AMENDED AND RESTATED

                          CERTIFICATE OF INCORPORATION

                                       OF

                                 COMDISCO, INC.

 

Comdisco,  Inc. (the "Corporation "), a corporation organized and existing under

and by virtue of the  General  Corporation  Law of the State of Delaware ( "DGCL

"), certifies:

 

FIRST. That the name under which the Corporation was originally incorporated was

Comdisco,   Inc.  and  the  date  of  filing  of  its  original  certificate  of

incorporation was June 28, 1971.

 

SECOND.  That,  pursuant to Sections 242 and 245 of the DGCL, the  Corporation's

Board of  Directors  and  shareholders  duly  adopted  this Amended and Restated

Certificate of Incorporation.

 

THIRD.  The  text of the  Corporation's  amended  and  restated  certificate  of

incorporation is hereby further amended and restated to read in full as follows:

 

     1. The name of the Corporation is COMDISCO, INC.

 

     2. The  address of its  registered  office in the State of  Delaware is No.

     1209 Orange Street,  in the City of Wilmington,  County of New Castle.  The

     name of its  registered  agent at such  address  is The  Corporation  Trust

     Company.

 

     3. The nature of the business or purposes to be conducted or promoted is:

 

          To engage in any lawful act or activity for which  corporations may be

          organized under the General Corporation Law of Delaware.

 

          To  manufacture,  purchase  or  otherwise  acquire,  invest  in,  own,

          mortgage,  pledge,  sell, assign and transfer or otherwise dispose of,

          trade, deal in and deal with goods, wares and merchandise and personal

          property of every class and description.

 

          To acquire, and pay for in cash, stock or bonds of this corporation or

          otherwise,  the  good  will,  rights,  assets  and  property,  and  to

          undertake  or  assume  the  whole  or any part of the  obligations  or

          liabilities of any person, firm, association or corporation.

 

          To acquire,  hold, use, sell, assign, lease, grant licenses in respect

          of,  mortgage  or  otherwise  dispose of letters  patent of the United

          States or any foreign country, patent rights, licenses and privileges,

          inventions,  improvements  and processes,  copyrights,  trademarks and

          trade names,  relating to or useful in connection with any business of

          this corporation.

 

          To acquire by purchase,  subscription  or  otherwise,  and to receive,

          hold, own,  guarantee,  sell, assign,  exchange,  transfer,  mortgage,

          pledge or  otherwise  dispose of or deal in and with any of the shares

          of the capital stock,  or any voting trust  certificates in respect of

          the  shares  of  capital  stock,  scrip,   warrants,   rights,  bonds,

          debentures, notes, trust receipts, and other securities,  obligations,

          choses in action and evidences of  indebtedness  or interest issued or

          created  by  any  corporations,  joint  stock  companies,  syndicates,

          associations,  firms, trusts or persons,  public or private, or by the

          government  of  the  United  States  of  America,  or by  any  foreign

          government,  or by any state,  territory,  province,  municipality  or

          other  political  subdivision or by any  governmental  agency,  and as

          owner  thereof to possess  and  exercise  all the  rights,  powers and

          privileges of ownership,  including the right to execute  consents and

          vote  thereon,  or to do any and all  acts  and  things  necessary  or

          advisable   for  the   preservation,   protection,   improvement   and

          enhancement in value thereof.

 

          To borrow or raise moneys for any of the  purposes of the  corporation

          and,  from time to time  without  limit as to amount,  to draw,  make,

          accept, endorse,  execute and issue promissory notes, drafts, bills of

          exchange,   warrants,   bonds,  debentures  and  other  negotiable  or

          non-negotiable  instruments  and  evidences  of  indebtedness,  and to

          secure  the  payment of any  thereof  and of the  interest  thereon by

          mortgage  upon or pledge,  conveyance  or  assignment  in trust of the

          whole or any part of the property of the  corporation,  whether at the

          time owned or thereafter  acquired,  and to sell,  pledge or otherwise

          dispose of such bonds or other  obligations of the corporation for its

          corporate purposes.

 

          To  purchase,  receive,  take  by  grant,  gift,  devise,  bequest  or

          otherwise,  lease, or otherwise acquire,  own, hold, improve,  employ,

          use and otherwise deal in and with real or personal  property,  or any

          interest  therein,  wherever  situated,  and to sell,  convey,  lease,

          exchange, transfer or otherwise dispose of, or mortgage or pledge, all

          or any of the corporation's property, assets, or any interest therein,

          wherever situated.

 

          In general,  to possess  and  exercise  all the powers and  privileges

          granted by the General Corporation Law of Delaware or by any other law

          of  Delaware  or  by  this   Amended  and  Restated   Certificate   of

          Incorporation  together with any powers incidental  thereto, so far as

          such powers and privileges are necessary or convenient to the conduct,

          promotion   or   attainment   of  the  business  or  purposes  of  the

          corporation.

 

          The business and purposes  specified in the foregoing  clauses  shall,

          except where otherwise  expressed,  be in nowise limited or restricted

          by reference to, or inference  from,  the terms of any other clause in

          this  Amended  and  Restated  Certificate  of  Incorporation,  but the

          business and purposes  identified in each of the foregoing  clauses of

          this article shall be regarded as independent business and purposes.

 

     4. Capital Stock.  The total number of shares of all classes of stock which

     the Corporation  shall have authority to issue is 1,900,000,000  consisting

     of (i)  1,800,000,000  shares  of Common  Stock,  $0.10 par value per share

     ("Common Stock"), and (ii) 100,000,000 shares of Preferred Stock, $0.10 par

     value per share ("Preferred Stock").

 

          A. Common Stock.

 

               1. Issuance of Common Stock in Series; Designation;

                  Reclassification.

 

                    Subject  to  the   provisions   of  this  Article  4(A)  and

                    provisions of law, the Corporation  shall have the authority

                    to issue  shares of Common  Stock in  multiple  series.  One

                    series of Common Stock shall be designated as Comdisco Stock

                    ("Comdisco Stock").  The second series of Common Stock shall

                    be designated as Comdisco Ventures Stock ("Ventures Stock").

                    When the filing of this Amended and Restated  Certificate of

                    Incorporation becomes effective,  each share of Common Stock

                    outstanding immediately prior thereto shall automatically be

                    reclassified as one share of Comdisco Stock (and outstanding

                    certificates  that had  theretofore  represented  shares  of

                    Common  Stock shall  thereupon  represent an equal number of

                    shares  of  Comdisco   Stock  despite  the  absence  of  any

                    indication thereon to that effect).

 

                    The  total  number of shares  of  Comdisco  Stock  which the

                    Corporation   shall  have  the   authority  to  issue  shall

                    initially be 750,000,000,  and the total number of shares of

                    Ventures  Stock  which  the   Corporation   shall  have  the

                    authority to issue shall initially be 750,000,000. The Board

                    of Directors (or such committee of the Board of Directors as

                    the Board of Directors shall empower) is hereby empowered to

                    authorize by resolution or  resolutions,  an increase in the

                    number of  authorized  shares of Comdisco  Stock or Ventures

                    Stock in (but not above a number  for  either  series  that,

                    when added to the number of  authorized  shares of all other

                    designated  series of Common  Stock  would  exceed the total

                    number of  authorized  shares of Common Stock) or a decrease

                    in the  number of  authorized  shares of  Comdisco  Stock or

                    Ventures  Stock  (but not  below the  number of shares  then

                    outstanding).   The  Board  of  Directors   shall  have  the

                    authority  to  designate,  prior  to the  time of the  first

                    issuance  of  the   Ventures   Stock,   the  number   which,

                    immediately  prior to such first  issuance,  will constitute

                    the  Number of Shares  Issuable  with  Respect  to  Comdisco

                    Group's Retained Interest in Comdisco Ventures and any other

                    terms  which  are  consistent  with  applicable  law and the

                    provisions of this Article 4(A).

 

                    The Board of  Directors  (or such  committee of the Board of

                    Directors as the Board of Directors shall empower) is hereby

                    empowered to authorize by  resolution  or  resolutions  from

                    time to time the issuance of one or more  additional  series

                    of  Common  Stock  and  to  fix  the  designations,  powers,

                    preferences and relative,  participating,  optional or other

                    rights,  if any,  and  the  qualifications,  limitations  or

                    restrictions thereof, if any, with respect to each series of

                    Common Stock and the number of shares constituting each such

                    series,  and to increase or decrease the number of shares of

                    any such  series to the  extent  permitted  by the DGCL,  as

                    amended from time to time.

 

               2. Dividends.

 

                    (a) Dividends. Subject to the preferences and other terms of

                    any outstanding  series of Preferred  Stock,  the holders of

                    any  series of Common  Stock  shall be  entitled  to receive

                    dividends  on their  shares of Common Stock if, as, and when

                    declared by the Board of Directors  out of the lesser of (i)

                    the funds of the Corporation  legally available  therefor or

                    (ii) the  Available  Dividend  Amount for the Group to which

                    such series of Common Stock relates.

 

                    (b) Discrimination  Between or Among Series of Common Stock.

                    Subject to  paragraph  (a) of Section 2 of this Article 4(A)

                    and  subject  to the  preferences  and  other  terms  of any

                    outstanding series of Preferred Stock, the Corporation shall

                    have the  authority to declare and pay dividends on a single

                    series  of  Common  Stock,  or one or more  series of Common

                    Stock,  in equal or  unequal  amounts,  notwithstanding  the

                    relative  amounts  of the  Available  Dividend  Amount  with

                    respect to any Group,  the  amount of assets  available  for

                    dividends on either  series of Common  Stock,  the amount of

                    prior  dividends paid on either series of Common Stock,  the

                    respective  voting  rights of each series of Common Stock or

                    any other factor.

 

               3. Mandatory Dividend, Redemption or Conversion on Disposition of

               All or  Substantially  All of the  Assets  of a  Group;  Optional

               Conversion of Comdisco  Stock for Ventures  Stock;  Redemption of

               Ventures  Stock for Stock of a  Subsidiary  at the  Corporation's

               Option.

 

                    (a) Mandatory Dividend, Redemption or Conversion.

 

                         (i)  In  the   event  of  a   Disposition   of  All  or

                         Substantially  All of the Assets of a Group (other than

                         an Exempt  Disposition),  the Corporation  shall, on or

                         before the 90th Trading Day after the Disposition Date,

                         provided that the funds of the  Corporation are legally

                         available therefor, either:

 

                               (x)  declare and pay a dividend to holders of the

                               series of Common Stock that relates to that Group

                               (in cash, securities (other than Common Stock) or

                               other  property,   or  a  combination   thereof),

                               subject to the limitations on dividends set forth

                               under  Section  2 of  this  Article  4(A),  in an

                               aggregate amount having a Fair Value  (determined

                               as of the Disposition  Date) equal to the product

                               of the Outstanding Interest Fraction with respect

                               to such Group  (determined  as of the record date

                               for such dividend) and the Fair Value (determined

                               as of the  Disposition  Date) of the Net Proceeds

                               of such Disposition;

 

                               (y) redeem  from  holders of the series of Common

                               Stock that relates to the Group that  consummated

                               such   Disposition,   in   exchange   for   cash,

                               securities  (other  than  Common  Stock) or other

                               property (or a combination  thereof) in an amount

                               equal to the product of the Outstanding  Interest

                               Fraction  with respect to such Group  (determined

                               as of the  redemption  date)  and the Fair  Value

                               (determined  as of the  Disposition  Date) of the

                               Net  Proceeds  of  such  Disposition,  all of the

                               outstanding  shares  of  such  series  of  Common

                               Stock,    unless   such   Disposition    involves

                               substantially  all,  but not all,  of the  assets

                               attributed to such Group, in which case, a number

                               of  shares  of  such   series  of  Common   Stock

                               (rounded,  if  necessary,  to the  nearest  whole

                               number) having an aggregate average Market Value,

                               during  the 20  consecutive  Trading  Day  period

                               beginning on the 16th Trading Day  following  the

                               Disposition Date, equal to such amount; or

 

                               (z)  if  that  Disposition  relates  to  Comdisco

                               Ventures  convert  each   outstanding   share  of

                               Ventures   Stock  into  a  number  of  shares  of

                               Comdisco  Stock  (rounded,  if necessary,  to the

                               nearest  whole number) equal to 115% of the ratio

                               of the  average  Market  Value  of one  share  of

                               Ventures Stock to the average Market Value of one

                               share of Comdisco Stock during the 20 consecutive

                               Trading Day period ending on (and  including) the

                               fifth  trading  day  prior  to the  first  public

                               announcement     immediately     preceding    the

                               Disposition Date).

 

                         (ii) For  purposes  of this  Section 3 of this  Article

                         4(A), if a Group  consummates a Disposition in a series

                         of related transactions,  such Disposition shall not be

                         deemed to have been completed until consummation of the

                         last of such transactions.

 

                    (b) Optional Conversion of Comdisco Stock for Ventures Stock

 

                         (i) The  Corporation  may,  at any time,  convert  each

                         outstanding  share of  Ventures  Stock into a number of

                         shares of Comdisco Stock (rounded, if necessary, to the

                         nearest whole  number) equal to that  percentage of the

                         ratio  of the  average  Market  Value  of one  share of

                         Ventures Stock to the average Market Value of one share

                         of  Comdisco   Stock  (the   "Applicable   Percentage")

                         specified for the applicable conversion date below. The

                         average  Market  Value  of a share  of each  series  of

                         Common  Stock  shall  be   determined   during  the  20

                         consecutive   Trading   Day   period   ending  on  (and

                         including)  the 5th Trading Day  immediately  preceding

                         the date on which the  Corporation  mails the notice of

                         conversion to holders of Ventures Stock.

 

                              If the Conversion Date  The Applicable Percentage

                              Falls During the        Will be the Percentage

                              Period Indicated        Specified for

                              Below                   Such Period Below

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

                              First Quarter                      125%

                              Second Quarter                     124%

                              Third Quarter                      123%

                              Fourth Quarter                     122%

                              Fifth Quarter                      121%

                              Sixth Quarter                      120%

                              Seventh Quarter                    119%

                              Eighth Quarter                     118%

                              Ninth Quarter                      117%

                              Tenth Quarter                      116%

                              After Tenth Quarter                115%

 

                         For  purposes  of the  foregoing  chart,  (x) the first

                         "Quarter" is the period from and  including the date of

                         first  issuance  of  shares  of  Ventures  Stock to but

                         excluding  the  third  month  anniversary  of such date

                         (provided that, if the date of first issuance of shares

                         of Ventures Stock is the 29th,  30th or 31st day of any

                         month,  the first "Quarter" will be the period from and

                         including  such date of first issuance to but excluding

                         the  third  month  anniversary  of the first day of the

                         month  immediately  following  the month in which  such

                         date of first issuance  falls) and (y) each  subsequent

                         "Quarter"  is the  period  from and  including  the day

                         after the end of the prior Quarter to but excluding the

                         third month anniversary of such day.

 

                         (ii) Notwithstanding the preceding paragraphs, if a Tax

                         Event has occurred,  the  Applicable  Percentage  shall

                         equal 110%  irrespective  of when the exchange  occurs.

                         "Tax Event" means the receipt by the  Corporation of an

                         opinion of a tax advisor  experienced  in such matters,

                         who  shall  not  be  an  officer  or  employee  of  the

                         Corporation  or any of its  affiliates,  to the  effect

                         that,  as a result of any  amendment  to, or change in,

                         the laws (or any regulations  thereunder) of the United

                         States or any political subdivision or taxing authority

                         thereof or therein  (including  any proposed  change in

                         such   regulations   announced  by  an   administrative

                         agency),   or  as  a   result   of  any   official   or

                         administrative  pronouncement  or  action  or  judicial

                         decision   interpreting   or  applying   such  laws  or

                         regulations, it is more likely than not that for United

                         States federal income tax purposes (1) the Corporation,

                         its subsidiaries or affiliates or any of its successors

                         or its  stockholders  is or, at any time in the future,

                         will be subject to tax upon the  issuance  of shares of

                         either  Comdisco  Stock or Ventures  Stock,  (2) either

                         Comdisco Stock or Ventures Stock is not or, at any time

                         in the future,  will not be treated  solely as stock of

                         the   Corporation  or  (3)  either  Comdisco  Stock  or

                         Ventures  Stock is or will be treated  as  Section  306

                         stock  under  the  Internal  Revenue  Code of 1986,  as

                         amended.  For purposes of rendering such opinion, a tax

                         advisor shall assume that any administrative  proposals

                         will be adopted as  proposed.  However,  in the event a

                         change in law is proposed,  a tax advisor  shall render

                         an opinion only in the event of enactment.

 

                    (c) Optional  Redemption  of  Ventures Stock for  Stock of a

                        Subsidiary.

 

                         At any time at which all of the assets and  liabilities

                         of   Comdisco   Ventures   (and  no  other   assets  or

                         liabilities  of  the   Corporation  or  any  subsidiary

                         thereof) are held directly or indirectly by one or more

                         subsidiaries   of   the    Corporation    (the   "Group

                         Subsidiaries"),  the Board of Directors  may,  provided

                         that  there  are  funds  of  the  Corporation   legally

                         available therefor, declare that all of the outstanding

                         shares of Ventures  Stock shall be redeemed,  as of the

                         exchange date described  below, for the number of fully

                         paid and  nonassessable  shares of common stock of each

                         of such Group  Subsidiaries  as is equal to the product

                         of the  Outstanding  Interest  Fraction with respect to

                         Comdisco  Ventures  (determined  as of  the  redemption

                         date) and the number of shares of common  stock of each

                         such  Group  Subsidiary  held by  Comdisco  immediately

                         before such  exchange.  Such shares of common  stock of

                         such Group  Subsidiaries  may be delivered  directly or

                         indirectly  through  the  delivery  of shares of one or

                         more of such Group  Subsidiaries  that own  directly or

                         indirectly all of the other shares that are deliverable

                         pursuant to the preceding sentence.

 

                    (d) General Dividend, Conversion and Redemption Provisions.

 

                         (i) If the  Corporation  completes a Disposition of All

                         or  Substantially  All of the Assets of a Group  (other

                         than an Exempt Disposition), the Corporation shall, not

                         more than the 20 Trading Days after the consummation of

                         such Disposition,  issue a press release specifying (w)

                         the Net Proceeds of such Disposition, (x) the number of

                         shares of the  series of Common  Stock  related to such

                         Group  then  outstanding,  (y) the  number of shares of

                         such series of Common Stock  issuable upon  conversion,

                         redemption   or   exercise   of  any   convertible   or

                         exchangeable  securities,  options or warrants  and the

                         conversion,  redemption or exercise  prices thereof and

                         (z) if the Group is not Comdisco  Group,  the Number of

                         Shares  Issuable  with  Respect  to  Comdisco   Group's

                         Retained Interest in such Group. The Corporation shall,

                         not more than 40 Trading Days after such  consummation,

                         announce  by  press   release   which  of  the  actions

                         specified  in Section  3(a)(i) of this  Article 4(A) it

                         has   determined   to  take,   and  upon   making  that

                         announcement,  that  determination will be irrevocable.

                         In addition,  the Corporation  shall,  not more than 45

                         Trading Days after such  consummation and not less than

                         30 Trading  Days before the  applicable  payment  date,

                         redemption  date or conversion  date,  send a notice by

                         first-class  mail,  postage prepaid,  to holders of the

                         relevant  series of Common Stock at their  addresses as

                         they appear on the transfer  books of the  Corporation,

                         specifying:

 

                               (1) if the  Corporation  has  determined to pay a

                               special  dividend,  (A) the record  date for such

                               dividend,  (B) the payment date of such  dividend

                               (which  cannot be more than 90 Trading Days after

                               such  consummation)  and (C) the aggregate amount

                               and type of property to be paid in such  dividend

                               (and the approximate per share amount thereof);

 

                               (2)  if  the   Corporation   has   determined  to

                               undertake   a   redemption,   (A)  the   date  of

                               redemption  (which cannot be more than 90 Trading

                               Days after such consummation),  (B) the aggregate

                               amount  and  type  of  property  to be  paid as a

                               redemption  price (and the  approximate per share

                               amount  thereof),  (C) if less than all shares of

                               the  relevant  series of  Common  Stock are to be

                               redeemed, the number of shares to be redeemed and

                               (D) the place or places  where  certificates  for

                               shares of such series of Common  Stock,  properly

                               endorsed or  assigned  for  transfer  (unless the

                               Corporation waives such  requirement),  should be

                               surrendered  in return for  delivery of the cash,

                               securities  or other  property  to be paid by the

                               Corporation in such redemption; and

 

                               (3)  if  the   Corporation   has   determined  to

                               undertake   a   conversion,   (A)  the   date  of

                               conversion  (which cannot be more than 90 Trading

                               Days after such consummation),  (B) the number of

                               shares of the other  series of Common Stock to be

                               issued  in the  conversion  for each  outstanding

                               share of such series of Common  Stock and (C) the

                               place or places where  certificates for shares of

                               such series of Common Stock, properly endorsed or

                               assigned  for  transfer  (unless the  Corporation

                               waives such  requirement),  should be surrendered

                               in return  for  delivery  of the other  series of

                               Common Stock to be issued by the  Corporation  in

                               such conversion.

 

                         (ii) If the  Corporation has determined to complete any

                         conversion  described  in  Section  3(b) or (c) of this

                         Article 4(A), the Corporation  shall,  not less than 30

                         Trading  Days and not more than 45 Trading  Days before

                         the exchange date,  send a notice by first-class  mail,

                         postage  prepaid,  to holders of the relevant series of

                         Common  Stock at their  addresses as they appear on the

                         transfer books of the  Corporation,  specifying (x) the

                         conversion  date and the other terms of the  conversion

                         and (y) the  place or  places  where  certificates  for

                         shares  of  such  series  of  Common  Stock,   properly

                         endorsed  or   assigned   for   transfer   (unless  the

                         Corporation   waives  such   requirement),   should  be

                         surrendered  for  delivery of the stock to be issued or

                         delivered by the Corporation in such conversion.

 

                         (iii)  Neither the failure to mail any notice  required

                         by  this  Section  3(d)  of  this  Article  4(A) to any

                         particular  holder nor any defect  therein would affect

                         the  sufficiency  thereof  with  respect  to any  other

                         holder or the validity of any  dividend,  redemption or

                         conversion contemplated hereby.

 

                         (iv) If the  Corporation  is redeeming less than all of

                         the  outstanding  shares of a series  of  Common  Stock

                         pursuant to Section  3(a)(i) of this Article 4(A),  the

                         Corporation shall redeem such shares pro rata or by lot

                         or by such  other  method  as the  Board  of  Directors

                         determines to be equitable.

 

                         (v) No holder  of  shares  of a series of Common  Stock

                         being  converted  or  redeemed  shall  be  entitled  to

                         receive any cash,  securities  or other  property to be

                         distributed in such conversion or redemption until such

                         holder   surrenders   certificates   for  such  shares,

                         properly  endorsed or assigned  for  transfer,  at such

                         place as the  Corporation  shall  specify  (unless  the

                         Corporation  waives  such  requirement).   As  soon  as

                         practicable   after  the   Corporation's   receipt   of

                         certificates  for such shares,  the  Corporation  shall

                         deliver  to the person for whose  account  such  shares

                         were so  surrendered,  or to the nominee or nominees of

                         such person, the cash,  securities or other property to

                         which such person shall be entitled,  together with any

                         fractional  payment  referred  to  below,  in each case

                         without  interest.  If less  than all of the  shares of

                         Common  Stock  represented  by any one  certificate  is

                         converted or redeemed, the Corporation shall also issue

                         and  deliver a new  certificate  for the shares of such

                         Common Stock not converted or redeemed.

 

                         (vi) The Corporation  shall not be required to issue or

                         deliver  fractional  shares of any capital stock or any

                         other  fractional  securities  to any  holder of Common

                         Stock upon  conversion,  redemption,  dividend or other

                         distribution described above. If more than one share of

                         Common Stock shall be held at the same time by the same

                         holder,  the  Corporation  may  aggregate the number of

                         shares of any  capital  stock that would be issuable or

                         any other  securities  that would be  distributable  to

                         such  holder  upon  any  such  conversion,  redemption,

                         dividend or other distribution. If there are fractional

                         shares of any  capital  stock or any  other  fractional

                         securities remaining to be issued or distributed to any

                         holder,  the  Corporation  shall,  if  such  fractional

                         shares or securities  are not issued or  distributed to

                         such  holder,  pay cash in respect  of such  fractional

                         shares or  securities  in an  amount  equal to the Fair

                         Value thereof (without interest).

 

                         (vii) From and after the date set for any conversion or

                         redemption  contemplated  by  this  Section  3 of  this

                         Article  4(A),  all  rights  of a holder  of  shares of

                         Common Stock being  converted  or redeemed  shall cease

                         except   for  the   right,   upon   surrender   of  the

                         certificates  theretofore  representing such shares, to

                         receive  the cash,  securities  or other  property  for

                         which such shares were converted or redeemed,  together

                         with any fractional  payment as provided above, in each

                         case without interest (and, if such holder was a holder

                         of  record as of the close of  business  on the  record

                         date for a dividend not yet paid,  the right to receive

                         such  dividend).  A holder of  shares  of Common  Stock

                         being  converted  shall not be  entitled to receive any

                         dividend or other  distribution  with respect to shares

                         of  the  other  series  of  Common  Stock  until  after

                         certificates  theretofore representing the shares being

                         converted are surrendered as contemplated  above.  Upon

                         such surrender, the Corporation shall pay to the holder

                         the  amount  of any  dividends  or other  distributions

                         (without  interest)  which  theretofore  became payable

                         with  respect  to a record  date  occurring  after  the

                         conversion,  but  which  were not paid by reason of the

                         foregoing,  with  respect to the number of whole shares

                         of the other series of Common Stock  represented by the

                         certificate or certificates issued upon such surrender.

                         From and  after  the date set for any  conversion,  the

                         Corporation  shall,  however,  be entitled to treat the

                         certificates  for  shares of a series  of Common  Stock

                         being  converted  that  were  not yet  surrendered  for

                         conversion as evidencing the ownership of the number of

                         whole  shares of the other  series of Common  Stock for

                         which the shares of such Common  Stock should have been

                         converted,  notwithstanding  the  failure to  surrender

                         such certificates.

 

                         (viii)   The   Corporation   shall   pay  any  and  all

                         documentary,  stamp or similar issue or transfer  taxes

                         that  might  be  payable  in  respect  of the  issue or

                         delivery of any shares of capital  stock  and/or  other

                         securities on any conversion or redemption contemplated

                         by  this  Section  3;  provided,   however,   that  the

                         Corporation  shall not be  required to pay any tax that

                         might be payable in respect of the issue or delivery of

                         any shares of capital stock and/or other  securities on

                         any  conversion  or  redemption  contemplated  by  this

                         Section  3;  provided,  however,  that the  Corporation

                         shall  not be  required  to pay any tax  that  might be

                         payable  in  respect of any  transfer  involved  in the

                         issue or delivery of any shares of capital stock and/or

                         other securities in a name other than that in which the

                         shares so converted or redeemed were registered, and no

                         such issue or  delivery  will be made  unless and until

                         the   person   requesting   such   issue  pays  to  the

                         Corporation  the amount of any such tax, or establishes

                         to the  satisfaction of the  Corporation  that such tax

                         has been paid.

 

                         (ix) The  Corporation  may,  subject to applicable law,

                         establish such other rules, requirements and procedures

                         to facilitate  any  dividend,  redemption or conversion

                         contemplated   by  this  Section  3  as  the  Board  of

                         Directors  may  determine to be  appropriate  under the

                         circumstances.

 

               4. Voting Rights.

 

                    At every  meeting of  stockholders,  the holders of Comdisco

                    Stock and the holders of Ventures  Stock shall vote together

                    as a  single  class  on  all  matters  as  to  which  common

                    stockholders  generally  are  entitled  to  vote,  unless  a

                    separate  vote is  required by  applicable  law. On all such

                    matters for which no separate vote is required,  (a) holders

                    of Comdisco Stock shall be entitled to one vote per share of

                    Comdisco  Stock  held and (b) before  the 31st  Trading  Day

                    after the Effective Date, holders of Ventures Stock shall be

                    entitled  to one vote per share of Ventures  Stock held.  On

                    and after the 31st  Trading  Day after the  Effective  Date,

                    holders of  Ventures  Stock shall be entitled to a number of

                    votes per share of Ventures  Stock held  (calculated  to the

                    nearest five  decimal  places)  equal to the Average  Market

                    Value of one share of Ventures  Stock divided by the Average

                    Market  Value of one share of Comdisco  Stock  during the 20

                    Trading Day period ending on (and  including) the applicable

                    record date;  provided  that,  in no event,  shall the total

                    number of votes of all outstanding Ventures Stock exceed 35%

                    of the total  number of votes of all  outstanding  series of

                    Common Stock.

 

               5. Liquidation Rights.

 

                    In the event of any  voluntary or  involuntary  liquidation,

                    dissolution  or  winding-up of the  Corporation,  holders of

                    each  series of Common  Stock  shall be  entitled to receive

                    their  proportionate  interests  in the  net  assets  of the

                    Corporation,   if  any,   remaining  for   distribution   to

                    stockholders,   after   payment  of  or  provision  for  all

                    liabilities,   including   contingent   liabilities  of  the

                    Corporation  and  payment  of  the  liquidation   preference

                    payable to any holders of the Corporation's Preferred Stock,

                    if any such stock is outstanding.  Each share of each series

                    of  Common  Stock  will  be  entitled  to  a  share  of  net

                    liquidation   proceeds  in  proportion  to  the   respective

                    liquidation  units per share of such  class.  Each  share of

                    Comdisco Stock shall have one  liquidation  unit. Each share

                    of the other  series of Common  Stock shall have a number of

                    liquidation  units  (including a fraction of one liquidation

                    unit) equal to the  quotient  (rounded  to the nearest  five

                    decimal  places) of the average Market Value of one share of

                    such  series  of  Common  Stock  during  the 20  consecutive

                    Trading Day period ending on, and  including,  the 300th day

                    after the  Effective  Date,  divided by the  average  Market

                    Value of one share of Comdisco  Stock during such 20 Trading

                    Day period. If the liquidation,  dissolution,  or winding-up

                    of the Corporation occurs before such 300th day, the average

                    Market Value will be determined  based on the 20 consecutive

                    Trading   Day   period   ending   immediately   before   the

                    liquidation,  dissolution,  or  winding-up  event,  or  such

                    lesser number of consecutive  Trading Days immediately prior

                    to such event if the liquidation, dissolution, or winding-up

                    event  occurs  prior  to the  21st  Trading  Day  after  the

                    Effective Date.

 

                    Neither the merger nor consolidation of the Corporation with

                    any other  entity,  nor a sale,  transfer or lease of all or

                    any part of the assets of the Corporation,  would, alone, be

                    deemed a liquidation, dissolution or winding-up for purposes

                    of this Section 5 of this Article 4(A).

 

               6. Adjustments  to  Number  of  Shares  Issuable  with Respect to

                  Comdisco Group's Retained Interest in Any Group.

 

                    The  Number of Shares  Issuable  with  Respect  to  Comdisco

                    Group's  Retained  Interest in any Group,  as in effect from

                    time to time,  shall,  automatically  without  action by the

                    Board of Directors or any other person, be:

 

                         (a) adjusted in proportion to any changes in the number

                         of  outstanding  shares of the  series of Common  Stock

                         related to such Group caused by subdivisions  (by stock

                         split,  reclassification  or otherwise) or combinations

                         (by reverse stock split, reclassification or otherwise)

                         of  shares  of  such  series  of  Common  Stock  or  by

                         dividends  or other  distributions  of  shares  of such

                         series  of Common  Stock on  shares  of such  series of

                         Common  Stock  (and,  in each such  case,  rounded,  if

                         necessary, to the nearest whole number);

 

                         (b)  decreased  by (i) if the  Corporation  issues  any

                         shares of the  series of Common  Stock  related to such

                         Group  and  the  Board  of  Directors  attributes  that

                         issuance (and the proceeds  thereof) to Comdisco Group,

                         the number of shares of each series of Common  Stock so

                         issued, and (ii) if the Board of Directors  reallocates

                         to Comdisco Group any cash or other assets  theretofore

                         allocated to such Group in connection with a redemption

                         of shares of the series of Common Stock related to such

                         Group  (as  required  pursuant  to  clause  (ii) of the

                         proviso to the  definition of Comdisco  Group below) or

                         in  return  for a  decrease  in the  Number  of  Shares

                         Issuable  with  Respect to  Comdisco  Group's  Retained

                         Interest  in  such  Group,  the  number  (rounded,   if

                         necessary,  to the nearest  whole  number) equal to (x)

                         the  aggregate  Fair Value of such cash or other assets

                         divided  by (y) the  Market  Value of one  share of the

                         series of Common Stock  related to such Group as of the

                         date of such reallocation; and

 

                         (c) increased by (i) if the Corporation repurchases any

                         shares of the  series of Common  Stock  related to such

                         Group  and  the  Board  of  Directors  attributes  that

                         repurchase (and the consideration therefor) to Comdisco

                         Group,  the  number of shares of such  series of Common

                         Stock so repurchased and (ii) if the Board of Directors

                         re-allocates  to such  Group  any cash or other  assets

                         theretofore  allocated to Comdisco  Group in return for

                         an  increase  in the  Number  of Shares  Issuable  with

                         Respect to Comdisco Group's  Retained  Interest in such

                         Group,  the  number  (rounded,  if  necessary,  to  the

                         nearest  whole  number)  equal to (x) the Fair Value of

                         such cash or other  assets  divided  by (y) the  Market

                         Value  of one  share  of the  series  of  Common  Stock

                         related   to  such   Group  as  of  the  date  of  such

                         re-allocation.

 

                    Neither the  Corporation  nor the Board of  Directors  shall

                    take  any  action  that  would,  as a  result  of any of the

                    foregoing adjustments,  reduce the Number of Shares Issuable

                    with Respect to Comdisco  Group's  Retained  Interest in any

                    Group to below zero. Subject to the preceding sentence,  the

                    Board of Directors  may attribute the issuance of any shares

                    of any series of Common Stock (and the  proceeds  here from)

                    or the  repurchase  of any  series of Common  Stock (and the

                    consideration therefor) to Comdisco Group and Delivery or to

                    the Group to which such series of Common Stock  relates,  as

                    the Board of Directors  determines  in its sole  discretion;

                    provided,   however,   that  the  Board  of  Directors  must

                    attribute  to Comdisco  Group the  issuance of any shares of

                    any series of Common Stock that are issued (1) as a dividend

                    or  other  distribution  on,  or as  consideration  for  the

                    repurchase   of,   shares  of  Comdisco   Stock  or  (2)  as

                    consideration   to  acquire   any  assets  or  satisfy   any

                    liabilities attributed to Comdisco Group.

 

               7. Additional Definitions.

 

                    As used in this  Article 4, the  following  terms shall have

                    the  following  meanings  (with  terms  defined in  singular

                    having  comparable  meaning when used in the plural and vice

                    versa), unless the context otherwise requires:

 

                    "ALL OR SUBSTANTIALLY  ALL OF THE ASSETS" of any Group means

                    a portion of such assets that represents at least 80% of the

                    then current Fair Value of the assets of such Group.

 

                    "AVAILABLE  DIVIDEND  AMOUNT" for Comdisco Group, on any day

                    on which  dividends are paid on shares of Comdisco Stock, is

                    the amount that would,  immediately  prior to the payment of

                    such  dividends,  be legally  available  for the  payment of

                    dividends on shares of Comdisco  Stock under Delaware law if

                    (a) Comdisco  Group and each other Group were each a single,

                    separate  Delaware  corporation,   (b)  Comdisco  Group  had

                    outstanding  (i) a number of shares  of  common  stock,  par

                    value  $0.10  per  share,  equal to the  number of shares of

                    Comdisco Stock that are then  outstanding  and (ii) a number

                    of shares of  preferred  stock,  par value  $0.10 per share,

                    equal to the number of shares of  Preferred  Stock that have

                    been attributed to Comdisco Group and are then  outstanding,

                    (c) the  assumptions  about each Group that is not  Comdisco

                    Group  set  forth in the  next  sentence  were  true and (d)

                    Comdisco  Group  owned a number of shares of each  series of

                    Common Stock (other than Comdisco Stock) equal to the Number

                    of Shares Issuable with Respect to Comdisco Group's Retained

                    Interest  in each Group to which each such  series of Common

                    Stock relates.

 

                    "AVAILABLE   DIVIDEND  AMOUNT"  for  any  Group  other  than

                    Comdisco  Group,  on any day on which  dividends are paid on

                    shares of the series of Common Stock relating to such Group,

                    is the amount that would,  immediately  prior to the payment

                    of such dividends,  be legally  available for the payment of

                    dividends  on shares of such  series of Common  Stock  under

                    Delaware law if such Group were a single,  separate Delaware

                    corporation  having  outstanding  (a) a number  of shares of

                    common stock, par value $0.10 per share, equal to the number

                    of shares  of such  series  of  Common  Stock  that are then

                    outstanding  plus the Number of Shares Issuable with Respect

                    to Comdisco Group's Retained  Interest in such Group and (b)

                    a number of shares of preferred  stock,  par value $0.10 per

                    share, equal to the number of shares of Preferred Stock that

                    have been attributed to such Group and are then outstanding.

 

                    "COMDISCO GROUP" means (a) all of the businesses, assets and

                    liabilities of the Corporation and its  subsidiaries,  other

                    than the businesses, assets and liabilities that are part of

                    any Group  other  than  Comdisco  Group,  (b) the rights and

                    obligations  of Comdisco  Group under any  inter-Group  debt

                    deemed to be owed to or by  Comdisco  Group (as such  rights

                    and  obligations  are defined in  accordance  with  policies

                    established from time to time by the Board of Directors) and

                    (c)  a  proportionate  interest  in  any  Group  other  than

                    Comdisco   Group  (after   giving  effect  to  any  options,

                    Preferred Stock, other securities or debt issued or incurred

                    by the  Corporation  and  attributed to any Group other than

                    Comdisco Group) equal to the Retained  Interest  Percentage;

                    provided, however, that: (i) the Corporation may re-allocate

                    assets  from one Group to another  Group in return for other

                    assets  or  services  rendered  by that  other  Group in the

                    ordinary  course of business or in accordance  with policies

                    established by the Board of Directors from time to time, and

                    (ii) if the  Corporation  transfers  cash,  other  assets or

                    securities  to holders of shares of a series of Common Stock

                    other  than   Comdisco   Stock  as  a   dividend   or  other

                    distribution on shares of such series of Common Stock (other

                    than a dividend  or  distribution  payable in shares of such

                    series of  Common  Stock),  or as  payment  in a  redemption

                    required by Section  (3)(a) of this Article  4(A),  then the

                    Board of  Directors  shall  re-allocate  from such  Group to

                    Comdisco  Group  cash or other  assets  having a Fair  Value

                    equal to the aggregate Fair Value of the cash,  other assets

                    or securities  so  transferred  times the Retained  Interest

                    Amount with  respect to such Group as of the record date for

                    such  dividend  or  distribution,  or on the  date  of  such

                    redemption, as the case may be.

 

                    "COMDISCO VENTURES" means (a) the venture financing business

                    division  of the  Corporation;  and  all of the  businesses,

                    assets  and   liabilities   of  the   Corporation   and  its

                    subsidiaries  that the  Board of  Directors  has,  as of the

                    Effective   Date,   allocated   to  Comdisco   Ventures  for

                    accounting purposes,  (b) any assets or liabilities acquired

                    or incurred by the  Corporation  or any of its  subsidiaries

                    after the Effective Date in the ordinary  course of business

                    and attributable to Comdisco  Ventures,  (c) any businesses,

                    assets  or   liabilities   acquired   or   incurred  by  the

                    Corporation or any of its  subsidiaries  after the Effective

                    Date that the Board of Directors has specifically  allocated

                    to  Comdisco  Ventures  or that  the  Corporation  otherwise

                    allocates to Comdisco  Ventures in accordance  with policies

                    established  from time to time by the Board of Directors and

                    (d) the rights and  obligations  of Comdisco  Ventures under

                    any  inter-Group  debt  deemed to be owed to or by  Comdisco

                    Ventures  (as such  rights and  obligations  are  defined in

                    accordance  with policies  established  from time to time by

                    the Board of Directors); provided, however, that:

 

                         (i) the  Corporation  may  re-allocate  assets from one

                         Group to another  Group in return  for other  assets or

                         services  rendered by that other Group in the  ordinary

                         course  of  business  or in  accordance  with  policies

                         established  by the  Board of  Directors  from  time to

                         time, and (ii) if the Corporation transfers cash, other

                         assets or  securities  to holders of shares of Ventures

                         Stock as a dividend or other  distribution on shares of

                         Ventures  Stock (other than a dividend or  distribution

                         payable in shares of Ventures Stock),  or as payment in

                         a redemption  of shares of Ventures  Stock  required by

                         Section  3(a) of this Article  4(A),  then the Board of

                         Directors shall  re-allocate from Comdisco  Ventures to

                         Comdisco Group cash or other assets having a Fair Value

                         equal to the  aggregate  Fair Value of the cash,  other

                         assets or  securities  so  transferred  multiplied by a

                         fraction, the numerator of which shall equal the Number

                         of Shares  Issuable  with  Respect to Comdisco  Group's

                         Retained  Interest in such Group on the record date for

                         such dividend or  distribution,  or on the date of such

                         redemption,  and the  denominator  of which shall equal

                         the number of shares of such Group  outstanding on such

                         date.

 

                    "DISPOSITION"  means a sale,  transfer,  assignment or other

                    disposition  (whether  by  merger,  consolidation,  sale  or

                    otherwise)  of All or  Substantially  All of the Assets of a

                    Group to one or more persons or entities, in one transaction

                    or a series of related transactions.

 

                    "DISPOSITION  DATE"  is the  date of the  consummation  of a

                    Disposition.

 

                    "EFFECTIVE  DATE"  means the date on which this  Amended and

                    Restated  Certificate  of  Incorporation  becomes  effective

                    under Delaware law.

 

                    "EXEMPT DISPOSITION" means any of the following:

 

                         (a)  Disposition  in connection  with the  liquidation,

                         dissolution  or winding-up of the  Corporation  and the

                         distribution   of   assets  to   stockholders,   (b)  a

                         Disposition  to any person or entity  controlled by the

                         Corporation (as determined by the Board of Directors in

                         its sole  discretion),  (c) a Disposition  by any Group

                         for  which  the  Corporation   receives   consideration

                         primarily  consisting of equity securities  (including,

                         without   limitation,   capital   stock  of  any  kind,

                         interests   in  a  general  or   limited   partnership,

                         interests  in  a  limited  liability  company  or  debt

                         securities  convertible  into or  exchangeable  for, or

                         options or warrants to acquire,  any of the  foregoing,

                         in each  case  without  regard to the  voting  power or

                         other  management  or  governance   rights   associated

                         therewith)  of an entity which is primarily  engaged or

                         proposes to engage  primarily in one or more businesses

                         similar or  complementary  to  businesses  conducted by

                         such Group prior to the  Disposition,  as determined by

                         the Board of  Directors in its sole  discretion,  (d) a

                         dividend,  out of any  Group's  assets,  to  holders of

                         series  of Common  Stock  related  to such  Group and a

                         re-allocation of a corresponding amount of such Group's

                         assets to Comdisco Group as required pursuant to clause

                         (ii) of the proviso to the definition of Comdisco Group

                         above, (e) a dividend,  out of Comdisco Group's assets,

                         to  holders  of  Comdisco   Stock  and  (f)  any  other

                         Disposition,  if  (i) at the  time  of the  Disposition

                         there are no shares of Comdisco Stock outstanding, (ii)

                         at the time of the  Disposition  there are no shares of

                         the series of Common  Stock  relating to the Group that

                         consummated  such  Disposition   outstanding  or  (iii)

                         before the 30th Trading Day following  the  Disposition

                         the  Corporation has mailed a notice stating that it is

                         exercising its right to exchange all of the outstanding

                         shares of the series of Common  Stock  relating  to the

                         Group  that  consummated  such  Disposition  for  newly

                         issued shares of Comdisco Stock as  contemplated  under

                         Section 3(b) of this Article 4(A).

 

                    "FAIR  VALUE"  means  (a) in the  case of cash,  the  amount

                    thereof,  (b) in the  case of  capital  stock  that has been

                    Publicly  Traded  for a period  of at least 15  months,  the

                    Market Value  thereof and (c) in the case of other assets or

                    securities,  the fair market  value  thereof as the Board of

                    Directors shall determine in good faith (which determination

                    shall be conclusive and binding on all stockholders).

 

                    "GROUP" initially means Comdisco Group or Comdisco Ventures;

                    provided  that if the  Board  of  Directors  authorizes  the

                    issuance  of shares of a series of Common  Stock  other than

                    Comdisco  Stock or Ventures  Stock,  the Board of  Directors

                    shall designate the assets and liabilities of Comdisco Group

                    to which such series of Common Stock  relates,  which assets

                    and  liabilities  shall  be an  additional  "Group"  for all

                    purposes of this Article 4.

 

                    "MARKET  VALUE" of a share of any class or series of capital

                    stock on any  Trading  Day means the average of the high and

                    low  reported  sales  prices of such class or series on such

                    Trading Day or, in case no such reported sale takes place on

                    such Trading  Day,  the average of the reported  closing bid

                    and asked  prices  regular  way of a share of such  class or

                    series on such  Trading  Day,  in either case as reported on

                    the New York Stock Exchange  ("NYSE")  Composite Tape or, if

                    the  shares  of such  class  or  series  are not  listed  or

                    admitted to trading on the NYSE on such  Trading Day, on the

                    principal national  securities  exchange on which the shares

                    of such class or series are  listed or  admitted  to trading

                    or, if not listed or  admitted  to  trading on any  national

                    securities  exchange  on such  Trading  Day,  on The  Nasdaq

                    National  Market System of the Nasdaq Stock Market  ("NASDAQ

                    NMS") or,  if the  shares  of such  class or series  are not

                    listed or  admitted  to trading on any  national  securities

                    exchange  or quoted on the Nasdaq NMS on such  Trading  Day,

                    the average of the  closing bid and asked  prices of a share

                    of such  class or series in the  over-the-counter  market on

                    such  Trading  Day as  furnished  by any  NYSE  member  firm

                    selected  from time to time by the  Corporation  or, if such

                    closing bid and asked  prices are not made  available by any

                    such NYSE member firm on such  Trading  Day, the fair market

                    value of a share of such  class or  series  as the  Board of

                    Directors shall determine in good faith (which determination

                    shall  be  conclusive  and  binding  on  all  stockholders);

                    provided,  that,  for  purposes of  determining  the average

                    Market  Value of a share of any class or  series of  capital

                    stock for any period,  (a) the "Market  Value" of a share of

                    any class or series of capital stock on any day prior to any

                    "ex-dividend" date or any similar date occurring during such

                    period for any  dividend  or  distribution  (other  than any

                    dividend or  distribution  contemplated by clause (b)(ii) of

                    this  sentence)  paid or to be  paid  with  respect  to such

                    capital  stock shall be reduced by the Fair Value of the per

                    share amount of such  dividend or  distribution  and (b) the

                    "Market  Value" of a share of any class or series of capital

                    stock  on any day  prior  to (i) the  effective  date of any

                    subdivision (by stock split or otherwise) or combination (by

                    reverse stock split or otherwise) of  outstanding  shares of

                    such class or series of capital stock occurring  during such

                    period or (ii) any  "ex-dividend"  date or any similar  date

                    occurring   during   such   period  for  any   dividend   or

                    distribution  with respect to such capital  stock to be made

                    in shares of such class or series of capital  stock shall be

                    appropriately  adjusted,  as  determined  by  the  Board  of

                    Directors,   to  reflect  such   subdivision,   combination,

                    dividend or distribution;  and provided further,  if (a) the

                    Corporation  repurchases  outstanding  shares of any  series

                    Common  Stock  other  than  Comdisco  Stock and the Board of

                    Directors  attributes that repurchase (and the consideration

                    therefor)  to the Group to which such series of Common Stock

                    relates  and  (b)  the  Board  of  Directors  determines  to

                    re-allocate   to  Comdisco   Group  cash  or  other   assets

                    theretofore  allocated  to the Group to which such series of

                    Common  Stock  relates  in order  to  avoid a change  in the

                    Retained Interest Percentage,  the "Market Value" of a share

                    any series  Common Stock other than  Comdisco  Stock used to

                    compute the corresponding  reduction in the Number of Shares

                    Issuable with Respect to Comdisco Group's Retained  Interest

                    in the Group to which such  series of Common  Stock  relates

                    will  equal  the Fair  Value of the  consideration  paid per

                    share of Common Stock so repurchased;  and provided further,

                    if the  Corporation  redeems  a portion  of the  outstanding

                    shares of any of series of Common Stock other than  Comdisco

                    Stock (and the Board of Directors  re-allocates  to Comdisco

                    Group  cash or other  assets  theretofore  allocated  to the

                    Group to which such  series of Common  Stock  relates in the

                    manner  required  by  clause  (ii)  of  the  proviso  to the

                    definition of Comdisco Group above), the "Market Value" of a

                    share of such  series of Common  Stock used to  compute  the

                    corresponding  reduction  in the  Number of Shares  Issuable

                    with Respect to Comdisco  Group's  Retained  Interest in the

                    Group to which  such  series of Common  Stock  relates  will

                    equal the Fair Value of the consideration  paid per share of

                    such series of Common Stock so redeemed.

 

                    "NET  PROCEEDS" of a  Disposition  of any of the assets of a

                    Group means the positive amount, if any,  remaining from the

                    gross proceeds of such Disposition  after any payment of, or

                    reasonable  provision  (as  determined  in good faith by the

                    Board of Directors,  which  determination will be conclusive

                    and binding on all stockholders)  for, (a) any taxes payable

                    by the Corporation or any subsidiary or affiliate thereof in

                    respect of such Disposition or which would have been payable

                    but for the utilization of tax benefits  attributable to the

                    Group  not the  subject  of the  Disposition,  (b) any taxes

                    payable  by the  Corporation  in  respect  of any  resulting

                    dividend  or   redemption,   (c)  any   transaction   costs,

                    including, without limitation, any legal, investment banking

                    and  accounting  fees and expenses  and (d) any  liabilities

                    (contingent or otherwise)  of,  attributed to or related to,

                    such Group, including,  without limitation,  any liabilities

                    for deferred taxes or any indemnity or guarantee obligations

                    which are  outstanding  or incurred in  connection  with the

                    Disposition  or  otherwise,   any   liabilities  for  future

                    purchase price  adjustments and any obligations with respect

                    to   outstanding   securities   (other  than  Common  Stock)

                    attributed  to such Group as determined in good faith by the

                    Board of Directors.

 

                    "NUMBER OF SHARES ISSUABLE WITH RESPECT TO COMDISCO  GROUP'S

                    RETAINED   INTEREST"  means,  with  respect  to  any  Group,

                    initially the number the Board of Directors designates prior

                    to the time  the  Corporation  first  issues  shares  of the

                    series  of  Common  Stock  applicable  to such  Group as the

                    number of shares of such  series of Common  Stock that could

                    be issued by the  Corporation  for the  account of  Comdisco

                    Group in respect of its retained  interest in such Group, as

                    authorized  by  Section 1 of this  Article  4(A);  provided,

                    however,  that such  number  as in effect  from time to time

                    shall  automatically be adjusted as required by Section 6 of

                    this Article 4(A).

 

                    "OUTSTANDING  INTEREST  FRACTION"  means (i) with respect to

                    Comdisco Group, at any time of determination,  and (ii) with

                    respect to any other Group, at any time of determination,  a

                    fraction  the  numerator  of which  shall be the  number  of

                    shares  of the  series of Common  Stock  applicable  to such

                    Group  outstanding on such date and the denominator of which

                    shall be the sum of the  number of  shares of the  series of

                    Common Stock  applicable to such Group  outstanding  on such

                    date and the  Number  of Shares  Issuable  with  Respect  to

                    Comdisco Group's Retained Interest in such Group.

 

                    "PUBLICLY  TRADED" with  respect to any  security  means (a)

                    registered  under Section 12 of the Securities  Exchange Act

                    of 1934, as amended (or any successor provision of law), and

                    (b)  listed for  trading on the NYSE (or any other  national

                    securities  exchange  registered  under  Section  7  of  the

                    Securities   Exchange  Act  of  1934,  as  amended  (or  any

                    successor provision of law)) or listed on the Nasdaq NMS (or

                    any successor market system).

 

                    "RETAINED  INTEREST" means with respect to any Group,  other

                    than  Comdisco  Group,  at  any  time  of  determination,  a

                    fraction  the  numerator  of which  shall be the  Number  of

                    Shares  Issuable with Respect to Comdisco  Group's  Retained

                    Interest in such Group and the denominator of which shall be

                    the number of shares of the series of common stock  relating

                    to such Group outstanding on such date.

 

                    "RETAINED  INTEREST  PERCENTAGE"  means (i) with  respect to

                    Comdisco  Group, at any time of  determination,  one (1) and

                    (ii) with respect to any Group that is not  Comdisco  Group,

                    at any time of  determination,  a fraction the  numerator of

                    which shall be the Number of Shares Issuable with Respect to

                    Comdisco  Group's  Retained  Interest  in such Group and the

                    denominator  of  which  shall  be the sum of the  number  of

                    shares  of the  series of common  stock  applicable  to such

                    Group  outstanding  on such  date and the  Number  of Shares

                    Issuable with Respect to Comdisco Group's Retained  Interest

                    in such Group.

 

                    "TRADING  DAY"  means  each  weekday  on which the  relevant

                    security  (or, if there are two  relevant  securities,  each

                    relevant  security)  is  traded  on the  principal  national

                    securities  exchange  on which it is listed or  admitted  to

                    trading  or on the Nasdaq  NMS or, if such  security  is not

                    listed or  admitted  to  trading  on a  national  securities

                    exchange  or  quoted  on  the  Nasdaq  NMS,  traded  in  the

                    principal over-the-counter market in which it trades.

 

               8. Effectiveness of Sections 2 through 7 of This Article 4(A).

 

                    The  terms of  Sections  2  through  7,  inclusive,  of this

                    Article 4 (A) shall  apply  only  when  there are  shares of

                    multiple series of Common Stock outstanding.

 

               9. Determinations by the Board of Directors.

 

                    Subject to applicable  law, any  determinations  made by the

                    Board of  Directors  in good faith  under this  Amended  and

                    Restated Certificate of Incorporation,  as it may be amended

                    from time to time,  including  without  limitation  any such

                    determinations  with respect to the  businesses,  assets and

                    liabilities of either Group, transactions between the Groups

                    or the rights of  holders  of any series of Common  Stock or

                    Preferred  Stock  made  pursuant  to or in  the  furtherance

                    hereof,  shall be final and binding on all  stockholders  of

                    the Corporation.  A record of all formal  determinations  of

                    the Board of Directors made as contemplated  hereby shall be

                    filed  with  the  records  of the  actions  of the  Board of

                    Directors.

 

          B. Preferred Stock.

 

               1.  Designation. The  Preferred  Stock  shall be  designated  and

               known as  "Preferred  Stock."  The  number of shares constituting

               such Preferred Stock shall be 100,000,000.

 

               2.  Rights and  Preferences.  Preferred  Stock may be issued from

               time to time in one or more  series,  each of such series to have

               such terms as stated or expressed herein and in the resolution or

               resolutions providing for the issue of such series adopted by the

               Board of Directors of the  Corporation as  hereinafter  provided.

               Any shares of Preferred Stock,  which may be redeemed,  purchased

               or  acquired  by the  Corporation,  may  be  reissued  except  as

               otherwise  provided by law.  Different  series of Preferred Stock

               shall not be construed to constitute  different classes of shares

               for the purposes of voting by classes unless expressly provided.

 

               Authority is hereby  expressly  granted to the Board of Directors

               from  time to time to issue  the  Preferred  Stock in one or more

               series,  and in connection  with the creation of any such series,

               by  resolution  or  resolutions  providing  for the  issue of the

               shares thereof,  to determine and fix such voting powers, full or

               limited, or no voting powers, and such designations,  preferences

               and relative participating, optional or other special rights, and

               qualifications,  limitations or restrictions  thereof,  including

               without limitation thereof,  dividend rights,  conversion rights,

               redemption  privileges and liquidation  preferences,  as shall be

               stated and expressed in such resolutions,  all to the full extent

               now or  hereafter  permitted  by the General  Corporation  Law of

               Delaware.  Without limiting the generality of the foregoing,  the

               resolutions  providing  for  issuance of any series of  Preferred

               Stock may  provide  that such  series  shall be  superior or rank

               equally or be junior to the  Preferred  Stock of any other series

               to the extent  permitted by law. Except as otherwise  provided in

               this Amended and Restated  Certificate of Incorporation,  no vote

               of the holders of the Preferred  Stock or Common Stock shall be a

               prerequisite  to the designation or issuance of any shares of any

               series of the Preferred  Stock  authorized by and complying  with

               the  conditions  of this  Amended  and  Restated  Certificate  of

               Incorporation, the right to have such vote being expressly waived

               by all  present and future  holders of the  capital  stock of the

               Corporation.

 

          C. Designation of Series C Junior Participating Preferred Stock

 

               1. Designation and Amount.  Two Hundred Thousand (200,000) of the

               authorized and unissued  shares of Preferred Stock are designated

               as "Series C Junior  Participating  Preferred Stock." Such number

               of shares may be  increased or  decreased  by  resolution  of the

               Board of Directors;  provided,  that no decrease shall reduce the

               number of shares of  Series C  Preferred  Stock to a number  less

               than the  number of shares  then  outstanding  plus the number of

               shares  reserved  for issuance  upon the exercise of  outstanding

               options,  rights  or  warrants  or  upon  the  conversion  of any

               outstanding securities issued by the Corporation convertible into

               Series C Junior Participating Preferred Stock.

 

               2. Dividends and Distributions.

 

                    (a) The  holders of shares of Series C Junior  Participating

                    Preferred  Stock shall be entitled to receive,  when, as and

                    if declared by the Board of Directors  out of funds  legally

                    available for the purpose,  quarterly  dividends  payable in

                    cash on the last day of March, June,  September and December

                    in each year (each such date being  referred  to herein as a

                    "Quarterly Dividend Payment Date"),  commencing on the first

                    Quarterly  Dividend Payment Date after the first issuance of

                    a  share  or   fraction  of  a  share  of  Series  C  Junior

                    Participating  Preferred  Stock,  in  an  amount  per  share

                    (rounded  to the  nearest  cent) equal to the greater of (x)

                    $1.00  or  (y)  subject  to  the  provision  for  adjustment

                    hereinafter  set forth,  1,000 times the aggregate per share

                    amount of all cash dividends,  and 1,000 times the aggregate

                    per share amount (payable in kind) of all non-cash dividends

                    or other  distributions  other  than a  dividend  payable in

                    shares of Comdisco Stock or a subdivision of the outstanding

                    shares of Comdisco Stock (by reclassification or otherwise),

                    declared on the Comdisco Stock of the Corporation  since the

                    immediately  preceding  Quarterly Dividend Payment Date, or,

                    with respect to the first Quarterly  Dividend  Payment Date,

                    since the first issuance of any share or fraction of a share

                    of Series C Junior  Participating  Preferred  Stock.  In the

                    event the Corporation  shall at any time after the date that

                    these Restated and Amended Articles of Incorporation  become

                    effective  (the "Rights  Declaration  Date") (i) declare any

                    dividend  on  Comdisco  Stock  payable in shares of Comdisco

                    Stock,  (ii) subdivide the  outstanding  Comdisco  Stock, or

                    (iii) combine the outstanding  Comdisco Stock into a smaller

                    number of shares, then in each such case the amount to which

                    holders of shares of Series C Junior Participating Preferred

                    Stock were  entitled  immediately  prior to such event under

                    clause (y) of the  preceding  sentence  shall be adjusted by

                    multiplying such amount by a fraction the numerator of which

                    is the  number  of  shares  of  Comdisco  Stock  outstanding

                    immediately after such event and the denominator of which is

                    the number of shares of Comdisco Stock that were outstanding

                    immediately prior to such event.

 

                    (b) The Corporation shall declare a dividend or distribution

                    on the  Series C  Junior  Participating  Preferred  Stock as

                    provided  in  Paragraph  (a)  above   immediately  after  it

                    declares a dividend or  distribution  on the Comdisco  Stock

                    (other than a dividend payable in shares of Comdisco Stock);

                    provided  that,  in the event no  dividend  or  distribution

                    shall have been  declared on the  Comdisco  Stock during the

                    period between any Quarterly  Dividend  Payment Date and the

                    next subsequent  Quarterly Dividend Payment Date, a dividend

                    of  $0.01  per  share on the  Series C Junior  Participating

                    Preferred  Stock  shall  nevertheless  be  payable  on  such

                    subsequent Quarterly Dividend Payment Date.

 

                    (c)  Dividends  shall begin to accrue and be  cumulative  on

                    outstanding   shares  of   Series  C  Junior   Participating

                    Preferred  Stock from the  Quarterly  Dividend  Payment Date

                    next  preceding the date of issue of such shares of Series C

                    Junior  Participating  Preferred  Stock,  unless the date of

                    issue of such  shares  is prior to the  record  date for the

                    first  Quarterly   Dividend  Payment  Date,  in  which  case

                    dividends on such shares shall begin to accrue from the date

                    of issue of such  shares,  or unless  the date of issue is a

                    Quarterly  Dividend  Payment  Date  or is a date  after  the

                    record  date for the  determination  of holders of shares of

                    Series C Junior  Participating  Preferred  Stock entitled to

                    receive a  quarterly  dividend  and  before  such  Quarterly

                    Dividend  Payment  Date,  in  either  of which  events  such

                    dividends  shall begin to accrue and be cumulative from such

                    Quarterly   Dividend   Payment  Date.   Accrued  but  unpaid

                    dividends  shall not bear  interest.  Dividends  paid on the

                    shares of Series C Junior  Participating  Preferred Stock in

                    an amount less than the total  amount of such  dividends  at

                    the  time  accrued  and  payable  on such  shares  shall  be

                    allocated pro rata on a share-by-share  basis among all such

                    shares at the time outstanding.

 

               The  Board  of   Directors   may  fix  a  record   date  for  the

               determination   of   holders   of   shares  of  Series  C  Junior

               Participating  Preferred  Stock entitled to receive  payment of a

               dividend or  distribution  declared  thereon,  which  record date

               shall be no more  than 30 days  prior to the date  fixed  for the

               payment thereof.

 

               3.  Voting  Rights.   The holders  of  shares  of Series C Junior

               Participating Preferred  Stock shall  have the  following  voting

               rights:

 

                    (a) Subject to the provision for adjustment  hereinafter set

                    forth, each share of Series C Junior Participating Preferred

                    Stock shall entitle the holder thereof to 1,000 votes on all

                    matters  submitted  to a  vote  of the  stockholders  of the

                    Corporation.  In the event the Corporation shall at any time

                    after the Rights  Declaration  Date (i) declare any dividend

                    on Comdisco Stock payable in shares of Comdisco Stock,  (ii)

                    subdivide the  outstanding  Comdisco Stock, or (iii) combine

                    the  outstanding  Comdisco  Stock  into a smaller  number of

                    shares, then in each such case the number of votes per share

                    to which holders of shares of Series C Junior  Participating

                    Preferred  Stock  were  entitled  immediately  prior to such

                    event  shall be  adjusted  by  multiplying  such number by a

                    fraction  the  numerator of which is the number of shares of

                    Comdisco Stock outstanding  immediately after such event and

                    the denominator of which is the number of shares of Comdisco

                    Stock that were outstanding immediately prior to such event.

 

                    (b)  Except as  otherwise  provided  herein  or by law,  the

                    holders of shares of Series C Junior Participating Preferred

                    Stock and the holders of shares of Comdisco Stock shall vote

                    together as one class on all matters  submitted to a vote of

                    stockholders of the Corporation.

 

                    (c) (i) If at any  time  dividends  on any  Series  C Junior

                    Participating  Preferred  Stock  shall be in  arrears  in an

                    amount equal to six (6)  quarterly  dividends  thereon,  the

                    occurrence of such contingency shall mark the beginning of a

                    period (herein called a "default period") which shall extend

                    until such time when all  accrued and unpaid  dividends  for

                    all previous  quarterly dividend periods and for the current

                    quarterly  dividend  period on all shares of Series C Junior

                    Participating  Preferred Stock then  outstanding  shall have

                    been declared and paid or set apart for payment. During each

                    default period,  all holders of Preferred  Stock  (including

                    holders  of the  Series  C  Junior  Participating  Preferred

                    Stock) with  dividends  in arrears in an amount equal to six

                    (6)  quarterly   dividends  thereon,   voting  as  a  class,

                    irrespective  of  series,  shall have the right to elect two

                    (2) directors.

 

                    (ii) During any  default  period,  such voting  right of the

                    holders of Series C Junior Participating Preferred Stock may

                    be exercised  initially at a special meeting called pursuant

                    to  subparagraph  (iii) of this Section 3(c) of this Article

                    4(C)  or  at  any  annual  meeting  of   stockholders,   and

                    thereafter at annual meetings of stockholders, provided that

                    such voting right shall not be exercised  unless the holders

                    of ten percent (10%) in number of shares of Preferred  Stock

                    outstanding  shall be  present  in person  or by proxy.  The

                    absence of a quorum of the holders of Common Stock shall not

                    affect the  exercise  by the holders of  Preferred  Stock of

                    such  voting  right.  At any meeting at which the holders of

                    Preferred  Stock shall exercise such voting right  initially

                    during an  existing  default  period,  they  shall  have the

                    right,  voting as a class,  to elect  directors to fill such

                    vacancies,  if any,  in the Board of  Directors  as may then

                    exist up to two (2) directors or, if such right is exercised

                    at an annual  meeting,  to elect two (2)  directors.  If the

                    number  which may be so elected at any special  meeting does

                    not  amount  to the  required  number,  the  holders  of the

                    Preferred  Stock shall have the right to make such  increase

                    in the number of  directors  as shall be necessary to permit

                    the  election  by them of the  required  number.  After  the

                    holders of the Preferred  Stock shall have  exercised  their

                    right to elect  directors  in any default  period and during

                    the  continuance  of such  period,  the number of  directors

                    shall not be increased  or  decreased  except by vote of the

                    holders of Preferred Stock as herein provided or pursuant to

                    the rights of any  equity  securities  ranking  senior to or

                    pari passu with the Series C Junior Participating  Preferred

                    Stock.

 

                    (iii) Unless the holders of Preferred Stock shall, during an

                    existing  default period,  have  previously  exercised their

                    right to elect directors,  the Board of Directors may order,

                    or any stockholder or  stockholders  owning in the aggregate

                    not less  than ten  percent  (10%) of the  total  number  of

                    shares  of  Preferred  Stock  outstanding,  irrespective  of

                    series,  may request,  the calling of special meeting of the

                    holders of Preferred Stock, which meeting shall thereupon be

                    called by the President,  a Vice-President  or the Secretary

                    of the Corporation. Notice of such meeting and of any annual

                    meeting at which holders of Preferred  Stock are entitled to

                    vote pursuant to this  subparagraph  (iii) shall be given to

                    each holder of record of  Preferred  Stock by mailing a copy

                    of such  notice to him or her at his or her last  address as

                    the  same  appears  on the  books of the  Corporation.  Such

                    meeting  shall be called for a time not earlier than 20 days

                    and not later than 60 days after such order or request or in

                    default of the calling of such meeting  within 60 days after

                    such order or request, such meeting may be called on similar

                    notice  by any  stockholder  or  stockholders  owning in the

                    aggregate  not less  than  ten  percent  (10%) of the  total

                    number   of   shares   of   Preferred   Stock   outstanding.

                    Notwithstanding  the provisions of this subparagraph  (iii),

                    no such special  meeting  shall be called  during the period

                    within 60 days immediately  preceding the date fixed for the

                    next annual meeting of the stockholders.

 

                    (iv) In any default period, the holders of Common Stock, and

                    other  classes of stock of the  Corporation  if  applicable,

                    shall  continue to be entitled to elect the whole  number of

                    directors  until the holders of  Preferred  Stock shall have

                    exercised their right to elect two (2) directors voting as a

                    class,  after the exercise of which right (x) the  directors

                    so elected by the holders of Preferred  Stock shall continue

                    in office until their  successors shall have been elected by

                    such holders or until the expiration of the default  period,

                    and (y) any vacancy in the Board of Directors may (except as

                    provided  in  Paragraph  (ii) of this  Section  3(c) of this

                    Article  4(C))  be  filled  by  vote  of a  majority  of the

                    remaining  directors  theretofore  elected by the holders of

                    the class of stock which  elected the director  whose office

                    shall have become  vacant.  References in this Paragraph (c)

                    to directors elected by the holders of a particular class of

                    stock shall include  directors  elected by such directors to

                    fill  vacancies  as provided in clause (y) of the  foregoing

                    sentence.

 

                    (v) Immediately upon the expiration of a default period, (x)

                    the right of the  holders of  Preferred  Stock as a class to

                    elect directors  shall cease,  (y) the term of any directors

                    elected by the holders of  Preferred  Stock as a class shall

                    terminate,  and (z) the  number of  directors  shall be such

                    number as may be provided  for in the  Amended and  Restated

                    Certificate of Incorporation or by-laws  irrespective of any

                    increase  made  pursuant  to  the  provisions  of  Paragraph

                    (c)(ii)  of this  Section  3  (such  number  being  subject,

                    however,  to change thereafter in any manner provided by law

                    or in the Amended and Restated  Certificate of Incorporation

                    or  by-laws).  Any  vacancies  in  the  Board  of  Directors

                    effected  by the  provisions  of clauses  (y) and (z) in the

                    preceding  sentence  may  be  filled  by a  majority  of the

                    remaining directors.

 

                    (d) Except as set forth  herein,  holders of Series C Junior

                    Participating  Preferred  Stock shall have no special voting

                    rights and their  consent  shall not be required  (except to

                    the extent they are  entitled to vote with holders of Common

                    Stock as set forth herein) for taking any corporate action.

 

               4. Certain Restrictions.

 

                    (a)  Whenever  quarterly  dividends  or other  dividends  or

                    distributions  payable on the Series C Junior  Participating

                    Preferred  Stock as  provided  in Section 2 of this  Article

                    4(C) are in  arrears,  thereafter  and until all accrued and

                    unpaid dividends and distributions, whether or not declared,

                    on shares of Series C Junior  Participating  Preferred Stock

                    outstanding  shall have been paid in full,  the  Corporation

                    shall not:

 

                         (i)  declare  or  pay  dividends  on,  make  any  other

                         distributions  on, or redeem or purchase  or  otherwise

                         acquire for  consideration  any shares of stock ranking

                         junior  (either as to  dividends  or upon  liquidation,

                         dissolution  or  winding  up) to the  Series  C  Junior

                         Participating Preferred Stock;

 

                         (ii)  declare  or pay  dividends  on or make any  other

                         distributions  on any  shares  of  stock  ranking  on a

                         parity  (either as to  dividends  or upon  liquidation,

                         dissolution  or  winding  up) with the  Series C Junior

                         Participating  Preferred  Stock,  except dividends paid

                         ratably on the Series C Junior Participating  Preferred

                         Stock and all such parity stock on which  dividends are

                         payable  or in  arrears  in  proportion  to  the  total

                         amounts  to which the  holders  of all such  shares are

                         then entitled;

 

                         (iii)  redeem or  purchase  or  otherwise  acquire  for

                         consideration  shares of any stock  ranking on a parity

                         (either   as  to   dividends   or   upon   liquidation,

                         dissolution  or  winding  up) with the  Series C Junior

                         Participating   Preferred  Stock,   provided  that  the

                         Corporation  may  at  any  time  redeem,   purchase  or

                         otherwise  acquire  shares of any such parity  stock in

                         exchange  for  shares of any  stock of the  Corporation

                         ranking   junior   (either  as  to  dividends  or  upon

                         dissolution, liquidation or winding up) to the Series C

                         Junior Participating Preferred Stock; or

 

                         (iv)  purchase or otherwise  acquire for  consideration

                         any shares of Series C Junior  Participating  Preferred

                         Stock,  or any shares of stock ranking on a parity with

                         the  Series C  Junior  Participating  Preferred  Stock,

                         except in  accordance  with a  purchase  offer  made in

                         writing or by  publication  (as determined by the Board

                         of  Directors)  to all holders of such shares upon such

                         terms as the Board of Directors, after consideration of

                         the respective annual dividend rates and other relative

                         rights and  preferences  of the  respective  series and

                         classes,  shall  determine in good faith will result in

                         fair  and  equitable  treatment  among  the  respective

                         series or classes.

 

                    (b) The  Corporation  shall not permit any subsidiary of the

                    Corporation   to   purchase   or   otherwise   acquire   for

                    consideration any shares of stock of the Corporation  unless

                    the Corporation could, under Paragraph (a) of this Section 4

                    of this Article  4(C),  purchase or  otherwise  acquire such

                    shares at such time and in such manner.

 

               5. Reacquired Shares. Any shares of Series C Junior Participating

               Preferred   Stock   purchased  or   otherwise   acquired  by  the

               Corporation  in  any  manner  whatsoever  shall  be  retired  and

               cancelled promptly after the acquisition thereof. All such shares

               shall upon their  cancellation  become  authorized  but  unissued

               shares of  Preferred  Stock and may be  reissued as part of a new

               series  of  Preferred  Stock  to  be  created  by  resolution  or

               resolutions of the Board of Directors,  subject to the conditions

               and restrictions on issuance set forth herein.

 

               6. Liquidation, Dissolution or Winding Up.

 

                    (a)  Upon  any   liquidation   (voluntary   or   otherwise),

                    dissolution   or   winding   up  of  the   Corporation,   no

                    distribution shall be made to the holders of shares of stock

                    ranking junior (either as to dividends or upon  liquidation,

                    dissolution   or   winding   up)  to  the  Series  C  Junior

                    Participating  Preferred  Stock unless,  prior thereto,  the

                    holders of shares of Series C Junior Participating Preferred

                    Stock shall have received an amount equal to 1,000 times the

                    Purchase  Price,  plus an amount equal to accrued and unpaid

                    dividends  and   distributions   thereon,   whether  or  not

                    declared,  to the  date  of  such  payment  (the  "Series  C

                    Liquidation Preference").  Following the payment of the full

                    amount of the Series C Liquidation Preference, no additional

                    distributions  shall be made to the  holders  of  shares  of

                    Series C Junior Participating  Preferred Stock unless, prior

                    thereto,  the holders of shares of Comdisco Stock shall have

                    received  an amount  per share (the  "Comdisco  Adjustment")

                    equal to the quotient  obtained by dividing (i) the Series C

                    Liquidation  Preference  by  (ii)  1,000  (as  appropriately

                    adjusted as set forth in  subparagraph  (C) below to reflect

                    such   events  as  stock   splits,   stock   dividends   and

                    recapitalizations  with respect to the Comdisco Stock) (such

                    number in clause (ii),  the "Comdisco  Adjustment  Number").

                    Following  the  payment  of the full  amount of the Series C

                    Liquidation   Preference  and  the  Comdisco  Adjustment  in

                    respect  of  all  outstanding  shares  of  Series  C  Junior

                    Participating    Preferred   Stock   and   Comdisco   Stock,

                    respectively,  holders  of  Series  C  Junior  Participating

                    Preferred  Stock and  holders  of shares of  Comdisco  Stock

                    shall receive their ratable and  proportionate  share of the

                    remaining  assets  to be  distributed  in the  ratio  of the

                    Comdisco  Adjustment  Number  to  1  with  respect  to  such

                    Preferred  Stock and Comdisco  Stock,  on a per share basis,

                    respectively.

 

                    (b) In the event,  however,  that  there are not  sufficient

                    assets  available to permit  payment in full of the Series C

                    Liquidation  Preference and the  liquidation  preferences of

                    all other series of preferred stock, if any, which rank on a

                    parity  with the  Series C  Junior  Participating  Preferred

                    Stock,  then  such  remaining  assets  shall be  distributed

                    ratably to the holders of such parity  shares in  proportion

                    to their respective liquidation  preferences.  In the event,

                    however,  that there are not sufficient  assets available to

                    permit payment in full of the Comdisco Adjustment, then such

                    remaining assets shall be distributed ratably to the holders

                    of Comdisco Stock.

 

                    (c) In the event the Corporation shall at any time after the

                    Rights Declaration Date (i) declare any dividend on Comdisco

                    Stock payable in shares of Comdisco  Stock,  (ii)  subdivide

                    the  outstanding   Comdisco  Stock,  or  (iii)  combine  the

                    outstanding  Comdisco Stock into a smaller number of shares,

                    then in each such  case the  Comdisco  Adjustment  Number in

                    effect  immediately prior to such event shall be adjusted by

                    multiplying  such Comdisco  Adjustment  Number by a fraction

                    the  numerator  of which is the number of shares of Comdisco

                    Stock  outstanding  immediately  after  such  event  and the

                    denominator  of which is the  number of  shares of  Comdisco

                    Stock that were outstanding immediately prior to such event.

 

               7. Consolidation,  Merger, etc.  Notwithstanding  anything to the

               contrary  contained  herein,  in case the Corporation shall enter

               into any consolidation,  merger, combination or other transaction

               in which  the  shares of  Comdisco  Stock  are  exchanged  for or

               changed  into other  stock or  securities,  cash and/or any other

               property,  then in any such  case the  shares  of Series C Junior

               Participating Preferred Stock shall at the same time be similarly

               exchanged  or  changed  in an amount  per share  (subject  to the

               provision for  adjustment  hereinafter  set forth) equal to 1,000

               times the aggregate amount of stock, securities,  cash and/or any

               other property  (payable in kind), as the case may be, into which

               or  for  which  each  share  of  Comdisco  Stock  is  changed  or

               exchanged.  In the event the Corporation  shall at any time after

               the Rights  Declaration Date (i) declare any dividend on Comdisco

               Stock  payable in shares of Comdisco  Stock,  (ii)  subdivide the

               outstanding  Comdisco  Stock,  or (iii)  combine the  outstanding

               Comdisco Stock into a smaller number of shares, then in each such

               case the amount set forth in the preceding  sentence with respect

               to  the   exchange  or  change  of  shares  of  Series  C  Junior

               Participating  Preferred  Stock shall be adjusted by  multiplying

               such amount by a fraction the numerator of which is the number of

               shares of Comdisco Stock outstanding immediately after such event

               and the  denominator of which is the number of shares of Comdisco

               Stock that were outstanding immediately prior to such event.

 

               8. No Redemption. The  shares  of  Series C  Junior Participating

               Preferred Stock shall not be redeemable.

 

               9.   Amendment.   The  Amended  and   Restated   Certificate   of

               Incorporation of the Corporation  shall not be further amended in

               any manner  which  would  materially  alter or change the powers,

               preferences   or   special   rights   of  the   Series  C  Junior

               Participating  Preferred  Stock so as to  affect  them  adversely

               without the affirmative vote of the holders of a majority or more

               of the  outstanding  shares  of  Series  C  Junior  Participating

               Preferred Stock, voting separately as a class.

 

               10. Fractional Shares.  Series C Junior  Participating  Preferred

               Stock may be issued in fractions  of a share which shall  entitle

               the holder, in proportion to such holders  fractional  shares, to

               exercise  voting  rights,   receive  dividends,   participate  in

               distributions  and to have the  benefit  of all  other  rights of

               holders of Series C Junior Participating Preferred Stock.

 

          D. Designation of Series D Junior Participating Preferred Stock

 

               1. Designation and Amount.  Two Hundred Thousand (200,000) of the

               authorized and unissued  shares of Preferred Stock are designated

               as "Series D Junior  Participating  Preferred Stock." Such number

               of shares may be  increased or  decreased  by  resolution  of the

               Board of Directors;  provided,  that no decrease shall reduce the

               number of shares of  Series D  Preferred  Stock to a number  less

               than the  number of shares  then  outstanding  plus the number of

               shares  reserved  for issuance  upon the exercise of  outstanding

               options,  rights  or  warrants  or  upon  the  conversion  of any

               outstanding securities issued by the Corporation convertible into

               Series D Junior Participating Preferred Stock.

 

               2. Dividends and Distributions.

 

                    (a) The  holders of shares of Series D Junior  Participating

                    Preferred  Stock shall be entitled to receive,  when, as and

                    if declared by the Board of Directors  out of funds  legally

                    available for the purpose,  quarterly  dividends  payable in

                    cash on the last day of March, June,  September and December

                    in each year (each such date being  referred  to herein as a

                    "Quarterly Dividend Payment Date"),  commencing on the first

                    Quarterly  Dividend Payment Date after the first issuance of

                    a  share  or   fraction  of  a  share  of  Series  D  Junior

                    Participating  Preferred  Stock,  in  an  amount  per  share

                    (rounded  to the  nearest  cent) equal to the greater of (x)

                    $1.00  or  (y)  subject  to  the  provision  for  adjustment

                    hereinafter  set forth,  1,000 times the aggregate per share

                    amount of all cash dividends,  and 1,000 times the aggregate

                    per share amount (payable in kind) of all non-cash dividends

                    or other  distributions  other  than a  dividend  payable in

                    shares of Ventures Stock or a subdivision of the outstanding

                    shares of Ventures Stock (by reclassification or otherwise),

                    declared on the Ventures Stock of the Corporation  since the

                    immediately  preceding  Quarterly Dividend Payment Date, or,

                    with respect to the first Quarterly  Dividend  Payment Date,

                    since the first issuance of any share or fraction of a share

                    of Series D Junior  Participating  Preferred  Stock.  In the

                    event the Corporation  shall at any time after the date that

                    these Restated and Amended Articles of Incorporation  become

                    effective  (the "Rights  Declaration  Date") (i) declare any

                    dividend  on  Ventures  Stock  payable in shares of Ventures

                    Stock,  (ii) subdivide the  outstanding  Ventures  Stock, or

                    (iii) combine the outstanding  Ventures Stock into a smaller

                    number of shares, then in each such case the amount to which

                    holders of shares of Series D Junior Participating Preferred

                    Stock were  entitled  immediately  prior to such event under

                    clause (b) of the  preceding  sentence  shall be adjusted by

                    multiplying such amount by a fraction the numerator of which

                    is the  number  of  shares  of  Ventures  Stock  outstanding

                    immediately after such event and the denominator of which is

                    the number of shares of Ventures Stock that were outstanding

                    immediately prior to such event.

 

                    (b) The Corporation shall declare a dividend or distribution

                    on the  Series D  Junior  Participating  Preferred  Stock as

                    provided  in  Paragraph  (y)  above   immediately  after  it

                    declares a dividend or  distribution  on the Ventures  Stock

                    (other than a dividend payable in shares of Ventures Stock);

                    provided  that,  in the event no  dividend  or  distribution

                    shall have been  declared on the  Ventures  Stock during the

                    period between any Quarterly  Dividend  Payment Date and the

                    next subsequent  Quarterly Dividend Payment Date, a dividend

                    of  $0.01  per  share on the  Series D Junior  Participating

                    Preferred  Stock  shall  nevertheless  be  payable  on  such

                    subsequent Quarterly Dividend Payment Date.

 

                    (c)  Dividends  shall begin to accrue and be  cumulative  on

                    outstanding   shares  of   Series  D  Junior   Participating

                    Preferred  Stock from the  Quarterly  Dividend  Payment Date

                    next  preceding the date of issue of such shares of Series D

                    Junior  Participating  Preferred  Stock,  unless the date of

                    issue of such  shares  is prior to the  record  date for the

                    first  Quarterly   Dividend  Payment  Date,  in  which  case

                    dividends on such shares shall begin to accrue from the date

                    of issue of such  shares,  or unless  the date of issue is a

                    Quarterly  Dividend  Payment  Date  or is a date  after  the

                    record  date for the  determination  of holders of shares of

                    Series D Junior  Participating  Preferred  Stock entitled to

                    receive a  quarterly  dividend  and  before  such  Quarterly

                    Dividend  Payment  Date,  in  either  of which  events  such

                    dividends  shall begin to accrue and be cumulative from such

                    Quarterly   Dividend   Payment  Date.   Accrued  but  unpaid

                    dividends  shall not bear  interest.  Dividends  paid on the

                    shares of Series D Junior  Participating  Preferred Stock in

                    an amount less than the total  amount of such  dividends  at

                    the  time  accrued  and  payable  on such  shares  shall  be

                    allocated pro rata on a share-by-share  basis among all such

                    shares at the time outstanding.

 

                    The  Board  of  Directors  may  fix a  record  date  for the

                    determination  of  holders  of  shares  of  Series  D Junior

                    Participating Preferred Stock entitled to receive payment of

                    a dividend or distribution  declared  thereon,  which record

                    date  shall be no more than 30 days  prior to the date fixed

                    for the payment thereof.

 

               3.  Voting  Rights.  The  holders  of  shares  of Series D Junior

               Participating  Preferred  Stock shall have the  following  voting

               rights:

 

                    (a) Subject to the provision for adjustment  hereinafter set

                    forth, each share of Series D Junior Participating Preferred

                    Stock  shall  entitle  the  holder  thereof to the number of

                    votes on all matters submitted to a vote of the stockholders

                    of the Corporation equal to the product of (x) 1,000 and (y)

                    the number of votes then  attributed  to a share of Ventures

                    Stock. In the event the Corporation  shall at any time after

                    the Rights  Declaration  Date (i)  declare  any  dividend on

                    Ventures  Stock  payable in shares of Ventures  Stock,  (ii)

                    subdivide the  outstanding  Ventures Stock, or (iii) combine

                    the  outstanding  Ventures  Stock  into a smaller  number of

                    shares, then in each such case the number of votes per share

                    to which holders of shares of Series D Junior  Participating

                    Preferred  Stock  were  entitled  immediately  prior to such

                    event  shall be  adjusted  by  multiplying  such number by a

                    fraction  the  numerator of which is the number of shares of

                    Ventures Stock outstanding  immediately after such event and

                    the denominator of which is the number of shares of Ventures

                    Stock that were outstanding immediately prior to such event.

 

                    (b)  Except as  otherwise  provided  herein  or by law,  the

                    holders of shares of Series D Junior Participating Preferred

                    Stock and the holders of shares of Ventures Stock shall vote

                    together as one class on all matters  submitted to a vote of

                    stockholders of the Corporation.

 

                    (c) (i) If at any  time  dividends  on any  Series  D Junior

                    Participating  Preferred  Stock  shall be in  arrears  in an

                    amount equal to six (6)  quarterly  dividends  thereon,  the

                    occurrence of such contingency shall mark the beginning of a

                    period (herein called a "default period") which shall extend

                    until such time when all  accrued and unpaid  dividends  for

                    all previous  quarterly dividend periods and for the current

                    quarterly  dividend  period on all shares of Series D Junior

                    Participating  Preferred Stock then  outstanding  shall have

                    been declared and paid or set apart for payment. During each

                    default period,  all holders of Preferred  Stock  (including

                    holders  of the  Series  D  Junior  Participating  Preferred

                    Stock) with  dividends  in arrears in an amount equal to six

                    (6)  quarterly   dividends  thereon,   voting  as  a  class,

                    irrespective  of  series,  shall have the right to elect two

                    (2) directors.

 

                    (ii) During any  default  period,  such voting  right of the

                    holders of Series D Junior Participating Preferred Stock may

                    be exercised  initially at a special meeting called pursuant

                    to  subparagraph  (iii) of this Section 3(c) of this Article

                    4(C)  or  at  any  annual  meeting  of   stockholders,   and

                    thereafter at annual meetings of stockholders, provided that

                    such voting right shall not be exercised  unless the holders

                    of ten percent (10%) in number of shares of Preferred  Stock

                    outstanding  shall be  present  in person  or by proxy.  The

                    absence of a quorum of the holders of Common Stock shall not

                    affect the  exercise  by the holders of  Preferred  Stock of

                    such  voting  right.  At any meeting at which the holders of

                    Preferred  Stock shall exercise such voting right  initially

                    during an  existing  default  period,  they  shall  have the

                    right,  voting as a class,  to elect  directors to fill such

                    vacancies,  if any,  in the Board of  Directors  as may then

                    exist up to two (2) directors or, if such right is exercised

                    at an annual  meeting,  to elect two (2)  directors.  If the

                    number  which may be so elected at any special  meeting does

                    not  amount  to the  required  number,  the  holders  of the

                    Preferred  Stock shall have the right to make such  increase

                    in the number of  directors  as shall be necessary to permit

                    the  election  by them of the  required  number.  After  the

                    holders of the Preferred  Stock shall have  exercised  their

                    right to elect  directors  in any default  period and during

                    the  continuance  of such  period,  the number of  directors

                    shall not be increased  or  decreased  except by vote of the

                    holders of Preferred Stock as herein provided or pursuant to

                    the rights of any  equity  securities  ranking  senior to or

                    pari passu with the Series D Junior Participating  Preferred

                    Stock.

 

                    (iii) Unless the holders of Preferred Stock shall, during an

                    existing  default period,  have  previously  exercised their

                    right to elect directors,  the Board of Directors may order,

                    or any stockholder or  stockholders  owning in the aggregate

                    not less  than ten  percent  (10%) of the  total  number  of

                    shares  of  Preferred  Stock  outstanding,  irrespective  of

                    series,  may request,  the calling of special meeting of the

                    holders of Preferred Stock, which meeting shall thereupon be

                    called by the President,  a Vice-President  or the Secretary

                    of the Corporation. Notice of such meeting and of any annual

                    meeting at which holders of Preferred  Stock are entitled to

                    vote pursuant to this  subparagraph  (iii) shall be given to

                    each holder of record of  Preferred  Stock by mailing a copy

                    of such  notice to him or her at his or her last  address as

                    the  same  appears  on the  books of the  Corporation.  Such

                    meeting  shall be called for a time not earlier than 20 days

                    and not later than 60 days after such order or request or in

                    default of the calling of such meeting  within 60 days after

                    such order or request, such meeting may be called on similar

                    notice  by any  stockholder  or  stockholders  owning in the

                    aggregate  not less  than  ten  percent  (10%) of the  total

                    number   of   shares   of   Preferred   Stock   outstanding.

                    Notwithstanding  the provisions of this subparagraph  (iii),

                    no such special  meeting  shall be called  during the period

                    within 60 days immediately  preceding the date fixed for the

                    next annual meeting of the stockholders.

 

                    (iv) In any default period, the holders of Common Stock, and

                    other  classes of stock of the  Corporation  if  applicable,

                    shall  continue to be entitled to elect the whole  number of

                    directors  until the holders of  Preferred  Stock shall have

                    exercised their right to elect two (2) directors voting as a