Document:

CERTIFICATE OF DESIGNATION
OF

FIXED/ADJUSTABLE RATE CUMULATIVE

PREFERRED STOCK

OF

Bank of America Corporation

(Pursuant to Section 151 of the Delaware Corporation Law)

         Bank of America Corporation,
a corporation organized and existing under the General Corporation Law
of the State of Delaware (the "Corporation"), hereby certifies that the
following resolutions were adopted by the Board of Directors of the Corporation
(the "Board of Directors") pursuant to the authority of the Board of Directors
as required by Section 151 of the General Corporation Law of the State
of Delaware, at a meeting duly convened and held on January 28, 2004:

        RESOLVED, that pursuant to
the authority granted to and vested in the Board of Directors in accordance
with the provisions of the Amended and Restated Certificate of Incorporation
of the Corporation, the Board of Directors hereby creates a series of the
Corporation's previously authorized preferred stock, without par value
(the "Preferred Stock") and hereby states the designation and number thereof
and fixes the voting powers, preferences and relative, participating, optional
and other special rights, and the qualifications, limitations and restrictions
thereof, as follows:

       (a)  Designation. The
designation of the series of Preferred Stock shall be "Fixed/Adjustable
Rate Cumulative Preferred Stock" (hereinafter called this "Series") and
the number of shares constituting this Series is Eight Hundred Five Thousand
(805,000).

       (b)  Dividend Rate.

(1)     The holders of shares of this Series
shall be entitled to receive dividends thereon at a rate of 6.60% per annum
computed on the basis of an issue price thereof of $250 per share, and
no more, payable quarterly out of the funds of the Corporation legally
available for the payment of dividends. Such dividends shall be cumulative
from the date of original issue of such shares and shall be payable, when,
as and if declared by the Board, on January 1, April 1, July 1 and October
1 of each year, commencing July 1, 2004 (a "Dividend Payment Date") through
April 1, 2006. Each such dividend shall be paid to the holders of record
of shares of this Series as they appear on the stock register of the Corporation
on such record date, not exceeding 30 days preceding the payment date thereof,
as shall be fixed by the Board. Dividends on account of arrears for any
past quarters may be declared and paid at any time, without reference to
any regular dividend

                                                                                   
1

payment date, to holders of record on such date, not exceeding
45 days preceding the payment date thereof, as may be fixed by the Board.

          After
April 1, 2006, dividends on this Series will be payable quarterly, as,
if and when declared by the Board of Directors or a duly authorized committee
thereof on each Dividend Payment Date at the Applicable Rate from time
to time in effect. The Applicable Rate per annum for any dividend period
beginning on or after April 1, 2006 will be equal to .50% plus the highest
of the Treasury Bill Rate, the Ten Year Constant Maturity Rate and the
Thirty Year Constant Maturity Rate (each as defined below under "Adjustable
Rate Dividends"), as determined in advance of such dividend period. The
Applicable Rate per annum for any dividend period beginning on or after
April 1, 2006 will not be less than 7.0% nor greater than 13.0% (without
taking into account any adjustments as described below in subsection (3)
of this Section (b)).

          (2)  
Except as provided below in this paragraph, the "Applicable Rate" per annum
for any dividend period beginning on or after April 1, 2006 will be equal
to .50% plus the Effective Rate (as defined below), but not less than 7.0%
nor greater than 13.0% (without taking into account any adjustments as
described below in subsection (3) of this Section (b)). The "Effective
Rate" for any dividend period beginning on or after April 1, 2006 will
be equal to the highest of the Treasury Bill Rate, the Ten Year Constant
Maturity Rate and the Thirty Year Constant Maturity Rate (each as defined
below) for such dividend period. In the event that the Corporation determines
in good faith that for any reason:

         (i)  
any one of the Treasury Bill Rate, the Ten Year Constant Maturity Rate
or the Thirty Year Constant Maturity Rate cannot be determined for any
dividend period, then the Effective Rate for such dividend period will
be equal to the higher of whichever two of such rates can be so determined;

        (ii)  only
one of the Treasury Bill Rate, the Ten Year Constant Maturity Rate or the
Thirty Year Constant Maturity Rate can be determined for any dividend period,
then the Effective Rate for such dividend period will be equal to whichever
such rate can be so determined; or

        (iii)  
none of the Treasury Bill Rate, the Ten Year Constant Maturity Rate or
the Thirty Year Constant Maturity Rate can be determined for any dividend
period, then the Effective Rate for the preceding dividend period will
be continued for such dividend period.

               
Except as described below in this paragraph, the "Treasury Bill Rate" for
each dividend period will be the arithmetic average of the two most recent
weekly per annum market discount rates (or the one weekly per annum market
discount rate, if only one such rate is published during the relevant Calendar
Period (as defined below)) for three-month U.S. Treasury bills, as published
weekly by the Federal Reserve Board (as defined below) during the Calendar
Period immediately preceding the last ten calendar days preceding the dividend
period for which the dividend rate on this Series is being determined.
In the event that the Federal Reserve Board does not publish such a weekly
                                                                                          
2

per annum market discount rate during any such Calendar Period, then
the Treasury Bill Rate for such dividend period will be the arithmetic
average of the two most recent weekly per annum market discount rates (or
the one weekly per annum market discount rate, if only one such rate is
published during the relevant Calendar Period) for three-month U.S. Treasury
bills, as published weekly during such Calendar Period by any Federal Reserve
Bank or by any U.S. Government department or agency selected by the Corporation.
In the event that a per annum market discount rate for three-month U.S.
Treasury bills is not published by the Federal Reserve Board or by any
Federal Reserve Bank or by any U.S. Government department or agency during
such Calendar Period, then the Treasury Bill Rate for such dividend period
will be the arithmetic average of the two most recent weekly per annum
market discount rates (or the one weekly per annum market discount rate,
if only one such rate is published during the relevant Calendar Period)
for all of the U.S. Treasury bills then having remaining maturities of
not less than 80 nor more than 100 days, as published during such Calendar
Period by the Federal Reserve Board or, if the Federal Reserve Board does
not publish such rates, by any Federal Reserve Bank or by any U.S. Government
Department or agency selected by the Corporation. In the event that the
Corporation determines in good faith that for any reason no such U.S. Treasury
Bill Rates are published as provided above during such Calendar Period,
then the Treasury Bill Rate for such dividend period will be the arithmetic
average of the per annum market discount rates based upon the closing bids
during such Calendar Period for each of the issues of marketable non-interest-bearing
U.S. Treasury securities with a remaining maturity of not less than 80
nor more than 100 days from the date of each such quotation, as chosen
and quoted daily for each business day in New York City (or less frequently
if daily quotations are not generally available) to the Corporation by
at least three recognized dealers in U.S. Government securities selected
by the Corporation. In the event that the Corporation determines in good
faith that for any reason the Corporation cannot determine the Treasury
Bill Rate for any dividend period as provided above in this paragraph,
the Treasury Bill Rate for such dividend period will be the arithmetic
average of the per annum market discount rates based upon the closing bids
during such Calendar Period for each of the issues of marketable interest-bearing
U.S. Treasury securities with a remaining maturity of not less than 80
nor more than 100 days, as chosen and quoted daily for each business day
in New York City (or less frequently if daily quotations are not generally
available) to the Corporation by at least three recognized dealers in U.S.
Government securities selected by the Corporation.

            
Except as described below in this paragraph, the "Ten Year Constant Maturity
Rate" for each dividend period will be the arithmetic average of the two
most recent weekly per annum Ten Year Average Yields (as defined below)
(or the one weekly per annum Ten Year Average Yield, if only one such yield
is published during the relevant Calendar Period), as published weekly
by the Federal Reserve Board during the Calendar Period immediately preceding
the last ten calendar days preceding the dividend period for which the
dividend rate on this Series is being determined. In the event that the
Federal Reserve Board does not publish such a weekly per annum Ten Year
Average Yield during such Calendar Period, then the Ten Year Constant Maturity
Rate for such dividend period will be the arithmetic average of the two
most recent weekly per annum Ten Year

                                                                                      
3

Average Yields (or the one weekly per annum Ten Year Average Yield,
if only such yield is published during the relevant Calendar Period), as
published weekly during such Calendar Period by any Federal Reserve Bank
or by any U.S. Government department or agency selected by the Corporation.
In the event that a per annum Ten Year Average Yield is not published by
the Federal Reserve Board or by any Federal Reserve Bank or by any U.S.
Government department or agency during such Calendar Period, then the Ten
Year Constant Maturity Rate for such dividend period will be the arithmetic
average of the two most recent weekly per annum average yields to maturity
(or the one weekly per annum average yield to maturity, if only one such
yield is published during the relevant Calendar Period) for all of the
actively traded marketable U.S. Treasury fixed interest rate securities
(other than Special Securities (as defined below)) then having remaining
maturities of not less than eight nor more than twelve years, as published
during such Calendar Period by the Federal Reserve Board or, if the Federal
Reserve Board does not publish such yields, by any Federal Reserve Bank
or by any U.S. Government department or agency selected by the Corporation.
In the event that the Corporation determines in good faith that for any
reason the Corporation cannot determine the Ten Year Constant Maturity
Rate for any dividend period as provided above in this paragraph, then
the Ten Year Constant Maturity Rate for such dividend period will be the
arithmetic average of the per annum average yields to maturity based upon
the closing bids during such Calendar Period for each of the issues of
actively traded marketable U.S. Treasury fixed interest rate securities
(other than Special Securities) with a final maturity date not less than
eight nor more than twelve years from the date of each such quotation,
as chosen and quoted daily for each business day in New York City (or less
frequently if daily quotations are not generally available) to the Corporation
by at least three recognized dealers in U.S. Government securities selected
by the Corporation.

          Except as described
below in this paragraph, the "Thirty Year Constant Maturity Rate" for each
dividend period will be the arithmetic average of the two most recent weekly
per annum Thirty Year Average Yields (as defined below) (or the one weekly
per annum Thirty Year Yield, if only one such yield is published during
the relevant Calendar Period), as published weekly by the Federal Reserve
Board during the Calendar Period immediately preceding the last ten calendar
days preceding the dividend period for which the dividend rate on this
Series is being determined. In the event that the Federal Reserve Board
does not publish such a weekly per annum Thirty Year Average Yield during
such Calendar Period, then the Thirty Year Constant Maturity Rate for such
dividend period will be the arithmetic average of the two most recent weekly
per annum Thirty Year Average Yields (or the one weekly per annum Thirty
Year Average Yield, if only one such yield is

 

                                                                                      
4

published during the relevant Calendar Period), as published weekly
during such Calendar Period by any Federal Reserve Bank or by any U.S.
Government department or agency selected by the Corporation. In the event
that a per annum Thirty Year Average Yield is not published by the Federal
Reserve Board or by any Federal Reserve Bank or by any U.S. Government
department or agency during such Calendar Period, then the Thirty Year
Constant Maturity Rate for such dividend period will be the arithmetic
average of the two most recent weekly per annum average yields to maturity
(or the one weekly per annum average yield to maturity, if only one such
yield is published during the relevant Calendar Period) for all of the
actively traded marketable U.S. Treasury fixed interest rate securities
(other than Special Securities) then having remaining maturities of not
less than twenty-eight nor more than thirty years, as published during
such Calendar Period by the Federal Reserve Board or, if the Federal Reserve
Board does not publish such yields, by any Federal Reserve Bank or by any
U.S. Government department or agency selected by the Corporation. In the
event that the Corporation determines in good faith that for any reason
the Corporation cannot determine the Thirty Year Constant Maturity Rate
for any dividend period as provided above in this paragraph, then the Thirty
Year Constant Maturity Rate for such dividend period will be the arithmetic
average of the per annum average yields to maturity based upon the closing
bids during such Calendar Period for each of the issues of actively traded
marketable U.S. Treasury fixed interest rate securities (other than Special
Securities) with a final maturity date not less than twenty-eight nor more
than thirty years from the date of such quotation, as chosen and quoted
daily for each business day in New York City (or less frequently if daily
quotations are not generally available) to the Corporation by at least
three recognized dealers in U.S. Government securities selected by the
Corporation.

           The Treasury
Bill Rate, the Ten Year Constant Maturity Rate and the Thirty Year Constant
Maturity Rate will each be rounded to the nearest five hundredths of a
percent.

           The Applicable
Rate with respect to each dividend period beginning on or after April 1,
2006 will be calculated as promptly as practicable by the Corporation according
to the appropriate method described above. The Corporation will cause notice
of each Applicable Rate to be enclosed with the dividend payment checks
next mailed to the holders of this Series.

           As used
above, the term "Calendar Period" means a period of fourteen calendar days;
the term "Federal Reserve Board" means the Board of Governors of the Federal
Reserve System; the term "Special Securities" means securities which can,
at the option of the holder, be surrendered at face value in payment of
any Federal estate tax or which provide tax benefits to the holder and
are priced to reflect such tax benefits or which were originally issued
at a deep or substantial discount; the term "Ten Year Average Yield" means
the average yield to maturity for actively traded marketable U.S. Treasury
fixed interest rate securities (adjusted to constant maturities of ten
years); and the term "Thirty Year Average Yield" means the average yield
to maturity for actively traded marketable U.S. Treasury fixed interest
rate securities (adjusted to constant maturities of thirty years.)

          (3)  If
one or more amendments to the Internal Revenue Code of 1986, as amended
(the "Code"), are enacted that change the percentage of the dividends received
deduction (currently 70%) as specified in Section 243(a)(1) of the Code
or any successor provision (the "Dividends Received Percentage"), the amount
of each dividend payable per share of this Series for dividend payments
made on or after the date of enactment of such change shall be adjusted
by multiplying the amount of the dividend payable determined as described
above (before adjustment) by a factor which shall be the number

                                                                                    
5

determined in accordance with the following formula (the "DRD Formula"),
and rounding the result to the nearest cent:

                                                                 
1 - .35(1-.70)/1 - .35(1 - DRP)

           For the
purposes of the DRD Formula, "DRP" means the Dividends Received Percentage
applicable to the dividend in question. No amendment to the Code, other
than a change in the percentage of the dividends received deduction set
forth in Section 243(a)(1) of the Code or any successor provision, will
give rise to an adjustment. Notwithstanding the foregoing provisions, in
the event that, with respect to any such amendment, the Corporation shall
receive either an unqualified opinion of independent recognized tax counsel
or a private letter ruling or similar form of authorization from the Internal
Revenue Service to the effect that such an amendment would not apply to
dividends payable on shares of this Series, then any such amendment shall
not result in the adjustment provided for pursuant to the DRD Formula.
The Corporation's calculation of the dividends payable as so adjusted and
as certified accurate as to calculation and reasonable as to method by
the independent certified public accountants then regularly engaged by
the Corporation shall be final and not subject to review.

          If any amendment
to the Code which reduces the Dividends Received Percentage is enacted
after a dividend payable on a Dividend Payment Date has been declared,
the amount of dividend payable on such Dividend Payment Date will not be
increased; but instead, an amount, equal to the excess of (x) the product
of the dividends paid by the Corporation on such Dividend Payment Date
and the DRD Formula (where the DRP used in the DRD Formula would be equal
to the reduced Dividends Received Percentage) and (y) the dividends paid
by the Corporation on such Dividend Payment Date, will be payable to holders
of record on the next succeeding Dividend Payment Date in addition to any
other amounts payable on such date.

          (4)  
No full dividends shall be declared or paid or set apart for payment on
the Preferred Stock of any series ranking, as to dividends, on a parity
with or junior to this Series for any period unless full cumulative dividends
have been or contemporaneously are declared and paid or declared and a
sum sufficient for the payment thereof set apart for such payment on this
Series for all dividend payment periods terminating on or prior to the
date of payment of such full cumulative dividends. When dividends are not
paid in full, as aforesaid, upon the shares of this Series and any other
preferred stock ranking on a parity as to dividends with this Series, all
dividends declared upon shares of this Series and any other class or series
of preferred stock of the Corporation ranking on a parity as to dividends
with this Series shall be declared pro rata so that the amount of dividends
declared per share on this Series and such other preferred stock shall
in all cases bear to each other the same ratio that accrued dividends per
share on the shares of this Series and such other preferred stock bear
to each other. Holders of shares of this Series shall not be entitled to
any dividend, whether payable in cash, property or stocks, in excess of
full cumulative dividends, as herein provided, on this Series. No interest,
or sum of money in

                                                                                       
6

lieu of interest, shall be payable in respect of any dividend payment
or payments on this Series which may be in arrears.

         (5)  So long as
any shares of this Series are outstanding, no dividend (other than a dividend
in Common Stock or in any other stock ranking junior to this Series as
to dividends and upon liquidation and other than as provided in subsection
(4) of this Section (b)) shall be declared or paid or set aside for payment
or other distribution declared or made upon the Common Stock or upon any
other stock ranking junior to or on a parity with this Series as to dividends
or upon liquidation, nor shall any Common Stock nor any other stock of
the Corporation ranking junior to or on a parity with this Series as to
dividends or upon liquidation be redeemed, purchased or otherwise acquired
for any consideration (or any moneys be paid to or made available for a
sinking fund for the redemption of any shares of any such stock) by the
Corporation (except by conversion into or exchange for stock of the Corporation
ranking junior to this Series as to dividends and upon liquidation) unless,
in each case, the full cumulative dividends on all outstanding shares of
this Series shall have been paid for all past dividend payment periods.

        (6)  Dividends payable
on this Series for any period shall be computed on the basis of a 360-day
year consisting of twelve 30-day months.

(c)   Redemption.

        (1)   (A) The shares
of this Series shall not be redeemable prior to April 1, 2006. On and after
April 1, 2006, the Corporation, at its option, may redeem shares of this
Series, in whole or in part, at any time or from time to time, at a redemption
price or $250 per share, plus accrued and unpaid dividends thereon to the
date fixed for redemption.

       (B) In the event that fewer than
all the outstanding shares of this Series are to be redeemed pursuant to
subsection (1)(A), the number of shares to be redeemed shall be determined
by the Board and the shares to be redeemed shall be determined by lot or
pro rata as may be determined by the Board or by any other method as may
be determined by the Board in its sole discretion to be equitable.

       (2)   (A) Notwithstanding
subsection (1) above, if the Dividends Received Percentage is equal to
or less than 40% and, as a result, the amount of dividends on the shares
of this Series payable on any Dividend Payment Date will be or is adjusted
upwards as described in Section (b)(2) above, the Corporation, at its Option,
may redeem all, but not less than all, of the outstanding shares of this
Series; provided, that within sixty days of the date on which an amendment
to the Code is enacted which reduces the Dividends Received Percentage
to 40% or less, the Corporation sends notice to holders of shares of this
Series of such redemption in accordance with subsection (3) below.

         (B) Any redemption
of this Series in accordance with this subsection (2) shall be at the applicable
redemption price set forth in the following table, in each case plus accrued
and unpaid dividends (whether or not declared) thereon to the date fixed
for

 

                                                                                         
7

redemption, including any changes in dividends payable due to changes
in the Dividends Received Percentage.

 

 

 
	       

Redemption Period	
Redemption Price Per Share
	
Redemption Price Per Depositary Share

	April 2, 2004 to March 31, 2005 	
252.50
	
50.50

	April 1, 2005 to March 31, 2006 	
251.25
	
50.25

	On or after April 1, 2006 	
250.00
	
50.00

            (3)  
In the event the Corporation shall redeem shares of this Series pursuant
to subsections (1) or (2) above, notice of such redemption shall be given
by first class mail, postage prepaid, mailed not less than 30 nor more
than 60 days prior to the redemption date, to each holder of record of
the shares to be redeemed, at such holder's address as the same appears
on the stock register of the Corporation. Each such notice shall state:
(i) the redemption date; (ii) the number of shares of this Series to be
redeemed and, if fewer than all the shares held by such holder are to be
redeemed, the number of such shares to be redeemed from such holder; (iii)
the redemption price; (iv) the place or places where certificates for such
shares are to be surrendered for payment of the redemption price; and (v)
that dividends on the shares to be redeemed will cease to accrue on such
redemption date.

          (4)  Notice
having been mailed as aforesaid, from and after the redemption date (unless
default shall be made by the Corporation in providing money for the payment
of the redemption price) dividends on the shares of this Series so called
for redemption under either subsection (1) or (2) above shall cease to
accrue, and said shares shall no longer be deemed to be outstanding, and
all rights of the holders thereof as stockholders of the Corporation (except
the right to receive from the Corporation the redemption price) shall cease.
Upon surrender in accordance with said notice of the certificates for any
shares so redeemed (properly endorsed or assigned for transfer, if the
Board shall so require and the notice shall so state), such shares shall
be redeemed by the Corporation at the applicable redemption price. In case
fewer than all the shares represented by any such certificate are redeemed,
a new certificate shall be issued representing the unredeemed shares without
cost to the holder thereof.

        (5)  Notwithstanding
the foregoing provisions of this Section (c), if any dividends on this
Series are in arrears, no shares of this Series shall be redeemed unless
all outstanding shares of this Series are simultaneously redeemed, and
the Corporation shall not purchase or otherwise acquire any shares of this
Series; provided, however, that the foregoing shall not prevent the purchase
or acquisition of shares of this Series pursuant to a purchase or exchange
offer made on the same terms to holders of all outstanding shares of this
Series.

(d)   Liquidation Rights.

        (1)   Upon the
dissolution, liquidation or winding up of the Corporation, the holders
of the shares of this Series shall be entitled to receive and be paid out
of the assets of the Corporation available for distribution to its stockholders,
before any payment or

                                                                                        
8

distribution shall be made on the Common Stock or on any other class
of stock ranking junior to the shares of this Series upon liquidation,
the amount of $250 per share, plus a sum equal to all dividends (whether
or not earned or declared) on such shares accrued and unpaid thereon to
the date of final distribution.

        (2)  Neither the sale
of all or substantially all the property or business of the Corporation
nor the merger or consolidation of the Corporation into or with any other
corporation or the merger or consolidation of any other corporation into
or with the Corporation, shall be deemed to be a dissolution, liquidation
or winding up, voluntary or involuntary, for the purposes of this Section
(d).

        (3)  After the payment
to the holders of the shares of this Series of the full preferential amounts
provided for in this Section (d), the holders of this Series as such shall
have no right or claim to any of the remaining assets of the Corporation.

        (4)  In the event the
assets of the Corporation available for distribution to the holders of
shares of this Series upon any dissolution, liquidation or winding up of
the Corporation, whether voluntary or involuntary, shall be insufficient
to pay in full all amounts to which such holders are entitled pursuant
to paragraph (1) of this Section (d), no such distribution shall be made
on account of any shares of any other class or series of Preferred Stock
ranking on a parity with the shares of this Series upon such dissolution,
liquidation or winding up unless proportionate distributive amounts shall
be paid on account of the shares of this Series, ratably, in proportion
to the full distributable amounts for which holders of all such parity
shares are respectively entitled upon such dissolution, liquidation or
winding up.

           (e) 
Conversion or Exchange. The holders of shares of this Series shall
not have any rights herein to convert such shares into or exchange such
shares for shares of any other class or classes or of any other series
of any class or classes of capital stock of the Corporation.

           (f) 
Voting. The shares of this Series shall not have any voting powers,
either general or special, except that:

             
(1)   Unless the vote or consent of the holders of a greater
number of shares shall then be required by law, the consent of the holders
of at least 66 2/3% of all of the shares of this Series at the time outstanding,
given in person or by proxy, either in writing or by a vote at a meeting
called for the purpose at which the holders of shares of this Series shall
vote together as a separate class, shall be necessary for authorizing,
effecting or validating the amendment, alteration or repeal of any of the
provisions of the Corporation's Amended and Restated Certificate of Incorporation
or of any certificate amendatory thereof or supplemental thereto (including
any Certificate of the Voting Powers, Designations, Preferences and Relative,
Participating, Optional or Other Special Rights, and the Qualifications,
Limitations or Restrictions thereof, or any similar document relating to
any series of Preferred Stock) which would adversely affect the preferences,
rights, powers or privileges of this Series;

                                                                             
9

          (2)  
Unless the vote or consent of the holders of a greater number of shares
shall then be required by law, the consent of the holders of at least 66
2/3% of all of the shares of this Series and all other series of Preferred
Stock ranking on a parity with shares of this Series, either as to dividends
or upon liquidation, at the time outstanding, given in person or by proxy,
either in writing or by a vote at a meeting called for the purpose at which
the holders of shares of this Series and such other series of Preferred
Stock shall vote together as a single class without regard to series, shall
be necessary for authorizing, effecting, increasing or validating the creation,
authorization or issue of any shares of any class of stock of the Corporation
ranking prior to the shares of this Series as to dividends or upon liquidation,
or the reclassification of any authorized stock of the Corporation into
any such prior shares, or the creation, authorization or issue of any obligation
or security convertible into or evidencing the right to purchase any such
prior shares.

        (3)  
If, at the time of any annual meeting of stockholders for the election
of directors, a default in preference dividends on any series of the Preferred
Stock or any other class or series of preferred stock of the Corporation
(other than any other class or series of the Corporation's preferred stock
expressly entitled to elect additional directors to the Board by a vote
separate and distinct from the vote provided for in this paragraph (3)
("Voting Preferred")) shall exist, the number of directors constituting
the Board shall be increased by two (without duplication of any increase
made pursuant to the terms of any other class or series of the Corporation's
preferred stock other than any Voting Preferred) and the holders of the
Corporation's preferred stock of all classes and series (other than any
such Voting Preferred) shall have the right at such meeting, voting together
as a single class without regard to class or series, to the exclusion of
the holders of Common Stock and the Voting Preferred, to elect two directors
of the Corporation to fill such newly created directorships. Such right
shall continue until there are no dividends in arrears upon shares of any
class or series of the Corporation's preferred stock ranking prior to or
on a parity with shares of this Series as to dividends (other than any
Voting Preferred). Each director elected by the holders of shares of any
series of the Preferred Stock or any other class or series of the Corporation's
preferred stock in an election provided for by this paragraph (3) (herein
called a "Preferred Director") shall continue to serve as such director
for the full term for which he shall have been elected, notwithstanding
that prior to the end of such term a default in preference dividends shall
cease to exist. Any Preferred Director may be removed by, and shall not
be removed except by, the vote of the holders of record of the outstanding
shares of the Corporation's preferred stock entitled to have originally
voted for such director's election, voting together as a single class without
regard to class or series, at a meeting of the stockholders, or of the
holders of shares of the Corporation's preferred stock, called for that
purpose. So long as a default in any preference dividends on any series
of the Preferred Stock or any other class or series of preferred stock
of the Corporation shall exist (other than any Voting Preferred) (A) any
vacancy in the office of a Preferred Director may be filled (except as
provided in the following clause (B)) by an instrument in writing signed
by the remaining Preferred Director and filed with the Corporation and
(B) in the case of the removal of any Preferred Director, the vacancy may
be filled by the vote of the holders of the outstanding shares of the Corporation's
preferred stock entitled to have originally voted for the removed director's
election, voting together as a single

                                                                                    
10

class without regard to class or series, at the same meeting
at which such removal shall be voted. Each director appointed as aforesaid
shall be deemed for all purposes hereto to be a Preferred Director.

Whenever the term of office of the Preferred Directors shall
end and a default in preference dividends shall no longer exist, the number
of directors constituting the Board shall be reduced by two. For purposes
hereof, a "default in preference dividends" on any series of the Preferred
Stock or any other class or series of preferred stock of the Corporation
shall be deemed to have occurred whenever the amount of accrued dividends
upon such class or series of the Corporation's preferred stock shall be
equivalent to six full quarterly dividends or more, and, having so occurred,
such default shall be deemed to exist thereafter until, but only until,
all accrued dividends on all such shares of the Corporation's preferred
stock of each and every series then Outstanding (other than any Voting
Preferred or shares of any class or series ranking junior to shares of
this Series as to dividends) shall have been paid to the end of the last
preceding quarterly dividend period.

           
(4)  Without limiting the foregoing, under any circumstances in which
the Series would have additional rights under Rhode Island law if the Corporation
were incorporated under the Rhode Island Business Corporation Act (rather
than the Delaware General Corporation Law), holders of shares of the Series
shall be entitled to such rights, including, without limitation, voting
rights under Chapter 7-1.1-55, voting and notice rights under Chapter 7-1.1-67
and dissenters' rights under Chapters 7-1.1-73 and 7-1.1-74 of the Rhode
Island Business Corporation Act (as such Chapters may be amended from time
to time).

          (g)  Reacquired
Shares. Shares of this Series which have been issued and reacquired
through redemption or purchase shall, upon compliance with an applicable
provision of the Delaware General Corporation Law, have the status of authorized
and unissued shares of Preferred Stock and may be reissued but only as
part of a new series of Preferred Stock to be created by resolution or
resolutions of the Board.
          (h)  Relation
to Existing Preferred Classes of Stock. Shares of this Series are equal
in rank and preference with all other series of the Preferred Stock (other
than the ESOP Convertible Preferred Stock, Series C) outstanding on the
date of original issue of the shares of this Series and are senior in rank
and preference to the Common Stock and the ESOP Convertible Preferred Stock,
Series C of the Corporation.

          (i)  Relation
to Other Preferred Classes of Stock. For purposes of this resolution,
any stock of any class or classes of the Corporation shall be deemed to
rank:

          
(1)   prior to the shares of this Series, either as to dividends
or upon liquidation, if the holders of such class or classes shall be entitled
to the receipt of dividends or of amounts distributable upon dissolution,
liquidation or winding up of the Corporation, as the case may be, in preference
or priority to the holders of shares of this Series;

                                                                           
11

 

         (2)  
on a parity with shares of this Series, either as to dividends or upon
liquidation, whether or not the dividend rates, dividend payment dates
or redemption or liquidation prices per share or sinking fund provisions,
if any, be different from those of this Series, if the holders of such
stock shall be entitled to the receipt of dividends or of amounts distributable
upon dissolution, liquidation or winding up of the Corporation, as the
case may be, in proportion to their respective dividend rates or liquidation
prices, without preference or priority, one over the other, as between
the holders of such stock and the holders of shares of this Series; and

         (3)  
junior to the shares of this Series, either as to dividends or upon liquidation,
if such class shall be Common Stock or if the holders of shares of this
Series shall be entitled to receipt of dividends or of amounts distributable
upon dissolution, liquidation or winding up of the Corporation, as the
case may be, in preference or priority to the holders of shares of such
class or classes.

                                                                                          
12

          IN WITNESS WHEREOF,
the Corporation has caused this Certificate of Designation to be duly executed
by James H. Hance, Jr., its Vice Chairman and Chief Financial Officer,
and attested to by Rachel R. Cummings, its Corporate Secretary, and has
caused the corporate seal to be affixed hereto, this 26th day of March,
2004.

                                                                                  
BANK OF AMERICA CORPORATION

                                                                                  
By: /s/ James H. Hance, Jr.

                                                                                        
Vice Chairman and Chief Financial

                                                                                         
Officer

ATTEST:

/s/ Rachel R. Cummings_

Corporate Secretary

(Corporate Seal)

13FLEET FINANCIAL GROUP, INC.

FLEET NATIONAL BANK, As Depositary

AND

THE HOLDERS FROM TIME TO TIME OF

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN

_______________

Deposit Agreement

relating to

Series VI 6.75% Perpetual Preferred Stock

of Fleet Financial Group, Inc.

________________

 

 

 

Dated as of February 21, 1996

 

 

TABLE OF CONTENTS

 

                                                                                                                                                                    
Page

	PARTIES	 	
1

	RECITALS	 	
1

	 	
ARTICLE I 

DEFINITIONS
	 
	 Certificate	 	
1

	 Company	 	
1

	 Deposit Agreement	 	
1

	 Depositary	 	
1

	 Depositary Shares	 	
1

	 Depositary's Agent	 	
1

	 Depositary's Office	 	
1

	 Receipt	 	
1

	 Record holder	 	
1

	 Registrar	 	
2

	 Stock 

 	 	
2

	 	
ARTICLE II 

FORM OF RECEIPTS, DEPOSIT OF STOCK, EXECUTION AND DELIVERY,
TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

 	 
	SECTION 2.01.	Form and Transfer of Receipts	
2

	SECTION 2.02.	Deposit of Stock; Execution and
Delivery of Receipts in Respect Thereof	
2

	SECTION 2.03.	Redemption of Stock	
3

	SECTION 2.04.	Registration of Transfer of Receipts	
4

	SECTION 2.05.	Split-ups and Combinations of
Receipts; Surrender of Receipt and Withdrawal of Stock	
4

	SECTION 2.06.	Limitations on Execution and Delivery,
Transfer, Surrender and Exchange of Receipts	
4

	SECTION 2.07.	Lost Receipts, etc	
5

	SECTION 2.08.	Cancellation and Destruction of
Surrendered Receipts

 	
5

	 	
ARTICLE III 

CERTAIN OBLIGATIONS OF THE HOLDERS OF RECEIPTS AND THE
COMPANY

 	 
	SECTION 3.01.	Filing Proofs, Certificates and
Other Information	
5

	SECTION 3.02.	Payment of Taxes or Other Governmental
Changes	
5

	SECTION 3.03.	Warranty as to Stock

 	
5

	 	
ARTICLE IV 

THE DEPOSITED SECURITIES; NOTICES

 	 
	SECTION 4.01.	Cash Distributions	
5

	SECTION 4.02.	Distributions Other than Cash	
6

	SECTION 4.03.	Subscription Rights, Preferences
or Privileges	
6

	SECTION 4.04.	Notice of Dividends, etc.; Fixing
of Record Date for Holders of Receipts	
6

	SECTION 4.05.	Voting Rights	
7

	SECTION 4.06.	Changes Affecting Deposited Securities
and Reclassifications, Recapitalizations, etc	
7

	SECTION 4.07.	Inspection of Reports	
7

	SECTION 4.08.	List of Receipt Holders

 	
7

	 	
ARTICLE V 

THE DEPOSITARY, THE DEPOSITARY'S AGENTS, THE REGISTRAR
AND THE COMPANY

 	 
	SECTION 5.01.	Maintenance of Offices, Agencies
and Transfer Books by the Depositary; Registrar	
8

	SECTION 5.02.	Prevention of or Delay in Performance
by the Depositary, the Depositary's Agents, the Registrar or the Company	
8

	SECTION 5.03.	Obligations of the Depositary,
the Depositary's Agents, the Registrar and the Company	
8

	SECTION 5.04.	Resignation and Removal of the
Depositary; Appointment of Successor Depositary	
9

	SECTION 5.05.	Corporate Notices and Reports	
9

	SECTION 5.06.	Indemnification by the Company	
9

	SECTION 5.07.	Charges and Expenses

 	
10

	 	
ARTICLE VI 

AMENDMENT AND TERMINATION

 	 
	SECTION 6.01.	Amendment	
10

	SECTION 6.02.	Termination

 	
10

	 	
ARTICLE VII 

MISCELLANEOUS

 	 
	SECTION 7.01.	Counterparts	
10

	SECTION 7.02.	Exclusive Benefit of Parties	
10

	SECTION 7.03.	Invalidity of Provisions	
10

	SECTION 7.04.	Notices	
11

	SECTION 7.05.	Depositary's Agents	
11

	SECTION 7.06.	Holders of Receipts Are Parties	
11

	SECTION 7.07.	Governing Law	
11

	SECTION 7.08.	Inspection of Deposit Agreement	
11

	SECTION 7.09.	Headings	
11

	Testimonium	 	
12

	Signatures	 	
12

	Exhibit A: 	Depositary Receipt	
A-1

 

 

 
DEPOSIT AGREEMENT

dated as of February 21, 1996,

among

FLEET FINANCIAL GROUP, INC.,

a Rhode Island corporation,

Fleet National Bank, a national banking association

and the holders

from time to time of the Receipts

described herein.

             
WHEREAS it is desired to provide, as hereinafter set forth in this Deposit
Agreement, for the deposit of shares of Series VI 6.75% Perpetual Preferred
Stock; $1 par value, of FLEET FINANCIAL GROUP, INC. with the Depositary
(as hereinafter defined) for the purposes set forth in this Deposit Agreement
and for the issuance hereunder of Receipts (as hereinafter defined) evidencing
Depositary Shares, each representing a one-fifth interest in respect of
the Stock (as hereinafter defined) so deposited;

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

            
NOW, THEREFORE, in consideration of the premises, the parties hereto agree
as follows:

ARTICLE I

DEFINITIONS

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

         "Certificate"
shall mean the certificate of designation filed with the Secretary of State
of Rhode Island establishing the Stock as a series of preferred stock of
the Company.

       "Company" shall mean
Fleet Financial Group, Inc., a Rhode Island corporation, and its successors.

      "Deposit Agreement" shall
mean this Deposit Agreement, as amended or supplemented from time to time.

      "Depositary" shall mean
Fleet National Bank, a national banking association, and any successor
as Depositary hereunder.

      "Depositary Shares" shall
mean Depositary Shares, each representing a one-fifth interest in a share
of Stock and evidenced by a Receipt.

      "Depositary's Agent" shall
mean an agent appointed by the Depositary pursuant to Section 7.05.

      "Depositary's Office" shall
mean the principal office of the Depositary in Providence, Rhode Island,
at which at any particular time its depositary receipt business shall be
administered.

      "Receipt" shall mean one
of the depositary receipts issued hereunder, whether in definitive or temporary
form.

      "Record holder" as applied
with respect to a Receipt shall mean the person in whose name a Receipt
is registered on the books of the Depositary maintained for such purpose.

 

                                                                                                                        
1

 
      "Registrar" shall mean
any bank or trust company which shall be appointed to register ownership
and transfers of Receipts as herein provided.

      "Stock" shall mean shares
of the Company's Series VI 6.75 % Perpetual Preferred Stock, $1 par value.

ARTICLE II

FORM OF RECEIPTS, DEPOSIT OF STOCK, EXECUTION AND

DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

      SECTION 2.01. Form and
Transfer of Receipts. Definitive Receipts shall be engraved or printed
or lithographed on steel-engraved borders and shall be substantially in
the form set forth in Exhibit A annexed to this Deposit Agreement, with
appropriate insertions, modifications and omissions, as hereinafter provided.
Pending the preparation of definitive Receipts, the Depositary, upon the
written order of the Company delivered for deposit in compliance with Section
2.02, shall execute and deliver temporary Receipts which are printed, lithographed,
typewritten, mimeographed or otherwise substantially of the tenor of the
definitive Receipts in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the persons
executing such Receipts may determine, as evidenced by their execution
of such Receipts. If temporary Receipts are issued, the Company and the
Depositary will cause definitive Receipts to be prepared without unreasonable
delay. After the preparation of definitive Receipts, the temporary Receipts
shall be exchangeable for definitive Receipts upon surrender of the temporary
Receipts at the Depositary's Office, without charge to the holder. Upon
surrender for cancellation of any one or more temporary Receipts, the Depositary
shall execute and deliver in exchange therefor definitive Receipts representing
the same number of Depositary Shares as represented by the surrendered
temporary Receipt or Receipts. Such exchange shall be made at the Company's
expense and without any charge therefor. Until so exchanged, the temporary
Receipts shall in all respects be entitled to the same benefits as definitive
Receipts under this Agreement, and with respect to the Stock.

      Receipts shall be executed
by the Depositary by the manual signature of a duly authorized officer
of the Depositary; provided, that such signature may be a facsimile if
a Registrar for the Receipts (other than the Depositary) shall have been
appointed and such Receipts are countersigned by manual signature of a
duly authorized officer of the Registrar. No Receipt shall be entitled
to any benefits under this Deposit Agreement or be valid or obligatory
for any purpose unless it shall have been executed manually by a duly authorized
officer of the Depositary or, if a Registrar for the Receipts (other than
the Depositary) shall have been appointed, by facsimile signature of a
duly authorized officer of the Depositary and countersigned manually by
a duly authorized officer of such Registrar. The Depositary shall record
on its books each Receipt so signed and delivered as hereinafter provided.

      Receipts shall be in denominations
of any number of whole Depositary Shares.

      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
as may be required by the Depositary or required to comply with any applicable
law or any regulation thereunder or with the rules and regulations of any
securities exchange upon which the Stock, the Depositary Shares or the
Receipts 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.

      Title to Depositary Shares
evidenced by a Receipt which is properly endorsed, or accompanied by a
properly executed instrument of transfer, shall be transferable by delivery
with the same effect as in the case of a negotiable instrument; provided,
however, that until transfer of a Receipt shall be registered on the books
of the Depositary as provided in Section 2.04, the Depositary may, notwithstanding
any notice to the contrary, treat the record holder thereof at such time
as the absolute owner thereof for the purpose of determining the person
entitled to distributions 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
Stock; Execution and Delivery of Receipts in Respect Thereof. Subject to
the terms and conditions of this Deposit Agreement, the Company or purchasers
of the Stock from time to time may from time to time deposit shares of
Stock under this Deposit Agreement by delivery to the Depositary of a certificate
or certificates for the Stock to be deposited, properly endorsed or accompanied,
if required by the Depositary, by a duly executed instrument

 

 

                                                                                                                           
2

 
of transfer or endorsement, in form satisfactory to the
Depositary, together with all such certifications as may be required by
the Depositary in accordance with the provisions of this Deposit Agreement,
and 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 Depositary Shares
representing interests in such deposited Stock.

      Deposited Stock shall be
held by the Depositary at the Depositary's Office or at such other place
or places as the Depositary shall determine.

      Upon receipt by the Depositary
of a certificate or certificates for Stock deposited in accordance with
the provisions of this Section, together with the other documents required
as above specified, and upon recordation of the Stock on the books of the
Company in the name of the Depositary or its nominee, or in the name of
such other purchaser, as applicable, the Depositary, subject to the terms
and conditions of this Deposit Agreement, shall execute and deliver, to
or upon the order of the person or persons named in the written order delivered
to the Depositary referred to in the first paragraph of this Section, a
Receipt for the number of Depositary Shares relating to the Stock so deposited
and registered in such name or names as may be requested by such person
or persons. The Depositary shall execute and deliver such Receipt at the
Depositary's Office or such other offices, if any, as the Depositary may
designate. Delivery at other offices shall be at the risk and expense of
the person requesting such delivery.

      SECTION 2.03. Redemption
of Stock. Whenever the Company shall elect to redeem shares of Stock in
accordance with the provisions of the Certificate, it shall (unless otherwise
agreed in writing with the Depositary) give the Depositary not less than
30 nor more than 60 days notice of the date of such proposed redemption
of Stock in accordance with Section (c) of the Certificate. On the date
of such redemption, provided that the Company shall then have paid in full
to the Depositary the redemption price of the Stock to be redeemed, the
Depositary shall redeem the Depositary Shares relating to such Stock. The
Depositary shall mail notice of such redemption and the proposed simultaneous
redemption of the number of Depositary Shares relating to the Stock to
be redeemed, first-class postage prepaid, not less than 30 and not more
than 60 days prior to the date fixed for redemption of such Stock and Depositary
Shares (the "Redemption Date"), to the record holders of the Receipts evidencing
the Depositary Shares to be so redeemed, at the addresses of such holders
as they appear on the records of the Depositary; but neither failure to
mail any such notice to one or more such holders nor any defect in any
notice to one or more such holders shall affect the sufficiency of the
proceedings for redemption as to other holders. Each such notice shall
state (i) the Redemption Date; (ii) the number of Depositary Shares to
be redeemed and, if less than all the Depositary Shares held by any such
holder are to be redeemed, the number of such Depositary Shares held by
such holder to be so redeemed; (iii) the redemption price; (iv) the place
or places where Receipts evidencing Depositary Shares are to be surrendered
for payment of the redemption price; and (v) that dividends in respect
of the Stock underlying the Depositary Shares to be redeemed will cease
to accumulate at the close of business on such Redemption Date. In case
less than all the outstanding Depositary Shares are to be redeemed, the
Depositary Shares to be so redeemed shall be selected by lot or pro rata
as may be determined by the Depositary to be equitable.

      Notice having been mailed
by the Depositary as aforesaid, from and after the Redemption Date (unless
the Company shall have failed to redeem the shares of Stock to be redeemed
by it as set forth in the Company's notice provided for in the preceding
paragraph) all dividends in respect of the shares of Stock so called for
redemption shall cease to accumulate, the Depositary Shares being redeemed
from such proceeds shall be deemed no longer to be outstanding, all rights
of the holders of Receipts evidencing such Depositary Shares (except the
right to receive the redemption price) shall, to the extent of such Depositary
Shares, cease and terminate and, upon surrender in accordance with such
notice of the Receipts evidencing any such Depositary Shares (properly
endorsed or assigned for transfer, if the Depositary shall so require),
such Depositary Shares shall be redeemed by the Depositary at a redemption
price per Depositary Share equal to one-fifth of the redemption price per
share paid in respect of the shares of Stock plus all money and other property,
if any, underlying such Depositary Shares, including all amounts paid by
the Company in respect of dividends which on the Redemption Date have accumulated
on the shares of Stock to be so redeemed and have not theretofore been
paid.

      If less than all Depositary
Shares evidenced by a Receipt are called for redemption, the Depositary
will deliver to the holder of such Receipt upon its surrender to the Depositary,
together with the redemption payment, a new Receipt evidencing the Depositary
Shares evidenced by such prior Receipt and not called for redemption.

 

 

                                                                                                                  
3

 
      SECTION 2.04.  Registration
of Transfer of Receipts. Subject to the terms and conditions of this Deposit
Agreement, the Depositary shall register on its books from time to time
transfers of Receipts upon any surrender thereof by the holder in person
or by duly authorized attorney, properly endorsed or accompanied by a properly
executed instrument of transfer. Thereupon the Depositary shall execute
a new Receipt or Receipts evidencing the same aggregate number of Depositary
Shares as those evidenced by the Receipt or Receipts surrendered and deliver
such new Receipt or Receipts to or upon the order of the person entitled
thereto.

      SECTION 2.05. Split-ups
and Combinations of Receipts; Surrender of Receipt and Withdrawal of Stock.
Upon surrender of a Receipt or Receipts at the Depositary's Office or at
such other offices as it may designate for the purpose of effecting a split-up
or combination of such Receipt or Receipts, and subject to the terms and
conditions of this Deposit Agreement, the Depositary shall execute and
deliver a new Receipt or Receipts in the denominations requested, evidencing
the aggregate number of Depositary Shares evidenced by the Receipt or Receipts
surrendered.

       Any holder of a Receipt
or Receipts representing any whole number of deposited shares of Stock
may withdraw such shares of Stock and all money and other property, if
any, represented thereby by surrendering such Receipt or Receipts at the
Depositary's Office or at such other offices as the Depositary may designate
for such withdrawals. Thereafter, without unreasonable delay, the Depositary
shall deliver to such holder, or to the person or persons designated by
such holder as hereinafter provided, the number of shares of Stock and
all money and other property, if any, represented by the Receipt or Receipts
so surrendered for withdrawal, but holders of such shares of Stock will
not thereafter be entitled to deposit such shares of Stock hereunder or
to receive Depositary Shares therefor. If a Receipt delivered by the holder
to the Depositary in connection with such withdrawal shall evidence a number
of Depositary Shares in excess of the number of deposited Depositary Shares
representing the number of shares of Stock to be so withdrawn, the Depositary
shall at the same time, in addition to such number of shares of Stock and
such money and other property, if any, to be so withdrawn, deliver to such
holder, or (subject to Section 2.03) upon his order, a new Receipt evidencing
such excess number of Depositary Shares. Delivery of the shares of Stock
and money and other property being withdrawn may be made by the delivery
of such certificates, documents of title and other instruments as the Depositary
may deem appropriate.

       If the shares of
Stock and the money and other property being withdrawn are to be delivered
to a person or persons other than the record holder of the Receipt or Receipts
being surrendered for withdrawal of the Stock, such holder shall execute
and deliver to the Depositary a written order so directing the Depositary
and the Depositary may require that the Receipt or Receipts surrendered
by such holder for withdrawal of such shares of Stock be appropriately
endorsed or accompanied by a properly executed instrument of transfer.

       Delivery of the shares
of Stock and the money and other property, if any, represented by Receipts
surrendered for withdrawal shall be made by the Depositary at the Depositary's
Office, except that, at the request, risk and expense of the holder surrendering
such Receipt or Receipts and for the account of the holder thereof, such
delivery may be made at such other place as may be designated by such holder.

       SECTION 2.06. Limitations
on Execution and Delivery, Transfer, Surrender and Exchange of Receipts.
As a condition precedent to the execution and delivery, registration of
transfer, split-up, combination, surrender or exchange of any Receipt,
the Depositary, any of the Depositary's Agents or the Company may require
payment to it of a sum sufficient for the payment (or, in the event that
the Depositary or the Company shall have made such payment, the reimbursement
to it) of any charges or expenses payable by the holder of a Receipt pursuant
to Section 5.07, may require the production of evidence satisfactory to
it as to the identity and genuineness of any signature and may also require
compliance with such regulations, if any, as the Depositary or the Company
may establish consistent with the provisions of this Deposit Agreement.

        The deposit
of shares of Stock may be refused, the delivery of Receipts against Stock
may be suspended, the registration of transfer of Receipts may be refused
and the registration of transfer, surrender or exchange of outstanding
Receipts may be suspended (i) during any period when the register of stockholders
of the Company is closed or (ii) if any such action is deemed necessary
or advisable by the Depositary, any of the Depositary's Agents 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 under any provision
of this Deposit Agreement.

 

 

                                                                                                                     
4

 
      SECTION 2.07.  Lost
Receipts, etc. In case any Receipt shall be mutilated, destroyed, lost
or stolen, the Depositary in its discretion may execute and deliver a Receipt
of like form and tenor in exchange and substitution for such mutilated
Receipt, or in lieu of and in substitution for such destroyed, lost or
stolen Receipt, upon (i) the filing by the holder thereof with the Depositary
of evidence satisfactory to the Depositary of such destruction or loss
or theft of such Receipt, of the authenticity thereof and of his or her
ownership thereof and (ii) the furnishing of the Depositary with reasonable
indemnification satisfactory to it.

      SECTION 2.08. Cancellation
and Destruction of Surrendered Receipts. All Receipts surrendered to the
Depositary or any Depositary's Agent shall be canceled by the Depositary.
Except as prohibited by applicable law or regulation, the Depositary is
authorized to destroy all Receipts so canceled.

ARTICLE III

CERTAIN OBLIGATIONS OF THE HOLDERS OF RECEIPTS AND THE
COMPANY

      SECTION 3.01. Filing Proofs,
Certificates and Other Information. Any holder of a Receipt may be required
from time to time to file such proof of residence, or other matters or
other information, to execute such certificates and to make such representations
and warranties as the Depositary or the Company may reasonably deem necessary
or proper. The Depositary or the Company may withhold the delivery, or
delay the registration of transfer, redemption or exchange, of any Receipt
or the distribution of any dividend or other distribution on the sale of
any rights or of the proceeds thereof until such proof or other information
is filed or such certificates are executed or such representations and
warranties are made.

     SECTION 3.02. Payment of Taxes
or Other Governmental Changes. Holders of Receipts shall be obligated to
make payments to the Depositary of certain charges and expenses, as provided
in Section 5.07. Registration of transfer of any Receipt and delivery of
all money or other property, if any, represented by the Depositary Shares
evidenced by such Receipt may be refused until any such payment due is
made, and any dividends, interest payments or other distributions may be
withheld or all or any part of the Stock or other property underlying the
Depositary Shares evidenced by such Receipt and not theretofore sold may
be sold for the account of the holder thereof (after attempting by reasonable
means to notify such holder prior to such sale), and such dividends, interest
payments or other distributions or the proceeds of any such sale may be
applied to any payment of such charges or expenses, the holder of such
Receipt remaining liable for any deficiency.

      SECTION 3.03. Warranty
as to Stock. The Company hereby represents and warrants that the Stock,
when issued, will be validly issued, fully paid and nonassessable. Such
representation and warranty shall survive the deposit of the Stock and
the issuance of Receipts.

ARTICLE IV

THE DEPOSITED SECURITIES; NOTICES

      SECTION 4.01. Cash Distributions.
Whenever the Depositary shall receive any cash dividend or other cash distribution
on Stock, the Depositary shall, subject to Section 3.02, distribute to
record holders of receipts on the record date fixed pursuant to Section
4.04 such amount of such dividend or distribution as are, as nearly as
practicable, in proportion to the respective numbers of Depositary Shares
evidenced by the Receipts held by such holders; provided, however, that
in case the Company or the Depositary shall be required to withhold and
shall withhold from any cash dividend or other cash distribution in respect
of the Stock an amount on account of taxes, the amount made available for
distribution or distributed in respect of Depositary Shares shall be reduced
accordingly. The Depositary shall distribute or make available for distribution,
as the case may be, only such amount, however, as can be distributed without
attributing to any holder of Depositary Shares a fraction of one cent,
and any balance not so distributable shall be held by the Depositary (without
liability for interest thereon) and shall be added to and be treated as
part of the next sum received by the Depositary for distribution to record
holders of Receipts then outstanding.

 

                                                                                                                    
5

 

 
      SECTION 4.02.  
Distributions Other than Cash. Whenever the Depositary shall receive any
distribution other than cash on Stock, the Depositary shall, subject to
Section 3.02, distribute to record holders of Receipts on the record date
fixed pursuant to Section 4.04 such amounts of the securities or property
received by it as are, as nearly as practicable, in proportion to the respective
numbers of Depositary Shares evidenced by the Receipts held by such holders,
in any manner that the Depositary may deem equitable and practicable for
accomplishing such distribution. If in the opinion of the Depositary such
distribution cannot be made proportionately among such record holders,
or if for any other reason (including any requirement that the Company
or the Depositary withhold an amount on account of taxes) the Depositary
deems, after consultation with the Company, such distribution not to be
feasible, the Depositary may, with the approval of the Company, adopt such
method as it deems 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, at such place
or places and upon such terms as it may deem proper. The net proceeds of
any such sale shall, subject to Section 3.02, be distributed or made available
for distribution, as the case may be, by the Depositary to record holders
of Receipts as provided by Section 4.01 in the case of a distribution received
in cash.

       SECTION 4.03. Subscription
Rights, Preferences or Privileges. If the Company shall at any time offer
or cause to be offered to the persons in whose names Stock is recorded
on the books of the Company any rights, preferences or privileges to subscribe
for or to purchase any securities or any rights, preferences or privileges
of any other nature, such rights, preferences or privileges shall in each
such instance be made available by the Depositary to the record holders
of Receipts in such manner as the Depositary may determine, either by the
issue to such record holders of warrants representing such rights, preferences
or privileges or by such other method as may be approved by the Depositary
in its discretion with the approval of the Company; provided, however,
that (i) if at the time of issue or offer of any such rights, preferences
or privileges the Depositary determines that it is not lawful or (after
consultation with the Company) not feasible to make such rights, preferences
or privileges available to holders of Receipts by the issue of warrants
or otherwise, or (ii) if and to the extent so instructed by holders of
Receipts who do not desire to exercise such rights, preferences or privileges,
then the Depositary, in its discretion (with the approval of the Company,
in any case where the Depositary has determined that it is not feasible
to make such rights, preferences or privileges available), may, if applicable
laws or the terms of such rights, preferences or privileges permit such
transfer, sell such rights, preferences or privileges at public or private
sale, at such place or places and upon such terms as it may deem proper.
The net proceeds of any such sale shall be distributed by the Depositary
to the record holders of Receipts entitled thereto as provided by Section
4.01 in the case of a distribution received in cash.

       If registration under
the Securities Act of 1933 of the securities to which any rights, preferences
or privileges relate is required in order for holders of Receipts to be
offered or sold the securities to which such rights, preferences or privileges
relate, the Company agrees with the Depositary that it will file promptly
a registration statement pursuant to such Act with respect to such rights,
preferences or privileges and securities and use its best efforts and take
all steps available to it to cause such registration statement to become
effective sufficiently in advance of the expiration of such rights, preferences
or privileges to enable such holders to exercise such rights, preferences
or privileges. In no event shall the Depositary make available to the holders
of Receipts any right, preference or privilege to subscribe for or to purchase
any securities unless and until such a registration statement shall have
become effective, or unless the offering and sale of such securities to
such holders are exempt from registration under the provisions of such
Act.

      If any other action under
the laws of any jurisdiction or any governmental or administrative authorization,
consent or permit is required in order for such rights, preferences or
privileges to be made available to holders of Receipts, the Company agrees
with the Depositary that the Company will use its best efforts to take
such action or obtain such authorization, consent or permit sufficiently
in advance of the expiration of such rights, preferences or privileges
to enable such holders to exercise such rights, preferences or privileges.

      SECTION 4.04. Notice of
Dividends, etc.; Fixing of Record Date for Holders of Receipts. Whenever
any cash dividend or other cash distribution shall become payable or any
distribution other than cash shall be made, or if rights, preferences or
privileges shall at any time be offered, with respect to Stock, or whenever
the Depositary shall receive notice of any meeting at which holders of
Stock are entitled to vote or of which holders of Stock are entitled to
notice, the Depositary shall in each such instance fix a record date (which
shall be the same date as the record date fixed by the Company with respect
to the Stock) for the determination of the holders of Receipts who shall
be entitled to receive a distribution in respect of such dividend, distribution,
rights, preferences or privileges or the net proceeds of the sale

 

 

                                                                                                                    
6

 
thereof, or to give instructions for the exercise of voting
rights at any such meeting, or to receive notice of such meeting or for
any other appropriate reasons.

         SECTION
4.05. Voting Rights. Upon receipt of notice of any meeting at which the
holders of Stock are entitled to vote, the Depositary shall, as soon as
practicable thereafter, mail to the record holders of Receipts a notice
which shall contain (i) such information as is contained in such notice
of meeting and (ii) a statement informing holders of Receipts that they
may instruct the Depositary as to the exercise of the voting rights pertaining
to the amount of Stock underlying their respective Depositary Shares (including
an express indication that instructions may be given to the Depositary
to give their discretionary proxy to a person designated by the Company)
and a brief statement as to the manner in which such instructions may be
given. Upon the written request of the holders of Receipts on such record
date, the Depositary shall endeavor insofar as practicable to vote or cause
to be voted, in accordance with the instructions set forth in such requests,
the maximum number of whole shares of Stock underlying the Depositary Shares
evidenced by all Receipts as to which any particular voting instructions
are received. The Company hereby agrees to take all action which may be
deemed necessary by the Depositary in order to enable the Depositary to
vote such Stock or cause such Stock to be voted. In the absence of specific
instructions from the holder of a Receipt, the Depositary will abstain
from voting (but, at its discretion, not from appearing at any meeting
with respect to such Stock unless directed to the contrary by the holders
of all the Receipts) to the extent of the Stock underlying the Depositary
Shares evidenced by such Receipt.

        SECTION 4.06.
Changes Affecting Deposited Securities and Reclassifications, Recapitalizations,
etc. Upon any change in par or stated value, split-up, combination or any
other reclassification of the Stock, or upon any recapitalization, reorganization,
merger, amalgamation or consolidation or sale of all or substantially all
the Company's assets affecting the Company or to which it is a party, the
Depositary may in its discretion with the approval of, and shall upon the
instructions of, the Company, and (in either case) in such manner as the
Depositary may deem equitable, (i) make such adjustments in (a) the fraction
of an interest in one share of Stock underlying one Depositary Share and
(b) the ratio of the redemption price per Depositary Share to the redemption
price of a share of Stock, in each case as may be necessary fully to reflect
the effects of such change in par or stated value, split-up, combination
or other reclassification of Stock, or of such recapitalization, reorganization,
merger, amalgamation or consolidation or sale and (ii) treat any securities
which shall be received by the Depositary in exchange for or upon conversion
or in respect of the Stock as new deposited securities so received in exchange
for or upon conversion or in respect of such Stock. In any such case the
Depositary may in its discretion, with the approval of the Company, execute
and deliver additional Receipts, or may call for the surrender of all outstanding
Receipts to be exchanged for new Receipts specifically describing such
new deposited securities. Anything to the contrary herein notwithstanding,
holders of Receipts shall have the right from and after the effective date
of any such change in par or stated value, split-up, combination or other
reclassification of Stock or any such recapitalization, reorganization,
merger, amalgamation or consolidation to surrender such Receipts to the
Depositary with instructions to convert, exchange or surrender the shares
ofStock attributable thereto into or for, as the case may be, the kind
and amount of shares of stock and other securities and property and cash
into which the Stock attributable to such Receipts was converted or for
which such Stock was exchanged or surrendered after giving effect to such
transaction.

       SECTION 4.07. Inspection
of Reports. The Depositary shall make available for inspection by holders
of Receipts at the Depositary's Office, and at such other places as it
may from time to time deem advisable, any reports and communications received
from the Company which are received by the Depositary as the holder of
Stock.

       SECTION 4.08. List
of Receipt Holders. Promptly upon request from time to time by the Company,
the Depositary shall furnish to it a list, as of a recent date, of the
names, addresses and holdings of Stock of all persons in whose names Receipts
are registered on the books of the Depositary or Registrar, as the case
may be.

7

 

 
ARTICLE V

THE DEPOSITARY, THE DEPOSITARY'S

AGENTS, THE REGISTRAR AND THE COMPANY

        SECTION 5.01.
Maintenance of Offices, Agencies and Transfer Books by the Depositary;
Registrar. Upon execution of this Deposit Agreement, the Depositary shall
maintain at the Depositary's Office, facilities for the execution and delivery,
registration and registration of transfer, surrender and exchange of Receipts,
and at the offices of the Depositary's Agents, if any, facilities for the
delivery, registration of transfer, surrender and exchange of Receipts,
all in accordance with the provisions of this Deposit Agreement.

       The Depositary shall
keep books at the Depositary's Office for the registration and registration
of transfer of Receipts, which books at all reasonable times shall be open
for inspection by the record holders of Receipts, provided, that any such
holder requesting to exercise such right shall certify to the Depositary
that such inspection shall be for a proper purpose reasonably related to
such person's interest as an Owner of Depositary Shares evidenced by the
Receipts.

       The Depositary may
close such books, at any time or from time to time, when deemed expedient
by it in connection with the performance of its duties hereunder.

       If the Receipts or
the Depositary Shares evidenced thereby or the Stock underlying such Depositary
Shares shall be listed on the New York Stock Exchange, the Depositary may,
with the approval of the Company, appoint a Registrar for registration
of such Receipts or Depositary Shares in accordance with any requirements
of such Exchange. Such Registrar (which may be the Depositary if so permitted
by the requirements of such Exchange) may be removed and a substitute registrar
appointed by the Depositary upon the request or with the approval of the
Company. If the Receipts, such Depositary Shares or such Stock are listed
on one or more other stock exchanges, the Depositary will, at the request
of the Company, arrange such facilities for the delivery, registration,
registration of transfer, surrender and exchange of such Receipts, such
Depositary Shares or such Stock as may be required by law or applicable
stock exchange regulation.

       SECTION 5.02. Prevention
of or Delay in Performance by the Depositary, the Depositary's Agents,
the Registrar or the Company. Neither the Depositary nor any Depositary's
Agent nor any Registrar nor the Company shall incur any liability to any
holder of any Receipt if by reason of any provision of any present or future
law, or regulation thereunder, of the United States of America or of any
other governmental authority or, in the case of the Depositary, the Depositary's
Agent or the Registrar, by reason of any provision, present or future,
of the Company's Restated Articles of Incorporation (including the Certificate),
as amended to date (the "Articles of Incorporation"), or by reason of any
act of God or war or other circumstance beyond the control of the relevant
party, the Depositary, the Depositary's Agent, the Registrar or the Company
shall be prevented or forbidden from doing or performing any act or thing
which the terms of this Deposit Agreement provide shall be done or performed;
nor shall the Depositary, any Depositary's Agent, any Registrar or the
Company incur any liability to any holder of a Receipt (i) by reason of
any nonperformance or delay, caused as aforesaid, in the performance of
any act or thing which the terms of this Deposit Agreement provide shall
or may be done or performed; or (ii) by reason of any exercise of, or failure
to exercise, any discretion provided for in this Deposit Agreement except,
in case of any such exercise or failure to exercise discretion not caused
as aforesaid, if caused by the gross negligence or willful misconduct of
the party charged with such exercise or failure to exercise.

       SECTION 5.03. Obligations
of the Depositary, the Depositary's Agents, the Registrar and the Company.
Neither the Depositary nor any Depositary's Agent nor any Registrar nor
the Company assumes any obligation or shall be subject to any liability
under this Deposit Agreement to holders of Receipts other than for its
gross negligence or willful misconduct.

       Neither the Depositary
nor any Depositary's Agent nor any Registrar nor the Company shall be under
any obligation to appear in, prosecute or defend any action, suit or other
proceeding in respect of the Stock, the Depositary Shares or 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.

 

 

                                                                                                                    
8

       Neither the Depositary
nor any Depositary's Agent nor any Registrar nor the Company shall be liable
for any action or any failure to act by it in reliance upon the written
advice of legal counsel or accountants, or information from any person
presenting Stock for deposit, any holder of a Receipt or any other person
believed by it in good faith to be competent to give such information.
The Depositary, any Depositary's Agent, any Registrar and the Company may
each rely and shall each be protected in acting upon any written notice,
request, direction or other document believed by it to be genuine and to
have been signed or presented by the proper party or parties.

       The Depositary shall
not be responsible for any failure to carry out any instruction to vote
any of the shares of Stock or for the manner or effect of any such vote,
as long as any such action or nonaction is in good faith. The Depositary
undertakes, and any Registrar shall be required to undertake, to perform
such duties and only such duties as are specifically set forth in this
Agreement, and no implied covenants or obligations shall be read into this
Agreement against the Depositary or any Registrar. The Depositary will
indemnify the Company against any liability which may arise out of acts
performed or omitted by the Depositary or its agents due to its or their
gross negligence or bad faith. The Depositary, the Depositary's Agents,
any Registrar and the Company may own and deal in any class of securities
of the Company and its affiliates and in Receipts. The Depositary may also
act as transfer agent or registrar of any of the securities of the Company
and its affiliates.

       SECTION 5.04. Resignation
and Removal of the Depositary; Appointment of Successor Depositary. The
Depositary may at any time resign as Depositary hereunder by notice of
its election to do so 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.

       The Depositary may
at any time be removed by the Company by notice of such removal delivered
to the Depositary, such removal to take effect upon the appointment of
a successor Depositary and its acceptance of such appointment as hereinafter
provided.

       In case the Depositary
acting hereunder shall at any time resign or be removed, the Company shall,
within 60 days after the delivery of the notice of resignation or removal,
as the case may be, appoint a successor Depositary, which shall be a bank
or trust company having its principal office in the United States of America
and having a combined capital and surplus of at least $50,000,000. 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 and for all purposes shall be the Depositary under this
Deposit Agreement, and such predecessor, upon payment of all sums due 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, shall duly assign, transfer and deliver all right,
title and interest in the Stock and any moneys or property held hereunder
to such successor and shall deliver to such successor a list of the record
holders of all outstanding Receipts. Any successor Depositary shall promptly
mail notice of its appointment to the record holders of Receipts.

       Any corporation into
or with which the Depositary may be merged, consolidated or converted shall
be the successor of such Depositary without the execution or filing of
any document or any further act. Such successor Depositary may authenticate
the Receipts in the name of the predecessor Depositary or in the name of
the successor Depositary.

       SECTION 5.05. Corporate
Notices and Reports. The Company agrees that it will transmit to the record
holders of Receipts, in each case at the address furnished to it pursuant
to Section 4.08, all notices and reports (including without limitation
financial statements) required by law, the rules of any national securities
exchange upon which the Stock, the Depositary Shares or the Receipts are
listed or by the Company's Articles of Incorporation (including the Certificate)
to be furnished by the Company to holders of Stock. Such transmission will
be at the Company's expense.

       SECTION 5.06. Indemnification
by the Company. The Company shall indemnify the Depositary, any Depositary's
Agent and any Registrar against, and hold each of them harmless from, any
loss, liability or expense (including the costs and expenses of defending
itself) which may arise out of (i) acts performed or omitted in connection
with the Agreement and the Receipts (a) by the Depositary, any Registrar
or any of their respective agents (including any

 

 

                                                                                                                               
9

 
Depositary's Agent), except for any liability arising
out of gross negligence or bad faith on the respective parts of any such
person or persons, or (b) by the Company or any of its agents, or (ii)
the offer, sale or registration of the Receipts or the Stock pursuant to
the provisions hereof.

       SECTION 5.07. Charges
and Expenses. The Company shall pay all transfer and other taxes and governmental
charges arising solely from the existence of the depositary arrangements.
The Company shall pay all charges of the Depositary in connection with
the initial deposit of the Stock and the initial issuance of the Depositary
Shares, and redemption of the Stock at the option of the Company and all
withdrawals of the shares of Stock by owners of Depositary Shares. All
other transfer and other taxes and governmental charges shall be at the
expense of holders of Depositary Shares. If, at the request of a holder
of Receipts, the Depositary incurs charges or expenses for which it is
not otherwise liable hereunder, such holder will be liable for such charges
and expenses. All other charges and expenses of the Depositary and any
Depositary's Agent hereunder and of any Registrar (including, in each case,
fees and expenses of counsel) incident to the performance of their respective
obligations hereunder will be paid upon consultation and agreement between
the Depositary and the Company as to the amount and nature of such charges
and expenses. The Depositary shall present its statement for charges and
expenses to the Company once every three months or at such other intervals
as the Company and the Depositary may agree.

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 in any respect which they may deem necessary or desirable;
provided, however, that no such amendment which shall materially and adversely
alter the rights of the holders of Receipts shall be effective unless such
amendment shall have been approved by the holders of at least a majority
of the Depositary Shares then outstanding. Every holder of an outstanding
Receipt at the time any such amendment 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 as amended thereby.

        SECTION 6.02.
Termination. This Agreement may be terminated by the Company or the Depositary
only after (i) all outstanding Depositary Shares shall have been redeemed
pursuant to Section 2.03 or (ii) there shall have been made a final distribution
in respect of the Stock in connection with any liquidation, dissolution
or winding up of the Company and such distribution shall have been distributed
to the holders of Depositary Shares pursuant to Section 4.01 or 4.02, as
applicable.

       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,
and Depositary's Agent and any Registrar under Sections 5.06 and 5.07.

ARTICLE VII

MISCELLANEOUS

      SECTION 7.01. Counterparts.
This Deposit Agreement may be executed in any number of counterparts, and
by each of the parties hereto on separate counterparts, each of which counterparts,
when so executed and delivered, shall be deemed an original, but all such
counterparts taken together shall constitute one and the same instrument.

       SECTION 7.02. Exclusive
Benefit of Parties. This Deposit Agreement is for the exclusive benefit
of the parties hereto, and their respective successors hereunder, and shall
not be deemed to give any legal or equitable right, remedy or claim to
any other person whatsoever.

       SECTION 7.03. Invalidity
of Provisions. 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

 

 

 

                                                                                                                                 
10

 
and enforceability of the remaining provisions contained
herein or therein shall in no way be affected, prejudiced or disturbed
thereby.

         SECTION
7.04. Notices. Any and all notices to be given to the Company hereunder
or under the Receipts shall be in writing and shall be deemed to have been
duly given if personally delivered or sent by mail or telegram or telex
confirmed by letter, addressed to the Company at One Federal Street, Boston,
Massachusetts 02211, to the attention of the Treasurer, or at any other
address of which the Company shall have notified the Depositary in writing.

        Any and all
notices to be given to the Depositary hereunder or under the Receipts shall
be in writing and shall be deemed to have been duly given if personally
delivered or sent by mail or by telegram or telex confirmed by letter,
addressed to the Depositary at the Depositary's Office, at 111 Westminster
Street, Providence, Rhode Island 02903, or at any other address of which
the Depositary shall have notified the Company in writing.

        Any and all
notices to be given to any record holder of a Receipt hereunder or under
the Receipts shall be in writing and shall be deemed to have been duly
given if personally delivered or sent by mail or by telegram or telex confirmed
by letter, addressed to such record holder at the address of such record
holder as it appears on the books of the Depositary, or if such holder
shall have filed with the Depositary a written request that notices intended
for such holder be mailed to some other address, at the address designated
in such request.

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

       SECTION 7.05. Depositary's
Agents. The Depositary may from time to time appoint Depositary's Agents
to act in any respect of the Depositary for the purposes of this Deposit
Agreement and may at any time appoint additional Depositary's Agents and
vary or terminate the appointment of such Depositary's Agents. The Depositary
will notify the Company of any such action.

       SECTION 7.06. Holders
of Receipts Are Parties. The holders 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 Receipts by acceptance of delivery thereof.

       SECTION 7.07. Governing
Law. THIS DEPOSIT AGREEMENT AND THE RECEIPTS AND ALL RIGHTS HEREUNDER AND
THEREUNDER AND PROVISIONS HEREOF AND THEREOF SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF RHODE ISLAND.

       SECTION 7.08. Inspection
of Deposit Agreement. Copies of this Deposit Agreement shall be filed with
the Depositary and the Depositary's Agents and shall be open to inspection
during business hours at the Depositary's Office and the respective offices
of the Depositary's Agents, if any, by any holder of a Receipt.

       SECTION 7.09. Headings.
The headings of articles and sections in this Deposit Agreement and in
the form of the Receipt set forth in Exhibit A hereto have been inserted
for convenience only and are not to be regarded as a part of this Deposit
Agreement or the Receipts or to have any bearing upon the meaning or interpretation
of any provision contained herein or in the Receipts.

 

 

 

                                                                                                                 
11

       IN WITNESS WHEREOF,
the Company and the Depositary have duly executed this Agreement as of
the day and year first above set forth, and all holders of Receipts shall
become parties hereto by and upon acceptance by them of delivery of Receipts
issued in accordance with the terms hereof.

                                                                                                          
FLEET FINANCIAL GROUP, INC.

 

By: /s/ William C. Mutterperl

____________________________________

Title: Senior Vice President

 
FLEET NATIONAL BANK

By: /s/ John R. Rodehorst

____________________________________

Title: Assistant Treasurer

                                                                                                                        
12

EXHIBIT A

THE DEPOSITARY SHARES REPRESENTED BY THIS RECEIPT ARE
NOT SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF FLEET NATIONAL BANK,
THE DEPOSITARY HEREUNDER, OR OF ANY OTHER BANK OR NONBANK SUBSIDIARY OF
FLEET FINANCIAL GROUP, INC. AND ARE NOT INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE BANK INSURANCE FUND OR ANY OTHER GOVERNMENT
AGENCY.

DEPOSITARY RECEIPT

FOR

DEPOSITARY SHARES,

EACH REPRESENTING AN INTEREST IN ONE-FIFTH OF

A SHARE OF SERIES VI 6.75% PERPETUAL PREFERRED STOCK

($1 Par Value)

OF

FLEET FINANCIAL GROUP, INC.

(Incorporated under the Laws of the State of Rhode Island)

_______________

Depositary Shares

(each Depositary Share represents an interest

in one-fifth of a share of Series VI 6.75%

Perpetual Preferred Stock ($1 par value))

              
1. Fleet National Bank, a national banking association with an office at
the time of the execution of the Deposit Agreement (as defined below) at
111 Westminster Street, Providence, Rhode Island 02903 (the "Depositary's
Office") as Depositary (the "Depositary"), hereby certifies that [ ] is
the registered owner of [ ] Depositary Shares ("Depositary Shares") each
Depositary Share representing an interest in one-fifth (1/5) of a share
of Series VI 6.75% Perpetual Preferred Stock, $1 par value (the "Stock"),
of Fleet Financial Group, Inc., a corporation duly organized and existing
under the laws of the State of Rhode Island (the "Company"). Subject to
the terms of the Deposit Agreement, each owner of a Depositary Share is
entitled, proportionately, through the Depositary to all the rights and
preferences of the Stock relating thereto, including dividend, voting,
conversion, redemption and liquidation rights contained in the Certificate
of Designations adopted by the Company's Board of Directors setting forth
the number, terms, powers, designations, rights, preferences, qualifications,
restrictions and limitations of the Stock (the "Certificate"), copies of
which are on file at the Depositary's Office.

              
2. The Deposit Agreement. Depositary Receipts (the "Receipts"), of which
this Receipt is one, are made available upon the terms and conditions set
forth in the Deposit Agreement, dated as of February 21, 1996 (the "Deposit
Agreement"), among the Company, the Depositary and all holders from time
to time of Receipts. The Deposit Agreement (copies of which are on file
at the Depositary's Office) sets forth the rights of holders of Receipts
and the rights and duties of the Depositary and the Company in respect
of the Stock deposited, and any and all other property and cash deposited
from time to time thereunder. The statements made on the face and the reverse
of this Receipt are summaries of certain provisions of the Deposit Agreement
and are subject to the detailed provisions thereof, to which reference
is hereby made. Unless otherwise expressly herein provided, all defined
terms used herein shall have the meanings ascribed thereto in the Deposit
Agreement.

              
3. Redemption. Whenever the Company shall be permitted and shall elect,
under the Certificate, to redeem shares of the Stock, it shall give the
Depositary not less than 30 nor more than 60 days notice thereof. The Depositary
shall mail notice of such redemption and the simultaneous redemption of
the corresponding Depositary Shares not less than 30 and not more than
60 days prior to the date fixed for redemption to the holders of record
of Receipts representing

                                                                                                
A-1

the number of Depositary Shares to be redeemed. Each such
notice shall state: (a) the date of such proposed redemption; (b) the number
of Depositary Shares to be redeemed; (c) the redemption price (which shall
include full cumulative dividends thereon to the redemption date); (d)
the place or places where Receipts evidencing Depositary Shares are to
be surrendered for payment of the redemption price; and (e) that dividends
in respect of the Stock underlying the Depositary Shares to be redeemed
will cease to accumulate at the close of business on such redemption date.
In case less than all the outstanding Depositary Shares are to be redeemed,
the Depositary Shares to be so redeemed shall be selected by lot or pro
rata as may be determined by the Depositary to be equitable. From and after
the date set for redemption, all dividends in respect of the Depositary
Shares so called for redemption shall cease to accrue, such Depositary
Shares shall no longer be deemed outstanding and all rights of the holders
of Receipts representing such Depositary Shares (except the right to receive
the redemption price) shall cease and terminate. From and after the redemption
date, upon surrender in accordance with the redemption notice of the Receipts
representing any such Depositary Shares (properly endorsed or assigned
for transfer, if the Depositary shall so require), such Depositary Shares
shall be redeemed by the Depositary at the redemption price per share equal
to one- fifth (1/5) of the redemption price per share paid in respect of
the shares of Stock plus any money or other property relating thereto.

         
4. Transfer, Split-ups, Combinations, Surrender of Receipts. This Receipt
is transferable on the books of the Depositary upon surrender of this Receipt
to the Depositary, properly endorsed or accompanied by a properly executed
instrument of transfer, and upon such transfer, the Depositary shall execute
a new Receipt to or upon the order of the person entitled thereto, as provided
in the Deposit Agreement. This Receipt may be split into other Receipts
or combined with other Receipts into one Receipt, representing the same
aggregate number of Depositary Shares as the Receipt or Receipts surrendered.
Any holder of this Receipt may surrender this Receipt at the Depositary's
Office or at such other offices that the Depositary may designate to withdraw
shares of Stock and all money and other property, if any, underlying the
Depositary Shares represented by this Receipt. As a condition precedent
to any transfer or surrender for exchange of this Receipt, the Depositary,
any of the Depositary's Agents or the Company may require payment of certain
charges or expenses or the production of evidence satisfactory to it as
to the identity and genuineness of any signature and may also require compliance
with such regulations, if any, as the Depositary or the Company may establish
consistent with the provisions of the Deposit Agreement.

         5. Suspension
of Delivery, Transfer, etc. The transfer or surrender of this Receipt may
be suspended during any period when the register of stockholders of the
Company is closed or if any such action is deemed necessary or advisable
by the Depositary, any agent of 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 under any provision of the Deposit
Agreement.

         6. Payment
of Taxes or Other Governmental Charges. If any tax or other governmental
charge shall become payable by or on behalf of the Depositary with respect
to this Receipt, such tax (including transfer taxes, if any) or governmental
charge shall be payable by the holder hereof. Transfer of this Receipt
may be refused until such payment is made, and any dividends, interest
payments or other distributions may be withheld or all or any part of the
Stock or other property relating to this Receipt and not theretofore sold
may be sold for the account of the holder thereof (after attempting by
reasonable means to notify such holder prior to such sale), and such dividends,
interest payments or other distributions or the proceeds of any such sale
may be applied to any payment of such tax or charge, the holder of this
Receipt remaining liable for any deficiency.

         
7. Warranty by Company. The Company has warranted that the Stock when issued,
will be validly issued, fully paid and nonassessable.

         8. 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 which they may deem necessary or desirable,
provided, however, that no such amendment which shall materially and adversely
alter the rights of the holders of Receipts shall be effective unless such
amendment shall have been approved by the holders of at least a majority
of the Depositary Shares then outstanding. A holder 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 as amended thereby.

 

                                                                                       
A-2

 
         9. Charges
of Depositary. The Company will pay all transfer and other taxes and governmental
charges arising solely from the existence of the depositary arrangements,
and all charges of the Depositary in connection with the initial deposit
of the Stock and the initial issuance of the Depositary Shares and redemption
of the Stock at the option of the Company. All other transfer and other
taxes and other governmental charges shall be at the expense of holders
of Depositary Shares. All other charges and expenses of the Depositary
and any agent of the Depositary will be paid upon consultation and agreement
between the Depositary and the Company.

        10. Title to
Receipts. This Receipt (and the Depositary Shares evidenced hereby), when
properly endorsed or accompanied by a properly executed instrument of transfer,
is transferable by delivery with the same effect as in the case of a negotiable
instrument; provided, however, that until transfer of a Receipt shall be
registered on the books of the Depositary, the Depositary may, notwithstanding
any notice to the contrary, treat the record holder hereof at such time
as the absolute owner hereof for the purpose of determining the person
entitled to distributions of dividends or other distributions or to any
notice provided for in the Deposit Agreement, and for all other purposes.

        11. Dividends
and Distributions. Whenever the Depositary receives any cash dividend or
other cash distribution on the Stock, the Depositary will, subject to the
provisions of the Deposit Agreement, make such distribution to the Receipt
holders as nearly as practicable in proportion to the number of Depositary
Shares held by them; provided, however, that the amount distributed will
be reduced by any amounts required to be withheld by the Company or the
Depositary on account of taxes. Other distributions received on the Stock
may be distributed to holders of Receipts as provided in the Deposit Agreement.

        12. 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 if
rights, preferences or privileges shall at any time be offered, with respect
to Stock, or whenever the Depositary shall receive notice of any meeting
at which holders of Stock are entitled to vote or of which holders of Stock
are entitled to notice, the Depositary shall in each instance fix a record
date (which shall be the record date fixed by the Company with respect
to the Stock), for the determination of the holders of Receipts who shall
be entitled to receive such dividend, distribution, rights, preferences
or privileges or the net proceeds of the sale thereof, or to give instructions
for the exercise of voting rights at any such meeting, or who shall be
entitled to notice of such meeting.

        13. Voting
Rights. Upon receipt of notice of any meeting at which holders of Stock
are entitled to vote, the Depositary shall, as soon as practicable thereafter,
mail to the record holders of Receipts a notice which shall contain (a)
such information as is contained in such notice of meeting and (b) a statement
informing holders of Receipts that they may instruct the Depositary as
to the exercise of the voting rights pertaining to the amount of Stock
relating to their respective Depositary Shares and a brief statement as
to the manner in which such instructions may be given. Upon the written
request of a holder of a Receipt on such record date, the Depositary shall
endeavor, insofar as practicable, to vote or cause to be voted the amount
of Stock relating to such Receipt in accordance with the instructions set
forth in such request. In the absence of specific instructions from the
holder of a Receipt, the Depositary will abstain from voting (but, at its
discretion, not from appearing at any meeting with respect to such Stock
unless directed to the contrary by the holders of Receipts) to the extent
of the Stock underlying the Depositary Shares evidenced by such Receipt.

        14. Changes
Affecting Deposited Securities. Upon any change in par or stated value,
split-up, combination or any other reclassification of the Stock or upon
any recapitalization, reorganization, merger, amalgamation or consolidation
affecting the Company or to which it is a party, or upon the sale of all
or substantially all the Company's assets, the Depositary may in its discretion
with the approval of the Company, and in such manner as the Depositary
may deem equitable, (a) make such adjustments in (i) the fraction of an
interest in one share of Stock underlying one Depositary Share and (ii)
the ratio of the redemption price of a share of Stock, in each case as
may be necessary fully to reflect the effect of such change and (b) treat
any securities which shall be received by the Depositary in exchange for
or upon conversion or in respect of the Stock as new deposited securities
so received in exchange for or upon conversion or in respect of such Stock.
In any such case the Depositary may in its discretion, with the approval
of the Company, execute and deliver additional Receipts, or may call for
the surrender of outstanding Receipts to be exchanged for new Receipts
specifically describing such new deposited securities.

        15. Liability
and Obligations of the Depositary, the Depositary's Agent or the Company.
Neither the Depositary nor any Depositary's Agent nor any Registrar nor
the Company assumes any obligation or shall be subject to

 

                                                                                            
A-3

 
any liability under the Deposit Agreement to any holder
of any Receipt, other than for its gross negligence or willful misconduct.
Neither the Depositary nor any Depositary's Agent nor any Registrar nor
the Company shall incur any liability to any holder of any Receipt if by
reason of any provision of any present or future law or regulation thereunder
of the United States of America or any other governmental authority or,
in the case of the Depositary, the Depositary's Agent or the Registrar,
by reason of any provision, present or future, of the Company's Restated
Articles of Incorporation, as amended (including the Certificate) or by
reason of any act of God or war or other circumstance beyond their control,
the Depositary, the Depositary's Agent, the Registrar or the Company shall
be prevented or forbidden from doing or performing any act or thing which
the terms of the Deposit Agreement provide shall be done or performed;
nor shall the Depositary, any Depositary's Agent, any Registrar or the
Company incur any liability to any holder of a Receipt by reasons of nonperformance
or delay, caused as aforesaid, in performance of any act or thing which
by the terms of the Deposit Agreement it is provided 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, other than for its
gross negligence or willful misconduct. Neither the Depositary nor any
Depositary's Agent nor the Company assumes any obligation or shall be subject
to any liability under the Deposit Agreement to holders of Receipts other
than to use its best judgment and good faith in the performance of such
duties as are specifically set forth in the Deposit Agreement. Neither
the Depositary nor any Depositary's Agent nor any Registrar nor the Company
shall be under any obligation to appear in, prosecute or defend any action,
suit or other proceeding in respect of the Stock, the Depositary Shares
or theReceipts, which in its opinion may involve it in expense or liability,
unless indemnity satisfactory to it against all expense and liability be
furnished. The Deposit Agreement contains various other exculpatory, indemnification
and related provisions, to which reference is hereby made.

         
16. Resignation and Removal of Depositary. The Depositary may at any time
(a) resign by written notice of its election to do so delivered to the
Company, such resignation to take effect upon the appointment of a successor
Depositary and its acceptance of such appointment, or (b) be removed by
the Company effective upon the appointment of a successor Depositary and
its acceptance of such appointment.

         
17. Termination of Deposit Agreement. The Deposit Agreement may be terminated
by the Company or the Depositary only upon or after the occurrence of any
of the following events: (a) all outstanding Depositary Shares shall have
been redeemed or (b) there shall have been made a final distribution in
respect of the Stock in connection with any liquidation, dissolution or
winding up of the Company and such distribution shall have been distributed
to the holders of Receipts. Upon the termination of the Deposit Agreement,
the Company shall be discharged from all obligations thereunder except
for its obligations to the Depositary with respect to indemnification,
charges and expenses.

         18. Governing
Law. THIS RECEIPT AND THE DEPOSIT AGREEMENT AND ALL RIGHTS HEREUNDER AND
THEREUNDER AND PROVISIONS HEREOF AND THEREOF SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF RHODE ISLAND.

         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 authenticated manually or, if a Registrar for the Receipts (other
than the Depositary) shall have been appointed, by facsimile signature
of a duly authorized officer of the Depositary and, if authenticated by
facsimile signature of the Depositary, shall have been countersigned manually
by such Registrar by the signature of a duly authorized officer.

         
THE DEPOSITARY IS NOT RESPONSIBLE FOR THE VALIDITY OF ANY DEPOSITED STOCK.
THE DEPOSITARY ASSUMES NO RESPONSIBILITY FOR THE CORRECTNESS OF THE FOREGOING
DESCRIPTION WHICH CAN BE TAKEN AS A STATEMENT OF THE COMPANY SUMMARIZING
CERTAIN PROVISIONS OF THE DEPOSIT AGREEMENT WHICH APPEARS IN THE DEPOSITARY
RECEIPTS. THE DEPOSITARY MAKES NO WARRANTIES OR REPRESENTATIONS AS TO THE
VALIDITY, GENUINENESS OR SUFFICIENCY OF ANY STOCK AT ANY TIME DEPOSITED
WITH THE DEPOSITARY HEREUNDER OR OF THE DEPOSITARY SHARES, AS TO THE VALIDITY
OR SUFFICIENCY OF THE DEPOSIT AGREEMENT, AS TO THE VALUE OF THE DEPOSITARY
SHARES OR AS TO ANY RIGHT, TITLE OR INTEREST OF THE RECORDHOLDERS OF THE
DEPOSITARY RECEIPTS TO THE DEPOSITARY SHARES.

 

                                                                                           
A-4

 

 
         
A COPY OF THE DEPOSIT AGREEMENT AND A FULL STATEMENT OF THE DESIGNATION,
RELATIVE RIGHTS, INTERESTS, PREFERENCES AND RESTRICTIONS OF THE STOCK UNDERLYING
THE DEPOSITARY SHARES REPRESENTED BY THIS RECEIPT AND OF EACH CLASS OR
SERIES OF STOCK THAT THE COMPANY IS AUTHORIZED TO ISSUE WILL BE FURNISHED
BY THE COMPANY, WITHOUT CHARGE, TO EACH HOLDER OF A RECEIPT UPON WRITTEN
REQUEST TO THE SECRETARY OF THE COMPANY, ONE FEDERAL STREET, BOSTON, MA
02211.

Dated:

FLEET NATIONAL BANK

Depositary
By

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

Authorized Signature

 

                                                                                          
A-5

____________________

The following abbreviations, when used in the inscription
on the face of this certificate, shall be construed as though they were
written out in full according to applicable laws and regulations:
TEN COM - as tenants in common

TEN ENT - as tenants by the entireties

JT TEN - as joint tenants with right of survivorship
and not

                
as tenants in common

UNIF GIFT MIN ACT - __________Custodian__________

                                             
(Cust)                               
(Minor)

                                          
under Uniform Gift to Minors

                                           
Act______________________

                                                                     
(State)

Additional abbreviations may also be used though not in
the above list.

FOR VALUE RECEIVED, ______________________________________hereby
sell,

assign and transfer unto

________________________________________________________________________________

Please Print or Type Name and Address Including Zip Code
of Assignee

________________________________________________________________________________

Insert Social Security or Other

Identifying Number of Assignee

_______________________________________

|

 

______________________________________________________________________Depositary

Shares represented by the written Receipt, and do hereby
irrevocably constitute

and appoint

________________________________________________________________________Attorney

to transfer the said Receipts on the books of the within-named
Dispositary with

full power of substitution in the premises.

 

 

Dated:______________________________ Signature_____________________________

                                                                                                       
NOTE: The signature of this

                                                                                                       
assignment must correspond

                                                                                                       
with the name(s) as written

                                                                                                       
upon the face of the Receipt

                                                                                                       
in every particular, without

                                                                                                      
alteration or enlargement, or

                                                                                                      
any change whatsoever.

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