
         cash upon the surrender of any Series G Senior Notes for the purpose of
         conversion or to comply with any of the duties, responsibilities or
         covenants of the Company contained in this Section 110. Without
         limiting the generality of the foregoing, neither the Trustee nor any
         Conversion Agent shall be under any responsibility to determine the
         correctness of any provisions contained in any supplemental indenture
         entered into pursuant to Section 110(h)(iv) relating either to the kind
         or amount of shares of stock or securities or other property or assets
         (including cash) receivable by Holders upon the conversion of their
         Series G Senior Notes after any event referred to in such Section
         110(h)(iv) or to any adjustment to be made with respect thereto, but,
         subject to the provisions of Article Six of the Indenture, may accept
         as conclusive evidence of the correctness of any such provisions, and
         shall be protected in relying upon, the Officers' Certificate (which
         the Company shall be obligated to file with the Trustee prior to the
         execution of any such supplemental indenture) with respect thereto.
         Neither the Trustee nor the Conversion Agent shall be responsible for
         determining whether any event contemplated by the fourth paragraph of
         the reverse of the Series G Senior Notes has occurred which makes the
         Series G Senior Notes eligible for

                                       26

<PAGE>

         conversion or no longer eligible therefor until the Company has
         delivered to the Trustee and the Conversion Agent an Officers'
         Certificate stating that such event has occurred, on which Certificate
         the Trustee and the Conversion Agent may conclusively rely, and the
         Company agrees to deliver such Officers' Certificate to the Trustee and
         the Conversion Agent immediately after the occurrence of any such
         event.

                  (vi) After an adjustment to the Conversion Rate under Section
         110(g), any subsequent event requiring an adjustment under Section
         110(g) shall cause an adjustment to the Conversion Rate as so adjusted.

                  (vii) Whenever successive adjustments to the Conversion Rate
         are called for pursuant to Sections 110(g) or 110(h), such adjustments
         shall be made to the Current Market Price as may be necessary or
         appropriate to effectuate the intent of 110(g) or 110(h) and to avoid
         unjust or inequitable results as determined in good faith by the Board
         of Directors.

         (i) On conversion of a Series G Senior Note, that portion of accrued
and unpaid interest on the converted Series G Senior Note attributable to the
period from the most recent Interest Payment Date (or, if no Interest Payment
Date has occurred, from the Original Issue Date) through the Conversion Date and
Tax Original Issue Discount accrued through the Conversion Date with respect to
the converted Series G Senior Note shall not be cancelled, extinguished or
forfeited, but rather shall be deemed to be paid in full to the Holder thereof
through delivery of the Common Stock (together with any cash payment in lieu of
fractional shares) in exchange for the Series G Senior Note being converted
pursuant to the provisions hereof, and the fair market value of such shares of
Common Stock (together with any such cash payment in lieu of fractional shares)
shall be treated as issued, to the extent thereof, first in exchange for accrued
and unpaid interest and Tax Original Issue Discount accrued through the
Conversion Date and the balance, if any, of such fair market value of such
Common Stock (and any such cash payment), shall be treated as issued in exchange
for the principal amount of the Series G Senior Note being converted pursuant to
the provisions hereof.

         SECTION 111. Additional Events of Default. In addition to those matters
set forth in Section 501 of the Original Indenture, an "Event of Default" with
respect to the Series G Senior Notes shall also mean any of the following
events:

         (i) default in the payment of any interest upon the Series G Senior
Notes when it becomes due and payable, and continuance of such default for a
period of 30 days; or

         (ii) default in the payment of the principal of the Series G Senior
Notes, at their Maturity, upon a redemption by the Company pursuant to Section
106, or pursuant to the Company's obligation to repurchase Series G Senior Notes
upon the occurrence of a Fundamental Change pursuant to Section 107 or upon the
exercise by a holder of its option to require the Company to repurchase such
holder's Series G Senior Notes pursuant to Section 108;

         (iii) default in the Company's obligation to convert the Series G
Senior Notes upon exercise of a Holder's conversion right; or

                                       27

<PAGE>

     (iv) failure to provide notice of a Fundamental Change on or before the
30/th/ day after the occurrence of such Fundamental Change.

     SECTION 112. Amendments; Waiver. In addition to those matters set forth in
Section 902 of the Original Indenture, with respect to the Series G Senior
Notes, no amendment or supplemental indenture shall without the consent of the
Holder of each Series G Senior Note affected thereby:

     (i) reduce the Redemption Price, Purchase Price or Fundamental Change
Purchase Price of the Series G Senior Notes; or

     (ii) make any change that adversely affects the Holders' right to convert
the Series G Senior Notes in accordance with their terms and Indenture.

     In addition, with respect to the Series G Senior Notes, to the extent set
forth in Section 513 of the Original Indenture, the Holders of at least a
majority in aggregate principal amount of the Outstanding Series G Senior Notes
may waive an existing default other than: (I) any default by the Company in any
payment of the Redemption Price, Purchase Price or Fundamental Change Purchase
Price with respect to any Series G Senior Notes, or (II) any default which
constitutes a failure to convert any Series G Senior Note in accordance with its
terms and the Indenture.

     SECTION 113. Register of Securities; Paying Agent; Conversion Agent.
Initially, the Trustee shall act as Paying Agent, Conversion Agent and Security
Registrar with respect to the Series G Senior Notes with the Place of Payment
for the Series G Senior Notes initially being the Corporate Trust Office. The
Company may appoint and change any Paying Agent, Conversion Agent, Security
Registrar or co-registrar or approve a change in the office through which any
Paying Agent acts without notice, other than notice to the Trustee. The Company
or any of its Subsidiaries or any of their Affiliates may act as Paying Agent,
Conversion Agent, Security Registrar or co-registrar.

     SECTION 114. Calculations. The Company will be responsible for making all
calculations called for under the Series G Senior Notes. These calculations
include, but are not limited to, determination of the Trading Price, Current
Market Price, Last Reported Sale Price, Spin-off Market Price, accrued interest
payable (including any Contingent Interest) on the Series G Senior Notes and
Conversion Rate of the Series G Senior Notes. The Company will make these
calculations in good faith and, absent manifest error, these calculations will
be final and binding on the Holders. Promptly after the calculation thereof, the
Company will provide to each of the Trustee and the Conversion Agent an
Officers' Certificate setting forth a schedule of its calculations and each of
the Trustee and the Conversion Agent is entitled to conclusively rely upon the
accuracy of such calculations without independent verification; provided,
however, that in connection with the Company's obligation to pay Contingent
Interest under Section 103(b) hereof, the Company shall determine whether
Contingent Interest is payable with respect to an Interest Period and shall
deliver to the Trustee and the Paying Agent no later than the first Business Day
of each Interest Period with respect to which it has determined that Contingent
Interest is payable an Officers' Certificate evidencing such determination,
setting forth the

                                       28

<PAGE>

calculations on which such determination is based and setting forth the amount
of interest which will accrue on the Series G Senior Notes during such Interest
Period. The Trustee and the Paying Agent may conclusively rely on such Officers'
Certificate and may conclusively assume that no Contingent Interest is payable
for any Interest Period for which they have not received such Officers'
Certificate. The Trustee and the Paying Agent shall not be responsible for
making any calculation or determination referred to in this Section 114. The
Trustee will forward the Company's calculations to any Holder upon the request
of such Holder.

     SECTION 115. Tax Treatment. The Company agrees, and by acceptance of
beneficial ownership interest in the Series G Senior Notes each beneficial
holder of Series G Senior Notes will be deemed to have agreed, for United States
federal income tax purposes (1) to treat the Series G Senior Notes as
indebtedness that is subject to Treas. Reg. Sec. 1.1275-4 (the "Contingent
Payment Regulations") and, for purposes of the Contingent Payment Regulations,
to treat the fair market value of any stock beneficially received by a
beneficial holder upon any conversion of the Series G Senior Notes as a
contingent payment and (2) to be bound by the Company's determination of the
"comparable yield" and "projected payment schedule," within the meaning of the
Contingent Payment Regulations, with respect to the Series G Senior Notes. A
Holder of Series G Senior Notes may obtain the issue price, the amount of
original issue discount, issue date, yield to maturity, comparable yield and
projected payment schedule for the Series G Senior Notes by submitting a written
request for such information to the Company at the following address: Dominion
Resources, Inc., 120 Tredegar Street, Richmond, Virginia 23219, Attention:
Corporate Secretary.

     SECTION 116. Sinking Fund. The Series G Senior Notes shall not have a
sinking fund.

     SECTION 117. Additional Interest. Any principal of and installment of
interest on the Series G Senior Notes that is overdue shall bear interest at the
rate of 2.125% (to the extent that the payment of such interest shall be legally
enforceable), from the dates such amounts are due until they are paid or made
available for payment, and such interest shall be payable on demand.

     SECTION 118. Limitation on Liens. The Company will not, while any of the
Series G Senior Notes remain Outstanding, create, or suffer to be created or to
exist, any Lien upon any Principal Property of the Company or upon any shares of
stock of any Material Subsidiary of the Company, whether such Principal Property
is, or shares of stock are, now owned or hereafter acquired, to secure any
indebtedness for borrowed money of the Company, unless it shall make effective
provision whereby the Series G Senior Notes then Outstanding shall be secured by
such Lien equally and ratably with any and all indebtedness for borrowed money
thereby secured so long as any such indebtedness shall be so secured; provided,
however, that nothing in this Section shall be construed to prevent the Company
from creating, or from suffering to be created or to exist, any Liens, or any
agreements, with respect to:

     (a) purchase money mortgages, or other purchase money liens, pledges,
security interests or encumbrances of any kind upon property hereafter acquired
by the Company, or Liens of any kind existing on any property or any shares of
stock at the time of the acquisition

                                       29

<PAGE>

thereof (including Liens which exist on any property or any shares of stock
of a Person which is consolidated with or merged with or into the Company or
which transfers or leases all or substantially all of its properties to the
Company), or conditional sales agreements or other title retention agreements
and leases in the nature of title retention agreements with respect to any
property hereafter acquired; provided, however, that no such Lien shall extend
to or cover any other property of the Company;

     (b) Liens upon any property of the Company or any shares of stock of any
Material Subsidiary of the Company existing as of the date of the initial
issuance of the Series G Senior Notes or upon the shares of stock of any
corporation, which Liens existed at the time such corporation became a Material
Subsidiary of the Company; liens for taxes or assessments or other governmental
charges or levies; pledges to secure other governmental charges or levies;
pledges or deposits to secure obligations under worker's compensation laws,
unemployment insurance and other social security legislation, including liens of
judgments thereunder which are not currently dischargeable; pledges or deposits
to secure performance in connection with bids, tenders, contracts (other than
contracts for the payment of money) or leases to which the Company is a party;
pledges or deposits to secure public or statutory obligations of the Company;
builders', materialmen's, mechanics', carriers', warehousemen's, workers',
repairmen's, operators', landlords' or other like liens in the ordinary course
of business, or deposits to obtain the release of such liens; pledges or
deposits to secure, or in lieu of, surety, stay, appeal, indemnity, customs,
performance or return-of-money bonds; other pledges or deposits for similar
purposes in the ordinary course of business; liens created by or resulting from
any litigation or proceeding which at the time is being contested in good faith
by appropriate proceedings; liens incurred in connection with the issuance of
bankers' acceptances and lines of credit, bankers' liens or rights of offset and
any security given in the ordinary course of business to banks or others to
secure any indebtedness payable on demand or maturing within 12 months of the
date that such indebtedness is originally incurred; liens incurred in connection
with repurchase, swap or other similar agreements (including, without
limitation, commodity price, currency exchange and interest rate protection
agreements); leases made, or existing on property acquired, in the ordinary
course of business; liens securing industrial revenue or pollution control
bonds; liens, pledges, security interests or other encumbrances on any property
arising in connection with any defeasance, covenant defeasance or in-substance
defeasance of indebtedness of the Company, including the Series G Senior Notes;
liens created in connection with, and created to secure, a non-recourse
obligation; zoning restrictions, easements, licenses, rights-of-way,
restrictions on the use of property or minor irregularities in title thereto,
which do not, in the opinion of the Company, materially impair the use of such
property in the operation of the business of the Company or the value of such
property for the purpose of such business;

     (c) Liens in favor of the United States (or any State), any foreign country
or any department, agency or instrumentality or political subdivision of any
such jurisdiction, to secure partial, progress, advance or other payments
pursuant to any contract or statute or to secure any indebtedness incurred for
the purpose of financing all or any part of the purchase price or the cost of
constructing or improving the property subject to such mortgages, including,
without limitation, mortgages to secure indebtedness of the pollution control or
industrial revenue bond type;

                                       30

<PAGE>

     (d) indebtedness which may be issued by the Company in connection with a
consolidation or merger of the Company or any Material Subsidiary of the Company
with or into any other Person (which may be an Affiliate of the Company or any
Material Subsidiary of the Company) in exchange for or otherwise in substitution
for secured indebtedness of such Person ("Third Party Debt") which by its terms
(i) is secured by a mortgage on all or a portion of the property of such Person,
(ii) prohibits secured indebtedness from being incurred by such Person, unless
the Third Party Debt shall be secured equally and ratably with such secured
indebtedness or (iii) prohibits secured indebtedness from being incurred by such
Person;

     (e) indebtedness of any Person which is required to be assumed by the
Company in connection with a consolidation or merger of such Person, with
respect to which any property of the Company is subjected to a Lien;

     (f) Liens of any kind upon any property acquired, constructed, developed or
improved by the Company (whether alone or in association with others) after the
date of the initial issuance of the Series G Senior Notes which are created
prior to, at the time of, or within 18 months after such acquisition (or in the
case of property constructed, developed or improved, after the completion of
such construction, development or improvement and commencement of full
commercial operation of such property, whichever is later) to secure or provide
for the payment of any part of the purchase price or cost thereof; provided that
in the case of such construction, development or improvement the Liens shall not
apply to any property theretofore owned by the Company other than theretofore
unimproved real property;

     (g) Liens in favor of the Company, one or more Material Subsidiaries of the
Company, one or more wholly-owned Subsidiaries of the Company or any of the
foregoing in combination;

     (h) the replacement, extension or renewal (or successive replacements,
extensions or renewals), as a whole or in part, of any Lien, or of any
agreement, referred to above in clauses (1) through (7) inclusive, or the
replacement, extension or renewal (not exceeding the principal amount of
indebtedness secured thereby together with any premium, interest, fee or expense
payable in connection with any such replacement, extension or renewal) of the
indebtedness secured thereby; provided that such replacement, extension or
renewal is limited to all or a part of the same property that secured the Lien
replaced, extended or renewed (plus improvements thereon or additions or
accessions thereto); or

     (i) any other Lien not excepted by the foregoing clauses (1) through (8);
provided that immediately after the creation or assumption of such Lien, the
aggregate principal amount of indebtedness for borrowed money of the Company
secured by all Liens created or assumed under the provisions of this clause (9)
shall not exceed an amount equal to 10% of the common shareholders' equity of
the Company, as shown on its consolidated balance sheet for the accounting
period occurring immediately prior to the creation or assumption of such Lien.

     This Section 118 has been included in this Twenty-Third Supplemental
Indenture expressly and solely for the benefit of the Series G Senior Notes and
shall be subject to covenant defeasance pursuant to Section 402(3) of the
Original Indenture.

                                       31

<PAGE>

                                   ARTICLE II
                            MISCELLANEOUS PROVISIONS

     SECTION 201. Recitals by Company. The recitals in this Twenty-Third
Supplemental Indenture are made by the Company only and not by the Trustee, and
all of the provisions contained in the Original Indenture in respect of the
rights, privileges, immunities, powers and duties of the Trustee shall be
applicable in respect of the Series G Senior Notes and of this Twenty-Third
Supplemental Indenture as fully and with like effect as if set forth herein in
full.

     SECTION 202. Ratification and Incorporation of Original Indenture. As
supplemented hereby, the Original Indenture is in all respects ratified and
confirmed, and the Original Indenture and this Twenty-Third Supplemental
Indenture shall be read, taken and construed as one and the same instrument.

     SECTION 203. Executed in Counterparts. This Twenty-Third Supplemental
Indenture may be executed in several counterparts, each of which shall be deemed
to be an original, and such counterparts shall together constitute but one and
the same instrument.

     SECTION 204. Assignment. The Company shall have the right at all times to
assign any of its rights or obligations under the Indenture with respect to the
Series G Senior Notes to a direct or indirect wholly-owned subsidiary of the
Company; provided that, in the event of any such assignment, the Company shall
remain primarily liable for the performance of all such obligations; and
provided further that delivery by any such subsidiary of shares of Common Stock
upon conversion of the Series G Senior Notes shall be effected in a manner that
is exempt from registration under the Securities Act of 1933, as amended,
pursuant to Section 3(a)(9) thereof. The rights and obligations of the Company
under the Indenture with respect to the Series G Senior Notes may also be
assigned by the Company in connection with a transaction described in Article
Eight of the Original Indenture.

                                       32

<PAGE>

                  IN WITNESS WHEREOF, each party hereto has caused this
instrument to be signed in its name and behalf by its duly authorized officer,
all as of the day and year first above written.

                                   DOMINION RESOURCES, INC.

                                   By:_________________________________________

                                   Name:
                                   Title:

                                   JPMORGAN CHASE BANK, as Trustee

                                   By:__________________________________________

                                   Name:________________________________________
                                   Title:_______________________________________

                                       33

<PAGE>

                                    EXHIBIT A

                                     FORM OF
                  2003 SERIES G 2.125% CONVERTIBLE SENIOR NOTE
                                    DUE 2023

         [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE
ISSUER 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 REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND
ANY PAYMENT IS MADE TO [CEDE & CO.], ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
OWNER HEREOF, [CEDE & CO.], HAS AN INTEREST HEREIN.]**

         [THIS SERIES G SENIOR NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF
THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF. THIS SERIES G SENIOR NOTE MAY NOT BE EXCHANGED
IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SERIES G
SENIOR NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON
OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.]**

                 ==============================================
                            DOMINION RESOURCES, INC.

                 ==============================================
                                  $___,000,000
                  2003 SERIES G 2.125% CONVERTIBLE SENIOR NOTE
                                    DUE 2023

No. R-                                                       CUSIP No. 25746UAP4

         Dominion Resources, Inc., a corporation duly organized and existing
under the laws of Virginia (herein called the "Company", which term includes any
successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay to [Cede & Co.]**, or registered assigns (the
"Holder"), the principal sum of _____________________ Dollars ($___________) on
December 15, 2023 and to pay interest thereon from December 11, 2003 or from the
most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually in arrears on June 15 and December 15 of each year,
commencing on June 15, 2004, at the rate of 2.125% per annum, until the
principal hereof is paid or made available for

_______________________
** Insert in Global Securities.

<PAGE>

payment, provided that any principal, and any such installment of interest, that
is overdue shall bear interest at the rate of 2.125% per annum (to the extent
that the payment of such interest shall be legally enforceable), from the dates
such amounts are due until they are paid or made available for payment, and such
interest shall be payable on demand. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in
such Indenture, be paid to the Person in whose name this Series G Senior Note
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the close of
business on the Business Day preceding such Interest Payment Date; provided,
that with respect to Series G Senior Notes that are not represented by one or
more Global Securities, the Regular Record Date shall be the close of business
on the 15/th/ calendar day (whether or not a Business Day) preceding such
Interest Payment Date. Any such interest not so punctually paid or duly provided
for will forthwith cease to be payable to the Holder on such Regular Record Date
and may either be paid to the Person in whose name this Series G Senior Note (or
one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by
the Trustee, notice whereof shall be given to Holders of Series G Senior Notes
not less than 10 days prior to such Special Record Date, or be paid at any time
in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Series G Senior Notes may be listed, and upon
such notice as may be required by such exchange, all as more fully provided in
said Indenture.

         Payments of interest on the Series G Senior Notes will include interest
accrued to but excluding the respective Interest Payment Date, Redemption Date,
Put Date or Fundamental Change Purchase Date, as the case may be. Interest
payments for the Series G Senior Notes shall be computed and paid on the basis
of a 360-day year of twelve 30-day months. In the event that any date on which
interest is payable on the Series G Senior Notes is not a Business Day, then
payment of the interest payable on such date will be made on the next succeeding
day that is a Business Day (and without any interest or payment in respect of
any such delay), in each case with the same force and effect as if made on the
date the payment was originally payable.

         Payment of the principal of and interest on this Series G Senior Note
will be made at the office of the Paying Agent, in the Borough of Manhattan,
City and State of New York, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts; provided, however, that at the option of the Company payment of
interest may be made (i) by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register or (ii) by wire
transfer at such place and to such account at a banking institution in the
United States as may be designated in writing to the Trustee at least sixteen
(16) days prior to the date for payment by the Person entitled thereto.

         The Securities of this series shall be redeemable, in whole or from
time to time in part, at the option of the Company on any date on or after
December 20, 2006 (a "Redemption Date"), at a Redemption Price equal to 100% of
the principal amount of the Securities of this series to be redeemed plus any
accrued and unpaid interest on the principal amount to be redeemed to but
excluding the Redemption Date.

         Notice of any redemption by the Company will be mailed at least 20 days
but not more than 60 days before any Redemption Date to each Holder of
Securities of this series to be

                                       2

<PAGE>

redeemed. If Notice of a redemption is provided and funds are deposited as
required, interest will cease to accrue on and after the Redemption Date on the
Securities of this series or portions of Securities of this series called for
redemption. In the event that any Redemption Date is not a Business Day, the
Company will pay the Redemption Price on the next Business Day without any
additional interest or other payment due. If less than all the Securities of
this series are to be redeemed at the ption of the Company, the Trustee shall
select, in such manner as it shall deem fair and appropriate, the Securities of
this series to be redeemed in whole or in part. The Trustee may select for
redemption Securities of this series and portions of the Securities of this
series in amounts of whole multiples of $1,000.

         A Holder shall have the option to require the Company to purchase any
or all of the Securities of this series held by such Holder on December 15,
2006, December 15, 2008, December 15, 2013 and December 15, 2018 (each, a "Put
Date") at a purchase price (the "Purchase Price") equal to the principal amount
of the Securities of this series to be purchased plus any accrued and unpaid
interest to but excluding the Put Date, upon delivery of a Put Notice containing
the information set forth in the Indenture, from the opening of business on the
date that is 25 Business Days prior to such Put Date until the close of business
on the fifth Business Day prior to such Put Date and upon delivery of the
Securities of this series to the Paying Agent by the Holder as set forth in the
Indenture.

         If a Fundamental Change shall occur at any time prior to Stated
Maturity, each Holder shall have the right, at such Holder's option and subject
to the terms and conditions of the Indenture, to require the Company to purchase
any or all of such Holder's Securities of this series or any portion of the
principal amount thereof that is equal to $1,000 or an integral multiple of
$1,000 on the date designated by the Company that is no later than 30 days after
the date of the Company Purchase Notice of the occurrence of the Fundamental
Change (subject to extension to comply with applicable law) for a Fundamental
Change Purchase Price equal to the principal amount of Securities of this series
purchased plus accrued and unpaid interest to but excluding the Fundamental
Change Purchase Date upon delivery of a Fundamental Change Purchase Notice
containing the information set forth in the Indenture.

         Holders have the right to withdraw any Put Notice or Fundamental Change
Purchase Notice, as the case may be, by delivery to the Paying Agent of a
written notice of withdrawal in accordance with the provisions of the Indenture.

         If cash sufficient to pay a Fundamental Change Purchase Price or
Purchase Price, as the case may be, of all Securities of this series or portions
thereof to be purchased as of the Fundamental Change Purchase Date or the Put
Date, as the case may be, is deposited with the Paying Agent on the Fundamental
Change Purchase Date or the Put Date, as the case may be, interest shall cease
to accrue on such Securities of this series (or portions thereof) on and after
such date, and the Holder thereof shall have no other rights as such (other than
the right to receive the Fundamental Change Purchase Price or Purchase Price, as
the case may be, upon surrender of such Note).

         In the event of redemption or purchase of this Security in part only, a
new Security or Securities of this series and of like tenor for the unredeemed
or unpurchased portion hereof will be issued in the name of the Holder hereof
upon the surrender hereof.

                                       3

<PAGE>

         The Securities of this series shall not have a sinking fund.

         Reference is hereby made to the further provisions of this Series G
Senior Note set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

         Unless the certificate of authentication hereon has been executed by
the Trustee referred to on the reverse hereof by manual signature, this Series G
Senior Note shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose.

                                       4

<PAGE>

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

Dated:                                   DOMINION RESOURCES, INC.

                                         By:____________________________________
                                         Name:
                                         Title:

                                       5

<PAGE>

                         REVERSE OF SERIES G SENIOR NOTE

         This Security is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued in one or more
series under an Indenture, dated as of June 1, 2000, as heretofore supplemented
and amended and as further supplemented by a Twenty-Third Supplemental Indenture
dated as of December 1, 2003 (collectively, as amended or supplemented from time
to time, herein called the "Indenture", which term shall have the meaning
assigned to it in such instrument), between the Company and JPMorgan Chase Bank
(formerly known as The Chase Manhattan Bank), as Trustee (herein called the
"Trustee", which term includes any successor trustee under the Indenture), and
reference is hereby made to the Indenture for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one
of the series designated on the face hereof (the "Series G Senior Notes"), which
is unlimited in aggregate principal amount.

         The Company shall pay Contingent Interest in cash to the Holders of the
Securities of this series in respect of any six-month period from June 15 to
December 14 and from December 15 to June 14, commencing with the six-month
period beginning December 15, 2006, if the average Trading Price for each $1,000
principal amount of the Securities of this series for the Applicable Five
Trading Day Period with respect to such Interest Period equals 120% or more of
such principal amount of the Securities of this series. The amount of Contingent
Interest payable per $1,000 principal amount of Securities of this series in
respect of any Interest Period shall equal 0.25% of the average Trading Price
for each $1,000 principal amount of the Securities of this series for the
Applicable Five Day Trading Period with respect to such Interest Period.
Contingent Interest, if any, will accrue from June 15 or December 15, as
applicable, and will be payable in the same manner, at the same times and to the
same Persons as ordinary interest. All payments of Contingent Interest shall be
made in cash.

         Upon determination that Holders of the Securities of this series will
be entitled to receive Contingent Interest during an Interest Period, as
promptly as practicable after such determination, the Company shall provide
notice thereof to the Holders of the Securities.

         Subject to the procedures set forth in the Indenture, a Holder may
convert Securities of this series into Common Stock of the Company on or before
the close of business on December 14, 2023 during the periods and upon
satisfaction of at least one of the conditions set forth below:

                  (a) in any calendar quarter after the quarter ended March 31,
         2004 (and only during such calendar quarter) if the Last Reported Sale
         Price for the Common Stock for at least 20 Trading Days during the
         period of 30 consecutive Trading Days ending on the last Trading Day of
         the previous calendar quarter equals or exceeds 120% of the Conversion
         Price on such last Trading Day;

                  (b) to the extent that the Company calls this Security or any
         portion thereof for redemption, in the case of such Security or portion
         thereof, at any time prior to the close of business on the Business Day
         immediately preceding the Redemption Date;

                                       6

<PAGE>

                  (c) (1) if the Company elects to (A) distribute to all holders
         of Common Stock rights entitling them to purchase, for a period
         expiring within 45 days after the date of such distribution, shares of
         Common Stock at less than the Last Reported Sale Price on the Trading
         Day immediately preceding the declaration date of such distribution or
         (B) distribute to all holders of Common Stock assets, debt securities
         or rights to purchase securities of the Company, which distribution has
         a per share value as determined by the Company's Board of Directors and
         set forth in a Board Resolution exceeding 5% of the Last Reported Sale
         Price of the Common Stock on the Trading Day immediately preceding the
         declaration date for such distribution. In the case of the foregoing
         clauses (A) and (B), the Company must notify the Holders of the
         Securities of this series at least 20 Business Days prior to the
         ex-dividend date for such distribution. Once the Company has given such
         notice, Holders of the Securities of this series may surrender such
         Securities for conversion at any time thereafter until the earlier of
         the close of business on the Business Day prior to the ex-dividend date
         or the Company's announcement that such distribution will not take
         place. Notwithstanding the foregoing, a Holder of the Securities of
         this series may not exercise the foregoing right to convert if the
         Holder may participate in the distribution without converting its
         Securities. As used herein, the term "ex date," when used with respect
         to any issuance or distribution, shall mean the first date on which the
         Common Stock trades regular way on such exchange or in such market
         without the right to receive such issuance or distribution; or (2) in
         the event that the Company becomes a party to a consolidation, merger,
         binding share exchange or transfer of all or substantially all its
         assets pursuant to which the Common Stock would be converted into cash
         or property (other than securities), at any time from and after the
         date which is 15 days prior to the anticipated effective date of the
         transaction until 15 days after the actual effective date of such
         transaction (or, if such consolidation, merger, share exchange or
         transfer of assets is a Fundamental Change, until the Fundamental
         Change Purchase Date); or

                  (d) during any period that (1) the long-term credit ratings
         assigned to the Securities of this series by both Moody's Investors
         Service, Inc. and Standard & Poor's Ratings Services are lower than
         Baa3 and BBB-, respectively; (2) both Moody's Investors Service, Inc.
         and Standard & Poor's Ratings Services no longer rate the Securities of
         this series or have withdrawn their ratings with respect to the
         Securities of this series; or (3) either Moody's Investors Service,
         Inc. or Standard & Poor's Ratings Services no longer rates the
         Securities of this series or has withdrawn or suspended such rating and
         the remaining rating is lower than Baa3 or BBB-, as applicable
         (references to Moody's Investors Service, Inc. and Standard & Poor's
         Ratings Services include any successors to those entities).

         Securities of this series in respect of which a Holder has delivered a
notice of exercise of the option to require the Company to purchase such
Securities of this series may be converted only if the notice of exercise is
withdrawn in accordance with the terms of the Indenture.

         The initial Conversion Rate is 13.5865 shares of Common Stock per
$1,000 principal amount, subject to adjustment in certain events described in
the Indenture. The Company shall deliver cash in lieu of any fractional share of
Common Stock.

                                       7

<PAGE>

         Holders of Securities of this series at the close of business on a
Regular Record Date will receive payment of interest payable on the
corresponding Interest Payment Date notwithstanding the conversion of such
Securities of this series at any time after the close of business on such
Regular Record Date. Securities of this series surrendered for conversion during
the period from the close of business on any Regular Record Date to the opening
of business on the corresponding Interest Payment Date must be accompanied by
payment of an amount equal to the interest that the Holder is to receive on the
Securities of this series (except with respect to Securities of this series in
respect of which a Redemption Date or Fundamental Change Purchase Date has been
set that falls within this period or on such Interest Payment Date or to the
extent any overdue interest (or Contingent Interest, if any) exists at the time
of such conversion). Except as described above, no payment or adjustment will be
made for accrued interest on converted Securities of this series.

         To convert the Securities of this series a Holder must (1) complete and
manually sign the irrevocable conversion notice on the back of the Securities of
this series (or complete and manually sign a facsimile of such notice) and
deliver such notice to the Conversion Agent at the office maintained by the
Conversion Agent for such purpose, (2) surrender the Securities of this series
to the Conversion Agent, (3) furnish appropriate endorsements and transfer
documents if required by the Conversion Agent, the Company or the Trustee and
(4) pay any transfer or similar tax, if required.

         A Holder may convert a portion of the Securities of this series only if
the principal amount of such portion is $1,000 or an integral multiple of
$1,000. No payment or adjustment shall be made for dividends on the Common Stock
except as provided in the Indenture. On conversion of Securities of this series,
that portion of accrued and unpaid interest on such Securities attributable to
the period from the most recent Interest Payment Date (or, if no Interest
Payment Date has occurred, from the Original Issue Date) through the Conversion
Date and Tax Original Issue Discount accrued through the Conversion Date with
respect to such converted Securities shall not be cancelled, extinguished or
forfeited, but rather shall be deemed to be paid in full to the Holder thereof
through delivery of the Common Stock (together with any cash payment in lieu of
fractional shares) in exchange for such Securities being converted pursuant to
the provisions hereof, and the fair market value of such shares of Common Stock
(together with any such cash payment in lieu of fractional shares) shall be
treated as issued, to the extent thereof, first in exchange for accrued and
unpaid interest and Tax Original Issue Discount accrued through the Conversion
Date and the balance, if any, of such fair market value of such Common Stock
(and any such cash payment), shall be treated as issued in exchange for the
principal amount of such Securities being converted pursuant to the provisions
hereof.

         If an Event of Default with respect to Series G Senior Notes shall
occur and be continuing, the principal of the Series G Senior Notes may be
declared due and payable in the manner and with the effect provided in the
Indenture.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of a majority in principal amount of the Securities at
the time Outstanding of each series to be affected. The Indenture also contains

                                       8

<PAGE>

provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder
of this Series G Senior Note shall be conclusive and binding upon such Holder
and upon all future Holders of this Series G Senior Note and of any Series G
Senior Note issued upon the registration of transfer hereof or in exchange
therefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Series G Senior Note.

         As provided in and subject to the provisions of the Indenture, the
Holder of this Series G Senior Note shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or
trustee or for any other remedy thereunder, unless such Holder shall have
previously given the Trustee written notice of a continuing Event of Default
with respect to the Series G Senior Notes, the Holders of not less than a
majority in principal amount of the Series G Senior Notes at the time
Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the
Trustee reasonable indemnity, and the Trustee shall not have received from the
Holders of a majority in principal amount of Series G Senior Notes at the time
Outstanding a direction inconsistent with such request, and shall have failed to
institute any such proceeding for 60 days after receipt of such notice, request
and offer of indemnity. The foregoing shall not apply to any suit instituted by
the Holder of this Series G Senior Note for the enforcement of any payment of
principal hereof or premium, if any, or interest hereon on or after the
respective due dates expressed or provided for herein.

         No reference herein to the Indenture and no provision of this Series G
Senior Note or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of, premium,
if any, and interest on this Series G Senior Note at the times, place and rate,
and in the coin or currency, herein prescribed.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Series G Senior Note is registrable in the
Security Register, upon surrender of this Series G Senior Note for registration
of transfer at the office or agency of the Company in any place where the
principal of, premium, if any, and interest on this Series G Senior Note are
payable, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Company and the Security Registrar duly executed by,
the Holder hereof or his attorney duly authorized in writing, and thereupon one
or more new Series G Senior Notes and of like tenor, of authorized denominations
and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

         The Company will be responsible for making all calculations called for
under the Series G Senior Notes. These calculations include, but are not limited
to, determination of the Trading Price, Current Market Price, Last Reported Sale
Price, Spin-off Market Price, accrued interest payable (including any Contingent
Interest) on the Series G Senior Notes and Conversion Rate. The Company will
make these calculations in good faith and, absent manifest error, these
calculations will be final and binding on the Holders of the Series G Senior
Notes. Promptly after the calculation thereof, the Company will provide to each
of the Trustee and the Conversion Agent an Officers' Certificate setting forth a
schedule of its calculations and each of the Trustee and the Conversion Agent is
entitled to rely upon the accuracy of such calculations without

                                       9

<PAGE>

independent verification. The Trustee will forward the Company's calculations to
any Holder upon the request of such Holder.

         The Series G Senior Notes are issuable only in registered form without
coupons in denominations of $1,000 and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Series G Senior Notes are exchangeable for a like aggregate principal amount of
Series G Senior Notes having the same Stated Maturity and of like tenor of any
authorized denominations as requested by the Holder upon surrender of the Series
G Senior Note or Series G Senior Notes to be exchanged at the office or agency
of the Company.

         No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

         Prior to due presentment of this Series G Senior Note for registration
of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Security is registered as the
owner hereof for all purposes, whether or not this Series G Senior Note be
overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

         The Company agrees, and by acceptance of beneficial ownership interest
in the Securities of this series each beneficial holder of such Securities will
be deemed to have agreed, for United States federal income tax purposes (1) to
treat the Securities of this series as indebtedness that is subject to Treas.
Reg. Sec. 1.1275-4 (the "Contingent Payment Regulations") and, for purposes of
the Contingent Payment Regulations, to treat the fair market value of any stock
beneficially received by a beneficial holder upon any conversion of such
Securities as a contingent payment and (2) to be bound by the Company's
determination of the "comparable yield" and "projected payment schedule," within
the meaning of the Contingent Payment Regulations, with respect to the
Securities of this series. A Holder of Securities of this series may obtain the
issue price, the amount of original issue discount, issue date, yield to
maturity, comparable yield and projected payment schedule for such Securities by
submitting a written request for such information to the Company at the
following address: Dominion Resources, Inc., 120 Tredegar Street, Richmond,
Virginia 23219, Attention: Corporate Secretary.

         All terms used in this Series G Senior Note that are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

                                       10

<PAGE>

                                  ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN COM -                    as tenants in common

TEN ENT -                    as tenants by the entireties

JT TEN -                     as joint tenants with rights of survivorship and
                             not as tenants in common

UNIF GIFT MIN ACT -          __________________________ Custodian for
                             (Cust)

                             __________________________
                             (Minor)

                             Under Uniform Gifts to Minors Act of

                             __________________________
                             (State)

Additional abbreviations may also be used though not on the above list.
______________________________________________________________

                                       11

<PAGE>

     FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

_______________________________________________________________________________.

     (please insert Social Security or other identifying number of assignee)

_______________________________________________________________________________.

_______________________________________________________________________________.

_______________________________________________________________________________.

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF
ASSIGNEE

the within Series G Senior Note and all rights thereunder, hereby irrevocably
constituting and appointing

_______________________________________________________________________________.

_______________________________________________________________________________.

_______________________________________________________________________________.

_______________________________________________________________________________.

_______________________________________________________________________________.

_______________________________________________________________________________.

agent to transfer said Series G Senior Note on the books of the Company, with
full power of substitution in the premises.

Dated: __________________ __, ____

                                          ______________________________________

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

                                       12

<PAGE>

                            FORM OF CONVERSION NOTICE

To:  Dominion Resources, Inc.

     The undersigned registered holder of this Security hereby exercises the
option to convert this Security, or portion hereof (which is $1,000 principal
amount or an integral multiple thereof) designated below, for shares of Common
Stock of Dominion Resources, Inc. in accordance with the terms of the Indenture
referred to in this Security, and directs that the shares, if any, issuable and
deliverable upon such conversion, together with any check for cash deliverable
upon such conversion, and any Securities representing any unconverted principal
amount hereof, be issued and delivered to the registered holder hereof unless a
different name has been indicated below. If shares or any portion of this
Security not converted are to be issued in the name of a Person other than the
undersigned, the undersigned shall pay all transfer taxes payable with respect
thereto.

     This notice shall be deemed to be an irrevocable exercise of the option to
convert this Security.

Dated: ________________           ____________________________________________
                                              Signature(s)

                                   Signature(s) must be guaranteed by a
                                   commercial bank or trust company or a member
                                   firm of a major stock exchange if shares of
                                   Common Stock are to be issued, or Securities
                                   are to be delivered, other than to or in the
                                   name of the registered holder.

                                   _____________________________________________
                                   Signature Guarantee

Fill in for registration of shares of Common Stock or Securities if to be issued
other than to and in the name of the registered holder:

<TABLE>
<S>                                                 <C>
____________________________                        Certificate No.(s) of Securities (not required
(Name)                                              for Global Securities) __________________

___________________________
(Street Address)                                    Principal amount to be converted
___________________________________________         (if less than all):$________,000
___________________________________________
________________________________________
(City, state and zip code)
Please print name and address                       _____________________________
                                                    Social Security or Other Taxpayer Number
</TABLE>

<PAGE>

                   FORM OF FUNDAMENTAL CHANGE PURCHASE NOTICE

To:  Dominion Resources, Inc.

     The undersigned registered holder of this Security hereby acknowledges
receipt of a notice from Dominion Resources, Inc. (the "Company") as to the
occurrence of a Fundamental Change with respect to the Company and requests and
instructs the Company to repurchase this Security, or the portion hereof (which
is $1,000 principal amount or an integral multiple thereof) designated below, in
accordance with the terms and conditions specified in this Security and the
Indenture referred to in this Security and directs that the payment for this
Security or the portion thereof and any Securities representing any
unrepurchased principal amount hereof, be issued and delivered to the registered
holder hereof unless a different name has been indicated below. If any portion
of this Security not repurchased is to be issued in the name of a Person other
than the undersigned, the undersigned shall pay all transfer taxes payable with
respect thereto.

Dated: ________________           ____________________________________________
                                              Signature(s)

                                   Signature(s) must be guaranteed by a
                                   commercial bank or trust company or a member
                                   firm of a major stock exchange if Securities
                                   are to be delivered other than to or in the
                                   name of the registered holder.

                                   ____________________________________________
                                   Signature Guarantee

Fill in for registration of Securities if to be issued other than to and in the
name of the registered holder:

<TABLE>
<S>                                    <C>
____________________________           Certificate No.(s) of Securities (not required
(Name)                                 for Global Securities) __________________

_____________________________
(Street Address)                       Principal amount to be purchased
_________________________________      (if less than all): $__________,000
_________________________________
_______________________________
(City, state and zip code)
Please print name and address          ____________________________________
                                       Social Security or Other Taxpayer Number
</TABLE>

<PAGE>

                               FORM OF PUT NOTICE

To: Dominion Resources, Inc.

The undersigned registered holder of this Security hereby acknowledges receipt
of a notice from Dominion Resources, Inc. (the "Company") as to the holder's
option to require the Company to repurchase this Security and requests and
instructs the Company to repurchase this Security, or the portion hereof (which
is $1,000 principal amount or an integral multiple thereof) designated below, in
accordance with the terms and conditions specified in this Security and the
Indenture referred to in this Security and directs that the payment for this
Security or the portion thereof and any Securities representing any
unrepurchased principal amount hereof, be issued and delivered to the registered
holder hereof unless a different name has been indicated below. If any portion
of this Security not repurchased is to be issued in the name of a Person other
than the undersigned, the undersigned shall pay all transfer taxes payable with
respect thereto.

Dated:                 ____________________________________________

                   _____________________________________________
                      Signature(s)

                   Signature(s) must be guaranteed by a commercial bank or trust
                   company or a member firm of a major stock exchange if
                   Securities are to be delivered other than to or in the name
                   of the registered holder.

                   _____________________________________________________
                      Signature Guarantee

Fill in for registration of Securities if to be issued other than to and in the
name of the registered holder:

<TABLE>
<S>                                   <C>
____________________________          Certificate No.(s) of Securities (not required
(Name)                                for Global Securities) __________________
______________________________
(Street Address)                      Principal amount to be purchased
___________________________________   (if less than all):$__________,000
___________________________________
_________________________________
(City, state and zip code)
Please print name and address         ______________________________
                                      Social Security or Other Taxpayer Number
</TABLE>

<PAGE>

                                    EXHIBIT B
                          CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series designated therein referred to
in the within-mentioned Indenture.

                                      JPMORGAN CHASE BANK,
                                      as Trustee

                                      By: ________________________________
                                          Authorized OfficerIndenture dated 12/1/2003

 EXHIBIT 4.1 
  

  
 WISCONSIN GAS COMPANY

  
 and 
  
 U.S. BANK NATIONAL ASSOCIATION, 
  
 as Trustee 
  

  
 INDENTURE 
  
 Dated as of December 1, 2003 
  

  
 DEBT SECURITIES 
  

 WISCONSIN GAS COMPANY 
  
 PARTIAL CROSS-REFERENCE TABLE 
  
 Trust Indenture Act of 1939 
 and Indenture
dated as of December 1, 2003 
  

	 Indenture Section

	  	 TIA Section

	   2.05
	  	 317(b)

	   2.06
	  	 312(a), 313(c)

	   2.11
	  	 316(a) (last sentence)

	   4.04
	  	 314(a)(4)

	   4.05
	  	 314(a)(1)

	   6.03
	  	 317(a)(1)

	   6.04
	  	 316(a)(1)(B)

	   6.05
	  	 316(a)(1)(A)

	   6.07
	  	 317(a)(1)

	   7.01
	  	 315(a), 315(d)

	   7.04
	  	 315(b)

	   7.05
	  	 313(a), 313(d)

	   7.07
	  	 310(a), 310(b)

	   7.09
	  	 310(a)(2)

	   8.02
	  	 310(a),310(b)

	   9.04
	  	 316(c)

	 10.01
	  	 318(a)

	 10.02
	  	 313(c)

	 10.03
	  	 314(c)(1), 314(c)(2)

	 10.04
	  	 314(e)

 WISCONSIN GAS COMPANY 
 DEBT SECURITIES INDENTURE 
 Dated As Of December 1, 2003 
  
 TABLE OF CONTENTS 
  

	 	  	 	  	Page

	 ARTICLE 1 -
	  	 DEFINITIONS
	  	1
				
	 	  	Section 1.01	  	 Definitions
	  	1
				
	 	  	Section 1.02	  	 Other Definitions
	  	3
				
	 	  	Section 1.03	  	 Rules of Construction
	  	3
			
	 ARTICLE 2 -
	  	 THE SECURITIES
	  	3
				
	 	  	Section 2.01	  	 Issuable in Series
	  	3
				
	 	  	Section 2.02	  	 Execution and Authentication
	  	5
				
	 	  	Section 2.03	  	 Securities Agents
	  	6
				
	 	  	Section 2.04	  	 Bearer Securities
	  	6
				
	 	  	Section 2.05	  	 Paying Agent to Hold Money in Trust
	  	7
				
	 	  	Section 2.06	  	 Securityholder Lists
	  	7
				
	 	  	Section 2.07	  	 Transfer and Exchange
	  	7
				
	 	  	Section 2.08	  	 Replacement Securities
	  	8
				
	 	  	Section 2.09	  	 Outstanding Securities
	  	8
				
	 	  	Section 2.10	  	 Discounted Securities
	  	8
				
	 	  	Section 2.11	  	 Treasury Securities
	  	9
				
	 	  	Section 2.12	  	 Global Securities
	  	9
				
	 	  	Section 2.13	  	 Temporary Securities
	  	9
				
	 	  	Section 2.14	  	 Cancellation
	  	9
				
	 	  	Section 2.15	  	 Defaulted Interest
	  	10
			
	 ARTICLE 3 -
	  	 REDEMPTION
	  	10
				
	 	  	Section 3.01	  	 Notices to Trustee
	  	10
				
	 	  	Section 3.02	  	 Selection of Securities to Be Redeemed
	  	10
				
	 	  	Section 3.03	  	 Notice of Redemption
	  	11
				
	 	  	Section 3.04	  	 Effect of Notice of Redemption
	  	11
				
	 	  	Section 3.05	  	 Payment of Redemption Price
	  	12
				
	 	  	Section 3.06	  	 Securities Redeemed in Part
	  	12

  

 i 

			
	 ARTICLE 4 -
	  	 COVENANTS
	  	12
				
	 	  	Section 4.01	  	 Payment of Securities
	  	12
				
	 	  	Section 4.02	  	 Overdue Interest
	  	13
				
	 	  	Section 4.03	  	 No Lien Created, etc
	  	13
				
	 	  	Section 4.04	  	 Compliance Certificate
	  	13
				
	 	  	Section 4.05	  	 SEC Reports
	  	13
				
	 	  	Section 4.06	  	 Certain Definitions
	  	13
				
	 	  	Section 4.07	  	 Limitations on Liens
	  	16
			
	 ARTICLE 5 -
	  	 SUCCESSORS
	  	16
				
	 	  	Section 5.01	  	 When Company May Merge, etc
	  	16
			
	 ARTICLE 6 -
	  	 DEFAULTS AND REMEDIES
	  	17
				
	 	  	Section 6.01	  	 Events of Default
	  	17
				
	 	  	Section 6.02	  	 Acceleration
	  	18
				
	 	  	Section 6.03	  	 Other Remedies
	  	18
				
	 	  	Section 6.04	  	 Waiver of Past Defaults
	  	19
				
	 	  	Section 6.05	  	 Control by Majority
	  	19
				
	 	  	Section 6.06	  	 Limitation on Suits
	  	19
				
	 	  	Section 6.07	  	 Collection Suit by Trustee
	  	19
				
	 	  	Section 6.08	  	 Priorities
	  	20
			
	 ARTICLE 7 -
	  	 TRUSTEE
	  	20
				
	 	  	Section 7.01	  	 Rights of Trustee
	  	20
				
	 	  	Section 7.02	  	 Individual Rights of Trustee
	  	21
				
	 	  	Section 7.03	  	 Trustee’s Disclaimer
	  	21
				
	 	  	Section 7.04	  	 Notice of Defaults
	  	21
				
	 	  	Section 7.05	  	 Reports by Trustee to Holders
	  	21
				
	 	  	Section 7.06	  	 Compensation and Indemnity
	  	21
				
	 	  	Section 7.07	  	 Replacement of Trustee
	  	22
				
	 	  	Section 7.08	  	 Successor Trustee by Merger, etc
	  	23
				
	 	  	Section 7.09	  	 Trustee’s Capital and Surplus
	  	23
			
	 ARTICLE 8 -
	  	 DISCHARGE OF INDENTURE
	  	23
				
	 	  	Section 8.01	  	 Defeasance
	  	23
				
	 	  	Section 8.02	  	 Conditions to Defeasance
	  	24
				
	 	  	Section 8.03	  	 Application of Trust Money
	  	25

  

 ii 

				
	 	  	Section 8.04	  	 Repayment to Company
	  	25
			
	 ARTICLE 9 -
	  	 AMENDMENTS AND WAIVERS
	  	25
				
	 	  	Section 9.01	  	 Without Consent of Holders
	  	25
				
	 	  	Section 9.02	  	 With Consent of Holders
	  	26
				
	 	  	Section 9.03	  	 Compliance with Trust Indenture Act
	  	26
				
	 	  	Section 9.04	  	 Effect of Consents
	  	26
				
	 	  	Section 9.05	  	 Notation on or Exchange of Securities
	  	27
				
	 	  	Section 9.06	  	 Trustee Protected
	  	27
			
	 ARTICLE 10 -
	  	 MISCELLANEOUS
	  	27
				
	 	  	Section 10.01	  	 Trust Indenture Act
	  	27
				
	 	  	Section 10.02	  	 Notices
	  	27
				
	 	  	Section 10.03	  	 Certificate and Opinion as to Conditions Precedent
	  	28
				
	 	  	Section 10.04	  	 Statements Required in Certificate or Opinion
	  	29
				
	 	  	Section 10.05	  	 Rules by Company and Agents
	  	29
				
	 	  	Section 10.06	  	 Legal Holidays
	  	29
				
	 	  	Section 10.07	  	 No Recourse Against Others
	  	29
				
	 	  	Section 10.08	  	 Duplicate Originals
	  	29
				
	 	  	Section 10.09	  	 Governing Law
	  	29
		
	 SIGNATURES
	  	30
		
	 EXHIBIT A
	  	A-1
		
	 EXHIBIT B
	  	B-1
		
	 NOTES TO EXHIBITS A AND B
	  	 
		
	 EXHIBIT C
	  	C-1

  

 iii 

 INDENTURE dated as of December 1, 2003 between WISCONSIN GAS COMPANY, a Wisconsin corporation (the
“Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association (the “Trustee”). 
  
 Each party agrees as follows for the benefit of the Holders of the Company’s debt securities issued under this Indenture: 
  
 ARTICLE 1 - DEFINITIONS 
  
 SECTION 1.01 Definitions. 
  
 “Affiliate” means any person directly or indirectly controlling or controlled by or under direct or indirect
common control with the Company. 
  
 “Agent” means any
Registrar, Transfer Agent or Paying Agent. 
  
 “Authorized
Newspaper” means a newspaper that is: 
  

	 	(1)	printed in the English language or in an official language of the country of publication; 

  

	 	(2)	customarily published on each business day in the place of publication; and 

  

	 	(3)	of general circulation in the relevant place or in the financial community of such place. 

  
 Whenever successive publications in an Authorized Newspaper are required, they may be made on the same or different business days and in the
same or different Authorized Newspapers. 
  
 “Bearer
Security” means a Security payable to bearer. 
  
 “Board” means the Board of Directors of the Company or any authorized committee of the Board. 
  
 “Company” means the party named as such above until a successor replaces it and thereafter means the successor. 
  
 “Coupon” means an interest coupon for a Bearer Security.

  
 “Default” means any event which is, or after notice
or passage of time would be, an Event of Default. 
  
 “Discounted Security” means a Security where the amount of principal due upon acceleration is less than the stated principal amount. 
  
 “Holder” or “Securityholder” means the person in whose name a Registered Security is registered and the bearer of a Bearer Security or
coupon. 
  

 1 

 “Indenture” means this Indenture and any Securities Resolution as amended from time to time.

  
 “Lien” means any mortgage, pledge, security interest
or other lien. 
  
 “Officer” means the Chairman of the
Board, any Vice Chairman, the President, any Executive Vice President, any Senior Vice President, any Vice President, the Treasurer, the Secretary, the Controller, any Assistant Treasurer, any Assistant Secretary or any Assistant Controller of the
Company. 
  
 “Officers’ Certificate” means a
certificate signed by any one or more Officers. 
  
 “Opinion
of Counsel” means a written opinion, complying with Sections 10.03 and 10.04 hereof, from legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to the Company or the Trustee. 
  
 “Principal” of a debt security means the principal of the security
plus the premium, if and when applicable, on the security. 
  
 “Registered Security” means a Security registered as to principal and interest by the Registrar. 
  
 “SEC” means the Securities and Exchange Commission. 
  
 “Securities” means the debt securities issued under this Indenture. 
  
 “Securities Resolution” means a resolution establishing a series of Securities adopted by the Board or by an
Officer or committee of Officers pursuant to Board delegation or a supplemental indenture establishing such series of Securities executed by an authorized Officer. 
  
 “Series” means a series of Securities or the Securities of the series. 
  
 “Subsidiary” means a corporation or other entity a majority of
whose Voting Stock (or comparable securities) is owned by the Company or a Subsidiary. 
  
 “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb), as amended by the Trust Indenture Reform Act of 1990, as in effect on the date shown above. 
  
 “Trustee” means the party named as such above until a successor
replaces it and thereafter means the successor. 
  
 “Trust
Officer” means the Chairman of the Board, the President or any other officer or assistant officer of the Trustee assigned by the Trustee to administer its corporate trust matters. 
  
 “United States” means the United States of America, its territories and possessions and other areas subject to its
jurisdiction. 
  
 “Voting Stock” means capital stock
having voting power under ordinary circumstances to elect directors. 
  

 2 

 “Yield to Maturity” means the yield to maturity on a Security at the time of its issuance or at
the most recent determination of interest on the Security. 
  
 SECTION 1.02 Other Definitions. 
  

	 Term

	  	Defined in Section

	 “Bankruptcy Law”
	  	6.01
	 “Conditional Redemption”
	  	3.04
	 “covenant defeasance option”
	  	8.01
	 “Custodian”
	  	6.01
	 “Event of Default”
	  	6.01
	 “legal defeasance option”
	  	8.01
	 “Legal Holiday”
	  	10.06
	 “Paying Agent”
	  	2.03
	 “Permitted Encumbrances”
	  	4.06
	 “Person”
	  	4.06
	 “Registrar”
	  	2.03
	 “Total Assets”
	  	4.06
	 “Transfer Agent”
	  	2.03
	 “Treasury Regulations”
	  	2.04
	 “U.S. Government Obligations”
	  	8.02

  
 SECTION 1.03 Rules of Construction. 
  
 Unless the context otherwise
requires: 
  

	 	(1)	a term has the meaning assigned to it; 

  

	 	(2)	an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles in the United States; 

 

	 	(3)	generally accepted accounting principles are those applicable from time to time; 

  

	 	(4)	all terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have the meanings assigned to them by
such definitions; 

  

	 	(5)	“or” is not exclusive; and 

  

	 	(6)	words in the singular include the plural, and in the plural include the singular. 

  
 ARTICLE 2 - THE SECURITIES 
  
 SECTION 2.01 Issuable in Series. 
  
 The aggregate principal amount of Securities that may be issued under this Indenture is unlimited. The Securities may be issued from time to time in one
or more series. Each series shall be created by a Securities Resolution that establishes the terms of the series, which may include the following: 
  

	 	(1)	the title of the series; 

  

 3 

	 	(2)	the aggregate principal amount of the series; 

  

	 	(3)	the interest rate, if any, or method of calculating the interest rate; 

  

	 	(4)	the date from which interest will accrue; 

  

	 	(5)	the record dates for interest payable on Registered Securities; 

  

	 	(6)	the dates when principal and interest are payable; 

  

	 	(7)	the manner of paying principal and interest; 

  

	 	(8)	the places where principal and interest are payable; 

  

	 	(9)	the Registrar, Transfer Agent and Paying Agent; 

  

	 	(10)	the terms of any mandatory or optional redemption by the Company, including any sinking fund; 

  

	 	(11)	the terms of any redemption at the option of Holders; 

  

	 	(12)	the denominations in which Securities are issuable; 

  

	 	(13)	whether Securities will be issuable as Registered Securities or Bearer Securities; 

  

	 	(14)	whether and upon what terms Registered Securities and Bearer Securities may be exchanged; 

  

	 	(15)	whether any Securities will be represented by a Security in global form and the terms of any global Security; 

  

	 	(16)	the terms of any tax indemnity; 

  

	 	(17)	the currencies (including any composite currency) in which principal or interest may be paid and if payments of principal or interest may be made in a currency other than that in
which Securities are denominated, the manner for determining such payments; 

  

	 	(18)	if amounts of principal or interest may be determined by reference to an index, formula or other method, the manner for determining such amounts; 

  

	 	(19)	provisions for electronic issuance of Securities or for Securities in uncertificated form; 

  

 4 

	 	(20)	the portion of principal payable upon acceleration of a Discounted Security; 

  

	 	(21)	whether Section 4.07 applies, and any Events of Default or covenants in addition to or in lieu of those set forth in this Indenture; 

  

	 	(22)	whether and upon what terms Securities may be defeased; 

  

	 	(23)	the forms of the Securities or any coupon, which may be in the form of Exhibit A or B; 

  

	 	(24)	any terms that may be required by or advisable under U.S. or other applicable laws; 

  

	 	(25)	the ranking of the Securities, including the relative degree, if any, to which the Securities of such series shall be subordinated to one or more other series of Securities in right
of payment, whether outstanding or not; 

  

	 	(26)	any provisions relating to extending or shortening the date on which the principal and premium, if any, of the Securities of such series is payable; 

  

	 	(27)	any provisions relating to the deferral of payment of any interest; and 

  

	 	(28)	any other terms not inconsistent with this Indenture. 

  
 All Securities of one series need not be issued at the same time and, unless otherwise provided, a series may be reopened for issuances of additional
Securities of such series. 
  
 The creation and issuance of a
series and the authentication and delivery thereof are not subject to any conditions precedent. 
  
 SECTION 2.02 Execution and Authentication. 
  
 Two Officers shall sign the Securities by manual or facsimile signature. The Company’s seal shall be reproduced on the Securities, which seal may be
affixed or in facsimile form. An Officer shall sign any coupons by facsimile signature. 
  
 If an Officer whose signature is on a Security or its coupons no longer holds that office at the time the Security is authenticated or delivered, the Security and coupons shall nevertheless be valid. 
  
 A Security and its coupons shall not be valid until the Security is
authenticated by the manual signature of the Registrar. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 
  
 Each Registered Security shall be dated the date of its authentication. Each Bearer Security shall be dated the date of its
authentication or as provided in the Securities Resolution. 
  
 Securities may have notations, legends or endorsements required by law, stock exchange rule, agreement or usage, which shall be provided to the Trustee in writing by the Company. 
  

 5 

 In the event Securities are issued in electronic or other uncertificated form, such Securities may be
validly issued without the signatures or seal contemplated by this Section 2.02. 
  
 SECTION 2.03 Securities Agents. 
  
 The Company shall maintain an office or agency where Securities may be authenticated (“Registrar”), where Securities may be presented for
registration of transfer or for exchange (“Transfer Agent”) and where Securities may be presented for payment (“Paying Agent”). Whenever the Company must issue or deliver Securities pursuant to this Indenture, the Registrar shall
authenticate the Securities at the Company’s request. The Transfer Agent shall keep a register of the Securities and of their transfer and exchange. 
  
 The Trustee shall be, and is hereby appointed as, the Registrar. The Company may appoint more than one Transfer Agent or Paying Agent for a series. The
Company shall notify the Trustee of the name and address of any Agent not a party to this Indenture. If the Company fails to maintain a Transfer Agent or Paying Agent for a series, the Trustee shall act as such. 
  
 SECTION 2.04 Bearer Securities. 
  
 U.S. laws and Treasury Regulations restrict sales or exchanges of and
payments on Bearer Securities. Therefore, except as provided below: 
  

	 	(1)	Bearer Securities will be offered, sold and delivered only outside the United States and will be delivered only upon presentation of a certificate in a form prescribed by the
Company to comply with U.S. laws and regulations. 

  

	 	(2)	Bearer Securities will not be issued in exchange for Registered Securities. 

  

	 	(3)	All payments of principal and interest (including original issue discount) on Bearer Securities will be made outside the United States by a Paying Agent located outside the United
States unless the Company determines that: 

  

	 	(A)	such payments may not be made by such Paying Agent because the payments are illegal or prevented by exchange controls as described in Treasury Regulation section 1.163-5(c)(2)(v);
and 

  

	 	(B)	making the payments in the United States would not have an adverse tax effect on the Company. 

  
 If there is a change in the relevant provisions of U.S. laws or Treasury Regulations or the judicial or administrative
interpretation thereof, a restriction set forth in paragraph (1), (2) or (3) above will not apply to a series if the Company determines that the relevant provisions no longer apply to the series or that failure to comply with the relevant provisions
would not have an adverse tax effect on the Company or on Securityholders or cause the series to be treated as “registration-required” obligations under U.S. law. 
  
 The Company shall notify the Trustee in writing of any determinations by the Company under this Section. 
  

 6 

 “Treasury Regulations” means regulations of the U.S. Treasury Department under the Internal
Revenue Code of 1986, as amended. 
  
 SECTION
2.05 Paying Agent to Hold Money in Trust. 
  
 The Company shall
require each Paying Agent for a series other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of the persons entitled thereto all money held by the Paying Agent for the payment of principal of or interest
on the series, and will notify the Trustee in writing of any default by the Company in making any such payment. 
  
 While any such default continues, the Trustee may require a Paying Agent to pay all money so held by it to the Trustee. The Company at any time may
require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent shall have no further liability for the money. 
  
 If the Company or an Affiliate acts as Paying Agent for a series, it shall segregate and hold as a separate trust fund all
money held by it as Paying Agent for the series. 
  
 SECTION 2.06 Securityholder Lists. 
  
 The Trustee shall
preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders. If the Trustee is not the Transfer Agent, the Company shall furnish to the Trustee semiannually and at
such other times as the Trustee may request a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders of Registered Securities and Holders of Bearer Securities whose names are on the list
referred to below. 
  
 The Transfer Agent shall keep a list of the
names and addresses of Holders of Bearer Securities who file a request to be included on such list. A request will remain in effect for two years but successive requests may be made. 
  
 Whenever the Company or the Trustee is required to mail a notice to all Holders of Registered Securities of a series, it
also shall mail the notice to Holders of Bearer Securities of the series whose names are on the list, if any. 
  
 Whenever the Company is required to publish a notice to all Holders of Bearer Securities of a series, it also shall mail the notice to such of them whose
names are on the list, if any. 
  
 SECTION 2.07
Transfer and Exchange. 
  
 Where Registered Securities of a
series are presented to the Transfer Agent with a request to register a transfer or to exchange them for an equal principal amount of Registered Securities of other denominations of the series, the Transfer Agent shall register the transfer or make
the exchange if its requirements for such transactions are met. Where Bearer Securities of a series are presented to the Transfer Agent with a request to exchange them for an equal principal amount of Bearer Securities of other denominations of the
series, the Transfer Agent shall make the exchange if its requirements for such transactions are met. 
  

 7 

 The Transfer Agent may require a Holder to pay a sum sufficient to cover any taxes imposed on a transfer
or exchange. 
  
 If a series provides for Registered and Bearer
Securities and for their exchange, Bearer Securities may be exchanged for Registered Securities and Registered Securities may be exchanged for Bearer Securities as provided in the Securities or the Securities Resolution establishing the series if
the requirements of the Transfer Agent for such transactions are met and if Section 2.04 permits the exchange. 
  
 SECTION 2.08 Replacement Securities. 
  
 If the Holder of a Security or coupon claims that it has been lost, destroyed or wrongfully taken, then, in the absence of notice to the Company or the
Trustee that the Security or coupon has been acquired by a bona fide purchaser, the Company shall issue a replacement Security or coupon if the Company and the Trustee receive: 
  

	 	(1)	evidence satisfactory to them of the loss, destruction or taking; 

  

	 	(2)	an indemnity bond satisfactory to them; and 

  

	 	(3)	payment of a sum sufficient to cover their expenses and any taxes for replacing the Security or coupon. 

  
 A replacement Security shall have coupons attached corresponding to those, if any, on the replaced Security. 
  
 Every replacement Security or coupon is an additional obligation of the
Company. 
  
 SECTION 2.09 Outstanding Securities.

  
 The Securities outstanding at any time are all the Securities
authenticated by the Registrar except for those canceled by it, those delivered to it for cancellation, and those described in this Section as not outstanding. 
  

If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding unless the Trustee and the Company receive proof satisfactory to them
that the replaced Security is held by a bona fide purchaser. 
  
 If Securities are considered paid under Section 4.01, they cease to be outstanding and interest on them ceases to accrue. 
  
 A Security does not cease to be outstanding because the Company or an Affiliate holds the Security. 
  
 SECTION 2.10 Discounted Securities. 
  
 In determining whether the Holders of the required principal amount of
Securities have concurred in any direction, waiver or consent, the principal amount of a Discounted Security shall be the amount of principal that would be due as of the date of such determination if payment of the Security were accelerated on that
date. 
  

 8 

 SECTION 2.11 Treasury Securities. 
  
 In determining whether the Holders of the required principal amount of
Securities have concurred in any direction, waiver or consent, Securities owned by the Company or an Affiliate shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction,
waiver or consent, only Securities for which the Trustee has received an Officers’ Certificate stating that such Securities are so owned shall be so disregarded. 
  
 SECTION 2.12 Global Securities. 
  
 If the Securities Resolution establishing a series so provides, the Company may issue some or all of the Securities of the
series in temporary or permanent global form. A global Security may be in registered form, in bearer form with or without coupons or in uncertificated form. A global Security shall represent that amount of Securities of a series as specified in the
global Security or as endorsed thereon from time to time. At the Company’s request, the Registrar shall endorse a global Security to reflect the amount of any increase or decrease in the Securities represented thereby. 
  
 The Company may issue a global Security only to a depositary designated by
the Company. A depositary may transfer a global Security only as a whole to its nominee or to a successor depositary. 
  
 The Securities Resolution may establish, among other things, the manner of paying principal and interest on a global Security and whether and upon what
terms a beneficial owner of an interest in a global Security may exchange such interest for definitive Securities. 
  
 The Company, an Affiliate, the Trustee and any Agent shall not be responsible for any acts or omissions of a depositary, for any depositary records of
beneficial ownership interests or for any transactions between the depositary and beneficial owners. 
  
 SECTION 2.13 Temporary Securities. 
  
 Until definitive Securities of a series are ready for delivery, the Company may use temporary Securities. Temporary Securities shall be substantially in
the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Temporary Securities may be in global form. Temporary Bearer Securities may have one or more coupons or no coupons. Without
unreasonable delay, the Company shall deliver definitive Securities in exchange for temporary Securities. 
  
 SECTION 2.14 Cancellation. 
  
 The Company at any time may deliver Securities to the Registrar for cancellation. The Transfer Agent and the Paying Agent shall forward to the Registrar
any Securities and coupons surrendered to them for payment, exchange or registration of transfer. The Registrar shall cancel 

  

 9 

 
all Securities or coupons surrendered for payment, registration of transfer, exchange or cancellation as follows: the Registrar will cancel all Registered
Securities and matured coupons. The Registrar also will cancel all Bearer Securities and unmatured coupons unless the Company requests the Registrar to hold the same for redelivery. Any Bearer Securities so held shall be considered delivered for
cancellation under Section 2.09. The Registrar shall destroy canceled Securities and coupons and deliver a certificate of cancellation thereof to the Company unless the Company otherwise directs. 
  
 Unless the Securities Resolution establishing a series otherwise provides,
the Company may not issue new Securities to replace Securities that the Company has paid or that the Company has delivered to the Registrar for cancellation. 
  
 SECTION 2.15 Defaulted Interest. 
  
 If the Company defaults in a payment of interest on Registered Securities, it need not pay the defaulted interest to Holders on the regular record date.
The Company may fix a special record date for determining Holders entitled to receive defaulted interest or the Company may pay defaulted interest in any other lawful manner. 
  
 ARTICLE 3 - REDEMPTION 
  
 SECTION 3.01 Notices to Trustee. 
  
 Securities of a series that are redeemable before maturity shall be redeemable in accordance with their terms and, unless the Securities Resolution
establishing the series otherwise provides, in accordance with this Article. 
  
 In the case of a redemption by the Company, the Company shall notify the Trustee of the redemption date and the principal amount of Securities to be redeemed. The Company shall notify the Trustee at least 35 days
before the redemption date unless a shorter notice is satisfactory to the Trustee. 
  
 If the Company is required to redeem Securities, it may reduce the principal amount of Securities required to be redeemed to the extent it is permitted a credit by the terms of the Securities and it notifies the
Trustee of the amount of the credit and the basis for it. If the reduction is based on a credit for acquired or redeemed Securities that the Company has not previously delivered to the Registrar for cancellation, the Company shall deliver the
Securities at the same time as the notice. 
  
 SECTION 3.02 Selection of Securities to Be Redeemed. 
  
 If less than all the Securities of a series are to be redeemed, the Trustee shall select the Securities to be redeemed pro rata or by any other method the Trustee considers fair and appropriate, unless the Company otherwise directs in
writing. The Trustee shall make the selection from Securities of the series outstanding not previously called for redemption. The Trustee may select for redemption portions of the principal of Securities having denominations 

  

 10 

 
larger than the minimum denomination for the series. Securities and portions thereof selected for redemption shall be in amounts equal to the minimum
denomination for the series or an integral multiple thereof. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. 
  
 SECTION 3.03 Notice of Redemption. 
  
 At least 30 days but not more than 60 days before a redemption date, or
within such other period as may be specified in the Securities Resolution creating the series of Securities to be redeemed, the Company shall mail a notice of redemption by first-class mail to each Holder of Registered Securities whose Securities
are to be redeemed. 
  
 If Bearer Securities are to be redeemed,
the Company shall publish a notice of redemption in an Authorized Newspaper as provided in the Securities. 
  
 A notice shall identify the Securities of the series to be redeemed and shall state: 
  

	 	(1)	the redemption date; 

  

	 	(2)	the redemption price; 

  

	 	(3)	the name and address of the Paying Agent; 

  

	 	(4)	that Securities called for redemption, together with all coupons, if any, maturing after the redemption date, must be surrendered to the Paying Agent to collect the redemption
price; 

  

	 	(5)	that interest on Securities called for redemption ceases to accrue on and after the redemption date; 

  

	 	(6)	whether the redemption by the Company is mandatory or optional; and 

  

	 	(7)	whether the redemption is conditional as provided in Section 3.04, the terms of the condition, and that, if the condition is not satisfied or is not waived by the Company, the
Securities will not be redeemed and such a failure to redeem will not constitute an Event of Default. 

  
 A redemption notice given by publication need not identify Registered Securities to be redeemed. 
  
 At the Company’s request, the Trustee shall give the notice of
redemption in the Company’s name and at its expense. 
  
 SECTION 3.04 Effect of Notice of Redemption. 
  
 Except as provided below, once notice of redemption is given, Securities called for redemption become due and payable on the redemption date at the redemption price stated in the notice. 
  

 11 

 A notice of redemption may provide that it is subject to the occurrence of any event before the date
fixed for such redemption as described in such notice (“Conditional Redemption”) and such notice of Conditional Redemption shall be of no effect unless all such conditions to the redemption have occurred on or before such date or have been
waived by the Company. 
  
 SECTION 3.05 Payment
of Redemption Price. 
  
 On or before the redemption date, the
Company shall deposit with the Paying Agent money sufficient to pay the redemption price of and accrued interest on all Securities to be redeemed on that date. 
  

When the Holder of a Security surrenders it for redemption in accordance with the redemption notice, the Company shall pay to the Holder on the
redemption date the redemption price and accrued interest to such date, except that: 
  

	 	(1)	the Company will pay any such interest (except defaulted interest) to Holders on the record date of Registered Securities if the redemption date occurs on an interest payment date;
and 

  

	 	(2)	the Company will pay any such interest to Holders of coupons that mature on or before the redemption date upon surrender of such coupons to the Paying Agent.

  
 Coupons maturing after the redemption date on a
called Security are void absent a payment default on that date. Nevertheless, if a Holder surrenders for redemption a Bearer Security missing any such coupons, the Company may deduct the face amount of such coupons from the redemption price. If
thereafter the Holder surrenders to the Paying Agent the missing coupons, the Company will return the amount so deducted. The Company also may waive surrender of the missing coupons if it receives an indemnity bond satisfactory to the Company.

  
 SECTION 3.06 Securities Redeemed in Part.

  
 Upon surrender of a Security that is redeemed in part, the
Company shall deliver to the Holder a new Security of the same series equal in principal amount to the unredeemed portion of the Security surrendered. 
  
 ARTICLE 4 - COVENANTS 
  
 SECTION 4.01 Payment of Securities. 
  
 The Company shall pay the principal of and interest on a series in accordance with the terms of the Securities for the series, any related coupons, and
this Indenture. On each payment date, the Company shall have deposited with the Paying Agent in funds which are then immediately available money sufficient to pay all principal and interest then due on the series. Principal and interest on a series
shall be considered paid on the date due if the Paying Agent for the series holds on that date money sufficient to pay all principal and interest then due on the series. 
  

 17 

 SECTION 4.02 Overdue Interest. 
  
 Unless the Securities Resolution establishing a series otherwise provides,
the Company shall pay interest on overdue principal of a Security of a series at the rate (or Yield to Maturity in the case of a Discounted Security) borne by the series; it shall pay interest on overdue installments of interest at the same rate or
Yield to Maturity to the extent lawful. 
  
 SECTION 4.03 No Lien Created, etc. 
  
 This Indenture
and the Securities do not create a Lien, charge or encumbrance on any property of the Company or any Subsidiary. 
  
 SECTION 4.04 Compliance Certificate. 
  
 The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, a brief certificate signed by the principal
executive officer, principal financial officer or principal accounting officer of the Company, as to the signer’s knowledge of the Company’s compliance with all conditions and covenants under this Indenture (determined without regard to
any period of grace or requirement of notice provided herein). 
  
 Any other obligor on the Securities also shall deliver to the Trustee such a certificate similarly signed as to its compliance with this Indenture within 120 days after the end of each of its fiscal years. 
  
 The certificates need not comply with Section 10.04. 
  
 SECTION 4.05 SEC Reports. 
  
 The Company shall provide to the Trustee, within 15 days after the Company
is required to file the same with the SEC, copies of the annual reports and of the information, documents, and other reports (or such portions of the foregoing as the SEC may prescribe) which the Company is required to file with the SEC pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934. 
  
 Any other obligor on the Securities shall do likewise as to the above items which it is required to file with the SEC pursuant to those Sections. 
  
 SECTION 4.06 Certain Definitions. 
  
 “Permitted Encumbrances” means any of the following: 
  

	 	(1)	Liens of taxes, assessments or governmental charges for the then current year and taxes, assessments or governmental charges not then delinquent; Liens for workers’
compensation awards and similar obligations not then delinquent; mechanics’, laborers’, materialmen’s and similar Liens not then delinquent; and any of such Liens, whether or not delinquent, whose validity is at the time being
contested in good faith by the Company or any Subsidiary; 

  

 13 

	 	(2)	Liens and charges incidental to construction or current operations which have not at the time been filed or asserted or the payment of which has been adequately secured or which, in
the opinion of counsel, are not material in amount; 

  

	 	(3)	Liens, securing obligations neither assumed by the Company or any Subsidiary nor on account of which any of them customarily pays interest directly or indirectly, existing, either
at the date hereof, or, as to property hereafter acquired, at the time of acquisition by the Company or a Subsidiary; 

  

	 	(4)	Any right which any municipal or governmental body or agency may have by virtue of any franchise, license, contract or statute to purchase, or designate a purchaser of or order the
sale of, any property of the Company or any Subsidiary upon payment of reasonable compensation therefor, or to terminate any franchise, license or other rights or to regulate the property and business of the Company or any Subsidiary;

  

	 	(5)	The Lien of judgments covered by insurance, or upon appeal and covered, if necessary, by the filing of an appeal bond, or if not so covered not exceeding at any one time $10,000,000
in aggregate amount; 

  

	 	(6)	Easements or reservations in respect of any property of the Company or any Subsidiary for the purpose of roads, pipelines, utility transmission and distribution lines or other
rights-of-way and similar purposes, zoning ordinances, regulations, reservations, restrictions, covenants, party wall agreements, conditions of record and other encumbrances (other than to secure the payment of money), none of which, in the opinion
of counsel, are such as to interfere with the proper operation and development of the property affected thereby in the business of the Company and its Subsidiaries for the use intended; 

  

	 	(7)	Any Lien or encumbrance, moneys sufficient for the discharge of which have been deposited in trust with the Trustee hereunder or with the trustee or mortgagee under the instrument
evidencing such Lien or encumbrance, with irrevocable authority to the Trustee hereunder or to such other trustee or mortgagee to apply such moneys to the discharge of such Lien or encumbrance to the extent required for such purpose;

  

	 	(8)	Any defects of title and any terms, conditions, agreements, covenants, exceptions and reservations expressed or provided in deeds or other instruments, respectively, under and by
virtue of which the Company or any Subsidiary has acquired any property or shall hereafter acquire any property, none of which, in the opinion of counsel, materially adversely affects the operation of the properties of the Company and its
Subsidiaries, taken as a whole; 

  

	 	(9)	 The pledge of cash or marketable securities for the purpose of obtaining any indemnity, performance or other similar bonds in the ordinary course of business,

  

 14 

	 	 
or as security for the payment of taxes or other assessments being contested in good faith, or for the purpose of obtaining a stay or discharge in the course
of any legal proceedings; 

  

	 	(10)	The pledge or assignment in the ordinary course of business of electricity, gas (either natural or artificial), steam, water or other utility accounts receivable or customers’
installment paper; 

  

	 	(11)	Rights reserved to or vested in others to take or receive any part of the electricity, gas (either natural or artificial), steam, water or other utility products or any by-products
thereof generated or produced by or from any properties of the Company or with respect to any other rights concerning electricity, gas (either natural or artificial), steam, water or other utility product supply, transportation, or storage which are
in use in the ordinary course of the electricity, gas (either natural or artificial), steam, water or other utility business; 

  

	 	(12)	Any landlord’s Lien; 

  

	 	(13)	Liens created or assumed by the Company or a Subsidiary in connection with the issuance of debt securities, the interest on which is excludable from the gross income of the holders
of such securities pursuant to Section 103 of the Internal Revenue Code of 1986, or any successor section, for purposes of financing, in whole or in part, the acquisition or construction of property to be used by the Company or a Subsidiary, but
such Liens shall be limited to the property so financed (and the real estate on which such property is to be located); 

  

	 	(14)	Liens incurred pursuant to Section 7.06; 

  

	 	(15)	Liens affixing to property of the Company or a Subsidiary at the time a Person consolidates with or merges into, or transfers all or substantially all of its property to, the
Company or a Subsidiary, provided that in the opinion of the Board or Company management (evidenced by a certified Board resolution or an Officers’ Certificate delivered to the Trustee) the property acquired pursuant to the consolidation,
merger or asset transfer is adequate security for the Lien; and 

  

	 	(16)	Liens or encumbrances not otherwise permitted if, at the time of incurrence and after giving effect thereto, the aggregate of all obligations of the Company and its Subsidiaries
secured thereby does not exceed 15% of Total Assets. 

  
 “Person” means any individual, partnership, joint venture, firm, corporation, association, trust, limited liability company or other enterprise (whether or not incorporated), or any government or political subdivision or any
agency, department or instrumentality thereof. 
  
 “Total
Assets” means all assets of the Company as shown on its most recent quarterly or annual consolidated balance sheet, as determined in accordance with generally accepted accounting principles in the United States applied on a consistent basis.

  

 15 

 SECTION 4.07 Limitations on Liens. 
  
 So long as there remain outstanding any Securities of any series to which
this Section 4.07 applies under the terms of the series, the Company will not, and will not permit any Subsidiary to, create or suffer to be created or to exist any Lien on any of its properties or assets now owned or hereafter acquired to secure
any indebtedness, without making effective provision whereby the Securities of such series shall be equally and ratably secured with any and all such indebtedness and with any other indebtedness similarly entitled to be equally and ratably secured.
However, this restriction shall not apply to or prevent the creation or existence of: 
  

	 	(1)	Liens on property existing at the time of acquisition or construction of such property (or created within one year after completion of such acquisition or construction), whether by
purchase, merger, construction or otherwise (or on the property of a Subsidiary at the date it became a Subsidiary), or to secure the payment of all or any part of the purchase price or construction cost thereof, including the extension of any such
Liens to repairs, renewals, replacements, substitutions, betterments, additions, extensions and improvements then or thereafter made on the property subject thereto; 

  

	 	(2)	any extensions, renewals or replacements (or successive extensions, renewals or replacements), in whole or in part of Liens permitted by the foregoing clause (1);

  

	 	(3)	the pledge of any bonds or other securities at any time issued under any of the Liens permitted by clauses (1) or (2); or 

  

	 	(4)	Permitted Encumbrances. 

  
 Further, this restriction shall not apply to or prevent the creation or existence of leases made, or existing on property acquired, in the ordinary
course of business. 
  
 ARTICLE 5 - SUCCESSORS 
  
 SECTION 5.01 When Company May Merge, etc. 
  
 Unless the Securities Resolution establishing a series otherwise provides,
the Company shall not consolidate with or merge into any Person in any transaction in which the Company is not the survivor, or transfer all or substantially all of its property to any Person, unless: 
  

	 	(1)	the Person is organized under the laws of the United States or a State thereof; 

  

	 	(2)	the Person assumes by supplemental indenture all the obligations of the Company under this Indenture, the Securities and any coupons; 

  

	 	(3)	all required approvals of any regulatory body having jurisdiction over the transaction shall have been obtained; 

  

 16 

	 	(4)	immediately after the transaction no Default exists; and 

  

	 	(5)	the Company provides an Officers’ Certificate and an Opinion of Counsel to the effect that all the provisions in this Section 5.01 have been complied with.

  
 The successor shall be substituted for the
Company, and thereafter all obligations of the Company under this Indenture, the Securities and any coupons shall terminate. 
  
 ARTICLE 6 - DEFAULTS AND REMEDIES 
  
 SECTION 6.01 Events of Default. 
  
 Unless the Securities Resolution establishing a series otherwise provides, an “Event of Default” on the series so established occurs if:

  

	 	(1)	the Company defaults in any payment of interest on any Securities of the series when the same becomes due and payable and the Default continues for a period of 60 days;

  

	 	(2)	the Company defaults in the payment of the principal of any Securities of the series when the same becomes due and payable at maturity or upon redemption, acceleration or otherwise;

  

	 	(3)	the Company defaults in the payment or satisfaction of any sinking fund obligation with respect to any Securities of the series as required by the Securities Resolution establishing
such series and the Default continues for a period of 60 days; 

  

	 	(4)	the Company defaults in the performance of any of its other agreements applicable to the series and the Default continues for 90 days after the notice specified below;

  

	 	(5)	the Company pursuant to or within the meaning of any Bankruptcy Law: 

  

	 	(A)	commences a voluntary case, 

  

	 	(B)	consents to the entry of an order for relief against it in an involuntary case, 

  

	 	(C)	consents to the appointment of a Custodian for it or for all or substantially all of its property, or 

  

	 	(D)	makes a general assignment for the benefit of its creditors; 

  

	 	(6)	a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

  

	 	(A)	is for relief against the Company in an involuntary case, 

  

 17 

	 	(B)	appoints a Custodian for the Company or for all or substantially all of its property, or 

  

	 	(C)	orders the liquidation of the Company, 

  
 and the order or decree remains unstayed and in effect for 60 days; or 
  

	 	(7)	there occurs any other Event of Default provided for in the series. 

  
 The term “Bankruptcy Law” means Title 11, U.S. Code or any similar Federal or State law for the relief of debtors. The term
“Custodian” means any receiver, trustee, assignee, liquidator or a similar official under any Bankruptcy Law. 
  
 A Default under clause (4) is not an Event of Default until the Trustee or the Holders of at least 25% in principal amount of the series notify the
Company of the Default and the Company does not cure the Default within the time specified after receipt of the notice. The notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” If
Holders notify the Company of a Default, they shall notify the Trustee at the same time. 
  
 Unless the Securities Resolution establishing a series provides otherwise, a Default on a series of Securities issued under this Indenture does not constitute a Default on any other series of Securities issued under
this Indenture. 
  
 The failure to redeem any Security subject to
a Conditional Redemption is not an Event of Default if any event on which such redemption is so conditioned does not occur and is not waived before the scheduled redemption date. 
  
 SECTION 6.02 Acceleration. 
  
 If an Event of Default occurs and is continuing on a series, the Trustee by notice to the Company, or the Holders of at
least 25% in principal amount of the series by notice to the Company and the Trustee, may declare the principal of and accrued interest on all the Securities of the series to be due and payable immediately. Discounted Securities may provide that the
amount of principal due upon acceleration is less than the stated principal amount. 
  
 The Holders of a majority in principal amount of the series by notice to the Trustee may rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all
existing Events of Default on the series have been cured or waived except nonpayment of principal or interest that has become due solely because of the acceleration. 
  
 SECTION 6.03 Other Remedies. 
  
 If an Event of Default occurs and is continuing on a series, the Trustee may pursue any available remedy to collect
principal or interest then due on the series, to enforce the performance of any provision applicable to the series, or otherwise to protect the rights of the Trustee and Holders of the series. 
  

 18 

 The Trustee may maintain a proceeding even if it does not possess any of the Securities or coupons or
does not produce any of them in the proceeding. A delay or omission by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or
acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 
  
 SECTION 6.04 Waiver of Past Defaults. 
  
 The Holders of a majority in principal amount of a series by notice to the Trustee may waive an existing Default on the series and its consequences
except: 
  

	 	(1)	a Default in the payment of the principal of or interest on the series, or 

  

	 	(2)	a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Securityholder affected. 

  
 SECTION 6.05 Control by Majority. 
  
 The Holders of a majority in principal amount of a series may direct the
time, method and place of conducting any proceeding for any remedy available to the Trustee, or of exercising any trust or power conferred on the Trustee, with respect to the series. However, the Trustee may refuse to follow any direction that
conflicts with law or this Indenture. 
  
 SECTION
6.06 Limitation on Suits. 
  
 A Securityholder of a series may
pursue a remedy with respect to the series only if: 
  

	 	(1)	the Holder gives to the Trustee notice of a continuing Event of Default on the series; 

  

	 	(2)	the Holders of at least 25% in principal amount of the series make a request to the Trustee to pursue the remedy; 

  

	 	(3)	such Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense; 

  

	 	(4)	the Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and 

  

	 	(5)	during such 60-day period the Holders of a majority in principal amount of the series do not give the Trustee a direction inconsistent with such request. 

 
 A Securityholder may not use this Indenture to prejudice the rights of
another Securityholder or to obtain a preference or priority over another Securityholder. 
  
 SECTION 6.07 Collection Suit by Trustee. 
  
 If an Event of Default in payment of interest, principal or sinking fund obligation specified in Section 6.01(1), (2) or (3) occurs and is continuing on a
series, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal and interest remaining unpaid on the series. 
  

 19 

 SECTION 6.08 Priorities. 
  
 If the Trustee collects any money for a series pursuant to this Article, it shall pay out the money in the following order:

  
 First: to the Trustee for amounts due under Section 7.06;

  
 Second: to Securityholders of the series for amounts due and
unpaid for principal and interest, ratably, without preference or priority of any kind, according to the amounts due and payable for principal and interest, respectively; and 
  
 Third: to the Company. 
  
 The Trustee may fix a payment date for any payment to Securityholders. 
  
 ARTICLE 7 - TRUSTEE 
  
 SECTION 7.01 Rights of Trustee. 
  

	 	(1)	The Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter
stated in the document. 

  

	 	(2)	Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or
omits to take in good faith in reliance on the Certificate or Opinion. 

  

	 	(3)	The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 

  

	 	(4)	The Trustee shall not be liable for any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05.

  

	 	(5)	The Trustee may refuse to perform any duty or exercise any right or power which it reasonably believes may expose it to any loss, liability or expense unless it receives indemnity
satisfactory to it against such loss, liability or expense. 

  

	 	(6)	The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree with the Company. Money held in trust by the Trustee need not be segregated
from other funds except to the extent required by law. 

  

	 	(7)	The Trustee shall have no duty with respect to a Default unless a Trust Officer has received written notice of such Default. 

  

 20 

	 	(8)	The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized and within its powers. 

  

	 	(9)	Any Agent shall have the same rights and be protected to the same extent as if it were Trustee. 

  
 SECTION 7.02 Individual Rights of Trustee. 
  
 The Trustee in its individual or any other capacity may become the owner or pledgee of Securities or coupons and may
otherwise deal with the Company or an Affiliate with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. 
  
 SECTION 7.03 Trustee’s Disclaimer. 
  
 The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities or any coupons; it shall not be accountable for the
Company’s use of the proceeds from the Securities; it shall not be responsible for any statement in the Securities or any coupons; it shall not be responsible for any overissue; it shall not be responsible for determining whether the form and
terms of any Securities or coupons were established in conformity with this Indenture; and it shall not be responsible for determining whether any Securities were issued in accordance with this Indenture. 
  
 SECTION 7.04 Notice of Defaults. 
  
 If a Default occurs and is continuing on a series and if it is known to the
Trustee, the Trustee shall mail a notice of the Default within 90 days after it occurs to Holders of Registered Securities of the series. Except in the case of a Default in payment on a series, the Trustee may withhold the notice if and so long as a
committee of its Trust Officers in good faith determines that withholding the notice is in the interest of Holders of the series. The Trustee shall withhold notice of a Default described in Section 6.01(4) until at least 90 days after it occurs.

  
 SECTION 7.05 Reports by Trustee to Holders.

  
 Any report required by TIA Section 313(a) to be mailed to
Securityholders shall be mailed by the Trustee on or before July 15 of each year. 
  
 A copy of each report at the time of its mailing to Securityholders shall be filed with the SEC and each stock exchange on which any Securities are listed. The Company shall notify the Trustee when any Securities are
listed on a stock exchange. 
  
 SECTION 7.06
Compensation and Indemnity. 
  
 The Company shall pay to the
Trustee from time to time reasonable compensation for its services. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all
reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel. 
  

 21 

 The Company shall indemnify the Trustee (including its officers, directors and employees) against any
loss or liability incurred by it. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel
and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent. 
  
 The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee through negligence, bad faith or willful
misconduct. 
  
 To secure the Company’s payment obligations
in this Section, the Trustee shall have a Lien prior to the Securities and any coupons on all money or property held or collected by the Trustee, except that held in trust to pay principal or interest on particular Securities. 
  
 When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 6.01(5) or (6) occurs, such expenses and the compensation for such services are intended to constitute expenses of administration under any Bankruptcy Law. 
  
 The provisions of this Section shall survive any termination or discharge of this Indenture (including without limitation
any termination under any Bankruptcy Law) and the resignation or removal of the Trustee. 
  
 SECTION 7.07 Replacement of Trustee. 
  
 A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of
appointment as provided in this Section. 
  
 The Trustee may
resign by so notifying the Company. The Holders of a majority in principal amount of the Securities may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee with the Company’s consent. 
  
 The Company may remove the Trustee if: 
  

	 	(1)	the Trustee fails to comply with TIA Section 310(a) or TIA Section 310(b) or with Section 7.09; 

  

	 	(2)	the Trustee is adjudged a bankrupt or an insolvent; 

  

	 	(3)	a Custodian or other public officer takes charge of the Trustee or its property; 

  

	 	(4)	the Trustee becomes incapable of acting; or 

  

	 	(5)	an event of the kind described in Section 6.01(5) or (6) occurs with respect to the Trustee. 

  

 22 

 The Company also may remove the Trustee with or without cause if the Company so notifies the Trustee
three months in advance and if no Default occurs or is continuing during the three-month period. 
  
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor
Trustee. 
  
 If a successor Trustee does not take office within 30
days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of a majority in principal amount of the Securities may petition any court of competent jurisdiction for the appointment of a successor Trustee.

  
 If the Trustee fails to comply with TIA Section 310(a) or TIA
Section 310(b) or with Section 7.09, any Securityholder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.
Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its
succession to Holders of Registered Securities. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. 
  
 SECTION 7.08 Successor Trustee by Merger, etc. 

 
 If the Trustee consolidates, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee. 
  
 SECTION 7.09 Trustee’s Capital and Surplus. 
  
 The Trustee at all times shall have a combined capital and surplus of at least $10,000,000 as set forth in its most recent
published report of condition. 
  
 ARTICLE 8 - DISCHARGE OF
INDENTURE 
  
 SECTION 8.01 Defeasance.

  
 Securities of a series may be defeased in accordance with
their terms and, unless the Securities Resolution establishing the series otherwise provides, in accordance with this Article. 
  
 The Company at any time may terminate as to a series all of its obligations under this Indenture, the Securities of a series and any related coupons
(“legal defeasance option”). The Company at any time may terminate as to a series its obligations, if any, under Section 4.07 and any other restrictive covenants which may be applicable to a particular series (“covenant defeasance
option”). However, in the case of the legal defeasance option, the Company’s 

  

 23 

 
obligations in Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.08, 7.06, 7.07 and 8.04 shall survive until the Securities of the series are no longer outstanding;
thereafter the Company’s obligations in Section 7.06 shall survive. 
  
 The Company may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option. If the Company exercises its legal defeasance option, a series may not be accelerated because
of an Event of Default. If the Company exercises its covenant defeasance option, a series may not be accelerated by reference to Section 4.07 or any other restrictive covenants which may be applicable to a particular series so defeased under the
terms of the series. 
  
 The Trustee upon request shall
acknowledge in writing the discharge of those obligations that the Company terminates. 
  
 SECTION 8.02 Conditions to Defeasance. 
  
 The Company may exercise as to a series its legal defeasance option or its covenant defeasance option if: 
  

	 	(1)	the Company irrevocably deposits in trust with the Trustee or another trustee money or U.S. Government Obligations; 

  

	 	(2)	the Company delivers to the Trustee a certificate from a nationally recognized firm of independent accountants expressing their opinion that the payments of principal and interest
when due on the deposited U.S. Government Obligations without reinvestment plus any deposited money without investment will provide cash at such times and in such amounts as will be sufficient to pay principal and interest when due on all the
Securities of the series to maturity or redemption, as the case may be; 

  

	 	(3)	immediately after the deposit no Default exists; 

  

	 	(4)	the deposit does not constitute a default under any other agreement binding on the Company; 

  

	 	(5)	the deposit does not cause the Trustee to have a conflicting interest under TIA Section 310(a) or TIA Section 310(b) as to another series; 

  

	 	(6)	the Company delivers to the Trustee an Opinion of Counsel to the effect that Holders of the series will not recognize income, gain or loss for Federal income tax purposes as a
result of the defeasance; and 

  

	 	(7)	91 days pass after the deposit is made and during the 91-day period no Default specified in Section 6.01(5) or (6) occurs that is continuing at the end of the period.

  
 Before or after a deposit the Company may make
arrangements satisfactory to the Trustee for the redemption of Securities at a future date in accordance with Article 3. 
  

 24 

 “U.S. Government Obligations” means securities which are direct obligations of (i) the United
States or (ii) an agency or instrumentality of the United States, the payment of which is unconditionally guaranteed by the United States, which, in either case, have the full faith and credit of the United States pledged for payment and are not
callable at the issuer’s option, or certificates representing an ownership interest in such obligations. 
  
 SECTION 8.03 Application of Trust Money. 
  
 The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to Section 8.02. It shall apply the deposited money and
the money from U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal and interest on Securities of the defeased series. 
  
 SECTION 8.04 Repayment to Company. 
  
 The Trustee and the Paying Agent shall promptly turn over to the Company upon request any excess money or securities held by
them at any time. 
  
 The Trustee and the Paying Agent shall pay
to the Company upon request any money held by them for the payment of principal or interest that remains unclaimed for two years. After payment to the Company, Securityholders entitled to the money must look to the Company for payment as unsecured
general creditors unless an abandoned property law designates another person. 
  
 ARTICLE 9 - AMENDMENTS AND WAIVERS 
  
 SECTION 9.01 Without Consent of Holders. 
  
 The Company and the Trustee may amend this Indenture, the Securities or any coupons without the consent of any Securityholder: 
  

	 	(1)	to cure any ambiguity, omission, defect or inconsistency; 

  

	 	(2)	to comply with Article 5; 

  

	 	(3)	to provide that specific provisions of this Indenture shall not apply to a series not previously issued; 

  

	 	(4)	to create a series and establish its terms; 

  

	 	(5)	to provide for a separate Trustee for one or more series; or 

  

	 	(6)	to make any change that does not materially adversely affect the rights of any Securityholder. 

  

 25 

 SECTION 9.02 With Consent of Holders. 
  
 The Company and the Trustee may amend this Indenture, the Securities or any
coupons with the written consent of the Holders of a majority in principal amount of the Securities of all series affected by the amendment voting as one class. However, without the consent of each Securityholder affected, an amendment under this
Section may not: 
  

	 	(1)	reduce the amount of Securities whose Holders must consent to an amendment; 

  

	 	(2)	reduce the interest on or change the time for payment of interest on any Security; 

  

	 	(3)	change the fixed maturity of any Security; 

  

	 	(4)	reduce the principal of any non-Discounted Security or reduce the amount of principal of any Discounted Security that would be due upon an acceleration thereof;

  

	 	(5)	change the currency in which principal or interest on a Security is payable; or 

  

	 	(6)	make any change in Section 6.04 or 9.02, except to increase the amount of Securities whose Holders must consent to an amendment or waiver or to provide that other provisions of this
Indenture cannot be amended or waived without the consent of each Securityholder affected thereby. 

  
 An amendment of a provision included solely for the benefit of one or more series does not affect Securityholders of any other series. 
  
 Securityholders need not consent to the exact text of a proposed amendment or
waiver; it is sufficient if they consent to the substance thereof. 
  
 SECTION 9.03 Compliance with Trust Indenture Act. 
  
 Every amendment pursuant to Section 9.01 or 9.02 shall be set forth in a supplemental indenture that complies with the TIA as then in effect. 
  
 If a provision of the TIA requires or permits a provision of this Indenture and the TIA provision is amended, then the
Indenture provision shall be automatically amended to like effect. 
  
 SECTION 9.04 Effect of Consents. 
  
 An amendment or waiver becomes effective in accordance with its terms and thereafter binds every Securityholder entitled to consent to it. 
  
 A consent to an amendment or waiver by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security that
evidences the same debt as the consenting Holder’s Security. Any Holder or subsequent Holder may revoke the consent as to his Security if the Trustee receives notice of the revocation before the amendment or waiver becomes effective.

  

 26 

 The Company may fix a record date for the determination of Holders of Registered Securities entitled to
give a consent. The record date shall not be less than 10 nor more than 60 days prior to the first written solicitation of Securityholders. 
  
 SECTION 9.05 Notation on or Exchange of Securities. 
  
 The Company or the Trustee may place an appropriate notation about an amendment or waiver on any Security thereafter
authenticated. The Company may issue in exchange for affected Securities new Securities that reflect the amendment or waiver. 
  
 SECTION 9.06 Trustee Protected. 
  
 The Trustee need not sign any supplemental indenture that adversely affects its rights. The Trustee shall be entitled to receive, and shall be fully
protected in relying upon, an Opinion of Counsel and an Officers’ Certificate each stating that the execution of any amendment or supplement or waiver authorized pursuant to this Article is authorized or permitted by this Indenture, and that
such amendment or supplement or waiver constitutes the legal, valid and binding obligation of the Company. 
  
 ARTICLE 10 - MISCELLANEOUS 
  
 SECTION 10.01 Trust Indenture Act. 
  
 The provisions of TIA Sections 310 through 317 that impose duties on any person (including the provisions automatically deemed included herein unless
expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not expressly set forth herein. 
  
 If any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture by the TIA,
the required provision shall control. 
  
 SECTION
10.02 Notices. 
  
 Any notice by one party to another is duly
given if in writing and delivered in person, sent by facsimile transmission confirmed by mail or mailed by first-class mail to the other’s address shown below: 
  

 27 

	 	 	 Company:
	  	 Wisconsin Gas Company

	 	 	 	  	 231 West Michigan Street

	 	 	 	  	 P.O. Box 2046

	 	 	 	  	 Milwaukee, WI 53201

	 	 	 	  	 Attention: Corporate Secretary

			
	 	 	 Trustee:
	  	 U.S. Bank National Association

	 	 	 	  	 1555 N. RiverCenter Dr., Suite 301

	 	 	 	  	 Milwaukee, WI 53212

	 	 	 	  	 Attention: Corporate Trust Department

  
 A party by notice to
the other parties may designate additional or different addresses for subsequent notices. 
  
 Any notice mailed to a Securityholder shall be mailed to his address shown on the register kept by the Transfer Agent or on the list referred to in Section 2.06. Failure to mail a notice to a Securityholder or any
defect in a notice mailed to a Securityholder shall not affect the sufficiency of the notice mailed to other Securityholders or the sufficiency of any published notice. 
  
 If a notice is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the
addressee receives it. 
  
 If the Company mails a notice to
Securityholders, it shall mail a copy to the Trustee and each Agent at the same time. 
  
 If in the Company’s opinion it is impractical to mail a notice required to be mailed or to publish a notice required to be published, the Company may give such substitute notice as the Trustee approves. Failure
to publish a notice as required or any defect in it shall not affect the sufficiency of any mailed notice. 
  
 All notices shall be in the English language, except that any published notice may be in an official language of the country of publication. 

 
 A “notice” includes any communication required by this
Indenture. 
  
 SECTION 10.03 Certificate and
Opinion as to Conditions Precedent. 
  
 Upon any request or
application by the Company to the Trustee to take any action under this Indenture, the Company shall if so requested furnish to the Trustee: 
  

	 	(1)	an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been
complied with; and 

  

	 	(2)	an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 

  

 28 

 SECTION 10.04 Statements Required in Certificate or Opinion. 
  
 Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture shall include: 
  

	 	(1)	a statement that the person making such certificate or opinion has read such covenant or condition; 

  

	 	(2)	a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

  

	 	(3)	a statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such
covenant or condition has been complied with; and 

  

	 	(4)	a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with. 

  
 SECTION 10.05 Rules by Company and Agents. 
  
 The Company may make reasonable rules for action by or a meeting of
Securityholders. An Agent may make reasonable rules and set reasonable requirements for its functions. 
  
 SECTION 10.06 Legal Holidays. 
  
 A “Legal Holiday” is a Saturday, a Sunday or a day on which banking institutions are not required to be open. If a payment date is a Legal
Holiday at a place of payment, unless the Securities Resolution establishing a series otherwise provides with respect to Securities of the series, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no
interest shall accrue for the intervening period. 
  
 SECTION 10.07 No Recourse Against Others. 
  
 All
liability described in the Securities of any director, officer, employee or stockholder, as such, of the Company is waived and released. 
  
 SECTION 10.08 Duplicate Originals. 
  
 The parties may sign any number of copies of this Indenture. One signed copy is enough to prove this Indenture. 
  
 SECTION 10.09 Governing Law. 
  
 The laws of the State of Wisconsin shall govern this Indenture, the
Securities and any coupons, unless Federal law governs. 
  

 29 

 SIGNATURES 
  

	 Dated as of December 1, 2003
	 	 WISCONSIN GAS COMPANY

			
	 	 	 By:
	 	 /s/ Jeffrey West

	 	 	 	 	 Name:
	 	 Jeffrey West

	 	 	 	 	 Title:
	 	 Treasurer

		
	 Dated as of December 1, 2003
	 	 U.S. BANK NATIONAL ASSOCIATION

			
	 	 	 By:
	 	 /s/ Steven J. Peterson

	 	 	 	 	 Name:
	 	 Steven J. Peterson

	 	 	 	 	 Title:
	 	 Assistant Vice President

  

 30 

 EXHIBIT A 
  
 A Form of Registered Security 
  

	 No.                            
	 	 $                            

  
 WISCONSIN GAS COMPANY

 [Title of Security] 
  
 WISCONSIN GAS COMPANY 
  
 promises to pay to
                                       
                              
  
 or registered assigns 
 the principal sum of
                                       
                              Dollars 
 on             , 20     
  
 Interest Payment Dates:                      

Record Dates:
                                     
  

	 	  	Dated:	 	 
	 U.S. BANK NATIONAL ASSOCIATION
	  	 WISCONSIN GAS COMPANY

	 Transfer Agent and Paying Agent
	  	 
	 	  	 By
	 	  

	 	  	 	 	 (Title of Authorized Officer)

		
	 Authenticated:
	  	 (CORPORATE SEAL)

			
	 U.S. BANK NATIONAL ASSOCIATION
	  	 	 	 
	 Registrar, by
	  	 	 	 
	  

	  	

	 Authorized Signature
	  	 [Assistant] Secretary

  

 A-1 

 WISCONSIN GAS COMPANY 
 [Title of Security] 
  

	1.	Interest.(1) 

  
 Wisconsin Gas Company (the “Company”), a Wisconsin corporation, promises to pay interest on the principal amount of this Security at the rate
per annum shown above. The Company will pay interest semiannually on                      and
                     of each year commencing
                    , 20    . Interest on the Securities will accrue from the most recent date to which interest
has been paid or, if no interest has been paid, from                     , 20    . Interest will be computed on the
basis of a 360-day year of twelve 30-day months. 
  

	2.	Method of Payment.(2) 

  
 The Company will pay interest on the Securities to the persons who are registered holders of Securities at the close of business on the record date for
the next interest payment date, except as otherwise provided in the Indenture. Holders must surrender Securities to a Paying Agent to collect principal payments. The Company will pay principal and interest in money of the United States that at the
time of payment is legal tender for payment of public and private debts. The Company may pay principal and interest by check payable in such money. It may mail an interest check to a holder’s registered address. 
  

	3.	Securities Agents.(2A) 

  
 Initially, U.S. Bank National Association will act as Paying Agent, Transfer Agent and Registrar. The Company may change any Paying Agent or Transfer
Agent without notice. The Company or any Affiliate may act in any such capacity. Subject to certain conditions, the Company may change the Trustee. 
  

	4.	Indenture. 

  
 The Company issued the securities of this series (the “Securities”) under an Indenture dated as of December 1, 2003 (the “Indenture”) between the Company and U.S. Bank National Association (the
“Trustee”). The terms of the Securities include those stated in the Indenture and in the Securities Resolution establishing the Securities and those made part of the Indenture by the Trust Indenture Act of 1939 (15 U.S. Code Sections
77aaa-77bbbb). Securityholders are referred to the Indenture, the Securities Resolution and such Act for a statement of such terms. 
  

	5.	Optional Redemption.(3) 

  
 On or after                     ,
20    , the Company may redeem all the Securities at any time or some of them from time to time at the following redemption prices (expressed in percentages of principal amount), plus accrued interest to the redemption
date. 
  

 A-2 

 If redeemed during the 12-month period beginning
                    , 
  

	 Year
	  	 Percentage
	  	 Year
	  	 Percentage

  
 and thereafter at
100%. 
  

	6.	Mandatory Redemption.(4) 

  
 The Company will redeem $                    
principal amount of Securities on                      and on each
                     thereafter through
                     at a redemption price of 100% of principal amount, plus accrued interest to the redemption date.(5) The Company may
reduce the principal amount of Securities to be redeemed pursuant to this paragraph by subtracting 100% of the principal amount (excluding premium) of any Securities (i) that the Company has acquired or that the Company has redeemed other than
pursuant to this paragraph and (ii) that the Company has delivered to the Registrar for cancellation. The Company may so subtract the same Security only once. 
  

	7.	Additional Optional Redemption.(6) 

  
 In addition to redemptions pursuant to the above paragraph(s), the Company may redeem not more than
$             principal amount of Securities on                      and on
each              thereafter through              at a redemption price of 100% of principal amount, plus accrued
interest to the redemption date. 
  

	8.	Notice of Redemption.(7) 

  
 Notice of redemption will be mailed at least [30 days but not more than 60 days] before the redemption date to each holder of Securities to be redeemed at
such holder’s registered address. 
  
 A notice of redemption
may provide that it is subject to the occurrence of any event before the date fixed for such redemption as described in such notice (“Conditional Redemption”) and such notice of Conditional Redemption shall be of no effect unless all such
conditions to the redemption have occurred before such date or have been waived by the Company. 
  

	9.	Denominations, Transfer, Exchange. 

  
 The Securities are in registered form without coupons in denominations of $1,000(8) and whole multiples of $1,000. The transfer of Securities may be
registered and Securities may be exchanged as provided in the Indenture. The Transfer Agent may require a 
  

 A-3 

 
holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or the Indenture. The
Transfer Agent need not exchange or register the transfer of any Security or portion of a Security selected for redemption. Also, it need not exchange or register the transfer of any Securities for a period of 15 days before a selection of
Securities to be redeemed. 
  

	10.	Persons Deemed Owners. 

  
 The registered holder of a Security may be treated as its owner for all purposes. 
  

	11.	Amendments and Waivers. 

  
 Subject to certain exceptions, the Indenture or the Securities may be amended with the consent of the holders of a majority in principal amount of the
securities of all series affected by the amendment.(9) 
  
 Subject to certain exceptions, a default on a series may be waived with the consent of the holders of a majority in principal amount of the series. 
  
 Without the consent of any Securityholder, the Indenture or the Securities may be amended, among other things, to cure any ambiguity, omission, defect or
inconsistency; to provide for assumption of Company obligations to Securityholders; or to make any change that does not materially adversely affect the rights of any Securityholder. 
  

	12.	Restrictive Covenants.(10) 

  
 The Securities are unsecured general obligations of the Company [initially] limited to
$                     principal amount. [The Company may from time to time without notice to, or the consent of, the holders of the
Securities, create and issue further securities of the same series, equal in rank to the Securities in all respects (or in all respects except for the payment of interest accruing prior to the issue date of the new securities or except for the first
payment of interest following the issue date of the new securities) so that the new securities may be consolidated and form a single series with the Securities and have the same terms as to status, redemption or otherwise as the Securities.] The
Indenture does not limit other unsecured debt. Section 4.07 of the Indenture, which if applicable limits certain mortgages and other liens, [will] [will not] apply with respect to the Securities. [The limitations are subject to a number of important
qualifications and exceptions.] 
  

	13.	Successors. 

  
 When a successor assumes all the obligations of the Company under the Securities and the Indenture, the Company will be released from those obligations. 
  

	14.	Defeasance Prior to Redemption or Maturity.(11) 

  
 Subject to certain conditions, the Company at any time may terminate some or all of its obligations under the Securities and the Indenture if the Company
deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest 
  

 A-4 

 on the Securities to redemption or maturity. U.S. Government Obligations are securities backed by the
full faith and credit of the United States of America or certificates representing an ownership interest in such Obligations. 
  

	15.	Defaults and Remedies. 

  
 An Event of Default(12) includes: default for 60 days in payment of interest on the Securities; default in payment of principal on the Securities; default
for 60 days in the payment or satisfaction of any sinking fund obligation with respect to the Securities; default by the Company for a specified period after notice to it in the performance of any of its other agreements applicable to the
Securities; certain events of bankruptcy or insolvency; and any other Event of Default provided for in the series. If an Event of Default occurs and is continuing, the Trustee or the holders of at least 25% in principal amount of the Securities may
declare the principal(13) of all the Securities to be due and payable immediately. 
  
 Securityholders may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Securities. Subject to
certain limitations, holders of a majority in principal amount of the Securities may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Securityholders notice of any continuing default (except a default in
payment of principal or interest) if it determines that withholding notice is in their interests. The Company must furnish an annual compliance certificate to the Trustee. 
  

	16.	Trustee Dealings with Company. 

  
 U.S. Bank National Association, the Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and
perform services for the Company or its Affiliates, and may otherwise deal with those persons, as if it were not Trustee. 
  

	17.	No Recourse Against Others. 

  
 A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities
or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration
for the issue of the Securities. 
  

	18.	Authentication. 

  
 This Security shall not be valid until authenticated by a manual signature of the Registrar. 
  

	19.	Abbreviations. 

  
 Customary abbreviations may be used in the name of a Securityholder or an assignee, such as: TEN COM (=tenants in common), TEN ENT (=tenants by the
entirety), JT TEN 
  

 A-5 

 (=joint tenants with right of survivorship and not as tenants in common), CUST (=custodian), U/G/M/A
(=Uniform Gifts to Minors Act), and U/T/M/A (=Uniform Transfers to Minors Act). 
  
 The Company will furnish to any Securityholder upon written request and without charge a copy of the Indenture and the Securities Resolution[, which contains the text of this Security in larger type]. Requests may be made to: Corporate
Secretary, Wisconsin Gas Company, 231 West Michigan Street, P.O. Box 2046, Milwaukee, WI 53201. 
  

 A-6 

 EXHIBIT B 
  
 A Form of Bearer Security 
  

	 No.
                    
	 	$                    

  
 WISCONSIN GAS COMPANY

 [Title of Security] 
  
 WISCONSIN GAS COMPANY 
  
 promises to pay to
                                       
                                         

  
 or registered assigns 
 the principal sum of
                                       
                                      Dollars 
 on             , 20     
  

	 Interest Payment Dates: 
	  	  

	 Record Dates:
	  	  

  

	 	 	 	 	 	 	 Dated:

			
	 U.S. BANK NATIONAL ASSOCIATION
 Transfer Agent and Paying Agent
	 	 	 	 WISCONSIN GAS COMPANY

	 	 	 	 	 	 	 By
	 	  

	 	 	 	 	 	 	 	 	 (Title of Authorized Officer)

			
	 Authenticated:
	 	 	 	 (CORPORATE SEAL)

			
	 U.S. BANK NATIONAL ASSOCIATION
 Registrar, by
	 	 	 	 
			
	  

	 	 	 	  

	 Authorized Signature
	 	 	 	 [Assistant] Secretary

  

 B-1 

 WISCONSIN GAS COMPANY 
 [Title of Security] 
  

	1.	Interest.(1) 

  
 Wisconsin Gas Company (the “Company”), a Wisconsin corporation, promises to pay to bearer interest on the principal amount of this Security at
the rate per annum shown above. The Company will pay interest semiannually on
                                        
and
                                        
of each year commencing                     , 20    . Interest on the Securities will accrue from the most recent
date to which interest has been paid or, if no interest has been paid, from                     , 20    . Interest
will be computed on the basis of a 360-day year of twelve 30-day months. 
  

	2.	Method of Payment.(2) 

  
 Holders must surrender Securities and any coupons to a Paying Agent to collect principal and interest payments. The Company will pay principal and
interest in money of the United States that at the time of payment is legal tender for payment of public and private debts. The Company may pay principal and interest by check payable in such money. 
  

	3.	Securities Agents.(2A) 

  
 Initially, U.S. Bank National Association will act as Transfer Agent, Paying Agent and Registrar. The Company may change any Paying Agent or Transfer
Agent without notice. The Company or any Affiliate may act in any such capacity. Subject to certain conditions, the Company may change the Trustee. 
  

	4.	Indenture. 

  
 The Company issued the securities of this series (the “Securities”) under an Indenture dated as of December 1, 2003 (the “Indenture”) between the Company and U.S. Bank National Association (the
“Trustee”). The terms of the Securities include those stated in the Indenture and the Securities Resolution establishing the series and those made part of the Indenture by the Trust Indenture Act of 1939 (15 U.S. Code Sections
77aaa-77bbbb). Securityholders are referred to the Indenture, the Securities Resolution and such Act for a statement of such terms. 
  

	5.	Optional Redemption.(3) 

  
 On or after                     ,
20    , the Company may redeem all the Securities at any time or some of them from time to time at the following redemption prices (expressed in percentages of principal amount), plus accrued interest to the redemption
date. 
  

 B-2 

 If redeemed during the 12-month period beginning
            , 
  

	 Year
	 	Percentage	 	Year	  	Percentage

  
 and thereafter at
100%. 
  

	6.	Mandatory Redemption.(4) 

  
 The Company will redeem $             principal amount of Securities on
                     and on each
                     thereafter through
                     at a redemption price of 100% of principal amount, plus accrued interest to the redemption date(5). The Company may
reduce the principal amount of Securities to be redeemed pursuant to this paragraph by subtracting 100% of the principal amount (excluding premium) of any Securities (i) that the Company has acquired or that the Company has redeemed other than
pursuant to this paragraph and (ii) that the Company has delivered to the Registrar for cancellation. The Company may so subtract the same Security only once. 
  

	7.	Additional Optional Redemption.(6) 

  
 In addition to redemptions pursuant to the above paragraph(s), the Company may redeem not more than
$             principal amount of Securities on                      and on
each                      thereafter through
                     at a redemption price of 100% of principal amount, plus accrued interest to the redemption date. 
  

	8.	Notice of Redemption.(7) 

  
 Notice of redemption will be published once in an Authorized Newspaper in the City of New York and if the Securities are listed on any stock exchange
located outside the United States and such stock exchange so requires, in any other required city outside the United States at least [30 days but not more than 60 days] before the redemption date. Notice of redemption also will be mailed to holders
who have filed their names and addresses with the Transfer Agent within the two preceding years. Holders of Securities may miss important notices if they fail to maintain their names and addresses with the Transfer Agent. 
  
 A notice of redemption may provide that it is subject to the occurrence of
any event before the date fixed for such redemption as described in such notice (“Conditional Redemption”) and such notice of Conditional Redemption shall be of no effect unless all such conditions to the redemption have occurred before
such date or have been waived by the Company. 
  

 B-3 

	9.	Denominations, Transfer, Exchange. 

  
 The Securities are in bearer form with coupons in denominations of $5,000(8) and whole multiples of $5,000. The Securities may be transferred by delivery
and exchanged as provided in the Indenture. Upon an exchange, the Transfer Agent may require a holder, among other things, to furnish appropriate documents and to pay any taxes and fees required by law or the Indenture. The Transfer Agent need not
exchange any Security or portion of a Security selected for redemption. Also, it need not exchange any Securities for a period of 15 days before a selection of Securities to be redeemed. 
  

	10.	Persons Deemed Owners. 

  
 The holder of a Security or coupon may be treated as its owner for all purposes. 
  

	11.	Amendments and Waivers. 

  
 Subject to certain exceptions, the Indenture or the Securities may be amended with the consent of the holders of a majority in principal amount of the
securities of all series affected by the amendment.(9) 
  
 Subject to certain exceptions, a default on a series may be waived with the consent of the holders of a majority in principal amount of the series. 
  
 Without the consent of any Securityholder, the Indenture or the Securities may be amended, among other things, to cure any ambiguity, omission, defect or
inconsistency; to provide for assumption of Company obligations to Securityholders; or to make any change that does not materially adversely affect the rights of any Securityholder. 
  

	12.	Restrictive Covenants.(10) 

  
 The Securities are unsecured general obligations of the Company [initially] limited to
$             principal amount. [The Company may from time to time without notice to, or the consent of, the holders of the Securities, create and issue further securities of the
same series, equal in rank to the Securities in all respects (or in all respects except for the payment of interest accruing prior to the issue date of the new securities or except for the first payment of interest following the issue date of the
new securities) so that the new securities may be consolidated and form a single series with the Securities and have the same terms as to status, redemption or otherwise as the Securities.] The Indenture does not limit other unsecured debt. Section
4.07 of the Indenture, which if applicable limits certain mortgages and other liens, [will] [will not] apply with respect to the Securities. [The limitations are subject to a number of important qualifications and exceptions.] 
  

	13.	Successors. 

  
 When a successor assumes all the obligations of the Company under the Securities, any coupons and the Indenture, the Company will be released from those obligations. 
  

 B-4 

	14.	Defeasance Prior to Redemption or Maturity.(11) 

  
 Subject to certain conditions, the Company at any time may terminate some or all of its obligations under the Securities, any coupons and the Indenture if
the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Securities to redemption or maturity. U.S. Government Obligations are securities backed by the full faith and credit of the
United States of America or certificates representing an ownership interest in such Obligations. 
  

	15.	Defaults and Remedies. 

  
 An Event of Default(12) includes: default for 60 days in payment of interest on the Securities; default in payment of principal on the Securities; default
for 60 days in the payment or satisfaction of any sinking fund obligation with respect to the Securities; default by the Company for a specified period after notice to it in the performance of any of its other agreements applicable to the
Securities; certain events of bankruptcy or insolvency; and any other Event of Default provided for in the series. If an Event of Default occurs and is continuing, the Trustee or the holders of at least 25% in principal amount of the Securities may
declare the principal(13) of all the Securities to be due and payable immediately. 
  
 Securityholders may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Securities. Subject to
certain limitations, holders of a majority in principal amount of the Securities may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Securityholders notice of any continuing default (except a default in
payment of principal or interest) if it determines that withholding notice is in their interests. The Company must furnish an annual compliance certificate to the Trustee. 
  

	16.	Trustee Dealings with Company. 

  
 U.S. Bank National Association, the Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and
perform services for the Company or its Affiliates, and may otherwise deal with those persons, as if it were not Trustee. 
  

	17.	No Recourse Against Others. 

  
 A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities
or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration
for the issue of the Securities. 
  

	18.	Authentication. 

  
 This Security shall not be valid until authenticated by a manual signature of the Registrar. 
  

 B-5 

	19.	Abbreviations. 

  
 Customary abbreviations may be used in the name of a Securityholder or an assignee, such as: TEN COM (=tenants in common), TEN ENT (=tenants by the
entirety), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=custodian), U/G/M/A (=Uniform Gifts to Minors Act), and U/T/M/A (=Uniform Transfers to Minors Act). 
  
 The Company will furnish to any Securityholder upon written request and without charge a
copy of the Indenture and the Securities Resolution[, which contains the text of this Security in larger type]. Requests may be made to: Corporate Secretary, Wisconsin Gas Company, 231 West Michigan Street, P.O. Box 2046, Milwaukee, WI 53201.

  

 B-6 

 [FACE OF COUPON] 
  

..................................... 
  
 [$]................................ 
  
 Due............................. 
  
 WISCONSIN GAS COMPANY 
 [Title of Security]

  
 Unless the Security attached to this coupon has been called
for redemption, Wisconsin Gas Company (the “Company”) will pay to bearer, upon surrender, the amount shown hereon when due. This coupon may be surrendered for payment to any Paying Agent listed on the back of this coupon unless the Company
has replaced such Agent. Payment may be made by check. This coupon represents six months’ interest. 
  

	 	 	 	 	

					
	 	 	 	 	 	 	 By
	 	  

  
 [REVERSE OF COUPON]

  
 PAYING AGENTS 
  

 B-7 

 NOTES TO EXHIBITS A AND B 
  

	(1)	If the Security is not to bear interest at a fixed rate per annum, insert a description of the manner in which the rate of interest is to be determined. If the Security is not to
bear interest prior to maturity, so state. 

  

	(2)	If the method or currency of payment is different, insert a statement thereof. 

  

	(2A)	As is done in Section 2.03 of the Indenture, the Trustee must be appointed Registrar under Section 182.23, Wis. Stats., in order for Officers’ signatures on Securities and the
corporate seal to be facsimiles. 

  

	(3)	Revise and complete if and as applicable. If the Security is to be subject to a nonrefunding restriction, insert a brief summary thereof. If the redemption is to be subject to a
condition, insert a brief summary thereof. If applicable, insert make-whole call provisions as provided in the Securities Resolution. 

  

	(4)	If applicable. 

  

	(5)	If the Security is a Discounted Security, insert amount to be redeemed or method of calculating such amount. 

  

	(6)	If applicable. Also insert, if applicable, provisions for repayment of Securities at the option of the Securityholder. 

  

	(7)	If applicable. Revise as appropriate if the Securities Resolution specifies a different notice requirement. If the Company may condition such redemption on the happening of a stated
event, in which case the notice will so provide, insert a brief summary thereof. 

  

	(8)	If applicable. Insert additional or different denominations. 

  

	(9)	If different terms apply, insert a brief summary thereof. 

  

	(10)	If applicable. If the Security is to have the benefit of additional or different covenants, insert a brief summary thereof. 

  

	(11)	If applicable. If different defeasance terms apply, insert a brief summary thereof. 

  

	(12)	If additional or different Events of Default apply, insert a brief summary thereof. 

  

	(13)	If the Security is a Discounted Security, set forth the amount due and payable upon an Event of Default. 

  
 Note: U.S. tax law may require certain legends on Discounted and Bearer Securities. 

 EXHIBIT C 
  
 ASSIGNMENT FORM 
  
 To assign this Security, fill in the form below: 
  
 I or we assign and transfer this Security to 
  
  

 :                                       
                             : 
 :                                       
                             : 

 (Insert assignee’s soc. sec. or tax I.D. no.) 
  

  

  

  

 (Print or type assignee’s name, address and zip code) 
  
 and irrevocably appoint
                                        
             agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 
  

	 Date:
	 	 Your Signature:

			
	 	 	 	  	  

	 	 	 	  	(Sign exactly as your name(s) appear(s) on the face of this Security)

  

	 Signature(s) guaranteed by:
	 	  

	 	 	 (All signatures must be guaranteed by an “eligible guarantor
 institution” as defined by Rule 17Ad-15 of the Securities Exchange
 Act of 1934, as amended)

  

 C-1

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