Document:

<PAGE>   1
                                                                  EXECUTION COPY

                          REGISTRATION RIGHTS AGREEMENT

         This REGISTRATION RIGHTS AGREEMENT (this "Agreement") is entered into
as of this 13th day of August, 1999, between NTL Incorporated, a Delaware
corporation (the "Company"), and France Telecom S.A., a societe anonyme
organized under the laws of France (the "Purchaser").

         WHEREAS, the Purchaser intends to purchase (a) 750,000 shares of 5%
Cumulative Participating Convertible Preferred Stock, Series A, par value, $.0l
per share (the "Preferred Stock") of the Company, and (b) 2,702,703 shares of
Common Stock, par value $.0l of the Company (the "Common Stock"), each pursuant
to the terms and conditions of a Purchase Agreement dated as of July 15, 1999
between the Company and the Purchaser (the "Purchase Agreement");

         WHEREAS, each share of Preferred Stock is initially convertible into
eight shares of Common Stock; and

         WHEREAS, as a condition to the Purchaser's obligation to close the
transactions contemplated under the Purchase Agreement, the Company must enter
into this Agreement with the Purchaser;

         NOW, THEREFORE, in consideration of the foregoing, the parties to this
Agreement hereby agree as follows:

                                   ARTICLE ONE
                                   DEFINITIONS

         Capitalized terms used but not defined herein shall have the meaning
ascribed thereto in the Purchase Agreement.

         "Blackout Period" shall have the meaning set forth in Section 3.01(b).

         "Cogecom" shall have the meaning set forth in Section 6.06.

         "Demand" shall have the meaning set forth in Section 2.01.

         "Exchange Act" shall mean the United States Securities Exchange Act of
1934, as amended, or any United States federal statute then in effect that has
replaced such statute, and a reference to a particular section thereof shall be
deemed to include a reference to the comparable section, if any, of any such
replacement United States federal statute.

<PAGE>   2

         "Existing Agreements" means (i) the Registration Rights Agreement,
dated January 28, 1999, between the Company and Microsoft Corporation, (ii) the
Registration Rights Agreement, dated September 22, 1998, between the Company and
Vision Networks III B.V., (iii) the Registration Rights Agreement, dated March
8, 1999, by and among the Company and the various Shareholders Listed in Annex A
thereto, and (iv) the Registration Rights Agreement, dated October 28, 1998, by
and among the Company, Comcast Corporation and Warburg, Pincus Investors, L.P.

         "Existing Holders" shall have the meaning set forth in Section 2.05.

         "5% Preferred Stock" means the Preferred Stock and any other shares of
preferred stock of the Company having substantially identical terms to the
Preferred Stock and issued as dividends on the Preferred Stock or shares of
preferred stock issued as dividends thereon.

         "Indemnified Person" shall have the meaning set forth in Section
5.01(a).

         "indemnifying parties" shall have the meaning set forth in Section
5.01(c).

         "Investment Agreement" means the Investment Agreement dated July 26,
1999, between the Company and the Purchaser.

         "Losses" shall have the meaning set forth in Section 5.01(a).

         "Maximum Number" shall have the meaning set forth in Section 2.05.

         "Person" shall mean an individual, trustee, corporation, partnership,
limited liability company, joint stock company, trust, unincorporated
association, union, business association, firm or other entity.

         "Preliminary Prospectus" shall mean any preliminary Prospectus or
preliminary Prospectus supplement that may be included in any Registration
Statement.

         "Proceedings" and "Proceeding" shall have the meaning set forth in
Section 5.01(c).

         "Prospectus" shall mean the Prospectus included in any Registration
Statement, as amended or supplemented by any Prospectus supplement, with respect
to the terms of the offering of any portion of the Registrable Securities
covered by such Registration Statement, and all other amendments and supplements
to the Prospectus, including post-effective amendments, and all material
incorporated by reference or deemed to be incorporated by reference in such
Prospectus.

         "Public Offering" shall mean the offer of shares of Common Stock or
securities convertible into or exchangeable for Common Stock on a
broadly-distributed basis, not limited to sophisticated investors (except for
qualified institutional buyers pursuant to Rule 144A under the Securities Act),
pursuant to a firm-commitment or best-efforts underwriting or purchase
arrangement.

                                       2
<PAGE>   3

         "Registrable Securities" means (a) the Common Shares, (b) any shares of
Common Stock issued upon the conversion or redemption of 5% Preferred Stock, and
(c) any shares of Common Stock issued as dividends upon the 5% Preferred Stock.
If as a result of any reclassification, stock split, stock dividend, business
combination, exchange offer or other transaction or event, any capital stock,
evidences of indebtedness, warrants, options, rights or other securities
(collectively "Other Securities") are issued or transferred to the Purchaser in
respect of Registrable Securities held by the Purchaser, references herein to
Registrable Securities shall be deemed to include such Other Securities.

         "Registration Expenses" has the meaning set forth in Section 4.01.

         "Registration Statement" shall mean any registration statement of the
Company under the Securities Act that covers any of the Registrable Securities,
including the Prospectus, amendments and supplements to such Registration
Statement, including post-effective amendments, all exhibits, and all material
incorporated by reference or deemed to be incorporated by reference in such
Registration Statement.

         "Regulations" shall mean the General Rules and Regulations of the SEC
under the Securities Act.

         "Rule 144" shall mean Rule 144 of the Regulations, as such rule may be
amended from time to time, or any similar rule (other than Rule 144A) or
regulation hereafter adopted by the SEC providing for offers and sales of
securities made in compliance therewith resulting in offers and sales by
subsequent holders of such securities being free of the registration and
prospectus delivery requirements of the Securities Act.

         "SEC" shall mean the United States Securities and Exchange Commission
or any other United States federal agency at the time administering the
Securities Act or the Exchange Act.

         "Seller" and "Sellers" shall have the meaning set forth in Section
2.06.

                                   ARTICLE TWO
                      REGISTRATION UNDER THE SECURITIES ACT

         SECTION 2.01. Demand Registration. If at any time the Purchaser shall
request the Company in writing (each, a "Demand") to register under the
Securities Act a specified number of Registrable Securities, the Company shall
use its best efforts to effect the registration under the Securities Act of the
Registrable Securities which the Company has been so requested to register as
soon as reasonably practicable so as to permit the sale thereof, and in
connection therewith shall prepare and file a Registration Statement with the
SEC under the Securities Act to effect such registration; provided, that each
such request shall (i) specify the number of shares of Registrable Securities
intended to be offered and sold, (ii) describe the nature or method of the
proposed offer

                                       3
<PAGE>   4

and sale thereof, and (iii) contain the undertaking of the Purchaser to provide
all such information and materials and take all such action as may be required
in order to permit the Company to comply with all applicable requirements of the
SEC and to obtain any desired acceleration of the effective date of such
Registration Statement. The Company agrees not to grant to any other person
registration rights pursuant to which such person would have the right to
register shares of Common Stock on a Registration Statement filed by the Company
pursuant to the exercise of the Purchaser's rights under this Agreement.

         SECTION 2.02. Limits on Demand Registrations. The Company shall not be
required to effect any registration pursuant to Section 2.01 after three Demands
requested by the Purchaser pursuant to Section 2.01 shall have been effected
unless, after such three Demands have been effected, the Purchaser has not sold
all shares of Registrable Securities then held by it. In that event, the
Purchaser and the Company shall negotiate in good faith the provision by the
Company of additional Demands pursuant to this Agreement as are reasonably
appropriate.

         SECTION 2.03. Withdrawal. The Purchaser shall have the right to request
withdrawal of any Registration Statement filed with the SEC pursuant to Section
2.01 or Section 2.07 (and the Company shall so withdraw such Registration
Statement) so long as such Registration Statement has not become effective,
provided that, in such case, the Purchaser shall pay all related out-of-pocket
Registration Expenses reasonably incurred by the Company unless a Registration
Statement shall be effected pursuant to Section 2.01 within 270 days after such
withdrawal.

         SECTION 2.04. Effective Registration Statement. A registration
requested pursuant to Section 2.01 shall not be deemed to be effected (i) if a
Registration Statement with respect thereto shall not have become effective
under the Securities Act and remained effective for at least 90 days or until
the completion of the distribution of the Registrable Securities thereunder,
whichever is earlier (including, without limitation, because of a withdrawal of
such Registration Statement by the Purchaser prior to the effectiveness thereof
pursuant to Section 2.03 hereof), (ii) if, after it has become effective, such
registration is interfered with for any reason by any stop order, injunction or
other order or requirement of the SEC or any other governmental authority, or as
a result of the initiation of any proceeding for such a stop order by the SEC
through no fault of the Purchaser and the result of such interference is to
prevent the Purchaser from disposing of such Registrable Securities proposed to
be sold in accordance with the intended methods of disposition, (iii) the
Company exercises its rights under Section 3.01(b) and the result is a delay in
the proposed distribution of any Registrable Securities and the Purchaser
determines not to sell such Registrable Securities pursuant to such registration
as a result of such delay, or (iv) if the conditions to closing specified in the
purchase agreement or underwriting agreement entered into in connection with any
underwritten offering shall not be satisfied or waived with the consent of the
Purchaser, other than as a result of any breach by the Purchaser or any
underwriter of its obligations thereunder or hereunder.

         SECTION 2.05. "Piggy-Back" Rights. If the Company proposes to register
any shares of Common Stock for itself or any of its stockholders (the "Existing
Holders") under the Securities Act

                                       4
<PAGE>   5

on a Registration Statement on Form S-1, Form S-2 or Form S-3 (or an equivalent
general registration form then in effect) for purposes of a Public Offering of
such shares, the Company shall give written notice of such proposal at least 20
days before the anticipated filing date, with notice shall include the intended
method of distribution of such shares, to the Purchaser. Such notice shall
specify at a minimum the number of shares of Common Stock proposed to be
registered, the proposed filing date of such Registration Statement, any
proposed means of distribution of such shares and the proposed managing
underwriter, if any. Subject to Section 2.06, upon the written request of the
Purchaser, given within 10 days after the receipt of any such written notice by
facsimile confirmed by mail (which request shall specify the Registrable
Securities intended to be disposed of by the Purchaser), the Company will use
its best efforts to include in the Registration Statement with respect to such
Public Offering the Registrable Securities referred to in the Purchaser's
request; provided, however, that any participation in such Public Offering by
the Purchaser shall be on substantially the same terms as the Company's (or its
other stockholders') participation therein; and provided further that the amount
of Registrable Securities to be included in any such Public Offering shall not
exceed the maximum number which the managing underwriter of such Public Offering
considers in good faith to be appropriate based on market conditions and other
relevant factors (the "Maximum Number"). The Purchaser shall have the right to
withdraw a request to include Registrable Securities in any Public Offering
pursuant to this Section 2.05 by giving written notice to the Company of its
election to withdraw such request at least five business days prior to the
proposed effective date of such Registration Statement.

         SECTION 2.06. (a) Allocation of Securities Included in a Public
Offering. If the lead managing underwriter for any Public Offering to be
effected pursuant to Section 2.05 of this Agreement shall advise the Company and
the Purchaser (each, a "Seller" and, collectively, the "Sellers") in writing
that the number of shares of Common Stock sought to be included in such Public
Offering (including those sought to be offered by the Company, those sought to
be offered by the Sellers and those sought to be offered by Existing Holders) is
more than the Maximum Number, the shares of Common Stock to be included in such
Public Offering shall be allocated pursuant to the following procedures: First,
the Company shall be entitled to include all of the securities that it has
proposed to include, and second, to the extent that any other securities may be
included without exceeding the Maximum Number, and subject to rights of any
parties under the Existing Agreements, the Purchaser shall be entitled to
participate in that registration on a basis no less favorable than that of any
other holder of the Company's securities.

         (b) Notwithstanding anything to the contrary in Section 2.05 and
Section 2.06, the Purchaser shall be entitled to participate in a Public
Offering effected by the Company pursuant to a request under an Existing
Agreement only to the extent that the terms of such Existing Agreement permits
an Existing Holder to so participate. The Company agrees that in any
modification or amendment of an Existing Agreement, the rights of the Purchaser
as granted under this Agreement will not be adversely affected, and that
registration rights granted by the Company under any future registration rights
agreement that the Company may enter into will be on a basis no more favorable
than the rights granted to the Purchaser herein, unless the Company also grants
equivalent rights to the Purchaser at the time of such other agreement.

                                       5
<PAGE>   6

         SECTION 2.07. Shelf Registration. (a) If at any time the Purchaser
shall request to the Company in writing, the Company shall use its best efforts
to file and cause to be declared effective a "shelf" Registration Statement on
any appropriate form pursuant to Rule 415 (or similar rule that may be adopted
by the SEC) under the Securities Act for Registrable Securities, which form
shall be available for the sale of the Registrable Securities in accordance with
the intended method or methods of distribution thereof. The Company agrees to
use its best efforts to keep such Registration Statement continuously effective
and usable for resale of Registrable Securities, for a period of twenty-four
months from the date on which the SEC declares such Registration Statement
effective or such shorter period which will terminate at such time as the
Purchaser has sold all the Registrable Securities covered by such Registration
Statement; provided, however, that the Company may elect that such Registration
Statement not be filed or usable during any Blackout Period (as defined in
Section 3.01(b)). Any request by the Purchaser to effect a "shelf" registration
statement pursuant to this Section 2.07 shall count as one Demand for purposes
of the limitations on Demands set forth in Section 2.02.

                                  ARTICLE THREE
                           OBLIGATIONS OF THE COMPANY

         SECTION 3.01. (a) Whenever the Company is required by the provisions of
this Agreement to use its best efforts to effect the registration of any Common
Stock under the Securities Act, the Company shall (i) prepare and, as soon as
reasonably possible and in any event within 45 days following receipt of a
notice from the Purchaser to that effect, file with the SEC a Registration
Statement with respect to such Registrable Securities, and shall use its best
efforts to cause such Registration Statement to become effective and to remain
effective until the sale of all of the shares of Registrable Securities so
registered or, in the case of a "shelf" registration statement filed pursuant to
Section 2.07, for the period specified in that Section; (ii) prepare and file
with the SEC such amendments and supplements to such Registration Statement and
the Prospectus used in connection therewith as may be reasonably necessary to
make and to keep such Registration Statement effective and to comply with the
provisions of the Securities Act with respect to the sale or other disposition
of all securities proposed to be registered pursuant to such Registration
Statement until the sale of all of the shares of Registrable Securities so
registered or, in the case of a "shelf" registration statement filed pursuant to
Section 2.07, for the period specified in that Section; and (iii) take all such
other action either necessary or desirable to permit the shares of Registrable
Securities held by the Purchaser to be registered and disposed of in accordance
with the method of disposition described herein.

         (b) Notwithstanding the foregoing, if the Company shall furnish to the
Purchaser a certificate signed by its Chairman, Chief Executive Officer or Chief
Financial Officer stating that (i) filing a Registration Statement or
maintaining effectiveness of a current Registration Statement would have a
material adverse effect on the Company or its stockholders in relation to any
material financing, acquisition or other corporate transaction, and the Company
has determined in good faith that such disclosure is not in the best interests
of the Company and its shareholders, or (ii) the Company has determined in good
faith that the filing or maintaining effectiveness of a current

                                       6
<PAGE>   7

Registration Statement would require disclosure of material information the
Company has a valid business purpose of retaining as confidential, the Company
shall be entitled to postpone filing or suspend the use by the Purchaser of the
Registration Statement for a reasonable period of time, but not in excess of 60
consecutive calendar days (a "Blackout Period"). The Company shall be entitled
to exercise such suspension rights more than one time in any calendar year;
provided that such exercise shall not prevent the Purchaser from being entitled
to at least 240 days of effective registration rights per year and that no
suspension period may commence if it is less than 30 calendar days from the
prior such suspension period.

         (c) In connection with any Registration Statement, the following
provisions shall apply:

         (1) The Company shall furnish to the Purchaser, prior to the filing
    thereof with the SEC, a copy of any Registration Statement, and each
    amendment thereof and each amendment or supplement, if any, to the
    Prospectus included therein and shall afford the Purchaser, the managing
    underwriters, and their respective counsel, if any, a reasonable opportunity
    within a reasonable time period to review and comment on copies of all such
    documents (including a reasonable opportunity to review copies of any
    documents to be incorporated by reference therein and all exhibits thereto)
    proposed to be filed.

         (2) The Company shall take such action as may be necessary so that: (i)
    any Registration Statement and any amendment thereto and any Prospectus
    forming part thereof and any amendment or supplement thereto (and each
    report or other document incorporated therein by reference) complies in all
    material respects with the Securities Act and the Exchange Act and the
    respective rules and regulations thereunder, (ii) any Registration Statement
    and any amendment thereto does not, when it becomes effective, contain an
    untrue statement of a material fact or omit to state a material fact
    required to be stated therein or necessary to make the statements therein
    not misleading, and (iii) any Prospectus forming part of any Registration
    Statement, and any amendment or supplement to such Prospectus, does not
    include an untrue statement of a material fact or omit to state a material
    fact necessary in order to make the statements therein, in the light of the
    circumstances under which they were made, not misleading.

         (3) (A) The Company shall advise the Purchaser and, if requested by the
    Purchaser, confirm such advice in writing:

              (i) when a Registration Statement and any amendment thereto has
         been filed with the SEC and when the Registration Statement or any
         post-effective amendment thereto has become effective; and

              (ii) of any request by the SEC for amendments or supplements to
         the Registration Statement or the Prospectus included therein or for
         additional information.

                                       7
<PAGE>   8

         (B) The Company shall advise the Purchaser and, if requested by the
    Purchaser, confirm such advice in writing of:

              (i) the issuance by the SEC of any stop order suspending
         effectiveness of the Registration Statement or the initiation of any
         proceedings for that purpose;

              (ii) the receipt by the Company of any notification with respect
         to the suspension of the qualification of the securities included
         therein for sale in any jurisdiction or the initiation of any
         proceeding for such purpose; and

              (iii) the happening of any event that requires the making of any
         changes in the Registration Statement or the Prospectus so that, as of
         such date, the Registration Statement and the Prospectus do not contain
         an untrue statement of a material fact and do not omit to state a
         material fact required to be stated therein or necessary to make the
         statements therein (in the case of the Prospectus, in the light of the
         circumstances under which they were made) not misleading (which advice
         shall be accompanied by an instruction to suspend the use of the
         Prospectus relating to such Registrable Securities until the requisite
         changes have been made).

         (4) The Company shall use its best efforts to prevent the issuance, and
    if issued to obtain the withdrawal, of any order suspending the
    effectiveness of the Registration Statement relating to such Registrable
    Securities at the earliest possible time.

         (5) The Company shall furnish to the Purchaser with respect to the
    Registration Statement relating to such Registrable Securities, without
    charge, such number of copies of such Registration Statement and any
    post-effective amendment thereto, including financial statements and
    schedules, and all reports, other documents and exhibits (including those
    incorporated by reference) as the Purchaser shall reasonably request.

         (6) The Company shall furnish to the Purchaser such number of copies of
    any Prospectus (including any preliminary Prospectus and any amended or
    supplemented Prospectus) relating to such Registrable Securities, in
    conformity with the requirements of the Securities Act, as the Purchaser may
    reasonably request in order to effect the offering and sale of the shares of
    such Registrable Securities to be offered and sold, but only while the
    Company shall be required under the provisions hereof to cause the
    Registration Statement to remain effective, and the Company consents (except
    during a Blackout Period or event contemplated by Section
    3.01(c)(3)(B)(iii)) to the use of the Prospectus or any amendment or
    supplement thereto by the Purchaser in connection with the offering and sale
    of the Registrable Securities covered by the Prospectus or any amendment or
    supplement thereto.

         (7) Prior to any offering of Registrable Securities pursuant to any
    Registration Statement, the Company shall use its best efforts to register
    or qualify the Registrable Securities covered by such Registration Statement
    under the securities or blue sky laws

                                       8
<PAGE>   9

    of such states as the Purchaser shall reasonably request, maintain any such
    registration or qualification current until the earlier of the sale of the
    Registrable Securities so registered or 90 days subsequent to the effective
    date of the Registration Statement, and do any and all other acts and things
    either reasonably necessary or advisable to enable the Purchaser to
    consummate the public sale or other disposition of the Registrable
    Securities in jurisdictions where the Purchaser desires to effect such sales
    or other disposition; provided that the Company shall not be required to
    take any action that would subject it to the general jurisdiction of the
    courts of any jurisdiction in which it is not so subject or to qualify as a
    foreign corporation in any jurisdiction where the Company is not so
    qualified.

         (8) In connection with any offering of Registrable Securities
    registered pursuant to this Agreement, the Company shall (x) furnish the
    Purchaser, at the Company's expense, on a timely basis with certificates
    free of any restrictive legends representing ownership of the Registrable
    Securities being sold in such denominations and registered in such names as
    the Purchaser shall request and (y) instruct the transfer agent and
    registrar of the Registrable Securities to release any stop transfer orders
    with respect to the Registrable Securities.

         (9) Upon the occurrence of any event contemplated by Section
    3.01(c)(3)(B)(iii) above, the Company shall promptly prepare a
    post-effective amendment to any Registration Statement or an amendment or
    supplement to the related Prospectus or file any other required document so
    that, as thereafter delivered to purchasers of the Registrable Securities
    included therein, the Prospectus will not include an untrue statement of a
    material fact or omit to state any material fact necessary to make the
    statements therein, in the light of the circumstances under which they were
    made, not misleading. If the Company notifies the Purchaser of the
    occurrence of any Blackout Period or any event contemplated by Section
    3.01(c)(3)(B)(iii) above, the Purchaser shall suspend the use of the
    Prospectus, for a period not to exceed thirty calendar days in accordance
    with Section 3.01(b), until the requisite changes to the Prospectus have
    been made.

         (10) The Company shall make generally available to its security holders
    or otherwise provide in accordance with Section 11(a) of the Securities Act
    as soon as practicable after the effective date of the applicable
    Registration Statement an earnings statement satisfying the provisions of
    Section 11(a) of the Securities Act.

         (11) The Company shall, if requested, promptly include or incorporate
    in a Prospectus supplement or post-effective amendment to a Registration
    Statement, such information as the managing underwriters administering an
    underwritten offering of the Registrable Securities registered thereunder
    reasonably request to be included therein and to which the Company does not
    reasonably object and shall make all required filings of such Prospectus
    supplement or post-effective amendment as soon as practicable after they are
    notified of the matters to be included or incorporated in such Prospectus
    supplement or post-effective amendment.

                                       9
<PAGE>   10

         (12) If requested, the Company shall enter into an underwriting
    agreement with a nationally recognized investment banking firm or firms
    selected by the Purchaser and reasonably acceptable to the Company
    containing representations, warranties, indemnities and agreements then
    customarily included by an issuer in underwriting agreements with respect to
    secondary underwritten distributions, and in connection therewith, if an
    underwriting agreement is entered into, cause the same to contain
    indemnification provisions and procedures substantially identical to those
    set forth in Article Five (or such other provisions and procedures
    acceptable to the managing underwriters, if any) with respect to all parties
    to be indemnified pursuant to Article Five and take all such other actions
    as are reasonably requested by the managing underwriters for such
    underwritten offering in order to expedite or facilitate the registration or
    the disposition of such Registrable Securities.

         (13) In the event the Purchaser proposes to conduct an underwritten
    Public Offering, then the Company shall: (i) make reasonably available for
    inspection by the Purchaser and its counsel, any underwriter participating
    in any distribution pursuant to such Registration Statement, and any
    attorney, accountant or other agent retained by the Purchaser or any such
    underwriter, all relevant financial and other records, pertinent corporate
    documents and properties of the Company and its subsidiaries as shall be
    reasonably necessary to enable them to conduct a "reasonable" investigation
    for purposes of Section 11(a) of the Securities Act; (ii) cause the
    Company's officers, directors and employees to make reasonably available for
    inspection all relevant information reasonably requested by the Purchaser or
    any such underwriter, attorney, accountant or agent in connection with any
    such Registration Statement, in each case, as is customary for similar due
    diligence examinations; provided that any information that is designated in
    writing by the Company, in good faith, as confidential at the time of
    delivery of such information shall be kept confidential by the Purchaser,
    such underwriter, or any such, attorney, accountant or agent, unless such
    disclosure is made in connection with a court proceeding or required by law,
    or such information becomes available to the public generally or through a
    third party without an accompanying obligation of confidentiality; (iii)
    obtain opinions of counsel to the Company and updates thereof (which counsel
    and opinions (in form, scope and substance) shall be reasonably satisfactory
    to the managing underwriters, if any, addressed to the Purchaser and the
    underwriters, if any, covering such matters as are customarily covered in
    opinions requested in underwritten offerings and such other matters as may
    be reasonably requested by the Purchaser and underwriters (it being agreed
    that the matters to be covered by such opinion or written statement by such
    counsel delivered in connection with such opinions shall include in
    customary form, without limitation, as of the date of the opinion and as of
    the effective date of the Registration Statement or most recent
    post-effective amendment thereto, as the case may be, the absence from such
    Registration Statement and the Prospectus included therein, as then amended
    or supplemented, including the documents incorporated by reference therein,
    of an untrue statement of a material fact or the omission to state therein a
    material fact required to be stated therein or necessary to make the
    statements therein not misleading; (iv) obtain "cold comfort" letters and
    updates thereof from the independent public accountants of the Company (and,
    if necessary, any other independent

                                       10
<PAGE>   11

    public accountants of any subsidiary of the Company or of any business
    acquired by the Company for which financial statements and financial data
    are, or are required to be, included in the Registration Statement),
    addressed to the Purchaser and the underwriters, if any, in customary form
    and covering matters of the type customarily covered in "cold comfort"
    letters in connection with primary underwritten offerings; and (v) deliver
    such documents and certificates as may be reasonably requested by the
    Purchaser and the managing underwriters, if any, and with any customary
    conditions contained in the underwriting agreement or other agreement
    entered into by the Company. The foregoing actions set forth in clauses
    (iii), (iv) and (v) of this Section 3.01(c)(13) shall be performed at each
    closing under any underwritten offering to the extent required thereunder.

         (14) The Company will use its best efforts to cause such Registrable
    Securities to be admitted for quotation on the Nasdaq National Market or
    other stock exchange or trading system on which the Common Stock primarily
    trades on or prior to the effective date of any Registration Statement
    hereunder.

         (15) The Company shall use its best efforts to take all other steps
    reasonably necessary to effect the registration, offering and sale of the
    Registrable Securities covered by a Registration Statement contemplated
    hereby and enter into any other customary agreements and take such other
    actions, including participation in "roadshows" as are reasonably required
    in order to expedite or facilitate the disposition of such Registrable
    Securities, and the Company shall secure the participation of its management
    for such purposes.

         (16) The Company shall, at the reasonable request of the Purchaser,
    hold periodic meetings with representatives of the Purchaser to report on
    the market for the Company's securities and opportunities for the Purchaser
    to effect sales of such Registrable Securities.

         (d) With a view to making available the benefits of certain rules and
regulations of the SEC which may at any time permit the sale of the Registrable
Securities to the public without registration, the Company agrees to:

         (1) Make and keep public information available, as those terms are
    understood and defined in and interpreted under Rule 144, at all times;

         (2) During the term of this Agreement, furnish to the Purchaser upon
    request: (i) a written statement by the Company as to its compliance with
    the reporting requirements of Rule 144, (ii) a copy of the most recent
    annual or quarterly report of the Company, and (iii) such other reports and
    documents of the Company as the Purchaser may reasonably request in availing
    itself of any rule or regulation of the SEC allowing the Purchaser to sell
    any such securities without registration.

                                       11
<PAGE>   12

                                  ARTICLE FOUR
                                    EXPENSES

         SECTION 4.01. Expenses Payable by the Company. Except as provided in
Section 4.02 below, all fees and expenses incident to the registration and sale
of Registrable Securities shall be borne by the Company whether or not a
Registration Statement is filed or becomes effective, including, without
limitation, (i) all registration, qualification and filing fees (including,
without limitation, (A) fees with respect to filings required to be made with
the NASD and (B) fees and expenses of compliance with state securities or blue
sky laws (including, without limitation, fees and disbursements of counsel for
the Company or the underwriters, or both, in connection with blue sky
qualifications of the Registrable Securities)), (ii) messenger and delivery
expenses, word processing, duplicating and printing expenses (including, without
limitation, expenses of printing certificates for Registrable Securities in a
form eligible for deposit with The Depository Trust Company, printing
Preliminary Prospectuses, Prospectuses, Prospectus supplements, including those
delivered to or for the account of the Purchaser as provided in this Agreement,
and printing or preparing any underwriting agreement, agreement among
underwriters and related syndicate or selling group agreements, pricing
agreements and blue sky memoranda), (iii) fees and disbursements of counsel for
the Company, (iv) fees and disbursements of all independent certified public
accountants for the Company (including, without limitation, the expenses of any
"comfort letters" required by or incident to such performance), (v) the fees and
expenses of any "qualified independent underwriter" or other independent
appraiser participating in an offering pursuant to Section 3 of Rule 2720 of the
Conduct Rules of the NASD (unless such qualified independent underwriter is
required as a result of an affiliation between an underwriter selected by the
Purchaser and the Purchaser, in which case such fees and expenses will be borne
by the Purchaser), (vi) Securities Act liability insurance, if the Company so
desires such insurance, (vii) all out-of-pocket expenses of the Company
(including, without limitation, expenses incurred by the Company, its officers,
directors, employees and agents performing legal or accounting duties or
preparing or participating in "roadshow" presentations or of any public
relations, investor relations or other consultants or advisors retained by the
Company in connection with any roadshow, including travel and lodging expenses
of such roadshows), and (viii) the fees and expenses incurred in connection with
the quotation or listing of shares of Common Stock on any securities exchange or
automated securities quotation system. The fees and expenses set forth in this
Section 4.01 are collectively referred to as "Registration Expenses".

         SECTION 4.02. Expenses Payable by the Purchaser. The Purchaser shall
pay all underwriting discounts and commissions or broker's commissions incurred
in connection with the sale or other disposition of Registrable Securities for
or on behalf of the Purchaser's account as well as the fees and expenses of the
Purchaser's counsel.

                                       12
<PAGE>   13

                                  ARTICLE FIVE
                        INDEMNIFICATION AND CONTRIBUTION

         SECTION 5.01. (a) Indemnification by the Company. The Company shall,
without limitation as to time, indemnify and hold harmless, to the fullest
extent permitted by law, the Purchaser and any underwriter participating in the
distribution, their respective officers, directors, partners and agents and
employees of each of them, each Person who controls the Purchaser or any such
underwriter (within the meaning of Section 15 of the Securities Act and Section
20 of the Exchange Act) and the officers, directors, partners, agents and
employees of each such controlling person (individually, an "Indemnified
Person") from and against any and all losses, claims, damages, liabilities,
costs (including, without limitation, costs of investigating, preparing to
defend, defending and appearing as a third-party witness and attorneys' fees and
disbursements) and expenses, including any amounts paid in respect of any
settlements (collectively, "Losses"), joint or several, without duplication, as
incurred, arising out of or based upon any untrue or alleged untrue statement of
a material fact contained in any Registration Statement, Prospectus or form of
prospectus, or in any amendment or supplements thereto or in any Preliminary
Prospectus, or arising out of or based upon, in the case of the Registration
Statement or any amendments thereto, any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements
therein not misleading, and, in the case of the Prospectus or form of
prospectus, or in any amendments or supplements thereto, or in any Preliminary
Prospectus, any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading except, in either case,
(i) to the extent, but only to the extent, that such untrue or alleged untrue
statement or omission or alleged omission has been made therein in reliance upon
and in conformity with information furnished in writing to the Company by such
Indemnified Person expressly for use therein and (ii) if the Person asserting
any such Losses who purchased the Registrable Securities which are the subject
thereof did not receive a copy of an amended Preliminary Prospectus or the final
Prospectus (or the final Prospectus as amended or supplemented) at or prior to
the written confirmation of the sale of such Registrable Securities to such
person (if it is determined that the Company has provided such Preliminary
Prospectus and it was the responsibility of such Indemnified Person to provide
such person with a current copy of the Prospectus or amended or supplemented
Prospectus, as the case may be) and the untrue statement or alleged untrue
statement or omission or alleged omission of a material fact made in such
Preliminary Prospectus was corrected in the amended Preliminary Prospectus or
the final Prospectus (or the final Prospectus as amended and supplemented).

         (b) Indemnification by Purchaser. In connection with any Registration
Statement in which the Purchaser as a holder of Registrable Securities is
participating, the Purchaser shall severally but not jointly, without limitation
as to time, indemnify and hold harmless, to the fullest extent permitted by law,
the Company, any underwriter participating in the distribution and their
respective directors, officers, agents and employees, each Person who controls
the Company or any such underwriter (within the meaning of Section 15 of the
Securities Act and Section 20 of the Exchange Act), and the directors, officers,
agents or employees of such controlling person, from and against any and all
Losses, as incurred, arising out of or based upon (i) any untrue or alleged
untrue
                                       13
<PAGE>   14
statement of a material fact contained in any Registration Statement,
Prospectus, or form of prospectus, or in any amendment or supplement thereto or
in any Preliminary Prospectus, or arising out of or based upon, in the case of
the Registration Statement or any amendments thereto, any omission or alleged
omission of a material fact required to be stated therein or necessary to make
the statements therein not misleading, and, in the case of the Prospectus, or
form of prospectus, or in any amendments or supplements thereto, or in any
Preliminary Prospectus, any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading, in
either case, to the extent, but only to the extent, that such untrue or alleged
untrue statement or omission or alleged omission has been made therein in
reliance upon and in conformity with information furnished in writing to the
Company by the Purchaser expressly for use therein or (ii) the failure of the
Purchaser (if it is determined that it was the responsibility of the Purchaser)
at or prior to the written confirmation of the sale of the Registrable
Securities to send or deliver a copy of an amended Preliminary Prospectus or the
final Prospectus (or the final Prospectus as amended or supplemented) to the
Person asserting any such Losses who purchased the Registrable Securities which
are the subject thereof and the untrue statement or alleged untrue statement or
omission or alleged omission of a material fact made in such Preliminary
Prospectus was corrected in the amended Preliminary Prospectus or the final
Prospectus (or the final Prospectus as amended and supplemented). In no event
shall the liability of the Purchaser hereunder be, or be claimed by the Company
to be, greater in amount than the dollar amount of the proceeds actually
received by the Purchaser upon the sale of the Registrable Securities giving
rise to such indemnification obligation.

         (c) Conduct of Indemnification Proceedings. Each Indemnified Person
shall give prompt notice to the party or parties from which such indemnity is
sought (the "indemnifying parties") of the commencement of any action or
proceeding (including any governmental investigation) (collectively
"Proceedings" and individually a "Proceeding") with respect to which such
Indemnified Person seeks indemnification or contribution pursuant hereto;
provided, however, that the failure so to notify the indemnifying parties shall
not relieve the indemnifying parties from any obligation or liability except to
the extent that the indemnifying party was otherwise unaware of such Proceeding
and the indemnifying parties shall have been materially prejudiced by such
failure. The indemnifying parties shall have the right, exercisable by giving
written notice to an indemnified party promptly after the receipt of written
notice from such indemnified party of such Proceeding, to assume, at the
indemnifying parties' expense, the defense of any such proceeding, with counsel
reasonably satisfactory to such indemnified party and shall pay as incurred the
fees and disbursements of such counsel related to such Proceeding; provided,
however, that an indemnified party or parties (if more than one such indemnified
party is named in any Proceeding) shall have the right to employ separate
counsel in any such Proceeding and to participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of such
indemnified party or parties unless: (i) the indemnifying party or parties agree
to pay such fees and expenses; or (ii) the indemnifying parties fail promptly to
assume the defense of such Proceeding or fail promptly to employ counsel
reasonably satisfactory to such indemnified party or parties; or (iii) the named
parties to any such action (including any impleaded parties) include both the
indemnified party and the indemnifying party, and the indemnified party or
parties shall have been advised by counsel that

                                       14
<PAGE>   15

there may be a conflict between the positions of the indemnifying party or an
affiliate of the indemnifying party and such indemnified party or parties in
conducting the defense of such action or proceeding or that there may be legal
defenses available to such indemnified party or parties different from or in
addition to those available to the indemnifying party or such affiliate, in
which case, if such indemnified party or parties notifies the indemnifying
parties in writing that it elects to employ separate counsel at the expense of
the indemnifying parties, the indemnifying parties shall not have the right to
assume the defense thereof and such counsel shall be at the expense of the
indemnifying parties, it being understood, however, that the indemnifying
parties shall not, in connection with any one such Proceeding or separate but
substantially similar or related Proceedings in the same jurisdiction, arising
out of the same general allegations or circumstances, be liable for the
reasonable fees and expenses of more than one separate firm of attorneys
(together with appropriate local counsel) at any time for such indemnified party
or parties. Whether or not such defense is assumed by the indemnifying parties,
such indemnifying parties or indemnified party or parties will not be subject to
any liability for any settlement made without its or their consent (but such
consent will not be unreasonably withheld). No indemnifying party shall be
liable for any settlement of any such action or proceeding effected without its
written consent, but if settled with its written consent each indemnifying party
jointly and severally agrees, subject to the exception and limitations set forth
above, to indemnify and hold harmless each indemnified party from and against
any loss or liability by reason of such settlement. No indemnification provided
for in Section 5.01(a) or 5.01(b) shall be available to any party who shall fail
to give notice as provided in this Section 5.01(c) if the party to whom notice
was not given was unaware of the proceeding to which such notice would have
related and was materially prejudiced by the failure to give such notice, but
the failure to give such notice shall not relieve the indemnifying party or
parties from any liability which it or they may have to the indemnified party
otherwise than on account of the provisions of Section 5.01(a) or 5.01(b). No
indemnifying party shall, without the consent of the indemnified party, consent
to entry of any settlement which does not include as an unconditional term
thereof the giving by the claimant or plaintiff to such indemnified party of a
release from all liability in respect of such claim or litigation.

         (d) Contribution. If the indemnification provided for in this Section
5.01 is unavailable to an indemnified party or is insufficient to hold such
indemnified party harmless for any Losses in respect to which this Section 5.01
would otherwise apply by its terms, except by reasons of Section 5.01(a)(i) or
(ii) hereof or the failure of the indemnified party to give notice as required
in Section 5.01(c) hereof (provided that the indemnifying party was unaware of
the proceeding to which such notice would have related and was materially
prejudiced by the failure to give such notice), then each applicable
indemnifying party, in lieu of indemnifying such indemnified party, shall have
an obligation to contribute to the amount paid or payable by such indemnified
party as a result of such Losses, in such proportion as is appropriate to
reflect the relative fault of the indemnifying party, on the one hand, and such
indemnified party, on the other hand, in connection with the actions, statements
or omissions that resulted in such Losses as well as any other relevant
equitable considerations. Where the indemnified party is an underwriter
participating in the distribution of Registrable Securities, however, each
indemnifying party, and, in addition, if the indemnifying party is the
Purchaser, the Company, shall have an obligation to contribute to the

                                       15
<PAGE>   16
amount paid or payable by such indemnified part as the result of such Losses in
such proportion as is appropriate to reflect not only (i) the relative fault of
the Company, the Purchaser and the underwriters in connection with the actions,
statements or omissions that resulted in such Losses, as well as any other
relevant equitable considerations, but also (ii) the relative benefits received
by the Purchaser on the one hand and the underwriters on the other hand from the
distribution of the Registrable Securities. The relative benefit derived by the
parties shall be determined by reference to, among other things, the fact that
the Company entered into this Agreement to induce the Purchaser to engage in the
transaction pursuant to which the Registrable Securities were acquired. The
relative benefits received by the Purchaser on the one hand and the underwriters
on the other shall be deemed to be in the same proportion as the total net
proceeds from any such offering (before deducting expenses) received by the
Purchaser bear to the total underwriting discounts or commissions received by
the underwriters. The relative fault of such indemnifying party, on the one
hand, and indemnified party, on the other hand, shall be determined by reference
to, among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, has been taken by, or relates to information supplied by,
such indemnifying party or indemnified party, and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent any such
action, statement or omission. The amount paid or payable by a party as a result
of any Losses shall be deemed to include any legal or other fees or expenses
incurred by such party in connection with any Proceeding, to the extent such
party would have been indemnified for such expenses if the indemnification
provided for in Section 5.01(a) or Section 5.01(b) were available to such party.

           The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 5.01(d) were determined by pro rata
allocation or by any other method of allocation that does not take account of
the equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 5.01(d), if the Purchaser is an
indemnifying party, it shall not be required to contribute any amount in excess
of the amount by which the total price at which the Registrable Securities sold
by such indemnifying party and distributed to the public were offered to the
public (net of any underwriting discounts and commissions and expenses) exceeds
the amount of any damages that such indemnifying party has otherwise been
required to pay or has paid by reason of such untrue or alleged untrue statement
or omission or alleged omission. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

         (e) Remedies Cumulative. The indemnity, contribution and expense
reimbursement obligations under this Section 5.01 shall be in addition to any
liability each indemnifying person may otherwise have and shall remain operative
and in full force and effect regardless of any investigation made by or on
behalf of any indemnified party.

         (f) Underwriting Agreement Controls. In the event of any conflict
between the indemnification and contribution terms as herein set forth and as
set forth in any underwriting agreement entered pursuant hereto, the
underwriting agreement shall control.

                                       16
<PAGE>   17

         (g) The obligations of the Company and the Purchaser under this Section
5.01 shall survive the completion of any offering of Registrable Securities in a
Registration Statement.

                                   ARTICLE SIX
                               GENERAL PROVISIONS

         SECTION 6.01. Notices. Except as otherwise provided in this Agreement,
any notice or other communication given under this Agreement shall be sufficient
if in writing and sent by registered or certified mail, return receipt
requested, postage prepaid, to a party at its address set forth below (or at
such other address as shall be designated for such purpose by such party in a
written notice to the other party hereto):

       (a)  If to the Company:

                   NTL Incorporated
                   110 East 59th Street
                   New York, NY  10022
                   Telecopy:  (212) 906-8497
                   Attention:  Richard J. Lubasch, Esq.
                               (e-mail:  lubasch@ntli.com)

            with copies (which shall not constitute notice to the Company) to:

                   Skadden, Arps, Slate, Meagher & Flom LLP
                   919 Third Avenue
                   New York, NY  10022
                   Telecopy:  (212) 735-2000
                   Attention:  Thomas Kennedy, Esq.
                               (e-mail:  tkennedy@skadden.com)

       (b)  If to the Purchaser:

                   France Telecom, S.A.
                   208-212, rue Raymond Losserand
                   75505 Paris Cedex 15, France
                   Telecopy:  (331) 44-44-21-54
                   Attention: Philippe Mc Allister
                              (e-mail:  philippe.mcallister@francetelecom.fr)

                                       17
<PAGE>   18

            with a copy (which shall not constitute notice to the Purchaser) to:

                    Shearman & Sterling
                    599 Lexington Avenue
                    New York, NY  10022
                    Telecopy:  (212) 848-7179
                    Attention:  Alfred J. Ross, Esq.

All such notices and communications shall be effective when received by the
addressee.

         SECTION 6.02. Governing Law. This Agreement shall be governed in all
respects by the internal laws of the State of New York as applied to contracts
entered into solely between residents of, and to be performed entirely within,
such state, and without reference to principles of conflicts of laws or choice
of laws.

         SECTION 6.03. Entire Agreement; Amendments. This Agreement constitutes
the full and entire understanding and agreement between the parties with regard
to the subject matter hereof and supersedes all prior agreements and
understandings among the parties relating to the subject matter hereof. Neither
this Agreement nor any term hereof may be amended, waived, discharged or be
terminated other than by a written instrument signed by the party against whom
enforcement of any such amendment, waiver, discharge or termination is sought.

         SECTION 6.04. Successor and Assigns. This Agreement shall be binding
upon and shall inure to the benefit of the parties hereto and their respective
successors and assigns.

         SECTION 6.05. Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, void or unenforceable, the remainder of the terms, provisions,
covenants and restriction of this Agreement shall remain in full force and
effect and shall in no way be affected, impaired or invalidated.

         SECTION 6.06. Transfer or Assignment of Registration Rights. The
registration rights set forth in this Agreement shall be transferable or
assignable by the Purchaser, in whole or in part and from time to time; provided
that each transferee agrees in writing to be subject to all the terms and
conditions of this Agreement. The parties understand and agree that Compagnie
Generale des Communications (COGECOM) S.A. ("Cogecom") shall be entitled to
exercise any right granted hereunder to the Purchaser, so long as Cogecom (a)
remains a wholly-owned subsidiary of the Purchaser and (b) holds any Registrable
Securities.

         SECTION 6.07. Remedies. In the event of a breach by any party of any of
its obligations under this Agreement, the other parties, in addition to being
entitled to exercise all rights provided herein or granted by law, including
recovery of damages, will be entitled to specific performance of their rights
under this Agreement. The Company and the Purchaser agree that monetary damages

                                       18
<PAGE>   19

would not be adequate compensation for any loss incurred by reason of a breach
by the Company or the Purchaser, as the case may be, of any of the provisions of
this Agreement and hereby further agrees that, in the event of any action for
specific performance in respect of such breach, the Company or the Purchaser, as
the case may be, shall waive the defense that a remedy at law would be adequate.
No failure or delay on the part of the Company or the Purchaser in exercising
any right, power or remedy hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right, power or remedy preclude
any other or further exercise thereof or the exercise of any other right, power
or remedy.

         SECTION 6.08. Subsequent Agreement. The parties agree that when a
registration rights agreement is executed and delivered by the parties as
contemplated by the Investment Agreement, such registration rights agreement
will supersede this agreement and this agreement shall be of no further force
and effect.

              [The balance of this page intentionally left blank.]

                                       19
<PAGE>   20

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective authorized officers as of the date set forth above.

                                      NTL INCORPORATED

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

                                      FRANCE TELECOM S.A.

                                      By:
                                          ---------------------------------
                                          Name:
                                          Title:

                                       20<PAGE>   1
================================================================================

          $1,200,000,000 5-3/4% CONVERTIBLE SUBORDINATED NOTES DUE 2009
                          REGISTRATION RIGHTS AGREEMENT

                          Dated as of December 22, 1999

                                  by and among

                                NTL INCORPORATED

                                       and

                        MORGAN STANLEY & CO. INCORPORATED

                              GOLDMAN, SACHS & CO.

               DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION

                            SALOMON SMITH BARNEY INC

                             WARBURG DILLON READ LLC

                              CHASE SECURITIES INC.

                              LEHMAN BROTHERS INC.

                      WASSERSTEIN PERELLA SECURITIES, INC.

================================================================================
<PAGE>   2
This Registration Rights Agreement (this "AGREEMENT") is made and entered into
as of December 22, 1999 by and among NTL Incorporated, a Delaware corporation
(the "COMPANY"), and Morgan Stanley & Co. Incorporated, Goldman, Sachs & Co.,
Donaldson, Lufkin & Jenrette Securities Corporation, Salomon Smith Barney Inc,
Warburg Dillon Read LLC, Chase Securities Inc., Lehman Brothers Inc. and
Wasserstein Perella Securities, Inc.(each an "INITIAL PURCHASER" and
collectively, the "INITIAL PURCHASERS"). The Company proposes to issue and sell
to the Initial Purchasers (the "INITIAL PLACEMENT") $1,200,000,000 5-3/4%
Convertible Subordinated Notes Due 2009 (the "NOTES"). As an inducement to the
Initial Purchasers to enter into the purchase agreement, dated as of December
16, 1999 ( the "PURCHASE AGREEMENT"), and in satisfaction of a condition to the
Initial Purchasers' obligations thereunder, the Company agrees with the Initial
Purchasers, (i) for the benefit of the Initial Purchasers and (ii) for the
benefit of the holders from time to time of the Notes whose names appear in the
register maintained by the Registrar in accordance with the provisions of the
Indenture (as defined in Section 1 hereof) (including the Initial Purchasers),
as follows:

1.       DEFINITIONS

         Capitalized terms used herein without definition shall have their
respective meanings set forth in the Purchase Agreement. As used in this
Agreement, the following capitalized defined terms shall have the following
meanings:

         "ACT" means the Securities Act of 1933, as amended, and the rules and
regulations of the Commission promulgated thereunder.

         "AFFILIATE" of any specified person means any other person which,
directly or indirectly, is in control of, is controlled by, or is under common
control with, such specified person. For purposes of this definition, control of
a person means the power, direct or indirect, to direct or cause the direction
of the management and policies of such person whether by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

         "CLOSING DATE" has the meaning set forth in the Purchase Agreement.

         "COMMISSION" means the Securities and Exchange Commission.

         "COMMON STOCK" means the common stock of the Company, par value $0.01
per share, issuable upon the conversion of the Notes.

         "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended,
and the rules and regulations of the Commission promulgated thereunder.

         "HOLDER" has the meaning set forth in Section 2 hereof.

         "INDENTURE" means the Indenture, dated as of December 22, 1999, between
the Company and the Trustee, relating to the Notes, as the same may be amended
from time to time in accordance with the terms thereof.
<PAGE>   3
         "INITIAL PLACEMENT" has the meaning set forth in the preamble hereto.

         "LOSSES" has the meaning set forth in Section 7(d) hereof.

         "MAJORITY HOLDERS" means the Holders of a majority of the aggregate
principal amount at maturity of securities registered under a Shelf Registration
Statement.

         "MANAGING UNDERWRITERS" means the investment banker or investment
bankers and manager or managers that shall administer an underwritten offering.

         "NOTES" has the meaning set forth in the preamble hereto.

         "PROSPECTUS" means the prospectus included in any Shelf Registration
Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A under the Act), as amended or
supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of Transfer Restricted Securities covered by such Shelf
Registration Statement, and all amendments and supplements to the Prospectus,
including post-effective amendments.

         "SHELF REGISTRATION" means a registration effected pursuant to Section
3 hereof.

         "SHELF REGISTRATION PERIOD" has the meaning set forth in Section 3(b)
hereof.

         "SHELF REGISTRATION STATEMENT" means a "shelf" registration statement
of the Company pursuant to the provisions of Section 3 hereof that covers some
or all of the Transfer Restricted Securities as applicable, on an appropriate
form under Rule 415 under the Act, or any similar rule that may be adopted by
the Commission, amendments and supplements to such registration statement,
including post-effective amendments, and in each case, including the Prospectus
contained therein, all exhibits thereto and all material incorporated by
reference therein.

         "SUPPLEMENT DELAY PERIOD" means any period commencing on the date of
receipt by a Holder of Transfer Restricted Securities of any notice from the
Company of the existence of any fact or event of the kind described in Section
4(b)(2) hereof and ending on the date of receipt by such Holder of an amended or
supplemented Shelf Registration Statement or Prospectus, as contemplated by
Section 4(h) hereof, or the receipt by such Holder of written notice from the
Company (the "ADVICE") that the use of the Prospectus may be resumed, and the
receipt of copies of any additional or supplemental filings that are
incorporated by reference in the Prospectus.

         "TRANSFER RESTRICTED SECURITIES" means each Note and the Common Stock
issuable upon conversion thereof until (i) the date on which such Note or Common
Stock issuable upon conversion thereof has been effectively registered under the
Act and disposed of in accordance with the Shelf Registration Statement (ii) the
date on which such Note or Common Stock issuable upon conversion thereof is
distributed to the public pursuant to Rule 144 under the Act (or any similar
provision then in effect) or is saleable pursuant to Rule 144(k) under the Act
or (iii) the date upon which such Note is converted into Common Stock in
accordance with the terms and provisions of the Indenture or otherwise ceases to
be outstanding.

                                       2
<PAGE>   4
         "TRUSTEE" means the trustee with respect to the Notes under the
Indenture.

         "UNDERWRITER" means any underwriter of Notes in connection with an
offering thereof under a Shelf Registration Statement.

2.       HOLDERS

         A person is deemed to be a holder of Transfer Restricted Securities
(each, a "HOLDER") whenever such person becomes the registered holder of such
Notes under the Indenture and includes broker-dealers that hold Transfer
Restricted Securities (i) as a result of market making activities and other
trading activities and (ii) which were acquired directly from the Company or an
Affiliate.

3.       SHELF REGISTRATION

         The Company shall, within 135 days of the date of original issuance of
the Notes, file with the Commission and thereafter shall use its best efforts to
cause to be declared effective under the Act on or prior to 255 days after the
date of original issuance of the Notes, a Shelf Registration Statement relating
to the offer and sale of the Transfer Restricted Securities by the Holders from
time to time in accordance with the methods of distribution elected by such
Holders and set forth in such Shelf Registration Statement.

         The Company shall use its best efforts to keep the Shelf Registration
Statement continuously effective in order to permit the Prospectus forming part
thereof to be usable by Holders for a period of two years from the date the
Shelf Registration statement is declared effective by the Commission (or until
one year after such effective date if such Shelf Registration Statement is filed
at the request of an Initial Purchaser) or such shorter period that will
terminate when (i) all the Transfer Restricted Securities covered by the Shelf
Registration Statement have been sold pursuant to the Shelf Registration
Statement, (ii) the date on which, in the opinion of counsel to the Company, all
of the Transfer Restricted Securities then held by the Holders may be sold by
such Holders in the public United States securities markets in the absence of a
registration statement covering such sales or (iii) the date on which there
ceases to be outstanding any Transfer Restricted Securities (in any such case,
such period being called the "SHELF REGISTRATION PERIOD"). The Company shall be
deemed not to have used its best efforts to keep the Shelf Registration
Statement effective during the requisite period if it voluntarily takes any
action that would result in Holders of Transfer Restricted Securities covered
thereby not being able to offer and sell such securities during that period,
unless (i) such action is required by applicable law, (ii) such action is taken
by the Company in good faith and for valid business reasons (not including
avoidance of the Company's obligations hereunder), including the acquisition or
divestiture of assets, so long as the Company promptly thereafter complies with
the requirements of Section 4(h) hereof, if applicable or (iii) such action is
taken because of any fact or circumstance giving rise to a Supplement Delay
Period.

4.       REGISTRATION PROCEDURES

         In connection with any Shelf Registration Statement, the following
provisions shall apply:

                                       3
<PAGE>   5
         (a) The Company shall ensure that (i) any Shelf Registration Statement
         and any amendment thereto and any Prospectus forming part thereof and
         any amendment or supplement thereto complies in all material respects
         with the Act and the rules and regulations thereunder, (ii) any Shelf
         Registration Statement and any amendment thereto does not, when it
         becomes effective, contain an untrue statement of a material fact or
         omit to state a material fact required to be stated therein or
         necessary to make the statements therein not misleading and (iii) any
         Prospectus forming part of any Shelf Registration Statement, and any
         amendment or supplement to such Prospectus, does not include an untrue
         statement of a material fact or omit to state a material fact necessary
         in order to make the statements, in the light of the circumstances
         under which they were made, not misleading.

         (b) (1) The Company shall advise the Initial Purchasers and the Holders
         of Transfer Restricted Securities covered thereby, and, if requested by
         the Initial Purchasers or any such Holder, confirm such advice in
         writing when a Shelf Registration Statement and any amendment thereto
         has been filed with the Commission and when the Shelf Registration
         Statement or any post-effective amendment thereto has become effective.

                  (2) The Company shall advise the Initial Purchasers and the
         Holders of Transfer Restricted Securities covered thereby, and, if
         requested by the Initial Purchasers or any such Holder, confirm such
         advice in writing:

                  (i) of any request by the Commission for amendments or
                  supplements to the Shelf Registration Statement or the
                  Prospectus included therein or for additional information;

                  (ii) of the initiation by the Commission of proceedings
                  relating to a stop order suspending the effectiveness of the
                  Shelf Registration Statement;

                  (iii) of the issuance by the Commission of any stop order
                  suspending the effectiveness of the Shelf Registration
                  Statement;

                  (iv) of the receipt by the Company of any notification with
                  respect to the suspension of the qualification of the
                  securities included therein for sale in any jurisdiction or
                  the initiation or threatening of any proceeding for such
                  purpose; and

                  (v) of the existence of any fact and the happening of any
                  event (including, without limitation, pending negotiations
                  relating to, or the consummation of, a transaction or the
                  occurrence of any event which would require additional
                  disclosure of material non-public information by the Company
                  in the Shelf Registration Statement as to which the Company
                  has a bona fide business purpose for

                                       4
<PAGE>   6
                  preserving confidential or which renders the Company unable to
                  comply with Commission requirements) that, in the opinion of
                  the Company, makes untrue any statement of a material fact
                  made in its Shelf Registration Statement, the Prospectus or
                  any amendment or supplement thereto or any document
                  incorporated by reference therein or requires the making of
                  any changes in the Shelf Registration Statement or the
                  Prospectus so that, as of such date, the statements therein
                  are not misleading and do not omit to state a material fact
                  required to be stated therein or necessary to make the
                  statements therein (in the case of the Prospectus, in light of
                  the circumstances under which they were made) not misleading.

         Such advice may be accompanied by an instruction to suspend the use of
the Prospectus until the requisite changes have been made.

         (c) The Company shall use its best efforts to obtain the withdrawal of
         any order suspending the effectiveness of any Shelf Registration
         Statement at the earliest possible time.

         (d) The Company shall use its best efforts to furnish to each selling
         Holder included within the coverage of any Shelf Registration Statement
         who so requests in writing and who has provided to the Company an
         address for notices, without charge, at least one conformed copy of
         such Shelf Registration Statement and any post-effective amendment
         thereto, including financial statements and, if the Holder so requests
         in writing, all exhibits and schedules (including those incorporated by
         reference).

         (e) The Company shall, during the Shelf Registration Period, deliver to
         each Holder of Transfer Restricted Securities covered by any Shelf
         Registration Statement and who has provided to the Company an address
         for notices, without charge, as many copies of the Prospectus
         (including each preliminary Prospectus) contained in such Shelf
         Registration Statement and any amendment or supplement thereto as such
         Holder may reasonably request; subject to any notice by the Company in
         accordance with Section 5(b) hereof, the Company consents to the use of
         the Prospectus or any amendment or supplement thereto by each of the
         selling Holders for the purposes of offering and resale of the Transfer
         Restricted Securities covered by the Prospectus in accordance with the
         applicable regulations promulgated under the Act.

         (f) Prior to any offering of Transfer Restricted Securities pursuant to
         any Shelf Registration Statement, the Company shall register or qualify
         or cooperate with the Holders of Transfer Restricted Securities named
         therein and their respective counsel in connection with the
         registration or qualification of such Transfer Restricted Securities
         for offer and sale under the securities or blue sky laws of such
         jurisdictions of the United States as any such Holders reasonably
         request in writing not later than the date that is five business days
         prior to the date

                                       5
<PAGE>   7
         upon which this Agreement specifies that the Shelf Registration
         Statement shall become effective; provided, however, that the Company
         will not be required to qualify generally to do business in any
         jurisdiction where it is not then so qualified or to take any action
         which would subject it to general service of process or to taxation in
         any such jurisdiction where it is not then so subject.

         (g) The Company shall endeavor to cooperate with the Holders of
         Transfer Restricted Securities to facilitate the timely preparation and
         delivery of certificates representing Transfer Restricted Securities to
         be sold pursuant to any Shelf Registration Statement free of any
         restrictive legends and in such denominations and registered in such
         names as Holders may request in writing at least two business days
         prior to sales of securities pursuant to such Shelf Registration
         Statement.

         (h) Upon the occurrence of any event contemplated by paragraph
         (b)(2)(v) hereof, the Company shall promptly prepare a post-effective
         amendment to any Shelf Registration Statement or an amendment or
         supplement to the related Prospectus or file any other required
         document so that as thereafter delivered to purchasers of the Transfer
         Restricted Securities covered thereby, the Prospectus will not include
         an untrue statement of a material fact or omit to state any material
         fact necessary to make the statements therein, in the light of the
         circumstances under which they were made, not misleading; provided that
         in the event of a material business transaction (including, without
         limitation, pending negotiations relating to such a transaction) which
         would, in the opinion of counsel to the Company, require disclosure by
         the Company in the Shelf Registration Statement of material non-public
         information for which the Company has a bona fide business purpose for
         not disclosing or which information is not available for filing with
         the Commission, then for so long as such circumstances exist, the
         Company shall not be required to prepare and file a supplement or
         post-effective amendment hereunder.

         (i) Not later than the effective date of any such Shelf Registration
         Statement hereunder, the Company shall cause to be provided a
         CUSIP/ISIN number for the Notes registered under such Shelf
         Registration Statement, and provide the applicable trustee with printed
         certificates for such Notes in a form eligible for deposit with DTC.

         (j) The Company shall use its best efforts to comply with all
         applicable rules and regulations of the Commission and shall make
         generally available to its security holders in a regular filing on Form
         10-Q or 10-K an earnings statement satisfying the provisions of Rule
         158 (which need not be audited) for the twelve-month period commencing
         after effectiveness of the Shelf Registration Statement.

         (k) The Company shall cause the Indenture to be qualified under the
         Trust Indenture Act in a timely manner.

                                       6
<PAGE>   8
         (l) The Company may require each Holder of Transfer Restricted
         Securities, which are to be sold pursuant to any Shelf Registration
         Statement, to furnish to the Company within 20 business days after
         written request for such information has been made by the Company, such
         information regarding the Holder and the distribution of such
         securities as the Company may from time to time reasonably require for
         inclusion in such Shelf Registration Statement and such other
         information as may be necessary or advisable in the reasonable opinion
         of the Company and its counsel, in connection with such Shelf
         Registration Statement. No Holder of Transfer Restricted Securities
         shall be entitled to use the Prospectus unless and until such Holder
         shall have furnished the information required by this Section 4(l) and
         all such information required to be disclosed in order to make the
         information previously furnished to the Company by such Holder not
         materially misleading.

         (m) The Company shall, if requested, promptly incorporate in a
         Prospectus supplement or post-effective amendment to a Shelf
         Registration Statement, such information as the Managing Underwriters
         and Majority Holders reasonably agree should be included therein and
         shall make all required filings of such Prospectus supplement or
         post-effective amendment as soon as notified of the matters to be
         incorporated in such Prospectus supplement or post-effective amendment;
         provided, however, that the Company shall not be required to take any
         action pursuant to this Section 4(m) that would, in the opinion of
         counsel for the Company, violate applicable law or to include
         information the disclosure of which at the time would have an adverse
         effect on the business or operations of the Company and/or its
         subsidiaries, as determined in good faith by the Company.

         (n) In the case of any Shelf Registration Statement, the Company shall
         enter into such agreements (including underwriting agreements) and take
         all other reasonably appropriate actions in order to expedite or
         facilitate the registration or the disposition of the Transfer
         Restricted Securities, and in connection therewith, if an underwriting
         agreement is entered into, cause the same to contain indemnification
         provisions and procedures no less favorable than those set forth in
         Section 7 (or such other provisions and procedures acceptable to the
         Majority Holders and the Managing Underwriters, if any), with respect
         to all parties to be indemnified pursuant to Section 7 from Holders of
         Notes to the Company.

         (o) In the case of any Shelf Registration Statement, the Company shall:

                  (i) make reasonably available for inspection by
                  representatives of the Holders of Transfer Restricted
                  Securities to be registered thereunder, the Managing
                  Underwriter participating in any disposition pursuant to such
                  Shelf Registration Statement, and any attorney, accountant or
                  other agent retained by the Holders or any such Managing
                  Underwriter, at the office where normally kept during normal
                  business hours, all financial and other records, pertinent
                  corporate documents and properties of the Company and

                                       7
<PAGE>   9
                  its subsidiaries, and cause the Company's officers, directors
                  and employees to supply all relevant information reasonably
                  requested by the Holders or any Managing Underwriter,
                  attorney, accountant or other agent in connection with any
                  such Shelf Registration Statement as is customary for similar
                  due diligence examinations; provided, however, that the
                  foregoing inspection and information gathering shall be
                  coordinated by the Managing Underwriters, if any, or by one
                  counsel designated by the Holders and that such persons shall
                  first agree in writing with the Company that any information
                  that is designated in writing by the Company, in good faith,
                  as confidential at the time of delivery of such information
                  shall be kept confidential by such person, unless such
                  disclosure is made in connection with a court proceeding or
                  required by law, or such information becomes available to the
                  public generally or through a third party without an
                  accompanying obligation of confidentiality;

                  (ii) make such representations and warranties to the Holders
                  of Transfer Restricted Securities registered thereunder and
                  the underwriters, if any, in form, substance and scope as are
                  customarily made by issuers to underwriters in underwritten
                  offerings and covering matters including, but not limited to,
                  those set forth in the Purchase Agreement;

                  (iii) obtain opinions of counsel to the Company and updates
                  thereof (which counsel and opinions (in form, scope and
                  substance) shall be reasonably satisfactory to the Managing
                  Underwriters, if any), addressed to each selling Holder and
                  the underwriters, if any, covering such matters as are
                  customarily covered in opinions requested in underwritten
                  offerings and such other matters as may be reasonably
                  requested by such Holders and underwriters;

                  (iv) obtain "cold comfort" letters (or, in the case of any
                  person that does not satisfy the conditions for receipt of a
                  "cold comfort" letter specified in Statement on Auditing
                  Standards No. 72, an "agreed-upon procedures letter") and
                  updates thereof from the independent certified public
                  accountants of the Company (and, if necessary, any other
                  independent certified public accountants of any subsidiary of
                  the Company or of any business acquired by the Company for
                  which financial statements and financial data are, or are
                  required to be, included in the Shelf Registration Statement),
                  addressed where reasonably practicable to each selling Holder
                  of Transfer Restricted Securities registered thereunder and
                  the underwriters, if any, in customary form and covering
                  matters of the type customarily covered in "cold comfort"
                  letters in connection with primary underwritten offerings; and

                                       8
<PAGE>   10
                  (v) deliver such documents and certificates as may be
                  reasonably requested by the Majority Holders and the Managing
                  Underwriters, if any, including those to evidence compliance
                  with Section 4(j) and with any customary conditions contained
                  in the underwriting agreement or other agreement entered into
                  by the Company.

                  The foregoing actions set forth in clauses (ii), (iii), (iv)
         and (v) of this Section 4(o) shall, if reasonably requested by the
         Majority Holder or the Majority Underwriters, be performed at (A) the
         effectiveness of such Shelf Registration Statement and each
         post-effective amendment thereto and (B) each closing under any
         underwriting or similar agreement, as to the extent required
         thereunder.

                  (vi) The Company may offer securities of the Company other
                  than the Notes under the Shelf Registration Statement, except
                  where such offer would conflict with the terms of the Purchase
                  Agreement.

5.       HOLDERS' AGREEMENTS

         Each Holder of Transfer Restricted Securities, by the acquisition of
such Transfer Restricted Securities, agrees:

         (a) To furnish the information required to be furnished pursuant to
         Section 4(n) hereof within the time period set forth therein.

         (b) That upon receipt of a notice of the commencement of a Supplement
         Delay Period, it will keep the fact of such notice confidential,
         forthwith discontinue disposition of its Transfer Restricted Securities
         pursuant to the Shelf Registration Statement, and will not deliver any
         Prospectus forming a part thereof until receipt of the amended or
         supplemented Shelf Registration Statement or Prospectus, as applicable,
         as contemplated by Section 4(h) hereof, or until receipt of the Advice.
         If a Supplement Delay Period should occur, the Shelf Registration
         Period shall be extended by the number of days of which the Supplement
         Delay Period is comprised; provided that the Shelf Registration Period
         shall not be extended if the Company has received an opinion of counsel
         (which counsel, if different from counsel to the Company referred to in
         Section 5(a) and (b) of the Purchase Agreement, shall be reasonably
         satisfactory to the Majority Holders of the Transfer Restricted
         Securities named in the Shelf Registration Period) to the effect that
         the Transfer Restricted Securities can be freely tradeable without the
         continued effectiveness of the Shelf Registration Statement.

         (c) If so directed by the Company in a notice of the commencement of a
         Supplement Delay Period, each Holder of Transfer Restricted Securities
         will deliver to the Company (at the Company's expense) all copies,
         other than

                                       9
<PAGE>   11
         permanent file copies then in such Holder's possession, of the
         Prospectus covering the Transfer Restricted Securities.

         (d) Sales of such Transfer Restricted Securities pursuant to a Shelf
         Registration Statement shall only be made in the manner set forth in
         such currently effective Shelf Registration Statement.

6.       REGISTRATION EXPENSES

          The Company shall bear all expenses incurred in connection with the
performance of its obligations under Sections 2, 3 and 4 hereof and, in the
event of any Shelf Registration Statement, will reimburse the Holders for the
reasonable fees and disbursements of one firm or counsel designated by the
Majority Holders to act as counsel for the Holders in connection therewith.
Notwithstanding the foregoing or anything in this Agreement to the contrary,
each Holder shall pay all underwriting discounts and commission of any
underwriters with respect to any Transfer Restricted Securities sold by it.

7.       INDEMNIFICATION AND CONTRIBUTION

         (a) In connection with any Shelf Registration Statement, the Company
         agrees to indemnify and hold harmless each Holder of Transfer
         Restricted Securities covered thereby (including each Initial
         Purchaser), the directors, officers, employees, partners,
         representatives and agents of each such Holder and each person who
         controls any such Holder within the meaning of either Section 15 of the
         Act or Section 20 of the Exchange Act against any and all losses,
         claims, damages or liabilities, joint or several, to which they or any
         of them may become subject under the Act, the Exchange Act or other
         Federal or state statutory law or regulation, at common law or
         otherwise, insofar as such losses, claims, damages or liabilities (or
         actions in respect thereof) arise out of, or are based upon, any untrue
         statement or alleged untrue statement of a material fact contained in
         the Shelf Registration Statement as originally filed or in any
         amendment thereof, or in any preliminary Prospectus or Prospectus, or
         in any amendment thereof or supplement thereto, or arise out of, or are
         based upon, the omission or alleged omission to state therein a
         material fact required to be stated therein or necessary to make the
         statements therein not misleading, and to reimburse each such
         indemnified party, as incurred, for any legal or other expenses
         reasonably incurred by them in connection with investigating or
         defending any such loss, claim, damage, liability or action; provided,
         however, that (i) the Company will not be liable in any case to the
         extent that any such loss, claim, damage or liability arises out of, or
         is based upon, any such untrue statement or alleged untrue statement or
         omission or alleged omission made therein in reliance upon and in
         conformity with written information furnished to the Company by or on
         behalf of any such Holder or by the Managing Underwriters specifically
         for inclusion therein and (ii) the Company will not be liable to any
         indemnified party under this indemnity agreement with respect to the
         Shelf Registration Statement or Prospectus to the extent that any such
         loss, claim, damage or liability of such indemnified party

                                       10
<PAGE>   12
         results solely from an untrue statement of a material fact contained
         in, or the omission of a material fact from, the Shelf Registration
         Statement or Prospectus, which untrue statement or omission was
         corrected in an amended or supplemented Shelf Registration Statement or
         Prospectus, if the person alleging such loss, claim, damage or
         liability was not sent or given, at or prior to the written
         confirmation of such sale, a copy of the amended or supplemented Shelf
         Registration Statement or Prospectus if the Company had previously
         furnished copies thereof to such indemnified party and if delivery of a
         prospectus is required by the Act and was not so made. This indemnity
         agreement will be in addition to any liability which the Company may
         otherwise have.

                  The Company also agrees to indemnify or contribute to Losses
of, as provided in Section 7(d), any underwriters of Notes registered under a
Shelf Registration Statement, their officers and directors and each person who
controls such underwriters on substantially the same basis as that of the
indemnification of the Initial Purchasers and the selling Holders provided in
this Section 7(a) and shall, if requested by any Holder, enter into an
underwriting agreement reflecting such agreement, as provided in Section 4(p)
hereof.

         (b) Each Holder of Transfer Restricted Securities covered by a Shelf
         Registration Statement (including each Initial Purchaser) severally
         agrees to indemnify and hold harmless (i) the Company, (ii) each of its
         directors, (iii) each of its officers who signs such Shelf Registration
         Statement and (iv) each person who controls the Company within the
         meaning of either the Act or the Exchange Act to the same extent as the
         foregoing indemnity from the Company to each such Holder, but only with
         reference to written information relating to such Holder furnished to
         the Company by or on behalf of such Holder specifically for inclusion
         in the documents referred to in the foregoing indemnity. This indemnity
         agreement will be in addition to any liability which any such Holder
         may otherwise have. In no event shall any Holder, its directors,
         officers or any person who controls such Holder be liable or
         responsible for any amount in excess of the amount by which the total
         amount received by such Holder with respect to its sale of Transfer
         Restricted Securities pursuant to a Shelf Registration Statement
         exceeds (i) the amount paid by such Holder for such Transfer Restricted
         Securities and (ii) the amount of any damages that such Holder, its
         directors, officers or any person who controls such Holder has
         otherwise been required to pay by reason of such untrue or alleged
         untrue statement or omission or alleged omission.

         (c) Promptly after receipt by an indemnified party under this Section 7
         or notice of the commencement of any action, the indemnified party
         will, if a claim in respect thereof is to be made against the
         indemnifying party under this Section 7, notify the indemnifying party
         in writing of the commencement thereof; but the failure to so notify
         the indemnifying party (i) will not relieve it from liability under
         paragraph (a) or (b) above unless and to the extent it did not
         otherwise learn of such action and such failure results in the
         forfeiture by the indemnifying party of substantial rights and defenses
         and (ii) will not, in any event, relieve the indemnifying party from
         any obligations to any indemnified party other than the

                                       11
<PAGE>   13
         indemnification obligation provided in paragraph (a) or (b) above. The
         indemnifying party shall be entitled to appoint counsel of the
         indemnifying party's choice at the indemnifying party's expense to
         represent the indemnified party in any action for which indemnification
         is sought (in which case the indemnifying party shall not thereafter be
         responsible for the fees and expenses of any separate counsel retained
         by the indemnified party or parties except as set forth below);
         provided, however, that such counsel shall be reasonably satisfactory
         to the indemnified party. Notwithstanding the indemnifying party's
         election to appoint counsel to represent the indemnified party in an
         action, the indemnified party shall have the right to employ separate
         counsel (including local counsel), and the indemnifying party shall
         bear the reasonable fees, costs and expenses of such separate counsel
         (and local counsel) if (i) the use of counsel chosen by the
         indemnifying party to represent the indemnified party would present
         such counsel with a conflict of interest, (ii) the actual or potential
         defendants in, or targets of, any such action include both the
         indemnified party and the indemnifying party, and the indemnified party
         reasonably concluded that there may be legal defenses available to it
         and/or other indemnified parties that are different from or additional
         to those available to the indemnifying party, (iii) the indemnifying
         party did not employ counsel satisfactory to the indemnified party to
         represent the indemnified party within a reasonable time after notice
         of the institution of such action or (iv) the indemnifying party
         authorized the indemnified party to employ separate counsel at the
         expense of the indemnifying party. An indemnifying party shall not,
         without the prior written consent of the indemnified parties, settle or
         compromise or consent to the entry of any judgment with respect to any
         pending or threatened claim, action, suit or proceeding for which
         indemnification or contribution may be sought hereunder (whether or not
         the indemnified parties are actual or potential parties to such claim
         or action), unless such settlement, compromise or consent includes an
         unconditional release of each indemnified party from all liability
         arising out of such claim, action, suit or proceeding and does not
         include a statement as to or an admission of fault, culpability or a
         failure to act, by or on behalf of the indemnified party.

         (d) In the event that the indemnity provided in paragraph (a) or (b) of
         this Section 7 is unavailable or insufficient to hold harmless an
         indemnified party for any reason, then each applicable indemnifying
         party, in lieu of indemnifying such indemnified party, shall have a
         joint and several obligation to contribute to the aggregate losses,
         claims, damages and liabilities (including legal or other expenses
         reasonably incurred in connection with investigating or defending same)
         (collectively "LOSSES") to which such indemnified party may be subject
         in such proportion as is appropriate to reflect the relative benefits
         received by such indemnifying party, on the one hand, and such
         indemnified party, on the other hand, from the Initial Placement and
         the Shelf Registration Statement that resulted in such Losses;
         provided, however, that in no case shall any Initial Purchaser or any
         subsequent Holder of any Note be responsible, in the aggregate, for any
         amount in excess of the purchase discount on the initial offering price
         of such

                                       12
<PAGE>   14
         Notes or commission applicable to such Note, nor shall any underwriter
         be responsible for any amount in excess of the underwriting discount or
         commission applicable to the securities purchased by such underwriter
         under the Shelf Registration Statement that resulted in such Losses. If
         the allocation provided by the immediately preceding sentence is
         unavailable for any reason, the indemnifying party and the indemnified
         party shall contribute in such proportion as is appropriate to reflect
         not only such relative benefits, but also the relative fault of such
         indemnifying party, on the one hand, and such indemnified party, on the
         other hand, in connection with the statements or omissions which
         resulted in such Losses, as well as any other relevant equitable
         considerations. Benefits received by the Company shall be deemed to be
         equal to the sum of (x) the total net proceeds from the Initial
         Placement (before deducting expenses) (which shall be $941,380,000) and
         (y) the total amount of additional interest that the Company was not
         required to pay as a result of registering the securities covered by
         the Shelf Registration Statement that resulted in such Losses. Benefits
         received by the Initial Purchasers shall be deemed to be equal to the
         total purchase discounts and commissions in connection with the Initial
         Placement, and benefits received by any other Holders shall be deemed
         to be equal to the value of receiving Notes registered under the Act.
         Benefits received by any underwriter shall be deemed to be equal to the
         total underwriting discounts and commissions, as set forth on the cover
         page of the Prospectus forming a part of the Shelf Registration
         Statement that resulted in such Losses. Relative fault shall be
         determined by reference to whether any alleged untrue statement or
         omission relates to information provided by the indemnifying party, on
         the one hand, or by the indemnified party, on the other hand. The
         parties agree that it would not be just and equitable if contribution
         were determined by pro rata allocation or any other method of
         allocation that does not take account of the equitable considerations
         referred to above. Notwithstanding the provisions of this paragraph
         (d), no person guilty of fraudulent misrepresentation (within the
         meaning of Section 11(f) of the Act) shall be entitled to contribution
         from any person who was guilty of such fraudulent misrepresentation.
         For purposes of this Section 7, each person who controls a Holder
         within the meaning of either the Act or the Exchange Act and each
         director, officer, employee and agent of such Holder shall have the
         same rights to contribution as such Holder, and each person who
         controls the Company within the meaning of either the Act or the
         Exchange Act, each officer of the Company who shall have signed the
         Shelf Registration Statement and each director of the Company shall
         have the same rights to contribution as the Company, subject in each
         case to the applicable terms and conditions of this paragraph (d).

         (e) The provisions of this Section 7 shall remain in full force and
         effect, regardless of any investigation made by or on behalf of any
         Holder or the Company or any of the officers, directors or controlling
         persons referred to in Section 7 hereof, and will survive the sale by a
         Holder of Transfer Restricted Securities.

                                       13
<PAGE>   15
8.       RULE 144A AND RULE 144

         The Company agrees with each Holder, for so long as any Transfer
Restricted Securities remain outstanding and during any period in which the
Company (i) is not subject to Section 13 or 15(d) of the Exchange Act, to make
available, upon request of any Holder, to such Holder or beneficial owner of
Transfer Restricted Securities in connection with any sale thereof and any
prospective purchaser of such Transfer Restricted Securities designated by such
Holder or beneficial owner, the information required by Rule 144A(d)(4) under
the Act in order to permit resales of such Transfer Restricted Securities
pursuant to Rule 144A, and (ii) is subject to Section 13 or 15 (d) of the
Exchange Act, to make all filings required thereby in a timely manner in order
to permit resales of such Transfer Restricted Securities pursuant to Rule 144.

9.       MISCELLANEOUS

         (a) No Inconsistent Agreements. The Company has not, as of the date
         hereof, entered into, nor shall it, on or after the date hereof, enter
         into, any agreement with respect to its securities that is inconsistent
         with the rights granted to the Holders herein or otherwise conflicts
         with the provisions hereof.

         (b) Amendments and Waivers. The provisions of this Agreement, including
         the provisions of this sentence, may not be amended, qualified,
         modified or supplemented, and waivers or consents to departures from
         the provisions hereof may not be given, unless the Company has obtained
         the written consent of the Holders of at least a majority of the then
         outstanding aggregate principal amount of Notes; provided, however,
         that with respect to any matter that directly or indirectly affects the
         rights of any Initial Purchaser hereunder, the Company shall obtain the
         written consent of each such Initial Purchaser against which such
         amendment, qualification, supplement, waiver or consent is to be
         effective. Notwithstanding the foregoing (except the foregoing
         proviso), a waiver or consent to depart from the provisions hereof,
         with respect to a matter, which relates exclusively to the rights of
         Holders whose securities are being sold pursuant to a Shelf
         Registration Statement and does not directly or indirectly affect the
         rights of other Holders, may be given by the Majority Holders,
         determined on the basis of Notes being sold rather than registered
         under such Shelf Registration Statement.

         (c) Notices. All notices and other communications provided for or
         permitted hereunder shall be made in writing by hand-delivery,
         first-class mail, telex, telecopier, or air courier guaranteeing
         overnight delivery:

                  (i) if to a Holder, at the most current address given by such
                  holder to the Company in accordance with the provisions of
                  this Section 9(c), which address initially is, with respect to
                  each Holder, the address of such Holder maintained by the
                  registrar under the Indenture, with a copy in like manner to
                  Morgan Stanley & Co. Incorporated;

                                       14
<PAGE>   16
                  (ii) if to the Initial Purchasers, initially at the respective
                  addresses set forth in the Purchase Agreement; and

                  (iii) if to the Company, initially at its address set forth in
                  the Purchase Agreement.

                  All such notices and communications shall be deemed to have
been duly given when received.

                  The Initial Purchasers or the Company by notice to the other
may designate additional or different addresses for subsequent notices or
communications.

         (d) Successors and Assigns. This Agreement shall inure to the benefit
         of, and be binding upon, the successors and assigns of each of the
         parties hereto, including, without the need for an express assignment
         or any consent by the Company thereto, subsequent Holders of Notes. The
         Company hereby agrees to extend the benefits of this Agreement to any
         Holder of Notes and any such Holder may specifically enforce the
         provisions of this Agreement as if an original party hereto.

         (e) Counterparts. This agreement may be executed in any number of
         counterparts and by the parties hereto in separate counterparts, each
         of which when so executed shall be deemed to be an original, and all of
         which taken together shall constitute one and the same agreement.

         (f) Headings. The headings in this agreement are for convenience of
         reference only and shall not limit or otherwise affect the meaning
         hereof.

         (g) Governing Law. This agreement shall be governed by and construed in
         accordance with the internal laws of the State of New York applicable
         to agreements made and to be performed in said State (without reference
         to the conflict of law rules thereof).

         (h) Severability. In the event that any one or more of the provisions
         contained herein, or the application thereof in any circumstances, is
         held invalid, illegal or unenforceable in any respect for any reason,
         the validity, legality and enforceability of any such provision in
         every other respect and the remaining provisions hereof shall not be in
         any way impaired or affected thereby, it being intended that all of the
         rights and privileges of the parties shall be enforceable to the
         fullest extent permitted by law.

         (i) Notes Held by the Company, etc. Whenever the consent or approval of
         Holders of a specified percentage of principal amount of Notes is
         required hereunder, Notes held by the Company or its Affiliates (other
         than subsequent Holders of Notes if such subsequent Holders are deemed
         to be Affiliates solely by reason of their holdings of such Notes)
         shall not be counted in determining

                                       15
<PAGE>   17
         whether such consent or approval was given by the Holders of such
         required percentage.

         (j) Entire Agreement. This Agreement is intended by the parties as a
         final expression of their agreement and intended to be a complete and
         exclusive statement of the agreement and understanding of the parties
         hereto with respect to the subject matter contained herein. There are
         no restrictions, promises, warranties or undertakings, other than those
         set forth or referred to herein with respect to the registration rights
         granted with respect to the Transfer Restricted Securities. This
         Agreement supersedes all prior agreements and understandings between
         the parties with respect to such subject matter.

                                       16
<PAGE>   18
         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

                                      NTL INCORPORATED

                                      By: ______________________________________
                                          Name:
                                          Title:

MORGAN STANLEY & CO. INCORPORATED
GOLDMAN, SACHS & CO.
DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
SALOMON SMITH BARNEY INC
WARBURG DILLON READ LLC
CHASE SECURITIES INC.
LEHMAN BROTHERS INC.
WASSERSTEIN PERELLA SECURITIES, INC.

By:    MORGAN STANLEY & CO. INCORPORATED

By: _____________________________________
    Name:
    Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00003-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00003-of-00352.parquet"}]]