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                             RELIANT RESOURCES, INC.



                         COMMON STOCK WARRANT AGREEMENT



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                           Dated as of March 28, 2003



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                                TABLE OF CONTENTS



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Section 1.   Issuance of Warrants..........................................................1



Section 2.   Form of Warrant Certificates..................................................1



Section 3.   Execution of Warrant Certificates.............................................1



Section 4.   Registration..................................................................1



Section 5.   Transfers and Exchanges.......................................................2



Section 6.   Mutilated or Missing Warrant Certificates.....................................2



Section 7.   Exercisability or Cancellation of Warrants; Exercise of Warrants..............2



Section 8.   Adjustment of Number of Warrant Shares Issuable upon Exercise of a Warrant

                and Adjustment of the Relevant Exercise Price..............................5



Section 9.   Reservation of Shares.........................................................9



Section 10.  No Impairment.................................................................9



Section 11.  No Rights or Liabilities as Stockholder.......................................9



Section 12.  Fractional Interests.........................................................10



Section 13.  Registration Rights..........................................................10



Section 14.  [Reserved.]..................................................................17



Section 15.  Definitions..................................................................17



Section 16.  Notices......................................................................21



Section 17.  Supplements, Amendments and Waivers..........................................21



Section 18.  Representations and Warranties of the Warrantholders.........................22



Section 19.  Successors and Assigns.......................................................22



Section 20.  Termination..................................................................22



Section 21.  Governing Law; Jurisdiction..................................................22



Section 22.  Third Party Beneficiaries....................................................23



Section 23.  Headings.....................................................................23



Section 24.  Entire Agreement.............................................................23



Section 25.  Joint Drafting...............................................................23

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SCHEDULE A   List of Warrantholders

EXHIBIT A    Form of Warrant Certificate

              - Election to Purchase

              - Assignment



                                       -i-



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          THIS COMMON STOCK WARRANT AGREEMENT (this "Agreement"), dated as of

March 28, 2003, is made by Reliant Resources, Inc., a Delaware corporation

(including any successor, the "Company"), for the benefit of the holders from

time to time (the "Warrantholders") of the Common Stock Warrants to be issued

pursuant hereto. Certain capitalized terms used herein are defined in Section 15

hereof.



Section 1. Issuance of Warrants.



          The Company hereby authorizes a series of warrants known as the

Reliant Resources, Inc. Common Stock Warrants (the "Warrants") and issues and

grants to the Warrantholders listed on Schedule A hereto warrants to purchase up

to an aggregate of 6.5% of the common stock, par value $.001 per share (the

"Common Stock"), of the Company on a fully-diluted basis as of the date hereof

(after giving effect to the Warrants to be issued pursuant hereto). Each

Warrantholder shall receive the number of Warrants set forth opposite the name

of such Warrantholder on Schedule A attached hereto under the heading "Aggregate

Number of Warrants". Each Warrant shall entitle the holder, subject to the

conditions relating to exercisability and exercise set forth in Section 7 of

this Agreement, to purchase on or after the Relevant Initial Exercise Date and

prior to 5:00 p.m., New York City time, on the Relevant Expiration Date one

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