Exhibit 10.14

                           CERTIFICATE OF DESIGNATION
                       OF THE VOTING POWERS, DESIGNATION,
                    PREFERENCES AND RELATIVE, PARTICIPATING,
              OPTIONAL OR OTHER SPECIAL RIGHTS AND QUALIFICATIONS,
                       LIMITATIONS AND RESTRICTIONS OF THE
                     5% CUMULATIVE PARTICIPATING CONVERTIBLE
                         PREFERRED STOCK, SERIES B-1 OF
                                NTL INCORPORATED

                         ------------------------------
                        PURSUANT TO SECTION 151(g) OF THE
                GENERAL CORPORATION LAW OF THE STATE OF DELAWARE
                         ------------------------------

                  The undersigned, Executive Vice President, General Counsel and
Secretary of NTL Incorporated, a Delaware corporation (the "Corporation"),
HEREBY CERTIFIES that the Board of Directors, in accordance with Article FOURTH,
Section B of the Corporation's Restated Certificate of Incorporation and Section
151(g) of the Delaware General Corporation Law (the "DGCL"), has authorized the
creation of the series of Preferred Stock (as defined below) hereinafter
provided for and has established the dividend, redemption, conversion and voting
rights thereof and has adopted the following resolution, creating the following
new series of Preferred Stock:

                  "BE IT RESOLVED that, pursuant to authority expressly granted
to the Board of Directors by the provisions of Article FOURTH, Section B of the
Restated Certificate of Incorporation of the Corporation and Section 151(g) of
the DGCL, there is hereby created and authorized the issuance of a new series of
Preferred Stock, par value $0.01 per share (the "Preferred Stock"), with the
following powers, designations, dividend rights, voting powers, rights on
liquidation, conversion rights, redemption rights and other preferences and
relative, participating, optional or other special rights and with the
qualifications, limitations or restrictions on the shares of such series (in
addition to the powers, designations, preferences and relative, participating,
optional or other special rights and the qualifications, limitations or
restrictions thereof set forth in the Certificate of Incorporation of the
Corporation that are applicable to each series of Preferred Stock) hereinafter
set forth.

                  (1) Number and Designation. 8,180.56 shares of Preferred Stock
shall be designated as "5% Cumulative Participating Convertible Preferred Stock,
Series B-1 of NTL Incorporated" (the "5% Preferred Stock") and no other shares
of Preferred Stock shall be designated as 5% Preferred Stock.

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                  (2) Definitions. For purposes of the 5% Preferred Stock, the
following terms shall have the meanings indicated:

         "Additional Preferred" shall have the meaning set forth in paragraph
         (4)(a) hereof.

         "Bankruptcy Event" shall mean any of the following: (I) a court having
         jurisdiction in the premises enters a decree or order for (A) relief in
         respect of any Major Entity in an involuntary case under any applicable
         bankruptcy, insolvency or other similar law now or hereinafter in
         effect, (B) appointment of a receiver, liquidator, assignee, custodian,
         trustee, sequestrator or similar official of any Major Entity or for
         all or substantially all of the property and assets of any Major Entity
         or (C) the winding up or liquidation of the affairs of any Major
         Entity; or (II) any Major Entity (A) commences a voluntary case under
         any applicable bankruptcy, insolvency or other similar law now or
         hereinafter in effect, or consents to the entry of an order for relief
         in an involuntary case under any such law, (B) consents to the
         appointment of or taking possession by a receiver, liquidator,
         assignee, custodian, trustee, sequestrator or similar official of any
         Major Entity, or for all or substantially all of the property and
         assets of any Major Entity or (C) effects any general assignment for
         the benefit of creditors.

         "Board of Directors" shall mean the board of directors of the
         Corporation. Except as such term is used in paragraph (9), "Board of
         Directors" shall also mean the Executive Committee, if any, of such
         board of directors or any other committee duly authorized by such board
         of directors to perform any of its responsibilities with respect to the
         5% Preferred Stock.

         "Business Day" shall mean any day other than a Saturday, Sunday or a
         day on which state or federally chartered banking institutions in New
         York, New York are not required to be open.

         "Common Stock" shall mean the Corporation's Common Stock, par value
         $0.01 per share.

         "Constituent Person" shall have the meaning set forth in paragraph
         (8)(e)(i) hereof.

         "Conversion Rate" shall have the meaning set forth in paragraph (8)(a)
         hereof.

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         "Current Market Price" of publicly traded shares of Common Stock or any
         other class of capital stock or other security of the Corporation or
         any other issuer for any day shall mean the last reported sale price
         for such security on the principal exchange or quotation system on
         which such security is listed or traded. If the security is not
         admitted for trading on any national securities exchange or the Nasdaq
         National Market, "Current Market Price" shall mean the average of the
         last reported closing bid and asked prices reported by the Nasdaq as
         furnished by any member in good standing of the National Association of
         Securities Dealers, Inc., selected from time to time by the Corporation
         for that purpose or as quoted by the National Quotation Bureau
         Incorporated. In the event that no such quotation is available for such
         day, the Current Market Price shall be the average of the quotations
         for the last five Trading Days for which a quotation is available
         within the last 30 Trading Days prior to such day. In the event that
         five such quotations are not available within such 30-Trading Day
         period, the Board of Directors shall be entitled to determine the
         Current Market Price on the basis of such quotations as it reasonably
         considers appropriate.

         "Determination Date" shall have the meaning set forth in paragraph
         (8)(d)(ii) hereof.

         "Dividend Payment Date" shall mean September 30, December 31, March 31
         and June 30 of each year, commencing on September 30, 2000; provided,
         however, that if any Dividend Payment Date falls on any day other than
         a Business Day, the dividend payment due on such Dividend Payment Date
         shall be paid on the Business Day immediately following such Dividend
         Payment Date.

         "Dividend Periods" shall mean quarterly dividend periods commencing on
         September 30, December 31, March 31 and June 30 of each year and ending
         on and including the day preceding the first day of the next succeeding
         Dividend Period.

         "Exchange Act" shall mean the Securities Exchange Act of 1934, as
         amended, and the rules and regulations thereunder.

         "Expiration Time" shall have the meaning set forth in paragraph
         (8)(d)(v) hereof.

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         "5% Preferred Stock" shall have the meaning set forth in paragraph (1)
         hereof.

         "Holdco" shall have the meaning set forth in paragraph (8)(e)(ii)
         hereof.

         "Issue Date" shall mean the date on which shares of 5% Preferred Stock
         are first issued.

         "Junior Securities" shall have the meaning set forth in paragraph
         (3)(c) hereof.

         "Junior Securities Distribution" shall have the meaning set forth in
         paragraph (4)(f) hereof.

         "Liquidation Right" shall mean, for each share of 5% Preferred Stock,
         the greater of (i) an amount equal to $1,000 per share, plus an amount
         equal to all dividends (whether or not earned or declared) accrued and
         unpaid thereon to the date of final distribution to such holders, and
         (ii) the amount that would be received in liquidation following
         conversion of a share of 5% Preferred Stock into Common Stock.

         "Major Entity" shall mean any of the Corporation, NTL (Delaware), Inc.,
         NTL Communications Corp., Diamond Cable Communications Limited, Diamond
         Holdings Limited, NTL (Triangle) LLC or any Significant Subsidiary.

         "Mandatory Redemption Date" shall have the meaning set forth in
         paragraph (6)(c) hereof.

         "Mandatory Redemption Obligation" shall have the meaning set forth in
         paragraph (6)(d) hereof.

         "Nasdaq" means the Nasdaq Stock Market, Inc., the electronic securities
         market regulated by the National Association of Securities Dealers,
         Inc.

         "Nasdaq National Market" shall have the meaning set forth in Rule
         4200(a)(23) of the rules of the National Association of Securities
         Dealers, Inc.

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         "non-electing share" shall have the meaning set forth in paragraph
         (8)(e)(i) hereof.

         "NYSE" means the New York Stock Exchange.

         "outstanding", when used with reference to shares of stock, shall mean
         issued shares, excluding shares held by the Corporation or a
         subsidiary.

         "Parity Securities" shall have the meaning set forth in paragraph
         (3)(b) hereof.

         "Person" shall mean any individual, partnership, association, joint
         venture, corporation, business, trust, joint stock company, limited
         liability company, any unincorporated organization, any other entity, a
         "group" of such persons, as that term is defined in Rule 13d-5(b) under
         the Exchange Act, or a government or political subdivision thereof.

         "Preferred Shares" has the meaning set forth in paragraph (9)(c).

         "Preferred Stock" shall have the meaning set forth in the introductory
         resolution above.

         "Purchase Shares" shall have the meaning set forth in paragraph
         (8)(d)(v) hereof.

         "Record Date" shall have the meaning set forth in paragraph (8)(d)(iv)
         hereof.

         "Relevant Compounding Factor" shall mean, with respect to each share of
         5% Preferred Stock, upon initial issuance 1.00, and shall on each
         Dividend Payment Date be increased to equal the product of the Relevant
         Compounding Factor in effect immediately prior to such Dividend Payment
         Date and 1.0125.

         "Rights" shall have the meaning set forth in paragraph (11)
         hereof.

         "Securities" shall have the meaning set forth in paragraph (8)(d)(iii)
         hereof.

         "Senior Securities" shall have the meaning set forth in paragraph
         (3)(a) hereof.

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         "set apart for payment" shall be deemed to include, without any action
         other than the following, the recording by the Corporation in its
         accounting ledgers of any accounting or bookkeeping entry which
         indicates, pursuant to a declaration of dividends or other distribution
         by the Board of Directors, the allocation of funds to be so paid on any
         series or class of capital stock of the Corporation; provided, however,
         that if any funds for any class or series of Junior Securities or any
         class or series of Parity Securities are placed in a separate account
         of the Corporation or delivered to a disbursing, paying or other
         similar agent, then "set apart for payment" with respect to the 5%
         Preferred Stock shall mean placing such funds in a separate account or
         delivering such funds to a disbursing, paying or other similar agent,
         as the case may be.

         "Significant Subsidiary" shall have the meaning given to such term in
         Regulation S-X under the Exchange Act.

         "13% Preferred" shall have the meaning set forth in paragraph (3)(d)
         hereof.

         "Trading Day" shall mean any day on which the securities in question
         are traded on the NYSE, or if such securities are not listed or
         admitted for trading on the NYSE, on the principal national securities
         exchange on which such securities are listed or admitted, or if not
         listed or admitted for trading on any national securities exchange, on
         the Nasdaq National Market, or if such securities are not quoted
         thereon, in the applicable securities market in which the securities
         are traded.

         "Transaction" shall have the meaning set forth in paragraph (8)(e)(i)
         hereof.

         "Trigger Event" shall have the meaning set forth in paragraph (9)(b)
         hereof.

         "Trigger Event Cure" shall have the meaning set forth in paragraph
         (9)(b) hereof.

         "25-Day Average Market Price" shall mean, for any security, the
         volume-weighted average of the Current Market Prices of that security
         for the twenty-five Trading Days immediately preceding the date of
         determination.

                  (3) Rank. Any class or series of stock of the Corporation
shall be deemed to rank:

                  (a) prior to the 5% Preferred Stock, either as to the payment
of dividends or as to distribution of assets upon liquidation, dissolution or
winding up,

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or both, if the holders of such class or series shall be entitled by the terms
thereof to the receipt of dividends and of amounts distributable upon
liquidation, dissolution or winding up, in preference or priority to the holders
of 5% Preferred Stock ("Senior Securities");

                  (b) on a parity with the 5% Preferred Stock, either as to the
payment of dividends or as to distributions of assets upon liquidation,
dissolution or winding up, or both, whether or not the dividend rates, dividend
payment dates or redemption or liquidation prices per share thereof be different
from those of the 5% Preferred Stock, if the holders of the 5% Preferred Stock
and of such class of stock or series shall be entitled by the terms thereof to
the receipt of dividends or of amounts distributable upon liquidation,
dissolution or winding up, or both, in proportion to their respective amounts of
accrued and unpaid dividends per share or liquidation preferences, without
preference or priority one over the other and such class of stock or series is
not a class of Senior Securities ("Parity Securities"); and

                  (c) junior to the 5% Preferred Stock, either as to the payment
of dividends or as to the distribution of assets upon liquidation, dissolution
or winding up, or both, if such stock or series shall be Common Stock or if the
holders of the 5% Preferred Stock shall be entitled to receipt of dividends, and
of amounts distributable upon liquidation, dissolution or winding up, in
preference or priority to the holders of shares of such stock or series ("Junior
Securities").

                  (d) Each of the 13% Senior Redeemable Exchangeable Preferred
Stock and the 13% Series B Senior Redeemable Exchangeable Preferred Stock
(collectively, the "13% Preferred") is a Senior Security. Each of the Series A
Junior Participating Preferred Stock of the Corporation is a Junior Security.
The 5% Cumulative Participating Convertible Preferred Stock, Series A, the 5%
Cumulative Participating Convertible Preferred Stock, Series C, the 5%
Cumulative Participating Convertible Preferred Stock, Series D, the 5%
Cumulative Preferred Stock, Series A, the 5% Cumulative Participating
Convertible Preferred Stock, Series E, the 5% Cumulative Participating
Convertible Preferred Stock, Series B, the 5% Cumulative Participating
Convertible Preferred Stock, Series F, and one or more classes of Additional
Preferred shall be Parity Securities; provided, however, that there shall be no
issue of other Senior Securities, Parity Securities or rights or options
exercisable for or convertible into any such securities, except as approved by
the holders of the 5% Preferred Stock pursuant to paragraph 9(e).

                  (e) The respective definitions of Senior Securities, Junior
Securities and Parity Securities shall also include any rights or options
exercisable

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for or convertible into any of the Senior Securities, Junior Securities and
Parity Securities, as the case may be. The 5% Preferred Stock shall be subject
to the creation of Junior Securities, Parity Securities and Senior Securities as
set forth herein.

                  (4) Dividends. (a) Subject to paragraph (8)(b)(ii), the
holders of shares of 5% Preferred Stock shall be entitled to receive, when, as
and if declared by the Board of Directors, out of funds legally available for
the payment of dividends, dividends at the quarterly rate of $12.50 per share
(assuming a $1,000.00 face amount) payable in cash, shares of Common Stock (such
Common Stock for this purpose to be assigned a value equal to the 25-Day Average
Market Price as of the record date for such Dividend Payment Date) or additional
shares of Preferred Stock of a class to be designated by the Board of Directors
having terms substantially identical to the 5% Preferred Stock except as
follows: (A) the Conversion Rate (as set forth in Section 8(a)) on such
Preferred Stock initially shall be the quotient resulting from the division of
the Conversion Rate (as then in effect on the 5% Preferred Stock) by the
Relevant Compounding Factor and (B) the number of shares of such Preferred Stock
payable as a dividend on any Dividend Payment Date shall increase for each
Dividend Payment Date from the first Dividend Payment Date by the Relevant
Compounding Factor (such classes of Preferred Stock singularly and collectively,
the "Additional Preferred"). All dividends on the 5% Preferred Stock, in
whatever form, shall be payable in arrears quarterly on each Dividend Payment
Date and shall be cumulative from the Issue Date (except that dividends on
Additional Preferred shall accrue from the date such Additional Preferred is
issued or would have been issued in accordance with this Certificate of
Designation if such dividends had been declared), whether or not in any Dividend
Period or Dividend Periods there shall be funds of the Corporation legally
available for the payment of such dividends. Each such dividend shall be payable
to the holders of record of shares of the 5% Preferred Stock, as they appear on
the stock records of the Corporation at the close of business on the record date
for such dividend. Upon the declaration of any such dividend, the Board of
Directors shall fix as such record date the fifth Business Day preceding the
relevant Dividend Payment Date and shall give notice on or prior to the record
date of the form of payment of such dividend. Accrued and unpaid dividends for
any past Dividend Payment Date may be declared and paid at any time, without
reference to any Dividend Payment Date, to holders of record on such record
date, not more than 45 days nor less than five Business Days preceding the
payment date thereof, as may be fixed by the Board of Directors.

                  (b) In addition to the dividends described in the preceding
paragraph, holders of shares of the 5% Preferred Stock shall be entitled to
receive an

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amount equal to the amount (and in the form of consideration) that such holders
would be entitled to receive if, pursuant to paragraph (8), they had converted
such 5% Preferred Stock fully into Common Stock immediately before the record
date for the payment of any such dividends on Common Stock. Each such dividend
shall be payable to the holders of record of shares of the 5% Preferred Stock as
they appear on the stock records of the Corporation at the close of business on
the record date for such dividend on Common Stock, and the Corporation shall pay
each such dividend on the applicable payment date for such dividend on the
Common Stock.

                  (c) For the purpose of determining the number of Additional
Preferred to be issued pursuant to paragraph (4)(a), each share of Additional
Preferred shall be valued at $1,000.00. Holders of such Additional Preferred
shall be entitled to receive dividends payable at the rates specified in
paragraph (4)(a).

                  (d) The dividends payable for any period shorter than a full
Dividend Period on the 5% Preferred Stock shall accrue daily and be computed on
the basis of a 360-day year and the actual number of days in such period. No
interest, or sum of money in lieu of interest, shall be payable in respect of
any dividend payment or payments on the 5% Preferred Stock that may be in
arrears except as otherwise provided herein.

                  (e) So long as any shares of the 5% Preferred Stock are
outstanding, no dividends, except as described in the next succeeding sentence,
shall be declared or paid or set apart for payment on Parity Securities or
Junior Securities, for any period, nor shall any Parity Securities or Junior
Securities be redeemed, purchased or otherwise acquired for any consideration
(or any moneys be paid to or made available for a sinking fund for the
redemption of any such Parity Securities or Junior Securities) by the
Corporation (except for conversion into or exchange into other Parity Securities
or Junior Securities, as the case may be) unless, in each case, (i) full
cumulative dividends on all outstanding shares of the 5% Preferred Stock for all
Dividend Periods terminating on or prior to the date of such redemption,
repurchase or other acquisition shall have been paid or set apart for payment,
(ii) sufficient funds shall have been paid or set apart for the payment of the
dividend for the current Dividend Period with respect to the 5% Preferred Stock
and (iii) the Corporation is not in default with respect to any redemption of
shares of 5% Preferred Stock by the Corporation pursuant to paragraph (6) below.
When dividends are not fully paid in Common Stock or Additional Preferred or are
not paid in full in cash or a sum sufficient for such payment is not set apart,
as aforesaid, all dividends declared upon shares of the 5% Preferred Stock and
all dividends declared upon Parity Securities shall be declared ratably in
proportion to the respective

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amounts of dividends accumulated and unpaid on the 5% Preferred Stock and
accumulated and unpaid on such Parity Securities.

                  (f) So long as any shares of the 5% Preferred Stock are
outstanding, no dividends (other than (i) any rights issued pursuant to a
shareholder rights plan as provided in paragraph (11) and (ii) dividends or
distributions paid in shares of, or options, warrants or rights to subscribe for
or purchase shares of, Junior Securities) shall be declared or paid or set apart
for payment or other distribution declared or made upon Junior Securities, nor
shall any Junior Securities be redeemed, purchased or otherwise acquired (other
than a redemption, purchase, or other acquisition of shares of Common Stock made
for purposes of an employee incentive or benefit plan of the Corporation or any
subsidiary) (all such dividends, distributions, redemptions or purchases being
hereinafter referred to as "Junior Securities Distributions") for any
consideration (or any moneys be paid to or made available for a sinking fund for
the redemption of any shares of any such stock) by the Corporation, directly or
indirectly (except by conversion into or exchange for Junior Securities), unless
in each case (A) full cumulative dividends on all outstanding shares of the 5%
Preferred Stock and all other Parity Securities shall have been paid or set
apart for payment for all past Dividend Periods and dividend periods for such
Parity Securities, (B) sufficient funds shall have been paid or set apart for
the payment of the dividend for the current Dividend Period with respect to the
5% Preferred Stock and all other Parity Securities, (C) the Corporation is not
in default with respect to any redemption of shares of 5% Preferred Stock by the
Corporation pursuant to paragraph (6) below and (D) the Corporation has fully
performed its obligations under paragraphs (4)(b) and (6) hereof.

                  (5) Liquidation Preference. (a) In the event of any
liquidation, dissolution or winding up of the Corporation, whether voluntary or
involuntary, before any payment or distribution of the assets of the Corporation
(whether capital or surplus) shall be made to or set apart for the holders of
Junior Securities, the holders of the shares of 5% Preferred Stock shall be
entitled to receive the Liquidation Right. If, upon any liquidation, dissolution
or winding up of the Corporation, the assets of the Corporation, or proceeds
thereof, distributable among the holders of the shares of 5% Preferred Stock
shall be insufficient to pay in full the preferential amount aforesaid and
liquidating payments on any Parity Securities, then such assets, or the proceeds
thereof, shall be distributed among the holders of shares of 5% Preferred Stock
and any such other Parity Securities ratably in accordance with the respective
amounts that would be payable on such shares of 5% Preferred Stock and any such
other stock if all amounts payable thereon were paid in full. For the purposes
of this paragraph (5), (i) a consolidation or merger of the Corporation with

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one or more corporations, or (ii) a sale or transfer of all or substantially all
of the Corporation's assets, shall not be deemed to be a liquidation,
dissolution or winding up, voluntary or involuntary, of the Corporation.

                  (b) Subject to the rights of the holders of any Parity
Securities, upon any liquidation, dissolution or winding up of the Corporation,
after payment shall have been made in full to the holders of the 5% Preferred
Stock, as provided in this paragraph (5), any other series or class or classes
of Junior Securities shall, subject to the respective terms and provisions (if
any) applying thereto, be entitled to receive any and all assets remaining to be
paid or distributed, and the holders of the 5% Preferred Stock shall not be
entitled to share therein.

                  (6) Redemption. (a) On and after the first Business Day
following the earlier to occur of (i) May 30, 2007 or (ii) the date on which
both (A) the 25-Day Average Market Price of the Common Stock shall have exceeded
$96.00 and (B) May 30, 2004, to the extent the Corporation shall have funds
legally available for such payment, the Corporation may redeem at its option
shares of 5% Preferred Stock, from time to time in part, or in whole, payable at
the option of the Corporation in (A) cash, at a redemption price of $1,000.00
per share, (B) in shares of Common Stock, at a redemption price of $1,000.00 per
share, or (C) in a combination of cash and Common Stock, at a redemption price
based on the respective combination of consideration, together in each case with
accrued and unpaid dividends thereon, whether or not declared, to, but
excluding, the date fixed for redemption, without interest. For purposes of
determining the number of shares of Common Stock to be issued pursuant to this
paragraph (6)(a), the price per share of Common Stock shall be the 25-Day
Average Market Price.

                  (b) On and after the first Business Day following May 30,
2010, each holder of shares of 5% Preferred Stock shall have the right to
require the Corporation, to the extent the Corporation shall have funds legally
available therefor, to redeem such holder's shares of 5% Preferred Stock, from
time to time in part, or in whole, at a redemption price of $1,000.00 per share,
payable at the option of the Corporation in cash, shares of Common Stock or a
combination thereof, together with accrued and unpaid dividends thereon to, but
excluding, the date fixed for redemption, without interest. For purposes of
determining the number of shares of Common Stock to be issued pursuant to this
paragraph (6)(b), the price per share of Common Stock shall equal the 25-Day
Average Market Price. Any holder of shares of 5% Preferred Stock who elects to
exercise its rights pursuant to this paragraph (6)(b) shall deliver to the
Corporation a written notice of election not less than 20 days prior to the date
on which such holder demands redemption pursuant to this paragraph 6(b), which
written notice shall set forth the name of the Holder, the

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number of shares of 5% Preferred Stock to be redeemed and a statement that the
election to exercise a redemption right is being made thereby; and, subject to
paragraph (10)(d), shall deliver to the Corporation on or before the date of
redemption certificates evidencing the shares of 5% Preferred Stock to be
redeemed, duly endorsed for transfer to the Corporation.

                  (c) If the Corporation shall not have redeemed all outstanding
shares of 5% Preferred Stock pursuant to paragraphs (6)(a) or (6)(b), on May 30,
2020 (the "Mandatory Redemption Date"), to the extent the Corporation shall have
funds legally available for such payment, the Corporation shall redeem all
outstanding shares of 5% Preferred Stock, at a redemption price of $1,000.00 per
share, payable at the option of the Corporation in cash, shares of Common Stock
or a combination thereof, together with accrued and unpaid dividends thereon to,
but excluding, the Mandatory Redemption Date, without interest. For purposes of
determining the number of shares of Common Stock to be issued pursuant to this
paragraph (6)(c), the price per share of Common Stock shall be the 25-Day
Average Market Price.

                  (d) If the Corporation is unable or shall fail to discharge
its obligation to redeem all outstanding shares of 5% Preferred Stock pursuant
to paragraphs 6(b) or 6(c) (each, a "Mandatory Redemption Obligation"), the
Mandatory Redemption Obligation shall be discharged as soon as the Corporation
is able to discharge such Mandatory Redemption Obligation. If and so long as any
Mandatory Redemption Obligation with respect to the 5% Preferred Stock shall not
be fully discharged, the Corporation shall not (i) directly or indirectly,
redeem, purchase, or otherwise acquire any Parity Security or discharge any
mandatory or optional redemption, sinking fund or other similar obligation in
respect of any Parity Securities (except in connection with a redemption,
sinking fund or other similar obligation to be satisfied pro rata with the 5%
Preferred Stock) or (ii) declare or make any Junior Securities Distribution
(other than dividends or distributions paid in shares of, or options, warrants
or rights to subscribe for or purchase shares of, Junior Securities), or,
directly or indirectly, discharge any mandatory or optional redemption, sinking
fund or other similar obligation in respect of the Junior Securities.

                  (e) Upon any redemption of 5% Preferred Stock, the Corporation
shall pay the redemption price and any accrued and unpaid dividends in arrears
to, but excluding, the applicable redemption date.

                  (f) For purposes of paragraph (6)(a) only, unless full
cumulative dividends (whether or not declared) on all outstanding shares of 5%
Preferred Stock

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and any Parity Securities shall have been paid or contemporaneously are declared
and paid or set apart for payment for all Dividend Periods terminating on or
prior to the applicable redemption date and notice has been given in accordance
with paragraph (7), none of the shares of 5% Preferred Stock shall be redeemed,
and no sum shall be set aside for such redemption, unless shares of 5% Preferred
Stock are redeemed pro rata and notice has previously been given in accordance
with paragraph (7).

                  (7) Procedure for Redemption. (a) If the Corporation shall
redeem shares of 5% Preferred Stock pursuant to paragraph 6(a), notice of such
redemption shall be given by certified mail, return receipt requested, postage
prepaid, mailed not less than 30 days nor more than 60 days prior to the
applicable redemption date, to each holder of record of the shares to be
redeemed at such holder's address as the same appears on the stock register of
the Corporation and confirmed by facsimile transmission to each holder of record
if the Corporation has been furnished with such facsimile address by the
holder(s); provided, however, that neither the failure to give such notice nor
confirmation nor any defect therein or in the mailing thereof, to any particular
holder, shall affect the sufficiency of the notice or the validity of the
proceedings for redemption with respect to the other holders. Any notice that
was mailed in the manner herein provided shall be conclusively presumed to have
been duly given on the date mailed whether or not the holder receives the
notice. Each such notice shall state: (i) the redemption date; (ii) the number
of shares of 5% Preferred Stock to be redeemed and, if fewer than all the shares
held by such holder are to be redeemed, the number of shares to be redeemed from
such holder; (iii) the amount payable, whether such amount shall be paid in
Common Stock or in cash and if the payment is in Common Stock an explanation of
the determination of the amount to be paid; (iv) the place or places where
certificates for such shares are to be surrendered or the notice under paragraph
(10)(d) should be sent for payment of the redemption price; and (v) that
dividends on the shares to be redeemed will cease to accrue on such redemption
date, except as otherwise provided herein.

                  (b) If notice has been mailed as aforesaid, from and after the
redemption date (unless default shall be made by the Corporation in providing
for the payment of the redemption price of the shares called for redemption and
dividends accrued and unpaid thereon, if any), (i) except as otherwise provided
herein, dividends on the shares of 5% Preferred Stock so called for redemption
shall cease to accrue, (ii) said shares shall no longer be deemed to be
outstanding and (iii) all rights of the holders thereof as holders of the 5%
Preferred Stock shall cease (except the right to receive from the Corporation
the redemption price without interest thereon,

                                       13
<PAGE>

upon surrender and endorsement (or a constructive surrender under paragraph
(10)(d)) of their certificates if so required, and to receive any dividends
payable thereon).

                  (c) Upon surrender (including a constructive surrender under
paragraph (10)(d)) in accordance with notice given pursuant to this paragraph
(7) of the certificates for any shares so redeemed (properly endorsed or
assigned for transfer, if the Board of Directors of the Corporation shall so
require and the notice shall so state), such shares shall be redeemed by the
Corporation at the redemption price aforesaid, plus any dividends payable
thereon. If fewer than all the outstanding shares of 5% Preferred Stock are to
be redeemed, the number of shares to be redeemed shall be determined by the
Board of Directors and the shares to be redeemed shall be selected pro rata
(with any fractional shares being rounded to the nearest whole share). In case
fewer than all the shares represented by any such certificate are redeemed, a
new certificate shall be issued, subject to a holder's election under paragraph
(10)(d), representing the surrendered shares without cost to the holder thereof.

                  (8) Conversion. (a) Subject to and upon compliance with the
provisions of this paragraph (8), a holder of shares of 5% Preferred Stock shall
have the right, at any time and from time to time, at such holder's option, to
convert any or all outstanding shares of 5% Preferred Stock held by such holder,
but not fractions of shares, into fully paid and non-assessable shares of Common
Stock by surrendering such shares to be converted, such surrender to be made in
the manner provided in paragraph (8)(b) hereof. The number of shares of Common
Stock deliverable upon conversion of each share of 5% Preferred Stock shall be
equal to 12.446418, as adjusted as provided herein (the "Conversion Rate"). The
Conversion Rate is subject to adjustment from time to time pursuant to paragraph
(8)(d) hereof. The right to convert shares called for redemption pursuant to
paragraph 6(a) shall terminate at the close of business on the date immediately
preceding the date fixed for such redemption unless the Corporation shall
default in making payment of the amount payable upon such redemption, in which
case such right of conversion shall be reinstated. Upon conversion, any accrued
and unpaid dividends on the 5% Preferred Stock at the date of conversion shall
be paid to the holder thereof in accordance with the provisions of paragraph
(4).

                  (b) (i) In order to exercise the conversion privilege, the
holder of each share of 5% Preferred Stock to be converted shall surrender (or
constructively surrender in accordance with paragraph (10)(d)) the certificate
representing such share, duly endorsed or assigned to the Corporation or in
blank, at the office of the

                                       14
<PAGE>

Corporation, or to any transfer agent of the Corporation previously designated
by the Corporation to the holders of the 5% Preferred Stock for such purposes,
with a written notice of election to convert completed and signed, specifying
the number of shares to be converted. Such notice shall state that the holder
has satisfied any legal or regulatory requirement for conversion, including
compliance with the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended; provided, however, that the Corporation shall use its best efforts in
cooperating with such holder to obtain such legal or regulatory approvals to the
extent its cooperation is necessary. Such notice shall also state the name or
names (with address and social security or other taxpayer identification number,
if applicable) in which the certificate or certificates for Common Stock are to
be issued. Unless the shares issuable on conversion are to be issued in the same
name as the name in which such share of 5% Preferred Stock is registered, each
share surrendered for conversion shall be accompanied by instruments of
transfer, in form satisfactory to the Corporation, duly executed by the holder
or the holder's duly authorized attorney and an amount sufficient to pay any
transfer or similar tax (or evidence reasonably satisfactory to the Corporation
demonstrating that such taxes have been paid). All certificates representing
shares of 5% Preferred Stock surrendered for conversion shall be canceled by the
Corporation or the transfer agent.

                  (ii) Subject to the last sentence of paragraph (8)(a), holders
of shares of 5% Preferred Stock at the close of business on a dividend payment
record date shall not be entitled to receive the dividend payable on such shares
on the corresponding Dividend Payment Date if such holder shall have surrendered
(or made a constructive surrender under paragraph (10)(d)) for conversion such
shares at any time following the preceding Dividend Payment Date and prior to
such Dividend Payment Date.

                  (iii) Subject to a holder's election under paragraph (10)(d),
as promptly as practicable after the surrender (including a constructive
surrender under paragraph (10)(d)) by a holder of the certificates for shares of
5% Preferred Stock as aforesaid, the Corporation shall issue and shall deliver
to such holder, or on the holder's written order, a certificate or certificates
(which certificate or certificates shall have the legend set forth in paragraph
(10)(c)) for the whole number of duly authorized, validly issued, fully paid and
non-assessable shares of Common Stock issuable upon the conversion of such
shares in accordance with the provisions of this paragraph (8), and any
fractional interest in respect of a share of Common Stock arising on such
conversion shall be settled as provided in paragraph (8)(c). Upon conversion of
only a portion of the shares of 5% Preferred Stock represented by any
certificate, a new certificate shall be issued representing the unconverted
portion of

                                       15
<PAGE>

the certificate so surrendered without cost to the holder thereof. Subject to a
holder's election under paragraph (10)(d), upon the surrender (including a
constructive surrender under paragraph (10)(d)) of certificates representing
shares of 5% Preferred Stock to be converted, such shares shall no longer be
deemed to be outstanding and all rights of a holder with respect to such shares
so surrendered shall immediately terminate except the right to receive the
Common Stock and other amounts payable pursuant to this paragraph (8).

                  (iv) Each conversion shall be deemed to have been effected
immediately prior to the close of business on the date on which the certificates
for shares of 5% Preferred Stock shall have been surrendered (or deemed
surrendered pursuant to an election under paragraph (10)(d)) and such notice
received by the Corporation as aforesaid, and the Person or Persons in whose
name or names any certificate or certificates for shares of Common Stock shall
be issuable upon such conversion shall be deemed to have become the holder or
holders of record of the shares of Common Stock represented thereby at such time
on such date and such conversion shall be into a number of shares of Common
Stock equal to the product of the number of shares of 5% Preferred Stock
surrendered times the Conversion Rate in effect at such time on such date,
unless the stock transfer books of the Corporation shall be closed on that date,
in which event such Person or Persons shall be deemed to have become such holder
or holders of record at the close of business on the next succeeding day on
which such stock transfer books are open, but such conversion shall be based
upon the Conversion Rate in effect on the date upon which such shares shall have
been surrendered and such notice received by the Corporation.

                  (c) (i) No fractional shares or scrip representing fractions
of shares of Common Stock shall be issued upon conversion of the 5% Preferred
Stock. Instead of any fractional interest in a share of Common Stock that would
otherwise be deliverable upon the conversion of a share of 5% Preferred Stock,
the Corporation shall pay to the holder of such share an amount in cash based
upon the Current Market Price of Common Stock on the Trading Day immediately
preceding the date of conversion. If more than one share shall be surrendered
for conversion (or deemed surrendered under paragraph (10)(d)) at one time by
the same holder, the number of full shares of Common Stock issuable upon
conversion thereof shall be computed on the basis of the aggregate number of
shares of 5% Preferred Stock surrendered (or deemed surrendered under paragraph
(10)(d)) for conversion by such holder.

                  (ii) Each conversion shall be deemed to have been effected
immediately prior to the close of business on the date on which the certificates
for shares of 5% Preferred Stock shall have been surrendered (or deemed
surrendered

                                       16
<PAGE>

under paragraph (10)(d)) and such notice received by the Corporation as
aforesaid, and the Person or Persons in whose name or names any certificate or
certificates for shares of Common Stock shall be issuable upon such conversion
shall be deemed to have become the holder or holders of record of the shares of
Common Stock represented thereby at such time on such date and such conversion
shall be into a number of shares of Common Stock equal to the product of the
number of shares of 5% Preferred Stock surrendered times the Conversion Rate in
effect at such time on such date, unless the stock transfer books of the
Corporation shall be closed on that date, in which event such Person or Persons
shall be deemed to have become such holder or holders of record at the close of
business on the next succeeding day on which such stock transfer books are open,
but such conversion shall be based upon the Conversion Rate in effect on the
date upon which such shares shall have been surrendered (or deemed surrendered
under paragraph (10)(d)) and such notice received by the Corporation.

                  (d) The Conversion Rate shall be adjusted from time to time as
follows:

                  (i) If the Corporation shall after the Issue Date (A) declare
a dividend or make a distribution on its Common Stock in shares of its Common
Stock, (B) subdivide its outstanding Common Stock into a greater number of
shares, (C) combine its outstanding Common Stock into a smaller number of shares
or (D) effect any reclassification of its outstanding Common Stock, the
Conversion Rate in effect on the record date for such dividend or distribution,
or the effective date of such subdivision, combination or reclassification, as
the case may be, shall be proportionately adjusted so that the holder of any
share of 5% Preferred Stock thereafter surrendered for conversion shall be
entitled to receive the number and kind of shares of Common Stock that such
holder would have owned or have been entitled to receive after the happening of
any of the events described above had such share been converted immediately
prior to the record date in the case of a dividend or distribution or the
effective date in the case of a subdivision, combination or reclassification. An
adjustment made pursuant to this subparagraph (i) shall become effective
immediately after the opening of business on the Business Day next following the
record date (except as provided in paragraph (8)(h)) in the case of a dividend
or distribution and shall become effective immediately after the opening of
business on the Business Day next following the effective date in the case of a
subdivision, combination or reclassification. Adjustments in accordance with
this paragraph (8)(d)(i) shall be made whenever any event listed above shall
occur.

                  (ii) If the Corporation shall after the Issue Date fix a
record date for the

                                       17
<PAGE>

issuance of rights or warrants (in each case, other than any rights issued
pursuant to a shareholder rights plan) to all holders of Common Stock entitling
them (for a period expiring within 45 days after such record date) to subscribe
for or purchase Common Stock (or securities convertible into Common Stock) at a
price per share (or, in the case of a right or warrant to purchase securities
convertible into Common Stock, having an effective exercise price per share of
Common Stock, computed on the basis of the maximum number of shares of Common
Stock issuable upon conversion of such convertible securities, plus the amount
of additional consideration payable, if any, to receive one share of Common
Stock upon conversion of such securities) less than the 25-Day Average Market
Price on the date on which such issuance was declared or otherwise announced by
the Corporation (the "Determination Date"), then the Conversion Rate in effect
at the opening of business on the Business Day next following such record date
shall be adjusted so that the holder of each share of 5% Preferred Stock shall
be entitled to receive, upon the conversion thereof, the number of shares of
Common Stock determined by multiplying (I) the Conversion Rate in effect
immediately prior to such record date by (II) a fraction, the numerator of which
shall be the sum of (A) the number of shares of Common Stock outstanding on the
close of business on the Determination Date and (B) the number of additional
shares of Common Stock offered for subscription or purchase pursuant to such
rights or warrants (or in the case of a right or warrant to purchase securities
convertible into Common Stock, the aggregate number of additional shares of
Common Stock into which the convertible securities so offered are initially
convertible), and the denominator of which shall be the sum of (A) the number of
shares of Common Stock outstanding on the close of business on the Determination
Date and (B) the number of shares that the aggregate proceeds to the Corporation
from the exercise of such rights or warrants for Common Stock would purchase at
such 25-Day Average Market Price on such date (or, in the case of a right of
warrant to purchase securities convertible into Common Stock, the number of
shares of Common Stock obtained by dividing the aggregate exercise price of such
rights or warrants for the maximum number of shares of Common Stock issuable
upon conversion of such convertible securities, plus the aggregate amount of
additional consideration payable, if any, to convert such securities into Common
Stock, by such 25-Day Average Market Price). Such adjustment shall become
effective immediately after the opening of business on the Business Day next
following such record date (except as provided in paragraph (8)(h)). Such
adjustment shall be made successively whenever such a record date is fixed. In
the event that after fixing a record date such rights or warrants are not so
issued, the Conversion Rate shall be readjusted to the Conversion Rate which
would then be in effect if such record date had not been fixed. In determining
whether any rights or warrants entitle the holders of Common Stock to subscribe
for or purchase shares of Common Stock at less than such 25-Day Average Market
Price, there shall

                                       18
<PAGE>

be taken into account any consideration received by the Corporation upon
issuance and upon exercise of such rights or warrants, the value of such
consideration, if other than cash, to be determined by the Board of Directors in
good faith. In case any rights or warrants referred to in this subparagraph (ii)
shall expire unexercised after the same have been distributed or issued by the
Corporation (or, in the case of rights or warrants to purchase securities
convertible into Common Stock once exercised, the conversion right of such
securities shall expire), the Conversion Rate shall be readjusted at the time of
such expiration to the Conversion Rate that would have been in effect if no
adjustment had been made on account of the distribution or issuance of such
expired rights or warrants.

                  (iii) If the Corporation shall fix a record date for the
making of a distribution to all holders of its Common Stock of evidences of its
indebtedness, shares of its capital stock or assets (excluding regular cash
dividends or distributions declared in the ordinary course by the Board of
Directors and dividends payable in Common Stock for which an adjustment is made
pursuant to paragraph (8)(d)(i)) or rights or warrants (in each case, other than
any rights issued pursuant to a shareholder rights plan) to subscribe for or
purchase any of its securities (excluding those rights and warrants issued to
all holders of Common Stock entitling them (for a period expiring within 45 days
after such record date) to subscribe for or purchase Common Stock or securities
convertible into shares of Common Stock, which rights and warrants are referred
to in and treated under subparagraph (ii) above) (any of the foregoing being
hereinafter in this subparagraph (iii) called the "Securities"), then in each
such case the Conversion Rate shall be adjusted so that the holder of each share
of 5% Preferred Stock shall be entitled to receive, upon the conversion thereof,
the number of shares of Common Stock determined by multiplying (I) the
Conversion Rate in effect immediately prior to the close of business on such
record date by (II) a fraction, the numerator of which shall be the 25-Day
Average Market Price per share of the Common Stock on such record date, and the
denominator of which shall be the 25-Day Average Market Price per share of the
Common Stock on such record date less the then-fair market value (as determined
by the Board of Directors in good faith, whose determinations shall be
conclusive) of the portion of the assets, shares of its capital stock or
evidences of indebtedness so distributed or of such rights or warrants
applicable to one share of Common Stock. Such adjustment shall be made
successively whenever such a record date is fixed; and in the event that after
fixing a record date such distribution is not so made, the Conversion Rate shall
be readjusted to the Conversion Rate which would then be in effect if such
record date had not been fixed. Such adjustment shall become effective
immediately at the opening of business on the Business Day next following
(except as provided in paragraph (8)(h)) the record date for the determination
of shareholders entitled to receive such

                                       19
<PAGE>

distribution. For the purposes of this subparagraph (iii), the distribution of a
Security, which is distributed not only to the holders of the Common Stock on
the date fixed for the determination of shareholders entitled to such
distribution of such Security, but also is distributed with each share of Common
Stock delivered to a Person converting a share of 5% Preferred Stock after such
determination date, shall not require an adjustment of the Conversion Rate
pursuant to this subparagraph (iii); provided, however, that on the date, if
any, on which a Person converting a share of 5% Preferred Stock would no longer
be entitled to receive such Security with a share of Common Stock (other than as
a result of the termination of all such Securities), a distribution of such
Securities shall be deemed to have occurred and the Conversion Rate shall be
adjusted as provided in this subparagraph (iii) (and such day shall be deemed to
be "the date fixed for the determination of shareholders entitled to receive
such distribution" and "the record date" within the meaning of the three
preceding sentences). If any rights or warrants referred to in this subparagraph
(iii) shall expire unexercised after the same shall have been distributed or
issued by the Corporation, the Conversion Rate shall be readjusted at the time
of such expiration to the Conversion Rate that would have been in effect if no
adjustment had been made on account of the distribution or issuance of such
expired rights or warrants.

                  (iv) In case the Corporation shall, by dividend or otherwise,
distribute to all holders of its Common Stock cash in the amount per share that,
together with the aggregate of the per share amounts of any other cash
distributions to all holders of its Common Stock made within the 12 months
preceding the date of payment of such distribution and in respect of which no
adjustment pursuant to this paragraph (iv) has been made exceeds 5.0% of the
25-Day Average Market Price immediately prior to the date of declaration of such
dividend or distribution (excluding any dividend or distribution in connection
with the liquidation, dissolution or winding up of the Corporation, whether
voluntary or involuntary, and any cash that is distributed upon a merger,
consolidation or other transaction for which an adjustment pursuant to paragraph
8(e) is made), then, in such case, the Conversion Rate shall be adjusted so that
the same shall equal the rate determined by multiplying the Conversion Rate in
effect immediately prior to the close of business on the Record Date (as defined
below) for the cash dividend or distribution by a fraction the numerator of
which shall be the Current Market Price of a share of the Common Stock on the
Record Date and the denominator shall be such Current Market Price less the per
share amount of cash so distributed during the 12-month period applicable to one
share of Common Stock, such adjustment to be effective immediately prior to the
opening of business on the Business Day following the Record Date; provided,
however, that in the event the denominator of the foregoing fraction is zero or
negative, in lieu of the foregoing adjustment, adequate provision shall be made
so that each holder of 5%

                                       20
<PAGE>

Preferred Stock shall have the right to receive upon conversion, in addition to
the shares of Common Stock to which the holder is entitled, the amount of cash
such holder would have received had such holder converted each share of 5%
Preferred Stock at the beginning of the 12-month period. In the event that such
dividend or distribution is not so paid or made, the Conversion Rate shall again
be adjusted to be the Conversion Rate which would then be in effect if such
dividend or distribution had not been declared. Notwithstanding the foregoing,
if any adjustment is required to be made as set forth in this paragraph
(8)(d)(iv), the calculation of any such adjustment shall include the amount of
the quarterly cash dividends paid during the 12-month reference period only to
the extent such dividends exceed the regular quarterly cash dividends paid
during the 12 months preceding the 12-month reference period. For purposes of
this paragraph (8)(d)(iv), "Record Date" shall mean, with respect to any
dividend or distribution in which the holders of Common Stock have the right to
receive cash, the date fixed for determination of shareholders entitled to
receive such cash.

                  In the event that at any time cash distributions to holders of
Common Stock are not paid equally on all series of Common Stock, the provisions
of this paragraph 8(d)(iv) will apply to any cash dividend or cash distribution
on any series of Common Stock otherwise meeting the requirements of this
paragraph, and shall be deemed amended to the extent necessary so that any
adjustment required will be made on the basis of the cash dividend or cash
distribution made on any such series.

                  (v) In case of the consummation of a tender or exchange offer
(other than an odd-lot tender offer) made by the Corporation or any subsidiary
of the Corporation for all or any portion of the outstanding shares of Common
Stock to the extent that the cash and fair market value (as determined in good
faith by the Board of Directors of the Corporation, whose determination shall be
conclusive and shall be described in a resolution of such Board) of any other
consideration included in such payment per share of Common Stock at the last
time (the "Expiration Time") tenders or exchanges may be made pursuant to such
tender or exchange offer (as amended) exceed by more than 5.0%, with any smaller
excess being disregarded in computing the adjustment to the Conversion Rate
provided in this paragraph (8)(d)(v), the first reported sale price per share of
the Common Stock on the Trading Day next succeeding the Expiration Time, then
the Conversion Rate shall be adjusted so that the same shall equal the rate
determined by multiplying the Conversion Rate in effect immediately prior to the
Expiration Time by a fraction the numerator of which shall be the sum of (x) the
fair market value (determined as aforesaid) of the aggregate consideration
payable to shareholders based on the acceptance (up to any maximum specified in
the terms of the tender or exchange offer) of all shares validly tendered

                                       21
<PAGE>

or exchanged and not withdrawn as of the Expiration Time (the shares deemed so
accepted, up to any such maximum, being referred to as the "Purchase Shares")
and (y) the product of the number of shares of Common Stock outstanding (less
any Purchase Shares) on the Expiration Time and the first reported sale price of
the Common Stock on the Trading Day next succeeding the Expiration Time, and the
denominator of which shall be the number of shares of Common Stock outstanding
(including any tendered or exchanged shares) on the Expiration Time multiplied
by the first reported sale price of the Common Stock on the Trading Day next
succeeding the Expiration Time, such adjustment to become effective immediately
prior to the opening of business on the day following the Expiration Time.

                  (vi) No adjustment in the Conversion Rate shall be required
unless such adjustment would require a cumulative increase or decrease of at
least 1% in the Conversion Rate; provided, however, that any adjustments that by
reason of this subparagraph (vi) are not required to be made shall be carried
forward and taken into account in any subsequent adjustment until made, and
provided further that any adjustment shall be required and made in accordance
with the provisions of this paragraph (8) (other than this subparagraph (vi))
not later than such time as may be required in order to preserve the tax-free
nature of a distribution for United States income tax purposes to the holders of
shares of 5% Preferred Stock or Common Stock. Notwithstanding any other
provisions of this paragraph (8), the Corporation shall not be required to make
any adjustment of the Conversion Rate for the issuance of any shares of Common
Stock pursuant to any plan providing for the reinvestment of dividends or
interest payable on securities of the Corporation and the investment of
additional optional amounts in shares of Common Stock under such plan. All
calculations under this paragraph (8) shall be made to the nearest dollar or to
the nearest 1/1,000 of a share, as the case may be. Anything in this paragraph
(8)(d) to the contrary notwithstanding, the Corporation shall be entitled, to
the extent permitted by law, to make such adjustments in the Conversion Rate, in
addition to those required by this paragraph (8)(d), as it in its discretion
shall determine to be advisable in order that any stock dividends, subdivision
of shares, reclassification or combination of shares, distribution or rights or
warrants to purchase stock or securities, or a distribution of other assets
(other than cash dividends) hereafter made by the Corporation to its
shareholders shall not be taxable.

                  (vii) In the event that, at any time as a result of shares of
any other class of capital stock becoming issuable in exchange or substitution
for or in lieu of shares of Common Stock or as a result of an adjustment made
pursuant to the provisions of this paragraph (8)(d), the holder of 5% Preferred
Stock upon subsequent conversion shall become entitled to receive any shares of
capital stock of the Corporation other

                                       22
<PAGE>

than Common Stock, the number of such other shares so receivable upon conversion
of any shares of 5% Preferred Stock shall thereafter be subject to adjustment
from time to time in a manner and on terms as nearly equivalent as practicable
to the provisions contained herein.

                  (viii) The $96.00 required stock price threshold set forth in
paragraph (6)(a)(ii) shall be adjusted from time to time in a manner consistent
with the provisions of this paragraph (8)(d).

                  (e) (i) If the Corporation shall be a party to any transaction
(including without limitation, a merger, consolidation, sale of all or
substantially all of the Corporation's assets or recapitalization of the Common
Stock and excluding any transaction as to which paragraph (8)(d)(i) applies)
(each of the foregoing being referred to herein as a "Transaction"), in each
case as a result of which shares of Common Stock shall be converted into the
right to receive stock, securities or other property (including cash or any
combination thereof), there shall be no adjustment to the Conversion Rate but
each share of 5% Preferred Stock which is not converted into the right to
receive stock, securities or other property in connection with such Transaction
shall thereafter be convertible into the kind and amount of shares of stock,
securities and other property (including cash or any combination thereof)
receivable upon the consummation of such Transaction by a holder of that number
of shares or fraction thereof of Common Stock into which one share of 5%
Preferred Stock was convertible immediately prior to such Transaction, assuming
such holder of Common Stock (i) is not a Person with which the Corporation
consolidated or into which the Corporation merged or which merged into the
Corporation or to which such sale or transfer was made, as the case may be (a
"Constituent Person"), or an affiliate of a Constituent Person and (ii) failed
to exercise his rights of election, if any, as to the kind or amount of stock,
securities and other property (including cash) receivable upon such Transaction
(provided that if the kind or amount of stock, securities and other property
(including cash) receivable upon such Transaction is not the same for each share
of Common Stock held immediately prior to such Transaction by other than a
Constituent Person or an affiliate thereof and in respect of which such rights
of election shall not have been exercised ("non-electing share"), then for the
purpose of this paragraph (8)(e) the kind and amount of stock, securities and
other property (including cash) receivable upon such Transaction by each
non-electing share shall be deemed to be the kind and amount so receivable per
share by a plurality of the non-electing shares). The provisions of this
paragraph (8)(e) shall similarly apply to successive Transactions.

                                       23
<PAGE>

                  (ii) Notwithstanding anything herein to the contrary , if the
Corporation is reorganized such that the Common Stock is exchanged for the
common stock of a new entity ("Holdco") whose common stock is traded on the
Nasdaq National Market or another recognized securities exchange or automated
quotation system, then the Corporation, by notice to and consultation with the
holders of the 5% Preferred Stock, may cause the exchange of this 5% Preferred
Stock for preferred stock of Holdco having the same terms and conditions as set
forth herein; provided that the rights attaching to the preferred stock of
Holdco shall be adjusted so as to comply with the local law of the country of
incorporation of Holdco or the new share structure of Holdco subject to such
rights effectively giving the same economic rights as the 5% Preferred Stock
(including for these purposes any resultant change in the tax treatment for the
holders of such stock).

                  (f) If:

         (i) the Corporation shall declare a dividend (or any other
         distribution) on the Common Stock; or

         (ii) the Corporation shall authorize the granting to the holders of the
         Common Stock of rights or warrants to subscribe for or purchase any
         shares of any class or any other rights or warrants; or

         (iii) there shall be any subdivision, combination or reclassification
         of the Common Stock or any consolidation or merger to which the
         Corporation is a party and for which approval of any shareholders of
         the Corporation is required, or the sale or transfer of all or
         substantially all of the assets of the Corporation as an entirety; or

         (iv) there shall occur the voluntary or involuntary liquidation,
         dissolution or winding up of the Corporation;

then the Corporation shall cause to be filed with any transfer agent designated
by the Corporation pursuant to paragraph (8)(b) and shall cause to be mailed to
the holders of shares of the 5% Preferred Stock at their addresses as shown on
the stock records of the Corporation, as promptly as possible, but at least ten
days prior to the applicable date hereinafter specified, a notice stating (A)
the date on which a record is to be taken for the purpose of such dividend (or
such other distribution) or rights or warrants, or, if a record is not to be
taken, the date as of which the holders of Common Stock of record to be entitled
to such dividend, distribution or rights or warrants are to be determined or (B)
the date on which such subdivision, combina-

                                       24
<PAGE>

tion, reclassification, consolidation, merger, sale, transfer, liquidation,
dissolution or winding up or other action is expected to become effective, and
the date as of which it is expected that holders of Common Stock of record shall
be entitled to exchange their shares of Common Stock for securities or other
property, if any, deliverable upon such subdivision, combination,
reclassification, consolidation, merger, sale, transfer, liquidation,
dissolution or winding up. Failure to give or receive such notice or any defect
therein shall not affect the legality or validity of any distribution, right,
warrant, subdivision, combination, reclassification, consolidation, merger,
sale, transfer, liquidation, dissolution, winding up or other action, or the
vote upon any of the foregoing.

                  (g) Whenever the Conversion Rate is adjusted as herein
provided, the Corporation shall prepare an officer's certificate with respect to
such adjustment of the Conversion Rate setting forth the adjusted Conversion
Rate and the effective date of such adjustment and shall mail a copy of such
officer's certificate to the holder of each share of 5% Preferred Stock at such
holder's last address as shown on the stock records of the Corporation. If the
Corporation shall have designated a transfer agent pursuant to paragraph (8)(b),
it shall also promptly file with such transfer agent an officer's certificate
setting forth the Conversion Rate after such adjustment and setting forth a
brief statement of the facts requiring such adjustment which certificate shall
be conclusive evidence of the correctness of such adjustment.

                  (h) In any case in which paragraph (8)(d) provides that an
adjustment shall become effective on the day next following a record date for an
event, the Corporation may defer until the occurrence of such event (i) issuing
to the holder of any share of 5% Preferred Stock converted after such record
date and before the occurrence of such event the additional shares of Common
Stock issuable upon such conversion by reason of the adjustment required by such
event over and above the Common Stock issuable upon such conversion before
giving effect to such adjustment and (ii) paying to such holder any amount in
cash in lieu of any fraction pursuant to paragraph (8)(c).

                  (i) For purposes of this paragraph (8), the number of shares
of Common Stock at any time outstanding shall not include any shares of Common
Stock then owned or held by or for the account of the Corporation. The
Corporation shall not pay a dividend or make any distribution on shares of
Common Stock held in the treasury of the Corporation.

                  (j) There shall be no adjustment of the Conversion Rate in
case of the issuance of any stock of the Corporation in a reorganization,
acquisition or other

                                       25
<PAGE>

similar transaction except as specifically set forth in this paragraph (8). If
any single action would require adjustment of the Conversion Rate pursuant to
more than one subparagraph of this paragraph (8), only one adjustment shall be
made and such adjustment shall be the amount of adjustment that has the highest
absolute value.

                  (k) If the Corporation shall take any action affecting the
Common Stock, other than action described in this paragraph (8), that in the
opinion of the Board of Directors materially adversely affects the conversion
rights of the holders of the shares of 5% Preferred Stock, the Conversion Rate
may be adjusted, to the extent permitted by law, in such manner, if any, and at
such time, as the Board of Directors may determine to be equitable in the
circumstances; provided that the provisions of this paragraph (8)(k) shall not
affect any rights the holders of 5% Preferred Stock may have at law or in
equity.

                  (l) (i) The Corporation covenants that it will at all times
reserve and keep available, free from preemptive rights, out of the aggregate of
its authorized but unissued shares of Common Stock or its issued shares of
Common Stock held in its treasury, or both, for the purpose of effecting
conversion of the 5% Preferred Stock, the full number of shares of Common Stock
deliverable upon the conversion of all outstanding shares of 5% Preferred Stock
not theretofore converted. For purposes of this paragraph (8)(l) the number of
shares of Common Stock that shall be deliverable upon the conversion of all
outstanding shares of 5% Preferred Stock shall be computed as if at the time of
computation all such outstanding shares were held by a single holder.

                  (ii) The Corporation covenants that any shares of Common Stock
issued upon conversion of the 5% Preferred Stock shall be duly authorized,
validly issued, fully paid and non-assessable. Before taking any action that
would cause an adjustment increasing the Conversion Rate such that the quotient
of $1,000.00 and the Conversion Rate (which quotient initially shall be
$80.3444) would be reduced below the then-par value of the shares of Common
Stock deliverable upon conversion of the 5% Preferred Stock, the Corporation
will take any corporate action that, in the opinion of its counsel, may be
necessary in order that the Corporation may validly and legally issue fully paid
and non-assessable shares of Common Stock based upon such adjusted Conversion
Rate.

                  (iii) Prior to the delivery of any securities that the
Corporation shall be obligated to deliver upon conversion of the 5% Preferred
Stock, the Corporation shall comply with all applicable federal and state laws
and regulations which require action to be taken by the Corporation.

                                       26
<PAGE>

                  (m) The Corporation will pay any and all documentary, stamp or
similar issue or transfer taxes payable in respect of the issue or delivery of
shares of Common Stock or other securities or property on conversion of the 5%
Preferred Stock pursuant hereto; provided, however, that the Corporation shall
not be required to pay any tax that may be payable in respect of any transfer
involved in the issue or delivery of shares of Common Stock or other securities
or property in a name other than that of the holder of the 5% Preferred Stock to
be converted and no such issue or delivery shall be made unless and until the
Person requesting such issue or delivery has paid to the Corporation the amount
of any such tax or established, to the satisfaction of the Corporation, that
such tax has been paid.

                  (n) No adjustment in the Conversion Rate need be made for a
transaction referred to in paragraph (8)(d)(i) through (v) above to the extent
that all holders of 5% Preferred Stock are entitled to participate in such
transaction pursuant to paragraph 4(b).

                  (9) Voting Rights. (a) The holders of record of shares of 5%
Preferred Stock shall not be entitled to any voting rights except as hereinafter
provided in this paragraph (9) or as otherwise provided by law.

                  (b) If and whenever either (i) six quarterly dividends
(whether or not consecutive) payable on the 5% Preferred Stock have not been
paid in full, (ii) the Corporation shall have failed to discharge its Mandatory
Redemption Obligation or (iii) there occurs a Bankruptcy Event (any such event
described in the preceding subparagraphs (i) through (iii) being hereinafter
referred to as a "Trigger Event"), a vote of the holders of shares of 5%
Preferred Stock, voting as a single class, will be required on all matters
brought to shareholders of the Corporation. Whenever all arrears in dividends on
the 5% Preferred Stock then outstanding shall have been paid and dividends
thereon for the current quarterly dividend period shall have been paid or
declared and set apart for payment, the Corporation shall have fulfilled its
Mandatory Redemption Obligation and all Bankruptcy Events shall have been cured
(the "Trigger Event Cure"), then the right of the holders of the 5% Preferred
Stock to vote as described in this paragraph 9(b) shall cease (but subject
always to the same provisions for the vesting of such voting rights if any
Trigger Event occurs).

                  (c) Upon the occurrence of any Trigger Event, the number of
directors then constituting the Board of Directors shall be increased by two and
the holders of shares of 5% Preferred Stock, together with the holders of shares
of every other series of preferred stock (including, without limitation,
Additional Preferred)

                                       27
<PAGE>

upon which like rights to vote for the election of two additional directors have
been conferred and are exercisable (resulting from either the failure to pay
dividends or the failure to redeem) (any such other series is referred to as the
"Preferred Shares"), voting as a single class regardless of series, shall be
entitled to elect the two additional directors to serve on the Board of
Directors at any annual meeting of stockholders or special meeting held in place
thereof, or at a special meeting of the holders of 5% Preferred Stock and the
Preferred Shares, called as hereinafter provided. Whenever all arrears in
dividends on the Preferred Shares then outstanding shall have been paid and
dividends thereon for the current quarterly dividend period shall have been paid
or declared and set apart for payment, the Corporation shall have fulfilled any
redemption obligation in respect of the Preferred Shares, and the Trigger Event
Cure has occurred, then the right of the holders of the 5% Preferred Stock and
the Preferred Shares to elect such additional two directors shall cease (but
subject always to the same provisions for the vesting of such voting rights if
any Trigger Event occurs), and the terms of office of all persons elected as
directors by the holders of 5% Preferred Stock and the Preferred Shares shall
forthwith terminate and the number of members of the Board of Directors shall be
reduced accordingly. At any time after such voting power shall have been so
vested in holders of shares of 5% Preferred Stock and the Preferred Shares, the
Secretary of the Corporation may, and upon the written request of any holder of
5% Preferred Stock (addressed to the secretary at the principal office of the
Corporation) shall, call a special meeting of the holders of the 5% Preferred
Stock and of the Preferred Shares for the election of the two directors to be
elected by them as herein provided, such call to be made by notice similar to
that provided in the By-laws of the Corporation for a special meeting of the
stockholders or as required by law. If any such special meeting required to be
called as above provided shall not be called by the Secretary of the Corporation
within 20 days after receipt of any such request, then any holder of shares of
5% Preferred Stock may call such meeting, upon the notice above provided, and
for that purpose shall have access to the stock books of the Corporation. The
directors elected at any such special meeting shall hold office until the next
annual meeting of the stockholders or special meeting held in lieu thereof if
such office shall not have previously terminated as above provided. If any
vacancy shall occur among the directors elected by the holders of the 5%
Preferred Stock and the Preferred Shares, a successor shall be elected by the
Board of Directors, upon the nomination of the then-remaining director elected
by the holders of the 5% Preferred Stock and the Preferred Shares or the
successor of such remaining director, to serve until the next annual meeting of
the stockholders or special meeting held in place thereof if such office shall
not have previously terminated as provided above.

                                       28
<PAGE>

                  (d) Without the written consent of the holders of at least
662/3% in liquidation preference of the outstanding shares of 5% Preferred Stock
or the vote of holders of at least 662/3% in liquidation preference of the
outstanding shares of 5% Preferred Stock at a meeting of the holders of 5%
Preferred Stock called for such purpose, the Corporation will not amend, alter
or repeal any provision of the Certificate of Incorporation of the Corporation
(by merger or otherwise) so as to adversely affect the preferences, rights or
powers of the 5% Preferred Stock; provided that any such amendment that changes
the dividend payable on, the Conversion Rate with respect to, or the liquidation
preference of the 5% Preferred Stock shall require the affirmative vote at a
meeting of holders of 5% Preferred Stock called for such purpose or written
consent of the holder of each share of 5% Preferred Stock.

                  (e) Without the written consent of the holders of at least
662/3% in liquidation preference of the outstanding shares of 5% Preferred Stock
or the vote of holders of at least 662/3% in liquidation preference of the
outstanding shares of 5% Preferred Stock at a meeting of such holders called for
such purpose, the Corporation will not issue any additional 5% Preferred Stock
or create, authorize or issue any Parity Securities or Senior Securities or
increase the authorized amount of any such other class or series; provided that
this paragraph 9(e) shall not limit the right of the Corporation to (i) issue
Additional Preferred as dividends pursuant to paragraph 4 or (ii) to issue
Parity Securities or Senior Securities in order to refinance, redeem or refund
the 13% Preferred, provided that the maximum accrual value (i.e. the sum of
stated value and maximum amount payable in kind over the term from issuance to
first date of mandatory redemption or redemption at the option of the holder) of
such Parity Securities may not exceed the maximum accrual value of the 13%
Preferred.

                  (f) In exercising the voting rights set forth in this
paragraph (9), each share of 5% Preferred Stock shall have one vote per share,
except that when any other series of preferred stock shall have the right to
vote with the 5% Preferred Stock as a single class on any matter, then the 5%
Preferred Stock and other series shall have with respect to such matters one
vote per $1,000 of stated liquidation preference. Except as otherwise required
by applicable law or as set forth herein, the shares of 5% Preferred Stock shall
not have any relative, participating, optional or other special voting rights
and powers and the consent of the holders thereof shall not be required for the
taking of any corporate action.

                  (g) Nothing in this paragraph (9) shall be in derogation of
any rights that a holder of shares of 5% Preferred Stock may have in his
capacity as a holder of shares of Common Stock.

                                       29
<PAGE>

                  (10) General Provisions. (a) The headings of the paragraphs,
subparagraphs, clauses and subclauses of this Certificate of Designation are for
convenience of reference only and shall not define, limit or affect any of the
provisions hereof.

                  (b) If the Corporation shall have failed to declare or pay
dividends as required pursuant to paragraph (4) hereof or shall have failed to
discharge any obligation to redeem shares of 5% Preferred Stock pursuant to
paragraph (6) hereof, the holders of shares of 5% Preferred Stock shall be
entitled to receive, in addition to all other amounts required to be paid
hereunder, when, as and if declared by the Board of Directors, out of funds
legally available for the payment of dividends, cash dividends on the aggregate
dividends which the Corporation shall have failed to declare or pay or the
redemption price, together with accrued and unpaid dividends thereon, as the
case may be, at a rate of 2% per quarter, compounded quarterly, for the period
during which the failure to pay dividends or failure to discharge an obligation
to redeem shares of 5% Preferred Stock shall continue.

                  (c) The shares of 5% Preferred Stock shall bear the following
legend:

                  THE CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH HOLDER OF
                  THE PREFERRED STOCK (AS DEFINED BELOW) WHO SO REQUESTS THE
                  POWERS, DESIGNATION, PREFERENCES AND RELATIVE PARTICIPATING,
                  OPTIONAL OR OTHER SPECIAL RIGHTS OF THE PREFERRED STOCK.

                  THE SHARES OF PREFERRED STOCK, PAR VALUE $0.01, OF THE
                  CORPORATION (THE "PREFERRED STOCK") (AND THE SHARES OF COMMON
                  STOCK, PAR VALUE $0.01, OF THE CORPORATION (THE "COMMON
                  STOCK") INTO WHICH THE PREFERRED STOCK MAY BE CONVERTED)
                  REPRESENTED BY THIS CERTIFICATE MAY NOT BE OFFERED OR SOLD IN
                  THE UNITED STATES ABSENT REGISTRATION UNDER THE SECURITIES ACT
                  OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS
                  OR AN APPLICABLE EXEMPTION FROM REGISTRATION REQUIREMENTS. THE
                  TRANSFER OF THE PREFERRED STOCK (OR COMMON STOCK, IF THE
                  PREFERRED STOCK HAS BEEN CONVERTED) EVIDENCED BY THIS
                  CERTIFICATE IS SUBJECT TO THE

                                       30
<PAGE>

                  RESTRICTIONS ON TRANSFER PROVIDED FOR IN THE INVESTMENT
                  AGREEMENT, DATED JULY 26, 1999, AS AMENDED, BETWEEN NTL
                  (DELAWARE), INC. AND FRANCE TELECOM, A COPY OF WHICH IS ON
                  FILE AT THE EXECUTIVE OFFICES OF THE CORPORATION AND WILL BE
                  FURNISHED WITHOUT CHARGE TO THE HOLDER OF SUCH PREFERRED STOCK
                  UPON WRITTEN REQUEST TO THE CORPORATION.

                  THE SHARES OF PREFERRED STOCK REPRESENTED BY THIS CERTIFICATE
                  MAY BE CONVERTED INTO COMMON STOCK OR REDEEMED IN EXCHANGE FOR
                  COMMON STOCK WITHOUT THE SURRENDER AND EXCHANGE OF THIS
                  CERTIFICATE FOR CERTIFICATES REPRESENTING SUCH COMMON STOCK. A
                  NOTICE OF SUCH CONVERSION EVENT, IF ANY, IS ON FILE AT THE
                  EXECUTIVE OFFICES OF THE CORPORATION AND WILL BE FURNISHED
                  WITHOUT CHARGE TO THE HOLDER OF THIS CERTIFICATE UPON WRITTEN
                  REQUEST TO THE CORPORATION.

                  The shares of Common Stock issuable upon conversion of the 5%
Preferred Stock shall bear the following legend:

                  THE SHARES OF COMMON STOCK, PAR VALUE $0.01, OF THE
                  CORPORATION (THE "COMMON STOCK") REPRESENTED BY THIS
                  CERTIFICATE MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES
                  ABSENT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
                  AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN
                  APPLICABLE EXEMPTION FROM REGISTRATION REQUIREMENTS. THE
                  TRANSFER OF THE COMMON STOCK EVIDENCED BY THIS CERTIFICATE IS
                  SUBJECT TO THE RESTRICTIONS ON TRANSFER PROVIDED FOR IN THE
                  INVESTMENT AGREEMENT, DATED JULY 26, 1999, AS AMENDED, BETWEEN
                  NTL (DELAWARE), INC. AND FRANCE TELECOM, A COPY OF WHICH IS ON
                  FILE AT THE EXECUTIVE OFFICES OF THE CORPORATION AND WILL BE
                  FURNISHED WITHOUT CHARGE TO THE HOLDER OF SUCH COMMON STOCK
                  UPON WRITTEN REQUEST TO THE CORPORATION.

                                       31
<PAGE>

                  (d) (i) Whenever in connection with any conversion or
redemption of the 5% Preferred Stock in exchange for Common Stock the holder is
required to surrender certificates representing such shares of 5% Preferred
Stock, such holder may, by written notice to the Corporation and its transfer
agent, elect to retain such certificates. In such case, the certificates so
retained by the holder thereof shall be deemed to represent, at and from the
date of such conversion or redemption, the number of shares of Common Stock
issuable upon such conversion or redemption (subject to paragraph (8)(c), if
applicable), and shall be so reflected upon the books of the Corporation and its
transfer agent.

                  (ii) (A) A holder who has previously elected to retain
certificates representing the 5% Preferred Stock in accordance with paragraph
(10)(d)(i) upon conversion or redemption may subsequently elect to receive
certificates representing the shares of Common Stock issued upon such conversion
or redemption. To receive certificates representing such shares of Common Stock,
the holder of such certificate shall surrender it, duly endorsed or assigned to
the Corporation or in blank, at the office of the Corporation, or to any
transfer agent of the Corporation previously designated by the Corporation for
such purposes, with a written notice of that election.

                  (B) Unless the certificates to be issued shall be registered
in the same name as the name in which such surrendered certificates are
registered, each certificate so surrendered shall be accompanied by instruments
of transfer, in form satisfactory to the Corporation, duly executed by the
holder or the holder's duly authorized attorney and an amount sufficient to pay
any transfer or similar tax (or evidence reasonably satisfactory to the
Corporation demonstrating that such taxes have been paid). All certificates so
surrendered shall be canceled by the Corporation or the transfer agent.

                  (C) As promptly as practicable after the surrender by a holder
of such certificates, the Corporation shall issue and shall deliver to such
holder, or on the holder's written order, a certificate or certificates (which
certificate or certificates shall have the legend set forth in paragraph
(10)(c)) for the number of duly authorized, validly issued, fully paid and
non-assessable shares of Common Stock represented by the certificates so
surrendered.

                  (11) Shareholder Rights Plan. The shares of 5% Preferred Stock
shall be entitled to the benefits of a number of rights issuable under the
Rights Agreement, dated as of October 13, 1993, as amended, between the Company
and

                                       32
<PAGE>

Continental Stock Transfer & Trust Company or any successor plan of similar
purpose and effect (the "Rights") equal to the number of shares of Common Stock
then issuable upon conversion of the 5% Preferred Stock at the prevailing
Conversion Rate. Any shares of Common Stock deliverable upon conversion of a
share of 5% Preferred Stock or upon payment of a dividend shall be accompanied
by a Right."

                                       33
<PAGE>

                  IN WITNESS WHEREOF, NTL Incorporated has caused this
Certificate of Designation to be signed by the undersigned this 30th day of
June, 2000.


                                     NTL INCORPORATED

                                     By: /s/ Richard J. Lubasch
                                        ----------------------------------------
                                        Name:  Richard J. Lubasch
                                        Title: Executive Vice President, General
                                               Counsel and Secretary