Document:

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                                                                     Exhibit 4.3

                             [FORM OF INSTRUCTIONS]

[LIBERTY MEDIA CORPORATION LOGO]

                INSTRUCTIONS FOR USE OF LIBERTY MEDIA CORPORATION

                               RIGHTS CERTIFICATES

                    _____________________________________________

                CONSULT [________________] OR YOUR BANK OR BROKER
                               AS TO ANY QUESTIONS

            The following instructions relate to a rights offering (the "Rights
Offering") by Liberty Media Corporation, a Delaware corporation (the "Company"),
to the holders of its Series A common stock, par value $0.01 per share (the
"Series A Common Stock"), and to the holders of its Series B common stock, par
value $0.01 per share (the "Series B Common Stock" and together with the Series
A Common Stock, the "Common Stock"), as described in the Company's prospectus
dated _________, 2002 (the "Prospectus"). Holders of record of shares of Series
A Common Stock at the close of business on _______, 2002 (the "Record Date") are
receiving 0.___ transferable subscription rights (the "Series A Rights") for
each share of Series A Common Stock held by them on the Record Date. Each whole
Series A Right is exercisable, upon payment of $_____ as described below (the
"Series A Subscription Price"), to purchase one share of Series A Common Stock
(the "Series A Basic Subscription Privilege"). Holders of record of shares of
Series B Common Stock at the close of business on the Record Date are receiving
0.____ transferable subscription rights (the "Series B Rights" and together with
the Series A Rights, the "Rights") for each share of Series B Common Stock held
by them on the Record Date. Each whole Series B Right is exercisable, upon
payment of $_____ as described below (the "Series B Subscription Price"), to
purchase one share of Series B Common Stock (the "Series B Basic Subscription
Privilege" and together with the Series A Basic Subscription Privilege, the
"Basic Subscription Privilege"). In addition, subject to the proration described
below, each holders of record of Rights ("Rightsholders") who fully exercises
its Basic Subscription Privilege with respect to all Rights of a given series
that it holds in the same capacity pursuant to a single rights certificate also
has the right to subscribe at the applicable Subscription Price for additional
shares of the applicable series of Common Stock (the "Oversubscription
Privilege"). If shares of either series of Common Stock being offered in the
Rights Offering remain available for subscription following the exercise of the
Basic Subscription Privilege by Rightsholders of the applicable series prior to
the Expiration Time, as defined below (the "Excess Shares"), Rightsholders of
the applicable series may exercise their Oversubscription Privilege to subscribe
for a number of Excess Shares. If there are not a sufficient number of Excess
Shares to satisfy all subscriptions pursuant to the Oversubscription Privilege,
the available shares will be allocated pro rata among Rightsholders of the
applicable series exercising their Oversubscription Privilege in proportion to
the number of shares each such Rightsholder purchased pursuant to its Basic
Subscription Privilege; provided, however, that if such pro rata allocation
results in any Rightsholder being allocated a greater number of Excess Shares
than such Rightsholder subscribed for pursuant to the exercise of such
Rightsholder's Oversubscription Privilege, then such Rightsholder will be
allocated only such number of Excess Shares as such Rightsholder subscribed for,
and the remaining Excess Shares will be allocated among all other Rightsholders
exercising their Oversubscription Privilege.

            No fractional Rights or cash in lieu thereof will be issued or paid.
The number of total Rights distributed to each shareholder of the Company has
been rounded up to the nearest whole number in order to avoid issuing fractional
Rights. Nominee holders of Common Stock that hold, on the Record Date, shares
for the account(s) of more than one beneficial owner may exercise the number of
Rights to which all such beneficial owners in the aggregate would otherwise have
been entitled if they had been direct record holders of Common Stock on the
Record Date, provided such nominee holder makes a proper showing to the
Subscription Agent, as determined in the Company's sole and absolute discretion.
<PAGE>
            The Subscription Price is payable in cash or by exchange of any of
the following debt securities of the Company (the "Debt Securities") for the
number of shares indicated in the table below:

<TABLE>
<CAPTION>

 DEBT SECURITIES                     CUSIP
                                     NUMBER        FOR EACH  $1,000 PRINCIPAL
                                                          AMOUNT TENDERED:
                                                    SERIES A     OR      SERIES B
                                                     SHARES               SHARES
<S>                                  <C>           <C>                 <C>
 7 7/8% senior notes due July 15,    530715AB7     [_______]            [_______]
 2009
 8 1/2% senior debentures due        530715AD3     [_______]            [_______]
 January 15, 2029
 8 1/4% senior debentures due        530715AJ0     [_______]            [_______]
 February 1, 2030
 7 3/4% senior notes due July 15,    530718AA3     [_______]            [_______]
 2009
</TABLE>

            The Rights will expire at 5:00 p.m., New York City time, on _______,
2002, unless extended as described in the Prospectus (the "Expiration Time").
[The Series A Rights and Series B Rights are each listed for trading on the New
York Stock Exchange under the symbols "__" and "__", respectively.]

            The number of Series A Rights to which a holder of Series A Common
Stock is entitled is printed on the face of that holder's "Series A Rights
Certificate," and the number of Series B Rights to which a holder of Series B
Common Stock is entitled is printed on the face of that holder's "Series B
Rights Certificate" (any such certificate, a "Rights Certificate"). You should
indicate your wishes with regard to the exercise, assignment, transfer or sale
of your Rights by completing the appropriate form or forms on the applicable
Rights Certificate and returning it to the Subscription Agent in the envelope
provided.

            YOUR RIGHTS CERTIFICATE MUST BE RECEIVED BY THE SUBSCRIPTION AGENT,
OR GUARANTEED DELIVERY REQUIREMENTS WITH RESPECT TO YOUR RIGHTS CERTIFICATE MUST
BE COMPLIED WITH, AND PAYMENT OF THE SUBSCRIPTION PRICE MUST BE RECEIVED, AS
MORE SPECIFICALLY DESCRIBED IN THE PROSPECTUS, BY THE SUBSCRIPTION AGENT ON OR
BEFORE THE EXPIRATION TIME. YOU MAY NOT REVOKE ANY EXERCISE OF A RIGHT.

1.    SUBSCRIPTION PRIVILEGE.

            To exercise Rights, complete Form 1 and deliver your properly
completed and executed Rights Certificate, together with payment in full of the
Subscription Price for each share of the applicable series of Common Stock
subscribed for pursuant to the Basic Subscription Privilege and the
Oversubscription Privilege, to the Subscription Agent.

            Payment of the applicable Subscription Price must be made for the
full number of shares of the applicable series of Common Stock being subscribed
for by (a) certified or personal check or bank draft drawn upon a U.S. bank, or
postal, telegraphic or express money order payable to: ______________, as
Subscription Agent, (b) wire transfer of immediately available funds to the
account maintained by the Subscription Agent for such purpose at ____________,
[CITY], [STATE], ABA No. ____________, Attention: ________________, (c) by
delivery of Debt Securities then held pursuant to the book-entry delivery
procedures set forth in the Prospectus or (d) a combination of the foregoing.
THE SUBSCRIPTION PRICE WILL BE DEEMED TO HAVE BEEN RECEIVED BY THE SUBSCRIPTION
AGENT ONLY UPON (I) THE CLEARANCE OF ANY UNCERTIFIED CHECK, (II) THE RECEIPT BY
THE SUBSCRIPTION AGENT OF ANY CERTIFIED CHECK OR BANK DRAFT DRAWN UPON A U.S.
BANK OR OF ANY POSTAL, TELEGRAPHIC OR EXPRESS MONEY ORDER, (III) THE RECEIPT OF
COLLECTED FUNDS IN THE SUBSCRIPTION AGENT'S ACCOUNT REFERRED TO ABOVE OR (IV)
RECEIPT BY THE SUBSCRIPTION AGENT OF AN AGENT'S MESSAGE PURSUANT TO THE
BOOK-ENTRY DELIVERY PROCEDURES SET FORTH IN THE PROSPECTUS.

            If paying by uncertified personal check, please note that the funds
paid thereby may take five business days or more to clear. Accordingly,
Rightsholders who wish to pay the Subscription Price by means of an uncertified
personal check are urged to make payment sufficiently in advance of the
Expiration Time to ensure that such payment is received and clears by such date
and are urged to consider payment by means of certified or cashier's check,
money order or wire transfer of funds.

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            Alternatively, you may cause a written guarantee substantially in
the form enclosed herewith (the "Notice of Guaranteed Delivery") from a
commercial bank, trust company, securities broker or dealer, credit union,
savings association or other eligible guarantor institution which is a member of
or a participant in a signature guarantee program acceptable to the Subscription
Agent (each of the foregoing being an "Eligible Institution"), to be received by
the Subscription Agent at or prior to the Expiration Time, together with payment
in full of the applicable Subscription Price. Such Notice of Guaranteed Delivery
must state your name, the number of Rights represented by your Rights
Certificate, the number of Rights being exercised pursuant to the Basic
Subscription Privilege and the number of shares of the applicable series of
Common Stock, if any, being subscribed for pursuant to the Oversubscription
Privilege, and will guarantee the delivery to the Subscription Agent of your
properly completed and executed Rights Certificate within three business days
following the date of the Notice of Guaranteed Delivery. If this procedure is
followed, your Rights Certificate must be received by the Subscription Agent
within three business days of the Notice of Guaranteed Delivery.

            Additional copies of the Notice of Guaranteed Delivery may be
obtained upon request from the Subscription Agent, at the address, or by calling
the telephone number, indicated below.

            Banks, brokers, trusts, depositaries or other nominee holders of the
Rights who exercise the Rights on behalf of beneficial owners of Rights will be
required to certify to the Subscription Agent and the Company on a Nominee
Holder Certification Form, in connection with any exercise of the
Oversubscription Privilege, the aggregate number of Rights that have been
exercised and the number of shares of the applicable series of Common Stock that
are being subscribed for pursuant to the Oversubscription Privilege by each
beneficial owner of Rights on whose behalf such nominee holder is acting. If
more shares of the applicable series of Common Stock are subscribed for pursuant
to the Oversubscription Privilege than are available for sale, such shares will
be allocated, as described above, among Rightsholders exercising their
applicable Oversubscription Privilege in proportion to their exercise of Rights
pursuant to their applicable Basic Subscription Privilege.

            The address and telecopier numbers of the Subscription Agent are as
follows:

<TABLE>
<CAPTION>
        By Courier:              Registered Mail:              By Hand:
<S>                              <C>                           <C>

</TABLE>

                             Facsimile Transmission:
                          (Eligible Institutions Only)
                                 (___) ___-____

                      To confirm receipt of facsimile only:
                                 (___) ___-____

            The address and telephone numbers of the Information Agent, for
inquiries, information or requests for additional documentation are as follows:

                                [_________________
                                 _________________
                                   ____________

                 Banks and Brokers Call Collect: (___) ___-____
                   All Others Call Toll Free: (800) ___-____]

            If you exercise less than all of the Rights evidenced by your Rights
Certificate by so indicating on Form 1 of your Rights Certificate, you may
either (a) use Form 2 to transfer your remaining unexercised Rights (but no
fractional Rights) to a designated transferee or to assign them to a bank or
broker to sell for you, (b) use Form 3 to direct the Subscription Agent to
attempt to sell the unexercised Rights (but no fractional Rights) on your
behalf, (c) use Form 4 to provide separate instructions for the Subscription
Agent directing an alternate disposition of your unexercised Rights (which
instructions must be guaranteed by an Eligible Institution) or (d) the
Subscription Agent will issue you a new Rights Certificate evidencing the
unexercised Rights (see Paragraph 4 of these "Instructions

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<PAGE>
For Use of Liberty Media Corporation Rights Certificates"). If you choose to
have any such new Rights Certificate delivered to a different address, use Form
4 to provide separate instructions for the Subscription Agent as to such
delivery (which instructions must be guaranteed by an Eligible Institution). If
you choose to have a new Rights Certificate sent, you may not receive any such
new Rights Certificate in sufficient time to permit the exercise, assignment,
transfer or sale of the Rights evidenced thereby.

            If you have not indicated the number of Rights being exercised, or
if you have not forwarded full payment of the Subscription Price for the number
of Rights that you have indicated are being exercised, you will be deemed to
have exercised the Basic Subscription Privilege with respect to the maximum
number of whole Rights which may be exercised for the Subscription Price
transmitted or delivered by you, and to the extent that the Subscription Price
transmitted or delivered by you exceeds the product of the Subscription Price
multiplied by the number of whole Rights evidenced by the Rights Certificate(s)
transmitted or delivered by you and no direction is given as to the excess (such
excess being the "Subscription Excess"), you will be deemed to have exercised
your Oversubscription Privilege to purchase, to the extent available, that
number of whole shares of the applicable series of Common Stock equal to the
quotient obtained by dividing the Subscription Excess by the applicable
Subscription Price, subject to the limit on the number of shares of the
applicable series of Common Stock available to be purchased in the Rights
Offering and applicable proration.

2.    CONDITIONS TO COMPLETION OF THE RIGHTS OFFERING.

            There are no conditions to the completion of the Rights Offering.
However, the Company has the right to terminate the Rights Offering for any
reason before the Rights expire.

3.    DELIVERY OF SHARES OF COMMON STOCK.

            The following deliveries and payments will be made to the address
shown on the face of your Rights Certificate unless you provide instructions to
the contrary on Form 4.

            (a) Basic Subscription Privilege. As soon as practicable after the
Expiration Time, the Subscription Agent will deliver to each validly exercising
Rightsholder shares of the applicable series of Common Stock purchased pursuant
to such exercise. Such shares will be issued in the same form, certificated or
book-entry, as such Rightsholder's shares were held on the Record Date, unless
instructions are otherwise provided on Form 4 of the applicable Rights
Certificate (which instructions must be guaranteed by an Eligible Institution).

            (b) Oversubscription Privilege. As soon as practicable after the
Expiration Time, the Subscription Agent will deliver to each Rightsholder who
validly exercises the Oversubscription Privilege the number of shares of the
applicable series of Common Stock allocated to and purchased by such
Rightsholder pursuant to the Oversubscription Privilege. Such shares will be
issued in the same form, certificated or book-entry, as such Rightsholder's
shares were held on the Record Date, unless instructions are otherwise provided
on Form 4 of the applicable Rights Certificate (which instructions must be
guaranteed by an Eligible Institution). See "The Rights Offering -- Subscription
Privileges" in the Prospectus.

            (c) Return of Excess Payments. As soon as practicable after the
Expiration Time, the Subscription Agent will promptly deliver to each
Rightsholder who exercises the Oversubscription Privilege any excess funds paid
or Debt Securities tendered for exchange, without interest or deduction (except
that interest will continue to accrue on any tendered Debt Securities), received
in payment of the Subscription Price for each share of the applicable series of
Common Stock that is subscribed for by, but not allocated to, such Rightsholder
pursuant to the Oversubscription Privilege.

4.    TO SELL OR TRANSFER RIGHTS.

            (a) Sale of All Rights through a Broker, Dealer or Nominee. To have
a broker, dealer or nominee sell all the unexercised Rights (but no fractional
Rights) evidenced by a Rights Certificate for you, so indicate on Form 2 and
deliver your properly completed and executed Rights Certificate to your broker,
dealer or nominee. Your Rights Certificate should be delivered to your broker,
dealer or nominee in ample time for it to be

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<PAGE>
processed by the Subscription Agent. If Form 2 is completed without designating
a transferee, the Subscription Agent may thereafter treat the bearer of the
Rights Certificate as the absolute owner of all of the Rights evidenced by such
Rights Certificate for all purposes, and neither the Subscription Agent nor the
Company shall be affected by any notice to the contrary.

            (b) Sale of Less than All Unexercised Rights through a Broker,
Dealer or Nominee. Because your broker, dealer or nominee cannot issue Rights
Certificates, if you wish to sell less than all of the unexercised Rights (but
no fractional Rights) evidenced by a Rights Certificate, so indicate on Form 2,
and either you or your broker, dealer or nominee must separately instruct the
Subscription Agent as to the action to be taken with respect to the unexercised
Rights (but no fractional Rights) not sold. Such instructions should be
guaranteed by an Eligible Institution. Alternatively, you or your broker, dealer
or nominee may first have your Rights Certificate divided into Rights
Certificates of appropriate denominations by following the instructions in
Paragraph 5 below. Each Rights Certificate evidencing the number of Rights you
intend to sell can then be transferred by your broker, dealer or nominee in
accordance with the instructions in Paragraph 4(a).

            (c) Transfer of All or Less than All Unexercised Rights to One
Designated Transferee. To transfer all of your unexercised Rights to a
designated transferee other than a broker, dealer or nominee, you must complete
Form 2 in its entirety, execute the Rights Certificate and have your signature
guaranteed by an Eligible Institution. A Rights Certificate that has been
properly transferred in its entirety may be exercised by a new holder without
having a new Rights Certificate issued. If you wish to transfer less than all of
your unexercised Rights (but no fractional Rights) to one designated transferee,
execute the Rights Certificate and separately instruct the Subscription Agent as
to the action to be taken with respect to the unexercised Rights not
transferred. Such instructions should be substantially in the form of Form 2 and
should be guaranteed by an Eligible Institution. If no such instructions are
received, the Subscription Agent will issue you a new Rights Certificate
evidencing the unexercised Rights. If Form 2 is completed without designating a
transferee, the Subscription Agent may thereafter treat the bearer of the Rights
Certificate as the absolute owner of all of the Rights evidenced by such Rights
Certificate for all purposes, and neither the Subscription Agent nor the Company
shall be affected by any notice to the contrary.

            (d) Transfer of All or Less than All Unexercised Rights to More than
One Designated Transferee. Because only the Subscription Agent can issue Rights
Certificates, if you wish to transfer all or less than all of the unexercised
Rights (but no fractional Rights) evidenced by your Rights Certificate to more
than one designated transferee, so indicate one such transfer on Form 2 and
separately instruct the Subscription Agent as to the action to be taken with
respect to the remaining unexercised Rights. Such instructions should be
substantially in the form of Form 2 and should be guaranteed by an Eligible
Institution. Alternatively, you may first have your Rights Certificate divided
into Rights Certificates of appropriate denominations by following the
instructions in Paragraph 5 below. Each Rights Certificate evidencing the number
of Rights you intend to transfer can then be transferred by following the
instructions in Paragraph 4(c).

            (e) Sale of All Unexercised Rights Through the Subscription Agent.
To sell all unexercised Rights (but no fractional Rights) evidenced by a Rights
Certificate through the Subscription Agent, so indicate on Form 3 and deliver
your properly completed and executed Rights Certificate to the Subscription
Agent. IF THE SUBSCRIPTION AGENT SELLS ANY OF YOUR RIGHTS OF A GIVEN SERIES,
SUCH RIGHTS WILL BE DEEMED TO HAVE BEEN SOLD AT THE WEIGHTED AVERAGE NET SALE
PRICE OF ALL RIGHTS OF THAT SERIES SOLD BY THE SUBSCRIPTION AGENT. Promptly
following the Expiration Time, the Subscription Agent will send the holder a
check for the net proceeds from the sale of any Rights sold. The Subscription
Agent's obligation to execute sell orders is subject to its ability to find
buyers for the Rights. NO ASSURANCE CAN BE GIVEN THAT A MARKET WILL DEVELOP OR
BE MAINTAINED FOR THE RIGHTS OR THAT THE SUBSCRIPTION AGENT WILL BE ABLE TO SELL
ANY RIGHTS. You must have your order to sell your Rights to the Subscription
Agent before 11:00 a.m., New York City time, on ________, 2002, the fifth
business day before the Expiration Time. If the Subscription Agent cannot sell
your Rights by 5:00 p.m., New York City time, on _________, 2002, the third
business day before the Expiration Time, the Subscription Agent will hold your
Rights Certificate for pick up by you at the Subscription Agent's hand delivery
address provided above. We encourage you to review the discussion in the
Prospectus under the heading "The Rights Offering -- Method of Transferring and
Selling Rights -- Sales of Rights Through the Subscription Agent."

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<PAGE>
            (f) Sale of Less than All Unexercised Rights Through the
Subscription Agent. If you wish to sell less than all of the unexercised Rights
(but no fractional Rights) evidenced by a Rights Certificate, so indicate on
Form 3 and separately instruct the Subscription Agent as to the action to be
taken with respect to the unexercised Rights not sold. Such instructions should
be substantially in the form of Form 2 and should be guaranteed by an Eligible
Institution. Alternatively, you may first have your Rights Certificate divided
into Rights Certificates of appropriate denominations by following the
instructions in Paragraph 5 below. The Rights Certificate evidencing the number
of unexercised Rights you intend to transfer can then be transferred by
following the instructions in Paragraph 4(e). IF THE SUBSCRIPTION AGENT SELLS
ANY OF YOUR RIGHTS OF A GIVEN SERIES, SUCH RIGHTS WILL BE DEEMED TO HAVE BEEN
SOLD AT THE WEIGHTED AVERAGE SALE PRICE OF ALL RIGHTS OF THAT SERIES SOLD BY THE
SUBSCRIPTION AGENT. Promptly following the Expiration Time, the Subscription
Agent will send the holder a check for the net proceeds from the sale of any
Rights sold. The Subscription Agent's obligation to execute sell orders is
subject to its ability to find buyers for the Rights. NO ASSURANCE CAN BE GIVEN
THAT A MARKET WILL DEVELOP OR BE MAINTAINED FOR THE RIGHTS OR THAT THE
SUBSCRIPTION AGENT WILL BE ABLE TO SELL ANY RIGHTS. You must have your order to
sell your Rights to the Subscription Agent before 11:00 a.m., New York City
time, on _________, 2002, the fifth business day before the Expiration Time. If
the Subscription Agent cannot sell your Rights by 5:00 p.m., New York City time,
on ______, 2002, the third business day before the Expiration Time, the
Subscription Agent will hold your Rights Certificate for pick up by you at the
Subscription Agent's hand delivery address provided above. We encourage you to
review the discussion in the Prospectus under the heading "The Rights Offering
-- Method of Transferring and Selling Rights -- Sales of Rights Through the
Subscription Agent."

5.    TO HAVE A RIGHTS CERTIFICATE DIVIDED INTO SMALLER DENOMINATIONS.

            Send your Rights Certificate, together with complete separate
instructions (including specification of the denominations into which you wish
your Rights to be divided), signed by you, to the Subscription Agent, allowing a
sufficient amount of time for new Rights Certificates to be issued and returned
so that they can be used prior to the Expiration Time. Alternatively, you may
assign your unexercised Rights to a bank or broker to effect such actions on
your behalf. Your signature must be guaranteed by an Eligible Institution if any
of the new Rights Certificates are to be issued in a name other than that in
which the old Rights Certificate was issued or are to be delivered to an address
other than the one set forth on the face of the old Rights Certificate. Rights
Certificates may not be divided into fractional Rights, and any instruction to
do so will be rejected. As a result of delays in the mail, the time of the
transmittal, the necessary processing time and other factors, you or your
transferee may not receive such new Rights Certificate(s) in time to enable the
Rightsholder to complete a sale, exercise or transfer by the Expiration Time.
Neither the Company nor the Subscription Agent will be liable to either a
transferor or transferee for any such delays.

            Nominee holders of Common Stock that hold, on the Record Date,
shares for the account(s) of more than one beneficial owner may exercise the
number of Rights to which all such beneficial owners in the aggregate would
otherwise have been entitled if they had been direct record holders of Common
Stock on the Record Date, provided such nominee holder makes a proper showing to
the Subscription Agent, as determined in the Company's sole and absolute
discretion.

6.    EXECUTION.

            (a) Execution by Registered Holder(s). The signature on the Rights
Certificate must correspond with the name of the registered holder exactly as it
appears on the face of the Rights Certificate without any alteration or change
whatsoever. If the Rights Certificate is registered in the names of two or more
joint owners, all of such owners must sign. Persons who sign the Rights
Certificate in a representative or other fiduciary capacity must indicate their
capacity when signing and, unless waived by the Company in its sole and absolute
discretion, must present to the Subscription Agent satisfactory evidence of
their authority to so act.

            (b) Execution by Person Other than Registered Holder. If the Rights
Certificate is executed by a person other than the holder named on the face of
the Rights Certificate, proper evidence of authority of the person executing the
Rights Certificate must accompany the same unless, for good cause, the Company
dispenses with proof of authority, in its sole and absolute discretion.

                                       6
<PAGE>
            (c) Signature Guarantees. Your signature must be guaranteed by an
Eligible Institution if you wish to have a broker, dealer or nominee or the
Subscription Agent sell less than all of your unexercised Rights, as specified
in Paragraphs 4(b) and/or 4(f), or to transfer all or less than all of your
Rights to any designated transferee(s) other than a broker, dealer or nominee,
as specified in Paragraphs 4(c) or 4(d) above, or if you specify special payment
or delivery instructions pursuant to Form 4.

7.    METHOD OF DELIVERY.

            The method of delivery of Rights Certificates and payment of the
Subscription Price to the Subscription Agent will be at the election and risk of
the Rightsholder, but, if sent by mail, it is recommended that they be sent by
registered mail, properly insured, with return receipt requested, and that a
sufficient number of days be allowed to ensure delivery to the Subscription
Agent and the clearance of any checks sent in payment of the Subscription Price
prior to the Expiration Time.

8.    SPECIAL PROVISIONS RELATING TO THE DELIVERY OF RIGHTS THROUGH THE
      DEPOSITORY TRUST COMPANY.

            In the case of holders of Rights that are held of record through The
Depository Trust Company ("DTC"), exercises of the Basic Subscription Privilege
(but not the Oversubscription Privilege) may be effected by instructing DTC to
transfer Rights (such Rights being "DTC Exercised Rights") from the DTC account
of such holder to the DTC account of the Subscription Agent, together with
payment of the Subscription Price for each share of the applicable series of
Common Stock subscribed for pursuant to the Basic Subscription Privilege. The
Oversubscription Privilege in respect of DTC Exercised Rights may not be
exercised through DTC. The holder of a DTC Exercised Right may exercise the
Oversubscription Privilege in respect of such DTC Exercised Right by properly
executing and delivering to the Subscription Agent at or prior to the Expiration
Time, a DTC Participant Oversubscription Exercise Form and a Nominee Holder
Certification Form, available from the Subscription Agent, together with payment
of the appropriate Subscription Price for the number of shares of the applicable
series of Common Stock for which the Oversubscription Privilege is to be
exercised.

            If a Notice of Guaranteed Delivery relates to Rights with respect to
which exercise of the Basic Subscription Privilege will be made through DTC and
such Notice of Guaranteed Delivery also relates to the exercise of the
Oversubscription Privilege, a DTC Participant Oversubscription Exercise Form and
a Nominee Holder Certification Form must also be received by the Subscription
Agent in respect of such exercise of the Oversubscription Privilege on or prior
to the Expiration Time.

9.    SPECIAL PROVISIONS RELATING TO TENDER OF DEBT SECURITIES THROUGH THE
      DEPOSITORY TRUST COMPANY.

            All of the Debt Securities are held through the facilities of DTC.
Your payment of the Subscription Price by means of an exchange of Debt
Securities will be deemed to have been received by the Subscription Agent only
when you have tendered the Debt Securities pursuant to the book-entry delivery
procedures set forth below. Within two business days after the date of the
Prospectus, the Subscription Agent will establish an account with respect to the
Debt Securities at DTC for purposes of the Rights Offering. Any financial
institution that is a participant in the DTC system may make book-entry delivery
of the Debt Securities by causing DTC to transfer those Debt Securities into the
Subscription Agent's account in accordance with DTC's procedure for such
transfers. Although delivery of Debt Securities may be effected through
book-entry at DTC, an agent's message and any other required documents must be
transmitted to and received by the Subscription Agent by the Expiration Time.
Delivery of such documents to DTC does not constitute delivery to the
Subscription Agent. To effectively tender Debt Securities in the Rights Offering
that are held through DTC, DTC participants should transmit their acceptance
through DTC's Automated Tender Offer Program, and DTC will then edit and verify
the acceptance and send an agent's message to the Subscription Agent for its
acceptance. To effectively tender Debt Securities in the Rights Offering that
are held of record by a broker, dealer or other nominee, the beneficial owner of
the Debt Securities must instruct the recordholder to tender the Debt Securities
on the beneficial owner's behalf. The term "agent's message" means a message
transmitted by DTC to, and received by, the Subscription Agent and forming a
part of a book-entry confirmation, which states that DTC has received an express
acknowledgment from the tendering participant, stating that such participant has
received and agrees to be bound by its exercise of the Rights Certificate, and
that we may enforce the exercise of that Rights Certificate against that
participant.

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<PAGE>
10.   SUBSTITUTE FORM W-9.

            Each Rightsholder who elects to exercise, sell or transfer the
Rights through the Subscription Agent should provide the Subscription Agent with
a correct Taxpayer Identification Number ("TIN") and, where applicable,
certification of such Rightsholder's exemption from backup withholding on
Substitute Form W-9. Each foreign Rightsholder who elects to exercise, sell or
transfer the Rights through the Subscription Agent should provide the
Subscription Agent with certification of foreign status on Substitute Form W-8.
Copies of Substitute Form W-8 and additional copies of Form W-9 may be obtained
upon request from the Subscription Agent at the address, or by calling the
telephone number indicated above. Failure to provide the information on the form
may subject such holder to 30% federal income tax withholding with respect to
(i) dividends that may be paid by the Company on shares of the applicable series
of Common Stock purchased upon the exercise of Rights (for those holders
exercising Rights) or (ii) funds to be remitted to Rightsholders in respect of
Rights sold by the Subscription Agent (for those holders electing to have the
Subscription Agent sell their Rights for them).

                                       8<PAGE>
                                                                     EXHIBIT 4.8

                 ASSUMPTION AGREEMENT FOR INVESTOR'S CHOICE PLAN

                  This Assumption Agreement (this "Agreement") is entered into
as of August 31, 2002 by and between CenterPoint Energy, Inc., a Texas
corporation ("CenterPoint Energy"), and Reliant Energy, Incorporated, a Texas
corporation (formerly Houston Industries Incorporated) ("REI").

                  WHEREAS, REI is the sponsor of the Houston Industries
Incorporated Amended and Restated Investor's Choice Plan dated August 6, 1997
(the "ICP") (capitalized terms used and not defined herein have the meanings
assigned to them in the ICP);

                  WHEREAS, pursuant to an Agreement and Plan of Merger dated as
of October 19, 2001, among REI, CenterPoint Energy and Reliant Energy MergerCo,
Inc., a Texas corporation and an indirect wholly owned subsidiary of CenterPoint
Energy ("MergerCo"), MergerCo will be merged with and into REI (the "Merger"),
with REI to be the surviving corporation, as a result of which, at the effective
time of the Merger, each share of common stock, without par value, of REI will
be converted into one share of CenterPoint Energy's common stock and REI will
become an indirect wholly owned subsidiary of CenterPoint Energy;

                  WHEREAS, concurrently with the Merger, REI will (i) distribute
the capital stock of all of its subsidiaries, other than certain financing
subsidiaries, to CenterPoint Energy (the "Stock Distribution") and (ii) convey
its Texas electric generation assets to an indirect wholly owned subsidiary of
CenterPoint Energy;

                  WHEREAS, CenterPoint Energy will be the "successor issuer" to
REI with respect to the registration statement on Form S-3 related to the ICP;
and

                  WHEREAS, CenterPoint Energy is hereby assuming all obligations
of REI under the ICP, and REI wishes to have CenterPoint Energy succeed to and
be substituted for it under the ICP;

                  NOW, THEREFORE, in consideration of the foregoing, and for
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

<PAGE>

                  1. Assignment. REI hereby assigns and conveys to CenterPoint
         Energy all of REI's rights and obligations under the ICP.

                  2. Assumption. CenterPoint Energy hereby expressly,
         unconditionally and irrevocably (i) assumes the punctual performance
         and observance of all of the covenants and conditions of REI under the
         ICP and (ii) assumes the rights of REI under the ICP.

                  3. Substitution and Release. CenterPoint Energy agrees to
         succeed to and be substituted for REI under the ICP with the same
         effect as if CenterPoint Energy were the original sponsor of the ICP
         instead of REI. CenterPoint Energy unconditionally and irrevocably
         releases REI of all covenants, obligations and liabilities under the
         ICP.

                  4. Covenant To Deliver This Agreement. CenterPoint Energy
         hereby covenants to deliver an executed copy of this Agreement to the
         Administrator, the IRA Trustee, any Independent Agent and the Trustee.

                  5. Miscellaneous. THIS AGREEMENT SHALL BE GOVERNED BY, AND
         CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS WITHOUT
         REGARD TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF. This Agreement
         shall inure to the benefit of the Trustee, any and all Participants,
         CenterPoint Energy and REI and their respective successors and assigns,
         and is entered into by CenterPoint Energy for the express benefit of
         the Trustee, the Administrator, the IRA Trustee, any and all
         Participants and REI.

                                       2
<PAGE>

                  IN WITNESS WHEREOF, the undersigned have caused this
Assumption Agreement to be executed by its duly authorized officer as of the
date first above written.

                                       CENTERPOINT ENERGY, INC.

                                       By: /s/ Rufus Scott
                                           -------------------------------------
                                           Name: Rufus Scott
                                           Title: Vice President

                                       RELIANT ENERGY, INCORPORATED

                                       By: /s/ Marc Kilbride
                                           -------------------------------------
                                           Name: Marc Kilbride
                                           Title: Treasurer

                                       3

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