Document:

Exhibit 10.1

                                PROMISSORY NOTE

$426,799.00                                                     April 10, 2002

     FOR VALUE RECEIVED as a Loan (as defined below), the undersigned William
G. Cooling (the "Borrower"), unconditionally promises to pay to the order of
Panamerican Beverages, Inc., a Panama corporation (the "Lender"), on the
Maturity Date (as defined below) the principal sum of FOUR HUNDRED TWENTY SIX
THOUSAND SEVEN HUNDRED NINETY NINE DOLLARS ($426,799.00), or such lesser
amount of the Loan as shall then be outstanding and unpaid, plus all accrued
and unpaid interest on the Loan.

     The Borrower promises to pay interest on the unpaid principal amount of
the Loan from time to time outstanding, and on any interest that is from time
to time outstanding, at the rate of five percent (5%) per annum, compounded
quarterly, which interest shall accrue quarterly but not be payable until the
Maturity Date.

     All payments hereunder shall be made in U.S. Dollars and in immediately
available funds, without deduction or set-off.

     1. Certain Definitions. As used herein, the following terms shall have
the corresponding meanings.

     (a) "Banking Day" shall mean any day on which commercial banks are not
authorized or required to close in New York City.

     (b) "Commitment" shall mean $426,799.00.

     (c) "Default Rate" shall mean, in respect of any amount not paid when
due, an interest rate of seven percent (7%) per annum, compounded quarterly,
during the period commencing on the due date until such amount is paid in
full.

     (d) "Drawdown Date" shall mean April 10, 2002.

     (e) "Event of Default" shall have the meaning set forth in Section 6
hereof.

     (f) "Loan" shall have the meaning set forth in Section 2 hereof.

     (g) "Maturity Date" shall mean the earlier of (1) June 21, 2006 and (2)
the thirtieth day following the termination of the Borrower's employment with
the Lender; provided, however, that the Maturity Date shall in no event be
earlier than June 21, 2002.

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     (h) "Note" shall mean this Promissory Note.

     (i) "Subsidiary" shall mean, with respect to the Lender, at any time, any
entity of which more than fifty percent (50%) of the outstanding voting stock
or other equity interest entitled ordinarily to vote in the election of the
directors or other governing body (however designated) of such entity is at
the time beneficially owned or controlled directly or indirectly by the
Lender.

     2. The Loan. The Lender agrees, on the terms and conditions of this Note,
to make one loan (the "Loan") to the Borrower on the Drawdown Date in an
aggregate principal amount equal to the Commitment.

     3. Payments.

     (a) Place and Time of Payment. All payments of principal of and interest
on this Note shall be made by electronic wire transfer to the account of the
Lender number 8800374228, ABA 061000104, held with Sun Trust Bank, or to such
other account as the Lender may designate in writing to the Borrower, or by
check drawn to the benefit of the Lender at the offices of Panamco L.L.C., at
701 Waterford Way, Suite 800, Miami, Fl, 33126, not later than 12:00 p.m. (New
York time) on the fifteenth day following the Maturity Date.

     (b) Payments to be on Banking Days. Whenever any payment hereunder shall
be stated to be due on a day other than a Banking Day, such payment shall be
due on the next succeeding Banking Day and any such extension of time shall be
reflected in the computation of payment of interest.

     (c) Interest on Overdue Principal and Other Amounts. In the event that
any principal hereof or any interest hereon is not paid when due (by reason of
demand or otherwise) in accordance with the terms of this Note, the Borrower
will pay interest on such past-due amount from the date such amount becomes
due until the date the same is paid in full, at a rate equal to the Default
Rate.

     (d) Voluntary Prepayments. The Borrower may partially or totally prepay
this Note on any Banking Day; provided, however, that such prepayment is made
together with accrued interest.

     4. Interest. All computations of interest hereon shall be made on the
basis of a year of 360 days for the actual number of days (including the first
day but excluding the last day) occurring in the period for which interest is
payable.

     5. Representations and Warranties. The Borrower represents and warrants
to the Lender as follows:

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     (a) Power and Authority. The Borrower has the power and authority to
execute and deliver this Note, to incur the obligations to be incurred by him
hereunder and to perform and observe the provisions hereof.

     (b) Legally Enforceable Note. This Note has been duly executed and
delivered by the Borrower and constitutes a legal, valid and binding
obligation of the Borrower, enforceable against the Borrower in accordance
with its terms, subject to applicable bankruptcy, insolvency, moratorium and
similar laws affecting creditors' rights generally

     (c) Consent and Approvals. No consent or approval of, or notice to, any
creditor of the Borrower is required by the terms of any agreement or
instrument evidencing any indebtedness of the Borrower for the execution or
delivery of, or the performance of the obligations of the Borrower under, this
Note, and such execution, delivery and performance will not result in any
breach or violation of, or constitute a default under any agreement,
instrument, judgment, order, statute, rule or regulation applicable to the
Borrower or to any of his property.

     (d) Absence of Litigation. There are no actions, proceedings or claims
pending or, to the knowledge of the Borrower, threatened, the adverse
determination of which might have a materially adverse effect on his financial
condition or impair his ability to perform his obligations under, or affect
the validity or enforceability of, this Note.

     (e) Use of Proceeds. The proceeds of the Loan shall be used solely for
the payment of income tax, social security and Medicare taxes.

     6. Events of Default. If any of the following events ("Events of
Default") shall occur and be continuing:

     (a) The Borrower fails to pay any principal or interest hereunder as and
when such amount becomes payable (whether at stated maturity or otherwise); or

     (b) Any representation or warranty made by the Borrower in this Note
proves to have been incorrect in any material respect when made or given; or

     (c) The Borrower (i) fails or is unable to pay his debts generally as
they become due, (ii) commences a voluntary case in bankruptcy or any other
action or proceeding for any other relief under any law affecting creditors'
rights that is similar to a bankruptcy law or (iii) consents by answer or
otherwise to the commencement against him of an involuntary case in bankruptcy
or any other such action or proceeding, or a proceeding is commenced in an
involuntary case in bankruptcy in respect of the Borrower or any property of
the Borrower if such proceeding is not dismissed or stayed on or before the
thirtieth day after the entry thereof or if any such dismissal or stay ceases
to be in effect and such proceeding, in the reasonable opinion of the Lender,
materially affects the ability of the Borrower to perform his obligations
under this Note;

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<PAGE>

THEN, in any such case, if the Lender shall elect by notice to the Borrower
(or his successors as the case may be), the unpaid principal amount of this
Note, together with accrued interest, shall become forthwith due and payable.

     7. Miscellaneous.

     (a) The Borrower waives presentment, notice of dishonor, protest and any
other formality with respect to this Note.

     (b) Sections 11 (assignability and binding nature), 13 (resolution of
disputes), 14 (notices), 15(c) (headings) and 15(g) (governing law) of the
Employment Agreement between the Borrower and the Lender, as in effect on the
date hereof, shall be deemed incorporated herein in full, with references to
the "Agreement", the "Executive" and the "Company" in such sections treated as
references to this Note, the Borrower and the Lender, respectively; provided,
however, that in no event may this Note be assigned by the Lender without the
Borrower's prior written consent.

     (c) This Note sets forth the entire agreement between the parties hereto,
supersedes all prior communications and understandings of any nature and may
not be amended, supplemented or altered except in a writing signed by both
parties hereto.

     (d) Notwithstanding any other provision of this Note, the Lender may at
any time assign, pledge or otherwise transfer this Note or any of its rights
with respect thereto to any of its Subsidiaries; provided, however, that in no
event may this Note be assigned by the Lender without the Borrower's prior
written consent.

     (e) The Lender agrees (on behalf of itself and each of its affiliates,
directors, officers, employees and representatives) to use reasonable
precautions to keep confidential, in accordance with safe and sound commercial
practices, any non-public information supplied to it by the Borrower pursuant
to this Note which is identified by the Borrower as being confidential at the
time the same is delivered to the Lender, provided that nothing herein shall
limit the disclosure of any such information (A) to any Subsidiaries of the
Lender, (B) to the extent required by statute, rule, regulation or judicial
process, (C) to counsel for the Lender, (D) to the Lender's examiners,
auditors or accountants, (E) in connection with the exercise of any remedies
hereunder or any suit, action or proceeding relating to this Note or the
enforcement of rights hereunder, or (F) to any eligible assignee, whether
actual or prospective.

     (f) THE BORROWER IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY
LAW, ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
(WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO
THIS NOTE OR THE ACTIONS OF THE LENDER IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE OR ENFORCEMENT THEREOF.

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     (g) To the extent that the Borrower may now or hereafter be entitled, in
any jurisdiction in which judicial proceedings may at any time be commenced by
the Lender to enforce any judgment rendered by arbitrator(s) pursuant to
Section 13 of the Employment Agreement, to claim for himself or his revenues
or properties any immunity from the jurisdiction of any court or from legal
process (whether from service or notice, attachment prior to judgment,
attachment in aid of execution of judgment, execution of judgment or
otherwise), and to the extent that in any such jurisdiction there may be
attributed to the Borrower any such immunity (whether or not claimed), the
Borrower hereby irrevocably agrees not to claim, and hereby waives, such
immunity in respect of his obligations under this Note.

                          [Intentionally Left Blank]

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         IN WITNESS WHEREOF, the Borrower has executed this Promissory Note in
Mexico on the day and year written below.

                                             /s/ William G. Cooling
                                             ---------------------------------
                                             WILLIAM G. COOLING

                                             Date:  April 10, 2002

                                      6Series A Preference Ordinary Shares

     1.   RESOLVED that, a class of Ordinary Shares in the capital of XL CAPITAL
          LTD, an exempted limited company under the laws of the Cayman Islands
          (the "Company"), designated as "Series A Preference Ordinary Shares."
          The Series A Preference Ordinary Shares shall be cumulative preference
          ordinary shares with a nominal value of US$0.01 and, subject to the
          Articles of Association of the Company (the "Articles") and the
          provisions of and restrictions contained in the Companies Law (2002
          Revision) and every statutory modification or re-enactment thereof for
          the time being in force (the "Law"), have the following preferences
          and rights and shall be subject to the following restrictions:

               (a) Liquidation Preference. On any voluntary or involuntary
               return of assets on liquidation, dissolution, winding-up or
               otherwise of the Company, the assets of the Company legally
               available for distribution among shareholders shall be applied
               first in repaying to the holders of the Series A Preference
               Ordinary Shares (the "Holders") an amount equal to US$25.00 per
               Series A Preference Ordinary Share (inclusive of the nominal
               amount thereof) plus all accrued and unpaid dividends (whether or
               not earned or declared), if any, to the date fixed for
               distribution, in preference to the repayment of such nominal
               amount of and any share premium or other amounts paid on the
               Class A Ordinary Shares and the Class B Ordinary Shares
               (together, the "Ordinary Shares") or any other shares ranking
               junior in right of payment to the Series A Preference Ordinary
               Shares as to the voluntary or involuntary return of assets on
               liquidation, dissolution, winding-up or otherwise of the Company
               or as to dividends (including the Ordinary Shares, the "Junior
               Shares") to the holders of such Junior Shares, without interest
               on such unpaid dividends. In the event that upon any such
               voluntary or involuntary return of assets on liquidation,
               dissolution, winding-up or otherwise, the assets of the Company
               available are insufficient to pay the amount of the liquidation
               distributions on all outstanding Series A Preference Ordinary
               Shares as referred to above and the corresponding amounts payable
               on all other shares ranking pari passu with the Series A
               Preference Ordinary Shares with respect to the payment of
               dividends and amounts upon any voluntary or involuntary return of
               assets on liquidation, dissolution, winding-up or otherwise of
               the Company ("Parity Shares"), then the holders of the Series A
               Preference Ordinary Shares and all such Parity

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                                      -2-

               Shares shall share ratably in such distribution of assets in
               proportion to the full liquidating distributions to which they
               would otherwise be respectively entitled. The Series A Preference
               Ordinary Shares shall not be convertible into or exchangeable for
               any other shares of the Company.

               (b) Dividend Rights. (i) The holders of the Series A Preference
               Ordinary Shares shall be entitled to receive cumulative
               preferential cash dividends in respect of their Series A
               Preference Ordinary Shares at the percentage rate per annum on
               their liquidation value specified by the Attorney on the date of
               pricing of such shares (the "Pricing Date"). Such dividends shall
               be payable in arrears in equal amounts (except as set forth below
               with respect to the initial dividend period) on 31st March, 30th
               June, 30th September and 31st December when and if declared by
               the Directors in each year or, if such date is not a business
               day, on the business day immediately after such date. Such
               dividends will begin to accrue and will be cumulative from the
               date of original issuance. The first dividend, which if declared
               will be payable on 31 December 2002, will represent the period of
               time from and will accrue from the date of original issuance up
               to 31 December 2002. The dividend for such initial period and any
               other dividend payable on the Series A Preference Ordinary Shares
               for any partial dividend period shall be computed on the basis of
               a 360-day year consisting of twelve (12) 30-day months. Dividends
               will be payable to holders of record as they appear in the
               Company's register of members at the close of business on the
               applicable record date, which will be one day prior to the
               dividend payment date as long as all of the Series A Preference
               Ordinary Shares remain in book-entry form. If any of the Series A
               Preference Ordinary Shares are not in book-entry form, the record
               date will be 15 days prior to the dividend payment date (whether
               or not such date is a business day). Holders of Series A
               Preference Ordinary Shares will not be entitled to any dividends
               in excess of full cumulative dividends as described above.
               Dividends on the Series A Preference Ordinary Shares will accrue
               and will be fully cumulative, whether or not there are funds
               legally available for the payment of such dividends and whether
               or not the dividends are declared. No interest or sum of money in
               lieu of interest will be payable on any dividend payment or on
               any payment on Series A Preference Ordinary Shares which is in
               arrears. Any dividend payment made on Series A Preference
               Ordinary Shares will first be credited against the earliest
               accrued but unpaid dividend due with respect to Series A
               Preference Ordinary Shares which remains payable.

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                                      -3-

                    (ii) As long as any Series A Preference Ordinary Shares are
               outstanding, no dividends or other distributions may be declared
               or paid or set apart for payment on any class or series of Parity
               Shares for any period unless either (1) full cumulative dividends
               have been or contemporaneously are declared and paid or declared
               and a sum sufficient for the payment thereof set apart for such
               payments on the Series A Preference Ordinary Shares for all
               dividend periods terminating on or prior to the dividend payment
               date on such Parity Shares, or (2) all dividends declared upon
               the Series A Preference Ordinary Shares and any Parity Shares are
               declared pro rata so that the amount of dividends declared per
               share on the Series A Preference Ordinary Shares and any Parity
               Shares will in all cases bear to each other the same ratio that
               accrued and unpaid dividends per share on the Series A Preference
               Ordinary Shares and such Parity Shares bear to each other.

                    (iii) As long as any Series A Preference Ordinary Shares are
               outstanding (1) no dividends (other than those paid in Ordinary
               Shares or other shares ranking junior in right of payment to the
               Series A Preference Ordinary Shares as to dividends and as to any
               voluntary or involuntary return of assets on liquidation,
               dissolution, winding-up or otherwise of the Company (including
               the Ordinary Shares, "Fully Junior Shares")) may be declared or
               paid or set apart for payment upon any Junior Shares, (2) no
               other distribution (other than those paid in Fully Junior Shares)
               may be declared or paid or set apart for payment upon any Junior
               Shares and (3) no Junior Shares will be redeemed, purchased or
               otherwise acquired (other than a redemption, purchase or other
               acquisition of Ordinary Shares made for purposes of any employee
               incentive, stock, benefit or any similar plan of the Company or
               any of its subsidiaries) for any consideration (or any moneys be
               paid to or made available for a sinking fund or the redemption of
               any Junior Shares) by the Company (except by conversion into or
               exchange for Fully Junior Shares), unless, in any such case, full
               cumulative dividends on the Series A Preference Ordinary Shares
               and any Parity Shares have been or contemporaneously are declared
               and paid, or declared and a sum sufficient for the payment
               thereof set apart for payment, for all dividend periods
               terminating on or prior to the date such dividends or
               distributions are declared or paid on the Junior Shares, or such
               Junior Shares are redeemed, purchased or otherwise acquired.

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                                      -4-

               (c) Voting Rights. (i) Subject to clause (iii) below, and unless
               required by law or court order, the holders of Series A
               Preference Ordinary Shares shall not be entitled to receive
               notice of nor to attend nor to vote at any general meeting of the
               Company.

                    (ii) The holders of Series A Preference Ordinary Shares
               shall be entitled to one vote for each share held at any separate
               general meeting of that class or series (i.e., preference
               ordinary shares or Series A Preference Ordinary Shares,
               respectively), subject to the provisions of Article 41 of the
               Articles. Subject to the applicable provisions of the Articles
               and the Law, unless the Series A Preference Ordinary Shares have
               been previously redeemed or called for redemption (and funds
               necessary for such redemption have been set apart by the Company
               in trust for the benefit of the holders of the Series A
               Preference Ordinary Shares so called for redemption), the Company
               may not take any action which would vary the rights attached to
               the Series A Preference Ordinary Shares and no class or series of
               shares may be created which ranks senior to the Series A
               Preference Ordinary Shares as to dividend rights or as to the
               return of assets on liquidation, dissolution, winding-up or
               otherwise of the Company, in each case, without the approval of a
               special resolution in writing by the holders of 100% of the
               Series A Preference Ordinary Shares or the sanction of a special
               resolution passed by the votes of at least two-thirds of the
               outstanding Series A Preference Ordinary Shares cast at a
               separate general meeting of the holders of the Series A
               Preference Ordinary Shares. At every separate meeting of the
               holders of the Series A Preference Ordinary Shares, the necessary
               quorum shall be any one or more persons present in person or by
               proxy holding not less than 50% of the issued shares of that
               class. Notwithstanding the foregoing and subject to the
               applicable provisions of the Articles and the Law, holders of the
               Series A Preference Ordinary Shares are not entitled to vote on
               any sale of all or substantially all of the assets of the
               Company, and the issuance of any shares that are in parity with
               the Series A Preference Ordinary Shares with respect to payment
               of dividends and distribution of assets in liquidation.

                    (iii) If at any time the equivalent of six (6) or more full
               quarterly dividends (whether consecutive or not) on any series of
               Preference Ordinary Shares (including the Series A Prefer-

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                                      -5-

               ence Ordinary Shares) shall be in arrears (whether or not such
               dividends shall have been earned or declared), then during such
               period until all such arrearages in dividends shall have been
               paid in full, and only during such period (the "Voting Period"),
               the holders of such series of Preference Ordinary Shares
               (including Series A Preference Ordinary Shares) voting together
               with any other series or classes of Preference Ordinary Shares
               also in arrears shall be entitled by ordinary resolution at a
               separate meeting of such holders to elect two persons and
               nominate such elected persons for appointment by the Board of
               Directors as additional Directors of the Company. In no event
               shall there be more than two Directors elected by the holders of
               Preference Ordinary Shares (whether voting alone as a series or
               class or with another series or class so in arrears).

                    (iv) Any Director who shall have been elected pursuant to
               paragraph (2)(c)(iii) above may be removed at any time during a
               Voting Period, either for or without cause, by, and only by,
               ordinary resolution of the holders of the outstanding Preference
               Ordinary Shares of the relevant series at a special separate
               general meeting of such holders called for that purpose. Any
               vacancy thereby created may be filled during such Voting Period
               by ordinary resolution of the holders of Preference Ordinary
               Shares of all the relevant series at such a meeting. Any Director
               elected by holders of Preference Ordinary Shares pursuant to this
               provision, or by any Director so elected as herein contemplated,
               who dies, resigns or otherwise ceases to be a Director during a
               Voting Period shall, except as otherwise provided in the
               preceding sentence, be replaced by the remaining Director
               theretofore elected by the holders of Preference Ordinary Shares
               nominating a replacement for appointment by the Board of
               Directors, provided that if no remaining additional Director is
               then in office, additional Directors will be elected in
               accordance with the procedures described above. At the end of the
               Voting Period, the holders of Preference Ordinary Shares of all
               of the relevant series shall be automatically divested of all
               voting powers vested in them by this provision, but subject
               always to subsequent vesting of such voting power in the holders
               of Preference Ordinary Shares in the event of any similar
               cumulated arrearage in payment of quarterly dividends occurring
               thereafter. The term of all Directors elected and appointed
               pursuant to this

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                                      -6-

               provision shall in all events expire at the end of the applicable
               Voting Period and if the size of the Board was increased for
               purpose of the additional Directors, the number of Directors
               constituting the Board shall be reduced accordingly. The
               provisions of the Articles relating to general meetings and the
               provisions of Article 41 of the Articles shall apply, mutatis
               mutandis, to every such separate meeting, except that the
               necessary quorum shall be any one or more persons present in
               person or by proxy holding not less than fifty percent (50%) of
               the issued Preference Ordinary Shares of the relevant series.

               (d) Redemption. The Company shall be entitled to redeem all or
               any of the Series A Preference Ordinary Shares as follows:

                    (i) Subject to clauses (ii), (iii) and (iv), the Series A
               Preference Ordinary Shares shall not be redeemable by the Company
               prior to the date to be determined by the Attorney on the Pricing
               Date. On or after such date, the Company shall be entitled at any
               time in whole or from time to time in part by not less than
               thirty (30) days nor more than sixty (60) days' prior written
               notice to the relevant Holders, in such form and given in such
               manner as the Directors shall from time to time determine and in
               accordance with paragraph (e) below, to redeem all or any of the
               Series A Preference Ordinary Shares pursuant to this clause for
               cash at a redemption price of US$25.00 per share being redeemed
               (inclusive of the nominal value thereof) plus all accrued and
               unpaid dividends, if any, thereon to the date of redemption,
               without interest on such unpaid dividends.

                    (ii) At any time prior to the date determined by the
               Attorney on the Pricing Date, if the Company shall have submitted
               to the holders of Ordinary Shares a proposal for an amalgamation,
               consolidation, merger, arrangement, reconstruction,
               reincorporation, de-registration or any other similar transaction
               involving the Company that requires or shall have submitted any
               proposal for any other matter that, as a result of any change in
               Cayman Islands Law after 9 August 2002 (whether by enactment or
               official interpretation), requires, in each case, a vote of the
               holders of the Series A Preference Ordinary Shares voting
               separately as a single class (alone or with one or more class or
               series of Preference Ordinary Shares), the Company shall be
               entitled by not

<PAGE>
                                      -7-

               less than thirty (30) days nor more than sixty (60) days prior
               written notice to the relevant Holders, in such form and given in
               such manner as the Directors shall from time to time determine
               and in accordance with paragraph (e) below, to redeem all Series
               A Preference Ordinary Shares pursuant to this clause for cash at
               a redemption price of US$26.00 per share being redeemed
               (inclusive of the nominal value thereof), plus all accrued and
               unpaid dividends, if any, to the date of redemption.

                    (iii) If there is a "change in tax law" that would require
               the Company or any successor company to pay additional amounts
               with respect to the Series A Preference Ordinary Shares on the
               next succeeding dividend payment date, and the payment of those
               additional amounts cannot be avoided by the use of any reasonable
               measures available to the Company or any successor company, the
               Company shall be entitled at any time thereafter by not less than
               thirty (30) days nor more than sixty (60) days prior written
               notice to the relevant Holders, in such form and given in such
               manner as the Directors shall from time to time determine and in
               accordance with paragraph (e) below, to redeem any or all Series
               A Preference Ordinary Shares pursuant to this clause for cash at
               a redemption price of US$25.00 per share being redeemed
               (inclusive of the nominal value thereof) plus accrued and unpaid
               dividends, if any, to the date of redemption. For the purposes of
               this provision, a "change in tax law" shall be (a) a change in or
               amendment to laws, regulations or rulings of any jurisdiction,
               political subdivision or taxing authority described in the next
               sentence, (b) a change in the official application or
               interpretation of those laws, regulations or rulings, or (c) any
               execution of or amendment to any treaty affecting taxation to
               which any jurisdiction, political subdivision or taxing authority
               described in the next sentence is party after 9 August 2002. The
               jurisdictions, political subdivisions and taxing authorities
               referred to in the previous sentence are (a) the Cayman Islands
               or any political subdivision or governmental authority of or in
               the Cayman Islands with the power to tax, (b) any jurisdiction
               from or through which the Company or its paying agent is making
               payments on the Series A Preference Ordinary Shares or any
               political subdivision or governmental authority of or in that
               jurisdiction with the power to tax, or (c)

<PAGE>
                                      -8-

               any other jurisdiction in which the Company or its successor
               company is organized or generally subject to taxation or any
               political subdivision or governmental authority of or in that
               jurisdiction with the power to tax.

                    (iv) If the entity formed by a consolidation, merger or
               amalgamation involving the Company or the entity to which the
               Company conveys, transfers or leases substantially all of its
               properties and assets is required to pay additional amounts in
               respect of any tax, assessment or governmental charge imposed on
               any holder of Series A Preference Ordinary Shares as a result of
               a change in tax law that occurred after the date of the
               consolidation, merger, amalgamation, conveyance, transfer or
               lease, and the payment of those amounts cannot be avoided by the
               use of any reasonable measures available to the Company or any
               successor company, the Company shall be entitled at any time
               thereafter by not less than thirty (30) days nor more than sixty
               (60) days prior written notice to the relevant Holders, in such
               form and given in such manner as the Directors shall from time to
               time determine and in accordance with paragraph (e) below, to
               redeem any or all Series A Preference Ordinary Shares pursuant to
               this clause for cash at a redemption price of US$25.00 per share
               being redeemed, (inclusive of the nominal value thereof), plus
               all accrued and unpaid dividends, if any, to the date of
               redemption.

               (e) Notice of any redemption described herein will be mailed at
               least thirty (30) days but not more than sixty (60) days before
               the redemption date to each holder of record of Series A
               Preference Ordinary Shares to be redeemed at the address shown in
               the register of members of the Company. Each notice will state as
               appropriate: (1) the redemption date; (2) the number of Series A
               Preference Ordinary Shares to be redeemed; (3) the redemption
               price; (4) the place or places where certificates for Series A
               Preference Ordinary Shares are to be surrendered for payment of
               the redemption price if any such certificates are outstanding;
               and (5) where applicable, that dividends on the Series A
               Preference Ordinary Shares to be redeemed will cease to accrue on
               such redemption date. If fewer than all Series A Preference
               Ordinary Shares are to be redeemed, the notice mailed to each
               such holder thereof will also specify the number of Series A
               Preference Ordinary Shares to be

<PAGE>
                                      -9-

               redeemed from such holder. The notice shall contain (i) the name
               and address of the relevant bank or trust company to be used for
               purposes of redemption (if any) and (ii) a statement as to the
               deposit or intent to deposit the redemption funds in such trust
               account.

               (f) If fewer than all of the Series A Preference Ordinary Shares
               are to be redeemed, the number of shares to be redeemed will be
               determined by the Directors in their absolute discretion and such
               Series A Preference Ordinary Shares may be redeemed pro rata from
               the holders of record in proportion to the number of Series A
               Preference Ordinary Shares held by such holders (with adjustments
               to avoid redemption of fractional shares), by lot or by any other
               method determined by the Directors to be equitable in the
               Directors' sole discretion.

               (g) If notice of redemption of any Series A Preference Ordinary
               Shares has been given and if the funds necessary for such
               redemption have been set apart by the Company in trust for the
               benefit of the holders of Series A Preference Ordinary Shares so
               called for redemption, then from and after the redemption date,
               dividends will cease to accrue on the Series A Preference
               Ordinary Shares being redeemed, the Series A Preference Ordinary
               Shares will no longer be deemed to be outstanding and all rights
               of the holders of such shares will terminate, except the right to
               receive the redemption price.

               (h) The holders of Series A Preference Ordinary Shares at the
               close of business on a dividend record date will be entitled to
               receive the dividend payable with respect to such Series A
               Preference Ordinary Shares on the corresponding dividend payment
               date notwithstanding the redemption thereof between the dividend
               record date and the corresponding dividend payment date or a
               default in the payment of the dividend due.

               (i) Unless full cumulative dividends on all Series A Preference
               Ordinary Shares and all Parity Shares shall have been declared
               and paid, or declared and a sum sufficient for the payment
               thereof set apart for payment for all past dividend periods
               terminating on or prior to the date of a redemption, purchase or
               other acquisition, no Series A Preference Ordinary Shares or any
               Parity Shares may be

<PAGE>
                                      -10-

               redeemed, purchased or otherwise acquired by the Company unless
               all Series A Preference Ordinary Shares and any Parity Shares are
               redeemed; provided, that, the Company may acquire fewer than all
               of the Series A Preference Ordinary Shares or any Parity Shares
               pursuant to a purchase or exchange offer made on the same terms
               to holders of all Series A Preference Ordinary Shares and Parity
               Shares as determined in good faith by the Board of Directors of
               the Company.

               (j) The Company, subject to (1) the special rights granted to any
               of the Company's issued and outstanding shares and (2) the
               Company's requirement pursuant to clause (i) to make a purchase
               or exchange offering on the same terms to holders of all
               outstanding Series A Preference Ordinary Shares and Parity
               Shares, may purchase Series A Preference Ordinary Shares. Any
               such purchase made by the Company may be made in the open market,
               by tender to all holders of Series A Preference Ordinary Shares,
               by private agreement or otherwise as the Directors see fit. Any
               Series A Preference Ordinary Shares purchased by the Company for
               its own account (other than in the ordinary course of business of
               dealing in securities) will be canceled by the Company and will
               no longer be issued and outstanding.

               (k) The Series A Preference Ordinary Shares may be purchased or
               redeemed by the Company either out of profits or from the
               proceeds of a fresh issue of shares or out of capital or the
               share premium account.

               (l) Payment of the redemption amount shall only be effected upon
               surrender to the Company for cancellation of any share
               certificate in respect of the Series A Preference Ordinary Shares
               (to the extent such certificates are outstanding) to be redeemed
               and shall be made as promptly as practicable. If any certificate
               so surrendered includes Series A Preference Ordinary Shares not
               being redeemed, a new certificate for the remaining Series A
               Preference Ordinary Shares shall be issued to the holder in
               accordance with the Articles of Association of the Company
               without charge to such holder.

               (m) The Directors may make such further regulations concerning
               the administerial process of redemption as they shall from time

<PAGE>
                                      -11-

               to time deem necessary so long as the rights of the Holders are
               not varied.

               (n) The rights conferred upon the holders of any class or series
               of the Series A Preference Ordinary Shares shall not be deemed to
               be varied by the creation or issue of any Parity Shares, Junior
               Shares or Fully Junior Shares.

               (o) Payments of Additional Amounts. Payments on the Series A
               Preference Ordinary Shares shall be made free and clear of and
               without deduction or withholding for or on account of any present
               or future taxes, assessments or other governmental charges
               imposed by any jurisdiction, political subdivision or taxing
               authority described in clause 1(d)(iii) of these Resolutions,
               unless the deduction or withholding of such taxes, assessments or
               other governmental charges is required by law, regulations or
               rulings or the application or official interpretation of such
               law, regulations or rulings. In that event, the Company shall pay
               or cause to be paid additional amounts to the registered holders
               of the Series A Preference Ordinary Shares as additional
               dividends to make up for any deduction or withholding for any
               present or future taxes, assessments or other governmental
               charges imposed by any jurisdiction, political subdivision or
               taxing authority described in clause 1(d)(iii) of these
               Resolutions in respect of any amounts that the Company or a
               successor company must pay with respect to the Series A
               Preference Ordinary Shares, so that the net amounts paid to the
               holders of the Series A Preference Ordinary Shares, after that
               deduction or withholding, shall equal the respective amounts that
               would have been receivable by such holders had no such
               withholding or deduction been required. However, the Company
               shall not be obligated to pay additional amounts to any holder
               that:

                    (i) resides in or is a citizen of the jurisdiction,
               political subdivision or taxing authority imposing the taxes,
               assessments or other governmental charges that would otherwise
               trigger the Company's obligation to pay additional amounts; or

                    (ii) is a fiduciary, partnership, limited liability company
               or other pass-thru entity if, and to the extent that, the payment
               of additional amounts would be required by a jurisdiction,
               political subdivision or taxing authority described in clause
               1(d)(iii) of

<PAGE>
                                      -12-

               these Resolutions to be included in the income for tax purposes
               of a beneficiary or settlor with respect to that fiduciary or a
               member of that partnership, limited liability company or other
               pass-thru entity who would not have been entitled to any
               additional amounts had that beneficiary, settlor or member held
               those Series A Preference Ordinary Shares directly.

          In addition, the Company shall not be obligated to pay any additional
          amounts to a holder of Series A Preference Ordinary Shares on account
          of:

                    (i) any tax, assessment or other governmental charge that
               would not have been imposed but for the existence of any present
               or former connection between the holder, or certain other
               persons, and the taxing jurisdiction or political subdivision, or
               any Series A Preference Ordinary Shares presented for payment
               more than thirty (30) days after the Relevant Date;

                    (ii) any estate, inheritance, gift, sales, transfer,
               personal property or similar tax, assessment or other
               governmental charge;

                    (iii) any tax, assessment or other governmental charge that
               is payable otherwise than by withholding or deduction from
               payment of the liquidation preference of or any dividends on the
               Series A Preference Ordinary Shares;

                    (iv) any tax, assessment or other governmental charge that
               is imposed or withheld by reason of the failure by the holder or
               the beneficial owner of the Series A Preference Ordinary Shares
               to promptly comply with a request by the Company to (a) provide
               information, documents, certifications or other evidence
               concerning the nationality, residence or identity of the holder
               or beneficial owner or (b) make and deliver any declaration or
               other similar claim, other than a claim for refund of a tax,
               assessment or other governmental charge withheld by the Company,
               or satisfy any information or reporting requirements, which, in
               the case of clauses (a) or (b), is required or imposed by a
               statute, treaty, regulation or administrative practice of the
               taxing jurisdiction as a precondition to exemption from all or
               part of that tax, assessment or other governmental charge; or

<PAGE>
                                      -13-

                    (v) any combination of the items identified by the
               subparagraphs above.

          The "Relevant Date" means, in respect of any payment, the date on
          which such payment first becomes due and payable, but if the full
          amount of the moneys payable has not been received by the depositary
          on or prior to such due date, it means the first date on which, the
          full amount of such moneys having been so received and being available
          for payment to holders, notice to that effect shall have been duly
          given to the holders of the Series A Preference Ordinary Shares; and
          be it further

               (p) No Preemptive Rights. The Series A Preference Ordinary Shares
               shall not be entitled to the benefits of any retirement or
               sinking fund. No holder of Series A Preference Ordinary Shares,
               solely by reason of any such holding, has or will have any
               preemptive right to subscribe for any additional issue of the
               Company's shares of any class or series or to any security
               convertible into any such shares.

               (q) Ranking. Any class or series of shares of the Company shall
               be deemed to rank (1) prior to the Series A Preference Ordinary
               Shares, as to the payment of dividends and as to any voluntary or
               involuntary return of assets on liquidation, dissolution,
               winding-up or otherwise of the Company, if the holders of such
               class or series shall be entitled to the receipt of dividends or
               of amounts distributable upon any voluntary or involuntary return
               of assets on liquidation, dissolution, winding-up or otherwise,
               as the case may be, in preference or priority to the holders of
               the Series A Preference Ordinary Shares, (2) on a parity with
               Series A Preference Ordinary Shares, as to the payment of
               dividends and as to distribution of assets upon any voluntary or
               involuntary return of assets on liquidation, dissolution,
               winding-up or otherwise of the Company, whether or not the
               dividend rates, dividend payment dates or redemption or
               liquidation prices per share thereof shall be different from
               those of the Series A Preference Ordinary Shares, if the holders
               of such class or series and the Series A Preference Ordinary
               Shares shall be entitled to the receipt of dividends and of
               amounts distributable upon any voluntary or involuntary return of
               assets on liquidation, dissolution, winding up or otherwise of
               the Company in proportion to their respective amounts of accrued
               and unpaid dividends per share or liquidation preferences,
               without preference or priority one over the other and (3) junior
               to the Series A Preference Ordinary Shares, as to the payment of
               divi-

<PAGE>
                                      -14-

               dends and as to distribution of assets upon any voluntary or
               involuntary return of assets on liquidation, dissolution,
               winding-up or otherwise of the Company, if such class or series
               is ordinary shares or other shares ranking junior in right of
               payment to Series A Preference Ordinary Shares as to dividends
               and/or as to the distribution of assets upon any voluntary or
               involuntary return of assets on liquidation, dissolution,
               winding-up or otherwise of the Company; and be it further

     2. RESOLVED that, in the event that the holders of the Preference Ordinary
     Shares elect two persons and nominate such elected persons for appointment
     by the Board of Directors as additional Directors of the Company pursuant
     to paragraph 1(c)(iii) of these Resolutions during a Voting Period, the
     Board of Directors hereby, pursuant to Article 52 of the Articles, increase
     the number of persons consisting of the Board of Directors by two persons
     (subject to the limit in the number of Directors stated in Article 52) and
     hereby appoint, pursuant to Article 82 of the Articles, such persons
     elected and nominated by the holders of Preference Ordinary Shares as
     additional Directors of the Company. Such additional Directors shall be
     apportioned among the classes of Directors in accordance with Article 81(a)
     of the Articles. Such appointment is conditional upon and subject to the
     following:

               (a) the term of office of each such Director shall in all events
               automatically expire at the end of the applicable Voting Period;
               and

               (b) prior to the appointment of each such elected person as a
               Director becoming effective, each such person shall provide to
               the Company notice in writing that he resigns the office of
               Director, in the form attached to these Resolutions, which form
               is hereby approved, such notice to only be effective upon the
               earliest of: (i) the expiration of the Voting Period during which
               such Director was appointed or (ii) the passing of an ordinary
               resolution by the holders of the relevant series of outstanding
               Preference Ordinary Shares for the removal of such Director (in
               accordance with paragraph 1(c)(iv) of these Resolutions); and be
               it further

     3. RESOLVED that, in the event that it is necessary for any Director
     elected and nominated by the holders of Preference Ordinary Shares to be
     removed from office in accordance with the provisions of paragraph 1(c)(iv)
     of these Resolutions, the Board of Directors shall put a Special Resolution
     to the Company at the immediately following Annual General Meeting of the
     Com-

<PAGE>
                                      -15-

     pany for the removal of such Director or Directors pursuant to Article
     81(b) of the Articles; and be it further

     4. RESOLVED that, in the event that to give effect to the rights granted to
     the holders of Preference Ordinary Shares by the provisions of paragraph
     1(c)(iii) of these Resolutions it is necessary to increase the limit in the
     number of Directors specified in Article 52 of the Articles, the Directors
     shall put an ordinary resolution to the Company at the next Annual General
     Meeting of the Company to increase the limit in the number of Directors;
     and be it further

     5. RESOLVED, that the Company be, and it hereby is, authorized to issue and
     sell up to 23,000,000 Series A Preference Ordinary Shares, par value
     US$0.01 (including Series A Preference Ordinary Shares to be sold pursuant
     to any over-allotment option), to one or more underwriters to be named in
     an underwriting agreement at a price at which issued and sold by the
     Company, in such number and at such price, rate of dividends, and other
     terms and conditions of such Series A Preference Ordinary Shares to be
     determined by the Attorney (as defined below) upon the issue of such
     shares. All such determinations in respect of the Series A Preference
     Ordinary Shares made by the Attorney, including, without limitation,
     approval of the form of share certificate, are hereby ratified and
     confirmed.

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