Document:

Exhibit 4.2

 

 

 

GRUPO AEROPORTUARIO DEL PACIFICO, S.A. de C.V.

AND

THE BANK OF NEW YORK

as Depositary

AND

OWNERS OF AMERICAN

DEPOSITARY RECEIPTS

 

 

 

Form of Deposit Agreement

 

 

 

Dated as of               ,
2006

 

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I DEFINITIONS

  	
   

  	
  1

  
	
  SECTION 1.01.

  	
   

  	
  Certain Terms Defined.

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II
  FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY,
  REGISTRATION OF TRANSFER AND SURRENDER OF RECEIPTS

  	
   

  	
  4

  
	
  SECTION 2.01.

  	
   

  	
  Form and Transferability of Receipts.

  	
   

  	
  4

  
	
  SECTION 2.02.

  	
   

  	
  Deposit of Shares.

  	
   

  	
  4

  
	
  SECTION 2.03.

  	
   

  	
  Execution and Delivery of Receipts.

  	
   

  	
  5

  
	
  SECTION 2.04.

  	
   

  	
  Registration of Transfer of Receipts; Combinations
  and Split-ups of Receipts.

  	
   

  	
  6

  
	
  SECTION 2.05.

  	
   

  	
  Surrender of Receipts and Withdrawal of Deposited
  Securities.

  	
   

  	
  7

  
	
  SECTION 2.06.

  	
   

  	
  Limitations on Execution and Delivery, Transfer and
  Surrender of Receipts.

  	
   

  	
  8

  
	
  SECTION 2.07.

  	
   

  	
  Lost Receipts, etc.

  	
   

  	
  9

  
	
  SECTION 2.08.

  	
   

  	
  Cancellation and Destruction of Surrendered
  Receipts.

  	
   

  	
  9

  
	
  SECTION 2.09.

  	
   

  	
  Pre-Release.

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  	
  10

  
	
  SECTION 3.01.

  	
   

  	
  Filing Proofs, Certificates and Other Information.

  	
   

  	
  10

  
	
  SECTION 3.02.

  	
   

  	
  Liability of Owner for Taxes.

  	
   

  	
  11

  
	
  SECTION 3.03.

  	
   

  	
  Warranties on Deposit of Shares.

  	
   

  	
  11

  
	
  SECTION 3.04.

  	
   

  	
  Disclosure of Interests.

  	
   

  	
  11

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
   

  	
  12

  
	
  SECTION 4.01.

  	
   

  	
  Cash Distributions.

  	
   

  	
  12

  
	
  SECTION 4.02.

  	
   

  	
  Distributions Other Than Cash or Shares.

  	
   

  	
  12

  
	
  SECTION 4.03.

  	
   

  	
  Distribution in Shares.

  	
   

  	
  13

  
	
  SECTION 4.04.

  	
   

  	
  Rights.

  	
   

  	
  13

  
	
  SECTION 4.05.

  	
   

  	
  Conversion of Foreign Currency.

  	
   

  	
  14

  
	
  SECTION 4.06.

  	
   

  	
  Fixing of Record Date.

  	
   

  	
  15

  
	
  SECTION 4.07.

  	
   

  	
  Voting of Deposited Securities.

  	
   

  	
  16

  
	
  SECTION 4.08.

  	
   

  	
  Changes Affecting Deposited Securities.

  	
   

  	
  17

  

 

 

	
  SECTION 4.09.

  	
   

  	
  Reports.

  	
   

  	
  17

  
	
  SECTION 4.10.

  	
   

  	
  Lists of Receipt Owners.

  	
   

  	
  17

  
	
  SECTION 4.11.

  	
   

  	
  Withholding.

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
   

  	
  18

  
	
  SECTION 5.01.

  	
   

  	
  Maintenance of Office and Transfer Books by the
  Depositary.

  	
   

  	
  18

  
	
  SECTION 5.02.

  	
   

  	
  Prevention or Delay in Performance by the Depositary
  or the Company.

  	
   

  	
  19

  
	
  SECTION 5.03.

  	
   

  	
  Obligations of the Depositary and the Company.

  	
   

  	
  19

  
	
  SECTION 5.04.

  	
   

  	
  Resignation and Removal of the Depositary;
  Appointment of Successor Depositary.

  	
   

  	
  20

  
	
  SECTION 5.05.

  	
   

  	
  The Custodian.

  	
   

  	
  21

  
	
  SECTION 5.06.

  	
   

  	
  Notices and Reports.

  	
   

  	
  22

  
	
  SECTION 5.07.

  	
   

  	
  Issuance of Additional Shares.

  	
   

  	
  22

  
	
  SECTION 5.08.

  	
   

  	
  Indemnification.

  	
   

  	
  23

  
	
  SECTION 5.09.

  	
   

  	
  Charges of Depositary.

  	
   

  	
  24

  
	
  SECTION 5.10.

  	
   

  	
  Available Information to the Commission.

  	
   

  	
  25

  
	
  SECTION 5.11.

  	
   

  	
  Exclusivity.

  	
   

  	
  25

  
	
  SECTION 5.12.

  	
   

  	
  List of Restricted Securities Owners.

  	
   

  	
  25

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
   

  	
  26

  
	
  SECTION 6.01.

  	
   

  	
  Amendment.

  	
   

  	
  26

  
	
  SECTION 6.02.

  	
   

  	
  Termination.

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
   

  	
  27

  
	
  SECTION 7.01.

  	
   

  	
  Counterparts.

  	
   

  	
  27

  
	
  SECTION 7.02.

  	
   

  	
  No Third Party Beneficiaries.

  	
   

  	
  27

  
	
  SECTION 7.03.

  	
   

  	
  Severability.

  	
   

  	
  27

  
	
  SECTION 7.04.

  	
   

  	
  Owners as Parties; Binding Effect.

  	
   

  	
  27

  
	
  SECTION 7.05.

  	
   

  	
  Notices.

  	
   

  	
  28

  
	
  SECTION 7.06.

  	
   

  	
  Submission to Jurisdiction; Appointment of Agent for
  Service of Process.

  	
   

  	
  28

  
	
  SECTION 7.07.

  	
   

  	
  Waiver of Immunities.

  	
   

  	
  29

  
	
  SECTION 7.08.

  	
   

  	
  Governing Law.

  	
   

  	
  29

  
	
  SECTION 7.09.

  	
   

  	
  Headings.

  	
   

  	
  29

  
	
  SECTION 7.10.

  	
   

  	
  Compliance with U.S. Securities Laws.

  	
   

  	
  29

  

 

 

DEPOSIT AGREEMENT

 

DEPOSIT AGREEMENT dated
as of                 ,
2005, among GRUPO AEROPORTUARIO DEL PACIFICO, S.A. de C.V., a corporation (sociedad
anónima  de  capital  variable) organized under the
laws of the United Mexican States (herein called the Company), THE BANK OF NEW
YORK, a New York banking corporation (herein called the Depositary), and all
OWNERS from time to time of American Depositary Receipts issued hereunder.

 

W I T N E S S E T H:

 

WHEREAS, the Company
desires to provide, as hereinafter set forth in this Deposit Agreement, for the
deposit of Shares (as hereinafter defined) of the Company, from time to time
with the Depositary or with the Custodian (as hereinafter defined) as agent of
the Depositary for the purposes set forth in this Deposit Agreement, for the
creation of American Depositary Shares representing the Shares so deposited and
for the execution and delivery of American Depositary Receipts evidencing the
American Depositary Shares; and

 

WHEREAS, the American
Depositary Receipts are to be substantially in the form of Exhibit A
annexed hereto, with appropriate insertions, modifications or omissions, as
hereinafter provided in this Deposit Agreement;

 

NOW, THEREFORE, in
consideration of the premises, it is agreed by and among the parties hereto as
follows:

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.01.              Certain
Terms Defined.

 

The following definitions
shall for all purposes, unless otherwise clearly indicated, apply to the
respective terms used in this Deposit Agreement.

 

The term “American
Depositary Shares” shall mean the securities consisting of the rights
evidenced by the Receipts issued hereunder, including the interests in the
Deposited Securities, granted to the Owners pursuant to the terms and
conditions of this Deposit Agreement. 
Each American Depositary Share shall represent the right to receive the
number of Shares set forth in Exhibit A, until there shall occur a
distribution upon Deposited Securities covered by Section 4.03(a) or
a change in Deposited Securities covered by Section 4.08 with respect to
which additional Receipts are not executed and delivered, and thereafter each
American Depositary Share shall represent the right to receive the amount of
Deposited Securities specified in such Sections.

 

1

 

The term “Commission”
shall mean the Securities and Exchange Commission of the United States or any
successor governmental agency in the United States.

 

The term “Company”
shall mean Grupo Aeroportuario del Pacifico, S.A. de C.V., a corporation (sociedad
anónima  de  capital  variable) organized under the
laws of the United Mexican States, and its successors.

 

The term “Custodian”
shall mean the principal Mexico City office of Bancomer, S.A., as agent of the
Depositary for the purposes of this Deposit Agreement, and any other entity,
firm or corporation which may hereafter be appointed by the Depositary pursuant
to Section 5.05 as substitute or additional custodian hereunder.

 

The term “deliver”,
or its noun form, (i) when used with respect to Shares shall mean (A) one
or more book-entry transfers to an account or accounts maintained with a
depository institution authorized under applicable law to effect book-entry
transfers of such securities or (B) the physical transfer of certificates
representing Shares, and (ii) when used with respect to Receipts, shall
mean (A) one or more book-entry transfers of American Depositary Shares to
an account or accounts at DTC designated by the person entitled to such
delivery or (B) if requested by the person entitled to such delivery, to
delivery at the Corporate Trust Office of the Depositary of one or more
Receipts.

 

The term “Deposit
Agreement” shall mean this Agreement, as the same may be amended from time
to time in accordance with the provisions hereof.

 

The term “Depositary”
shall mean The Bank of New York, a New York banking corporation, and any
successor as depositary hereunder.  The
term “Corporate Trust Office,” when used with respect to the Depositary,
shall mean the office of the Depositary which at the date of this Agreement is
101 Barclay Street, New York, New York 10286.

 

The term “Deposited
Securities” as of any time shall mean Shares at such time deposited under
this Deposit Agreement and any and all other securities, property and cash
received at any time by the Depositary or the Custodian in respect thereof and
at such time held hereunder.

 

The term “Directors”
shall mean the directors of the Company.

 

The term “Estatutos”
shall mean the estatutos  sociales of the Company, as the same may
be amended from time to time.

 

The term “Indeval”
shall mean S.D. Indeval, S.A. de C.V., the Mexican securities depositary
institution, and any successor which performs substantially identical functions
in Mexico.

 

2

 

The term “Owner”
shall mean the person or persons in whose name a Receipt is registered on the
books of the Depositary maintained for such purpose.

 

The term “Pre-Release”
shall have the meaning set forth in Section 2.09.

 

The term “Receipts”
shall mean the American Depositary Receipts issued hereunder evidencing
American Depositary Shares.

 

The term “Registrar”
shall mean the Depositary, or any other bank or trust company having an office
in the Borough of Manhattan, The City of New York, which shall be appointed by
the Depositary to register Receipts and transfers of Receipts and to
countersign Receipts as herein provided and shall include any co-registrar
appointed by the Depositary upon the request or with the approval of the
Company.

 

The term “Regulation S”
shall mean Rules 901 through 904, inclusive, under the Securities Act of
1933, as such Rules may from time to time be amended.

 

The term “Securities
Act of 1933” shall mean the United States Securities Act of 1933, as from
time to time amended.

 

The term “Securities
Exchange Act of 1934” shall mean the United States Securities Exchange Act
of 1934, as from time to time amended.

 

The term “Shares”
shall mean the Series B Shares in registered form of the Company, without
par value; provided, however, that if there shall occur any
change in par value, split-up or consolidation or any other reclassification
or, upon the occurrence of an event described in Section 4.08, an
exchange, replacement or conversion in respect of the Shares of the Company,
the term “Shares” shall thereafter represent the successor securities resulting
from such change in par value, split-up or consolidation or any other such
reclassification or exchange or conversion.

 

The term “surrender”,
when used with Receipts, shall mean (i) one or more book-entry transfers
of American Depositary Shares to the DTC account of the Depositary or (ii) surrender
to the Depositary at its Corporate Trust Office of one or more Receipts.

 

The term “U.S. dollars”
or “$” shall mean United States dollars. 
The term “Pesos” or “p” shall mean pesos of the United
Mexican States.

 

3

 

ARTICLE II

 

FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION
AND DELIVERY, REGISTRATION OF TRANSFER AND SURRENDER OF RECEIPTS

 

SECTION 2.01.              Form and
Transferability of Receipts.

 

Definitive Receipts shall
be printed or lithographed or in such other form as may be acceptable to the
New York Stock Exchange and substantially in the form set forth in Exhibit A
hereto, with appropriate insertions, modifications and omissions as hereinafter
provided.  Receipts may be issued in
denominations of whole numbers of American Depositary Shares only. No Receipt
shall be entitled to any benefits under this Deposit Agreement or be valid or
obligatory for any purpose unless such Receipt shall have been executed by the
Depositary by the manual or facsimile signature of a duly authorized signatory
of the Depositary and, if a Registrar shall have been appointed, countersigned
by the manual signature of a duly authorized signatory of the Registrar.  Receipts bearing the facsimile signature of
anyone who was, at any time such signature was affixed, a duly authorized
signatory of the Depositary shall bind the Depositary, notwithstanding that
such signatory has ceased to be a duly authorized signatory of the Depositary
prior to the delivery of such Receipts. 
The Depositary shall maintain books on which each Receipt so executed
and delivered as hereinafter provided and the transfer of each such Receipt
shall be registered.

 

The Receipts may be
endorsed with or have incorporated in the text thereof such legends or recitals
or changes not inconsistent with the provisions of this Deposit Agreement or
the Estatutos as may be required by the Depositary in respect of its
obligations hereunder or required to comply with any applicable law or
regulations or with the rules and regulations of any securities exchange
upon which American Depositary Shares may be listed or to conform with any
usage with respect thereto, or to indicate any special limitations or
restrictions to which any particular Receipts are subject by reason of the date
of issuance of the underlying Deposited Securities or otherwise.

 

Title to a Receipt (and
to the American Depositary Shares evidenced thereby), when properly endorsed or
accompanied by proper instruments of transfer, shall be transferable by
delivery with the same effect as in the case of a negotiable instrument under
the laws of New York; provided, however, that the Company and the
Depositary, notwithstanding any notice to the contrary, may treat the Owner
thereof as the absolute owner thereof for the purpose of determining the person
entitled to any distribution of dividends or other distributions or to any
notice provided for in this Deposit Agreement and for all other purposes.

 

SECTION 2.02.              Deposit
of Shares.

 

Subject to the terms and
conditions of this Deposit Agreement, Shares may be deposited by (i) electronic
transfer of Shares through Indeval to the account of the

 

4

 

Custodian
maintained for such purposes, or (ii) delivery to the Custodian of
evidence satisfactory to the Custodian that irrevocable instructions have been
given to cause such Shares to be transferred to such account, in any case
accompanied by delivery to the Custodian of any appropriate instrument or
instruments of transfer, or endorsement, in form satisfactory to the Custodian,
together with all such certifications, payments and evidence of such payments
as may be required by the Depositary or the Custodian in accordance with the
provisions of this Deposit Agreement, and, if the Depositary requires, together
with a written order directing the Depositary to execute and deliver to, or
upon the written order of, the person or persons stated in such order a Receipt
or Receipts for the number of American Depositary Shares representing such
deposit.

 

If required by the
Depositary, Shares presented for deposit at any time, whether or not the
transfer books of the Company (or the appointed agent of the Company for
transfer and registration of Shares) are closed, shall also be accompanied by (i) an
agreement or assignment, or other instrument satisfactory to the Depositary,
which will provide for the prompt transfer to the Custodian of any dividend or
right to subscribe for additional Shares or to receive other property which any
person in whose name the Shares are or have been registered may thereafter
receive upon or in respect of such deposited Shares, or, in lieu thereof, such
agreement of indemnity or other agreements as shall be satisfactory to the
Depositary, and (ii) if the Shares are registered in the name of the
person on whose behalf they are deposited, a proxy or proxies entitling the
Custodian to vote such deposited Shares for any and all purposes until the
Shares are registered in the name of the Custodian or its nominee.

 

At the request, risk and
expense of any holder of Shares, and for the account of such holder, the
Depositary may receive evidence that Shares have been electronically
transferred or that irrevocable instructions have been given to cause the
transfer of such Shares to the account of the Custodian, together with the
other documents and payments herein specified, for the purpose of forwarding
such Shares to the Custodian for deposit hereunder.

 

Upon electronic transfer
to the Custodian of Shares to be deposited hereunder, or delivery to the
Custodian of irrevocable instructions therefor, together in either case with
the other documents and payments herein specified, the Custodian shall, as soon
as practicable, obtain confirmation of registration of, or registration of
transfer of, the Shares being deposited in the name of the Custodian or its
nominee, at the cost and expense of the holder making such deposit.

 

Deposited Securities
shall be held by the Depositary, or by the Custodian for the account and to the
order of the Depositary, at such place or places as the Depositary shall
determine.

 

5

 

SECTION 2.03.              Execution
and Delivery of Receipts.

 

Upon receipt by the
Custodian of any deposit pursuant to Section 2.02 (and in addition, if the
transfer books of the Company (or the appointed agent or agents of the Company
for transfer and registration of the Shares) are open, or if the Depositary so
requires, a proper acknowledgment or other evidence from the Company (or the
appointed agent or agents of the Company for transfer and registration of the
Shares) satisfactory to the Depositary that any Deposited Securities have been
recorded upon the books of the Company (or by the appointed agent of the
Company for transfer and registration of Shares) in the name of the Custodian
or nominee, together with the other documents and payments required as above
specified), the Custodian shall notify the Depositary of such deposit, the
person or persons to whom or upon whose written order a Receipt or Receipts is
or are deliverable in respect thereof and the number of American Depositary
Shares to be evidenced thereby.  Such
notification shall be made by letter or, at the request, risk and expense of
the person making the deposit, by cable, telex or facsimile transmission.  Upon receiving such notice from the
Custodian, the Depositary, subject to the terms and conditions of this Deposit
Agreement, shall execute and deliver at its Corporate Trust Office, to or upon
the order of the person or persons named in the notice delivered to the
Depositary, a Receipt or Receipts registered in the name or names of, and
evidencing any authorized number of American Depositary Shares requested by,
such person or persons, but only upon payment to the Depositary by such person
or persons of the fee of the Depositary for the execution and delivery of such
Receipt or Receipts, and of all taxes, duties and other governmental charges
and fees payable (whether by the Depositary, the Custodian or a nominee of
either of them) in connection with such deposit, the transfer of the Deposited
Securities and the issuance of such Receipt or Receipts.

 

SECTION 2.04.              Registration
of Transfer of Receipts; Combinations and Split-ups of Receipts.

 

The Depositary, subject
to the terms and conditions of this Deposit Agreement, shall register transfers
on its transfer books from time to time of Receipts, upon any surrender at any
of its designated transfer offices of a Receipt by the Owner in person or by
duly authorized attorney, properly endorsed or accompanied by proper
instruments of transfer, and duly stamped as may be required by applicable
law.  Thereupon the Depositary shall
execute a new Receipt or Receipts and deliver the same to or upon the order of
the person entitled thereto.

 

The Depositary, subject
to the terms and conditions of this Deposit Agreement, shall upon surrender at
any of its designated transfer offices of a Receipt or Receipts for the purpose
of effecting a split-up or combination of such Receipt or Receipts, execute and
deliver a new Receipt or Receipts for any authorized number of American
Depositary Shares requested, evidencing the same aggregate number of American
Depositary Shares as the Receipt or Receipts surrendered.

 

6

 

The Depositary may
appoint one or more co-transfer agents for the purpose of effecting transfers,
combinations and split-ups of Receipts at designated transfer offices on behalf
of the Depositary.  In carrying out its
functions, a co-transfer agent may require evidence of authority and compliance
with applicable laws and other requirements by Owners or persons entitled to
Receipts and will be entitled to protection and indemnity to the same extent as
the Depositary.

 

SECTION 2.05.              Surrender
of Receipts and Withdrawal of Deposited Securities.

 

Upon surrender at the
Corporate Trust Office of the Depositary of a Receipt for the purpose of
withdrawal of the Deposited Securities represented by the American Depositary
Shares evidenced thereby, and upon payment of the fee of the Depositary for the
surrender of Receipts against withdrawal of the Deposited Securities, and
subject to the terms and conditions of this Deposit Agreement, the Estatutos
and the Deposited Securities, the Owner of such Receipt shall be entitled to (i) electronic
transfer, through Indeval, of such Shares to an account in the name of the
Owner or such other name as the Owner may direct and (ii) physical
delivery, to or upon the order of such Owner, of any other such Deposited
Securities at the time represented by the American Depositary Shares evidenced
by such Receipt.

 

Delivery of such
Deposited Securities may be made by the delivery of certificates in the name of
such Owner or as ordered by such Owner or by the delivery of certificates
properly endorsed or accompanied by proper instruments of transfer.  Such delivery shall be made without unreasonable
delay.

 

A Receipt surrendered for
such purpose may be required by the Depositary to be properly endorsed in blank
or accompanied by proper instruments of transfer in blank, and, if the
Depositary so requires, the Owner thereof shall execute and deliver to the
Depositary a written order directing the Depositary to cause (i) the
electronic transfer of the Shares represented by such Receipt to an account in
the name of the Owner or such other name as the Owner may direct and (ii) cause
the Deposited Securities being withdrawn to be delivered to or upon the written
order of a person or persons designated in such order.

 

Thereupon the Depositary
shall direct the Custodian to deliver at office of the Custodian, subject to
Sections 2.06, 3.01, 3.02 and 3.04 hereof and pursuant to the other terms and
conditions of this Deposit Agreement and the Estatutos, to or upon the
written order of the Owner or the person or persons designated in the order
delivered to the Depositary as above provided, the Deposited Securities at the
time represented by the American Depositary Shares evidenced by such Receipt,
except that the Depositary may, in its discretion, make delivery to such person
or persons at the Corporate Trust Office of any evidence of transfer, cash,
dividends, distributions or rights with respect to the Deposited Securities
evidenced by such Receipt, or of any proceeds of sale of any such

 

7

 

cash, dividends,
distributions or any rights, which may at the time be held by the Depositary.

 

At the request, risk and
expense of any Owner so surrendering a Receipt, and for the account of such
Owner, the Depositary shall direct the Custodian to forward any cash, rights
(subject to Section 4.04) or other property comprising, and forward a
certificate or certificates and other proper documents of title for, the
Deposited Securities evidenced by such Receipt to the Depositary for delivery
at the Corporate Trust Office of the Depositary.  Such direction shall be given by letter or,
at the request, risk and expense of such Owner, by cable, telex or facsimile
transmission.

 

Neither the Depositary
nor the Custodian shall deliver Shares, by physical delivery, book-entry or
otherwise (other than to the Company or its agent as contemplated by Section 4.08),
or otherwise permit Shares to be withdrawn from the facility created hereby,
except upon the surrender and cancellation of Receipts or in connection with a
sale permitted under Section 3.02, 4.03, 4.11 or 6.02.

 

SECTION 2.06.              Limitations
on Execution and Delivery, Transfer and Surrender of Receipts.

 

As a condition precedent
to the execution and delivery, registration, registration of transfer, split-up,
combination or surrender of any Receipt or transfer and withdrawal of any
Deposited Securities, the Depositary, the Company or the Custodian may require (i) payment
from the Owner, the presenter of the Receipt or the depositor of Shares of a
sum sufficient to reimburse it for any tax, duty or other governmental charge
payable with respect thereto (including any such tax, duty or other
governmental charge with respect to Shares being deposited, to the Receipts
being issued or to Deposited Securities being withdrawn) and any transfer or
registration fees in effect for the registration or registration of transfers
of Shares generally on the Share register of the Company (or the appointed
agent of the Company for transfer and registration of Shares); (ii) payment
of any applicable fees as herein provided; (iii) the production of proof
satisfactory to it as to the identity and genuineness of any signature; and (iv) compliance
with such reasonable regulations, if any, as the Depositary may establish
consistent with the provisions of this Deposit Agreement.

 

The delivery of Receipts
against deposits of Shares generally may be suspended, or the delivery of
Receipts against the deposit of particular Shares may be withheld, or the
registration of transfer of Receipts in particular instances may be refused, or
the registration of transfer or surrender of outstanding Receipts generally may
be suspended, during any period when the transfer books of the Depositary or
the Share register of the Company are closed, or if any such action is deemed
necessary or advisable by the Depositary or the Company at any time or from
time to time because of any requirement of law or of any government or
governmental body or commission, or any securities exchange on which the
American Depositary Shares or Shares are listed, or under any provision of the
Receipts or of this Deposit Agreement, or for any other reason.

 

8

 

Notwithstanding
the foregoing sentence or any other provision of this Deposit Agreement to the
contrary, Owners shall be entitled to withdraw Deposited Securities subject
only to the conditions set forth in paragraph I(A)(1) of the General
Instructions (or any successor provisions thereto), as in effect from time to
time, to Form F-6 as prescribed by the Commission under the Securities Act
of 1933.

 

Without limitation of the
foregoing, the Depositary shall not knowingly accept for deposit under this
Deposit Agreement any Shares which would be required to be registered under the
provisions of the Securities Act of 1933 for public offer and sale by the
holder thereof in the United States (as defined in Regulation S) unless a
registration statement is in effect as to such Shares for such offer and
sale.  The Depositary shall comply with
reasonable written instructions of the Company not to accept for deposit hereunder
any Shares identified in such instructions at such times and under such
circumstances as may be specified in such instructions in order to facilitate
the Company’s compliance with the securities laws of the United States.

 

SECTION 2.07.              Lost
Receipts, etc.

 

In case any Receipt shall
be mutilated, destroyed, lost or stolen, the Depositary shall execute and
deliver a new Receipt of like tenor, in exchange and substitution for such
mutilated Receipt upon cancellation thereof, or in lieu of and in substitution
for such destroyed, lost or stolen Receipt, if the Owner thereof shall have (a) filed
with the Depositary (i) a request for such execution and delivery before
the Depositary has notice that the Receipt has been acquired by a bona  fide
purchaser and (ii) a sufficient indemnity bond and (b) satisfied any
other reasonable requirements imposed by the Depositary.

 

SECTION 2.08.              Cancellation
and Destruction of Surrendered Receipts.

 

All Receipts surrendered
to the Depositary shall be cancelled by the Depositary.  The Depositary is authorized to destroy
Receipts so cancelled, provided that the Depositary maintains a record of
destroyed Receipts.

 

SECTION 2.09.              Pre-Release.

 

The Depositary may
execute and deliver Receipts against rights to receive Shares from the Company
(or the appointed agent or agents of the Company for transfer and registration
of the Shares).  No such issue of
Receipts will be deemed a “Pre-Release” that is subject to the restrictions of
the following paragraph.

 

Unless requested in
writing by the Company to cease doing so, the Depositary may, notwithstanding Section 2.03,
execute and deliver Receipts prior to the receipt of Shares pursuant to Section 2.02
(“Pre-Release”).  The Depositary may,
pursuant to Section 2.05, deliver Shares upon the receipt and cancellation
of Receipts which have been Pre-Released, whether or not such cancellation is
prior to the termination of such Pre-Release or the Depositary knows that such
Receipt has been Pre-Released.  The

 

9

 

Depositary may
receive Receipts in lieu of Shares in satisfaction of a Pre-Release.  Each Pre-Release will be (a) preceded or
accompanied by a written representation and agreement from the person to whom
Receipts are to be delivered (the “Pre-Releasee”) that the Pre-Releasee, or its
customer, (i) owns the Shares or Receipts to be remitted, as the case may
be, (ii) assigns all beneficial right, title and interest in such Shares
or Receipts, as the case may be, to the Depositary in its capacity as such and
for the benefit of the Owners, and (iii) will not take any action with
respect to such Shares or Receipts, as the case may be, that is inconsistent
with the transfer of beneficial ownership (including, without the consent of
the Depositary, disposing of such Shares or Receipts, as the case may be, other
than in satisfaction of such Pre-Release), (b) at all times fully
collateralized with cash, U.S. government securities or such other collateral
as the Depositary determines, in good faith, will provide substantially similar
liquidity and security, (c) terminable by the Depositary on not more than
five (5) business days’ notice, and (d) subject to such further
indemnities and credit regulations as the Depositary deems appropriate.  The number of Shares not deposited but
represented by American Depositary Shares outstanding at any time as a result
of Pre-Releases will not normally exceed thirty percent (30%) of the Shares
deposited hereunder; provided, however, that the Depositary
reserves the right to disregard such limit from time to time as it deems
reasonably appropriate, and may, with the prior written consent of the Company,
change such limit for purposes of general application.  The Depositary will also set U.S. dollar
limits with respect to Pre-Release transactions to be entered into hereunder
with any particular Pre-Releasee on a case-by-case basis as the Depositary
deems appropriate.  For purposes of
enabling the Depositary to fulfill its obligations to the Owners under the
Deposit Agreement, the collateral referred to in clause (b) above shall be
held by the Depositary as security for the performance of the Pre-Releasee’s
obligations to the Depositary in connection with a Pre-Release transaction,
including the Pre-Releasee’s obligation to deliver Shares or Receipts upon
termination of a Pre-Release transaction (and shall not, for the avoidance of
doubt, constitute Deposited Securities hereunder).

 

The Depositary may retain
for its own account any compensation received by it in connection with the
foregoing.

 

ARTICLE III

 

CERTAIN OBLIGATIONS
OF OWNERS OF RECEIPTS

 

SECTION 3.01.              Filing
Proofs, Certificates and Other Information.

 

Any person depositing
Shares or any Owner of a Receipt may be required from time to time to file with
the Depositary or the Custodian such proof of citizenship, residence, exchange
control approval, legal or beneficial ownership or other information relating
to the registration on the books of the Company (or the appointed agent of the
Company for transfer and registration of Shares) of the Shares presented for
deposit, to execute and deliver to the Depositary or the Custodian such
certificates, and to make such representations and warranties, as the
Depositary may deem necessary or proper or as the

 

10

 

Company may
require by written request to the Depositary. 
The Depositary may withhold the delivery or registration of transfer of
any Receipt or the distribution or sale of any dividend or other distribution
or rights or of the proceeds thereof or the delivery of any Deposited
Securities underlying such Receipt until the foregoing is accomplished to the
Depositary’s reasonable satisfaction. 
The Depositary shall, upon the written request of the Company, provide
the Company, in a timely manner, with copies of any such proofs, certificates,
representations and warranties or information that it receives, to the extent
that disclosure is permitted under applicable law.

 

SECTION 3.02.              Liability
of Owner for Taxes.

 

 Any tax, duty or other governmental charge or
expense payable by the Custodian, the Depositary or the nominee or nominees of
either with respect to any Receipt or as the registered holder of any Deposited
Securities underlying any Receipt shall be payable by the Owner of such
Receipt, who shall pay the amount thereof to the Depositary.  The Depositary may refuse to effect
registration of transfer of such Receipt or any transfer and withdrawal of
Deposited Securities underlying such Receipt until such payment is made, and
may withhold any cash dividends or other cash distributions constituting
Deposited Securities underlying such Receipt, or may sell for the account of
the Owner thereof any part or all of the other Deposited Securities underlying
such Receipt, and may apply such cash or the proceeds of any such sale in
payment of any such tax, duty or other governmental charge or expense (and any
taxes and expenses arising or incurred as a result of effecting any such sale),
the Owner of such Receipt remaining liable for any deficiency.

 

SECTION 3.03.              Warranties
on Deposit of Shares.

 

 Every person depositing Shares under this
Deposit Agreement shall be deemed thereby to represent and warrant that such
Shares are validly issued and outstanding, fully paid, non-assessable and free
of preemptive rights of the holders of outstanding Shares, and that the person
making such deposit is duly authorized so to do.  Every such person (other than the Company)
shall also be deemed to represent and warrant that such Shares are not, and American
Depositary Shares representing such Shares would not be, restricted securities
(as defined under the securities laws of the United States) or securities owned
by an affiliate (as defined in Rule 144 under the Securities Act of 1933)
of the Company or which are subject to any restriction or transfer or sale
under Mexican law or the Estatutos or a shareholder agreement.  All such representations and warranties shall
survive the deposit of Shares and delivery or surrender of Receipts therefor.

 

SECTION 3.04.              Disclosure
of Interests.

 

To the extent that
provisions of or governing any Deposited Securities, the Estatutos or
applicable law may require the disclosure of beneficial or other ownership of
Deposited Securities and other securities to the Company and provide for
blocking of Owners’ transfer and voting or other rights to enforce such
disclosure or limit such

 

11

 

ownership, the
Depositary shall use its best efforts that are reasonable under the
circumstances to comply with Company instructions as to Receipts in respect of
any such enforcement or limitation. 
Owners shall comply with all such disclosure requirements and shall
cooperate with the Depositary’s compliance with such instructions and by their
holding of Receipts are deemed to consent to any such limitation or blocking of
rights.

 

ARTICLE IV

 

THE DEPOSITED
SECURITIES

 

SECTION 4.01.              Cash
Distributions.

 

Whenever the Depositary
shall receive any cash dividend or other cash distribution in respect of any
Deposited Securities, the Depositary shall, subject to the provisions of Section 4.05,
as promptly as practicable convert such dividend or distribution into U.S.
dollars and shall distribute as promptly as practicable the amount thus
received to the Owners entitled thereto, in proportion to the number of
American Depositary Shares representing such Deposited Securities held by them
respectively; provided, however, that in the event that the
Company, the Depositary or the Custodian shall be required to withhold and does
withhold from any cash dividend or other cash distribution in respect of any
Deposited Securities an amount on account of taxes, the amount distributed to
the Owner of Receipts for American Depositary Shares representing such
Deposited Securities shall be reduced accordingly.  The Depositary shall distribute only such
amount, however, as can be distributed without distributing to any Owner a
fraction of one cent.  Any such
fractional amounts shall be rounded to the nearest whole cent and so
distributed to Owners entitled thereto. 
The Company or the Depositary, as appropriate, will remit to the
appropriate governmental agency in Mexico all amounts (if any) required to be
withheld and owing to such agency.  The
Depositary will as promptly as practicable forward to the Company such
information from its records as the Company may reasonably request to enable
the Company to file necessary reports with governmental agencies, and either
the Depositary or the Company or its agent may file any such reports necessary
to obtain benefits under any applicable tax treaties for Owners.

 

SECTION 4.02.              Distributions
Other Than Cash or Shares.

 

Subject to the applicable
provisions of this Deposit Agreement, whenever the Depositary shall receive any
distribution other than a distribution described in Section 4.01, 4.03 or
4.04, the Depositary shall cause the securities or property received by it to
be distributed as promptly as practicable to the Owners entitled thereto, in
proportion to the number of American Depositary Shares representing such Deposited
Securities held by them, respectively, in any manner that the Depositary may
deem equitable and practicable for accomplishing such distribution; provided,
however, that if in the opinion of the Depositary such distribution
cannot be made proportionately among the Owners entitled thereto, or if for any
other reason (including any securities law requirement or

 

12

 

any requirement
that the Company, the Depositary or the Custodian withhold an amount on account
of taxes) the Depositary deems such distribution not to be feasible, the
Depositary may adopt such method as it may deem equitable and practicable for
the purpose of effecting such distribution, including the sale (at public or
private sale) of the securities or property thus received, or any part thereof,
and the net proceeds of any such sale shall be distributed by the Depositary to
the Owners entitled thereto as in the case of a distribution received in cash.

 

SECTION 4.03.              Distribution
in Shares.

 

(a)  If any
distribution upon any Deposited Securities consists of a dividend in, or free
distribution of, Shares, subject to the applicable provisions of this Deposit
Agreement, the Depositary may, and shall, if the Company shall so request,
distribute as promptly as practicable to the Owners of outstanding Receipts
entitled thereto, in proportion to the number of American Depositary Shares
representing such Deposited Securities held by them, respectively, additional
Receipts for an aggregate number of American Depositary Shares representing the
number of Shares received as such dividend or distribution, subject to the
terms and conditions of this Deposit Agreement with respect to the deposit of
Shares and the issuance of American Depositary Shares, including the
withholding of any tax or other governmental charge as provided in Section 4.11
and the payment of the fees and expenses of the Depositary as provided in Section 5.09.  The Depositary may withhold any such
distribution if it has not received reasonably satisfactory assurances from the
Company that such distribution does not require registration under the
Securities Act of 1933.  In lieu of
delivering Receipts for fractional American Depositary Shares in any such case,
the Depositary shall sell the amount of Shares represented by the aggregate of
such fractions and distribute as promptly as practicable the net proceeds, all
in the manner and subject to the conditions described in Section 4.01.  If additional Receipts are not so
distributed, each American Depositary Share shall thenceforth also represent
the additional Shares distributed upon the Deposited Securities represented
thereby.

 

(b)           In the event that the Company shall offer
or cause to be offered to the holders of any Deposited Securities an option to
elect to receive dividends in fully paid Shares instead of cash, the Depositary
and the Company agree to consult to determine whether such option will be made
available to the Owners of Receipts and, if such option is to be made available
to such Owners, the procedures to be followed.

 

SECTION 4.04.              Rights.

 

In the event that the
Company shall offer or cause to be offered to the holders of any Deposited
Securities any rights to subscribe for additional Shares or any rights of any
other nature, the Depositary shall, after consultation with the Company, have
discretion as to the procedure to be followed in making such rights available
to any Owners or in disposing of such rights on behalf of any Owners and making
the net proceeds available

 

13

 

in U.S. dollars to
such Owners; provided, however, that the Depositary will, if
requested by the Company, take action as follows:

 

(i)            if
at the time of the offering of any rights the Depositary determines that it is
lawful and feasible to make such rights available to Owners by means of
warrants or otherwise, the Depositary shall distribute as promptly as
practicable to each Owner in proportion to the number of American Depositary
Shares representing such Deposited Securities held by such Owner, warrants or
other instruments therefor in such form as it deems appropriate, but only
pursuant to a rights agency agreement to be entered into between the Company
and the Depositary setting forth the procedures, terms and conditions
applicable to the particular offering, or employ such other method, if any, as
it may deem lawful and feasible in order to facilitate the exercise, sale or
transfer of rights by such Owners; or

 

(ii)           if
at the time of the offering of any rights the Depositary determines that it is
not lawful and feasible to make such rights available to Owners by means of
warrants or otherwise, or if the rights represented by such warrants or such
other instruments are not exercised and appear to be about to lapse, it will
use its best efforts that are reasonable under the circumstances to sell the
rights, warrants or other instruments at public or private sale, at such place
or places and upon such terms as it may deem proper and allocate the net
proceeds of such sales for the account of such Owners otherwise entitled to
such rights, warrants or other instruments, upon an averaged or other practical
basis without regard to any distinctions among such Owners because of exchange
restrictions or the date of delivery of any Receipt or otherwise.

 

The Depositary will not
offer rights to Owners unless both the rights and the securities to which such
rights relate are either exempt from registration under the Securities Act of
1933 with respect to a distribution to all Owners or are registered under the
provisions of such Act.

 

The Depositary shall not
be responsible for any failure to determine that it may be lawful or feasible
to make such rights available to Owners in general or any Owner in particular,
provided that the Depositary has not acted negligently or in bad faith.

 

SECTION 4.05.              Conversion
of Foreign Currency.

 

Whenever the Depositary
shall receive foreign currency, by way of dividends or other distributions or
as the net proceeds from the sale of securities, property or rights, and if at
the time of the receipt thereof the foreign currency so received can in the
judgment of the Depositary be converted on a reasonable basis into U.S. dollars
and the resulting U.S. dollars transferred to the United States, the Depositary
shall, as promptly as practicable, convert or cause to be converted, by sale or
in any other manner that it may determine, such foreign currency into U.S.
dollars, and such U.S. dollars shall be distributed as promptly as practicable
to the Owners entitled thereto or, if the Depositary shall have distributed any
warrants or other instruments which entitle the holders thereof

 

14

 

to such U.S.
dollars, then to the holders of such warrants and/or instruments, as
applicable, upon surrender thereof for cancellation.  Such distribution may be made upon an
averaged or other practicable basis without regard to any distinctions among
Owners on account of exchange restrictions or otherwise and shall be net of any
expenses of conversion into U.S. dollars incurred by the Depositary as provided
in Section 5.09.

 

If such conversion or
distribution can be effected only with the approval or license of any
government or agency thereof, the Depositary shall as promptly as practicable
file such application for approval or license, if any, as it may deem
desirable.

 

If at any time the
Depositary shall determine that in its judgment any foreign currency received
by the Depositary is not convertible on a reasonable basis into U.S. dollars
transferable to the United States, or if any approval or license of any
government or agency thereof which is required for such conversion is denied or
in the opinion of the Depositary is not obtainable, or if any such approval or
license is not obtained within a reasonable period as determined by the
Depositary, the Depositary may distribute the foreign currency (or an
appropriate document evidencing the right to receive such foreign currency)
received by the Depositary to, or in its discretion may hold such foreign
currency uninvested and without liability for interest thereon for the
respective accounts of, the Owners entitled to receive the same.

 

If any such conversion of
foreign currency, in whole or in part, cannot be effected for distribution to
some Owners entitled thereto, the Depositary may in its discretion make such
conversion and distribution in U.S. dollars to the extent permissible to the
Owners entitled thereto and may distribute the balance of the foreign currency
received by the Depositary to, or hold such balance for the respective accounts
of, the Owners entitled to receive the same uninvested and without liability
for interest thereon.

 

SECTION 4.06.              Fixing
of Record Date.

 

Whenever any cash
dividend or other cash distribution shall become payable or any distribution
other than cash shall be made, or whenever rights shall be issued, with respect
to the Deposited Securities, or whenever for any reason the Depositary causes a
change in the number of Shares that are represented by each American Depositary
Share, or whenever the Depositary shall receive notice of any meeting of
holders of Shares or other Deposited Securities the Depositary shall fix a
record date, which date shall, to the extent practicable, be the same as, or as
near as practicable to, the record date, if any, fixed by the Company, (a) for
the determination of the Owners who shall be (i) entitled to receive such
dividend, distribution or rights, or the net proceeds of the sale thereof (ii) entitled
to give instructions for the exercise of voting rights at any such meeting or (iii) responsible
for any fee assessed by the Depositary pursuant to this Deposit Agreement or (b) on
or after which each American Depositary Share will represent the changed number
of Shares.  Subject to the provisions of
Sections 4.01 through 4.04 and to the other terms and conditions of this
Deposit Agreement, the Owners on such record date shall be entitled to receive
the amount distributable by the Depositary with respect to such

 

15

 

dividend or other
distribution or such rights or the net proceeds of sale thereof or to give
voting instructions in proportion to the number of American Depositary Shares
held by them, respectively.

 

SECTION 4.07.              Voting
of Deposited Securities.

 

Upon receipt of notice of
any meeting of holders of Shares or other Deposited Securities, if requested in
writing by the Company, the Depositary shall, as soon as practicable
thereafter, mail to the Owners a notice, the form of which notice shall be in
the sole discretion of the Depositary, which shall contain (a) such
information as is contained in such notice of meeting, and (b) a statement
that the Owners as of the close of business on a specified record date will be
entitled, subject to any applicable provision of Mexican law and of the Estatutos,
to instruct the Depositary as to the exercise of the voting rights, if any,
pertaining to the amount of Shares or other Deposited Securities represented by
their respective American Depositary Shares and (c) a statement as to the
manner in which such instructions may be given, including an express indication
that if no instruction is received, the Depositary will deem the Owner to have
instructed the Depositary to vote the Shares represented by such Owner’s
American Depositary Shares in the same proportion that all other shares of
capital stock of the Company are voted at the relevant shareholders’
meeting.  The Company shall use its best
efforts to notify The Bank of New York of upcoming shareholders’ meetings and
request that the Depositary mail a notice to Owners as provided in the
preceding sentence.  Upon the written
request of an Owner on such record date, received on or before the date
established by the Depositary for such purpose (the “Instruction Date”), the
Depositary shall endeavor, insofar as practicable, to vote or cause to be voted
the amount of Shares or other Deposited Securities represented by the American
Depositary Shares evidenced by such Receipt in accordance with the instructions
set forth in such request.  The
Depositary shall not vote or attempt to exercise the right to vote that
attaches to the Shares or other Deposited Securities, other than in accordance
with such instructions or deemed instructions. 
If no instructions are received by the Depositary from any Owner with
respect to any of the Deposited Securities represented by the American
Depositary Shares evidenced by such Owner’s Receipts on or before the date
established by the Depositary for such purpose, the Depositary shall deem such
Owner to have instructed the Depositary to vote such Shares on any question in
the same proportion that all other shares of capital stock of the Company are
voted on such question at the relevant shareholders’ meeting, and the
Depositary shall endeavor, insofar as practicable, to so vote or cause to be
voted such Shares.

 

There can be no assurance
that Owners generally or any Owner in particular will receive the notice
described in the preceding paragraph sufficiently prior to the Instruction Date
to ensure that the Depositary will vote the Shares or Deposited Securities in
accordance with the provisions set forth in the preceding paragraph.  Owners of American Depositary Shares will not
be entitled to attend shareholders’ meetings, but will be entitled to instruct
the Depositary as to the manner of voting the Shares

 

16

 

represented by
American Depositary Shares at any shareholders’ meeting or for purposes of
exercising any individual rights of a Share holder under Mexican Law.

 

SECTION 4.08.              Changes
Affecting Deposited Securities.

 

  Upon any change in par value, split-up,
consolidation or any other reclassification of Deposited Securities, or upon
any recapitalization, reorganization, merger or consolidation or sale of assets
affecting the Company or to which it is a party, any securities received by the
Depositary or the Custodian in exchange for or in conversion of or in respect
of Deposited Securities, shall be treated as new Deposited Securities under
this Deposit Agreement, and American Depositary Shares shall thenceforth
represent, in addition to the existing Deposited Securities, the right to
receive the new Deposited Securities so received in exchange or conversion, unless
additional Receipts are delivered pursuant to the following sentence.  In any such case the Depositary may, with the
approval of the Company and shall, if the Company shall so request, execute and
deliver additional Receipts as in the case of a dividend in Shares, or call for
the surrender of outstanding Receipts to be exchanged for new Receipts
specifically describing such new Deposited Securities.

 

SECTION 4.09.              Reports.

 

The Depositary shall make
available for inspection by Owners at the Corporate Trust Office, and at any
other designated transfer offices, any reports and communications received from
the Company which are both (a) received by the Depositary or the Custodian
or the nominee of either of them as the holder of the Deposited Securities, and
(b) made generally available to the holders of such Deposited Securities
by the Company.  The Depositary shall
also send to Owners copies of such reports when furnished by the Company
pursuant to Section 5.06.

 

SECTION 4.10.              Lists
of Receipt Owners.

 

As promptly as
practicable following a request by the Company, the Depositary shall furnish to
the Company a list, as of a recent date, of the names and addresses of, and
holdings of American Depositary Shares by, all persons in whose names Receipts
are registered on the books of the Depositary.

 

SECTION 4.11.              Withholding.

 

Notwithstanding any other
provision of this Deposit Agreement, if the Depositary determines that any
distribution in property (including Shares and rights to subscribe therefor) is
subject to any tax which the Depositary is obligated to withhold, the
Depositary may dispose of all or a portion of such property (including Shares
and rights to subscribe therefor) in such amounts and in such manner as the
Depositary deems necessary and practicable to pay such taxes, by public or
private sale, and the Depositary shall distribute the net proceeds of any such
sale or the balance of any such property after

 

17

 

deduction of such
taxes to the Owners entitled thereto in the manner described in Section 4.01
or Section 4.02, as the case may be.

 

ARTICLE V

 

THE DEPOSITARY,
THE CUSTODIAN AND THE COMPANY

 

SECTION 5.01.              Maintenance
of Office and Transfer Books by the Depositary.

 

Until termination of this
Deposit Agreement in accordance with its terms, the Depositary shall maintain
as its transfer office in the Borough of Manhattan, The City of New York,
facilities for the execution and delivery, registration, registration of
transfer and surrender of Receipts in accordance with the provisions of this
Deposit Agreement.

 

The Depositary shall keep
books at such transfer office for the registration of Receipts and transfer of
Receipts which at all reasonable times shall be open for inspection by the
Owners and the Company; provided that such inspection shall not be for
the purpose of communicating with Owners in the interest of a business or
object other than the business of the Company or a matter related to this
Deposit Agreement, the Receipts, the Estatutos or the Shares.

 

The Depositary may close
the transfer books (a) after consultation with the Company to the extent
practicable, if other than in the ordinary course of business, at any time or
from time to time, when deemed expedient by it in connection with the
performance of its duties hereunder or (b) at the request of the Company.

 

If any Receipts or the
American Depositary Shares evidenced thereby are listed on one or more stock
exchanges in the United States, the Depositary shall act as Registrar, unless
any other bank or trust company having an office in the Borough of Manhattan,
The City of New York, shall have been appointed by the Depositary.  Upon the request or with the approval of the
Company, the Depositary may appoint a Registrar or one or more co-registrars
for registration of such Receipts in accordance with any requirements of such
exchange or exchanges.  Such Registrar or
co-registrars may be removed and a substitute or substitutes appointed by the
Depositary upon the request or with the approval of the Company.

 

The Depositary, upon the
request or with the approval of the Company, may appoint one or more
co-transfer agents for the purpose of effecting transfers, combinations and
split-ups of Receipts at designated transfer offices on behalf of the
Depositary.  Such co-transfer agents may
be removed by the Depositary upon the request or with the approval of the
Company and substitutes appointed by the Depositary upon the request or with
the approval of the Company.  Each
Registrar, co-registrar or co-transfer agent appointed under this Section 5.01
shall give notice in writing to the Depositary accepting such appointment and
agreeing to be bound by the applicable terms

 

18

 

of this Deposit
Agreement.  In carrying out its
functions, a co-transfer agent may require evidence or authority and compliance
with applicable laws and other requirements by Owners or person entitled
thereto but only to the extent that the Depositary would in similar
circumstances be entitled so to require.

 

The Company shall have
the right to inspect transfer and registration records of the Depositary
relating to Receipts at any reasonable time, to take copies thereof and to
require the Depositary, the Registrar and any co-transfer agents or
co-registrars to supply copies of such portions of such records as the Company
may reasonably request.

 

SECTION 5.02.              Prevention
or Delay in Performance by the Depositary or the Company.

 

Neither the Depositary
nor the Company, nor any of their respective directors, employees, agents or
affiliates, shall incur any liability to any Owner if, by reason of any
provision of any present or future law of the United States, the United Mexican
States or any other country, or of any other governmental or regulatory
authority or stock exchange, or by reason of any provision, present or future,
of the Estatutos or by reason of any act of God or war or other
circumstance beyond its control, the Depositary or the Company or any of their
respective directors, employees, agents or affiliates shall be prevented or
forbidden from or be subject to any civil or criminal penalty on account of
doing or performing any act or thing which by the terms of this Deposit
Agreement it is provided or contemplated shall be done or performed; nor shall
the Depositary or the Company or any of their respective directors, employees,
agents or affiliates incur any liability to any Owner by reason of any
nonperformance or delay, caused as aforesaid, in performance of any act or
thing which by the terms of this Deposit Agreement it is provided or
contemplated shall or may be done or performed, or by reason of any exercise
of, or failure to exercise, any discretion provided for in this Deposit
Agreement or the Estatutos.

 

Where, by the terms of a
distribution pursuant to Section 4.01, 4.02, or 4.03 of this Deposit
Agreement, or an offering or distribution pursuant to Section 4.04 of this
Deposit Agreement, or for any other reason, such distribution or offering may
not be made available to Owners, and the Depositary may not dispose of such
distribution or offering on behalf of such Owners and make the net proceeds
available to such Owners, then the Depositary shall not make such distribution
or offering, and shall allow any rights, if applicable, to lapse.

 

SECTION 5.03.              Obligations
of the Depositary and the Company.

 

The Depositary assumes no
obligation nor shall it be subject to any liability under this Deposit
Agreement to Owners (including, without limitation, liability with respect to
the validity or worth of the Deposited Securities), except that it agrees to
perform its duties specifically set forth in this Deposit Agreement without
negligence or bad faith.

 

19

 

The Company assumes no
obligation nor shall it be subject to any liability under this Deposit
Agreement to Owners, except that it agrees to perform its obligations
specifically set forth in this Deposit Agreement without negligence or bad
faith.

 

Neither the Depositary
nor the Company shall be under any obligation to appear in, prosecute or defend
any action, suit or other proceeding in respect of any Deposited Securities or
in respect of the Receipts, which in its opinion may involve it in expense or
liability, unless indemnity satisfactory to it against all expense and
liability be furnished as often as may be required, and the Custodian shall not
be under any obligation whatsoever with respect to such proceedings, the
responsibility of the Custodian being solely to the Depositary.

 

Neither the Depositary
nor the Company shall be liable for any action or non-action by it in reliance
upon the advice of or information from legal counsel, accountants, any
governmental authority, any person presenting Shares for deposit, any Owner, or
any other person believed by it in good faith to be competent to give such
advice or information.

 

The Depositary shall not
be responsible for any failure to carry out any instructions to vote any of the
Deposited Securities or for the manner in which any such vote is cast or for
the effect of any such vote, provided that any such action or non-action
is in good faith.

 

Subject to the Estatutos
and this Deposit Agreement, the Depositary may own and deal in any class of
securities of the Company and its affiliates and in Receipts.

 

The Depositary shall not
be liable to Owners for any acts or omissions made by a successor depositary
whether in connection with a previous act or omission of the Depositary or in
connection with any matter arising wholly after the removal or resignation of
the Depositary, provided that the Depositary exercised its reasonable
judgment in good faith while it acted as Depositary.

 

No disclaimer of
liability under the Securities Act of 1933 is intended by any provision of this
Deposit Agreement.

 

SECTION 5.04.              Resignation
and Removal of the Depositary; Appointment of Successor Depositary.

 

(a)  The Depositary
may at any time resign as Depositary hereunder by written notice of its
election so to do delivered to the Company, such resignation to take effect
upon the appointment of a successor depositary and its acceptance of such
appointment as hereinafter provided.

 

(b)           The Depositary may at any time be removed
by the Company by 60 days’ prior written notice of such removal, to become
effective upon the later of (i) the 60th

 

20

 

day after delivery
of the notice to the Depositary or (ii) the appointment of a successor
depositary and its acceptance of such appointment as hereinafter provided.

 

(c)           In case at any time the Depositary acting
hereunder shall resign or be removed, the Company shall use reasonable efforts
to appoint a successor depositary, which shall be a bank or trust company
having an office in the Borough of Manhattan, The City of New York.  Every successor depositary shall execute and
deliver to its predecessor and to the Company an instrument in writing
accepting its appointment hereunder, and thereupon such successor depositary,
without any further act or deed, shall become fully vested with all the rights,
powers, duties and obligations of its predecessor; but such predecessor,
nevertheless, upon payment of all sums due to it and on the written request of
the Company, shall execute and deliver an instrument transferring to such successor
all rights and powers of such predecessor hereunder, and such predecessor shall
thereupon duly assign, transfer and deliver all right, title and interest in
the Deposited Securities to such successor, and shall deliver to such successor
a list of the Owners of all outstanding Receipts, together with copies of such
other records maintained by such predecessor in relation to the Receipts as the
Company may reasonably request.  Any such
successor depositary shall mail notice of its appointment within thirty (30)
days to the Owners.

 

(d)           Any corporation into or with which the
Depositary may be merged or consolidated shall be the successor of the
Depositary without the execution or filing of any document or any further act.

 

SECTION 5.05.              The
Custodian.

 

The Depositary has
initially appointed Bancomer, S.A. as Custodian and Agent of the Depositary for
the purposes of this Deposit Agreement. 
The Custodian in acting hereunder shall be subject at all times and in
all respects to the directions of the Depositary and shall be responsible
solely to it.  The Depositary shall be
responsible for compliance by the Custodian with the applicable provisions of
this Deposit Agreement, but only to the extent the Depositary would be responsible
if the duties of the Custodian were duties of the Depositary under this Deposit
Agreement.  The Custodian may resign and
be discharged from its duties hereunder by notice of such resignation delivered
to the Depositary at least thirty (30) days prior to the date on which such
resignation is to become effective.  The
Depositary shall, promptly after receiving such notice, after consultation with
the Company to the extent practicable, appoint a substitute custodian, which
shall thereafter be the Custodian hereunder. 
Whenever the Depositary in its discretion determines that it is in the
best interest of the Owners to do so, it may, after consultation with the
Company to the extent practicable, appoint a substitute or additional
custodian, which shall thereafter be the Custodian hereunder.  Upon demand of the Depositary, the previous
Custodian shall deliver the Deposited Securities held by it to such substitute
custodian.  Each such substitute
custodian shall deliver to the Depositary forthwith upon its appointment an
acceptance of such appointment satisfactory in form

 

21

 

and substance to
the Depositary.  Immediately upon any
such change, the Depositary shall give notice thereof in writing to the
Company.

 

Upon the appointment of
any successor Depositary hereunder, the Custodian then acting hereunder shall
forthwith become, without any further act or writing, the agent hereunder of
such successor Depositary and the appointment of such successor Depositary
shall in no way impair the authority of the Custodian hereunder; but the
successor Depositary so appointed shall, nevertheless, on the written request
of the Custodian, execute and deliver to the Custodian all such instruments as
may be proper to give the Custodian full and complete power and authority as
agent hereunder of such successor Depositary.

 

SECTION 5.06.              Notices
and Reports.

 

On or before the first
date on which the Company gives notice, by publication or otherwise, of any
meeting of holders of Shares or other Deposited Securities, or of any adjourned
meeting of such holders, or of the taking of any action in respect of any cash
or other distributions or the offering of any rights in respect of Deposited
Securities, the Company agrees to transmit to the Custodian and the Depositary
a copy in English of the notice thereof in the form given or to be given to
holders of Shares or other Deposited Securities.  The Company also will transmit to the
Depositary and the Custodian an English language version of any report it makes
generally available to holders of Deposited Securities.

 

The Company shall provide
the Depositary with annual reports in English, which shall include a review of
operations and annual audited consolidated financial statements prepared
according to generally accepted accounting principles in Mexico (“Mexican GAAP”).  The annual reports shall include a
reconciliation of net income and stockholders’ equity to generally accepted
accounting principles in the United States (“U.S. GAAP”).  The Company shall also furnish the Depositary
with an English translation of its unaudited quarterly financial statements for
each of the first three calendar quarters prepared in accordance with Mexican
GAAP.  When the Depositary receives
sufficient copies of these documents and when so requested in writing by the
Company, it shall as promptly as practicable mail them to all Owners.

 

Prior to the date hereof,
the Company shall have transmitted to the Custodian a copy in English of the Estatutos.  Thereafter, promptly upon any amendment
thereto or change therein, the Company shall transmit to the Custodian a copy
in English of the Estatutos as so amended or changed.  The Depositary may rely upon such copies for
all purposes of this Deposit Agreement.

 

SECTION 5.07.              Issuance
of Additional Shares.

 

The Company agrees that
in the event of any issuance of (1) additional Shares, (2) rights to
subscribe for Shares, (3) securities convertible into or exchangeable for
Shares,

 

22

 

or (4) rights
to subscribe for such securities, it will take all steps reasonably necessary
to ensure that no violation by the Company or the Depositary of the Securities
Act of 1933 will result from such issuance.

 

The Company agrees with
the Depositary that neither the Company nor any company controlled by the
Company will at any time deposit any Shares, either upon original issuance or
upon a sale of Shares previously issued and reacquired by the Company or by any
company under the control of the Company, unless a registration statement is in
effect as to such Shares under the Securities Act of 1933 or the Company
furnishes to the Depositary a written opinion from U.S. counsel for the
Company, which counsel shall be reasonably satisfactory to the Depositary,
stating that upon such deposit, such Shares and the American Depositary Shares
to be issued in respect of such deposit may be publicly offered and sold by the
holder thereof in the United States without registration of such Shares under
the Securities Act of 1933.

 

SECTION 5.08.              Indemnification.

 

(a)  The Company
agrees to indemnify the Depositary and the Custodian against, and hold each of
them harmless from, any liability or expense (including reasonable fees and
expenses of counsel) which may arise out of (i) any registration with the
Commission of Receipts, American Depositary Shares or Deposited Securities or
the offer or sale thereof in the United States or (ii) acts performed or
omitted in accordance with the provisions of this Deposit Agreement and of the
Receipts, as the same may be amended, modified or supplemented from time to
time, (A) by either the Depositary or the Custodian, except for any
liability or expense arising out of the negligence or bad faith of either of
them and except to the extent that such liability or expense arises out of
information relating to the Depositary or the Custodian, as applicable,
furnished in writing to the Company by the Depositary or the Custodian, as
applicable, expressly for use in any registration statement, proxy statement,
prospectus (or placement memorandum) or preliminary prospectus (or preliminary
placement memorandum) relating to the American Depositary Shares or the Shares
represented thereby, or omissions from such information or (B) by the
Company or any of its directors, employees, agents or affiliates.

 

(b)           The indemnities contained in the
preceding paragraph shall not extend to any liability or expense which arises
solely out of a Pre-Release of a Receipt or Receipts and which would not
otherwise have arisen had such Receipt or Receipts not been the subject of a
Pre-Release; provided, however, that the indemnities provided in
the preceding paragraph shall apply to any such liability or expense (i) to
the extent that such liability or expense would have arisen had a Receipt or
Receipts not been the subject of a Pre-Release, or (ii) which may arise
out of any misstatement or alleged misstatement or omission or alleged omission
in any registration statement, proxy statement, prospectus (or placement
memorandum) or preliminary prospectus (or preliminary placement memorandum)
relating to the offer or sale of American Depositary Shares or Shares,

 

23

 

except to the
extent any such liability or expense arises out of information relating to the
Depositary or any Custodian, as applicable, furnished in writing to the Company
by the Depositary or any Custodian, as applicable, and not materially changed
or altered by the Company, expressly for use in any of the foregoing documents,
or material omissions from such information.

 

(c)           The Depositary agrees to indemnify the
Company and to hold it harmless from any liability or expense (including
reasonable fees and expenses of counsel) which may arise out of acts performed
or omitted to be performed by the Depositary or Custodian due to their
negligence or bad faith.

 

(d)           Any person seeking indemnification
hereunder (an “Indemnified Person”) shall notify the person from whom it is
seeking indemnification (the “Indemnifying Person”) of the commencement of any
indemnifiable action or claim promptly after such Indemnified Person becomes
aware of such commencement and shall consult in good faith with the
Indemnifying Person as to the conduct of the defense of such action or claim,
which defense shall be reasonable under the circumstances.  No Indemnifying Person shall compromise or
settle any action or claim without the consent in writing of the Indemnified
Person, which consent shall not be unreasonably withheld.

 

(e)           The obligations set forth in this Section 5.08
shall survive the termination of this Deposit Agreement and the succession or
substitution of any person indemnified hereby.

 

SECTION 5.09.              Charges
of Depositary.

 

The Company agrees to pay
the fees, reasonable expenses and out-of-pocket charges of the Depositary and
those of any Registrar only in accordance with agreements in writing entered
into between the Depositary and the Company from time to time.  The Depositary shall present its statement
for such charges and expenses to the Company once every three months.  The charges and expenses of the Custodian are
for the sole account of the Depositary.

 

The following charges
shall be incurred by any party depositing or withdrawing Shares or by any party
surrendering Receipts or to whom Receipts are issued (including, without
limitation, issuance pursuant to a stock dividend or stock split declared by
the Company or an exchange of stock regarding the Receipts or Deposited
Securities or a distribution of Receipts pursuant to Section 4.03 hereof),
or by Owners, whichever applicable:  (1) taxes
and other governmental charges, (2) such registration fees as may from
time to time be in effect for the registration of transfers of Shares generally
on the Share register of the Company (or the appointed agent of the Company for
transfer and registration of Shares) and applicable to transfers of Shares to
the name of the Depositary or its nominee or the Custodian or its nominee on
the making of deposits or withdrawals hereunder, (3) such cable, telex and
facsimile transmission expenses as are expressly provided in this Deposit
Agreement, (4) such expenses as are incurred by the Depositary

 

24

 

in the conversion
of foreign currency pursuant to Section 4.05, (5) a fee of $5.00 or
less per 100 American Depositary Shares (or portion thereof) for the execution
and delivery of Receipts pursuant to Section 2.03, 4.03 or 4.04 and the
surrender of Receipts pursuant to Section 2.05 or 6.02, (6) (to the
extent permitted by the rules of any stock exchange on which American
Depositary Shares are listed for trading) a fee of $.02 or less per American
Depositary Share (or portion thereof) for any cash distribution made pursuant
to the Deposit Agreement, and (7) a fee for the distribution of securities
pursuant to Section 4.02, such fee being in an amount equal to the fee for
the issuance of American Depositary Shares referred to above which would have
been charged as a result of the deposit of such securities (for purposes of
this clause 7 treating all such securities as if they were Shares) but
which securities are instead distributed by the Depositary to Owners and (8) any
other charges payable by the Depositary, any of the Depositary’s agents,
including the Custodian, or the agents of the Depositary’s agents in connection
with the servicing of Shares or other Deposited Securities (which charge shall
be assessed against Owners as of the date or dates set by the Depositary in
accordance with Section 4.06 and shall be collected at the sole discretion
of the Depositary by billing such Owners for such charge or by deducting such
charge from one or more cash dividends or other cash distributions).

 

SECTION 5.10.              Available
Information to the Commission.

 

The Company is subject to
the periodic reporting requirements of the Securities Exchange Act of 1934, and
accordingly, is required to file certain reports with the Commission.  Such reports and other information may be
inspected and copied at the public reference facilities maintained by the
Commission located at the date hereof at Judiciary Plaza, 450 Fifth Street,
N.W., Washington, D.C. 20549.

 

SECTION 5.11.              Exclusivity.

 

The Company agrees not to
appoint any other depositary for the issuance of Receipts so long as The Bank
of New York is acting as Depositary hereunder, subject, however, to the rights
of the Company under Section 5.04.

 

SECTION 5.12.              List
of Restricted Securities Owners.

 

The Company shall provide
to the Depositary a list setting forth, to the actual knowledge of the Company,
those persons or entities who beneficially own Restricted Securities as of the
date hereof and the Company shall update that list on a regular basis.  The Company agrees to advise in writing each
of the persons or entities so listed that such Restricted Securities are
ineligible for deposit hereunder.  The
Depositary may rely on such a list or update but shall not be liable for any
action or omission made in reliance thereon.

 

25

 

ARTICLE VI

 

AMENDMENT AND TERMINATION

 

SECTION 6.01.              Amendment.

 

The form of the Receipts
and any provisions of this Deposit Agreement may at any time and from time to
time be amended by agreement between the Company and the Depositary without the
consent of Owners or Beneficial Owners in any respect that they may deem
necessary or desirable.

 

Any amendment which shall
impose or increase any fees or charges (other than taxes (including without
limitation stamp taxes) and other governmental charges, or which shall
otherwise prejudice any substantial existing right of Owners shall, however,
not become effective as to outstanding Receipts until the expiration of thirty
(30) days after notice of such amendment shall have been given to the Owners of
outstanding Receipts.  Every Owner of a
Receipt at the time any such amendment so becomes effective, shall be deemed,
by continuing to hold such Receipt to consent and agree to such amendment and
to be bound by the Deposit Agreement or the Receipts or both of them, as
applicable, as amended thereby.  In no
event shall any amendment impair the right of the Owner of any Receipt to
surrender such Receipt and receive therefor the Deposited Securities
represented thereby, except in order to comply with mandatory provisions of
applicable law.

 

SECTION 6.02.              Termination.

 

The Depositary shall at
any time at the direction of the Company (which shall be confirmed in writing)
terminate this Deposit Agreement by mailing notice of such termination to the
Owners of all Receipts then outstanding at least thirty (30) days prior to the
date fixed in such notice for such termination. 
The Depositary may terminate this Deposit Agreement if at any time
ninety (90) days shall have expired after the Depositary shall have delivered
to the Company a written notice of its election to resign and a successor
depositary shall not have been appointed and accepted its appointment as
provided in Section 5.04, such termination to become effective by the
Depositary mailing notice of such termination to Owners of all Receipts then
outstanding at least thirty (30) days prior to the date fixed in such notice
for such termination.  If any Receipts
shall remain outstanding after the date of termination of this Deposit
Agreement, the Depositary thereafter shall discontinue the registration of
transfers of Receipts, shall suspend the distribution of dividends to the
Owners thereof, and shall not give any further notices or perform any further
acts under this Deposit Agreement, except that the Depositary shall, in
accordance with and subject to the provisions of this Deposit Agreement, (a) continue
to collect dividends and other distributions pertaining to Deposited
Securities, (b) sell rights as provided in this Deposit Agreement and (c) continue
to deliver Deposited Securities, together with any dividends or other
distributions received with respect thereto and the net proceeds of the sale of
any rights or

 

26

 

other property, in
exchange for Receipts surrendered to the Depositary.  At any time after the expiration of one year
from the date of termination, the Depositary may sell the Deposited Securities
then held hereunder and may thereafter hold uninvested the net proceeds of any
such sale, together with any other cash then held by it hereunder, unsegregated
and without liability for interest, for the pro rata benefit of the Owners of
Receipts which have not theretofore been surrendered, such Owners thereupon
becoming general creditors of the Depositary with respect to such net proceeds.  After making such sale, the Depositary shall
be discharged from all obligations under this Deposit Agreement, except to
account for such net proceeds and other cash, after deducting, in each case,
the applicable fees and expenses of the Depositary and applicable taxes or
governmental charges and except as provided in Section 5.08. Upon the
termination of this Deposit Agreement, the Company shall be discharged from all
obligations under this Deposit Agreement except for its obligations to the
Depositary under Sections 5.08 and 5.09 hereof.

 

ARTICLE VII

 

MISCELLANEOUS

 

SECTION 7.01.              Counterparts.

 

This Deposit Agreement
may be executed in any number of counterparts, each of which shall be deemed an
original and all of which counterparts shall constitute one and the same
instrument.  Copies of this Deposit
Agreement shall be filed with the Depositary and the Custodian and shall be
open to inspection by any Owner during business hours.

 

SECTION 7.02.              No
Third Party Beneficiaries.

 

This Deposit Agreement is
for the exclusive benefit of the parties hereto and shall not be deemed to give
any legal or equitable right, remedy or claim whatsoever to any other person.

 

SECTION 7.03.              Severability.

 

In case any one or more
of the provisions contained in this Deposit Agreement or in the Receipts should
be or become invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein or
therein shall in no way be affected, prejudiced or disturbed thereby.

 

SECTION 7.04.              Owners
as Parties; Binding Effect.

 

The Owners of Receipts
from time to time shall be parties to this Deposit Agreement and shall be bound
by all of the terms and conditions hereof and of the Estatutos and of
the Receipts by acceptance of the Receipts. 
Each Owner agrees that, by accepting a Receipt, such Owner shall hold
such Receipt subject to, and with the

 

27

 

obligations of,
the provisions hereof, the Estatutos and the Shares; provided, however,
that the terms or conditions of the Receipt shall be governed by this Deposit
Agreement.

 

SECTION 7.05.              Notices.

 

(a)  To the
Company.  Any and all notices to be
given to the Company shall be deemed to have been duly given if personally
delivered or sent by mail or air courier or by cable, telex or facsimile
transmission confirmed by letter, addressed to the Company at Av. Mariano Otero
No. 1249, Torre Pacífico, Piso 6, Col Rinconada del Bolque, Guadalajara,
Mexico, or to any other place to which the Company may have transferred its
principal office with notice to the Depositary.

 

(b)           To the Depositary. 
Any and all notices to be given to the Depositary shall be deemed to
have been duly given if in English and personally delivered or sent by mail or
air courier or by cable, telex or facsimile transmission confirmed by letter,
addressed to The Bank of New York, 101 Barclay Street, New York, New York
10286, Attention: American Depositary Receipt Administration, or to any other
place to which the Depositary may have transferred the Corporate Trust Office
with notice to the Company.

 

(c)           To any Owner. 
Any and all notices to be given to any Owner shall be deemed to have
been duly given if personally delivered or sent by mail or air courier or by
cable, telex or facsimile transmission confirmed by letter, addressed to such
Owner at the address of such Owner as it appears on the transfer books of the
Depositary, or, if such Owner shall have filed with the Depositary a written
request that notices intended for such Owner be mailed to some other address,
at the address designated in such request.

 

(d)           General.  Delivery of a
notice sent to the Company or the Depositary shall be deemed to be effected
when received.  Delivery of a notice to
an Owner by mail or air courier or by cable, telex or facsimile transmission
shall be deemed to be effected at the time when a duly addressed letter
containing such notice (or a confirmation thereof in the case of a cable, telex
or facsimile transmission) is deposited, postage prepaid, in a post office
letter box.  The Depositary or the
Company may, however, act upon any cable, telex or facsimile transmission
received by it from the other or from any Owner, notwithstanding that such
cable, telex or facsimile transmission shall not subsequently be confirmed by
letter as aforesaid.

 

SECTION 7.06.              Submission
to Jurisdiction; Appointment of Agent for Service of Process.

 

The Company hereby (i) irrevocably
designates and appoints CT Corporation System, 111 Eighth Avenue, New York, New
York 10011, in the State of New York, as the Company’s authorized agent upon
which process may be served in any suit or proceeding arising out of or
relating to the Shares or Deposited Securities, the American Depositary Shares,
the Receipts or this Agreement, (ii) consents and submits to the

 

28

 

jurisdiction of
any state or federal court in the State of New York in which any such suit or
proceeding may be instituted, and (iii) agrees that service of process
upon said authorized agent shall be deemed in every respect effective service
of process upon the Company in any such suit or proceeding.  The Company agrees to deliver, upon the
execution and delivery of this Deposit Agreement, a written acceptance by such
agent of its appointment as such agent. 
The Company further agrees to take any and all action, including the
filing of any and all such documents and instruments, as may be necessary to
continue such designation and appointment in full force and effect for so long
as any American Depositary Shares or Receipts remain outstanding or this
Agreement remains in force.  In the event
the Company fails to continue such designation and appointment in full force
and effect, the Company hereby waives personal service of process upon it and
consents that any such service of process may be made by certified or
registered mail, return receipt requested, directed to the Company at its
address last specified for notices hereunder, and service so made shall be
deemed completed five (5) days after the same shall have been so mailed.

 

SECTION 7.07.              Waiver
of Immunities.

 

To the extent that the
Company or any of its properties, assets or revenues may have or may hereafter
become entitled to, or have attributed to it, any right of immunity, on the
grounds of sovereignty or otherwise, from any legal action, suit or proceeding,
from the giving of any relief in any respect thereof, from setoff or
counterclaim, from the jurisdiction of any court, from service of process, from
attachment upon or prior to judgment, from attachment in aid of execution or
judgment, or from execution of judgment, or other legal process or proceeding
for the giving of any relief or for the enforcement of any judgment, in any
jurisdiction in which proceedings may at any time be commenced, with respect to
its obligations, liabilities or any other matter under or arising out of or in
connection with the Shares or Deposited Securities, the American Depositary
Shares, the Receipts or this Agreement, the Company, to the fullest extent
permitted by law, hereby irrevocably and unconditionally waives, and agrees not
to plead or claim, any such immunity and consents to such relief and
enforcement.

 

SECTION 7.08.              Governing
Law.

 

This Deposit Agreement
and the Receipts shall be interpreted in accordance with, and all rights
hereunder and thereunder and provisions hereof and thereof shall be governed
by, the laws of the State of New York.

 

SECTION 7.09.              Headings.

 

Headings contained herein
are included for convenience only and are not to be used in construing or
interpreting any provision hereof.

 

29

 

SECTION 7.10.              Compliance
with U.S. Securities Laws.

 

Notwithstanding anything
in this Deposit Agreement to the contrary, the Company and the Depositary each
agrees that it will not exercise any of their respective rights under this
Deposit Agreement to prevent the withdrawal or delivery of Deposited Securities
in a manner which would violate the U.S. securities laws, including, but not limited
to, Section I.A.(1) of the General Instructions to the Form F-6
Registration Statement, as amended from time to time, under the Securities Act
of 1933.

 

IN WITNESS WHEREOF, GRUPO
AEROPORTUARIO DEL PACIFICO, S.A. de C.V. and THE BANK OF NEW YORK have duly
executed this Deposit Agreement as of the day and year first above set forth
and all Owners of Receipts shall become parties hereto upon acceptance by them
of Receipts issued in accordance with the terms hereof or any interest therein.

 

 

	
   

  	
  GRUPO AEROPORTUARIO
  DEL

  
	
   

  	
  PACIFICO, S.A.
  de C.V.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW
  YORK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

30

 

EXHIBIT A

 

	
   

  	
  AMERICAN
  DEPOSITARY SHARES

  
	
   

  	
   

  
	
   

  	
  (Each American
  Depositary

  
	
   

  	
  Share represents
  ten deposited Shares)

  
	
   

  	
   

  
	
   

  	
  CUSIP:

  

 

THE BANK OF NEW
YORK

AMERICAN DEPOSITARY RECEIPT

FOR SERIES B SHARES

WITHOUT PAR VALUE OF

GRUPO AEROPORTUARIO DEL PACIFICO, S.A. de C.V.

(INCORPORATED UNDER THE LAWS OF MEXICO)

 

The Bank of New York, as depositary
(hereinafter called the “Depositary”), hereby certifies that                                            ,
or registered assigns, IS THE OWNER OF                                         

 

AMERICAN
DEPOSITARY SHARES

 

representing deposited Series B
Shares, without par value (herein called “Shares”), of Grupo Aeroportuario del
Pacifico, S.A. de C.V., incorporated under the laws of the United Mexican
States (herein called the “Company”).  At
the date hereof, each American Depositary Share represents ten Shares deposited
or subject to deposit under the Deposit Agreement (as such term is hereinafter
defined) at the principal Mexico City office of Bancomer, S.A. (herein called
the “Custodian”).  The Depositary’s
Corporate Trust Office is located at a different address than its principal
executive office.  Its Corporate Trust
Office is located at 101 Barclay Street, New York, N.Y. 10286, and its
principal executive office is located at One Wall Street, New York, N.Y. 10286.

 

THE DEPOSITARY’S CORPORATE TRUST OFFICE ADDRESS IS

101 BARCLAY STREET, NEW YORK, N.Y. 10286

 

A - 1

 

1.             THE DEPOSIT AGREEMENT.

 

This American Depositary
Receipt is one of an issue (herein called “Receipts”), all issued and to be
issued upon the terms and conditions set forth in the deposit agreement, dated
as of               ,
2006 (herein called the “Deposit Agreement”), by and among the Company, the
Depositary, and all Owners from time to time of Receipts issued thereunder,
each of whom by accepting a Receipt agrees to become a party thereto and become
bound by all the terms and conditions thereof. 
The Deposit Agreement sets forth the rights of Owners of the Receipts
and the rights and duties of the Depositary in respect of the Shares deposited
thereunder and any and all other securities, property and cash from time to
time received in respect of such Shares and held thereunder (such Shares,
securities, property, and cash are herein called “Deposited Securities”).  Copies of the Deposit Agreement are on file
at the Depositary’s Corporate Trust Office in New York City and at the office
of the Custodian.

 

The statements made on
the face and reverse of this Receipt are summaries of certain provisions of the
Deposit Agreement and are qualified by and subject to the detailed provisions
of the Deposit Agreement, to which reference is hereby made.  Capitalized terms defined in the Deposit
Agreement and not defined herein shall have the meanings set forth in the
Deposit Agreement.

 

2.             SURRENDER OF RECEIPTS AND WITHDRAWAL OF
DEPOSITED SECURITIES.

 

Upon surrender at the
Corporate Trust Office of the Depositary of this Receipt for the purpose of
withdrawal of the Deposited Securities represented by the American Depositary
Shares evidenced hereby, and upon payment of the fee of the Depositary provided
in this Receipt, and subject to the terms and conditions of the Deposit
Agreement, the Estatutos and the Deposited Securities, the Owner hereof
is entitled to (i) electronic transfer, through Indeval, of such Shares to
an account in the name of the Owner or such other name as the Owner may direct
and (ii) physical delivery, to or upon the order of such Owner, of any
other such Deposited Securities at the time represented by the American
Depositary Shares evidenced by this Receipt. 
Delivery of such Deposited Securities may be made by the delivery of
certificates in the name of such Owner or as ordered by such Owner or by the
delivery of certificates properly endorsed or accompanied by proper instruments
of transfer.  Such delivery will be made
at the option of the Owner hereof, either at the office of the Custodian or at
the Corporate Trust Office of the Depositary, provided that the forwarding of
certificates for Shares or other Deposited Securities for such delivery at the
Corporate Trust Office of the Depositary shall be at the risk and expense of
the Owner hereof.

 

A - 2

 

3.             TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF
RECEIPTS.

 

The transfer of this
Receipt is registrable on the books of the Depositary at any of its designated
transfer offices by the Owner hereof in person or by a duly authorized
attorney, upon surrender of this Receipt properly endorsed for transfer or
accompanied by proper instruments of transfer and funds sufficient to pay any
applicable transfer taxes and the expenses of the Depositary and upon
compliance with such regulations, if any, as the Depositary may establish for
such purpose.  This Receipt may be split
into other such Receipts, or may be combined with other such Receipts into one
Receipt, evidencing the same aggregate number of American Depositary Shares as
the Receipt or Receipts surrendered.  As
a condition precedent to the execution and delivery, registration, registration
of transfer, split-up, combination, or surrender of any Receipt or withdrawal
of any Deposited Securities, the Depositary, the Custodian, or Registrar may
require (i) payment from the Owner, the presentor of the Receipt or the
depositor of Shares of a sum sufficient to reimburse it for any tax, duty or
other governmental charge payable with respect thereto (including any such tax,
duty or charge with respect to Shares being deposited, to the Receipts being
issued or to Deposited Securities being withdrawn) and any transfer or
registration fees in effect for the registration or registration of transfers
of Shares generally on the Share register of the Company (or the appointed
agent of the Company for transfer and registration of Shares); (ii) payment
of any applicable fees as herein provided; (iii) the production of proof
satisfactory to it as to the identity and genuineness of any signature; and (iv) compliance
with such reasonable regulations, if any, as the Depositary may establish
consistent with the provisions of the Deposit Agreement.

 

The delivery of Receipts
against deposits of Shares generally may be suspended, or the delivery of
Receipts against the deposit of particular Shares may be withheld, or the
registration of transfer of Receipts in particular instances may be refused, or
the registration of transfer or surrender of outstanding Receipts generally may
be suspended, during any period when the transfer books of the Depositary or
the Share register of the Company are closed, or if any such action is deemed
necessary or advisable by the Depositary or the Company at any time or from
time to time because of any requirement of law or of any government or
governmental body or commission, or any securities exchange on which the
American Depositary Shares or Shares are listed, or under any provision of the
Receipts or of the Deposit Agreement, or for any other reason.  Notwithstanding the foregoing sentence or any
other provision of the Deposit Agreement or this Receipt to the contrary,
Owners shall be entitled to withdraw Deposited Securities, subject only to the
conditions set forth in paragraph I(A)(1) of the General Instructions (or
any successor provisions thereto), as in effect from time to time, to Form F-6
as prescribed by the Commission under the Securities Act of 1933.

 

Without limitation of the
foregoing, the Depositary shall not knowingly accept for deposit under the
Deposit Agreement any Shares which would be required to be registered under the
provisions of the Securities Act of 1933 for public offer and sale by

 

A - 3

 

the holder thereof
in the United States (as defined in Regulation S) unless a registration
statement is in effect as to such Shares for such offer and sale.

 

4.             LIABILITY OF OWNER FOR TAXES.

 

Any tax, duty or other
governmental charge or expense payable by the Custodian, the Depositary or the
nominee or nominees of either with respect to this Receipt or as the registered
holder of any Deposited Securities underlying this Receipt shall be payable by
the Owner hereof, who shall pay the amount thereof to the Depositary.  The Depositary may refuse to effect
registration of transfer of this Receipt or any transfer and withdrawal of
Deposited Securities underlying this Receipt until such payment is made, and
may withhold any cash dividends or other cash distributions constituting
Deposited Securities underlying this Receipt, or may sell for the account of
the Owner hereof any part or all of the other Deposited Securities underlying
this Receipt, and may apply such cash or the proceeds of any such sale in
payment of any such tax, duty or other governmental charge or expense (and any
taxes and expenses arising or incurred as a result of effecting any such sale),
the Owner hereof remaining liable for any deficiency.

 

5.             WARRANTIES ON DEPOSIT OF SHARES.

 

Every person depositing
Shares under the Deposit Agreement shall be deemed thereby to represent and
warrant that such Shares are validly issued, fully paid, non-assessable, and
free of any preemptive rights of the holders of outstanding Shares and that the
person making such deposit is duly authorized so to do.  Every such person (other than the Company)
shall also be deemed to represent that such Shares are not, and American
Depositary Shares and representing such Shares would not be, restricted
securities as defined under the Securities Laws of the United States or
securities owned by an affiliate (as defined in Rule 144 under the
Securities Act of 1933) of the Company or which are subject to any restrictions
on transfer and sale under Mexican laws or the Estatutos or a
shareholder agreement.  Such
representations and warranties shall survive the deposit of Shares and delivery
or surrender of Receipts therefor.

 

6.             FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.

 

Any person depositing
Shares or any Owner of a Receipt may be required from time to time to file with
the Depositary or the Custodian such proof of citizenship, residence, exchange
control approval, legal or beneficial ownership or other information relating
to the registration on the books of the Company (or the appointed agent of the
Company for transfer and registration of Shares) of the Shares presented for
deposit, to execute and deliver to the Depositary or the Custodian such
certificates, and to make such representations and warranties, as the
Depositary may deem necessary or proper or as the Company may require by
written request to the Depositary.  The
Depositary may withhold the delivery or registration of transfer of any Receipt
or the distribution or sale of any dividend or other distribution or rights or
of the proceeds thereof or the delivery of

 

A - 4

 

any Deposited
Securities underlying such Receipt until the foregoing is accomplished to the
Depositary’s reasonable satisfaction.

 

7.             CHARGES OF DEPOSITARY.

 

The Company agrees to pay
the fees, reasonable expenses and out-of-pocket charges of the Depositary and
those of any Registrar only in accordance with agreements in writing entered into
between the Depositary and the Company from time to time.  The Depositary shall present its statement
for such charges and expenses to the Company once every three months.  The charges and expenses of the Custodian are
for the sole account of the Depositary.

 

The following charges
shall be incurred by any party depositing or withdrawing Shares or by any party
surrendering Receipts or to whom Receipts are issued (including, without
limitation, issuance pursuant to a stock dividend or stock split declared by
the Company or an exchange of stock regarding the Receipts or Deposited
Securities or a distribution of Receipts pursuant to Section 4.03 of the
Deposit Agreement), or by Owners, whichever applicable: (1) taxes and
other governmental charges, (2) such registration fees as may from time to
time be in effect for the registration of transfers of Shares generally on the
Share register of the Company (or the appointed agent of the Company for
transfer and registration of Shares) and applicable to transfers of Shares to
the name of the Depositary or its nominee or the Custodian or its nominee on
the making of deposits or withdrawals under the terms of the Deposit Agreement,
(3) such cable, telex and facsimile transmission expenses as are expressly
provided in the Deposit Agreement, (4) such expenses as are incurred by
the Depositary in the conversion of foreign currency pursuant to Section 4.05
of the Deposit Agreement, (5) a fee of $5.00 or less per 100 American
Depositary Shares (or portion thereof) for the execution and delivery of
Receipts pursuant to Section 2.03, 4.03 or 4.04 of the Deposit Agreement
and the surrender of Receipts pursuant to Section 2.05 or 6.02 of the
Deposit Agreement, (6) (to the extent permitted by the rules of any
stock exchange on which American Depositary Shares are listed for trading) a
fee of $.02 or less per American Depositary Share (or portion thereof) for any
cash distribution made pursuant to the Deposit Agreement (7) a fee for the
distribution of securities pursuant to Section 4.02 of the Deposit
Agreement, such fee being in an amount equal to the fee for the issuance of
American Depositary Shares referred to above which would have been charged as a
result of the deposit of such securities (for purposes of this clause 7 treating
all such securities as if they were Shares), but which securities are instead
distributed by the Depositary to Owners and (8) any other charges payable
by the Depositary, any of the Depositary’s agents, including the Custodian, or
the agents of the Depositary’s agents in connection with the servicing of
Shares or other Deposited Securities (which charge shall be assessed against
Owners as of the date or dates set by the Depositary in accordance with Section 4.06
of the Deposit Agreement and shall be collected at the sole discretion of the
Depositary by billing such Owners for such charge or by deducting such charge
from one or more cash dividends or other cash distributions).

 

A - 5

 

The Depositary, subject
to Article 8 hereof, may own and deal in any class of securities of the
Company and its affiliates and in Receipts.

 

8.             PRE-RELEASE OF RECEIPTS.

 

Unless requested in
writing by the Company to cease doing so, the Depositary may, notwithstanding Section 2.03
of the Deposit Agreement, execute and deliver Receipts prior to the receipt of
Shares pursuant to Section 2.02 of the Deposit Agreement (a “Pre-Release”).  The Depositary may, pursuant to Section 2.05
of the Deposit Agreement, deliver Shares upon the receipt and cancellation of
Receipts which have been Pre-Released, whether or not such cancellation is
prior to the termination of such Pre-Release or the Depositary knows that such
Receipt has been Pre-Released.  The Depositary
may receive Receipts in lieu of Shares in satisfaction of a Pre-Release.  Each Pre-Release will be (a) preceded or
accompanied by a written representation and agreement from the person to whom
Receipts are to be delivered (the “Pre-Releasee”) that the Pre-Releasee, or its
customer, (i) owns the Shares or Receipts to be remitted, as the case may
be, (ii) assigns all beneficial right, title and interest in such Shares
or Receipts, as the case may be, to the Depositary in its capacity as such and
for the benefit of the Owners, and (iii) will not take any action with
respect to such Shares or Receipts, as the case may be, that is inconsistent
with the transfer of beneficial ownership (including, without the consent of
the Depositary, disposing of such Shares or Receipts, as the case may be, other
than in satisfaction of such Pre-Release), (b) at all times fully
collateralized with cash, U.S. government securities or such other collateral
as the Depositary determines, in good faith, will provide substantially similar
liquidity and security, (c) terminable by the Depositary on not more than
five (5) business days’ notice, and (d) subject to such further
indemnities and credit regulations as the Depositary deems appropriate.  The number of Shares not deposited but
represented by American Depositary Shares outstanding at any time as a result
of Pre-Releases will not normally exceed thirty percent (30%) of the Shares
deposited hereunder; provided, however, that the Depositary
reserves the right to disregard such limit from time to time as it deems reasonably
appropriate, and may, with the prior written consent of the Company, change
such limit for purposes of general application. 
The Depositary will also set U.S. dollar limits with respect to
Pre-Release transactions to be entered into hereunder with any particular Pre-Releasee
on a case-by-case basis as the Depositary deems appropriate.  For purposes of enabling the Depositary to
fulfill its obligations to the Owners under the Deposit Agreement, the
collateral referred to in clause (b) above shall be held by the Depositary
as security for the performance of the Pre-Releasee’s obligations to the
Depositary in connection with a Pre-Release transaction, including the Pre-Releasee’s
obligation to deliver Shares or Receipts upon termination of a Pre-Release
transaction (and shall not, for the avoidance of doubt, constitute Deposited
Securities thereunder).

 

The Depositary may retain
for its own account any compensation received by it in connection with the
foregoing.

 

A - 6

 

9.             TITLE TO RECEIPTS.

 

It is a condition of this
Receipt and every successive Owner of this Receipt by accepting or holding the
same consents and agrees, that title to this Receipt when properly endorsed or
accompanied by proper instruments of transfer, is transferable by delivery with
the same effect as in the case of a negotiable instrument under the laws of New
York; provided, however, that the Company and the Depositary,
notwithstanding any notice to the contrary, may treat the person in whose name
this Receipt is registered on the books of the Depositary as the absolute owner
hereof for the purpose of determining the person entitled to distribution of
dividends or other distributions or to any notice provided for in the Deposit
Agreement or for all other purposes.

 

10.           VALIDITY OF RECEIPT.

 

This Receipt shall not be
entitled to any benefits under the Deposit Agreement or be valid or obligatory
for any purpose unless this Receipt shall have been executed by the Depositary
by the manual or facsimile signature of a duly authorized signatory of the
Depositary and, if a Registrar shall have been appointed, countersigned by the
manual signature of a duly authorized officer of the Registrar.

 

11.           REPORTS; INSPECTION OF TRANSFER BOOKS.

 

The Company is subject to
the periodic reporting requirements of the Securities Exchange Act of 1934 and,
accordingly, files certain reports with the Commission.  Such reports will be available for inspection
and copying by Owners and Beneficial Owners at the public reference facilities
maintained by the Commission located at 450 Fifth Street, N.W., Washington,
D.C. 20549.

 

The Depositary will make
available for inspection by Owners of Receipts at the Corporate Trust Office
any reports and communications received from the Company which are both (a) received
by the Depositary or the Custodian or the nominee of either as the holder of
the Deposited Securities and (b) made generally available to the holders
of such Deposited Securities by the Company. 
The Depositary will also send to Owners of Receipts copies of such
reports when furnished by the Company pursuant to the Deposit Agreement.

 

The Depositary will keep
books, at its Corporate Trust Office, for the registration of Receipts and
transfer of Receipts which at all reasonable times shall be open for inspection
by the Owners of Receipts and the Company, provided that such inspection
shall not be for the purpose of communicating with Owners of Receipts in the
interest of a business or object other than the business of the Company or a
matter related to the Deposit Agreement, the Receipts or the Shares.

 

A - 7

 

12.           DIVIDENDS AND DISTRIBUTIONS.

 

Whenever the Depositary
receives any cash dividend or other cash distribution in respect of any
Deposited Securities, the Depositary will, if at the time of receipt thereof
any amounts received in a foreign currency can in the judgment of the
Depositary be converted on a reasonable basis into United States dollars
transferable to the United States, and subject to the Deposit Agreement, as
promptly as practicable convert such dividend or distribution into U.S. dollars
and will distribute as promptly as practicable the amount thus received (net of
the fees and expenses of the Depositary as provided in Article 7 hereof
and Section 5.09 of the Deposit Agreement) to the Owners of Receipts
entitled thereto; provided, however, that in the event that the
Company, the Depositary or the Custodian is required to withhold and does
withhold from any cash dividend or other cash distribution in respect of any
Deposited Securities an amount on account of taxes, the amount distributed to
the Owners of the Receipts evidencing American Depositary Shares representing
such Deposited Securities shall be reduced accordingly.

 

Subject to applicable
provisions of the Deposit Agreement, whenever the Depositary receives any
distribution other than a distribution described in Section 4.01, 4.03 or
4.04 of the Deposit Agreement, the Depositary will cause the securities or
property received by it to be distributed as promptly as practicable to the
Owners entitled thereto, in proportion to the number of American Depositary
Shares held by them, respectively, in any manner that the Depositary may deem
equitable and practicable for accomplishing such distribution; provided,
however, that if in the opinion of the Depositary such distribution
cannot be made proportionately among the Owners of Receipts entitled thereto,
or if for any other reason the Depositary deems such distribution not to be
feasible, the Depositary may adopt such method as it may deem equitable and
practicable for the purpose of effecting such distribution, including the
public or private sale of the securities or property thus received, or any part
thereof, and the net proceeds of any such sale will be distributed by the
Depositary to the Owners of Receipts entitled thereto as in the case of a
distribution received in cash.

 

If any distribution
consists of a dividend in, or free distribution of, Shares, subject to the
applicable provisions of the Deposit Agreement, the Depositary may, and shall,
if the Company shall so request, distribute promptly to the Owners of
outstanding Receipts entitled thereto, additional Receipts for an aggregate
number of American Depositary Shares representing the number of Shares received
as such dividend or distribution, subject to the terms and conditions of the
Deposit Agreement with respect to the deposit of Shares and the issuance of
American Depositary Shares evidenced by Receipts, including the withholding of
any tax or other governmental charge as provided in Section 4.11 of the
Deposit Agreement and the payment of the fees and expenses of the Depositary as
provided in Article 7 hereof and Section 5.09 of the Deposit Agreement.  The Depositary may withhold any such
distribution if it has not received satisfactory assurances from the Company
that such distribution does not require registration under the Securities Act
of 1933 or is exempt from such registration. 
In lieu of delivering

 

A - 8

 

Receipts for
fractional American Depositary Shares in any such case, the Depositary will
sell the amount of Shares represented by the aggregate of such fractions and as
promptly as practicable distribute the net proceeds, all in the manner and
subject to the conditions described in Section 4.02 of the Deposit
Agreement.  If additional Receipts are
not so distributed, each American Depositary Share shall thenceforth also
represent the additional Shares distributed upon the Deposited Securities
represented thereby.

 

In the event that the
Company shall offer or cause to be offered to the holders of any Deposited
Securities an option to elect to receive dividends in fully paid Shares instead
of cash, the Depositary and the Company agree to consult to determine whether
such option will be made available to the Owners of Receipts and, if such
option is to be made available to such Owners, the procedures to be followed.

 

In the event that the
Depositary determines that any distribution in property (including Shares and
rights to subscribe therefor) is subject to any tax which the Depositary is
obligated to withhold, the Depositary may dispose of all or a portion of such
property (including Shares and rights to subscribe therefor) in such amounts
and in such manner as the Depositary deems necessary and practicable to pay any
such taxes, by public or private sale, and the Depositary shall distribute the
net proceeds of any such sale or the balance of any such property after
deduction of such taxes or charges to the Owners of Receipts entitled thereto.

 

13.           RIGHTS.

 

In the event that the
Company shall offer or cause to be offered to the holders of any Deposited
Securities any rights to subscribe for additional Shares or any rights of any
other nature, the Depositary shall, after consultation with the Company,  have discretion as to the procedure to be
followed in making such rights available to any Owners or in disposing of such
rights on behalf of any Owners and making the net proceeds available in U.S.
dollars to such Owners; or, provided, however, that the
Depositary will, if requested by the Company take action as follows: (i) if
at the time of the offering of any rights the Depositary determines that it is
lawful and feasible to make such rights available to the Owners by means of
warrants or otherwise, the Depositary shall distribute as promptly as
practicable to each Owner in proportion to the number of American Depositary
Shares representing such Deposited Securities held by such Owner, warrants or
other instruments therefor in such form as it deems appropriate, but only
pursuant to a rights agency agreement to be entered into between the Company
and the Depositary setting forth the procedures, terms and conditions
applicable to the particular offering, or employ such other method, if any, as
it may deem lawful and feasible in order to facilitate the exercise, sale or
transfer of rights by such Owners; or (ii) if at the time of the offering
of any rights the Depositary determines that it is not lawful and feasible to
make such rights available to the Owners by means of warrants or otherwise, or
if the rights represented by such warrants or such other instruments are not
exercised and appear to be about to lapse, it will use its best efforts that
are reasonable under the

 

A - 9

 

circumstances to
sell the rights, warrants or other instruments and allocate the net proceeds of
such sales for the account of such Owners otherwise entitled to such rights,
warrants or other instruments, upon an averaged or other practical basis
without regard to any distinctions among such Owners because of exchange
restrictions or the date of delivery of any Receipt or otherwise.

 

The Depositary will not
offer rights to Owners unless both the rights and the securities to which such
rights relate are either exempt from registration under the Securities Act of
1933 with respect to a distribution to all Owners or are registered under the
provisions of such Act.

 

The Depositary shall not
be responsible for any failure to determine that it may be lawful or feasible
to make such rights available to Owners in general or any Owner in particular,
provided that the Depositary has not acted negligently or in bad faith.

 

14.           CONVERSION OF FOREIGN CURRENCY.

 

Whenever the Depositary
or the Custodian shall receive foreign currency, by way of dividends or other
distributions or the net proceeds from the sale of securities, property or
rights, and if at the time of the receipt thereof the foreign currency so
received can in the judgment of the Depositary be converted on a reasonable
basis into U.S. dollars and the resulting U.S. dollars transferred to the
United States, the Depositary shall, as promptly as practicable, convert or
cause to be converted, by sale or in any other manner that it may determine,
such foreign currency into U.S. dollars, and such U.S. dollars shall be
distributed, as promptly as practicable, to the Owners entitled thereto or, if
the Depositary shall have distributed any warrants or other instruments which
entitle the holders thereof to such Dollars, then to the holders of such
warrants and/or instruments upon surrender thereof for cancellation.  Such distribution may be made upon an
averaged or other practicable basis without regard to any distinctions among
Owners on account of exchange restrictions or otherwise and shall be net of any
expenses of conversion into U.S. dollars incurred by the Depositary as provided
in Section 5.09 of the Deposit Agreement.

 

If such conversion or
distribution can be effected only with the approval or license of any
government or agency thereof, the Depositary shall file as promptly as
practicable such application for approval or license, if any, as it may deem
desirable.

 

If at any time the
Depositary shall determine that in its judgment any foreign currency received
by the Depositary is not convertible on a reasonable basis into U.S. dollars
transferable to the United States, or if any approval or license of any
government or agency thereof which is required for such conversion is denied or
in the opinion of the Depositary is not obtainable, or if any such approval or
license is not obtained within a reasonable period as determined by the
Depositary, the Depositary may distribute the foreign currency (or an
appropriate document evidencing the right to receive such foreign currency)
received by the Depositary to, or in its discretion may hold such foreign

 

A - 10

 

currency
uninvested and without liability for interest thereon for the respective
accounts of, the Owners entitled to receive the same.

 

If any such conversion of
foreign currency, in whole or in part, cannot be effected for distribution to
some of the Owners entitled thereto, the Depositary may in its discretion make
such conversion and distribution in U.S. dollars to the extent permissible to
the Owners entitled thereto and may distribute the balance of the foreign
currency received by the Depositary to, or hold such balance uninvested and
without liability for interest thereon for the respective accounts of, the
Owners entitled thereto.

 

15.           RECORD DATES.

 

Whenever any cash
dividend or other cash distribution shall become payable or any distribution
other than cash shall be made, or whenever rights shall be issued with respect
to the Deposited Securities, or whenever the Depositary shall receive notice of
any meeting of holders of Shares or other Deposited Securities, or whenever for
any reason the Depositary causes a change in the number of Shares that are
represented by each American Depositary Share, or whenever the Depositary shall
fix a record date, which date shall, to the extent practicable, be the same as
or as near as practicable to, the record date, if any, fixed by the Company
and, if different from the record date set by the Company, shall be set after
consultation with the Company, (a) for the determination of the Owners of
Receipts who shall be (i) entitled to receive such dividend, distribution
or rights or the net proceeds of the sale thereof, (ii) entitled to give
instructions for the exercise of voting rights at any such meeting, or (iii) responsible
for any fee assessed by the Depositary pursuant to the Deposit Agreement or (b) on
or after which each American Depositary Share will represent the changed number
of Shares, subject to the provisions of the Deposit Agreement.

 

16.           VOTING OF DEPOSITED SECURITIES.

 

Upon receipt of notice of
any meeting of holders of Shares or other Deposited Securities, if requested in
writing by the Company, the Depositary shall, as soon as practicable
thereafter, mail to the Owners of Receipts a notice, the form of which notice
shall be in the sole discretion of the Depositary, which shall contain (a) such
information as is contained in such notice of meeting, (b) a statement
that the Owners of Receipts as of the close of business on a specified record
date will be entitled, subject to any applicable provision of Mexican law and
of the Estatutos, to instruct the Depositary as to the exercise of the
voting rights, if any, pertaining to the amount of Shares or other Deposited
Securities represented by their respective American Depositary Shares and (c) a
statement as to the manner in which such instructions may be given, including
an express indication that if no instruction is received, the Depositary will
deem the Owner to have instructed the Depositary to vote the Shares represented
by such Owner’s American Depositary Shares in the same proportion that all
other shares of capital stock of the Company are voted at the relevant
shareholders’ meeting.  The Company shall
use its best efforts to notify The Bank of New York of upcoming shareholders’
meetings and

 

A - 11

 

request that the
Depositary mail a notice to Owners as provided in the preceding sentence.  Upon the written request of an Owner of a
Receipt on such record date, received on or before the date established by the
Depositary for such purpose (the “Instruction Date”), the Depositary shall
endeavor insofar as practicable to vote or cause to be voted the amount of
Shares or other Deposited Securities represented by such American Depositary
Shares evidenced by such Receipt in accordance with the instructions set forth
in such request.  The Depositary shall
not vote or attempt to exercise the right to vote that attaches to the Shares
or other Deposited Securities, other than in accordance with such instructions
or deemed instructions.  If no
instructions are received by the Depositary from any Owner with respect to any
of the Deposited Securities represented by the American Depositary Shares
evidenced by such Owner’s Receipts on or before the date established by the
Depositary for such purpose, the Depositary shall deem such Owner to have
instructed the Depositary to vote such Shares on any question in the same
proportion that all other shares of capital stock of the Company are voted on
such question at the relevant shareholders’ meeting, and the Depositary shall
endeavor, insofar as practicable, to so vote or cause to be voted such Shares.

 

17.           CHANGES AFFECTING DEPOSITED SECURITIES.

 

Upon any change in
nominal value, change in par value, split-up, consolidation, or any other
reclassification of Deposited Securities, or upon any recapitalization,
reorganization, merger or consolidation, or sale of assets affecting the
Company or to which it is a party, any securities received by the Depositary or
the Custodian in exchange for or in conversion of or in respect of Deposited
Securities shall be treated as new Deposited Securities under the Deposit
Agreement, and American Depositary Shares shall thenceforth represent, in
addition to the existing Deposited Securities, the right to receive the new
Deposited Securities so received in exchange or conversion, unless additional
Receipts are delivered pursuant to the following sentence.  In any such case the Depositary may, with the
approval of the Company and shall, if the Company shall so request, execute and
deliver additional Receipts as in the case of a dividend in Shares, or call for
the surrender of outstanding Receipts to be exchanged for new Receipts
specifically describing such new Deposited Securities.

 

18.           LIABILITY OF THE COMPANY AND DEPOSITARY.

 

Neither the Depositary
nor the Company, nor any of their respective directors, employees, agents or
affiliates shall incur any liability to any Owner if, by reason of any
provision of any present or future law of the United States, the United Mexican
States or any other country, or of any other governmental or regulatory
authority, or by reason of any provision, present or future, of the Estatutos,
or by reason of any act of God or war or other circumstances beyond its
control, the Depositary or the Company or any of their respective directors,
employees, agents or affiliates shall be prevented, delayed or forbidden from
or be subject to any civil or criminal penalty on account of doing or
performing any act or thing which by the terms of the Deposit Agreement it is
provided

 

A - 12

 

or contemplated
shall be done or performed; nor shall the Depositary or the Company or any of
their respective directors, employees, agents or affiliates incur any liability
to any Owner by reason of any non-performance or delay, caused as aforesaid, in
performance of any act or thing which by the terms of the Deposit Agreement it
is provided or contemplated shall or may be done or performed, or by reason of
any exercise of, or failure to exercise, any discretion provided for in the
Deposit Agreement or the Estatutos. 
Where, by the terms of a distribution pursuant to Section 4.01,
4.02 or 4.03 of the Deposit Agreement, or an offering or distribution pursuant
to Section 4.04 of the Deposit Agreement, such distribution or offering
may not be made available to Owners of Receipts, and the Depositary may not
dispose of such distribution or offering on behalf of such Owners and make the
net proceeds available to such Owners, then the Depositary shall not make such
distribution or offering, and shall allow any rights, if applicable, to
lapse.  Neither the Company nor the
Depositary assumes any obligation or shall be subject to any liability under
the Deposit Agreement to Owners, except that they agree to perform their
obligations specifically set forth in the Deposit Agreement without negligence
or bad faith.  The Depositary shall not
be subject to any liability with respect to the validity or worth of the
Deposited Securities.  Neither the
Depositary nor the Company shall be under any obligation to appear in,
prosecute or defend any action, suit, or other proceeding in respect of any
Deposited Securities or in respect of the Receipts, which in its opinion may
involve it in expense or liability, unless indemnity satisfactory to it against
all expense and liability be furnished as often as may be required, and the
Custodian shall not be under any obligation whatsoever with respect to such
proceedings, the responsibility of the Custodian being solely to the Depositary.  Neither the Depositary nor the Company shall
be liable for any action or non-action by it in reliance upon the advice of or
information from legal counsel, accountants, any governmental authority, any
person presenting Shares for deposit, any Owner of a Receipt, or any other
person believed by it in good faith to be competent to give such advice or
information.  The Depositary shall not be
responsible for any failure to carry out any instructions to vote any of the
Deposited Securities, or for the manner in which any such vote is cast or the
effect of any such vote, provided that any such action or non-action is in good
faith.  The Depositary shall not be
liable to Owners for any acts or omissions made by a successor depositary
whether in connection with a previous act or omission of the Depositary or in
connection with a matter arising wholly after the removal or resignation of the
Depositary, provided that, in connection with the issue out of which such
potential liability arises, the Depositary performed its obligations utilizing
its reasonable judgment in good faith while it acted as Depositary.  No disclaimer of liability under the
Securities Act of 1933 is intended by any provision of the Deposit Agreement.

 

19.           RESIGNATION AND REMOVAL OF THE DEPOSITARY;
APPOINTMENT OF SUCCESSOR CUSTODIAN.

 

The Depositary may at any
time resign as Depositary hereunder by written notice of its election so to do
delivered to the Company, such resignation to take effect upon the appointment
of a successor depositary and its acceptance of such appointment as

 

A - 13

 

provided in the
Deposit Agreement.  The Depositary may at
any time be removed by the Company by 60 days’ prior written notice of such
removal, to become effective upon the later of (i) the 60th day after
delivery of the notice to the Depositary or (ii) the appointment of a
successor depositary and its acceptance of such appointment as provided in the
Deposit Agreement.  Whenever the
Depositary in its discretion determines that it is in the best interest of the
Owners of Receipts to do so, it may, after consultation with the Company to the
extent practicable, appoint a substitute or additional Custodian.

 

20.  AMENDMENT.

 

The form of the Receipts
and any provisions of the Deposit Agreement may at any time and from time to
time be amended by agreement between the Company and the Depositary in any
respect that they may deem necessary or desirable.  Any amendment which shall impose or increase
any fees or charges (other than taxes (including without limitation stamp
taxes) and other governmental charges, or which shall otherwise prejudice any
substantial existing right of Owners of Receipts shall, however, not become
effective as to outstanding Receipts until the expiration of thirty days after
notice of such amendment shall have been given to the Owners of outstanding
Receipts.  Every Owner of a Receipt at
the time any amendment so becomes effective shall be deemed, by continuing to
hold such Receipt, to consent and agree to such amendment and to be bound by
the Deposit Agreement and the Receipts as amended thereby.  In no event shall any amendment impair the
right of the Owner of any Receipt to surrender such Receipt and receive
therefor the Deposited Securities represented thereby except in order to comply
with mandatory provisions of applicable law.

 

21.           TERMINATION OF DEPOSIT AGREEMENT.

 

The Depositary at any
time at the direction of the Company shall terminate the Deposit Agreement by
mailing notice of such termination to the Owners of all Receipts then
outstanding at least 30 days prior to the date fixed in such notice for such
termination.  The Depositary may
terminate the Deposit Agreement if at any time 90 days shall have expired after
the Depositary shall have delivered to the Company a written notice of its
election to resign and a successor depositary shall not have been appointed and
accepted its appointment as provided in the Deposit Agreement, such termination
to become effective by the Depositary mailing notice of such termination to
Owners of all Receipts then outstanding at least thirty (30) days prior to the
date fixed in such notice for such termination. 
If any Receipts shall remain outstanding after the date of termination
of the Deposit Agreement, the Depositary thereafter shall discontinue the
registration of transfers of Receipts, shall suspend the distribution of
dividends to the Owners thereof, and shall not give any further notices or
perform any further acts under this Deposit Agreement, except that the
Depositary shall, in accordance with and subject to the provisions of this
Deposit Agreement, (a) continue to collect dividends and other
distributions pertaining to Deposited Securities, (b) sell rights as
provided in this Deposit

 

A - 14

 

Agreement and (c) continue
to deliver Deposited Securities, together with any dividends or other
distributions received with respect thereto and the net proceeds of the sale of
any rights or other property, in exchange for Receipts surrendered to the
Depositary.  At any time after the
expiration of one year from the date of termination, the Depositary may sell
the Deposited Securities then held under the Deposit Agreement and may
thereafter hold uninvested the net proceeds of any such sale, together with any
other cash then held by it thereunder, unsegregated and without liability for
interest, for the pro rata benefit of the Owners of Receipts which have not
theretofore been surrendered, such Owners thereupon becoming general creditors
of the Depositary with respect to such net proceeds.  After making such sale, the Depositary shall
be discharged from all obligations under the Deposit Agreement, except to
account for such net proceeds and other cash, after deducting, in each case,
the applicable fees and expenses of the Depositary and any applicable taxes or
governmental charges and except as provided in Section 5.08 of the Deposit
Agreement.  Upon the termination of the
Deposit Agreement, the Company shall be discharged from all obligations under
the Deposit Agreement except for its obligations to the Depositary with respect
to indemnification, charges, and expenses.

 

22.           SUBMISSION TO JURISDICTION; WAIVER OF
IMMUNITIES.

 

In the Deposit Agreement,
the Company has (i)   appointed CT
Corporation System, 111 Eighth Avenue, New York, New York 10011, in the State
of New York, as the Company’s authorized agent upon which process may be served
in any suit or proceeding arising out of or relating to the Shares or Deposited
Securities, the American Depositary Shares, the Receipts or this Agreement, (ii) consented
and submitted to the jurisdiction of any state or federal court in the State of
New York in which any such suit or proceeding may be instituted, and (iii) agreed
that service of process upon said authorized agent shall be deemed in every
respect effective service of process upon the Company in any such suit or
proceeding.

 

23.           DISCLOSURE OF INTERESTS.

 

To the extent that
provisions of or governing any Deposited Securities, the Estatutos or
applicable law may require the disclosure of beneficial or other ownership of
Deposited Securities and other securities to the Company and provide for
blocking of Owners’ transfer and voting or other rights to enforce such
disclosure or limit such ownership, the Depositary shall use its best efforts
that are reasonable under the circumstances to comply with Company instructions
as to Receipts in respect of any such enforcement or limitation.  Owners shall comply with all such disclosure
requirements and shall cooperate with the Depositary’s compliance with such
instructions and by their holding of Receipts or any interest therein are
deemed to consent to any such limitation or blocking of rights.

 

A - 15QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.10    
    

 
 

AMENDMENT NO. 3
  TO
  AMENDED AND RESTATED TAX SHARING AGREEMENT    
    

        WHEREAS, Zenith National Insurance Corp. ("Zenith National"), and its subsidiaries Zenith
Insurance Company, CalRehab Services, Inc. (formerly ZNAT Rehabilitation Services, Inc.), ZNAT Insurance Company, Zenith Star Insurance
Company and Perma-Bilt, a Nevada Corporation (the "Existing Subsidiaries), have previously entered into an  Amended and Restated Tax Sharing
Agreement; and 

        WHEREAS,
effective September 7, 2005, Zenith Star Insurance Company was merged with Zenith Insurance
Company and no longer exists as a separate corporate entity; and 

        WHEREAS,
effective April 17, 2003, the name of Perma-Bilt was changed to Zenith of
Nevada, Inc.; and 

        WHEREAS,
effective May 20, 2004, CalRehab Services, Inc. was dissolved; 

        IN
CONSIDERATION OF THE PREMISES, the parties agree as follows: 

	1.
	Effective
as of September 7, 2005, Zenith Star Insurance Company shall be deleted as a party to the inter-company  Amended and Restated Tax Sharing Agreement.

	2.
	Effective
as of May 20, 2004, CalRehab Services, Inc. shall be deleted as a party to the inter-company  Amended and Restated Tax Sharing Agreement.

	3.
	Effective
April 17, 2003, the Amended and Restated Tax Sharing Agreement is amended to reflect the name change of  Perma-Bilt to Zenith of
Nevada, Inc.

	4.
	In
all other respects the Amended and Restated Tax Sharing Agreement remains unchanged. 

        IN
WITNESS WHEREOF, each of the undersigned parties has caused this Amendment No. 3 to be executed on its behalf, this 20th day of October, 2005. 

	ZENITH NATIONAL INSURANCE CORP.	 	ZENITH INSURANCE COMPANY
	
 By:	

/s/  JACK D. MILLER      
 Jack D. Miller, Executive Vice President	
 	

By:	

/s/  JACK D. MILLER      
 Jack D. Miller, President
	
  ZENITH OF NEVADA, INC.	
 	

ZNAT INSURANCE COMPANY
	
By:	

/s/  HYMAN J. LEE, JR.      
 Hyman J. Lee, Jr., Vice President	
 	

By:	

/s/  JACK D. MILLER      
 Jack D. Miller, President

QuickLinks

Exhibit 10.10

AMENDMENT NO. 3 TO AMENDED AND RESTATED TAX SHARING AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]