Document:

STORAGE @CCESS TECHNOLOGIES INC.
                      SHARE INCENTIVE PLAN

<PAGE>    Exhibit 10.4

                STORAGE @CCESS TECHNOLOGIES INC.
                      SHARE INCENTIVE PLAN

Section 1  Purposes.

     The  purposes of this Share Incentive Plan, as amended  from
time  to  time  (this  "Plan"), are  to  encourage  selected  key
employees, directors and consultants of the Corporation  and  its
Affiliates  to acquire a proprietary and vested interest  in  the
growth  and  performance  of  the  Corporation,  to  generate  an
increased  incentive  to contribute to the  Corporation's  future
success  and  prosperity,  thus  enhancing  the  value   of   the
Corporation  for the benefit of share owners, and to enhance  the
ability  of  the  Corporation and its Affiliates to  attract  and
retain individuals of exceptional managerial talent upon whom, in
large  measure, the sustained progress, growth and  profitability
of the Corporation depends.

Section 2  Definitions.

     As  used  in this Plan, the following terms shall  have  the
meanings set forth below:

     "Affiliate"  shall mean (i) any corporation which  qualifies
     as  a  subsidiary of a corporation under the  definition  of
     "subsidiary corporation" contained in Section 424(f) of  the
     Code,  (ii)  any  entity that, directly  or  indirectly,  is
     controlled by the Corporation or (iii) any entity  in  which
     the Corporation has a significant equity interest, in either
     case as determined by the Committee.

     "Award" shall mean any Option.

     "Award  Notice"  shall mean any written  notice,  agreement,
     contract,  or  other instrument or document  evidencing  any
     Award and covering the specific
     terms and conditions of such Award.

     "Board"   shall   mean  the  Board  of  Directors   of   the
     Corporation.

     "Change  of Control" shall be deemed to have taken place  if
     (i) the shareholders of the Corporation approve a definitive
     agreement  for (x) the merger or other business  combination
     of  the  Corporation  with or into  another  corporation  or
     entity pursuant to which the shareholders of the Corporation
     do not own, immediately after the transaction, more than 50%
     of  the  voting  power  of the corporation  or  entity  that
     survives  the  merger or business combination,  or  (y)  the
     sale,  exchange or other disposition of all or substantially
     all  of  the  assets of the Corporation,  (ii)  any  person,
     entity,   or   affiliated   group,   other   than   existing
     shareholders,  option  holders, or warrant  holders  of  the
     Corporation  and  their  respective affiliates  and  related
     parties, acquirie or otherwise become entitled to vote  more
     than  50%  of  the  voting  power  of  the  Shares  of   the

<PAGE>    Exhibit 10.4

                              -3-

     Corporation in a single transaction or in related series  of
     transactions; or (iii) during any period of two  consecutive
     years,  individuals  who  at the beginning  of  such  period
     constitute  the Board cease for any reason to constitute  at
     least  a  majority  thereof,  unless  the  election  or  the
     nomination for election by the Corporation's shareholders of
     each  new Director was approved by a vote of at least three-
     quarters  of  the  Directors then still in office  who  were
     Directors at the beginning of the period.

     "Code"  shall  mean the Internal Revenue Code  of  1986,  as
     amended from time to time.

     "Committee"  shall mean a committee consisting  entirely  of
     two  or  more  non-Employee  directors,  who  are  empowered
     hereunder  to take all action required in the administration
     of  the  Plan  and  the grant and administration  of  Awards
     hereunder.

     "Corporation" shall mean Storage @ccess Technologies Inc., a
     Yukon corporation.

     "Consultant" shall mean an individual (or a company  wholly-
     owned by individuals) who:

     (a)  provides ongoing consulting services to the Corporation or
          an Affiliate thereof under a written contract;

     (b)  possesses technical, business or management expertise of
          value to the Corporation or an Affiliate thereof;

     (c)  spends a significant amount of time and attention on the
          business and affairs of the Corporation or an Affiliate thereof;
          and

     (d)  has a relationship with the Corporation or an Affiliate
          thereof that enables the individual to be knowledgeable about the
          business and affairs of the Corporation.

     "Directors" shall mean the members of the Board of Directors
     of the Corporation.

     "Disability" shall mean a Participant's permanent disability
     within the meaning of Section 22(e)(3) of the Code.

     "Discounted  Market  Price"  shall  mean,  with  respect  to
     Shares,  the  Market Price less a discount which  shall  not
     exceed  the  amount set forth below, subject  to  a  minimum
     price  of  $0.10; if the Market Price is $0.50 or less,  the
     discount is 25%; if the Market Price is from $0.51 to $2.00,

<PAGE>    Exhibit 10.4

                              -4-

     the discount is 20%; and if the Market Price is greater than
     $2.00, the discount is 15%.

     "Employee" shall mean any employee of the Corporation or  of
     any Affiliate.

     "Exchange" shall mean the Canadian Venture Exchange or  such
     other stock exchange upon which the Corporation's shares are
     traded and the Corporation is listed.

     "Incentive Stock Option" shall mean an option granted  under
     Section  6(1)  of  this Plan that is intended  to  meet  the
     requirements  of  Section 422 of the Code or  any  successor
     provision thereto.

     "Investor Relations Activities" shall mean any activities or
     oral  or  written  communications, by or on  behalf  of  the
     Corporation or shareholder of the Corporation, that  promote
     or  reasonably could be expected to promote the purchase  or
     sale of securities of the Corporation, but does not include:

     (a)  the  dissemination of information provided, or  records
          prepared, in the ordinary course of business of the Corporation

          (i)  to promote the sale of products or services of the
               Corporation, or

          (ii) to raise public awareness of the Corporation,

          that  cannot  reasonably be considered to  promote  the
          purchase or sale of securities of the Corporation;

     (b)  activities or communications necessary to comply with the
          requirements of

          (i)  applicable securities laws,

          (ii) exchange requirements or the by-laws, rules or other
               regulatory instruments of any other self regulatory body or
               exchange having jurisdiction over the Corporation;

     (c)  communications  by a publisher of,  or  writer  for,  a
          newspaper, magazine or business or financial publication, that is
          of general and regular paid circulation, distributed only to
          subscribers to it for value or to purchasers of it, if

          (i)  the communication is only through the newspaper, magazine or
               publication, and

<PAGE>    Exhibit 10.4

                              -5-

          (ii) the publisher or writer receives no commission or other
               consideration other than for acting in the capacity of publisher
               or writer; or

     (d)  activities or communications that may be otherwise specified
          by the Exchange.

     "Key  Management  Employee" shall mean senior  officers  and
     Management   Company   Employees  of  the   Corporation   or
     directors, senior officers and Management Company  Employees
     of  the  Corporation's Affiliates to  whom  Options  may  be
     granted   in  reliance  on  a  prospectus  exemption   under
     applicable securities laws.

     "Management  Company  Employee"  shall  mean  an  individual
     employed  by  a  company or individual providing  management
     services  to  the  Corporation, which are required  for  the
     ongoing  successful operation of the business enterprise  of
     the  Corporation, but excluding a person or company  engaged
     in Investor Relations Activities.

     "Market Price", subject to the exceptions noted below, means
     the  closing price of the Shares on the Exchange on the  day
     on  which  such value is to be determined or, if  no  shares
     were  traded on such day, on the next preceding day on which
     the  shares were traded.  If at any time the Shares are  not
     traded  on  the Exchange or in the over-the-counter  market,
     Market  Price  shall  be  determined  by  the  Directors  or
     Committee  administering the Plan, taking into consideration
     those factors affecting or reflecting value which they  deem
     appropriate.   Notwithstanding the foregoing, the  following
     adjustments  shall be made to Market Price in the  following
     circumstances:

     (a)  "Consolidation Exception" The Market Price is to be adjusted
          for any share consolidation or split.  If the notice of the
          transaction is within 10 days following a consolidation of the
          Corporation's share capital, the minimum price per Share will be
          the greater of the Market Price, adjusted for any share
          consolidation or split, or $0.10;

     (b)  "Material Change Exception" If the Corporation announces a
          material change in the affairs of the Corporation after providing
          notice of the transaction and if the Exchange determines that a
          party to the transaction was probably aware of that pending
          material change, then the Market Price will be at least equal to
          the closing price of the Shares on the trading day after the day
          on which that material change was announced;

<PAGE>    Exhibit 10.4

                               -3-

     (c)  "Price Interference Exception" If the Exchange determines
          that the closing price is not a fair reflection of the market for
          the Shares and the Shares appear to have been high-closed or low-
          closed, then the Exchange will determine the Market Price to be
          used;

     (d)  "Suspension Exception" If the Corporation is suspended from
          trading or has, for any reason, not traded for an extended period
          of time, the Exchange may determine the deemed Market Price to be
          used; and

     (e)  "Minimum Price Exception" The Exchange will not generally
          permit the Shares to be issued from treasury at a price of less
          than $0.10 nor will the Exchange generally permit any securities
          convertible into Shares to be issued with an effective conversion
          price of less than $0.10 per Share.

     "Non-Qualified  Stock Option" shall mean an  option  granted
     under  Section 6(1) of this Plan that is not intended to  be
     an Incentive Stock Option.

     "Option"  shall  mean an Incentive Stock Option  or  a  Non-
     Qualified Stock Option.

     "Participant"  shall mean any Service Provider  selected  by
     the Committee to receive an Award under this Plan.

     "Plan"  shall  mean the Share Incentive Plan  as  set  forth
     herein.

     "Retirement"  shall  mean  a  Participant's  termination  of
     employment  with,  or the termination of  the  provision  of
     services  for, the Corporation or any Affiliate at or  after
     age   65  (or  such  earlier  age  as  the  Committee  shall
     determine)  or  in  any  other  manner  determined  by   the
     Committee to constitute retirement.

     "SEC" shall mean the Securities and Exchange Commission,  or
     any successor thereto and shall include the staff thereof.

     "Service   Provider"  shall  mean  an  Employee,   Director,
     Management Company Employee or Consultant of the Corporation
     or an Affiliate.

     "Stock  Option  Plan"  shall  mean  the  Stock  Option  Plan
     established in Section 6 hereof.

     "Shares" shall mean the common shares of the Corporation  as
     constituted on the date hereof, or, following an  adjustment
     under  Section  4(3) of this Plan, such other securities  or
     property as may become subject to Awards in substitution for
     such common shares pursuant to such adjustment.

<PAGE>    Exhibit 10.4

                              -7-

Section 3  Administration.

(1)  Authority of Committee.  This Plan shall be administered  by
     the Committee.  Subject to the terms of this Plan and applicable
     law, and in addition to other express powers and authorizations
     conferred on the Committee by this Plan, the Committee shall have
     full power and authority to: (i) designate Participants; (ii)
     determine the type or types of Awards to be granted to eligible
     Participants; (iii) determine the number of Shares to be covered
     by, or with respect to which payments, rights, or other matters
     are to be calculated in connection with, Awards; (iv) determine
     the terms and conditions of any Award; (v) determine whether, to
     what extent, and under what circumstances Awards may be settled
     or exercised in cash, Shares, other securities, other Awards or
     other property, or cancelled, forfeited, or suspended and the
     method or methods by which Awards may be settled, exercised,
     cancelled, forfeited, or suspended; (vi) determine whether, to
     what extent, and under what circumstances cash, Shares, other
     securities, other Awards, other property, and other  amounts
     payable  with  respect to an Award shall be deferred  either
     automatically or at the election of the holder thereof or of the
     Committee; (vii) interpret and administer this Plan and  any
     instrument or agreement relating to this Plan or  any  Award
     hereunder; (viii)  correct errors, omissions or inconsistencies
     in this Plan or in any Award Notice, or any other instrument
     relating  to an Award under this Plan, and (subject  to  the
     provisions of Section 9) to amend the terms and conditions of any
     outstanding Award to the extent such terms and conditions are
     within the discretion of the Committee as provided in this Plan;
     (ix)  establish,  amend, suspend, or waive  such  rules  and
     regulations and appoint such agents as it shall deem appropriate
     for the proper administration of this Plan; and (x) make any
     other determination and take any other action that the Committee
     deems necessary or desirable for the administration of this Plan.
     To the extent necessary or appropriate, the Committee may adopt
     sub-plans consistent with this Plan to conform to applicable
     state or foreign securities or tax laws.  A majority of  the
     members of the Committee may determine its actions and fix the
     time and place of its meetings.

(2)  Determinations Under This Plan.  Unless otherwise  expressly
     provided  in  this  Plan, all designations,  determinations,
     interpretations, and other decisions under or with respect to
     this Plan or any Award shall be within the sole discretion of the
     Committee,  may  be  made at any time and  shall  be  final,
     conclusive,  and  binding upon all  persons,  including  the
     Corporation, any Affiliate, any Participant, any  holder  or
     beneficiary of any Award, and any shareholder of the Corporation.

(3)  Liability of Committee.  No member of the Committee shall be
     liable, in the absence of bad faith, for any act or omission with
     respect to his or her services on the Committee. Service on the

<PAGE>    Exhibit 10.4

                              -8-

     Committee shall constitute service as a director of the
     Corporation (solely for purposes of the provisions of this
     Section 3(3)) so that members of the Committee shall be entitled
     to indemnification, limitation of liability and reimbursement as
     directors with respect to their services as members of the
     Committee.

(4)  Delegation of Certain Responsibilities.  The Committee  may,
     in its sole discretion, delegate to appropriate officers of the
     Corporation the administration of this Plan; provided, however,
     that no such delegation by the Committee shall be made (i) if
     such delegation would not be permitted under applicable law or
     (ii)  with respect to the administration of this Plan as  it
     affects executive officers or directors of the Corporation, and
     provided  further  that the Committee may not  delegate  its
     authority to correct errors, omissions or inconsistencies in this
     Plan.  Subject  to the above limitations, the Committee  may
     delegate to the President or Chief Executive Officer of  the
     Corporation its authority under this Section 3 to grant Awards to
     employees who are not Key Management Employees  or directors of
     the Corporation. All authority delegated by the Committee under
     this Section 3(4) shall be exercised in accordance with  the
     provisions of this Plan and any guidelines for, conditions on, or
     limitations to the exercise of such authority that may from time
     to time be established by the Committee.

(5)  Award  Notices.   Each  Award  under  this  Plan  shall   be
     evidenced by an Award Notice that shall be signed by an officer
     of the Corporation, and shall contain such terms and conditions
     as may be approved by the Committee, which need not be the same
     in all cases.  Any Award Notice may be supplemented or amended in
     writing from time to time as approved by the Committee, provided
     that the terms of such agreements as amended or supplemented, as
     well  as  the  terms of the original Award Notice,  are  not
     inconsistent with the provisions of this Plan.  Nothing contained
     in this Plan or any resolutions adopted or to be adopted by the
     Board or by the shareholders of the Corporation shall constitute
     the granting of an Award under this Plan.  A Service Provider who
     receives an Award under this Plan shall not, with respect to such
     Award, be deemed to have become a Participant, or to have any
     rights with respect to such Award, unless and until such Service
     Provider  has  been provided with an Award Notice  or  other
     instrument evidencing the Award and has otherwise complied with
     the applicable terms and conditions of the Award.

(6)  Awards to Directors.  Awards to Directors shall be granted
     by the Committee.  If the Committee is not composed as prescribed
     in the definition of Committee above, the Board may take such
     action with respect to any Award to a Director as it deems
     necessary or advisable to comply with Rule 16b-3 of the United

<PAGE>    Exhibit 10.4

                              -9-

     States Securities Exchange Act of 1934 and any related rules.

(7)  Financial Reports.  To the extent required by applicable
     law, the Corporation shall furnish to Participants the
     Corporation's annual financial statements which need not be
     audited.  This provision shall not apply to Participants that
     have duties with the Corporation or an Affiliate that assure them
     access to equivalent information.

Section 4  Shares Available for Awards.

(1)  Shares  Available.   Subject to adjustment  as  provided  in
     Section 4(3), the number of Shares with respect to which Awards
     may be granted under the Stock Option Plan shall be 11,812,740.

(2)  Terminations and Cancellations.  If, after the effective
     date of this Plan, an Award otherwise terminates or is cancelled
     without the delivery of Shares or of other consideration, then
     the Shares covered by such Award, or to which such Award relates,
     or the number of Shares otherwise counted against the aggregate
     number of Shares with respect to which Awards may be granted, to
     the extent of any such termination or cancellation, shall again
     be Shares with respect to which Awards may be granted.

(3)  Adjustments.   In  the  event that the Committee  determines
     that any dividend or other distribution (whether in the form of
     cash,   Shares,   other  securities,  or  other   property),
     recapitalization,   stock  split,   reverse   stock   split,
     reorganization,  merger, consolidation, split-up,  spin-off,
     combination,  repurchase, or exchange  of  Shares  or  other
     securities of the Corporation, issuance of warrants or other
     rights to purchase Shares or other securities of the Corporation,
     or  other similar corporate transaction or event affects the
     Shares such that an adjustment is determined by the Committee to
     be appropriate in order to prevent dilution or enlargement of the
     benefits or potential benefits intended to be made available
     under this Plan, then the Committee shall, in such manner as it
     may deem equitable, adjust any or all of (i) the number of Shares
     or  the kind of equity securities of the Corporation (or the
     number and kind of other securities or property) with respect to
     which Awards may be granted, (ii) the number of Shares or the
     kind of equity securities of the Corporation (or the number and
     kind of other securities or property) subject to outstanding
     Awards, and (iii) the grant or exercise price with respect to any
     Award  or, if deemed appropriate, make provision for a  cash
     payment to the holder of an outstanding Award; provided, however,
     that any adjustment of an Incentive Stock Option shall be made in
     such a manner so as not to constitute a "modification" within the

<PAGE>    Exhibit 10.4

                              -10-

     meaning of Section 424(h)(3) of the Code; and provided further,
     that the number of Shares subject to any Award denominated in
     Shares shall always be a whole number.

(4)  Sources  of  Shares  Deliverable Under Awards.   Any  Shares
     delivered pursuant to an Award may consist, in whole or in part,
     of authorized and unissued Shares.

(5)  Single  Participant  Limitation.  The  aggregate  number  of
     Shares reserved for issuance to any one Participant upon the
     exercise of Options shall not exceed five percent (5%) of the
     total number of Shares outstanding at the time of grant, provided
     that any reduction in the number of outstanding Shares shall not
     affect any Option granted hereunder prior to the reduction.

(6)  Consultants.   The aggregate number of Shares  reserved  for
     issuance to any one Consultant upon the exercise of Options shall
     not  exceed two percent (2%) of the total number  of  Shares
     outstanding at the time of grant, provided that any reduction in
     the number of outstanding Shares shall not affect any Option
     granted hereunder prior to the reduction.

(7)  Investor Relations.  The aggregate number of Shares reserved
     for issuance to any one person employed in Investor Relations
     Activities upon the exercise of Options shall not exceed two
     percent (2%) of the total number of Shares outstanding at the
     time of grant, provided that any reduction in the number of
     outstanding Shares shall not affect any Option granted hereunder
     prior to the reduction.

Section 5  Eligibility.

     Service  Providers  shall be eligible to  be  designated  as
     Participants under the Plan.

Section 6  Stock Option Plan.

(1)  Grant.   Subject  to  the  provisions  of  this  Plan,   the
     Committee shall have the authority to determine the Participants
     to whom Options shall be granted, the number of Shares to be
     covered  by each Option, the option price therefor  and  the
     conditions and limitations applicable to the exercise of the
     Option; provided, however, that the terms and conditions of any
     Incentive Stock Option granted hereunder shall be subject to, and
     shall comply in all respects with, the requirements of Section
     422 of the Code, as amended from time to time.  The Committee
     shall have the authority to grant Incentive Stock Options, or to
     grant Non-Qualified Stock Options, or to grant both types of
     options; provided, however that Incentive Stock Options shall not
     be granted to Consultants, non-employee Directors or any other
     persons who are not permitted to receive Incentive Stock Options
     under the Code.

<PAGE>    Exhibit 10.4

                              -11-

(2)  Number of Shares.  Each Award Notice covering Options shall
     state that it covers a specified number of Shares, as determined
     by the Committee.

(3)  Price.   The price at which each Share covered by an  Option
     may  be  purchased shall be determined in each case  by  the
     Committee and set forth in the Award Notice related to  such
     Option,  but in no event shall such price be less  than  the
     Discounted Market Price of a Share on the trading day immediately
     preceding  the day on which the Option is granted; provided,
     however, that the exercise price for each Share covered by an
     Incentive Stock Option (i) shall not be less than Market Price
     for the Shares on the date on which the Option is Granted and
     (ii) in the case of any Incentive Stock Option granted to an
     Employee who then owns stock possessing more than 10% of the
     total  combined voting power of all classes of stock of  the
     Corporation or any parent or subsidiary corporation  of  the
     Corporation,  must be at least 110% of the Market Price of the
     Shares subject to the Incentive Stock Option.

(4)  Duration  of  Options.  Each Award Notice  covering  Options
     shall state the period of time, determined by the Committee,
     within which the Option may be exercised by the Participant (the
     "Option Period").  The Option Period must expire, in all cases,
     not more than five years from the date an Option is granted.
     Each Award Notice shall also state the periods of time, if any,
     as determined by the Committee, when incremental portions of each
     Option  shall  vest, provided (i) that, except as  otherwise
     indicated herein, Options shall vest over a minimum period of 18
     months on a pro rata calendar quarter basis; (ii) Options issued
     to Consultants engaged in providing Investor Relations Activities
     must vest over a period of twelve months with no more than 1/4 of
     the Options vesting in any three month period; and (iii) further
     provided that Options granted to Participants in the State of
     Florida shall provide such Participant with the right to exercise
     the Option at the rate of at least 20% per year over five years
     from the date the Option is granted in each case, subject to the
     conditions on exercise set forth in the Plan or the applicable
     Option agreement.  If any Option is not exercised during its
     Option Period, it shall be deemed to have been forfeited and of
     no further force or effect.

(5)  Election.  The Committee shall have the authority to provide
     in any Award Notice that a Participant may, rather than exercise
     Options which he or she is entitled to exercise under Section
     6(4), irrevocably elect to require the Corporation to purchase
     for cancellation any such Options, in whole or in part upon such
     election  and, in lieu of receiving the Shares to which  the
     purchased  Options  relate  (the  "Designated  Shares")  the
     Corporation,  in its sole discretion, shall deliver  to  the
     Participant either (a) a cash payment of an amount equal to the
     product of the number of Designated Shares multiplied by the
     difference between the Discounted Market Price and the exercise
     price  per  share of the Designated Shares, less any  amount
     withheld on account of income taxes, which withheld income taxes
     will be remitted by the Corporation or (b) that number of Shares,
     disregarding fractions, which have an aggregate Discounted Market
     Price equal to the product of the number of Designated Shares
     multiplied by the difference between the Discounted Market Price
     and the exercise price per share of the Designated Shares, less

<PAGE>    Exhibit 10.4

                              -12-

     any amount withheld on account of income taxes, which withheld
     income  taxes will be remitted by the Corporation.  For  the
     purposes of this section, in order to determine the Discounted
     Market Price, the Market Price per Share shall be the weighted
     average  trading  price of the Share during  the  five  days
     immediately preceding the date of the Participant's election
     herein.

(6)  Termination of Service, Death, Disability, etc.   Except  as
     otherwise determined by the Committee, each Award Notice covering
     Options shall provide as follows with respect to the exercise of
     the Options:

     (a)  If  the Participant is terminated as a Service Provider
          within the Option Period "for cause," the Option shall thereafter
          be void for all purposes.  As used in this Section 6(6)(a),
          "cause" shall mean (x) the intentional disregard of, or a gross
          violation of, the Corporation's established policies and
          procedures, as determined by the Corporation or the Committee,
          (y)  knowingly engaging in conduct amounting to  fraud,
          misrepresentation, misappropriation, theft or embezzlement
          against the Corporation or otherwise engaging in acts materially
          damaging to the business of Corporation or (z) if applicable, as
          set forth in any employment or similar agreement between the
          Participant  and the Corporation.  The effect  of  this
          Section 6(6)(a) shall be limited to determining the consequences
          of a termination in relation to entitlement to Options, and
          nothing in this Section 6(6)(a) shall restrict or otherwise
          interfere with the Corporation's discretion with respect to the
          termination of any Service Provider;

     (b)  If the Participant ceases to be a Service Provider due to
          the Participant's Retirement, the Option may be exercised by the
          Participant, within three months following his or her Retirement
          if the Option is an Incentive Stock Option or within twelve
          months following his or her Retirement if the Option is a Non-
          Qualified Stock Option (provided in each case that such exercise
          must occur within the Option Period), but not thereafter.  In any
          such case, the Option may be exercised only as to the Shares as
          to which the Option had become exercisable on or before the date
          the Participant ceases to be a Service Provider;

<PAGE>    Exhibit 10.4

                              -13-

     (c)  If  the  Participant dies while he or she is a  Service
          Provider or within the three-month period following the
          Participant's Retirement, the Option may be exercised by those
          entitled to do so under the Participant's will or by the laws of
          descent and distribution within twelve months following the
          Participant's death (provided that such exercise must occur
          within the Option Period), but not thereafter.  In any such case,
          the Option may be exercised only as to the Shares as to which the
          Option had become exercisable on or before the date of the
          Participant's death or at such time as the Participant ceased to
          be a Service Provider, whichever is earlier;

     (d)  If the Participant suffers a Disability while a Service
          Provider, Options held by the Participant may be exercised by the
          Participant within twelve months following the date the
          Participant ceases to be a Service Provider (provided that such
          exercise must occur within the Option Period), but not
          thereafter.  In any such case, the Option may be exercised only
          as to the Shares as to which the Option had become exercisable on
          or before the date the Participant ceased to be a Service
          Provider;

     (e)  If the Participant, other than a Participant engaged in
          Investor Relations Activities, ceases to be a Service Provider
          within the Option Period for any reason other than cause,
          Retirement, Disability or the Participant's death, the Option may
          be exercised by the Participant within three months following the
          date of such cessation (provided that such exercise must occur
          within the Option Period), but not thereafter.  In any such case,
          the Option may be exercised only as to the Shares as to which the
          Option had become exercisable on or before the date that the
          Participant ceases to be a Service Provider;

     (f)  If  a  Participant who is engaged in Investor Relations
          Activities ceases to be employed to provide Investor Relations
          Activities within the Option Period for any reason other than
          cause, Retirement, Disability or the Participant's death, the
          Option may be exercised by the Participant within 30 days
          following the date of such cessation (provided that such exercise
          must occur within the Option Period), but not thereafter.  In any
          such case, the Option may be exercised only as to the Shares as
          to which the Option had become exercisable on or before the date
          that the Participant ceases to be engaged in Investor Relations
          Activities;

     (g)  Notwithstanding the provisions of this Section 6(6) or any
          other provision of the Plan, with respect to any Options granted
          to an Employee in connection with the commencement of employment

<PAGE>    Exhibit 10.4

                              -14-

          as an Employee, the Committee may provide for terms as to
          retirement, disability, death or other termination of employment
          which are different from the terms provided in this Section 6(6)
          if such different terms are set forth in a written employment
          agreement with the Employee, which agreement shall have been
          approved by the Board, or are otherwise provided by the
          Committee, subject to the approval by the Board.  Notwithstanding
          the foregoing, no Incentive Stock Options may be granted pursuant
          to this Section 6(6)(g);

     (h)  Whether an authorized leave of absence or absence due to
          active military service shall constitute termination as a Service
          Provider shall be determined by the Committee at the time
          thereof.  Notwithstanding the foregoing, in the case of Incentive
          Stock Options, if the period of leave exceeds ninety (90) days,
          unless the individual's right to re-employment is guaranteed by
          statute or contract, the employment relationship will be deemed
          to have terminated on the ninety-first (91st) day of such leave;
          and

     (i)  If a Participant's status as a particular type of Service
          Provider changes to another type of Service Provider, the
          Committee, in its discretion, may determine that any Option
          previously granted shall continue in full force and effect so
          long as the Option is a Non-Qualified Stock Option.  The
          Committee shall be permitted, in its discretion, to grant Non-
          Qualified Stock Options that provide that they shall continue in
          full force and effect if the Participant's status with the
          Corporation or any Affiliate changes, but such person continues
          as a Service Provider.

(7)  Limitation  on  Amount  of  Incentive  Stock  Options.   The
     aggregate fair market value (determined as of the time the Option
     is  granted) of Shares with respect to which Incentive Stock
     Options  are exercisable for the first time by a Participant
     during any calendar year under this Plan (and all other incentive
     stock option plans of the Corporation, any subsidiary or parent
     corporation of the Corporation) shall not exceed US$100,000.  In
     no  event,  however, shall an acceleration of exercisability
     pursuant to the terms of this Plan operate to reduce or limit the
     number of shares that may be exercised pursuant to such Incentive
     Stock  Options.   Shares in excess of the US$100,000   limit
     described herein shall be treated as Shares subject to a Non-
     Qualified Stock Option.

Section 7  Terms and Conditions.

(1)  Awards  May Be Granted Separately or Together.  Awards  may,
     in the discretion of the Committee, be granted either alone or in
     addition to, or in substitution for, any other Award granted
     under this Plan.  Except as otherwise provided herein, Awards

<PAGE>    Exhibit 10.4

                              -15-

     granted in addition to other Awards may be granted either at the
     same time as, or at a different time from, the grant of such
     other Awards.

(2)  Forms of Payment by Corporation Under Awards.  Subject to
     the terms of this Plan and of any applicable Award Notice,
     payments or transfers to be made by the Corporation or an
     Affiliate upon the grant, exercise or payment of an Award may be
     made in such form or forms as the Committee shall determine,
     including, without limitation, cash, other securities, other
     Awards or other property, or any combination thereof, and may be
     made in a single payment or transfer, in installments, or on a
     deferred basis, in each case in accordance with rules and
     procedures established by the Committee.

(3)  Limits  on  Transfer of Awards. An Award  shall  be  neither
     assignable nor transferable other than by will or the laws of
     descent and distribution, and an Option subject to exercise may
     be exercised, during the lifetime of the Participant, only by the
     Participant  or  in  the event of death,  the  Participant's
     beneficiary  as  hereinafter provided, or in  the  event  of
     disability, the Participant's personal representative.

(4)  Term of Awards.  Unless otherwise provided herein, the term
     of each Award shall be for such period as may be determined by
     the Committee.

(5)  Certificates.    Unless  otherwise  provided   herein,   all
     certificates for Shares or other securities of the Corporation or
     any Affiliate delivered under this Plan pursuant to any Award, or
     the exercise thereof, shall be subject to such stop transfer
     orders and other restrictions as the Committee may deem advisable
     under this Plan or the rules, regulations, and other requirements
     of the SEC, any stock exchange upon which such Shares or other
     securities  are  then  listed, and any  applicable  federal,
     provincial or territorial or state laws, and the Committee may
     cause a legend or legends to be put on any such certificates to
     make appropriate reference to such restrictions.

(6)  Consideration for Grants.  Awards may be granted for no cash
     consideration or for such minimal cash consideration as may be
     required by applicable law.

(7)  Delivery of Shares or Other Securities and Payment by
     Participant of Consideration.  No Shares or other securities
     shall be delivered pursuant to any Award until payment in full of
     any amount required to be paid pursuant to this Plan or the
     applicable Award Notice is, or is arranged to be (on terms
     acceptable to the Committee), received by the Corporation.  Such
     payment may be made by such method or methods and in such form or
     forms as the Committee shall determine, including, without
     limitation, cash, Shares, other securities, other Awards or other
     property, or any combination thereof; provided that the combined

<PAGE>    Exhibit 10.4

                              -16-

     value, as determined by the Committee, of all cash and cash
     equivalents and the Discounted Market Price of any such Shares or
     other property so tendered, or arranged to be tendered, to the
     Corporation, as of the date of such tender, is at least equal to
     the full amount required to be paid pursuant to this Plan or the
     applicable Award Notice to the Corporation.

(8)  Cancellation  or Suspension of Awards.  The Committee  shall
     have  full power and authority to determine whether, to what
     extent and under what circumstances any Award shall be cancelled
     or  suspended.   In particular, but without limitation,  all
     outstanding Awards to any Participant shall be cancelled if the
     Participant, without the consent of the Committee, while employed
     by or providing services for the Corporation or after termination
     of such employment or services, becomes associated with, employed
     by, renders services to, or owns any interest in (other than any
     nonsubstantial interest, as determined by the Committee), any
     business that is in competition with the Corporation or with any
     business in which the Corporation has a substantial interest as
     determined by the Committee.

(9)  Conditions and Restrictions on Awards.   At the time that an
     Award is granted, the Committee may provide for any conditions
     and/or restrictions that it intends to impose upon the Award
     and/or  the Shares subject to the Award.  The Committee  may
     accelerate the vesting of any Participant's Option by giving
     written notice to the Participant.  Upon receipt of such notice,
     the Participant and the Corporation shall amend the Award Notice
     to reflect the new vesting schedule.  The acceleration of the
     exercise period of an Option shall not affect the expiration date
     of that Option.  Notwithstanding the Committee's discretion in
     determining  a vesting schedule, if any, with respect  to  a
     particular Award, an Option shall become fully vested should the
     Board of Directors recommend acceptance of a take-over bid or
     issue-bid for Shares of the Corporation.

(10) Option Exercise.  Options shall be exercised by the delivery
     of written notice to the Corporation, in such form and to be
     filed in such manner as the Committee shall in its sole
     discretion prescribe, not later than 5:00 p.m., Toronto time, on
     the last day on which the Option may be exercised.  Any written
     notice of the exercise of an Option shall set forth the number of
     Shares  with respect to which the Option is to be exercised,
     shall include any statement or representation required by the
     applicable Award Notice, and shall be accompanied by paying in
     full the purchase price for the Shares.

Section 8  Registration of Option Shares.  The Options shall  not
be  exercisable unless the purchase of the Shares is pursuant  to
an  applicable effective registration statement under the  United
States  Securities  Act of 1933, as amended, or  unless,  in  the

<PAGE>    Exhibit 10.4

                              -17-

opinion  of counsel to the Corporation, the proposed purchase  of
the Shares would be exempt from the registration requirements  of
the Securities Act of 1933, as amended, and from the registration
or  qualification  requirements of  applicable  state  securities
laws.

Section 9.  Change  of  Control.  In the event  of  a  Change  of
Control, the Committee may, in its discretion, determine that all
outstanding   Options  granted  under  this  Plan  shall   become
exercisable in full whether or not otherwise exercisable at  such
time,  and  any  such  Option shall remain  exercisable  in  full
thereafter until it expires pursuant to its terms.

Section 10  Amendment and Termination.

     Except to the extent prohibited by applicable law and unless
otherwise expressly provided in an Award Notice or in this Plan:

     (a)  Amendments  to this Plan.  The Board may amend,  alter,
          suspend, discontinue, or terminate this Plan at any time without
          the consent of any shareholder, Participant, other holder or
          beneficiary of an Award, or other person; provided that
          notwithstanding any other provision of this Plan or any Award
          Notice,  no  such  amendment,  alteration,  suspension,
          discontinuation, or termination shall be made without shareholder
          approval if such approval is necessary to comply with, or to
          obtain exemptive relief under, any tax or regulatory requirement
          that the Board deems desirable to comply with.

     (b)  Amendments to Awards Generally.  Except as otherwise
          provided herein, the Committee may waive any conditions or rights
          under, amend any terms of, or accelerate or alter, any Award
          granted hereunder, prospectively or retroactively, without the
          consent of any relevant Participant or holder or beneficiary of
          an Award, provided that such action does not (i) materially
          impair the rights of any Participant or holder or beneficiary of
          an Award without such person's consent, or (ii) result in a
          decrease in the Discounted Market Price of an Award without such
          Participant's or holder's or beneficiary's consent;

     (c)  Exchange Requirements Regarding Amendments to Terms  of
          Awards. No amendment or alteration shall be made to the exercise
          price of Awards previously issued to insiders of the Corporation
          without obtaining disinterested shareholder approval.  The
          exercise price of a previously granted Award can be amended only
          if at least six months have elapsed since the later of the (i)
          date of commencement of the term of the Award, and (ii) the date

<PAGE>    Exhibit 10.4

                              -18-

          the exercise price of the Award was last amended.  If the
          exercise price of an Award is amended to the Discounted Market
          Price per Share on the trading day immediately preceding the
          effective date of the amendment, the Exchange hold period will
          apply from the date of the amendment; whereas if the exercise
          price of an Award is amended to the Market Price per Share on the
          trading day immediately preceding the effective date of the
          amendment, the Exchange hold period will not apply.  An Award
          must be outstanding for at least one year before the Corporation
          may extend the term of the Award.  Any extension of the length of
          the term of an Award shall be treated as a grant of a new option
          that  is required to comply with the pricing and  other
          requirements of the applicable rules of the Exchange.

     (d)  Adjustments of Awards Upon Certain Acquisitions.  In the
          event the Corporation or any Affiliate shall assume outstanding
          employee awards or the right or obligation to make future
          employee awards in connection with the acquisition of another
          business or another corporation or business entity, the Committee
          may make such adjustments, not inconsistent with the terms of
          this Plan, in the terms of Awards as it shall deem appropriate in
          order to achieve reasonable comparability or an equitable
          relationship between the assumed awards and the Awards as so
          adjusted;

     (e)  Adjustment of Awards Upon the occurrence of Certain Unusual
          or Nonrecurring Events.  The Committee is hereby authorized to
          make adjustments in the terms and conditions of, and the criteria
          included in, Awards in recognition of unusual or nonrecurring
          events (including, without limitation, the events described in
          Section 4(3) hereof) affecting the Corporation, any Affiliate, or
          the financial statements of the Corporation or any Affiliate, or
          of changes in applicable laws, regulations, or accounting
          principles, whenever the Committee determines that such
          adjustments are appropriate in order to prevent dilution or
          enlargement of the benefits or potential benefits intended to be
          made available under this Plan; and

     (f)  Cancellation.  Any provision of this Plan or any Award
          Notice to the contrary notwithstanding, the Committee may cause
          any Award granted hereunder to be cancelled in consideration of a
          cash payment or alternative Award (equal to the Discounted Market
          Price of the Award to be cancelled) made to the holder of such
          cancelled Award.

<PAGE>    Exhibit 10.4

                              -19-

Section 11  General Provisions.

(1)  Representations;  Legend.  The Committee  may  require  each
     Participant purchasing Shares pursuant to an Option to represent
     to and agree with the Corporation in writing that the Participant
     is  acquiring  the Shares without a view to the distribution
     thereof.  The certificates for such Shares may include any legend
     that the Committee deems appropriate to reflect any restrictions
     on transfer.  However, the certificates representing the Options
     and any Shares issued upon exercise of the Options must,  in
     accordance with the rules of the Exchange, be legended with at
     least a four month Exchange hold period, such period commencing
     from the date of the granting of the Options.

(2)  No  Rights  to Awards.  No Service Provider, Participant  or
     other person shall have any claim to be granted any Award, and
     there is no obligation for uniformity of treatment of Service
     Providers, Participants, or holders or beneficiaries of Awards.
     The terms and conditions of Awards need not be the same with
     respect to each recipient.

(3)  Withholding.  A Participant may be required to  pay  to  the
     Corporation  or  any Affiliate, and the Corporation  or  any
     Affiliate  shall have the right and is hereby authorized  to
     withhold from any Award, from any payment due or transfer made
     under any Award or under this Plan or from any compensation or
     other amount owing to a Participant, the amount (in cash, Shares,
     other securities, other Awards or other property, as determined
     by the Committee) of any applicable withholding taxes in respect
     of an Award, its exercise, or any payment or transfer under an
     Award or under this Plan, and to take such other action as may be
     necessary  in the opinion of the Corporation to satisfy  all
     obligations for the payment of such taxes.  In the  case  of
     payments of Awards in the form of Shares, at the Committee's
     discretion, the Participant may be required to  pay  to  the
     Corporation or an Affiliate the amount of any taxes required to
     be withheld with respect to such Shares or, in lieu thereof, the
     Corporation or an Affiliate shall have the right to retain (or
     the  Participant may be offered the opportunity to elect  to
     tender) the number of Shares whose Discounted Market Price equals
     the amount required to be withheld.  The Committee may provide
     for additional cash payments to holders of Awards to defray or
     offset any tax arising from the grant, vesting, exercise  or
     payments of any Award.  In the discretion of the Committee, the
     Corporation  may  offer  loans to  Participants  to  satisfy
     withholding requirements on such terms as the Committee  may
     determine, which terms may in the discretion of the Committee be
     non-interest bearing.

(4)  No   Limit  on  Other  Compensation  Arrangements.   Nothing
     contained in this Plan shall prevent the Corporation or  any
     Affiliate  from  adopting  or  continuing  in  effect  other
     compensation arrangements, which may (but need not) provide for

<PAGE>    Exhibit 10.4

                              -20-

     the  grant of options, restricted stock and other  types  of
     security-based  awards  provided for hereunder  (subject  to
     shareholder approval if such approval is required), and such
     arrangements may be either generally applicable or applicable
     only in specific cases.

(5)  No Right to Employment. The grant of an Award shall not be
     construed as giving a Participant the right to be retained in the
     employ of, or to continue to render services to, the Corporation
     or any Affiliate.  Further, the Corporation or an Affiliate may
     at any time dismiss a Participant from employment, or otherwise
     terminate its relationship with a Service Provider, free from any
     liability or any claim under this Plan, except to the extent
     expressly provided otherwise in this Plan or in any Award Notice.

(6)  No  Rights as Shareholder.  Subject to the provisions of the
     applicable Award Notice, no Participant or holder or beneficiary
     of any Award shall have any rights as a shareholder with respect
     to any Shares to be distributed under this Plan until he or she
     has become the holder of such Shares.

(7)  Governing  Law.  The validity, construction, and  effect  of
     this Plan and any rules and regulations relating to this Plan and
     any Award Notice shall be determined in accordance with the laws
     of  the  State of Florida and applicable United States  law;
     provided, however, that, to the extent Canadian federal, Yukon
     territorial law or Ontario provincial law is applicable to any
     aspect of this Plan, such law shall control to the extent that it
     does not conflict with application of any securities laws or tax
     laws of the United States upon the grant or exercise of an Award.

(8)  Severability.  If any provision of this Plan or any Award is
     or becomes or is deemed to be invalid, illegal, or unenforceable
     in any jurisdiction or as to any person or Award, or would
     disqualify this Plan or any Award under any law deemed applicable
     by the Committee, such provision shall be construed or deemed
     amended to conform to applicable laws, or if it cannot be
     construed or deemed amended without, in the determination of the
     Committee, materially altering the intent of this Plan or the
     Award, such provision shall be stricken as to such jurisdiction,
     person or Award and the remainder of this Plan and any such Award
     shall remain in full force and effect.

(9)  Other  Laws.  The Committee may refuse to issue or  transfer
     any Shares or other consideration under an Award if it determines
     that  the issuance or transfer of such Shares or such  other
     consideration might violate any applicable law or regulation, and
     any payment tendered to the Corporation by a Participant, other
     holder or beneficiary in connection with the exercise of such
     Award shall be promptly refunded to the relevant Participant,
     holder or beneficiary.  Without limiting the generality of the
     foregoing, no Award granted hereunder shall be construed as an

<PAGE>    Exhibit 10.4

                              -21-

     offer to sell securities of the Corporation, and no such offer
     shall  be  outstanding, unless and until the  Committee  has
     determined that any such offer, if made, would be in compliance
     with all applicable requirements of federal securities laws.

(10) No Trust or Fund Created.  Neither this Plan nor any Award
     shall create or be construed to create a trust or separate fund
     of any kind or a fiduciary relationship between the Corporation
     or any Affiliate and a Participant or any other person.  To the
     extent that any person acquires a right to receive payments from
     the Corporation or any Affiliate pursuant to an Award, such right
     shall be no greater than the right of any unsecured general
     creditor of the Corporation or any Affiliate.

(11) No  Fractional Shares.  No fractional Shares shall be issued
     or  delivered  pursuant to this Plan or any Award,  and  the
     Committee shall determine whether cash, other securities, or
     other  property shall be paid or transferred in lieu of  any
     fractional Shares or whether such fractional Shares or any rights
     thereto shall be cancelled, terminated, or otherwise eliminated.

(12) Headings.    Headings  are  given  to   the   Sections   and
     subsections of this Plan solely as a convenience to facilitate
     reference.  Such headings shall not be deemed in any way material
     or relevant to the construction or interpretation of this Plan or
     any provision thereof.

(13) Brokerage  Arrangements.  The Committee, in its  discretion,
     may enter into arrangements with one or more banks, brokerages or
     other financial institutions to facilitate the disposition of
     Shares acquired upon exercise of Options, including, without
     limitation, the sale of the Shares acquired upon such exercise.

(14) Indemnification.  Any person who was or is a party or is
     threatened to be made a party to any threatened, pending or
     completed action, suit or proceeding, whether civil, criminal,
     administrative or investigative (including any action or suit by
     or in the right of the Corporation to procure a judgment in its
     favor) by reason of the fact that he or she is or was a member of
     the Committee, shall be indemnified by the Corporation, if, as
     and to the extent authorized by the laws of the Province of
     Ontario, against expenses (including attorneys' fees), judgments,
     fines and amounts paid in settlement (if the terms of such
     settlement have been consented to by the Corporation) actually
     and reasonably incurred by him or her in connection with the
     defense or settlement of such action, suit or proceeding.  The
     indemnification expressly provided by statute in a specific case
     shall not be deemed exclusive of any other rights to which any
     person indemnified may be entitled under any lawful agreement,
     vote of shareholders or disinterested directors or otherwise,

<PAGE>    Exhibit 10.4

                              -22-

     both as to action in his or her official capacity and as to
     action in any other capacity while holding such office, and shall
     continue as to a person who has ceased to be a director, officer,
     employee or agent and shall inure to the benefit of the heirs,
     personal representatives and administrators of such a person.  No
     right of indemnification under the provisions set forth herein
     shall be available to or enforceable by any such person unless,
     within sixty (60) days after institution of any such action or
     proceeding, such person shall have offered the Corporation, in
     writing, notice of and the opportunity to handle and defend same
     at its own expense unless the Corporation shall have waived the
     requirement to provide such written notice and offer.

Section 12  Effective Date of this Plan.

     This  Plan  shall  be  effective  on  March  15,  2001  (the
"Effective  Date"); provided, however, that if this Plan  is  not
approved by the shareholders of the Corporation within the period
ending  twelve (12) months after the Effective Date, none of  the
Options  granted  hereunder  shall  constitute  Incentive   Stock
Options.

Section 13  Term of this Plan.

     No  Award  shall be granted under this Plan after March  11,
2011; provided, however, that any Award theretofore granted  may,
and  the authority of the Board or the Committee to amend, alter,
adjust, suspend, discontinue, or terminate any such Award  or  to
waive  any conditions or rights under any such Award shall extend
beyond such date.

<PAGE>    Exhibit 10.4NON-BINDING TERM SHEET

 

Exhibit 10.32

 

NTL

NON-BINDING TERM SHEET FOR PLAN OF REORGANIZATION

	 	 	 	 	 	 	 
	 	 	
 
	 	April 16, 2002
	 	 

         This non-binding term sheet describes certain of the principal terms and
conditions of the proposed restructuring of the outstanding indebtedness,
preferred stock and common stock of NTL Incorporated (“NTL”), NTL (Delaware),
Inc. (“Delaware”), NTL Communications Corp. (“NCC”), and Diamond Cable
Communications Limited (“Diamond Cable”), pursuant to a plan of reorganization
(the “Plan”) under chapter 11 of title 11 of the United States Code (the
“Bankruptcy Code”). The holders of the outstanding notes of NTL, Delaware, NCC
and Diamond Cable (the “Companies”) described herein (the “Notes”), and the
preferred stock of NTL described herein (the “Preferred Stock”), shall be
referred to in this non-binding term sheet as the “Claimants”. With respect to
Diamond Cable, a scheme of arrangement in the United Kingdom under Section 425
of the UK Companies Act 1985 may be utilized. It is not the intent to include
any direct or indirect foreign subsidiaries (“Non-Filing Subsidiaries”) (other
than Diamond Cable and Diamond Holdings Limited (“Diamond Holdings”)) in the
Plan. In connection with the Plan, Diamond Cable and Diamond Holdings may file
concurrent administration proceedings in the United Kingdom. The Chapter 11
filings for the Companies will be made in the Southern District of New York.

         This non-binding term sheet is not an offer with respect to any securities
or a solicitation of acceptances of the Plan. Such a solicitation will only be
made in compliance with applicable provisions of the securities laws and the
Bankruptcy Code.

	 	 	 	 	 
	Creation of New NTL and Euroco:	 	The Plan will provide for two surviving parent entities:
	
	
	
	

	 	 	
X
	 	a Delaware* corporation (“New NTL”), which (i) will issue common stock
and warrants, (ii) initially will have no material consolidated
indebtedness (other than the Senior Facility, Working Capital
Facility, Diamond Holdings notes, NTL (Triangle) LLC (“Triangle”)
notes, the Exit Facility (as defined herein) and certain intercompany
indebtedness), and (iii) will hold the UK/Ireland operations of NTL
(Triangle and Diamond Holdings will remain in existence as
subsidiaries of New NTL)**; and
	
	
	
	

	 	 	
X
	 	a Delaware* corporation (“Euroco”), which will issue

 

 

	 	 	 	 	 
	
	
	
	

	 	 	 	 	common stock and
preferred stock and will hold interests in Cablecom, B2, eKabel and
miscellaneous assets described on Annex A.***
	 
	
	
	
	

	Authorized Capital Stock of
New NTL and Euroco****:	 	The Plan and organizational documents of New NTL and Euroco, respectively, will
provide for initial authorized capital stock of 600 million shares of common
stock and 5 million shares of “blank check” preferred stock of New NTL and 60
million shares of common stock and one million shares of preferred stock of
Euroco (including the Euroco Preferred Stock). The Plan assumes issuance at
consummation of (i) 200,000,000 shares of New NTL Common Stock (excluding shares
issued in the Equity Rights Offering (as defined below) and the Delaware Notes
Rights Offering (as defined below)), (ii) warrants for 35,000,000 additional
shares of New NTL Common Stock (excluding warrants issued in the Equity Rights
Offering), (iii) 20,000,000 shares of Euroco Common Stock and (iv) shares of
Euroco Preferred Stock with an aggregate liquidation preference ($1,000 per
share) as calculated on Annex B.
	
	
	
	

	 
	Equity Rights Offering:	 	The holders of NTL Preferred Stock and NTL Common Stock (on a split of 8.548%,
64.016% and 27.436% to the Senior Preferred Stock, Junior Preferred Stock and NTL
Common Stock, respectively) will receive rights (the “Equity Rights”) to acquire
15,000,000 shares of the New NTL Common Stock at a price per share reflecting a
$10.5 billion total enterprise value of New NTL (the “Equity Rights Offering
Price”). Each share of Common Stock of New NTL acquired in the Equity Rights
Offering will be accompanied by a Series A Warrant (maximum issuance of warrants
representing approximately 15,000,000 shares of the New NTL Common Stock, which
will have a strike price which assumes 162.5% NCC and Diamond Cable Notes
Recovery (as defined below). The Equity Rights will be exercisable for a 15-day
period after confirmation of the Plan.**** The Equity Rights will be offered pro
rata but will be exercisable on an oversubscription basis by the
holders (i.e.,
other rights holders can subscribe to shares underlying unexercised rights). The
Equity Rights will not be exercisable by “strategic parties” (the definition of
which shall be mutually agreed).

3

 

	 	 	 	 	 
	
	
	
	

	Delaware Notes Rights Offering:	 	Holders of Delaware Notes (as defined below) will receive the right (the
“Delaware Notes Rights”) to acquire during the 15 day period after confirmation
(i) shares of New NTL Common Stock, at a price per share reflecting a $10.5
billion total enterprise value of New NTL, utilizing up to 100% of the
Delaware/Inc. Cash Amount (as defined below), and (ii) any shares of New NTL
Common Stock not subscribed to in the Equity Rights Offering, at the Equity
Rights Offering Price.
	 
	France Telecom (“FT”):	 	FT will waive (i) any right to consideration for any Delaware Notes held by it or
its affiliates (which represents in the aggregate at least $232 million principal
amount of the Delaware Notes) and (ii) the right to receive any interest in
Euroco.
	 
	DIP/New NTL Exit Facility:	 	See Annex C.
	 
	Euroco Available Cash:	 	Pursuant to the Plan, Euroco will have not less than the amount of cash set forth
on Annex D.
	 
	Euroco:	 	On the Effective Date, FT will pay $25 million cash for the benefit of Euroco in
a form to be mutually agreed.
	 
	Absence of Further Dilution:	 	Except as set forth herein, there will be no other equity securities or
instruments convertible or exercisable for equity securities of New NTL or Euroco
outstanding or committed to be issued as of the Effective Date.

	*	 	Consideration of tax and other related issues will be given to determine
whether there is a more desirable jurisdiction of incorporation.
	
	
	
	

	**	 	As Triangle and Diamond Holdings will remain as separate entities, issues
of cost allocations and transactions with affiliates covenants need to be
resolved.
	
	
	
	

	***	 	Change-in-control/transfer/right of first and last refusal/tag-along and
drag-along issues exist and may impact final structure.
	
	
	
	

	****	 	Depending on the timing, an exemption under Section 1145 of the
Bankruptcy Code from registration may be available.

4

 

Structure Upon Consummation (not a full legal structure
chart)

2

 

Summary Treatment of Claims and Interests

	 	 	 	 	 	 	 
	 	 	Equity Consideration	 	Equity Consideration	 	Other
	Claimant	 	in New NTL	 	in Euroco	 	Consideration
	Senior Facility	 	
None
	 	None
	 	Reinstatement*
	
	
	
	

	Working Capital Facility	 	
None
	 	None
	 	Reinstatement*
	
	
	
	

	Cablecom Facility	 	
None
	 	None
	 	Reinstatement*
	
	
	
	

	Diamond Holdings Notes	 	
None
	 	None
	 	Reinstatement*
	
	
	
	

	Triangle Notes	 	
None
	 	None
	 	Reinstatement*
	
	
	
	

	NCC Senior and Subordinated

Notes and Diamond Cable Notes
(“NCC and Diamond Cable Notes”)	 	
100% of Common Stock**
	 	***
	 	Portion of

Delaware/Inc.

Cash Amount

(to NCC Notes only)
	
	
	
	

	Delaware Notes (5 3/4% due 2009
and 5 3/4% due 2011 and claims of
NCC 7% due 2008 and NCC 6 3/4%
due 2008 Notes) (“Delaware
Notes”)	 	
**
	 	17,301,231 shares of

Common Stock*** and

shares of Euroco

Preferred Stock
	 	Portion of

Delaware/Inc. Cash

Amount****

Contingent right to

exercise Equity

Rights not exercised

during Equity Rights

Offering. Right to

purchase shares of

New NTL Common Stock

in the Delaware Notes

Rights Offering.
	
	
	
	

	13% Senior Preferred Stock	 	
Series A Warrants*****
representing 2,991,789 shares.
Eligibility to participate in
the Equity Rights Offering for
1,282,195 shares of New NTL
Common Stock
	 	641,098 shares of Common

Stock
	 	None
	
	
	
	

	FT Preferred Stock	 	
Series A Warrants
representing 22,405,748
shares. Eligibility to
participate in the Equity
Rights Offering for 9,602,463
shares of New NTL Common Stock
	 	None
	 	27% interest in Noos

transferred to France

Telecom
	
	
	
	

	NTL Common Stock	 	
Series A Warrants representing
9,602,463 shares. Eligibility
to participate in the Equity
Rights Offering for 4,115,342
shares of New NTL Common Stock
	 	2,057,671 shares of

Common Stock
	 	None

6

 

	*	 	Will be unimpaired and reinstated.
	
	
	
	

	**	 	A portion of the New NTL Common Stock has been allocated to the Delaware
Notes.
	
	
	
	

	***	 	Approximately 281,142 shares of Euroco Common Stock are allocable to the
NCC Notes. The Plan will provide a mechanism to provide such value to the
NCC Notes without providing for an actual distribution of shares of Euroco
Common Stock to them. A portion of the Euroco Preferred Stock has been
allocated to the NCC Notes. The total number of shares of Euroco
Preferred Stock set forth herein is based on an assumed Aggregate
Liquidation Preference (see Annex B) of $375 million, and is subject to
adjustment based on actual Aggregate Liquidation Preference.
	
	
	
	

	****	 	The Delaware/Inc. Cash Amount will be determined as set forth on Annex E.
The Delaware/Inc. Cash Amount will be allocated between the Delaware Cash
Amount and the NTL Cash Amount by the Steering Committee. All or a
portion of the Delaware/Inc. Cash Amount may be invested in shares of New
NTL Common Stock (priced at an enterprise value of $10.5 billion) during
the Delaware Notes Rights Offering.
	
	
	
	

	*****	 	The terms of the warrants to purchase shares of New NTL Common Stock are
set forth on Annex F attached hereto. Strike price assumes 162.5% NCC and
Diamond Cable Notes recovery.

Illustrative Examples of

Equity Issuances and Recovery

      Example Calculation of Warrants and Rights:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Senior Pfd.	 	Junior Pfd.	 	Common
	 	 	 	 	 	 	
	 	
	 	

	Primary Shares Outstanding to Bondholders
	 	 	200,000,000	 	 	 	–	 	 	 	–	 	 	 	–	 
	
	
	
	

	Rights (maximum)*
	 	 	15,000,000	 	 	 	1,282,195	 	 	 	9,602,463	 	 	 	4,115,342	 
	
	
	
	

	Rights Warrants (maximum)*
	 	 	15,000,000	 	 	 	1,282,195	 	 	 	9,602,463	 	 	 	4,115,342	 
	
	
	
	

	Initial Warrants
	 	 	35,000,000	 	 	 	2,991,789	 	 	 	22,405,748	 	 	 	9,602,463	 
	 
	 	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Fully Diluted Shares
	 	 	265,000,000	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	
	 	 	 	 	 	 	 	 	 	 	 	 	 

	*	 	Subject to reallocation on oversubscription basis.

Calculation of 162.5% of NCC and Diamond Cable Notes Recovery:

(US$ in millions, except per share value)

	 	 	 	 	 	 	 
	 	 	 	 	Accreted Value at April 29, 2002*
	 	 	 	 	

	 	 	Diamond Cable Notes:
	 	 	 	 
	
	
	
	

	 	13.25% Senior Discount Notes
	 	$	288.1	 
	
	
	
	

	 	11.75% Senior Discount Notes
	 	 	554.2	 
	
	
	
	

	 	10.75% Senior Discount Notes
	 	 	429.8	 
	 
	 	 	 	 	

	 	Total Accreted Value of Diamond Cable Notes
	 	$	1,272.1	 

7

 

	 	 	 	 	 	 	 
	 	 	 	 	Accreted Value at April 29, 2002*
	 	 	 	 	

	
	
	
	

	 	 	NCC Notes:
	 	 	 	 
	
	
	
	

	 	 	Senior
	 	 	 	 
	
	
	
	

	 	12.75% Senior Deferred Coupon
	 	 	297	 
	
	
	
	

	 	11.5% Senior Deferred Coupon
	 	 	1,080	 
	
	
	
	

	 	10.0% Senior Notes
	 	 	408	 
	
	
	
	

	 	9.25% Senior Euro Notes
	 	 	248	 
	
	
	
	

	 	12.375% Senior Euro Notes
	 	 	294	 
	
	
	
	

	 	9.75% Senior Deferred Coupon Notes
	 	 	1,191	 
	
	
	
	

	 	9.5% Senior Sterling Notes
	 	 	189	 
	
	
	
	

	 	10.75% Senior Deferred Coupon Sterling Notes
	 	 	389	 
	
	
	
	

	 	11.5% Senior Notes
	 	 	667	 
	
	
	
	

	 	12.375% Senior Deferred Coupon Notes
	 	 	380	 
	
	
	
	

	 	9.75% Senior Deferred Coupon Sterling Notes
	 	 	392	 
	
	
	
	

	 	9.875% Senior Euro Notes
	 	 	347	 
	
	
	
	

	 	11.5% Senior Deferred Coupon Euro Notes
	 	 	150	 
	
	
	
	

	 	11.875% Senior Notes
	 	 	534	 
	
	
	
	

	 	6.75% Senior Convertible
	 	 	1,185	 
	
	
	
	

	 	 	Sub. Notes
	 	 	 	 
	
	
	
	

	 	7.0% Convertible Sub. Notes
	 	 	503	 
	 
	 	 	
	 
	 	Total Accreted Value of NCC Notes
	 	$	8,253	 
	 
	 	 	
	 
	100% Recovery to NCC and Diamond Cable Notes
	 	$	9,525	 
	
	
	
	

	162.5% Recovery to NCC and Diamond Cable Notes
	 	$	15,478	 
	
	
	
	

	Per Share Strike Price for Warrants at 162.5% Recovery to NCC and Diamond Cable Notes
	 	$	77.39	 

	*	 	Exchange Rates: 1¥ = $0.95; 1£ = $1.4308. Subject to adjustment to reflect
changes in exchange rates.

Junior Preferred Stock (approximate accreted amounts as of April 29, 2002)

	 	 	 	 	 	 
	 	 	 	(in thousands)
	5% Series A
	 	$	855,662	 
	
	
	
	

	5% Series B
	 	 	2,194,022	 
	
	
	
	

	Cumulative Series A
	 	 	2,057,862	 
	
	
	
	

	6.5% Fixed
	 	 	129,651	 
	
	
	
	

	Variable Coupon
	 	 	501,158	 
	 
	 	 	
	 
	 	Total
	 	$	5,738,355	 
	 
	 	 	
	 

Senior Preferred Stock (approximate accreted amount as of April 29, 2002)

8

 

	 	 	 	 	 	 	 	 	 
	 	 	
13% Senior Redeemable Exchangeable
	 	$	194,856,887
	 	 	 

         This term sheet is predicated on, among other things, agreement to the
terms of the Companies’ restructuring between and among the holders of NTL’s
existing Senior Preferred Stock, Junior Preferred Stock, and Common Stock
(collectively, the “Junior Stakeholders”) and the holders of Notes. The
holders of Notes are legally entitled to receive 100% of the Companies’
enterprise value. Accordingly, absent the willingness of the holders of Notes
to provide value to each class of Junior Stakeholders as contemplated herein,
no class of Junior Stakeholders would receive any distribution under the Plan
on account of its equity interest in NTL. However, in order to, among other
things, avoid delay in consummation of the Companies’ restructuring, the
holders of Notes have agreed to provide to each class of Junior Stakeholders,
in exchange for their acquiescence to the transactions contemplated herein, a
portion of the Companies’ enterprise value that such holders of Notes otherwise
are entitled to receive. Accordingly, the Plan will provide that if and to the
extent that a class of Junior Stakeholders entitled to vote on the Plan fails
to accept the Plan, then no member of such rejecting class will be entitled to
any distribution under the Plan on account of its equity interest in NTL and
the consideration otherwise distributable to the members of such class will be
retained by the holders of Notes.

9

 

Specific Note Series Recovery

Diamond Holdings

Notes Recovery

	 	 	 
	10% Senior Notes

due 2008:	 	
These Senior Notes will be unimpaired and reinstated.
	 
	9 1/8% Senior

Notes due 2008:	 	
These Senior Notes will be unimpaired and reinstated.
	 
	Triangle Notes Recovery	 	 
	 
	11.20% Senior
Discount Debentures
due 2007:	 	
These Senior Debentures will be unimpaired and reinstated.
	 
	NCC Senior

Notes Recovery	 	 
	 
	(pro rata shares
based on accreted
or principal amount
and unpaid accrued
interest, as
applicable)	 	 
	 
	12 3/4% Senior

Deferred Coupon

Notes due 2005:	 	
On or as soon as practicable after the effective date of
the Plan (the “Effective Date”), in full satisfaction,
settlement, release and discharge of its claims
thereunder, each holder of NCC’s 12 3/4% Senior Deferred
Coupon Notes due 2005 (the “12 3/4% Senior Deferred
Coupon Notes”) will
receive its pro rata share of (i)
6,342,131 shares of new Common Stock of New NTL (subject
to dilution on account of options issued pursuant to a
New NTL Management Incentive Plan and other issuances of
Common Stock of New NTL as contemplated by this
non-binding term sheet), (ii) 146 shares of new Preferred
Stock of Euroco, (iii) 0.028% of the Delaware Cash Amount
and (iv) 0.192% of the NTL Cash Amount. Holders of
12 3/4% Senior Deferred Coupon Notes are impaired and
entitled to vote on the Plan.

10

 

	 	 	 
	 
	11 1/2% Senior

Deferred Coupon

Notes due 2006:	 	
On or as soon as practicable after the Effective Date, in
full satisfaction, settlement, release and discharge of
its claims thereunder, each holder of NCC’s 11 1/2%
Senior Deferred Coupon Notes due 2006 (the “11 1/2%
Senior Deferred Coupon Notes”) will
receive its pro rata
share of (i) 23,060,735 shares of new Common Stock of New
NTL (subject to dilution on account of options issued
pursuant to a New NTL Management Incentive Plan and other
issuances of Common Stock of New NTL as contemplated by
this non-binding term sheet), (ii) 529 shares of new
Preferred Stock of Euroco, (iii) 0.101% of the Delaware
Cash Amount and (iv) 0.699% of the NTL Cash Amount.
Holders of 11 1/2% Senior Deferred Coupon Notes are
impaired and entitled to vote on the Plan.
	 
	10% Senior Notes

due 2007:	 	
On or as soon as practicable after the Effective Date, in
full satisfaction, settlement, release and discharge of
its claims thereunder, each holder of NCC’s 10% Senior
Notes due 2007 (the “10% Senior Notes”) will receive its
pro rata share of (i) 8,720,481 shares of new Common
Stock of New NTL (subject to dilution on account of
options issued pursuant to a New NTL Management Incentive
Plan and other issuances of Common Stock of New NTL as
contemplated by this non-binding term sheet), (ii) 200
shares of new Preferred Stock of Euroco, (iii) 0.038% of
the Delaware Cash Amount and (iv) 0.265% of the NTL Cash
Amount. Holders of 10% Senior Notes are impaired and
entitled to vote on the Plan.
	 
	9 3/4% Senior

Deferred Coupon

Notes due 2008:	 	
On or as soon as practicable after the Effective Date, in
full satisfaction, settlement, release and discharge of
its claims thereunder, each holder of NCC’s 9 3/4%
Senior Deferred Coupon Notes due 2008 (the “9 3/4%
Senior Deferred Coupon Notes”) will receive its pro rata
share of (i) 25,435,894 shares of new Common Stock of New
NTL (subject to dilution on account of options issued
pursuant to a New NTL Management Incentive Plan and other
issuances of Common Stock of New NTL as contemplated by
this non-binding term sheet), (ii) 584 shares of new
Preferred Stock of Euroco, (iii) 0.112% of the Delaware
Cash Amount and (iv) 0.772% of the NTL Cash Amount.
Holders of 9 3/4% Senior Deferred Coupon Notes are
impaired and entitled to vote on the Plan.
	 
	10 3/4% Senior

Deferred Coupon

Notes due 2008:	 	
On or as soon as practicable after the Effective Date, in
full satisfaction, settlement, release and discharge of
its claims thereunder, each holder of NCC’s 10 3/4%
Senior Deferred Coupon Notes due 2008 (the “10 3/4%
Senior Deferred Coupon Notes”) will receive its pro rata
share of (i) 8,320,244 shares of new Common Stock of New
NTL (subject to dilution on account of options issued
pursuant to a New NTL Management Incentive Plan and other
issuances of Common Stock of New NTL as contemplated by
this non-binding term sheet), (ii) 191 shares of new
Preferred Stock of
Euroco, (iii) 0.037% of the Delaware
Cash Amount and (iv) 0.252% of the NTL Cash Amount.
Holders of 10 3/4% Senior Deferred Coupon Notes are
impaired and entitled to vote on the Plan.

11

 

	 	 	 
	 
	9 1/2% Senior

Notes due 2008:	 	
On or as soon as practicable after the Effective Date, in
full satisfaction, settlement, release and discharge of
its claims thereunder, each holder of NCC’s 9 1/2%
Senior Notes due 2008 (the “9 1/2% Senior Notes”) will
receive its pro rata share of (i) 4,030,059 shares of new
Common Stock of New NTL (subject to dilution on account
of options issued pursuant to a New NTL Management
Incentive Plan and other issuances of Common Stock of New
NTL as contemplated by this non-binding term sheet), (ii)
92 shares of new Preferred Stock of Euroco, (iii) 0.018%
of the Delaware Cash Amount and (iv) 0.122% of the NTL
Cash Amount. Holders of 9 1/2% Senior Notes are
impaired and entitled to vote on the Plan.
	 
	11 1/2% Senior

Notes due 2008:	 	
On or as soon as practicable after the Effective Date, in
full satisfaction, settlement, release and discharge of
its claims thereunder, each holder of NCC’s 11 1/2%
Senior Notes due 2008 (the “11 1/2% Senior Notes”) will
receive its pro rata share of (i) 14,238,428 shares of
new Common Stock of New NTL (subject to dilution on
account of options issued pursuant to a New NTL
Management Incentive Plan and other issuances of Common
Stock of New NTL as contemplated by this non-binding term
sheet), (ii) 327 shares of new Preferred Stock of Euroco,
(iii) 0.062% of the Delaware Cash Amount and (iv) 0.432%
of the NTL Cash Amount. Holders of 11 1/2% Senior Notes
are impaired and entitled to vote on the Plan.
	 
	12 3/8% Senior

Deferred Coupon

Notes due 2008:	 	
On or as soon as practicable after the Effective Date, in
full satisfaction, settlement, release and discharge of
its claims thereunder, each holder of NCC’s 12 3/8%
Senior Deferred Coupon Notes due 2008 (the “12 3/8%
Senior Deferred Coupon Notes”) will receive its pro rata
share of (i) 8,108,101 shares of new Common Stock of New
NTL (subject to dilution on account of options issued
pursuant to a New NTL Management Incentive Plan and other
issuances of Common Stock of New NTL as contemplated by
this non-binding term sheet), (ii) 186 shares of new
Preferred Stock of Euroco, (iii) 0.036% of the Delaware
Cash Amount and (iv) 0.246% of the NTL Cash Amount.
Holders of 12 3/8% Senior Deferred Coupon Notes are
impaired and entitled to vote on the Plan.

12

 

	 	 	 
	 
	9 3/4% Senior

Deferred Coupon

Notes due 2009:	 	
On or as soon as practicable after the Effective Date, in
full
satisfaction, settlement, release and discharge of
its claims thereunder, each holder of NCC’s 9 3/4%
Senior Deferred Coupon Notes due 2009 (the “9 3/4%
Senior Deferred Coupon Notes”) will receive its pro rata
share (i) of 8,368,530 shares of new Common Stock of New
NTL (subject to dilution on account of options issued
pursuant to a New NTL Management Incentive Plan and other
issuances of Common Stock of New NTL as contemplated by
this non-binding term sheet), (ii) 192 shares of new
Preferred Stock of Euroco, (iii) 0.037% of the Delaware
Cash Amount and (iv) 0.254% of the NTL Cash Amount.
Holders of 9 3/4% Senior Deferred Coupon Notes are
impaired and entitled to vote on the Plan.
	 
	9 1/4% Senior

Notes due 2006:	 	
On or as soon as practicable after the Effective Date, in
full satisfaction, settlement, release and discharge of
its claims thereunder, each holder of NCC’s 9 1/4%
Senior Notes due 2006 (the “9 1/4% Senior Notes”) will
receive its pro rata share of (i) 5,287,289 shares of new
Common Stock of New NTL (subject to dilution on account
of options issued pursuant to a New NTL Management
Incentive Plan and other issuances of Common Stock of New
NTL as contemplated by this non-binding term sheet), (ii)
121 shares of new Preferred Stock of Euroco, (iii) 0.023%
of the Delaware Cash Amount and (iv) 0.160% of the NTL
Cash Amount. Holders of 9 1/4% Senior Notes are
impaired and entitled to vote on the Plan.
	 
	9 7/8% Senior

Notes due 2009:	 	
On or as soon as practicable after the Effective Date, in
full satisfaction, settlement, release and discharge of
its claims thereunder, each holder of NCC’s 9 7/8%
Senior Notes due 2009 (the “9 7/8% Senior Notes”) will
receive its pro rata share of (i) 7,422,428 shares of new
Common Stock of New NTL (subject to dilution on account
of options issued pursuant to a New NTL Management
Incentive Plan and other issuances of Common Stock of New
NTL as contemplated by this non-binding term sheet), (ii)
170 shares of new Preferred Stock of Euroco, (iii) 0.033%
of the Delaware Cash Amount and (iv) 0.225% of the NTL
Cash Amount. Holders of 9 7/8% Senior Notes are
impaired and entitled to vote on the Plan.

13

 

	 	 	 
	 
	11 1/2% Senior

Deferred Coupon

Notes due 2009:	 	
On or as soon as practicable after the Effective Date, in
full satisfaction, settlement, release and discharge of
its claims thereunder, each holder of NCC’s 11 1/2%
Senior Deferred Coupon Notes due 2009 (the “11 1/2%
Senior Deferred Coupon Notes”) will receive its pro rata
share of (i) 3,206,850 shares of new Common Stock of New
NTL (subject to dilution on account of options issued
pursuant to a New NTL Management Incentive Plan and other
issuances of Common Stock of New NTL as contemplated by
this non-binding term sheet), (ii) 74 shares of new
Preferred Stock of Euroco, (iii) 0.014% of the Delaware
Cash Amount and (iv) 0.097% of the NTL Cash Amount.
Holders of 11 1/2% Senior Deferred Coupon Notes are
impaired and entitled to vote on the Plan.
	 
	11 7/8% Senior

Notes due 2010:	 	
On or as soon as practicable after the Effective Date, in
full satisfaction, settlement, release and discharge of
its claims thereunder, each holder of NCC’s 11 7/8%
Senior Notes due 2010 (the “11 7/8% Senior Notes”) will
receive its pro rata share of (i) 11,413,885 shares of
new Common Stock of New NTL (subject to dilution on
account of options issued pursuant to a New NTL
Management Incentive Plan and other issuances of Common
Stock of New NTL as contemplated by this non-binding term
sheet), (ii) 262 shares of new Preferred Stock of Euroco,
(iii) 0.050% of the Delaware Cash Amount and (iv) 0.346%
of the NTL Cash Amount. Holders of 11 7/8% Senior Notes
are impaired and entitled to vote on the Plan.
	 
	12 3/8% Senior

Notes due 2008:	 	
On or as soon as practicable after the Effective Date, in
full satisfaction, settlement, release and discharge of
its claims thereunder, each holder of NCC’s 12 3/8%
Senior Notes due 2008 (the “12 3/8% Senior Notes”) will
receive its pro rata share of (i) 6,272,364 shares of
new Common Stock of New NTL (subject to dilution on
account of options issued pursuant to a New NTL
Management Incentive Plan and other issuances of Common
Stock of New NTL as contemplated by this non-binding term
sheet), (ii) 144 shares of new Preferred Stock of Euroco,
(iii) 0.028% of the Delaware Cash Amount and (iv) 0.190%
of the NTL Cash Amount. Holders of 12 3/8% Senior Notes
are impaired and entitled to vote on the Plan.

NCC Senior Notes

(also subordinated debt of NTL)

	 	 	 
	6 3/4% Convertible

Senior Notes due

2008:	 	
On or as soon as practicable after the Effective Date, in
full satisfaction, settlement, release and discharge of
its claims thereunder, each holder of the 6 3/4%
Convertible Senior Notes due 2008, which were co-issued
by NCC and NTL (the “6 3/4% Convertible Senior Notes”)
will receive its pro rata share of 25,864,741 shares of
new Common Stock of New NTL (subject to dilution on
account of options issued pursuant to a New NTL
Management Incentive Plan and other issuances of Common
Stock of New NTL as contemplated by this non-binding term
sheet), (ii) 2,725,994 shares of new Common Stock of
Euroco (subject to dilution on account of options issued
pursuant to a Euroco Management Incentive Plan as
contemplated by this non-binding term sheet), (iii)
31,196 shares of new Preferred Stock of Euroco, (iv)
5.967% of the Delaware Cash Amount and (v) 41.241% of the
NTL Cash Amount. Holders of 6 3/4% Convertible Senior
Notes are impaired and entitled to vote on the Plan.

14

 

NCC, Delaware and NTL (as co-obligors)

Subordinated Notes Recovery

	 	 	 
	7% Convertible
Subordinated Notes due 2008:	 	
On or as soon as practicable after
the Effective Date, in full
satisfaction, settlement, release
and discharge of its claims
thereunder, each holder of the 7%
Convertible Subordinated Notes due
2008, which are a co-obligation of
NCC, Delaware and NTL (the “7%
Convertible Subordinated Notes”)
will receive its pro rata share of
(i) 4,362,144 shares of new Common
Stock of New NTL (subject to
dilution on account of options
issued pursuant to a New NTL
Management Incentive Plan and other
issuances of Common Stock of New NTL
as contemplated by this non-binding
term sheet), (ii) 4,512,867 shares
of new Common Stock of Euroco
(subject to dilution on account of
options issued pursuant to a Euroco
Management Incentive Plan as
contemplated by this non-binding
term sheet), (iii) 107,472 shares of
new Preferred Stock of Euroco, (iv)
29.474% of the Delaware Cash Amount
and (v) 17.260% of the NTL Cash
Amount. Holders of 7% Convertible
Subordinated Notes are impaired and
entitled to vote on the Plan.
	 
	Delaware and NTL (as co-obligors)
Subordinated Notes Recovery	 	 
	 
	5 3/4% Convertible Subordinated

Notes due 2009:	 	
On or as soon as practicable after
the Effective Date, in full
satisfaction, settlement, release
and discharge of its claims
thereunder, each holder of the
5 3/4% Convertible Subordinated
Notes due 2009, which are a
co-obligation of Delaware and NTL
(the “5 3/4% Convertible
Subordinated Notes due 2009”), will
receive its pro rata share of (i)
2,106,907 shares of new Common Stock
of New NTL (subject to dilution on
account of options issued pursuant
to a new NTL Management Incentive
Plan and other issuances of Common
Stock of New NTL as contemplated by
this non-binding term sheet), (ii)
8,865,382 shares of new Common Stock
of Euroco (subject to dilution on
account of options issued pursuant
to a Euroco Management Incentive
Plan), (iii) 57.956% of the Delaware
Cash Amount, (iv) 33.759% of the NTL
Cash Amount and (v) 211,287 shares
of new Preferred Stock of Euroco.
Holders of 5 3/4% Convertible
Subordinated Notes due 2009 are
impaired and entitled to vote on the
Plan.

15

 

	 	 	 
	 
	5 3/4% Convertible Subordinated

Notes due 2011:	 	
On or as soon as practicable after
the Effective Date, in full
satisfaction, settlement, release
and discharge of its claims
thereunder, each holder (other than
FT) of the 5 3/4% Convertible
Subordinated Notes due 2011, which
were co-issued by Delaware and NTL
(the “5 3/4% Convertible
Subordinated Notes 2011”), will
receive its pro rata share of (i)
217,656 shares of new Common Stock
of New NTL (subject to dilution on
account of options issued pursuant
to a new NTL Management Incentive
Plan and other issuances of Common
Stock of New NTL as contemplated by
this non-binding term sheet), (ii)
915,845 shares of new Common Stock
of Euroco (subject to dilution on
account of options issued pursuant
to a Euroco Management Incentive
Plan), (iii) 5.987% of the Delaware
Cash Amount, (iv) 3.487% of the NTL
Cash Amount and (v) 21,827 shares of
new Preferred Stock of Euroco.
Holders of 5 3/4% Convertible
Subordinated Notes due 2011 are
impaired and entitled to vote on the
Plan.
	 
	Diamond Cable

Notes Recovery	 	 
	 
	13 1/4% Senior Discount Notes due

2004:	 	
On or as soon as practicable after
the Effective Date, in full
satisfaction, settlement, release
and discharge of its claims
thereunder, each holder of Diamond
Cable’s 13 1/4% Senior Discount
Notes due 2004 (the “13 1/4% Senior
Discount Notes”) will receive its
pro rata share of 6,165,566 shares
of new Common Stock of New NTL
(subject to dilution on account of
options issued pursuant to a New NTL
Management Incentive Plan and other
issuances of Common Stock of New NTL
as contemplated by this non-binding
term sheet). Holders of 13 1/4%
Senior Discount Notes are impaired
and entitled to vote on the Plan.
	 
	11 3/4% Senior Discount Notes due

2005:	 	
On or as soon as practicable after
the Effective Date, in full
satisfaction, settlement, release
and discharge of its claims
thereunder, each holder of Diamond
Cable’s 11 3/4% Senior Discount
Notes due 2005 (the “11 3/4% Senior
Discount Notes”) will receive its
pro rata share of 11,859,055 shares
of new Common Stock of New NTL
(subject to dilution on account of
options issued pursuant to a New NTL
Management Incentive Plan and other
issuances of Common Stock of New NTL
as contemplated by this non-binding
term sheet). Holders of 11 3/4%
Senior Discount Notes are impaired
and entitled to vote on the Plan.

16

 

	 	 	 
	 
	10 3/4% Senior Discount Notes due

2007:	 	
On or as soon as practicable after
the Effective Date, in full
satisfaction, settlement, release
and discharge of its claims
thereunder, each holder of Diamond
Cable’s 10 3/4% Senior Discount
Notes due 2007 (the “10 3/4% Senior
Discount Notes”) will receive its
pro rata share of 9,196,510 shares
of new Common Stock of New NTL
(subject to dilution on account of
options issued pursuant to a New NTL
Management Incentive Plan and other
issuances of Common Stock of New NTL
as contemplated by this non-binding
term sheet). Holders of 10 3/4%
Senior Discount Notes are impaired
and entitled to vote on the Plan.

NTL Preferred

Stock Recovery

Senior Preferred

Stock Recovery

	 	 	 
	13% Senior Redeemable Exchangeable
Preferred Stock and 13% Series B
Senior Redeemable Exchangeable
Preferred Stock:	 	
On or as soon as practicable after
the Effective Date, in full
satisfaction, settlement, release
and discharge of its interests
represented thereby, each holder of
NTL’s 13% Senior Redeemable
Exchangeable Preferred Stock and 13%
Series B Senior Redeemable
Exchangeable Preferred Stock (the
“13% Preferred Stock”) will receive
its pro rata share of (i) 2,991,789
warrants for shares of Common Stock
of New NTL with the principal terms
of such warrants set forth in Annex
F attached hereto (subject to
dilution on account of options
issued pursuant to a New NTL
Management Incentive Plan and other
issuances of Common Stock of New NTL
as contemplated by this non-binding
term sheet), (ii) 1,282,195 rights
to purchase shares of Common Stock
of New NTL, which upon exercise of a
Right for a share of Common Stock of
New NTL will also entitle such
holder to receive a warrant to
purchase a share of Common Stock of
New NTL with the principal terms of
such warrants set forth in Annex F
attached hereto (subject to dilution
on account of options issued
pursuant to a New NTL Management
Incentive Plan and other issuances
of Common Stock of New NTL as
contemplated by this non-binding
term sheet), and (iii) 641,098
shares of new Common Stock of Euroco
(subject to dilution on account of
options issued pursuant to a Euroco
Management Incentive Plan as
contemplated by this non-binding
term sheet). Holders of 13%
Preferred Stock are impaired and
entitled to vote on the Plan.

17

 

	 	 	 
	 
	Junior Preferred

Stock Recovery	 	 
	 
	5% Cumulative Participating
Convertible Preferred Stock, Series
A (and dividend shares Series C
through Series K):	 	
On or as soon as practicable after
the Effective Date, in full
satisfaction, settlement, release
and discharge of its interests
represented thereby, the holder of
NTL’s 5% Cumulative Participating
Convertible Preferred Stock, Series
A (and dividend shares Series C
through Series K) (the “5% Series A
Preferred Stock”) will receive (i)
3,753,612 warrants for shares of
Common Stock of New NTL with the
principal terms of such warrants set
forth in Annex F attached hereto
(subject to dilution on account of
options issued pursuant to a New NTL
Management Incentive Plan and other
issuances of Common Stock of New NTL
as contemplated by this non-binding
term sheet) and (ii) 1,608,691
rights to purchase shares of Common
Stock of New NTL, which upon
exercise of a Right for a share of
Common Stock of New NTL will also
entitle such holder to receive a
warrant to purchase a share of
Common Stock of New NTL with the
principal terms of such warrants set
forth in Annex F attached hereto
(subject to dilution on account of
options issued pursuant to a New NTL
Management Incentive Plan and other
issuances of Common Stock of New NTL
as contemplated by this non-binding
term sheet). Holders of 5% Series A
Preferred Stock are impaired and
entitled to vote on the Plan.
	 
	5% Cumulative Participating
Convertible Preferred Stock, Series
B (and dividend shares Series B-1
through Series B-6):	 	
On or as soon as practicable after
the Effective Date, in full
satisfaction, settlement, release
and discharge of its interests
represented thereby, the holder of
NTL’s 5% Cumulative Participating
Convertible Preferred Stock, Series
B (and dividend shares Series B-1
through Series B-6) (the “5% Series
B Preferred Stock”) will receive (i)
9,624,722 warrants for shares of
Common Stock of New NTL with the
principal terms of such warrants set
forth in Annex F attached hereto
(subject to dilution on account of
options issued pursuant to a New NTL
Management Incentive Plan and other
issuances of Common Stock of New NTL
as contemplated by this non-binding
term sheet) and (ii) 4,124,881
rights to purchase shares of Common
Stock of New NTL, which upon
exercise of a Right for a share of
Common Stock of New NTL will also
entitle such holder to receive a
warrant to purchase a share of
Common Stock of New NTL with the
principal terms of such warrants set
forth in Annex F attached hereto
(subject to dilution on account of
options issued pursuant to a New NTL
Management Incentive Plan and other
issuances of Common Stock of New NTL
as contemplated by this non-binding
term sheet). Holders of 5% Series B
Preferred Stock are impaired and
entitled to vote on the Plan.

18

 

	 	 	 
	 
	Cumulative Convertible Preferred
Stock, Series A:	 	
On or as soon as practicable after
the Effective Date, in full
satisfaction, settlement, release
and discharge of its interests
represented thereby, the holder of
NTL’s Cumulative Convertible
Preferred Stock, Series A (the
“Cumulative Convertible Preferred
Stock”) will receive (i) 9,027,414
warrants for shares of Common Stock
of New NTL with the principal terms
of such warrants set forth in Annex
F attached hereto (subject to
dilution on account of options
issued pursuant to a New NTL
Management Incentive Plan and other
issuances of Common Stock of New NTL
as contemplated by this non-binding
term sheet) and (ii) 3,868,892
rights to purchase shares of Common
Stock of New NTL, which upon
exercise of a Right for a share of
Common Stock of New NTL will also
entitle such holder to receive a
warrant to purchase a share of
Common Stock of New NTL with the
principal terms of such warrants set
forth in Annex F attached hereto
(subject to dilution on account of
options issued pursuant to a New NTL
Management Incentive Plan and other
issuances of Common Stock of New NTL
as contemplated by this non-binding
term sheet). Holders of Cumulative
Convertible Preferred Stock are
impaired and entitled to vote on the
Plan.
	 
	6.5% Fixed Coupon Redeemable
Preferred Stock, Series A:	 	
On or as soon as practicable after
the Effective Date, in full
satisfaction, settlement, release
and discharge of its interests
represented thereby, the holder of
NTL’s 6.5% Fixed Coupon Redeemable
Preferred Stock, Series A (the
“Fixed Coupon Preferred Stock”) will
receive its 20.553% share of the 27%
Noos interest. Holders of Fixed
Coupon Preferred Stock are impaired
and entitled to vote on the Plan.
	 
	Variable Coupon Redeemable Preferred
Stock, Series A:	 	
On or as soon as practicable after
the Effective Date, in full
satisfaction, settlement, release
and discharge of its interests
represented thereby, the holder of
NTL’s Variable Coupon Redeemable
Preferred Stock, Series A (the
“Variable Coupon Preferred Stock”)
will receive its 79.447% share of
the 27% Noos interest. Holders of
Variable Coupon Preferred Stock are
impaired and entitled to vote on the
Plan.

19

 

NTL Common

Stock Recovery

	 	 	 
	 	 	
On or as soon as practicable after
the Effective Date, in full
satisfaction, settlement, release
and discharge of its interests
represented thereby, each holder of
NTL’s outstanding Common Stock will
receive its pro rata share of (i)
9,602,463 warrants for shares of
Common Stock of New NTL with the
principal terms of such warrants set
forth in Annex F attached hereto
(subject to dilution on account of
options issued pursuant to a New NTL
Management Incentive Plan and other
issuances of Common Stock of New NTL
as contemplated by this non-binding
term sheet), (ii) 4,115,342 rights
to purchase shares of Common Stock
of New NTL, which upon exercise of a
Right for a share of Common Stock of
New NTL will also entitle such
holder to receive a warrant to
purchase a share of Common Stock of
New NTL with the principal terms set
forth in Annex F attached hereto
(subject to dilution on account of
options issued pursuant to a New NTL
Management Incentive Plan and other
issuances of Common Stock of New NTL
as contemplated by this non-binding
term sheet), and (iii) 2,057,671
shares of new Common Stock of Euroco
(subject to dilution on account of
options issued pursuant to a Euroco
Management Incentive Plan as
contemplated by this non-binding
term sheet). Holders of NTL Common
Stock are impaired, deemed to have
rejected the Plan and not entitled
to vote on the Plan. The
outstanding Common Stock of NTL will
be cancelled pursuant to the Plan.
	 
	Administrative, Priority Tax and
Other Priority Claims:	 	
On or as soon as practicable after
the Effective Date, each holder of
an allowed administrative, priority
tax or other priority claim shall
receive cash equal to the full
amount of its allowed claim or
otherwise be left unimpaired and
reinstated, or such other treatment
as to which New NTL or Euroco, as
the case may be, and such holder
agree in writing. Holders of such
claims are unimpaired, deemed to
have accepted the Plan and not
entitled to vote on the Plan.
	 
	Swap Agreements:	 	
To be unimpaired.
	 
	Hedging Agreements:	 	
To be unimpaired.

20

 

	 	 	 
	 
	Inter-Company Indebtedness:
	 	
Indebtedness among the Companies and
claims by Non-Filing Subsidiaries
against the Companies will be as
mutually agreed in the Plan. Claims
by the Companies against Non-Filing
Subsidiaries will be unaffected and
preserved for set-off purposes.

	 
	
Unsecured Trade Creditors:	 	
Under the Plan, unsecured trade
claims will be unimpaired and
reinstated, deemed to have accepted
the Plan and not entitled to vote on
the Plan.
	 
	FT Pledge on Noos Shares:	 	
Pursuant to the Plan and subject to
the occurrence of the Effective
Date, the Shares in Noos held
pursuant to the Share Account Pledge
Agreement, dated May 18, 2001,
between NTL and FT shall be released
to FT, and NTL and FT shall have no
further liability to the other with
respect to Noos, including, without
limitation, with respect to any
contingent payments for transfer of
franchises.
	 
	Leases:	 	
Except as otherwise identified by
the Companies on or before
confirmation of the Plan, New NTL or
Euroco, as the case may be, will
assume existing mortgage and
capitalized lease obligations.
	 
	Existing Rights to Acquire Common
Stock:	 	
Each holder of existing warrants,
options, stock appreciation rights
and any other contractual or other
rights (including preemptive rights)
to acquire or receive Common Stock
or other securities of any of the
Companies will not receive or retain
any property on account of such
interest. Holders of such rights
are impaired, deemed to have
rejected the Plan and not entitled
to vote on the Plan. Any such
rights will be cancelled pursuant to
the Plan.
	 
	Delaware/Inc. Cash Amount:	 	
As determined on Annex E. Holders
of Delaware Notes will receive the
Delaware Notes Rights to acquire,
during the 15 day period after
confirmation, shares of New NTL
Common Stock (at a price per share
reflecting a $10.5 billion total
enterprise value of New NTL)
utilizing up to 100% of the
Delaware/Inc. Cash Amount and the
right to acquire any shares of New
NTL Common Stock not subscribed to
in the Equity Rights Offering, at
the Equity Rights Offering Price.

21

 

	 	 	 
	 
	New NTL Board of Directors:	 	
The New NTL Board of Directors shall
be comprised of nine members which
will be selected by the Steering
Committee of the Unofficial
Committee of Noteholders of
Delaware, NCC, Triangle and Diamond
Cable (the “Steering Committee”),
one of whom will be designated as
Chairman and one of whom will be
designated as Chief Executive
Officer of New NTL.
	 
	Euroco Board of Directors:	 	
The Euroco Board of Directors shall
be comprised of nine members which
will be selected by the Steering
Committee; one of whom will be
designated as Chairman and one of
whom will be designated as Chief
Executive Officer of Euroco.
	 
	Ballots:	 	
As soon as possible and in any event
prior to the filing of the Plan,
each member of the Steering
Committee, which persons in the
aggregate beneficially own (and will
or have delivered to NTL a
representation with respect thereto)
at least a majority in principal
amount of each impaired class of
Notes under the Plan, will deliver
to NTL an executed ballot to vote to
accept the Plan. FT and the holders
of Senior Preferred Stock signatory
hereto will also deliver an executed
ballot to vote to accept the Plan.
	 
	Registration Rights:	 	
New NTL will provide customary
registration rights for resales by
affiliates of shares of Common Stock
of New NTL issued under the Plan or
upon exercise of New NTL warrants.
Euroco will provide customary
registration rights for resales by
affiliates of shares of Common Stock
and Preferred Stock of Euroco issued
under the Plan.
	 
	Employment

Agreements:	 	
New NTL and Euroco will enter into
employment agreements with its
respective key executives on terms
that are satisfactory to the
Steering Committee, New NTL or
Euroco, as the case may be, and such
key executive.
	 
	Management Incentives:	 	
The Plan will provide that on or
after the Effective Date, the
compensation committee of the Board
of Directors of New NTL and Euroco
will each adopt a Management
Incentive Plan under which options
to purchase up to 10% of the issued
and outstanding shares of New NTL
and Euroco Common Stock, at the
Effective Time, respectively, will
be reserved.

22

 

	 	 	 
	 
	Releases and Exculpation:	 	
The Plan will contain provisions
addressing releases substantially as
follows:
	 
	 	 	
Effective as of the confirmation
date (the “Confirmation Date”), but
subject to the occurrence of the
Effective Date, the Companies, New
NTL, Euroco, the Steering Committee,
each holder of Preferred Stock or
Notes, and each of the foregoing’s
respective current or former
officers, directors, subsidiaries,
affiliates, members, managers,
shareholders, partners,
representatives, employees,
attorneys, and agents, or any of
their respective successors and
assigns, and their respective
property, shall be released from any
and all claims, obligations, rights,
causes of action, demands, suits,
proceedings and liabilities which
the Companies, New NTL, Euroco, or
any holder of a claim against or
interest in the Companies, New NTL
or Euroco may be entitled to assert,
whether for tort, fraud, contract,
violations of federal or state
securities laws, or otherwise,
whether known or unknown, foreseen
or unforeseen, existing or hereafter
arising, contingent or
non-contingent, based in whole or in
part upon any act or omission,
transaction, state of facts,
circumstances or other occurrence
taking place on or before the
Confirmation Date in any way
relating to the Companies, New NTL,
Euroco, the issuance, purchase or
sale of the Notes or Preferred
Stock, the Chapter 11 cases or the
Plan; provided, however, that
nothing herein shall release any
person from any claims, obligations,
rights, causes of action, demands,
suits, proceedings or liabilities
based upon any act or omission
arising out of such person’s gross
negligence or willful misconduct.
	 
	 	 	
Effective as of the Confirmation
Date, but subject to the occurrence
of the Effective Date, all holders
of Preferred Stock or Notes shall be
deemed to release, and shall be
permanently enjoined from bringing,
maintaining, facilitating or
assisting any action, demand, suit
or proceeding against the Companies,
New NTL, Euroco, and their
respective current or former
officers, directors, subsidiaries,
affiliates, members, managers,
shareholders, partners,
representatives, employees,
attorneys, and agents, or any of
their respective successors and
assigns, and their respective
property, in respect of any claims,
obligations, rights, causes of
action, demands, suits, proceedings
and liabilities related to, or
arising from, any and all claims or
interests arising under, in
connection with, or related to the
Preferred Stock or the Notes, or the
issuance, purchase, or sale thereof.
	 
	 	 	
The Plan will contain provisions
addressing exculpation and
limitation of liability
substantially as follows:

23

 

	 	 	 
	 
	 	 	
Neither the Companies, New NTL,
Euroco, the Steering Committee, nor
any holder of Preferred Stock or
Notes, or any of their respective
current or former officers,
directors, subsidiaries, affiliates,
members, managers, shareholders,
partners, representatives,
employees, attorneys, and agents, or
any of their respective successors
and assigns, and their respective
property, shall have or incur any
liability to any holder of a claim
or an interest, or any other party
in interest, or any of their
respective officers, directors,
subsidiaries, affiliates, members,
managers, shareholders, partners,
representatives, employees,
attorneys, and agents, or any of
their respective successors and
assigns, and their respective
property, for any act or omission in
connection with, relating to, or
arising out of, the Chapter 11
cases, the solicitation of
acceptances of the Plan, the pursuit
of confirmation of the Plan, the
consummation of the Plan, or the
administration of the Plan or the
property to be distributed under the
Plan, except for their gross
negligence or willful misconduct,
and in all respects shall be
entitled to reasonably rely upon the
advice of counsel with respect to
their duties and responsibilities
under the Plan.
	 
	 	 	
Notwithstanding any other provision
of the Plan, no holder of a claim or
interest, no other party in
interest, none of their respective
current or former officers,
directors, subsidiaries, affiliates,
members, managers, shareholders,
partners, representatives,
employees, attorneys, and agents, or
any of their respective successors
and assigns, and their respective
property, shall have any right of
action, demand, suit or proceeding
against the Companies, New NTL,
Euroco, the Steering Committee, nor
any holder of Preferred Stock or
Notes, or any or any of their
respective current or former
officers, directors, subsidiaries,
affiliates, members, managers,
shareholders, partners,
representatives, employees,
attorneys, and agents, or any of
their respective successors and
assigns, and their respective
property, for any act or omission in
connection with, relating to, or
arising out of, the Chapter 11
cases, the solicitation of
acceptances of the Plan, the pursuit
of confirmation of the Plan, the
consummation of the Plan, or the
administration of the Plan or the
property to be distributed under the
Plan, except for their gross
negligence or willful misconduct.
	 
	 	 	
Notwithstanding anything contained
herein to the contrary, no claims by
any person with respect to any and
all commercial and ordinary course
of business relationships shall be
deemed to be modified or affected by
any of the release and exculpation
provisions provided for herein.

24

 

	 	 	 
	 
	Representations:	 	
Except as previously disclosed,
France Telecom represents and
warrants that it is neither
marketing nor has pending
agreements, interest or letters of
intent, nor has engaged an
investment banker in connection with
the direct or indirect transfer,
sale or other disposition of its
interest in Noos to a third party or
is contemplating or is aware of any
other material transactions in
respect of Noos.
	 
	 	 	
The Chief Executive Officer and
Chief Financial Officer of NTL shall
represent (in their official
capacity, and without personal
liability) that the discussions and
information provided to the
Committee or its advisors with
respect to Noos and its value to NTL
were true and correct in all
material respects, and that no
information which is in the
possession of NTL which is material
to a valuation of NTL’s interest in
Noos was withheld from the Committee
or its advisors.
	 
	Committee:	 	
The Companies will use their
reasonable best efforts to ensure
that the Steering Committee becomes
the official committee of creditors
in the Chapter 11 cases. FT will
not oppose such appointment.
	 
	Filing Date:	 	
The Steering Committee’s assumption
with respect to the Term Sheet and
the transactions contemplated hereby
is that the Companies and other
necessary affiliates will file a
petition for Chapter 11 by April 29,
2002.
	 
	Conditions:	 	
The consummation of the Plan shall
be subject to certain conditions
including:

	 	 	 
	 	1.	
 Unless mutually agreed, NTL,
Delaware and NCC will not make any
cash interest payments owing and due
on the Notes from and after March
31, 2002. This shall exclude
payments by Diamond Holdings and
Triangle.
	 
	 	2.	
The cash at Delaware and NTL as
of April 29, 2002 is not less than
$270 million in the aggregate.
	 
	 	3.	
The terms and conditions of any
and all documents relating to the
restructuring of the Companies are
reasonably satisfactory to the
Steering Committee.
	 
	 	4.	
Except for the amount of bond
debt that the Companies have
previously disclosed to the Steering
Committee, there is no other
material debt of the Companies.

25

 

	 	 	 
	 
	 	5.	
The Companies will pay all the
expenses, including professional
fees and expenses of the Steering
Committee as to the extent
previously agreed.
	 
	 	6.	Amendment of the terms and
conditions of the Senior Facility
and Working Capital Facility in a
mutually agreed manner.

*  *  *

26

 

         The parties understand that this term sheet is merely a statement of the
current intentions of the parties, does not constitute a legally binding
agreement by any party hereto, does not contain all matters upon which
agreement must be reached in order to consummate the transactions contemplated
hereby, and creates no rights in favor of any party. Any such binding
agreement with respect to the transactions contemplated by this term sheet will
result only from, among other things, the definitive documentation in form and
substance satisfactory to all of the parties hereto and the occurrence of
various conditions precedent as set forth herein.

         IN WITNESS WHEREOF, each of the parties has caused this term sheet to be
executed and delivered by its duly authorized officer as of the date first
above written.

	 	 	 	 	 
	 	 	NTL INCORPORATED
	
	
	
	

	 
	 	 	
By:	 	/s/ John F. Gregg
	 	 	 	 	

	 	 	 	 	Name:   John F. Gregg

Title:   Chief Financial Officer
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	NTL (DELAWARE), INC.
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:	 	/s/ John F. Gregg
	 	 	 	 	

	 	 	 	 	Name:   John
F. Gregg

Title:   Chief Financial Officer
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	NTL COMMUNICATIONS CORP.
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:	 	/s/ Richard J.
Lubasch
	 	 	 	 	

	 	 	 	 	Name:   Richard
J. Lubasch

Title:   Executive Vice President
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	DIAMOND CABLE COMMUNICATIONS LIMITED
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:	 	/s/ Robert
Mackenzie
	 	 	 	 	

	 	 	 	 	Name:   Robert
Mackenzie

Title:   Secretary

27

 

	 	 	 	 	 
	
	
	
	

	 	 	DIAMOND HOLDINGS LIMITED
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:	 	/s/ Robert
Mackenzie
	 	 	 	 	

	 	 	 	 	Name:   Robert
Mackenzie

Title:   Secretary
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	ANGELO GORDON & CO. LLP
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:	 	/s/ Leigh Walzer
	 	 	 	 	

	 	 	 	 	Name:   Leigh
Walzer

Title:   Director
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	APPALOOSA MANAGEMENT, L.P.
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:	 	/s/ Ronald M.
Goldstein
	 	 	 	 	

	 	 	 	 	Name:   Ronald
M. Goldstein

Title:   Chief Financial Officer
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	CAPITAL RESEARCH COMPANY
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:	 	/s/ Marcus Linden
	 	 	 	 	

	 	 	 	 	Name:   Marcus
Linden

Title:   Vice President
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	FIDELITY MANAGEMENT & RESEARCH CO.
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:	 	/s/ Nate Van Duzer
	 	 	 	 	

	 	 	 	 	Name:   Nate
Van Duzer

Title:
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	FRANKLIN MUTUAL ADVISORS, LLC
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:	 	/s/ Michael J.
Embler
	 	 	 	 	

	 	 	 	 	Name:   Michael
J. Embler

Title:   Vice President

28

 

	 	 	 	 	 
	
	
	
	

	 	 	MACKAY SHIELDS FINANCIAL CORPORATION
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:	 	/s/ Donald E.
Morgan III
	 	 	 	 	

	 	 	 	 	Name:   Donald
E. Morgan III

Title:   Managing Director
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	OAKTREE
CAPITAL MANAGEMENT LLC
as general partner and/or investment
manager of certain funds and accounts it manages
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:	 	/s/ Ken
Liang/Brett G. Wyard
	 	 	 	 	

	 	 	 	 	Name:   Ken
Liang/Brett G. Wyard

Title:
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	SAB CAPITAL ADVISORS LLC
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:	 	/s/ Scott Bommer
	 	 	 	 	

	 	 	 	 	Name:   Scott
Bommer

Title:   Managing Member
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	SALOMON BROTHERS ASSET MANAGEMENT
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:	 	/s/ Peter Wilby
	 	 	 	 	

	 	 	 	 	Name: Peter Wilby

Title: Managing Director
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	W.R. HUFF ASSET MANAGEMENT CO., LLC
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:	 	/s/ Edwin M.
Banks
	 	 	 	 	

	 	 	 	 	Name:   Edwin
M. Banks

Title:   Sr. Portfolio Manager

29

 

	 	 	 	 	 
	
	
	
	

	 	 	FRANCE TELECOM
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:	 	/s/ Jean-Louis
Vinciguerra
	 	 	 	 	

	 	 	 	 	Name:   Jean-Louis
Vinciguerra

Title:   Senior Executive Vice President
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	RAPP 26
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:	 	/s/ Eric Bouvier
	 	 	 	 	

	 	 	 	 	Name:   Eric
Bouvier

Title:   President

30

 

Annex A

MISCELLANEOUS ASSETS OF EUROCO

Global Radio

Into Networks

TWTV

Universal Studios “The Studio”

ITN News Channel

DIVA

Suez Lyonnaise Note

CoreComm Note

1

 

Annex B

Principal Term Sheet for Euroco Preferred Stock

	 	 	 
	Issuer:	 	
Euroco
	
	
	
	

	 	 	 
	
	
	
	

	Aggregate Liquidation

Preference:	 	
$250 million, plus (i) the Aggregate Investments (as defined in Annex D) and (ii)
the Euroco Cash (as defined in Annex D).
	
	
	
	

	 	 	 
	
	
	
	

	Dividend Rate:	 	
10%, payable semi-annually as PIK
	
	
	
	

	 	 	 
	
	
	
	

	Optional Redemption:	 	
At liquidation preference plus accrued and unpaid dividends, at any time
	
	
	
	

	 	 	 
	
	
	
	

	Mandatory

Redemption:	 	
Ten years. Subject to earlier redemption, at liquidation preference plus accrued
and unpaid dividends, in whole or part, out of net proceeds from any sale,
transfer or monetization of assets of Euroco.
	
	
	
	

	 	 	 
	
	
	
	

	 	 	
Pursuant to the Plan, it is anticipated that immediately after the Effective Date
the Board of Directors of Euroco will elect to redeem at least $25 million of
Preferred Stock.

1

 

Annex C

Liquidity Facility Term Sheet*

	 	 	 
	Borrower:	 	
New Holdco, which will be a newly formed
company between NTL Communications Corp.
and NTL Communications Ltd., as mutually
agreed.
	
	
	
	

	 	 	 
	
	
	
	

	Principal Amount:	 	
US$800 million to be funded pursuant a DIP
order unless otherwise agreed to by the
Committee.
	
	
	
	

	 	 	 
	
	
	
	

	Lender:	 	
(a) US$300 million from NTL (Delaware),
Inc. less the proceeds of the £90 million
note between NTL (Delaware), Inc. and NTL
(UK) Group, Inc. dated April 5, 2002 (which
note shall be amended and restated to
reflect the terms and conditions of this
liquidity facility) and (b) US$500 million
from noteholders or affiliates thereof with
a committed line from certain members (or
their affiliates) of the Committee for the
entire US$500 million tranche.**
	
	
	
	

	 	 	 
	
	
	
	

	Covenants,
Events of Default:	 	
Mutually acceptable covenants and events of
default, including milestones with respect
to the restructuring process.
	
	
	
	

	 	 	 
	
	
	
	

	Maturity:	 	
Effective Date (subject to mandatory
prepayments below).
	
	
	
	

	 	 	 
	
	
	
	

	Interest Rate:	 	
11% for the first 3 months increasing 1%
each quarter thereafter up to a maximum of
18%.
	
	
	
	

	 	 	 
	
	
	
	

	   Default Rate:	 	
The Rate then in effect, plus 2% per annum.
	
	
	
	

	 	 	 
	
	
	
	

	   Payments:	 	
In cash (payable in advance each month).

	 	 	1 This document should not be considered as a financing commitment of any
person.
	
	
	
	

	 	 	2 The Company and the Committee will explore whether an acceptable mechanism
can be put in place to permit the other bondholders to participate on the
same terms as those members of the Committee.

1

 

	 	 	 
	Principal:	 	 
	
	
	
	

	    Mandatory Prepayments:	 	
Any net proceeds (subject to any payments on
outstanding valid and perfected prepetition liens)
from the sale, lease or other disposition of any
collateral other than in the normal course of
business.
	
	
	
	

	 	 	 
	
	
	
	

	    Use of Proceeds:	 	
Interest and fees payable under the Liquidity
Facility. With respect to balance, in accordance
with a budget satisfactory to the Lenders subject to
various baskets which shall reflect the flexibility
necessary to operate the business in an ordinary
course. Any proceeds used for the benefit of
Diamond Holdings or its subsidiaries, shall be on a
last in, first out basis and shall be evidenced by
an inter-company note between New Holdco and Diamond
Holdings and secured by an appropriate security
package including, without limitation, the equity of
Diamond Holdings. Any proceeds used for the benefit
of NTL Triangle or its subsidiaries, shall be on a
last in, first out basis and shall be evidenced by
an inter-company note between New Holdco and NTL
Triangle and secured by an appropriate security
package including, without limitation, the equity of
NTL Triangle.
	
	
	
	

	 	 	 
	
	
	
	

	Collateral:	 	
All assets of NTL Incorporated and its subsidiaries,
Delaware and its subsidiaries and NCC and its
subsidiaries (other than NTL (UK) Group, Inc. and
any of its direct or indirect subsidiaries) and
Diamond Cable. The collateral package does not
include any assets that are pledged under the
existing bank facilities and (except as set forth
above) does not include Diamond Holdings or any
subsidiary of Diamond Holdings.
	
	
	
	

	 	 	 
	
	
	
	

	Representations, Warranties,
Covenants, Remedies and Closing
Conditions:	 	
Normal and customary for secured indebtedness of
this nature and acceptable to the Lenders, including
a mutually acceptable arrangement with the existing
Bank Group in connection with the making of this
facility.
	
	
	
	

	 	 	 
	
	
	
	

	 	 	
There shall be no material adverse change to the
assets, business, liabilities or prospects of the
Company or its subsidiaries or in the ability of
these entities to perform its obligations hereunder.

2

 

	 	 	 
	
	
	
	

	 	 	
This financing is conditioned upon, among other
things, the Lenders’ satisfaction with the financial
and legal due diligence, including, without
limitation, intercompany balances, loans and
transactions, and all accounting and tax matters.

	 
	 	 	Entry of an acceptable DIP order and related cash
management order.
	
	
	
	

	 	 	 
	
	
	
	

	Fees:	 	 
	
	
	
	

	    Commitment:	 	
200 bps payable upon Company’s acceptance of the
Commitment.
	
	
	
	

	 	 	 
	
	
	
	

	    Underwriting:	 	
200 bps payable upon entry of interim DIP order
approving the financing.
	
	
	
	

	 	 	 
	
	
	
	

	    Unused:	 	
50 bps.
	
	
	
	

	 	 	 
	
	
	
	

	Commitment Expiration

Date:	 	
Liquidity commitment will terminate on the date set
forth in the commitment letter, unless interim order
approving the DIP facility and related cash
management order (in form and substance satisfactory
to the Lenders) has been entered into by that date.
	
	
	
	

	 	 	 
	
	
	
	

	Expenses:	 	
The Company shall pay the expenses of the
transaction.

3

 

Exit Facility Term Sheet*

	 	 	 
	Issuer:	 	
New Holdco.
	
	
	
	

	 	 	 
	
	
	
	

	Issue:	 	
Senior Secured Notes.
	
	
	
	

	 	 	 
	
	
	
	

	Principal Amount:	 	
US$500,000,000.
	
	
	
	

	 	 	 
	
	
	
	

	Indicative Rate (%):	 	
Greater of (1) 13% or (2) 350 bps over the
yield-to-worst of the basket of high yield US
cable securities which are a component of an
agreed upon high yield index produced by an
internationally recognized investment banking
firm.
	
	
	
	

	 	 	 
	
	
	
	

	Interest Payments:	 	
Payable semi-annually in arrears.
	
	
	
	

	 	 	 
	
	
	
	

	Closing:	 	
Effective Date.
	
	
	
	

	 	 	 
	
	
	
	

	Security:	 	
Same security package as DIP facility (excluding
assets and interests transferred to Euroco).
	
	
	
	

	 	 	 
	
	
	
	

	Maturity:	 	
Seven years after closing.
	
	
	
	

	 	 	 
	
	
	
	

	Ranking:	 	
Senior to all current and future Subordinated
Debt of New Holdco.
	
	
	
	

	 	 	 
	
	
	
	

	Optional Repayment:	 	
Non-callable for four years; thereafter at a
premium, decreasing ratably to par.
	
	
	
	

	 	 	 
	
	
	
	

	Covenants:	 	
Customary High Yield Covenants, including:
	
	
	
	

	 	 	
Limitation on Asset Sales; Limitation on
Restricted Payments; Limitation on Incurrence of
Indebtedness and Preferred Stock; Limitation on
Liens; Limitation on Dividend and Other Payment
Restrictions Affecting Subsidiaries; Limitation
on Merger, Consolidation or Sale of Assets;
Limitation on Transactions with Affiliates;
Limitation on Sale Leaseback Transactions.
	
	
	
	

	 	 	 
	
	
	
	

	Commitment Fee:	 	
1% of issued and outstanding equity of new NTL
Communications Corp. only if Issuer elects to
take down the exit commitment, which shall be
payable 20 days prior to the draw date.

	 	 	3 This document should not be considered as a financing commitment of any person.

4

 

	 	 	 
	Commitment Termination

Date:	 	
Earlier of (1) December 1, 2002 or (2)
one day prior to confirmation date unless
Company elects to take down the Exit
Facility prior to that date.
	
	
	
	

	 	 	 
	
	
	
	

	Change of Control:	 	
101% plus accrued and unpaid interest.

5

 

Annex D

Euroco Cash

On the Effective Date, Euroco will be funded with (i) $100 million plus (ii)
the $25 million payment from FT (the “FT Payment”), less (iii) the sum of (x)
Aggregate Operating Expenses (as defined) and (y) investments between April 10,
2002 and the Effective Date in assets which become part of Euroco (“Aggregate
Investments”). Such net amount shall be referred to herein as “Euroco Cash”
and shall be subject to adjustment in an amount to be mutually agreed between
the Steering Committee and the Companies necessary to fund the assets at Euroco
on the Effective Date (including the assets set forth on Annex A). “Aggregate
Operating Expenses” shall mean the agreed upon aggregate corporate overhead
expenses at NTL and Delaware for the period from April 10, 2002 to the
Effective Date, as adjusted to reflect an agreed upon allocation of
restructuring expenses in connection with the Plan and the transactions
contemplated thereby.

6

 

Annex E

Delaware/Inc. Cash Amount

The “Delaware/Inc. Cash Amount” will equal (i) available cash at NTL
Incorporated and NTL Delaware as of April 10, 2002 plus (ii) the principal and
accrued interest on the £90 million note from NTL (UK) Group, Inc. issued in
April 2002 plus (iii) the FT Payment less the sum of (iv) Euroco Cash, (v)
Aggregate Operating Expenses and (vi) Aggregate Investments. The Delaware/Inc.
Cash Amount will be allocated between the Delaware Cash Amount and the NTL Cash
Amount by the Steering Committee.

7

 

Annex F

Term Sheet for Series A Warrants of New NTL

         The principal terms of the Series A warrants (the “Series A Warrants”) of
New NTL to be issued in accordance with the Plan shall be as follows:

	 	 	 	 	 
	Issuer:	 	New NTL
	
	
	
	

	 	 	 	 	 
	
	
	
	

	Recipients:	 	Series A Warrants (2,991,789) representing 1.13% of fully diluted
shares issuable in respect of 13% Preferred Stock

Series A Warrants (22,405,748) representing 8.45% of fully
diluted shares issuable in respect of FT Preferred Stock

Series A Warrants (9,602,463) representing 3.62% of fully diluted
shares issuable in respect of NTL Common Stock

Series A Warrants (15,000,000) representing 5.66% of fully
diluted shares potentially issuable in respect of amount of New
NTL Common Stock issued in Rights Offering
	
	
	
	

	 	 	 	 	 
	
	
	
	

	Warrants:	 	New NTL shall issue and deliver Series A Warrants to purchase
shares of Common Stock of New NTL at an exercise price per share
of $77.39. Exercise price assumes 162.5% recovery by the holders
of the NCC and Diamond Cable Notes
	
	
	
	

	 	 	 	 	 
	
	
	
	

	Expiration Date:	 	Eight years from the date of issuance
	
	
	
	

	 	 	 	 	 
	
	
	
	

	Adjustments:	 	The number of shares to be received upon exercise of the Series A
Warrants shall be subject to customary adjustment for stock
splits, stock dividends, reverse stock splits, stock
recapitalizations and distributions of property (other than cash)
to holders of New NTL Common Stock
	
	
	
	

	 	 	 	 	 
	
	
	
	

	Change of Control:	 	Cash Acquisition: In the event of an acquisition of New NTL in a
transaction where the consideration payable by the acquiror is
all cash, the following shall apply:
	
	
	
	

	 	 	(x)(i)
	 	If the transaction is announced within one year of the
Effective Date and recovery of NCC and Diamond Cable Notes
exceeds 70%;
	
	
	
	

	 	 	
(ii)
	 	If the transaction is announced within two years of the
Effective Date and recovery of NCC and Diamond Cable Notes
exceeds 85%; or
	
	
	
	

	 	 	
(iii)
	 	If the transaction is announced within three years of the
Effective Date and recovery of NCC and Diamond Cable

1

 

	 	 	 	 	 
	
	
	
	

	 	 	 	 	Notes exceeds 100%, and
	
	
	
	

	 	 	
(y)
	 	the acquiring entity (which shall include any direct or
indirect shareholder which would constitute an “affiliate”
(under applicable securities law) of such acquiring
entity, “Acquiror”) is a publicly traded entity, the
Series A Warrants would become warrants (“Acquiror
Warrants”) of the Acquiror.
	
	
	
	

	 
	

	 	 	The Acquiror Warrant shall have an expiration date the same as
the expiration date of the Series A Warrant, shall have an
exercise price equal to the adjustment multiple multiplied by the
fair market value of the Acquiror’s stock (based on a trading day
average) and will be exercisable for a number of shares of the
Acquiror’s stock equal to the exercise price of the Series A
Warrant divided by the exercise price of the Acquiror Warrant.
The adjustment multiple shall equal the ratio of the exercise
price of the Series A Warrant to the cash consideration received
by the New NTL Common Stock in the acquisition.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Example:	 	Example 1	 	Example 2
	 	 	
	 	
	 	

	 
	 	 	 	 	 	 	 	 	 	 	 	 
	
	
	
	

	 
	 	exercise price NTL Warrant	 	$	20	 	 	$	20	 
	
	
	
	

	 
	 	cash merger consideration	 	$	10	 	 	$	40	 
	
	
	
	

	 
	 	adjustment multiple	 	 	20	 	 	 	5	 
	
	
	
	

	 
	 	Acquiror stock price	 	$	50	 	 	$	50	 
	
	
	
	

	 
	 	Acquiror warrant exercise price	 	$	100	 	 	$	25	 
	
	
	
	

	 
	 	Exercisable for x Acquiror shares. x=	 	 	0.2	 	 	 	0.8	 

	 	 	 
	 	 	 
	
	
	
	

	 	 	
If the foregoing criteria are not met and a cash acquisition is
announced within the first three years after the Effective Date,
and subject to consummation of such cash acquisition, the
exercise price of the Series A Warrant will be adjusted so as to
become equal to 90% of the per share value offered in the
acquisition to holders of New NTL Common Stock and the
acquisition will not be consummated until warrant holders have
had at least 20 business days to exercise subsequent to such
adjustment.
	
	
	
	

	 	 	 
	
	
	
	

	 	 	
Stock Acquisition: In the event of an acquisition of New NTL for
all stock, the Series A Warrants remains outstanding (until the
Expiration Date) and would be exercisable into stock of the
acquiror at the exchange ratio in the transaction.
	
	
	
	

	 	 	 
	
	
	
	

	 	 	
Mixed Consideration: The parties will negotiate in good faith to
develop an appropriate methodology for adjustment in these
circumstances.

2

 

	 	 	 	 	 	 	 	 	 	 	 
	Restrictions on

Transfer:	 	
Transfers only in compliance with applicable securities laws
	
	
	
	

	 	 	 
	
	
	
	

	Governing Law:	 	
New York

Annex F-4

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