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200410978 [FORM OF REVERSE OF BOND] Indenture and Series Designation This Bond is one of a duly authorized issue of bonds of the Company (the "Bonds "), of the series hereinafter specified, all issued and to be issued under and equally secured by a General Mortgage Indenture and Deed of Trust (the "Indenture "), dated as of August 1, 1993, executed by the Company (under its then name, NorthWestern Public Service Company) to The Chase Manhattan Bank (National Association), the predecessor to JPMorgan Chase Bank (the "Trustee "), as Trustee, to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the properties mortgaged and pledged, the nature and extent of the security, the rights of registered owners of the Bonds and of the Trustee in respect thereof, and the terms and conditions upon which the Bonds are, and are to be, secured (and for the definition of any capitalized term used herein but not defined herein (with any term defined herein and in the Indenture being used herein as defined herein)). The Bonds may be issued in series, for various principal sums, may mature at different times, may bear interest at different rates and may otherwise vary as provided in the Indenture. This Bond is one of a series designated as the "First Mortgage Bonds, Collateral (2004) Series C, due 2014" (the "First Mortgage Bonds, Collateral (2004) Series C ") of the Company issued under and secured by the Indenture and described in the supplemental indenture dated as of November 1, 2004 (the "Supplemental Indenture ") between the Company and the Trustee, supplemental to the Indenture. Principal The unpaid principal of the First Mortgage Bonds, Collateral (2004) Series C, of which this Bond is one, is scheduled to be paid on the Senior Notes Maturity Date. Interest The unpaid principal amount of the First Mortgage Bonds, Collateral (2004) Series C, of which this Bond is one, bears interest at the rate of five and seven eighth (5.875 %) per annum (calculated in the same manner as interest is calculated on the Senior Notes in accordance with the Senior Note Indenture), payable semiannually on the first (1st) day of each May and November, commencing on May 1, 2005 and continuing until the principal of the First Mortgage Bonds, Collateral (2004) Series C Series is paid (or provided for in accordance with the Senior Note Indenture), to the Senior Note Trustee as the registered owner, without regard to, or necessity for, any record date. Senior Notes Applicable Share As used herein, "Senior Notes Applicable Share" means, as of any day, a fraction (expressed as a percentage rounded to the eighth decimal place), (i) the numerator of which is the aggregate principal amount of the First Mortgage Bonds, Collateral (2004) NY55/405431.7 C-2