Document:

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                                                                    EXHIBIT 4(p)

                               DTE ENERGY COMPANY
                                       AND
                            BNY MIDWEST TRUST COMPANY
                       (successor to The Bank of New York)
                                     TRUSTEE

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

                             SUPPLEMENTAL INDENTURE
                            DATED AS OF JUNE 1, 2004

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

                SUPPLEMENTING THE AMENDED AND RESTATED INDENTURE
                            DATED AS OF APRIL 9, 2001

                                  PROVIDING FOR

                   2004 SERIES C FLOATING RATE NOTES DUE 2007

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      SUPPLEMENTAL INDENTURE, dated as of the 1st day of June, 2004, between DTE
ENERGY COMPANY, a corporation organized and existing under the laws of the State
of Michigan (the "Company"), and BNY MIDWEST TRUST COMPANY, an Illinois trust
corporation and successor to The Bank of New York, having its principal office
in The City of Chicago, Illinois, as trustee (the "Trustee");

      WHEREAS, the Company has heretofore executed and delivered to the Trustee
an Amended and Restated Indenture, dated as of April 9, 2001 (the "Original
Indenture"), as amended, supplemented or modified (as so amended, supplemented
or modified, the "Indenture") providing for the issuance by the Company from
time to time of its debt securities; and

      WHEREAS, the Company now desires to provide for the issuance of a series
of its unsecured, senior debt securities pursuant to the Original Indenture; and

      WHEREAS, the Company, in the exercise of the power and authority conferred
upon and reserved to it under the provisions of the Original Indenture,
including Section 901 thereof, and pursuant to appropriate resolutions of the
Board of Directors, has duly determined to make, execute and deliver to the
Trustee this Supplemental Indenture to the Original Indenture as permitted by
Section 201 and Section 301 of the Original Indenture in order to establish the
form or terms of, and to provide for the creation and issue of, a series of its
debt securities under the Original Indenture, which shall be known as the "2004
Series C Floating Rate Notes due 2007"; and

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

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

                                       1

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                                  ARTICLE ONE

                              DEFINITIONS AND OTHER
                        PROVISIONS OF GENERAL APPLICATION

      SECTION 101. Definitions. Each capitalized term that is used herein and is
defined in the Original Indenture shall have the meaning specified in the
Original Indenture unless such term is otherwise defined herein. The following
terms shall have the respective meanings set forth below:

      The "Applicable Rate" shall initially be equal to 2.32375% and shall be
reset on each Interest Payment Date other than at Maturity, beginning on
September 1, 2004, to the 3 Month LIBOR Rate as of such Interest Payment Date
(each of such dates being herein referred to as an "interest reset date") plus
0.95% per year.

      "Business Day" means any day other than a Saturday or Sunday or a day on
which commercial banks in The City of New York are required or authorized by law
or executive order to be closed.

      "3 Month LIBOR Rate" means the rate for deposits in U.S. dollars for the
3-month period commencing on the applicable interest reset date which appears on
Telerate Page 3750 at approximately 11:00 a.m., London time, on the applicable
Interest Determination Date. If this rate does not appear on Telerate Page 3750,
the calculation agent will determine the rate on the basis of the rates at which
deposits in U.S. dollars are offered by four major banks in the London interbank
market (selected by the calculation agent) at approximately 11:00 a.m., London
time, on the applicable Interest Determination Date to prime banks in the London
interbank market for a period of three months commencing on that interest reset
date and in a principal amount equal to an amount not less than $1,000,000 that
is representative for a single transaction in such market at such time. In such
case, the calculation agent will request the principal London office of each of
the aforesaid major banks to provide a quotation of such rate. If at least two
such quotations are provided, the rate for that interest reset date will be the
arithmetic mean of the quotations, and, if fewer than two quotations are
provided as requested, the rate for that interest reset date will be the
arithmetic mean of the rates quoted by major banks in New York City, selected by
the calculation agent, at approximately 11:00 a.m., New York City time, on the
applicable Interest Determination Date for loans in U.S. dollars to leading
European banks for a period of three months commencing on that interest reset
date and in a principal amount equal to an amount not less than $1,000,000 that
is representative for a single transaction in such market at such time. A London
banking day is any business day in which dealings in U.S. dollars are transacted
in the London interbank market.

      "Telerate Page 3750" means the display page so designated on the Moneyline
Telerate, Inc. (or such other page as may replace such page on that service or
any successor service for the purpose of displaying London interbank offered
rates of major banks).

      "Interest Determination Date" means, with respect to any interest reset
date, the second London banking day prior to the applicable interest reset date,
provided that the initial Interest Determination Date shall be June 4, 2004.

                                       2

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      SECTION 102. Section References. Each reference to a particular section
set forth in this Supplemental Indenture shall, unless the context otherwise
requires, refer to this Supplemental Indenture.

                                  ARTICLE TWO

                        TITLE AND TERMS OF THE SECURITIES

      SECTION 201. Title of the Securities; Stated Maturity. This Supplemental
Indenture hereby establishes a series of Securities, which shall be known as the
Company's "2004 Series C Floating Rate Notes due 2007" (the "Notes"). The Stated
Maturity on which the principal of the Notes shall be due and payable will be
June 1, 2007.

      SECTION 202. Rank. The Notes shall rank equally with all other unsecured
and unsubordinated indebtedness of the Company from time to time outstanding.

      SECTION 203. Variations from the Original Indenture. Section 1009 of the
Original Indenture shall be applicable to the Notes. Section 403(2) and Section
403(3) shall be applicable to the Notes; the Company's obligations under Section
1009, without limitation, shall be subject to defeasance in accordance with
Section 403(3).

      SECTION 204. Amount and Denominations; DTC. (a) The aggregate principal
amount of the Notes that may be issued under this Supplemental Indenture is
limited initially to $250,000,000 (except as provided in Section 301(2) of the
Original Indenture); provided that the Company may, without the consent of the
Holders of the Outstanding Notes, "reopen" the Notes so as to increase the
aggregate principal amount of the Notes Outstanding in compliance with the
procedures set forth in the Original Indenture, including Section 301 and
Section 303 thereof, so long as any such additional Notes have the same tenor
and terms (including, without limitation, rights to receive accrued and unpaid
interest) as the Notes then Outstanding. No additional Notes may be issued if an
Event of Default has occurred. The Notes shall be issuable only in fully
registered form and, as permitted by Section 301 and Section 302 of the Original
Indenture, in denominations of $1,000 and integral multiples thereof. The Notes
will initially be issued in global form (the "Global Notes") under a book-entry
system, registered in the name of The Depository Trust Company, as depository
("DTC"), or its nominee, which is hereby designated as "Depositary" under the
Indenture.

            (b)   If the Depositary notifies the Company that it is unwilling or
unable to continue as Depositary for such Global Note or if at any time such
Depositary ceases to be a clearing agency registered under the Securities
Exchange Act of 1934, and, in either such case, the Company does not appoint a
successor Depositary within 90 days thereafter, certificates for the Notes will
be registered and delivered to the Holders of record. Upon receipt of a
withdrawal request from the Company, the Depositary will notify its participants
of the receipt of a withdrawal request from the Company, notifying participants
that they may utilize the Depositary's withdrawal procedures if they wish to
withdraw their securities from the Depositary. To the extent that the book-entry
system is discontinued or, if the Company fails to appoint a successor
Depositary, certificates for the Notes will be registered and delivered to the
Holders of record.

                                       3

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      SECTION 205. Terms of the Notes.

            (a)   The Notes shall bear interest at the Applicable Rate on the
principal amount thereof from June 8, 2004, or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, until the
principal of the Notes becomes due and payable, and on any overdue principal and
premium and (to the extent that payment of such interest is enforceable under
applicable law) on any overdue installment of interest at the Applicable Rate
during such overdue period. Interest on the Notes will be payable quarterly in
arrears on March 1, June 1, September 1 and December 1 of each year (each such
date, an "Interest Payment Date"), commencing September 1, 2004. The amount of
interest payable for any period shall be computed on the basis of a 360-day year
and the actual number of days elapsed in each quarterly period. The interest
rate on the Notes will in no event be higher than the maximum rate permitted by
New York law as the same may be modified by United States law of general
application.

            (b)   The calculation agent will, upon the request of a Holder of
the Notes, provide the interest rate then in effect. All calculations made by
the calculation agent in the absence of manifest error shall be conclusive for
all purposes and binding on the Company and the Holders of Notes. The Trustee
will serve as the calculation agent until such time as the Company appoints a
successor calculation agent.

            (c)   All percentages resulting from any calculation of the interest
rate with respect to the Notes will be rounded, if necessary to the nearest
one-hundred thousandth of a percentage point, with five one-millionths of a
percentage point rounded upwards, and all dollar amounts in or resulting from
any such calculation will be rounded to the nearest cent (with one-half cent
being rounded upwards).

            (d)   In the event that any Interest Payment Date, redemption date
or other date of Maturity of the Notes is not a Business Day, then payment of
the amount payable on such date will be made on the next succeeding day which is
a Business Day and interest will accrue to the date of payment. The interest
installment so payable, and punctually paid or duly provided for, on any
Interest Payment Date with respect to any Note will, as provided in the Original
Indenture, be paid to the person in whose name the Note (or one or more
Predecessor Securities, as defined in said Indenture) is registered at the close
of business on the relevant record date for such interest installment, which
shall be the fifteenth calendar day (whether or not a Business Day) prior to the
relevant Interest Payment Date (the "Regular Record Date"). Any such interest
installment not punctually paid or duly provided for shall forthwith cease to be
payable to the registered Holders on such Regular Record Date, and may either be
paid to the person in whose name the Note (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date to
be fixed by the Trustee for the payment of such defaulted interest, notice
whereof shall be given to the registered Holders of the Notes not less than ten
days prior to such Special Record Date, or may be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Notes may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in the Original Indenture. The
principal of, and premium, if any, and the interest on the Notes shall be
payable at the office or agency of the Company maintained for that purpose in
the Borough of Manhattan, The City of New York, in any coin or currency of the
United States of

                                       4

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America which at the time of payment is legal tender for payment of public and
private debts; provided, however, that payment of interest may be made at the
option of the Company by check mailed to the registered Holder at the close of
business on the Regular Record Date at such address as shall appear in the
Security Register.

            (e)   The Notes are not subject to repayment at the option of the
Holders thereof and are not subject to any sinking fund. As provided in the form
of Note attached hereto as Exhibit A, the Notes are subject to optional
redemption, as a whole or in part, by the Company prior to Stated Maturity of
the principal thereof on the terms set forth therein. Except as modified in the
form of the Note, redemption shall be effected in accordance with Article Eleven
of the Original Indenture.

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

      SECTION 206. Form of Notes. Attached hereto as Exhibit A is the form of
the Notes.

                                 ARTICLE THREE

                            MISCELLANEOUS PROVISIONS

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

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

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

      This Supplemental Indenture may be executed in any number of counterparts,
each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

                                       5

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

                                         DTE ENERGY COMPANY

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

ATTEST:

By:_____________________________

                                         BNY Midwest Trust Company

                                         By:____________________________________
                                            Name:
                                            Title:

                                       6

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                                                                       EXHIBIT A

                                  FORM OF NOTE

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A
DEPOSITARY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITORY TRUST COMPANY ("DTC"), TO A NOMINEE OF DTC OR BY DTC OR ANY SUCH
NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR. UNLESS THIS NOTE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO., OR IN SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO.,
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS
WRONGFUL, INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

CUSIP NO.: 233331 AK 3                                               $__________
NO. R-__

                               DTE ENERGY COMPANY
                   2004 SERIES C FLOATING RATE NOTES DUE 2007

      DTE ENERGY COMPANY, a corporation duly organized and existing under the
laws of the State of Michigan (herein referred to as the "Company", which term
includes any successor Person under the Indenture hereinafter referred to), for
value received, hereby promises to pay to ______________ the principal sum of
$_________ on June 1, 2007 ("Stated Maturity" with respect to the principal of
this Note), unless previously redeemed, and to pay interest thereon from June 8,
2004 or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, quarterly in arrears on March 1, June 1, September 1
and December 1 in each year (each, an "Interest Payment Date"), commencing
September 1, 2004, and at Maturity at the Applicable Rate (as defined below),
until the principal hereof is paid or made available for payment, provided that
any principal hereof or premium, if any, or interest hereon which is not paid
when due shall bear interest at the Applicable Rate (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 "Applicable Rate" shall initially be equal to 2.32375% and shall be
reset on each Interest Payment Date other than at Maturity, beginning on
September 1, 2004, to the 3 Month LIBOR Rate as of such Interest Payment Date
(each of such dates being herein referred to as an "interest reset date") plus
0.95% per year.

      "3 Month LIBOR Rate" means the rate for deposits in U.S. dollars for the
3-month period commencing on the applicable interest reset date which appears on
Telerate Page 3750 at

                                      A-1

<PAGE>

approximately 11:00 a.m., London time, on the applicable Interest Determination
Date. If this rate does not appear on Telerate Page 3750, the calculation agent
will determine the rate on the basis of the rates at which deposits in U.S.
dollars are offered by four major banks in the London interbank market (selected
by the calculation agent) at approximately 11:00 a.m., London time, on the
applicable Interest Determination Date to prime banks in the London interbank
market for a period of three months commencing on that interest reset date and
in a principal amount equal to an amount not less than $1,000,000 that is
representative for a single transaction in such market at such time. In such
case, the calculation agent will request the principal London office of each of
the aforesaid major banks to provide a quotation of such rate. If at least two
such quotations are provided, the rate for that interest reset date will be the
arithmetic mean of the quotations, and, if fewer than two quotations are
provided as requested, the rate for that interest reset date will be the
arithmetic mean of the rates quoted by major banks in New York City, selected by
the calculation agent, at approximately 11:00 a.m., New York City time, on the
applicable Interest Determination Date for loans in U.S. dollars to leading
European banks for a period of three months commencing on that interest reset
date and in a principal amount equal to an amount not less than $1,000,000 that
is representative for a single transaction in such market at such time. A London
banking day is any business day in which dealings in U.S. dollars are transacted
in the London interbank market.

      "Telerate Page 3750" means the display page so designated on the Moneyline
Telerate, Inc. (or such other page as may replace such page on that service or
any successor service for the purpose of displaying London interbank offered
rates of major banks).

      "Interest Determination Date" means, with respect to any interest reset
date, the second London banking day prior to the applicable interest reset date,
provided that the initial Interest Determination Date shall be June 4, 2004.

      The calculation agent will, upon the request of a Holder of the Notes,
provide the interest rate then in effect. All calculations made by the
calculation agent in the absence of manifest error shall be conclusive for all
purposes and binding on the Company and the Holders of Notes. The Trustee will
serve as the calculation agent until such time as the Company appoints a
successor calculation agent.

      All percentages resulting from any calculation of the interest rate with
respect to the Notes will be rounded, if necessary to the nearest one-hundred
thousandth of a percentage point, with five one-millionths of a percentage point
rounded upwards, and all dollar amounts in or resulting from any such
calculation will be rounded to the nearest cent (with one-half cent being
rounded upwards).

      The interest rate on this Security will in no event be higher than the
maximum rate permitted by New York law as the same may be modified by United
States law of general application.

      Interest on this Security shall be computed on the basis of a 360-day year
and the actual number of days in each quarterly interest period.

                                      A-2

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      In the event that any Interest Payment Date, redemption date or other date
of Maturity of the Notes is not a Business Day, then payment of the amount
payable on such date will be made on the next succeeding day which is a Business
Day and interest will accrue to the date of payment. A "Business Day" means any
day other than a Saturday or Sunday or a day on which commercial banks in The
City of New York are required or authorized by law or executive order to be
closed. The interest installment so payable, and punctually paid or duly
provided for, on any Interest Payment Date with respect to this Note will, as
provided in the Indenture, be paid to the person in whose name this Note is
registered at the close of business on the relevant record date for such
interest installment, which shall be the fifteenth calendar day (whether or not
a Business Day) prior to the relevant Interest Payment Date (the "Regular Record
Date"). Any such interest installment not punctually paid or duly provided for
shall forthwith cease to be payable to the registered Holders on such Regular
Record Date, and may either be paid to the person in whose name this Note is
registered at the close of business on a Special Record Date to be fixed by the
Trustee for the payment of such defaulted interest, notice whereof shall be
given to the registered Holders of the Notes not less than ten days prior to
such Special Record Date, or may be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in the Indenture. The principal of, and premium, if
any, and the interest on the Notes shall be payable at the office or agency of
the Company maintained for that purpose in the Borough of Manhattan, The City of
New York, in any coin or currency of the United States of America which at the
time of payment is legal tender for payment of public and private debts;
provided, however, that payment of interest may be made at the option of the
Company by check mailed to the registered Holder at the close of business on the
Regular Record Date at such address as shall appear in the Security Register.
Notwithstanding anything else contained herein, if this Note is a Global Note
and is held in book-entry form through the facilities of the Depositary,
payments on this Note will be made to the Depositary or its nominee in
accordance with arrangements then in effect between the Trustee and the
Depositary.

      This Note is one of a duly authorized series of Securities of the Company,
designated as the "2004 Series C Floating Rate Notes due 2007" (the "Notes"),
initially limited to an aggregate principal amount of $250,000,000 (except for
Notes authenticated and delivered upon transfer of, or in exchange for, or in
lieu of other Notes, and except as further provided in the Indenture), all
issued or to be issued under and pursuant to an Amended and Restated Indenture,
dated as of April 9, 2001, as supplemented by the supplemental indentures
thereto, including that certain Supplemental Indenture dated as of June 1, 2004
(together, as amended, supplemented or modified, the "Indenture"), duly executed
and delivered between the Company and BNY Midwest Trust Company, an Illinois
trust corporation and successor to The Bank of New York, as Trustee (herein
referred to as the "Trustee", which term includes any successor trustee under
the Indenture), to which Indenture reference is hereby made for a description of
the respective rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company and the registered Holders of the Notes
and of the terms upon which the Notes are, and are to be, authenticated and
delivered.

      This Note is not subject to repayment at the option of the Holder hereof.
This Note is not subject to any sinking fund.

                                      A-3

<PAGE>

      This Note will be redeemable at the option of the Company, in whole at any
time or in part from time to time after June 8, 2005 (any such date of optional
redemption, an "Optional Redemption Date," which shall be a "Redemption Date"
for purposes of the Indenture), at an optional redemption price (which shall be
a "Redemption Price" for purposes of the Indenture) equal to 100% of the
principal amount of this Note to be redeemed plus accrued and unpaid interest
thereon to the date of redemption.

      Notice of any optional redemption will be mailed at least 30 days but not
more than 60 days before the Optional Redemption Date to the Holder hereof at
its registered address.

      Unless the Company defaults in payment of the applicable Redemption Price,
on and after the applicable Redemption Date interest will cease to accrue on the
principal amount of this Note called for redemption. If the Notes are only
partially redeemed by us, the Trustee will select which notes are to be redeemed
by lot or in a manner it deems fair and appropriate in accordance with the terms
of the indenture.

      If money sufficient to pay the applicable Redemption Price with respect to
the principal amount of and accrued and unpaid interest on the principal amount
of this Note to be redeemed on the applicable Redemption Date is deposited with
the Trustee or Paying Agent on or before the related Redemption Date and certain
other conditions are satisfied, then on or after such Redemption Date, interest
will cease to accrue on the principal amount of this Note called for redemption.
If the Notes are only partially redeemed by the Company, the Trustee shall
select which Notes are to be redeemed by lot or in a manner it deems fair and
appropriate in accordance with the terms of the Indenture.

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

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

      The Indenture contains provisions for defeasance at any time of the entire
indebtedness of this Note upon compliance by the Company with certain conditions
set forth therein.

      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 Notes under the Indenture at any
time by the Company and the Trustee with the consent of the Holders of a
majority of the aggregate principal amount of all Notes issued under the
Indenture at the time outstanding and affected thereby; provided, however, that
no such amendment shall without the consent of the Holder of each Note so
affected, among other things (i) change the stated maturity of the principal of,
or any installment of principal of or interest on any Notes, or reduce the
principal amount thereof, or reduce the rate of interest thereon, or reduce any
premium payable upon the redemption thereof or (ii) reduce the percentage of
Notes, the Holders of which are required to consent to any amendment or waiver
or for certain other

                                      A-4

<PAGE>

matters as set forth in the Indenture. The Indenture also contains provisions
permitting (i) the registered Holders of 66 2/3% in aggregate principal amount
of the Securities at the time outstanding affected thereby, on behalf of the
registered Holders of the Securities, to waive compliance by the Company with
certain provisions of the Indenture and (ii) the registered Holders of not less
than a majority in aggregate principal amount of the Securities at the time
outstanding affected thereby, on behalf of the registered Holders of the
Securities, to waive certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the registered Holder of this Note
(unless revoked as provided in the Indenture) shall be conclusive and binding
upon such registered Holder and upon all future registered Holders and owners of
this Note and of any Note issued in exchange hereof or in place hereof (whether
by registration of transfer or otherwise), irrespective of whether or not any
notation of such consent or waiver is made upon this Note.

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

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

      The Notes are issuable only in fully registered form without coupons in
denominations of $1,000 and any integral multiple thereof. This Global Note is
exchangeable for Notes in definitive form only under certain limited
circumstances set forth in the Indenture. The Notes so issued 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, the Notes are exchangeable for a like aggregate
principal amount of the Notes of a different authorized denomination, as
requested by the registered Holder surrendering the same.

                                      A-5

<PAGE>

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

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

      The Indenture and this Note shall be governed by and construed in
accordance with the laws of the State of New York.

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

                                      A-6

<PAGE>

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

                                         DTE ENERGY COMPANY

                                         By:_________________________________
                                            N. A. Khouri
                                            Vice President and Treasurer

Date:_____________

Attest:
By:______________________________
   Teresa M. Sebastian
   Assistant Corporate Secretary

                                      A-7

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

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

                                         BNY Midwest Trust Company
                                         as Trustee

                                         By __________________________
                                             Authorized Signatory

Date:______________

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

________________________________________________________________________________

     (Please insert Social Security or Other Identifying Number of Assignee)

________________________________________________________________________________

     (Please print or type name and address, including zip code of assignee)

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

Dated:________________________

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

                                      A-8<PAGE>

                                                                    EXHIBIT 4(q)

                      AMENDED AND RESTATED TRUST AGREEMENT

                                       OF

                               DTE ENERGY TRUST II

                            Dated as of June 1, 2004

<PAGE>

                            CROSS REFERENCE TABLE(1)

<TABLE>
<CAPTION>
Section of Trust Indenture Act
of 1939, as amended                                             Section of Agreement
<S>                                                             <C>
310(a) .......................................................              5.3(a)
310(b) .......................................................      5.3(c), 5.3(d)
310(c) .......................................................        Inapplicable
311(a) .......................................................              2.2(b)
311(b) .......................................................              2.2(b)
311(c) .......................................................        Inapplicable
312(a) .......................................................              2.2(a)
312(b) .......................................................              2.2(b)
312(c) .......................................................        Inapplicable
313...........................................................                 2.3
314(a) .......................................................    2.4, 2.7, 3.6(e)
314(b) .......................................................        Inapplicable
314(c) .......................................................                 2.5
314(d) .......................................................        Inapplicable
314(e) .......................................................                 2.5
314(f) .......................................................        Inapplicable
315(a) .......................................................     3.9(b); 3.10(a)
315(b) .......................................................              2.7(a)
315(c) .......................................................              3.9(a)
315(d) .......................................................              3.9(b)
316(a) .......................................................                 2.6
316(b) .......................................................                 2.6
316(c) .......................................................              3.6(e)
317(a) .......................................................              3.8(h)
317(b) .......................................................      3.8(c); 7.2(a)
318...........................................................              2.1(c)
</TABLE>

-----------------------
(1)     This Cross-Reference Table does not constitute part of the Agreement and
shall not have any bearing upon the interpretation of any of its terms or
provisions.

<PAGE>

                                Table of Contents

<TABLE>
<CAPTION>
                                                                                                     Page
                                                                                                     ----
<S>                                                                                                  <C>

                                            ARTICLE I
                                  INTERPRETATION AND DEFINITIONS
Section 1.1 Definitions..........................................................................      1

                                            ARTICLE II
                                       TRUST INDENTURE ACT
Section 2.1 Trust Indenture Act; Application.....................................................      8
Section 2.2 Lists of Holders of Securities.......................................................      9
Section 2.3 Reports by the Property Trustee......................................................      9
Section 2.4 Periodic Reports to Property Trustee.................................................      9
Section 2.5 Evidence of Compliance With Conditions Precedent.....................................     10
Section 2.6 Events of Default; Waiver............................................................     10
Section 2.7 Event of Default; Notice.............................................................     12

                                           ARTICLE III
                                           ORGANIZATION
Section 3.1 Name.................................................................................     12
Section 3.2 Office...............................................................................     13
Section 3.3 Purposes.............................................................................     13
Section 3.4 Authority............................................................................     13
Section 3.5 Title to Property of the Trust.......................................................     14
Section 3.6 Powers and Duties of the Administrative Trustees.....................................     14
Section 3.7 Prohibition of Actions by the Trust and the Trustees.................................     17
Section 3.8 Powers and Duties of the Property Trustee............................................     18
Section 3.9 Certain Duties and Responsibilities of the Property Trustee..........................     20
Section 3.10 Certain Rights of the Property Trustee..............................................     22
Section 3.11 Delaware Trustee....................................................................     24
Section 3.12 Not Responsible for Recitals or Issuance of Securities..............................     24
Section 3.13 Duration of Trust...................................................................     24
Section 3.14 Mergers.............................................................................     24

                                            ARTICLE IV
                                             SPONSOR
Section 4.1 Sponsor's Purchase of Common Securities..............................................     26
Section 4.2 Covenants of the Sponsor.............................................................     26
Section 4.3 Rights and Responsibilities of the Sponsor...........................................     27
Section 4.4 Right to Proceed.....................................................................     27
Section 4.5 Expenses.............................................................................     27

                                            ARTICLE V
                                             TRUSTEES
Section 5.1 Number of Trustees...................................................................     28
Section 5.2 Delaware Trustee.....................................................................     29
Section 5.3 Property Trustee; Eligibility........................................................     29
Section 5.4 Certain Qualifications of Administrative Trustees and Delaware Trustee Generally.....     30
Section 5.5 Administrative Trustees..............................................................     30
Section 5.6 Appointment; Removal and Resignation of Trustees.....................................     30
Section 5.7 Vacancies Among Trustees.............................................................     32
Section 5.8 Effect of Vacancies..................................................................     32
</TABLE>

                                        i
<PAGE>

<TABLE>
<S>                                                                                                   <C>
Section 5.9 Meetings.............................................................................     32
Section 5.10 Delegation of Power.................................................................     33
Section 5.11 Merger, Conversion, Consolidation or Succession to Business.........................     33

                                            ARTICLE VI
                                          DISTRIBUTIONS
Section 6.1 Distributions........................................................................     34

                                           ARTICLE VII
                                      ISSUANCE OF SECURITIES
Section 7.1 General Provisions Regarding Securities..............................................     34
Section 7.2 Paying Agent and Registrar...........................................................     37

                                           ARTICLE VIII
                                       TERMINATION OF TRUST
Section 8.1 Termination of Trust.................................................................     38

                                            ARTICLE IX
                                      TRANSFER OF INTERESTS
Section 9.1 Transfer of Securities...............................................................     39
Section 9.2 Transfer or Exchange of Certificates.................................................     40
Section 9.3 Deemed Security Holders..............................................................     40
Section 9.4 Book Entry Interests.................................................................     40
Section 9.5 Notices to Clearing Agency...........................................................     41
Section 9.6 Appointment of Successor Clearing Agency.............................................     41
Section 9.7 Definitive Trust Preferred Security Certificates.....................................     42
Section 9.8 Mutilated, Destroyed, Lost or Stolen Certificates....................................     42

                                            ARTICLE X
               LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, TRUSTEES OR OTHERS
Section 10.1 Liability...........................................................................     43
Section 10.2 Exculpation.........................................................................     43
Section 10.3 Fiduciary Duty......................................................................     44
Section 10.4 Indemnification.....................................................................     44
Section 10.5 Outside Businesses..................................................................     47
Section 10.6 Trustees' Fees and Expenses.........................................................     47

                                            ARTICLE XI
                                            ACCOUNTING
Section 11.1 Fiscal Year.........................................................................     47
Section 11.2 Certain Accounting Matters..........................................................     48
Section 11.3 Banking.............................................................................     48
Section 11.4 Withholding.........................................................................     48

                                           ARTICLE XII
                                     AMENDMENTS AND MEETINGS
Section 12.1 Amendments..........................................................................     49
Section 12.2 Meetings of the Holders of Securities; Action by Written Consent....................     51

                                           ARTICLE XIII
                     REPRESENTATIONS OF PROPERTY TRUSTEE AND DELAWARE TRUSTEE
Section 13.1 Representations and Warranties of Property Trustee..................................     52
Section 13.2 Representations and Warranties of Delaware Trustee..................................     53
</TABLE>

                                       ii
<PAGE>

<TABLE>
<S>                                                                                                   <C>
                                           ARTICLE XIV
                                          MISCELLANEOUS
Section 14.1 Notices.............................................................................     54
Section 14.2 Governing Law.......................................................................     55
Section 14.3 Intention of the Parties............................................................     55
Section 14.4 Headings............................................................................     55
Section 14.5 Successors and Assigns..............................................................     55
Section 14.6 Partial Enforceability..............................................................     55
Section 14.7 Entire Agreement....................................................................     56
Section 14.8 Remedies............................................................................     56
Section 14.9 Counterparts........................................................................     56
</TABLE>

EXHIBIT A     Terms and Conditions of Securities

EXHIBIT A-1   Form of Trust Originated Preferred Security Certificate

EXHIBIT A-2   Form of Common Security Certificate

                                       iii
<PAGE>

                              AMENDED AND RESTATED
                                 TRUST AGREEMENT
                                       OF
                               DTE ENERGY TRUST II

      AMENDED AND RESTATED TRUST AGREEMENT (the "Agreement") dated and effective
as of June 1, 2004, among the Trustees (as defined herein), for the benefit of
the Holders (as defined herein), and the Sponsor (as defined herein).

      WHEREAS, certain of the Trustees and the Sponsor created DTE Energy Trust
II (the "Trust"), a Delaware statutory trust under the Statutory Trust Act (as
defined herein), pursuant to a Trust Agreement dated as of November 28, 2001
(the "Original Agreement"), and a Certificate of Trust filed with the Secretary
of State of the State of Delaware on November 29, 2001;

      WHEREAS, prior to the date hereof, no Securities (as defined herein) have
been issued;

      WHEREAS, all of the Trustees and the Sponsor, by this Agreement, intend to
amend and restate each and every term and provision of the Original Agreement;

      NOW, THEREFORE, it being the intention of the parties hereto to continue
the Trust as a Delaware statutory trust under the Statutory Trust Act and to
constitute this as the governing instrument of the Trust, in consideration of
the mutual covenants herein contained and other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties, intending to be
legally bound, hereby agree as follows:

                                    ARTICLE I
                         INTERPRETATION AND DEFINITIONS

Section 1.1 Definitions

      Unless the context otherwise requires or unless specified in an Exhibit
hereto:

      (a) each capitalized term used in this Agreement but not defined in the
preamble has the respective meaning assigned to it in this Section 1.1;

      (b) a term defined anywhere in this Agreement has the same meaning
throughout;

      (c) all references to "the Agreement" or "this Agreement" are to this
Agreement as modified, supplemented or amended from time to time, and include
Exhibits to this Agreement;

      (d) all references in this Agreement to Articles, Sections and Exhibits
are to Articles and Sections of and Annexes and Exhibits to this Agreement
unless otherwise specified;

      (e) a term defined in the Trust Indenture Act, either directly or by
reference therein, has the same meaning when used in this Agreement unless
otherwise defined in this Agreement;

      (f) a reference to the singular includes the plural and vice versa;

<PAGE>

      (g) the words "include," "includes" and "including" shall be deemed to be
followed by the phrase "without limitation;"

      (h) all accounting terms used but not defined herein have the meanings
assigned to them in accordance with United States generally accepted accounting
principles as in effect at the time of computation; and

      (i) the words "herein," "hereof" and "hereunder" and other words of
similar import refer to this Agreement as a whole and not to any particular
Article, Section, Exhibit or other subdivision.

      "Administrative Trustee" has the meaning set forth in Section 5.1.

      "Affiliate" has the meaning given to that term in Rule 405 under the
Securities Act or any successor rule thereunder.

      "Agent" means any Paying Agent or Registrar.

      "Authorized Newspaper" means a daily newspaper, in the English language,
customarily published on each day that is a Business Day in The City of New York
and of general circulation in The City of New York.

      "Authorized Officer" of a Person means any Person that is authorized to
bind such Person.

      "Book Entry Interest" means a beneficial interest in a Global Certificate
registered in the name of a Clearing Agency or its nominee, ownership and
transfers of which shall be maintained and made through book entries by a
Clearing Agency as described in Section 9.4.

      "Business Day" means any day that is not a Saturday, Sunday, a day on
which banking institutions in The City of New York are permitted or required by
any applicable law or executive order to close, or a day on which the Corporate
Trust Office of the Property Trustee or the Debenture Trustee is closed for
business.

      "Certificate" means a Common Security Certificate or a Trust Preferred
Security Certificate.

      "Clearing Agency" means an organization registered as a "Clearing Agency"
pursuant to Section 17A of the Exchange Act that is acting as depository for the
Trust Preferred Securities and in whose name or in the name of a nominee of that
organization shall be registered a Global Certificate and which shall undertake
to effect book entry transfers and pledges of the Trust Preferred Securities.
Unless otherwise specified in the Terms and Conditions, DTC shall be the initial
Clearing Agency.

      "Clearing Agency Participant" means a broker, dealer, bank, other
financial institution or other Person for whom from time to time the Clearing
Agency effects book entry transfers and pledges of securities deposited with the
Clearing Agency.

                                       2
<PAGE>

      "Closing Date" means the "First Time of Delivery" under the Underwriting
Agreement, and, if not the First Time of Delivery, the "Subsequent Time of
Delivery."

      "Code" means the Internal Revenue Code of 1986, as amended from time to
time, or any successor legislation.

      "Commission" means the Securities and Exchange Commission, as from time to
time constituted and existing under the Exchange Act, or, if at any time after
the execution of this instrument such commission is not existing and performing
the duties now assigned to it under the Trust Indenture Act, then the body
performing such duties at such time.

      "Common Security" has the meaning set forth in Section 7.1(a).

      "Common Securities Guarantee" means the guarantee agreement dated as of
the date hereof and executed and delivered by the Sponsor for the benefit of the
Holders of the Common Securities, as such agreement may be modified,
supplemented or amended from time to time.

      "Common Securities Agreement" means the Common Securities Subscription
Agreement, dated the date hereof, between the Trust and the Sponsor.

      "Common Security Certificate" means a definitive certificate in fully
registered form representing a Common Security, which shall be prepared by the
Sponsor and a specimen of which shall be substantially in the form attached
hereto as Exhibit A-2.

      "Company Indemnified Person" means (a) any Administrative Trustee; (b) any
Affiliate of any Administrative Trustee; (c) any officers, directors,
shareholders, members, partners, employees, representatives or agents of any
Administrative Trustee or any Affiliate of any Administrative Trustee; or (d)
any officer, employee or agent of the Trust or its Affiliates.

      "Corporate Trust Office" means the office of the Property Trustee in The
City of New York at which the corporate trust business of the Property Trustee
shall, at any particular time, be principally administered, which office at the
date of execution of this Agreement is located at BNY Midwest Trust Company, 2
N. LaSalle Street, Suite 1020, Chicago, IL 60602, Attention: Corporate Trust.

      "Covered Person" means: (a) any officer, director, shareholder, partner,
member, representative, employee or agent of (i) the Trust or (ii) the Trust's
Affiliates; and (b) any Holder of Securities.

      "Creditor" has the meaning set forth in Section 4.5.

      "Debenture Event of Default" means an event of default under the
Debentures.

      "Debenture Issuer" means DTE Energy Company, a Michigan corporation, or
any successor entity, in its capacity as issuer of the Debentures under the
Indenture.

                                       3
<PAGE>

      "Debenture Trustee" means BNY Midwest Trust Company, an Illinois trust
corporation, as trustee under the Indenture with respect to the Debentures until
a successor is appointed thereunder, and thereafter means such successor
trustee.

      "Debentures" means the debt securities to be purchased by the Trust
specified in the Terms and Conditions.

      "Delaware Trustee" has the meaning set forth in Section 5.2.

      "Direction" by a Person means a written direction signed:

      (a)   if the Person is a natural person, by that Person; or

      (b)   in any other case, in the name of such Person by one or more
Authorized Officers of that Person.

      "Direct Action" has the meaning set forth in Section 3.8(e).

      "Distribution" has the meaning set forth in the Terms and Conditions.

      "DTC" means The Depository Trust Company or any successor entity.

      "Event of Default" means a Debenture Event of Default has occurred and is
continuing.

      "Exchange Act" means the Securities Exchange Act of 1934, as amended from
time to time, or any successor legislation.

      "Fiduciary Indemnified Person" means (a) the Property Trustee, (b) the
Delaware Trustee, (c) any Affiliate of the Property Trustee or the Delaware
Trustee, and (d) any officers, directors, shareholders, members, partners,
employees, representatives, custodians, nominees or agents of the Property
Trustee or the Delaware Trustee.

      "Global Certificate" has the meaning set forth in Section 9.4.

      "Holder" or "holder" means a Person in whose name a Security is
registered, such Person being a beneficial owner within the meaning of the
Statutory Trust Act.

      "Indemnified Person" means a Company Indemnified Person or a Fiduciary
Indemnified Person.

      "Indenture" means the Indenture specified in the Terms and Conditions,
between the Debenture Issuer and the Debenture Trustee, under which the
Debentures are issued, as such indenture may be modified, supplemented or
amended from time to time, and includes any indenture supplemental thereto with
respect to the Debentures.

      "Investment Company" means an entity required to register as an investment
company under the Investment Company Act.

                                       4
<PAGE>

      "Investment Company Act" means the Investment Company Act of 1940, as
amended from time to time, or any successor legislation.

      "Legal Action" has the meaning set forth in Section 3.6(g).

      "Majority in liquidation amount" with respect to Securities of any class
means, except as provided elsewhere in this Agreement or by the Trust Indenture
Act, more than 50% of the aggregate liquidation amount (including the stated
amount that would be paid on redemption, liquidation or otherwise, plus any
accrued and unpaid Distributions to the date upon which the voting or written
consent percentages are determined) of all outstanding Securities of such class.

      "Officers' Certificate" means, with respect to (i) the Sponsor, a
certificate signed by the Chairman of the Board, a Vice Chairman, the President
or a Vice President, and by the Treasurer, an Assistant Treasurer, the
Controller, an Assistant Controller, the Secretary or an Assistant Secretary of
the Sponsor and (ii) any other Person, a certificate signed by any two
Authorized Officers of such Person. Any Officers' Certificate delivered with
respect to compliance with a condition or covenant provided for in this
Agreement shall comply with Section 314 of the Trust Indenture Act and shall
include:

      (a)   a statement that the individuals signing the Officers' Certificate
have read the covenant or condition and the definitions relating thereto;

      (b)   a brief statement of the nature and scope of the examination or
investigation upon which the statements or opinions contained in such Officers'
Certificate are based;

      (c)   a statement that, in the opinion of each such individual, he or she
has made such examination or investigation as, in such individual's opinion, is
necessary to enable such individual to express an informed opinion as to whether
or not such covenant or condition has been complied with; and

      (d)   a statement as to whether, in the opinion of such individuals, such
condition or covenant has been complied with.

      "Outstanding," with respect to any Securities, means, as of the date of
determination, all Securities theretofore executed and delivered under this
Agreement, except:

      (a)   Trust Preferred Securities theretofore cancelled by the Property
Trustee or delivered to the Property Trustee for cancellation or Common
Securities theretofore cancelled by an Administrative Trustee or delivered to
the Administrative Trustees for cancellation;

      (b)   Securities for whose payment, repayment or redemption money in the
necessary amount and currency has been theretofore deposited with the Property
Trustee or any Paying Agent for the Holders of such Securities, provided that if
such Securities are to be repaid or redeemed, notice of such repayment or
redemption has been duly given pursuant to this Agreement;

      (c)   Securities which have been paid or in exchange for or in lieu of
which other securities have been executed and delivered pursuant to this
Agreement; and

                                       5
<PAGE>

      (d)   if the Securities are convertible or exchangeable into other
securities or other property, Securities converted or exchanged as contemplated
by this Agreement if such other securities have or other property has been
either (i) delivered to the Holders of such Securities in accordance with this
Agreement or (ii) deposited with and are held by the Property Trustee or any
Paying Agent in trust for the Holders of such Securities in accordance with this
Agreement, provided in the case of this clause (ii) that any applicable notice
of conversion or exchange has been duly given to the Holders thereof pursuant to
this Agreement;

provided, however, that in determining whether the Holders of the requisite
liquidation amount of outstanding Trust Preferred Securities have given any
request, demand, authorization, direction, notice, consent or waiver hereunder,
Trust Preferred Securities owned by the Sponsor or any Administrative Trustee or
any Affiliate of the Sponsor or any Administrative Trustee shall be disregarded
and deemed not to be outstanding, except that (i) in determining whether any
Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Trust Preferred
Securities that such Trustee actually knows to be so owned shall be so
disregarded and (ii) the foregoing shall not apply at any time when all of the
outstanding Trust Preferred Securities are owned by the Sponsor, one or more of
the Trustees and/or any such Affiliate. Trust Preferred Securities so owned
which have been pledged in good faith may be regarded as outstanding if the
pledgee establishes to the satisfaction of the Administrative Trustees the
pledgee's right so to act with respect to such Trust Preferred Securities and
that the pledgee is not the Sponsor or any Affiliate of the Sponsor.

      "Paying Agent" has the meaning set forth in Section 7.2(a).

      "Payment Amount" has the meaning set forth in Section 6.1.

      "Person" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, limited
liability company, trust, unincorporated association, or government or any
agency or political subdivision thereof, or any other entity of whatever nature.

      "Pricing Agreement" means the pricing agreement for the offering and sale
of Trust Preferred Securities, including any amendments or supplements thereto,
entered into in accordance with the Underwriting Agreement.

      "Property Trustee" means the Trustee meeting the eligibility requirements
set forth in Section 5.3.

      "Property Trustee Account" has the meaning set forth in Section 3.8(c).

      "Quorum" means, with respect to the Administrative Trustees, a majority of
the Administrative Trustees or, if there are only two Administrative Trustees,
both of them or, if there is only one Administrative Trustee, such Person.

      "Registrar" has the meaning set forth in Section 7.2(b).

                                       6
<PAGE>

      "Related Party" means, with respect to the Sponsor, any direct or indirect
wholly owned subsidiary of the Sponsor or any other Person that owns, directly
or indirectly, 100% of the outstanding voting securities of the Sponsor.

      "Responsible Officer" means, with respect to the Property Trustee, any
officer within the Corporate Trust Office of the Property Trustee with direct
responsibility for the Property Trustee's obligations under this Agreement and
also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of that officer's knowledge of
and familiarity with the particular subject.

      "Securities" means the Common Securities and the Trust Preferred
Securities.

      "Securities Guarantees" means the Common Securities Guarantee and the
Trust Preferred Securities Guarantee.

      "Securities Act" means the Securities Act of 1933, as amended from time to
time, or any successor legislation.

      "Sponsor" means DTE Energy Company, a Michigan corporation, or any
successor entity, in its capacity as sponsor of the Trust.

      "State" means any of the 50 states in the United States or the District of
Columbia.

      "Statutory Trust Act" means Chapter 38 of Title 12 of the Delaware Code,
12 Del. C. Section 3801, et seq., as it may be amended from time to time, or any
successor legislation.

      "Subordinated Debenture Agreement" means the Subordinated Debenture
Purchase Agreement, dated the date hereof, between the Sponsor and the Trust

      "Successor Delaware Trustee" has the meaning set forth in Section
5.6(b)(ii).

      "Successor Entity" has the meaning set forth in Section 3.14(b)(i).

      "Successor Property Trustee" has the meaning set forth in Section
3.8(f)(ii).

      "Super Majority" has the meaning set forth in Section 2.6(a)(ii).

      "10% in liquidation amount" with respect to either the Common Securities
or the Trust Preferred Securities means, except as provided elsewhere in this
Agreement or by the Trust Indenture Act, 10% or more of the aggregate
liquidation amount (including the stated amount that would be paid on
redemption, liquidation or otherwise, plus any accrued and unpaid Distributions
to the date upon which the voting percentages are determined) of all such
outstanding Common Securities or Trust Preferred Securities.

      "Terms and Conditions" means the terms and conditions of the Common
Securities and the Trust Preferred Securities in the form attached hereto as
Exhibit A.

                                       7
<PAGE>

      "Trustee" or "Trustees" means each Person who has signed this Agreement as
a trustee, so long as such Person shall continue in office in accordance with
the terms hereof, and all other Persons who may from time to time be duly
appointed, qualified and serving as Trustees in accordance with the provisions
hereof, and references herein to a Trustee or the Trustees shall refer to such
Person or Persons solely in their capacity as trustees hereunder.

      "Trust Indenture Act" means the Trust Indenture Act of 1939, as amended
from time to time, or any successor legislation.

      "Trust Preferred Security" has the meaning set forth in Section 7.1(a).

      "Trust Preferred Security Beneficial Owner" means, with respect to a Book
Entry Interest, a Person who is the beneficial owner of such Book Entry
Interest, as reflected on the books of the Clearing Agency, or on the books of a
Person maintaining an account with such Clearing Agency (directly as a Clearing
Agency Participant or as an indirect participant, in each case in accordance
with the rules of such Clearing Agency).

      "Trust Preferred Security Certificate" means a certificate representing a
Trust Preferred Security, which shall be prepared by the Sponsor and a specimen
of which shall be substantially in the form attached hereto as Exhibit A-1.

      "Trust Preferred Securities Guarantee" means the guarantee agreement dated
as of the date hereof executed and delivered by the Sponsor and BNY Midwest
Trust Company, as trustee, for the benefit of the Holders of the Trust Preferred
Securities, as such agreement may be modified, supplemented or amended from time
to time.

      "Trust Property" means (a) the Debentures, (b) any cash on deposit in, or
owing to, the Property Trust Account, and (c) all proceeds and rights in respect
of the foregoing or any other property and assets for the time being held or
deemed to be held by the Property Trustee pursuant to this Agreement.

      "Underwriting Agreement" means the underwriting agreement for the offering
and sale of Trust Preferred Securities, including any amendments or supplements
thereto, and "Underwriters" means the underwriters party to the Underwriting
Agreement.

                                   ARTICLE II
                               TRUST INDENTURE ACT

Section 2.1 Trust Indenture Act; Application.

      (a) This Agreement is subject to the provisions of the Trust Indenture Act
that are required to be part of this Agreement and shall, to the extent
applicable, be governed by such provisions.

      (b) The Property Trustee shall be the only Trustee which is a trustee for
the purposes of the Trust Indenture Act.

                                       8
<PAGE>

      (c) If and to the extent that any provision of this Agreement limits,
qualifies or conflicts with the duties imposed by Sections 310 to 317,
inclusive, of the Trust Indenture Act, such imposed duties shall control.

      (d) Any application of the Trust Indenture Act to this Agreement shall not
affect the nature of the Securities as equity securities representing undivided
beneficial interests in the assets of the Trust.

Section 2.2 Lists of Holders of Securities.

      (a) In accordance with Section 312(a) of the Trust Indenture Act, the
Administrative Trustees, on behalf of the Trust, shall provide to the Property
Trustee:

            (i)   within 14 days after each record date for payment of
      Distributions or such other dates as are set forth in the Terms and
      Conditions, a list, in such form as the Property Trustee may reasonably
      require, of the names and addresses of the Holders of the Securities
      ("List of Holders") as of such date, provided that the Administrative
      Trustees, on behalf of the Trust, shall not be obligated to provide such
      List of Holders at any time that the Property Trustee is the Registrar or
      the List of Holders does not differ from the most recent List of Holders
      given to the Property Trustee by the Administrative Trustees on behalf of
      the Trust; and

            (ii)  at any other time, within 30 days of receipt by the Trust of a
      written request by the Property Trustee for a List of Holders as of a date
      no more than 14 days before such List of Holders is given to the Property
      Trustee. The Property Trustee shall preserve, in as current a form as is
      reasonably practicable, all information contained in the Lists of Holders
      given to it or which it receives in the capacity as Paying Agent or
      Registrar (if acting in such capacity), provided that the Property Trustee
      may destroy any List of Holders previously given to it on receipt of a new
      List of Holders.

      (b) The Property Trustee shall comply with its obligations under Sections
311(a), 311(b) and 312(b) of the Trust Indenture Act.

Section 2.3 Reports by the Property Trustee.

      Within 60 days after June 15 of each year, commencing with June 15, 2005,
the Property Trustee shall provide to the Holders of the Trust Preferred
Securities such reports as are required by Section 313 of the Trust Indenture
Act, if any, in the form and in the manner provided by Section 313 of the Trust
Indenture Act. The Property Trustee shall also comply with the requirements of
Section 313(d) of the Trust Indenture Act.

Section 2.4 Periodic Reports to Property Trustee.

      The Administrative Trustees, on behalf of the Trust, shall provide to the
Property Trustee such documents, reports and information as required by Section
314 of the Trust Indenture Act (if any) and the compliance certificate required
by Section 314 of the Trust Indenture Act in the form, in the manner and at the
times required by Section 314 of the Trust Indenture Act.

                                       9
<PAGE>

Section 2.5 Evidence of Compliance With Conditions Precedent.

      Each of the Sponsor and the Administrative Trustees, on behalf of the
Trust, shall provide to the Property Trustee such evidence of compliance with
any conditions precedent, if any, provided for in this Agreement that relate to
any of the matters set forth in Section 314(c) of the Trust Indenture Act. Any
certificate or opinion required to be given by an officer pursuant to Section
314(c)(1) may be given in the form of an Officers' Certificate.

Section 2.6 Events of Default; Waiver.

      (a) The Holders of not less than a Majority in liquidation amount of Trust
Preferred Securities may, by vote or written consent, on behalf of the Holders
of all of the Trust Preferred Securities, waive any past Event of Default in
respect of the Trust Preferred Securities and its consequences, provided that,
if the corresponding Debenture Event of Default:

            (i)   is not waivable under the Debentures, the Event of Default
      under this Agreement shall also not be waivable; or

            (ii)  requires the consent or action of greater than a majority in
      principal amount of the holders of the Debentures (a "Super Majority"), to
      be waived under the Indenture, the Event of Default under this Agreement
      may only be waived by the consent or action of the same Super Majority in
      aggregate liquidation amount of Holders of the Trust Preferred Securities.

The foregoing provisions of this Section 2.6(a) shall be in lieu of Section
316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the
Trust Indenture Act is hereby expressly excluded from this Agreement and the
Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such
Debenture Event of Default shall cease to exist, and any Event of Default with
respect to the Trust Preferred Securities arising therefrom shall be deemed to
have been cured, for every purpose of this Agreement, but no such waiver shall
extend to any subsequent or other default or Event of Default with respect to
the Trust Preferred Securities or impair any right consequent thereon. Any
waiver by the Holders of the Trust Preferred Securities of an Event of Default
with respect to the Trust Preferred Securities shall also be deemed to
constitute a waiver by the Holders of the Common Securities of any such Event of
Default with respect to the Common Securities for all purposes of this Agreement
without any further act, vote, or consent of the Holders of the Common
Securities.

      The Holders of a Majority in liquidation amount of the Trust Preferred
Securities shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Property Trustee or to
direct the exercise of any trust or power conferred upon the Property Trustee,
including the right to direct the Property Trustee, as the holder of the
Debentures, to exercise the remedies available to it under the Indenture with
respect to the Debentures; provided, however, that (subject to the provisions of
Section 3.9) the Property Trustee shall have the right to decline to follow any
such direction if the Property Trustee shall determine that the action so
directed would be unjustly prejudicial to the Holders not taking part in such
direction or if the Property Trustee, being advised by competent legal counsel,
determines that the action or proceeding so directed may not lawfully be taken
or if the Property

                                       10
<PAGE>

Trustee, in good faith, by its board of directors or trustees, executive
committee, or a trust committee of directors or trustees, and/or Responsible
Officers, shall determine that the action or proceeding so directed would
involve the Property Trustee in personal liability.

      (b) The Holders of a Majority in liquidation amount of the Common
Securities may, by vote or written consent, on behalf of the Holders of all of
the Common Securities, waive any past Event of Default in respect of the
Securities and its consequences, provided that, if the corresponding Debenture
Event of Default:

            (i)   is not waivable under the Debentures, except where the Holders
      of the Common Securities are deemed to have waived such Event of Default
      under this Agreement as provided elsewhere in this Section 2.6, the Event
      of Default under this Agreement shall also not be waivable; or

            (ii)  requires the consent or action of a Super Majority to be
      waived, except where the Holders of the Common Securities are deemed to
      have waived such Event of Default under this Agreement as provided below
      in this Section 2.6, under the Indenture, the Event of Default under this
      Agreement may only be waived by the consent or action of the same Super
      Majority in aggregate liquidation amount of Holders of the Common
      Securities;

provided further, that, notwithstanding (i) or (ii) above, each Holder of the
Common Securities shall be deemed to have waived any such Event of Default and
its consequences until all Events of Default with respect to the Trust Preferred
Securities have been cured, waived or otherwise eliminated, and until such
Events of Default have been so cured, waived or otherwise eliminated, the
Property Trustee will be deemed to be acting solely on behalf of the Holders of
the Trust Preferred Securities and only the Holders of the Trust Preferred
Securities will have the right to direct the Property Trustee in accordance with
the terms of this Agreement and the Securities. The foregoing provisions of this
Section 2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) and of
the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the
Trust Indenture Act are hereby expressly excluded from this Agreement and the
Securities, as permitted by the Trust Indenture Act. Subject to the foregoing
provisions of this Section 2.6(b), upon such waiver, any such Debenture Event of
Default shall cease to exist, and any Event of Default with respect to the
Common Securities arising therefrom shall be deemed to have been cured for every
purpose of this Agreement, but no such waiver shall extend to any subsequent or
other default or Event of Default with respect to the Common Securities or
impair any right consequent thereon.

      (c) A waiver of a Debenture Event of Default by the Property Trustee at
the direction of the Holders of the Trust Preferred Securities constitutes a
waiver of the corresponding Event of Default with respect to the Trust Preferred
Securities under this Agreement. Any waiver of a Debenture Event of Default by
the Property Trustee at the direction of the Holders of the Trust Preferred
Securities shall also be deemed to constitute a waiver by the Holders of the
Common Securities of the corresponding Event of Default under this Agreement
with respect to the Common Securities for all purposes of this Agreement without
further act, vote or consent of the Holders of the Common Securities. The
foregoing provisions of this Section 2.6(c) shall be in lieu of Section
316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the
Trust Indenture

                                       11
<PAGE>

Act is hereby expressly excluded from this Agreement and the Securities, as
permitted by the Trust Indenture Act.

      (d) The right of any Holder to receive payment of Distributions in
accordance with this Agreement and the terms of the Securities on or after the
respective payment dates therefor, or to institute suit for the enforcement of
any such payment on or after such payment dates, shall not be impaired without
the consent of each such Holder.

Section 2.7 Event of Default; Notice.

      (a) The Property Trustee shall, within 90 days after a Responsible Officer
of the Property Trustee obtains actual knowledge of the occurrence of a default,
transmit by mail, first class postage prepaid, to the Holders of the Securities,
notices of all defaults known to the Property Trustee other than defaults that
have been cured or waived before the giving of such notice (the term "defaults"
for the purposes of this Section 2.7(a) being hereby defined to include
Debenture Events of Default, not including any periods of grace provided for
therein and irrespective of the giving of any notice provided therein); provided
that, except for a default in the payment of principal of (or premium, if any)
or interest on, or in the delivery of any cash, securities or other property in
exchange for or upon conversion or redemption of or otherwise in accordance with
the terms of, any Debenture or the Securities, the Property Trustee shall be
protected in withholding such notice if and so long as a Responsible Officer of
the Property Trustee in good faith determines that the withholding of such
notice is in the interests of the Holders of the Securities.

      (b) The Property Trustee shall not be deemed to have knowledge of any
default except:

            (i)   a default under Sections 501(1) and 501(2) of the Indenture;

            (ii)  any failure to deliver any cash, securities or other property
      in exchange for or upon conversion or redemption of or otherwise in
      accordance with the terms of the Debentures or the Securities; and

            (iii) any default as to which the Property Trustee shall have
      received written notice or of which a Responsible Officer of the Property
      Trustee shall have actual knowledge.

      (c) The Sponsor and the Administrative Trustee shall file annually within
30 days after June 15 of each year, commencing with June 15, 2005, with the
Property Trustee in accordance with Section 314(a)(4) of the Trust Indenture Act
a certification as to whether or not they are in compliance with all the
conditions applicable to them under this Agreement.

                                   ARTICLE III
                                  ORGANIZATION

Section 3.1 Name.

      The Trust is named "DTE Energy Trust II," as such name may be modified
from time to time in accordance with the Statutory Trust Act. The Administrative
Trustees shall give prompt

                                       12
<PAGE>

written notice of any change in the name of the Trust to the Delaware Trustee,
the Property Trustee and the Holders of the Securities. The Trust's activities
may be conducted under the name of the Trust or any other name deemed advisable
by the Administrative Trustees.

Section 3.2 Office.

      The address of the principal office of the Trust is c/o DTE Energy
Company, 2000 2nd Avenue, Detroit, Michigan 48226-1279. On ten Business Days
prior written notice to the Property Trustee and Holders of the Securities, the
Administrative Trustees may designate another principal office.

Section 3.3 Purposes.

      The exclusive purposes and functions of the Trust are and the Trust shall
have the power and authority (a) to issue and sell the Securities and use the
gross proceeds from such sale to purchase, acquire and hold the Debentures and
to own property and conduct its business all as described herein and in the
Prospectus (as defined in the Underwriting Agreement) (b) to enter into and
perform its obligations under the Underwriting Agreement, the Pricing Agreement,
the Subordinated Debenture Agreement, the Common Securities Agreement, and each
other document to which the Trust is a party in connection herewith and (c) to
engage in only those other activities necessary or incidental thereto. The Trust
shall not borrow money, issue debt or reinvest proceeds derived from
investments, pledge any of its assets, execute mortgages or otherwise undertake
(or permit to be undertaken) any activity that would cause the Trust not to be
classified for United States federal income tax purposes as a grantor trust. It
is the intent of the parties to this Agreement for the Trust to be classified as
a grantor trust for United States federal income tax purposes under Subpart E of
Subchapter J of the Code, pursuant to which the owners of the Trust Preferred
Securities and the Common Securities will be the owners of the Trust for United
States federal income tax purposes, and such owners will include directly in
their gross income the income, gain, deduction or loss of the Trust as if the
Trust did not exist. By the acceptance of this Agreement, neither the Trustees
nor the Sponsor or the Holders of the Trust Preferred Securities or Common
Securities will take any position for United States federal income tax purposes,
or permit the Trust to make any election, which is contrary to the
classification of the Trust as a grantor trust.

Section 3.4 Authority.

      Subject to the limitations provided in this Agreement and to the specific
duties of the Property Trustee, the Administrative Trustees shall have exclusive
and complete authority to carry out the purposes of the Trust. An action taken
by the Administrative Trustees in accordance with their powers shall constitute
the act of and serve to bind the Trust and an action taken by the Property
Trustee on behalf of the Trust in accordance with its powers shall constitute
the act of and serve to bind the Trust. In dealing with the Trustees acting on
behalf of the Trust, no Person shall be required to inquire into the authority
of the Trustees to bind the Trust. Persons dealing with the Trust are entitled
to rely conclusively on the power and authority of the Trustees as set forth in
this Agreement.

                                       13
<PAGE>

Section 3.5 Title to Property of the Trust.

      Except as provided in Section 3.8 with respect to the Trust Property and
the Property Trustee Account or as otherwise provided in this Agreement, legal
title to all assets of the Trust shall be vested in the Trust. A Holder shall
not have legal title to any part of the assets of the Trust, but shall have an
undivided beneficial interest in the assets of the Trust.

Section 3.6 Powers and Duties of the Administrative Trustees.

      The Administrative Trustees shall have the power, duty and authority,
which shall be exclusive except as otherwise set forth herein, and are hereby
authorized and directed to cause the Trust to engage in the following
activities:

      (a) execute, deliver, issue and sell the Trust Preferred Securities and
the Common Securities in accordance with this Agreement; provided, however, that
the Trust may issue no more than one series of Trust Preferred Securities and no
more than one series of Common Securities, and, provided further, that there
shall be no interests in the Trust other than the Securities, and the issuance
of Securities shall be limited to a simultaneous issuance of both Trust
Preferred Securities and Common Securities on each Closing Date;

      (b) in connection with the issue and sale of the Trust Preferred
Securities:

            (i)   assist in filing with the Commission any registration
      statement and any prospectus relating to the registration statement on
      Form S-3 prepared by the Sponsor, including any amendments or supplements
      thereto, pertaining to the Trust Preferred Securities and to take any
      other action relating to the registration and sale of the Trust Preferred
      Securities under federal and state securities laws;

            (ii)  execute and file any documents prepared by the Sponsor, or
      take any acts as determined by the Sponsor to be necessary in order to
      qualify or register all or part of the Trust Preferred Securities in any
      State in which the Sponsor has determined to qualify or register such
      Trust Preferred Securities for sale;

            (iii) execute and file an application, prepared by the Sponsor, to
      the New York Stock Exchange, Inc. or any other national stock exchange or
      the Nasdaq Stock Market's National Market for listing or quotation of any
      Trust Preferred Securities;

            (iv)  execute and file with the Commission any registration
      statement on Form 8-A, including any amendments thereto, prepared by the
      Sponsor, relating to the registration of the Trust Preferred Securities
      under Section 12(b) or 12(g) of the Exchange Act;

            (v)   execute and enter into and deliver the Underwriting Agreement
      providing for the sale of the Trust Preferred Securities;

            (vi)  execute and deliver letters, documents or instruments with DTC
      and other Clearing Agencies relating to the Trust Preferred Securities;

                                       14
<PAGE>

            (vii) execute and deliver the Common Securities Agreement and the
      Subordinated Debenture Agreement;

            (viii) execute the Terms and Conditions and attach them to this
      Agreement; and

            (ix)  execute, enter into or file any other instrument, agreement,
      certificate or other document negotiated or prepared by the Sponsor on
      behalf of the Trust, and to take such other action, in each case as the
      Administrative Trustees or any of them deem necessary or incidental (and
      not otherwise covered by the power of the other Trustees hereunder or
      under the Securities), in connection with the issuance, the sale or the
      terms of any Securities and the investment by the Trust in the Trust
      Property, including any remarketing, auction or similar agreements;

      (c) acquire the Debentures with the proceeds of the sale of the Trust
Preferred Securities and the Common Securities; provided, however, that the
Administrative Trustees shall cause legal title to the Debentures to be acquired
by the Trust on the Closing Date to be held of record in the name of the
Property Trustee for the benefit of the Trust and the Holders of the Trust
Preferred Securities and the Holders of Common Securities;

      (d) give the Sponsor and the Property Trustee prompt written notice of the
occurrence of any Special Event (as defined in the Terms and Conditions) or any
event that, in accordance with this Agreement, may require that a notice be sent
to Holders, including events that may result in an Event of Default, or any
redemption, conversion or exchange of or deferral of distributions on the
Securities;

      (e) establish a record date with respect to all actions to be taken
hereunder that require a record date be established, including and with respect
to, for the purposes of Section 316(c) of the Trust Indenture Act,
Distributions, voting rights, any repayments, any redemptions, any conversions
and any exchanges, and to issue relevant notices to the Holders of Trust
Preferred Securities and Holders of Common Securities as to such actions and
applicable record dates;

      (f) take all actions and perform such duties as may be required of the
Administrative Trustees pursuant to the terms of the Securities and this
Agreement;

      (g) to the fullest extent permitted by law, bring or defend, pay, collect,
compromise, arbitrate, resort to legal action, or otherwise adjust claims or
demands of or against the Trust ("Legal Action"), unless pursuant to Section
3.8(e) the Property Trustee has the exclusive power to bring such Legal Action;

      (h) employ or otherwise engage employees and agents (who may be designated
as officers with titles) and managers, contractors, advisors, and consultants
and pay reasonable compensation for such services;

      (i) cause the Trust to comply with the Trust's obligations under the Trust
Indenture Act;

      (j) give the certificate required by Section 314(a)(4) of the Trust
Indenture Act to the Property Trustee, which certificate may be executed by any
Administrative Trustee;

                                       15
<PAGE>

      (k) incur expenses that are necessary, appropriate, convenient or
incidental to carry out any of the purposes of the Trust;

      (l) act as, or appoint another Person to act as, Registrar and transfer
agent for the Securities;

      (m) take all action that may be necessary or appropriate for the
preservation and the continuation of the Trust's valid existence, rights,
franchises and privileges as a statutory trust under the laws of the State of
Delaware and of each other jurisdiction in which such existence is necessary to
protect the limited liability of the Holders of the Trust Preferred Securities
or to enable the Trust to effect the purposes for which the Trust was created;

      (n) take any action, not inconsistent with this Agreement or with
applicable law, that the Administrative Trustees determine in their discretion
to be necessary or incidental in carrying out the activities of the Trust,
including:

            (i)   causing the Trust not to be deemed to be an Investment Company
      required to be registered under the Investment Company Act;

            (ii)  causing the Trust to be classified for United States federal
      income tax purposes as a grantor trust; and

            (iii) cooperating with the Debenture Issuer to ensure that the
      Debentures will be treated as indebtedness of the Debenture Issuer for
      United States federal income tax purposes,

provided, in each case, that such action does not adversely affect the interests
of Holders;

      (o) take all action necessary to cause all applicable tax returns and tax
information reports that are required to be filed with respect to the Trust to
be duly prepared and filed on behalf of the Trust; and

      (p) execute all documents or instruments, perform all duties and powers,
and do all things for and on behalf of the Trust in all matters which the
Administrative Trustees deem necessary or incidental to the foregoing.

      The Administrative Trustees must exercise the powers set forth in this
Section 3.6 in a manner that is consistent with the purposes of the Trust set
out in Section 3.3. None of the Administrative Trustees shall take any action
that is inconsistent with the purposes of the Trust set forth in Section 3.3.

      Subject to this Section 3.6, the Administrative Trustees shall have none
of the powers or the authority of the Property Trustee set forth in Section 3.8.
No permissive power or authority available to the Administrative Trustees shall
be construed to be a duty.

      Any expenses incurred by the Administrative Trustees pursuant to this
Section 3.6 shall be reimbursed by the Sponsor.

                                       16
<PAGE>

      The Administrative Trustees shall take all actions on behalf of the Trust
that are not specifically required by this Agreement to be taken by any other
Trustee.

Section 3.7 Prohibition of Actions by the Trust and the Trustees.

      (a) The Trust shall not, and the Trustees shall not cause the Trust to,
engage in any activity other than as required or authorized by this Agreement.
In particular, the Trust shall not and the Trustees shall not cause the Trust
to:

            (i)   invest any proceeds received by the Trust from holding the
      Debentures or other Trust Property, but shall distribute all such proceeds
      to Holders of Securities pursuant to the terms of this Agreement and of
      the Securities;

            (ii)  acquire or vary any assets other than as expressly provided
      herein;

            (iii) possess Trust Property for other than a Trust purpose;

            (iv)  make any loans or incur any indebtedness for borrowed money,
      other than loans represented by the Debentures or other Trust Property;

            (v)   possess any power or otherwise act in such a way as to vary
      the Trust assets or the terms of the Securities in any way whatsoever;

            (vi)  sell, assign, transfer, exchange, mortgage, pledge, set-off or
      otherwise dispose of any of the Trust Property or interests therein,
      including to Holders, except as provided in this Agreement;

            (vii) take or consent to any action that would result in the
      placement of a lien on any Trust Property;

            (viii) issue any securities or other evidences of beneficial
      ownership of, or beneficial interest in, the Trust other than the
      Securities; or

            (ix)  other than as provided in this Agreement, (A) direct or
      exercise any remedy, trust or power with respect to the Debentures, or any
      other instrument or agreement constituting Trust Property, (B) waive any
      past default that is waivable under the Indenture, (C) exercise any right
      to rescind or annul any declaration that the principal of or other amounts
      payable or other property deliverable under the Debentures shall be due
      and payable, or (D) consent to any amendment, modification or termination
      of the Indenture or the Debentures, in the case of each of clauses (A)
      through (D), (x) without the approval of a Majority in liquidation amount
      with respect to the Securities or, where a consent under the Indenture
      would require the consent of each holder of Debentures affected thereby,
      of each Holder of Securities, and (y) unless the Trust shall have received
      an opinion of nationally recognized independent tax counsel to the effect
      that the Trust will not, as a result of such action, fail to be classified
      as a grantor trust for such purposes.

                                       17
<PAGE>

Section 3.8 Powers and Duties of the Property Trustee.

      (a) The legal title to the Trust Property shall be owned by and held of
record in the name of the Property Trustee in trust for the benefit of the Trust
and the Holders of the Securities. The right, title and interest of the Property
Trustee to the Trust Property shall vest automatically in each Person who may
hereafter be appointed as Property Trustee in accordance with Section 5.6. Such
vesting and cessation of title shall be effective whether or not conveyancing
documents with regard to the Trust Property have been executed and delivered.

      (b) The Property Trustee shall not transfer its right, title and interest
in the Trust Property to the Administrative Trustees or to the Delaware Trustee
(if the Property Trustee does not also act as Delaware Trustee) or, except in
accordance with the provisions of this Agreement and the Securities, any other
Person.

      (c) The Property Trustee shall:

            (i)   establish and maintain one or more segregated non-interest
      bearing trust accounts (collectively, the "Property Trustee Account") in
      the name of and under the exclusive control of the Property Trustee on
      behalf of the Trust and the Holders and, upon the receipt of funds in
      respect of the Trust Property, deposit such funds into the Property Trust
      Account and, upon the receipt of funds distributed to the Property Trustee
      in respect of the Trust Property held by the Property Trustee, deposit
      such funds into the Property Trustee Account, and make distributions of
      such funds out of the Property Trust Account to the Holders of the Trust
      Preferred Securities and the Holders of the Common Securities in
      accordance with the terms of this Agreement and the Securities. Funds in
      the Property Trustee Account shall be held uninvested until disbursed in
      accordance with this Agreement and the Securities. The Property Trustee
      Account shall be one or more accounts maintained with one or more banking
      institutions (which may include the Property Trustee if it qualifies
      hereunder) the rating on whose long-term unsecured indebtedness is rated
      at least "A" or above by a "nationally recognized statistical rating
      organization," as that term is defined for purposes of Rule 436(g)(2)
      under the Securities Act;

            (ii)  upon receipt of any Trust Property on the Closing Date and the
      receipt of any property other than funds distributed to the Property
      Trustee in respect of Trust Property held by the Property Trustee, hold
      such other property in safe keeping and make distributions of such other
      property to the Holders of the Trust Preferred Securities and the Holders
      of the Common Securities in accordance with the terms of this Agreement
      and the Securities; and

            (iii) engage in such ministerial activities as shall be necessary or
      incidental to hold the Trust Property in accordance with the provisions
      hereof and to effect distributions on and any redemption, repayment,
      conversion or exchange of the Trust Preferred Securities or the Common
      Securities and the distribution of all or any part of the Trust Property
      to Holders in liquidation of the Trust or otherwise, in each case in
      accordance with the terms of this Agreement and the Securities.

                                       18
<PAGE>

      (d) The Property Trustee shall take all actions and perform such duties as
may be specifically required of the Property Trustee pursuant to the terms of
the Securities and this Agreement.

      (e) Subject to Section 3.9(a), the Property Trustee shall take any Legal
Action which arises out of or in connection with an Event of Default of which a
Responsible Officer of the Property Trustee has actual knowledge or the Property
Trustee's duties and obligations under this Agreement, the Statutory Trust Act
or the Trust Indenture Act; provided, however, that if the Property Trustee
fails to enforce its rights under this Agreement and the Debentures after a
Holder of Trust Preferred Securities has made a written request, such Holder of
Trust Preferred Securities may, to the fullest extent permitted by applicable
law and subject to the terms of this Agreement and the Indenture, institute a
legal proceeding against the Debenture Issuer without first instituting any
legal proceeding against the Property Trustee or any other Person.
Notwithstanding the foregoing, if an Event of Default has occurred and is
continuing and such event is attributable to the failure of the Debenture Issuer
to pay interest or principal of the Debentures on the date such interest or
principal is otherwise payable (including, in the case of repayment or
redemption, on the repayment or redemption date), and not during an authorized
Extension Period (as defined in the Terms and Conditions), or, if the Debentures
are exchangeable or convertible, the failure of the Debenture Issuer to convert
or exchange the Debentures into or for other property in accordance with the
terms thereof, then a Holder of Trust Preferred Securities may directly
institute a proceeding (a "Direct Action") for enforcement of payment or
delivery to such Holder of the principal of or interest on or other property
deliverable upon the exchange or conversion of Debentures having a principal
amount equal to the aggregate liquidation amount of the Trust Preferred
Securities of such holder on or after the due date specified in the Debentures
equal to the percentage of outstanding securities represented by such Holder's
Securities. In connection with such Direct Action, the rights of the Holders of
Common Securities will be subordinated to the rights of such Holders of Trust
Preferred Securities. Except as provided in the preceding sentences, the Holders
of Trust Preferred Securities will not be able to exercise directly any other
remedy available to the holders of the Debentures.

      (f) The Property Trustee shall continue to serve as a Trustee until
either:

            (i)   the Trust has been completely dissolved and wound up and the
      proceeds of the liquidation distributed to the Holders of Securities and
      the Trust is terminated, in accordance with the terms of the Securities
      and this Agreement; or

            (ii)  a successor Property Trustee has been appointed and has
      accepted that appointment in accordance with Section 5.6 (a "Successor
      Property Trustee").

      (g) The Property Trustee shall have the legal power to exercise all of the
rights, powers and privileges of the Trust as holder of Debentures under the
Indenture and, if an Event of Default actually known to a Responsible Officer of
the Property Trustee occurs and is continuing, the Property Trustee shall, for
the benefit of Holders of the Securities, enforce the rights of the Trust as
holder of the Debentures subject, in each case, to the rights of the Holders
pursuant to the terms of the Securities and this Agreement.

                                       19
<PAGE>

      (h) The Property Trustee shall be authorized to undertake any actions set
forth in Section 317(a) of the Trust Indenture Act.

      (i) Subject to this Section 3.8, the Property Trustee shall have none of
the duties, liabilities, powers or the authority of the Administrative Trustees
set forth in Section 3.6.

      (j) For such time as the Property Trustee is the Paying Agent, the
Property Trustee may authorize one or more Persons to act as additional Paying
Agents and to make distributions, redemption payments or liquidation payments on
behalf of the Trust with respect to all Securities. Any such additional Paying
Agent may be removed by the Property Trustee, at any time, so long as the
Property Trustee remains as Paying Agent and a successor Paying Agent or
additional Paying Agents may be (but are not required to be) appointed at any
time by the Property Trustee.

      (k) The Property Trustee must exercise the powers set forth in this
Section 3.8 in a manner that is consistent with the purposes and functions of
the Trust set out in Section 3.3, and the Property Trustee shall not take any
action that is inconsistent with the purposes and functions of the Trust set out
in Section 3.3.

      (l) The Property Trustee shall give prompt written notice to the Holders
of the Securities of any notice received by it from the Debenture Issuer of the
Debenture Issuer's election to defer payments of interest on the Debentures by
extending the interest payment period with respect thereto.

Section 3.9 Certain Duties and Responsibilities of the Property Trustee.

      (a) The Property Trustee, before the occurrence of any Event of Default
and after the curing or waiver of all Events of Default that may have occurred,
shall undertake to perform only such duties as are specifically set forth in
this Agreement and no implied covenants shall be read into this Agreement
against the Property Trustee. In case an Event of Default has occurred (that has
not been cured or waived pursuant to Section 2.6) of which a Responsible Officer
of the Property Trustee has actual knowledge, the Property Trustee shall
exercise such of the rights and powers vested in it by this Agreement, and use
the same degree of care and skill in their exercise, as a prudent person would
exercise or use under the circumstances in the conduct of his or her own
affairs.

      (b) No provision of this Agreement shall be construed to relieve the
Property Trustee from liability for its own negligent action, its own negligent
failure to act, its bad faith or its own willful misconduct, except that:

            (i)   prior to the occurrence of an Event of Default and after the
      curing or waiving of all such Events of Default that may have occurred:

                        (A)   the duties and obligations of the Property Trustee
                  shall be determined solely by the express provisions of this
                  Agreement and the Property Trustee shall not be liable except
                  for the performance of such duties and obligations as are
                  specifically set forth in this Agreement, and

                                       20
<PAGE>

                  no implied covenants or obligations shall be read into this
                  Agreement against the Property Trustee; and

                        (B)   in the absence of bad faith on the part of the
                  Property Trustee, the Property Trustee may conclusively rely,
                  as to the truth of the statements and the correctness of the
                  opinions expressed therein, upon any certificates or opinions
                  furnished to the Property Trustee and conforming to the
                  requirements of this Agreement; provided, that in the case of
                  any such certificates or opinions that by any provision hereof
                  are specifically required to be furnished to the Property
                  Trustee, the Property Trustee shall be under a duty to examine
                  the same to determine whether or not they conform to the
                  requirements of this Agreement;

            (ii)  the Property Trustee shall not be liable for any error of
      judgment made in good faith by a Responsible Officer of the Property
      Trustee, unless it shall be proved that the Property Trustee was negligent
      in ascertaining the pertinent facts;

            (iii) the Property Trustee shall not be liable with respect to any
      action taken or omitted to be taken by it in good faith in accordance with
      the direction of the Holders of not less than a Majority in liquidation
      amount of the Securities relating to the time, method and place of
      conducting any proceeding for any remedy available to the Property
      Trustee, or exercising any trust or power conferred upon the Property
      Trustee under this Agreement;

            (iv)  no provision of this Agreement shall require the Property
      Trustee to expend or risk its own funds or otherwise incur personal
      financial liability in the performance of any of its duties or in the
      exercise of any of its rights or powers, if it shall have reasonable
      grounds for believing that the repayment of such funds or liability is not
      reasonably assured to it under the terms of this Agreement or if indemnity
      reasonably satisfactory to the Property Trustee against such risk or
      liability is not reasonably assured to it;

            (v)   the Property Trustee's sole duty with respect to the custody,
      safe keeping and physical preservation of the Trust Property and the
      Property Trustee Account shall be to deal with such property in a manner
      that is similar to the manner in which the Property Trustee deals with
      similar property for its fiduciary accounts generally, subject to the
      protections and limitations on liability afforded to the Property Trustee
      under this Agreement, the Statutory Trust Act and the Trust Indenture Act;

            (vi)  the Property Trustee shall have no duty or liability for or
      with respect to the value, genuineness, existence or sufficiency of the
      Trust Property or the payment of any taxes or assessments levied thereon
      or in connection therewith;

            (vii) the Property Trustee shall not be liable for any interest on
      any money received by it except as it may otherwise agree in writing with
      the Sponsor; money held by the Property Trustee need not be segregated
      from other funds held by it except in

                                       21
<PAGE>

      relation to the Property Trustee Account maintained by the Property
      Trustee pursuant to Section 3.8(c)(i) and except to the extent otherwise
      required by law; and

            (viii) the Property Trustee shall not be responsible for monitoring
      the compliance by the Administrative Trustees or the Sponsor with their
      respective duties under this Agreement, nor shall the Property Trustee be
      liable for any default or misconduct of the Administrative Trustees or the
      Sponsor.

Section 3.10 Certain Rights of the Property Trustee.

      (a) Subject to the provisions of Section 3.9:

            (i)   the Property Trustee may conclusively rely and shall be fully
      protected in acting or refraining from acting upon any resolution,
      certificate, statement, instrument, opinion, report, notice, request,
      direction, consent, order, bond, debenture, note, other evidence of
      indebtedness or other paper or document believed by it to be genuine and
      to have been signed, sent or presented by the proper party or parties;

            (ii)  any direction or act of the Sponsor or the Administrative
      Trustees contemplated by this Agreement shall be sufficiently evidenced by
      a Direction or an Officers' Certificate;

            (iii) whenever in the administration of this Agreement, the Property
      Trustee shall deem it desirable that a matter be proved or established
      before taking, suffering or omitting any action hereunder, the Property
      Trustee (unless other evidence is herein specifically prescribed) may, in
      the absence of negligence or bad faith on its part, request and
      conclusively rely upon an Officers' Certificate which, upon receipt of
      such request, shall be promptly delivered by the Sponsor or the
      Administrative Trustees;

            (iv)  the Property Trustee shall have no duty to see to any
      recording, filing or registration of any instrument (including any
      financing or continuation statement or any filing under tax or securities
      laws) or any rerecording, refiling or registration thereof;

            (v)   the Property Trustee may consult with competent legal counsel
      or other competent experts and the advice or written opinion of such
      counsel and experts with respect to legal matters or advice within the
      scope of such legal counsel's or experts' area of expertise shall be full
      and complete authorization and protection in respect of any action taken,
      suffered or omitted by it hereunder in good faith and in accordance with
      such advice or opinion. Such counsel may be counsel to the Sponsor or any
      of its Affiliates, and may include any of its employees; and the Property
      Trustee shall have the right at any time to seek instructions concerning
      the administration of this Agreement from any court of competent
      jurisdiction;

            (vi)  the Property Trustee shall be under no obligation to exercise
      any of the rights or powers vested in it by this Agreement at the request
      or direction of any Holder, unless (A) such Holder shall have provided to
      the Property Trustee reasonable security and indemnity, reasonably
      satisfactory to the Property Trustee, against the reasonable costs,
      expenses (including reasonable attorneys' fees and expenses and the
      reasonable

                                       22
<PAGE>

      expenses of the Property Trustee's agents, nominees or custodians) and
      liabilities that might be incurred by it in complying with such request or
      direction, including such reasonable advances as may be requested by the
      Property Trustee and (B) the Property Trustee has obtained the legal
      opinions, if any, required by the applicable provisions of this Agreement,
      provided that nothing contained in this Section 3.10(a)(vi) shall be taken
      to relieve the Property Trustee, upon the occurrence of an Event of
      Default, of its obligation to exercise the rights and powers vested in it
      by this Agreement;

            (vii) the Property Trustee shall be under no obligation to conduct
      an investigation into the facts or matters stated in any resolution,
      certificate, statement, instrument, opinion, report, notice, request,
      direction, consent, order, bond, debenture, note, other evidence of
      indebtedness or other paper or document, but the Property Trustee, in its
      discretion, may make such further inquiry or investigation into such facts
      or matters as it may see fit;

            (viii) the Property Trustee may execute any of the trusts or powers
      hereunder or perform any duties hereunder either directly or by or through
      agents, custodians, nominees or attorneys, and the Property Trustee shall
      not be responsible for any misconduct or negligence on the part of any
      agent or attorney appointed with due care by it hereunder;

            (ix)  any action taken by the Property Trustee or its agents
      hereunder shall bind the Trust and the Holders of the Securities, and the
      signature of the Property Trustee or its agents alone shall be sufficient
      and effective to perform any such action, and no third party shall be
      required to inquire as to the authority of the Property Trustee to so act
      or as to its compliance with any of the terms and provisions of this
      Agreement, both of which shall be conclusively evidenced by the Property
      Trustee's or its agent's taking such action;

            (x)   whenever in the administration of this Agreement the Property
      Trustee shall deem it desirable to receive instructions with respect to
      enforcing any remedy or right or taking any other action hereunder, the
      Property Trustee (A) may request instructions from the Holders (which
      instructions may only be given by the Holders of the same proportion in
      liquidation amount of the Securities as would be entitled to direct the
      Property Trustee under the terms of the Securities in respect of such
      remedy, right or action), (B) may refrain from enforcing such remedy or
      right or taking such other action until such instructions are received,
      and (C) shall be protected in conclusively relying on or acting in
      accordance with such instructions, provided that the Property Trustee
      shall not take any action unless it shall have obtained the legal opinions
      required by the applicable provisions of this Agreement;

            (xi)  except as otherwise expressly provided by this Agreement, the
      Property Trustee shall not be under any obligation to take any action that
      is discretionary under the provisions of this Agreement; and

            (xii) the Property Trustee shall not be liable for any action taken,
      suffered, or omitted to be taken by it in good faith, without negligence,
      and reasonably believed by it

                                       23
<PAGE>

      to be authorized or within the discretion or rights or powers conferred
      upon it by this Agreement.

      (b) No provision of this Agreement shall be deemed to impose any duty or
obligation on the Property Trustee to perform any act or acts or exercise any
right, power, duty or obligation conferred or imposed on it, in any jurisdiction
in which it shall be illegal, or in which the Property Trustee shall be
unqualified or incompetent in accordance with applicable law, to perform any
such act or acts, or to exercise any such right, power, duty or obligation. No
permissive power or authority available to the Property Trustee shall be
construed to be a duty.

Section 3.11 Delaware Trustee.

      Notwithstanding any other provision of this Agreement other than Section
5.2, the Delaware Trustee shall not be entitled to exercise any powers, nor
shall the Delaware Trustee have any of the duties and responsibilities of the
Trustees (except as required under the Statutory Trust Act) described in this
Agreement. Except as set forth in Section 5.2, the Delaware Trustee shall be a
Trustee for the sole and limited purpose of fulfilling the requirements of
Section 3807 of the Statutory Trust Act. In the event that the Delaware Trustee
shall at any time be required to take any action or perform any duty hereunder,
the Delaware Trustee shall be entitled to the benefits of Section 3.9(b)(ii) and
(viii) and Section 3.10. No implied covenants or obligations shall be read into
this Agreement against the Delaware Trustee.

Section 3.12 Not Responsible for Recitals or Issuance of Securities.

      The recitals contained in this Agreement and the Securities shall be taken
as the statements of the Sponsor, and the Trustees do not assume any
responsibility for their correctness. The Trustees make no representations as to
the value or condition of the property of the Trust or any part thereof. The
Trustees make no representations as to the validity or sufficiency of this
Agreement or the Securities.

Section 3.13 Duration of Trust.

      The Trust, unless dissolved pursuant to the provisions hereof, shall
dissolve on June 1, 2049.

Section 3.14 Mergers.

      (a) The Trust may not consolidate, amalgamate, merge or convert with or
into, or be replaced by, or convey, transfer or lease its properties and assets
as an entirety or substantially as an entirety to, any Person, except for the
sole purpose of changing its domicile and as set forth in Section 3.14(b) and
(c).

      (b) Subject to Section 3.14(a), the Trust may, at the request of the
Sponsor, with the consent of the Administrative Trustees or, if there are more
than two, a majority of the Administrative Trustees and without the consent of
the Holders of the Trust Preferred Securities, the Delaware Trustee or the
Property Trustee, consolidate, amalgamate, merge or convert with or into, or be
replaced by a trust organized as such under the laws of any State, provided
that:

                                       24
<PAGE>

            (i)   the successor entity (the "Successor Entity") expressly
      assumes all of the obligations of the Trust under any agreement to which
      the Trust is a party and either:

                        (A)   expressly assumes all of the obligations of the
                  Trust under the Securities; or

                        (B)   substitutes for the Trust Preferred Securities
                  other securities having substantially the same terms as the
                  Trust Preferred Securities (the "Successor Trust Preferred
                  Securities"), so long as the Successor Trust Preferred
                  Securities rank the same as the Trust Preferred Securities
                  rank with respect to distributions of Trust Property and
                  payments upon liquidation, redemption, repayment and otherwise
                  and substitutes for the Common Securities other securities
                  having substantially the same terms as the Common Securities
                  (the "Successor Common Securities," and together with the
                  Successor Trust Preferred Securities, the "Successor
                  Securities"), so long as the Successor Common Securities rank
                  the same as the Common Securities rank with respect to
                  distributions of Trust Property and payments upon liquidation,
                  redemption, repayment and otherwise;

            (ii)  the Successor Entity has a trustee that possesses
      substantially the same powers and duties as the Property Trustee;

            (iii) the Trust Preferred Securities or any Successor Securities
      will be listed, quoted or included for trading, or any Successor
      Securities will be listed, quoted or included for trading upon
      notification of issuance if applicable, on any national securities
      exchange or with another system on which the Trust Preferred Securities
      are then listed, quoted or included for trading;

            (iv)  such merger, conversion, consolidation, amalgamation or
      replacement does not cause the Trust Preferred Securities (including any
      Successor Securities) to be downgraded or placed under surveillance for
      review by any nationally recognized statistical rating organization;

            (v)   such merger, conversion, consolidation, amalgamation or
      replacement does not adversely affect the rights, preferences and
      privileges of the Holders of the Securities (including any Successor
      Securities and any Successor Trust Preferred Common Securities) in any
      material respect;

            (vi)  such Successor Entity has a purpose substantially identical to
      that of the Trust;

            (vii) prior to such merger, conversion, consolidation, amalgamation
      or replacement, the Sponsor has received an opinion of a nationally
      recognized independent counsel to the Trust experienced in such matters to
      the effect that:

                        (A)   such merger, conversion, consolidation,
                  amalgamation or replacement does not adversely affect the
                  rights, preferences and

                                       25
<PAGE>

                  privileges of the Holders of the Securities (including any
                  Successor Securities) in any material respect;

                        (B)   following such merger, conversion, consolidation,
                  amalgamation or replacement, neither the Trust nor the
                  Successor Entity will be required to register as an Investment
                  Company; and

                        (C)   following such merger, conversion, consolidation,
                  amalgamation or replacement, the Trust (or the Successor
                  Entity) will continue to be classified as a grantor trust for
                  United States federal income tax purposes;

            (viii) the Sponsor, directly or indirectly, owns all of the
      Successor Common Securities and guarantees the obligations of such
      Successor Entity under the Successor Trust Preferred Securities at least
      to the extent provided by the Securities Guarantees; and

            (ix)  the Property Trustee has received an Officers' Certificate
      from the Sponsor and an opinion of counsel, each to the effect that all
      conditions precedent to the transaction as set forth in this Agreement
      have been satisfied.

      (c) Notwithstanding Section 3.14(b), the Trust shall not, except with the
consent of Holders of 100% in liquidation amount of the Securities, consolidate,
amalgamate, merge or convert with or into, or be replaced by any other Person or
permit any other Person to consolidate, amalgamate, or merge with or into, or
replace it if such consolidation, amalgamation, merger, conversion, or
replacement would cause the Trust or Successor Entity to be classified as other
than a grantor trust for United States federal income tax purposes.

                                   ARTICLE IV
                                     SPONSOR

Section 4.1 Sponsor's Purchase of Common Securities.

      On each Closing Date, the Sponsor shall purchase all of the Common
Securities issued by the Trust, in an amount at least equal to 3.0% of the
Securities of the Trust issued on such Closing Date, at the same time as the
Trust Preferred Securities are sold.

Section 4.2 Covenants of the Sponsor.

      For so long as the Trust Preferred Securities remain outstanding, the
Sponsor shall:

            (i)   cause the Trust to remain a statutory trust and not to
      voluntarily dissolve, wind-up, liquidate or terminate, except as permitted
      by this Agreement; and

            (ii)  use its commercially reasonable efforts to ensure that the
      Trust will not be (A) required to register as an Investment Company under
      the Investment Company Act or (B) classified as other than a grantor trust
      for United States federal income tax purposes.

                                       26
<PAGE>

Section 4.3 Rights and Responsibilities of the Sponsor.

      In connection with the issue and sale of the Trust Preferred Securities
and so long as the Securities are outstanding, the Sponsor shall have the right,
authority and responsibility (which shall be exclusive except as otherwise set
forth herein) to engage in the following activities:

      (a) determine the Terms and Conditions;

      (b) prepare, execute and file on behalf of the Trust with the Commission a
registration statement on Form S-3 and any prospectus or prospectus supplement
relating to such registration statement in relation to the Trust Preferred
Securities, including any amendments thereto;

      (c) if deemed necessary or advisable by the Sponsor, determine the States
in which to take appropriate action to qualify or register for sale all or part
of the Trust Preferred Securities and to do any and all such acts on behalf of
the Trust, and prepare, execute and file any documents on behalf of the Trust as
the Sponsor deems necessary or advisable in order to comply with the applicable
laws of any such States;

      (d) if deemed necessary or advisable by the Sponsor, prepare, execute and
file on behalf of the Trust an application to the New York Stock Exchange or any
other national stock exchange or the Nasdaq National Market for listing upon
notice of issuance of any Trust Preferred Securities;

      (e) if necessary, prepare, execute and file on behalf of the Trust with
the Commission, a registration statement on Form 8-A relating to the
registration of the Trust Preferred Securities under Section 12(b) or 12(g) of
the Exchange Act, including any amendments thereto; and

      (f) negotiate and execute the Underwriting Agreement and the Pricing
Agreement, and negotiate any other instrument or agreement which, in the opinion
of the Sponsor, the Trust should be a party to, bound by or a beneficiary of,
including any remarketing, auction or exchange agreement.

Section 4.4 Right to Proceed.

      The Sponsor acknowledges the rights of Holders to institute a Direct
Action as set forth in Section 3.8(e) hereto.

Section 4.5 Expenses.

      In connection with the offering, sale and issuance of the Debentures to
the Property Trustee and in connection with the sale of the Securities by the
Trust, the Sponsor shall:

      (a) pay all costs and expenses relating to the offering, sale and issuance
of the Debentures, including commissions to the underwriters payable pursuant to
the Underwriting Agreement and compensation of the Trustee under the Indenture
in accordance with the provisions of the Indenture;

                                       27
<PAGE>

      (b) be responsible for and shall pay all debts and obligations (other than
with respect to the Securities) and all costs and expenses of the Trust
(including, but not limited to, costs and expenses relating to the organization,
maintenance and dissolution of the Trust), the offering, sale and issuance of
the Securities (including commissions to the underwriters in connection
therewith), the fees and expenses (including reasonable counsel fees and
expenses) of the Property Trustee, the Delaware Trustee and the Administrative
Trustees (including any amounts payable under Article X of this Agreement), the
costs and expenses relating to the operation of the Trust, including, without
limitation, costs and expenses of accountants, attorneys, statistical or
bookkeeping services, expenses for printing and engraving and computing or
accounting equipment, Paying Agents, Registrars, transfer agents, duplicating,
travel and telephone and other telecommunications expenses and costs and
expenses incurred in connection with the acquisition, financing, and disposition
of Trust assets and the enforcement by the Property Trustee of the rights of the
Holders;

      (c) pay any and all taxes (other than United States withholding taxes
attributable to the Trust or its assets) and all liabilities, costs and expenses
with respect to such taxes of the Trust; and

      (d) be primarily liable for any indemnification obligations arising under
Section 10.4 with respect to this Agreement.

      The Sponsor's obligations under this Section 4.5 shall be for the benefit
of, and shall be enforceable by, any Person to whom such debts, obligations,
costs, expenses and taxes are owed (a "Creditor") whether or not such Creditor
has received notice hereof. Any such Creditor may enforce the Sponsor's
obligations under this Section 4.5 directly against the Sponsor and the Sponsor
irrevocably waives any right or remedy to require that any such Creditor take
any action against the Trust or any other Person before proceeding against the
Sponsor. The Sponsor agrees to execute such additional agreements as may be
necessary or desirable in order to give full effect to the provisions of this
Section 4.5.

                                    ARTICLE V
                                    TRUSTEES

Section 5.1 Number of Trustees.

      The number of Trustees initially shall be five (5), and:

      (a) at any time before the issuance of any Securities, the Sponsor may, by
written instrument, increase or decrease the number of Trustees; and

      (b) after the issuance of any Securities, the number of Trustees may be
increased or decreased by the Holders of a Majority in liquidation amount of the
Common Securities; provided, however, that, the number of Trustees shall in no
event be less than two, provided further that (1) one Trustee shall meet the
requirements of Section 5.2(a) or (b); (2) there shall be at least one Trustee
who is an employee or officer of, or is affiliated with the Sponsor (an
"Administrative Trustee"); and (3) one Trustee shall be the Property Trustee for
so long as this Agreement is required to qualify as an indenture under the Trust
Indenture Act, and such Property Trustee may also serve as Delaware Trustee if
it meets the applicable requirements.

                                       28
<PAGE>

Section 5.2 Delaware Trustee.

      If required by the Statutory Trust Act, one Trustee (the "Delaware
Trustee") shall be:

      (a) a natural person who is a resident of the State of Delaware; or

      (b) if not a natural person, an entity which has its principal place of
business in the State of Delaware, and otherwise meets the requirements of
applicable law (including Section 3807, of the Statutory Trust Act), provided
that, if the Property Trustee has its principal place of business in the State
of Delaware and otherwise meets the requirements of applicable law, then the
Property Trustee shall also be the Delaware Trustee and Section 3.11 shall have
no application.

      (c) The initial Delaware Trustee shall be:

                  The Bank of New York (Delaware)
                  White Clay Center (or P.O. Box 6973)
                  Route 273
                  Newark, Delaware 19711
                  Attn: Corporate Trust Trustee Administration

Section 5.3 Property Trustee; Eligibility.

      (a) There shall at all times be one Trustee which shall act as Property
Trustee for so long as this Agreement is required to qualify as an Indenture
under the Trust Indenture Act, which shall:

            (i)   not be an Affiliate of the Sponsor; and

            (ii)  be a corporation organized and doing business under the laws
      of the United States of America or any State or Territory thereof or of
      the District of Columbia, or a corporation or Person permitted by the
      Commission to act as an institutional trustee under the Trust Indenture
      Act, authorized under such laws to exercise corporate trust powers, having
      a combined capital and surplus of at least Fifty million U.S. dollars
      ($50,000,000), and subject to supervision or examination by Federal,
      State, Territorial or District of Columbia authority. If such corporation
      publishes reports of condition at least annually, pursuant to law or to
      the requirements of the supervising or examining authority referred to
      above, then for the purposes of this Section 5.3(a)(ii), the combined
      capital and surplus of such corporation shall be deemed to be its combined
      capital and surplus as set forth in its most recent report of condition so
      published.

      (b) If at any time the Property Trustee shall cease to be eligible to so
act under Section 5.3(a), the Property Trustee shall immediately resign in the
manner and with the effect set forth in Section 5.6(c).

      (c) If the Property Trustee has or shall acquire any "conflicting
interest" within the meaning of Section 310(b) of the Trust Indenture Act, the
Property Trustee and the Holder of the Common Securities (as if it were the
obligor referred to in Section 310(b) of the Trust Indenture Act) shall in all
respects comply with the provisions of Section 310(b) of the Trust Indenture
Act.

                                       29
<PAGE>

      (d) The Trust Preferred Securities Guarantee and the Indenture shall be
deemed to be specifically described in this Agreement and the Indenture for
purposes of clause (i) of the first proviso contained in Section 310(b) of the
Trust Indenture Act.

      (e) The Property Trustee on the date hereof shall be:

                  BNY Midwest Trust Company
                  2 N. LaSalle Street, Suite 1020
                  Chicago, IL  60602
                  Attention: Corporate Trust

Section 5.4 Certain Qualifications of Administrative Trustees and Delaware
            Trustee Generally.

      Each Administrative Trustee and the Delaware Trustee (unless the Property
Trustee also acts as Delaware Trustee) shall be either a natural person who is
at least 21 years of age or a legal entity that shall act through one or more
Authorized Officers.

Section 5.5 Administrative Trustees.

The initial Administrative Trustees shall be:

                  K. Hier
                  N.A. Khouri
                  D.R. Murphy

      (a) Except as otherwise expressly set forth in this Agreement and except
if a meeting of the Administrative Trustees is called in accordance with Section
5.9 with respect to any matter over which the Administrative Trustees have power
to act, any power of the Administrative Trustees may be exercised by, or with
the consent of, any one such Administrative Trustee.

      (b) Unless otherwise determined by the Administrative Trustees in
accordance with Section 5.9, and except as otherwise required by the Statutory
Trust Act or applicable law, any Administrative Trustee is authorized to execute
on behalf of the Trust any documents which the Administrative Trustees have the
power and authority to cause the Trust to execute pursuant to Section 3.6.

Section 5.6 Appointment; Removal and Resignation of Trustees.

      (a) Subject to Section 5.6(b), Trustees may be appointed or removed
without cause at any time:

            (i)   until the issuance of any Securities, by written instrument
      executed by the Sponsor;

            (ii)  after the issuance of any Securities, by the Holders of a
      Majority in liquidation amount of the Common Securities voting as a class
      at a meeting of the

                                       30
<PAGE>

      Holders of the Common Securities unless an Event of Default shall have
      occurred and be continuing, and

            (iii) if an Event of Default shall have occurred and be continuing,
      after the issuance of the Securities, with respect to:

                        (A)   the Administrative Trustees, by vote or written
                  consent of the Holders of a Majority in liquidation amount of
                  the Common Securities acting separately as a class; and

                        (B)   the Property Trustee and the Delaware Trustee, by
                  vote or written consent of the Holders of a Majority in
                  liquidation amount of the Trust Preferred Securities, acting
                  separately as a class.

      (b) (i) The Property Trustee shall not be removed in accordance with
      Section 5.6(a) until a Successor Property Trustee possessing the
      qualifications to act as Property Trustee under Sections 5.2 and 5.3 has
      been appointed and has accepted such appointment by written instrument
      executed by such Successor Property Trustee and delivered to the
      Administrative Trustees, the Delaware Trustee (if the removed Property
      Trustee is not also the Delaware Trustee) and the Sponsor.

            (ii)  The Delaware Trustee shall not be removed in accordance with
      Section 5.6(a) until a successor possessing the qualifications to act as
      Delaware Trustee under Sections 5.2 and 5.4 (a "Successor Delaware
      Trustee") has been appointed and has accepted such appointment by written
      instrument executed by such Successor Delaware Trustee and delivered to
      the Administrative Trustees, the Property Trustee (if the removed Delaware
      Trustee is not also the Property Trustee) and the Sponsor.

      (c) A Trustee appointed to office shall hold office until such Trustee's
successor shall have been appointed or until such Trustee's death, bankruptcy,
dissolution, termination, removal or resignation. Any Trustee may resign from
office (without need for prior or subsequent accounting) by an instrument in
writing signed by the Trustee and delivered to the other Trustees, the Sponsor,
the Trust and, after an Event of Default has occurred and is continuing, the
Holders of Trust Preferred Securities, which resignation shall take effect upon
such delivery or upon such later date as is specified therein; provided,
however, that:

            (i)   no such resignation of the Property Trustee shall be
      effective:

                        (A)   until a Successor Property Trustee has been
                  appointed and has accepted such appointment by instrument
                  executed by such Successor Property Trustee and delivered to
                  the Trust, the Sponsor, the Delaware Trustee, the resigning
                  Property Trustee and, after an Event of Default has occurred
                  and is continuing, the Holders of Trust Preferred Securities;
                  or

                        (B)   until the assets of the Trust have been completely
                  liquidated and the proceeds thereof distributed to the Holders
                  of the Securities and the Trust is terminated pursuant to the
                  terms of this Agreement and the Securities; and

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<PAGE>

            (ii)  no such resignation of the Delaware Trustee shall be effective
      until a Successor Delaware Trustee has been appointed and has accepted
      such appointment by instrument executed by such Successor Delaware Trustee
      and delivered to the Trust, the Sponsor, the Property Trustee, the
      resigning Delaware Trustee and, after an Event of Default has occurred and
      is continuing, the Holders of Trust Preferred Securities.

      (d) The Holders of the Common Securities or, if an Event of Default has
occurred and is continuing after the issuance of any Securities, the Holders of
Trust Preferred Securities shall use all reasonable efforts to promptly appoint
a Successor Delaware Trustee or Successor Property Trustee, as the case may be,
if the Property Trustee or the Delaware Trustee delivers an instrument of
resignation in accordance with this Section 5.6.

      (e) If no Successor Property Trustee or Successor Delaware Trustee shall
have been appointed and accepted appointment as provided in this Section 5.6
within 60 days after delivery to the other Trustees, the Sponsor, the Trust and,
after an Event of Default has occurred and is continuing, the Holders of the
Trust Preferred Securities of an instrument of resignation, the resigning
Property Trustee or Delaware Trustee, as applicable, may petition any court of
competent jurisdiction for appointment of a Successor Property Trustee or
Successor Delaware Trustee. Such court may thereupon, after prescribing such
notice, if any, as it may deem proper, appoint a Successor Property Trustee or
Successor Delaware Trustee, as the case may be.

      (f) No Property Trustee or Delaware Trustee shall be liable for the acts
or omissions to act of any Successor Property Trustee or Successor Delaware
Trustee, as the case may be.

      (g) At the time of the resignation or removal of the Property Trustee or
the Delaware Trustee, the Sponsor shall pay to such Trustee any amounts that may
be owed to such Trustee pursuant to Section 10.4.

Section 5.7 Vacancies Among Trustees.

      If a Trustee ceases to hold office for any reason and the number of
Trustees is not reduced pursuant to Section 5.1, or if the number of Trustees is
increased pursuant to Section 5.1, a vacancy shall occur. A resolution
certifying the existence of such vacancy by the Administrative Trustees or, if
there are more than two Administrative Trustees, a majority of the
Administrative Trustees shall be conclusive evidence of the existence of such
vacancy. The vacancy shall be filled with a Trustee appointed in accordance with
Section 5.6.

Section 5.8 Effect of Vacancies.

      The death, resignation, retirement, removal, bankruptcy, dissolution,
liquidation, incompetence or incapacity to perform the duties of a Trustee shall
not operate to dissolve, terminate or annul the Trust. Whenever a vacancy among
the Administrative Trustees shall occur, until such vacancy is filled by the
appointment of an Administrative Trustee in accordance with Section 5.6, the
Administrative Trustees in office, regardless of their number, shall have all
the powers granted to the Administrative Trustees and shall discharge all the
duties imposed upon the Administrative Trustees by this Agreement.

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<PAGE>
Section 5.9 Meetings.

      If there is more than one Administrative Trustee, meetings of the
Administrative Trustees shall be held from time to time upon the call of any
Administrative Trustee. Regular meetings of the Administrative Trustees may be
held at a time and place fixed by resolution of the Administrative Trustees.
Notice of any in-person meetings of the Administrative Trustees shall be hand
delivered or otherwise delivered in writing (including by facsimile, with a hard
copy by overnight courier) not less than 48 hours before such meeting. Notice of
any telephonic meetings of the Administrative Trustees or any committee thereof
shall be hand delivered or otherwise delivered in writing (including by
facsimile, with a hard copy by overnight courier) not less than 24 hours before
a meeting. Notices shall contain a brief statement of the time, place and
anticipated purposes of the meeting. The presence (whether in person or by
telephone) of an Administrative Trustee at a meeting shall constitute a waiver
of notice of such meeting except where an Administrative Trustee attends a
meeting for the express purpose of objecting to the transaction of any activity
on the ground that the meeting has not been lawfully called or convened. Unless
provided otherwise in this Agreement, any action of the Administrative Trustees
may be taken at (i) a meeting by vote of a majority of the Administrative
Trustees present (whether in person or by telephone) and eligible to vote with
respect to such matter, provided that a Quorum is present, or (ii) without a
meeting and without prior notice by the unanimous written consent of the
Administrative Trustees. In the event there is only one Administrative Trustee,
any and all action of such Administrative Trustee shall be evidenced by a
written consent of such Administrative Trustee.

Section 5.10 Delegation of Power.

      (a) Any Administrative Trustee may, by power of attorney consistent with
applicable law, delegate to any other natural person over the age of 21 his or
her power for the purpose of executing any documents contemplated in Section
3.6.

      (b) The Administrative Trustees shall have power to delegate from time to
time to such of their number or to officers of the Trust the doing of such
things and the execution of such instruments either in the name of the Trust or
the names of the Administrative Trustees or otherwise as the Administrative
Trustees may deem expedient, to the extent such delegation is not prohibited by
applicable law or contrary to the provisions of the Trust, as set forth herein.

Section 5.11 Merger, Conversion, Consolidation or Succession to Business.

      Any Person into which the Property Trustee or the Delaware Trustee, as the
case may be, may be merged or converted or with which either may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Property Trustee or the Delaware Trustee, as the case
may be, shall be a party, or any Person succeeding to all or substantially all
the corporate trust business of the Property Trustee or the Delaware Trustee, as
the case may be, shall be the successor of the Property Trustee or the Delaware
Trustee, as the case may be, hereunder, provided such Person shall be otherwise
qualified and eligible under this Article, without the execution or filing of
any paper or any further act on the part of any of the parties hereto; provided,
however that such successor shall promptly notify the Sponsor (except that a
Successor Delaware Trustee shall file an appropriate amendment to the
Certificate of Trust of the Trust, if required by the Statutory Trust Act).

                                       33
<PAGE>

                                   ARTICLE VI
                                  DISTRIBUTIONS

Section 6.1 Distributions.

      If and to the extent that the Trust receives income on any Debenture
whether in cash, securities or other property as proceeds from the redemption,
repayment, exchange, maturity or other disposition of any Debenture (including
any interest on or the principal of the Debentures, any securities or other
property received in exchange for the Debentures (collectively, the "Payment
Amount"), then, unless otherwise specified in this Agreement, the Property
Trustee shall distribute the Payment Amount to the Holders of the Securities in
accordance with the terms of the Securities they hold as set forth in this
Agreement, including the Terms and Conditions. The Property Trustee shall make
the distributions on the Trust Preferred Securities and the Common Securities in
accordance with the relative rights, preferences and privileges that apply to
each of those classes of Securities as set forth in this Agreement.

                                   ARTICLE VII
                             ISSUANCE OF SECURITIES

Section 7.1 General Provisions Regarding Securities

      (a) The Administrative Trustees shall, on behalf of the Trust, issue one
class of preferred securities representing undivided beneficial interests in the
assets of the Trust having such terms as are set forth in the Terms and
Conditions (the "Trust Preferred Securities") and one class of common securities
representing undivided beneficial interests in the assets of the Trust having
such terms as are set forth in the Terms and Conditions (the "Common
Securities"). The Trust shall issue no securities or other interests in the
assets of the Trust other than the Trust Preferred Securities and the Common
Securities.

      (b) The terms of the Securities shall be set forth in the Terms and
Conditions and shall be attached to this Agreement as Exhibit A. Such Terms and
Conditions are incorporated herein by reference and shall set forth the
following to the extent not provided by, or in lieu or modification of, the
other provisions of this Agreement:

            (1)   the designation of the Trust Preferred Securities and the
                  designation of the Common Securities;

            (2)   any limit upon the number and/or aggregate liquidation amount
                  of the Trust Preferred Securities or the Common Securities to
                  be executed and delivered under this Agreement (except for
                  Securities authenticated and delivered upon registration of
                  transfer of, or in exchange for, or in lieu of, other
                  Securities of such class pursuant to Section 9.2, 9.7 or 9.8,
                  upon repayment or redemption in part of any Security or upon
                  surrender in part of any Security for conversion or exchange
                  into other securities pursuant to its terms);

            (3)   the amounts payable out of the assets of the Trust to, and any
                  other rights of the Holders upon, the liquidation of the Trust
                  and any provisions for the

                                       34
<PAGE>

                  dissolution and liquidation of the Trust, including the
                  obligation, if any, of the Sponsor, the Trust or any other
                  party to liquidate the Trust and any terms and conditions of
                  such liquidation;

            (4)   the date or dates, or the method or methods, if any, by which
                  such date or dates shall be determined, on which the
                  liquidation amount and premium, if any, of the Securities are
                  distributable;

            (5)   the rate or rates at which income on the Trust Property shall
                  be distributed to Holders, or the method or methods, if any,
                  by which such rate or rates are to be determined, the date or
                  dates, if any, from which such income shall accrue or the
                  method or methods, if any, by which such date or dates are to
                  be determined, the date or dates, if any, on which such income
                  shall be payable, including any deferral provisions, and the
                  record date or dates, if any, for the income payable on the
                  Securities on any such income payment date, the notice, if
                  any, to Holders regarding the determination of income on a
                  floating rate Security and the manner of giving such notice,
                  and the basis upon which interest shall be calculated if other
                  than that of a 360-day year of twelve 30-day months;

            (6)   whether the Distributions on the Securities will be cumulative
                  and, if so, the dates from which and upon which distributions
                  will accumulate and be payable;

            (7)   whether, in addition to or other than the Borough of
                  Manhattan, The City of New York, the place or places where the
                  distributions on the Securities may be made, the Securities
                  may be surrendered for registration of transfer, exchange,
                  redemption, repayment, conversion or upon maturity, and
                  notices or demands to or upon the Trust in respect of the
                  Securities and this Agreement may be served;

            (8)   whether the Trust is obligated or entitled to redeem or
                  purchase any of such Securities at its option, pursuant to any
                  sinking fund or analogous provision or at the option of any
                  Holder thereof or otherwise, and, if so, the date or dates on
                  which, the period or periods within which, the price or prices
                  at which and the other terms and conditions upon which such
                  Securities shall be redeemed or purchased, in whole or in
                  part, pursuant to such obligation, and any provisions for the
                  remarketing, auction or other secondary sales of Securities so
                  redeemed or purchased;

            (9)   the denominations in which the Securities shall be issuable if
                  other than denominations of $1,000 and any integral multiple;

            (10)  whether the Securities will be convertible into and/or
                  exchangeable for other securities or property or both, and if
                  so, the terms and conditions upon which the Securities will be
                  so convertible or exchangeable;

                                       35
<PAGE>

            (11)  any voting rights granted to the Holders of the Trust
                  Preferred Securities or the Common Securities in addition to
                  or in lieu of the voting rights set forth elsewhere in this
                  Agreement;

            (12)  if other than U.S. dollars, the currency in which cash
                  distributions on the Securities shall be payable;

            (13)  if cash distributions with respect to the Securities are to be
                  payable, at the election of the Trust or a Holder thereof or
                  otherwise, in a currency other than that in which the
                  Securities are stated to be payable, the date or dates on
                  which, the period or periods within which, and the other terms
                  and conditions upon which, such election may be made, and the
                  time and manner of determining the exchange rate between the
                  currency in which the Securities are stated to be payable and
                  the currency in which the Securities or any of them are to be
                  paid pursuant to such election;

            (14)  whether any distributions may be determined with reference to
                  an index, formula or other method or methods (which index,
                  formula or method or methods may be based, without limitation,
                  on one or more currencies, commodities, equity indices or
                  other indices), and, if so, the terms and conditions upon
                  which and the manner in which such amounts shall be determined
                  and paid or payable;

            (15)  the title and amount of the Debentures to be acquired with the
                  proceeds of the sale of the Securities;

            (16)  the ranking of the Trust Preferred Securities and the Common
                  Securities; and

            (17)  any other rights, preferences, restrictions, limitations or
                  conditions relative to the Trust Preferred Securities or the
                  Common Securities permitted by Delaware law and any deletions
                  from or modifications or additions to this Agreement,
                  including any Events of Default or covenants of any of the
                  parties hereto, in respect of the Securities, provided no
                  covenant in this Agreement may be modified without the consent
                  of the party giving such covenant.

      (c) The Certificates shall be in the forms prepared by the Sponsor and
signed on behalf of the Trust by at least one Administrative Trustee. Such
signature shall be the manual or facsimile signature of any present or any
future Administrative Trustee. In case any Administrative Trustee who shall have
signed any of the Securities shall cease to be such Administrative Trustee
before the Certificates so signed shall be delivered by the Trust, such
Certificates nevertheless may be delivered as though the person who signed such
Certificates had not ceased to be such Administrative Trustee; and any
Certificate may be signed on behalf of the Trust by any persons who, at the
actual date of execution of such Certificate, shall be an Administrative Trustee
of the Trust, although at the date of the execution and delivery of the
Agreement any such person was not such an Administrative Trustee. Certificates
shall be printed, lithographed or engraved or

                                       36
<PAGE>

may be produced in any other manner as is reasonably acceptable to the
Administrative Trustee, as evidenced by such individual's execution thereof, and
may have such letters, numbers or other marks of identification or designation
and such legends or endorsements as the Administrative Trustee that signs such
Certificates may deem appropriate, or as may be required to comply with any law
or with any rule or regulation of any stock exchange on which Securities may be
listed, or to conform to usage.

      A Trust Preferred Security Certificate shall not be valid until
authenticated by the manual signature of an authorized officer of the Property
Trustee. Such signature shall be conclusive evidence that a Trust Preferred
Security Certificate has been authenticated under this Agreement.

      Each Trust Preferred Security Certificate shall be dated the date of its
authentication by the Property Trustee. Each Common Security Certificate shall
be dated the date it is executed by an Administrative Trustee.

      Upon a written order of the Trust signed by one Administrative Trustee,
the Property Trustee shall authenticate Trust Preferred Security Certificates,
provided the aggregate liquidation amount or number of the Trust Preferred
Securities shall not exceed the aggregate liquidation amount or number, as the
case may be, of Trust Preferred Securities designated in the Terms and
Conditions, as such liquidation amount or number, as the case may be, may be
reduced by redemptions, repayments, exchanges, conversions or liquidating
distributions.

      The Property Trustee may appoint an authenticating agent acceptable to the
Administrative Trustees to authenticate Trust Preferred Security Certificates.
An authenticating agent may authenticate Trust Preferred Security Certificates
whenever the Property Trustee may do so. Each reference in this Agreement to
authentication by the Property Trustee includes authentication by such agent. An
authenticating agent has the same rights as the Property Trustee to deal with
the Sponsor or an Affiliate of the Sponsor.

      (d) The consideration received by the Trust for the issuance of the
Securities shall constitute a contribution to the capital of the Trust and shall
not constitute a loan to the Trust.

      (e) Upon issuance of the Securities as provided in this Agreement, the
Securities so issued shall be deemed to be validly issued, fully paid and,
subject to Section 10.1(b), non-assessable.

      (f) Every Person, by virtue of having become a Holder or a Trust Preferred
Security Beneficial Owner in accordance with the terms of this Agreement, shall
be deemed to have expressly assented and agreed to the terms of, and shall be
bound by, this Agreement.

      (g) The Holders, as beneficial owners of the Trust, will be entitled to
the same limitation of personal liability extended to stockholders of private
corporations for profit organized under the General Corporation Law of the State
of Delaware.

Section 7.2 Paying Agent and Registrar.

      In the event that the Trust Preferred Securities are not in book-entry
only form:

                                       37
<PAGE>

      (a) The Trust shall maintain in the Borough of Manhattan, The City of New
York, an office or agency where the Trust Preferred Securities may be presented
for payment ("Paying Agent"), and any such Paying Agent shall comply with
Section 317(b) of the Trust Indenture Act. The Administrative Trustees on behalf
of the Trust may appoint the Paying Agent and may appoint one or more additional
paying agents in such other locations as it shall determine. The term "Paying
Agent" includes any additional paying agent. The Administrative Trustees on
behalf of the Trust may change any Paying Agent without prior notice to any
Holder. The Administrative Trustees on behalf of the Trust shall notify the
Property Trustee of the name and address of any Paying Agent not a party to this
Agreement. If the Administrative Trustees on behalf of the Trust fail to appoint
or maintain another entity as Paying Agent, the Property Trustee shall act as
such. The Administrative Trustees on behalf of the Trust or any of its
Affiliates (including the Sponsor) may act as Paying Agent. The Property Trustee
at its Corporate Trust Office shall initially act as Paying Agent for the Trust
Preferred Securities and the Common Securities.

      (b) The Trust shall maintain in the Borough of Manhattan, The City of New
York, an office or agency where Trust Preferred Securities may be presented for
registration of transfer or exchange ("Registrar"). The Registrar shall keep a
register of the Trust Preferred Securities and of their transfer or exchange.
The Administrative Trustees on behalf of the Trust may appoint the Registrar and
may appoint one or more co-registrars in such other locations as it shall
determine. The term "Registrar" includes any such additional registrar. The
Administrative Trustees on behalf of the Trust may change any Registrar or
co-registrar without prior notice to any Holder. The Administrative Trustees on
behalf of the Trust shall notify the Property Trustee of the name and address of
any Agent not a party to this Agreement. If the Administrative Trustees on
behalf of the Trust fail to appoint or maintain another entity as Registrar, the
Property Trustee shall act as such. The Trust or any of its Affiliates
(including the Sponsor) may act as Registrar. The Administrative Trustees on
behalf of the Trust shall act as Registrar for the Common Securities.

      (c) Notwithstanding Sections 3.6(b)(vi) and 3.6(l), the Trust initially
appoints the Property Trustee as Registrar for the Trust Preferred Securities
and authorizes it to execute and deliver letters, documents and instruments with
DTC and other Clearing Agencies relating to the Trust Preferred Securities.

                                  ARTICLE VIII
                              TERMINATION OF TRUST

Section 8.1 Termination of Trust.

      (a) The Trust shall dissolve and its affairs shall be wound up upon the
first of the following to occur:

            (i)   the expiration of the term of the Trust provided in Section
      3.13 of this Agreement;

            (ii)  upon the bankruptcy of the Sponsor or the Trust;

                                       38
<PAGE>

            (iii) (other than in connection with a merger, consolidation or
      similar transaction not prohibited by this Agreement or any Trust
      Property) upon the filing of a certificate of dissolution or its
      equivalent with respect to the Sponsor;

            (iv)  upon the vote of the Holders of at least a Majority in
      liquidation amount of the Securities, voting together as a single class to
      dissolve the Trust;

            (v)   the revocation of the Sponsor's charter and the expiration of
      90 days after the date of revocation without a reinstatement thereof;

            (vi)  upon the distribution to the Holders of the Debentures and all
      other amounts they are required to receive in accordance with the terms of
      this Agreement and the Securities, provided that the Property Trustee has
      received written notice from the Sponsor directing the Property Trustee to
      dissolve the Trust (which direction is optional and, except as otherwise
      expressly provided herein, within the discretion of Sponsor),

            (vii) upon the entry of a decree of judicial dissolution of the
      Sponsor or the Trust;

            (viii) when all the Securities shall have been called for redemption
      and the amounts necessary for redemption shall have been distributed to
      the Holders in accordance with the terms of this Agreement and the
      Securities; and

            (ix)  any other event specified in the Terms and Conditions.

      (b) As soon as is practicable after the occurrence of an event referred to
in Section 8.1(a) and upon completion of the winding-up of the Trust, a
certificate of cancellation of the Certificate of Trust of the Trust shall be
filed with the Secretary of State of the State of Delaware in accordance with
the Statutory Trust Act.

      (c) The provisions of Section 4.4 and Article X shall survive the
termination of the Trust.

                                   ARTICLE IX
                              TRANSFER OF INTERESTS

Section 9.1 Transfer of Securities.

      (a) Securities may only be transferred, in whole or in part, in accordance
with the terms and conditions set forth in this Agreement and in the terms of
the Securities. To the fullest extent permitted by law, any transfer or
purported transfer of any Security not made in accordance with this Agreement
shall be null and void.

      (b) Subject to this Article IX and the Terms and Conditions, Trust
Preferred Securities shall be freely transferable.

      (c) To the fullest extent permitted by applicable law, subject to this
Article IX, the Sponsor and any Related Party may only transfer Common
Securities to the Sponsor or a Related Party of the Sponsor; provided that, any
such transfer is subject to the condition precedent that

                                       39
<PAGE>

the transferor obtain the written opinion of nationally recognized independent
counsel experienced in such matters that such transfer would not cause more than
an insubstantial risk that:

            (i)   the Trust would not be classified for United States federal
      income tax purposes as a grantor trust; and

            (ii)  the Trust would be an Investment Company or the transferee
      would become an Investment Company.

Section 9.2 Transfer or Exchange of Certificates.

      The Registrar shall provide for the registration of Certificates and of
transfers or exchanges of Certificates, which shall be effected without charge
but only upon payment (with such indemnity as the Administrative Trustees may
require) in respect of any tax or other government charges that may be imposed
in relation to it. The Trust will not be required to register or cause to be
registered the transfer of its trust preferred securities after they have been
converted, exchanged, repaid, redeemed or called for redemption. Upon surrender
for registration of transfer or exchange of any Certificate at the Corporate
Trust Office of the Property Trustee, the applicable Registrar shall cause one
or more new Certificates to be issued in the name of the designated transferee
or transferees or the party requesting the exchange, as the case may be. Every
Certificate surrendered for registration of transfer or exchange shall be
accompanied by a written instrument of transfer or exchange in form satisfactory
to the applicable Registrar and duly executed by the Holder or such Holder's
attorney duly authorized in writing. Each Certificate surrendered for
registration of transfer or exchange shall be cancelled by the applicable
Registrar. A transferee of a Certificate and the recipient of one or more
Certificates issued in exchange for cancelled Certificates shall be entitled to
the rights and subject to the obligations of a Holder hereunder upon the receipt
by such transferee or recipient of a Certificate or Certificates duly executed
by an Administrative Trustee and, in the case of a Trust Preferred Security
Certificate, authenticated by the Property Trustee. By acceptance of a
Certificate, each transferee shall be deemed to have agreed to be bound by this
Agreement.

Section 9.3 Deemed Security Holders.

      The Trustees may treat the Person in whose name any Certificate shall be
registered on the books and records of the Trust as the sole holder of such
Certificate and of the Securities represented by such Certificate for purposes
of receiving Distributions and for all other purposes whatsoever and,
accordingly, shall not be bound to recognize any equitable or other claim to or
interest in such Certificate or in the Securities represented by such
Certificate on the part of any Person, whether or not the Trust shall have
actual or other notice thereof.

Section 9.4 Book Entry Interests.

      Unless otherwise specified in the Terms and Conditions, the Trust
Preferred Securities Certificates, on original issuance, shall be issued in the
form of one or more, fully registered, global Trust Preferred Security
Certificates (each a "Global Certificate"), to be delivered to DTC, the initial
Clearing Agency, by, or on behalf of, the Trust. Each such Global Certificate
shall initially be registered on the books and records of the Trust in the name
of Cede & Co., the

                                       40
<PAGE>

nominee of DTC, and no Trust Preferred Security Beneficial Owner will receive a
definitive Trust Preferred Security Certificate representing such Trust
Preferred Security Beneficial Owner's interests in any Global Certificate,
except as provided in Section 9.7. Except for the definitive Trust Preferred
Security Certificates issued to the Trust Preferred Security Beneficial Owners
pursuant to Section 9.7 or in accordance with the Terms and Conditions:

      (a) the provisions of this Section 9.4 shall be in full force and effect;

      (b) the Trust, the Trustees and any Agent shall be entitled to deal with
the Clearing Agency for all purposes of this Agreement (including the payment of
distributions on any Global Certificate and receiving approvals, votes or
consents hereunder) as the Holder of the Trust Preferred Securities and the sole
holder of any Global Certificate and shall have no obligation to the Trust
Preferred Security Beneficial Owners;

      (c) to the extent that the provisions of this Section 9.4 conflict with
any other provisions of this Agreement other than the Terms and Conditions, the
provisions of this Section 9.4 shall control; and

      (d) the rights of the Trust Preferred Security Beneficial Owners shall be
exercised only through the Clearing Agency and shall be limited to those
established by law and agreements between the Trust Preferred Security
Beneficial Owners and the Clearing Agency and/or the Clearing Agency
Participants to receive and transmit payments and other distributions on the
Global Certificates to such Clearing Agency Participants. DTC will make book
entry transfers among the Clearing Agency Participants; provided that, solely
for the purposes of determining whether the Holders of the requisite amount of
Trust Preferred Securities have voted on any matter provided for in this
Agreement, the Trustees may conclusively rely on, and shall be protected in
relying on, any written instrument (including a proxy) delivered to the Trustees
by the Clearing Agency setting forth the Trust Preferred Security Beneficial
Owners' votes or assigning the right to vote on any matter to any other Persons
either in whole or in part.

Section 9.5 Notices to Clearing Agency.

      Whenever a notice or other communication to the Trust Preferred Security
Holders is required under this Agreement, unless and until definitive fully
registered Trust Preferred Security Certificates shall have been issued to the
Trust Preferred Security Beneficial Owners pursuant to Section 9.7 or otherwise,
the Administrative Trustees shall give all such notices and communications
specified herein to be given to the Trust Preferred Security Holders to the
Clearing Agency, and shall have no notice obligations to the Trust Preferred
Security Beneficial Owners.

Section 9.6 Appointment of Successor Clearing Agency.

      If any Clearing Agency elects to discontinue its services as securities
depositary with respect to the Trust Preferred Securities, the Administrative
Trustees may, in their sole discretion, appoint a successor Clearing Agency with
respect to such Trust Preferred Securities.

                                       41
<PAGE>

Section 9.7 Definitive Trust Preferred Security Certificates.

      If:

      (a) a Clearing Agency elects to discontinue its services as securities
depositary with respect to the Trust Preferred Securities and a successor
Clearing Agency is not appointed within 90 days after such discontinuance
pursuant to Section 9.6; or

      (b) the Administrative Trustees elect after consultation with the Sponsor
to terminate the book-entry system through the Clearing Agency with respect to
the Trust Preferred Securities, then:

            (1) definitive fully registered Trust Preferred Security
      Certificates shall be prepared and executed by the Administrative Trustees
      and authenticated by the Property Trustee on behalf of the Trust with
      respect to such Trust Preferred Securities; and

            (2) upon surrender of any Global Certificate by the Clearing Agency,
      accompanied by registration instructions, the Administrative Trustees
      shall cause definitive fully registered Trust Preferred Securities
      Certificates to be executed, and the Property Trustee shall cause such
      Trust Preferred Securities Certificates to be authenticated and delivered
      to Trust Preferred Security Beneficial Owners in accordance with the
      instructions of the Clearing Agency. Neither the Trustees nor the Trust
      shall be liable for any delay in delivery of such instructions and each of
      them may conclusively rely on and shall be protected in relying on, said
      instructions of the Clearing Agency. The definitive fully registered Trust
      Preferred Security Certificates shall be printed, lithographed or engraved
      or may be produced in any other manner as is reasonably acceptable to the
      Administrative Trustees, as evidenced by their execution thereof, and may
      have such letters, numbers or other marks of identification or designation
      and such legends or endorsements as the Administrative Trustees and the
      Property Trustee may deem appropriate, or as may be required to comply
      with any law or with any rule or regulation made pursuant thereto or with
      any rule or regulation of any stock exchange on which Trust Preferred
      Securities may be listed, or to conform to usage.

Section 9.8 Mutilated, Destroyed, Lost or Stolen Certificates.

      If: (a) any mutilated Certificate shall be surrendered to the
Administrative Trustees, or if the Administrative Trustees shall receive
evidence to their satisfaction of the destruction, loss or theft of any
Certificate; and (b) there shall be delivered to the Administrative Trustees and
the Property Trustee such security or indemnity as may be required by them to
keep each of the Trustees and the Trust harmless, then, in the absence of notice
that such Certificate shall have been acquired by a protected purchaser, any
Administrative Trustee on behalf of the Trust shall execute and deliver, and, in
the case of a Trust Preferred Securities Certificate, the Property Trustee shall
authenticate, in exchange for or in lieu of any such mutilated, destroyed, lost
or stolen Certificate, a new Certificate of like denomination. In connection
with the issuance of any new Certificate under this Section 9.8, the
Administrative Trustees and the Property Trustee may require the payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection therewith.

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<PAGE>

      Any duplicate Certificate issued pursuant to this Section shall constitute
conclusive evidence of an ownership interest in the relevant Securities, as if
originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time.

                                    ARTICLE X
                LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES,
                               TRUSTEES OR OTHERS

Section 10.1 Liability.

      (a) Except as expressly set forth in this Agreement, the Debentures, any
other instrument or agreement, the Securities Guarantees and the terms of the
Securities, the Sponsor shall not be:

            (i)   personally liable for the return of any portion of the capital
      contributions (or any return thereon) of the Holders of the Securities,
      which shall be made solely from assets of the Trust; or

            (ii)  required to pay to the Trust or to any Holder of Securities
      any deficit upon dissolution of the Trust or otherwise.

      (b) The Sponsor, as the Debenture Issuer, shall be liable for all of the
debts and obligations of the Trust (other than with respect to the Securities)
to the extent not satisfied out of the Trust's assets.

      (c) Pursuant to Section 3803(a) of the Statutory Trust Act, the Holders of
the Trust Preferred Securities shall be entitled to the same limitation of
personal liability extended to stockholders of private corporations for profit
organized under the General Corporation Law of the State of Delaware.

Section 10.2 Exculpation.

      (a) No Indemnified Person shall be liable, responsible or accountable in
damages or otherwise to the Trust or any Covered Person for any loss, damage or
claim incurred by reason of any act or omission performed or omitted by such
Indemnified Person in good faith on behalf of the Trust and in a manner such
Indemnified Person reasonably believed to be within the scope of the authority
conferred on such Indemnified Person by this Agreement or by law, except that an
Indemnified Person shall be liable for any such loss, damage or claim incurred
by reason of such Indemnified Person's gross negligence (or, in the case of the
Property Trustee, negligence), bad faith or willful misconduct with respect to
such acts or omissions.

      (b) An Indemnified Person shall be fully protected in relying in good
faith upon the records of the Trust and upon such information, opinions, reports
or statements presented to the Trust by any Person as to matters the Indemnified
Person reasonably believes are within such other Person's professional or expert
competence and who has been selected with reasonable care by or on behalf of the
Trust, including information, opinions, reports or statements as to the value
and amount of the assets, liabilities, profits, losses, or any other facts
pertinent to the existence and amount of assets from which Distributions to
Holders of Securities might properly be paid.

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<PAGE>

Section 10.3 Fiduciary Duty.

      (a) To the extent that, at law or in equity, an Indemnified Person has
duties (including fiduciary duties) and liabilities relating thereto to the
Trust or to any other Covered Person, an Indemnified Person acting under this
Agreement shall not be liable to the Trust or to any other Covered Person for
its good faith reliance on the provisions of this Agreement. The provisions of
this Agreement, to the extent that they restrict the duties and liabilities of
an Indemnified Person otherwise existing at law or in equity (other than the
duties imposed on the Property Trustee under the Trust Indenture Act), are
agreed by the parties hereto to replace such other duties and liabilities of
such Indemnified Person.

      (b) Unless otherwise expressly provided herein:

            (i)   whenever a conflict of interest exists or arises between any
      Covered Persons and any Indemnified Person; or

            (ii)  whenever this Agreement or any other instrument or agreement
      contemplated herein or therein provides that an Indemnified Person shall
      act in a manner that is, or provides terms that are, fair and reasonable
      to the Trust or any Holder of Securities,

the Indemnified Person shall resolve such conflict of interest, take such action
or provide such terms, considering in each case the relative interest of each
party (including its own interest) to such conflict, agreement, transaction or
situation and the benefits and burdens relating to such interests, any customary
or accepted industry practices, and any applicable generally accepted accounting
practices or principles. In the absence of bad faith by the Indemnified Person,
the resolution, action or term so made, taken or provided by the Indemnified
Person shall not constitute a breach of this Agreement or any other agreement
contemplated herein or of any duty or obligation of the Indemnified Person at
law or in equity or otherwise.

      (c) Whenever in this Agreement an Indemnified Person is permitted or
required to make a decision:

            (i)   in its "sole discretion" or under a grant of similar
      authority, the Indemnified Person shall be entitled to consider such
      interests and factors as it desires, including its own interests, and
      shall have no duty or obligation to give any consideration to any interest
      of or factors affecting the Trust or any other Person; or

            (ii)  in its "good faith" or under another express standard, the
      Indemnified Person shall act under such express standard and shall not be
      subject to any other or different standard imposed by this Agreement or by
      applicable law.

Section 10.4 Indemnification.

      (a) (i) The Sponsor shall indemnify, to the fullest extent permitted by
law, any Company Indemnified Person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative (other than an action
by or in the right of the Trust) by reason of the fact that he is

                                       44
<PAGE>

or was a Company Indemnified Person against expenses (including reasonable
attorneys' fees), judgments, fines and amounts paid in settlement actually and
reasonably incurred by him in connection with such action, suit or proceeding if
he acted in good faith and in a manner he reasonably believed to be in or not
opposed to the best interests of the Trust, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe his conduct was
unlawful. The termination of any action, suit or proceeding by judgment, order,
settlement, conviction, or upon a plea of nolo contendere or its equivalent,
shall not, of itself, create a presumption that the Company Indemnified Person
did not act in good faith and in a manner which he reasonably believed to be in
or not opposed to the best interests of the Trust, and, with respect to any
criminal action or proceeding, had reasonable cause to believe that his conduct
was unlawful.

            (ii)  The Sponsor shall indemnify, to the fullest extent permitted
      by law, any Company Indemnified Person who was or is a party or is
      threatened to be made a party to any threatened, pending or completed
      action or suit by or in the right of the Trust to procure a judgment in
      its favor by reason of the fact that he is or was a Company Indemnified
      Person against expenses (including reasonable attorneys' fees) actually
      and reasonably incurred by him in connection with the defense or
      settlement of such action or suit if he acted in good faith and in a
      manner he reasonably believed to be in or not opposed to the best
      interests of the Trust and except that no such indemnification shall be
      made in respect of any claim, issue or matter as to which such Company
      Indemnified Person shall have been adjudged to be liable to the Trust
      unless and only to the extent that the Court of Chancery of Delaware or
      the court in which such action or suit was brought shall determine upon
      application that, despite the adjudication of liability but in view of all
      the circumstances of the case, such person is fairly and reasonably
      entitled to indemnity for such expenses which such Court of Chancery or
      such other court shall deem proper.

            (iii) Any indemnification under paragraphs (i) and (ii) of this
      Section 10.4(a) (unless ordered by a court) shall be made by the Sponsor
      only as authorized in the specific case upon a determination that
      indemnification of the Company Indemnified Person is proper in the
      circumstances because he has met the applicable standard of conduct set
      forth in paragraphs (i) and (ii). Such determination shall be made (1) by
      the Administrative Trustees by a majority vote of a Quorum consisting of
      such Administrative Trustees who were not parties to such action, suit or
      proceeding, (2) if such a Quorum is not obtainable, or, even if
      obtainable, if a Quorum of disinterested Administrative Trustees so
      directs, by independent legal counsel in a written opinion, or (3) by the
      Common Security Holder of the Trust.

            (iv)  Expenses (including reasonable attorneys' fees) incurred by a
      Company Indemnified Person in defending a civil, criminal, administrative
      or investigative action, suit or proceeding referred to in paragraphs (i)
      and (ii) of this Section 10.4(a) shall be paid by the Sponsor in advance
      of the final disposition of such action, suit or proceeding upon receipt
      of an undertaking by or on behalf of such Company Indemnified Person to
      repay such amount if it shall ultimately be determined that such person is
      not entitled to be indemnified by the Sponsor as authorized in this
      Section 10.4(a). Notwithstanding the foregoing, no advance shall be made
      by the Sponsor if a determination is reasonably and promptly made (i) by
      the Administrative Trustees by a majority vote of a Quorum of

                                       45
<PAGE>

      disinterested Administrative Trustees, (ii) if such a Quorum is not
      obtainable, or, even if obtainable, if a Quorum of disinterested
      Administrative Trustees so directs, by independent legal counsel in a
      written opinion or (iii) the Common Security Holder of the Trust, that,
      based upon the facts known to the Administrative Trustees, independent
      legal counsel or Common Security Holder at the time such determination is
      made, such person acted in bad faith or in a manner that such person did
      not believe to be in or not opposed to the best interests of the Trust,
      or, with respect to any criminal proceeding, that such Company Indemnified
      Person believed or had reasonable cause to believe his conduct was
      unlawful. In no event shall any advance be made in instances where the
      Administrative Trustees, independent legal counsel or Common Security
      Holder reasonably determine that such person deliberately breached such
      person's duty to the Trust or its Common or Trust Preferred Security
      Holders.

            (v)   The indemnification and advancement of expenses provided by,
      or granted pursuant to, the other paragraphs of this Section 10.4(a) shall
      not be deemed exclusive of any other rights to which those seeking
      indemnification and advancement of expenses may be entitled under any
      agreement, vote of shareholders or disinterested directors of the Sponsor
      or Trust Preferred Security Holders of the Trust or otherwise, both as to
      action in his official capacity and as to action in another capacity while
      holding such office. All rights to indemnification under this Section
      10.4(a) shall be deemed to be provided by a contract between the Sponsor
      and each Company Indemnified Person who serves in such capacity at any
      time while this Section 10.4(a) is in effect. Any repeal or modification
      of this Section 10.4(a) shall not affect any rights or obligations then
      existing.

            (vi)  The Sponsor or the Trust may purchase and maintain insurance
      on behalf of any person who is or was a Company Indemnified Person against
      any liability asserted against him and incurred by him in any such
      capacity, or arising out of his status as such, whether or not the Sponsor
      would have the power to indemnify him against such liability under the
      provisions of this Section 10.4(a).

            (vii) For purposes of this Section 10.4(a), references to "the
      Trust" shall include, in addition to the resulting or surviving entity,
      any constituent entity (including any constituent of a constituent)
      absorbed in a consolidation or merger, so that any person who is or was a
      director, trustee, officer or employee of such constituent entity, or is
      or was serving at the request of such constituent entity as a director,
      trustee, officer, employee or agent of another entity, shall stand in the
      same position under the provisions of this Section 10.4(a) with respect to
      the resulting or surviving entity as such person would have with respect
      to such constituent entity if its separate existence had continued.

            (viii) The indemnification and advancement of expenses provided by,
      or granted pursuant to, this Section 10.4(a) shall, unless otherwise
      provided when authorized or ratified, continue as to a person who has
      ceased to be a Company Indemnified Person and shall inure to the benefit
      of the successors, heirs, executors and administrators of such a person.

                                       46
<PAGE>

      (b) To the fullest extent permitted by law, the Sponsor agrees to
indemnify each Fiduciary Indemnified Person for, and to hold each Fiduciary
Indemnified Person harmless against, any loss, liability or expense to the
extent incurred without gross negligence (or in the case of the Property
Trustee, pursuant to Section 3.9, negligence), bad faith or willful misconduct
on its part, arising out of or in connection with the acceptance or
administration of the trust or trusts hereunder, including the costs and
expenses (including reasonable legal fees and expenses) of defending itself
against or investigating any claim or liability in connection with the exercise
or performance of any of its powers or duties hereunder. The provisions of this
Section 10.4(b) shall survive the satisfaction and discharge of this Agreement
and any resignation or removal of the Property Trustee or the Delaware Trustee,
as the case may be.

Section 10.5 Outside Businesses.

      Any Covered Person, the Sponsor, the Delaware Trustee and the Property
Trustee (subject to Section 5.3(c)) may engage in or possess an interest in
other business ventures of any nature or description, independently or with
others, similar or dissimilar to the business of the Trust, and the Trust and
the Holders of Securities shall have no rights by virtue of this Agreement in
and to such independent ventures or the income or profits derived therefrom, and
the pursuit of any such venture, even if competitive with the business of the
Trust, shall not be deemed wrongful or improper. No Covered Person, the Sponsor,
the Delaware Trustee or the Property Trustee shall be obligated to present any
particular investment or other opportunity to the Trust even if such opportunity
is of a character that, if presented to the Trust, could be taken by the Trust,
and any Covered Person, the Sponsor, the Delaware Trustee and the Property
Trustee shall have the right to take for its own account (individually or as a
partner or fiduciary) or to recommend to others any such particular investment
or other opportunity. Any Covered Person, the Delaware Trustee and the Property
Trustee may engage or be interested in any financial or other transaction with
the Sponsor or any Affiliate of the Sponsor, or may act as depositary for,
trustee or agent for, or act on any committee or body of holders of, securities
or other obligations of the Sponsor or its Affiliates.

Section 10.6 Trustees' Fees and Expenses.

      Each Trustee shall receive as compensation for its services hereunder such
fees and expenses as have been separately agreed upon before the date hereof
between the Sponsor and such Trustee, and each Trustee shall be entitled to be
reimbursed by the Sponsor for other reasonable expenses hereunder, including the
reasonable compensation, expenses and disbursements of such agents,
representatives, experts and counsel as such Trustee may employ in connection
with the exercise and performance of its rights and duties hereunder.

                                   ARTICLE XI
                                   ACCOUNTING

Section 11.1 Fiscal Year.

      The fiscal year ("Fiscal Year") of the Trust shall be the calendar year,
or such other year as is required by the Code.

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<PAGE>

Section 11.2 Certain Accounting Matters.

      (a) At all times during the existence of the Trust, the Administrative
Trustees on behalf of the Trust shall keep, or cause to be kept, full books of
account, records and supporting documents, all of which shall reflect in
reasonable detail each transaction of the Trust. The books of account shall be
maintained on the accrual method of accounting, in accordance with generally
accepted accounting principles, consistently applied. The Trust shall use the
accrual method of accounting for United States federal income tax purposes.

      (b) The Administrative Trustees, on behalf of the Trust, shall cause to be
duly prepared and delivered to each of the Holders of Securities, any annual
United States federal income tax information statement required by the Code and
the Treasury Regulations, containing such information with regard to the
Securities held by each Holder as is required by the Code and the Treasury
Regulations. Notwithstanding any right under the Code to deliver any such
statement at a later date, the Administrative Trustees on behalf of the Trust
shall endeavor to deliver all such statements within 30 days after the end of
each Fiscal Year of the Trust.

      (c) The Administrative Trustees on behalf of the Trust shall cause to be
duly prepared and filed with the appropriate taxing authority an annual United
States federal income tax return, on a Form 1041 or such other form required by
United States federal income tax law, and any other annual income tax returns
required to be filed by the Trust with any state or local taxing authority.

Section 11.3 Banking.

      The Administrative Trustees, on behalf of the Trust, shall maintain one or
more bank accounts in the name and for the sole benefit of the Trust; provided,
however, that all payments for the benefit of holders of Securities of funds in
respect of Trust Property shall be made directly to the Property Trustee Account
and no other funds of the Trust shall be deposited in the Property Trustee
Account. The sole signatories for such accounts shall be designated by the
Administrative Trustees; provided, however, that the Property Trustee shall
designate the signatories for the Property Trustee Account.

Section 11.4 Withholding.

      The Administrative Trustees on behalf of the Trust shall comply with all
withholding requirements under United States federal, state and local law. The
Trust shall request, and the Holders shall provide to the Trust, such forms or
certificates as are necessary to establish an exemption from withholding with
respect to each Holder, and any representations and forms as shall reasonably be
requested by the Trust to assist it in determining the extent of, and in
fulfilling, its withholding obligations. The Administrative Trustees on behalf
of the Trust shall file required forms with applicable jurisdictions and, unless
an exemption from withholding is properly established by a Holder, shall remit
amounts withheld with respect to the Holder to applicable jurisdictions. To the
extent that the Trust is required to withhold and pay over any amounts to any
authority with respect to distributions or allocations to any Holder, the amount
withheld shall be deemed to be a distribution in the amount of the withholding
to the Holder. In the event of any claimed over withholding, Holders shall be
limited to an action against the

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<PAGE>

applicable jurisdiction. If the amount required to be withheld was not withheld
from actual distributions made, the Trust may reduce subsequent distributions by
the amount of such withholding.

                                   ARTICLE XII
                             AMENDMENTS AND MEETINGS

Section 12.1 Amendments.

      Except as otherwise provided in this Agreement or by any applicable terms
of the Securities:

      (a) this Agreement may only be amended by a written instrument approved
and executed by the Sponsor and the Administrative Trustees (or, if there are
more than two Administrative Trustees, a majority of the Administrative
Trustees) and:

            (i)   if the amendment affects the rights, powers, duties,
      obligations or immunities of the Property Trustee, also by the Property
      Trustee; and

            (ii)  if the amendment affects the rights, powers, duties,
      obligations or immunities of the Delaware Trustee, also by the Delaware
      Trustee;

      (b) no amendment shall be made:

            (i)   unless, in the case of any proposed amendment, the Property
      Trustee shall have first received an Officers' Certificate from each of
      the Trust and the Sponsor that such amendment is permitted by, and
      conforms to, the terms of this Agreement (including the terms of the
      Securities);

            (ii)  unless, in the case of any proposed amendment which affects
      the rights, powers, duties, obligations or immunities of the Property
      Trustee, the Property Trustee shall have first received:

                        (A) an Officers' Certificate from each of the Trust and
                  the Sponsor that such amendment is permitted by, and conforms
                  to, the terms of this Agreement (including the terms of the
                  Securities); and

                        (B) an opinion of qualified independent counsel that
                  such amendment is permitted by, and conforms to, the terms of
                  this Agreement (including the terms of the Securities); and

            (iii) to the extent the result of such amendment would be to:

                        (A) cause the Trust to fail to continue to be classified
                  for purposes of United States federal income taxation as a
                  grantor trust;

                        (B) reduce or otherwise adversely affect the powers of
                  the Property Trustee in contravention of the Trust Indenture
                  Act; or

                                       49
<PAGE>

                        (C) cause the Trust to be deemed to be an Investment
                  Company required to be registered under the Investment Company
                  Act;

      (c) after the Trust has issued any Securities that remain outstanding,
without the consent of the Holders of a Majority in liquidation amount of each
class of Securities affected, this Agreement may not be amended for any reason
in a manner that would adversely affect the rights, privileges or preferences of
such class of Securities, provided that, except as may be provided in the Terms
and Conditions, without the consent of each Holder of Securities affected
thereby, this Agreement may not be amended to:

            (i)   change the Distribution rate, or manner of calculation of the
      Distribution rate, amount, timing or currency or otherwise adversely
      affect the method of any required payment;

            (ii)  change the purpose of the Trust;

            (iii) authorize the issuance of any additional beneficial interests
      in the Trust;

            (iv)  change the conversion, exchange, redemption or repayment
      provisions, if any;

            (v)   change the conditions precedent for the Sponsor to elect to
      dissolve the Trust and distribute the Debentures held by the Trust to the
      Holders of the Securities, if applicable;

            (vi)  change the liquidation, distribution or other provisions
      relating to the distribution of amounts payable upon the dissolution and
      liquidation of the Trust;

            (vii) affect the limited liability of any Holder of the Securities;
      or

            (viii) restrict the right of a Holder of the Securities to institute
      suit for the enforcement of any required payment on or, if applicable,
      after the due date therefor or for the conversion or exchange of the
      Securities in accordance with their terms.

      (d) Section 9.1(c) and this Section 12.1 shall not be amended without the
consent of all of the Holders of the Securities;

      (e) Article IV shall not be amended without the consent of the Sponsor;

      (f) the rights of the holders of the Common Securities under Article V to
increase or decrease the number of, and appoint and remove, Trustees shall not
be amended without the consent of the Holders of a Majority in liquidation
amount of the Common Securities; and

      (g) subject to Section 12.1(c) and the Terms and Conditions, this
Agreement may be amended by the Trustees and the Sponsor without the consent of
the Holders of the any Securities that are outstanding to:

            (i)   cure any ambiguity;

                                       50
<PAGE>

            (ii)  correct or supplement any provision in this Agreement that may
      be defective or inconsistent with any other provision of this Agreement;

            (iii) add to the covenants, restrictions or obligations of the
      Sponsor;

            (iv)  modify, add or eliminate provisions necessary to ensure
      classification as a grantor trust for United States federal income tax
      purposes or to ensure that the Trust will not be subject to the Investment
      Company Act, conform to any change in the Investment Company Act or the
      Trust Indenture Act or the rules and regulations promulgated thereunder or
      any written change in interpretation or application of such act or such
      rules or regulations by any legislative body, court, government agency or
      regulatory authority; or

            (v)   comply with the requirements of the Trust Indenture Act to
      ensure that this Agreement is qualified under the Trust Indenture Act, or
      cause the Trust to continue to be classified for United States federal
      income tax purposes as a grantor trust;

provided that any amendment does not adversely affect in any material respect
the interests of the Holders of the Securities.

      Any amendments to this Agreement adopted pursuant to Section 12.1(g) shall
become effective when notice thereof is given to the Holders.

Section 12.2 Meetings of the Holders of Securities; Action by Written Consent.

      (a) Except as otherwise provided in the Terms and Conditions, meetings of
the Holders of any class of Securities may be called at any time by the
Administrative Trustees (or as provided in the terms of the Securities) to
consider and act on any matter on which Holders of Securities are entitled to
act under the terms of this Agreement, the terms of the Securities or the rules
of any stock exchange on which the Trust Preferred Securities are listed or
admitted for trading. The Administrative Trustees shall call a meeting of the
Holders if directed to do so by the Holders of at least 10% in liquidation
amount of Securities. Such direction shall be given by delivering to the
Administrative Trustees one or more calls in a writing stating that the signing
Holders of Securities wish to call a meeting and indicating the general or
specific purpose for which the meeting is to be called. Any Holders of
Securities calling a meeting shall specify in writing the Certificates held by
the Holders of Securities exercising the right to call a meeting and only those
Securities specified shall be counted for purposes of determining whether the
required percentage set forth in the second sentence of this paragraph has been
met.

      (b) Except to the extent otherwise provided in the terms of the
Securities, the following provisions shall apply to meetings of Holders of
Securities:

            (i)   notice of any such meeting shall be given to all the Holders
      of Securities having a right to vote thereat at least seven days and not
      more than 60 days before the date of such meeting. Whenever a vote,
      consent or approval of the Holders of Securities is permitted or required
      under this Agreement, the terms of the Securities or the rules of any
      stock exchange on which the Trust Preferred Securities are listed or
      admitted for trading, such vote, consent or approval may be given at a
      meeting of the Holders of

                                       51
<PAGE>

      Securities. Any action that may be taken at a meeting of the Holders of
      Securities may be taken without a meeting and without prior notice if a
      consent in writing setting forth the action so taken is signed by the
      Holders of Securities owning not less than the minimum amount of
      Securities in liquidation amount that would be necessary to authorize or
      take such action at a meeting at which all Holders of Securities having a
      right to vote thereon were present and voting. Prompt notice of the taking
      of action without a meeting shall be given to the Holders of Securities
      entitled to vote who have not consented in writing. The Administrative
      Trustees may specify that any written ballot submitted to the Holder of
      Securities for the purpose of taking any action without a meeting shall be
      returned to the Trust within the time specified by the Administrative
      Trustees;

            (ii)  each Holder of a Security may authorize any Person to act for
      it by proxy on all matters in which a Holder of Securities is entitled to
      participate, including waiving notice of any meeting, or voting or
      participating at a meeting. No proxy shall be valid after the expiration
      of 11 months from the date thereof unless otherwise provided in the proxy.
      Every proxy shall be revocable at the pleasure of the Holder of Securities
      executing it. Except as otherwise provided herein, all matters relating to
      the giving, voting or validity of proxies shall be governed by the General
      Corporation Law of the State of Delaware relating to proxies, and judicial
      interpretations thereunder, as if the Trust were a Delaware corporation
      and the Holders of the Securities were stockholders of a Delaware
      corporation;

            (iii) each meeting of the Holders of the Securities shall be
      conducted by the Administrative Trustees or by such other Person that the
      Administrative Trustees may designate; and

            (iv)  unless the Statutory Trust Act, this Agreement, the terms of
      the Securities, the Trust Indenture Act or the listing rules of any stock
      exchange on which the Trust Preferred Securities are then listed or
      trading otherwise provides, the Administrative Trustees, in their sole
      discretion, shall establish all other provisions relating to meetings of
      Holders of Securities, including notice of the time, place or purpose of
      any meeting at which any matter is to be voted on by any Holders of
      Securities, waiver of any such notice, action by consent without a
      meeting, the establishment of a record date, quorum requirements, voting
      in person or by proxy or any other matter with respect to the exercise of
      any such right to vote.

                                  ARTICLE XIII
                     REPRESENTATIONS OF PROPERTY TRUSTEE AND
                                DELAWARE TRUSTEE

Section 13.1 Representations and Warranties of Property Trustee.

      The Trustee that acts as initial Property Trustee represents and warrants
to the Trust and to the Sponsor at the date of this Agreement, and each
Successor Property Trustee represents and warrants to the Trust and the Sponsor
at the time of the Successor Property Trustee's acceptance of its appointment as
Property Trustee, that:

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<PAGE>

      (a) the Property Trustee is a banking corporation, a national banking
association or a bank with trust powers, duly organized, validly existing and in
good standing under the laws of the United States of America or any State of the
United States, with trust power and authority to execute and deliver, and to
carry out and perform its obligations under the terms of, this Agreement;

      (b) the Property Trustee satisfies the requirements set forth in Section
5.3(a);

      (c) the execution, delivery and performance by the Property Trustee of
this Agreement has been duly authorized by all necessary corporate action on the
part of the Property Trustee. The Agreement has been duly executed and delivered
by the Property Trustee, and it constitutes a legal, valid and binding
obligation of the Property Trustee, enforceable against it in accordance with
its terms, subject to applicable bankruptcy, reorganization, moratorium,
insolvency, and other similar laws affecting creditors' rights generally and to
general principles of equity and the discretion of the court (regardless of
whether the enforcement of such remedies is considered in a proceeding in equity
or at law);

      (d) the execution, delivery and performance of this Agreement by the
Property Trustee does not conflict with or constitute a breach of the Articles
of Organization or By-laws of the Property Trustee; and

      (e) no consent, approval or authorization of, or registration with or
notice to, any State or Federal banking authority is required for the execution,
delivery or performance by the Property Trustee, of this Agreement.

Section 13.2 Representations and Warranties of Delaware Trustee.

      The Trustee that acts as initial Delaware Trustee represents and warrants
to the Trust and to the Sponsor at the date of this Agreement, and each
Successor Delaware Trustee represents and warrants to the Trust and the Sponsor
at the time of the Successor Delaware Trustee's acceptance of its appointment as
Delaware Trustee, that:

      (a) the Delaware Trustee is a banking corporation or national banking
association, duly organized, validly existing and in good standing under the
laws of the State of Delaware or the United States, as the case may be, with
power and authority to execute and deliver, and to carry out and perform its
obligations under the terms of, this Agreement;

      (b) the execution, delivery and performance by the Delaware Trustee of
this Agreement has been duly authorized by all necessary corporate action on the
part of the Delaware Trustee. This Agreement has been duly executed and
delivered by the Delaware Trustee, and it constitutes a legal, valid and binding
obligation of the Delaware Trustee, enforceable against it in accordance with
its terms, subject to applicable bankruptcy, reorganization, moratorium,
insolvency, and other similar laws affecting creditors' rights generally and to
general principles of equity and the discretion of the court (regardless of
whether the enforcement of such remedies is considered in a proceeding in equity
or at law);

                                       53
<PAGE>

      (c) no consent, approval or authorization of, or registration with or
notice to, any State or Federal banking authority is required for the execution,
delivery or performance by the Delaware Trustee of this Agreement; and

      (d) the execution, delivery and performance of the Agreement by the
Delaware Trustee does not conflict with or constitute a breach of the Articles
of Organization or By-laws of the Delaware Trustee; and

      (e) the Delaware Trustee is a natural person who is a resident of the
State of Delaware or, if not a natural person, an entity which has its principal
place of business in the State of Delaware.

                                   ARTICLE XIV
                                  MISCELLANEOUS

Section 14.1 Notices.

      All notices provided for in this Agreement shall be in writing, duly
signed by the party giving such notice, and shall be delivered, telecopied or
mailed by registered or certified mail, as follows:

      (a) if given to the Administrative Trustees or the Trust, in care of the
Administrative Trustees at the Trust's mailing address set forth below (or such
other address as the Trust may give notice of to the Holders of the Securities
and the other Trustees):

                  DTE Energy Company
                  2000 2nd Avenue
                  Detroit, Michigan 48226-1279
                  Attention: Treasurer

      (b) if given to the Delaware Trustee, at the mailing address set forth
below (or such other address as Delaware Trustee may give notice of to the
Holders of the Securities):

                  The Bank of New York (Delaware)
                  White Clay Center (or P.O. Box 6973)
                  Route 273
                  Newark, Delaware 19711
                  Attention: Corporate Trust

      (c) if given to the Property Trustee, at its Corporate Trust Office to the
attention of Capital Markets Fiduciary Services (or such other address as the
Property Trustee may give notice of to the Holders of the Securities):

                  BNY Midwest Trust Company
                  2 N. LaSalle Street, Suite 1020
                  Chicago, IL 60602
                  Attention: Corporate Trust

                                       54
<PAGE>

      (d) if given to the Holder of the Common Securities, at the mailing
address of the Sponsor set forth below (or such other address as the Holder of
the Common Securities may give notice to the Trust and the other Trustees):

                  c/o DTE Energy Company
                  2000 2nd Avenue
                  Detroit, Michigan 48226-1279
                  Attention: Treasurer

      (e) if given to any other Holder, at the address set forth on the books
and records of the Trust.

      All such notices shall be deemed to have been given when received in
person, telecopied with receipt confirmed, or mailed by first class mail,
postage prepaid except that if a notice or other document is refused delivery or
cannot be delivered because of a changed address of which no notice was given,
such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

Section 14.2 Governing Law.

      This Agreement and the rights of the parties hereunder shall be governed
by and interpreted in accordance with the laws of the State of Delaware and all
rights and remedies shall be governed by such laws without regard to principles
of conflict of laws.

Section 14.3 Intention of the Parties.

      It is the intention of the parties hereto that the Trust be classified for
United States federal income tax purposes as a grantor trust. The provisions of
this Agreement shall be interpreted to further this intention of the parties.

Section 14.4 Headings.

      Headings contained in this Agreement are inserted for convenience of
reference only and do not affect the interpretation of this Agreement or any
provision hereof.

Section 14.5 Successors and Assigns.

      Whenever in this Agreement any of the parties hereto is named or referred
to, the successors and assigns of such party shall be deemed to be included, and
all covenants and agreements in this Agreement by the Sponsor and the Trustees
shall bind and inure to the benefit of their respective successors and assigns,
whether so expressed.

Section 14.6 Partial Enforceability.

      If any provision of this Agreement, or the application of such provision
to any Person or circumstance, shall be held invalid, the remainder of this
Agreement, or the application of such provision to persons or circumstances
other than those to which it is held invalid, shall not be affected thereby.

                                       55
<PAGE>

Section 14.7 Entire Agreement.

      This Agreement constitutes the entire agreement among the parties. It
supersedes any prior agreement or understandings among them, and it may not be
modified or amended in any manner other than as set forth herein.

Section 14.8 Remedies.

      The failure of any party to seek redress for violation of, or to insist
upon the strict performance of, any provision of this Agreement shall not
prevent a subsequent act, which would have originally constituted a violation,
from having the effect of an original violation. The rights and remedies
provided by this Agreement are cumulative and the use of any one right or remedy
by any party shall not preclude or waive its right to use any or all other
remedies. Said rights and remedies are given in addition to any other rights the
parties may have by law, statute, ordinance or otherwise.

Section 14.9 Counterparts.

      This Agreement may contain more than one counterpart of the signature page
and this Agreement may be executed by affixing the signature of each of the
Trustees to one of such counterpart signature pages. All of such counterpart
signature pages shall be read as though one, and they shall have the same force
and effect as though all of the signers had signed a single signature page.

                                       56
<PAGE>

      IN WITNESS WHEREOF, the undersigned have caused these presents to be
executed as of the day and year first above written.

                                     ___________________________________________
                                     K. Hier, as Administrative Trustee
                                     of the Trust

                                     ___________________________________________
                                     N.A. Khouri, as Administrative Trustee
                                     of the Trust

                                     ___________________________________________
                                     D.R. Murphy, as Administrative Trustee
                                     of the Trust

                                     The Bank of New York (Delaware),
                                     as Delaware Trustee

                                     By:________________________________________
                                     Name:
                                     Title:

                                     BNY Midwest Trust Company,
                                     as Property Trustee

                                     By:________________________________________
                                     Name:
                                     Title:

                                     DTE Energy Company,
                                     as Sponsor

                                     By:________________________________________
                                     Name:
                                     Title:

                                       57
<PAGE>

                                                                       EXHIBIT A

                             TERMS AND CONDITIONS OF
                   7.50% TRUST ORIGINATED PREFERRED SECURITIES
                             7.50% COMMON SECURITIES

      Pursuant to Section 7.1(a) of the Amended and Restated Trust Agreement,
dated as of June 1, 2004, of DTE Energy Trust II (as amended from time to time,
the "Agreement"), hereby established are the designation, rights, privileges,
restrictions, preferences and other terms and provisions of the Trust Preferred
Securities and the Common Securities:

      (1)   These Terms and Conditions form a part of the Agreement, except as
            otherwise provided herein or unless the context otherwise requires,
            and all of the provisions of the other parts of the Agreement,
            including the definitions of capitalized terms, apply to these Terms
            and Conditions. Furthermore, unless the context otherwise requires,
            in these Terms and Conditions, references to paragraphs mean
            paragraphs of these Terms and Conditions and:

      "Additional Interest" has the meaning set forth in paragraph 3(d).

      "Capital Stock" means (i) with respect to any Person organized as a
corporation, any and all shares, interests, rights to purchase, warrants,
options, participations or other equivalents of or interest in (however
designated) corporate stock, and (ii) with respect to any Person that is not
organized as a corporation, the partnership, membership or other equity
interests or participations in such Person.

      "Change in 1940 Act Law" has the meaning set forth in paragraph 5(b).

      "Common Securities" has the meaning set forth in paragraph 2(b).

      "Compound Interest" has the meaning set forth in paragraph 3(a).

      "Coupon Rate" has the meaning set forth in paragraph 3(a).

      "Debentures" means the 7.50% Junior Subordinated Debentures due 2044 of
the Debenture Issuer.

      "Distribution Payment Date" has the meaning set forth in paragraph 3(b).

      "Extension Period" has the meaning set forth in paragraph 3(b).

      "Indenture" means the Amended and Restated Indenture, dated as of April 9,
2001, as supplemented by the supplemental indenture, dated as of June 1, 2004,
with respect to the Debentures, between the Debenture Issuer and the Debenture
Trustee.

      "Investment Company Event" has the meaning set forth in paragraph 5(b).

      "Liquidation" has the meaning set forth in paragraph 4.

                                      A-1
<PAGE>

      "Liquidation Distribution" has the meaning set forth in paragraph 4.

      "90 Day Period" has the meaning set forth in paragraph 5(b).

      "Ministerial Action" has the meaning set forth in paragraph 5(b).

      "Pro Rata" has the meaning set forth in paragraph 11.

      "Redemption/Distribution Notice" has the meaning set forth in paragraph
6(a).

      "Redemption Price" has the meaning set forth in paragraph 5(a).

      "Rights Plan" means a plan of the Debenture Issuer providing for the
issuance by the Debenture Issuer to all holders of its Common Stock of rights
entitling the holders thereof to subscribe for or purchase shares of Common
Stock or any class or series of preferred stock, which rights (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, in each
case until the occurrence of a specified event or events.

      "Special Event" means an Investment Company Event or a Tax Event, as the
case may be.

      "Special Event Redemption" has the meaning set forth in paragraph 5(b).

      "Special Event Redemption Date" has the meaning set forth in paragraph
5(b).

      "Stated Maturity" means, with respect to the Debentures, June 1, 2044.

      "Super Majority" has the meaning set forth in paragraph 8(b).

      "Tax Event" has the meaning set forth in paragraph 5(b).

      "Treasury Regulations" means the income tax regulations, including
temporary and proposed regulations, promulgated under the Code by the United
States Treasury, as such regulations may be amended from time to time (including
corresponding provisions of succeeding regulations).

      "Trust Preferred Securities" has the meaning set forth in paragraph 2(a).

      (2)   Designation and Number.

      (a) Trust Preferred Securities. Up to 4,140,000 Trust Preferred Securities
of the Trust, with an aggregate liquidation amount with respect to the assets of
the Trust of One Hundred Three Million Five Hundred Thousand Dollars
($103,500,000) and a liquidation amount with respect to the assets of the Trust
of $25 per security, are hereby designated for the purposes of identification
only as "7.50% Trust Originated Preferred Securities" (the "Trust Preferred
Securities"). Of such amount, 3,600,000 Trust Preferred Securities shall be
issued on the First Time of Delivery (as defined in the Underwriting Agreement)
and up to 540,000 additional Trust Preferred Securities may be issued pursuant
to the Underwriters' over allotment described in the

                                      A-2
<PAGE>

Underwriting Agreement. The Trust shall issue the additional Trust Preferred
Securities no later than one business day (or such later date as shall be
requested by the Sponsor) following the receipt from the Sponsor of its request
for issuance, specifying the number of Trust Preferred Securities to be issued,
and enclosing an executed Common Securities Subscription Agreement pursuant to
which the Sponsor will purchase, simultaneously with the issuance of the
additional Trust Preferred Securities, a number of Common Securities calculated
as provided in (b) below. The Trust Preferred Security Certificates evidencing
the Trust Preferred Securities shall be substantially in the form of Exhibit A-1
to the Agreement, with such changes and additions thereto or deletions therefrom
as may be required by applicable law or the rules of any stock exchange on which
the Trust Preferred Securities are listed or to conform to ordinary usage,
custom or practice.

      (b) Common Securities. Up to 128,042 Common Securities of the Trust, with
an aggregate liquidation amount with respect to the assets of the Trust of Three
Million Two Hundred One Thousand and Fifty Dollars ($3,201,050) and a
liquidation amount with respect to the assets of the Trust of $25 per security,
are hereby designated for the purposes of identification only as "7.50% Common
Securities" (the "Common Securities"). Of such amount, 111,341 Common Securities
shall be issued on the First Time of Delivery (as defined in the Underwriting
Agreement), and up to 16,701 additional Common Securities may be issued in
connection with the issuance of Trust Preferred Securities pursuant to the over
allotment option described in (a). The Trust shall issued the additional Common
Securities simultaneously with the issuance of the additional Trust Preferred
Securities referenced in (a) above, and the number of Common Securities shall be
such that the proportion of Common Securities to total Securities shall be the
same before and after such additional issuances. The Common Security
Certificates evidencing the Common Securities shall be substantially in the form
of Exhibit A-2 to the Agreement, with such changes and additions thereto or
deletions therefrom as may be required by applicable law or to conform to
ordinary usage, custom or practice.

      (c) The maximum liquidation amount of Trust Preferred Securities and
Common Securities referred to above excludes Securities authenticated and
delivered upon registration of transfer of, or in exchange for, or in lieu of
other Securities pursuant to Section 9.2, 9.7 or 9.8 of the Agreement, upon
repayment, redemption or exchange into other securities in accordance with its
terms.

      (d) The Trust Preferred Securities and the Common Securities represent
undivided beneficial interests in the assets of the Trust.

      (e) In connection with the purchase of the Securities, the Sponsor will
deposit in the Trust, and the Trust will purchase, respectively, as trust
assets, Debentures of the Sponsor having an aggregate principal amount equal to
the aggregate liquidation amount of the Trust Preferred Securities and Common
Securities then being issued by the Trust, and bearing interest at an annual
rate equal to the annual Distribution rate on the Trust Preferred Securities and
Common Securities and having payment and redemption provisions which correspond
to the payment and redemption provisions of the Trust Preferred Securities and
Common Securities.

                                      A-3
<PAGE>
      (3)   Distributions.

      (a) Cash distributions will be payable on each Security at the rate per
annum of 7.50% (the "Coupon Rate") of the stated liquidation amount of $25 per
Security, such rate being the rate of interest payable on the Debentures.
Distributions not paid when due will accumulate additional distributions at the
Coupon Rate on the amount of unpaid distributions, compounded quarterly (to the
extent permitted by applicable law) ("Compound Interest"). The term
"Distributions" as used herein includes such cash distributions and any such
interest payable, and Additional Interest, if any, payable unless otherwise
stated. A Distribution is payable only to the extent that payments are made in
respect of the Debentures held by the Property Trustee and to the extent the
Property Trustee has funds legally available therefor. The amount of
Distributions payable for any period will be computed for any full quarterly
Distribution period on the basis of a 360-day year consisting of twelve 30-day
months, and, for any period shorter than a full quarterly Distribution period
for which Distributions are computed, Distributions will be computed on the
basis of the actual number of days elapsed per 30-day month.

      (b) Distributions on the Securities will be cumulative, will accrue from,
and include, the date of original issuance of such Securities, and will be
payable quarterly in arrears, on March 1, June 1, September 1 and December 1 of
each year, commencing on September 1, 2004, when, as and if available for
payment, except as otherwise described below (a "Distribution Payment Date"). So
long as there is no Event of Default under the Indenture with respect to the
Debentures, the Debenture Issuer has the right under the Indenture to defer
payments of interest on the Debentures by extending the interest payment period
from time to time on the Debentures for a period not exceeding 20 consecutive
quarters (each an "Extension Period"), during which Extension Period no interest
shall be due and payable on the Debentures, provided that no Extension Period
shall last beyond the Stated Maturity of the Debentures. As a consequence of
such deferral, Distributions will also be deferred. Despite such deferral,
quarterly Distributions will continue to accumulate with interest thereon (to
the extent permitted by applicable law) at the Coupon Rate compounded quarterly
to the extent permitted by law during any such Extension Period. Prior to the
termination of any such Extension Period, the Debenture Issuer may shorten or
further extend such Extension Period; provided that such Extension Period,
together with all such previous and further extensions thereof, may not exceed
20 consecutive quarters or extend beyond the Stated Maturity of the Debentures.
Any interest accrued on the Debentures during an Extension Period shall be paid
Pro Rata to holders of Debentures on the first payment date following the
Extension Period, and the Payment Amount shall be paid Pro Rata to the Holders
on the first Distribution Payment Date following the Extension Period. Upon the
termination of any Extension Period and the payment of all amounts then due, the
Debenture Issuer may commence a new Extension Period, subject to the above
requirements.

      If (A) there shall have occurred and be continuing an Event of Default or
any event of which the Debenture Issuer has actual knowledge that is, or with
the giving of notice or the lapse of time, or both, would be an Event of Default
and the Debenture Issuer has not taken reasonable steps to cure such Event of
Default, (B) the Debenture Issuer shall be in default with respect to its
payment or other obligations under the Trust Preferred Securities Guarantee or
(C) the Debenture Issuer shall have given notice of its election to begin an
Extension Period as provided in the Indenture and shall not have rescinded such
notice or such Extension Period, or any extension thereof, shall have commenced
and be continuing, then the Debenture Issuer shall not:

                                      A-4
<PAGE>

            (i)   declare or pay any dividends or distributions on the Debenture
                  Issuer's Capital Stock;

            (ii)  redeem, purchase, acquire, or make a liquidation payment with
                  respect to any of the Debenture Issuer's Capital Stock;

            (iii) make any payment of principal of or interest or premium, if
                  any, on or repay repurchase or redeem any indebtedness of the
                  Debenture Issuer that ranks equally with or junior in right of
                  payment to the Debentures;

            (iv)  make any guarantee payments with respect to any guarantee by
                  the Debenture Issuer of the indebtedness of any Subsidiary
                  thereof or any other party if such guarantee ranks equally
                  with or junior in right of payment to the Debentures;

            (other than (a) dividends or distributions payable solely in shares
            of, or options, warrants or rights to subscribe for or purchase
            shares of, Common Stock of the Debenture Issuer, (b) any declaration
            of a dividend in connection with the implementation of a Rights
            Plan, (c) the issuance of any Capital Stock of the Debenture Issuer
            under any Rights Plan, or the redemption or repurchase of any rights
            distributed pursuant to a Rights Plan, (d) payments under the Trust
            Preferred Securities Guarantee, (e) reclassification of the
            Debenture Issuer's Capital Stock or the exchange or the conversion
            of one class or series of the Debenture Issuer's Capital Stock for
            another class or series of the Debenture Issuer's Capital Stock, (f)
            the purchase of fractional interests in shares of the Debenture
            Issuer's Capital Stock pursuant to the conversion or exchange
            provisions of such Capital Stock or the security being converted or
            exchanged, and (g) purchases of Common Stock related to the issuance
            of Common Stock or rights under any of the Debenture Issuer's
            benefit plans for its directors, officers, employees, consultants or
            advisors or any of the Debenture Issuer's dividend reinvestment
            plans).

      (c) Distributions on the Securities will be payable to the Holders thereof
as they appear on the books and records of the Trust at the close of business on
the Business Day immediately preceding each of the relevant payment dates on the
Securities. Subject to any applicable laws and regulations and the provisions of
the Agreement, each such payment in respect of the Trust Preferred Securities
will be made as described under the heading "Description of the TOPrS --
Distributions" in the Prospectus Supplement dated May 25, 2004 to the Prospectus
dated October 2, 2002 (collectively, the "Prospectus") of the Trust relating to
the Registration Statement on Form S-3 (file nos. 333-99955 and 333-99955-02) of
the Sponsor and the Trust. The relevant record dates for the Common Securities
shall be the same record date as for the Trust Preferred Securities. If the
Trust Preferred Securities shall not continue to remain in book-entry only form
or are not in book-entry only form at issuance, the relevant record dates for
the Trust Preferred Securities shall conform to the rules of any securities
exchange on which the securities are listed and, if none, as shall be selected
by the Administrative Trustees, which dates shall be at least more than one, but
less than 60 Business Days before the relevant payment dates, which payment
dates correspond to the interest payment dates on the Debentures. Distributions
payable on any

                                      A-5
<PAGE>

Securities that are not punctually paid on any Distribution Payment Date, as a
result of the Debenture Issuer having failed to make a payment under the
Debentures, will cease to be payable to the Person in whose name such Securities
are registered on the relevant record date, and such defaulted Distribution will
instead be payable to the Person in whose name such Securities are registered on
the special record date or other specified date determined in accordance with
the Indenture; provided, however, that Distributions shall not be considered
payable on any Distribution Payment Date falling within an Extension Period
unless the Debenture Issuer has elected to make a full or partial payment of
interest accrued on the Debentures on such Distribution Payment Date. If any
date on which Distributions are payable on the Securities is not a Business Day,
then payment of the Distribution payable on such date will be made on the next
succeeding day that is a Business Day (and without any interest or other payment
in respect of any such delay) except that, if such Business Day is in the next
succeeding calendar year, such payment shall be made on the immediately
preceding Business Day, in each case with the same force and effect as if made
on such date. Distributions on the Securities will be paid by the Trust.

      (d) If at any time while the Property Trustee is the holder of any
Debentures, the Trust or the Property Trustee is required to pay any taxes,
duties, assessments or governmental charges of whatever nature (other than
withholding taxes imposed on Holders of Trust Preferred Securities or Common
Securities) imposed by the United States, or any other taxing authority, then,
in any such case, the Debenture Issuer will pay as additional interest
("Additional Interest") on the Debentures held by the Property Trustee, such
amounts as shall be required so that the net amounts received and retained by
the Trust and the Property Trustee after paying any such taxes, duties,
assessments or other governmental charges will be equal to the amounts the Trust
and the Property Trustee would have received had no such taxes, duties,
assessments or other governmental charges been imposed.

      (e) In the event that there is any money or other property held by or for
the Trust that is not accounted for hereunder, such property shall be
distributed Pro Rata (as defined herein) among the Holders of the Securities.

      (4)   Liquidation Distribution Upon Dissolution.

      In the event of any voluntary or involuntary liquidation, dissolution,
winding-up or termination of the Trust (each, a "Liquidation"), the Holders of
the Securities on the date of the dissolution will be entitled to receive out of
the assets of the Trust, after satisfaction of liabilities to creditors,
distributions in an amount equal to the aggregate stated liquidation amount of
such Securities, plus accumulated and unpaid Distributions on such Securities to
the date of payment (such amount being "Liquidation Distribution"), unless, in
connection with such Liquidation, Debentures in an aggregate stated principal
amount equal to the aggregate stated liquidation amount of such Securities, with
an interest rate equal to the Coupon Rate of, and bearing accrued and unpaid
interest in an amount equal to the accumulated and unpaid Distributions on, such
Securities, shall be distributed on a Pro Rata basis to the Holders in exchange
for such Securities.

      If, upon any such Liquidation, the Liquidation Distribution can be paid
only in part because the Trust has insufficient assets available to pay in full
the aggregate Liquidation

                                      A-6
<PAGE>

Distribution, then the amounts payable directly by the Trust on the Securities
shall be paid on a Pro Rata basis.

      Holders of Common Securities will be entitled to receive distributions
upon any liquidation Pro Rata with the holders of the Trust Preferred
Securities. However, if an Event of Default has occurred and is continuing, the
Trust Preferred Securities will have a preference over the Common Securities
with regard to those distributions.

      (5)   Redemption and Distribution.

      (a) Upon the repayment of the Debentures at maturity, the proceeds from
such repayment shall, after satisfaction of liabilities to creditors of the
Trust, be simultaneously applied to redeem Securities having an aggregate
liquidation amount equal to the aggregate principal amount of the Debentures so
repaid at a redemption price of $25 per Security plus an amount equal to
accumulated and unpaid Distributions thereon at the date of the redemption,
payable in cash.

      The Debentures are redeemable prior to the Stated Maturity at the option
of the Debenture Issuer (i) in whole or in part, from time to time, on or after
June 1, 2009 or (ii) at any time prior to June 1, 2009, in whole but not in
part, within 90 days following the occurrence and continuation of a Special
Event, in either case at a redemption price (the "Redemption Price") equal to
100% of the principal amount thereof, plus accrued and unpaid interest thereon
(including Additional Interest and Compound Interest, if any) to the date of
redemption.

      Upon the repayment of the Debentures in whole or in part, whether at
maturity or upon redemption, the proceeds from such repayment or payment shall
be simultaneously applied to redeem Securities having an aggregate liquidation
amount equal to the aggregate principal amount of the Debentures so repaid or
redeemed at the Redemption Price. If fewer than all the outstanding Securities
are to be so redeemed, the Securities will be redeemed Pro Rata and the Trust
Preferred Securities to be redeemed will be as described in Section 6.

      (b) If an Investment Company Event (as defined herein) or a Tax Event
occurs, the Debentures are redeemable at the option of the Debenture Issuer, in
whole but not in part within 90 days following the occurrence of such Investment
Company Event or Tax Event (the "90 Day Period") on not less than 30 nor more
than 60 days notice prior to the date fixed for redemption; provided, however,
that, if at the time there is available to the Trust the opportunity to
eliminate, within the 90 Day Period, the Investment Company Event or Tax Event
by taking some ministerial action, such as filing a form or making an election,
or pursuing some other similar reasonable measure that will have no adverse
effect on the Trust, the Debenture Issuer, the Sponsor or the Holders of the
Securities and will involve no material cost ("Ministerial Action"), the
Administrative Trustees will pursue such Ministerial Action in lieu of
dissolution (either, a "Special Event Redemption"). If the Debenture Issuer
redeems the Debentures upon the occurrence and continuance of a Investment
Company Event or Tax Event, the proceeds from such redemption shall
simultaneously be applied by the Trust to redeem the Securities having an
aggregate stated liquidation amount equal to the aggregate principal amount of
the Debentures so redeemed at the Redemption Price per Security. To the extent
the Redemption Price is received

                                      A-7
<PAGE>

by the Property Trustee, the Property Trustee will distribute to each record
Holder of the Securities the Redemption Price payable in liquidation of such
Holder's interests in the Trust.

      "Investment Company Event" means that the Administrative Trustees shall
have received an opinion of independent counsel experienced in such matters to
the effect that, as a result of an amendment to or a change in the Investment
Company Act of 1940, as amended, or regulations thereunder or a written change
in interpretation or application of law or regulation by any legislative body,
court, governmental agency or regulatory authority (a "Change in 1940 Act Law"),
which Change in 1940 Act Law becomes effective on or after the date of the
Prospectus Supplement, there is a more than an insubstantial risk that the Trust
is or will be considered an investment company and be required to be registered
under the Investment Company Act.

      "Tax Event" means the receipt by the Administrative Trustees of an opinion
of nationally recognized independent tax counsel experienced in such matters to
the effect that, as a result of (a) any amendment to, or change (including any
announced proposed change) in, the laws (or any regulations thereunder) of the
United States or any political subdivisions or taxing authorities thereof or
therein affecting taxation, (b) any amendment to or change in an interpretation
or application of such laws or regulations by any legislative body, court,
governmental agency or regulatory authority or (c) any interpretation or
pronouncement that provides for a position with respect to such laws or
regulations that differs from the generally accepted position on the date the
Securities are issued, which amendment or change becomes effective or which
proposed change, pronouncement, interpretation, action or decision is announced
on or after the date of the Prospectus Supplement, there is more than an
insubstantial risk that (i) the Trust is, or will be within 90 days of the date
of such opinion would become, subject to United States federal income tax with
respect to the income received or accrued on the Debentures, (ii) interest
payable by the Debenture Issuer on the Debentures is not, or within 90 days of
the date thereof would not be, deductible, in whole or in part, by the Debenture
Issuer for United States federal income tax purposes or (iii) the Trust is, or
within 90 days of the date thereof would be, subject to more than a de minimis
amount of other taxes, duties or other governmental charges.

      On and from the date fixed by the Administrative Trustees for any
distribution of Debentures upon dissolution of the Trust: (i) the Securities
shall no longer be deemed to be outstanding, (ii) DTC or its nominee (or any
successor Clearing Agency or its nominee) or the record Holder of the Trust
Preferred Securities, will receive a registered global certificate or
certificates representing the Debentures to be delivered upon such distribution
and (iii) any certificates representing Securities, except for certificates
representing Trust Preferred Securities held by DTC or its nominee (or any
successor Clearing Agency or its nominee), will be deemed to represent
beneficial interests in the Debentures having an aggregate principal amount
equal to the aggregate stated liquidation amount of such Securities, with an
interest rate of 7.50% and accumulated and unpaid interest equal to accrued and
unpaid Distributions on such Securities until such certificates are presented to
the Debenture Issuer or its agent for transfer or reissue.

      (c) The Trust may not redeem fewer than all the outstanding Securities
unless all accumulated and unpaid Distributions have been paid on all Securities
for all quarterly Distribution periods terminating on or before the date of
redemption.

                                      A-8
<PAGE>

      (d) The Debenture Issuer will have the right at any time to liquidate the
Trust and cause the Debentures to be distributed to the Holders. If the
Debentures are distributed to the Holders and the Trust Preferred Securities are
then listed on an exchange, the Debenture Issuer will use its best efforts to
cause the Debentures to be listed on the NYSE or on such other exchange as the
Trust Preferred Securities are then listed.

      (6)   Redemption or Distribution Procedures.

      (a)   Notice of any redemption (other than in connection with the maturity
of the Debentures) of, or notice of distribution of Debentures in exchange for,
the Securities (a "Redemption/Distribution Notice") will be given by the
Property Trustee by mail to each Holder of Securities to be redeemed or
exchanged not fewer than 30 nor more than 60 days before the date fixed for
redemption or exchange thereof. For purposes of the calculation of the date of
redemption or exchange and the dates on which notices are given pursuant to this
Section 6(a), a Redemption/Distribution Notice shall be deemed to be given on
the day such notice is first mailed by first-class mail, postage prepaid, to
Holders of Securities. Each Redemption/Distribution Notice shall be addressed to
the Holders of Securities at the address of each such Holder appearing in the
books and records of the Trust. No defect in the Redemption/Distribution Notice
or in the mailing of either thereof with respect to any Holder shall affect the
validity of the redemption or exchange proceedings with respect to any other
Holder.

      (b)   In the event that fewer than all the outstanding Securities are to
be redeemed, the Securities to be redeemed shall be redeemed Pro Rata from each
Holder, it being understood that, in respect of Trust Preferred Securities
registered in the name of and held of record by the Clearing Agency (as defined
in the Agreement) or its nominee, the distribution of the proceeds of such
redemption will be made to each Clearing Agency Participant (as defined in the
Agreement) (or Person) on whose behalf such nominee holds such securities) in
accordance with the procedures applied by such agency or nominee.

      (c)   If Securities are to be redeemed and the Property Trustee gives a
Redemption/Distribution Notice, which notice may only be issued if the
Debentures are redeemed as set out in this Section 6 (such notice will be
irrevocable), then (A) while the Trust Preferred Securities are in book-entry
only form, with respect to the Trust Preferred Securities, by 12:00 noon, New
York City time, on the redemption date, provided that the Debenture Issuer has
paid the Property Trustee a sufficient amount of cash in connection with the
related redemption or maturity of the Debentures by 10:00 a.m. New York City
time on such Redemption Date, the Property Trustee will deposit irrevocably with
DTC or its nominee (or any successor Clearing Agency or its nominee), funds
sufficient to pay the applicable Redemption Price with respect to the Trust
Preferred Securities and will give DTC irrevocable instructions and authority to
pay the Redemption Price to the Holders of the Trust Preferred Securities so
called for redemption, and (B) with respect to Trust Preferred Securities issued
in definitive form and Common Securities, provided that the Debenture Issuer has
paid the Property Trustee a sufficient amount of cash in connection with the
related redemption or maturity of the Debentures, the Property Trustee will
irrevocably deposit with the Paying Agent funds sufficient to pay the relevant
Redemption Price and will give the Paying Agent irrevocable instructions and
authority to pay such Redemption Price to the Holders of such Securities upon
surrender of their

                                      A-9
<PAGE>

Certificates evidencing their Securities. If a Redemption/Distribution Notice
shall have been given and funds deposited as required, if applicable, then
immediately prior to the close of business on the date of such deposit, or on
the distributions will cease to accumulate on the Securities so redeemed and all
rights of Holders of such Securities so called for redemption will cease, except
the right of the Holders of such Securities to receive the Redemption Price, but
without interest on such Redemption Price. Neither the Administrative Trustees
nor the Trust shall be required to register or cause to be registered the
transfer of any Securities that have been so called for redemption. If any date
fixed for redemption of Securities is not a Business Day, then payment of the
Redemption Price payable on such date will be made on the next succeeding day
that is a Business Day (without any interest or other payment in respect of any
such delay) except that, if such Business Day falls in the next calendar year,
such payment will be made on the immediately preceding Business Day, in each
case with the same force and effect as if made on such date fixed for
redemption. If payment of the Redemption Price in respect of any Securities is
improperly withheld or refused and not paid either by the Property Trustee or by
the Sponsor as guarantor pursuant to the relevant Securities Guarantee,
Distributions on such Securities will continue to accumulate from the original
redemption date to the actual date of payment, compounded quarterly, to the
extent permitted by law, in which case the actual payment date will be
considered the date fixed for redemption for purposes of calculating the
Redemption Price and such Securities shall cease to be outstanding.

      (d)   Redemption/Distribution Notices shall be sent by the Property
Trustee to (A) in respect of the Trust Preferred Securities, DTC or its nominee
(or any successor Clearing Agency or its nominee) if the Global Certificates
have been issued or, if Definitive Trust Preferred Security Certificates have
been issued, to the Holder thereof, and (B) in respect of the Common Securities,
to the Holder thereof.

      (e)   The Trust shall not be required to (i) issue, or register the
transfer or exchange of, any Securities during a period beginning at the opening
of business 15 days before the mailing of a notice of redemption of Securities
and ending at the close of business on the day of the mailing of the relevant
notice of redemption or (ii) register the transfer or exchange of any Securities
so selected for redemption, in whole or in part, except the unredeemed portion
of any Securities being redeemed in part.

      (f)   Subject to the foregoing and applicable law (including, without
limitation, United States federal securities laws) the Sponsor or any of its
subsidiaries may at any time and from time to time purchase outstanding Trust
Preferred Securities by tender, in the open market or by private agreement.

      (7)   Reserved.

      (8)   Voting Rights - Trust Preferred Securities.

      (a)   Except as provided under Sections 8(b) and 10 and as otherwise
required by law and the Agreement, including these Terms and Conditions, the
Holders of the Trust Preferred Securities will have no voting rights.

                                      A-10
<PAGE>

      (b)   Subject to the requirements set forth in this paragraph, the Holders
of a Majority in liquidation amount of the Trust Preferred Securities may direct
(i) the time, method, and place of conducting any proceeding for any remedy
available to the Property Trustee, or (ii) the exercise of any trust or power
conferred upon the Property Trustee under the Agreement, including directing the
Property Trustee, as the holder of the Debentures, to exercise the remedies
available under the Indenture with respect to the Debentures, subject to Section
2.6 of the Agreement. So long as the Property Trustee holds any Debentures, the
Holders of a Majority in liquidation amount of the Trust Preferred Securities
(except in the case of an amendment, modification or termination of the
Indenture or the Debentures, in which case the Holder of a Majority in
liquidation amount of the Trust Preferred Securities and the Common Securities,
voting together as a single class, if no Event of Default has occurred and is
continuing), may (i) direct the time, method and place of conducting any
proceeding for any remedy available to the Debenture Trustee, or exercise any
trust or power conferred on the Debenture Trustee with respect to the
Debentures, (ii) waive any past default and its consequences that are waivable
under the Indenture, (iii) exercise any right to rescind or annul an
acceleration of the maturity of the Debentures, or (iv) consent to any
amendment, modification or termination of the Indenture or the Debentures. If a
consent under the Indenture would require the consent of each affected Holder of
the Debentures, the Property Trustee may not give the consent without the prior
written consent of each holder of the Trust Preferred Securities. The Property
Trustee shall not revoke any action previously authorized or approved by a vote
of the Holders of the Trust Preferred Securities except by a subsequent vote of
Holders of the Trust Preferred Securities. If an Event of Default has occurred
and is continuing, the Holders of 25% of the aggregate liquidation amount of the
Trust Preferred Securities then outstanding may direct the Property Trustee to
declare the principal of and interest on the Debentures immediately due and
payable. If a consent or action under the Indenture requires the consent or
action of the Holders of more than a majority of the Holders in principal amount
of the Debentures then outstanding (a "Super Majority"), only the Holders of at
least such Super Majority in aggregate liquidation amount of the Trust Preferred
Securities then outstanding may direct the Property Trustee to give its consent
or take such action. Other than with respect to directing the time, method and
place of conducting any remedy available to the Property Trustee or the
Debenture Trustee as set forth above, the Property Trustee shall not take any
action in accordance with the directions of the Holders of the Trust Preferred
Securities under this paragraph unless the Property Trustee has obtained an
opinion of counsel stating that for the purposes of United States federal income
tax the Trust will continue to be classified as a grantor trust. If the Property
Trustee fails to enforce its rights under the Debentures after a Holder of Trust
Preferred Securities has made a written request, such Holder of Trust Preferred
Securities may, to the fullest extent permitted by applicable law, institute a
legal proceeding directly against the Debenture Issuer to enforce the Property
Trustee's rights under the Debentures without first instituting a legal
proceeding against the Property Trustee or any other Person. Notwithstanding the
foregoing, if an Event of Default has occurred and is continuing and such event
is attributable to the failure of the Debenture Issuer to pay interest or
principal on the Debentures on the date such interest or principal is otherwise
payable (or in the case of redemption, on the redemption date), then a Holder of
Trust Preferred Securities may directly institute a proceeding for enforcement
of payment to such Holder of the principal of or interest on the Debentures
having a principal amount equal to the aggregate liquidation amount of the Trust
Preferred Securities of such Holder on or after the respective due date
specified in the Debentures. Except as provided in the preceding sentence,

                                      A-11
<PAGE>

the Holders of Trust Preferred Securities shall not exercise directly any other
remedy available to the holders of the Debentures.

      Any approval or direction of Holders of Trust Preferred Securities may be
given at a separate meeting of Holders of Trust Preferred Securities convened
for such purpose, at a meeting of all of the Holders of Securities in the Trust
or pursuant to written consent. The Administrative Trustees will cause a notice
of any meeting at which Holders of Trust Preferred Securities are entitled to
vote, or of any matter upon which action by written consent of such Holders is
to be taken, to be mailed to each Holder of record of Trust Preferred
Securities. Each such notice will include a statement setting forth (i) the date
of such meeting or the date by which such action is to be taken, (ii) a
description of any resolution proposed for adoption at such meeting on which
such Holders are entitled to vote or of such matter upon which written consent
is sought and (iii) instructions for the delivery of proxies or consents.

      No vote or consent of the Holders of the Trust Preferred Securities will
be required for the Trust to repay and cancel Trust Preferred Securities or to
distribute the Debentures in accordance with the Agreement and the terms of the
Securities. Notwithstanding that Holders of Trust Preferred Securities are
entitled to vote or consent under any of the circumstances described above, any
of the Trust Preferred Securities that are owned by the Sponsor or any Affiliate
of the Sponsor shall not be entitled to vote or consent and shall, for purposes
of such vote or consent, be treated as if they were not outstanding.

      (9)   Voting Rights - Common Securities.

      (a)   Except as provided under Sections 9(b) and (c) and 10 and as
otherwise required by law and the Agreement, including these Terms and
Conditions, the Holders of the Common Securities will have no voting rights.

      (b)   The Holders of the Common Securities are entitled, in accordance
with Article V of the Agreement, to vote to appoint, remove or replace any
Trustee or to increase or decrease the number of Trustees.

      (c)   Subject to Section 2.6 of the Agreement and only after any Event of
Default with respect to the Trust Preferred Securities has been cured, waived or
otherwise eliminated and subject to the requirements of the second to last
sentence of this paragraph, the Holders of a Majority in liquidation amount of
the Common Securities, voting separately as a class, may direct the time, method
and place of conducting any proceeding for any remedy available to the Property
Trustee, or exercising any trust or power conferred upon the Property Trustee
under the Agreement, including (i) directing the time, method, and place of
conducting any proceeding for any remedy available to the Debenture Trustee, or
exercising any trust or power conferred on the Debenture Trustee with respect to
the Debentures, (ii) waive any past default and its consequences that are
waivable under the Indenture, (iii) exercise any right to rescind or annul an
acceleration of the maturity of the Debentures, or (iv) consent to any
amendment, modification or termination of the Indenture or the Debentures,
provided that, where a consent or action under the Indenture specifically would
require the consent or act of the Holders of a Super Majority of the Debentures
then outstanding, the Property Trustee may only give such consent or take such
action at the written direction of the Holders of at least the proportion in
liquidation amount of

                                      A-12
<PAGE>

the Common Securities which the relevant Super Majority represents of the
aggregate principal amount of the Debentures outstanding. Pursuant to this
Section 9(c), the Property Trustee shall not revoke any action previously
authorized or approved by a vote of the Holders of the Trust Preferred
Securities. Other than with respect to directing the time, method and place of
conducting any remedy available to the Property Trustee or the Debenture Trustee
as set forth above, the Property Trustee shall not take any action in accordance
with the directions of the Holders of the Common Securities under this paragraph
unless the Property Trustee has obtained an opinion of counsel stating that for
the purposes of United States federal income tax the Trust will continue to be
classified as a grantor trust. If the Property Trustee fails to enforce its
rights under the Agreement, any Holder of Common Securities may institute a
legal proceeding directly against any Person to enforce the Property Trustee's
rights under the Agreement, without first instituting a legal proceeding against
the Property Trustee or any other Person.

      Any approval or direction of Holders of Common Securities may be given at
a separate meeting of Holders of Common Securities convened for such purpose, at
a meeting of all of the Holders of Securities in the Trust or pursuant to
written consent. The Administrative Trustees will cause a notice of any meeting
at which Holders of Common Securities are entitled to vote, or of any matter
upon which action by written consent of such Holders is to be taken, to be
mailed to each Holder of record of Common Securities. Each such notice will
include a statement setting forth (i) the date of such meeting or the date by
which such action is to be taken, (ii) a description of any resolution proposed
for adoption at such meeting on which such Holders are entitled to vote or of
such matter upon which written consent is sought and (iii) instructions for the
delivery of proxies or consents.

      No vote or consent of the Holders of the Common Securities will be
required for the Trust to redeem and cancel Common Securities or to distribute
the Debentures in accordance with the Agreement and the terms of the Securities.

      (10)  Amendments to Agreement and Indenture.

      (a)   In addition to any requirements under Section 12.1 of the Agreement,
if any proposed amendment to the Agreement provides for, or the Administrative
Trustees otherwise propose to effect, (i) any action that would materially
adversely affect the powers, preferences or special rights of the Securities,
whether by way of amendment to the Agreement or otherwise, or (ii) the
dissolution of the Trust, other than as described in Section 8.1 of the
Agreement, then the Holders of outstanding Securities as a class will be
entitled to vote on such amendment or proposal (but not on any other amendment
or proposal) and such amendment or proposal shall not be effective except with
the approval of the Holders of at least a Majority in liquidation amount of the
Securities, voting together as a single class; provided, however, if any
amendment or proposal referred to in clause (i) above would adversely affect
only the Trust Preferred Securities or only the Common Securities, then only the
affected class will be entitled to vote on such amendment or proposal and such
amendment or proposal shall not be effective except with the approval of a
Majority in liquidation amount of such class of Securities.

      (b)   In the event the consent of the Property Trustee as the holder of
the Debentures is required under the Indenture with respect to any amendment,
modification or termination on the Indenture or the Debentures, the Property
Trustee shall request the written direction of the

                                      A-13
<PAGE>

Holders with respect to such amendment, modification or termination and shall
vote with respect to such amendment, modification or termination as directed by
a Majority in liquidation amount of the Securities voting together as a single
class; provided, however, that where a consent under the Indenture would require
the consent of the Holders of more than a Super Majority, only the Holders of at
least such Super Majority in aggregate liquidation amount of the Securities then
outstanding may direct the Property Trustee to give its consent; provided
further, that the Property Trustee shall not take any action in accordance with
the directions of the Holders under this Section 10(b) unless (i) the Property
Trustee has obtained an opinion of counsel experienced in such matters stating
that for the purposes of United States federal income tax the Trust will not be
classified as other than a grantor trust on account of such action or (ii) such
action would not reduce or otherwise adversely affect powers of the Property
Trustee or (iii) cause the Trust to be deemed an "investment company" which is
required to be registered under the Investment Company Act.

      (11)  Pro Rata.

      A reference in these terms of the Securities to any payment, distribution
or treatment as being "Pro Rata" shall mean pro rata to each Holder of
Securities according to the aggregate liquidation amount of the Securities held
by the relevant Holder in relation to the aggregate liquidation amount of all
Securities outstanding unless, in relation to a payment, an Event of Default
under the Agreement has occurred and is continuing, in which case any funds
available to make such payment shall be paid first to each Holder of the Trust
Preferred Securities pro rata according to the aggregate liquidation amount of
Trust Preferred Securities held by the relevant Holder relative to the aggregate
liquidation amount of all Trust Preferred Securities outstanding, and only after
satisfaction of all amounts owed to the Holders of the Trust Preferred
Securities, to each Holder of Common Securities pro rata according to the
aggregate liquidation amount of Common Securities held by the relevant Holder
relative to the aggregate liquidation amount of all Common Securities
outstanding.

      (12)  Listing.

      The Administrative Trustees shall use their best efforts to cause the
Trust Preferred Securities to be listed for quotation on the New York Stock
Exchange.

      (13)  Ranking.

      The Trust Preferred Securities rank pari passu and payment thereon shall
be made Pro Rata with the Common Securities except that, where an Event of
Default occurs and is continuing under the Indenture in respect of the
Debentures held by the Property Trustee, the rights of Holders of the Common
Securities to payment in respect of Distributions and payments upon liquidation,
redemption and otherwise are subordinated to the rights to payment of the
Holders of the Trust Preferred Securities. If a Debenture Event of Default has
occurred and is continuing, then no payments may be made on the Common
Securities unless all unpaid amounts due on the Trust Preferred Securities have
been paid in full or provided for.

                                      A-14
<PAGE>
      (14)  Acceptance of Securities Guarantee and Indenture.

      Each Holder of Trust Preferred Securities and Common Securities by the
acceptance thereof, agrees to the provisions of the Trust Preferred Securities
Guarantee and the Common Securities Guarantee, respectively, including the
subordination provisions therein, and to the provisions of the Indenture.

      (15)  No Preemptive Rights.

      The Holders shall have no preemptive rights to subscribe for any
additional securities.

      (16)  Additional Provisions.

      Reserved.

      (17)  Miscellaneous.

      These terms constitute a part of the Agreement.

      The Sponsor will provide a copy of the Agreement, the Trust Preferred
Securities Guarantee or the Common Securities Guarantee (as may be appropriate),
and the Indenture to a Holder without charge on written request to the Sponsor
at its principal place of business.

                                      A-15
<PAGE>

                                                                     EXHIBIT A-1

                  FORM OF TRUST PREFERRED SECURITY CERTIFICATE

      [IF THE TRUST PREFERRED SECURITY IS TO BE A GLOBAL CERTIFICATE INSERT -
This Trust Preferred Security is a Global Certificate within the meaning of the
Agreement hereinafter referred to and is registered in the name of The
Depository Trust Company (the "Depositary") or a nominee of the Depositary. This
Trust Preferred Security is exchangeable for Trust Preferred Securities
registered in the name of a person other than the Depositary or its nominee only
in the limited circumstances described in the Agreement and no transfer of this
Trust Preferred Security (other than a transfer of this Trust Preferred Security
as a whole 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) may be
registered except in limited circumstances.

      Unless this Trust Preferred Security is presented by an authorized
representative of The Depository Trust Company (55 Water Street, New York, New
York) to the Trust or its agent for registration of transfer, exchange or
payment, and any Trust Preferred Security 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 hereon is made to Cede & Co., ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS
WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein.]

Certificate Number ____              Number of Trust Preferred Securities ______

                                                           CUSIP NO. 23334U 20 1

          Certificate Evidencing Trust Originated Preferred Securities
                                       of
                               DTE Energy Trust II

                   7.50% Trust Originated Preferred Securities
        (liquidation amount $25 per Trust Originated Preferred Security)

      DTE Energy Trust II, a statutory trust created under the laws of the State
of Delaware (the "Trust"), hereby certifies that ________________ (the "Holder")
is the registered owner of ________ Trust Originated Preferred Securities of the
Trust representing preferred undivided beneficial interests in the assets of the
Trust designated as the 7.50% Trust Originated Preferred Securities (liquidation
amount $25 per Trust Preferred Security) (the "Trust Preferred Securities"). The
Trust Preferred Securities are transferable on the books and records of the
Trust, in person or by a duly authorized attorney, upon surrender of this
certificate duly endorsed and in proper form for transfer. The designation,
rights, privileges, restrictions, preferences and other terms and provisions of
the Trust Preferred Securities represented hereby are issued and shall in all
respects be subject to the provisions of the Amended and Restated Trust
Agreement of the Trust dated as of June 1, 2004 as the same may be amended from
time to time (the

                                      A1-1
<PAGE>

"Agreement"), including the designation of the terms of the Trust Preferred
Securities as set forth in Exhibit A to the Agreement. Capitalized terms used
herein but not defined shall have the meaning given them in the Agreement. The
Holder is entitled to the benefits of the Trust Preferred Securities Guarantee
to the extent provided therein. The Sponsor will provide a copy of the
Agreement, the Trust Preferred Securities Guarantee and the Indenture to a
Holder without charge upon written request to the Trust at its principal place
of business.

      Upon receipt of this certificate, the Holder is bound by the Agreement and
is entitled to the benefits thereunder.

      In addition, the Holder is deemed to have (i) agreed to the terms of the
Indenture and the Debentures, including that the Debenture are subordinate and
junior in right of payment to all present and future Senior Indebtedness (as
defined in the Indenture) as and to the extent provided in the Indenture and
(ii) agreed to the terms of the Trust Preferred Securities Guarantee, including
that the Trust Preferred Securities Guarantee is subordinate and junior in right
of payment to all other liabilities of the Sponsor, including the Debentures,
except those made pari passu or subordinate by their terms, and pari passu with
any guarantee now or hereafter entered into by the Sponsor in respect of any
preferred or preference stock of any Affiliate of the Sponsor.

      By acceptance, the Holder agrees to treat, for United States federal
income tax purposes, the Debentures as indebtedness and the Trust Preferred
Securities as evidence of indirect beneficial ownership in the Debentures.

      Unless the Property Trustee's Certificate of Authentication hereon has
been properly executed, the Trust Preferred Securities evidenced by this
Certificate shall not be entitled to any benefit under the Agreement or be valid
or obligatory for any purpose.

                                      A1-2
<PAGE>

      IN WITNESS WHEREOF, the Trust has executed this certificate this 1st day
of June, 2004.

                                                DTE ENERGY TRUST II

                                                By:_____________________________
                                                Name:
                                                Title: Administrative Trustee

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Trust Preferred Securities referred to in the
within-mentioned Agreement

Dated June 1, 2004

                                           BNY Midwest Trust Company,
                                           as Property Trustee

                                           By: _________________________________
                                               Authorized Signatory

                                      A1-3
<PAGE>

                          [FORM OF REVERSE OF SECURITY]

      Distributions payable on each Trust Preferred Security will be fixed at a
rate per annum of 7.50% (the "Coupon Rate") of the stated liquidation amount of
$25 per Trust Preferred Security, such rate being the rate of interest payable
on the Debentures to be held by the Property Trustee. Distributions not paid
when due will accumulate additional distributions at the Coupon Rate on the
amount of unpaid distributions, compounded quarterly (to the extent permitted by
applicable law) ("Compound Interest"). The term "Distributions" as used herein
includes such cash distributions and any such interest (including Additional
Interest and Compound Interest) payable unless otherwise stated. A Distribution
is payable only to the extent that payments are made in respect of the
Debentures held by the Property Trustee and to the extent the Property Trustee
has actually received and holds funds available therefor. The amount of
Distributions payable for any period will be computed for any full quarterly
Distribution period on the basis of a 360-day year consisting of twelve 30-day
months, and for any period shorter than a full quarterly Distribution period for
which Distributions are computed, Distributions will be computed on the basis of
the actual number of days elapsed per 30-day month.

      Except as otherwise described below, Distributions on the Trust Preferred
Securities will be cumulative, will accrue from, and include, the date of
original issuance, and will be payable quarterly in arrears, on March 1, June 1,
September 1 and December 1 of each year, commencing on September 1, 2004, to
holders of record on the relevant record dates, which will be, as long as the
Trust Preferred Securities remain in book-entry form, one Business Day prior to
such payment date, which payment dates shall correspond to the interest payment
dates on the Debentures. In the event that the Trust Preferred Securities are
not in book-entry form, the record date will conform to the rules of any
securities exchange on which the securities are listed and, if none, as shall be
selected by the Administrative Trustees, which dates will be at least more than
one, but less than 60 Business Days before the relevant payment date, which
payment dates shall correspond to the interest payment dates on the Debentures.
The Debenture Issuer has the right under the Indenture to defer payments of
interest by extending the interest payment period from time to time on the
Debentures for a period not exceeding 20 consecutive quarters (each an
"Extension Period"), provided that no Extension Period shall last beyond the
date of the maturity of the Debentures and, as a consequence of such deferral,
quarterly Distributions will also be deferred. Despite such deferral, quarterly
Distributions will continue to accrue with interest thereon (to the extent
permitted by applicable law) at the Coupon Rate compounded quarterly during any
such Extension Period. Prior to the termination of any such Extension Period,
the Debenture Issuer may shorten or further extend such Extension Period;
provided that such Extension Period together with all such previous and further
extensions thereof may not exceed 20 consecutive quarters or extend beyond the
maturity of the Debentures. Payments of accrued Distributions will be payable to
Holders as they appear on the books and records of the Trust on the first record
date after the end of the Extension Period. Upon the termination of any
Extension Period and the payment of all amounts then due, the Debenture Issuer
may commence a new Extension Period, subject to the above requirements and the
Indenture.

      The Trust Preferred Securities shall be redeemable as provided in the
Agreement.

                                      A1-4
<PAGE>

                                   ASSIGNMENT

      FOR VALUE RECEIVED, the undersigned assigns and transfers this Trust
Preferred Security Certificate to:

________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
        (Insert assignee's social security or tax identification number)

________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
                    (Insert address and zip code of assignee)

and irrevocably appoints
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
agent to transfer this Trust Preferred Security Certificate on the books of the
Trust. The agent may substitute another to act for him or her.

Dated:

Signature:

Signature Guarantee:

(Sign exactly as your name appears on the other side of this Trust Preferred
Security Certificate)

(Signature(s) must be guaranteed by an "eligible guarantor institution" meeting
the requirements of the Trustee, which requirements include membership or
participation in STAMP or such other "signature guaranty program" as may be
determined by the Trustee in addition to or in substitution for STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended.)

                                      A1-5
<PAGE>

                                                                     EXHIBIT A-2

                       FORM OF COMMON SECURITY CERTIFICATE

      The Common Securities may only be transferred by the Debenture Issuer and
any Related Party to the Debenture Issuer or a Related Party of the Debenture
Issuer; provided that, any such transfer is subject to the condition precedent
that the transferor obtain the written opinion of nationally recognized
independent counsel experienced in such matters that such transfer would not
cause more than an insubstantial risk that:

            (i)   the Trust would not be classified for United States federal
      income tax purposes as a grantor Trust; and

            (ii)  the Trust would be an Investment Company or the transferee
      would become an Investment Company.

Certificate Number __                       Number of Common Securities ________

                    Certificate Evidencing Common Securities
                                       of
                               DTE Energy Trust II

                             7.50% Common Securities
                  (liquidation amount $25 per Common Security)

      DTE Energy Trust II, a statutory trust created under the laws of the State
of Delaware (the "Trust"), hereby certifies that DTE Energy Company (the
"Holder") is the registered owner of _______ common securities of the Trust
representing common undivided beneficial interests in the assets of the Trust
designated as the 7.50% Common Securities (liquidation amount $25 per common
security) (the "Common Securities"). The Common Securities are transferable on
the books and records of the Trust, in person or by a duly authorized attorney,
upon surrender of this certificate duly endorsed and in proper form for
transfer. The designation, rights, privileges, restrictions, preferences and
other terms and provisions of the Common Securities represented hereby are
issued and shall in all respects be subject to the provisions of the Amended and
Restated Trust Agreement of the Trust dated as of June 1, 2004, as the same may
be amended from time to time (the "Agreement"), including the designation of the
terms of the Common Securities as set forth in Exhibit A to the Agreement.
Capitalized terms used herein but not defined shall have the meaning given them
in the Agreement. The Holder is entitled to the benefits of the Common
Securities Guarantee to the extent provided therein. The Sponsor will provide a
copy of the Agreement, the Common Securities Guarantee and the Indenture to a
Holder without charge upon written request to the Sponsor at its principal place
of business.

      Upon receipt of this certificate, the Sponsor is bound by the Agreement
and is entitled to the benefits thereunder.

                                      A2-1
<PAGE>

      In addition, the Holder is deemed to have (i) agreed to the terms of the
Indenture and the Debentures, including that the Debentures are subordinate and
junior in right of payment to all present and future Senior Indebtedness (as
defined in the Indenture) as and to the extent provided in the Indenture and
(ii) agreed to the terms of the Common Securities Guarantee, including that the
Common Securities Guarantee is subordinate and junior in right of payment to all
other liabilities of the Sponsor, including the Debentures, except those made
pari passu or subordinate by their terms, and pari passu with any guarantee now
or hereafter entered into by the Sponsor in respect of any preferred or
preference stock of any Affiliate of the Sponsor.

      By acceptance, the Holder agrees to treat, for United States federal
income tax purposes, the Debentures as indebtedness and the Common Securities as
evidence of indirect beneficial ownership in the Debentures.

                                      A2-2
<PAGE>

      IN WITNESS WHEREOF, the Trust has executed this certificate this 1st day
of June, 2004.

                                                DTE ENERGY TRUST II

                                                By:_____________________________
                                                Name:
                                                Title: Administrative Trustee

                                      A2-3
<PAGE>

                          [FORM OF REVERSE OF SECURITY]

      Distributions payable on each Common Security will be fixed at a rate per
annum of 7.50% (the "Coupon Rate") of the stated liquidation amount of $25 per
Common Security, such rate being the rate of interest payable on the Debentures
to be held by the Property Trustee. Distributions not paid when due will
accumulate additional distributions at the Coupon Rate on the amount of unpaid
distributions, compounded quarterly (to the extent permitted by applicable law)
("Compound Interest"). The term "Distributions" as used herein includes such
cash distributions and any such interest (including Additional Interest and
Compound Interest) payable unless otherwise stated. A Distribution is payable
only to the extent that payments are made in respect of the Debentures held by
the Property Trustee and to the extent the Property Trustee has actually
received and holds funds available therefor. The amount of Distributions payable
for any period will be computed for any full quarterly Distribution period on
the basis of a 360-day year of twelve 30-day months, and for any period shorter
than a full quarterly Distribution period for which Distributions are computed,
Distributions will be computed on the basis of the actual number of days elapsed
per 30-day month.

      Except as otherwise described below, distributions on the Common
Securities will be cumulative, will accrue from, and include, the date of
original issuance, and will be payable quarterly in arrears, on March 1, June 1,
September 1 and December 1 of each year, commencing on September 1, 2004, to
Holders of record on the relevant record dates, which will be, as long as the
Common Securities remain in book-entry form, one Business Day prior to such
payment dates, which payment dates shall correspond to the interest payment
dates on the Debentures. The Debenture Issuer has the right under the Indenture
to defer payments of interest by extending the interest payment period from time
to time on the Debentures for a period not exceeding 20 consecutive quarters
(each an "Extension Period"), provided that no Extension Period shall last
beyond the date of the maturity of the Debentures and, as a consequence of such
deferral, quarterly Distributions will also be deferred. Despite such deferral,
quarterly Distributions will continue to accrue with interest thereon (to the
extent permitted by applicable law) at the Coupon Rate compounded quarterly
during any such Extension Period. Prior to the termination of any such Extension
Period, the Debenture Issuer may shorten or further extend such Extension
Period; provided that such Extension Period together with all such previous and
further extensions thereof may not exceed 20 consecutive quarters or extend
beyond the maturity date of the Debentures. Payments of accrued Distributions
will be payable to Holders as they appear on the books and records of the Trust
on the first record date after the end of the Extension Period. Upon the
termination of any Extension Period and the payment of all amounts then due, the
Debenture Issuer may commence a new Extension Period, subject to the above
requirements and the Indenture.

      The Common Securities shall be redeemable as provided in the Agreement.

                                      A2-4
<PAGE>

                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned assigns and transfers this Common
Security Certificate to:

________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
        (Insert assignee's social security or tax identification number)

________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
                    (Insert address and zip code of assignee)

and irrevocably appoints
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
agent to transfer this Common Security Certificate on the books of the Trust.
The agent may substitute another to act for him or her.

Dated:__________________

Signature:___________________________

Signature Guarantee:_________________

(Sign exactly as your name appears on the other side of this Common Security
Certificate)

(Signature(s) must be guaranteed by an "eligible guarantor institution" meeting
the requirements of the Trustee, which requirements include membership or
participation in STAMP or such other "signature guaranty program" as may be
determined by the Trustee in addition to or in substitution for STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended.)

                                      A2-5

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