Document:

<Page>

                           JONES PROGRMMING PARTNERS 2

                          LIMITED PARTNERSHIP AGREEMENT

This Limited Partnership Agreement made and entered into, as of this 10th day of
March, 1992, by and among Jones Entertainment Group, Ltd., a Colorado
corporation, as general partner (hereinafter called the "General Partner") and
the limited partners listed on the detachable Subscription Agreements annexed
hereto and such additional limited partners as may individually be called
"Limited Partner" and collectively called "Limited Partners".

In consideration of the mutual promises contained herein, the parties agree as
follows with such changes or variations thereof as may be convenient or
necessary to comply with law:

                                    ARTICLE 1

                             THE LIMITED PARTNERSHIP

1.1  NAME OF LIMITED PARTNERSHIP. The name of the Limited Partnership formed
hereunder is Jones Programming Partners 2-A, Ltd. (hereinafter called the
"Partnership").

1.2  CHARACTER OF BUSINESS. The character of the business to be conducted by the
Partnership shall be to acquire, develop, produce and exploit programming (the
"Programming"), to own Programming rights, and to conduct, without limitation,
such other activities and businesses which are incidental or necessary to the
foregoing.

1.3  PRINCIPAL PLACE OF BUSINESS. The location of the principal place of
business of the Partnership shall initially be 9697 East Mineral Avenue,
Englewood, Colorado 80112. The General Partner may change such place of business
in its discretion and may maintain such other offices at any other place or
places as it deems advisable.

1.4  PARTNERS' NAMES AND RESIDENCES. The name and mailing address of the General
Partner is Jones Entertainment Group, Ltd., 9697 East Mineral Avenue, Englewood,
Colorado 80112, and the name and mailing address of each Limited Partner is as
designated on the detachable Subscription Agreements annexed hereto and such
additional detachable Subscription Agreements as may hereafter be added in
connection with additional Limited Partners.

1.5  TERM. The term of the Partnership shall commence on the date of filing of
the Certificate of Limited Partnership in accordance with the Colorado Uniform
Limited
<Page>

Partnership Act of 1981 (the "Act"), and shall expire on the twenty-fifth
anniversary of such filing, unless sooner terminated as provided hereinafter.

1.6  FORMATION. The Partnership created hereunder shall be formed pursuant to
the Act. The General Partner and the Limited Partners, acting directly or
through an attorney-in-fact, shall promptly sign and acknowledge under the Act a
Certificate of Limited Partnership, shall cause the Certificate of Limited
Partnership to be filed for record in the office of the Secretary of State of
Colorado, and shall thereafter, from time to time, execute such further
documents and take such further action as shall be deemed appropriate by the
General Partner to comply with requirements of law for the formation and
operation of a limited partnership in all other counties, states and other
jurisdictions where the Partnership may elect to do business. The General
Partner shall not be required to furnish copies of the Certificate of Limited
Partnership to the Limited Partners.

1.7  FISCAL YEAR. The fiscal year of the Partnership shall be the calendar year.

1.8  NAMES AND IDENTIFYING MARKS, SOFTWARE. The names "Jones," "21st Century,"
"Jones 21st Century," "Jones Entertainment," and Jones Entertainment Group,
Ltd.'s identifying marks and all other Jones 21st Century, Inc. and Jones
Entertainment Group, Ltd.'s and affiliates' identification marks and logos of
all kinds and descriptions, used now or hereafter, including those used on
marketing materials are owned by Jones International, Ltd. or its affiliates and
shall remain exclusively so, regardless of the termination of this Agreement or
the removal of the General Partner or otherwise and shall not be used without
written permission. In addition, any computer software developed by the General
Partner or its affiliates which is used by the Partnership is, and shall remain,
the exclusive property of the General Partner, or its affiliates, regardless of
the termination of this Agreement, the removal of the General Partner or
otherwise and shall not be used without written permission. The expenses of
developing such software will be paid solely by the General Partner or its
affiliates.

                                    ARTICLE 2

                               THE GENERAL PARTNER

2.1  MANAGEMENT CONTROL. Subject to the provisions of the Act and except as
otherwise expressly herein provided, the General Partner shall have complete and
unrestricted power and authority to manage the business, properties and
activities of the Partnership in its sole and exclusive discretion.

2.2  SPECIFIC POWERS OF THE GENERAL PARTNER. Without limiting the rights and
powers given the General Partner under the Act or otherwise by law or this
Agreement, the General Partner shall have the following specific powers:

                                       2
<Page>

     (a)  To pay or cause to be paid or reimbursed from Partnership funds all
          costs and expenses in seeking, acquiring, developing, producing and
          exploiting the Programming; and to pay or cause to be paid or
          reimbursed from Partnership funds all costs and expenses in connection
          therewith;

     (b)  To maintain, at the expense of the Partnership, complete and accurate
          financial records for the Partnership; and to furnish at Partnership
          expense the Limited Partners with reports called for by Section 3.7 of
          this Agreement, together with all tax reporting information which
          reasonably may be important to the Limited Partners;

     (c)  To maintain, at the expense of the Partnership, adequate records of
          all operations of the Partnership;

     (d)  To provide, at the expense of the Partnership, for the operations and
          management of the Partnership, including the acquisition, production
          and distribution activities for the Programming and, subject to the
          limitations contained in Section 2.2(n) and 2.3 hereof, to enter into
          agreements with others, including the General Partner and its
          affiliates or enterprises in which the General Partner or its
          affiliates has an interest by ownership, or otherwise, including Jones
          21st Century, Inc.;

     (e)  To purchase, at the expense of the Partnership, liability and other
          insurance to protect the Partnership's properties and business;

     (f)  To execute on behalf of the Partnership any and all documents,
          contracts or instruments of any kind which the General Partner may
          deem necessary or appropriate in carrying out the business and
          purposes of the Partnership, and all other agreements, documents or
          instruments of any kind or character whatsoever, or amendments
          thereto, which in any manner relate to the business and purposes of
          the Partnership;

     (g)  To purchase, sell or lease property, including real property, for
          Partnership use;

     (h)  To make all payments required of the Partnership pursuant to this
          Agreement and for all direct and indirect costs and expenses incurred
          in the conduct of its business, including, without limitation, all
          costs and expenses for legal, audit, accounting and other technical
          and professional services, reports and other communications to, and
          costs of maintaining relations with, the Limited Partners, printing,
          postage, telephone and telegraph, travel, insurance, interest,
          messengers, office supplies, data processing, taxes, permits and
          licenses;

                                       3
<Page>

     (i)  To borrow money from banks, other lending institutions or other
          sources, for Partnership purposes, and in connection therewith to
          mortgage, pledge or create other security interests on any or all of
          the Partnership properties, Programming and income therefrom and to
          secure or provide for the repayment of such borrowing;

     (j)  To hold Partnership assets in the name of the Partnership, or (except
          for Partnership funds) the name of the General Partner or the name of
          a nominee chosen by the General Partner;

     (k)  To license, lease or sell any assets of the Partnership for any
          Partnership purpose, including, but not by way of limitation, the
          Programming or any portion thereof and any rights in the Programming
          or any portion thereof, including sales to the General Partner and its
          affiliates as provided in this Agreement;

     (l)  To make or revoke tax elections on behalf of the Partnership,
          including the election provided by Section 754 of the Internal Revenue
          Code of 1954, as amended (the "Code");

     (m)  To select and employ with Partnership funds such legal counsel,
          certified public accountants or other consultants as are deemed by the
          General Partner to be appropriate for carrying on the business of the
          Partnership;

     (n)  To enter into contracts and other transactions for all Partnership
          purposes, including, but not limited to:

          (i)  contracts with Jones International Securities, Ltd., an affiliate
               of the General Partner, for securities brokerage services,
               contracts with the General Partner or affiliates of the General
               Partner for the distribution of Programming, on terms and for
               fees which are comparable to those which are customary in the
               industry, and the licensing of Programming to affiliates of the
               General Partner on competitive terms;

          (ii) contracts and other transactions with other affiliates of the
               General Partner, including the development of educational
               programming therefor, provided, however, that any such contract
               or other transaction with such other affiliates of the General
               Partner shall be on terms which are comparable to those which are
               customary in the industry. All contracts with other affiliates of
               the General Partner will be in writing and will be terminable
               without penalty by the Partnership upon sixty days' notice;

     (o)  On behalf of the Partnership, to enter into joint ventures or general
          partnerships and other participation with affiliated or unaffiliated
          entities for

                                       4
<Page>

          the purpose of acquiring, developing, producing and exploiting
          Programming or rights therein;

          (i)  In joint venture arrangements between Partnerships or between a
               Partnership and the General Partner or between the Partnership
               and another public partnership formed by the General Partner:

                    The Partnership must have a right of first refusal to buy if
                    the other program wishes to sell property held in the joint
                    venture; and

                    The venturers must have substantially identical investment
                    objectives, no duplicate fees shall be involved and the
                    compensation to the General Partner must be substantially
                    identical to that described in the prospectus for the
                    Interests.

          (ii) In joint venture arrangements with third parties:

                    The Partnership will endeavor to obtain a right of first
                    refusal to buy if the other party wishes to sell its
                    property held in the joint venture but there is no assurance
                    the Partnership will be able to obtain such right.

          The foregoing subsections (i) and (ii) shall not apply to typical
          industry co-production arrangements, domestic or foreign.

     (p)  On behalf of the Partnership, to arrange for the sale of any
          Programming (or rights therein) to the General Partner or any
          affiliate of the General Partner. The sale price shall be determined
          by the average of three separate independent appraisals (the cost of
          which shall be borne by the General Partner or its affiliate and not
          by the Partnership). In addition, the General Partner may purchase a
          Programming project (or rights therein) in its own name or in the name
          of a nominee, an affiliate of the General Partner, or otherwise and
          temporarily holding it for the purpose of facilitating the acquisition
          thereof by the Partnership, provided that such Programming project is
          purchased by the Partnership for a purchase price no greater than the
          cost (including as costs any expenses incurred by the General Partner
          or an affiliate in so holding the Programming project) of such
          Programming to the General Partner or an affiliate thereof.

     (q)  To engage in any other activity customary or incident to any of the
          foregoing;

     (r)  To admit Partners after the formation of the Partnership;

     (s)  To purchase, on its own behalf or on behalf of the Partnership,
          Interests in the Partnership from Limited Partners on terms agreed
          upon by the parties.

                                       5
<Page>

The above enumeration of specific powers of the General Partner in Sections
2.2(a) through (s) shall not require the exercise of any such power by the
General Partner except in its sole discretion or as otherwise required by this
Agreement. The General Partner and its affiliates shall not be liable to the
Partnership or to the Limited Partners for any loss suffered by the Partnership
which arises out of any action or inaction of the General Partner or its
affiliates if the General Partner or its affiliates, in good faith, determined
that such course of conduct was in the best interest of the Partnership and such
course of conduct did not constitute negligence or misconduct of the General
Partner or its affiliates.

2.3  LIMITATIONS ON POWERS OF GENERAL PARTNER. The General Partner shall not
cause the Partnership to do any of the following:

     (i)    commingle its funds with those of any other person;

     (ii)   make loans to the General Partner or affiliates of the General
            Partner;

     (iii)  underwrite securities of other issuers;

     (iv)   acquire property in exchange for Limited Partnership Interests;

     (v)    permit the General Partner or any affiliate thereof to receive any
            insurance brokerage fee or write any insurance policy covering the
            Partnership or any of its property;

     (vi)   permit the General Partner or any affiliate thereof to receive any
            rebate or give-up or permit the participation of such entities in
            any reciprocal business arrangements to circumvent restrictions
            contained herein with regard to the Partnership's dealings with the
            General Partner or its affiliates except as otherwise herein
            provided;

     (vii)  obtain permanent financing from the General Partner or, with regard
            to nonpermanent financing made available to the Partnership by the
            General Partner or an affiliate thereof, permit the receipt of
            interest or other financing charges or fees other than in amounts
            equal to the General Partner's weighted average cost of all debt
            financing from unaffiliated parties or permit a prepayment charge or
            penalty on any such loan;

     (viii) purchase limited partnership interests in any other limited
            partnership; and

     (ix)   contract away or abridge the fiduciary duty owed by the General
            Partner to the Limited Partners under the common law.

                                       6
<Page>

2.4  OTHER ACTIVITIES. The General Partner may devote only so much time to the
business of the Partnership as deemed necessary by the General Partner.

2.5  WITHDRAWAL. The General Partner may, at any time upon ninety days' written
notice, and with the consent of Limited Partners holding a majority of the
Limited Partnership Interests, retire or resign from the Partnership. On such
retirement or resignation, the General Partner may, at its option, remain the
General Partner for the sole purpose of winding up the Partnership, or the
General Partner may apply to a court of proper jurisdiction for the appointment
of a receiver for this purpose. On such retirement or resignation, if the
Limited Partners have elected a new general partner as provided in Section
3.2(n) of this Agreement, the Partnership shall purchase the General Partner's
interest in the Partnership as provided in Section 2.7 of this Agreement.

2.6  CAPITAL CONTRIBUTION. The General Partner shall initially contribute $1,000
to the capital of the Partnership and, at its sole option, may from time to time
contribute an additional sum or sums or purchase Limited Partnership Interest to
meet various blue sky law requirements or for other purposes. A capital account
shall be maintained for the General Partner, which account shall be credited
with the General Partner's contributions to the Partnership and with its share
of Partnership net profits and debited with the General Partner's share of
Partnership net losses and distributions to the General Partner and otherwise
maintained in accordance with Treasury regulations published under Section
704(b) of the Code.

2.7  RIGHTS OF THE GENERAL PARTNER UPON REMOVAL, RETIREMENT OR RESIGNATION. If,
pursuant to Section 3.2(l), the General Partner is removed and a new general
partner is elected by the Limited Partners or if the General Partner retires or
resigns pursuant to Section 2.5 and a new general partner is elected pursuant to
Section 3.2(n), the Partnership shall purchase the interest in the Partnership
of, and, if requested by the General Partner, any Limited Partnership Interests
owned by, the removed, retiring or resigning General Partner. The purchase price
shall be determined as if the Partnership had dissolved and sold its assets and
made the distributions as set forth in Section 7.2 of this Agreement, with all
such events being deemed to have occurred on the date of the removal, retirement
or resignation of the General Partner. The value of the assets of the
Partnership for this purpose shall be determined by agreement between the
Partnership and the removed, retiring or resigning General Partner; provided, if
they cannot so agree, then each shall appoint an appraiser and such appraisers
shall select a third appraiser. The fair market value shall be the average of
the three appraisals and the three appraisals shall value the assets of the
Partnership on a going concern basis, without consideration for any increase or
decrease in value attributable to or resulting from any proceedings related to
the removal, retirement or resignation of the General Partner. The Partnership
and the removed, retiring or resigning General Partner shall bear the respective
costs of the appraiser selected by each of them and they shall each bear 1/2 of
the costs of the appraiser selected by the other two appraisers. The purchase
price shall be payable in the form of a three-year promissory note bearing
interest on

                                       7
<Page>

the unpaid principal amount at the stated prime rate of interest of the Central
Bank of Denver, in effect from time to time. Such note shall be payable in equal
annual installments of principal, plus interest thereon. The Partnership shall
be obligated to make the scheduled payments on the three-year promissory note
only if, in the judgment of the new general partner, such payments do not
materially impair the solvency of the Partnership; provided, however, that in
any event all payments under the promissory note shall be paid within five years
of the date of the removal of the General Partner. If the Partnership sells any
Programming, any cash therefrom shall be applied to any accrued interest on such
note, and then to the unpaid principal thereof.

2.8  NEW GENERAL PARTNER. A new General Partner elected under Section 3.2(l) by
the Limited Partners shall purchase from the Partnership no later than the time
of the payment to the removed General Partner under Section 2.7, the interest
(and any Limited Partnership Interests) which the Partnership purchased from the
removed General Partner. The new General Partner shall pay for such interest
(and any Limited Partnership Interests) a price agreed to by the Partnership and
the new General Partner; provided, that if the parties are not able to agree on
the price, the price shall be the same amount as the Partnership pays for the
interest (and any Limited Partnership Interests) of the removed General Partner
as set forth in Section 2.7 and the price shall be paid in cash, unless
otherwise agreed to by the parties.

2.9  FUNDS AND ASSETS. The General Partner has a fiduciary responsibility for
the proper use of all funds and assets of the Partnership and it shall not
employ or permit another to employ such funds or assets in any manner except for
the benefit of the Partnership.

                                    ARTICLE 3

                              THE LIMITED PARTNERS

3.1  SINGLE CLASS; USE OF PROCEEDS. There shall be only one class of Limited
Partners. Each person desiring to become a Limited Partner shall execute a
detachable Subscription Agreement in the form attached hereto or shall authorize
his registered representative to execute and submit the Subscription Agreement
on his behalf and shall contribute cash to the Partnership in the amount stated
on such Subscription Agreement. The participation of the Limited Partners in the
Partnership shall be divided into limited partnership interests (hereinafter
called "Limited Partnership Interests" or "Interests") and each Limited Partner
shall have one Interest for each $500 of capital contributions to the
Partnership. The participation of each Limited Partner in the Limited Partners'
share of the Partnership assets, profits, losses and distributions shall be the
proportion which the number of Interests owned by him bears to the total number
of Interests owned by all Limited Partners in the Partnership at the time when a
determination of participation is made. At a minimum, the General Partner must
commit a percentage of the Limited Partners' capital contributions to an
investment in Programming acquisition, development, production and distribution
that is equal to the greater of (i)

                                       8
<Page>

80% of the Limited Partners' capital contributions reduced by .1625% for each 1%
of permanent financing of the Partnership's assets, or (ii) 67% of the Limited
Partners' capital contributions. In the event that the net proceeds of the
offering of the Interests are not invested in, or have not been committed for,
the acquisition or development of Programming or the establishment of a working
capital reserve by the Partnership within two years after the close of the
offering of Interests for the Partnership, all funds not so invested or
committed will be returned to the Limited Partners along with a proportionate
share of the organization and offering costs and sales commissions.

3.2  RIGHTS, POWERS, AND OBLIGATIONS. Limited Partners shall have the following
rights, powers and obligations:

     (a)  No Limited Partner, as such, shall be personally liable for any of the
          debts of the Partnership or any of the losses of the Partnership
          beyond the amount committed by him to the capital of the Partnership
          and his share of undistributed profits of the Partnership. A Limited
          Partner shall have the obligation to the Partnership for the amount of
          any portion of the contribution returned to him as set forth in
          section 7-62-608 of the Act.

     (b)  No Limited Partner, as such, shall take part in the control of the
          business or shall transact any business for the Partnership.

     (c)  No Limited Partner, as such, shall have the power to sign for or bind
          the Partnership.

     (d)  No Limited Partner shall be obligated to make any contribution to the
          Partnership beyond the amount set forth on his Subscription Agreement
          to this Agreement.

     (e)  Except as provided in Article 7 with respect to dissolution, no
          Limited Partners shall be entitled to withdraw from the Partnership or
          be entitled to return of all or any part of his capital contribution.

     (f)  No Limited Partner shall be entitled to demand or receive property
          other than cash in return for his contribution.

     (g)  No Limited Partner, as such, shall be entitled to interest on his
          capital contribution.

     (h)  A Limited Partner may, with the consent of the General Partner,
          transact other business with the Partnership.

     (i)  Upon reasonable request, any Limited Partner or his duly authorized
          representative shall have the right to inspect and copy any of the
          Partnership books. A Limited Partner shall pay any actual cost of
          copying of any of said

                                       9
<Page>

          books, and shall pay any special costs, such as enlargement from
          microfilm or computer printout, which may be required in connection
          with such inspection. Such inspection shall be conducted at a time and
          in a manner so as not to interfere with the operation of the business
          of the Partnership. In no event shall the General Partner be compelled
          to prepare compilations or summaries which are not customarily
          maintained in the conduct of the business of the Partnership. In the
          event a Limited Partner wishes to inspect records which are not
          maintained at the principal place of business, such as records on a
          shared or rented computer system, the General Partner shall have a
          reasonable time to produce such records at the principal place of
          business of the Partnership. Any Limited Partner shall also have the
          right to secure a list of the names, addresses and related interest
          holdings of all of the Limited Partners. Such requesting Limited
          Partner shall prepay the costs of preparation of such list.

     (j)  The Limited Partners may, at a meeting of the Partnership, by vote of
          Limited Partners holding a majority of the Limited Partnership
          Interests, dissolve the Partnership at any time.

     (k)  The Limited Partners may vote to amend this Agreement pursuant to
          Section 6.2 hereof.

     (l)  The Limited Partners may remove the General Partner by a vote of
          Limited Partners holding a majority of the Limited Partnership
          Interests. The Limited Partners shall also have the right, by a vote
          of Limited Partners holding a majority of the Limited Partnership
          Interests, to elect a new General Partner within 90 days after the
          vote to remove the General Partner.

     (m)  The Limited Partners may, by a vote of the Limited Partners holding a
          majority of Limited Partnership Interests, vote to approve the sale of
          all or substantially all of the assets of the Partnership, provided
          that the sale or other disposition of Programming rights in the
          ordinary course of business shall not be deemed to be a sale under
          this provision.

     (n)  The Limited Partners may, by a vote of Limited Partners holding a
          majority of the Limited Partnership Interests, elect a new general
          partner within ninety days after written notice is given by the
          General Partner pursuant to Section 2.5 of this Agreement of its
          intent to retire or resign, provided that Limited Partners holding a
          majority of the Limited Partnership Interests consent to the
          resignation or retirement.

3.3  GENERAL PARTNER AS LIMITED PARTNER. The General Partner, or any affiliate
of the General Partner, may at any time invest in or acquire Interests in the
Partnership. With respect to Interests so acquired, the General Partner, or its
affiliates, will acquire the same rights and obligations as other Limited
Partners, however Interests owned by the

                                       10
<Page>

General Partner will not be voted on removal of the General Partner, the
election of a new General Partner, or any amendments to the Limited Partnership
Agreement which would adversely affect the General Partner.

3.4  CAPITAL ACCOUNTS. A capital account shall be maintained for each Limited
Partner. A Limited Partner's capital account will be credited initially with his
contribution to the Partnership capital and thereafter with his share of
Partnership net profits, debited with his share of Partnership net losses and
distributions to him, and otherwise maintained in accordance with Treasury
Regulations published under Section 704(b) of the Code. The foregoing provisions
and the other provisions of this Agreement relating to the maintenance of
capital accounts are intended to comply with Treasury Regulation Section
1.704-1(b), and shall be interpreted and applied in a manner consistent with
such regulations. In the event the General Partner shall determine that it is
prudent to modify the manner in which the capital accounts, or any debits or
credits thereto, are computed in order to comply with such regulations, the
General Partner may make such modification, provided that it is not likely to
have a material effect on the amounts distributable to Limited Partners pursuant
to Article 7 upon the dissolution of the Partnership. The General Partner shall
also make appropriate modifications in the event unanticipated events might
otherwise cause this Agreement not to comply with the Treasury Regulations under
Section 704(b) of the Code. The General Partner shall adjust the amounts debited
or credited to capital accounts with respect to (a) any property contributed to
the Partnership or distributed to the General Partner and Limited Partners, and
(b) any liabilities that are secured by such contributed or distributed property
or that are assumed by the Partnership or the General Partner and Limited
Partners in the event the General Partner shall determine that such adjustments
are necessary or appropriate pursuant to Treasury Regulation Section
1.704-1(b)(2)(iv).

3.5  TRANSFER OF LIMITED PARTNERSHIP INTERESTS.

     (a)  Subject to compliance with applicable state securities (blue sky)
          laws, Limited Partnership Interests may be transferred only in whole
          interests and only in accordance with the following terms: (1)
          Interests may be assigned only with the consent of the General Partner
          in its sole discretion; (2) the transfer of the Interests shall be
          accomplished by an instrument in writing, in form and substance
          satisfactory to the General Partner, which writing may include a power
          of attorney and which shall set forth the intention that the purchaser
          is to be an additional Limited Partner and the stock ownership, if
          any, of the purchaser in the General Partner or any affiliate thereof;
          (3) a counterpart of the instrument of transfer, executed and
          acknowledged by the transferor Limited Partner shall be delivered to
          the General Partner; (4) any assignment of interests must be in
          compliance with applicable state securities (blue sky) laws; (5) no
          assignments will be permitted if such assignments would result in 49%
          or more of the interests being transferred within a twelve-month
          period; (6) the purchaser must agree that he will not directly or
          indirectly make or

                                       11
<Page>

          operate a secondary market or the substantial equivalent thereof in
          the Interests of the Partnership; (7) the General Partner may refuse
          to consent to any transfer if, in the sole discretion and judgment of
          the General Partner, the transfer would be transacted on or treated as
          transacted on a secondary market or the substantial equivalent thereof
          or would cause the aggregate transfer to exceed permissible safe
          harbor limits under administrative interpretations; (8) no assignments
          will be permitted if such assignments would cause the assets of the
          Partnership to be treated as "plan assets" as defined in regulations
          promulgated by the Department of Labor; (9) the Partnership may charge
          the transferor Limited Partner a fee not exceeding $50 to defray the
          costs of effecting the transfer of his Interests in the Partnership;
          (10) the transferor and the purchaser shall execute and deliver to the
          General Partner an amended Limited Partnership Agreement; and (11) the
          purchaser shall become a Limited Partner only upon amendment of this
          Agreement. Notwithstanding the foregoing, an economic interest in the
          Partnership can be transferred without compliance with (1) and (2)
          above.

     (b)  The death, legal disability, bankruptcy or dissolution of a Limited
          Partner or the assignment by any Limited Partner of all or a part of
          any Limited Partnership Interests owned by him (whether or not in
          compliance with the terms of this Agreement) shall not dissolve the
          Partnership. The successor in interest of such Limited Partner shall
          have the rights of such Limited Partner for the purpose of settling
          the estate or business of such Limited Partner, including the rights
          as defined above to transfer such Interests or to become an additional
          Limited Partner with respect thereto.

3.6  MEETINGS. Meetings of the Partnership may be called by the General Partner
or Limited Partners holding more than 10% of the outstanding Limited Partnership
Interests, for purposes of voting by the Limited Partners on any matters for
which the Limited Partners are specifically given voting rights in this
Agreement. At any such meeting a Limited Partner may also advise the General
Partner of his wishes and advisory votes may be taken to poll or ascertain
preferences of other Limited Partners, but no such expression of opinion by such
advisory vote shall be binding on the General Partner or constitute any exercise
of control of the business of the Partnership. Upon receipt of a proper written
request, either in person or by registered or certified mail stating the purpose
of the meeting, the General Partner shall call a meeting to be held not less
than 15 nor more than 60 days after receipt of the request. Written notice
stating the time and place of the meeting shall be delivered by first class mail
not less than 10 nor more than 60 days prior to the meeting.

3.7  REPORTS. The General Partner shall cause to be prepared and distributed to
Limited Partners the following reports:

                                       12
<Page>

     (a)  Within 60 days after each complete calendar quarter of the
          Partnership's operations, a report containing a summary of pertinent
          information regarding the Partnership's activities during the quarter
          covered by the report.

     (b)  Within 75 days after the end of each taxable year of the Partnership,
          a report containing information necessary for the preparation of the
          Limited Partners' Federal income tax returns; and

     (c)  Within 120 days after the end of each fiscal year of the Partnership,
          an annual report containing (i) a statement of financial condition as
          of the year then ended, an operating statement for the year then ended
          and a statement of changes in financial position for the year then
          ended, all of which shall be prepared according to generally accepted
          accounting principles and shall be audited by independent certified
          public accountants; if an opinion of independent certified public
          accountants is not obtainable, the report shall include such
          qualified, limited or other advice from independent certified public
          accountants as may then be available; (ii) a summary of the activities
          of the Partnership during the period covered by the report; (iii) a
          summary of distributions to the Limited Partners for the period
          covered, including a description of the source or sources of such
          distributions; and (iv) a detailed statement of fees, commissions and
          compensation paid or to be paid to the General Partner and its
          affiliates for the fiscal period just completed. Such statement will
          identify separately the amount paid to each recipient and the services
          giving rise to each such payment and will include a statement showing
          the actual computation of each fee, commission or compensation.

Upon written request, the Limited Partners will be furnished a copy of each Form
10-Q Quarterly Report of the Partnership, which is required to be filed with the
Securities and Exchange Commission.

3.8  PURCHASE OF STOCK OF GENERAL PARTNER OR AFFILIATES BY LIMITED PARTNERS.
Each Limited Partner shall consent to be restricted in his purchase of stock of
the General Partner and its affiliates as follows:

     (a)  Each Limited Partner shall, upon request, represent and warrant the
          number of shares, if any, of the stock of the General Partner, or any
          affiliate thereof, that such Limited Partner owns of record or
          beneficially. Each Limited Partner shall further agree in subscribing
          for Interests in the Partnership that in the event that the Limited
          Partners of all the Partnerships organized under the JONES PROGRAMMING
          PARTNERS 2 series of limited partnerships own, directly or indirectly,
          individually or in the aggregate, more than 20% of any class of stock
          of the General Partner or any affiliates as defined in Section 1504(a)
          of the Internal Revenue Code of 1986, as amended (the "Code"), on
          request of the General Partner, such Limited Partner will immediately
          divest himself or herself of all shares of the stock of the General
          Partner or any

                                       13
<Page>

          affiliates that such Limited Partner owns. For the purpose of
          determining stock ownership in the General Partner or its affiliates,
          the attribution rules set forth in Section 318 of the Code are
          applicable.

     (b)  In the event of the breach of the foregoing agreement by any Limited
          Partner, the General Partner may, but shall not be required to, as an
          alternative to the request for divestiture as provided in the next
          preceding subsection (a), purchase the Interests of such Limited
          Partner at an amount equal to the capital contribution of such Limited
          Partner (or his predecessor) less all distributions paid on account of
          the Interests being repurchased. In the event of such repurchase of
          Interests by the General Partner, the General Partner shall be
          substituted in the place of the Limited Partner as to such Interests.
          The General Partner shall notify any such Limited Partner in writing
          of its election to repurchase such Interests within 30 days after the
          General Partner has actual knowledge of any such breach.

3.9  ADMISSION OF LIMITED PARTNERS. Admission of Limited Partners to the
Partnership shall be subject to the following:

     Upon the original sale of Interests by the Partnership, the purchasers
     shall be admitted as Limited Partners not later than 15 days after the
     release from escrow of the purchasers' funds to the Partnership, and
     thereafter purchasers shall be admitted not later than the last day of the
     calendar month following the day their subscription was accepted by the
     General Partner. Subscriptions shall be accepted or rejected by the General
     Partner within 30 days of their receipt; if rejected, all funds shall be
     returned to the subscriber within 10 business days.

                                    ARTICLE 4

               PRODUCTION AND OVERHEAD FEE; PARTNERSHIP EXPENSES;
                      REIMBURSEMENT OF PARTNERSHIP EXPENSES

4.1  PRODUCTION AND OVERHEAD FEE. The General Partner shall receive a fee for
its services to the Partnership (the "Production and Overhead Fee") of 12% of
the lower of Direct Costs or Budgeted Direct Costs of each Programming project.
Such fee shall be calculated and be payable at the time the principal
photography commences on each particular Programming project and in the case of
a series, such fee is payable on a per episode basis. The General Partner may
temporarily defer collection of all or a portion of such fee, in its discretion.

4.2  PARTNERSHIP EXPENSES; REIMBURSEMENT OF EXPENSES INCURRED ON BEHALF OF THE
PARTNERSHIP. The Partnership shall pay all of its own operating, overhead and
administrative expenses of every kind, including all expenses involved with all
aspects of its Programming activities. The General Partner shall be entitled to
reimbursement from the Partnership for its general overhead and administrative
expenses, which shall

                                       14
<Page>

include, but not be limited to, all direct and indirect expenses (such as home
office rent, supplies, telephone, travel and copying charges) and salaries of
full and part-time employees allocable to the operation of the Partnership.

                                    ARTICLE 5

                        ALLOCATION OF PROFITS AND LOSSES;
                              DISTRIBUTION OF FUNDS

5.1  ALLOCATION OF PROFITS. Except as otherwise provided in Sections 5.2(e), 5.3
and 5.4, Profits for any taxable year shall be allocated in the following order
and priority:

     (a)  first, 99% to the Limited Partners and 1% to the General Partner until
          the cumulative Profits allocated pursuant to this Section 5.1(a) are
          equal to the cumulative Losses allocated pursuant to Section 5.2(a)
          hereof for all prior taxable years;

     (b)  second, 99% to the Limited Partners and 1% to the General Partner
          until the Limited Partners have been allocated cumulative Profits
          pursuant to this Section 5.1(b) in an amount equal to the sum of the
          syndication expenses for the current and all prior taxable years. For
          this purpose, syndication expenses shall be as defined in Treasury
          regulation Section 1.709-2;

     (c)  third, 99% to the Limited Partners and 1% to the General Partner until
          the Limited Partners have been allocated cumulative Profits pursuant
          to this Section 5.1(c) in an amount equal to a 12% per annum,
          cumulative and noncompounded, return on the capital contributions of
          the Limited Partners (such amount to be reduced by all previous
          distributions to the Limited Partners made in accordance with Section
          5.5(a) of this Agreement). For purposes of computing the 12% per annum
          cumulative and noncompounded return, the capital contributions of the
          Limited Partners, as determined for any particular year or portion
          thereof, shall be reduced by the amount of all prior distributions to
          the Limited Partners made in accordance with Section 5.5(b); and

     (d)  The balance, if any, 80% to the Limited Partners and 20% to the
          General Partner.

     (e)  For purposes of this Section 5.1, Profits shall be equal to the net
          income from the Partnership, if any, including all items of income,
          gain, loss and deduction required to be separately stated by Section
          703(a)(1) of the Code and also including any tax-exempt income and
          nondeductible expenses (other than syndication expenses) of the
          Partnership.

                                       15
<Page>

     (f)  For purposes of this Section 5.1, the calculation of cumulative
          Profits with respect to a Limited Partner shall commence no later than
          the end of the calendar quarter in which the investment by such
          Limited Partner was made.

5.2  ALLOCATION OF LOSSES. Losses for any taxable year shall be allocated in the
following order and priority:

     (a)  Except as provided in Section 5.2(b), Losses shall be allocated 99% to
          the Limited Partners and 1% to the General Partner; and

     (b)  To the extent Profits have been allocated pursuant to Sections 5.1(b),
          5.1(c) or 5.1(d), Losses shall be allocated first to offset any
          Profits allocated pursuant to Section 5.1(d), next to offset any
          Profits allocated pursuant to Section 5.1(c), and then to offset any
          Profits allocated pursuant to Section 5.1(b). To the extent any
          allocations of Profits are offset pursuant to this Section 5.2(b),
          such allocation of Profits shall be disregarded for purposes of
          computing subsequent allocations pursuant to this Section 5.2(b).

     (c)  For purposes of this Section 5.2, Losses shall be equal to the net
          loss from the Partnership, if any, including all items of income,
          gain, loss and deduction required to be separately stated by Section
          703(a)(1) of the Code and also including any tax-exempt income and
          nondeductible expenses (other than syndication expenses) of the
          Partnership.

     (d)  Losses allocated to Limited Partners pursuant to this Section 5.2
          shall not exceed an amount which would cause the capital accounts of
          the Limited Partners to be in deficit at the end of a taxable year
          except to the extent that any such deficit is attributable to
          nonrecourse debt, as permitted by Treasury regulations under Section
          704 of the Code. Any amount of Loss which cannot be allocated to
          Limited Partners as a result of this restriction shall be allocated
          100% to the General Partner.

     (e)  If Losses are allocated to the General Partner as a result of the
          operation of Section 5.2(d), Profits in any subsequent taxable year(s)
          shall be allocated 100% to the General Partner until the cumulative
          Profits allocated pursuant to this Section 5.2(e) are equal to the
          cumulative Losses allocated pursuant to Section 5.2(d) hereof for all
          prior taxable years.

5.3  ALLOCATION OF MINIMUM GAIN AND OTHER MATTERS. Notwithstanding the other
provisions contained herein,

     (a)  To the extent that any Limited Partner has a negative capital account
          balance as of the end of any taxable year of the Partnership after
          giving effect to any distributions made or to be made with respect to
          such taxable year, and such negative balance exceeds such Partner's
          share of "minimum gain" (as defined

                                       16
<Page>

          in regulations promulgated under Section 704 of the Code) allocable to
          such Limited Partner as of the end of such taxable year, then an
          amount of income equal to such excess will be allocated to such
          Limited Partner. This Section 5.3(a) is intended to constitute a
          minimum gain chargeback within the meaning of the Treasury regulations
          under Section 704 of the Code and shall be construed in accordance
          with such intention. To the extent this minimum gain chargeback would
          distort the allocations of Profits and Losses as detailed in Sections
          5.1 and 5.2, the General Partner is hereby authorized to make
          subsequent allocations of Profits and Losses in any reasonable manner
          so as to eliminate any such distortion.

     (b)  In the event any Partner unexpectedly receives any adjustments,
          allocations or distributions described in Treasury Regulation Section
          1.704-l(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or
          1.704-1(b)(2)(ii)(d)(6), items of Partnership income and gain shall be
          specially allocated to such Partner in an amount and manner sufficient
          to eliminate the deficit balances in their capital accounts created by
          such adjustments, allocations or distributions as quickly as possible.
          Any special allocations of items of income or gain pursuant to this
          Section 5.3(b) shall be taken into account in computing subsequent
          allocations of income pursuant to this Section 5, so that the net
          amount and character of any items so allocated and the income or gain
          allocated to each Partner pursuant to this Section 5 shall, to the
          extent possible, be equal to the net amount and character of the items
          that would have been allocated to each such Partner pursuant to the
          provisions of this Section 5 if such unexpected adjustments,
          allocations or distributions had not occurred. This Section 5.3(b) is
          intended to be a qualified income offset within the meaning of the
          Treasury regulations under Section 704(b) of the Code and shall be
          construed in accordance with such intention.

     (c)  The allocations of income and loss as detailed in Sections 5.1, 5.2,
          5.3 and 5.4 are intended to comply with the regulations under Section
          704 of the Code which require that partnership allocations have
          substantial economic effect. The General Partner is authorized in
          Section 6.1(e) to adjust the allocations in Section 5 of this
          Agreement to comport with the requirements of the Code, regulations or
          interpretations of the law, including the requirements of Section 704.

5.4  ALLOCATION OF INCOME AND GAIN UPON LIQUIDATION OF THE PARTNERSHIP. In the
final taxable year of the Partnership, gain from the sale of Programming
projects and income and gain from other sources shall be allocated as follows:

     (a)  To the extent that the capital accounts of the Limited Partners are
          negative, income or gain shall first be allocated 99% to the Limited
          Partners and 1% to the General Partner until the capital accounts of
          the Limited Partners equal zero;

                                       17
<Page>

     (b)  To the extent that the General Partner has any remaining negative
          balance in its capital account, that amount of income or gain shall
          next be allocated to the General Partner until the capital account of
          the General Partner equals zero;

     (c)  Income or gain shall next be allocated 99% to the Limited Partners and
          1% to the General Partner to the extent necessary to make the
          aggregate balance of the capital accounts of the Limited Partners an
          amount equal to a 12% per annum, cumulative and noncompounded, return
          on the capital contributions of the Limited Partners (such amount to
          be reduced by all previous distributions to the Limited Partners made
          in accordance with Section 5.5(a) of this Agreement). For purposes of
          computing the 12% per annum cumulative and noncompounded return, the
          capital contributions of the Limited Partners, as determined for any
          particular year or portion thereof, shall be reduced by the amount of
          all prior distributions to the Limited Partners made in accordance
          with Section 5.5(b);

     (d)  Income or gain shall next be allocated 99% to the Limited Partners and
          1% to he General Partner to the extent necessary to make the aggregate
          balance of the capital accounts of the Limited Partners an amount
          equal to the amount of their initial capital contributions (less all
          previous distributions to the Limited Partners made in accordance with
          Section 5.5(b) of this Agreement);

     (e)  Income or gain shall next be allocated to the capital account of the
          General Partner to the extent necessary to make the aggregate balance
          thereof an amount equal to the amount of its initial capital
          contribution (less all previous distributions to the General Partner
          made in accordance with Section 5.5(b) of this Agreement);

     (f)  The balance of any income or gain shall next be allocated to the
          capital accounts of the Limited Partners and the General Partner in
          amounts that shall cause the capital accounts of the Limited Partners
          to equal 80% of the total capital accounts of the Limited Partners and
          the General Partner after such allocations and after all allocations
          and distributions have been made pursuant to Sections 5.5(a) and
          5.5(b). However, in the event that there are no distributions to be
          made to the General Partner pursuant to Section 5.5(c) of this
          Agreement, all remaining income or gain to be allocated pursuant to
          this Section 5.4(f) shall be allocated to the Limited Partners.

5.5  ORDER OF DISTRIBUTION. Partnership distributions shall be made as follows:

     (a)  first, 99% to the Limited Partners and 1% to the General Partner until
          the Limited Partners have been allocated an amount equal to a 12% per
          annum, cumulative and noncompounded, return on the capital
          contributions of the Limited Partners (such amount to be reduced by
          all previous distributions to

                                       18
<Page>

          the Limited Partners in accordance with this Section 5.5(a)). For
          purposes of computing the 12% per annum cumulative and noncompounded
          return, the capital contributions of the Limited Partners, as
          determined for any particular year or portion thereof, shall be
          reduced by the amount of all prior distributions to the Limited
          Partners made in accordance with Section 5.5(b);

     (b)  second, 99% to the Limited Partners and 1% to the General Partner
          until the Limited Partners have received cumulative distributions in
          an amount equal to the amount of their initial capital contributions
          (less all previous distributions made to the Limited Partners in
          accordance with this Section 5.5(b));

     (c)  The balance, if any, 80% to the Limited Partners and 20% to the
          General Partner;

     (d)  Any distribution of Partnership funds available for distribution shall
          be made or not made in the sole discretion of the General Partner. If
          any distribution is made, the General Partner shall at the time of
          such distribution, or in the quarterly report next following the
          distribution, notify the Limited Partners as to the source or sources
          of such distribution. The General Partner shall not be obligated to
          distribute funds at any time if in the sole discretion of the General
          Partner such funds are needed, or may reasonably be expected to be
          needed, for Partnership purposes.

5.6  TRANSFER OF LIMITED PARTNERSHIP INTERESTS. In the case of a transfer of a
Limited Partnership Interest during any taxable year of the Partnership, every
item of partnership income, loss, deduction and credit attributable to such
Limited Partnership Interest shall be divided and allocated proportionately
between the transferor and transferee based upon the number of months during
such taxable year for which each such Limited Partner is recognized as such in
accordance with Section 3.5. For purposes of accounting simplicity in the case
of a transfer of a Limited Partnership Interest, the Partnership will treat the
party who is the recognized owner of the Limited Partnership Interest as of the
close of business on the last day of any calendar month as the owner of the
Limited Partnership Interest for the entire month. The General Partner is
authorized to alter this accounting convention to conform with any regulation or
administrative rulings issued by the Treasury Department or the IRS.

5.7  GENERAL PARTNER'S CAPITAL ACCOUNT. Except as may be required by Section 7.2
below, in connection with winding up the Partnership, a deficit may be carried
in the capital account of the General Partner without the General Partner being
required to make a contribution to the capital of the Partnership, unless such
contribution is necessary in order to meet obligations to creditors of the
Partnership other than Partners as Partners.

                                       19
<Page>

                                    ARTICLE 6

                   AMENDMENTS TO LIMITED PARTNERSHIP AGREEMENT

6.1  ROUTINE AMENDMENTS. Amendments to this Agreement and to any Certificate of
Limited Partnership may be made by the General Partner through the use of the
power of attorney granted by each Limited Partner in this Agreement if such
Amendments:

     (a)  in the opinion of the General Partner, with advice of counsel, may be
          necessary to preserve the limited liability of Limited Partners; or

     (b)  in the opinion of the General Partner, with advice of counsel, may be
          necessary to preserve the status of the Partnership as a partnership,
          and not an association taxable as a corporation, for Federal income
          tax purposes; or

     (c)  are required or contemplated by this Agreement in connection with
          substitution or addition or Limited Partners; or

     (d)  are necessary or appropriate to cure any ambiguity or to correct or
          supplement any provision hereof which may be inconsistent with any
          other provision hereof; or

     (e)  are necessary or appropriate to change the allocations of partnership
          income, gain, losses, deductions, distributions or credits in Article
          5 hereof to comport with the requirements of the Internal Revenue Code
          of 1986, as amended, regulations or interpretations of the law
          applicable to allocations or to conform the allocations to the order
          of distributions described in Section 5.5, if the General Partner
          concludes in good faith that such amendments are in the overall best
          interests of the Partners; provided, however, that the General Partner
          shall be authorized to amend such provisions only to the minimum
          extent which in good faith it judges to be necessary or advisable,
          based upon advice of counsel or accountants, to make the Partnership's
          allocations of these items effective for Federal income tax purposes;
          and provided further, that the General Partner shall be under no
          obligation to make any such amendment; or

     (f)  are necessary to comply with federal or state securities or blue sky
          laws, and do not adversely affect the rights and obligations of the
          Limited Partners hereunder.

6.2  OTHER AMENDMENTS. Any other amendments to this Agreement shall be proposed
in writing by the General Partner or by Limited Partners holding not less than
10% of the Limited Partnership Interests. Following any proposal, whether by the
General Partner or Limited Partners, the General Partner shall mail each Limited
Partner a

                                       20
<Page>

verbatim statement of the proposed amendment and a statement of the General
Partner's recommendation as to whether the proposed amendment should be adopted.
A proposed amendment under this Section 6.2 shall become effective when it has
received due approval of the holders of a majority of the Interests; provided,
however, that any amendment affecting Sections 1.8, 2.2, 2.3, 2.6, 2.7, 2.8,
4.1, 4.2, 5.1, 5.2, 5.3, 5.4, 5.5, 6.2, 7.2 or 9.6, or otherwise affecting the
General Partner's interest in the Partnership and any amendment to Section 3.2
that would materially and adversely affect the General Partner's interest in the
Partnership shall also require the approval of the General Partner. No amendment
to this Agreement which requires an amendment to the Partnership's Certificate
of Limited Partnership shall become effective until such amendment to such
certificate is duly filed.

                                    ARTICLE 7

                      DISSOLUTION; WINDING UP; TERMINATION

7.1  DISSOLUTION. The Partnership shall be dissolved on the expiration of its
term, or sooner upon the happening of any of the following events:

     (a)  the withdrawal of the General Partner pursuant to Section 2.5, unless
          the Limited Partners elect a new general partner pursuant to Section
          3.2(n) and continue the business of the Partnership;

     (b)  the vote to dissolve the Partnership by Limited Partners as provided
          in Section 3.2(j);

     (c)  (i) the entry of an order for relief involving liquidation of the
          Partnership or the General Partner under Chapter 7 of the bankruptcy
          law in the United States; the filing by the Partnership or the General
          Partner of a voluntary petition for liquidation under Chapter 7 of the
          bankruptcy law of the United States; (ii) the general assignment by
          the General Partner for the benefit of creditors under the laws of any
          state; (iii) or the appointment of a receiver for all or substantially
          all of the assets of the Partnership or the General Partner, unless
          such receivership is dissolved within 30 days after the appointment of
          such receiver; or (iv) the filing of a voluntary petition by the
          General Partner under Chapter 11 of the bankruptcy law of the United
          States. However, the filing of a voluntary petition under Chapter 11
          of the bankruptcy law of the United States on behalf of the
          Partnership, or the entry of an order for relief pursuant to a
          voluntary or involuntary petition by or against the Partnership under
          Chapter 11 of the bankruptcy law of the United States shall not, in
          itself, cause dissolution of the Partnership;

     (d)  the disposition of substantially all of the assets of the Partnership;

                                       21
<Page>

     (e)  a final adjudication that the application of any provision of this
          Agreement impairs the limited liability of the Limited Partners as
          provided in Section 9.2;

     (f)  the happening of any event which makes it unlawful for the Partnership
          business to be continued; or

     (g)  the removal of the General Partner, unless the Limited Partners elect
          a new General Partner pursuant to Section 3.2(l) and continue the
          business of the Partnership.

If the Partnership is dissolved for any of the above reasons, the remaining
Partners shall not have the power to continue its existence, except as provided
in (g) above.

7.2  WINDING UP. In the event of the dissolution of the Partnership, the General
Partner may wind up the affairs of the Partnership; sell all of its assets for
cash or other assets (which may include securities); and after paying all
liabilities, including all costs of dissolution and winding up, payment of all
fees and compensation otherwise due the General Partner, setting up of reserves
for contingencies, and repayment of loans of the Partnership, shall distribute
the remainder of the Partnership assets in accordance with the priorities set
forth in Section 5.5 and in the order prescribed thereby.

In such event, any distributions by the Partnership shall be made either by the
end of the taxable year of the "liquidation" of the Partnership or within 90
days of such "liquidation" as that term is defined by Treasury Regulations under
Section 704(b) of the Code, whichever is later, or within such other time period
as is permitted by Treasury Regulations under Section 704(b) of the Code.

In connection with distributions in winding up the affairs of the Partnership on
dissolution, the General Partner shall be required to account to the Partnership
for any deficit which may exist in the capital accounts of the General Partner
by contributing to the capital of the Partnership an amount equal to the lesser
of:

     (i)  the deficit which may exist in its capital account at such time; or

     (ii) an amount equal to 1.01% of the initial capital contributions to the
          Partnership by the Limited Partners, reduced by the capital
          contributions to the Partnership by the General Partner.

7.3  TERMINATION. Upon completion of the dissolution, winding up, liquidation
and distribution of the liquidation proceeds, the Partnership shall terminate.

                                       22
<Page>

                                    ARTICLE 8

                                POWER OF ATTORNEY

8.1  GRANT. The General Partner is hereby granted and authorized on behalf of
each Limited Partner to execute any and all instruments and to do or have done
all things deemed by the General Partner to be necessary or convenient to the
Partnership's business, and shall, to the extent necessary therefor, irrevocably
be and hereby is made, constituted and appointed for each Limited Partner, agent
and attorney-in-fact for all purposes relative to creation and continuation of
the Partnership as a limited partnership and for the conduct of business.
Without limitation of the foregoing, the General Partner shall have full power
and authority to act in the name of, and on behalf of, each Limited Partner in
the execution, acknowledgement, verification and filing of the following
documents:

     (a)  a Certificate of Limited Partnership, as well as certificates of
          amendments thereto, under the Act and the laws of any other state in
          which such certificates, affidavits and other documents creating,
          evidencing or preserving the Partnership as a limited or special
          partnership may or should, in the opinion of the General Partner, be
          filed or recorded;

     (b)  any other instrument which may be required to be filed or recorded by
          the Partnership under the laws of any state or by any governmental
          agency, or which the General Partner deems it advisable to file or
          record;

     (c)  any documents which may be required to effect the continuation of the
          Partnership, the substitution or addition to a Limited Partner, the
          amendment of the Certificate of Limited Partnership or the dissolution
          and termination of the Partnership, provided such continuation,
          substitution, addition, amendment or dissolution and termination are
          in accordance with the terms of this Agreement.

8.2  NATURE OF POWER OF ATTORNEY. The Power of Attorney granted by each Limited
Partner to the General Partner pursuant to the preceding section:

     (a)  is a special power of attorney coupled with an interest, is
          irrevocable, and shall survive the death, disability or dissolution of
          the Limited Partner;

     (b)  may be exercised by the General Partner for all Limited Partners by a
          single signature (and acknowledgement or verification, if required) of
          the General Partner by one of its officers, acting as attorney-in-fact
          for all the Limited Partners together, or by listing all of the
          Limited Partners and executing any instrument with a single signature
          (and acknowledgement or verification, if

                                       23
<Page>

          required) of the General Partner by one of its officers, acting as
          attorney-in-fact for all of the Limited Partners together; and

     (c)  shall survive the delivery of an assignment by a Limited Partner of
          all or any portion of his Interests; and where the assignee thereof
          has been approved by the General Partner for admission to the
          Partnership as a substituted Limited Partner, shall survive such
          admission and constitute a similar power of attorney from the
          substituted Limited Partner.

                                    ARTICLE 9

                            MISCELLANEOUS PROVISIONS

9.1  NOTICES.

     (a)  Any notice or document required or desired to be given to any Partner
          or his transferee or to the Partnership shall be in writing and shall
          be deemed given:

          (i)  to the Partnership or the General Partner when deposited in the
               United States Mail, registered and certified, postage prepaid,
               addressed to the Partnership or the General Partner at its
               principal offices at 9697 East Mineral Avenue, Englewood,
               Colorado 80112 (or such other address as the General Partner
               shall notify Limited Partners in writing in the manner set forth
               herein); and

          (ii) to any Limited Partner or his transferee when delivered
               personally to that person (or his personal representative or
               successor in interest) or when deposited in the United States
               Mail, postage prepaid, addressed to that person (or his personal
               representative or successor in interest) at his mailing address
               set forth in the records of the Partnership.

     (b)  The General Partner shall maintain a record of names and addresses of
          all Limited Partners and any notice given Limited Partners shall be
          given according to the names and addresses on such record.

     (c)  If any Limited Partnership Interest is held on the records of the
          Partnership in more than one name for the beneficial interest of
          another, notice only to the first named person in the records of the
          Partnership shall be sufficient.

9.2  SEVERANCE OF ANY PROVISION TO THE EXTENT INVALID. If any provision in this
Agreement or the application of such provision to any person or circumstance
shall be held invalid, the remainder of this Agreement, or the application of
such provision to persons or circumstances other than those to which it is held
invalid, shall not be affected thereby; provided, however, if any provision of
this Agreement is so applied as

                                       24
<Page>

to impair the limited liability of the Limited Partners, the Partnership shall
dissolve and be wound up and terminated as provided in Article 7.

9.3  SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon the parties
thereto, their successors, heirs, devisees, assigns, legal representatives,
executors and administrators; but no interest in the Partnership may be
transferred except in conformity with other provisions of this Agreement.

9.4  COMPETING OR RELATED BUSINESS. The General Partner (and any affiliate of
the General Partner), any officer or director of any of the foregoing or any
Limited Partner may acquire programming or interests therein for his or its own
account, or engage in the acquisition, development, financing, distribution or
exploitation of programming or related businesses on behalf of other enterprises
formed by him or it or in which he or it may have an interest, including,
without limitation, business ventures similar to, related to or in direct or
indirect competition with any business of the Partnership. Neither the
Partnership nor any Partner shall have any right by virtue of this Agreement in
or to such other business venture or income or profits derived therefrom.

9.5  CONFLICTS OF INTEREST. The fact that any Partner, including the General
Partner or any affiliate of the General Partner, is employed by, or is directly
or indirectly interested in or affiliated or connected with, any enterprise
employed by the Partnership to render or perform services shall not prohibit the
General Partner from employing such enterprise or from otherwise dealing with it
in any way not specifically prohibited by this Agreement. Neither the
Partnership nor any Partner shall have any right in or to any income of profits
derived from any such employment or other dealing by any such enterprise.

9.6  INDEMNIFICATION. The Partnership shall indemnify and save harmless the
General Partner and its Affiliate and any agent or officer or director thereof
against any losses, judgments, liabilities, expenses, including any legal
expenses, and amounts paid in settlement of any claims, sustained by them in
connection with the Partnership, provided that (i) the General Partner has
determined, in good faith, that the course of conduct which cause the loss or
liability was in the best interests of the Partnership; and (ii) the General
Partner or its Affiliates will not be indemnified for negligence or misconduct
and provided further that only Affiliates acting within the scope of the General
Partner's authority will be indemnified hereunder. Indemnification shall be from
the assets of the Partnership and not from the Limited Partners.

Notwithstanding the foregoing, the General Partner and its Affiliates and any
person acting as a broker-dealer shall not be indemnified by the Partnership for
any losses, liabilities or expenses arising from or out of an alleged violation
of Federal or state securities laws unless (a) there has been a successful
adjudication on the merits of each count involving alleged securities law
violations as to the particular indemnity and a court of competent jurisdiction
has approved such indemnification, or (b) such claims have been dismissed with
prejudice on the merits by a court of competent jurisdiction as

                                       25
<Page>

to the particular indemnitee, or (c) a court of competent jurisdiction has
approved a settlement of the claims against the particular indemnitee. In any
claim for indemnification for Federal or state securities law violations, the
party seeking indemnification will place before the court the positions of the
Securities and Exchange Commission, the California Department of Corporations
and other state securities administrators with respect to the issue of
indemnification for securities law violations.

The Partnership shall not incur the cost of that portion of any insurance, other
than public liability insurance, which insures the General Partner and its
Affiliates against any liability the indemnification of which is herein
prohibited.

Expenses incurred by the General Partner or any Affiliate in defending any claim
with respect to which the General Partner or an Affiliate may be entitled to
indemnification by the Partnership may be advanced by the Partnership prior to
final disposition of such claim provided (a) the claim relates to the
performance of duties or services by the General Partner or the Affiliate on
behalf of the Partnership, (b) the claim is initiated by a third party who is
not a Limited Partner of the Partnership, and (c) the General Partner or the
Affiliate undertake to repay the advanced funds to the Partnership if it is
determined ultimately that the General Partner or the Affiliate is not entitled
to indemnification by the Partnership. The advance shall be evidenced by a
full-recourse promissory note. For purposes of this Section 9.6, the term
"Affiliate" shall mean any person performing services on behalf of the
Partnership who: (1) directly or indirectly controls, is controlled by or is
under common control with the General Partner; (2) owns or controls 10% or more
of the outstanding voting securities of the General Partner; (3) is an officer,
director, partner or trustee, is any company for which the General Partner acts
in any such capacity.

9.7  NONRECOURSE CREDITORS. A creditor who makes a nonrecourse loan to the
Partnership must not have or acquire, at any time as a result of making the
loan, any direct or indirect interest in the profits, capital or property of the
Partnership other than as a secured creditor.

9.8  COUNTERPARTS. This Agreement may be executed in counterparts or with
detachable signature pages and shall constitute one agreement, binding upon all
parties thereto as if all parties signed the same document.

9.9  CAPTIONS. Captions to and headings of the Articles, Sections, Subsections,
Paragraphs or Subparagraphs of this Agreement are solely for convenience, are
not a part of the Agreement, and shall not be used for the interpretation or
determination of the validity of this Agreement or any provision hereof.

9.10 GOVERNING LAW. The Partnership will be formed and will be governed under
the laws of the State of Colorado. All questions concerning the intention,
validity and meaning of this Agreement relating to the rights and obligations of
the Partners with respect to performance under this Agreement shall be construed
and resolved according

                                       26
<Page>

to the laws of the State of Colorado. The General Partner is subject to the
liabilities of a partner in a partnership without limited partners. Neither the
Partnership Agreement nor the Certificate of Limited Partnership will be amended
to limit such liability of the General Partner.

9.11 DEFINITIONS. Unless a term is otherwise defined herein, the definitions in
the Glossary of definitive Prospectus for the JONES PROGRAMMING PARTNERS 2
offering shall be considered as the definitions of the terms used herein for
purposes of this Agreement.

9.12 RECORDS. The General Partner shall maintain a record of the information
obtained to indicate that a Limited Partner meets the suitability standards
employed in connection with the offering and sale of the Interests and the
representation of the Limited Partner that he or she is purchasing for his or
her own account or, in lieu of such representation, information indicating that
the Limited Partner for whose account the purchase is made meets such
suitability standards.

                                      Jones Entertainment Group, Ltd.,
                                      a Colorado corporation, as general partner

                                      By: /s/ Theodore A. Henderson
                                          ---------------------------------
                                          Theodore A. Henderson
                                          Vice President

                                      The Limited Partners

                                      By: Jones Entertainment Group, Ltd.,
                                          as attorney-in-fact pursuant to
                                          Article 8 hereof

                                      By: /s/ Theodore A. Henderson
                                          ---------------------------------
                                          Theodore A. Henderson
                                          Vice President

                                       27<Page>

                                                                     Exhibit 4.2
                                                                  EXECUTION COPY

                             CUMMINS CAPITAL TRUST I
                               (a Delaware Trust)

                                    5,000,000
  7% Convertible Cumulative Quarterly Income Preferred Securities (QUIPS(SM)*)
                 (Liquidation Amount $50 per Preferred Security)
       guaranteed to the extent set forth herein by, and convertible into,
                                Common Stock of,

                                  CUMMINS INC.

                          -----------------------------

                          REGISTRATION RIGHTS AGREEMENT
                          -----------------------------

                                                                   June 18, 2001

Goldman, Sachs & Co.,
J.P. Morgan Securities Inc.,
Salomon Smith Barney Inc.,
c/o Goldman, Sachs & Co.,
85 Broad Street,
New York, New York 10004.

Ladies and Gentlemen:

         Cummins Capital Trust I, a statutory business trust formed under the
laws of the State of Delaware (the "Trust"), and Cummins Inc., an Indiana
corporation, as depositor of the Trust and as guarantor (the "Company"), propose
that the Trust issue and sell to the Purchasers (as defined herein) upon the
terms set forth in the Purchase Agreement (as defined herein) its 7% Convertible
Quarterly Income Preferred Securities (liquidation amount $50 per preferred
security) (the "Preferred Securities") of the Trust. The Preferred Securities
are guaranteed on a subordinated basis by the Company as to the payment of
distributions, and as to payments on liquidation or redemption, to the extent
set forth in a guarantee agreement (the "Guarantee") between the Company and BNY
Midwest Trust Company, as trustee, and may be (A) converted into common stock,
$2.50 par value per share ("Common Stock"), of the Company or (B) exchanged
under certain circumstances into the 7% Junior Subordinated Convertible
Debentures Due June 15, 2031 of the Company (the "Debentures") held by the
Trust, which are convertible into Common Stock. The Preferred Securities, the
Debentures, the Guarantee and the Common Stock issuable upon conversion of the
Preferred Securities or the Debentures, or both, are referred to collectively as
the "Securities". As an inducement to the Purchasers to enter into the Purchase
Agreement and in satisfaction of a condition to the obligations of the
Purchasers thereunder, the Company and the Trust, jointly and severally, agree
with the Purchasers for the benefit of Holders (as defined herein) from time to
time of the Registrable Securities (as defined herein) as follows:

----------
* QUIPS is a servicemark of Goldman, Sachs & Co.
<Page>

         1.       DEFINITIONS.

         (a) Capitalized terms used herein without definition shall have the
meanings ascribed to them in the Purchase Agreement. As used in this Agreement,
the following defined terms shall have the following meanings:

         "ACT" or "SECURITIES ACT" means the United States Securities Act of
1933, as amended.

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

         "CLOSING DATE" means the First Time of Delivery as defined in the
Purchase Agreement.

         "COMMISSION" means the United States Securities and Exchange
Commission, or any other federal agency at the time administering the Exchange
Act or the Securities Act, whichever is the relevant statute for the particular
purpose.

         "DTC" means The Depository Trust Company.

         "EFFECTIVENESS PERIOD" has the meaning assigned thereto in Section
2(b)(i) hereof.

         "EFFECTIVE TIME" means the date on which the Commission declares the
Shelf Registration Statement effective or on which the Shelf Registration
Statement otherwise becomes effective.

         "ELECTING HOLDER" has the meaning assigned thereto in Section 3(a)(3)
hereof.

         "EXCHANGE ACT" means the United States Securities Exchange Act of 1934,
as amended.

         "HOLDER" means, any person that is the record owner of Registrable
Securities (and includes any person that has a beneficial interest in any
Registrable Security in book-entry form).

         "INDENTURE" means the Indenture, dated as of June 18, 2001, between the
Company and BNY Midwest Trust Company, as amended and supplemented from time to
time in accordance with its terms.

         "MANAGING UNDERWRITERS" means the investment banker or investment
bankers and manager or managers that shall administer an underwritten offering,
if any, conducted pursuant to Section 6 hereof.

         "NASD RULES" means the Rules of the National Association of Securities
Dealers, Inc., as amended from time to time.
<Page>

         "NOTICE AND QUESTIONNAIRE" means a Notice of Registration Statement and
Selling Securityholder Questionnaire substantially in the form of Exhibit A
hereto.

         The term "PERSON" means an individual, partnership, corporation, trust
or unincorporated organization, or a government or agency or political
subdivision thereof.

         "PROSPECTUS" means the prospectus (including, without limitation, any
preliminary prospectus, any final prospectus and any prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A under the Act) included in the
Shelf Registration Statement, as amended or supplemented by any prospectus
supplement with respect to the terms of the offering of any portion of the
Registrable Securities covered by the Shelf Registration Statement and by all
other amendments and supplements to such prospectus, including all material
incorporated by reference in such prospectus and all documents filed after the
date of such prospectus by the Company under the Exchange Act and incorporated
by reference therein.

         "PURCHASE AGREEMENT" means the purchase agreement, dated as of June 12,
2001 between the Purchasers and the Company relating to the Securities.

         "PURCHASERS" means the Purchasers named in Schedule I to the Purchase
Agreement.

         "REGISTRABLE SECURITIES" means all or any portion of the Securities
issued from time to time; PROVIDED, HOWEVER, that a security ceases to be a
Registrable Security when it is no longer a Restricted Security.

         "RESTRICTED SECURITY" means any Security except any such Security which
(i) has been effectively registered under the Securities Act and sold in a
manner contemplated by the Shelf Registration Statement, (ii) has been
transferred in compliance with Rule 144 under the Securities Act (or any
successor provision thereto) or is transferable pursuant to paragraph (k) of
such Rule 144 (or any successor provision thereto), (iii) has been sold in
compliance with Regulation S under the Securities Act (or any successor thereto)
and does not constitute the unsold allotment of a distributor within the meaning
of Regulation S under the Securities Act, or (iv) has otherwise been transferred
and a new Security or share of Common Stock not subject to transfer restrictions
under the Securities Act has been delivered by or on behalf of the Company in
accordance with the terms of the Trust Agreement or the Indenture, as the case
may be.

         "RULES AND REGULATIONS" means the published rules and regulations of
the Commission promulgated under the Securities Act or the Exchange Act, as in
effect at any relevant time.

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

         "SHELF REGISTRATION STATEMENT" means a "shelf" registration statement
filed under the Securities Act providing for the registration of, and the sale
on a continuous or delayed basis by the Holders of, all of the Registrable
Securities pursuant to Rule 415 under the Securities Act and/or any similar rule
that may be adopted by the Commission, filed by the Company pursuant to the
provisions of Section 2 of this Agreement, including the Prospectus contained
therein, any
<Page>

amendments and supplements to such registration statement, including
post-effective amendments, and all exhibits and all material incorporated by
reference in such registration statement.

         "TRUST AGREEMENT" means the Amended and Restated Trust Agreement, dated
as of June 18, 2001, among Cummins Inc., as Depositor, BNY Midwest Trust
Company, as Property Trustee, The Bank of New York (Delaware), as Delaware
Trustee and the Administrative Trustees named therein, relating, among other
things, to the Preferred Securities, as amended and supplemented from time to
time in accordance with its terms.

         "TRUST INDENTURE ACT" means the Trust Indenture Act of 1939, or any
successor thereto, and the rules, regulations and forms promulgated thereunder,
as the same shall be amended from time to time.

         The term "UNDERWRITER" means any underwriter of Registrable Securities
in connection with an offering thereof under a Shelf Registration Statement.

         (b) Wherever there is a reference in this Agreement to a percentage of
the "principal amount" of Registrable Securities or to a percentage of
Registrable Securities, the Preferred Securities and the Debentures issuable
upon exchange of the Preferred Securities will be treated as the same class of
Securities, and the percentage of the "principal amount" of the Registrable
Securities will be the percentage of the principal amount of any Debentures
issued upon exchange of the Preferred Securities and the liquidation amount of
Preferred Securities outstanding, taken as a whole. In addition, the Common
Stock shall be treated as representing the liquidation amount of Preferred
Securities or the principal amount of Debentures, which was surrendered for
conversion or exchange in order to receive such number of shares of Common
Stock.

         2. SHELF REGISTRATION.

         (a) The Company and the Trust shall, no later than 90 calendar days
following the Closing Date, file with the Commission a Shelf Registration
Statement relating to the offer and sale of the Registrable Securities by the
Holders from time to time in accordance with the methods of distribution elected
by such Holders and set forth in such Shelf Registration Statement and,
thereafter, shall use its best efforts to cause such Shelf Registration
Statement to be declared effective under the Act no later than 180 calendar days
following the Closing Date; PROVIDED, HOWEVER, that the Company may, upon
written notice to all Holders, postpone having the Shelf Registration Statement
declared effective for a reasonable period not to exceed 90 days if the Company
possesses material non-public information, the disclosure of which would have a
material adverse effect on the Company and its subsidiaries taken as a whole;
PROVIDED FURTHER, that no Holder shall be entitled to be named as a selling
securityholder in the Shelf Registration Statement or to use the Prospectus
forming a part thereof for resales of Registrable Securities unless such Holder
is an Electing Holder.

         (b) The Company and the Trust shall each use its best efforts:
<Page>

                  (i) To keep the Shelf Registration Statement continuously
         effective in order to permit the Prospectus forming part thereof to be
         usable by Holders until the earliest of (1) the sale of all Registrable
         Securities registered under the Shelf Registration Statement; (2) the
         expiration of the period referred to in Rule 144(k) of the Act or any
         successor provision thereto with respect to all Registrable Securities
         held by Persons that are not Affiliates of the Company; and (3) two
         years from the Effective Time (such period being referred to herein as
         the "Effectiveness Period");

                  (ii) After the Effective Time of the Shelf Registration
         Statement, promptly upon the request of any Holder of Registrable
         Securities that is not then an Electing Holder, to take any action
         reasonably necessary to enable such Holder to use the Prospectus
         forming a part thereof for resales of Registrable Securities,
         including, without limitation, any action necessary to identify such
         Holder as a selling securityholder in the Shelf Registration Statement;
         PROVIDED, HOWEVER, that nothing in this subparagraph shall relieve such
         Holder of the obligation to return a completed and signed Notice and
         Questionnaire to the Company in accordance with Section 3(a)(2) hereof;
         and

                  (iii) If at any time the Preferred Securities or the
         Debentures are convertible into securities other than Common Stock, the
         Company and the Trust shall, or shall cause any successor under the
         Trust Agreement or the Indenture, as the case may be, to, cause such
         securities to be included in the Shelf Registration Statement no later
         than the date on which the Securities may then be convertible into such
         securities.

The Company and the Trust shall each be deemed not to have used its best efforts
to keep the Shelf Registration Statement effective during the requisite period
if either the Trust or the Company voluntarily takes any action that would
result in Holders of Registrable Securities covered thereby not being able to
offer and sell any of such Registrable Securities during that period, unless
such action is permitted pursuant to subparagraph (c) below or is required by
applicable law and the Company thereafter promptly complies with the
requirements of paragraph 3(j) below.

         (c) The Company may suspend the use of the Prospectus for a period not
to exceed 30 days in any 90-day period or an aggregate of 90 days in any
12-month period if the Board of Directors of the Company shall have determined
in good faith that because of valid business reasons (not including avoidance of
the Company's obligations hereunder), including the acquisition or divestiture
of assets, pending corporate developments and similar events, it is in the best
interests of the Company to suspend such use, and prior to suspending such use
the Company provides the Holders with written notice of such suspension, which
notice need not specify the nature of the event giving rise to such suspension.
Each suspension period, with respect to each Holder, shall begin on the date
following the date written notice of such suspension is received by such Holder
and shall end on the earlier of (i) the date such Holder receives from the
Company a written notice that such suspension has been terminated and (ii) the
31st calendar day from the date on which the written notice of suspension is
received by such Holder.
<Page>

         3. REGISTRATION PROCEDURES. In connection with the Shelf Registration
Statement, the following provisions shall apply:

         (a) (i) Not less than 30 calendar days prior to the Effective Time of
the Shelf Registration Statement, the Company and the Trust shall mail the
Notice and Questionnaire to the Holders of Registrable Securities. Any Person
that acquires any Registrable Securities from an Electing Holder in compliance
with the applicable provisions of the Securities will be entitled to have such
Registrable Securities included in the Shelf Registration Statement so long as
such transferee provides the Company with an updated Notice and Questionnaire
prior to the Questionnaire Deadline (as defined below). No Holder shall be
entitled to be named as a selling securityholder in the Shelf Registration
Statement as of the Effective Time, and no Holder shall be entitled to use the
Prospectus forming a part thereof for resales of Registrable Securities at any
time, unless such Holder has returned a completed and signed Notice and
Questionnaire to the Company and the Trust by the deadline for response set
forth therein (the "Questionnaire Deadline"); PROVIDED, HOWEVER, that Holders of
Registrable Securities shall have at least 28 calendar days from the date on
which the Notice and Questionnaire is first mailed to such Holders to return a
completed and signed Notice and Questionnaire to the Company and the Trust. If
such completed Notice and Questionnaire is received by the Company at least 10
days before the Effective Time, such Holder shall be entitled to have its
Registrable Securities included in the Shelf Registration Statement at the
Effective Time. If the Company receives such completed Notice and Questionnaire
after the 10th day before the Effective Time, the Registrable Securities covered
by the Notice and Questionnaire will be included in the Shelf Registration
Statement as promptly as reasonably practicable after receipt of such Notice and
Questionnaire.

                  (ii) After the Effective Time of the Shelf Registration
         Statement, the Company and the Trust shall, upon the request of any
         Holder of Registrable Securities that is not then an Electing Holder,
         promptly send a Notice and Questionnaire to such Holder. The Company
         shall not be required to take any action to name such Holder as a
         selling securityholder in the Shelf Registration Statement or to enable
         such Holder to use the Prospectus forming a part thereof for resales of
         Registrable Securities until such Holder has returned a completed and
         signed Notice and Questionnaire to the Company

                  (iii) The term "Electing Holder" shall mean any Holder of
         Registrable Securities that has returned a completed and signed Notice
         and Questionnaire to the Company and the Trust in accordance with
         Section 3(a)(i) or 3(a)(ii) hereof.

         (b) The Company and the Trust shall furnish to each Electing Holder,
prior to the Effective Time, a copy of the Shelf Registration Statement
initially filed with the Commission, and shall furnish to such Holders, prior to
the filing thereof with the Commission, copies of each amendment thereto and
each amendment or supplement, if any, to the Prospectus included therein, and
shall use its best efforts to reflect in each such document, at the Effective
Time or when so filed with the Commission, as the case may be, such comments as
such Holders and their respective counsel reasonably may propose.
<Page>

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

         (d) The Company shall promptly advise each Electing Holder, and shall
confirm such advice in writing if so requested by any such Holder:

                  (i) when a Shelf Registration Statement and any amendment
         thereto has been filed with the Commission and when a Shelf
         Registration Statement or any post-effective amendment thereto has
         become effective, in each case making a public announcement thereof by
         release made to Dow Jones & Company, Inc. or Bloomberg Business News;

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

                  (iii) of the issuance by the Commission of any stop order
         suspending the effectiveness of the Shelf Registration Statement or the
         initiation of any proceedings for such purpose;

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

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

         (e) The Company and the Trust shall each use its best efforts to
prevent the issuance, and if issued to obtain the withdrawal, of any order
suspending the effectiveness of the Shelf Registration Statement at the earliest
possible time.

         (f) The Company and the Trust shall furnish to each Electing Holder
(via regular mail or, if such Electing Holder specifies an e-mail address in its
Notice and Questionnaire and the Company so elects to deliver the documents
specified in this subsection, via e-mail), without charge, at least one copy of
the Shelf Registration Statement and all post-effective amendments thereto,
including financial statements and schedules, and, if such Holder so requests in
writing, all reports, other documents and exhibits that are filed with or
incorporated by reference in the Shelf Registration Statement.

         (g) The Company and the Trust shall, during the Effectiveness Period,
deliver to each Electing Holder (via regular mail or, if such Electing Holder
specifies an e-mail address in its Notice and Questionnaire and the Company so
elects to deliver the documents specified in this subsection, via e-mail),
without charge, as many copies of the Prospectus (including each preliminary
Prospectus) included in the Shelf Registration Statement and any amendment or
supplement thereto as such Electing Holder may reasonably request; and the
Company and the Trust each consents (except during the continuance of any event
described in Section 3(d)(v) above) to the use of the Prospectus and any
amendment or supplement thereto by each of the Electing Holders in connection
with the offering and sale of the Registrable Securities covered by the
Prospectus and any amendment or supplement thereto during the Effectiveness
Period.

         (h) Prior to any offering of Registrable Securities pursuant to the
Shelf Registration Statement, the Company and the Trust shall use their best
efforts (i) register or qualify or cooperate with the Electing Holders and their
respective counsel in connection with the registration or qualification of such
Registrable Securities for offer and sale under the securities or "blue sky"
laws of such jurisdictions within the United States as any Electing Holder may
reasonably request, (ii) keep such registrations or qualifications in effect and
comply with such laws so as to permit the continuance of offers and sales in
such jurisdictions for so long as may be necessary to enable any Electing Holder
or underwriter, if any, to complete its distribution of Registrable Securities
pursuant to the Shelf Registration Statement, and (iii) take any and all other
actions necessary or advisable to enable the disposition in such jurisdictions
of such Registrable Securities; PROVIDED, HOWEVER, that in no event shall the
Company or the Trust be obligated to (A) qualify as a foreign corporation or as
a dealer in securities in any jurisdiction where it would not otherwise be
required to so qualify but for this Section 3(h), (B) take any action which
would subject it to taxation in any jurisdiction where it is not then so
subject, or (C) file any general consent to service of process in any
jurisdiction where it is not as of the date hereof so subject.

         (i) Unless any Registrable Securities shall be in book-entry only form,
the Company and the Trust shall cooperate with the Electing Holders to
facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be sold pursuant to the Shelf Registration Statement,
which certificates, if so required by any securities exchange upon which any
Registrable Securities are listed, shall be penned, lithographed or engraved, or
produced by
<Page>

any combination of such methods, on steel engraved borders, and which
certificates shall be free of any restrictive legends and in such permitted
denominations and registered in such names as Electing Holders may request in
connection with the sale of Registrable Securities pursuant to the Shelf
Registration Statement.

         (j) Upon the occurrence of any fact or event contemplated by paragraph
3(d)(v) above, the Company and the Trust shall promptly (or before the
expiration of the suspension period if the use of the Prospectus has been
suspended by the Company pursuant to Section 2(c)) prepare a post-effective
amendment to any Shelf Registration Statement or an amendment or supplement to
the related Prospectus or file any other required document so that, as
thereafter delivered to purchasers of the Registrable Securities included
therein, the Prospectus will not include an untrue statement of a material fact
or omit to state any material fact necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading. If
the Company or the Trust notifies the Electing Holders of the occurrence of any
event contemplated by paragraph 3(d)(v) above, the Electing Holder shall suspend
the use of the Prospectus until the requisite changes to the Prospectus have
been made.

         (k) Not later than the Effective Time of the Shelf Registration
Statement, the Company and the Trust shall each provide a CUSIP number for the
Preferred Securities registered under such Shelf Registration Statement; in the
event of and at the time of any distribution of the Debentures to Holders, the
Company and the Trust shall provide a CUSIP number for the Debentures and
provide the applicable trustee with certificates for such Registrable
Securities, in a form eligible for deposit with DTC.

         (l) The Company and the Trust shall each use its best efforts to make
generally available to its securityholders as soon as practicable, but in any
event not later than eighteen months after (i) the effective date (as defined in
Rule 158(c) under the Securities Act) of the Shelf Registration Statement, (ii)
the effective date of each post-effective amendment to the Shelf Registration
Statement, and (iii) the date of each filing by the Company with the Commission
of an Annual Report on Form 10-K that is incorporated by reference in the Shelf
Registration Statement, an earnings statement of the Company and its
subsidiaries complying with Section 11(a) of the Securities Act and the rules
and regulations of the Commission thereunder (including, at the option of the
Company, Rule 158).

         (m) Not later than the Effective Time of the Shelf Registration
Statement, the Company and the Trust shall cause the Indenture, the Trust
Agreement and the Guarantee to be qualified under the Trust Indenture Act; in
connection with such qualification, the Company and the Trust shall cooperate
with the Trustee under the Indenture, the Trust Agreement and the Guarantee and
the Holders (as defined in the Indenture) to effect such changes to the
Indenture, the Trust Agreement and the Guarantee as may be required for such
documents to be so qualified in accordance with the terms of the Trust Indenture
Act; and the Company and the Trust shall execute, and shall use all reasonable
efforts to cause the Trustee to execute, all documents that may be required to
effect such changes and all other forms and documents required to be filed with
the Commission to enable such documents to be so qualified in a timely manner.
In the event that any such amendment or modification referred to in this Section
3(m) involves the
<Page>

appointment of a new trustee under the Indenture, the Trust Agreement or the
Guarantee, the Company or the Trust shall appoint a new trustee thereunder
pursuant to the applicable provisions of each such document.

         (n) In the event of an underwritten offering conducted pursuant to
Section 6 hereof, the Company and the Trust shall, if requested, promptly
include or incorporate in a Prospectus supplement or post-effective amendment to
the Shelf Registration Statement such information as the Managing Underwriters
reasonably agree should be included therein and to which the Company does not
reasonably object and shall make all required filings of such Prospectus
supplement or post-effective amendment as soon as practicable after it is
notified of the matters to be included or incorporated in such Prospectus
supplement or post-effective amendment.

         (o) The Company and the Trust shall enter into such customary
agreements (including an underwriting agreement in customary form in the event
of an underwritten offering conducted pursuant to Section 6 hereof) and take all
other appropriate action in order to expedite and facilitate the registration
and disposition of the Registrable Securities, and in connection therewith, if
an underwriting agreement is entered into, cause the same to contain
indemnification provisions and procedures substantially identical to those set
forth in Section 5 hereof with respect to all parties to be indemnified pursuant
to Section 5 hereof.

         (p) The Company and the Trust shall:

                  (i) (A) make reasonably available for inspection by Electing
         Holders, any underwriter participating in any disposition pursuant to
         the Shelf Registration Statement, and any attorney, accountant or other
         agent retained by such Holders or any such underwriter all relevant
         financial and other records, pertinent corporate documents and
         properties of the Company, its subsidiaries and the Trust, and (B)
         cause the officers, directors, employees and agents of the Company and
         the trustees of the Trust to supply all information reasonably
         requested by such Holders or any such underwriter, attorney, accountant
         or agent in connection with the Shelf Registration Statement, in each
         case, as is customary for similar due diligence examinations; PROVIDED,
         HOWEVER, that all records, information and documents that are
         designated in writing by the Company and the Trust, in good faith, as
         confidential shall be kept confidential by such Holders and any such
         underwriter, attorney, accountant or agent, unless such disclosure is
         made in connection with a court proceeding or required by law, or such
         records, information or documents become available to the public
         generally or through a third party without an accompanying obligation
         of confidentiality; and PROVIDED FURTHER that, if, in the Company's
         reasonable judgment, the foregoing inspection and information gathering
         would otherwise disrupt the Company's conduct of its business, such
         inspection and information gathering shall be coordinated on behalf of
         the Electing Holders and the other parties entitled thereto by one
         counsel designated by and on behalf of Electing Holders and other
         parties;

                  (ii) in connection with any underwritten offering conducted
         pursuant to Section 6 hereof, make such representations and warranties
         to the Holders participating in
<Page>

         such underwritten offering and to the Managing Underwriters, in form,
         substance and scope as are customarily made by the Company and the
         Trust to underwriters in primary underwritten offerings of equity and
         convertible debt securities and covering matters including, but not
         limited to, those set forth in the Purchase Agreement;

                  (iii) in connection with any underwritten offering conducted
         pursuant to Section 6 hereof, obtain opinions of counsel to the Company
         and the Trust (which counsel and opinions (in form, scope and
         substance) shall be reasonably satisfactory to the Managing
         Underwriters) addressed to each Holder participating in such
         underwritten offering and the underwriters, covering such matters as
         are customarily covered in opinions requested in primary underwritten
         offerings of equity and convertible debt securities and such other
         matters as may be reasonably requested by such Holders and underwriters
         (it being agreed that the matters to be covered by such opinions shall
         include, without limitation, as of the date of the opinion and as of
         the Effective Time of the Shelf Registration Statement or most recent
         post-effective amendment thereto, as the case may be, the absence from
         the Shelf Registration Statement and the Prospectus, including the
         documents incorporated by reference therein, of an untrue statement of
         a material fact or the omission of a material fact required to be
         stated therein or necessary to make the statements therein not
         misleading);

                  (iv) in connection with any underwritten offering conducted
         pursuant to Section 6 hereof, obtain "cold comfort" letters and updates
         thereof from the independent public accountants of the Company and the
         Trust (and, if necessary, from the independent public accountants of
         any subsidiary of the Company or of any business acquired by the
         Company for which financial statements and financial data are, or are
         required to be, included in the Shelf Registration Statement),
         addressed to each Holder participating in such underwritten offering
         (if such Holder has provided such letter, representations or
         documentation, if any, required for such cold comfort letter to be so
         addressed) and the underwriters, in customary form and covering matters
         of the type customarily covered in "cold comfort" letters in connection
         with primary underwritten offerings;

                  (v) in connection with any underwritten offering conducted
         pursuant to Section 6 hereof, deliver such documents and certificates
         as may be reasonably requested by any Holders participating in such
         underwritten offering and the Managing Underwriters, if any, including,
         without limitation, certificates to evidence compliance with Section
         3(j) hereof and with any conditions contained in the underwriting
         agreement or other agreements entered into by the Company and the
         Trust.

         (q) Each of the Company and the Trust shall have caused the Common
Stock issuable upon conversion of the Preferred Securities or the Debentures, or
both, to be listed on the New York Stock Exchange or other stock exchange or
trading system on which the Common Stock primarily trades prior to the Effective
Time of the Shelf Registration Statement hereunder.

         (r) In the event that any broker-dealer registered under the Exchange
Act shall be an "affiliate" (as defined in Rule 2720(b)(1) of the NASD Rules (or
any successor provision
<Page>

thereto)) of the Company or the Trust, or has a "conflict of interest" (as
defined in Rule 2720(b)(7) of the NASD Rules (or any successor provision
thereto)) and such broker-dealer shall underwrite, participate as a member of an
underwriting syndicate or selling group or assist in the distribution of any
Registrable Securities covered by the Shelf Registration Statement, whether as a
Holder of such Registrable Securities or as an underwriter, a placement or sales
agent or a broker or dealer in respect thereof, or otherwise, the Company and
the Trust shall assist such broker-dealer in complying with the requirements of
the NASD Rules, including, without limitation, by (A) engaging a "qualified
independent underwriter" (as defined in Rule 2720(b)(15) of the NASD Rules (or
any successor provision thereto)) if required to do so by the NASD Rules, such
"qualified independent underwriter" to participate in the preparation of the
registration statement relating to such Registrable Securities, to exercise
usual standards of due diligence in respect thereto and to recommend the public
offering price of such Registrable Securities, (B) indemnifying the qualified
independent underwriter if one is engaged pursuant to clause (A), to the extent
of the indemnification of underwriters provided in Section 5 hereof, and (C)
providing such information to such broker-dealer as may be required in order for
such broker-dealer to comply with the requirements of the NASD Rules.

         (s) The Company and the Trust shall each use its best efforts to take
all other steps necessary to effect the registration, offering and sale of the
Registrable Securities covered by the Shelf Registration Statement contemplated
hereby.

         4. REGISTRATION EXPENSES. Except as otherwise provided in Section 3,
the Company and the Trust shall each bear all fees and expenses incurred in
connection with the performance of its obligations under Sections 2 and 3 hereof
and shall each bear or reimburse the Electing Holders for the reasonable fees
and disbursements of a single counsel selected by a plurality of all Electing
Holders who own an aggregate of not less than 25% of the Registrable Securities
covered by the Shelf Registration Statement to act as counsel therefore in
connection therewith. Each Electing Holder shall pay all underwriting discounts
and commissions and transfer taxes, if any, relating to the sale or disposition
of such Electing Holder's Registrable Securities pursuant to the Shelf
Registration Statement.

         5. INDEMNIFICATION AND CONTRIBUTION.

         (a) INDEMNIFICATION BY THE COMPANY AND THE TRUST. Upon the registration
of the Registrable Securities pursuant to Section 2 hereof, the Company and the
Trust, jointly and severally, shall indemnify and hold harmless each Electing
Holder and each underwriter, selling agent or other securities professional, if
any, that facilitates the disposition of Registrable Securities, and each of
their respective officers and directors, or trustees, as the case may be, and
each person who controls such Electing Holder, underwriter, selling agent or
other securities professional within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act (each such person being sometimes referred
to as an "Indemnified Person") against any losses, claims, damages or
liabilities, joint or several, to which such Indemnified Person may become
subject under the Securities Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based
upon an untrue statement or alleged untrue statement of a material fact
contained in any Shelf Registration
<Page>

Statement under which such Registrable Securities are to be registered under the
Securities Act, or any Prospectus contained therein or furnished by the Company
to any Indemnified Person, or any amendment or supplement thereto, or arise out
of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, and the Company hereby agrees to reimburse such
Indemnified Person for any legal or other expenses reasonably incurred by such
Indemnified Person in connection with investigating or defending any such action
or claim as such expenses are incurred; PROVIDED, HOWEVER, that neither the
Company nor the Trust shall be liable (i) to any such Indemnified Person in any
such case to the extent that any such loss, claim, damage or liability arises
out of or is based upon an untrue statement or alleged untrue statement or
omission or alleged omission made in such Shelf Registration Statement or
Prospectus, or amendment or supplement, in reliance upon and in conformity with
written information furnished to the Company or the Trust by such Indemnified
Person expressly for use therein or (ii) to any Holder if use of the Prospectus
has been suspended pursuant to Section 2(c), in any such case to the extent that
any such loss, claim, damage or liability arises from the use by such Holder of
the Prospectus during a period beginning on the date ten days following the date
written notice of such suspension is received by such Holder and ending upon
termination of such suspension period.

         (b) INDEMNIFICATION BY THE HOLDERS AND ANY AGENTS AND UNDERWRITERS.
Each Electing Holder agrees, as a consequence of the inclusion of any of such
Holder's Registrable Securities in such Shelf Registration Statement, and each
underwriter, selling agent or other securities professional, if any, that
facilitates the disposition of Registrable Securities shall agree, as a
consequence of facilitating such disposition of Registrable Securities,
severally and not jointly, to (i) indemnify and hold harmless the Company, the
Trust, the directors and officers of the Company or trustees of the Trust who
sign any Shelf Registration Statement and each person, if any, who controls the
Company within the meaning of either Section 15 of the Securities Act or Section
20 of the Exchange Act, against any losses, claims, damages or liabilities to
which the Company and the Trust or such other persons may become subject, under
the Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon an
untrue statement or alleged untrue statement of a material fact contained in
such Shelf Registration Statement or Prospectus, or any amendment or supplement,
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 reliance upon and in conformity with written
information furnished to the Company or the Trust by such Holder, underwriter,
selling agent or other securities professional expressly for use therein, and
(ii) reimburse the Company and the Trust for any legal or other expenses
reasonably incurred by the Company or the Trust, as the case may be, in
connection with investigating or defending any such action or claim as such
expenses are incurred.

         (c) NOTICES OF CLAIMS, ETC. Promptly after receipt by an indemnified
party under subsection (a) or (b) above of notice of the commencement of any
action, such indemnified party shall, if a claim in respect thereof is to be
made against an indemnifying party under this
<Page>

Section 5, notify such indemnifying party in writing of the commencement
thereof; but the omission so to notify the indemnifying party shall not relieve
it from any liability which it may have to any indemnified party otherwise than
under this Section 5. In case any such action shall be brought against any
indemnified party and it shall notify an indemnifying party of the commencement
thereof, such indemnifying party shall be entitled to participate therein and,
to the extent that it shall wish, jointly with any other indemnifying party
similarly notified, to assume the defense thereof, with counsel satisfactory to
such indemnified party (who shall not, except with the consent of the
indemnified party, be counsel to the indemnifying party), and, after notice from
the indemnifying party to such indemnified party of its election so to assume
the defense thereof, such indemnifying party shall not be liable to such
indemnified party under this Section 5 for any legal expenses of other counsel
or any other expenses, in each case subsequently incurred by such indemnified
party, in connection with the defense thereof other than reasonable costs of
investigation. No indemnifying party shall, without the written consent of the
indemnified party, effect the settlement or compromise of, or consent to the
entry of any judgment with respect to, any pending or threatened action or claim
in respect of which indemnification or contribution may be sought hereunder
(whether or not the indemnified party is an actual or potential party to such
action or claim) unless such settlement, compromise or judgment (i) includes an
unconditional release of the indemnified party from all liability arising out of
such action or claim and (ii) does not include a statement as to, or an
admission of, fault, culpability or a failure to act, by or on behalf of any
indemnified party.

         (d) CONTRIBUTION. If the indemnification provided for in this Section 5
is unavailable to or insufficient to hold harmless an indemnified party under
subsection (a) or (b) above in respect of any losses, claims, damages or
liabilities (or actions in respect thereof) referred to therein, then each
indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, claims, damages or liabilities (or
actions in respect thereof) in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party in connection
with the statements or omissions which resulted in such losses, claims, damages
or liabilities (or actions in respect thereof), as well as any other relevant
equitable considerations. The relative fault of such indemnifying party and
indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or omission or
alleged omission to state a material fact relates to information supplied by
such indemnifying party or by such indemnified party, and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. The parties hereto agree that it would not be just
and equitable if contribution pursuant to this Section 5(d) were determined by
pro rata allocation (even if the Electing Holders or any underwriters, selling
agents or other securities professionals or all of them were treated as one
entity for such purpose) or by any other method of allocation which does not
take account of the equitable considerations referred to in this Section 5(d).
The amount paid or payable by an indemnified party as a result of the losses,
claims, damages or liabilities (or actions in respect thereof) referred to above
shall be deemed to include any legal or other fees or expenses reasonably
incurred by such indemnified party in connection with investigating or defending
any such action or claim. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation. The obligations of the Electing
<Page>

Holders and any underwriters, selling agents or other securities professionals
in this Section 5(d) to contribute shall be several in proportion to the
percentage of principal amount of Registrable Securities registered or
underwritten, as the case may be, by them and not joint.

         (e) Notwithstanding any other provision of this Section 5, in no event
will any (i) Electing Holder be required to undertake liability to any person
under this Section 5 for any amounts in excess of the dollar amount of the
proceeds to be received by such Holder from the sale of such Holder's
Registrable Securities (after deducting any fees, discounts and commissions
applicable thereto) pursuant to any Shelf Registration Statement under which
such Registrable Securities are to be registered under the Securities Act and
(ii) underwriter, selling agent or other securities professional be required to
undertake liability to any person hereunder for any amounts in excess of the
discount, commission or other compensation payable to such underwriter, selling
agent or other securities professional with respect to the Registrable
Securities underwritten by it and distributed to the public.

         (f) The obligations of the Company and the Trust under this Section 5
shall be joint and several and shall be in addition to any liability which the
Company and the Trust may otherwise have to any Indemnified Person and the
obligations of any Indemnified Person under this Section 5 shall be in addition
to any liability which such Indemnified Person may otherwise have to the Company
and the Trust. The remedies provided in this Section 5 are not exclusive and
shall not limit any rights or remedies which may otherwise be available to an
indemnified party at law or in equity.

         6. UNDERWRITTEN OFFERING. Any Holder of Registrable Securities who
desires to do so may sell Registrable Securities (in whole or in part) in an
underwritten offering; PROVIDED that (i) the Electing Holders of at least a
majority in aggregate principal amount of the Registrable Securities then
covered by the Shelf Registration Statement shall request such an offering and
(ii) at least such aggregate principal amount of such Registrable Securities
shall be included in such offering; and PROVIDED FURTHER that the Company and
the Trust shall not be obligated to cooperate with more than one underwritten
offering during the Effectiveness Period. Upon receipt of such a request, the
Company and the Trust shall provide all Holders of Registrable Securities
written notice of the request, which notice shall inform such Holders that they
have the opportunity to participate in the offering. In any such underwritten
offering, the investment banker or bankers and manager or managers that will
administer the offering will be selected by, and the underwriting arrangements
with respect thereto (including the size of the offering) will be approved by,
the holders of a majority of the Registrable Securities to be included in such
offering; PROVIDED, HOWEVER, that such investment bankers and managers and
underwriting arrangements must be reasonably satisfactory to the Company and the
Trust. No Holder may participate in any underwritten offering contemplated
hereby unless (a) such Holder agrees to sell such Holder's Registrable
Securities to be included in the underwritten offering in accordance with any
approved underwriting arrangements, (b) such Holder completes and executes all
reasonable questionnaires, powers of attorney, indemnities, underwriting
agreements, lock-up letters and other documents required under the terms of such
approved underwriting arrangements, and (c) if such Holder is not then an
Electing Holder, such Holder returns a completed and signed Notice and
Questionnaire to the Company and the Trust in accordance
<Page>

with Section 3(a)(2) hereof within a reasonable amount of time before such
underwritten offering. The Holders participating in any underwritten offering
shall be responsible for any underwriting discounts and commissions and fees
and, subject to Section 4 hereof, expenses of their own counsel. The Company and
the Trust shall pay all expenses customarily borne by issuers, including but not
limited to filing fees, the fees and disbursements of its counsel and
independent public accountants and any printing expenses incurred in connection
with such underwritten offering. Notwithstanding the foregoing or the provisions
of Section 3(n) hereof, upon receipt of a request from the Managing Underwriter
or a representative of holders of a majority of the Registrable Securities to be
included in an underwritten offering to prepare and file an amendment or
supplement to the Shelf Registration Statement and Prospectus in connection with
an underwritten offering, the Company and the Trust may delay the filing of any
such amendment or supplement for up to 90 days if the Board of Directors of the
Company shall have determined in good faith that the Company has a bona fide
business reason for such delay.

         7. LIQUIDATED DAMAGES.

         (a) Pursuant to Section 2(a) hereof, the Company and the Trust may,
upon written notice to all the Holders, postpone having the Shelf Registration
Statement declared effective for a reasonable period not to exceed 90 days if
the Company possesses material non-public information, the disclosure of which
would have a material adverse effect on the Company and its subsidiaries taken
as a whole. Notwithstanding any such postponement, if (i) on or prior to the
90th day following the Closing Date, a Shelf Registration Statement has not been
filed with the Commission or (ii) on or prior to the 180th day following the
Closing Date, such Shelf Registration Statement is not declared effective by the
Commission (each, a "Registration Default"), the Company and the Trust shall be
required to pay liquidated damages ("Liquidated Damages"), from and including
the day following such Registration Default until such Shelf Registration
Statement is either so filed or so filed and subsequently declared effective, as
applicable, at a rate per annum equal to an additional one-quarter of one
percent (0.25%) of the principal amount of Registrable Securities, to and
including the 90th day following such Registration Default and one-half of one
percent (0.50%) thereof from and after the 91st day following such Registration
Default.

         (b) In the event that the Shelf Registration Statement ceases to be
effective (or the Holders of Registrable Securities are otherwise prevented or
restricted by the Company or the Trust from effecting sales pursuant thereto)
(an "Effective Failure") for more than 30 days, whether or not consecutive, in
any 90-day period, or 90 days, whether or not consecutive, during any 12-month
period, then the Company and the Trust shall pay Liquidated Damages at a rate
per annum equal to an additional one-half of one percent (0.50%) from the 31st
day of the applicable 90-day period or the 91st day of the applicable 12-month
period, as the case may be, that such Shelf Registration Statement ceases to be
effective (or the Holders of Registrable Securities are otherwise prevented or
restricted by the Company and the Trust from effecting sales pursuant thereto)
until the earlier of (i) the time the Shelf Registration Statement again becomes
effective or the Holders of Registrable Securities are again able to make sales
under the Shelf Registration Statement or (2) the time the Effectiveness Period
expires. For the purpose of determining an Effective Failure, days on which the
Company and the Trust have been obligated
<Page>

to pay Liquidated Damages in accordance with the foregoing in respect of a prior
Effective Failure within the applicable 90-day or 12-month period, as the case
may be, shall not be included.

         (c) Any amounts to be paid as Liquidated Damages pursuant to paragraphs
(a) or (b) of this Section 7 shall be paid quarterly in arrears, with the first
quarterly payment due on the first Interest Payment Date (as defined in the
Indenture), as applicable, following the date of such Registration Default. Such
Liquidated Damages will accrue (1) in respect of the Securities at the rates set
forth in paragraphs (a) or (b) of this Section 7, as applicable, on the
principal amount of the Preferred Securities or the Debentures and (2) in
respect of the Common Stock issued upon conversion of the Preferred Securities
or the Debentures, or both, at the rates set forth in paragraphs (a) or (b) of
this Section 7, as applicable, applied to the Conversion Price (as defined in
the Indenture) at that time. The amount of Liquidated Damages due pursuant to
paragraphs (a) or (b) of this Section 7 shall be determined by multiplying the
applicable rate by the principal amount of the Preferred Securities or the
Debentures or by the Conversion Price of the Common Stock, as the case may be,
and multiplying that amount by a fraction, the numerator of which is the number
of days such rate was applicable during such period (determined on the basis of
a 360-day year comprised of twelve 30-day months) and the denominator of which
is 360.

         (d) Except as provided in Section 8(b) hereof, the Liquidated Damages
as set forth in this Section 7 shall be the exclusive monetary remedy available
to the Holders of Registrable Securities for such Registration Default or
Effective Failure. In no event shall the Company or the Trust be required to pay
Liquidated Damages in excess of the applicable maximum amount of one-half of one
percent (0.50%) set forth above, regardless of whether one or multiple
Registration Defaults exist.

         8. MISCELLANEOUS.

         (a) OTHER REGISTRATION RIGHTS. The Company may grant registration
rights that would permit any Person that is a third party the right to
piggy-back on any Shelf Registration Statement, PROVIDED that if the Managing
Underwriter of any underwritten offering conducted pursuant to Section 6 hereof
notifies the Company and the Electing Holders that the total amount of
securities which the Electing Holders and the holders of such piggy-back rights
intend to include in any Shelf Registration Statement is so large as to
materially threaten the success of such offering (including the price at which
such securities can be sold), then the amount, number or kind of securities to
be offered for the account of holders of such piggy-back rights will be reduced
to the extent necessary to reduce the total amount of securities to be included
in such offering to the amount, number and kind recommended by the Managing
Underwriter prior to any reduction in the amount of Registrable Securities to be
included in such Shelf Registration Statement.

         (b) SPECIFIC PERFORMANCE. The parties hereto acknowledge that there
would be no adequate remedy at law if the Company and the Trust fail to perform
any of their obligations hereunder and that the Purchasers and the Holders from
time to time may be irreparably harmed by any such failure, and accordingly
agree that the Purchasers and such Holders, in addition to
<Page>

any other remedy to which they may be entitled at law or in equity and without
limiting the remedies available to the Electing Holders under Section 7 hereof,
shall be entitled to compel specific performance of the obligations of the
Company and the Trust under this Registration Rights Agreement in accordance
with the terms and conditions of this Registration Rights Agreement, in any
court of the United States or any State thereof having jurisdiction.

         (c) AMENDMENTS AND WAIVERS. This Agreement, including this Section
8(c), may be amended, and waivers or consents to departures from the provisions
hereof may be given, only by a written instrument duly executed by the Company,
the Trust and the holders of a majority in aggregate principal amount of
Registrable Securities then outstanding. Each Holder of Registrable Securities
outstanding at the time of any such amendment, waiver or consent or thereafter
shall be bound by any amendment, waiver or consent effected pursuant to this
Section 8(c), whether or not any notice, writing or marking indicating such
amendment, waiver or consent appears on the Registrable Securities or is
delivered to such Holder.

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

                  (i) if to a Holder, at such address set forth on the record
         books of the Company or the Trust, as the case may be;

                  (ii) if to the Purchasers, initially at the address set forth
         in the Purchase Agreement; and

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

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

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

         (e) PARTIES IN INTEREST. The parties to this Agreement intend that all
Holders of Registrable Securities shall be entitled to receive the benefits of
this Agreement and that any Electing Holder shall be bound by the terms and
provisions of this Agreement by reason of such election with respect to the
Registrable Securities which are included in a Shelf Registration Statement. All
the terms and provisions of this Agreement shall be binding upon, shall inure to
the benefit of and shall be enforceable by the respective successors and assigns
of the parties hereto and any Holder from time to time of the Registrable
Securities to the aforesaid extent. In the event that any transferee of any
Holder of Registrable Securities shall acquire Registrable Securities, in any
manner, whether by gift, bequest, purchase, operation of law or otherwise, such
transferee shall, without any further writing or action of any kind, be entitled
to receive the benefits of and, if an Electing Holder, be conclusively deemed to
have agreed to be bound by and to perform all of the terms and provisions of
this Agreement to the aforesaid extent.
<Page>

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

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

         (h) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

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

         (j) SURVIVAL. The respective indemnities, agreements, representations,
warranties and other provisions set forth in this Agreement or made pursuant
hereto shall remain in full force and effect, regardless of any investigation
(or any statement as to the results thereof) made by or on behalf of any
Electing Holder, any director, officer or partner of such Holder, any agent or
underwriter, any director, officer or partner of such agent or underwriter, or
any controlling person of any of the foregoing, and shall survive the transfer
and registration of the Registrable Securities of such Holder.

                [remainder of this page intentionally left blank]
<Page>

         Please confirm that the foregoing correctly sets forth the agreement
between the Company and you.

                                      Very truly yours,

                                      Cummins Capital Trust I

                                      By:  /s/ DONALD TRAPP
                                         ---------------------------------------
                                           Name:  Donald Trapp
                                           Title: Administrative Trustee

                                      Cummins Inc.

                                      By:  /s/ DONALD TRAPP
                                         ---------------------------------------
                                           Name:  Donald Trapp
                                           Title: Vice President-Treasurer

Accepted as of the date hereof:

Goldman, Sachs & Co.
J.P Morgan Securities Inc.
Salomon Smith Barney Inc.

By:  /s/ GOLDMAN, SACHS & CO.
   ------------------------------------------
     (Goldman, Sachs & Co.)

                   On behalf of each of the Purchasers
<Page>

                                                                       Exhibit A

                                  CUMMINS, INC.
                             CUMMINS CAPITAL TRUST I

                         INSTRUCTION TO DTC PARTICIPANTS

                                (DATE OF MAILING)

                     URGENT - IMMEDIATE ATTENTION REQUESTED

                          DEADLINE FOR RESPONSE: [DATE]

                  The Depository Trust Company ("DTC") has identified you as a
DTC Participant through which beneficial interests in 7% Convertible Quarterly
Income Preferred Securities (liquidation amount $50 per preferred security) of
Cummins Capital Trust I (the "Trust") are held. The Preferred Securities are
guaranteed on a subordinated basis by Cummins Inc. (the "Company") as to the
payment of distributions, and as to payments on liquidation or redemption, to
the extent set forth in a guarantee agreement between the Company and BNY
Midwest Trust Company, as trustee (the "Guarantee") and may be (A) converted
into common stock, $2.50 par value per share ("Common Stock"), of the Company or
(B) exchanged under certain circumstances into 7% Junior Subordinated
Convertible Debentures Due June 15, 2031 of the Company (the "Debentures") held
by the Trust which are convertible into Common Stock. The Preferred Securities,
the Debentures, the Guarantee and the Common Stock issuable upon conversion of
the Preferred Securities or the Debentures, or both, are referred to
collectively as the "Securities."

                  The Company and the Trust are in the process of registering
the Securities under the Securities Act of 1933 for resale by the beneficial
owners thereof. In order to have your Securities included in the registration
statement, you must complete and return the enclosed Notice of Registration
Statement and Selling Securityholder Questionnaire.

                  It is important that beneficial owners of the Securities
receive a copy of the enclosed materials as soon as possible as their rights to
have the Securities included in the registration statement depend upon their
returning the Notice and Questionnaire by [DEADLINE FOR RESPONSE]. Please
forward a copy of the enclosed documents to each beneficial owner that holds
interests in the Securities through you. If you require more copies of the
enclosed materials or have any questions pertaining to this matter, please
contact:

Cummins Inc.                                 Cravath, Swaine & Moore
500 Jackson Street, Box 3005                 Worldwide Plaza
Columbus, Indiana 47202-3005           or    825 Eighth Avenue
Attention:  Vice President-Treasurer         New York, New York  10019-7474
                                             Attention:  William J. Whelan, Esq.

                                      A-1
<Page>

                                  CUMMINS INC.

                             CUMMINS CAPITAL TRUST I

                        Notice of Registration Statement

                                       and

                      SELLING SECURITYHOLDER QUESTIONNAIRE

                                     (Date)

                  Reference is hereby made to the Registration Rights Agreement
(the "Registration Rights Agreement") among Cummins Capital Trust I (the
"Trust"), Cummins Inc. (the "Company") and the Purchasers named therein.
Pursuant to the Registration Rights Agreement, the Company and the Trust have
filed with the United States Securities and Exchange Commission (the
"Commission") a registration statement on Form S-3 (the "Shelf Registration
Statement") for the registration and resale under Rule 415 of the Securities Act
of 1933, as amended (the "Securities Act"), of the Trust's 7% Convertible
Quarterly Income Preferred Securities (liquidation amount $50 per preferred
security) (the "Preferred Securities"), the Company's 7% Junior Subordinated
Convertible Debentures Due June 15, 2031 (the "Debentures"), the guarantee of
the Company pursuant to the guarantee agreement between the Company and BNY
Midwest Trust Company, as trustee (the "Guarantee"), and the shares of common
stock of the Company, $2.50 par value, issuable upon conversion of the Preferred
Securities or the Debentures, or both, (the "Common Stock", and together with
the Preferred Securities, the Debentures and the Guarantee, the "Securities"). A
copy of the Registration Rights Agreement is attached hereto. All capitalized
terms not otherwise defined herein shall have the meanings ascribed thereto in
the Registration Rights Agreement.

                  Each beneficial owner of Registrable Securities (as defined
below) is entitled to have the Registrable Securities beneficially owned by it
included in the Shelf Registration Statement. In order to have Registrable
Securities included in the Shelf Registration Statement, this Notice of
Registration Statement and Selling Securityholder Questionnaire ("Notice and
Questionnaire") must be completed, executed and delivered to the Company's
counsel at the address set forth herein for receipt ON OR BEFORE [DEADLINE FOR
RESPONSE]. Beneficial owners of Registrable Securities who do not complete,
execute and return this Notice and Questionnaire by such date (i) will not be
named as selling securityholders in the Shelf Registration Statement and (ii)
may not use the Prospectus forming a part thereof for resales of Registrable
Securities.

                  Certain legal consequences arise from being named as a selling
securityholder in the Shelf Registration Statement and related Prospectus.
Accordingly, holders and beneficial owners of Registrable Securities are advised
to consult their own securities law counsel regarding the consequences of being
named or not being named as a selling securityholder in the Shelf Registration
Statement and related Prospectus.

                                      A-2
<Page>

                  The term "REGISTRABLE SECURITIES" is defined in the
Registration Rights Agreement to mean all or any portion of the Securities
issued from time to time; PROVIDED, HOWEVER, that a security ceases to be a
Registrable Security when it is no longer a Restricted Security.

                  The term "RESTRICTED SECURITY" is defined in the Registration
Rights Agreement to mean any Security except any such Security which (i) has
been effectively registered under the Securities Act and sold in a manner
contemplated by the Shelf Registration Statement, (ii) has been transferred in
compliance with Rule 144 under the Securities Act (or any successor provision
thereto) or is transferable pursuant to paragraph (k) of such Rule 144 (or any
successor provision thereto), (iii) has been sold in compliance with Regulation
S under the Securities Act (or any successor thereto) and does not constitute
the unsold allotment of a distributor within the meaning of Regulation S under
the Securities Act, or (iv) has otherwise been transferred and a new Security
not subject to transfer restrictions under the Securities Act has been delivered
by or on behalf of the Trust or the Company in accordance with the terms of the
Trust Agreement or the Indenture, as the case may be.

                                    ELECTION

                  The undersigned holder (the "Selling Securityholder") of
Registrable Securities hereby elects to include in the Shelf Registration
Statement the Registrable Securities beneficially owned by it and listed below
in Item (3). The undersigned, by signing and returning this Notice and
Questionnaire, agrees to be bound with respect to such Registrable Securities by
the terms and conditions of this Notice and Questionnaire and the Registration
Rights Agreement, including, without limitation, Section 5 of the Registration
Rights Agreement, as if the undersigned Selling Securityholder were an original
party thereto.

                  Upon any sale of Registrable Securities pursuant to the Shelf
Registration Statement, the Selling Securityholder will be required to deliver
to the Company, the Trust and to BNY Midwest Trust Company, as trustee, the
Notice of Transfer set forth in Appendix A to the Prospectus. This Notice of
Transfer is set forth as Exhibit A to the Prospectus and as Exhibit B to the
Registration Rights Agreement.

                  The Selling Securityholder hereby provides the following
information to the Company and the Trust and represents and warrants that such
information is accurate and complete:

                                      A-3
<Page>

                                  QUESTIONNAIRE

(1)      (a)      Full legal name of Selling Securityholder:

                  --------------------------------------------------------------

(b)               Full legal name of Registered Holder (if not the same as in
                  (a) above) of Registrable Securities Listed in Item (3) below:

                  --------------------------------------------------------------

(c)               Full legal name of DTC Participant (if applicable and if not
                  the same as (b) above) through which Registrable Securities
                  listed in Item (3) below are held:

                  --------------------------------------------------------------

(2)      Address for Notices to Selling Securityholder:

                                ---------------------------------------

                                ---------------------------------------

                                ---------------------------------------
         Telephone:
                                ---------------------------------------
         Fax:
                                ---------------------------------------
         Contact Person:
                                ---------------------------------------
         E-mail address:*
                                ---------------------------------------
         *IF YOU PROVIDE AN E-MAIL ADDRESS, THE COMPANY MAY FURNISH YOU WITH
         COPIES OF THE SHELF REGISTRATION STATEMENT, THE PROSPECTUS (INCLUDING
         EACH PRELIMINARY PROSPECTUS) INCLUDED IN THE SHELF REGISTRATION
         STATEMENT AND ANY AMENDMENT OR SUPPLEMENT THERETO, VIA E-MAIL, AS
         OPPOSED TO REGULAR MAIL.

(3)      Beneficial ownership of Securities:
         EXCEPT AS SET FORTH BELOW IN THIS ITEM (3), THE UNDERSIGNED DOES NOT
         BENEFICIALLY OWN ANY SECURITIES.

(a)      Number of Preferred Securities beneficially owned:
                                                           ---------------------
                  CUSIP No(s). of such Preferred Securities:
                                                              ------------------

                  Principal amount of Debentures (if any) issued in exchange for
                  Preferred Securities:
                                       -----------------------------------------
                  CUSIP No(s). of such Debentures:
                                                    ----------------------------

                  Number of shares of Common Stock (if any) issued upon
                  conversion of the Preferred Securities or the Debentures, or
                  both:
                       ---------------------------------------------------------

         (b)      Principal amount of Securities other than Registrable
                  Securities beneficially owned:
                                                --------------------------------
                  CUSIP No(s). of such other Securities:
                                                        ------------------------

                                      A-4
<Page>

                  Number of shares of Common Stock (if any) issued upon
                  conversion of such other Securities:
                                                      --------------------------

         (c)      Number of Preferred Securities which the undersigned wishes to
                  be included in the Shelf Registration Statement:
                                                                  --------------
                  CUSIP No(s). of such Preferred Securities:
                                                            --------------------

                  Principal amount of Debentures (if any) issued in exchange for
                  Preferred Securities which the undersigned wishes to be
                  included in the Shelf Registration Statement:
                  CUSIP No(s). of such Debentures:
                                                  ------------------------------
                  Number of shares of Common Stock (if any) issued upon
                  conversion of Registrable Securities which are to be included
                  in the Shelf Registration Statement:
                                                      --------------------------

(4)      Beneficial Ownership of Other Securities:
         EXCEPT AS SET FORTH BELOW IN THIS ITEM (4), THE UNDERSIGNED SELLING
         SECURITYHOLDER IS NOT THE BENEFICIAL OR REGISTERED OWNER OF ANY SHARES
         OF COMMON STOCK OR ANY OTHER SECURITIES OF THE COMPANY, OTHER THAN THE
         SECURITIES AND SHARES OF COMMON STOCK LISTED ABOVE IN ITEM (3).

         State any exceptions here:

(5)      Relationships with the Trust or the Company:
         EXCEPT AS SET FORTH BELOW, NEITHER THE SELLING SECURITYHOLDER NOR ANY
         OF ITS AFFILIATES, OFFICERS, DIRECTORS OR PRINCIPAL EQUITY HOLDERS (5%
         OR MORE) HAS HELD ANY POSITION OR OFFICE OR HAS HAD ANY OTHER MATERIAL
         RELATIONSHIP WITH THE TRUST OR THE COMPANY (OR ITS PREDECESSORS OR
         AFFILIATES) DURING THE PAST THREE YEARS.

         State any exceptions here:

(6)      Plan of Distribution:
         EXCEPT AS SET FORTH BELOW, THE UNDERSIGNED SELLING SECURITYHOLDER
         INTENDS TO DISTRIBUTE THE REGISTRABLE SECURITIES LISTED ABOVE IN ITEM
         (3) ONLY AS FOLLOWS (IF AT ALL): SUCH REGISTRABLE SECURITIES MAY BE
         SOLD FROM TIME TO TIME DIRECTLY BY THE UNDERSIGNED SELLING
         SECURITYHOLDER OR, ALTERNATIVELY, THROUGH UNDERWRITERS, BROKER-DEALERS
         OR AGENTS. SUCH REGISTRABLE SECURITIES MAY BE SOLD IN ONE OR MORE
         TRANSACTIONS AT FIXED PRICES, AT PREVAILING MARKET PRICES AT THE TIME
         OF SALE, AT VARYING PRICES DETERMINED AT THE TIME OF SALE, OR AT
         NEGOTIATED PRICES. SUCH SALES MAY BE EFFECTED IN TRANSACTIONS (WHICH
         MAY INVOLVE CROSSES OR BLOCK TRANSACTIONS) (I) ON ANY NATIONAL
         SECURITIES EXCHANGE OR QUOTATION SERVICE ON WHICH THE REGISTERED
         SECURITIES MAY BE LISTED OR QUOTED AT THE TIME

                                      A-5
<Page>

         OF SALE, (II) IN THE OVER-THE-COUNTER MARKET, (III) IN TRANSACTIONS
         OTHERWISE THAN ON SUCH EXCHANGES OR SERVICES OR IN THE OVER-THE-COUNTER
         MARKET, OR (IV) THROUGH THE WRITING OF OPTIONS. IN CONNECTION WITH
         SALES OF THE REGISTRABLE SECURITIES OR OTHERWISE, THE SELLING
         SECURITYHOLDER MAY ENTER INTO HEDGING TRANSACTIONS WITH BROKER-DEALERS,
         WHICH MAY IN TURN ENGAGE IN SHORT SALES OF THE REGISTRABLE SECURITIES
         IN THE COURSE OF HEDGING THE POSITIONS THEY ASSUME. THE SELLING
         SECURITYHOLDER MAY ALSO SELL REGISTRABLE SECURITIES SHORT AND DELIVER
         REGISTRABLE SECURITIES TO CLOSE OUT SUCH SHORT POSITIONS, OR LOAN OR
         PLEDGE REGISTRABLE SECURITIES TO BROKER-DEALERS THAT IN TURN MAY SELL
         SUCH SECURITIES.

         State any exceptions here:

                  Note: In no event may such method(s) of distribution take the
form of an underwritten offering of the Registrable Securities without the prior
agreement of the Company.

                  By signing below, the Selling Securityholder acknowledges that
it understands its obligation to comply, and agrees that it will comply, with
the provisions of the Exchange Act and the rules and regulations thereunder,
particularly Regulation M.

                  In the event that the Selling Securityholder transfers all or
any portion of the Registrable Securities listed in Item (3) above after the
date on which such information is provided to the Trust or the Company, the
Selling Securityholder agrees to notify the transferee(s) at the time of the
transfer of its rights and obligations under this Notice and Questionnaire and
the Registration Rights Agreement.

                  By signing below, the Selling Securityholder consents to the
disclosure of the information contained herein in its answers to Items (1)
through (6) above and the inclusion of such information in the Shelf
Registration Statement and related Prospectus. The Selling Securityholder
understands that such information will be relied upon by the Trust and the
Company in connection with the preparation of the Shelf Registration Statement
and related Prospectus.

                                      A-6
<Page>

                  In accordance with the Selling Securityholder's obligation
under Section 3(a) of the Registration Rights Agreement to provide such
information as may be required by law for inclusion in the Shelf Registration
Statement, the Selling Securityholder agrees to promptly notify the Trust and
the Company of any inaccuracies or changes in the information provided herein
which may occur subsequent to the date hereof at any time while the Shelf
Registration Statement remains in effect. All notices hereunder and pursuant to
the Registration Rights Agreement shall be made in writing, by hand-delivery,
first-class mail, or air courier guaranteeing overnight delivery as follows:

         (i)      To the Company and the Trust:

                                           Cummins Inc.
                                           500 Jackson Street, Box 3005
                                           Columbus, Indiana 47202-3005
                                           Attention:  Vice President-Treasurer

         (ii)     With a copy to:

                                           Cravath, Swaine & Moore
                                           Worldwide Plaza
                                           825 Eighth Avenue
                                           New York, New York  10019-7475
                                           Attention:  William J. Whelan, Esq.

                  Once this Notice and Questionnaire is executed by the Selling
Securityholder and received by the Company's counsel, the terms of this Notice
and Questionnaire, and the representations and warranties contained herein,
shall be binding on, shall inure to the benefit of and shall be enforceable by
the respective successors, heirs, personal representatives, and assigns of the
Company, the Trust and the Selling Securityholder (with respect to the
Registrable Securities beneficially owned by such Selling Securityholder and
listed in Item (3) above. This Agreement shall be governed in all respects by
the laws of the State of New York.

                                      A-7
<Page>

                  IN WITNESS WHEREOF, the undersigned, by authority duly given,
has caused this Notice and Questionnaire to be executed and delivered either in
person or by its duly authorized agent.

Dated:
      ----------------------------

                  --------------------------------------------------------------
                  Selling Securityholder
                  (Print/type full legal name of beneficial owner of Registrable
                  Securities)

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

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON
OR BEFORE [DEADLINE FOR RESPONSE] TO THE COMPANY'S COUNSEL AT:

                                            Cravath, Swaine & Moore
                                            Worldwide Plaza
                                            825 Eighth Avenue
                                            New York, New York  10019-7475
                                            Attention:  William J. Whelan, Esq.

                                      A-8
<Page>

                                                                       Exhibit B

              NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

Cummins Capital Trust I
c/o BNY Midwest Trust Company
2 North LaSalle Street
Suite 1020
Chicago, IL  60602

Attention:  Corporate Finance Unit

                  Re:      Cummins Capital Trust I (the "Trust")
                           7% Convertible Cumulative Quarterly Income
                           Preferred Securities (the "Preferred Securities")

Dear Sirs:

                  Please be advised that _____________________ has transferred
shares of Preferred Securities, or $ aggregate principal amount of Cummins Inc.
(the "Company") 7% Junior Subordinated Convertible Debentures Due June 15, 2031
(the "Debentures") or $ aggregate principal amount of the Company's common
stock, $2.50 par value, issued on conversion of the Preferred Securities or the
Debentures, or both, ("Common Stock") pursuant to an effective Shelf
Registration Statement on Form S-3 (File No. 333- ) filed by the Company.

                  We hereby certify that the prospectus delivery requirements,
if any, of the Securities Act of 1933, as amended, have been satisfied and that
the above-named beneficial owner of the Preferred Securities, Debentures or
Common Stock is named as a "Selling Securityholder" in the Prospectus dated , or
in supplements thereto, and that the aggregate principal amount of the
Debentures, the Preferred Securities or the Common Stock transferred are the
Debentures, the Preferred Securities or the Common Stock listed in such
Prospectus opposite such owner's name.

         Dated:

                                                     Very truly yours,

                                                     ------------------------
                                                     (Name)

                                             By:
                                                     ------------------------
                                                     (Authorized Signature)

                                      B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00029-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00029-of-00352.parquet"}]]