Document:

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                                                                    Exhibit 4.03

                                 CITIGROUP INC.

                                       AND

                                 CITIBANK, N.A.
                  AS FISCAL AGENT, REGISTRAR AND EXCHANGE AGENT

                                       AND

            DEXIA BANQUE INTERNATIONALE A LUXEMBOURG, SOCIETE ANONYME
                       AS PAYING AGENT AND TRANSFER AGENT

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                                AGENCY AGREEMENT
                    EURO 1,500,000,000 3.875% NOTES DUE 2010
                            DATED AS OF MAY 21, 2003

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THIS AGREEMENT is made in London as of May 21, 2003, BY

(1)      CITIGROUP INC. (the "ISSUER").

(2)      CITIBANK, N.A. ("CITIBANK, N.A."), which shall act as fiscal agent,
         registrar and exchange agent (hereinafter referred to in such
         respective capacities as "FISCAL AGENT", "REGISTRAR" or as "EXCHANGE
         AGENT", which expressions shall include any successor or successors
         thereto).

(3)      DEXIA BANQUE INTERNATIONALE A LUXEMBOURG, SOCIETE ANONYME, which shall
         act as paying agent and transfer agent (hereinafter referred to as
         "PAYING AGENT" and "TRANSFER AGENT", which expression shall include any
         successor or successors thereto).

         WHEREAS pursuant to the Terms Agreement dated May 13, 2003 (the
"UNDERWRITING AGREEMENT") between the Issuer and the Underwriters named therein,
the Issuer has agreed to issue its Euro 1,500,000,000 3.875% Notes due May 2010
(the "NOTES"); and

         WHEREAS the Issuer wishes to appoint Citibank, N.A. to act as Fiscal
Agent, Registrar and Exchange Agent and Dexia Banque Internationale a
Luxembourg, societe anonyme as Paying Agent and Transfer Agent in relation to
the Notes upon the terms and conditions set forth in this Agreement and the
Schedules hereto.

         IT IS HEREBY AGREED as follows:

1.       DEFINITIONS, INTERPRETATION

         The following terms shall, unless the context otherwise requires, have
         the respective meanings indicated below:

         "AGENT(S)" means any of the Fiscal Agent, the Registrar, the Paying
         Agent and the Transfer Agent.

         "CONDITIONS" means the terms and conditions of the Notes, as contained
         in the Global Notes, in the Prospectus Supplement dated May 13, 2003
         and the Indenture.

         "GLOBAL NOTES" means either one or both of (i) the International Global
         Note in the form of Schedule 1 attached hereto and (ii) the DTC Global
         Notes in the form of Schedule 2 attached hereto (also referred to
         herein as the "DTC GLOBAL NOTE" and the "INTERNATIONAL GLOBAL NOTE",
         respectively).

         "INDENTURE" means the Indenture dated as of March 15, 1987, as amended
         and supplemented to date, between the Issuer and The Bank of New York
         (the "TRUSTEE").

         Terms not defined herein shall have the same meanings as are assigned
         thereto in the Underwriting Agreement and the Conditions.

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2.       APPOINTMENTS

2.1      The Issuer hereby appoints Citibank, N.A. to act as Fiscal Agent,
Registrar and Exchange Agent in respect of the Notes and Global Notes.

2.2      Citibank, N.A. hereby accepts such appointments and the resulting
obligations, and agrees to act in such capacities, on the terms and conditions
set out in this Agreement and the Schedules hereto. In particular, the Fiscal
Agent agrees to effect any publication of notices pursuant to the Conditions.

2.3      The Issuer hereby appoints Dexia Banque Internationale a Luxembourg,
societe anonyme to act as Paying Agent and Transfer Agent in respect of the
Notes and Global Notes.

2.4      Dexia Banque Internationale a Luxembourg, societe anonyme hereby
accepts such appointments and the resulting obligations, and agrees to act in
such capacities, on the terms and conditions set out in this Agreement and the
Schedules hereto.

2.5      The obligations of the Agents are several and not joint.

3.       THE NOTES

3.1      The Notes shall be represented by permanent Global Notes without
interest coupons as specified in the Conditions. The International Global Note
and the DTC Global Note shall be substantially in the forms attached hereto as
Schedules 1 and 2, respectively, in each case with such changes as may be agreed
between the Issuer and the Trustee. The Conditions shall be attached to, or
endorsed upon, each Global Note. In the event that individual definitive Notes
are issued, the parties shall enter into a supplement to this Agreement to
provide for the matters set forth herein with regard to such definitive Notes.

3.2      Each Global Note shall be signed manually by a duly authorised officer
of the Issuer and dated the Issue Date. Each Global Note shall be authenticated
manually by Citibank, N.A., as authenticating agent on behalf of the Trustee,
and delivered to (i) in the case of the International Global Note, Citibank,
N.A. as common depositary for Euroclear and Clearstream, and (ii), in the case
of the DTC Global Notes, Citibank, N.A., London office as custodian for The
Depository Trust Company, New York ("DTC").

4.       PAYING AGENCY

4.1      The Issuer shall remit the funds necessary for the payment of interest
on and principal of the Notes to the Fiscal Agent, in Euros in same-day funds,
to such account at the Fiscal Agent in London as the Fiscal Agent may from time
to time specify (the "REDEMPTION ACCOUNT") on the Business Day such payment is
due, provided always that, if any due date shall not be a Business Day, the
Issuer shall make such transfer to the account of the Fiscal Agent on the next
succeeding Business Day (for the purposes of this Clause 4, Business Day shall
mean (x) a day on which commercial banks and foreign exchange markets settle
payments and are open for general business in each of London and The City of New
York and (y) a day which is a TARGET business day).

The Issuer hereby authorizes and directs the Fiscal Agent, from the amounts so
paid to it, to make payment of the principal of, and interest on, the Notes on
the due date for payment set forth in the Conditions and this Agreement. If
applicable, the Fiscal Agent will, from funds so received from the Issuer,
credit to the account of the Paying Agent the amounts of all such payments made
by it in accordance with the provisions of this Agreement.

The Issuer shall confirm to the Fiscal Agent not later than 10:00 a.m. (London
time) on the second Business Day before the relevant date for such payment that
it has issued irrevocable payment instructions for such payment to be made.

4.2      If for any reason the Fiscal Agent does not receive unconditionally the
full amount payable by the Issuer on the relevant due date in respect of all the
outstanding or maturing Notes, the Fiscal Agent

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shall forthwith notify immediately the Issuer by telephone followed by facsimile
and the Fiscal Agent shall not be bound to make any payment of principal or
interest in respect of the Notes until the Fiscal Agent has received to its
order the full amount of the monies then due and payable in respect of all
outstanding or maturing Notes, provided, however, that if the Fiscal Agent
shall, in its discretion, make any payment of principal or interest on or after
the due date therefor in respect of the Notes prior to its unconditional receipt
of the full amount then due and payable in respect of all outstanding Notes, the
Issuer will promptly pay such amount to the Fiscal Agent and will compensate the
Fiscal Agent at a rate equal to the Fiscal Agent's cost of funding.

4.3      Out of the sums paid to the Fiscal Agent in respect of interest and
principal on the Notes, the Fiscal Agent will make payment free of charge to the
registered holder of the International Global Note and the DTC Global Note as
stipulated in Clause 9 below, in the amounts specified in the Conditions. The
Fiscal Agent shall obtain from the Registrar, and the Registrar shall supply,
such details as are required for the Paying Agent to make payment as stated
above.

4.4      In respect of the monies paid to it relating to any Note, the Fiscal
Agent

         4.4.1    shall not be entitled to exercise any lien, right of set-off
         or similar claim (including without limitation any claim arising from
         or relating to any other issue of securities by the Issuer),

         4.4.2    shall not be required to account for interest thereon and

         4.4.3    money held by it need not be segregated except as may be
         required by applicable law.

5.       DOCUMENTS FOR INSPECTION AND PUBLICATION OF NOTICES

5.1      On behalf and at the request and expense of the Issuer, the Fiscal
Agent shall cause to be published any notices required to be given by the Issuer
in accordance with the Conditions.

5.2      The Issuer shall provide to the Fiscal Agent sufficient copies of all
documents required by the Conditions to be available for issue or inspection,
and the Fiscal Agent shall make such copies available to Noteholders upon their
request.

5.3      To the extent practicable, the Issuer shall provide the Fiscal Agent
with a copy (prior to publication) of all notices to be issued in connection
with the Notes.

6.       CANCELLATION OF THE GLOBAL NOTES

6.1      Subject to the terms of the Indenture, promptly upon the Issuer's
request, the Registrar shall take all measures necessary to cancel any Notes
which the Issuer has repurchased or whose maturity has been accelerated pursuant
to the Conditions. The Registrar shall cause any such Notes (i) to the extent
represented by the International Global Note, to be cancelled resulting in a
reduction in the aggregate amount of the Notes represented by the International
Global Note by the aggregate amount of Notes so cancelled, and (ii) to the
extent represented by the DTC Global Note, to be cancelled in accordance with
the procedures established for that purpose by DTC, resulting in a reduction in
the aggregate amount of the Notes represented by the DTC Global Note by the
aggregate amount of the Notes so cancelled.

6.2      On the same day such cancellation is effected, the Registrar shall
record such cancellation of Notes on the Register in such a way that the
aggregate principal amount of Notes cancelled at any time together with the
aggregate principal amount of Notes outstanding and represented by the Global
Notes shall equal the aggregate principal amount of Notes originally issued by
the Issuer.

6.3      The Registrar shall upon request furnish the Issuer with a notice of
cancellation signed by an authorized officer of the Registrar confirming the
cancellation of such Notes and the corresponding reduction of the relevant
Global Note(s).

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7.       DUTIES OF THE REGISTRAR

7.1      The Registrar shall maintain the Register in London in accordance with
the Conditions. The Register shall show the aggregate amount of Notes
represented by each Global Note at the date of issue and all subsequent
transfers and exchanges involving a change in such amounts and the names and
addresses of the registered holders (each a "PAYEE"). On the first Business Day
after the Record Date for any interest payment on the Notes, the Registrar shall
send payment details in respect of the Payees and the Euros accounts to which
transfers should be made to the Fiscal Agent.

7.2      Transfers or exchanges of Notes will be made in accordance with the
Conditions, the procedures established for this purpose between Euroclear,
Clearstream, DTC and the Registrar, and Euroclear, Clearstream and DTC's
regulations applicable to such transfers or exchanges. Any such transfer or
exchange which results in a change in the aggregate principal amount of Notes
held by Euroclear, Clearstream and DTC shall be notified by Euroclear,
Clearstream and DTC to the Registrar. The Registrar shall promptly enter details
of the transfer or exchange in the Register, which entry shall, without further
action, cause the aggregate principal amount represented by each Global Note to
be amended accordingly.

7.3      The Registrar shall at all reasonable times during office hours make
the Register available to the Issuer and the Fiscal Agent or any person
authorised by either of them for inspection and for the taking of copies thereof
or extracts therefrom, and the Registrar shall deliver to such persons such
information contained in the Register or relating to the Notes as they may
reasonably request.

8.       DUTIES OF THE TRANSFER AGENT

If and to the extent so specified by the Conditions and in accordance therewith,
or if otherwise requested by the Issuer, the Transfer Agent shall make available
all relevant forms of transfer, inform the Registrar of the name and address of
the relevant person to be inserted in the Register and carry out such other acts
as may be necessary to give effect to the Conditions and this Agreement.

9.       PAYMENTS TO DTC NOTEHOLDERS

9.1      All amounts of principal and interest due in respect of the Notes which
are represented by the DTC Global Note (each a "DTC AMOUNT") shall be paid in
U.S. dollars (each such payment being referred to herein as a "U.S. DOLLAR
PAYMENT"), unless DTC has advised the Fiscal Agent that the relevant Noteholder
has made an effective election to receive all or a portion of its payment in
Euros outside DTC (each a "EUROS PAYMENT").

9.2      The Paying Agent shall, from each DTC Amount received by it, make U.S.
Dollar Payments in accordance with the Conditions and Euros Payments in
accordance with the Conditions.

10.      DUTIES OF EXCHANGE AGENT

         For the purposes of this Clause 10, a "payment date" shall be each date
         on which the Issuer is obligated to remit funds to the Fiscal Agent
         pursuant to Clause 4.1.

         The Exchange Agent shall:

(i)      accept Euros by remittance to an account maintained by the Exchange
         Agent of the total amount of interest or principal due on any payment
         date on Notes held by Cede & Co. (as nominee of DTC) on the Record
         Date. The Exchange Agent shall be advised by Cede & Co. (as nominee of
         DTC) if any beneficial holders of the Notes held by Cede & Co. (as
         nominee of DTC) have elected to receive payment in Euros and, if so,
         the amount of Notes held by such holders and the accounts to which such
         payments in Euros are to be wired. On the payment date, the Exchange
         Agent shall wire payment in the appropriate Euro amounts to the
         accounts indicated. The remainder on such payment date shall be
         exchanged by the Exchange Agent pursuant to sub-clause (ii) below into
         U.S. dollars and, after deduction of any costs relating to such
         exchange, shall be paid to Cede & Co. (as nominee of DTC) on the
         payment date; and

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(ii)     at or prior to 11:00 a.m., London time, on the second London business
         day preceding the applicable payment date, enter into a contract for
         the purchase of U.S. dollars with the Specified Amount of Euros for
         settlement on such payment date. "SPECIFIED AMOUNT" shall mean the
         aggregate amount of Euros payable to all Noteholders holding Notes
         through participants of DTC that have not elected to receive payments
         in Euros. The amount of U.S. dollars payable in respect of a particular
         payment under the DTC Global Note will be equal to the amount of Euros
         otherwise payable exchanged into U.S. dollars at the Euro/U.S.$
         exchange rate prevailing as at 11:00 a.m. (London time) on the second
         London business day prior to the relevant payment date, less any costs
         incurred by the Exchange Agent for such conversion (such costs to be
         shared pro rata among holders under the DTC Global Note accepting U.S.
         dollar payments in proportion of their respective holdings). If an
         exchange rate bid quotation is not so available, the Exchange Agent
         shall obtain a bid quotation from a leading foreign exchange bank in
         London selected by the Exchange Agent after consultation with the
         Issuer. If no bid quotation is so available, payment will be made in
         Euros to the account or accounts specified by DTC to the Exchange
         Agent. In this sub-clause (ii), the term "London business day" shall
         mean any day on which commercial banks and foreign exchange markets
         settle payments in New York City and London.

11.      CONDITIONS OF APPOINTMENT

11.1     The Issuer will pay to the Agents a remuneration for all services
rendered hereunder by the Agents in connection with the Notes together with any
expenses incurred as separately agreed upon by the Agents and the Issuer.

11.2     The Issuer will indemnify and hold harmless each of the Agents against
any loss, liability or expense which it may incur or any claim, action or demand
which may be made against it resulting from the negligence or wilful misconduct
on the part of the Issuer (or its officers, employees or agents (other than the
Agents and their officers, employees, and agents)) and arising out of or in
connection with such Agent's appointment or the exercise of its powers and
duties hereunder without negligence or wilful misconduct on the part of such
Agent.

11.3     Each Agent will indemnify and hold harmless the Issuer against any
loss, liability or expense incurred by the Issuer or any claim, action or demand
which may be made against the Issuer resulting from the negligence or wilful
misconduct on the part of such Agent (or such Agent's officers, employees or
agents) and arising out of or in connection with such Agent's duties hereunder.
Notwithstanding the foregoing, under no circumstances will any Agent be liable
to the Issuer or any other person for any consequential loss (being loss of
business, goodwill, opportunity or profit) even if advised to the possibility of
such loss or damages.

11.4     The indemnities above shall survive the termination or expiry of this
Agreement.

11.5     Each of the Agents shall be protected and shall incur no liability for
or in respect of any action taken, omitted or suffered in reliance upon any
instruction or communication from the Issuer or any document reasonably believed
by it to be genuine and to have been delivered, signed or sent by the proper
party or parties in accordance with the provisions hereof, except such as may
result from its own negligence or wilful misconduct or that of its officers,
employees or agents.

11.6     In acting hereunder and in connection with the Notes, the Agents do not
assume any relationship of agency and trust for the Noteholders, and shall not
have any obligation towards them except that all funds held by the Fiscal Agent
for payment of principal of or interest on the Notes shall be held exclusively
for the benefit of and for payment to the Noteholders and shall be applied as
set forth herein and in the Conditions. Except as otherwise required by
applicable law, no Agent will be required to segregate any funds held by it
hereunder from any of its other funds.

11.7     Nothing herein shall be deemed to require any Agent to advance its own
funds in the performance of its duties hereunder.

11.8     The Agents may consult with legal and other professional advisers
selected in good faith and satisfactory to them and the opinion of such advisers
shall be full and complete protection in respect of

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any action taken, omitted or suffered hereunder in good faith and without
negligence and in accordance with the opinion of such advisers.

11.9     The Agents shall be obliged to perform such duties and only such duties
as are herein specifically set forth, and no implied duties or obligations shall
be read into this Agreement against the Agents. No Agent shall be under any
obligation to take any action hereunder which it expects will result in any
expense or liability of such Agent, the payment of which within a reasonable
time is not, in its opinion, assured to it. The obligations of the Agents
hereunder are several and not joint.

11.10    The Agents, their affiliates and their respective officers and
employees, in their individual or any other capacity, may become the owner of,
or acquire any interest in, any Notes with the same rights that the Agents would
have it they were not the Agents hereunder.

12.      CHANGE IN AGENTS

12.1     Each of the Fiscal Agent, Registrar, Exchange Agent, Paying Agent and
Transfer Agent in its capacity as such may be removed at any time by the giving
to it of at least 30 days' written notice to that effect signed on behalf of the
Issuer specifying the date on which such removal shall become effective. Each of
the Fiscal Agent, Registrar, Exchange Agent, Paying Agent and Transfer Agent may
at any time resign by giving at least 30 days' written notice (unless the Issuer
agrees to accept less notice) to that effect to the Issuer specifying the date
on which such resignation shall become effective. Notwithstanding the foregoing,
no such resignation or removal shall take effect within 30 days before or after
any due date for payment of any Notes or before a new Fiscal Agent, Registrar,
Exchange Agent, Paying Agent and Transfer Agent, as the case may be, shall have
been appointed by the Issuer as hereinafter provided, and such new Agent shall
have accepted such appointment. Any change in any Agent shall be notified by the
Issuer to the other Agent(s).

12.2     The Issuer agrees with the Fiscal Agent that if, by the day falling 10
days before the expiry of any notice under Clause 12.1 above, the Issuer has not
appointed a replacement Fiscal Agent, then the Fiscal Agent shall be entitled,
on behalf of the Issuer, to appoint in its place any reputable financial
institution of good standing and the Issuer shall not unreasonably object to
such appointment.

12.3     Upon the effectiveness of the appointment of any successor Fiscal
Agent, Registrar, Exchange Agent, Paying Agent and Transfer Agent, as the case
may be, pursuant to Clause 12.1, the Fiscal Agent, Registrar, Exchange Agent,
Paying Agent and Transfer Agent so removed shall cease to be a Fiscal Agent,
Registrar, Exchange Agent, Paying Agent and Transfer Agent, as the case may be,
hereunder. Prior to the effectiveness of such appointment, the Fiscal Agent,
Registrar, Exchange Agent, Paying Agent and Transfer Agent shall hold all moneys
deposited with it or held by it hereunder in respect of the Notes to the order
of the respective successor Fiscal Agent, Registrar, Exchange Agent, Paying
Agent and Transfer Agent.

13.      NOTICES

Notices shall be in writing (including by facsimile) and addressed to the
relevant party hereto as follows:

(a)      If to the Issuer:

         Citigroup Inc.
         153 East 53rd Street
         New York, New York 10043
         Attention:  Treasury Department
         Telephone:  212-559-3553
         Telefax: 212-793-5629

(b)      If to the Fiscal Agent, Registrar and Exchange Agent:

         Citibank, N.A.
         P.O. Box 18055

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         5 Carmelite Street
         London EC4Y 0PA
         Attn:  Agency & Trust, Bond Desk

         Telefax: 44-020-7508-3878

(c)      If to the Paying Agent:

         Dexia Banque Internationale a Luxembourg, societe anonyme
         69, route d'Esch
         L-2953 Luxembourg
         Telephone: 352-45-90-1
         Telefax: 352-45-90-42-27

or at any other address of which any of the foregoing shall have notified the
others, and shall be deemed to have been given when received by the relevant
party.

14.      APPLICABLE LAW, PLACE OF JURISDICTION

14.1     This Agreement shall be subject to New York law.

14.2     The non-exclusive place for all proceedings arising out of this
         agreement shall be New York.

15.      MISCELLANEOUS

15.1     The Fiscal Agent agrees to perform its obligations hereunder through
its London Branch to the extent that this is necessary or appropriate in order
to make payments to DTC or DTC Participants in accordance with the Conditions.

15.2     The Fiscal Agent shall promptly advise the Issuer of any notice,
including any notice declaring Notes due, which it may receive pursuant to the
Conditions.

15.3     Should any of the provisions of this Agreement be or become invalid, in
whole or in part, the other provisions of this Agreement shall remain in force.
Invalid provisions shall, according to the intent and purpose of this Agreement,
be replaced by such valid provisions which in their economic effect come as
close as legally possible to that of the invalid provisions.

15.4     This Agreement may be signed in two counterparts.

15.5     Terms not defined in this Agreement shall have the meanings ascribed to
them in the Underwriting Agreement or the Conditions, as the case may be.

15.6     If there is any conflict between the terms of this Agreement and the
terms of the Indenture, the terms of the Indenture shall control.

15.7     The provisions of the United States Trust Indenture Act of 1939, as
amended (the "Trust Indenture Act"), shall be incorporated by reference herein
to the extent applicable. Each of the Agents agrees to abide by the Trust
Indenture Act, to the extent applicable in the performance of their respective
duties hereunder. If there is any conflict between the terms of this Agreement
and the Trust Indenture Act, the provisions of the Trust Indenture Act shall
govern to the extent of such conflict.

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This Agreement has been entered into effective the date stated at the beginning
hereof.

CITIGROUP INC.

/s/ Charles E. Wainhouse
------------------------------------

CITIBANK, N.A.

/s/ Jillian Hamblin
------------------------------------

DEXIA BANQUE INTERNATIONALE A LUXEMBOURG, SOCIETE ANONYME

/s/ Pierre-Francois Henrion
------------------------------------

/s/ Daniel Schammo
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                                                                     EXHIBIT 4.6

                          REGISTRATION RIGHTS AGREEMENT

      THIS REGISTRATION RIGHTS AGREEMENT, dated as of April 30, 2003
("Agreement"), is made by and between LUCENT TECHNOLOGIES INC., a Delaware
corporation, having an office at 600-700 Mountain Avenue, Murray Hill, New
Jersey 07974-0636 (the "Company"), and U.S. TRUST COMPANY, NATIONAL ASSOCIATION,
solely in its capacity as duly appointed and acting investment manager (the
"Manager") of a segregated account held in the LUCENT TECHNOLOGIES INC.
REPRESENTED EMPLOYEES POST-RETIREMENT HEALTH BENEFITS TRUST (the "Trust," the
Trust shall hereby being deemed as party to this Agreement) created under the
LUCENT TECHNOLOGIES INC. WELFARE BENEFITS PLAN FOR RETIRED EMPLOYEES (the
"Plan").

                                    RECITALS

      A. WHEREAS, the Company has agreed to contribute an aggregate of
46,185,131 shares of its common stock, par value $.01 per share (the
"Registrable Shares"), to the Trust (the "Contribution");

      B. WHEREAS, the Registrable Securities immediately following such
Contribution will be held in a single segregated account in the Trust (the
"Segregated Account");

      C. WHEREAS, pursuant to the Investment Management Agreement dated as of
April 29, 2003 (the "Investment Management Agreement") by and between Lucent
Asset Management Corporation, acting solely in its capacity as named fiduciary
of the Trust (in such capacity, "LAMCO") and the Manager, the Manager has been
appointed as a "fiduciary" of the Trust, as defined in Section 3(21) of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), with the
authority to act on behalf of the Trust with respect to all assets held in the
Segregated Account;

      D. WHEREAS, the Company has agreed to grant certain registration rights
with respect to the Registrable Shares held in the Segregated Account, on the
terms and subject to the conditions herein set forth;

      E. WHEREAS, pursuant to the Investment Management Agreement, the Manager
has full power and authority to execute and deliver this Agreement for the
account and on behalf of the Trust, to bind the Trust and to take any actions
required or permitted to be taken by, or on behalf of, the Trust in connection
with this Agreement;

      NOW, THEREFORE, in consideration of the premises and mutual promises set
forth herein, the parties hereto hereby agree as follows:

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      1. REGISTRATION; COMPLIANCE WITH THE SECURITIES ACT.

            1.1 Registration Procedures and Expenses. The Company hereby agrees
that it shall:

                  (a) use its reasonable commercial efforts to prepare and file
with the SEC, as soon as practicable after the date of the Contribution, a
registration statement on Form S-3 covering the Registrable Shares (the
"Registration Statement"), to enable the Manager to sell the Registrable Shares
from time to time in the manner contemplated by the plan of distribution set
forth in the Registration Statement, and use its reasonable commercial efforts
to cause such Registration Statement to be declared effective as promptly as
possible after filing and to remain continuously effective until the second
anniversary of the date of the Contribution (the "Registration Period");

                  (b) prepare and file with the SEC such amendments (including
post-effective amendments) and supplements to the Registration Statement and the
prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act,
or if no such filing is required, as included in the Registration Statement (the
"Prospectus"), as may be necessary to keep the Registration Statement effective
at all times until the end of the Registration Period;

                  (c) furnish the Manager with such reasonable number of copies
of the Prospectus in conformity with the requirements of the Securities Act and
such other documents as the Manager may reasonably request, in order to
facilitate the public sale or other disposition of all or any of the Registrable
Shares by the Manager;

                  (d) use its reasonable commercial efforts to file documents
required of the Company for normal blue sky clearance in states specified in
writing by the Manager; provided, however, that the Company shall not be
required to qualify to do business or consent to service of process in any
jurisdiction in which it is not now so qualified or has not so consented;

                  (e) use its reasonable commercial efforts to cause the
Registrable Shares to be listed on NYSE in connection with the filing of the
Registration Statement under Section 1.1(a); and

                  (f) bear all expenses in connection with the actions
contemplated by paragraphs (a) through (e) of this Section 1.1 and the
registration of the Registrable Shares pursuant to the Registration Statement,
including fees and expenses of legal counsel to the Manager incurred in
connection with the registration and sale of the Registrable Shares, in an
aggregate amount not to exceed $12,000, but excluding underwriting discounts,
brokerage fees and commissions incurred by the Manager, the Trust or the Plan,
if any.

      It shall be a condition precedent to the obligations of the Company to
take any action pursuant to this Section 1.1 that the Manager shall provide such
reasonable assistance to the Company and furnish, or cause to be furnished, to
the Company in writing such information regarding the Manager, the Plan and the
Trust, the Registrable Shares to be sold, and the intended method or methods of
disposition of the Registrable Shares, as shall be required to effect the
registration of the Registrable Shares.

                                      -2-
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            1.2 Transfer of Registrable Shares After Registration; Suspension.

                  (a) The Manager agrees that it will not offer to sell or make
any sale, assignment, pledge, hypothecation or other transfer with respect to
the Registrable Shares that would constitute a sale within the meaning of the
Securities Act except pursuant to either (i) the Registration Statement referred
to in Section 1.1 or (ii) Rule 144, and that it will promptly notify the Company
of any changes in the information set forth in the Registration Statement after
it is first filed with the SEC regarding the Manager, the Plan and the Trust or
the intended plan of distribution of the Registrable Shares to the extent
required by applicable securities laws.

                  (b) In addition to any suspension rights under paragraph (c)
below, the Company may, upon the happening of any event that, in the judgment of
Company's legal counsel, renders advisable the suspension of the disposition of
Registrable Shares covered by the Registration Statement or use of the
Prospectus due to pending corporate developments, public filings with the SEC or
similar events, suspend the disposition of Registrable Shares covered by the
Registration Statement or use of the Prospectus for a period of not more than
one hundred twenty (120) days on written notice to Manager (which notice will
not disclose the content of any material non-public information and will
indicate the date of the beginning and end of the intended suspension, if
known), in which case Manager shall discontinue disposition of Registrable
Shares covered by the Registration Statement or use of the Prospectus until
copies of a supplemented or amended Prospectus are distributed to the Manager or
until the Manager is advised in writing by the Company that the disposition of
Registrable Shares covered by the Registration Statement or use of the
applicable Prospectus may be resumed, provided that such right to suspend the
disposition of Registrable Shares covered by the Registration Statement or use
of the Prospectus shall not be exercised by Company for more than one hundred
fifty (150) days in any twelve-month period. The suspension and notice thereof
described in this Section 1.2(b) shall be held in strictest confidence and not
disclosed by the Company or the Manager, except as required by law.

                  (c) Subject to paragraph (d) below, in the event of: (i) any
request by the SEC or any other federal or state governmental authority during
the period of effectiveness of the Registration Statement for amendments or
supplements to a Registration Statement or related Prospectus or for additional
information, (ii) the issuance by the SEC or any other federal or state
governmental authority of any stop order suspending the effectiveness of a
Registration Statement or the initiation of any proceedings for that purpose,
(iii) the receipt by the Company of any notification with respect to the
suspension of the qualification or exemption from qualification of any of the
Registrable Shares for sale in any jurisdiction or the initiation of any
proceeding for such purpose, (iv) any event or circumstance that necessitates
the making of any changes in the Registration Statement or Prospectus, or any
document incorporated or deemed to be incorporated therein by reference, so
that, in the case of the Registration Statement, it will not contain any 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
that in the case of the Prospectus, it will not contain any 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, in the light of the circumstances
under which they were made, not misleading, then the Company shall deliver a
certificate in writing to the Manager (the "Suspension Notice") to the effect of
the foregoing (which notice will not disclose the content of any material
non-public information and will indicate the date of the beginning and end of
the intended

                                      -3-
<PAGE>

suspension, if known), and, upon receipt of such Suspension Notice, the Manager
will refrain from selling any Registrable Shares pursuant to the Registration
Statement (a "Suspension") until the Manager's receipt of copies of a
supplemented or amended Prospectus prepared and filed by the Company, or until
it is advised in writing by the Company that the current Prospectus may be used,
and has received copies of any additional or supplemental filings that are
incorporated or deemed incorporated by reference in any such Prospectus. In the
event of any Suspension, the Company will use its reasonable commercial efforts
to cause the use of the Prospectus so suspended to be resumed as soon as
possible after delivery of a Suspension Notice to the Manager. The Suspension
and Suspension Notice described in this Section 1.2(c) shall be held in
strictest confidence and not disclosed by the Company or Manager, except as
required by law.

                  (d) The Manager may sell Registrable Shares under the
Registration Statement provided that neither a Suspension nor a suspended
disposition under Section 1.2(b) hereof is then in effect, the Manager sells in
accordance with the plan of distribution in the Prospectus, and the Manager
arranges for delivery of a current Prospectus to any transferee receiving such
Registrable Shares in compliance with the prospectus delivery requirements of
the Securities Act; and provided further, that, during any one trading day,
Manager shall not sell in excess of 15% of the average daily reported trading
volume of Registrable Shares on the New York Stock Exchange for the five trading
days immediately preceding such date.

                  (e) In the event of a sale of Registrable Shares by the
Manager, the Manager must also deliver to the Company's transfer agent, with a
copy to the Company, a certificate of subsequent sale reasonably satisfactory to
the Company, so that ownership of the Registrable Shares may be properly
transferred.

            1.3 Indemnification. For the purpose of this Section 1.3, the term
"Registration Statement" shall include any preliminary or final prospectus,
exhibit, supplement or amendment included in or relating to the Registration
Statement referred to in Section 1.1.

                  (a) Indemnification by the Company. The Company agrees to
indemnify and hold harmless each of the Trust and the Manager (including, for
purposes of this Section 1.3, the officers, directors, employees and agents of
the Trust and the Manager), and each person, if any, who controls the Trust and
the Manager within the meaning of the Securities Act, against any losses,
claims, damages, liabilities or expenses, joint or several, to which the Trust
and the Manager or such controlling person may become subject, under the
Securities Act, the Securities Exchange Act of 1934, as amended (the "Exchange
Act") , or any other federal or state statutory law or regulation, or at common
law or otherwise (including in settlement of any litigation, if such settlement
is effected with the written consent of the Company, which consent shall not be
unreasonably withheld or delayed), only to the extent such losses, claims,
damages, liabilities or expenses (or actions in respect thereof as contemplated
below) arise out of or are based upon any untrue statement or alleged untrue
statement of any material fact contained in the Registration Statement, as
amended as of the time the Registration Statement was declared effective by the
SEC, the Prospectus, or any amendment or supplement thereto, or arise out of or
are based upon the omission or alleged omission to state in any of them a
material fact required to be stated therein or necessary to make the statements
in any of them, in light of the circumstances under which they were made, not
misleading, and will reimburse the Trust and the Manager and each such
controlling person for any

                                      -4-
<PAGE>

legal and other expenses as such expenses are reasonably incurred by the Trust
and the Manager or such controlling person in connection with investigating,
defending, settling, compromising or paying any such loss, claim, damage,
liability, expense or action; provided, however, that the Company will not be
liable in any such case to the extent that any such loss, claim, damage,
liability or expense arises out of or is based upon (i) an untrue statement or
alleged untrue statement or omission or alleged omission made in the
Registration Statement, the Prospectus or any amendment or supplement of the
Registration Statement or Prospectus in reliance upon and in conformity with
information furnished in writing to the Company by or on behalf of the Manager
or the Trust, (ii) the failure of Manager to comply with the covenants and
agreements contained in this Agreement respecting the sale of the Registrable
Shares, or (iii) any untrue statement or omission of a material fact required to
make such statement not misleading in any Prospectus that is corrected in any
subsequent Prospectus that was delivered to the Manager before the pertinent
sale or sales by the Manager.

                  (b) Indemnification by the Trust and the Manager. To the
extent permitted by applicable law, the Trust and the Manager will severally
(and not jointly) indemnify and hold harmless the Company, LAMCO, each of the
Company's directors, each of the Company's officers who signed the Registration
Statement and each person, if any, who controls the Company within the meaning
of the Securities Act, against any losses, claims, damages, liabilities or
expenses to which the Company, each of its directors, each of its officers who
signed the Registration Statement or controlling person may become subject,
under the Securities Act, the Exchange Act, or any other federal or state
statutory law or regulation, or at common law or otherwise (including in
settlement of any litigation, if such settlement is effected with the written
consent of the Manager, which consent shall not be unreasonably withheld or
delayed) only to the extent such losses, claims, damages, liabilities or
expenses (or actions in respect thereof as contemplated below) arise out of or
are based upon (i) any failure on the part of the Manager to comply with the
covenants and agreements contained in this Agreement respecting the sale of the
Registrable Shares, or (ii) any untrue or alleged untrue statement of any
material fact contained in the Registration Statement, the Prospectus, or any
amendment or supplement to the Registration Statement or Prospectus, 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, in each case to the extent, but only to the extent, that
such untrue statement or alleged untrue statement or omission or alleged
omission was made in the Registration Statement, the Prospectus, or any
amendment or supplement thereto, in reliance upon and in conformity with
information furnished in writing to the Company by or on behalf of Manager or
the Trust; provided, however, that neither the Manager nor the Trust shall be
liable for any such untrue or alleged untrue statement or omission or alleged
omission of which the Manager or the Trust has delivered to the Company in
writing a correction before the occurrence of the transaction from which such
loss was incurred, and the Manager and/or the Trust, depending upon whether the
Manager or the Trust is responsible for such misstatement or omission, will
reimburse the Company, each of its directors, each of its officers who signed
the Registration Statement or controlling person for any legal and other
expenses as such expenses are reasonably incurred by the Company, each of its
directors, each of its officers who signed the Registration Statement or
controlling person in connection with investigating, defending, settling,
compromising or paying any such loss, claim, damage, liability, expense or
action. In no event shall the liability of (i) the Trust under this Section 1.3
be greater than the amount of the net proceeds received by the Trust upon the
sale of the Registrable Shares giving rise to such indemnification

                                      -5-
<PAGE>

obligation, or (ii) the Manager under this Section 1.3 be greater than the
aggregate fees received by the Manager pursuant to the Investment Management
Agreement.

                  (c) Indemnification Procedure.

                        (i) Promptly after receipt by an indemnified party under
this Section 1.3 of written notice of the threat or commencement of any action,
such indemnified party will, if a claim in respect thereof is to be made against
an indemnifying party under this Section 1.3, promptly notify the indemnifying
party in writing of the claim; but the omission so to notify the indemnifying
party will not relieve it from any liability which it may have to any
indemnified party under the indemnity agreement contained in this Section 1.3 or
otherwise, to the extent it is not prejudiced as a result of such failure.

                        (ii) In case any such action is brought against any
indemnified party and such indemnified party seeks or intends to seek indemnity
from an indemnifying party, the indemnifying party will be entitled to
participate in, and, to the extent that it may wish, jointly with all other
indemnifying parties similarly notified, to assume the defense thereof with
counsel reasonably satisfactory to such indemnified party; provided, however, if
the defendants in any such action include both the indemnified party and the
indemnifying party and the indemnified party shall have reasonably concluded
that there may be a conflict between the positions of the indemnifying party and
the indemnified party in conducting the defense of any such action or that there
may be legal defenses available to it or other indemnified parties that are
different from or additional to those available to the indemnifying party, the
indemnified party or parties shall have the right to select separate counsel to
assume such legal defenses and to otherwise participate in the defense of such
action on behalf of such indemnified party or parties. Upon receipt of notice
from the indemnifying party to such indemnified party of its election so to
assume the defense of such action and approval by the indemnified party of
counsel, the indemnifying party will not be liable to such indemnified party
under this Section 1.3 for any legal or other expenses subsequently incurred by
such indemnified party in connection with the defense thereof unless:

                              (1) the indemnified party shall have employed such
counsel in connection with the assumption of legal defenses in accordance with
the provision to the preceding sentence (it being understood, however, that the
indemnifying party shall not be liable for the expenses of more than one
separate counsel (other than local counsel), approved by such indemnifying party
representing all of the indemnified parties who are parties to such action); or

                              (2) the indemnifying party shall not have employed
counsel reasonably satisfactory to the indemnified party to represent the
indemnified party within a reasonable time after notice of commencement of
action.

In each of such case, the reasonable fees and expenses of counsel shall be at
the expense of the indemnifying party.

                  (d) Contribution. If the indemnification provided for in this
Section 1.3 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any loss, liability, claim, damage or expense
referred to herein, then the indemnifying party, in lieu

                                      -6-
<PAGE>

of indemnifying such indemnified party hereunder, shall contribute to the amount
paid or payable by such indemnified party as a result of such loss, liability,
claim, damage or expense in such proportion as is appropriate to reflect the
relative fault of the indemnifying party on the one hand and of the indemnified
party on the other in connection with the statements or omissions that resulted
in such loss, liability, claim, damage or expense, as well as any other relevant
equitable considerations. The relative fault of the indemnifying party and of
the indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties' relative intent,
knowledge, access to information, and opportunity to correct or prevent such
statement or omission. The amount paid or payable by a party as a result of the
losses, claims, damages, liabilities and expenses referred to above shall be
deemed to include, subject to the limitations set forth in Section 1.3(c)
hereof, any legal or other fees or expenses reasonably incurred by such party in
connection with any investigation or proceeding.

      The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 1.3(d) were determined by pro rata
allocation or by any other method of allocation which does not take into account
the equitable considerations referred to in the immediately preceding paragraph.
Notwithstanding the provisions of this Section 1.3(d), in no event shall (i) the
Trust be required to contribute any amount in excess of the amount of net
proceeds received by the Trust upon the sale of the Registrable Shares, or (ii)
the Manager be required to contribute any amount in excess of the aggregate fees
received by the Manager pursuant to the Investment Management Agreement. 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
or entity who was not guilty of such fraudulent misrepresentation.

                  (e) Surviving Obligations. The obligations of the Company and
the Manager under this Section 1.3 shall survive the completion of the
disposition of the Registrable Shares under this Section 1, and otherwise.

            1.4 Rule 144 Information. For such period as the Trust or the Plan
holds any Registrable Shares received pursuant to the Contribution, the Company
shall use its best efforts to file all reports required to be filed by it under
the Securities Act, the Exchange Act, and the rules and regulations thereunder,
and shall use its best efforts to take such further action to the extent
required to enable the Manager to sell the Registrable Shares pursuant to Rule
144 under the Securities Act (as such rule may be amended from time to time).

      2. Miscellaneous.

            2.1 Governing Law. This Agreement shall be governed by and construed
and interpreted in accordance with the laws of the State of Delaware,
irrespective of the choice of laws principles of the State of Delaware, as to
all matters, including matters of validity, construction, effect,
enforceability, performance and remedies.

            2.2 Force Majeure. Neither party will have any liability for damages
or delay due to fire, explosion, lightning, pest damage, power failure or
surges, strikes or labor disputes, water or flood, acts of God, the elements,
war, civil disturbances, acts of civil or military authorities or the

                                      -7-
<PAGE>

public enemy, acts or omissions of communications or other carriers, or any
other cause beyond a party's reasonable control (other than that which arises
from the gross negligence or willful misconduct of such party), whether or not
similar to the foregoing, that prevent such party from materially performing its
obligations hereunder.

            2.3 Entire Agreement; Modification; Waivers. This Agreement
constitutes the entire agreement between the parties with respect to the subject
matter hereof and shall supersede all previous negotiation, commitments and
writings with respect to the matters discussed herein. This Agreement may not be
altered, modified or amended except by a written instrument signed by all
affected parties. The failure of any party to require the performance or
satisfaction of any term or obligation of this Agreement, or the waiver by any
party of any breach of this Agreement, shall not prevent subsequent enforcement
of such term or obligation or be deemed a waiver of any subsequent breach.

            2.4 Severability. The provisions of this Agreement are severable,
and in the event that any one or more provisions are deemed illegal or
unenforceable the remaining provisions shall remain in full force and effect
unless the deletion of such provision shall cause this Agreement to become
materially adverse to either party, in which event the parties shall use
reasonable commercial efforts to arrive at an accommodation that best preserves
for the parties the benefits and obligations of the offending provision.

            2.5 Notices. Except as otherwise expressly provided, any notice,
request, demand or other communication permitted or required to be given under
this Agreement shall be in writing, shall be sent by one of the following means
to the Company or Manager at the addresses set forth below (or to such other
address as shall be designated hereunder by notice to the other parties and
persons receiving copies, effective upon actual receipt), and shall be deemed
conclusively to have been given: (a) on the first business day following the day
timely deposited with Federal Express (or other equivalent national overnight
courier) or United States Express Mail, with the cost of delivery prepaid or for
the account of the sender; (b) on the fifth business day following the day duly
sent by certified or registered United States mail, postage prepaid and return
receipt requested; or (c) when otherwise actually received by the addressee on a
business day (or on the next business day if received after the close of normal
business hours or on any non-business day).

            If to the Company:

                  Lucent Technologies Inc.
                  600-700 Mountain Avenue
                  Murray Hill, NJ 07974
                  Fax:  (908) 582-0294
                  Attn:  Treasury Director, Capital Markets

            With a copy to:

                  Lucent Technologies Inc.
                  600-700 Mountain Avenue

                                      -8-
<PAGE>

                  Murray Hill, NJ 07974
                  Fax:  (908) 582-2209
                  Attn:  Managing Corporate Counsel, Corporate & Securities

            If to Manager:

                  U.S. Trust Company, National Association
                  600 Fourteenth Street, N.W.
                  Suite 400
                  Washington, DC  20005-3314
                  Fax:  (202) 783-7054
                  Attn:  Norman P. Goldberg

            With a copy to:

                  James F. Carey, Esq.
                  Jones Day
                  2727 North Harwood Street
                  Dallas, Texas  75201
                  Fax:  (214) 969-5100

            2.6 Title and Headings. Titles and headings to sections herein are
inserted for convenience of reference only and are not intended to be part of or
to affect the meaning or interpretation of this Agreement.

            2.7 Execution in Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

                                      -9-
<PAGE>

      IN WITNESS WHEREOF, each of the Manager and the Company has caused this
Agreement to be duly executed on its behalf by its duly authorized officer as of
the date first written above.

      LUCENT TECHNOLOGIES INC.

      By: /s/ Mark Gibbens
         ------------------------------------
         Name: Mark Gibbens
         Title: Vice President & Treasurer

      U.S. TRUST COMPANY, NATIONAL ASSOCIATION, solely
      in its capacity as duly appointed and acting
      investment manager of a segregated account held
      in the Lucent Technologies Inc. Represented
      Employees Postretirement Health Benefits Trust

      By: /s/ Norman P. Goldberg
         ------------------------------------
         Name:    Norman P. Goldberg
         Title:   Managing Director

                                      -10-

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