Document:

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                                                                   EXHIBIT 4.1.2

                                    ALCANCORP

                             EMPLOYEES' SAVINGS PLAN

      (Amendment and Restatement Generally Effective as of January 1, 2000)

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                                    FOREWORD

Effective as of May 1, 1981, Alcan Aluminum Corporation adopted the Alcancorp
Employees' Savings Plan (the "Plan") for the benefit of Eligible Employees.

Since its inception, the Plan has been amended from time to time, and was most
recently amended and restated, generally effective January 1, 1996, to reflect
changes in the administration of the Plan and to make certain other changes. The
Plan is again amended and restated, generally effective January 1, 2000, to
reflect the requirements of the Uniformed Services Employment and Reemployment
Rights Act of 1994, the Small Business Job Protection Act of 1996, the Taxpayer
Relief Act of 1997, the Internal Revenue Service Restructuring and Reform Act of
1998 and other new laws, and to make certain other changes.

This restatement is generally effective January 1, 2000. Except as the text may
provide otherwise, the terms and provisions of the Plan as hereinafter set forth
and as it hereafter may be amended from time to time, establish the rights and
obligations with respect to the operation of the Plan and all transactions
hereunder on and after January 1, 2000, or, to the extent that the new laws
referred to above require an earlier effective date for a specific provision
hereof, such earlier date. This restatement shall not, however, be construed to
cause a retroactive increase or decrease in the amount of any of contributions
previously allocated under the prior terms of this Plan with respect to
Participants whose employment terminated before January 1, 2000, except as
expressly provided otherwise.

The Plan in its entirety is intended to be a profit sharing plan and a qualified
cash and deferred arrangement and to comply with the provisions of Sections
401(a) and 401(k) of the Code. In addition, effective January 1, 2001, the Plan
is intended to satisfy the nondiscrimination requirements applicable to elective
deferrals and matching contributions under Sections 401(k) and 401(m) of the
Code by means of safe harbor matching contributions made pursuant to Sections
401(k)(12) and 401(m)(11) of the Code. The adoption of this restatement of the
Plan is expressly conditioned upon receipt of a favorable determination letter
from the Internal Revenue Service with respect to the Plan as restated in this
document.

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                        Alcancorp Employees' Savings Plan
      (Amendment and Restatement Generally Effective as of January 1, 2000)

                                Table of Contents

<TABLE>
<CAPTION>
ARTICLE                                                                                                      PAGE
-------                                                                                                      ----
<S>                                                                                                          <C>
1                  Definitions..........................................................................        1

2                  Eligibility and Participation........................................................        9

3                  After-Tax Contributions; Before-Tax Contributions....................................       11

4                  Employer Contributions...............................................................       19

5                  Investment of Contributions..........................................................       29

6                  Valuation............................................................................       34

7                  Vesting..............................................................................       35

8                  Withdrawals..........................................................................       38

9                  Distributions on Termination of Employment...........................................       43

10                 Miscellaneous........................................................................       46

11                 Fiduciary and Administration.........................................................       50

12                 Management of the Trust Fund.........................................................       55

13                 Amendment, Modification, Suspension or Termination...................................       57

14                 Participation in Plan by Subsidiary or Affiliate.....................................       59

15                 Loans to Participants................................................................       60

16                 Rollovers and Transfers..............................................................       65

17                 In Event Plan Becomes Top-Heavy......................................................       67

APPENDIX A         Table of Applicability...............................................................       70

APPENDIX B         Alcancorp Employees' Savings Plan; Special Provisions
                   Applicable to Employees of Certain Acquired Enterprises..............................       71
</TABLE>

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<TABLE>
<S>                                                                                                            <C>
APPENDIX C         Alcancorp Employees' Savings Plan; Pre-May 1, 1992
                   Hardship Withdrawal Provisions.......................................................       75

APPENDIX D         Alcancorp Employees' Savings Plan: Temporary Restrictions
                   With Respect to Certain Transactions.................................................       76

APPENDIX E         Alcancorp Employees' Savings Plan: Temporary Provisions
                   With Respect to Change in International Fund.........................................       77
</TABLE>

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                                   ARTICLE 1

                                  Definitions

The following words and phrases, as used herein, shall have the following
meanings unless a different meaning is plainly required by the context. Some of
the words and phrases used in the Plan are not defined in this Article 1, but
for convenience are defined as they are introduced into the text.

1.1   "Accounts" means the accounts maintained to record the amounts allocated
      to any Participant hereunder, as set forth herein or in any Appendix
      hereto, and as such accounts may be restructured by the Plan Administrator
      from time to time. The Accounts maintained under the Plan include a
      Participant's After-Tax Account, Before-Tax Account, Employer Account,
      Qualified Contributions Account, Rollover Account and Safe Harbor Account.

1.2   "Act" means the Employee Retirement Income Security Act of 1974, as
      amended from time to time, and all lawful regulations and pronouncements
      promulgated thereunder. Whenever a reference is made to a specific section
      of the Act, such reference shall be deemed to include any successor Act
      section having the same or similar purpose.

1.3   "Additional After-Tax Account" means the portion of the After-Tax Account
      attributable to the Participant's Additional After-Tax Contributions, as
      adjusted in accordance with Article 6.

1.4   "Additional After-Tax Contributions" means the contributions of a
      Participant by means of payroll deductions from the Participant's
      compensation after applicable income taxes, in accordance with the
      provisions of Section 3.1, with respect to which contributions no
      allocation of Employer Contributions is made.

1.5   "Additional Before-Tax Account" means the portion of the Before-Tax
      Account attributable to the Participant's Additional Before-Tax
      Contributions, as adjusted in accordance with Article 6.

1.6   "Additional Before-Tax Contributions" means the contributions made by the
      Employer pursuant to an election by a Participant to reduce cash
      compensation otherwise currently payable to the Participant by an equal
      amount in accordance with the provisions of Section 3.2, with respect to
      which contributions no allocation of Employer Contributions is made.

1.7   "Affiliated Company" means Alcan Aluminium Limited, any Employer, any
      corporation affiliated with Alcan Aluminium Limited (or for periods on and
      after March 1, 2001, Alcan, Inc.) through more than 50% ownership, or any
      corporation designated by the Corporation to be an Affiliated Company.

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1.8   "After-Tax Account" means the Account to which the Participant's After-Tax
      Contributions are credited, as adjusted in accordance with Article 6. The
      After-Tax Account shall be divided into sub-Accounts which shall be
      credited with and reflect, respectively, amounts attributable to Basic and
      Additional After-Tax Contributions made on or before December 31, 1986 and
      amounts attributable to Basic and Additional After-Tax Contributions made
      thereafter.

1.9   "After-Tax Contributions" means Basic After-Tax Contributions and
      Additional After-Tax Contributions.

1.10  "Alternate Payee" means a person who has or may potentially have a right,
      pursuant to a Qualified Domestic Relations Order, to receive all or a
      portion of the benefits payable under the Plan with respect to a
      Participant.

1.11  "Appropriate Form" means the form provided or prescribed by the Plan
      Administrator for the particular purpose.

1.12  "Basic After-Tax Account" means the portion of the After-Tax Account
      attributable to the Participant's Basic After-Tax Contributions, as
      adjusted in accordance with Article 6.

1.13  "Basic After-Tax Contributions" means the contributions of a Participant
      by means of payroll deductions from the Participant's compensation after
      applicable income taxes in accordance with the provisions of Section 3.1,
      with respect to which contributions an allocation of Employer
      Contributions is made pursuant to Section 4.1.

1.14  "Basic Before-Tax Account" means the portion of the Before-Tax Account
      attributable to the Participant's Basic Before-Tax Contributions, as
      adjusted in accordance with Article 6.

1.15  "Basic Before-Tax Contributions" means the contributions made by the
      Employer pursuant to an election by a Participant to reduce cash
      compensation otherwise currently payable to the Participant by an equal
      amount in accordance with the provisions of Section 3.2, with respect to
      which contributions an allocation of Employer Contributions is made
      pursuant to Section 4.1.

1.16  "Before-Tax Account" means the Account to which the Participant's
      Before-Tax Contributions are credited, as adjusted in accordance with
      Article 6.

1.17  "Before-Tax Contributions" means Basic Before-Tax Contributions and
      Additional Before-Tax Contributions.

1.18  "Beneficiary" means a beneficiary or beneficiaries entitled to receive any
      benefits payable after the death of the Participant, as provided in
      Section 2.5.

1.19  "Board" means the Board of Directors of the Corporation.

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1.20  "Code" means the Internal Revenue Code of 1986, as amended from time to
      time, and all lawful regulations and pronouncements promulgated
      thereunder. Whenever a reference is made to a specific section of the
      Code, such reference shall be deemed to include any successor Code section
      having the same or similar purpose.

1.21  "Compensation" means direct compensation of a continuing nature paid to an
      Eligible Employee during any payroll period by an Employer or Employers
      which, on an aggregate basis, is not in excess of $170,000 for the Plan
      Year beginning January 1, 2000, or such higher dollar limit as may be in
      effect for any other Plan Year in accordance with the applicable
      provisions of the Code. For any period shorter than a full Plan Year, the
      applicable limitation set forth in the immediately preceding sentence
      shall be multiplied by a fraction, the numerator of which is the number of
      months in such period, and the denominator of which is twelve.

      Compensation includes, but is not limited to, regular base pay, incentive
      program pay, overtime and other premium pay, lump sums which are paid
      after January 1, 1989 in lieu of salary or wage increases to each member
      of a defined group in a way which does not discriminate in favor of highly
      paid Employees, pay under any plan of variable compensation and pay under
      the Executive Performance Award Plan and Management Performance Award Plan
      and any similar program, but not in excess of any pay up to the guideline
      bonus percentage of such pay established under any such variable
      compensation or similar program, and amounts contributed by compensation
      reduction and deferral to the Plan and to any plan under Section 125 of
      the Code. For years beginning on or after January 1, 2001, Compensation
      shall also include any supplemental payment related to vacation.
      Compensation excludes, but the exclusion is not limited to, pay on the
      inactive payroll, vacation pay in a lump sum because of termination, pay
      over the guideline percentages in variable compensation plans (e.g.,
      Executive Performance Award Plan and Management Performance Award Plan),
      and Exceptional Achievement Award payments.

1.22  "Corporate Group" means the Corporation and any other company which is
      related to the Corporation as a member of a controlled group of
      corporations in accordance with Section 414(b) of the Code, as a trade or
      business under common control in accordance with Section 414(c) of the
      Code, as an affiliated service group in accordance with Section 414(m) of
      the Code, or in any other manner in accordance with Section 414(o) of the
      Code. For the purposes under the Plan of determining a person's period of
      employment, each such other company shall be included in the Corporate
      Group only for such period or periods during which such other company is a
      member of such controlled group, under such common control, an affiliated
      service group or otherwise required to be aggregated, except as is
      designated pursuant to Section 14.2.

1.23  "Corporation" means Alcan Aluminum Corporation and any successor to such
      corporation by merger, or any other corporation or business entity which
      agrees to assume the position of Corporation hereunder.

1.24  "Disability" means disablement by disease or accidental bodily injury
      which prevents a person from performing any and every duty of his normal
      occupation, as determined by

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      the Plan Administrator pursuant to uniform and nondiscriminatory rules,
      and which has lasted continuously for a six-month period.

1.25  "Domestic Relations Order" means any judgment, decree or order as defined
      in Section 414(p)(1)(B) of the Code.

1.26  "Effective Date" means May 1, 1981. The general effective date of this
      amendment and restatement is January 1, 2000.

1.27  "Eligible Employee" means an Employee who is: (a) regularly employed on a
      full-time basis on the active payroll by an Employer at a unit or division
      designated for participation in the Plan by the board of directors of such
      Employer or (b) employed on a part-time or temporary basis on the active
      payroll by an Employer at a unit or division so designated for
      participation in the Plan but only as and when such Employee has completed
      a one-year period of Service, commencing with the date the individual
      first performed an hour of service within the meaning of 29 CFR Section
      2530.200b-2(a)(1) (which is incorporated herein by this reference) for any
      Affiliated Company or Predecessor Company. In no event, however, shall a
      person be considered an Eligible Employee who is (i) not paid from the
      active payroll of an Employer, (ii) employed in accordance with an oral or
      written employment, consulting or other agreement or arrangement, the
      terms and conditions of which directly or indirectly preclude his
      participation in this Plan, or (iii) treated as an Employee of the
      Employer solely by reason of being a Leased Person.

      Notwithstanding the foregoing, an Employee who is represented by a
      collective bargaining agent recognized by an Employer shall be deemed to
      be an "Eligible Employee" only when such status results as a term or
      condition of the collective bargaining agreement between such collective
      bargaining agent and the Employer. Any such Employee represented by a
      collective bargaining agent shall be entitled to participate in the Plan
      only to the extent and on the terms and conditions specified in such
      collective bargaining agreement.

1.28  "Employee" means any common law employee or Leased Person of an Employer.
      The word "Employee" does not include any person who is categorized by an
      Employer or an Affiliate solely as a director or independent contractor or
      otherwise self-employed individual. In the event that a person renders
      service to an Employer or an Affiliate as a common law employee and in
      another capacity as a director, an independent contractor or otherwise as
      a self-employed individual, he shall be considered to be an Employee
      hereunder only in his capacity as a common law employee.

1.29  "Employer" means the Corporation and any subsidiary or affiliate of the
      Corporation which is designated an Employer by the Board and which adopts
      the Plan as provided in Article 14 hereof.

1.30  "Employer Account" means the account maintained for a Participant to which
      is credited the Employer Contributions made on account of the Participant,
      as adjusted in accordance with Article 6.

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1.31  "Employer Contributions" means the contributions of an Employer pursuant
      to the provisions of Section 4.1, including amounts which are credited to
      a Participant's Employer Account or Safe Harbor Account.

1.32  "Entry Date" means, except as otherwise set forth in any Appendix hereto,
      the first day of any calendar month. (For the date participation may
      commence for an Eligible Employee, see Section 2.2 of this Plan).

1.33  "Hardship" means the conditions in respect of a Participant described in
      clause 9 of Section 8.1.

1.34  "Highly Compensated Employee" or "HCE" means for any Plan Year, an
      Employee who performs services for an Employer during the Plan Year and
      who (i) during the twelve-month period immediately preceding the first day
      of the Plan Year (the "Look Back Year") had compensation (as defined in
      Section 414(q)(4) of the Code) in excess of $85,000 for the calendar year
      beginning January 1, 2000 (or such other amount determined from time to
      time under Section 414(q)(1) of the Code), or (ii) is a 5% owner of an
      Employer (as defined in Section 416(i)(1) of the Code) at any time during
      the Plan Year or the Look Back Year; provided, however, that as used in
      Section 3.2, the term HCE shall mean those persons determined as of the
      first day of a Plan Year to be such regardless of any changes in the
      compensation of such persons or other persons during any other portion of
      the Plan Year. The determination of who is an HCE will be made in
      accordance with Section 414(q) of the Code.

1.35  "Home Loan" means a Loan used to acquire, but not to construct, any
      dwelling unit which within a reasonable time is to be used (determined at
      the time the loan is made) as the principal residence of the Participant.

1.36  "Investment Fund" means any one of the funds described in Article 5.

1.37  "Leased Person" means any individual (other than a common law employee of
      an Employer or an Affiliate) who, pursuant to an agreement between the
      Employer or Affiliate and any leasing organization, has performed services
      for the Employer, an Affiliate or a related person, as determined in
      accordance with Section 414(n)(6) of the Code, on a substantially
      full-time basis for a period of at least one year; provided, however, that
      such services are performed under the primary direction or control of the
      Employer or Affiliate.

1.38  "Loan" means a loan to a Participant from the Plan pursuant to Article 15.

1.39  "Loan Valuation Date" means the Valuation Date as of which the amount of a
      Loan shall be established and as of which the Loan amounts shall be
      withdrawn from a Participant's Accounts and credited to his Outstanding
      Loan Balance.

1.40  "Military Service" means duty in the Armed Forces of the United States,
      whether voluntary or involuntary, provided that the Employee serves not
      more than one voluntary

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      enlistment or tour of duty, and further provided that such voluntary
      enlistment or tour of duty does not follow involuntary duty.

1.41  "Outstanding Loan Balance" means the account maintained in accordance with
      Section 15.5(d) to record the balance of Loans to a Participant
      outstanding from time to time.

1.42  "Participant" means an Eligible Employee who is included in the Plan under
      Article 2 or a former Eligible Employee whose Accounts have not been fully
      distributed.

1.43  "Plan" means the Alcancorp Employees' Savings Plan, as herein set forth or
      as it may be amended from time to time.

1.44  "Plan Administrator" means the Alcancorp Employee Benefits Committee,
      acting in its capacity as plan administrator of the Plan as described in
      the Act, or any successor plan administrator appointed by the Corporation.

1.45  "Plan Year" means the calendar year.

1.46  "Predecessor Company" means any company or other entity that is not an
      Affiliated Company and the operations of which, in whole or in part, are
      acquired by an Affiliated Company or by a Predecessor Company, but only in
      relation to the acquisition of those operations and provided that the
      company or other entity the operations of which are acquired does not
      become an Affiliated Company upon such acquisition.

1.47  "QDRO Balance" means the account maintained under the Plan for the benefit
      of an Alternate Payee pursuant to Section 10.2(b).

1.48  "QDRO Rules and Procedures" means the rules and procedures established by
      the Plan Administrator for the treatment of any Domestic Relations Order
      in respect of a Participant's benefits under the Plan.

1.49  "Qualified Contributions" means Employer contributions made to the Trust
      Fund pursuant to Section 4.5.

1.50  "Qualified Contributions Account" means the separate Account maintained
      for a Participant to record his share of the Trust Fund attributable to
      Qualified Contributions made on his behalf.

1.51  "Qualified Domestic Relations Order" means a Domestic Relations Order as
      defined in Section 414(p)(1)(A) of the Code.

1.52  "Retirement" means an Eligible Employee's termination of employment at a
      time when he is eligible to retire under the provisions of a tax-qualified
      pension plan maintained by his employer, or, if earlier, his termination
      of employment on or after attaining age 65.

1.53  "Rollover Account" means the Account maintained for a Participant to which
      Rollover Contributions are credited, as adjusted in accordance with
      Section 6.1.

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1.54  "Rollover Contributions" means the contributions of a Participant pursuant
      to the provisions of Article 16.

1.55  "Safe Harbor Account" means the account maintained for a Participant to
      which is credited the Safe Harbor Contributions made on account of the
      Participant, as adjusted in accordance with Article 6.

1.56  "Safe Harbor Contributions" means the Employer Contributions made pursuant
      to Section 4.1(b)(ii).

1.57  "Service" means the aggregate of all periods of a Participant's employment
      with an Affiliated Company or Predecessor Company since the Participant's
      original date of hire by an Affiliated Company or Predecessor Company.
      Service shall include:

      (i)   all periods of leave of authorized absence not in excess of two
            years.

      (ii)  a period after termination of employment up to one year provided
            that the Participant terminates for any reason other than
            retirement, discharge, quit or death; provided, however, that if
            during such one-year period, the Participant quits, is discharged,
            retires, or dies, Service shall include only the time elapsing
            between the date of such termination and the date the Participant
            quits, is discharged, retires, or dies; and

      (iii) Periods of Maternity Absence (as defined in Section 7.2) that exceed
            one year on or after January 1, 1985. Employees with such leaves
            shall be deemed to have terminated employment on the second
            anniversary of the first date of such absence and the period between
            the first and second anniversaries of such first date of absence
            shall not be treated as a period of Service or a period of absence.

      For purposes of determining Service, if a Participant terminates
      employment and is re-employed by any Affiliated Company or Predecessor
      Company within the same calendar year, he shall be deemed not to have
      terminated employment during such year. Service credit with respect to
      Military Service will be determined in accordance with Section 10.7 of the
      Plan.

1.58  "Trust Agreement" means (collectively and individually) the trust
      agreement(s), group insurance contract(s) or other funding vehicle
      agreement(s) or arrangement(s), as amended from time to time, between the
      Corporation and one or more individuals or entities providing for the
      holding, investment and administration of the assets of the Plan.

1.59  "Trust Fund" means the assets of the Plan, as held by the Trustee under
      the provisions of the Trust Agreement. Except as otherwise indicated
      herein, all assets of the Trust Fund shall be available to satisfy any
      benefit claims, expenses or other liabilities of the Plan.

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1.60  "Trustee" means (collectively, or as appropriate to the context,
      individually) one or more individuals or entities acting as trustee,
      insurance company or other entity holding assets of the Plan from time to
      time under the Trust Agreement.

1.61  "Valuation Date" means each day the New York Stock Exchange is open for
      business, or such other date(s) as the Plan Administrator shall specify.

1.62  "Value" means the value of a Participant's Account as determined under
      Article 6 as of the applicable Valuation Date.

The masculine pronoun, whenever used herein, shall include the feminine pronoun,
and the singular shall include the plural.

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                                    ARTICLE 2

                          Eligibility and Participation

2.1   Participation Voluntary

      Any Eligible Employee may participate in the Plan. Participation in the
      Plan is entirely voluntary.

2.2   Date Participation Commences

      On or after the Effective Date, an Eligible Employee may become a
      Participant on any Entry Date.

2.3   Plan Enrollment

      An Eligible Employee may become a Participant by filing the Appropriate
      Form or Forms with the Plan Administrator, or in such other manner as the
      Plan Administrator may prescribe, within such time period as the Plan
      Administrator shall prescribe.

2.4   Requirements of Plan Enrollment

      The Eligible Employee, in complying with Section 2.3, shall (i) authorize
      the deduction by his Employer from his Compensation for After-Tax
      Contributions pursuant to Section 3.1 and/or the reduction in his
      Compensation for Before-Tax Contribution pursuant to Section 3.2 (any such
      authorization or authorizations shall be deemed to be continuing
      authorizations until changed by notice to the Plan Administrator on the
      Appropriate Form or in such manner as the Plan Administrator may
      prescribe), (ii) agree to the terms of the Plan, (iii) specify marital
      status and agree to keep the Plan Administrator informed of any change in
      marital status, (iv) make an investment election in accordance with
      Section 5.2 and (v) indicate, to the extent and in such manner as the Plan
      Administrator may from time to time direct, whether he participates or has
      participated in any plan or plans (other than the Plan) permitting
      employee tax-deferred contributions and state the total amount of any such
      contributions made by him for the calendar year in which he complies with
      Section 2.3. In addition to any other limitation imposed pursuant to
      Section 402(g) of the Code, the Plan Administrator may limit the amount of
      the Before-Tax Contributions of any Participant who has made tax-deferred
      contributions to any plan (other than the Plan) in any calendar year for
      which the Participant elects to make Before-Tax Contributions to the Plan.

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2.5   Beneficiary Designation

      The Participant's surviving spouse shall be the Beneficiary entitled to
      receive all benefits payable on the death of the Participant; provided,
      however, that if there is no surviving spouse, or if the surviving spouse
      had consented in writing to the designation of another Beneficiary or
      Beneficiaries, which consent acknowledged the effect of such designation,
      and which consent was witnessed by a notary public, the Participant may
      designate another Beneficiary by completing an Appropriate Form or in such
      manner as the Plan Administrator may prescribe. The Plan Administrator may
      allow for such a consent to expressly permit the Participant to change the
      designated Beneficiary without the spouse's further consent, provided that
      such consent acknowledges that the spouse has the right to limit consent
      to a specific Beneficiary. If there is no surviving spouse or other
      properly designated surviving Beneficiary, payment of benefits on the
      death of the Participant shall be made to the Participant's executor or
      administrator.

2.6   Suspension of Participation Due to Transfer to Non-Covered Status

      (a)   If a Participant who ceases to be an Eligible Employee continues in
            the employ of an Affiliated Company, he shall be deemed to be a
            suspended Participant until the resumption of his status as an
            Eligible Employee. The provisions of the Plan shall continue to
            apply to such a Participant except that:

            (i)   no final distribution of his Accounts pursuant to Article 9
                  shall occur as long as he so remains in the employ of an
                  Affiliated Company; and

            (ii)  during the period of his suspension, the Participant may not
                  make After-Tax Contributions, no Before-Tax Contributions
                  shall be made by his Employer on his behalf and no allocation
                  of contributions under Article 4 shall be made to his Employer
                  Account or his Safe Harbor Account; and

            (iii) regarding loans during the period of suspension, the
                  Participant may not borrow from the Plan as otherwise
                  permitted under Article 15.

      (b)   If and when the suspended Participant again becomes an Eligible
            Employee, he may, subject to the provisions of Article 8, resume
            making After-Tax Contributions or having Before-Tax Contributions
            made on his behalf, or both, as of any Entry Date thereafter by
            giving notice to the Plan Administrator in such manner as the Plan
            Administrator shall prescribe within such time period prior to such
            Entry Date as the Plan Administrator shall prescribe for the Plan.

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                                    ARTICLE 3

                After-Tax Contributions, Before-Tax Contributions

3.1   After-Tax Contributions

      Subject to the limitations of Sections 4.2 and 4.3, each Participant may
      elect to contribute to the Plan, on an after-tax basis, by means of
      payroll deduction from his Compensation, an integral percentage of up to
      20% of such Compensation, such payroll deductions to commence to the
      extent practicable with the paydate which coincides with or next follows
      the Participant's Entry Date. Participant contributions to the Plan
      pursuant to this Section 3.1 are After-Tax Contributions. If Before-Tax
      Contributions pursuant to Section 3.2 are made with respect to the
      Participant, then the rate of After-Tax Contributions under this Section
      3.1 shall not exceed 20% minus the rate of Before-Tax Contributions with
      respect to the Participant for the same payroll period.

      After-Tax Contributions pursuant to this Section 3.1 shall be transferred
      to the Trustee as soon as administratively practicable, but in all events
      within 15 days after the end of the month in which such contributions are
      withheld from the Participant's Compensation. Those After-Tax
      Contributions pursuant to this Section 3.1 which are eligible for an
      allocation of Employer Contributions pursuant to Section 4.1 are Basic
      After-Tax Contributions which shall be credited to the Participant's
      After-Tax Account and those After-Tax Contributions which are not so
      eligible for an allocation of Employer Contributions are Additional
      After-Tax Contributions which also shall be credited to the Participant's
      After-Tax Account.

3.2   Before-Tax Contribution

      Subject to the limits of Sections 3.6 and 4.2, a Participant may elect to
      have an integral percentage of up to 20% of the Compensation otherwise
      payable to him by the Employer after the effective date of his election
      constitute a Before-Tax Contribution hereunder and have the Employer
      reduce his Compensation by the amount of such Before-Tax Contribution and
      transfer such Before-Tax Contribution instead to the Trustee. Such payroll
      deferrals shall commence to the extent practicable with the paydate which
      coincides with or next follows the Participant's Entry Date. The deposit
      of Before-Tax Contributions shall be made no later than the 15th day of
      the calendar month next following the month in which the cash Compensation
      with respect to which such reduction is effective would have been paid.
      Those contributions pursuant to this Section 3.2 which are eligible for an
      allocation of Employer Contributions pursuant to Section 4.1 are Basic
      Before-Tax Contributions which shall be credited to the Participant's
      Before-Tax Account and those contributions pursuant to this Section 3.2
      which are not so eligible for an allocation of Employer Contributions are
      Additional Before-Tax Contributions which also shall be credited to the
      Participant's Before-Tax Account.

      The Before-Tax Contributions shall be such integral percentage of the
      Participant's Compensation as the Participant shall have designated but
      not to exceed the maximum percentage applicable for the Plan Year as
      determined by the Plan Administrator,

                                       11

<PAGE>

      separately for HCEs and all other Participants; provided, however, that in
      no event shall the amount of a Participant's Before-Tax Contributions
      exceed $10,500 for the Plan Year beginning on January 1, 2000, or such
      higher dollar limit as may be in effect for any other Plan Year in
      accordance with the applicable provisions of the Code.

3.3   Voluntary Suspension

      A Participant may voluntarily suspend his After-Tax Contributions pursuant
      to Section 3.1 or the Before-Tax Contributions on his behalf pursuant to
      Section 3.2. To the extent practicable, any such suspension shall be
      effective as of the first paydate which coincides with or next follows any
      Entry Date by the Participant giving notice to the Plan Administrator in
      such manner as the Plan Administrator shall prescribe prior to such Entry
      Date. A Participant may resume his After-Tax Contributions or cause
      Before-Tax Contributions on his behalf to be resumed by giving notice to
      the Plan Administrator in such manner as the Plan Administrator shall
      prescribe, such resumption to be effective as of the first paydate next
      following such notification to the Plan Administrator or as soon as
      practicable thereafter.

3.4   Change in Contribution Rate

      A Participant may increase or decrease the amount of his After-Tax
      Contributions pursuant to Section 3.1 or the amount of Before-Tax
      Contributions pursuant to Section 3.2. To the extent practicable, any such
      change shall be effective as of the first paydate which next follows any
      Entry Date by the Participant giving notice to the Plan Administrator in
      such manner as the Plan Administrator shall prescribe prior to such Entry
      Date. Notwithstanding the foregoing provisions of this Section 3.4, in the
      event that the Before-Tax Contributions of a Participant equal $10,500 for
      the Plan Year beginning on January 1, 2000, or such higher dollar limit as
      may be in effect with respect to any other Plan Year in accordance with
      the applicable provisions of the Code, such Participant shall be deemed to
      have elected to commence to make After-Tax Contributions pursuant to
      Section 3.1 at the percentage rate then in effect with respect to the
      Participant's Before-Tax Contributions immediately prior to such deemed
      election, except as otherwise provided by procedures established by the
      Plan Administrator. When any modification in the manner of contribution
      becomes effective under a deemed election under the preceding sentence any
      affected elections previously in effect with respect to the Participant
      shall also be deemed to have been appropriately adjusted to conform to the
      deemed election contemplated under the preceding sentence. Any such deemed
      election (whether in the manner of contribution or otherwise) shall remain
      in effect with respect to the Participant until the January 1 immediately
      following the effective date of the deemed election. Effective on such
      January 1, the Participant will have to make another election to reinstate
      the manner of contribution in effect immediately prior to any such deemed
      election or the Plan Administrator may reinstate the election in force
      before the dollar limit was reached, under such procedures as the Plan
      Administrator shall deem appropriate.

                                       12

<PAGE>

3.5   Authority of Plan Administrator to Establish Dates

      Without limitation of the authority of the Plan Administrator under any
      other provision of the Plan, the Plan Administrator may establish the
      first date on which Participants may exercise their rights under Sections
      3.3 and 3.4 and the length of the notification periods required for such
      exercise.

3.6   Limitation on Before-Tax Contributions

      (a)   Notwithstanding the foregoing provisions of this Article 3, with
            respect to Plan Year commencing prior to January 1, 2001 (that is,
            prior to the commencement of Safe Harbor Contributions hereunder),
            the Plan Administrator shall limit the amount of Before-Tax
            Contributions made on behalf of each Eligible Employee who is an HCE
            for each Plan Year to the extent necessary to ensure that either of
            the following tests is satisfied:

            (i)   the "Current Year Actual Deferral Percentage" (as hereinafter
                  defined) for the group of Eligible Employees who are HCEs is
                  not more than the "Prior Year Actual Deferral Percentage" of
                  all other Eligible Employees multiplied by 1.25; or

            (ii)  the excess of the Current Year Actual Deferral Percentage for
                  the group of Eligible Employees who are HCEs over the Prior
                  Year Actual Deferral Percentage of all other Eligible
                  Employees is not more than two percentage points, and the
                  Current Year Actual Deferral Percentage for the group of
                  Eligible Employees who are HCEs is not more than the Prior
                  Year Actual Deferral Percentage of all other Eligible
                  Employees multiplied by 2.0.

            Notwithstanding the provisions in subparagraphs (i) and (ii) above,
            the Corporation may elect, subject to the limitations described in
            Internal Revenue Service Notice 98-1, to perform the tests using the
            Current Year Actual Deferral Percentage for all Eligible Employees
            who are not HCEs rather than the Prior Year Actual Deferral
            Percentage. The following Actual Deferral Percentages were used to
            perform the tests in the Plan Years beginning in the Plan Year as of
            which this provision became effective and ending with the 2000 Plan
            Year.

<TABLE>
<CAPTION>
           Actual Deferral Percentage used for
Plan Year  Eligible Employees Who Are Not HCEs
--------  ---------------------------------------
<S>       <C>
1997      Current Year Actual Deferral Percentage
1998      Prior Year Actual Deferral Percentage
1999      Prior Year Actual Deferral Percentage
2000      Prior Year Actual Deferral Percentage
</TABLE>

      (b)   For purposes of this Section 3.6, the term (i) "Actual Deferral
            Percentage" shall mean, for any specified group of Eligible
            Employees for any Plan Year, the

                                       13

<PAGE>

            average of such Eligible Employees' Deferral Percentages (as defined
            below) for such Plan Year, (ii) "Current Year Actual Deferral
            Percentage" shall mean, for any specified group of Eligible
            Employees, such group's Actual Deferral Percentage for the current
            Plan Year, and (iii) "Prior Year Actual Deferral Percentage" shall
            mean, for any specified group of Eligible Employees, such group's
            Actual Deferral Percentage for the immediately preceding Plan Year.

      (c)   For purposes of this Section 3.6, the term "Deferral Percentage"
            shall mean, for any Eligible Employee for any Plan Year, the ratio
            of:

            (i)   the aggregate of the Before-Tax Contributions which, in
                  accordance with the rules set forth in Treasury Regulation
                  Section 1.401(k)-1(b)(4), are taken into account with respect
                  to such Plan Year, to

            (ii)  such Eligible Employee's "Section 414(s) compensation" for
                  such Plan Year. For this purpose, the term "Section 414(s)
                  compensation" shall mean W-2 compensation as permitted and
                  described in Treasury Regulation Sections 1.414(s)-1(c)(2) and
                  1.415-2(d)(11)(i), and shall also include all amounts
                  currently not included in the Eligible Employee's gross income
                  by reason of Sections 125 and 402(e)(3) of the Code. In the
                  case of an Eligible Employee who begins, resumes, or ceases to
                  be eligible to elect to have Before-Tax Contributions made on
                  his behalf during a Plan Year, the amount of Section 414(s)
                  compensation included in the Actual Deferral Percentage test
                  is the amount of Section 414(s) compensation received by the
                  Eligible Employee during the entire Plan Year. In no case
                  shall the Section 414(s) compensation for any Eligible
                  Employee for any Plan Year exceed $170,000 for the Plan year
                  beginning on January 1, 2000, or such higher dollar limit as
                  may be in effect with respect to any other Plan Year in
                  accordance with the applicable provisions of the Code.

      (d)   The Deferral Percentage for any Participant who is a HCE for the
            Plan Year and who is eligible to have before-tax contributions made
            on his behalf under two or more arrangements described in Section
            40l(k) of the Code that are maintained by the Corporation, or other
            member of the Corporate Group, shall be determined as if such
            before-tax contributions were made under a single arrangement.
            Notwithstanding the foregoing, certain plans or portions of this
            Plan shall be treated as separate if disaggregated (mandatorily or
            otherwise) under applicable Treasury Regulations, including without
            limitation, Section 1.401(k)-1(b)(3)(ii).

            If the Plan is permissibly aggregated or is required to be
            aggregated with other plans having the same plan year, as provided
            under Treasury Regulation Section 1.401(k)-1(b)(3) for purposes of
            determining whether or not such plans satisfy Sections 401(k),
            401(a)(4), and 410(b) of the Code, then the provisions of this
            Section 3.6 shall be applied by determining the Actual Deferral
            Percentage of Eligible Employees as if all such plans were a single
            plan.

                                       14

<PAGE>

      (e)   In the event it is determined prior to any payroll period that the
            amount of Before-Tax Contributions elected to be made thereafter is
            likely to cause the limitation prescribed in this Section 3.6 to be
            exceeded, the amount of Before-Tax Contributions allowed to be made
            on behalf of Participants who are HCEs (and/or such other
            Participants as the Plan Administrator may prescribe) shall be
            reduced to a rate determined by the Plan Administrator (including a
            rate of 0% if the Plan Administrator so determines), and any
            elections of future Before-Tax Contributions which exceed the rate
            determined by the Plan Administrator shall be deemed to be After-Tax
            Contributions for the remainder of the Plan Year, (notwithstanding
            the limitations on contribution rate changes in Section 3.4), except
            as otherwise provided by procedures established by the Plan
            Administrator. Except as is hereinafter provided, the Participants
            to whom such reduction is applicable and the amount of such
            reduction shall be determined pursuant to such uniform and
            nondiscriminatory rules as the Plan Administrator shall prescribe,
            which may differ among classes of Participants. Any such deemed
            election (whether in the manner of contribution or otherwise) shall
            remain in effect with respect to the Participant until the January 1
            immediately following the effective date of the deemed election.
            Effective on such January 1, the Participant will have to make
            another election to reinstate the manner of contribution in effect
            immediately prior to any such deemed election or the Plan
            Administrator may reinstate the election in force before the
            reduction was imposed, pursuant to such procedures as the Plan
            Administrator may deem appropriate.

      (f)   Notwithstanding the foregoing, with respect to any Plan Year in
            which Before-Tax Contributions made on behalf of Participants who
            are HCEs exceed the applicable limit set forth in this Section 3.6,
            the Plan Administrator may reduce the amount of excess Before-Tax
            Contributions made on behalf of such HCE by his portion of the
            "Aggregate Excess Deferrals" for such Plan Year in accordance with
            the following paragraphs:

            (i)   The "Aggregate Excess Deferrals" for such Plan Year shall mean
                  the total amount of Before-Tax Contributions which would be
                  distributed to HCEs if the Deferral Percentage of the
                  Participant who is an HCE with the highest Deferral Percentage
                  were reduced to the extent necessary to satisfy the Actual
                  Deferral Percentage test or cause such percentage to equal the
                  Deferral Percentage of the Participant who is an HCE with the
                  next highest percentage and this process were repeated until
                  the Actual Deferral Percentage Test was satisfied, as
                  determined under Section 401(k) of the Code.

            (ii)  The Before-Tax Contributions of the HCE with the highest
                  amount of Before-Tax Contributions shall be reduced by the
                  lesser of the amount necessary to exhaust the Aggregate Excess
                  Deferrals or to cause the Before-Tax Contributions of such HCE
                  to equal the Before-Tax Contributions of the HCE with the next
                  highest amount of Before-Tax Contributions. This process shall
                  be repeated until the aggregate Before-Tax Contributions of
                  HCEs shall be reduced by an amount equal to the

                                       15

<PAGE>

                  Aggregate Excess Deferrals, in accordance with Section 401(k)
                  of the Code.

            (iii) Such excess Before-Tax Contributions shall be distributed
                  (along with earnings attributable to such excess Before-Tax
                  Contributions, as determined pursuant to Section 3.6(g)) to
                  the affected HCEs as soon as practicable after the end of such
                  Plan Year, and in all events prior to the end of the next
                  following Plan Year.

      (g)   Income on a Participant's excess Before-Tax Contributions shall be
            determined by multiplying the income allocated to his Before-Tax
            Contributions Account for the Plan Year in which such excess
            Before-Tax Contribution was made by a fraction, the numerator of
            which is the excess Before-Tax Contributions for such Participant
            for the Plan Year, and the denominator of which is the total
            Before-Tax Contributions Account balance for such Participant as of
            the first day of the Plan Year, plus the Before-Tax Contributions
            made on behalf of the Participant during the Plan Year.

      (h)   Distributions pursuant to this Section 3.6 shall be made
            proportionately from the Investment Funds with respect to the
            Participant's Account or Accounts from which distributions are made.

      (i)   The Plan Administrator may, to the extent permitted under Treasury
            Regulation Section 1.401(k)-1(f)(3) or other lawful regulation,
            recharacterize as After-Tax Contributions for such Plan Year all or
            a portion of the Before-Tax Contributions for Participants who are
            HCEs to the extent necessary to comply with the applicable limit set
            forth in this Section 3.6 and in the same order as set forth in
            paragraph (f)(ii) above. Recharacterized amounts shall remain
            nonforfeitable and subject to the same distribution requirements as
            Before-Tax Contributions. Amounts may not be recharacterized by an
            HCE to the extent that such amount, in combination with other
            After-Tax Contributions made by such HCE, would exceed the
            limitations under the Plan with respect to After-Tax Contributions.

            Recharacterization shall occur no later than 2-1/2 months after the
            last day of the Plan Year in which such excess Before-Tax
            Contributions arose.

      (j)   Notwithstanding any distributions or recharacterizations pursuant to
            the provisions of this Section 3.6, excess Before-Tax Contributions
            shall be treated as Annual Additions for purposes of Section 4.2.

      (k)   In the event that an Employer elects to make a Qualified
            Contribution on behalf of any or all Participants in the Plan, such
            Qualified Contribution, to the extent specified, shall be treated as
            a Before-Tax Contribution solely for purposes of this Section 3.6.

      (l)   The Plan Administrator may, in its sole discretion, elect to use any
            combination of the methods described in this Section 3.6 to satisfy
            the limitations contained herein; provided, however, that such
            combination of methods shall be applied in a uniform and
            nondiscriminatory manner.

                                       16

<PAGE>

      (m)   The Plan Administrator also shall take all appropriate steps to meet
            the aggregate limitations test contained in Section 4.4.

3.7   Distributions of Excess Deferrals

      (a)   Notwithstanding any other provision of the Plan, Excess Deferrals
            (as hereinafter defined), plus any income and minus any loss
            allocable thereto for both the calendar year and the "gap period"
            between the end of the calendar year and the date the distribution
            is made (determined in the same manner as the method set forth in
            Section 3.6(g)), shall be distributed to Participants who claim such
            allocable Excess Deferrals at any time during the calendar year, or
            no later than April 15 of the calendar year following the calendar
            year in which the excess occurred.

      (b)   For purposes of this Section 3.7, "Excess Deferrals" shall mean the
            amount of a Participant's Before-Tax Contributions (and other
            "elective deferrals" within the meaning of Section 402(g)(3) of the
            Code) for a calendar year that the Participant allocates to this
            Plan pursuant to the claim procedure set forth in Section 3.7(c)
            hereof.

      (c)   A Participant may make a claim for the distribution of Excess
            Deferrals pursuant to the terms and conditions of this Section
            3.7(c). Such Participant's claim shall be in writing; shall be
            submitted to the Plan Administrator no later than March 1 of the
            calendar year following the calendar year of the Excess Deferrals or
            such later date as prescribed by the Plan Administrator; shall
            specify the amount of the Participant's Excess Deferrals for the
            preceding calendar year; and shall be accompanied by (i) the
            Participant's written statement that if such amounts are not
            distributed, such Excess Deferrals, when added to amounts deferred
            under other plans or arrangements described in Section 401(k),
            408(k), 403(b) or 501(c)(18) of the Code, exceed the limit imposed
            on the Participant in accordance with the applicable provisions of
            the Code for the year in which the deferral occurred, and (ii) such
            documentation as the Plan Administrator, in its sole discretion,
            shall require to substantiate the Participant's written statement.
            The Plan Administrator may, on a uniform and nondiscriminatory
            basis, automatically deem the Participant to have made a claim for a
            distribution of Excess Deferrals if such excess arises by taking
            into account only those elective deferrals made to this Plan and any
            other plans of the Employer and the Corporate Group.

      (d)   The Excess Deferrals distributed to a Participant with respect to a
            calendar year shall be adjusted for income and, if there is a loss
            allocable to the Excess Deferrals, shall in no event exceed the
            lesser of the Participant's Before-Tax Account under the Plan or the
            Participant's Before-Tax Contributions for the year.

      (e)   Excess Deferrals shall be treated as annual additions under the
            Plan, unless such amounts are distributed no later than the first
            April 15th following the close of the Participant's taxable year in
            which such excess occurred.

3.8   Coordination of Excess Amounts under Sections 401(k) and 402(g) of the
      Code

                                       17

<PAGE>

      (a)   The amount of excess Before-Tax Contributions to be recharacterized
            or distributed under Section 3.6 with respect to a Participant for
            the Plan Year shall be reduced by any Excess Deferrals previously
            distributed to such Participant under Section 3.7 for the
            Participant's taxable year ending with or within such Plan Year.

      (b)   The amount of Excess Deferrals that may be distributed under Section
            3.7 with respect to a Participant for a taxable year shall be
            reduced by any excess Before-Tax Contributions previously
            distributed to such Participant or recharacterized with respect to
            such Participant for the Plan Year beginning with or within such
            taxable year.

3.9   Catch-Up Contributions after Return from Military Service

      In the event that a Participant returns to employment with an Employer
      immediately following a leave of absence due to Military Service and had
      failed to make after-tax contributions and/or before-tax contributions
      while on such leave of absence, the Participant may elect to make catch-up
      contributions relating to such period of Military Service, to the extent
      required by Section 414(u) of the Code. The period during which such
      Participant may make such catch-up contributions shall commence on his
      date of rehire and shall continue for a period which is the lesser of five
      years following such date of rehire or three times the Participant's
      period of Military Service. Such deferrals shall not be required to be
      taken into account for purposes of Section 3.6 in the year that they are
      made or the year to which they relate.

                                       18

<PAGE>

                                    ARTICLE 4

                             Employer Contributions

4.1   Amount

      (a)   Each Employer shall make such contributions to the Plan for each
            calendar month on behalf of each Participant who made Basic
            After-Tax Contributions under Section 3.1 during such month or with
            respect to whom Basic Before-Tax Contributions are made under
            Section 3.2 for such month, which Employer Contributions shall be
            allocated to each such Participant's Employer Account or Safe Harbor
            Account in accordance with subsection (b) below.

      (b)   Subject to any reduction pursuant to subsection (c) below, the
            Employer Contributions for each month referred to in subsection (a)
            above shall be allocated to the Employer Account or Safe Harbor
            Account, as applicable, of each Participant referred to in such
            subsection in an amount equal to a percentage of such Participant's
            contributions under Section 3.1 and contributions under Section 3.2
            for such month which does not in the aggregate exceed 6% of his
            Compensation, based on the following schedules, as applicable:

            (i)   For periods of Service ending after the Restatement Date and
                  before January 1, 2001, credited to a Participant's Employer
                  Account, based on such Participant's years of Service as of
                  the end of such month, where:

<TABLE>
<CAPTION>
       Years of Service                                         Percentage
       ----------------                                         ----------
<S>                                                             <C>
Less than 5                                                         50%
At least 5 but less than 20                                         60%
20 or more                                                          70%
</TABLE>

                  For purposes of this Section 4.1(b), a Participant who
                  previously terminated employment but returns to employment
                  with an Employer after December 31, 1988 shall be credited
                  with all years of Service, subject to the provisions of
                  Section 1.57.

            (ii)  For periods of Service beginning on or after January 1, 2001,
                  credited to a Participant's Safe Harbor Account, based on such
                  Participant's level of contribution, where:

<TABLE>
<CAPTION>
        Employee Aggregate
Contributions under 3.1 and 3.2
(as a Percentage of Compensation)                                Percentage
---------------------------------                                ----------
<S>                                                              <C>
With respect to the first 3%                                        100%
With respect to the next 3%                                          50%
</TABLE>

                                       19

<PAGE>

                  Amounts credited to a Participant's Safe Harbor Account and
                  Employer Account, as applicable, shall first constitute
                  Employer Contributions with respect to Before-Tax
                  Contributions and then Employer Contributions with respect to
                  After-Tax Contributions, as applicable.

      (c)   Notwithstanding any provision of the Plan to the contrary, if deemed
            necessary or advisable by the Plan Administrator to comply with
            regulations relating to prohibited discrimination in employee
            benefit plan contributions or benefits, including, without
            limitation, Treasury Regulation Section 1.401(a)(4)-4, an Employer
            may, upon the instruction of the Plan Administrator, proportionately
            reduce the amount of the Employer Contribution otherwise to be made,
            pursuant to subsection (b)(i) above, on behalf of each HCE in any
            category or categories identified under the schedule in such
            subsection. The immediately preceding sentence shall be applied in
            accordance with the following provisions: (i) any such reduction
            made based upon estimates, or otherwise, may be greater than the
            minimum reduction that may be required to comply with such
            regulations; (ii) any such reduction shall be communicated, orally
            or in writing as determined by the Plan Administrator, to affected
            Participants prior to the date on which the Employer Contribution in
            respect to the first month affected by such reduction shall have
            been made and credited to such Participants' Employer Accounts;
            (iii) the Plan Administrator may determine the reductions
            contemplated under this subsection (c) separately and may determine
            different amounts with respect to the Employees of any Employer or
            with respect to any other definable group of Participants; and (iv)
            any determination of the Plan Administrator pursuant to this
            subsection (c) shall be conclusive and binding upon all Participants
            and their Beneficiaries.

4.2   Limitations

      Notwithstanding any provision of the Plan to the contrary, in no event in
      any calendar year shall the "Annual Addition" (as hereinafter defined) on
      behalf of any Participant exceed the lesser of:

            (i)   25% of the Participant's "Section 415 compensation" (as
                  hereinafter defined) for the calendar year; or

            (ii)  $30,000 or such greater amount as is permissible under Section
                  415(c)(1)(A) of the Code, subject to any adjustment under
                  Section 415(d) of the Code.

      The term "Annual Addition" means the sum for any calendar year of (a) any
      Employer contributions (including Before-Tax Contributions) to the Plan
      and to all other defined contribution plans (combining, for this purpose,
      all defined contribution plans of the Corporate Group, as modified by
      Section 415(h) of the Code), (b) forfeitures that are allocated under all
      such plans, (c) all after-tax contributions (including After-Tax
      Contributions) under such plans, and (d) amounts described in Sections
      415(l)(1) and 419A(d)(2) of the Code for the year.

                                       20

<PAGE>

      For purposes of this Section 4.2, the term "Section 415 compensation"
      means the Participant's W-2 compensation as permitted and described in
      Treasury Regulation Section 1.415-2(d)(11)(i), and shall also include, for
      Plan Years beginning on and after January 1, 1998, all amounts currently
      not included in the Eligible Employee's gross income by reason of Sections
      125 and 402(e)(3) of the Code.

      If a Participant is also participating in another tax-qualified defined
      contribution plan maintained by any member of the Corporate Group (as
      modified by Section 415(h) of the Code), the otherwise applicable
      limitation on Annual Additions under this Plan shall be reduced by the
      amount of annual additions (within the meaning of Section 415(c)(2) of the
      Code) under any such other defined contribution plan.

      If the limitations applicable to any Participant in accordance with this
      Section 4.2 would be exceeded, the contributions made by or on behalf of a
      Participant under the Plan shall be reduced in the following order, but
      only to the extent necessary to meet the limitations: (i) Additional
      After-Tax Contributions, (ii) Additional Before-Tax Contributions, (iii)
      Basic After-Tax Contributions, (iv) Basic Before-Tax Contributions, (v)
      Employer Contributions, and (vi) Qualified Contributions made pursuant to
      Section 4.5.

      In the event that, notwithstanding the foregoing provisions of this
      Section 4.2, the limitations with respect to Annual Additions prescribed
      hereunder are exceeded with respect to any Participant and such excess
      arises as a consequence of an error in estimating Compensation, the
      allocation of forfeitures, if any, or a reasonable error in determining
      the amount of Before-Tax Contributions:

            (i)   the After-Tax Contribution and Before-Tax Contribution
                  portions of such excess shall be returned to the Participant,
                  along with any income attributable thereto; and

            (ii)  the Employer Contribution portion shall be held in a suspense
                  account and, if such Participant remains a Participant, shall
                  be used to reduce Employer Contributions for such Participant
                  for the succeeding Plan Years; provided, however, that if such
                  Participant ceases to be an active Participant in the Plan,
                  the suspense account shall be used to reduce Employer
                  Contributions for all Participants in the Plan Year in which
                  he ceases to be a Participant, and all succeeding years, as
                  necessary.

4.3   Limitation on After-Tax Contributions and Employer Contributions

      (a)   Notwithstanding the foregoing provisions of Article 3 and this
            Article 4, (i) with respect to Plan Years prior to January 1, 2001,
            the Plan Administrator shall limit the amount of After-Tax
            Contributions and Employer Contributions made by or on behalf of
            each Eligible Employee who is an HCE, and (ii) with respect to Plan
            Years on or after January 1, 2001, the Plan Administrator shall
            limit the amount of After-Tax Contributions made by or on behalf of
            each Eligible Employee who is an HCE, to the extent necessary to
            ensure that either of the following tests is satisfied:

                                       21

<PAGE>

            (i)   the "Current Year Actual Contribution Percentage" (as
                  hereinafter defined) for the group of Eligible Employees who
                  are HCEs is not more than the "Prior Year Actual Contribution
                  Percentage" of all other Eligible Employees multiplied by
                  1.25; or

            (ii)  the excess of the Current Year Actual Contribution Percentage
                  for the group of Eligible Employees who are HCEs, over the
                  Prior Year Actual Contribution Percentage of all other
                  Eligible Employees is not more than two percentage points, and
                  the Current Year Actual Contribution Percentage for the group
                  of Eligible Employees who are HCEs is not more than the Prior
                  Year Actual Contribution Percentage of all other Eligible
                  Employees multiplied by 2.0.

            Notwithstanding the provisions in subparagraphs (i) and (ii) above,
            the Corporation may elect, subject to the limitations described in
            Internal Revenue Service Notice 98-1, to perform the tests using the
            Current Year Actual Contribution Percentage for all Eligible
            Employees who are not HCEs rather than the Prior Year Actual
            Contribution Percentage. The following Actual Contribution
            Percentages were used to perform the tests in the Plan Years
            beginning in the Plan Year as of which this provision became
            effective and ending with the 2000 Plan Year.

<TABLE>
<CAPTION>
                      Actual Contribution Percentage used for
Plan Year               Eligible Employees Who Are Not HCEs
--------              ---------------------------------------
<S>                 <C>
1997                Current Year Actual Contribution Percentage
1998                Prior Year Actual Contribution Percentage
1999                Prior Year Actual Contribution Percentage
2000                Prior Year Actual Contribution Percentage
</TABLE>

      (b)   For purposes of this Section 4.3, the term (i) "Actual Contribution
            Percentage" shall mean, for any specified group of Eligible
            Employees for any Plan Year, the average of such Eligible Employees'
            Contribution Percentages (as defined below) for such Plan Year, (ii)
            "Current Year Actual Contribution Percentage" shall mean, for any
            specified group of Eligible Employees, such group's Actual
            Contribution Percentage for the current Plan Year, and (iii) "Prior
            Year Actual Contribution Percentage" shall mean, for any specified
            group of Eligible Employees, such group's Actual Contribution
            Percentage for the immediately preceding Plan Year.

      (c)   For purposes of this Section 4.3, the term "Contribution Percentage"
            shall mean for any Eligible Employee for any Plan Year, the ratio
            of:

            (i)   the aggregate of the After-Tax Contributions (including
                  amounts recharacterized pursuant to Section 3.6) and with
                  respect to Plan Years prior to January 1, 2001, Employer
                  Contributions which are taken into account under Section
                  401(m) of the Code with respect to such Plan Year,

                                       22

<PAGE>

                  in accordance with the rules set forth in Treasury Regulation
                  Section 1.401(m)-1(b)(4), to

            (ii)  such Eligible Employee's "Section 414(s) compensation" for
                  such Plan Year. For this purpose, the terms "Section 414(s)
                  compensation" shall mean W-2 compensation as permitted and
                  described in Treasury Regulation Sections 1.414(s)-1(c)(2) and
                  1.415-2(d)(11)(i), and shall also include all amounts
                  currently not included in the Eligible Employee's gross income
                  by reason of Sections 125 and 402(e)(3) of the Code. In the
                  case of an Eligible Employee who begins, resumes, or ceases to
                  be eligible to make After-Tax Contributions or to have
                  Employer Contributions made on his behalf during a Plan Year,
                  the amount of Section 414(s) compensation included in the
                  Actual Contribution Percentage test is the amount of Section
                  414(s) compensation received by the Eligible Employee during
                  the entire Plan Year. In no case shall the Section 414(s)
                  compensation for any Eligible Employee for any Plan Year
                  exceed $150,000, as automatically adjusted as provided in
                  Section 401(a)(17) of the Code, for any Plan Year commencing
                  after December 31, 1993.

            Notwithstanding the foregoing, for any Plan Year commencing on and
            after January 1, 2001, any Employer Contributions that exceed the
            minimum Safe Harbor Contributions under Section 401(k)(12)(B) of the
            Code may, as determined by the Corporation, be included in
            determining the Contribution Percentage.

      (d)   The Contribution Percentage for a Participant who is an HCE for the
            Plan Year and who is eligible to make after-tax contributions, or to
            have matching employer contributions (within the meaning of Section
            40l(m)(4)(A) of the Code) made on his behalf under two or more plans
            described in Section 40l(a) of the Code that are maintained by the
            Employer or the Corporate Group, shall be determined as if the total
            of such after-tax contributions and matching employer contributions
            were made under a single arrangement. Notwithstanding the foregoing,
            certain plans or portions of this Plan shall be treated as separate
            if disaggregated (mandatorily or otherwise) under applicable
            Treasury Regulations, including without limitation, Section
            1.401(m)-1(b)(3)(ii).

            If the Plan is permissibly aggregated or is required to be
            aggregated with other plans having the same plan year, as provided
            under Treasury Regulation Section 1.401(m)-1(b)(3) for purposes of
            determining whether or not such plans satisfy Sections 401(m),
            401(a)(4), and 410(b) of the Code, then the provisions of this
            Section 4.3 shall be applied by determining the Actual Contribution
            Percentage of Eligible Employees as if all such plans were a single
            plan.

            With respect to Plan Years commencing on or after January 1, 2001,
            Employer Contributions will be taken into account under this
            subsection (d) only to the extent that they are taken into account
            under subsection (c) above.

                                       23

<PAGE>

      (e)   In the event it is determined prior to any payroll period that the
            amount of After-Tax Contributions and Employer Contributions to be
            made thereafter is likely to cause the limitation prescribed in this
            Section 4.3 to be exceeded, the amount of such contributions allowed
            to be made by or on behalf of Participants who are HCEs (and/or such
            other Participants as the Plan Administrator may prescribe) may be
            reduced to a rate determined by the Plan Administrator (including a
            rate of 0% if the Plan Administrator so determines). Except as is
            hereinafter provided, the Participants to whom such reduction is
            applicable and the amount of such reduction shall be determined
            pursuant to such uniform and nondiscriminatory rules as the Plan
            Administrator shall prescribe, which may differ among classes of
            Participants.

      (f)   Notwithstanding the foregoing, with respect to any Plan Year in
            which After-Tax Contributions and Employer Contributions made by or
            on behalf of Participants who are HCEs exceed the applicable limit
            set forth in this Section 4.3, the Plan Administrator may reduce the
            amount of excess After-Tax Contributions and Employer Contributions
            made by or on behalf of each such HCEs by his portion of the
            "Aggregate Excess Contributions" for such Plan Year in accordance
            with the following paragraphs:

            (i)   The "Aggregate Excess Contributions" for such Plan Year shall
                  mean the total amount of After-Tax Contributions and Employer
                  Contributions taken into account under Section 401(m) of the
                  Code (hereinafter sometimes the "Combined Contributions")
                  which would be distributed to HCEs if the Contribution
                  Percentage of the Participant who is an HCE with the highest
                  Contribution Percentage were reduced to the extent necessary
                  to satisfy the Actual Contribution Percentage test or cause
                  such percentage to equal the Contribution Percentage of the
                  Participant who is an HCE with the next highest percentage and
                  this process were repeated until the Actual Contribution
                  Percentage Test was satisfied, as determined under Section
                  401(m) of the Code.

            (ii)  The Combined Contributions of the HCE with the highest amount
                  of Combined Contributions shall be reduced by the lesser of
                  the amount necessary to exhaust the Aggregate Excess
                  Contributions or to cause the amount of the Combined
                  Contributions of such HCE to equal the Combined Contributions
                  of the HCE with the next highest amount of Combined
                  Contributions. This process shall be repeated until the
                  aggregate Combined Contributions of HCEs shall be reduced by
                  an amount equal to the Aggregate Excess Contributions, in
                  accordance with Section 401(m) of the Code.

            (iii) In reducing the Combined Contributions of an HCE the following
                  order shall be used: (A) Additional After-Tax Contributions,
                  (B) Basic After-Tax Contributions and the vested portion of
                  Employer Contributions attributable to such Basic After-Tax
                  Contributions, (C) the vested portion of Employer
                  Contributions attributable to Basic Before-Tax Contributions
                  and (D) the portion of such Employer Contributions which are
                  not vested.

                                       24

<PAGE>

                  Such excess After-Tax Contributions and Employer Contributions
                  (along with income attributable to such excess contributions,
                  as determined pursuant to Section 4.4(g)) shall be returned to
                  the affected Participants who are HCEs as soon as practicable
                  after the end of such Plan Year, and in all events prior to
                  the end of the next following Plan Year. The amount of excess
                  Employer Contributions that are not vested shall be forfeited
                  and shall be held in a suspense account and used to reduce the
                  Employer's future Employer Contributions.

      (g)   Income on excess After-Tax Contributions and excess Employer
            Contributions shall be determined by multiplying the income
            allocated for the Plan Year in which such excess After-Tax
            Contributions and Employer Contributions were made by a fraction,
            the numerator of which is the excess After-Tax Contributions and
            Employer Contributions for such Participant for the Plan Year, and
            the denominator of which is the aggregate After-Tax Contributions
            Account and Employer Account balances for such Participant as of the
            first day of the Plan Year, plus the After-Tax Contributions and
            Employer Contributions made by or on behalf of the Participant
            during the Plan Year.

      (h)   Notwithstanding any distributions pursuant to the foregoing
            provisions, excess After-Tax Contributions and Employer
            Contributions shall be treated as Annual Additions for purposes of
            Section 4.2.

      (i)   Distributions pursuant to this Section 4.3 shall be made
            proportionately from the Investment Funds with respect to the
            Participant's Account or Accounts from which distributions are made.

      (j)   In the event that an Employer elects to make a Qualified
            Contribution on behalf of any or all Participants in the Plan, any
            such Qualified Contribution, to the extent specified, shall be
            treated as an Employer Contribution solely for purposes of this
            Section 4.3.

      (k)   In determining whether the requirements of this Section 4.3, and
            Section 4.4 below, are satisfied, the Plan Administrator may in its
            discretion, in accordance with regulations, take into account
            Participants' Before-Tax Contributions made to the Plan pursuant to
            Section 3.1; provided, however, that such contributions are not
            taken into account in order to satisfy the requirements of Section
            3.6.

      (l)   The Plan Administrator may, in its sole discretion, elect to use any
            combination of the methods described in this Section 4.3 to satisfy
            the limitations contained herein; provided, however, that such
            combination of methods shall be applied in a uniform and
            nondiscriminatory manner.

      (m)   The Plan Administrator shall also take all appropriate steps to meet
            the aggregate limitation test contained in Section 4.4.

                                       25

<PAGE>

4.4   Aggregate Limitation

      Any other provision of the Plan to the contrary notwithstanding, the
      provisions of this Section 4.4 shall apply with respect to Plan Years
      prior to January 1, 2001 if the conditions of both (a) and (b) below are
      satisfied:

      (a)   the sum of (i) the "Current Year Actual Deferral Percentage" (as
            defined in Section 3.6) for the group of Eligible Employees who are
            HCEs and (ii) the "Current Year Actual Contribution Percentage" (as
            defined in Section 4.3) for such group of HCEs exceeds the
            "Aggregate Limit" (as hereinafter defined), and

      (b)   both (i) the Current Year Actual Deferral Percentage for the group
            of Eligible Employees who are HCEs exceeds 125% of the Prior Year
            Actual Deferral Percentage of all other Eligible Employees and (ii)
            the Current Year Actual Contribution Percentage of such group of
            HCEs exceeds 125% of the Prior Year Actual Contribution Percentage
            of all such other Eligible Employees.

            The term "Aggregate Limit" means the greater of the sum of (i) and
            (ii) below or the sum of (iii) and (iv) below:

            (i)   125% of the greater of (1) the Prior Year Actual Deferral
                  Percentage of the group of Eligible Employees who are not
                  HCEs, or (2) the Prior Year Actual Contribution Percentage of
                  the group of Eligible Employees who are not HCEs, and

            (ii)  two plus the lesser of (i)(1) or (i)(2) above (but in no event
                  more than 200% of the lesser of (i)(1) or (i)(2) above).

            (iii) 125% of the lesser of (1) the Prior Year Actual Deferral
                  Percentage of the group of Eligible Employees who are not
                  HCEs, or (2) the Prior Year Actual Contribution Percentage of
                  the group of Eligible Employees who are not HCEs, and

            (iv)  two plus the greater of (iii)(1) or (iii)(2) above (but in no
                  event more than 200% of the greater of (iii)(1) or (iii)(2)
                  above).

            Notwithstanding the provisions in subparagraphs (a) and (b) above,
            the Corporation may elect, subject to the limitations described in
            Internal Revenue Service Notice 98-1, to perform the tests for any
            Plan Year using the Current Year Actual Contribution Percentage for
            all Eligible Employees who are not HCEs rather than the Prior Year
            Actual Contribution Percentage, consistent with the method used
            under Section 4.3(a) for such Plan Year.

      If the Current Year Actual Deferral Percentage and/or Current Year Actual
      Contribution Percentage for the group of Eligible Employees who are HCEs,
      determined after any corrective distribution or recharacterization of
      excess amounts in accordance with the provisions of Sections 3.6 and 4.3
      have been effectuated, exceed an amount which would cause the limits set
      forth in the foregoing provisions of this Section 4.4 to be exceeded,

                                       26

<PAGE>

      first the amount of After-Tax Contributions and then the amount of
      Before-Tax Contributions and Employer Contributions shall be reduced, in
      the same manner and at the same time as such contributions are reduced in
      accordance with Sections 3.6 and 4.3, but only to the extent necessary to
      bring the Plan into compliance with the applicable limits set forth in
      this Section 4.4.

4.5   Qualified Contributions

      An Employer may, in its sole discretion, make a Qualified Contribution in
      order to satisfy the requirements of Section 3.6, 4.3 or 4.4. A Qualified
      Contribution is a contribution that (i) is made by the Employer that may
      be aggregated with other contributions in accordance with Sections 3.6 and
      4.3; (ii) is nonforfeitable at all times; (iii) may not be distributed to
      a Participant or any Beneficiary until the earliest date provided for in
      Section 401(k)(2)(B) of the Code (determined without regard to subsection
      (i)(IV) of such Section) and (iv) complies with the requirements of
      Treasury Regulation Section 1.401(k)-1(b)(5).

      A Qualified Contribution may take the form of a qualified matching
      contribution (as defined in Treasury Regulation Section
      1.401(k)-1(g)(13)(i)), or a qualified nonelective contribution (as defined
      in Treasury Regulation Section 1.401(k)-1(g)(13)(ii)). The Employer shall
      specify the form of the Qualified Contribution, and the Participants to
      whom such contribution is to be allocated.

4.6   Return of Contribution

      Notwithstanding any provision of the Plan to the contrary, a contribution
      made to the Plan by an Employer shall be returned to it if:

      (a)   the contribution is made by reason of mistake of fact;

      (b)   the contribution is conditioned upon its deductibility under Section
            404 of the Code and such deduction is disallowed; or

      (c)   the contribution is conditioned on the initial qualification of the
            Plan, under Section 401(a) of the Code, with respect to an Employer
            which has adopted the Plan and such initial qualification is not
            obtained;

      provided, however, that such return of contribution is generally made
      within one year of the mistaken payment of the contribution, the
      disallowance of the deduction or the failure of the Plan to qualify
      initially with respect to an Employer, as the case may be. All
      contributions to the Plan by an Employer made on or after January 1, 1987
      shall be conditioned upon their deductibility under Section 404 of the
      Code.

4.7   Employer Contributions upon Return from Military Service

      In the event that a Participant returns to employment with an Employer
      immediately following a leave of absence due to Military Service, any
      Employer Contribution, or any other employer matching or profit sharing
      contribution, which would have been made on

                                       27

<PAGE>

      behalf of such Participant, had he not been on such leave of absence,
      shall be made on his behalf and allocated to his Employer Account, Safe
      Harbor Account, or other account, as applicable, to the extent required by
      Section 414(u) of the Code. Any such allocation shall be calculated based
      on any catch-up contributions made under Section 3.9 using estimated
      Compensation during such period of Military Service, based on his rate of
      Compensation at the time such leave of absence commenced and based on the
      matching or other contribution formula in effect for the Plan Year to
      which such catch-up contribution relates, as applicable. Such Employer
      Contribution, or any other employer matching or profit sharing
      contribution, shall not be required to be taken into account under
      Sections 4.2, 4.3 and 4.4 in the Plan Year in which they are made or to
      the year which they relate.

                                       28

<PAGE>

                                    ARTICLE 5

                           Investment of Contributions

5.1   Investment Funds

      Contributions to the Plan shall be invested in one or more of the
      following Investment Funds, in accordance with Section 5.2.

      -     The Fixed Income Fund, which shall be invested and reinvested by the
            Trustee in fixed income and other securities or investments
            anticipated or purporting to have a stable rate of return and
            relative safety of principal, including without limitation bonds,
            any so-called "guaranteed" income or investment or similar contract
            issued by an insurance company or companies, a bank or other
            financial institution, in each case, as designated by the Plan
            Administrator, or in any combination of such investments.

      -     The Large Cap S&P 500 Fund, which shall be invested and reinvested
            by the Trustee in shares of the Vanguard 500 Index Fund, which
            attempts to provide investment results that parallel the performance
            of the Standard & Poor's 500 Composite Stock Price Index.

      -     The Mid and Small Cap Wilshire 4500 Fund, which shall be invested
            and reinvested by the Trustee in shares of the Vanguard Extended
            Market Index Fund, which attempts to provide investment results that
            parallel the performance of the unmanaged Wilshire 4500 Index.

      -     The International Fund, consisting of:

            -     With respect to the period prior to August 1, 1997, the EAFE
                  International Index Fund, which shall be invested and
                  reinvested by the Trustee in shares of the Vanguard
                  International Equity Index Fund-European Portfolio and the
                  Vanguard International Equity Index Fund-Pacific Portfolio, in
                  a manner which attempts to provide investment results that
                  parallel the performance of an index compiled by Morgan
                  Stanley Capital International: the Europe, Australia, Far East
                  Index (EAFE).

            -     With respect to the period on and after August 1, 1997, the
                  International Index Fund, which shall be invested and
                  reinvested by the Trustee in shares of the Vanguard Total
                  International Stock Index Fund which attempts to provide
                  investment results that parallel a blended performance of two
                  indexes compiled by Morgan Stanley Capital International: the
                  Europe, Australia, Far East Index and the Emerging Markets
                  (select) Index.

      -     The Bond Fund, for the period on or after June 8, 2000, which shall
            be invested and reinvested by the Trustee in shares of the Vanguard
            Total Bond Market Index Fund,

                                       29

<PAGE>

            which attempts to provide investment results that parallel the
            performance of the Lehman Brothers Aggregate Bond Index.

      -     The Company Stock Fund, which shall be invested and administered by
            the Trustee in securities of the ultimate parent corporation of the
            Corporation, Alcan Aluminium Limited (or for periods on and after
            March 1, 2001, Alcan, Inc.). Said securities may be contributed by
            the Corporation or acquired in accordance with the provisions of the
            Trust Agreement on the open market or from Alcan Aluminium Limited
            (or for periods on and after March 1, 2001, Alcan, Inc.), or in
            private transactions.

      -     With respect to the period prior to June 8, 2000, the following Mix
            Funds:

            -     The "Mix A" Fund, which shall be invested and reinvested by
                  the Trustee in approximately 80% of the Fixed Income Fund, 5%
                  of the International Fund, and 15% of the Large Cap S&P 500
                  Fund.

            -     The "Mix B" Fund, which shall be invested and reinvested by
                  the Trustee in approximately 60% of the Fixed Income Fund, 10%
                  of the International Fund, 25% of the Large Cap S&P 500 Fund,
                  and 5% of the Mid and Small Cap Wilshire 4500 Fund.

            -     The "Mix C" Fund, which shall be invested and reinvested by
                  the Trustee in approximately 40% of the Fixed Income Fund, 20%
                  of the International Fund, 30% of the Large Cap S&P 500 Fund,
                  and 10% of the Mid and Small Cap Wilshire 4500 Fund.

            -     The "Mix D" Fund, which shall be invested and reinvested by
                  the Trustee in approximately 20% of the Fixed Income Fund, 25%
                  of the International Fund, and 40% of the Large Cap S&P 500
                  Fund, and 15% Mid and Small Cap Wilshire 4500 Fund.

            The four above mixed funds shall be rebalanced periodically at such
            times as the Plan Administrator and Trustee may determine.

      -     With respect to the period on or after June 8, 2000, the following
            Vanguard Life Strategy Funds:

            -     The Vanguard LifeStrategy Income Fund, which shall be invested
                  and reinvested by the Trustee in shares of the Vanguard
                  LifeStrategy Income Fund, which attempts to provide current
                  income based on a portfolio consisting of a combination other
                  Vanguard mutual funds which have a target equity exposure of
                  20%.

            -     The Vanguard LifeStrategy Conservative Growth Fund, which
                  shall be invested and reinvested by the Trustee in shares of
                  the Vanguard LifeStrategy Conservative Growth Fund, which
                  attempts to provide current income and low-to-

                                       30

<PAGE>

                  moderate growth of capital based on a portfolio consisting of
                  other Vanguard mutual funds which have a target equity
                  exposure of 40%.

            -     The Vanguard LifeStrategy Moderate Growth Fund, which shall be
                  invested and reinvested by the Trustee in shares of the
                  Vanguard Moderate Growth Fund, which attempts to provide
                  growth of capital and a reasonable level of current income
                  based on a portfolio consisting of other Vanguard mutual funds
                  which have a target equity exposure of 60%.

            -     The Vanguard LifeStrategy Growth Fund, which shall be invested
                  and reinvested by the Trustee in shares of the Vanguard
                  LifeStrategy Growth Fund, which attempts to provide growth of
                  capital based on a portfolio consisting of other Vanguard
                  mutual funds which have a target equity exposure of 80%.

      The Plan Administrator, may, in its sole discretion, at any time and from
      time to time establish additional Investment Funds, in which contributions
      to the Plan may be invested, or eliminate or replace any existing
      Investment Fund.

      Any portion of an Investment Fund may, pending permanent investment or
      distribution, be invested in short-term securities issued or guaranteed by
      the United States of America or any other country or any agency or
      instrumentality thereof or any other investments of a short-term nature,
      including corporate obligations or participation therein. A portion of an
      Investment Fund may be maintained in cash. Any portion of an Investment
      Fund may be invested through the medium of the Alcancorp Master Savings
      Trust or of any common, collective or commingled trust fund maintained by
      the Trustee which is invested principally in property of the kind
      specified for such Investment Fund.

      Notwithstanding the provisions of this Article 5, the investment and
      administration of the assets of the Plan shall be governed by the
      provisions of the Trust Agreement, and without limitation of the
      foregoing, the Plan Administrator may designate an investment manager, as
      defined in Section 3(38) of the Act, to manage (including the power to
      acquire and dispose of) all or any portion of the assets of the Plan.

      The Corporation currently intends that this Plan should comply with the
      provisions of Section 404(c) of ERISA and until the Corporation shall
      otherwise direct, this Plan shall be so construed and the Plan
      Administrator shall, insofar as is practical, arrange for appropriate
      steps to be taken in furtherance thereof.

5.2   Investment Options

      All After-Tax Contributions, Before-Tax Contributions, Rollover
      Contributions, Qualified Contributions and Employer Contributions to the
      Plan shall be invested as initially elected by the Participant pursuant to
      Section 2.4, or as subsequently changed pursuant to Section 5.4, in
      multiples of 1% thereof to be invested in any Investment Fund.

      Notwithstanding anything in the Plan to the contrary, during any period
      during which a Participant is employed by an Employer, 50% or more of the
      voting stock of which is not directly or indirectly owned by Alcan
      Aluminium Limited (or for periods on and after

                                       31

<PAGE>

      March 1, 2001, Alcan, Inc.) and which has not been specifically excluded
      from the application of this provision by the Board, the Participant may
      not invest any future After-Tax Contributions, Before-Tax Contributions,
      Rollover Contributions, Qualified Contributions, Employer Contributions,
      or any other contributions in the Company Stock Fund and all such future
      contributions made by the Participant or on his behalf shall be invested
      as initially elected by the Participant pursuant to Section 2.4, or as
      subsequently changed pursuant to Section 5.4, with multiples of 1% thereof
      to be invested in Investment Funds other than the Company Stock Fund.
      Recordkeeping accounts shall be established for each Participant under
      each Investment Fund with respect to which such contributions are being
      invested.

5.3   Reinvestment in Same Fund

      Dividends, interest and other distributions received by the Trustee in
      respect of any Investment Fund shall be reinvested in the same Investment
      Fund.

5.4   Change in Investment Election For Future Contributions

      A Participant may change his future investment directions, within the
      limits set forth in Section 5.2, as of the first practicable paydate
      coinciding with or next following the start of any calendar month, with
      respect to contributions to be made on such paydate and thereafter, by
      giving prior notice to the Plan Administrator or its delegate in such
      manner as the Plan Administrator shall require. Any such change in
      investment elections pursuant to this Section 5.4 shall be subject to such
      limitations on frequency as the Plan Administrator shall from time to time
      prescribe, but shall be permitted no less frequently than once within any
      calendar month.

5.5   Fund Reallocations

      A Participant may direct, by giving prior notice to the Plan Administrator
      or its delegate in such manner as the Plan Administrator shall require,
      that, as of the next practicable Valuation Date, the Value of his Accounts
      be transferred from one or more Investment Funds to other Investment Funds
      (in 1% multiples thereof); provided, however, that a Participant who is
      employed by, or has terminated employment from, an Employer, 50% or more
      of the voting stock of which is not directly or indirectly owned by Alcan
      Aluminium Limited (or for periods on and after March 1, 2001, Alcan, Inc.)
      and which has not been specifically excluded from the application of this
      provision by the Board, may not direct that any portion of the Value of
      his Accounts be reallocated to the Company Stock Fund.

      Any such reallocation pursuant to this Section 5.5 shall be subject to
      such limitations on frequency as the Plan Administrator shall from time to
      time prescribe, but shall be permitted no less frequently than once within
      any calendar month and shall be implemented as of the next Valuation Date
      as soon as reasonably practicable on or after timely receipt of such
      notice by the Plan Administrator or its delegate.

                                       32

<PAGE>

5.6   Voting

      Full and fractional shares of Alcan Aluminium Limited (or for periods on
      and after March 1, 2001, Alcan, Inc.), credited to a Participant's
      Accounts shall be voted by the Trustee in accordance with the instructions
      of the Participant if such instructions are given on the form provided for
      that purpose and received by the Trustee at least 10 days prior to the
      date on which the Trustee is to vote such shares. The Employer shall
      notify Participants of each occasion for the exercise of voting. The
      Trustee shall vote any shares for which timely instructions for voting
      have not been received from a Participant in the same proportion as the
      shares for which the Trustee has received instructions from Participants
      hereunder.

                                       33

<PAGE>

                                    ARTICLE 6

                                    Valuation

6.1   Maintenance of Accounts

      The Plan Administrator shall separately maintain on behalf of each
      Participant, where applicable, and shall separately account for, an
      After-Tax Account, Before-Tax Account, Employer Account, Qualified
      Contributions Account, Rollover Account, Safe Harbor Account and/or such
      other Accounts as may be set forth herein or in any Appendix hereto, as
      any such Accounts may be restructured by the Plan Administrator from time
      to time.

      The Plan Administrator shall have the power to rename, combine and
      separate Accounts, establish sub-Accounts or otherwise restructure any
      Accounts under this Plan or any Appendix in such manner as the Plan
      Administrator deems appropriate for the administration of the Plan,
      provided that such restructuring shall not change the balance of the
      Accounts of any Participant as of the time of such restructuring
      (disregarding the impact of any rounding). The provisions of the Plan with
      respect to vesting, distribution rights and restrictions, loan rights and
      restrictions, investment rights and other features applicable to the
      balance of any Account of any Participant prior to such restructuring
      shall continue with respect to the portion of the Accounts of such
      Participant after the restructuring which are attributable to such
      balance. All references in this Plan to any Account prior to such a
      restructuring shall thereafter be deemed to refer to the Account, Accounts
      or portions thereof into which such prior Account was restructured.

6.2   Valuation

      As of each Valuation Date, the Plan Administrator shall cause to be
      adjusted the After-Tax Account, Before-Tax Account, Employer Account,
      Qualified Contributions Account, Rollover Account, Safe Harbor Account
      and/or any other Account for each Participant on whose behalf any such
      Account is maintained to reflect his share of contributions, loan
      repayments, withdrawals, distributions, loans, income, expenses payable
      from the Trust Fund and any increase or decrease in the value of Trust
      Fund assets since the preceding Valuation Date. The fair market value on
      the Valuation Date is to be used for this purpose, and the respective
      Accounts of Participants are to be adjusted in accordance with the
      valuation.

                                       34

<PAGE>

                                    ARTICLE 7

                                     Vesting

7.1   Participant Accounts

      The Value of a Participant's Basic After-Tax, Account, Additional
      After-Tax Account, Basic Before-Tax Account, Additional Before-Tax
      Account, Qualified Contributions Account (to the extent attributable to
      Section 3.6(k)), Rollover Account and Safe Harbor Account shall be 100%
      vested in him at all times.

7.2   Employer Account; Full Vesting

      The Value of a Participant's Employer Account and Qualified Contribution
      Account (to the extent attributable to Section 4.3(j)) shall automatically
      become 100% vested upon:

      (a)   the Participant's death,

      (b)   the Participant's Disability,

      (c)   the Participant's Retirement,

      (d)   the Participant's attainment of age 59-1/2,

      (e)   the Participant's termination of employment as a result of a
            permanent reduction in work force,

      (f)   the termination of the Plan, the complete discontinuance of
            contributions to the Plan, or the partial termination of the Plan
            (if the Participant is affected by such partial termination), or

      (g)   the Participant's completion of 2 years of Service.

      Prior to becoming 100% vested, the value of a Participant's Employer
      Account shall be 0% vested.

      A Participant whose employment with all Affiliated Companies terminates
      for any reason other than upon any of the events specified in this Section
      7.2 shall forfeit the balance in his Employer Account which is not vested
      at the time of his termination of employment. All such forfeitures shall
      be applied to reduce future Employer Contributions.

7.3   Reinstatement of Employer Accounts

      If a former Participant whose termination from employment resulted in a
      forfeiture under the provisions of this Article 7 prior to January 1,
      2001,

                                       35

<PAGE>

            (i)   is reemployed by an Affiliated Company on or before the last
                  day of the Plan Year in which such termination of employment
                  occurred, the amount of the forfeiture will be restored and
                  credited to the Participant's Employer Account as soon as
                  practicable after his rehire, or

            (ii)  is not reemployed in accordance with clause (i) above, such
                  forfeiture amounts shall be restored in accordance with clause
                  (i) only if the former Participant shall have repaid to the
                  Plan the amount of the distribution which he received upon his
                  termination of employment, if any, prior to earlier of:

                  (A)   the fifth anniversary of the first date on which the
                        Participant is reemployed by an Affiliated Company or;

                  (B)   the fifth anniversary of his termination of employment.

      For purposes of the preceding sentence, any Plan Year in which a
      Participant or former Participant is absent from employment on the last
      day of the Plan Year by reason of a "Maternity Absence" shall be
      disregarded. A "Maternity Absence" shall be an absence because of the
      pregnancy of the Participant, the birth of a child of the Participant, the
      placement of a child by the Participant in connection with the adoption of
      a child by the Participant or for the purpose of caring for such child for
      a period immediately following such a birth or placement. No Maternity
      Absence shall be deemed to exist unless the Participant timely provides
      the Plan Administrator with sufficient information to establish the reason
      for the Participant's absence from active employment.

      A Participant who previously terminated employment but returns to
      employment with an Employer after December 31, 1988 shall be credited with
      all years of Service, in accordance with Section 4.1(b).

      Any amount repaid by the Participant pursuant to clause (ii) above shall
      be credited to the Participant's Additional After-Tax Account and shall be
      treated as Additional After-Tax Contributions for all purposes of the Plan
      except the limitation on After-Tax Contributions. The amount required to
      make any restoration described in the preceding paragraph will be derived
      from amounts forfeited but not yet applied to reduce future Employer
      Contributions, or, if such forfeitures are insufficient to restore the
      amount of such forfeiture as provided in the preceding paragraph, the
      Employer shall contribute an amount required to make up such deficiency.

7.4   Treatment of Formerly Leased Persons

      If an individual who is treated as a Leased Person for purposes of the
      Plan subsequently becomes an Eligible Employee, or a part-time employee
      with one year of service, of an Employer, then such person's Service
      towards vesting and Employer Contributions shall be determined as if such
      person had been employed by an Employer during the entire period for which
      such person had performed services for an Employer but had not been
      employed by an Employer.

                                       36

<PAGE>

7.5   Vesting Schedule Amendment

      Notwithstanding anything in the Plan to the contrary, in no event shall an
      amendment to the vesting provisions of this Article 7 cause: (i) the
      benefit provided under the Plan without regard to such amendment to any
      Participant to be reduced or restricted, directly or indirectly, in any
      manner prohibited by Section 411(d)(6) of the Code and the regulations
      thereunder; or (ii) the vested percentage (determined as of the later of
      the date such amendment is adopted or becomes effective) of the Value of
      the Employer Account of an Eligible Employee who is a Participant on such
      date to be less than such percentage determined under the Plan without
      regard to such amendment.

      If the vesting provisions of this Article 7 are amended, a Participant who
      has completed at least three years of Service may elect, during the
      applicable election period, to have the vested percentage of the Value of
      the Participant's Employer Account determined under the Plan without
      regard to such amendment. The election period shall begin on the date such
      amendment is adopted and shall end no earlier than the 60th day after the
      later of:

      (a)   the date such amendment is adopted;

      (b)   the date such amendment becomes effective; or

      (c)   the date written notice of such amendment is issued to the
            Participant.

                                       37
<PAGE>

                                    ARTICLE 8

                                   Withdrawals

8.1   Withdrawals -- Priorities of Withdrawals

      A Participant may make withdrawals from his Accounts subject to the terms
      and conditions contained in this Article 8, except as otherwise provided
      in an applicable Appendix. Withdrawals shall be made in the order of
      priority set forth below. No amount shall be withdrawn from a priority
      category unless all amounts available for withdrawal from prior categories
      have been withdrawn.

      Pre-1987 After-Tax Contributions, Without Earnings

      1.    A Participant may withdraw from his After-Tax sub-Account, without
            penalty, any amount not in excess of his non-withdrawn After-Tax
            Contributions made prior to January 1, 1987; provided that the
            amount withdrawn pursuant to this clause 1 may not exceed the Value
            of such After-Tax sub-Account.

      Post-1986 After-Tax Contributions, With Earnings

      2.    A Participant may withdraw, with earnings and without penalty, an
            amount not in excess of the Value of his After-Tax sub-Account
            attributable to his non-withdrawn After-Tax Contributions made after
            December 31, 1986.

      Earnings on pre-1987 After-Tax Contributions

      3.    A Participant may withdraw, without penalty, all or any part of the
            remaining Value of his After-Tax sub-Account attributable to his
            After-Tax Contributions to such Account made prior to January 1,
            1987.

      Rollover Contributions, With Earnings

      4.    A Participant may withdraw, with earnings and without penalty, an
            amount not in excess of the Value of his Rollover Account
            attributable to his non-withdrawn Rollover Contributions; provided
            that the amount withdrawn pursuant to this clause 4 may not exceed
            the Value of such Rollover Account.

      Matured Employer Account, With Earnings

      5.    A Participant may withdraw, without penalty, all or any part of the
            portion of the Value of his Employer Account attributable to
            Employer Contributions made on his behalf at least 24 months
            preceding the Valuation Date as of which the withdrawal is made, if
            any, and he may also withdraw all earnings in his Employer Account.

                                       38
<PAGE>

      Age 59-1/2 Withdrawal from Employer Account, With Earnings

      6.    A Participant who has attained age 59-1/2 as of the Valuation Date
            as of which such withdrawal is to be made, including one who has
            terminated service and retains a balance in the Plan pursuant to
            Section 9.3, may withdraw, with earnings and without penalty, all or
            any part of the remaining Value of his Employer Account.

      Age 59 -1/2 Withdrawal from Safe Harbor Account, With Earnings

      7.    A Participant who has attained age 59-1/2 as of the Valuation Date
            as of which such withdrawal is to be made may withdraw, with
            earnings and without penalty, all or any part of his Safe Harbor
            Account.

      Age 59-1/2 Withdrawal from Before-Tax Account, With Earnings

      8.    A Participant who has attained age 59-1/2 as of the Valuation Date
            as of which such withdrawal is to be made may withdraw, with
            earnings and without penalty, all or any part of his Before-Tax
            Account.

      Under Age 59-1/2 Withdrawal from Before-Tax Account due to Hardship or
      Termination

      9.    A Participant, who has not attained age 59-1/2 as of the Valuation
            Date as of which a withdrawal is to be made, may withdraw, all or
            any part of his Before-Tax Account which is not in excess of the
            Value of such Account as established as of December 31, 1988, plus
            the amount of the Additional Before-Tax Contributions or Basic
            Before-Tax Contributions, as the case may be, made thereto on or
            after January 1, 1989, provided that such withdrawal is made on
            account of Hardship.

            Upon making a withdrawal pursuant to this clause 9, a Participant's
            After-Tax Contributions pursuant to Section 3.1 and the Before-Tax
            Contributions on his behalf pursuant to Section 3.2 shall
            automatically be suspended effective as of the first paydate which
            coincides with or next follows any Entry Date. A Participant may
            resume his After-Tax Contributions or cause the Before-Tax
            Contributions on his behalf to be resumed as of the first paydate
            which coincides with or next follows any Entry Date at least twelve
            months after such suspension became effective, by giving notice to
            the Plan Administrator in such manner as the Plan Administrator
            shall prescribe prior to such Entry Date.

            Distributions pursuant to this clause 9 shall be made in accordance
            with the provisions set forth below. A distribution shall be deemed
            to be made on account of Hardship if:

            (i)   the requested withdrawal is necessary on account of an
                  immediate and heavy financial need of the Participant
                  occasioned by:

                  (A)   payment of tuition, room and board, and related
                        educational fees for the next twelve months of
                        post-secondary education for the

                                       39
<PAGE>

                        Participant, his spouse or dependents as defined in
                        Section 152 of the Code,

                  (B)   the purchase of a principal residence for the
                        Participant (excluding mortgage payments and the
                        construction of a principal residence),

                  (C)   expenses for unreimbursed medical care described in
                        Section 213(d) of the Code previously incurred by the
                        Participant or his spouse or dependents or amounts
                        necessary for such persons to obtain such medical care,

                  (D)   the need to prevent the eviction of the Participant from
                        his principal residence or foreclosure on the mortgage
                        of the Participant's principal residence, or

                  (E)   any other need described by the Commissioner of Internal
                        Revenue in rulings, notices or other documents of
                        general applicability; and

            (ii)  the amount of the withdrawal is necessary to satisfy the
                  financial need. The Plan Administrator will require
                  certification or other proof of the purposes for which the
                  Hardship withdrawal is needed. The amount of withdrawal shall
                  be deemed necessary to satisfy a Participant's immediate and
                  heavy financial need if:

                  (A)   such amount is not in excess of the amount of the
                        Participant's immediate and heavy financial need and, at
                        the Participant's request, any amounts necessary (as
                        determined by the Plan Administrator) to pay any federal
                        income taxes or penalties reasonably anticipated to
                        result from such withdrawal,

                  (B)   the Participant has obtained all other distributions or
                        nontaxable (at the time of the loan) loans from plans
                        maintained by the Corporation or any other Employer,

                  (C)   with respect to the Participant's taxable year next
                        following the taxable year of such withdrawal, the
                        amount of the Participant's elective deferrals under all
                        plans maintained by the Corporation or any other
                        Employer shall be limited to the applicable limit under
                        Section 402(g) of the Code minus the amount of such
                        deferrals for the taxable year of such withdrawal, and

                  (D)   the Participant may not make any After-Tax Contributions
                        or Before-Tax Contributions to the Plan or any elective
                        contribution under any other plan maintained by the
                        Corporation or any other Employer for at least twelve
                        months after receipt of such withdrawal.

      Notwithstanding the preceding provisions of this Section 8.1, a
      Participant who has not attained age 59-1/2 as of the Valuation Date as of
      which a withdrawal is to be made and

                                       40
<PAGE>

      who has terminated service and retains a balance in the Plan pursuant to
      Section 9.3, may withdraw all, but not part, or, on and after June 1,
      2001, all or part, of his Before-Tax Account, whether or not he can
      demonstrate that the distribution would be on account of a Hardship.

8.2   Rules for Withdrawals

      Withdrawals pursuant to this Article 8 shall be made in accordance with
      the following rules:

      (a)   Payment of amounts withdrawn shall be made in a single cash lump
            sum, payable as soon as practicable after the Valuation Date as of
            which the withdrawn amount is being determined.

      (b)   Two withdrawal elections under this Article 8 may be made in any
            calendar year.

      (c)   All withdrawals from a Participant's Accounts shall be made from the
            Investment Funds in proportion to the Value of the Participant's
            After-Tax Account, Before-Tax Account, Employer Account, Qualified
            Contributions Account, Rollover Account, Safe Harbor Account or any
            other Account, whichever is applicable, in each such Investment
            Fund.

      (d)   Except in the case of a withdrawal on account of Hardship,
            withdrawals from a Participant's Before-Tax Account and Safe Harbor
            Account are not permitted before the Participant has attained age
            59-1/2 unless he has died, become disabled, or is separated from
            service, in accordance with the provisions of Section 401(k) of the
            Code.

      (e)   In order to make a withdrawal from his Accounts a Participant shall
            give such prior notice to the Plan Administrator in such manner and
            within such time limit as the Plan Administrator shall prescribe. In
            the event that a Participant has executed a withdrawal application
            and is entitled to a withdrawal hereunder and prior to the date on
            which withdrawal proceeds are disbursed to him it is determined that
            the amount available for withdrawal is less than the amount of such
            application, the application shall be deemed to be for the maximum
            amount available for withdrawal and such amount shall be withdrawn.

8.3   Certain Eligible Rollover Distributions

      Notwithstanding anything in the Plan to the contrary that would otherwise
      limit a distributee's election under this Section 8.3, a "distributee" (as
      hereinafter defined) may elect, at the time and in the manner prescribed
      by the Plan Administrator, to have any portion of an "eligible rollover
      distribution" (as hereinafter defined) paid directly to an "eligible
      retirement plan" specified by the distributee in a "direct rollover."

      For purposes of this Section 8.3, the following terms shall have the
      following meanings:

                                       41
<PAGE>

      (a)   "distributee" means an Eligible Employee or former Eligible
            Employee. In addition, the surviving spouse of an Eligible Employee
            or former Eligible Employee or a spouse or former spouse of an
            Eligible Employee or former Eligible Employee who is the alternate
            payee under a Qualified Domestic Relations Order, are distributees
            with regard to the interest of the spouse or the former spouse;

      (b)   "eligible rollover distribution" means any distribution of all or
            any portion of the balance to the credit of the distributee under
            the Plan, except that an eligible rollover distribution shall not
            include:

            (i)   any distribution from the Plan that is one of a series of
                  substantially equal periodic payments (made not less
                  frequently than annually) for the life (or life expectancy) of
                  the distributee or the joint lives (or joint life
                  expectancies) of the distributee and the distributee's
                  designated Beneficiary, or for a specified period of ten years
                  or more;

            (ii)  any distribution from the Plan to the extent such distribution
                  is required under Section 401(a)(9) of the Code;

            (iii) the portion of any distribution from the Plan that is not
                  includible in gross income for federal income tax purposes
                  (determined without regard to the exclusion for net unrealized
                  appreciation with respect to employer securities); or

            (iv)  any distribution from the Plan made on account of Hardship.

      (c)   "eligible retirement plan" means:

            (i)   an individual retirement account described in Section 408(a)
                  of the Code;

            (ii)  an individual retirement annuity described in Section 408(b)
                  of the Code;

            (iii) an annuity plan described in Section 403(a) of the Code; or

            (iv)  a qualified trust described in Section 401(a) of the Code,

            in any case, that accepts the distributee's eligible rollover
            distribution; provided, however, that with respect to an eligible
            rollover distribution to a surviving spouse of an Eligible Employee
            or former Eligible Employee, an eligible retirement plan means an
            individual retirement account or an individual retirement annuity;
            and

      (d)   "direct rollover" means a payment by the Plan to the eligible
            retirement plan specified by the distributee.

                                       42
<PAGE>

                                    ARTICLE 9

                   Distributions on Termination of Employment

9.1   Distributions on Termination of Employment

      When a Participant's employment with all Affiliated Companies is
      terminated, the Value of his vested interest in his Accounts shall be
      distributed to him or, if distribution is being made by reason of death,
      to his Beneficiary. For purposes of this Section 9.1, and subject to the
      provisions of Section 13.6, a termination of employment occurs upon a
      quit, discharge, termination due to a permanent shutdown or sale of a
      plant (except for situations involving a spinoff to another qualified
      plan), or an absence that continues after the period of a leave of absence
      granted by an Employer expires, whichever occurs first. Any amount
      distributed to a Participant or a Participant's Beneficiary pursuant to
      the preceding sentence shall be reduced to the extent the Participant's
      Accounts are subject to a pledge under Section 15.5. Any portion of a
      Participant's Accounts in which he does not have a vested interest in
      accordance with Article 7 at the time of termination of employment shall
      be forfeited, and shall be applied to reduce contributions of Employers
      (or to reinstate Accounts pursuant to Section 7.3). All amounts
      distributable pursuant to this Article 9 shall be paid as soon as
      practicable on or after the Valuation Date as of which payment is to be
      made (and except as otherwise expressly provided herein within 60 days
      after the end of the later of the Plan Year in which the Participant
      attains age 65 or terminates employment with all Affiliated Companies).
      The Participant's Accounts shall be retained and administered under the
      Plan until the date of distribution.

      Notwithstanding the preceding paragraph, no part of a distribution in
      excess of $5,000 may commence before the April 1st following the Plan Year
      in which the Participant attains age 70-1/2 without the advance written
      consent of such Participant (except with respect to benefits made payable
      by reason of the death of a Participant or former Participant).

      If a Participant's employment with all Affiliated Companies terminated
      prior to December 31,1999, and the Value of his vested interest as of
      December 31, 1999, or any subsequent December 31, does not exceed Five
      Thousand Dollars ($5,000.00), then his benefit hereunder shall be
      distributed as soon as practicable on or after such December 31.

9.2   Valuation

      The Value of a Participant's Accounts for purposes of Section 9.1 shall be
      determined and payable on the Valuation Date on or as soon as practicable
      following the date the Participant (or his Beneficiary) is entitled to a
      distribution hereunder and has completed and submitted to the Plan
      Administrator any application and election forms which the Plan
      Administrator may require, but in no event prior to the Valuation Date on
      which authorized distribution directions are received by the Trustee.

                                       43
<PAGE>

9.3   Form of Distribution

      Distributions under this Article 9 shall be made in a lump sum payment and
      shall be made in cash from the applicable Investment Funds (other than the
      Company Stock Fund). A Participant may elect in such manner and at such
      time as the Plan Administrator may determine whether distributions from
      the Company Stock Fund shall be distributed in cash or in kind, except
      that any uninvested cash and any fractional shares shall be paid in cash.
      In the event that a Participant has not made the election under the
      preceding sentence, distributions from the Company Stock Fund shall be
      made in cash.

9.4   Distribution on Disability

      When a Participant has suffered a Disability, the Value of his Accounts
      shall be distributed to him in accordance with the foregoing provisions of
      this Article 9.

9.5   Mandatory Commencement of Benefits

      Subject to Section 401(a)(9) of the Code, Proposed Treasury Regulation
      Sections 1.401(a)(9)-1 and -2, any final regulations under such section,
      and any amendments to such regulations or section:

      (a)   a Participant who is a 5% owner (as defined in Section 416(i) of the
            Code) at any time after the attainment of age 66 -1/2, shall receive
            the Value of his Accounts no later than the April 1 of the calendar
            year following the calendar year in which such Participant attains
            age 70 -1/2;

      (b)   a Participant who is not a 5% owner at any time after the attainment
            of age 66 -1/2, shall receive the Value of his Accounts no later
            than the April 1 of the calendar year following the later of (i) the
            calendar year in which the Participant attains age 70 -1/2, or (ii)
            his termination of employment with the Employer and any Affiliated
            Company; and

      (c)   a Participant who becomes a 5% owner after the attainment of age 70
            -1/2, but prior to termination of employment, shall receive the
            Value of his Accounts no later than the April 1 of the calendar year
            following the calendar year in which such Participant becomes a 5%
            owner.

      Any payments under this Plan shall be adjusted to meet the requirements of
      Section 401(a)(9) of the Code and the regulations thereunder. Thus, to the
      extent the distributions otherwise provided for under this Plan would not
      satisfy Section 401(a)(9) of the Code, the entire interest of each
      Participant (a) shall be distributed to him not later than the required
      beginning date as defined in Section 401(a)(9)(C) of the Code, or (b)
      shall be distributed, beginning not later than the required beginning
      date, in accordance with regulations or proposed regulations, over the
      life of the Participant or over the life of the Participant and
      Beneficiary (or over a period not extending beyond the life expectancy of
      the Participant or the life of the Participant and Beneficiary). Except to
      the extent that Section 9.3, or other provisions of this Section or this
      Plan, would cause such distribution

                                       44
<PAGE>

      to be in the form of a single lump sum payment, the amount to be
      distributed each year must be at least an amount (i) equal to the quotient
      obtained by dividing the Participant's entire interest, determined as of
      the last Valuation Date for the Plan Year immediately preceding the year
      for which such distribution is being made, by the life expectancy of the
      Participant or joint and survivor life expectancy of the Participant and
      designated Beneficiary or, (ii) calculated under such other method as may
      be prescribed by the Department of Treasury.

      Notwithstanding any provision of the Plan to the contrary, distributions
      made under this Section 9.5 shall be deemed to satisfy any distribution
      options provided for in the Plan that are inconsistent with Section
      401(a)(9) of the Code. In addition, any distribution required under the
      incidental death benefit rule of Section 401(a)(9)(G) of the Code shall be
      treated as a distribution required under this Section.

      With respect to distributions under the Plan made in calendar years
      beginning on or after January 1, 2001, the Plan will apply the minimum
      distribution requirements of Section 401(a)(9) of the Code in accordance
      with the regulations under Section 401(a)(9) of the Code that were
      proposed in January, 2001, notwithstanding any provision of the Plan to
      the contrary. This provisions shall continue in effect until the end of
      the last calendar year beginning before the effective date of final
      regulations under Section 401(a)(9) or such other date specified in
      guidance published by the Internal Revenue Service.

9.6   Latest Commencement of Benefits

      Except as provided in Section 9.5, and unless a Participant otherwise
      elects, a Participant's benefits under the Plan shall begin not later than
      the 60th day after the close of the Plan Year in which the latest of the
      following events occur: (a) the Participant attains age 65; (b) the 10th
      anniversary of the date the Participant's participation in the Plan
      commences; (c) the Participant's employment with the Employer or any
      Affiliated Company is terminated.

9.7   Missing Participants

      If, after reasonable efforts of the Plan Administrator to locate a
      Participant or a Participant's Beneficiary, including sending a certified
      letter, return receipt requested, to the last known address of the
      Participant or Beneficiary, the Plan Administrator is unable to locate the
      Participant or Beneficiary, then the amounts distributable to such
      Participant or Beneficiary shall be treated as a forfeiture under the
      Plan. In the event that such a Participant or Beneficiary is located
      subsequent to such a forfeiture, then his benefit shall be reinstated
      (without earnings from the date of forfeiture except to the extent
      required by law) and shall not be used to determine his Annual Additions
      (as defined in Section 4.2) for the Plan Year in which it is reinstated.

                                       45
<PAGE>

                                   ARTICLE 10

                                  Miscellaneous

10.1  No Assignment or Alienation

      Except as may be otherwise provided herein or by law, no benefit payable
      under the Plan shall be subject in any manner to anticipation, alienation,
      sale, transfer, assignment, pledge, encumbrance, or change, and any action
      by way of anticipating, alienating, selling, transferring, assigning,
      pledging, encumbering, or charging the same shall be void and of no
      effect; nor shall any such benefit be in any manner liable for or subject
      to the debts, contracts, liabilities, engagements, or torts of the person
      entitled to such benefit.

      Notwithstanding the foregoing, the following shall not be treated as an
      assignment or alienation prohibited by this Section 10.1:

      (a)   the creation, assignment or recognition of a right to any benefit
            payable with respect to a Participant pursuant to a Qualified
            Domestic Relations Order;

      (b)   the offset of a Participant's benefit against an amount that the
            participant is ordered or required to pay to the Plan where:

            (1)   the order or requirement to pay arises under a judgment for a
                  crime involving the Plan, a civil judgment, consent order or
                  decree for violation or alleged violation of fiduciary duties
                  as stated in part 4 of subtitle B of title I of the Act, or
                  pursuant to a settlement agreement between the Secretary of
                  Labor or the Pension Benefit Guaranty Corporation and the
                  Participant for violation or alleged violation of fiduciary
                  duties as stated in part 4 of subtitle B of title I of the Act
                  by a fiduciary or any other person; and

            (2)   the judgment, order, decree, or settlement agreement expressly
                  provides for the offset of all or part of the amount ordered
                  or required to be paid to the Plan against the participant's
                  benefits provided under the Plan; and

            (3)   to the extent, if any, that the survivor annuity requirements
                  apply to distributions to the Participant under Section
                  401(a)(11) of the Code, the rights of the Participant's spouse
                  are preserved in accordance with Section 401(a)(13)(C)(iii) of
                  the Code; or

      (c)   any other arrangement, transfer or transaction which is not treated
            as a prohibited assignment or alienation under Section 401(a)(13) of
            the Code or other applicable law.

      If any Participant or other payee under the Plan shall become bankrupt or
      attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber,
      or charge any benefit, except

                                       46
<PAGE>

      as provided herein, then such benefit shall, at the discretion of the Plan
      Administrator, be applied as follows: the Plan Administrator shall hold or
      apply the benefit or any part thereof to, or for, such Participant or
      payee, his spouse, children, or other dependents, or any of them, in such
      manner and in such proportions as the Plan Administrator shall at its sole
      discretion determine.

10.2  Qualified Domestic Relations Orders

      Notwithstanding any other provision in the Plan to the contrary, the
      following provisions shall apply with respect to a Domestic Relations
      Order.

      (a)   A Qualified Domestic Relations Order may require the payment in a
            single sum of any designated portion of the Value of a Participant's
            Accounts in which the Participant has a fully vested interest, as
            determined as soon as practicable following the determination by the
            Plan Administrator of the qualified status of such Domestic
            Relations Order, regardless of whether the Participant shall then
            have qualified for an immediate distribution and regardless of the
            inability of the Participant then to have withdrawn all or any of
            the amounts covered by the Qualified Domestic Relations Order.
            Unless otherwise specified in the Qualified Domestic Relations
            Order, any such single sum distribution shall be withdrawn on a pro
            rata basis from all of the Participant's Accounts and from the
            Investment Funds in which his Accounts are invested.

      (b)   In the event that a Qualified Domestic Relations Order shall require
            that a portion of a Participant's Accounts be held under the Plan
            for the benefit of the Alternate Payee, such portion shall be held
            in a QDRO Balance and shall be subject to the following rules:

            (i)   Except as otherwise specifically provided in this Section
                  10.2, the Alternate Payee shall, with respect to the
                  administration of the QDRO Balance, be treated in the same
                  manner as a Participant who has terminated employment with all
                  the Affiliated Companies.

            (ii)  The rights of the Alternate Payee with respect to the
                  investment of and withdrawals from the QDRO Balance shall be
                  established by the Employer and any reasonable costs of the
                  administration of the QDRO Balance may be assessed against the
                  same.

            (iii) The Alternate Payee shall not be entitled to contribute,
                  receive an allocation of contributions, or borrow under the
                  Plan.

            (iv)  The obligations under any Loan shall be personal to the
                  Participant, and in the event that the Qualified Domestic
                  Relations Order would otherwise require the transfer of all or
                  any portion of a Loan to the QDRO Balance, such Loan shall
                  become due and payable as provided in Section 15.4(c).

                                       47
<PAGE>

            (v)   Unless otherwise specified in the Qualified Domestic Relations
                  Order, any transfer to the QDRO Balance shall be withdrawn,
                  subject to paragraph (iv) above, on a pro rata basis from all
                  of the Participant's Accounts and from the Investment Funds in
                  which the Participant's Accounts are invested.

      (c)   Upon and after the receipt by the Plan Administrator of a Domestic
            Relations Order, no withdrawals shall be permitted to be made from
            the Participant's Accounts and no Loans shall be made to the
            Participant unless and until permitted under a related Qualified
            Domestic Relations Order, or, absent a related Qualified Domestic
            Relations Order, until the end of the nine-month period immediately
            following such receipt of the Domestic Relations Order. The
            Participant's investment directions in effect immediately prior to
            the Plan Administrator's receipt of the Domestic Relations Order
            shall remain in effect; provided, however, that the Participant may
            make a change pursuant to Section 5.4 or a reallocation pursuant to
            Section 5.5, in either case, solely in order to increase the portion
            of his Accounts invested in the Fixed Income Fund.

      (d)   The Plan Administrator shall follow such other rules and procedures
            with respect to a Domestic Relations Order as provided in the
            Qualified Domestic Relations Order Rules and Procedures as in effect
            from time to time.

      (e)   If (i) any regulation becomes effective which interprets Section
            206(d) of the Act, Section 414(p) of the Code, or both, and (ii) any
            provision of the Plan or the QDRO Rules and Procedures is contrary
            to such regulation or does not fully comply with the same, then any
            such provision shall, to the extent necessary, be of no force or
            effect for any Domestic Relations Order received by the Plan
            Administrator after the effective date of such regulation, and the
            Plan and the QDRO Rules and Procedures shall be deemed to have
            complied with such regulations from such effective date and further
            shall be deemed not to have created any accrued benefits under
            Section 204(g) of the Act or Section 411(d)(6) of the Code not
            required under such regulation. Any Domestic Relations Order shall
            be subject to any changes in the Plan or the QDRO Rules and
            Procedures which may be required to comply with such regulation or
            otherwise to maintain the qualification of the Plan under Section
            401(a) of the Code.

10.3  No Employment Rights

      The establishment of the Plan shall not be construed as conferring any
      rights upon any Employee or any other person for a continuation of
      employment, nor shall it be construed as limiting in any way the right of
      an Employer to discharge any Employee or to treat him without regard to
      the effect which such treatment might have upon him as a Participant under
      the Plan.

                                       48
<PAGE>

10.4  Incapacity

      If any person entitled to receive any benefits hereunder is, in the
      judgment of the Plan Administrator, legally, physically or mentally
      incapable of personally receiving and receipting for any distribution, the
      Plan Administrator may direct that any distribution due him, unless claim
      has been made therefor by a duly appointed legal representative, be made
      to his spouse, children or other dependents or to a person with whom he
      resides, and any other distribution so made shall be a complete discharge
      of the liabilities of the Plan therefor.

10.5  Identity of Proper Payee

      The determination of the Plan Administrator as to the identity of the
      proper payee of any payment and the amount properly payable shall be
      conclusive, and payment in accordance with such determination shall
      constitute a complete discharge of all obligations on account thereof.

10.6  Governing Law

      To the extent not preempted by federal law, the Plan shall be interpreted
      and applied in accordance with the laws of the State of Ohio.

                                       49
<PAGE>

                                   ARTICLE 11

                          Fiduciary and Administration

11.1  Plan Administrator

      The authorities and responsibilities of the Plan Administrator shall be
      vested jointly in the members of the Alcancorp Employee Benefits Committee
      (the "Committee"). The members of the Committee shall be designated by the
      Board and shall serve for terms of one year and until their successors are
      designated and qualified. The term of any member of the Committee may be
      renewed from time to time without limitation as to the number of renewals.
      Any member of the Committee may resign upon not less than 60 days' notice
      to the Board but may be removed from office only by reason of his failure
      or inability, in the opinion of the Board, to carry out his responsibility
      in an effective manner. Any instrument or document signed on behalf of the
      Committee by any member of the Committee may be accepted and relied upon
      as the act of the Committee.

11.2  Plan Fiduciaries

      The Plan Administrator is the named fiduciary under the Plan and is
      responsible for controlling and managing the operation and administration
      of the Plan in accordance with the provisions of the Act.

11.3  Reports of the Plan Administrator

      The Plan Administrator shall report to the Board on the performance of its
      responsibilities and on the performance of any persons to whom any of its
      powers and responsibilities may have been delegated.

11.4  Service in Various Fiduciary Capacities

      The Plan Administrator or any other persons may serve in more than one
      fiduciary capacity with respect to the Plan, and any fiduciary may serve
      as such in addition to being an officer, Employee, agent or other
      representative of a party in interest.

11.5  Retention of Advisors and Services

      The Plan Administrator may employ one or more persons to render advice
      with regard to any responsibility assumed by such fiduciary under the Plan
      or the Act and retain such clerical, legal, accounting and consulting
      services as the Plan Administrator deems appropriate.

11.6  Power to Construe and Make Rules

      The Plan Administrator shall have the power to construe the provisions of
      the Plan, resolve any errors, inconsistencies or omissions therein and to
      determine any questions of

                                       50
<PAGE>

      fact which may arise hereunder and to make such rules and regulations,
      including but not limited to rules governing the manner in which the Plan
      Administrator shall act or in which the Plan Administrator's own affairs
      shall be managed, as the Plan Administrator may deem necessary or
      appropriate in the exercise of its authority hereunder.

11.7  Power to Direct Trustee

      The Plan Administrator shall have authority to direct the Trustee with
      respect to any payments or disbursements from, or contributions to, the
      Plan.

11.8  Exercise of Authority

      Whenever in the administration of the Plan the Plan Administrator acts or
      otherwise exercises any authority, such exercise of authority shall be
      consistent with the requirements of the Act and all other laws and in
      addition shall generally be uniform in nature as applied to all persons
      similarly situated and without discrimination in favor of HCEs, and in
      accordance with the Plan, all as determined by the Plan Administrator in
      its sole discretion.

11.9  Power of Delegation

      The Plan Administrator shall have the power to designate one or more
      persons, including any corporation, to whom the Plan Administrator may
      delegate, and among whom the Plan Administrator may allocate, specified
      fiduciary responsibilities (other than trustee responsibilities as defined
      in Section 405(c)(3) of the Act). Any such designation shall be in writing
      and the Plan Administrator shall not enter into any delegation under this
      Section 11.9 which does not provide for the termination thereof by the
      Plan Administrator upon reasonable notice to such person. Without limiting
      the generality of the foregoing, the Plan Administrator shall have the
      power to delegate, in accordance with the foregoing provisions of this
      Section 11.9, to one or more persons, the authority (i) to determine the
      amount of benefits based upon records due any person under the Plan, (ii)
      to execute, in the name, and on behalf of, the Plan Administrator, any
      direction for payment of any benefit under the Plan, and (iii) to maintain
      records and accounts.

11.10 Ministerial Plan Services

      The Corporation or any other person shall perform such ministerial
      services in the administration of the Plan as may be agreed upon between
      the Plan Administrator and the Corporation or such other person. The Plan
      Administrator shall furnish the Corporation or such other person with such
      framework of policies, interpretations, rules, practices and procedures as
      the Plan Administrator shall deem necessary or appropriate. The Plan
      Administrator may rely on any information, data, statistics, reports or
      analysis furnished by the Corporation, including, without limitation,
      information relating to addresses, employment, employment status, and
      services of any Participant or other person.

                                       51
<PAGE>

11.11 Claims Procedure; Appeals

      If a Participant or a Participant's Beneficiary (who shall be considered
      for this purpose a "Claimant") believes that he is entitled to a vested
      benefit, the Claimant must apply for the benefit, in writing, to the
      designated local representative of the Corporation. In rendering its
      decision, such designated local representative shall have full power and
      authority to construe the provisions of the Plan, to resolve any errors,
      inconsistencies or omissions therein, and to determine any questions of
      fact which may arise thereunder.

      In the event that the Claimant's application or any other claim under the
      Plan is denied, the Claimant will be notified by the Plan Administrator
      within 90 days after its receipt of his application or claim, provided
      that if there are special circumstances which make a longer period for
      decision necessary or appropriate, on notice to the Claimant, such
      decision may be postponed for an additional 90 days. Such notice will be
      in writing, will indicate the specific reasons for such denial, the
      specific provisions of the Plan on which it was based and any additional
      material or information necessary for him to perfect the Claimant's
      application or claim as well as provide an explanation of the claim review
      procedure of the Plan. In the event that notice of such denial is not
      furnished within the prescribed time period, the Claimant will be entitled
      to appeal as if the application or claim had been denied.

      An appeal with respect to the Plan, if it cannot be resolved by discussion
      with the designated local representative of the Corporation, is to be
      addressed by the Claimant in writing to the Plan Administrator. The Plan
      Administrator is the named fiduciary of the Plan for the purpose of
      hearing claims appeals. The Claimant is entitled to review pertinent
      documents and he may submit in writing issues and comments in the same
      manner as an appeal is to be submitted. Requests for review must be made
      within 120 days after receipt of written notice of denial of the claim. A
      decision will be rendered by the named fiduciary within 60 days after his
      receipt of the request for review, provided that if there are special
      circumstances which make a longer period of decision necessary or
      appropriate, on notice to the Claimant, decision may be postponed for an
      additional 60 days. Any decision by the Plan Administrator shall be in
      writing and shall set forth the specific reason for the decision and the
      specific Plan provisions on which the decision is based. In rendering its
      decision, the Plan Administrator shall have full power and authority to
      construe the provisions of the Plan, to resolve any errors,
      inconsistencies or omissions therein, and to determine any questions of
      fact which may arise thereunder. Except as otherwise provided by
      applicable law, the decision of the Plan Administrator shall be final and
      binding on all parties.

      No benefit shall be payable hereunder unless the applicable designated
      local representative of the Corporation, or the Plan Administrator acting
      in its review capacity hereunder, determines in its discretion that such
      benefit is due under the terms of the Plan.

      No legal action may be commenced against the Plan, the Corporation, any
      Employer or the Plan Administrator in connection with any Claimant's claim
      more than 120 days after the Plan Administrator's final decision has been
      rendered with respect to such claim.

                                       52
<PAGE>

11.12 Funding Policy

      The Plan Administrator, acting in conjunction with any trustee, insurance
      carrier, investment manager or other party responsible for the investment
      of the assets of the Plan (the "Funding Agency"), shall cause to be
      established a funding policy pursuant to the procedure set forth in this
      Section 11.12. The Plan Administrator shall determine the short and long
      run financial needs of the Plan, giving regard to the objectives of the
      Plan, its need for liquidity, and such other factors as it deems
      appropriate. The Plan Administrator shall, on the basis of such
      information, formulate a statement of the needs of the Plan which shall be
      submitted to each Funding Agency. The Funding Agency shall on the basis of
      such statement and such other information as it shall reasonably request,
      coordinate its investment policy with the Plan needs communicated to it
      and establish the funding policy of the Plan.

      The Plan Administrator shall review the funding policy and all or any
      portion of the information upon which it is based at such time or times as
      it may deem advisable but not less often than annually.

11.13 Qualified Status of Plan

      It is intended that the Plan at all times satisfies the requirements of
      Section 401(a) of the Code and the regulations issued thereunder. To
      enable the Employer to provide, in its sole discretion, benefits to
      employees as permitted under a plan that satisfies such requirements,
      notwithstanding any other provision in the Plan to the contrary, no action
      shall be required to be taken with respect to the Plan or any Participant
      (or Beneficiary) that in the determination of the Plan Administrator would
      have a significant likelihood of adversely affecting this determination
      under Section 401(a) of the Code. The Plan shall be interpreted in
      accordance with the Code and the Act, and all provisions hereof shall be
      administered in accordance with such laws.

11.14 Indemnification of Certain Persons

      Each individual who has been designated hereunder to carry out any
      Fiduciary or administrative responsibility or any act on behalf of the
      Corporation (including without limitation, members of the Committee), and
      is an employee, officer or director of the Corporation, shall be
      indemnified by the Corporation to the extent permitted by law, against all
      expenses (including costs and attorney's fees) actually and necessarily
      incurred or paid by him in connection with the defense of any action, suit
      or proceeding in any way relating to or arising from the Plan to which he
      may be made a part by reason of his being or having been so designated, or
      by reason of any action or omission or alleged action or omission by him
      in such capacity, and against any amount or amounts which may be paid by
      him (other than to the Corporation) in reasonable settlement of any such
      action, suit or proceeding, where it is in the interest of the Corporation
      that such settlement be made. In cases where such action, suit or
      proceeding shall proceed to final adjudication, such indemnification shall
      not extend to matters as to which it shall be adjudged that such employee,
      officer or director is liable for gross negligence or willful

                                       53
<PAGE>

      misconduct in the performance of his duties as such. The right of
      indemnification herein provided shall not be exclusive of other rights to
      which any such employee, officer or director may now or hereafter be
      entitled, shall continue as to a person who has ceased to be so designated
      and shall inure to the benefit of the heirs, executors and administrators
      of such employee, officer or director.

                                       54
<PAGE>

                                   ARTICLE 12

                          Management of the Trust Fund

12.1  Trust Fund

      All contributions under the Plan shall be paid over to the Trustee which
      shall be appointed from time to time by the Plan Administrator or pursuant
      to its authorization, with such powers in the Trustee (or in any
      investment manager designated pursuant to Section 5.1) as to investment,
      reinvestment, control and disbursement of the funds as the Plan
      Administrator shall approve and as shall be in accordance with the Plan.
      The Plan Administrator may remove or authorize the removal of any Trustee
      at any time, upon reasonable notice, and upon such removal or upon the
      resignation of any Trustee, the Plan Administrator shall designate or
      authorize the designation of a successor Trustee.

12.2  Exclusive Benefit of Participants and Beneficiaries

      All funds under the Plan shall be held under a trust or trusts for the
      exclusive benefit of Participants and their Beneficiaries, and no part of
      the corpus or income shall revert to the Employers or be used for, or
      diverted to, purposes other than for the exclusive benefit of such persons
      under the Plan, including the payment of expenses of the Plan, except as
      otherwise expressly provided hereunder, including Section 12.5. No such
      person, nor any other person, shall have any interest in or right to any
      of such funds, except to the extent expressly provided in the Plan.

12.3  Application and Disbursement of Trust Fund

      The funds held by the Trustee shall be applied to the payment of benefits
      as provided in the Plan to such persons as are entitled thereto in
      accordance with the Plan and for the payment of expenses of the Plan and
      Trust Fund as provided in Sections 12.2 and 12.5, except as otherwise
      expressly provided herein.

      The Plan Administrator shall determine the manner in which the funds of
      the Plan shall be disbursed in accordance with the Plan, including the
      form of voucher or warrant to be used in making disbursement and the
      qualification of persons authorized to approve and sign the same and any
      other matters incident to the disbursement of such funds.

12.4  Master Trust

      The assets of the trust established under the Plan as adopted by the
      Corporation may be commingled for investment purposes under a master trust
      or trusts established by the Corporation with the assets of other trusts
      established under the Plan in accordance with Section 14.1 and with the
      assets of trusts established under a plan other than the Plan which has
      been admitted to participation in such master trust on such terms and
      conditions as may be specified by the Corporation.

                                       55
<PAGE>

12.5  Expenses of Plan

      The expenses for general administration of the Plan, including Trustee's
      fees as such may from time to time be agreed upon between the Employer and
      the Trustee, may, in the discretion of the Plan Administrator, be paid
      from the Participants' Accounts, be borne by the Trust Fund, or, with the
      consent of the Corporation, be paid by the Employer. Fees and expenses of
      the Plan which are incurred with respect to a specific Investment Fund or
      a specific Account or Accounts or portions thereof may, in the discretion
      of the Plan Administrator, be paid from the assets of such Investment Fund
      or Account or Accounts or portions thereof in such manner as the Plan
      Administrator may determine. Fees and expenses of the trustee which have
      not been paid will be deemed to be a lien on the Trust Fund.

                                       56
<PAGE>

                                   ARTICLE 13

               Amendment, Modification, Suspension or Termination

13.1  Corporate Authority

      The Corporation reserves the right at any time to amend, modify, suspend
      or terminate the Plan, any contributions thereunder, the Trust Fund or any
      contract forming a part of the Plan, in whole or in part, and for any
      reason and without the consent of any Employer, Participant, Beneficiary
      or any other person having an interest under the Plan. Any such amendment,
      modification, suspension or termination of the Plan shall be made by:

      (a)   the adoption of a resolution by the Board amending said Plan; or

      (b)   the execution of a certificate of amendment or other written
            instrument by an officer of the Corporation authorized by a
            resolution of the Board to amend the Plan.

13.2  Limitations

      No amendment shall be made which would make it possible for any part of
      the funds of the Plan (other than such part as is required to pay taxes,
      if any) to be used for or diverted to any purposes other than for the
      exclusive benefit of Participants and their Beneficiaries under the Plan.

      No merger or consolidation with, or transfer of assets or liabilities to,
      any other pension or retirement plan, shall be made unless the benefit
      each Participant in the Plan would receive if the Plan were terminated
      immediately after such merger or consolidation, or transfer of assets and
      liabilities, would be at least as great as the benefit he would have
      received had the Plan terminated immediately before such merger,
      consolidation or transfer.

13.3  Retroactivity

      Subject to the provisions of Section 13.1, 13.2 or any applicable
      provision of law, any amendment, modification, suspension or termination
      of any provision of the Plan may be made retroactively if necessary or
      appropriate either to qualify or maintain the Plan, the Trust Fund and any
      contract forming a part of the Plan as a plan and trust meeting the
      requirements of Sections 401(a) and 501(a) of the Code or any other
      applicable section of law (including the Act) or regulations issued
      pursuant thereto, as now in effect or hereafter amended or adopted, or for
      any other reason.

13.4  Right to Terminate or Discontinue Contributions or to Secede from the Plan

      Each Employer reserves the right by resolution of its board of directors
      to:

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<PAGE>

      (a)   terminate the Plan with respect to such Employer; or

      (b)   discontinue contributions under the Plan.

13.5  Distribution on Plan Termination

      In the event of a complete termination of the Plan with respect to an
      Employer, the Accounts of the Participants who are employed by such
      Employer shall be distributed at the time and in the manner determined
      under the amendment terminating the Plan; provided, however, that, except
      as permitted by Section 401(k) of the Code or other applicable law, no
      distribution with respect to any Participant shall be made prior to the
      earliest date on which a withdrawal is permitted under Article 8 and,
      provided further, however, that, unless required pursuant to Article 9, or
      permitted under Treasury Regulation Section 1.411(a)-11(e) or other
      applicable law, no distribution in excess of $5,000 shall be made without
      the advance written consent of such Participant.

13.6  Distribution on Sale

      In the event of any transaction involving an Employer that results in the
      Employer no longer being an Affiliated Company or the disposition of
      substantially all of the Employer's assets, the Accounts of the
      Participants who are employed by such Employer at the time of such
      transaction shall continue to be held by the Plan, and such event shall
      not be construed to constitute an event entitling a Participant to a
      distribution hereunder except as otherwise provided in an amendment to
      this Plan or in the agreement which governs such disposition or other
      transaction.

                                       58
<PAGE>

                                   ARTICLE 14

                Participation in Plan by Subsidiary or Affiliate

14.1  Adoption by Subsidiary or Affiliate; Extension to Division or Unit

      Any subsidiary or affiliate of the Corporation may, with the consent of
      the Board, become a party to this Plan by adopting the Plan, on such terms
      and conditions as mutually agreed upon by the Board and such subsidiary or
      affiliate, which terms and conditions shall be set forth in an Appendix
      hereto, as its savings plan for its eligible Employees and by establishing
      a trust to fund the benefits of the Plan as so adopted by it. Any such
      trust may be established, as the Plan Administrator shall determine,
      either by the execution of a separate trust agreement or by the adoption
      of the Trust Agreement by such subsidiary or affiliate. Upon the filing
      with the Trustee of a certified copy of the resolutions or other documents
      evidencing adoption of the Plan, and the Trust Agreement if applicable,
      and a written instrument showing the consent of the Board to participation
      of such subsidiary or affiliate and, if applicable, upon the execution of
      a separate agreement of trust with the Trustee satisfactory in form to the
      Plan Administrator, such subsidiary or affiliate shall thereupon be
      included in the Plan as an Employer. Without limitation of the foregoing,
      any such adopting subsidiary or affiliate and the plan established by it
      as aforesaid shall be subject to the authorities herein reserved to the
      Corporation and the Plan Administrator with respect to the Plan.

14.2  Special Provisions for Employees of Subsidiaries, Affiliates, Acquired
      Companies

      In approving the adoption of the Plan or its extension to Employees of any
      organization all or part of whose business or assets, or both, are
      acquired by an Employer by merger, purchase or otherwise, the Board shall,
      subject to applicable law, designate the extent, if any, to which the
      Employees' employment with predecessor companies prior to the date of such
      adoption or extension shall be considered Service.

                                       59
<PAGE>

                                   ARTICLE 15

                              Loans to Participants

15.1  Eligibility for Borrowing

      A Participant who is an Eligible Employee may borrow from the Plan to the
      extent permitted and under the conditions set forth in this Article 15. A
      loan from the Plan shall not be made to a former Participant whose
      employment with the Employer has terminated unless required to comply with
      the applicable provisions of the Act and the Code.

15.2  Amount of Loans

      (a)   The maximum amount available for a Loan to a Participant when added
            to the outstanding balance of all other Loans to such Participant as
            of the Loan Valuation Date shall be the lesser of:

            (i)   $50,000 reduced by the excess (if any) of:

                  (A)   the highest outstanding balance of Loans to the
                        Participant during the one-year period ending on the day
                        before the Loan Valuation Date, over

                  (B)   the outstanding balance of Loans to the Participant as
                        of the Loan Valuation Date, or

            (ii)  one-half (-1/2) of the Value of the Participant's Accounts
                  under the Plan on the Loan Valuation Date;

            provided, however, that in no event shall the amount of any Loan
            exceed the Value of the Participant's Accounts as of the Valuation
            Date coinciding with or immediately preceding the date of
            disbursement of the Loan.

      (b)   No more than two Loans including, without limitation, one Home Loan
            may be outstanding with respect to a Participant at any time, and no
            Loan shall be made to a Participant who is in default under a Loan.

      (c)   The minimum amount of any Loan shall be $1,000, and Loans shall be
            made in $100 increments.

      (d)   The Plan Administrator may, at its discretion, impose such fees for
            loans which it deems appropriate, including but not limited to, loan
            initiation fees and handling charges. Such fees shall be payable in
            any manner that the Plan Administrator deems appropriate, including
            but not limited to, by a charge to the Participant's Account or
            Accounts, by adding such fee to the outstanding balance of the loan,

                                       60
<PAGE>

            by deducting such fee from the loan proceeds, or by charging the fee
            directly to the Participant.

15.3  Interest Rate

      The interest rate payable on any Loan shall be established by the Plan
      Administrator in accordance with the requirements of law and shall be
      communicated to Participants. Any rate so established shall remain in
      effect until a new rate is established and communicated. The interest rate
      established under this Section 15.3 which is in effect on the Loan
      Valuation Date of any Loan shall be applicable to such Loan and shall
      remain in effect during the term of that Loan.

15.4  Term of Loan

      (a)   A Home Loan shall be repaid prior to the expiration of the 15-year
            period commencing on the date of the first repayment. Any Loan under
            the Plan, other than a Home Loan, shall be repaid on or before the
            end of the 5-year period commencing on the date of the first
            repayment.

      (b)   The minimum term of any Loan shall be one year.

      (c)   Except to the extent required to comply with the applicable
            provisions of the Act or the Code, the outstanding balance of
            principal and accrued interest under any Loan shall become
            immediately due and payable as of (i) the last day of the calendar
            month following the month in which the Participant's employment with
            the Employer is terminated for any reason, including death or
            transfer to an Affiliated Company which is not part of the Employer,
            or (ii) the effective date of a Qualified Domestic Relations Order
            that otherwise would require the transfer of all or any portion of a
            Loan to an Alternate Payee.

      (d)   Notwithstanding the preceding provisions of this Section 15.4, the
            full amount of the outstanding principal balance of any Loan which
            has been outstanding for not less than a six-month period may be
            prepaid without penalty, effective as of such date as may be
            prescribed by the Plan Administrator.

15.5  Disbursement and Security

      (a)   A Loan shall be evidenced, in such written, telephonic or electronic
            manner as the Plan Administrator may prescribe, by the agreement of
            the borrowing Participant, to the terms of the Loan, which terms
            shall include, without limitation, an assignment of -1/2 of the
            Value of the Participant's vested interest in his Accounts and the
            Participant's Outstanding Loan Balance or, in either case, any
            lesser portion thereof, as security for such Loan and the
            Participant's consent to a reduction of the Participant's Accounts
            in satisfaction of such security interest. Each Loan shall be
            secured by the Participant's pledge of his Accounts and his
            Outstanding Loan Balance to the extent assigned pursuant to the
            immediately preceding sentence.

                                       61
<PAGE>

      (b)   In the event that a Participant has executed a promissory note,
            otherwise agreed to Loan terms, or requested a Loan and that prior
            to the date on which Loan proceeds are disbursed to him it is
            determined that the amount available for a Loan under Section 15.2
            is less than the amount of such promissory note, Loan terms or Loan
            request, the Participant shall be required to accept a Loan in the
            maximum lesser amount permitted under Section 15.2 and evidence
            agreement with the revised Loan terms in such written, telephonic or
            electronic manner as the Plan Administrator shall require.

      (c)   Except as otherwise determined by the Plan Administrator, Loans
            shall be disbursed as soon as practicable following the Loan
            Valuation Date.

      (d)   Loans shall be made from a Participant's Accounts in the reverse
            order to the order in which withdrawals are permitted from such
            Accounts under Section 8.1. As of the Loan Valuation Date, an amount
            equal to the principal amount loaned from an Account shall be
            deducted on a pro rata basis from the Investment Funds in which such
            Account is otherwise invested. A Fund denominated the "Loan Fund"
            shall be established for each Participant with respect to whom a
            Loan is outstanding under the Plan. The Loan Fund shall be invested
            solely in the promissory note evidencing the Loan made to the
            Participant. The Loan Fund shall be credited with the principal
            amount of any Loan together with any interest accruing thereon.

      (e)   Except as otherwise determined by the Plan Administrator, a
            Participant who has applied for a Loan shall be required to accept
            such Loan.

15.6  Repayment of Loans

      (a)   Repayment of the principal and interest of any Loan under the Plan
            shall be made in substantially equal payments during the term of the
            Loan which shall be due upon each paydate of the borrowing
            Participant to occur during each calendar month commencing as soon
            as practicable following the date on which the proceeds of the Loan
            are disbursed. A Participant may prepay any loan in full (but not in
            part), provided that if the participant remains on the active or
            inactive payroll of an Employer, such prepayment shall not be
            permitted, at any time prior to six months after the Loan Valuation
            Date.

      (b)   Payments of principal and interest, and lump sum prepayments of
            principal, shall reduce the balance in the Participant's Loan Fund.
            Such amounts shall be returned to the Participant's Accounts (e.g.,
            After-Tax Account, Before-Tax Account, Employer Account, Qualified
            Contributions Account, Rollover Account, Safe Harbor Account and or
            any other Account established hereunder) from which the Loan was
            made pursuant to Section 15.5(d), in the same proportion as the
            original principal amount of the loan was borrowed from such
            Accounts.

                                       62
<PAGE>

      (c)   Amounts which are returned to a Participant's Accounts pursuant to
            Section 15.6(b) above, shall be invested in the Investment Funds in
            the proportion last elected by the Participant in accordance with
            Section 5.2.

      (d)   Notwithstanding any provision of this Plan to the contrary, loan
            repayments by a Participant who is in Military Service will be
            suspended under this Plan as permitted under Section 414(u)(4) of
            the Code.

15.7  Defaults and Remedies

      (a)   Except as otherwise prescribed by the Plan Administrator pursuant to
            Section 15.8, in the event that a Participant fails to make any
            required payment under a Loan, such Participant shall be deemed to
            be in default on such Loan, and a Loan which is in default shall
            become due and payable as of the last day of the month in which such
            default occurs.

      (b)   The Plan Administrator, in its sole discretion, may take such action
            as it may deem appropriate to enforce payment of any Loan, including
            the execution by the Plan upon its security interests in the
            Participant's Accounts and Loan Fund; provided, however, that the
            Plan shall not levy against an Account of the Participant until such
            time that a distribution from such Account would otherwise be
            available under the Plan, including, if applicable, withdrawal due
            to Hardship. Any such application of a Participant's Accounts to
            payment of the Loan may be treated as a distribution from the
            Participant's Accounts in the order in which withdrawals are
            permitted from such Accounts under Section 8.1 to the extent
            required to discharge the Loan. If the entire balance and accrued
            interest of the Loan in default cannot be discharged as set forth in
            the preceding provisions of this Section 15.7, the remaining amount
            may be collected by the Plan Administrator using appropriate legal
            remedies and, until collected in full, shall be deducted from any
            subsequent withdrawals and distributions from the Plan. Nothing in
            this Section 15.7 shall affect the right of the Plan Administrator
            to retain the security in any part of the Participant's Accounts
            that is not available for withdrawal at the time that any other
            remedies are available to the Plan Administrator. Expenses of
            collection of any loan in default, including legal fees, if any,
            shall be borne by the Participant or his Accounts, except as the
            Plan Administrator .may determine.

15.8  Loan Rules

      The Plan Administrator shall establish such rules consistent with the
      provisions of this Article 15, as it may deem necessary or advisable to
      provide for the administration of Loans, including, without limitation,
      rules governing (i) the date on which Loans shall commence to be made
      under the Plan; (ii) the manner and timing of repayments and prepayments;
      (iii) the treatment of Loans and repayments, including the determination
      of the events of default, in the event of an absence from employment by
      reason of leave of absence, lay-off or otherwise; (iv) the content of any
      Appropriate Form or Forms, promissory note/loan agreements, Loan
      applications and other documentation or written or electronic agreements
      or notices required or appropriate in connection with Loans; (v)

                                       63
<PAGE>

      the timing of applications and notifications in connection with Loans; and
      (vi) any matter as to which discretion is reserved to the Plan
      Administrator under this Article 15. Without limitation of the foregoing,
      the Plan Administrator may establish such rules and procedures, including
      the modification of the terms of any outstanding Loan, which he may deem
      to be necessary or desirable in order to comply with any regulations
      governing employee loans under the provisions of the Act, the Code or any
      other applicable law, and by requesting a Loan hereunder each borrowing
      Participant agrees to execute such modified or superseding documents as
      may be required by the Plan Administrator pursuant to such rules or
      procedures.

                                       64
<PAGE>

                                   ARTICLE 16

                             Rollovers and Transfers

16.1  Rollovers to the Plan

      Effective on or after January 1, 1998, Section 16.1 shall read, as
      follows:

      A Participant who is an Eligible Employee who has had distributed to him
      his interest in another plan which meets the requirements of Section
      401(a) of the Code, hereinafter referred to as the `Other Plan,' may, in
      accordance with procedures approved by the Plan Administrator, roll over
      all or a portion of such distribution to the Trustee provided the
      following conditions are met:

      (a)   The rollover (i) occurs on or before the 60th day following his
            receipt of the distribution from the Other Plan; (ii) the rollover
            is a "direct rollover" (within the meaning of Treasury Regulation
            Section 1.401(a)(31)-1T, Q&A-3) from the Other Plan; or (iii) if
            such distribution had previously been deposited in a conduit
            individual retirement account (as defined in Section 408 of the
            Code), the rollover occurs on or before the 60th day following his
            receipt of such distribution plus earnings thereon from the
            individual retirement account; and

      (b)   The distribution or direct rollover from the Other Plan is an
            eligible rollover distribution within the meaning of Section 402(c)
            of the Code, or the amount distributed from the individual
            retirement account qualifies as a rollover contribution under
            Section 408(d)(3) of the Code; and

      (c)   The amount rolled over does not include any amounts not includible
            in gross income in accordance with Section 402(c)(2) of the Code.

      The Plan Administrator shall develop such procedures, and may require such
      information from a Participant desiring to make such a rollover, as it
      deems necessary or desirable to determine that the proposed rollover shall
      meet the requirements of this Section 16.1. Rollovers made to this Plan
      shall only be allowed on a cash basis (wire transfer or checks). Any such
      rollover amount shall be invested as directed by such Eligible Employee's
      separate investment election consistent with Article 5.

16.2  Trust-to-Trust Transfers into or from the Plan

      At the discretion of the Corporation and pursuant to procedures issued by
      the Plan Administrator, the individuals who were participants in another
      plan which meets the requirements of Section 401(a) of the Code may have
      their entire interests in such plan, including Plan loans, transferred
      directly on a trust-to-trust basis into this Plan. Any such transferred
      amounts shall be allocated to Accounts of Participants as determined by
      the Plan Administrator. The Plan Administrator shall transfer such amounts
      to corresponding accounts under this Plan or in such other appropriate
      accounts as are necessary to protect any optional forms of benefit which
      may not be eliminated without violating Section

                                       65
<PAGE>

      411(d)(6) of the Code. Notwithstanding the foregoing, in no event shall a
      transfer be permitted under this paragraph to the extent that such
      transfer will subject the Plan or any portion of the Plan (including, but
      not limited to, the amount of the transfer) to the provisions of Sections
      401(a)(11) and 417 of the Code.

      At the discretion of the Corporation and pursuant to procedures issued by
      the Plan Administrator, the individuals who were participants in another
      plan which meets the requirements of Section 401(a) of the Code may have
      their entire interests in this Plan, including Plan loans, transferred
      directly on a trust-to-trust basis into such other Plan.

      At the discretion of the Corporation and pursuant to procedures issued by
      the Plan Administrator, any transfers into or out of this Plan pursuant to
      this Section may be done on a elective basis by the individuals involved.

                                       66
<PAGE>

                                   ARTICLE 17

                         In Event Plan Becomes Top-Heavy

17.1  For purposes of this Article 17, the following terms shall have the
      following meanings:

      (a)   "Determination Date" means, with respect to any Plan Year, the last
            Valuation Date of the preceding Plan Year.

      (b)   "Key Employee" means a Participant or former Participant who is a
            "key employee" as defined in Section 416(i) of the Code.

      (c)   "Non-Key Employee" is any Employee who is not a Key Employee
            (including a Participant who is a former Key Employee).

      (d)   "Permissive Aggregation Group" means, with respect to a given Plan
            Year, the Plan and all other plans of the Corporation and Corporate
            Group (other than those included in the Required Aggregation Group)
            which, when aggregated with the plans in the Required Aggregation
            Group, continue to meet the requirements of Sections 401(a)(4) and
            410 of the Code.

      (e)   "Present Value of Accounts" means, as of a given Determination Date,
            the sum of the Value of the Participant's Accounts under the Plan as
            of such Valuation Date. The determination of the Present Value of
            Accounts shall take into consideration distributions made to or on
            behalf of any Participant in the Plan Year ending on the
            Determination Date and the four preceding Plan Years, but shall not
            take into consideration the Value of the Accounts of any Participant
            who has not performed any services for an Employer during the
            five-year period ending on the Determination Date.

      (f)   "Required Aggregation Group" means with respect to a given Plan
            Year, (A) the Plan, (B) each other plan of the Corporation and
            Corporate Group in which a Key Employee is a participant, and (C)
            each other plan of the Corporation and Corporate Group which enables
            a plan described in (A) and (B) to meet the requirements of Section
            401(a)(4) or 410 of the Code. The Required Aggregation Group shall
            include any plan which would, but for the fact it terminated, be
            included in the terms of this definition.

      (g)   "Top-Heavy" means, with respect to the Plan for a Plan Year:

            (1)   that the Present Value of Accounts of Key Employees exceeds
                  60% of the Present Value of Accounts of all Participants; or

            (2)   the Plan is part of a Required Aggregation Group and such
                  Required Aggregation Group is a Top-Heavy Group,

                                       67
<PAGE>

            unless the Plan or such Top-Heavy Group is itself part of a
            Permissive Aggregation Group which is not a Top-Heavy Group.

      (h)   "Top-Heavy Group" means, with respect to a given Plan Year, a group
            of plans of the Corporation which, in the aggregate, meet the
            requirements of the definition contained in Section 416(g)(2)(B) of
            the Code.

17.2  Notwithstanding any other provision of the Plan to the contrary, the
      following provisions of this Section 17.2 shall automatically become
      operative and shall supersede any conflicting provisions of the Plan if,
      in any Plan Year, the Plan is Top-Heavy.

      (a)   For any Plan Year in which the Plan is Top-Heavy, the minimum
            Employer Contribution (disregarding any Safe Harbor Contributions)
            during the Plan Year on behalf of a Non-Key Employee shall be equal
            to the lesser of (i) 3% of such Non-Key Employee's "Section 416
            compensation;" or (ii) the percentage of "Section 416 compensation"
            at which Employer contributions are made (or required to be made)
            under the Plan on behalf of the Key Employee for whom such
            percentage is the highest. For the purposes of this subsection (a)
            the term "Section 416 compensation" shall mean the Section 415
            compensation (as defined in Section 4.2) for the Plan Year under
            consideration, subject to the applicable limitations of Section
            401(a)(17) of the Code, and the Employer contributions referred to
            in paragraph (ii) shall be deemed to include both Basic
            Contributions and Before-Tax Contributions.

      (b)   In the event of the termination of service of a Participant with all
            Affiliated Companies after the completion of two years of Service,
            the Value of the Participant's Employer Account shall be 100%
            vested.

      (c)   Solely for purposes of determining if the Plan, or any other plan
            included in a Required Aggregation Group of which this Plan is a
            part, is Top-Heavy, the accrued benefit of a Participant other than
            a Key Employee shall be determined under (i) the method, if any,
            that uniformly applies for the accrual purposes under all plans
            maintained by the Corporation or any other member of the Corporate
            Group, or (ii) if there is no such method, as if such benefit
            accrued not more rapidly than the slowest accrual rate permitted
            under the fractional accrual rate of Section 411(b)(1)(C) of the
            Code.

      (d)   In the event that Congress should provide by statute, or the
            Treasury Department should provide by regulation or ruling, that the
            limitations provided in this Article 17 are no longer necessary for
            the Plan to meet the requirements of Section 401 of the Code or
            other applicable law then in effect, such limitations shall become
            void and shall no longer apply, without the necessity of further
            amendment to the Plan.

                                       68
<PAGE>

      IN WITNESS WHEREOF, ALCAN ALUMINUM CORPORATION has caused this amendment
and restatement of this Plan to be executed as of ______________ _______, _____.

                                              ALCAN ALUMINUM CORPORATION

                                              By ______________________________

Attest:

________________________

                                       69
<PAGE>

                                   APPENDIX A

                             Table of Applicability
                           (In effect January 1, 2000)

The following table shows the Employers to which the Alcancorp Employees'
Savings Plan applies and the respective effective dates of adoption of the Plan
and, if applicable, the respective date of cessation of participation in the
Plan and the groups of Employees covered by such Employers.

<TABLE>
<CAPTION>
                                                                                                                   % Alcan
                                                                                                                  Ownership
                                                                                                                  ---------
<S>                                                                                                               <C>
A.   Alcan Aluminum Corporation (May 1, 1981)                                                                       100%

B.   Luxfer USA Limited (January 1, 1986 until February 8, 1996)                                                    100%

C.   Superform USA Inc. (Salaried Employees) (January 1, 1986 until February 8, 1996)                               100%

D.   Toyal America, Inc. (known as Alcan-Toyo America, Inc. from July 1, 1987 to December 31, 1996) (July 1,          5%
     1987)

E.   Alanx Products, L.P. (January 1, 1988 until June 1, 1992)                                                       82%

F.   Inorganic Membrane Technology (October 1, 1988 until September 1, 1991)                                        100%

G.   Kroy Industries Corporation (January 1, 1989 until November 1, 1994)                                           100%

H.   ManLabs, Inc. (January 1, 1989 until April 1, 1990)                                                            100%

I.   Magnesium Elektron, Inc. (Except Employees first hired at Lakehurst, NJ) (April 1, 1989 until February         100%
     8, 1996)

J.   Sol-Gel Ceramic Products, Inc. (April 1, 1989 until April 11, 1991)                                            100%

K.   Technical Ceramics Laboratories (October 1, 1989 until February 14, 1995)                                      100%

L.   BioKen Separations, Inc. (November 1, 1989 until January 1, 1992)                                              100%

M.   Rapak, Inc. (January 1, 1990 until March 1, 1992)                                                              100%

N.   Alupower, Inc. (April 1, 1990 until October 11, 1994)                                                          100%

O.   Superform USA Inc. (Hourly Employees) (May 1, 1990 until February 8, 1996)                                     100%

P.   Alcan Management Services USA Inc. (January 1, 1992)                                                           100%

Q.   Alcan Automotive Casting Inc. (November 2, 1993)                                                               100%

R.   Logan Aluminum Inc. (December 31, 1994)                                                                         40%

S.   Alcan Connecticut, Inc. (March 12, 2001)                                                                       100%
</TABLE>

                                       70
<PAGE>

                                   APPENDIX B

              Alcancorp Employees' Savings Plan; Special Provisions
             Applicable to Employees of Certain Acquired Enterprises

A.    Introduction

      Notwithstanding anything to the contrary in the Plan, the following
      provisions of this Appendix B shall govern the Plan participation and the
      ability to make or receive allocations of Plan contributions with respect
      to certain groups of Employees specified herein who were formerly employed
      by an employer the operations of which have been acquired by the
      Corporation. Except as otherwise specifically provided in this Appendix B,
      the provisions of the Plan shall apply to any Participant referred to
      herein.

B.    Atlantic Richfield Corporation

      (1)   A Transferred Arco Employee may become a Participant on March 1,
            1985 or on any subsequent Entry Date. "Transferred Arco Employee"
            means a former Atlantic Richfield Corporation Employee who became an
            Eligible Employee of an Employer on January 18, 1985, the closing
            date of the purchase of certain Arco operations.

      (2)   In the case of a Transferred Arco Employee who becomes a Participant
            as of March 1, 1985, Employer Contributions for the first calendar
            month of such Participant's Plan participation shall be twice the
            amount of Employer Contributions otherwise applicable with respect
            to such Participant in accordance with Section 4.1.

C.    Kroy Industries, Inc.

      (1)   Effective June 1, 1988, the Kroy Industries Division of Alcan Pipe
            (USA) (the "Kroy Division") shall participate in the Plan to the
            extent and as provided in this Section C.

      (2)   On or before December 31, 1988, the Employer shall contribute an
            amount equal to such percentage of the earnings for the period June
            1, 1988 through November 30, 1988 of each Employee of the Kroy
            Division on November 30, 1988 who was hired by Kroy Industries, Inc.
            prior to December 1, 1987 as the Corporation shall determine, and
            such amount shall be allocated among the Accounts of each person who
            is an Eligible Employee at the Kroy Division on December 31, 1988,
            who has filed an Appropriate Form or Forms within such time period
            as the Plan Administrator shall prescribe ("Initially Eligible Kroy
            Employees") as a "Special Employer Contribution," and such
            contribution shall be allocated among the Employee Contribution
            Accounts of such Eligible Employees in such proportions. Such
            contribution shall be treated for purposes of the Plan (except with
            respect to the manner of allocation thereof) as if such

                                       71
<PAGE>

            contribution constituted an Employer Contribution under Section
            4.1(b). Notwithstanding the foregoing provisions of this Section C
            of Appendix B, no Employee of the Kroy Division shall be eligible to
            make or to receive an allocation of any contribution under the Plan
            during the period from December 1, 1988 through December 31, 1988,
            except as specifically provided in the preceding sentence.

      (3)   For the purposes of the allocation of Employer Contributions
            pursuant to Section 4.1(b) and the establishment of vesting in
            Employer Contributions pursuant to Article 7, the service of any
            Initially Eligible Kroy Employees shall include service with Kroy
            Industries, Inc., U.S. Industries, Inc. and Ulysses Irrigation Pipe
            Company, Inc. Each Initially Eligible Kroy Employee who has
            completed five or more years of service on December 31, 1988 shall
            be fully vested in all contributions made by the Employer on his
            behalf under the Plan.

      (4)   Each Initially Eligible Kroy Employee who has received an allocation
            of the Special Employer Contribution provided under subsection (2)
            above shall be eligible to continue to participate in the Plan from
            and after January 1, 1989 in the same manner as all other
            Participants in the Plan, provided that he shall have elected such
            participation under an Appropriate Form. Without limitation of the
            foregoing, each other Eligible Employee of the Kroy Division may
            become a Participant in the Plan in the manner provided in Article
            2.

D.    Jarl Extrusions, Inc.

      (1)   Effective February 1, 1989, Jarl Extrusion Division ("Jarl
            Division") shall participate in the Plan to the extent and as
            provided in this Section D.

      (2)   Effective March 31, 1989, each person who is an Eligible Employee at
            the Jarl Division on said date who has filed an Appropriate Form or
            Forms within such time period as the Plan Administrator shall
            prescribe shall become a Participant in the Plan as of said date.
            Each such Participant shall have the right, under conditions of
            uniform application established by the Plan Administrator, to make
            Before-Tax Contributions as provided in Section 3.2 of the Plan with
            respect to the period February 1, 1989 through March 31, 1989, and
            the Employer shall contribute, in respect of such contributions, the
            appropriate amount established under Section 4.1. Such contributions
            of the Participants of the Employer may, but need not, be made in a
            single sum and may be made prior to or following March 31, 1989.
            Notwithstanding the provisions of this subsection (2), no Employee
            of the Jarl Division shall be eligible to make or to receive an
            allocation of any contribution during the period from February 1,
            1989 through December 31, 1989, except as specifically provided in
            the preceding sentence.

      (3)   For the purposes of the allocation of Employer Contributions
            pursuant to Section 4.1(b) and the establishment of vesting in
            Employer Contributions pursuant to Article 7, the service of any
            Participant who was employed by Jarl Extrusions,

                                       72
<PAGE>

            Inc. immediately prior to his employment by the Employer shall
            include service with Jarl Extrusions, Inc.

      (4)   Each Eligible Employee referred to in subsection (2) above shall be
            eligible to continue to participate in the Plan from or after April
            1, 1989, regardless of whether he has made any contributions with
            respect to the period ending March 31, 1989, in the same manner as
            all other Participants in the Plan, provided that he shall have
            elected such participation under an Appropriate Form or Forms.
            Without limitation of the foregoing, each other Eligible Employee of
            the Jarl Division may become a Participant in the Plan in the manner
            provided in Article 2 of the Plan.

E.    Magnesium Elektron, Inc.

      (1)   Effective April 1, 1989, Magnesium Elektron Inc. ("MEI") shall
            participate in the Plan to the extent and as provided in this
            Section E.

      (2)   In the case of each Employee of MEI who becomes a Participant as of
            April 1, 1989, Employer Contributions for the first calendar month
            of such Participant's Plan participation shall be four times the
            amount of Employer Contributions otherwise applicable with respect
            to such Participant in accordance with Section 4.1.

F.    Alumax Aluminum Corporation

      (1)   A transferred Alumax Employee may become a Participant on January 1,
            1991 or on any subsequent Entry Date. "Transferred Alumax Employee"
            means a former Employee of the Building Specialties Division of
            Alumax Aluminum Corporation who became an Eligible Employee of an
            Employer on January 1, 1991.

      (2)   In addition to any contribution to the Plan permitted under Sections
            3.1 or 3.2, a Transferred Alumax Employee who has become a
            Participant on or before September 1, 1991 may contribute to the
            Plan, during the period commencing on September 30, 1991 and ending
            on October 11, 1991, for the Plan Year ending on December 31, 1991,
            by means of a single lump sum, cash payment, an amount not in excess
            of 6% of the Participant's compensation paid by an Employer for the
            period August 1, 1990 through December 31, 1990, subject to any
            other applicable limitation on the amount of such contribution under
            the Plan or the Code. Any such contribution shall be allocated to
            the Basic After-Tax Account of each such Participant and shall be
            treated for purposes of the Plan (except for the purposes of the
            allocation of Employer Contributions pursuant to Section 4.1(b)) as
            if such contribution constituted a Basic After-Tax Contribution.

      (3)   In addition to any contribution to the Plan made pursuant to Section
            4.1, the Employer shall contribute to the Plan, on or before
            December 31, 1991 for the Plan Year ending on December 31, 1991, on
            behalf of each Participant who made a contribution pursuant to
            subsection (2) immediately above, an amount equal to a

                                       73
<PAGE>

            percentage of such contribution, determined in accordance with the
            provisions of Section 4.1(b), and such amount shall be allocated to
            the Employer Account of each such Participant. Such contribution by
            the Employer shall be treated for purposes of the Plan (including,
            without limitation, the establishment of vesting in Employer
            Contributions pursuant to Article 7) as if such contribution
            constituted an Employer Contribution under Section 4.1. No
            Transferred Alumax Employee shall be eligible to make or receive an
            allocation of any contribution under the plan during or for any
            period prior to January 1, 1991.

G.    Logan Aluminum Inc.

      (1)   Effective December 31, 1994, the Logan Aluminum Employees' Savings
            Plan (the "Logan Plan") shall be merged into, and the assets thereof
            transferred to, the Plan and Logan Aluminum Inc. shall participate
            in the Plan to the extent and as provided in this Section G.

      (2)   The Board has designated Logan Aluminum Inc. as an Affiliated
            Company for all purposes under the Plan.

      (3)   Any investment election effective under the Logan Plan immediately
            prior to December 31, 1994 shall remain in effect until changed
            pursuant to Section 5.4 of the Plan.

                                       74
<PAGE>

                                   APPENDIX C

                       Alcancorp Employees' Savings Plan;
                 Pre-May 1, 1992 Hardship Withdrawal Provisions

      Notwithstanding anything in the Plan to the contrary, distributions
pursuant to Section 8.1(10) made on or after March 31, 1989 and before May 1,
1992 shall be made in accordance with the provisions set forth below.

      Hardship shall be deemed to exist if the Plan Administrator is satisfied
      that (i) the requested withdrawal is necessary in light of immediate and
      heavy financial needs of the Participant occasioned by payment of tuition
      for the next semester or quarter of post-secondary education for the
      Participant, his spouse or dependents, the purchase (excluding mortgage
      payments) of a principal residence for the Participant, medical expenses
      described in Section 213(d) of the Code incurred by the Participant or his
      spouse or dependents as defined in Section 152 of the Code, the need to
      prevent the eviction of the Participant from his principal residence or
      foreclosure on the mortgage of the Participant's principal residence, or
      for such other purpose of an emergency nature or long range purpose as may
      be approved by the Plan Administrator, and (ii) the Participant cannot
      meet these needs by use of any other reasonably available resources
      including the withdrawal of all other available funds from the Plan. The
      amount of any Hardship withdrawal shall not exceed the amount required to
      meet the immediate financial need created by the Hardship. The Plan
      Administrator may require certification or other proof of the purposes for
      which the Hardship withdrawal is needed. Clause (ii), above, shall be
      deemed to have been satisfied if the Plan Administrator reasonably relies
      upon the Participant's certification that his immediate and heavy
      financial needs cannot be relieved through reimbursement or compensation
      by insurance or otherwise, by reasonable liquidation of the Participant's
      assets (to the extent such liquidation would not itself cause an immediate
      and heavy financial need), by cessation of all contributions by or on
      behalf of the Participant under the Plan, or other distributions or
      nontaxable (at the time of the loan) loans from the plans maintained by
      the Corporation or any other employer, or by borrowing from commercial
      sources on reasonable commercial terms. For purposes of clause (ii),
      above, a Participant's resources shall be deemed to include those assets
      of the Participant's spouse and minor children that are reasonably
      available to the Participant.

                                       75
<PAGE>

                                   APPENDIX D

                       Alcancorp Employees' Savings Plan;
           Temporary Restrictions With Respect to Certain Transactions

Notwithstanding anything in the Plan to the contrary, the following restrictions
shall apply during the period of December 1, 1995 through February 28, 1996
(hereinafter referred to as the "Freeze"):

(1)   changes in Investment Fund elections pursuant to Section 5.4 of the Plan,
      and Investment Fund reallocations pursuant to Section 5.5 of the Plan
      shall not be permitted during the Freeze;

(2)   withdrawals pursuant to Article 8 of the Plan shall not be permitted
      during the Freeze;

(3)   eligible rollover distributions pursuant to Section 8.7 of the Plan, and
      distributions pursuant to Article 9 of the Plan shall not occur during the
      Freeze, except as may be required by applicable law; and

(4)   requests for loans will not be accepted or processed during the Freeze,
      although repayments on existing loans will be required to be made without
      interruption.

The Plan Administrator may make additional restrictions, and may change the
length of the Freeze, in any uniform and nondiscriminatory manner that it
determines essential to the operation of the Plan.

                                       76
<PAGE>

                                   APPENDIX E

                       Alcancorp Employees' Savings Plan;
        Temporary Provisions With Respect to Change in International Fund

Prior to August 1, 1997 (hereinafter referred to as the "Change Date"), the
"EAFE International Index Fund" constituted the international investment fund
option (the "International Fund") available under the Plan. Effective as of the
Change Date, the "International Index Fund" became the International Fund.

Notwithstanding anything in the Plan to the contrary, the following provisions
shall apply with respect to the change in the International Fund as of the
Change Date:

      (1)   Prior to the Change Date, the Administrator shall takes such steps
            as it deems appropriate to notify Participants of the change in the
            International Fund under the Plan.

      (2)   Effective as of the Change Date, any amounts in any Account under
            the Plan which are invested in the EAFE International Fund shall
            transferred to the International Index Fund and all affected
            Participants and Beneficiaries shall be deemed to have authorized
            such transfers.

      (3)   Effective as of the Change Date, any investment directions to invest
            future contributions or other amounts under this Plan in the EAFE
            International Fund shall be deemed to be investment directions to
            invest such contributions or amounts in the International Index Fund
            and all affected Participants and Beneficiaries shall be deemed to
            have consented to such change.

                                       77
<PAGE>

                                   APPENDIX F

                       Alcancorp Employees' Savings Plan;
           Temporary Restrictions With Respect to Certain Transactions

Notwithstanding anything in the Plan to the contrary, the following restrictions
shall apply during the period of May 26, 2000 through June 8, 2000 (hereinafter
referred to as the "2000 Freeze"):

(1)   changes in Investment Fund elections pursuant to Section 5.4 of the Plan,
      and Investment Fund reallocations pursuant to Section 5.5 of the Plan
      shall not be permitted during the 2000 Freeze;

(2)   withdrawals pursuant to Article 8 of the Plan shall not be permitted
      during the 2000 Freeze;

(3)   eligible rollover distributions pursuant to Section 8.7 of the Plan, and
      distributions pursuant to Article 9 of the Plan shall not occur during the
      2000 Freeze, except as may be required by applicable law; and

(4)   requests for loans will not be accepted or processed during the 2000
      Freeze, although repayments on existing loans will be required to be made
      without interruption.

      The Plan Administrator may make additional restrictions, and may change
      the length of the 2000 Freeze, in any generally uniform and
      nondiscriminatory manner that it determines appropriate for the operation
      of the Plan.

                                       78
<PAGE>

                                 AMENDMENT NO. 1
                                       TO
                                    ALCANCORP
                             EMPLOYEES' SAVINGS PLAN

            This Amendment No. 1 is executed as of the date set forth below, by
ALCAN ALUMINUM CORPORATION, (hereinafter called the "Company");

                                  WITNESSETH:

            WHEREAS, the Company established and maintains the Alcancorp
Employees' Savings Plan, effective May 1, 1981, (hereinafter referred to as the
"Plan") for the benefit of eligible employees;

            WHEREAS, generally effective January 1, 1996, the Company amended
and restated the Plan, and thereafter again amended and restated the Plan,
generally effective January 1, 2000, in order to bring the Plan in compliance
with new laws and to make other desirable changes; and

            WHEREAS, pursuant to Section 13.1 of the Plan, the Company reserved
the right to make further amendments thereto; and

            WHEREAS, the Company desires to amend the Plan in order to increase
the percentage of salary deferral permitted under the Plan, clarify and adjust
the treatment of severance situations, expand withdrawal rights for certain
terminated participants and make other desirable changes, effective as set forth
herein;

            NOW, THEREFORE, pursuant to Section 13.1 of the Plan, the Company
hereby amends the Plan, as follows, effective as set forth below:

(1) Effective January 1, 2002, Sections 3.1 and 3.2 of the Plan are hereby
amended by the deletion of said Sections 3.1 and 3.2 and the substitution in
lieu thereof of the following:

<PAGE>

"3.1  After-Tax Contributions

      Subject to the limitations of Sections 4.2 and 4.3, each Participant may
      elect to contribute to the Plan, on an after-tax basis, by means of
      payroll deduction from his Compensation, an integral percentage of up to
      30% of such Compensation, such payroll deductions to commence to the
      extent practicable with the paydate which coincides with or next follows
      the Participant's Entry Date. Participant contributions to the Plan
      pursuant to this Section 3.1 are After-Tax Contributions. If Before-Tax
      Contributions pursuant to Section 3.2 are made with respect to the
      Participant, then the rate of After-Tax Contributions under this Section
      3.1 shall not exceed 30% minus the rate of Before-Tax Contributions with
      respect to the Participant for the same payroll period.

      After-Tax Contributions pursuant to this Section 3.1 shall be transferred
      to the Trustee as soon as administratively practicable, but in all events
      within 15 days after the end of the month in which such contributions are
      withheld from the Participant's Compensation. Those After-Tax
      Contributions pursuant to this Section 3.1 which are eligible for an
      allocation of Employer Contributions pursuant to Section 4.1 are Basic
      After-Tax Contributions which shall be credited to the Participant's
      After-Tax Account and those After-Tax Contributions which are not so
      eligible for an allocation of Employer Contributions are Additional
      After-Tax Contributions which also shall be credited to the Participant's
      After-Tax Account.

3.2   Before-Tax Contribution

      Subject to the limits of Sections 3.6 and 4.2, a Participant may elect to
      have an integral percentage of up to 30% of the Compensation otherwise
      payable to him by the Employer after the effective date of his election
      constitute a Before-Tax Contribution hereunder and have the Employer
      reduce his Compensation by the amount of such Before-Tax Contribution and
      transfer such Before-Tax Contribution instead to the Trustee. Such payroll
      deferrals shall commence to the extent practicable with the paydate which
      coincides with or next follows the Participant's Entry Date. The deposit
      of Before-Tax Contributions shall be made no later than the 15th day of
      the calendar month next following the month in which the cash Compensation
      with respect to which such reduction is effective would have been paid.
      Those contributions pursuant to this Section 3.2 which are eligible for an
      allocation of Employer Contributions pursuant to Section 4.1 are Basic
      Before-Tax Contributions which shall be credited to the Participant's
      Before-Tax Account and those contributions pursuant to this Section 3.2
      which are not so eligible for an allocation of Employer Contributions are
      Additional Before-Tax Contributions which also shall be credited to the
      Participant's Before-Tax Account.

      The Before-Tax Contributions shall be such integral percentage of the
      Participant's Compensation as the Participant shall have designated but
      not to exceed the maximum percentage applicable for the Plan Year as
      determined by the Plan Administrator, separately for HCEs and all other
      Participants; provided, however, that in no event shall the amount of a
      Participant's Before-Tax Contributions exceed $10,500 for the Plan Year

                                        2
<PAGE>

      beginning on January 1, 2000, or such higher dollar limit as may be in
      effect for any other Plan Year in accordance with the applicable
      provisions of the Code."

(2) Effective January 1, 2002 (except with respect to any individuals who
entered into severance agreements with an Employer prior to that date), Section
1.21 is hereby amended by the deletion of the second paragraph of such Section
1.21 and the substitution in lieu thereof of the following:

      "Compensation includes, but is not limited to, regular base pay, incentive
      program pay, overtime and other premium pay, lump sums which are paid
      after January 1, 1989 in lieu of salary or wage increases to each member
      of a defined group in a way which does not discriminate in favor of highly
      paid Employees, pay under any plan of variable compensation and pay under
      the Executive Performance Award Plan and Management Performance Award Plan
      and any similar program, but not in excess of any pay up to the guideline
      bonus percentage of such pay established under any such variable
      compensation or similar program, and amounts contributed by compensation
      reduction and deferral to the Plan and to any plan under Section 125 and
      132(f)(4) of the Code. For years beginning on or after January 1, 2001,
      Compensation shall also include any supplemental payment related to
      vacation. Compensation excludes, but the exclusion is not limited to, pay
      on the inactive payroll, vacation pay in a lump sum because of
      termination, bonus payments over the guideline percentages or which are
      earned in the year of termination, but paid in the following year in
      variable compensation plans (e.g., Executive Performance Award Plan and
      Management Performance Award Plan), and Exceptional Achievement Award
      payments."

(3) Effective January 1, 2002 (except with respect to any individuals who
entered into severance agreements with an Employer prior to that date), Section
9.1 is amended by the addition of a new paragraph at the end thereof, to read as
follows:

            "For purposes of this Plan, including without limitation this
            Section and Sections 1.57, 7.2, and 8.1, `discharge' shall include
            any cessation of active service by an Employee which is expected to
            be permanent and in connection with which the individual receives
            severance payments, payments from the inactive payroll or any other
            similar payments, and such a discharge shall constitute a
            `termination of employment,' a `termination of service' (or
            `Service'), `ceasing to be employed' and any other similarly
            described event."

                                        3
<PAGE>

(4) Effective January 1, 2002 (except with respect to any individuals who
entered into severance agreements with an Employer prior to that date), Section
15.6 (a) is hereby amended by the deletion of said Section 15.6 (a) and the
substitution in lieu thereof of the following:

      "(a)  Repayment of the principal and interest of any Loan under the Plan
            shall be made in substantially equal payments during the term of the
            Loan which shall be due upon each paydate of the borrowing
            Participant to occur during each calendar month commencing as soon
            as practicable following the date on which the proceeds of the Loan
            are disbursed. A Participant may prepay any loan in full (but not in
            part), provided that if the Participant remains on the active
            payroll of an Employer, such prepayment shall not be permitted, at
            any time prior to six months after the Loan Valuation Date."

(5) Effective January 1, 2002, Section 8.2 (b) of the Plan is hereby amended by
the deletion of said Section 8.2 (b) and the substitution in lieu thereof of the
following:

"(b) Two (2) withdrawal elections under this Article 8 may be made in any
calendar year, except that a Participant who has terminated service and retains
a balance in the Plan may make up to twelve (12) withdrawal elections under this
Article 8 in a calendar year."

(6) Effective January 1, 2000, Section 1.2 of the Plan is hereby amended by
the deletion of said Section 1.2 and the substitution in lieu thereof of the
following:

"1.2  "Act" means the Employee Retirement Income Security Act of 1974, as
      amended from time to time, and all lawful regulations and pronouncements
      promulgated thereunder. Whenever a reference is made to a specific section
      of the Act, regulations or pronouncements, such reference shall be deemed
      to include any successor provisions having the same or similar purpose."

(7) (Effective as of January 1, 2000, Section 1.7 of the Plan is hereby amended
by the deletion of said Section 1.7 and the substitution in lieu thereof of the
following:

"1.7  `Affiliated Company' means (a) Alcan Inc. (or for periods prior to March
      1, 2001, Alcan Aluminium Limited), (b) any corporation affiliated
      therewith through more than 50% ownership, (c) any corporation, trade or
      business designated by the Corporation to be an Affiliated Company of the
      Corporation, and (d) any Employer or any other member of the Corporate
      Group."

(8) Effective as of January 1, 2000, Section 1.20 of the Plan is hereby
amended by the deletion of said Section 1.20 and the substitution in lieu
thereof of the following:

                                        4
<PAGE>

"1.20 `Code' means the Internal Revenue Code of 1986, as amended from time to
      time, and all lawful regulations and pronouncements promulgated
      thereunder. Whenever a reference is made to a specific section of the
      Code, regulations or pronouncements, such reference shall be deemed to
      include any successor provisions having the same or similar purpose."

(9) Effective January 1, 2000, the Section 1.21 is hereby amended by the
deletion of the first sentence of the second paragraph of such Section 1.21 and
the substitution in lieu thereof of the following:

      "Compensation includes, but is not limited to, regular base pay, incentive
      program pay, overtime and other premium pay, lump sums which are paid
      after January 1, 1989 in lieu of salary or wage increases to each member
      of a defined group in a way which does not discriminate in favor of highly
      paid Employees, pay under any plan of variable compensation and pay under
      the Executive Performance Award Plan and Management Performance Award Plan
      and any similar program, but not in excess of any pay up to the guideline
      bonus percentage of such pay established under any such variable
      compensation or similar program, and amounts contributed by compensation
      reduction and deferral to the Plan and to any plan under Section 125 and
      132(f)(4) of the Code."

(10) Effective as of January 1, 2000, Section 1.16 of the Plan is hereby amended
by the deletion of said Section 1.16 and the substitution in lieu thereof of the
following:

"1.16 `Corporate Group' means the Corporation, any other Employer, and any other
      company which is related to the Corporation or any other Employer as a
      member of a controlled group of corporations in accordance with Section
      414(b) of the Code, as a trade or business under common control in
      accordance with Section 414(c) of the Code, as an affiliated service group
      in accordance with Section 414(m) of the Code, or in any other manner in
      accordance with Section 414(o) of the Code. For the purposes under the
      Plan of determining a person's period of employment, each such other
      company shall be included in the Corporate Group only for such period or
      periods during which such other company is a member of such controlled
      group, under such common control, an affiliated service group or otherwise
      required to be aggregated, except as is designated pursuant to Section
      14.2.

                                        5
<PAGE>

(11) Effective as of January 1, 2000, Sections 1.27, 1.28 and 1.29 of the Plan
is hereby amended by the deletion of said Sections 1.27, 1.28 and 1.29 and the
substitution in lieu thereof of the following:

"1.27 `Eligible Employee' means an Employee who is: (a) regularly employed on a
      full-time basis on the active payroll by an Employer at a unit or division
      designated for participation in the Plan by the board of directors of such
      Employer or (b) employed on a part-time or temporary basis on the active
      payroll by an Employer at a unit or division so designated for
      participation in the Plan but only as and when such Employee has completed
      a one-year period of Service, commencing with the date the individual
      first performed an hour of service within the meaning of 29 CFR Section
      2530.200b-2(a)(1) (which is incorporated herein by this reference) for any
      Affiliated Company or Predecessor Company. In no event, however, shall a
      person be considered an Eligible Employee who: (i) is not paid from the
      active payroll of an Employer, (ii) is employed in accordance with an oral
      or written employment, consulting or other agreement or arrangement, the
      terms and conditions of which directly or indirectly preclude his
      participation in this Plan, or (iii) is treated as an Employee of the
      Employer or an Affiliated Company solely by reason of being a Leased
      Person, or otherwise performs services for an Employer or an Affiliated
      Company pursuant to an agreement between such entity and any other third
      party (including without limitation a leasing organization or temporary
      agency).

      Notwithstanding the foregoing, an Employee who is represented by a
      collective bargaining agent recognized by an Employer shall be deemed to
      be an "Eligible Employee" only when such status results as a term or
      condition of the collective bargaining agreement between such collective
      bargaining agent and the Employer. Any such Employee represented by a
      collective bargaining agent shall be entitled to participate in the Plan
      only to the extent and on the terms and conditions specified in such
      collective bargaining agreement.

1.28  `Employee' means any common law employee or Leased Person of an Employer.
      The word `Employee' does not include any person who is categorized by an
      Employer or any Affiliated Company solely as a director or independent
      contractor or otherwise self-employed individual. In the event that a
      person renders service to an Employer or any Affiliated Company as a
      common law employee and in another capacity as a director, an independent
      contractor or otherwise as a self-employed individual, he shall be
      considered to be an Employee hereunder only in his capacity as a common
      law employee.

1.29  `Employer' means the Corporation and any entity which is an Affiliated
      Company pursuant to Subsections (a), (b) or (c) of Section 1.7, which
      entity is designated an Employer by the Board and adopts the Plan as
      provided in Article 14 hereof."

(12) Effective as of January 1, 2000, Section 1.37 of the Plan is hereby
amended by the

                                        6
<PAGE>

deletion of said Section 1.37 and the substitution in lieu thereof of the
following:

"1.37 `Leased Person' means any individual (other than a common law employee of
      an Employer or an Affiliated Company) who, pursuant to an arrangement
      between the Employer or Affiliated Company and any other person ("Leasing
      Organization") has performed services for the Employer, an Affiliated
      Company or a related person, as determined in accordance with Section
      414(n)(6) of the Code on a substantially full-time basis for a period of
      at least one year, and such services are performed under the primary
      direction or control of the Employer or Affiliated Company. Contributions
      or benefits provided to a Leased Person by the Leasing Organization which
      are attributable to services performed for the recipient employer shall be
      treated as provided by the recipient employer."

(13) Effective as of January 1, 2000 the last paragraph of Section 1.57 of
the Plan is hereby amended by the deletion of said last paragraph and the
substitution in lieu thereof of the following:

      "For purposes of determining Service, if a Participant terminates
      employment and is re-employed by any Affiliated Company or Predecessor
      Company within the same calendar year, he shall be deemed not to have
      terminated employment during such year. If a person who is treated as a
      Leased Person for purposes of the Plan subsequently becomes an Eligible
      Employee, then such person's Service shall be determined as if such person
      had been employed by an Employer during the entire period for which such
      person had performed services for an Employer but had not been employed by
      an Employer. The service credit provisions of the Plan are intended to,
      and shall be construed to, include any Service necessary to satisfy
      Section 414(u) of the Code, which, as applicable to this Plan, generally
      provides for certain periods of qualified Military Service to constitute,
      upon a Participant's reemployment, Service hereunder."

(14) Effective as of January 1, 2000, paragraph (ii) of Section 3.6(c) of the
Plan is hereby amended by the deletion of said paragraph (ii) and the
substitution in lieu thereof of the following:

            "(ii) such Eligible Employee's "Section 414(s) compensation" for
                  such Plan Year. For this purpose, the term "Section 414(s)
                  compensation" shall mean W-2 compensation as permitted and
                  described in Treasury Regulation Sections 1.414(s)-1(c)(2) and
                  1.415-2(d)(11)(i), and shall also include all amounts
                  currently not included in the Eligible Employee's gross income
                  by reason of Sections 125, 132(f)(4) and 402(e)(3) of the

                                        7
<PAGE>

                  Code. In the case of an Eligible Employee who begins, resumes,
                  or ceases to be eligible to elect to have Before-Tax
                  Contributions made on his behalf during a Plan Year, the
                  amount of Section 414(s) compensation included in the Actual
                  Deferral Percentage test is the amount of Section 414(s)
                  compensation received by the Eligible Employee during the
                  entire Plan Year. In no case shall the Section 414(s)
                  compensation for any Eligible Employee for any Plan Year
                  exceed $170,000 for the Plan year beginning on January 1,
                  2000, or such higher dollar limit as may be in effect with
                  respect to any other Plan Year in accordance with the
                  applicable provisions of the Code."

(15) Effective as of January 1, 2000, the third paragraph of Section 4.2 of the
Plan is hereby amended by the deletion of said third paragraph and the
substitution in lieu thereof of the following:

      "For purposes of this Section 4.2, the term "Section 415 compensation"
      means the Participant's W-2 compensation as permitted and described in
      Treasury Regulation Section 1.415-2(d)(11)(i), and shall also include, for
      Plan Years beginning on and after January 1, 1998, all amounts currently
      not included in the Eligible Employee's gross income by reason of Sections
      125, 132(f)(4) and 402(e)(3) of the Code."

(16) Effective as of January 1, 2000, paragraph (ii) of Section 4.3(c) of the
Plan is hereby amended by the deletion of said paragraph (ii) and the
substitution in lieu thereof of the following:

            "(ii) such Eligible Employee's "Section 414(s) compensation" for
                  such Plan Year. For this purpose, the terms "Section 414(s)
                  compensation" shall mean W-2 compensation as permitted and
                  described in Treasury Regulation Sections 1.414(s)-1(c)(2) and
                  1.415-2(d)(11)(i), and shall also include all amounts
                  currently not included in the Eligible Employee's gross income
                  by reason of Sections 125, 132(f)(4) and 402(e)(3) of the
                  Code. In the case of an Eligible Employee who begins, resumes,
                  or ceases to be eligible to make After-Tax Contributions or to
                  have Employer Contributions made on his behalf during a Plan
                  Year, the amount of Section 414(s) compensation included in
                  the Actual Contribution Percentage test is the amount of
                  Section 414(s) compensation received by the Eligible Employee
                  during the entire Plan Year. In no case shall the Section
                  414(s) compensation for any Eligible Employee for any Plan
                  Year exceed $150,000, as automatically adjusted as provided in
                  Section

                                        8
<PAGE>

                  401(a)(17) of the Code, for any Plan Year commencing after
                  December 31, 1993."

(17) Effective as of January 1, 2002, the last paragraph of Section 5.1 of
the Plan is hereby amended by the deletion of the last paragraph and the
substitution in lieu thereof of the following:

      "The Corporation currently intends that this Plan should comply with the
      provisions of Section 404(c) of ERISA and until the Corporation shall
      otherwise direct, this Plan shall be so construed and the Plan
      Administrator shall, insofar as is practical, arrange for appropriate
      steps to be taken in furtherance thereof. However, to the extent that
      Section 404(c) of ERISA is not applicable or the terms thereof are not
      satisfied, the Participants and Beneficiaries shall constitute named
      fiduciaries under ERISA with respect to their authority to direct
      investment of their Accounts."

(18) Effective as of January 1, 2002, the last paragraph of Section 11.11 of
the Plan is hereby amended by the deletion of said last paragraph and the
substitution in lieu thereof of the following:

      "Without limiting the foregoing, no Claimant may file any lawsuit or other
      legal action in any court of law with respect to a claim for benefits
      hereunder (whether against the Plan, the Corporation, any Employer, the
      Plan Administrator or any Claims Fiduciary) unless the Claimant has timely
      and properly taken all steps to submit his claim, and appeal any benefit
      denial, and otherwise followed and exhausted the claims application and
      review procedures of this Plan and no such lawsuit or other legal action
      may be filed more than 180 days after the Plan Administrator's final
      decision has been rendered with respect to the Claimant's claim."

(19) Effective as of January 1, 2000 Sections 12.2 and 12.3 of the Plan are
hereby amended by the deletion of said Sections 12.2 and 12.3 and the
substitution in lieu thereof of the following:

"12.2 Exclusive Benefit of Participants and Beneficiaries

      All funds under the Plan shall be held under a trust or trusts for the
      exclusive benefit of Participants and their Beneficiaries, and no part of
      the corpus or income shall revert to the Employers or be used for, or
      diverted to, purposes other than for the exclusive benefit of such persons
      under the Plan, including the payment or reimbursement of expenses of the

                                        9
<PAGE>

      Plan, except as otherwise expressly provided hereunder, including Section
      12.5. No such person, nor any other person, shall have any interest in or
      right to any of such funds, except to the extent expressly provided in the
      Plan.

12.3  Application and Disbursement of Trust Fund

      The funds held by the Trustee shall be applied to the payment of benefits
      as provided in the Plan to such persons as are entitled thereto in
      accordance with the Plan and for the payment or reimbursement of expenses
      of the Plan and Trust Fund as provided in Sections 12.2 and 12.5, except
      as otherwise expressly provided herein.

      The Plan Administrator shall determine the manner in which the funds of
      the Plan shall be disbursed in accordance with the Plan, including the
      form of voucher or warrant to be used in making disbursement and the
      qualification of persons authorized to approve and sign the same and any
      other matters incident to the disbursement of such funds.

            IN WITNESS WHEREOF, the Company has caused this Amendment No. 1 to
be executed by its officers thereto duly authorized this ____ day of
______________, 2002, effective as set forth above.

                                           ALCAN ALUMINUM CORPORATION
                                                    ("Company")

                                           By_________________________________

                                           And________________________________

                                       10
<PAGE>

                                 AMENDMENT NO. 2
                                       TO
                                    ALCANCORP
                             EMPLOYEES' SAVINGS PLAN

            This Amendment No. 2 is executed as of the date set forth below, by
ALCAN ALUMINUM CORPORATION, (hereinafter called the "Company");

                                   WITNESSETH:

            WHEREAS, the Company established and maintains the Alcancorp
Employees' Savings Plan, effective May 1, 1981, (hereinafter referred to as the
"Plan") for the benefit of eligible employees;

            WHEREAS, generally effective January 1, 1996, the Company amended
and restated the Plan, and thereafter again amended and restated the Plan,
generally effective January 1, 2000, in order to conform the Plan with the
Uniformed Services Employment and Reemployment Rights Act of 1994, the Small
Business Job Protection Act of 1996 and the Taxpayer Relief Act of 1997 and to
make certain other desirable changes;

            WHEREAS, the Company has amended the restated Plan on one previous
occasion;

            WHEREAS, pursuant to Section 13.1 of the Plan, the Company reserved
the right to make further amendments thereto; and

                  WHEREAS, the Company desires to amend the Plan in order to
permit catch-up contributions to be made to the Plan by Participants who have
attained age 50, to bring the Plan into compliance with the Economic Growth and
Tax Relief Reconciliation Act of 2001, and make other desirable changes;

            NOW, THEREFORE, pursuant to Section 13.1 of the Plan, the Company
hereby amends the Plan, as follows, effective as set forth below:

<PAGE>

(1) Effective July 1, 2002, Section 1.17 of the Plan is hereby amended by the
deletion of such Section in its entirety and the substitution of a new Section
1.17 to read as follows:

"1.17 `Before-Tax Contributions' means Basic Before-Tax Contributions,
      Additional Before-Tax Contributions and Catch-Up Contributions."

(2) Effective July 1, 2002, Article 1 of the Plan is hereby amended by the
addition of new Sections 1.19A and 1.19B to read as follows:

"1.19A `Catch-Up Contributions' means the contributions made by the Employer in
      accordance with the provisions of Section 3.10 pursuant to an election by
      a Participant to reduce cash compensation otherwise currently payable to
      the Participant by an equal amount.

1.19B `Catch-Up Eligible Participant' means, for any Plan Year, a Participant
      who is eligible to make Before-Tax Contributions under Section 3.2 and who
      has attained age 50 or is expected to attain age 50 before the close of
      such Plan Year."

(3) Effective January 1, 2002, Section 1.21 of the Plan is hereby amended by the
deletion of such Section in its entirety and the substitution of a new Section
1.21 to read as follows:

"1.21 `Compensation' means direct compensation of a continuing nature paid to an
      Eligible Employee during any payroll period by an Employer or Employers
      which, on an aggregate basis, is not in excess of: (a) $170,000 for Plan
      Years beginning January 1, 2000; and (b) $200,000 for Plan Years beginning
      on or after January 1, 2002, or such higher dollar limit as may be in
      effect for any other Plan Year in accordance with the applicable
      provisions of the Code. For any period shorter than a full Plan Year, the
      applicable limitation set forth in the immediately preceding sentence
      shall be multiplied by a fraction, the numerator of which is the number of
      months in such period, and the denominator of which is twelve.

      Compensation includes, but is not limited to, regular base pay, incentive
      program pay, overtime and other premium pay, lump sums which are paid
      after January 1, 1989 in lieu of salary or wage increases to each member
      of a defined group in a way which does not discriminate in favor of highly
      paid Employees, pay under any plan of variable compensation and pay under
      the Executive Performance Award Plan and Management Performance Award Plan
      and any similar program, but not in excess of any pay up to the guideline
      bonus percentage of such pay established under any such variable
      compensation or similar program, and amounts contributed by compensation
      reduction and deferral to the Plan and to any plan under Section 125 and
      132(f)(4) of the Code. For years beginning on or after January 1, 2001,
      Compensation shall also include any supplemental payment related to
      vacation. Compensation excludes, but the exclusion is

                                        2
<PAGE>

      not limited to, pay on the inactive payroll, vacation pay in a lump sum
      because of termination, pay over the guideline percentages in variable
      compensation plans (e.g., Executive Performance Award Plan and Management
      Performance Award Plan), and Exceptional Achievement Award payments."

(4) Effective July 1, 2002, Section 2.4 of the Plan is hereby amended by the
deletion of such Section in its entirety and the substitution of a new Section
2.4 to read as follows:

"2.4  Requirements of Plan Enrollment

      The Eligible Employee, in complying with Section 2.3, shall (i) authorize
      the deduction by his Employer from his Compensation for After-Tax
      Contributions pursuant to Section 3.1 and/or the reduction in his
      Compensation for Before-Tax Contributions pursuant to Section 3.2 and, if
      applicable, Section 3.10 (any such authorization or authorizations shall
      be deemed to be continuing authorizations until changed by notice to the
      Plan Administrator on the Appropriate Form or in such manner as the Plan
      Administrator may prescribe), (ii) agree to the terms of the Plan, (iii)
      specify marital status and agree to keep the Plan Administrator informed
      of any change in marital status, (iv) make an investment election in
      accordance with Section 5.2 and (v) indicate, to the extent and in such
      manner as the Plan Administrator may from time to time direct, whether he
      participates or has participated in any plan or plans (other than the
      Plan) permitting employee tax-deferred contributions and state the total
      amount of any such contributions made by him for the calendar year in
      which he complies with Section 2.3. In addition to any other limitation
      imposed pursuant to Sections 402(g) or 414(v) of the Code, the Plan
      Administrator may limit the amount of the Before-Tax Contributions of any
      Participant who has made tax-deferred contributions to any plan (other
      than the Plan) in any calendar year for which the Participant elects to
      make Before-Tax Contributions to the Plan."

(5) Effective July 1, 2002, Sections 3.1 and 3.2 of the Plan are hereby amended
by the deletion of such Sections in their entirety and the substitution of new
Sections 3.1 and 3.2 to read as follows:

"3.1  After-Tax Contributions

      Subject to the limitations of Sections 4.2 and 4.3, each Participant may
      elect to contribute to the Plan, on an after-tax basis, by means of
      payroll deduction from his Compensation, an integral percentage of up to,
      effective July 1, 2002, 50% (previously, 30%) of such Compensation, such
      payroll deductions to commence to the extent practicable with the paydate
      which coincides with or next follows the Participant's Entry Date.
      Participant contributions to the Plan pursuant to this Section 3.1 are
      After-Tax Contributions. If Before-Tax Contributions pursuant to Section
      3.2 are made with respect to the Participant, then the rate of After-Tax
      Contributions under this Section 3.1 shall not exceed, effective July 1,
      2002, 50% minus the rate of Before-Tax Contributions with respect to the
      Participant for the same payroll period.

                                        3
<PAGE>

      After-Tax Contributions pursuant to this Section 3.1 shall be transferred
      to the Trustee as soon as administratively practicable, but in all events
      within 15 days after the end of the month in which such contributions are
      withheld from the Participant's Compensation. Those After-Tax
      Contributions pursuant to this Section 3.1 which are eligible for an
      allocation of Employer Contributions pursuant to Section 4.1 are Basic
      After-Tax Contributions which shall be credited to the Participant's
      After-Tax Account and those After-Tax Contributions which are not so
      eligible for an allocation of Employer Contributions are Additional
      After-Tax Contributions which also shall be credited to the Participant's
      After-Tax Account.

3.2   Before-Tax Contribution

      Subject to the limits of Sections 3.6 and 4.2, a Participant may elect to
      have an integral percentage of up to, effective July 1, 2002, 50%
      (previously, 30%) of the Compensation otherwise payable to him by the
      Employer after the effective date of his election constitute a Before-Tax
      Contribution hereunder and have the Employer reduce his Compensation by
      the amount of such Before-Tax Contribution and transfer such Before-Tax
      Contribution instead to the Trustee. Such payroll deferrals shall commence
      to the extent practicable with the paydate which coincides with or next
      follows the Participant's Entry Date. The deposit of Before-Tax
      Contributions shall be made no later than the 15th business day of the
      calendar month next following the month in which the cash Compensation
      with respect to which such reduction is effective would have been paid.
      Those contributions pursuant to this Section 3.2 which are eligible for an
      allocation of Employer Contributions pursuant to Section 4.1 are Basic
      Before-Tax Contributions which shall be credited to the Participant's
      Before-Tax Account and those contributions pursuant to this Section 3.2
      which are not so eligible for an allocation of Employer Contributions are
      Additional Before-Tax Contributions which also shall be credited to the
      Participant's Before-Tax Account.

      The Before-Tax Contributions shall be such integral percentage of the
      Participant's Compensation as the Participant shall have designed but not
      to exceed the maximum percentage applicable for the Plan Year as
      determined by the Plan Administrator, separately for HCEs and all other
      Participants; provided, however, that in no event shall the amount of a
      Participant's Before-Tax Contributions exceed: (a) $10,500 for Plan Years
      beginning on January 1, 2000; and (b) $11,000 for Plan Years beginning on
      or after January 1, 2002, or such higher dollar limit as may be in effect
      for any other Plan Year in accordance with the applicable provisions of
      the Code, including Section 402(g) of the Code and, effective July 1,
      2002, Section 414(v) of the Code. Effective July 1, 2002, in addition to
      any Before-Tax Contributions permitted under this section, certain
      Participants shall also be permitted to make Catch-Up Contributions under
      Section 3.10. The rules, limitations and procedures applicable to such
      Catch-Up Contributions under Section 3.10 shall supercede any contrary
      provisions of this Section 3.2 or the other sections of this Article 3 or
      Article 4."

                                        4
<PAGE>

(6) Effective January 1, 2002, Section 3.4 of the Plan is hereby amended by the
deletion of such Section in its entirety and the substitution of a new Section
3.4 to read as follows:

"3.4  Change in Contribution Rate

      A Participant may increase or decrease the amount of his After-Tax
      Contributions pursuant to Section 3.1 or the amount of Before-Tax
      Contributions pursuant to Section 3.2. To the extent practicable, any such
      change shall be effective as of the first paydate which next follows any
      Entry Date by the Participant giving notice to the Plan Administrator in
      such manner as the Plan Administrator shall prescribe prior to such Entry
      Date. Notwithstanding the foregoing provisions of this Section 3.4, in the
      event that the Before-Tax Contributions of a Participant equal: (a)
      $10,500 for Plan Years beginning on January 1, 2000; and (b) $11,000 for
      Plan Years beginning on or after January 1, 2002, or such higher dollar
      limit as may be in effect with respect to any other Plan Year in
      accordance with the applicable provisions of the Code, including Section
      402(g) of the Code and, effective July 1, 2002, Section 414(v) of the
      Code, such Participant shall be deemed to have elected to commence to make
      After-Tax Contributions pursuant to Section 3.1 at the percentage rate
      then in effect with respect to the Participant's Before-Tax Contributions
      immediately prior to such deemed election, except as otherwise provided by
      procedures established by the Plan Administrator. When any modification in
      the manner of contribution becomes effective under a deemed election under
      the preceding sentence any affected elections previously in effect with
      respect to the Participant shall also be deemed to have been appropriately
      adjusted to conform to the deemed election contemplated under the
      preceding sentence. Any such deemed election (whether in the manner of
      contribution or otherwise) shall remain in effect with respect to the
      Participant until the January 1 immediately following the effective date
      of the deemed election. Effective on such January 1, the Participant will
      have to make another election to reinstate the manner of contribution in
      effect immediately prior to any such deemed election or the Plan
      Administrator may reinstate the election in force before the dollar limit
      was reached, under such procedures as the Plan Administrator shall deem
      appropriate."

(7) Effective January 1, 2002, except as otherwise indicated, Section 3.6 of the
Plan is hereby amended by the deletion of subsection(c) in its entirety and the
substitution of a new Section 3.6(c) to read as follows:

      "(c)  For purposes of this Section 3.6, the term `Deferral Percentage'
            shall mean, for any Eligible Employee for any Plan Year, the ratio
            of:

            (i)   the aggregate of the Before-Tax Contributions which, in
                  accordance with the rules set forth in Treasury Regulation
                  Section 1.401(k)-1(b)(4), are taken into account with respect
                  to such Plan Year (and excluding, effective July 1, 2002, any
                  Catch-Up Contributions made pursuant to Section 3.10

                                        5
<PAGE>

                  hereof), to

            (ii)  such Eligible Employee's `Section 414(s) compensation' for
                  such Plan Year. For this purpose, the term "Section 414(s)
                  compensation" shall mean W-2 compensation as permitted and
                  described in Treasury Regulation Sections 1.414(s)-1(c)(2) and
                  1.415-2(d)(11)(i), and shall also include all amounts
                  currently not included in the Eligible Employee's gross income
                  by reason of Sections 125, 132(f)(4) and 402(e)(3) of the
                  Code. In the case of an Eligible Employee who begins, resumes,
                  or ceases to be eligible to elect to have Before-Tax
                  Contributions made on his behalf during a Plan Year, the
                  amount of Section 414(s) compensation included in the Actual
                  Deferral Percentage test is the amount of Section 414(s)
                  compensation received by the Eligible Employee during the
                  entire Plan Year. In no case shall the Section 414(s)
                  compensation for any Eligible Employee for any Plan Year
                  exceed: (A) $170,000 for Plan Years beginning on January 1,
                  2000; and (B) $200,000 for Plan Years beginning on or after
                  January 1, 2002, or such higher dollar limit as may be in
                  effect with respect to any other Plan Year in accordance with
                  the applicable provisions of the Code."

(8) Effective July 1, 2002, Section 3.9 of the Plan is hereby amended by the
deletion of Section 3.9 in its entirety and the substitution of a new Section
3.9 to read as follows:

"3.9  Make-Up Contributions after Return from Military Service

      In the event that a Participant returns to employment with an Employer
      immediately following a leave of absence due to Military Service and had
      failed to make after-tax contributions and/or before-tax contributions
      while on such leave of absence, the Participant may elect to make make-up
      contributions relating to such period of Military Service, to the extent
      required by Section 414(u) of the Code. The period during which such
      Participant may make such make-up contributions shall commence on his date
      of rehire and shall continue for a period which is the lesser of five
      years following such date of rehire or three times the Participant's
      period of Military Service. Such deferrals shall not be required to be
      taken into account for purposes of Section 3.6 in the year that they are
      made or the year to which they relate."

(9) Effective July 1, 2002, Article 3 of the Plan is hereby amended by the
addition of a new Section 3.10 to read as follows:

"3.10 Catch-Up Contributions After Attainment of Age 50.

      Effective July 1, 2002, a Catch-Up Eligible Participant may, in accordance
      with and subject to the limitations of this Section 3.10, Section 414(v)
      of the Code and the procedures adopted by the Plan Administrator, be
      eligible to make Catch-Up

                                        6
<PAGE>

      Contributions. Such Catch-Up Contributions shall constitute Before-Tax
      Contributions and shall be made as follows:

            (a)   A Catch-Up Eligible Participant shall be subject to an
                  "Adjusted Dollar Limit" for Before-Tax Contributions, in lieu
                  of the dollar limit otherwise applicable pursuant to the last
                  paragraph of Section 3.2 and Section 402(g) of the Code (the
                  "Regular 402(g) Limit"). The "Adjusted Dollar Limit" for any
                  year shall be the sum of the Regular 402(g) Limit for such
                  year plus the "Applicable Dollar Amount" for such year under
                  Section 414(v)(2)(B)(i) of the Code. The "Applicable Dollar
                  Amount" for the Plan Year beginning on January 1, 2002, is
                  $1,000 and such amount is scheduled to be increased in $1,000
                  increments through the 2006 Plan Year and may be increased for
                  future Plan Years in accordance with the applicable provisions
                  of the Code. Any amount contributed by a Participant as a
                  Before-Tax Contribution for a Plan Year which is in excess of
                  the Regular 402(g) Limit for such Plan Year, shall, to the
                  extent of the Applicable Dollar Amount, automatically
                  constitute a Catch-Up Contribution hereunder. Employer
                  Contributions shall be made with respect to Catch-Up
                  Contributions under this subsection 3.10(a) to the same extent
                  as Employer Contributions would otherwise be made pursuant to
                  Section 4.1 with respect to other Before-Tax Contributions
                  under Section 3.2.

            (b)   Any Catch-Up Eligible Participant whose Before-Tax
                  Contributions for a Plan Year do not exceed the Regular 402(g)
                  Limit, but whose After-Tax Contributions and Before-Tax
                  Contributions reach the percentage limit of such Participant's
                  Compensation set forth in Sections 3.1 and 3.2 (the
                  "Percentage Limit") or whose Annual Additions reach the limit
                  described in Section 4.2 (the "415 Limit"), may elect, in such
                  manner as the Plan Administrator shall prescribe, to make
                  further Before-Tax Contributions in excess of such Percentage
                  Limit and 415 Limit. Such further Before-Tax Contributions
                  shall constitute Catch-Up Contributions hereunder. No Employer
                  Contributions shall be made with respect to Catch-Up
                  Contributions made pursuant to this subsection 3.10(b).

            (c)   A Participant's Catch-Up Contributions for a Plan Year shall
                  not exceed the Participant's Compensation for such Plan Year,
                  reduced by any other elective deferrals of the Participant for
                  the Plan Year. In addition, a Participant's Catch-Up
                  Contributions for a Plan Year shall not exceed the Applicable
                  Dollar Amount for such Plan Year.

            (d)   Catch-Up Contributions made in accordance this Section 3.10
                  shall constitute Before-Tax Contributions and, except as
                  provided hereunder or by applicable law, shall be subject to
                  the provisions of this Plan generally applicable with respect
                  to Before-Tax Contributions. Without limiting the foregoing,
                  the deposit of any Catch-Up Contributions shall be made no

                                        7
<PAGE>

                  later than the 15th business day of the calendar month next
                  following the month in which the cash Compensation with
                  respect to which such reduction is effective would have been
                  paid, Catch-Up Contributions shall be credited to the
                  Participant's Before-Tax Account and Catch-Up Contributions
                  shall be subject to the same provisions related to vesting,
                  investment and distribution as other Before-Tax Contributions
                  credited to the Participant's Before-Tax Account.

            (e)   Notwithstanding anything in this Plan to the contrary,
                  Catch-Up Contributions made in accordance with this Section
                  3.10 shall not be taken into account for purposes of the
                  provisions of this Plan, implementing the required limitations
                  of Sections 402(g) and 415 of the Code and this Plan shall not
                  be treated as failing to satisfy the provisions of the Plan
                  implementing the requirements of Section 401(k)(3),
                  401(k)(11), 401(k)(12), 410(b) or 416 of the Code, as
                  applicable, by reason of the making of such Catch-Up
                  Contributions."

(10) Effective January 1, 2002, Section 4.2 of the Plan is hereby amended by the
deletion of such Section in its entirety and the substitution of a new Section
4.2 to read as follows:

"4.2  Limitations

      Notwithstanding any provision of the Plan to the contrary, in no event in
      any calendar year shall the `Annual Addition' (as hereinafter defined) on
      behalf of any Participant exceed:

            (a)   for calendar years beginning before January 1, 2002, the
                  lesser of:

                  (i)   25% of the Participant's `Section 415 compensation' (as
                        hereinafter defined) for the calendar year; or

                  (ii)  $35,000 or such other (generally lesser) amount as
                        constituted the limit under Section 415(c)(1)(A) of the
                        Code, as adjusted under Section 415(d) of the Code; and

            (b)   for calendar years beginning on or after January 1, 2002, the
                  lesser of:

                  (i)   100% of the Participant's `Section 415 compensation' (as
                        hereinafter defined) for the calendar year; or

                  (ii)  $40,000 or such greater amount as constitutes the limit
                        under Section 415(c)(1)(A) of the Code, as adjusted
                        under Section 415(d) of the Code

      The term `Annual Addition' means the sum for any calendar year of (a) any
      Employer

                                        8
<PAGE>

      contributions (including Before-Tax Contributions other than Catch-Up
      Contributions) to the Plan and to all other defined contribution plans
      (combining, for this purpose, all defined contribution plans of the
      Corporate Group, as modified by Section 415(h) of the Code), (b)
      forfeitures that are allocated under all such plans, (c) all after-tax
      contributions (including After-Tax Contributions) under such plans, and
      (d) amounts described in Sections 415(l)(1) and 419A(d)(2) of the Code for
      the year.

      For purposes of this Section 4.2, the term `Section 415 compensation'
      means the Participant's W-2 compensation as permitted and described in
      Treasury Regulation Section 1.415-2(d)(11)(i), and shall also include, for
      Plan Years beginning on and after January 1, 1998, all amounts currently
      not included in the Eligible Employee's gross income by reason of Sections
      125, 132(f) and 402(e)(3) of the Code.

      If a Participant is also participating in another tax-qualified defined
      contribution plan maintained by any member of the Corporate Group (as
      modified by Section 415(h) of the Code), the otherwise applicable
      limitation on Annual Additions under this Plan shall be reduced by the
      amount of annual additions (within the meaning of Section 415(c)(2) of the
      Code) under any such other defined contribution plan.

      If the limitations applicable to any Participant in accordance with this
      Section 4.2 would be exceeded, the contributions made by or on behalf of a
      Participant under the Plan shall be reduced in the following order, but
      only to the extent necessary to meet the limitations: (i) Additional
      After-Tax Contributions, (ii) Additional Before-Tax Contributions (other
      than Catch-Up Contributions), (iii) Basic After-Tax Contributions, (iv)
      Basic Before-Tax Contributions (other than Catch-Up Contributions), (v)
      Employer Contributions, and (vi) Qualified Contributions made pursuant to
      Section 4.5.

      In the event that, notwithstanding the foregoing provisions of this
      Section 4.2, the limitations with respect to Annual Additions prescribed
      hereunder are exceeded with respect to any Participant and such excess
      arises as a consequence of an error in estimating Compensation, the
      allocation of forfeitures, if any, or a reasonable error in determining
      the amount of Before-Tax Contributions:

            (i)   the After-Tax Contribution and Before-Tax Contribution
                  portions of such excess shall be returned to the Participant,
                  along with any income attributable thereto; and

            (ii)  the Employer Contribution portion shall be held in a suspense
                  account and, if such Participant remains a Participant, shall
                  be used to reduce Employer Contributions for such Participant
                  for the succeeding Plan Years; provided, however, that if such
                  Participant ceases to be an active Participant in the Plan,
                  the suspense account shall be used to reduce Employer
                  Contributions for all Participants in the Plan Year in which
                  he ceases to be a Participant, and all succeeding years, as
                  necessary."

                                        9
<PAGE>

(11) Effective January 1, 2002, Section 4.7 of the Plan is hereby amended by the
deletion of such Section in its entirety and the substitution of a new Section
4.7 to read as follows:

"4.7  Employer Contributions upon Return from Military Service

      In the event that a Participant returns to employment with an Employer
      immediately following a leave of absence due to Military Service, any
      Employer Contribution, or any other employer matching or profit sharing
      contribution, which would have been made on behalf of such Participant,
      had he not been on such leave of absence, shall be made on his behalf and
      allocated to his Employer Account, Safe Harbor Account, or other account,
      as applicable, to the extent required by Section 414(u) of the Code. Any
      such allocation shall be calculated based on any make-up contributions
      made under Section 3.9 using estimated Compensation during such period of
      Military Service, based on his rate of Compensation at the time such leave
      of absence commenced and based on the matching or other contribution
      formula in effect for the Plan Year to which such make-up contribution
      relates, as applicable. Such Employer Contribution, or any other employer
      matching or profit sharing contribution, shall not be required to be taken
      into account under Sections 4.2, 4.3 and 4.4 in the Plan Year in which
      they are made or to the year which they relate."

(12) Effective January 1, 2002, Section 8.1 of the Plan is hereby amended by the
deletion of clause 9 of such Section in its entirety and the substitution of a
new Section 8.1, clause 9 to read as follows:

      "Under Age 59 1/2 Withdrawal from Before-Tax Account Due to Hardship

      9.    A Participant, who has not attained age 59 1/2 as of the Valuation
            Date as of which a withdrawal is to be made, may withdraw, all or
            any part of his Before-Tax Account which is not in excess of the
            Value of such Account as established as of December 31, 1988, plus
            the amount of Before-Tax Contributions made thereto on or after
            January 1, 1989, provided that such withdrawal is made on account of
            Hardship.

            Upon making a withdrawal pursuant to this clause 9, a Participant's
            After-Tax Contributions pursuant to Section 3.1 and the Before-Tax
            Contributions on his behalf pursuant to Section 3.2 and, if
            applicable, Section 3.10, shall automatically be suspended effective
            as of the first paydate which coincides with or next follows any
            Entry Date. A Participant may resume his After-Tax Contributions or
            cause the Before-Tax Contributions on his behalf to be resumed as of
            the first paydate which coincides with or next follows any Entry
            Date at least (i) for Hardship withdrawals made before January 1,
            2001, twelve months after such suspension became effective; (ii) for
            Hardship withdrawals made on or after January 1, 2001 and before
            January 1, 2002, the later of six months after such

                                       10
<PAGE>

            suspension became effective or January 1, 2002; and (iii) for
            Hardship withdrawals made on or after January 1, 2002, six months
            after such suspension became effective, by giving notice to the Plan
            Administrator in such manner as the Plan Administrator shall
            prescribe prior to such Entry Date.

            Distributions pursuant to this clause 9 shall be made in accordance
            with the provisions set forth below. A distribution shall be deemed
            to be made on account of Hardship if:

            (i)   the requested withdrawal is necessary on account of an
                  immediate and heavy financial need of the Participant
                  occasioned by:

                  (A)   payment of tuition, room and board, and related
                        educational fees for the next twelve months of
                        post-secondary education for the Participant, his spouse
                        or dependents as defined in Section 152 of the Code,

                  (B)   the purchase of a principal residence for the
                        Participant (excluding mortgage payments and the
                        construction of a principal residence),

                  (C)   expenses for unreimbursed medical care described in
                        Section 213(d) of the Code previously incurred by the
                        Participant or his spouse or dependents or amounts
                        necessary for such persons to obtain such medical care,

                  (D)   the need to prevent the eviction of the Participant from
                        his principal residence or foreclosure on the mortgage
                        of the Participant's principal residence, or

                  (E)   any other need described by the Commissioner of Internal
                        Revenue in rulings, notices or other documents of
                        general applicability; and

            (ii)  the amount of the withdrawal is necessary to satisfy the
                  financial need. The Plan Administrator will require
                  certification or other proof of the purposes for which the
                  Hardship withdrawal is needed. The amount of withdrawal shall
                  be deemed necessary to satisfy a Participant's immediate and
                  heavy financial need if:

                  (A)   such amount is not in excess of the amount of the
                        Participant's immediate and heavy financial need and, at
                        the Participant's request, any amounts necessary (as
                        determined by the Plan Administrator) to pay any federal
                        income taxes or penalties reasonably anticipated to
                        result from such withdrawal,

                  (B)   the Participant has obtained all other distributions or
                        nontaxable (at the time of the loan) loans from plans
                        maintained by the

                                       11
<PAGE>

                        Corporation or any other Employer,

                  (C)   for taxable years beginning prior to January 1, 2002,
                        with respect to the Participant's taxable year next
                        following the taxable year of such withdrawal, the
                        amount of the Participant's elective deferrals under all
                        plans maintained by the Corporation or any other
                        Employer shall be limited to the applicable limit under
                        Section 402(g) of the Code minus the amount of such
                        deferrals for the taxable year of such withdrawal, and

                  (D)   the Participant may not make any After-Tax Contributions
                        or Before-Tax Contributions to the Plan or any elective
                        contribution under any other plan maintained by the
                        Corporation or any other Employer for at least the
                        period described in the second paragraph of this clause
                        9.

            Notwithstanding the preceding provisions of this Section 8.1, a
            Participant who has not attained age 59 1/2 as of the Valuation Date
            as of which a withdrawal is to be made and who has terminated
            service and retains a balance in the Plan pursuant to Section 9.3,
            may withdraw all, but not part, or, on and after June 1, 2001, all
            or part, of his Before-Tax Account, whether or not he can
            demonstrate that the distribution would be on account of a
            Hardship."

(13) Effective January 1, 2002, Section 8.3 of the Plan is hereby amended by the
deletion of such Section in its entirety and the substitution of a new Section
8.3 to read as follows:

"8.3  Certain Eligible Rollover Distributions

      Notwithstanding anything in the Plan to the contrary that would otherwise
      limit a distributee's election under this Section 8.3, a `distributee' (as
      hereinafter defined) may elect, at the time and in the manner prescribed
      by the Plan Administrator, to have any portion of an `eligible rollover
      distribution' (as hereinafter defined) paid directly to an `eligible
      retirement plan' specified by the distributee in a `direct rollover.'

      For purposes of this Section 8.3, the following terms shall have the
      following meanings:

      (a)   `distributee' means an Eligible Employee or former Eligible
            Employee. In addition, the surviving spouse of an Eligible Employee
            or former Eligible Employee or a spouse or former spouse of an
            Eligible Employee or former Eligible Employee who is the alternate
            payee under a Qualified Domestic Relations Order, are distributees
            with regard to the interest of the spouse or the former spouse;

                                       12
<PAGE>

      (b)   `eligible rollover distribution' means any distribution of all or
            any portion of the balance to the credit of the distributee under
            the Plan, except that an eligible rollover distribution shall not
            include:

            (i)   any distribution from the Plan that is one of a series of
                  substantially equal periodic payments (made not less
                  frequently than annually) for the life (or life expectancy) of
                  the distributee or the joint lives (or joint life
                  expectancies) of the distributee and the distributee's
                  designated Beneficiary, or for a specified period of ten years
                  or more;

            (ii)  any distribution from the Plan to the extent such distribution
                  is required under Section 401(a)(9) of the Code;

            (iii) the portion of any distribution from the Plan that is not
                  includible in gross income for federal income tax purposes
                  (determined without regard to the exclusion for net unrealized
                  appreciation with respect to employer securities), except that
                  for distributions made on or after January 1, 2002, After-Tax
                  Contributions are included in a distributee's eligible
                  rollover distribution; or

            (iv)  any distribution from the Plan made on account of Hardship.

      (c)   `eligible retirement plan' means:

            (i)   an individual retirement account described in Section 408(a)
                  of the Code;

            (ii)  an individual retirement annuity described in Section 408(b)
                  of the Code;

            (iii) an annuity plan described in Section 403(a) of the Code;

            (iv)  a qualified trust described in Section 401(a) of the Code;

            (v)   for distributions made on or after January 1, 2002, an
                  eligible deferred compensation plan described in Section
                  457(b) of the Code which is maintained by an eligible employer
                  described in Section 457(e)(1)(A) of the Code;

            (vi)  for distributions made on or after January 1, 2002, an annuity
                  contract described in Section 403(b) of the Code; and

            (vii) any such other plan, contract or other arrangement as may be
                  specified by statute or regulations in accordance with Section
                  401(a)(31) of the Code;

            in any case, that accepts the distributee's eligible rollover
            distribution.

                                       13
<PAGE>

            Notwithstanding the foregoing, for Plan Years beginning prior to
            January 1, 2002, with respect to an eligible rollover distribution
            to a surviving spouse of an Eligible Employee or former Eligible
            Employee, an eligible retirement plan means only an individual
            retirement account or an individual retirement annuity; and

      (d)   `direct rollover' means a payment by the Plan to the eligible
            retirement plan specified by the distributee."

(14) Effective January 1, 2002, Section 9.1 of the Plan is hereby amended by the
deletion of such Section in its entirety and the substitution of a new Section
9.1 to read as follows:

"9.1  Distributions on Termination of Employment

      When a Participant's employment with all Affiliated Companies is
      terminated, the Value of his vested interest in his Accounts shall be
      distributed to him or, if distribution is being made by reason of death,
      to his Beneficiary. For purposes of this Section 9.1, and subject to the
      provisions of Section 13.6, a termination of employment occurs upon a
      quit, discharge, termination due to a permanent shutdown or sale of a
      plant (except for situations involving a spinoff to another qualified
      plan), or an absence that continues after the period of a leave of absence
      granted by an Employer expires, whichever occurs first. Any amount
      distributed to a Participant or a Participant's Beneficiary pursuant to
      the preceding sentence shall be reduced to the extent the Participant's
      Accounts are subject to a pledge under Section 15.5. Any portion of a
      Participant's Accounts in which he does not have a vested interest in
      accordance with Article 7 at the time of termination of employment shall
      be forfeited, and shall be applied to reduce contributions of Employers
      (or to reinstate Accounts pursuant to Section 7.3). All amounts
      distributable pursuant to this Article 9 shall be paid as soon as
      practicable on or after the Valuation Date as of which payment is to be
      made (and except as otherwise expressly provided herein within 60 days
      after the end of the later of the Plan Year in which the Participant
      attains age 65 or terminates employment with all Affiliated Companies).
      The Participant's Accounts shall be retained and administered under the
      Plan until the date of distribution.

      Notwithstanding the preceding paragraph, no part of a distribution in
      excess of $5,000 may commence before the April 1st following the Plan Year
      in which the Participant attains age 70 1/2 without the advance written
      consent of such Participant (except with respect to benefits made payable
      by reason of the death of a Participant or former Participant).

      If a Participant's employment with all Affiliated Companies terminated
      prior to December 31,1999, and the Value of his vested interest as of
      December 31, 1999, or any subsequent December 31, does not exceed Five
      Thousand Dollars ($5,000.00), then his benefit hereunder shall be
      distributed as soon as practicable on or after such December 31. Effective
      January 1, 2002, the Value of a Participant's vested interest shall not
      include any amounts in his Rollover Account.

                                       14
<PAGE>

      For purposes of this Plan, including without limitation this Section and
      Sections 1.57, 7.2, and 8.1, `discharge' shall include any cessation of
      active service by an Employee which is expected to be permanent and in
      connection with which the individual receives severance payments, payments
      from the inactive payroll or any other similar payments, and such a
      discharge shall constitute a `termination of employment,' a `termination
      of service' (or `Service'), `ceasing to be employed' and any other
      similarly described event."

(15) Effective July 1, 2002, Section 16.1 of the Plan is hereby amended by the
deletion of such Section in its entirety and the substitution of a new Section
16.1 to read as follows:

"16.1 Rollovers to the Plan

      A Participant who is an Eligible Employee who has had distributed to him
      his interest in an eligible retirement plan (which, effective July 1,
      2002, is defined for purposes of this Section 16.1 as it is defined in
      Section 8.3(c) effective January 1, 2002) may, in accordance with
      procedures approved by the Plan Administrator, roll over all or a portion
      of such distribution to the Trustee provided the following conditions are
      met:

      (a)   the rollover (i) occurs on or before the 60th day following his
            receipt of the distribution from the eligible retirement plan; or
            (ii) the rollover is a "direct rollover" (within the meaning of
            Treasury Regulation Section 1.401(a)(31)-1T, Q&A-3) from the
            eligible retirement plan;

      (b)   the distribution or direct rollover from the eligible retirement
            plan is an eligible rollover distribution within the meaning of
            Section 402(c) of the Code, or qualifies as a rollover contribution
            under Section 408(d)(3) of the Code;

      (c)   the amount rolled over does not include any amounts not otherwise
            includible in gross income in accordance with Section 402(c)(2) of
            the Code, except that, effective July 1, 2002, an amount transferred
            in a direct rollover from a qualified trust described in Section
            401(a) of the Code may, to the extent permitted by the Code, include
            amounts not otherwise includible in gross income, which amounts
            shall, in such manner as is determined by the Plan Administrator, be
            separately accounted for hereunder (including without limitation,
            crediting such amounts to an After-Tax Account rather than a
            Rollover Account, if the Plan Administrator so determines).

      The Plan Administrator shall develop such procedures, and may require such
      information from a Participant desiring to make such a rollover, as it
      deems necessary or desirable to determine that the proposed rollover shall
      meet the requirements of this Section 16.1. Rollovers made to this Plan
      shall only be allowed on a cash basis (wire transfer or checks). Any such
      rollover amount shall be invested as directed by such Eligible Employee's
      separate investment election consistent with Article 5."

                                       15
<PAGE>

(16) Effective January 1, 2002, subsection (e) of Section 17.1 of the Plan is
hereby amended by the deletion of such subsection in its entirety and the
substitution of a new Section 17.1(e) to read as follows:

      "(e)  `Present Value of Accounts' means, as of a given Determination Date,
            the sum of the Value of the Participant's Accounts under the Plan as
            of such Valuation Date. The determination of the Present Value of
            Accounts shall take into consideration distributions made to or on
            behalf of any Participant in the Plan Year ending on the
            Determination Date and, for distributions made for reasons other
            than separation from service, disability or death, the four
            preceding Plan Years, but shall not take into consideration the
            Value of the Accounts of any Participant who has not performed any
            services for an Employer during the five-year period ending on the
            Determination Date."

(17) Effective January 1, 2002, subsection (a) of Section 17.2 of the Plan is
hereby amended by the deletion of such subsection in its entirety and the
substitution of a new Section 17.2(a) to read as follows:

      "(a)  For any Plan Year in which the Plan is Top-Heavy, the minimum
            Employer contribution during the Plan Year on behalf of a Non-Key
            Employee shall be equal to the lesser of (i) 3% of such Non-Key
            Employee's `Section 416 compensation;' or (ii) the percentage of
            `Section 416 compensation' at which Employer contributions are made
            (or required to be made) under the Plan on behalf of the Key
            Employee for whom such percentage is the highest. For the purposes
            of this subsection (a) the term `Section 416 compensation' shall
            mean the Section 415 compensation (as defined in Section 4.2) for
            the Plan Year under consideration, subject to the applicable
            limitations of Section 401(a)(17) of the Code, and the Employer
            contributions referred to in paragraph (ii) shall be deemed to
            include both Employer Contributions and Before-Tax Contributions.
            For Plan Years commencing on or after January 1, 2002, matching
            contributions made by the Employer, including Employer Contributions
            made in accordance with Section 4.1(b)(ii), shall be taken into
            account for purposes of determining whether Employer contributions
            for a Non-Key Employee reach the percentage level required under the
            first sentence of this subsection 17.2(a)."

                                       16
<PAGE>

            IN WITNESS WHEREOF, the Company has caused this Amendment No. 2 to
be executed by its officers thereto duly authorized this _____ day of May, 2002.

                                             ALCAN ALUMINUM CORPORATION
                                                    ("Company")

                                             By_________________________________

                                             And________________________________

                                       17
<PAGE>

                                 AMENDMENT NO. 3

                                       TO

                        ALCANCORP EMPLOYEES' SAVINGS PLAN

            This Amendment No. 3 is executed as of the date set forth below, by
ALCAN ALUMINUM CORPORATION, (hereinafter called the "Company");

                                   WITNESSETH:

            WHEREAS, the Company established and maintains the Alcancorp
Employees' Savings Plan, effective May 1, 1981, (hereinafter referred to as the
"Plan") for the benefit of eligible employees;

            WHEREAS, generally effective January 1, 1996, the Company amended
and restated the Plan, and thereafter again amended and restated the Plan,
generally effective January 1, 2000, in order to conform the Plan with the
Uniformed Services Employment and Reemployment Rights Act of 1994, the Small
Business Job Protection Act of 1996 and the Taxpayer Relief Act of 1997 and to
make certain other desirable changes;

            WHEREAS, the Company has amended the restated Plan on two previous
occasions;

            WHEREAS, pursuant to Section 13.1 of the Plan, the Company reserved
the right to make further amendments thereto; and

            WHEREAS, the Company desires to amend the Plan in order to bring the
Plan into good faith compliance with Code Sections 414(u) and 415(e) (repealed)
in order to secure a favorable determination letter from the Internal Revenue
Service, and make other desirable changes;

<PAGE>

            NOW, THEREFORE, pursuant to Section 13.1 of the Plan, the Company
hereby amends the Plan, as follows:

                     USERRA PROVISIONS (CODE SECTION 414(U))

(1) Effective December 12, 1994, the last paragraph of Section 1.57 of the Plan
is hereby amended by the deletion of said last paragraph and the substitution in
lieu thereof of the following:

      "For purposes of determining Service, if a Participant terminates
      employment and is re-employed by any Affiliated Company or Predecessor
      Company within the same calendar year, he shall be deemed not to have
      terminated employment during such year. If a person who is treated as a
      Leased Person for purposes of the Plan subsequently becomes an Eligible
      Employee, then such person's Service shall be determined as if such person
      had been employed by an Employer during the entire period for which such
      person had performed services for an Employer but had not been employed by
      an Employer. Effective December 12, 1994, the service credit provisions of
      the Plan are intended to, and shall be construed to, include any Service
      necessary to satisfy Section 414(u) of the Code, which, as applicable to
      this Plan, generally provides for certain periods of qualified Military
      Service to constitute, upon a Participant's reemployment, Service
      hereunder."

(2) Effective December 12, 1994, Article 3 of the Plan is hereby amended by the
addition of a new Section 3.9 to read as follows:

"3.9  Make-Up Contributions after Return from Military Service

      Effective December 12, 1994, in the event that a Participant returns to
      employment with an Employer immediately following a leave of absence due
      to Military Service and had failed to make after-tax contributions and/or
      before-tax contributions while on such leave of absence, the Participant
      may elect to make make-up contributions relating to such period of
      Military Service, to the extent required by Section 414(u) of the Code.
      The period during which such Participant may make such make-up
      contributions shall commence on his date of rehire and shall continue for
      a period which is the lesser of five years following such date of rehire
      or three times the Participant's period of Military Service. Such
      deferrals shall not be required to be taken into account for purposes of
      Section 3.6 in the year that they are made or the year to which they
      relate."

(3)   Effective December 12, 1994, Article 4 of the Plan is hereby amended by
      the addition of a new Section 4.7 to read as follows:

                                        2
<PAGE>

"4.7  Employer Contributions upon Return from Military Service

      Effective December 12, 1994, in the event that a Participant returns to
      employment with an Employer immediately following a leave of absence due
      to Military Service, any Employer Contribution, or any other employer
      matching or profit sharing contribution, which would have been made on
      behalf of such Participant, had he not been on such leave of absence,
      shall be made on his behalf and allocated to his Employer Account, Safe
      Harbor Account, or other account, as applicable, to the extent required by
      Section 414(u) of the Code. Any such allocation shall be calculated based
      on any make-up contributions made under Section 3.9 using estimated
      Compensation during such period of Military Service, based on his rate of
      Compensation at the time such leave of absence commenced and based on the
      matching or other contribution formula in effect for the Plan Year to
      which such make-up contribution relates, as applicable. Such Employer
      Contribution, or any other employer matching or profit sharing
      contribution, shall not be required to be taken into account under
      Sections 4.2, 4.3 and 4.4 in the Plan Year in which they are made or to
      the year which they relate."

(4) Effective December 12, 1994, subsection (d) of Section 15.6 of the Plan is
hereby amended by the addition of a new subsection (d) to read as follows:

      "(d)  Notwithstanding any provision of this Plan to the contrary,
            effective December 12, 1994, loan repayments by a Participant who is
            in Military Service will be suspended under this Plan as permitted
            under Section 414(u)(4) of the Code."

           ANNUAL ADDITIONS LIMITATIONS (REPEALED CODE SECTION 415(e))

(5) Effective January 1, 2000 through December 31, 2001, Section 4.2 of the Plan
is hereby amended by the deletion of such Section in its entirety and the
substitution of a new Section 4.2 to read as follows:

"4.2  Limitations

      Notwithstanding any provision of the Plan to the contrary, in no event in
      any calendar year shall the "Annual Addition" (as hereinafter defined) on
      behalf of any Participant exceed the lesser of:

            (i)   25% of the Participant's "Section 415 compensation" (as
                  hereinafter defined) for the calendar year; or

            (ii)  $30,000 or such greater amount as is permissible under Section
                  415(c)(1)(A) of the Code, subject to any adjustment under
                  Section 415(d) of the Code.

                                        3
<PAGE>

      The term "Annual Addition" means the sum for any calendar year of (a) any
      Employer contributions (including Before-Tax Contributions) to the Plan
      and to all other defined contribution plans (combining, for this purpose,
      all defined contribution plans of the Corporate Group, as modified by
      Section 415(h) of the Code), (b) forfeitures that are allocated under all
      such plans, (c) all after-tax contributions (including After-Tax
      Contributions) under such plans, and (d) amounts described in Sections
      415(l)(1) and 419A(d)(2) of the Code for the year.

      For purposes of this Section 4.2, the term "Section 415 compensation"
      means the Participant's W-2 compensation as permitted and described in
      Treasury Regulation Section 1.415-2(d)(11)(i), and shall also include, for
      Plan Years beginning on and after January 1, 1998, all amounts currently
      not included in the Eligible Employee's gross income by reason of Sections
      125 and 402(e)(3) of the Code.

      If a Participant is also participating in another tax-qualified defined
      contribution plan maintained by any member of the Corporate Group (as
      modified by Section 415(h) of the Code), the otherwise applicable
      limitation on Annual Additions under this Plan shall be reduced by the
      amount of annual additions (within the meaning of Section 415(c)(2) of the
      Code) under any such other defined contribution plan.

      Anything in this Section 4.2 to the contrary notwithstanding, with respect
      to Plan Years beginning prior to January 1, 2000, if a Participant is also
      a participant in one or more defined benefit plans maintained by the
      Corporate Group, the combined limitation under Section 415(e) of the Code
      shall be applied, for purposes of the Plan, as set forth in the defined
      benefit plan or plans in which the Participant is accruing a benefit with
      respect to any such Plan Year for which such limitation is applicable
      taking into account any priority established therein for the manner in
      which benefits under such plans and the Plan shall be reduced. With
      respect to Plan Years beginning on or after January 1, 2000, no combined
      limit under Section 415(e) of the Code shall apply with respect to the
      Plan.

      If the limitations applicable to any Participant in accordance with this
      Section 4.2 would be exceeded, the contributions made by or on behalf of a
      Participant under the Plan shall be reduced in the following order, but
      only to the extent necessary to meet the limitations: (i) Additional
      After-Tax Contributions, (ii) Additional Before-Tax Contributions, (iii)
      Basic After-Tax Contributions, (iv) Basic Before-Tax Contributions, (v)
      Employer Contributions, and (vi) Qualified Contributions made pursuant to
      Section 4.5.

      In the event that, notwithstanding the foregoing provisions of this
      Section 4.2, the limitations with respect to Annual Additions prescribed
      hereunder are exceeded with respect to any Participant and such excess
      arises as a consequence of an error in estimating Compensation, the
      allocation of forfeitures, if any, or a reasonable error in determining
      the amount of Before-Tax Contributions:

            (i)   the After-Tax Contribution and Before-Tax Contribution
                  portions of such excess shall be returned to the Participant,
                  along with any income attributable thereto; and

                                        4
<PAGE>

            (ii)  the Employer Contribution portion shall be held in a suspense
            account and, if such Participant remains a Participant, shall be
            used to reduce Employer Contributions for such Participant for the
            succeeding Plan Years; provided, however, that if such Participant
            ceases to be an active Participant in the Plan, the suspense account
            shall be used to reduce Employer Contributions for all Participants
            in the Plan Year in which he ceases to be a Participant, and all
            succeeding years, as necessary."

(6) Effective January 1, 2000, Section 17.2 of the Plan is hereby amended by the
addition of a new subsection (e) to read as follows:

      "(e)  Prior to January 1, 2000, in order to comply with the requirements
            of Section 416(h) of the Code, in the case of a Participant who is a
            participant or has also participated in a defined benefit plan of
            the Corporation (or any member of the Corporate Group that is
            required to be aggregated with the Corporation in accordance with
            Section 415(h) of the Code) in any Plan Year commencing prior to
            January 1, 2000, in which the Plan is Top-Heavy, there shall be
            imposed under such defined benefit plan the following limitation in
            addition to any limitation which may be imposed as described in
            Section 4.2. In any such year, for purposes of satisfying the
            aggregate limit on contributions and benefits imposed by Section
            415(e) of the Code, benefits payable from the defined benefit plan
            shall, except as hereinafter described, be reduced so as to comply
            with a limit determined in accordance with Section 415(e) of the
            Code, but with the number "1.0" substituted for the number "1.25" in
            the "defined benefit plan fraction" (as defined in Section 415(e)(2)
            of the Code) and in the "defined contribution plan fraction" (as
            defined in Section 415(e)(3) of the Code). Notwithstanding the
            foregoing, if the application of the additional limitation set forth
            in this paragraph (e) would result in the reduction of accrued
            benefits of any Participant under the defined benefit plan, such
            additional limitation shall not become operative, so long as (1) no
            additional Employer contributions, forfeitures or voluntary
            nondeductible contributions are allocated to such Participant's
            accounts under any defined contribution plan maintained by the
            Employer including the Plan, and (2) no additional benefits accrue
            to such Participant under any defined benefit plan maintained by the
            Corporation. Accordingly, in any Plan Year that the Plan is
            Top-Heavy, no additional benefits shall accrue under the defined
            benefit plan on behalf of any Participant whose overall benefits
            under the defined benefit plan otherwise would be reduced in
            accordance with the limitation described in this paragraph (e)."

                                        5
<PAGE>

            IN WITNESS WHEREOF, the Company has caused this Amendment No. 3 to
be executed by its officers thereto duly authorized this ________ day of
_________________, 2003.

                                            ALCAN ALUMINUM CORPORATION

                                            By: ________________________________

                                            Title: _____________________________

                                        6
<PAGE>

                                 AMENDMENT NO. 4

                                       TO

                        ALCANCORP EMPLOYEES' SAVINGS PLAN

            This Amendment No. 4 is executed as of the date set forth below, by
Alcan Aluminum Corporation, (hereinafter called the "Company").

                                   WITNESSETH:

            WHEREAS, the Company established and maintains the Alcancorp
Employees' Savings Plan, effective May 1, 1981, (hereinafter referred to as the
"Plan") to provide retirement benefits to certain eligible employees;

            WHEREAS, the Company amended and restated the Plan, generally
effective January 1, 2000, in order to conform the Plan with the Uniformed
Services Employment and Reemployment Rights Act of 1994, the Small Business Job
Protection Act of 1996 and the Taxpayer Relief Act of 1997, and to make certain
other desirable changes;

            WHEREAS, the Company reserved the right, pursuant to Section 13.1 of
the Plan, to make amendments thereto; and

            WHEREAS, the Company has amended the restated Plan on three previous
occasions;

            WHEREAS, the Company desires to amend the Plan in order to modify
the minimum required distribution provisions in accordance with final
regulations published by the Internal Revenue Service ("IRS"); to bring the Plan
into compliance on a good faith basis with certain provisions of the Economic
Growth and Tax Relief Reconciliation Act of 2001 and related regulations, to
update the Plan's claims procedures for compliance with Department of Labor
regulations and other pronouncements, to incorporate the provisions of IRS
Revenue

<PAGE>

Ruling 2002-27 relating to compensation under Section 125 of the Code, and to
make other desirable changes;

            NOW, THEREFORE, pursuant to Section 13.1 of the Plan, the Company
hereby amends the Plan, as follows:

             MINIMUM REQUIRED DISTRIBUTIONS (CODE SECTION 401(a)(9))

(1) Effective April 17, 2002, Section 9.5 of the Plan is hereby amended by the
deletion of said Section and the substitution in lieu thereof of a new Section
9.5 to read as follows:

"9.5  Mandatory Commencement of Benefits

      Subject to Section 401(a)(9) of the Code, Treasury Regulation Sections
      1.401(a)(9)-1 through -9, and any amendments to such regulations or
      section:

      (a)   a Participant who is a 5% owner (as defined in Section 416(i) of the
            Code) at any time after the attainment of age 66 1/2, shall receive
            the Value of his Accounts no later than the April 1 of the calendar
            year following the calendar year in which such Participant attains
            age 70 1/2;

      (b)   a Participant who is not a 5% owner at any time after the attainment
            of age 66 1/2, shall receive the Value of his Accounts no later than
            the April 1 of the calendar year following the later of (i) the
            calendar year in which the Participant attains age 70 1/2, or (ii)
            his termination of employment with the Employer and any Affiliated
            Company; and

      (c)   a Participant who becomes a 5% owner after the attainment of age 70
            1/2, but prior to termination of employment, shall receive the Value
            of his Accounts no later than the April 1 of the calendar year
            following the calendar year in which such Participant becomes a 5%
            owner.

      Any payments under this Plan shall be adjusted to meet the requirements of
      Section 401(a)(9) of the Code and the regulations thereunder. Thus, to the
      extent the distributions otherwise provided for under this Plan would not
      satisfy Section 401(a)(9) of the Code, the entire interest of each
      Participant (a) shall be distributed to him not later than the required
      beginning date as defined in Section 401(a)(9)(C) of the Code, or (b)
      shall be distributed, beginning not later than the required beginning
      date, in accordance with regulations or proposed regulations, over the
      life of the Participant or over the life of the Participant and
      Beneficiary (or over a period not extending beyond the life expectancy of
      the Participant or the life of the Participant and Beneficiary). Except to
      the extent that

                                        2
<PAGE>

      Section 9.3, or other provisions of this Section or this Plan, would cause
      such distribution to be in the form of a single lump sum payment, the
      amount to be distributed each year must be at least an amount (i) equal to
      the quotient obtained by dividing the Participant's entire interest,
      determined as of the last Valuation Date for the Plan Year immediately
      preceding the year for which such distribution is being made, by the life
      expectancy of the Participant or joint and survivor life expectancy of the
      Participant and designated Beneficiary or, (ii) calculated under such
      other method as may be prescribed by the Department of Treasury.

      Notwithstanding any provision of the Plan to the contrary, distributions
      made under this Section 9.5 shall be deemed to satisfy any distribution
      options provided for in the Plan that are inconsistent with Section
      401(a)(9) of the Code. In addition, any distribution required under the
      incidental death benefit rule of Section 401(a)(9)(G) of the Code shall be
      treated as a distribution required under this Section.

      With respect to distributions under the Plan made on or after April 17,
      2002, relating to calendar years beginning on or after January 1, 2002,
      the Plan will apply the minimum distribution requirements of Section
      401(a)(9) of the Code in accordance with the final and temporary
      regulations under Section 401(a)(9) of the Code that were published on
      April 17, 2002, notwithstanding any provision of the Plan to the
      contrary."

                      EGTRRA AND OTHER LEGISLATIVE CHANGES

(2) Effective January 1, 2002, Section 3.6 of the Plan is hereby amended by the
deletion of subsection (c)(ii) of said Section and the substitution in lieu
thereof of a new subsection (c)(ii) to read as follows:

            "(ii) such Eligible Employee's `Section 414(s) compensation' for
                  such Plan Year. For this purpose, the term "Section 414(s)
                  compensation" shall mean W-2 compensation as permitted and
                  described in Treasury Regulation Sections 1.414(s)-1(c)(2) and
                  1.415-2(d)(11)(i), and shall also include all amounts
                  currently not included in the Eligible Employee's gross income
                  by reason of Sections 125 (including any amounts not available
                  to a Participant in cash in lieu of group health coverage
                  because the Participant is unable to certify that he or she
                  has other health coverage), 132(f)(4) and 402(e)(3) of the
                  Code. In the case of an Eligible Employee who begins, resumes,
                  or ceases to be eligible to elect to have Before-Tax
                  Contributions made on his behalf during a Plan Year, the
                  amount of Section 414(s) compensation included in the Actual
                  Deferral Percentage test is the amount of Section 414(s)
                  compensation received by the Eligible Employee during the
                  entire Plan Year. In no case shall the Section 414(s)
                  compensation for any Eligible Employee for any Plan Year
                  exceed: (A) $170,000 for Plan Years beginning on January 1,
                  2000; and (B) $200,000 for Plan Years beginning on or after
                  January 1, 2002, or

                                        3
<PAGE>

                  such higher dollar limit as may be in effect with respect to
                  any other Plan Year in accordance with the applicable
                  provisions of the Code."

(3) Effective January 1, 2002, Section 3.6 of the Plan is hereby amended by the
deletion of subsection (m) of said Section and the substitution in lieu thereof
of a new subsection (m) to read as follows:

      "(m)  [Repealed]."

(4) Effective January 1, 2002, Section 4.2 of the Plan is hereby amended by the
deletion of the third paragraph of said Section and the substitution in lieu
thereof of a new third paragraph to read as follows:

      "For purposes of this Section 4.2, the term `Section 415 compensation'
      means the Participant's W-2 compensation as permitted and described in
      Treasury Regulation Section 1.415-2(d)(11)(i), and shall also include, for
      Plan Years beginning on and after January 1, 1998, all amounts currently
      not included in the Eligible Employee's gross income by reason of Sections
      125 (including any amounts not available to a Participant in cash in lieu
      of group health coverage because the Participant is unable to certify that
      he or she has other health coverage), 132(f) and 402(e)(3) of the Code."

(5) Effective January 1, 2002, Section 4.3 of the Plan is hereby amended by the
deletion of subsection (c)(ii) of said Section and the substitution in lieu
thereof of a new subsection (c)(ii) to read as follows:

            "(ii) such Eligible Employee's "Section 414(s) compensation" for
                  such Plan Year. For this purpose, the terms "Section 414(s)
                  compensation" shall mean W-2 compensation as permitted and
                  described in Treasury Regulation Sections 1.414(s)-1(c)(2) and
                  1.415-2(d)(11)(i), and shall also include all amounts
                  currently not included in the Eligible Employee's gross income
                  by reason of Sections 125 (including any amounts not available
                  to a Participant in cash in lieu of group health coverage
                  because the Participant is unable to certify that he or she
                  has other health coverage), 132(f)(4) and 402(e)(3) of the
                  Code. In the case of an Eligible Employee who begins, resumes,
                  or ceases to be eligible to make After-Tax Contributions or to
                  have Employer Contributions made on his behalf during a Plan
                  Year, the amount of Section 414(s) compensation included in
                  the Actual Contribution Percentage test is the amount of
                  Section 414(s) compensation received by the Eligible Employee
                  during the entire Plan

                                        4
<PAGE>

                  Year. In no case shall the Section 414(s) compensation for any
                  Eligible Employee for any Plan Year exceed $150,000, as
                  automatically adjusted as provided in Section 401(a)(17) of
                  the Code, for any Plan Year commencing after December 31,
                  1993."

(6) Effective January 1, 2002, Section 4.3 of the Plan is hereby amended by the
deletion of subsection (k) of said Section and the substitution in lieu thereof
of a new subsection (k) to read as follows:

      "(k)  In determining whether the requirements of this Section 4.3 are
            satisfied, the Plan Administrator may in its discretion, in
            accordance with regulations, take into account Participants'
            Before-Tax Contributions made to the Plan pursuant to Section 3.1;
            provided, however, that such contributions are not taken into
            account in order to satisfy the requirements of Section 3.6."

(7) Effective January 1, 2002, Section 4.4 of the Plan is hereby amended by the
deletion of said Section and the substitution in lieu thereof of a Section 4.4
to read as follows:

"4.4  [Repealed]."

(8) Effective January 1, 2002, Section 4.5 of the Plan is hereby amended by the
deletion of said Section and the substitution in lieu thereof of a Section 4.5
to read as follows:

"4.5  Qualified Contributions

      An Employer may, in its sole discretion, make a Qualified Contribution in
      order to satisfy the requirements of Section 3.6 or 4.3. A Qualified
      Contribution is a contribution that (i) is made by the Employer that may
      be aggregated with other contributions in accordance with Sections 3.6 and
      4.3; (ii) is nonforfeitable at all times; (iii) may not be distributed to
      a Participant or any Beneficiary until the earliest date provided for in
      Section 401(k)(2)(B) of the Code (determined without regard to subsection
      (i)(IV) of such Section) and (iv) complies with the requirements of
      Treasury Regulation Section 1.401(k)-1(b)(5).

      A Qualified Contribution may take the form of a qualified matching
      contribution (as defined in Treasury Regulation Section
      1.401(k)-1(g)(13)(i)), or a qualified nonelective contribution (as defined
      in Treasury Regulation Section 1.401(k)-1(g)(13)(ii)). The Employer shall
      specify the form of the Qualified Contribution, and the Participants to
      whom such contribution is to be allocated."

                                        5
<PAGE>

(9) Effective January 1, 2002, Section 4.7 of the Plan is hereby amended by the
deletion of said Section and the substitution in lieu thereof of a Section 4.7
to read as follows:

"4.7  Employer Contributions upon Return from Military Service

      Effective December 12, 1994, in the event that a Participant returns to
      employment with an Employer immediately following a leave of absence due
      to Military Service, any Employer Contribution, or any other employer
      matching or profit sharing contribution, which would have been made on
      behalf of such Participant, had he not been on such leave of absence,
      shall be made on his behalf and allocated to his Employer Account, Safe
      Harbor Account, or other account, as applicable, to the extent required by
      Section 414(u) of the Code. Any such allocation shall be calculated based
      on any make-up contributions made under Section 3.9 using estimated
      Compensation during such period of Military Service, based on his rate of
      Compensation at the time such leave of absence commenced and based on the
      matching or other contribution formula in effect for the Plan Year to
      which such make-up contribution relates, as applicable. Such Employer
      Contribution, or any other employer matching or profit sharing
      contribution, shall not be required to be taken into account under
      Sections 4.2 and 4.3 in the Plan Year in which they are made or to the
      year which they relate."

                 CLAIMS PROCEDURES (LABOR REGULATION 2560.503-1)

(10) Effective January 1, 2002, Section 11.11 of the Plan is hereby amended by
the addition thereto of the following:

      "Notwithstanding the foregoing, in the case of a determination relating to
a disability benefit, the following claims and appeal procedures shall apply:

      (1)   The time for the initial determination of benefit shall be 45 days
            (instead of 90 days), and may be extended for two additional periods
            of 30 days each (instead of one additional period of 90 days). A
            notice to the Claimant of any such extension shall be provided prior
            to the start of the extension and shall indicate that the local
            representative of the Corporation has determined that the extension
            is necessary due to matters beyond the control of the local
            representative of the Corporation, the circumstances requiring the
            extension, the date by which a decision is expected, the standards
            upon which entitlement to disability benefits is based, the
            unresolved issues that prevent a decision on the claim and the
            additional information needed to resolve the claim. The Claimant
            shall be afforded at least 45 days in which to provide the specified
            information (during which time, the period for the local
            representative of the Corporation to make a determination shall be
            tolled).

      (2)   To the extent any internal rule, guideline, protocol or similar
            criterion is relied upon in making an initial adverse claims
            determination, then a copy of such rule,

                                        6
<PAGE>

            guideline, protocol or criterion shall be available to the Claimant
            upon request, free of charge.

      (3)   The time for requesting a review of an initial adverse claims
            determination shall be 180 days (instead of 120 days).

      (4)   The review shall be made by the Plan Administrator and shall be made
            by a person or entity which is neither the individual nor a
            subordinate of the individual who made the initial determination of
            benefit. If the initial determination of benefit was based in whole
            or in part on a medical judgment, the Plan Administrator shall
            consult with an appropriate health care professional who was not
            consulted in the initial determination of benefit and who is not the
            subordinate of the individual consulted in the initial claims
            determination. In addition, the identity of the health care
            professionals consulted in connection with the initial determination
            and the determination on appeal shall be available to the Claimant
            upon request.

      (5)   The time for a decision to be rendered by the Plan Administrator on
            a request for review shall be 45 days (instead of 60 days), and may
            be extended for an additional 45 days (instead of 60 days)."

                                  MISCELLANEOUS

(11) Effective January 1, 2000, Section 4.3 of the Plan is hereby amended by the
deletion of subsection (f)(iii) of said Section and the substitution in lieu
thereof of a new subsection (f)(iii) to read as follows:

            "(iii) In reducing the Combined Contributions of an HCE the
                  following order shall be used: (A) Additional After-Tax
                  Contributions, (B) Basic After-Tax Contributions and the
                  vested portion of Employer Contributions attributable to such
                  Basic After-Tax Contributions, (C) the vested portion of
                  Employer Contributions attributable to Basic Before-Tax
                  Contributions and (D) the portion of such Employer
                  Contributions which are not vested. Such excess After-Tax
                  Contributions and Employer Contributions (along with income
                  attributable to such excess contributions, as determined
                  pursuant to Section 3.6(g)) shall be returned to the affected
                  Participants who are HCEs as soon as practicable after the end
                  of such Plan Year, and in all events prior to the end of the
                  next following Plan Year. The amount of excess Employer
                  Contributions that are not vested shall be forfeited and shall
                  be held in a suspense account and used to reduce the
                  Employer's future Employer Contributions."

                                        7
<PAGE>

            IN WITNESS WHEREOF, the Company has caused this Amendment No. 4 to
be executed by its officers thereto duly authorized this ______day of
_____________, 200 .

                                          ALCAN ALUMINUM CORPORATION

                                          By: __________________________________

                                          Title: _______________________________

                                        8
<PAGE>

                                 AMENDMENT NO. 5

                                       TO

                        ALCANCORP EMPLOYEES' SAVINGS PLAN

            This Amendment No. 5 is executed as of the date set forth below, by
Alcan Aluminum Corporation (which, effective July 31, 2003, is merging with and
into Alcan Corporation) (the "Corporation").

                                   WITNESSETH:

            WHEREAS, Alcan Aluminum Corporation established and maintains the
Alcancorp Employees' Savings Plan, effective May 1, 1981 (the "Plan") to provide
retirement benefits to certain eligible employees; and

            WHEREAS, Alcan Aluminum Corporation most recently restated the Plan,
generally effective January 1, 2000; and

            WHEREAS, effective July 31, 2003, Alcan Aluminum Corporation, which
is an Ohio corporation, is reorganizing into a parent company and three
operating companies (the "Reorganization"), all of which shall be Texas
corporations, by (1) merging into a newly established subsidiary of Alcan Inc.,
which subsidiary is to be called Alcan Corporation, and (2) engaging in a
divisive merger to form three subsidiaries known as Alcan Products Corporation,
Alcan Primary Products Corporation and Alcan Aluminum Corporation, each of which
shall hold certain operating assets; and

            WHEREAS, Alcan Aluminum Corporation reserved the right, pursuant to
Section 13.1 of the Plan, to make amendments thereto; and

            WHEREAS, as a result of the Reorganization, Alcan Aluminum
Corporation desires to again amend the Plan in order to reflect the plan sponsor
and the participating

<PAGE>

companies, effective July 31, 2003;

            NOW, THEREFORE, pursuant to Section 13.1 of the Plan, the
Corporation hereby amends the Plan, effective as of July 31, 2003, as follows:

      1. The Plan is hereby amended by the addition of a new last paragraph to
the FOREWORD, to read as follows:

"Effective July 31, 2003, the Alcan Aluminum Corporation, which is an Ohio
corporation, is reorganizing into a parent company and three operating
companies, all of which shall be Texas corporations, by (1) merging into a newly
established subsidiary of Alcan Inc., which subsidiary is to be called Alcan
Corporation, and (2) engaging in a divisive merger to form three subsidiaries
known as Alcan Products Corporation, Alcan Primary Products Corporation and
Alcan Aluminum Corporation, each of which shall hold certain operating assets."

      2. The Plan is hereby amended by the deletion of Section 1.23 in its
entirety and the substitution in lieu thereof of a new Section 1.23 to read as
follows:

"1.23 "Corporation" means, with respect to periods prior to July 31, 2003, Alcan
      Aluminum Corporation, an Ohio corporation, and with respect to periods on
      and after July 31, 2003, Alcan Corporation, a Texas corporation (the
      successor by merger to the Ohio corporation known as Alcan Aluminum
      Corporation) and any successor to such corporation by merger, purchase,
      reorganization or otherwise, or any other corporation or business entity
      which agrees to assume the position of the Corporation hereunder. In
      connection with such reorganization and to the extent appropriate to Plan
      context, references herein to Alcan Aluminum Corporation, the Ohio
      corporation, which predate July 31, 2003, including references to Alcan
      Aluminum Corporation as the Plan's sponsor and references in the Foreword
      and the signature block, shall be deemed to refer to Alcan Corporation,
      the Texas corporation, on and after July 31, 2003, whether or not such a
      reference is otherwise specifically mentioned."

      3. The Plan is hereby amended by the deletion of Appendix A in its
entirety and the substitution in lieu thereof a new Appendix A to read as
follows:

                                   "APPENDIX A

                             Table of Applicability
                            (In effect July 31, 2003)

The following table shows the Employers to which the Alcancorp Employees'
Savings Plan applies and the respective effective dates of adoption of the Plan
and, if applicable, the respective date of cessation of participation in the
Plan and the groups of Employees covered by such Employers.

                                        2
<PAGE>

<TABLE>
<CAPTION>
                                                                                                                   % Alcan
                                                                                                                  Ownership
                                                                                                                  ---------
<S>                                                                                                               <C>
Current Employers

A.   Alcan Corporation (f.k.a. Alcan Aluminum Corporation) (May 1, 1981)                                            100%

B.   Toyal America, Inc. (f.k.a. Alcan-Toyo America, Inc.) (July 1, 1987)                                             0%

C.   Alcan Management Services USA Inc. (January 1, 1992)                                                           100%

D.   Logan Aluminum Inc. (December 31, 1994)                                                                         40%

E.   Alcan Connecticut, Inc. (March 12, 2001)                                                                       100%

F.   Alcan Aluminum Corporation (July 31, 2003) (Texas Corporation)                                                 100%

G.   Alcan Primary Products Corporation (July 31, 2003) (Texas Corporation)                                         100%

H.   Alcan Products Corporation (July 31, 2003) (Texas Corporation)                                                 100%

Former Employers

A.   Luxfer USA Limited (January 1, 1986 until February 8, 1996)                                                    100%

B.   Superform USA Inc. (Salaried Employees) (January 1, 1986 until February 8, 1996)                               100%

C.   Alanx Products, L.P. (January 1, 1988 until June 1, 1992)                                                       82%

D.   Inorganic Membrane Technology (October 1, 1988 until September 1, 1991)                                        100%

E.   Kroy Industries Corporation (January 1, 1989 until November 1, 1994)                                           100%

F.   ManLabs, Inc. (January 1, 1989 until April 1, 1990)                                                            100%

G.   Magnesium Elektron, Inc. (Except Employees first hired at Lakehurst, NJ) (April 1, 1989 until February         100%
     8, 1996)

H.   Sol-Gel Ceramic Products, Inc. (April 1, 1989 until April 11, 1991)                                            100%

I.   Technical Ceramics Laboratories (October 1, 1989 until February 14, 1995)                                      100%

J.   BioKen Separations, Inc. (November 1, 1989 until January 1, 1992)                                              100%

K.   Rapak, Inc. (January 1, 1990 until March 1, 1992)                                                              100%

L.   Alupower, Inc. (April 1, 1990 until October 11, 1994)                                                          100%
</TABLE>

                                       3
<PAGE>

<TABLE>
<S>                                                                                                                 <C>
M.   Superform USA Inc. (Hourly Employees) (May 1, 1990 until February 8, 1996)                                     100%

N. Alcan Automotive Castings Inc. (November 2, 1993 until March 1. 2000)                                            100%
</TABLE>

            IN WITNESS WHEREOF, the Corporation has caused this Amendment No. 5
to be executed by its duly authorized officer this _________ day of July, 2003.

                                                   ALCAN ALUMINUM CORPORATION

                                                   By:__________________________

                                                   Title:_______________________

                                        4<PAGE>

                                                                   EXHIBIT 4.1.3

Profit Sharing and 1165(e) Adoption Agreement

                       EUROBANK. PROTOTYPE RETIREMENT PLAN
                  PROFIT SHARING AND 1165(c) ADOPTION AGREEMENT

      Adoption of a qualified plan under the Puerto Rico Internal Revenue Code
of 1.994, as amended has important legal and tax implications. Failure to
properly ill out the Adoption Agreement may result in disqualification of the
plan. Employers should consult with their counsel concerning the adoption of
this Plan, To obtain Further information about the Plan, contact Eurobank.

      NOTE: Under the terms of the Plan, options marked "STANDARD" automatically
will apply unless another option is selected. If additional space is needed to
provide information requested in this Adoption Agreement, the information may be
provided in an. addendum attached to this .Adoption Agreement which contains a
reference to the appropriate Pan(s) of the Adoption Agreement.

      This Adoption Agreement may only be used in conjunction with the EUROBANK
PROTOTYPE RETIREMENT PLAN (the "Prototype Plan").

      Capitalized terms refer to defined terms in the Prototype Plan. "Section"
refers to sections of the Prototype Plan; "Part" refers to provisions in this
Adoption Agreement. The instructions and descriptions in this Adoption Agreement
generally summarize the Plan Document provisions, but the Plan Document terms
will be controlling in the event of any conflict.

                           TO BE COMPLETED BY EUROBANK

Account # for Plan: 6500132

<PAGE>
                                       2

I.    EMPLOYER INFORMATION

      A.    Name: Alcan Packaging Puerto Rico Inc.

      B.    .Address: Road #1 Km 56.3

            Cavey PR 00736

      C.    Taxable Year: the period which ends on: December 31

      D.    EIN: 66-0312113

      E.    Form of :Business:

            1.   [ ] Sole Proprietorship
            2.   [ ] Partnership
            3.   [x] Corporation
            4.   [ ] Special partnership
            5.   [ ] Corporation of Individuals
            6.   [ ] Other (specify):

      F.    [ ] Yes [ x ] No this Plan has been adopted. by Affiliates.

      G.    The Sponsor is a member of:

            1.   [x] a controlled group of corporations,

            2.   [ ] a controlled group of trades or business.

II.   PLAN INFORMATION

      A.    Plan Name: Thrift and Deferred Compensation Plan for Employees of
                       Alcan Packaging Puerto Rico, Inc.

      B.    Plan Year: the period which ends on December 31 .

      C.    Prototype Plan Adoption. The Prototype Plan is hereby adopted as
            [Check one, See Section.14.1.]

            1.   [ ] a new profit-sharing plan,

            2.   [x] an amendment and restatement of the Plan ("Pre-Existing
                     Plan") which was originally effective January 1, 1979 .

      D.    Effective Date of this Adoption Agreement: January 1, 2004 .

      E.    ERISA Plan Number: 001

<PAGE>
                                       3

III.  ELIGIBILITY AND PARTICIPATION.

      A.    Eligible Employees. All Employees of the Employer and all Employees
            of the Participating Affiliates who satisfy the Participation
            Requirement generally will be eligible to participate in the Plan
            except; [Check one. See Section. 2.1 9.]

            1.   [x] STANDARD: no exclusions.

            2.   [ ] the following additional categories of Employees [The Plan
                     must satisfy the nondiscrimination and minimum coverage
                     rules on a continuing basis. See Section. 2.19(b).]:

                 a.   [ ] Hourly paid employees

                 b.   [ ] Salary paid employees

                 c.   [ ] Employees whose employment is governed by a
                          collective bargaining agreement under which
                          retirement benefits were the subject of good faith.
                          bargaining.

                 d.   [ ] Highly Compensated employees.

                 e.   [ ] Employees who arc non-residents of Puerto Rico who
                          receive no earned income from the employer from
                          sources in Puerto Rico.

                 f.   [ ] Other. [Attach. appropriate addendum III.A.2.f ]

      B.    Participation Requirement. In order to participate in this .Plan, an
            Eligible Employee must [Check one. Sec Section. 2.46, Section. 4 and
            Part V.B.1. Enter "N/A" if there will be no minimum age or no
            waiting period, as applicable.]

            1.   [ ] STANDARD: reach minimum age of 21 and complete waiting
                     period of l Year of Service.

            2.   [ ] no minimum age or waiting period.

            3.   [x] reach minimum age of 18 not to exceed 21 and complete
                     waiting period of 1 Year of Service [not to exceed 1],

            4.   [ ] each Employee who is an Eligible Employee on the Effective
                     Date will be deemed to satisfy the Participation
                     Requirement on the Effective Date regardless of such
                     Employee's actual age or service.

      C.    Entry Date: [Check one. Sec Section.2.26 and Section 4.]

      1.    [ ] STANDARD; the first day of each Plan Year and the first day of
                the seventh month of each Plan Year.

      2.    [ ] the date on which the Participant satisfies the Participation
                Requirement.

      3.    [x] other: The first day of the month coinciding with or next
                following the date on which he met the requirements . [Specify
                date (s). If a single Entry Date is entered, the minimum age in
                Part III.B cannot exceed. 20-1/2 and the maximum waiting period
                in Part NIB cannot exceed 1/2 year]

<PAGE>
                                       4

IV.   VESTING.

      A.    Death, Disability or Retirement. [See Section.8.1(b) and Part IV. C
            and .D.]

            1.    [x] STANDARD: A Participant's Employer Account and Matching
                      Account will be 100% vested if, while an Employee, that
                      Participant dies, becomes Disabled, or reaches Normal
                      Retirement Age or, if applicable, Early Retirement Age.

            2.    [ ] A Participant's Employer Account and Matching Account will
                      be 100% vested if, while an Employee, that Participant
                      reaches Normal Retirement Age or if the Participant
                      satisfies the following condition: [Check one or more
                      only if desired.]

                  a.    [ ] dies while an Employee

                  b.    [ ] becomes Disabled while an :Employee

                  c.    [ ] reaches Early .Retirement Age while an Employee.

      B.    General Vesting Schedule. [See Section. 8.1 and Section. 14.3 (c).
            Generally, the vesting schedule under the Plan must be at least as
            favorable at the completion of each year as the vesting schedule
            under the Plan before its amendment.

            1.    Matching Account. [Check one. "Full and Immediate Vesting"
                  must be selected if the 2-year requirement for Matching
                  Contributions is selected in Part VII.A2.b.5.]

                  a.    [ ] STANDARD: Full and Immediate Vesting. 100% at all
                            times.

                  b.    [x] Cliff Vesting. 100% after completion of 3 Years of
                            Service [not to exceed 3].

                  c.    [ ] Graded Vesting.

                            Years of Service           Nonforfeitable Percentage

                        Less  than 1                    __________%
                        1                               __________%
                        2                               __________[at least 20%]
                        3                               __________[at least 40%]
                        4                               __________[at least 60%]
                        5                               __________[at least 80%]
                        6 or more                       100%

<PAGE>
                                       5

            2.    Employer Account. [Check one. "Full and Immediate Vesting"
                  must be selected if the 2-year requirement for Employer
                  Contributions is selected in Part VII.D.2.h.5. ]

                  a.    [ ] STANDARD: Full and Immediate Vesting. 100% at all
                            times

                  b.    [x] Off Vesting. 100% after completion of 3 Years of
                            Service, [not to exceed 5].

                  c.    [ ] Graded Vesting

                            Years of Service         Nonforfeitable Percentage
                            ----------------         -------------------------
                        Less than 1                  ________%
                        1                            ________%
                        2                            ________%
                        3                            ________% [at least 20%]
                        4                            ________% [at least 40%]
                        5                            ________% [at least 60%]
                        6                            ________% [at least 80%]
                        7 or more                    100%

      C.    Normal Retirement Age: [Check one. See Section.2.44 and Part .
            XIII.B.]

            1.    [x] STANDARD: age 65

            2.    [ ] age [not to exceed 65 ]

            3.    [ ] the later of age [not to exceed 65] or the [not to exceed
                      5th] anniversary of the date on which the Participant
                      commenced participation in the Plan.

      D.    Early Retirement Age: [The designation of an Early Retirement Age
            may accelerate vesting and distribution. Early Retirement .Age
            cannot exceed Normal :Retirement Age. Check one. See Section.2,12
            and. Section. 9,1.]

            1.    [ ] STANDARD: No Early Retirement Age.

            2.    [ ] age .

            3.    [x] the later of age 60 or the completion of 5 Years of
                      Service (for vesting purposes).

      E.    Disability: [Check one. See Section. .2.11]

            1.    [ ] STANDARD: The determination of disability will be made by
                      a. physician selected by the Plan Administrator.

            2.    [x] A participant will be deemed disabled if he is eligible to
                      receive benefits under a long term disability plan
                      sponsored by the Employer or a Participating Affiliate,

<PAGE>
                                       6

            3.    [ ] A participant will be deemed disable if he is determined
                      to be disabled by the Federal Social Security
                      Administration,

V.    SERVICE PARTICIPATION AND VESTING.

      1.    Method for Crediting Service. [Cheek one. See Section. 3]

            1.    [x] STANDARD: "Hour of Service" method. [See Section.3.1.1

                  a.    Crediting Hours. Flours will be credited during each
                        Computation Period [Check one. See Section 3.1 (c).]

                        (1)   [x] STANDARD: by maintaining records of the
                                  actual hours worked. [Sec Section. 3.1(c)(2)
                                  (i).]

                        (2)   [ ] by using the following equivalency [Check one.
                                  See Section. 3.1(c)(2)(iii).]

                              [ ] 10 Hours of Service for each day.

                              [ ] 45 Hours of Service for each week.

                              [ ] 95 Hours of Service for each semi-monthly
                                  payroll period.

                              [ ] 190 Hours of Service for each month.

                  b.    Vesting Computation Period. The Computation Period for
                        vesting purposes will be [Check one. Sec Section. 3.1(b)
                        (2).]

                        (1)   [x] STANDARD: the Plan Year

                        (2)   [ ] the 12 month period beginning on the
                                  Participant's hire date and each anniversary
                                  of that hire date.

                  c.    Participation Computation Period. The initial
                        Computation Period for participation purposes will be
                        the 12 month period beginning of the Participant's hire
                        date. Each subsequent Computation Period after the
                        initial 12 months of employment will be [Check one. See
                        Section. 3,1(b)(3).]

                        (1)   [x] STANDARD: Plan Years beginning on the
                                  Participant's hire date.

                        (2)   [ ] subsequent 12 month periods beginning on the
                                  anniversaries of the Participant's hire date_

                  d.    Year of Service for Vesting. For vesting purposes, an
                        Employee will be credited with a Year of Service if,
                        during a Computation Period the Employee completes at
                        least [Check one. See Section. 3.1(d).]

                        (1)   [x] STANDARD: 1,000 Hours of Service.

                        (2)   [ ] 1 [:not more than 1,000] Hours of Service.

<PAGE>
                                       7

                  e.    Year of Service for Participation. For participation
                        purposes, an Employee will be credited with a Year of
                        Service [Check one. See Section 3.1(b)(3) and Section.
                        3.1(d).]

                        (1)   [ ] STANDARD: at the end of the Computation Period
                                  in which the Employee completes at least 1,000
                                  Hours of Service,

                        (2)   [x] on the date on which the Employee completes
                                  at least 1 [not more t1-tan 1,000] flours of
                                  Service.

                        (3)   [ ] at the end of the Computation Period on which
                                  the Employee completes at least [not more than
                                  1,000] hours of Service.

                        Notwithstanding the foregoing, if a partial Year of
                        Service is selected in Part III.B, no minimum number of
                        Hours of Service will be required.

            2.    "Elapsed Time" method. [See Section 3.2.]

                  For purposes of determining whether a Participant is entitled
                  to an allocation of contributions or forfeitures, the
                  Participant will be deemed to have completed more than 500
                  Hours of Service in a Plan Year if the Participant completes
                  the following period of employment in the Plan Year: [Check
                  one. See Section. 2.2(d) and Part VII.]

                  a.    [ ] STANDARD: more than 91 consecutive calendar days,

                  b.    [ ] more than 3 consecutive months.

      B.    Special Rules.

            1.    Vesting Service Exclusions. [Sec Section 3.8] In addition to
                  any service that is disregarded under the Break in Service
                  Rules described below and in Section 3.7(c), the following
                  service will be excluded for vesting purposes:

                  a.    [ ] STANDARD: No other exclusions,

                  b.    [x] Years of Service before age 18.

                  c.    [ ] Years of Service before the Employer or an Affiliate
                            maintained this Plan or a predecessor plan.

                  d.    [ ] Years of Service during a period for which the
                            Employee made no mandatory contributions under a
                            Pre-Existing Plan.

            2.    Predecessor Employer Service (Vesting and Participation).
                  Generally, example, the Employer maintains the plan of a
                  predecessor employer (.for example, an acquired company),
                  service for a predecessor employer will not be credited as
                  service under this Plan. [Check and attach appropriate
                  addendum only if desired. See Section 3,4].

<PAGE>
                                       8

                  [x]   Service credit will be given under this Plan for certain
                        predecessor employers for participation. and/or vesting
                        purposes to the extent provided in Addendum V.B.2.

            3.    Break in Service Rules. [See Section 3.7 and Section 8.2]
                  Generally, all service completed before a Break in Service
                  will be credited upon reemployment. Certain service may be
                  excluded under the following rules:

                  a.    [ ] STANDARD: No exclusions. [See Section 3.7 (a).]

                  b.    [x] One Year Hold Out Rule". [See Section 3,7 (b)(1).]
                            This rule, generally, requires rehired Employees to
                            complete a Year of Service before prior vesting and
                            participation service is restored.

                  c.    [ ] "Rule of Parity". [See Section 3.7 (b)(3).] This
                            rule, generally, disregards vesting and
                            participation service completed before 5
                            uninterrupted Breaks in Service,
                  d.    [ ] "Alternative Maternity/Paternity Rule". [Not
                            applicable if "Elapsed Time" is selected. See
                            Section 3.7 (b)(4).] This rule, generally,
                            increases the number of Breaks in Service from 5 to
                            6 for all Employees in lieu of crediting service
                            for maternity/paternity leave.

                  e.    [ ] Alternative to "Buy Back Rule", [See Section 8.2
                            (h). 1 This rule, generally, does not require former
                            participants (less than 100% vested) to pay back
                            previous distributions upon reemployment (vesting
                            only). A rehired Participant's vested interest in
                            restored amounts will be determined under: [Check
                            one. See Section 8.2 (a), Section 8,2 (b) and
                            Section 8.2 (c),]

                        (1)   [ ] STANDARD: Formula A

                        (2)   [ ] Formula B

VI.   EMPLOYEE CONTRIBUTIONS.

      A.    Elective Deferrals. Elective Deferrals [See Section 5.3 (f) and.
            Section 7.3 (a). Check one.]

            1.    [ x ] STANDARD: will be allowed. [Complete formula below;
                        enter "N/A", if not applicable.]

                  a.    Minimum Amount. Not less than 1 % of a Participant's
                        Compensation or $________________________ .

                  b.    Maximum Amount. Not more than 10 % (may not exceed 10%)
                        of a Participant's Compensation or $ 8,000 (may not
                        exceed $8,000).

            2.    [ ] will not be allowed.

<PAGE>

                                       9

      B.    Employee Contributions. Employee Contributions [See Section 5.3 (g).
            Cheek one.]

             1.   [ ] STANDARD: will not be allowed.

             2.   [x] will be allowed. [Complete formula below; enter "N/A" if
                      not applicable.]

                   a.   Minimum Amount. Not less than 1 % of a Participant's
                        Compensation or $_______________________ .

                   b.   Maximum Amount. For Plan Years ending on and before Dec
                        31, not more than 10 % of a Participant's Compensation
                        or $ ________, and for each Plan Year thereafter, not
                        more than 10 % of a Participant's Compensation or $ .

      C.    Election Rules. [Check one. See Section 5.3 (h).]

             1.   [x] STANDARD: if a Participant does not elect to begin
                      Elective Deferrals or Employee Contributions on the
                      Participant's Entry Date the Participant may elect to
                      begin such contributions as of any following pay date. A
                      Participant's election can be revised (prospectively only)
                      as of any pay date. A Participant who terminates
                      contributions may elect to resume contributions
                      prospectively as of any pay date.

             2.   [ ] Alternatives to Standard: A Participant's elections may be
                      made as follows: [Must include at least one day in each
                      calendar year.]

                   a.   [ ] Commencement. [See Section 5.3 (h)(2).] effective
                            only on a monthly basis following the Participant's
                            Entry Date,

                   b.   [ ] Revision. [See Section 5.3 (h)(3).] effective only
                            on a monthly basis,

                   c.   [ ] Resumption. [See Section 5.3 (h)(5).] effective Only
                            on a monthly basis.

      D.    Rollover Contributions. Rollover Contributions [Check one. Sec
            Section 5.5]

             1.   [x] STANDARD: will be allowed and may be made by [Check
                      one.]

                   a.   [ ] STANDARD: any Eligible Employee.

                   b.   [ ] any Eligible Employee who is a Participant.

             2.   [ ] will not be allowed.

      E.    Limitations on Elective Deferrals.

             1.   Claims. Claims for a refund of Excess Elective Deferrals must
                  be made no later than [See Section 7.3 (O. Check one.]

                   a.   [x] STANDARD: March 1

<PAGE>

                                       10

                   b.   [ ] [no earlier than March 1 and no later than April
                            1.5.]

             2.   Deemed Claims. Corrections of Excess Elective Deferrals will
                  be made See Section 7.3 (0(2). Check one.]

                   a.   [x] STANDARD: from this Plan.

                   b.   [ ] from the following plan (s):

             3.   "Gap Period" Income. The income or loss allocable to the "gap
                  period" [Check one. See Section 7.3 (e), Section7.4 (d)(2) and
                  Section 7.5 (d)(2).]

                   a.   [x] STANDARD: shall not be distributed.

                   b.   [ ] shall he distributed.

             4.   Recharacterization. Recharacterization of Excess Contributions
                  as Employee Contributions [See Section 7.4 (e), Check one.]

                   a.   [ ] STANDARD: will not be allowed,

                   b.   [x] [Do not check this option :if Employee
                            Contributions are not allowed in Part VI.B.] will be
                            allowed.

VII.   EMPLOYER CONTRIBUTIONS.

      A.    Matching Contributions. [Sec Section 5.3 (b) and Part V.II.F.]

             1.   Formula. [Check one.]

                   a.   [ ] STANDARD: No Matching Contributions will be made,

                   b.   [x] Matching Contributions will he made on account of:
                            [Check one or both.]

                        [x] Elective Deferrals

                        [x] Employee Contributions

                        under the following formula: [Check and complete one.
                        Enter "N/A." if not applicable. The formula specified
                        and completed must not provide a. higher rate of
                        Matching Contributions for Participants who make a
                        higher amount of contributions.]

                        [x] 100 % of the Participant's contributions which
                            do not exceed $ 0 or 2 % of the Participant's
                            Compensation plus 0 % of the Participant's
                            contributions which exceed $ 0 or 0 % but
                            contributions in excess of $ 0 or 0 % of the
                            Participant's Compensation will not be matched.

<PAGE>

                                       11

                        [ ] such percentage of the Participant's
                            contributions as deter-pined. by the Employer in
                            its discretion for each Plan Year.

                        [ ] in an amount equal to .

             2.   Eligible Participant. The Matching Contribution for any
                  Allocation Date will be made only for each Participant who
                  makes Elective Deferrals or Employee Contributions, as
                  applicable, during the period ending on the Allocation Date
                  and who satisfies all of the following requirements: [Check
                  one.]

                   a.   [x] STANDARD: no additional requirements,

                   b.   [ ] Alternative: [Check one or more]. See Addendum VII

                        (1)   [ ] the Participant is employed (or on an
                                  authorized leave of absence) on the Allocation
                                  Date.

                        (2)   [ ] the Participant is credited with at least
                                  1,000 flours of Service in the Plan Year
                                  ending on such Allocation Date. [Do not check
                                  if "Elapsed Time" is selected or Allocation
                                  Date is not Standard Option].

                        (3)   [ ] the Participant is a Nonhighly Compensated
                                  Employee.

                        (4)   [ ] the Participant is net employed as of the last
                                  day of the Plan Year but is credited with more
                                  than 500 Hours of Service in the Plan Year.
                                  [Do not check if Allocation Date is not
                                  Standard Option. Special Hour of Service,
                                  equivalencies apply if "Elapsed Time" is
                                  selected., See Part V.A.2.]

                        (5)   [ ] the Participant is credited with at least 2
                                  Years of Service (for participation purposes)
                                  on such Allocation Date.

                        (6)   [ ] notwithstanding anything to the contrary in
                                  clause (1), (2) or (4) of Part VII.A.2.b, a
                                  Participant who died, retired or became
                                  disabled during the period ending on the
                                  Allocation Date will be eligible [Cheek one]

                              [ ] without regard to the number o Hours of
                                  Service.

                              [ ] only i f he completes the Hours of Service
                                  specified in clause (2) or (4), as applicable.
                                  [Do not check i f' Allocation Date is not
                                  Standard Option]

             3.   Allocation Date. Matching Contributions will be made and
                  allocated as of [Check one.]

                   a..  [ ] STANDARD: the last day of each Plan Year.

<PAGE>

                                       12

                   b.   [x] each biweekly .

             4.   Forfeitures. Forfeitures attributable to Matching Accounts
                  [Check one.] See Section 6.3(c)(2)(ii).]

                   a.   [x] STANDARD: will be applied to reduce Matching
                            Contributions as of the Allocation Date: Check one.
                            See Section 8.2 (e).]

                        (1)   [ ] STANDARD: which immediately follows the date
                                  the Forfeiture occurs.

                        (2)   [ ] which immediately follows the last day of the
                                  Plan Year in which the Forfeiture occurs.

                   b.   [ ] will be reallocated to Active Participants as of the
                            last day of each Plan Year. [Complete Part V.II.D.2
                            to specify who is an Active Participant for this
                            purpose]

                   c.   [ ] will be allocated in accordance with the formula set
                            forth in Addendum VII.A.4.c. [The addendum should
                            describe Allocation Date, eligible Participants and
                            allocation formula.

                   d.   [ ] will be applied to pay Plan expenses,

      B.    Qualified Matching Contributions. [Sec Section 5.3 (e) and Part VII.
            F.]

             1.   Formula. [Check one.]

                   a.   [ ] STANDARD: No Qualified Matching Contributions will
                            be made,

                   b.   [ ] Qualified Matching Contributions will be made on
                            account of: [Check one or both.]

                        [ ] Elective Deferrals

                        [ ] Employee Contributions

                        under the following formula: [Check and complete one.
                        Enter "NIA." if not applicable. The formula specified
                        and completed must not provide a higher rate of
                        Qualified Matching Contributions for Participants who
                        make a higher amount of contributions.]

                        [ ] _________% of the Participant's contributions
                            which do not exceed $______ or______ % of the
                            Participant's Compensation plus ______% of the
                            Participant's contributions which exceed $_______
                            or_______ %, but contributions in excess of $_______

<PAGE>

                                       13

                            or_____ % of the Participant's Compensation will not
                            be matched.

                        [ ] such percentage of the Participant's contributions
                            as determined by the Employer in its discretion
                            for each Plan Year.

                        [ ] in an amount equal to _______________________.

             2.   Eligible Participant. The Qualified Matching Contribution for
                  any Allocation Date will be made only for each Participant who
                  makes Elective Deferrals or Employee Contributions, as
                  applicable, during the period ending on the Allocation Date
                  and who satisfies all of the following requirements: [Check
                  one.]

                   a.   [ ] STANDARD: no additional requirements,

                   b.   [ ] Alternative: [Check one or more]

                        (1)   [ ] the Participant is employed (or on an
                                  authorized leave of absence) on the Allocation
                                  Date,

                        (2)   [ ] the Participant is credited with at least
                                  1,000 Hours of Service in the Plan Year ending
                                  on such Allocation Date, [:Do not check if
                                  "Elapsed Time" is selected or Allocation Date
                                  is not Standard Option.]

                        (3)   [ ] the Participant is a Nonhighly Compensated
                                  Employee.

                        (4)   [ ] the Participant is not employed as of the last
                                  day of the Plan Year but is credited with more
                                  than 500 Hours Service in the Plan Year. [Do
                                  not check if Allocation :Date is not Standard
                                  Option. Special. Hour of Service equivalencies
                                  apply if" Elapsed Time" is selected. See Part
                                  V.A.2.]

                        (5)   [ ] the Participant is credited with at least 2
                                  Years of Service (for participation purposes)
                                  on such Allocation Date.

                        (6)   [ ] notwithstanding anything to the contrary in
                                  clause (1), (2) or 94) of this Part VII.B.2.b,
                                  a :Participant who died, retired or became
                                  disabled during the period ending on the
                                  Allocation Date will be eligible [Check one.]

                              [ ] without regard tot he number o f Hours of
                                  Service.

                              [ ] only if he completes the Hours of Service
                                  specified in clause (2) or (4), as applicable.
                                  [Do not cheek if Allocation Date is not
                                  Standard Option.]

<PAGE>

                                       14

             3.   Allocation Date. Qualified Matching Contributions will be made
                  and allocated as of [Check one.]

                   a.   [ ] STANDARD: the last day of each Plan Year,

                   b.   [ ] each .

      C.    Qualified Nonelective Contributions. [See Section 5.3 (d) and Part
            VII.F]

             1.   Formula. In addition to the Qualified Nonelective
                  Contributions which may be made for Nonhighly Compensated
                  Employees to satisfy the ADP limits (in the case of Electing
                  Plans), [Check one.]

                   a.   [x] STANDARD: no additional Qualified Nonelective
                            Contributions will be made.

                   b.   [ ] additional Qualified Nonelective Contributions will
                            be made in an amount equal to the amount determined
                            by the Employer .

             2.   Eligible Participant. The Additional Qualified Nonelective
                  Contribution described in the Part VII.C fir any Allocation
                  Date will be made only for each Participant who is an Eligible
                  Employee at any time during the period ending on the
                  Allocation Date and who satisfies all of the following
                  requirements: [Check one.]

                   a.   [ ] STANDARD: no additional requirements.

                   b.   [ ] Alternative: [Check one or more]

                        (1)   [x] the Participant is employed (or on an
                                  authorized leave of absence) on the
                                  Allocation Date.

                        (2)   [ ] the Participant is credited with at least
                                  `1,000 Hours of Service in the Plan Year
                                  ending on such Allocation Date. [Do not
                                  cheek if "Elapsed Time" is selected or
                                  Allocation Date is not Standard Option.]

                        (3)   [x] the Participant is a Nonhighly Compensated
                                  Employee.

                        (4)   [ ] the Participant is not employed as of the last
                                  day of the Plan Year but is credited with more
                                  than 500 Hours of Service in the Plan Year.
                                  [Do not check: if Allocation Date is not
                                  Standard Option. Special flour of Service
                                  equivalencies apply if "Elapsed Time" is
                                  selected. See Part V.A.2.]

                        (5)   [ ] the Participant is credited with at least 2
                                  Years of Service (for participation purposes)
                                  on such Allocation Date.

                        (6)   [ ] notwithstanding anything to the contrary in
                                  clause (l.), (2) or (4) of this Part
                                  VII.C.2.b, a Participant who died, retired or
                                  became disabled during the

<PAGE>
                                       15

                                  period ending on the Allocation Date will be
                                  eligible Check one]

                              [ ] without regard to the number of Hours of
                                  Service,

                              [ ] only if he completes the Hours of Service
                                  specified in clause (2) or (4), as applicable.
                                  [Do not check if Allocation Date is not
                                  Standard Option.]

             3.   Allocation Date, The Qualified Nonelective Contributions
                  described in this Part VII.C will be made and allocated as of
                  [Check one.]

                   a.   [x] STANDARD: the last day of each plan Year.

                   b.   [ ] each ________________.

      D.    Discretionary Employer Contributions.

             1.   Allocation Formula. The discretionary Employer Contributions
                  will be allocated among Active Participants as follows: [Check
                  one. See Section 5.3 (e), Section 6.3 (a), Section 6.3 (c) (4)
                  and Part VII.F. Do not select an integrated formula for Plan
                  Years beginning on and after the Final Compliance Date if the
                  Employer also maintains another integrated plan for such Plan
                  Year.]

             a.   [x] STANDARD: Nonintegrated. [See Section 6.3(a)(l) and
                      Section 6.3 (c)(4)(i)(A).]

             b.   [ ] Integrated. [See Section 6.3 (a)(2), Section 6.3
                      (c)(4)(i)(13) and Section 123

                  (1)   Integration Percentage. [Check one. If the Integration
                        Level is less than the Taxable Wage Base, the Maximum
                        Disparity Rate must be reduced. See Section 2.39.]

                        [ ] STANDARD: the Maximum Disparity Rate.

                        [ ] ______% [not to exceed the Maximum Disparity Rate.]
                                                     ---------

                  (2)   Integration Level. [Check one. See Section 2.35]

                        [ ] STANDARD: the Taxable Wage Base.

                        [ ] $_______or_______% of the Taxable Wage Base [not to
                            exceed the Taxable Wage Base.]

             2.   Active Participant. The discretionary Employer Contributions
                  and Forfeitures, i ['applicable, will only be allocated to:
                  [Check one. See Section 2.2, Section 5.3 (e) and Part VII.E.].

                   a.   [x] STANDARD: each Participant who is an Eligible
                            Employee at any time during the Plan Year and (1)
                            who is employed (or on an authorized leave of
                            absence) on the last

<PAGE>
                                       16

                            day of the Plan Year and (if the "Hours of Service"
                            method is selected) who is credited with more than
                            1,0070 Hours of Service during the Plan Year, or
                            (2) who terminated employment during the Plan Year
                            due to death, disability or retirement.

                  b.    [ ] Alternatives to standard: [Check one or more.]

                        (1)   [ ] The last day employment requirement will not
                                  apply.

                        (2)   [ ] The 1,000 hours requirement will not apply.

                        (3)   [ ] The exceptions for death, disability and
                                  retirement will not apply.

                        (4)   [ ] Each Participant who is not employed on the
                                  last day of the Plan Year but is credited with
                                  more than 500 Hours of Service during the Plan
                                  year will be an Active Participant. [Special
                                  equivalencies apply if "Elapsed Time" is
                                  selected. See Part V.A.2.]

                        (5)   [ ] The Participant must also be credited with at
                                  least 2 Years of Service on the last day of
                                  the Plan Year.

             3.   Forfeitures. Forfeitures attributable to Employer Accounts
                  [Check one. See Section 5.3 (i) and Section 6.3 (c)(4)(ii).]

                  a.    [ ] STANDARD: will be reallocated to Active Participants
                            as of the last day of each Plan Year in the same
                            manner as Employer Contributions.

                  b.    [x] will applied to reduce Matching Contributions,
                            Qualified Matching Contributions and/or Qualified
                            Nonelective Contributions.

                  c.    [ ] will be allocated in accordance with the formula set
                            forth in Addendum VII.D.3.c. [The addendum should
                            describe Allocation Date, eligible Participants and
                            allocation formula]

                  d.    [ ] will be applied to pay Plan expenses.

      E.    Net Profits.

            1.    General. All Employer contributions will be made out of Net
                  Profits [See Section 5,3(a).]

            2.    Definition. For this purpose, Net Profits will be as defined
                  [Check one, See Section 2.41]

                  a.    [x] STANDARD: in Section 2.41 (a).

                  b.    [ ] in the attached Addendum VII.E.2.
<PAGE>
                                       17

VIII. COMPENSATION. Compensation for any Plan Year generally meals total
      compensation actually paid to a Participant during such Plan Year (unless
      another determination period is selected).

      A.    Basic Definition:

            Total compensation means: [Check one. See Section 2,9 (a).]

            1.    [x]   STANDARD: wages, tips and other compensation reportable
                        on Form 499-R-2/W-2 P.R.

            2.    [ ]   regular or base salary or wages, including [Check one or
                        more only i f desired.]

                  a.    [ ]   overtime

                  b.    [ ]   bonuses

                  c.    [ ]   commissions

                  d.    [ ]   other: ____________________.

            Reimbursements or other expense allowances, fringe benefits (cash
            and noncash), moving expenses, deferred compensation and welfare
            benefits (even if ineludible in gross income): [Check one. See
            Section 2.9 (a)(2)(ii) or Section 2.9 (b)(2)(iv).]

                  [ ]   STANDARD: will be included in Compensation as
                        determined in accordance with the definition selected
                        above,

                  [x]   will not be included in Compensation as determined
                        in accordance with the definition selected above.

      B.    Determination. [Check one. See Section 2.9 (e).:]

            1.    [x]   STANDARD: the Plan Year.

            2.    [ ]   the calendar year ending in the Plan Year.

            3.    [ ]   a period beginning each [Enter the day and month the
                        period begins. The determination period must end with or
                        within the Plan Year, must be at least 12 consecutive
                        months in duration and must apply uniformly to all
                        Employees in the Plan]

      C.    Salary Reductions. Participant salary reduction contributions (liar
            examples, Section 1165(e)) [Check one. See Section 2.9 (g)].

            1.    [x]   STANDARD: will he included in total compensation,

            2.    [ ]   will not he included in total compensation.

      D.    Special Rules. [Complete only if desired. See Section 2.9 (h).]

            1.    [ ]   Compensation liar periods ending before the Entry Date
                        on which an Eligible Employee becomes a Participant will
                        be excluded. [See Section 2.9 (h)(1).]

<PAGE>

                                       18

            2.    [ ]   Compensation for any Plan Year in excess of $_________
                        will be excluded [See Section 2.9 (h)(3).]

            3.    [ ]   The following shall be excluded when determining
                        Compensation of Highly Compensated Employee:
                        _______________. [See Section 2.9 (11)(4).]

IX.   DISTRIBUTIONS.

      A.    Timing. Vested Plan benefits, generally, will be distributed as
            follows: [Check one, See Section 9.1 (a).]

            1.    [x]   STANDARD: as soon as practical after the Participant
                        separates from service subject to the Participant's
                        consent, if required.

            2.    [ ]   no earlier than the Participant's Normal Retirement Age,
                        Early Retirement Age or Disability, whichever is
                        earlier.

      B.    Elections to Defer. A Participant whose Account is more than $5,000
            may elect that distribution of vested Plan benefits be deferred
            until: [Check one. See Section 9.1 (e) and Section 11.2 (g).]

            1.    [x]   STANDARD: the date selected by the Participant.

            2.    [ ]   the later of the Participant's Normal Retirement Age or
                        age 62.

      C.    In-Service Distributions. [See Section 9.2(b).]

            1.    Elective Deferral Accounts. Iii-service distributions from
                  Elective Deferral Accounts will be allowed as follows: [Check
                  applicable box (es)].

                  a.    [x]   STANDARD: no distributions before separation from
                              service.

                  b.    [ ]   for the following financial hardship (s): [See
                              Section 9.2 (h)(3). Check one or more.]

                        (1)   [ ]   medical expenses [See Section 9.2
                                    (b)(3)(ii)(A).]

                        (2)   [ ]   purchase of principal residence [See Section
                                    9.2 (b)(3)(ii)(B).]

                        (3)   [ ]   tuition [See Section 9.2 (b)(3)(ii)(C).]

                        (4)   [ ]   foreclosure or eviction [See Section 9.2
                                    (b)(3)(ii)(D).]

                        (5)   [ ]   other Puerto Rico Department of the Treasury
                                    "deemed" .financial hardship [Sec Section
                                    9.2 (b)(3)(ii)(F).]

                        (6)   [ ]   Others. [Attach appropriate addendum
                                    IX.C.1.b(6).

            2.    Matching Accounts. En-Service distributions from Matching
                  Accounts will be allowed as follows: [Check applicable box
                  (es).]

                  a.    [ ]   STANDARD: no distributions before separation. from
                              service.

<PAGE>

                                       19

                  b.    [x]   for a financial hardship under the safe harbor
                              tests. .See Section 9.2 (b)(3).]

                  c.    [x]   under other circumstances. [Attach appropriate
                              addendum IX.C.2.c.]

            3.    Employer Accounts. In-service distributions from Employer
                  Accounts will be allowed as follows: [Check applicable box
                  (es)]

                  a.    [ ]   STANDARD: no distributions before separation from
                              service.

                  b.    [x]   for a. financial hardship under the safe harbor
                              tests. [Sec Section  9.2(b)(3).]

                  c.    [x]   under other circumstances. [Attach appropriate
                              addendum IX.C.3.c.]

            4.    Qualified Nonelective and Qualified Matching Accounts.
                  In-service distributions from Qualified Nonelective and
                  Qualified Matching Accounts will be allowed as follows: [Check
                  applicable box (es)]

                  a.    [x]   STANDARD: no distributions before separation from
                              service.

                  b.    [ ]   for financial hardship [See Section 9.2 (b)(3).]

            5.    Employee Accounts. Withdrawals from Employee Accounts
                  [Sec Section 9.2 (d). Check one.]

                  a.    [x]   STANDARD: will be allowed.

                  b.    [ ]   will not be allowed.

      D.    Optional Distributions Forms. [See Section 10.6 (c).] In addition to
            single sum distributions in cash, Participants may also request:

            1.    [x]   Installments [See Section 10,6 (c)(2)(ii).]

            2.    [ ]   Annuity contracts [See 10.6 (c)(2)(iii).]

            3.    [ ]   The optional forms or in kind distributions offered
                        under a Pre-Existing Plan as described in Addendum

            4.    [x]   Single sum distribution in kind.

X.    INVESTMENT PROVISIONS.

      1.    Individually Directed Investments. An individual's direction, of the
            investment of that individual's Account [Check one. See Section
            13.2.]

            1.    [x]   STANDARD: will be allowed and will apply: [Check one.]

                  a.    [x]   STANDARD: to the entire Account

<PAGE>

                                       20

                   b.   [ ]   only to the following: .

             2.   [ ]   will not be allowed

      B.    Participant Loans. Participant loans [Check one, See Section  13.3.]

                   1.   [ ]   STANDARD: will not he allowed.

                   2.   [x]   will be allowed.

                         a.   Accounting. Loans will be treated as an asset of
                              [See Section 13.3 (e). Check one.]

                              (1)   [x]   STANDARD: the Participant's Account.

                              (2)   [ ]   the Fund.

                         b.   Amounts. The $10,000 exception for loans in excess
                              of 50% of Account value [Check one. See Section
                              13.3 (f)(2).]

                              (1)   [x]   STANDARD: shall not apply.

                              (2)   [ ]   shall apply. [Note Loans under this
                                          exception must be secured by
                                          collateral in addition to the
                                          Participant's vested Account]

      C.    Insurance. A Participant's direction to purchase insurance contracts
            [Check one. See Section 13,1]

             1.   [x]   STANDARD: will not be allowed.

             2.   [ ]   will be allowed.

XI.      SPECIAL PROVISIONS FOR AMENDMENT AND RESTATEMENT OF PLANS, MERGERS OR
         TRANSFERS.

      A.    Vesting or Distribution Rules. [Cheek and attach appropriate
            description only if applicable. See Section 10.6, 14,1 (b) and
            Section 14.5.]

                  [ ]   The special vesting or distribution rules which must
                        be preserved under ERISA Section 204 are described in
                        Addendum XI.A.

      B.    Effective Dates. [Check and attach appropriate addendum only if any
            of the selections made m this Adoption Agreement will become
            effective as of a date, other than the Effective Date set forth in
            Part II.D.]

                  [ ]   Certain elections in this Adoption Agreement shall be
                        effective as of the date (s) specified in Addendum XI.B.

XII.     PARTICIPATING AFFILIATES. [See Section 14.1 (c)]

      The Plan is adopted for the employees of the Affiliates [See Section 2.4]
      listed in Addendum XII.

<PAGE>

                                       21

XIII.    TRUSTEE AND TRUST AGREEMENT- [CHECK ONE, SEE SECTION 2.67 AND SECTION
         2.68.]

      The Plan shall be funded through:

      [x]   The Eurobank Master Retirement Trust.

      [ ]   A deed of trust to be executed separately between Eurobank and the
            Employer. The terms of the Trust Agreement are incorporated by
            reference in this .Adoption Agreement.

XIV.     PR TREASURY APPROVAL.

The adopted Employer may not rely on the determination letter issued by the
Puerto Rico Department of the Treasury as to the qualification of the Prototype
Plan under the provisions of the ER Code. Any Employer who wishes to obtain
reliance that this Plan as adopted by the Employer is qualified under the PR
Code must apply to the Puerto .Rico Department of the Treasury for a
determination letter and filed the required information.

                                   SIGNATURES

IMPORTANT:

      In order to have a valid plan, this Adoption Agreement must be signed by
      individuals authorized to sign for the Employer.

      This Adoption Agreement will not become effective as a prototype plan
      unless and until it is accepted by Eurobank as the Prototype Sponsor but,
      upon such acceptance, will he effective as a prototype plan retroactive to
      the Effective Date.

      An Affiliate (i.e., a member of a controlled. group of corporations or
      commonly controlled group of trades or businesses) may adopt this Plan as
      a Participating Affiliate.

EMPLOYER REPRESENTATIONS. The undersigned hereby certifies that the adoption or
the Plan is authorized by (1) a Board of (Director's resolution for an Employer
which is a corporation, or (2) a written authorization by the person or persons
duly authorized to act on behalf of an Employer which is not a corporation. If
this Adoption Agreement amends and restates a Pre-Existing Plan, the undersigned
hereby certifies that such amendment is duly authorized by the Employer. The
undersigned hereby acknowledges that Eurobank, the Prototype Sponsor, (1) is not
responsible for the elections made in this Adoption Agreement, (2) shall have no
responsibility whatsoever with respect to the Fund or the operation and.
administration of this Plan, and (3) has advised the Employer to consult with
legal counsel for the Employer regarding the adoption and operation of this
Plan. The undersigned further acknowledges that Employer is solely responsible
for the elections made in this Adoption Agreement and for the operation and
administration of this Plan. Finally, the undersigned acknowledges that the
Prototype Sponsor will charge the fee specified in the separate Service
Agreement between the Employer and

<PAGE>

                                       22

Eurobank and hereby authorizes the, Prototype Sponsor to charge such fees
against the assets of the Plan if they are not paid by the Employer in a timely
manner.

EMPLOYER EXECUTION. Subject to the terms and conditions of the Plan, the Trust
Agreement and this Adoption Agreement, the undersigned hereby has executed this
Adoption Agreement to evidence its adoption (or, if applicable, amendment) of
the Plan.

Employer's Name: Alcan Packaging Puerto Rico Inc.

By: ______________________________________

Signature: _______________________________

Title:____________________________________

Date: ____________________________________

PROTOTYPE SPONSOR R ACCEPTANCE. Subject to the terms and conditions of the Plan,
the Trust Agreement and this Adoption Agreement, this Adoption Agreement is
accepted by the Prototype Sponsor.

Authorized Signature: ____________________

Date: ____________________________________

PARTICIPATING AFFILIATES EXECUTION. [Attach additional signature pages if there
are more than three Participating Affiliates. An Affiliate which adopts this
Plan after this .Adoption Agreement is executed should evidence its adoption of
this Plan by executing and attaching to this Adoption Agreement a signature page
which include the information set forth below.)

Subject to the terms and conditions of the Plan, the Trust Agreement and this
Adoption Agreement, the undersigned hereby has executed this Adoption Agreement
to evidence its adoption (or, if applicable, amendment) of the Plan.

AFFILIATE: _______________________________

Employer identification number: __________

By:_______________________________________

Signature: _______________________________

Title: ___________________________________

Date: ____________________________________

Effective Date of Adoption or Plan by Affiliate (if different for the Effective
Date in Part II.D
<PAGE>

                               DOCUMENTOS DEL PLAN

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                   Page
                                                                                   ----
<S>                                                                                <C>
ARTICLE I
IN GENERAL......................................................................     1

PURPOSE AND PLAN IMPLEMENTATION.................................................     1

ARTICLE II
POWERS AND RESPONSIBILITIES OF' THE EMPLOYER....................................     1

ASSIGNMENT AND DESIGNATION OF ADMINISTRATIVE AUTHORITY:.........................     1

ALLOCATION AND DELEGATION OF RESPONSIBILITIES:..................................     2

POWERS, DUTIES AND RESPONSIBILITIES:............................................     2

RECORDS AND REPORTS.............................................................     3

APPOINTMENT OF CONSULTANTS AND ADVISERS.........................................     3

INFORMATION FROM EMPLOYER.......................................................     3

PAYMENT OF EXPENSES.............................................................     3

MAJORITY ACTIONS................................................................     4

CLAIMS PROCEDURE................................................................     4

CLAIMS REVIEW PROCEDURE.........................................................     4

ARTICLE III
ELIGIBILITY.....................................................................     4

CONDITIONS OF ELIGIBILITY.......................................................     4

APPLICATION FOR PARTICIPATION...................................................     5

EFFECTIVE DATE OF PARTICIPATION.................................................     5

DETERMINATION OF ELIGIBILITY....................................................     5

TERMINATION OF ELIGIBILITY......................................................     5

OMISSION OF ELIGIBLE EMPLOYEE...................................................     5
</TABLE>

                                       i
<PAGE>

<TABLE>
<S>                                                                                 <C>
ELECTION NOT TO PARTICIPATE.....................................................     5

CONTROL OF ENTITIES BY OWNER-EMPLOYEE...........................................     6

LEASED EMPLOYEES................................................................     6

RE-EMPLOYMENT...................................................................     6

ARTICLE IV
CONTRIBUTION AND ALLOCATION.....................................................     6

FORMULA FOR DETERMINING CONTRIBUTION AND ALLOCATION.............................     6

TIME OF PAYMENT OF EMPLOYER'S CONTRIBUTION......................................     8

ACCOUNTING AND ALLOCATIONS:.....................................................     8

OVERALL LIMITATION OF BENEFITS:.................................................     9

ADJUSTMENT FOR EXCESSIVE CONTRIBUTIONS..........................................    12
TRANSFERS FROM QUALIFIED PLANS..................................................    12

EMPLOYEE NONDEDUCTIBLE VOLUNTARY CONTRIBUTIONS..................................    13

NON-FORFEITURE UPON WITHDRAWAL OF EMPLOYEE CONTRIBUTION.........................    14

ARTICLE V
DETERMINATION AND DISTRIBUTION OF BENEFITS......................................    14

DETERMINATION OF BENEFITS UPON RETIREMENT.......................................    14

DETERMINATION OF BENEFITS UPON DEATH............................................    15

DETERMINATION OF BENEFITS IN EVENT OF DISABILITY................................    16

DETERMINATION OF BENEFITS UPON TERMINATION......................................    17

DISTRIBUTION OF BENEFITS........................................................    19

WITHDRAWAL OF VOLUNTARY CONTRIBUTIONS...........................................    21

WITHDRAWALS OF ELECTIVE DEFERRAL CONTRIBUTIONS..................................    21

MANNER OF MAKING WITHDRAWALS....................................................    22
</TABLE>

                                       ii
<PAGE>

<TABLE>
<S>                                                                                 <C>
LIMITATIONS ON WITHDRAWALS......................................................    23

LOANS TO PARTICIPANTS...........................................................    23

DISTRIBUTION OF BENEFITS UPON DEATH.............................................    24

TIME OF SEGREGATION FOR DISTRIBUTION............................................    27
DISTRIBUTION FOR MINOR BENEFICIARY..............................................    27

LOCATION OF PARTICIPANT OR BENEFICIARY UNKNOWN..................................    27

NO SUSPENSION OF BENEFITS.......................................................    27

ARTICLE VI
TRUSTEES........................................................................    27

RESPONSIBILITIES OF THE TRUSTEE.................................................    27

ARTICLE VII
VALUATIONS......................................................................    28

VALUATION OF THE TRUST FUND.....................................................    28

METHOD OF VALUATION.............................................................    28

ARTICLE VIII
AMENDMENT, TERMINATION, AND MERGERS.............................................    28

BANK'S POWER TO AMEND...........................................................    28

AMENDMENT.......................................................................    28

AMENDMENT BY ADOPTING EMPLOYER..................................................    29

TERMINATION.....................................................................    29

MERGER OR CONSOLIDATION:........................................................    29

ARTICLE IX
DEFINITIONS.....................................................................    29

ARTICLE X
MISCELLANEOUS...................................................................    36

EMPLOYER ADOPTIONS..............................................................    36
</TABLE>

                                      iii
<PAGE>

<TABLE>
<S>                                                                                 <C>
AGGREGATION RULES...............................................................    36

FAILURE OF QUALIFICATION........................................................    37

APPLICABLE LAW:.................................................................    37

INVALIDITY OF CERTAIN PROVISIONS................................................    37

PARTICIPANT'S RIGHTS............................................................    37

ALIENATION......................................................................    37

CONSTRUCTION OF AGREEMENT:......................................................    38

GENDER AND NUMBER:..............................................................    38

LEGAL ACTION....................................................................    38

PROHIBITION AGAINST DIVERSION OF FUNDS..........................................    38

RECEIPT AND RELEASE FOR PAYMENTS................................................    38

ACTION BY THE EMPLOYER..........................................................    39

NAMED FIDUCIARIES AND ALLOCATION OF RESPONSIBILITY..............................    39

HEADINGS........................................................................    39

APPROVAL BY THE PUERTO RICO INTERNAL REVENUE DEPARTMENT.........................    39

UNIFORMITY......................................................................    40

ARTICLE XI
PARTICIPATING EMPLOYERS.........................................................    40

ELECTION TO BECOME A PARTICIPATING EMPLOYER.....................................    40

REQUIREMENTS OF' PARTICIPATING EMPLOYERS........................................    40

DESIGNATION OF AGENT............................................................    41

PARTICIPATING EMPLOYERS CONTRIBUTION............................................    41

AMENDMENT.......................................................................    41
</TABLE>

                                       iv

<PAGE>

<TABLE>
<S>                                                                                 <C>
DISCONTINUANCE OF PARTICIPATION.................................................    41

ADMINISTRATORS AUTHORITY........................................................    42
</TABLE>

                                       v

<PAGE>

                                   ARTICLE I
                                   IN GENERAL

PURPOSE AND PLAN IMPLEMENTATION. This Plan is a master plan sponsored by
EuroBank (the "Bank") and is known as the EUROBANK MASTER TRUST RETIREMENT PLAN
PROGRAM. The Employer, by execution of the Adoption Agreement adopts the Plan to
provide retirement, death and/ or disability benefits for eligible employees and
their beneficiaries. This Plan is a master plan and is designed to permit
adoption of profit-sharing provisions, money purchase pension provisions, target
benefit pensions provisions, salary deferral and savings provisions, or all of
them. The provisions herein and selections made by the Employer by execution of
the Adoption Agreement, shall constitute the Plana It is intended that the Plan
and Trust qualify under section 1165 (a) of the Puerto Rico Internal Revenue
Code of I99 , as amended, (the(degree) Code D) or any superseding lAW and that,
to the extent applicable, they comply with the provisions of Employee Retirement
Income Security Act of 1974, as amended ("ERISA"). In addition, pursuant to
Section 1022 (i) (I) of ERISA, it is intended that the Trust be exempt from
federal income taxes under Section 501 (a) of the U.S. Internal Revenue Code
1986, as amended.

                                   ARTICLE II
                  POWERS AND RESPONSIBILITIES OF THE EMPLOYER

         The Employer shall be empowered to appoint and remove the Trustee and
the Administrator from time to time as it deems necessary for the proper
administration of the Plan to assure that the Plan is being operated for the
exclusive benefit of the Participants and their Beneficiaries in accordance with
the terms of this Agreement, the Code and ERISA. The Employer shall establish a
"funding policy and method", or shall appoint a qualified person to do so. The
Employer or its delegate shall communicate such needs and goals to the Trustee,
who shall coordinate such Plan needs with its investment policy. The
communication of such a "funding policy and method" shall not, however,
constitute a directive to the Trustee as to investment of the Trust Funds. Such
"funding policy and method" shall be consistent with the objectives of this Plan
and with the requirements of Title I of the Act.

         The Employer may in its discretion appoint an Investment Manager to
manage all or a designated portion of the assets of the Plan. In such event, the
Trustee shall follow the directive of the Investment Manager in investing the
assets of the Plan managed by the Investment Manager.

         The Employer shall periodically review the performance of any Fiduciary
or other person to whom duties have been delegated or allocated by it under the
provisions of this Plan or pursuant to procedures established hereunder. This
requirement may be satisfied by formal periodic review by the Employer or by a
qualified person specifically designated by the Employer; through day-to-day
conduct and evaluation, or through other appropriate ways.

ASSIGNMENT AND DESIGNATION OF ADMINISTRATIVE AUTHORITY: The Employer shall
appoint one or more Administrators. Any person, subject to a due diligence
process of selection, shall be eligible to serve as an Administrator. A person
so appointed shall signify his acceptance by filing written acceptance with the
Employer. An administrator may resign by delivering his written resignation to
the Employer or be removed by the Employer by

                                        1
<PAGE>

delivery of written notice of removal, to take effect at a date specified. The
Employer, upon the resignation or removal of an Administrator, shall promptly
designate in writing a successor this position. if the Employer does not appoint
an Administrator, the Employer will function as the Administrator.

ALLOCATION AND DELEGATION OF RESPONSIBILITIES: If more than one person is
appointed as Administrator, the responsibilities of each Administrator may be
specified by the Employer and accepted in writing by each Administrator. In the
event that no such delegation is made by the Employer, the Administrators may
allocate the responsibilities among themselves, in which event the
Administrators shall notify the Employer and Trustee in writing of such action
and specify the responsibilities of each Administrator. The Trustee thereafter
shall accept and rely upon any documents executed by the appropriate
Administrator until such time as the Employer or the Administrators file with
the Trustee a written revocation of such designation

POWERS, DUTIES AND RESPONSIBILITIES: The primary responsibility of the
Administrator is to administer the Plan for the exclusive benefit of the
Participants and their Beneficiaries, subject to the specific terms of the Plan.
The Administrator shall administer the Plan in accordance with its terms and
shall have the power to determine all questions arising in connection with the
administration, interpretation, and application of the Plan. Any such
determination by the Administrator shall be conclusive and binding upon all
persons. The Administrator may establish procedures, correct any defect, supply
any information, or reconcile any inconsistency in such manner and to such
extent as shall be deemed necessary or advisable to carry out the purpose of
this Plan' provided, however, that any procedure, discretionary act,
interpretation or construction shall be done in a non-discriminatory manner
based upon uniform principles consistently applied and shall be consistent with
the intent that the Plan shall continue to be deemed a qualified Plan under the
terms of Section 1 165(a) of the Code as amended from time to time, and shall
comply with the terms of the Act and all regulations issued pursuant thereto.
The Administrator shall have all powers necessary or appropriate to accomplish
his duties under the Plan.

The Administrator shall be charged with the duties of the general administration
of the Plan, including, but not limited to, the following:

         (a)      to determine all questions relating to the eligibility of
                  Employee to participate or remain Participant hereunder;

         (b)      to compute, certify, and direct the Trustee with respect to
                  the amount and the kind of benefits to which any Participant
                  shall be entitled hereunder;

         (c)      to authorize and direct the Trustee with respect to all
                  nondiscretionary or otherwise directed disbursements from the
                  Trust;

         (d)      to maintain all necessary records for the administration of
                  the Plan;

         (e)      to interpret the provisions of the Plan and to make and
                  publish such rules for regulation of the Plan as are
                  consistent with the terms hereof;

                                       2
<PAGE>

         (f)      to determine the size and type of any Contract to be
                  purchased, and to designate from which investment provider
                  such Contract shall be purchased;

         (g)      for plans other than Profit Sharing Plans, to compute and
                  certify to the Employer and to the Trustee from time to time
                  the sums of money necessary or desirable to be contributed to
                  the Trust Fund;

         (h)      to consult with the Employer and the Trustee regarding the
                  short and long-term liquidity needs of the Plan in order that
                  the Trustee can exercise any investment discretion in a manner
                  designated to accomplish specific objectives;

         (i)      to assist any Participant regarding his rights, benefits, or
                  elections available under the Plan; and

         (j)      to notify Participants, their spouses and Beneficiaries of
                  their rights to elect Qualified Joint and Survivor Annuities
                  and Qualified Preretirement Survivor Annuities as required by
                  the Act and regulations thereunder.

RECORDS AND REPORTS: The Administrator shall keep a record of all actions taken
and shall keep all other books of account, records, and other date that may be
necessary for proper administration of the Plan and shall be responsible for
supplying all information and reports to the Puerto Rico Treasury Department,
the Internal Revenue Service, Department of Labor, Participants, Beneficiaries
and others as required by law.

APPOINTMENT OF CONSULTANTS AND ADVISERS: The Administrator, or the Trustee with
the consent of the Administrator, may appoint counsel, specialists, and
advisors, and other persons as the Administrator or the Trustee deems necessary
or desirable in connection with the administration of this Plan:

INFORMATION FROM EMPLOYER: To enable the Administrator to perform his functions,
the Employer shall supply full and timely information to the Administrator on
all matters relating to the Compensation of all Participants, their Hours of
Service, their Years of Service, their retirement, death, Total and Permanent
Disability, or termination of employment, and such other pertinent facts as the
Administrator may require and the Administrator shall advise the Trustee of such
of the foregoing facts as may be pertinent to the Trustee's duties under the
Plan. The Administrator may rely upon such information as it is supplied by the
Employer and shall have no duty or responsibility to verify such information.

PAYMENT OF EXPENSES: All expenses of administration may be paid out of the Trust
Fund unless paid by the Employer. Such expenses shall include any expenses
incident to the functioning of the Administrator, including, but not limited to,
fees of accountants, counselors, and other specialists, and other costs of
administering the Plan. Until paid, the expenses shall constitute a liability of
the Trust Fund. However, the Employer may reimburse the Trust Fund for any
administration expense paid to the Trust Fund as a reimbursement shall not be
considered as an Employer contribution.

                                       3
<PAGE>

MAJORITY ACTIONS: Except where there has been an allocation and delegation of
administrative authority, if there shall be more than one Administrator, they
shall act by a majority of their number or may authorize one or more of them to
sign all papers on their behalf.

CLAIMS PROCEDURE: Claims for benefits under the Plan may be filed with the
Administrator on forms supplied by the Employer. Written notice of the
disposition of a claim shall be furnished to the claimant within 90 days after
the application thereof is filed. in the event the claim is denied, the reasons
for the denial shall be specifically set forth in the notice in language
calculated to be understood by the claimant, pertinent provisions of the Plan
shall be cited, and, where appropriate, an explanation as to how the claimant
can perfect the claim will be provided. in addition, the claimant shall be
furnished with an explanation of the Plan's claims review procedure.

CLAIMS REVIEW PROCEDURE: Any Employee, former Employee or Beneficiary who has
been denied a benefit by a decision of the Administrator shall be entitled to
request the Administrator to give further consideration to his claim by filing
with the Administrator (on a form which may be obtained from the Administrator)
a request for a hearing. Such request, together with a written statement of the
reasons why the claimant believes his claim should be allowed, shall be filed
with the Administrator no later than 60 days after receipt of the written
notification . The Administrator shall then conduct a hearing within the next 60
days, at which the claimant may be represented by an attorney or any other
representative of his choosing and at which the claimant shall have an
opportunity to submit written and oral evidence and arguments in support of his
claim. At the hearing (or prior thereto upon five business days written notice
to the Administrator) the claimant or his representative shall have an
opportunity to review all documents in the possession of the Administrator which
are pertinent to the claim at issue and its disallowance. Either the claimant or
the Administrator may cause a court reporter to attend the hearing and record
the proceedings. In such event, a complete written transcript of the proceedings
shall be furnished to both parties by the court reporter. The full expense of
any such court report and such transcripts shall be borne by the party causing
the court reporter to attend the hearing. A final decision as to the allowance
of the claim shall be made by the Administrator within 60 days of receipt of the
appeal (unless there has been an extension of up to 60 days due to special
circumstances, provided the delay and the special circumstances occasioning it
are communicated to the claimant within the 60 day period). Such communication
shall be written in a manner calculated to be understood by the claimant and
shall include specific reasons for the decision and specific references to the
pertinent Plan provisions on which the decision is based.

                                  ARTICLE III
                                  ELIGIBILITY

CONDITIONS OF ELIGIBILITY: Any Employee shall be eligible to participate
hereunder on the date he has satisfied the requirement specified in the Adoption
Agreement. The Employer shall give each prospective Eligible Employee written
notice of his eligibility to participate in the Plan in sufficient time to
enable such prospective Eligible Employee to submit an application for
participation in the Plan prior to the close of the Plan Year in which he first
becomes an Eligible Employee.

                                       4
<PAGE>

APPLICATION FOR PARTICIPATION: in order to become a Participant hereunder, each
Eligible Employee must make application to the Employer for participation in the
Plan and agree to the terms hereof For plans other than Thrift Plans, if any
Employee otherwise qualified to become a Participant fails to file such
application, the Employer shall file such application on behalf of such Employee
on a nondiscriminatory basis. Up the acceptance of any benefits under this Plan,
such Employee shall automatically be bound by the terms and conditions of this
Plan and all amendments hereto

EFFECTIVE DATE OF PARTICIPATION: An Employee who has become eligible to be a
Participant shall become a Participant effective as of the day specified in the
Adoption Agreement.

DETERMINATION OF ELIGIBILITY: The administrator shall determine the eligibility
of each Employee for participation in the Plan based upon information furnished
by the Employer. Such determination shall be conclusive and binding upon all
persons, as long as the same is made in accordance .with this Plan and the Act,
provided such determination shall be subject to review under the terms of the
Plan.

TERMINATION OF ELIGIBILITY: A Participant shall cease to be eligible to
participate in the Plan as of the first day of a Plan Year during which he has a
Break in Service. in the event a Participant becomes ineligible to participate
solely because he is no longer a member of a class eligible to participate, such
Former Participant shall continue to vest in his interest in the Plan until such
time as he has a Break in Service.

OMISSION OF ELIGIBLE EMPLOYEE: If, in any Fiscal Year, any Employee who should
be included as a Participant in the Plan is erroneously omitted and discovery of
such omission is not made until after a contribution by his Employer for the
year has been made and allocated, his Employer shall make a subsequent
contribution with respect to the omitted Employee in the amount which would have
contributed with respect to him had he not been omitted. Such contribution shall
be made regardless of whether or not it is deductible in whole or in part in any
taxable year under applicable provisions of the Code by such Employer,

ELECTION NOT TO PARTICIPATE: if this Plan, as adopted by the Employer, is not a
standardized form plan (as that term is defined in Revenue Procedure 84-23)
then, an Employee may, subject to the approval of the Employer, elect
voluntarily not to participate in the Plan: The election not to participate must
be communicated to the Employer, in writing, at least thirty (30) days before
the beginning of a Plan Year. A Participant in making this election shall have
the right to modify or revoke this election no later than 30 days after the
effective date of Participation in a subsequent Plan Year.

CONTROL OF ENTITIES BY OWNER-EMPLOYEE: If this Plan provides contributions or
benefits for one or more Owner-Employees who control both the Employer and one
or more other entities, this Plan and the plan established for those other
entities must, when treated as a single Plan, satisfy Code Sections 1165 for the
Employees of this and all other entities.

LEASED EMPLOYEES: Any leased employee. shall be treated as an Employee of the
recipient Employer' however, contributions or benefits provided by the leasing
organization

                                       5
<PAGE>

which are attributable to services performed for the recipient Employer shall be
treated as provided by the recipient Employer. The preceding sentence shall not
apply to any leased employee if such employee is covered by a money purchase
pension plan providing" (1) a nonintegrated employer contribution rate of at
least 7-1/2 percent of compensation, (2) immediate participation, and (3) full
and immediate vesting. For purposes of this paragraph, the term "leased
employee" means any person (other than an Employee of the recipient) who
pursuant to an agreement between the Employer and any other person ("leasing
organization") has performed services for the Employer (or for the Employer and
related persons determined in accordance with Section 414(n)(6) of the internal
Revenue Code on a substantially full time basis for a period of at least one (I)
year and such services are of a type historically performed by Employees in the
business field of the recipient Employer.

RE-EMPLOYMENT: If any Former Participant shall be reemployed by the Employer
before a Break in Service occurs, he shall continue to participate in the Plan
in the same manner as if such termination had not occurred.

         A Former Participant who did not have a nonforfeitable right to any
portion of his Participant/s Account at the time of termination shall be
considered a new Employee, for eligibility purposes, if the number of his
consecutive Breaks in Service equals or exceeds the greater of five (5) or the
aggregate number of years of eligibility service credited to him before such
Breaks in Service. If the number of such Former Participant/s years of
eligibility service exceeds the number of consecutive Breaks in Service, or he
has fewer than five Breaks in Service, such Former Participant shall participate
immediately upon his return to the employ of the Employer provided that he is
then a member of a class of Employees eligible to participate in the Plan.

                                   ARTICLE IV
                           CONTRIBUTION AND ALLOCATION

FORMULA FOR DETERMINING CONTRIBUTION AND ALLOCATION: FOR MONEY PURCHASE PLAN

If the Employer has executed the Adoption Agreement for a Money Purchase Plan,
then the Employer shall contribute on behalf of each Participant, for each year
of his participation in this Plan, an amount equal to the percentage of his
annual Compensation specified in the Adoption Agreement. For any Compensation
specified in the Adoption Agreement. All contributions by the Employer shall be
made in cash or in such property as is acceptable to the Trustee.

         Any Forfeitures will reduce Employer contributions for the Plan Year
after the Forfeitures occur.

FOR PROFIT SHARING PLAN. If the Employer has executed the Adoption Agreement for
a Profit Sharing Plan, the Employer shall contribute for each Plan Year out of
Net Profits an amount to be determined based on the election specified in the
Adoption Agreement. The amount contributed to the Plan plus any Forfeitures are
to be allocated among the Participants as follows:

                                       6
<PAGE>

         If the Plan is not integrated, Employer Contributions plus any
Forfeitures will be allocated among Participant Accounts in the ratio that each
Participant's Compensation bears to the aggregate Compensation of all
Participants.

         If the Plan is integrated, the Employer contributions plus any
Forfeitures will be allocated among Participants' Accounts in the ratio that
each Participant's Compensation for the Plan Year in excess of the integration
level selected in the Adoption Agreement bears to such Compensation of all
Participants, provided that for any Plan Year the amount credited under this
paragraph to any Participant shall not exceed the product of the tax rate
applicable to the Employer's contribution for old age, survivors and disability
insurance (OASDi) under the Social Security Act (as in effect on the first day
of the Plan Year) times the amount of Participant's Compensation in excess of
the integration level selected in the Adoption Agreement.

         Any remaining Employer contributions or Forfeitures will be allocated
among all Participant's accounts (whether or not they received an allocation
under the preceding paragraph) in the ratio that each Participant's Compensation
for that Plan Year.

         If the Employer has executed the Adoption Agreement for a Thrift Plan,
the following provisions apply:

         EMPLOYER CONTRIBUTIONS: The Employer shall make a contribution to the
Plan for each Plan Year out of its Net Profits on behalf of each Participant who
makes Employee Contributions during the Plan Year. The amount of the Employer/s
contribution shall be equal to the product of (i) each such Employee
contribution and (ii) the Employer contribution percentage designated in the
Adoption Agreement.

         Employer contributions to the Plan are to be reduced by any
Forfeitures. If Employer contributions, after being reduced by any Forfeitures,
exceed the Employer/s Net Profits, the contribution on behalf of each
Participant shall be reduced pro rata, so that the aggregate Employer
contribution for the Plan Year does not exceed such Net Profits.

         EMPLOYEE CONTRIBUTIONS: Each Participant shall give the Employer
written authorization for the Employer to make payroll deductions to be
contributed to the Plan as Employee Contributions. These contributions are not
to be greater than the maximum percentages designated in the Adoption Agreement,
and shall apply only to payroll periods subsequent to the Participant's
commencement of participation in the Plan. The Employer will deposit the
required contributions in the Trust Fund as quickly as practicable subject to
any minimum contribution applicable rules. Participants may increase or decrease
the amount of payroll deductions to be deposited at times specified by the
Employer. The timing and frequency of these changes must be handled in a
consistent manner for all Participants.

         A Participant's Account balance attributable to his Employee
Contributions shall be 100% Vested at all times.

         In the case of the reinstatement of the forfeited portion of an account
of a Former Participant, the Employer shall contribute, without regard to Net
Profits, an amount sufficient, when added to Forfeitures, to permit such
reinstatement.

                                       7
<PAGE>

TIME OF PAYMENT OF EMPLOYER'S CONTRIBUTION: The Employer shall pay to the
Trustee its contribution to the Plan foe each Plan Year within the time
prescribed by law, including extensions, for the filing of the Employer's
federal income tax return for its corresponding Fiscal Year.

ACCOUNTING AND ALLOCATIONS: The Administrator shall establish and maintain an
account in the name of each Participant to which the Administrator shall credit
as of each Anniversary Date all amounts allocated to each such Participant as
hereafter set forth. The assets of the Trust Fund will be valued annually at
fair market value as of the last day of the Plan Year. On such date, the
earnings and losses of the Trust Fund will be allocated to each Participant's
Account in the ratio that such account balance bears to all account balances.

         The Employer shall provide the Administrator with all information
required by the Administrator to make a proper allocation of the Employer
Contribution and Forfeitures for each Plan year. Within 45 days after the date
of receipt by the Administrator of such information, the Administrator shall
allocate such contributions and Forfeitures to each Participant's Account in
accordance with the term of the Plan.

         The value of assets of the Trust Fund shall be based on: (a) the fair
market value of the assets of the Trust Fund (other than Contracts) determined
as of the later of the date of the event which gave rise to the distribution, or
the date of liquidation of assets if such liquidation is necessary in order to
make a distribution' and (b) the cash surrender value of the Contracts
determined as of the date of such annual valuation.

         Participants' Accounts shall be debited for any premiums paid on
insurance or annuity Contracts and credited with any cash dividends received on
insurance Contracts pursuant to the term of such Contracts.

         As of each Anniversary Date, any amounts which became Forfeitures since
the preceding Anniversary Date shall be used to reduce the Employer's
contribution for the Plan Year in which such Forfeitures occur in the case of
either a Money Purchase Plan or an Assumed Benefit Plan.

         Any Participant who completed a Year of Service and during the Plan
Year terminated employment, died, incurred a Total and Permanent Disability, or
retired shall share in the allocations as provided in the Adoption Agreement.

         If a Former Participant is reemployed after a Break in Service,
separate accounts shall be maintained as follows: one account for nonforfeitable
benefits attributable to pre-break service; and one account representing his
benefits in the Plan attributable to post-break service

OVERALL LIMITATION OF BENEFITS: If the Participant does not participate in, and
has never participated in, another qualified plan or a welfare benefit fund,
maintained by the Employer, the amount of Annual Additions which may be credited
to the Participant's Account for which may be credited to the Participant's
Account for any Limitation Year will not exceed the lesser of the Maximum
Permissible Amount or any other limitation contained in this Plan. If the
Employer contribution that would otherwise be contributed or allocated to the
Participant's Account would cause the Annual Additions for the Limitation Year
to exceed the Maximum

                                       8
<PAGE>

Permissible Amount, the amount contributed or allocated will be reduced so that
the Annual Additions for the Limitation Year will equal the Maximum Permissible
Amount.

         Prior to determining the Participant's actual Compensation for the
Limitation Year, the Employer may determine the Maximum Permissible Amount for a
Participant on the basis of a reasonable estimation of the Participant's
Compensation for the Limitation Year, uniformly determined for all Participants
similarly situated.

         As soon as is administratively feasible after the end of the Limitation
Year, the Maximum Permissible Amount for such Limitation Year shall be
determined on the basis of the Participant's actual Compensation for such
Limitation Year.

         If there is an Excess Amount, it will be disposed of as follows:

                  (i)      Any nondeductible voluntary employee contributions,
                           to the extent they would reduce the Excess Amount,
                           will be returned to the Participant.

                  (ii)     If, after the application of subparagraph (i), an
                           Excess Amount still exists, and the Participant is
                           covered by the Plan at the end of the Limitation
                           Year, the Excess Amount in the Participant's Account
                           will be used to reduce Employer contributions
                           (including any allocation of forfeitures) for such
                           Participant in the next Limitation Year, and each
                           succeeding Limitation Year if necessary.

                  (iii)    If, after the application of subparagraph (i), an
                           Excess Amount still exists, and the Participant is
                           not covered by the Plan at the end of the Limitation
                           Year, the Excess Amount will be held unallocated in a
                           suspense account. The suspense account will be
                           applied to reduce future Employer contributions
                           (including allocation of any forfeitures) for all
                           remaining Participants in the next Limitation Year,
                           and each succeeding Limitation Year if necessary.

                  (iv)     If a suspense account is in existence at any time
                           during the Limitation Year pursuant to this Section,
                           it will not participate in the allocation of the
                           investment gains and losses of the Trust Fund.

         Unless otherwise specifically provided for in the Adoption Agreement,
if, in addition to this Plan, the Participant is covered during any Limitation
Year under another qualified defined contribution plan maintained by the
Employer that is a Master or Prototype Plan, or a welfare benefit fund as
defined in Section 419 (e) of the Internal Revenue. Code maintained by the
Employer, the Annual Additions which may be credited to a Participant's Accounts
under this Plan for that Limitation Year will not exceed the Maximum Permissible
Amount reduced by the annual additions credited to the Participant's accounts
under the other plans and welfare benefit funds for the same Limitation Year. if
the annual addition with respect to the Participant under other defined
contribution plans and welfare benefit funds maintained by the Employer are less
than the Maximum Permissible Amount and the Employer contributions that would
otherwise be contributed or allocated to the Participant's Account would cause
the annual additions for the Limitation Year to exceed this limitation, the
amount contributed or allocated will be reduced so

                                       9
<PAGE>

that the annual additions under all such plans and welfare benefit funds for the
Limitation Year will equal the Maximum Permissible Amount. If the annual
additions with respect to the Participant under such other defined contribution
plans and welfare benefit funds in the aggregate are equal to or greater than
the Maximum Permissible Amount, no amount will be contributed or allocated to
the Participant's Account under this Plan for the Limitation Year.

         If an Excess Amount was allocated to a Participant on an allocation
date of this Plan which coincides with an allocation date of another plan, the
Excess Amount attributed to this Plan will be the product of

                  (ii)     the total Excess Amount allocated as of such date,
                           times

                  (iii)    the ratio of (1) the Annual Additions allocated to
                           the Participant for the Limitation Year as of such
                           date under this Plan to (2) the total Annual
                           Additions allocated to the Participant for the
                           Limitation Year as of such date under this and all
                           the other defined contribution Master or Prototype
                           Plan.

Any excess amount attributed to this Plan will be disposed in the manner
described in Plan.

         If the Participant is covered under another qualified defined
contribution plan maintained by the Employer which is not a Master or Prototype
Plan, Annual Additions which may be credited to the Participant's Account under
this Plan for any Limitation Year will be limited in accordance with this Plan
as though the other plan was a Master or Prototype Plan, unless the Employer
provides other limitations in the Adoption Agreement.

         If the Employer maintains, or at any time maintained, a qualified
defined, benefit plan covering any Participant in this Plan, the sum of the
Participant's Defined Benefit Plan Fraction and Defined Contribution Plan
Fraction will not exceed 1.0 in any Limitation Year. The Annual Additions which
may be credited to the Participant's Account under this Plan for any Limitation
Year will be limited in accordance with the Limitation on Allocations section of
the Adoption Agreement.

For purposes of this Section, the following terms shall be defined as follows:

1. ANNUAL ADDITIONS means the sum of the following amounts allocated on behalf
of a Participant for a Limitation Year:

                  (i)      all Employer Contributions,

                  (ii)     all Forfeitures, and

                  (iii)    the lesser of (1) one-half of the nondeductible
                           employee contributions or (2) the nondeductible
                           employee contributions in excess of six percent (6%)
                           of such Participant's Compensation for the Limitation
                           Year.

         For this purpose, any Excess Amount used in the Limitation Year to
reduce Employer contributions will be considered Annual Additions for such
Limitation Year.

                                       10
<PAGE>

                  (iv)     Employer contributions to a plan of deferred
                           compensation which are not includible in the
                           Employee's gross income for the taxable year in which
                           contributed, or Employer contributions under a
                           simplified employee pension plan to the extent such
                           contributions are deductible by the Employee, or any
                           distributions from a plan of deferred compensation;

                  (v)      amounts realized from the exercise of a non-qualified
                           stock option, or when restricted stock (or property)
                           held by an Employee becomes freely transferable or is
                           no longer subject to a substantial risk of
                           forfeiture;

                  (vi)     amounts realized from the sale, exchange or other
                           disposition of stock acquired under a qualified stock
                           option; and

                  (vii)    other amounts which receive special tax benefits, or
                           contributions made by an Employer' (whether or not
                           under a salary reduction agreement) towards the
                           purchase of a 403(b) annuity Contract (whether or not
                           the contributions are excludable from the gross
                           income of the Employee).

2. DEFINED. BENEFIT PLAN FRACTION means a fraction, the numerator of which is
the sum of the Participant's Projected Annual Benefits under all the defined
benefit plans (whether or not terminated) maintained by the Employer, and the
denominator of which is the lesser of 125 percent of the dollar limitation in
effect for the Limitation Year under Internal Revenue Code Section 415(b)(I)(A)
or 140 percent of his Highest Average Compensation. Notwithstanding the above,
if the Participant was a participant in one or more qualified defined benefit
plans maintained by the Employer which were in existence on July 1, 1982, the
denominator of this fraction will not be less than 125 percent of the sum of the
annual benefit under such plans which the Participant had accrued as of the
later of September 30, 1983, or the end of the last Limitation Year beginning
before January 1, 1983.

3. DEFINED CONTRIBUTION PLAN FRACTION means a fraction, the numerator of which
is the sum of the Annual Additions to the Participant's account under all the
qualified defined contribution plans (whether or not terminated) maintained by
the Employer for the current and all prior Limitation Years, (including the
Annual Additions) attributable to the Participant's nondeductible voluntary
employee contributions to such plans and all other defined benefit plans,
whether or not terminated, maintained by the Employer and the Annual Additions
attributable to all welfare benefit funds as defined in Section 4I9(e) of the
Internal Revenue Code, maintained by the Employer), and the denominator of which
is the sum of the maximum aggregate amounts for the current and all prior
Limitation Years with the Employer (regardless of whether a defined contribution
was maintained by the Employer). The maximum aggregate amount in any Limitation
Year is the lesser of 125 percent of the dollar limitation in effect under the
Internal Revenue Code Section 415(c)(I)(A) or 35 percent of the Participant's
Compensation for such Limitation Year.

         If the Participant was a Participant was a Participant in one or more
defined contribution plans maintained by the Employer which were in existence on
July 1, 1982, the numerator of this fraction will be adjusted in the sum of this
fraction and the Defined Benefit Plan Fraction would otherwise exceed 1.0 under
the terms of this Plan. Under the adjustment, an amount equal to the

                                       11
<PAGE>

product of (1) the excess of the sum of the fractions over 1.0 times (2) the
denominator of this fraction will be permanently subtracted from the numerator
of this fraction. The adjustment is calculated using the fractions as they would
be computed as of the later of September 30, 1983, would be computed as of the
later of September 30, 1983, or the end of the last limitation Year beginning
before January I, 1983. This adjustment will be made only if the defined
contribution plans individually and in the aggregate satisfied the requirements
of Section 415 as in effect at the end of the 1982 Limitation Year. This
adjustment will also be made if at the end of the Last Limitation Year beginning
before January 1, 1984 the sum of the fractions exceed 1.0 because of accruals
or additions that were made before the limitations of this article became
effective with respect to any plans of the Employer in existence on July 1,
1982. For purposes of this paragraph, a Master or Prototype Plan with an opinion
letter issued before January I, 1983, which was adopted by the Employer on or
before September 30, 1983 is treated as a plan in existence on July 1, 1982.

ADJUSTMENT FOR EXCESSIVE CONTRIBUTIONS:

         (a)      if as a result of a reasonable error in estimating a
                  Participant's Annual Compensation, or other facts and
                  circumstances to which Section 1.425-6(b)(6) of the Income Tax
                  Regulations, as amended, or as replaced from time to time,
                  shall be applicable, the Annual Addition to a Participant's
                  Account exceeds the maximum provided in Section 4.4 the
                  Administrator shall treat the excess pursuant to Section
                  4.4(a)4.

         (b)      in the event the Employer makes an excessive contribution to
                  the Trust Fund under a mistake of fact, as that term is used
                  in Section 4043(c)(2)(A) of the Act, the Employer may demand
                  repayment of such excess amount at any time within one (I)
                  year following the time of payment, and the Trustees shall
                  return such amount to the Employer within the one (I) year
                  period.

TRANSFERS FROM QUALIFIED PLANS: If specified in the Adoption Agreement and with
the consent of the Administrator, amounts may be transferred from other
qualified plans, provided that the trust from which such funds are transferred
permits the transfer to be made and, in the opinion of legal counsel for the
Employer, the transfer will not jeopardize the tax exempt status of the Plan or
Trust Fund or create adverse tax consequences to the Employer. The amounts so
transferred shall be set up in a separate account herein referred to as a
"Participant's Rollover Account" to be held by. the Trustee pursuant to the
provisions of the Plan and Trust Fund. Such account shall be fully Vested at all
time and shall not be subject to Forfeiture for any reason.

         At Normal Retirement Date, or such other date when the Participant or
his beneficiary shall be entitled to receive benefits, the fair market value of
the Participant's Rollover Account shall be used to provide additional benefits
to the Participant.

         Unless the Administrator directs that the Participant's Rollover
Account be segregated into a separate account for each Participant in annuities,
a federally insured savings account, certificate of deposit in a bank or savings
and loan association, money market certificate, or other short-term debt
security acceptable to the Trustee, it shall be invested as part of the general
Trust

                                       12
<PAGE>

Fund and shall share in any income earned thereon, any investment gains and
losses attributable thereto, less any expenses, pursuant to the terms of this
Plan.

         The Administrator may direct that transfer made after the first month
of the Plan Year pursuant to this Section be segregated into a separate account
for each Participant in annuities, a federally insured savings account,
certificate of deposit in a bank or savings and loan association, money market
certificate, or other short-term debt security acceptable to the Trustee until
such time as the allocations pursuant to this Plan have been made.

         The following amounts may be transferred from another qualified plan:
(i) amounts transferred to this Plan directly from another qualified plan; (ii)
qualifying rollover distributions from another qualified plan which are
transferred to this Plan within sixty (60) days following receipt; (iii) amounts
transferred to this Plan within sixty (60) days of distribution from a conduit
individual retirement account or annuity that has no assets other than assets
which were previously distributed to the Participant from another qualified
corporate plan as a qualifying rollover distribution and Which were deposited in
such conduit individual retirement account within sixty (60) days of receipt
thereof, and the earnings on such assets.

         Prior to accepting any transfer to which this Section applies, the
Administrator may request the Participant to establish that the amounts to be
transferred to this Plan meet the requirements of this Section and may also
require the Employee to provide an opinion of counsel satisfactory to the
Employer that the amounts to be transferred meet the requirements of this
Section:

EMPLOYEE NONDEDUCTIBLE VOLUNTARY CONTRIBUTIONS: If permitted in the Adoption
Agreement, each Participant may elect to voluntarily contribute up to 10% of his
aggregate Compensation earned while a Participant under this Plan. Such
contribution shall be paid to the Trustee no later than 30 days after the Plan
year for which it is made. The balance in each Participant's Voluntary
Contribution Account shall be fully Vested at all times and shall not be subject
to Forfeiture for any reason.

         A Participant may elect to withdraw his Employee nondeductible
voluntary contributions from his Voluntary Contribution Account except where
prohibited by the Contracts. The consent of the Participant's spouse must be
obtained in the 90 day period prior to the withdrawal.

         At Normal Retirement Date, or such other date when the Participant
shall be entitled to receive benefits, the fair market value of his Voluntary
Contribution Account shall be used to provide additional benefits to the
Participant.

         In any case in which an individual is a Participant in two or more
qualified plans maintained by the same Employer, the aggregate Employee
nondeductible voluntary contributions to all plans may not exceed 10% of his
aggregate Compensation earned while a Participant in the respective plan. If a
participant does not contribute the 10% maximum contribution in any Plan Year,
he shall be permitted to make up any such contributions in a future year.

         All amounts allocated to a Voluntary Contribution Account may be
treated as a directed investment account.

                                       13
<PAGE>

NON-FORFEITURE UPON WITHDRAWAL OF EMPLOYEE CONTRIBUTION: If permitted in
the*Adoption Agreement, all Participants may direct the Trustee as to the
investment of all or a portion of their individual account balances. To the
extent so directed, the Trustee is relieved of its fiduciary responsibilities as
provided in Section 404 of the ERISA. The Vested portion of the account of any
Participant so directing will thereupon be considered a directed investment
account.

         A separate directed investment account shall be established for each
Participant who has directed an investment. The directed investment account
shall be charged or credited, as appropriate, with the net earnings, gains,
losses and expenses as well as appreciations or depreciations in market value
during each Plan Year attributable to such account.

                                   ARTICLE V
                   DETERMINATION AND DISTRIBUTION OF BENEFITS

DETERMINATION OF BENEFITS UPON RETIREMENT: Every Participant may terminate his
employment with the Employer and retire for the purpose hereof on his Normal
Retirement Date. Upon such Normal Retirement Date, all amounts credited to such
Participant's Account as of the Normal Retirement Date specified in the Adoption
Agreement shall become distributable to him in accordance with this Article.
However, if a Participant continues employment beyond his Normal Retirement Date
under protection of state or federal age discrimination statutes, or by consent
of the Employer, the Participant shall continue to participate in the Plan until
his Late Retirement Date. Upon a Participant's Normal Retirement Date or Late
Retirement Date, whichever is applicable, the Trustee shall distribute all
amounts credited to such Participant's Account.

         If a Participant in an Assumed Benefit Plan with the consent of the
Employer remains in its employ after his Normal Retirement Date, the Employer's
contributions with respect to such Participant shall cease as of his Normal
Retirement Date and the Participant shall not make any nondeductible voluntary
contributions after his Normal Retirement Date.

DETERMINATION OF BENEFITS UPON DEATH: Upon the death of a Participant before
retirement or other termination of his employment, all amounts credited to such
Participant's Account shall become fully Vested. As of the Anniversary Date
coinciding with or next following such death, the Administrator shall direct the
Trustee, in accordance with the provisions of the Plan, to distribute the value
of the deceased Participant's Account to the Participant's Beneficiary. Unless
elected in a writing consent to by the Participant's spouse the Beneficiary of
the death benefit shall be the Participant's spouse, who shall receive such
benefit in the form of a Qualified Preretirement Survivor Annuity. Such consent
must be witnessed by a plan representative or a notary public and shall be
limited to a benefit for a specific alternate beneficiary. Such consent shall
not be valid with respect to any other spouse of the Participant. No consent
will be needed if the Participant establishes to the satisfaction of a plan
representative that the Participant has no spouse, or the spouse cannot be
located, or other circumstances preclude the necessity of the spouse's consent.
in such event, the designation of a Beneficiary shall be made on a form
satisfactory to the Administrator. A Participant may at any time revoke his
designation of a Beneficiary or change his Beneficiary by filling written notice
of such revocation or change with the Administrator. However the Participant's
spouse must

                                       14
<PAGE>

again consent in writing as described above, to any such change or revocation
unless the surviving spouse is to receive a Qualified Preretirement Survivor
Annuity.

         The Administrator may require such proper proof of death and such
evidence of the right of any person to receive payment of the account of a
deceased Participant or a deceased Former Participant as the Administrator may
deem desirable. The' Administrator's determination of death and of the right of
any person to receive payment shall be conclusive.

         In the event of any conflict between the terms of this Plan and terms
of any Contract issued hereunder, the Plan provisions shall control. Upon the
death of a Participant subsequent to the commencement of his retirement
benefits, his Beneficiary shall be entitled to whatever death benefit may be
available under the settlement arrangement pursuant to which the Participant's
benefit is made payable.

         Notwithstanding anything herein to the contrary, for any Plan year
which begins on or after January I, 1985, unless otherwise elected in the
periods described in ERISA, and pursuant to the spousal consent requirements, if
a Participant with a Vested benefit is married on the date of his death, his
surviving spouse will receive the death benefit payable under this Section in
the form of a qualified Preretirement Survivor Annuity. A Qualified
Preretirement Survivor Annuity is an annuity for the life of the surviving
spouse purchased with the Participant's Vested benefit. The surviving spouse may
elect to have such annuity distributed immediately.

With respect to a Participant's election not to receive a Qualified
Preretirement Survivor Annuity, the election must be in writing, consented to by
the Participant's spouse and must be made during an election period:

                  (1)      Which begins on the first day of the Plan Year in
                           which the Participant reaches age 35, and

                  (2)      Which ends on the date of his death.

         Notwithstanding the foregoing, with respect to a Participant with a
Vested benefit who has terminated employment with the Employer, the election
period with respect to any account balance determined as of the date of his
termination of employment will begin not later than such termination. For Plan
Years beginning on or after January I, 1985, with regard to the election not to
receive a Qualified Preretirement Survivor Annuity, the Administrator, within
the period beginning with the first day of the Plan Year in which the
Participant reaches age 32, and ending with the close of the Plan Year in which
the Participant reaches Age 35, will provide the Participant with non-technical
written explanation containing the following information:

                  -The terms and conditions of the Qualified Preretirement
                  Survivor Annuity.

                  -The Participant's right to make, and the effect of, an
                  election not receive a Qualified Preretirement Survivor
                  Annuity.

                  -The right of the Participant's spouse to consent to the
                  election not to receive a Qualified Preretirement Survivor
                  Annuity.

                                       15
<PAGE>

                  -The right of the Participant to revoke the election not to
                  receive a Qualified Preretirement Survivor Annuity, and the
                  effect of such a revocation.

         If the Participant enters the Plan after the first day of the Plan Year
in which the Participant attains age 32, the Plan Administrator shall provide
notice no later than the close of the third Plan Year succeeding the entry of
the Participant in the Plan.

         Notwithstanding any of the foregoing to the contrary, the provisions of
this Plan regarding a Qualified Preretirement Survivor Annuity will apply only
to a Participant:

                  (3)      Who performs at least 1 Hour of Service, whether or
                           not applicable to a paid leave of absence on or after
                           August 23; 1984; and

                  (4)      Who dies before the Annuity Starting Date.

DETERMINATION OF BENEFITS IN EVENT OF DISABILITY: in the event a Participant
retires prior to his Normal Retirement Date because of Total and Permanent
Disability in the opinion of a physician selected by the Administrator, all
amount credited to such Participant's Account as of the subsequent Anniversary
Date shall become fully Vested. As of the Anniversary Date coinciding with or
next following the event of Total and Permanent Disability, the Trustee in
accordance with the provisions of the Plan shall distribute to such Participant
all amounts credited to such Participant's Account.

         Any determination under this Section that a Participant has incurred
Total and Permanent Disability shall in no way affect or be affected by, any
determination of disability under any Contract on that Participant's life
containing a disability premium waiver provision.

DETERMINATION OF BENEFITS UPON TERMINATION: if a Participant/s employment
terminates for any reason other than retirement, death, or Total and Permanent
Disability, and the Participant's Vested Account balance from Employer and
Participant contributions is not greater than $3,500, the Administrator shall
direct the Trustee to distribute the value of the entire Vested portion of such
Account balance and the non-Vested portion will be treated as a Forfeiture.
However, no distribution shall be made pursuant to the preceding sentence after
the first day of the first period for which an amount is received as an annuity
unless the Participant and his or her spouse (or the Participant's surviving
spouse) consents in writing to such distribution.

         In the event the Vested portion of a Participant's Account is not
distributed, the amount shall remain in a separate account for the Terminated
Participant and will share in allocations until such time as a distribution is
made to the Terminated Participant.

         If Contracts have been issued under the Plan on the life of a
Terminated Participant, the Administrator shall surrender such Contracts to the
insurer, unless the Participant elects to take an assignment of the Contracts,
as described below, for their cash values and such cash values shall become part
of the Participant's Account balance.

         In the event that the amount of the Vested portion of the Terminated
Participant's Account equals or exceeds the cash surrender value of any
Contracts, the Trustee, when so directed by the Administrator and at the
direction of the Terminated Participant (and his or

                                       16
<PAGE>

spouse if the value exceeds $3,500), shall transfer to such Terminated
Participant all Contracts on his life in such form or with such endorsements, if
any, as required by law restricting any right of the Terminated Participant to
surrender, transfer, or otherwise realize cash on the Contract or Contracts
prior to Normal Retirement Date. In the event that the Vested portion is less
than the cash surrender value, the Trustee, when so directed by the
Administrator and at the direction of the Terminated Participant (and his or her
spouse if the value exceeds $3,500), shall either (1) sell such Contract to the
Terminated Participant for an amount equal to such excess cash surrender value
or (2) reduce the cash surrender value to equal the Vested portion and then
transfer the Contract to the Terminated Participant as described in the
preceding sentence.

         Except as described in the preceding paragraph, distribution of the
benefits due to a Terminated Participant shall be made on the occurrence of the
Terminated Participant's death, Total and Permanent Disability or having reached
his Normal Retirement Date. However, at the direction of the Terminated
Participant, the Administrator shall direct the Trustee to cause the Vested
portion of the Terminated Participant's Account to be payable to such Terminated
Participant as though he had retired. In that event the Non-Vested portion of
the Participant's Account will be treated as a Forfeiture. However, a Terminated
Participant's Vested Benefit derived from Employer and Employee contributions,
may not distributed to him without his and his spouse's written consent if the
value exceeds $3,500.

         If the Participant with the Plan Administrator's consent elects to have
distributed less than the entire Vested portion of the Account balance derived
from Employer Contributions, the part of the Non-Vested portion that will be
treated as a Forfeiture is the total Non-Vested portion multiplied by a
fraction, the numerator of which is the amount of the distribution attributable
to Employer contributions and the denominator of which is the total value of the
Vested Employer derived Account balance.

         If a Participant receives a distribution pursuant to this Section and
the Participant resumes employment covered under this Plan, the Participant's
Employer derived Account balance will be restored to the amount on the date of
distribution if the Participant repays to the Plan the full amount of the
distribution attributable to Employer contributions before the Participant
incurs 5 consecutive Breaks in Service following the date of distribution.

         The Vested portion of any Participant's Account shall be a percentage
of the value of that account determined on the basis of the Participant's number
of Years of Service according to the vesting schedule specified in the Adoption
Agreement.

         If this is an amended or restated Plan, then notwithstanding the
vesting schedule specified in the Adoption Agreement, the Vested percentage of a
Participant's Account shall not be less than the Vested Percentage of a
Participant's Account shall not be less than the Vested percentage attained as
of the later of the effective date or adoption date of the amendment or
restatement. A Participant's Vested interest in the Plan shall not be reduced as
the result of any direct or indirect amendment to the Plan.

         If this is an amended or restated Plan, then a Participant with at
least five (5) Years of Service as of the expiration date of the election period
may elect to have his nonforfeitable percentage computed under the Plan without
regard to such amendment or restatement. If a

                                       17
<PAGE>

Participant fails to make such election, then such Participant shall be subject
to the new vesting schedule. The Participant's election period shall commence on
the adoption date of the amendment and shall end 60 days after the latest of:

                  (i)      the adoption date of the amendment,

                  (ii)     the effective date of the amendment, or

                  (iii)    the date the Participant receives written notice of
                           the amendment from the Employer or Administrator.

         Notwithstanding the provisions of this Plan, no distribution shall be
made to any Participant because of termination of employment for any reason
other than retirement, death or Total and Permanent Disability until such time
as he has incurred a Break in Service. If any Former Participant is reemployed
by the Employer before a Break in Service occurs, he shall continue to
participate in the Plan in the same manner as if such termination had not
occurred. For the purposes of this Plan and for calculating years of
participation in the Plan, if a Former Participant is reemployed after a Break
in Service has occurred, his Years of Service prior to his Break in Service
shall be included subject to the following rules:

                  (iv)     His pre-break and post-break service shall be used
                           for computing Years of Service for eligibility and
                           for vesting purposes only after he has been employed
                           for one (1) Year of Service following the date of his
                           reemployment with the Employer.

                  (v)      Each non-vested Former Participant shall lose credits
                           otherwise allowable under (i) above if his
                           consecutive Breaks in Service equal or exceed the
                           greater of (A)' five (5) or (B) the aggregate number
                           of his pre-break Years of Service.

                  (vi)     After five (5) consecutive Breaks in Service, a
                           Former Participant's Vested account balance
                           attributable to pre-break service shall not be
                           increased as a result of post-break service.

         Separate accounts will be maintained for the Participant's pre-break
and post-break Employer derived account balances. Both accounts will share in
the earnings and losses of the Trust Fund.

         In determining Years of Service for purposes of the Plan, Years of
Service shall be excluded as specified in the Adoption Agreement.

DISTRIBUTION OF BENEFITS: Unless otherwise elected, a Participant who is married
on the Annuity Starting Date and begins to receive payments under the Plan on or
after his Normal Retirement Age or who begins to receive payments under the Plan
on or after the date he attains the Qualified Earliest Retirement Age will
receive the actuarial equivalent of his Participant's Account balance in the
form of a Qualified Joint and survivor benefits following the Participant's
death shall continue to the spouse during the spouse's lifetime at a rate equal
to fifty percent (50%) of the rate which such benefits were payable to the
Participant. The Participant may,

                                       18
<PAGE>

however, elect to receive a smaller annuity benefit with continuation of
payments to the spouse at a rate at least equal to fifty percent (50%) (e.g.
66-2/3%, 75%, 100%, etc. of the rate payable to the Participant during his
lifetime).

         An unmarried Participant will receive his Normal Retirement Benefit in
the form of a life annuity unless he elects another form of benefit provided he
establishes to the Administrator's satisfaction that he is unmarried.

         If a Participant elects not to receive the form of retirement benefit
set forth in subparagraphs above, the Participant (and, if applicable, his
spouse), may elect to receive any amount to which he is entitled under the Plan
in one or more of the following methods:

                  - One lump-sum payment in cash or in property.

                  - Payment in monthly, quarterly, semi-annual, or annual cash
                  installment, over a period not exceeding a Participant's life
                  expectancy, or life expectancy of the' Participant and his
                  Beneficiary.

                  - Purchase of an annuity, with or without life contingencies.
                  However, such annuity may not be in any form that will
                  guarantee payments beyond either the life of the Participant
                  or the life expectancy of the Participant and his Beneficiary,
                  or the life expectancy of the Participant.

All annuity Contracts distributed under this Plan shall be non-transferable.

         If a Participant's retirement benefits are to be distributed to him and
his Beneficiaries over a period that extends beyond the Participant's life
expectancy, the present value of the payments to be made over the Participant's
life expectancy must be mote than 50% of the account balance. This paragraph
shall not apply to distributions made to the Participant and his spouse.

         Notwithstanding any provision herein to the contrary, a Participant's
retirement benefits will be distributed to him later than April I of the
calendar year following the later of

         (5)      The calendar year in which he attains Age seventy and one-half
                  (70-1/2), or

         (6)      In the case of a Participant other than a "five percent owner"
                  (see the definition of Key Employee), the calendar year in
                  which he retires.

         In the alternative, distributions to a Participant must begin no later
than such April I and be made over the life of the Participant (or the lives of
the Participant and his Beneficiary) or the life expectancy of the Participant
(or the joint life expectancy of the Participant and his Beneficiary).

         For purposes of this Section, the life expectancy of a Participant and
a Participant's spouse may be redetermined (except in the case of a life
annuity), but no more frequently than annually. Life expectancy and joint and
last survivor expectancy shall be computed by use of the

                                       19
<PAGE>

return multiples contained in applicable regulations. For purposes of the
computation the life expectancy of a non-spouse beneficiary may not be
recalculated.

         The election not to receive a Qualified Joint and Survivor. Annuity may
be revoked in writing and new election made at any time during the election
period. Any new election will not be effective unless the Participant's spouse
consents in writing to such election before the Administrator or a Notary
Public.

         If the present value of a Qualified Joint and Survivor Annuity does not
exceed $3,500, the Administrator shall make a single sum distribution of such
amounts before the Annuity Starting Date without the consent of the Participant
and spouse. However, no such distribution may be made after the Annuity Starting
Date unless the Participant and spouse consent in writing to such distribution.

         If the present value of a Qualified Joint and Survivor Annuity is in
excess of $3,500, the Administrator shall distribute such amount before the
Annuity Starting Date but only if the Participant directs, and the spouse
consents in writing, before the Administrator or a Notary Public, to such
distribution.

         The present value of a Qualified Joint and Survivor Annuity will be the
account balance as of the date of the distribution.

         With respect to a Participant's election pursuant to Section 6.5(p) not
to receive a Qualified Joint and Survivor Annuity or, if the Participant is
unmarried a life annuity for Plan Years beginning on or after January 1, 1985,
the election must be in writing during the 90-day period ending on the Annuity
Starting Date.

         For Plan Years beginning on or after January 1, 1985, with respect to
the election not to receive a Qualified Joint and Survivor Annuity, the
Administrator will, within a reasonable period before the commencement of
benefits, provide the Participant with a non-technical written explanation
containing the following information:

         Notwithstanding anything herein to the contrary, any election not to
receive a Qualified Joint and Survivor Annuity that is made on or after January
1, 1985, but before the first day of the first Plan Year beginning on or after
such date will not be effective unless the Participant's spouse has given her
consent thereto in accordance with the procedures for such consent as set forth
above. Each new election not to receive the Qualified Joint and Survivor Annuity
including any change of beneficiary will require a new spousal consent unless
the requirements of ERISA are met.

         The requirements regarding Qualified Joint and Survivor Annuities
applicable for Plan Years beginning on or after January I,1985 will apply only
in the case of Participants who have at least I Hours of Service, whether or not
attributable to a paid leave of absence, on or after August 23, 1984.

WITHDRAWAL OF VOLUNTARY CONTRIBUTIONS: Subject to the Qualified Election
requirements of Article 8 and Section 1 1.4, any Participant who has made
Voluntary Contributions may, upon thirty have paid to him all or any portion of
the balance in his

                                       20
<PAGE>

Voluntary Contribution subaccount. A Participant who makes a withdrawal under
this section shall not be allowed to make any Voluntary Contributions during the
six month period following the date of the distribution and will forfeit any
matching contribution by the Employer on the Voluntary Contributions withdrawn.

WITHDRAWALS OF ELECTIVE DEFERRAL CONTRIBUTIONS:

         (a)      In General. Subject to the Qualified Election requirements of
                  Article 8 and Section 11.4, a Participant who has made
                  Elective Deferral Contributions may, upon thirty (30) days'
                  notice in writing filed with the Plan Administrator, make
                  withdrawals from his Elective Deferral Contribution subaccount
                  in the event of financial hardship only. The maximum
                  withdrawal from the Participant's Elective Deferral
                  Contribution subaccount is the lesser. of the amount of his
                  Elective Deferral Contributions, including earnings and.
                  investment gains, or the amount needed to alleviate his
                  financial hardship.

         (b)      Financial Hardship.

                  (i)      An in-service withdrawal will be on account of
                           financial hardship only if the Participants has an
                           immediate and heavy financial need and the withdrawal
                           is necessary to meet the need.

                  (ii)     A withdrawal will be deemed to be on account of an
                           immediate and heavy need if it is occasioned by (A) a
                           deductible' medical expense incurred by the
                           Participant or his spouse, children or dependent; (B)
                           purchase of the Participant's principal residence
                           (not including mortgage payments); (C) tuition
                           payments for the next semester or quarter of a
                           post-secondary education for the Participants or his
                           spouse, child or dependent; (D) rent or mortgage
                           payments to prevent the Participant's eviction from
                           or the foreclosure of the mortgage on his principal
                           residence; or (E) such other event or circumstance as
                           the Puerto Rico Department of the Treasury permits.

                  (iii)    A withdrawal will be deemed necessary to satisfy the.
                           Participant's financial needs if either (A) the
                           Participant has made all non-hardship withdrawals and
                           obtained all nontaxable loans available under all of
                           the Employer's qualified retirements plan; or (B) the
                           Participant satisfies such other requirements as may
                           be prescribed by the Puerto Rico Department of the
                           Treasury.

                  (iv)     A Participant must establish to the Plan
                           Administrator's satisfaction both that the
                           Participant has an immediate and heavy financial need
                           and that the withdrawal is necessary and heavy.
                           financial need withdrawal is necessary to meet the
                           need, as provided in subsections (ii) and (iii)
                           above.

                                    A Participant's application for a hardship
                           withdraw will be in writing on such form and
                           containing such information (or other evidence or
                           materials establishing the Participant's financial
                           hardship) as the Plan

                                       21
<PAGE>

                           Administrator may require. The Plan Administrator's
                           determination of the existence of and the amount
                           needed to meet a financial hardship will be binding
                           on the Participant.

         (c)      Notwithstanding subsection (b) above, a Participant may make
                  in-service withdrawals from his Elective Deferral Contribution
                  subaccount after he has reached age 59-1/2.

MANNER OF MAKING WITHDRAWALS: Any withdrawal by the Participant under the Plan
shall be made only after the Participant files a written request with the Plan
Administrator specifying the nature of the withdrawal and the amount of funds
requested to be withdrawn. Upon approving any withdrawal, the Plan Administrator
shall furnish the Trustee with written instructions directing the Trustee to
make the withdrawal in a lump sum payment of cash or an in kind distribution to
the Participant. in making any withdrawal payment, the Trustee shall be fully
entitled to rely on the instructions furnished by the Plan Administrator, and
shall be under no duty to make any inquiry or investigation with respect
thereto. Unless SECTION 8.6 is applicable, if the Participants is married, his
Spouse must consent to the withdrawal pursuant to a Qualified Election (as
defined in Section 8.4 (c) ) within the ninety (90) day period ending on the
date of the withdrawal.

LIMITATIONS ON WITHDRAWALS: The Plan Administrator and the Trustee may prescribe
uniform and nondiscriminatory rules and procedures limiting the number of times
a Participant may make a withdrawal under the Plan during any Plan Year, and the
minimum amount a Participant may withdraw on any single occasion.

LOANS TO PARTICIPANTS:

         (a)      If elected in the Adoption Agreement, loans may be made to
                  Participants under the following circumstances:

                  (i)      loans shall be made available to all Participants on
                           reasonably equivalent basis;

                  (ii)     loans shall not be made available to Employees in the
                           Higher Paid Group, officers, or shareholders in an
                           amount greater than the amount made available to
                           other Participants;

                  (iii)    loans shall bear a reasonable rate of interest;

                  (iv)     loans shall be adequately secured; and

                  (v)      shall provide for repayment over a reasonable period
                           of time.

         (b)      Loans made pursuant to this section (when added to the
                  outstanding balance of all other loans is obtained pursuant to
                  Section 408 of ERISA.

         (c)      Loans made pursuant to this section (when added to the
                  outstanding balance of all other loans made by the plan to the
                  Participant) shall be limited to one-half (1/2)

                                       22
<PAGE>

                  of the present value of the non-forfeitable accrued of the
                  Participants under the Plan.

         (d)      Loans shall provide for level amortization with payments to be
                  made not less frequently than quarterly over a period not to
                  unit which, within a reasonable time, is to be used
                  (determined at the time the loan is made) as a principal
                  residence of the Participants shall provide for periodic
                  repayment over a reasonable period of time that may exceed
                  five (5) years.

         (e)      Any loan made pursuant to this section where the vested
                  interest of the Participant is used to secure such loan shall
                  require the written consent of the Participant's Spouse in a
                  manner consistent with Section 8.4 ( c ). Such written consent
                  must be obtained within the 90-day period prior to the date
                  the loan is made. However, no spousal consent shall be
                  required under this paragraph if the total accrued benefit
                  subject to the security is not excess of $ 3,500.

         (f)      Any loans granted or renewed shall be made pursuant to a
                  Participant loan program. Such loan program shall be
                  established in writing and must include, but need not be
                  limited to, the following;

                  (i)      the identity of the person or positions authorized to
                           administer the Participants loan program;

                  (ii)     a procedure for applying for loans;

                  (iii)    the basis on which loans will be approved or denied;

                  (iv)     limitations, if any, on the types and amounts of
                           loans offered;

                  (v)      the procedure under the program for determining
                           reasonable rate of interest;

                  (vi)     the types of collateral which may secure a
                           Participant loan; and

                  (vii)    the events constituting default and the steps that
                           will be taken to preserve Plan assets.

         Such Participant loan program shall be contained in a separate written
document which, when properly executed, is hereby incorporated by reference and
made a part of the Plan. Furthermore, such Participant loan program may be
modified or amended in writing from time to time without the necessity of
amending this section.

DISTRIBUTION OF BENEFITS UPON DEATH: Any death benefits (other than a Survivor
Annuity or a Qualified Preretirement Survivor Annuity) to which a deceased
Participant's Beneficiary is entitled will be paid by either of the following
methods, to be determined in the sole discretion of the Participant (or, if
applicable, his Beneficiary):

                  -One lump-sum payment in cash or in property.

                                       23
<PAGE>

                  -Payment in monthly, quarterly, semi-annual, or annual cash
                  installments.

         Installment payments will be made over a period to be determined in the
sole discretion of the Participant (or, if applicable, his Beneficiary), but not
in excess of the life expectancy of the Participant's Beneficiary.

         The Administrator will direct the Trustee to segregate the death
benefit within the Trust Fund, or to purchase an annuity Contract from the
Insurer.

         Installment payments will be made over a period to be determined in the
sole discretion of the Participant (or, if applicable, his Beneficiary), but not
in excess of the life expectancy of the Participant's Beneficiary. Installment
payments will be as nearly equal as practicable. After installment payments
begin, the Administrator, if so directed by the Beneficiary in the Beneficiary's
sole discretion and provided that such installment payments are not made through
an annuity contract purchased from an insurer, shall direct the Trustee to
reduce the period over which the installment payments will be made and the
Trustee will adjust the cash amount of installment accordingly.

         The Administrator, if so directed by the Beneficiary in the
Beneficiary's sole discretion, shall direct the Trustee at any time to either
accelerate any installment payment to a Participant's Beneficiary, or purchase
an annuity Contract with all monies or properties held in the segregated Trust
Fund.

         If a Retired Participant has started to receive his Normal Retirement
Benefit and dies before his entire Vested interest has been distributed to him
in accordance with Section 6.5, the balance of his interest in the Plan will be
distributed at least as rapidly as under the method of distribution being used
on the date of his death.

         If a Participant dies before lie has begun to receive any distribution
of his interest in the Plan, his entire Vested interest will be distributed to
his Beneficiaries within five years after the date of his death.

         The preceding paragraph will not apply to any portion of a deceased
Participant's Vested interest which is paid over the life of the Participant's
designated Beneficiary (or over a period not extending beyond the life
expectancy of the designated Beneficiary) provided distribution begins no later
than one year after the date of the Participant/s death.

         Notwithstanding the foregoing, if a. Participant's spouse is his
designated Beneficiary, the date distribution must begin shall be no later than
the date on which the deceased Participant would have reached Age seventy and
one-half (70-1/2). If the surviving spouse dies before the distributions to
such spouse begin, the requirements of paragraphs above will apply as if the
spouse were the Participant.

         For purposes of this Section, the life expectancy of a Participant and
a Participant's spouse may be redetermined, but no more frequently than
annually, by use of the return multiples specified in Section 1.72-9 of the
Income Tax Regulations. This paragraph will not apply if a Participant's
benefits are paid in the form of a life annuity. in addition, in the case of any
designated beneficiary other than the Participant/s spouse, life expectancy will
be calculated

                                       24
<PAGE>

at the time payment first commences and payments for any 12 consecutive months
period will be based on such life expectancy minutes the number of whole years
passed since distribution first commenced.

         Notwithstanding the other requirements of this article and subject to
the joint and survivor annuity requirements, distribution on behalf of any
Employee, may be made in accordance with all of the following requirements
(regardless of when such distribution commences):

                  (i)      The distribution by the trust is one which would not
                           have disqualified such trust.

                  (ii)     The distribution is in accordance with a method of
                           distribution designated by the Employee whose
                           interest in the trust is being distributed or, if the
                           Employee is deceased, by a Beneficiary of such
                           Employee.

                  (iii)    Such designation was in writing, was signed by the
                           Employee or the Beneficiary, and was made before
                           January I, 1984.

                  (iv)     The Employee had accrued a benefit under the plan as
                           December 31, 1983.

                  (v)      The method of distribution designated by the Employee
                           or the Beneficiary specified the time at which
                           distribution will commence, the period over which
                           distributions will be made, and in the case of any
                           distribution upon the Employee's death, the
                           Beneficiaries of the Employee listed in order of
                           priority. The method of distribution selected must
                           assure that at least 50 percent of the present value
                           of the amount available for distribution is paid
                           within the life expectancy of the Participant.

         A distribution upon death will not be covered by this transitional rule
unless the information in the designation contains the required information
described above with respect to the distributions to be made upon the death of
the Employee.

         For any distribution which commences before January I, 1984, but
continues after December 31, 1983, the Employee, or the Beneficiary, to whom
such distribution is being made, will be presumed to have designated the method
of distribution under which the distribution is being made if the method of
distribution was specified in writing and the distribution satisfies the
requirements in subsections (i) and (v) above.

         If a designation is revoked, any subsequent distribution must satisfy
the requirements of the Code as amended. Any changes in the designation will be
considered to be a revocation of the designation. However, the mere substitution
or addition of another Beneficiary (one not named in the designation) under the
designation will not be considered to be a revocation of the designation, so
long as such substitution or addition does not alter the period over which
distributions are to made under the designation, directly or indirectly (for
example, by altering the relevant measuring life).

                                       25
<PAGE>

         With respect to the distribution of a Qualified Preretirement Survivor
Annuity, if the present value of a Qualified Preretirement Survivor Annuity does
not exceed $3,500, the Administrator shall make a single sum distribution of
such amount before the Annuity Starting Date without the consent of the
surviving spouse. However, no distribution may be made after the Annuity
Starting Date unless the surviving spouse consents in writing to such
distribution.

         If the present value of a Qualified Preretirement Survivor Annuity is
in excess of $3,500, the Administrator shall make a single sum distribution of
such amount before the Annuity Starting Date only if the surviving spouse
consents in writing to such distribution before the Administrator or a Notary
Public.

         The present value of a Qualified Preretirement Survivor Annuity will be
the account balance as of the date of the distributions

TIME OF SEGREGATION FOR DISTRIBUTION: Subject to the requirements of the Plan
and notwithstanding any other provision to the contrary, whenever the Trustee is
to make a distribution or to commence a series of payments on, or as of an
Anniversary Date, the distribution or series of payments may be made or begun on
such date or as soon thereafter as is practicable, but in no event later than
the 60th day after the close of the Plan Year in which the latest of the
following events occurs:

                  -the date on which the Participant attains the earlier of age
                  65 or the Normal Retirement Age specified herein,

                  -the 10th anniversary of the year in which the Participant
                  commenced participation in the Plan, or,

                  -the date the Participant terminates his service with the
                  Employer.

DISTRIBUTION FOR MINOR BENEFICIARY: in the event a distribution is to be made to
a minor,

the Administrator may, in the Administrator's sole discretion, direct that such
distribution be paid to the legal guardian, or if none, to a parent of such
Beneficiary or a responsible with whom the Beneficiary maintains his residence,
or to the custodian for such Beneficiary under the Uniform Gifts to Minors Act
if such is permitted by the laws of the state in which said Beneficiary resides.
Such a payment shall fully discharge the Trustee, Employer, and Plan from
further liability on account of such distribution.

LOCATION OF PARTICIPANT OR BENEFICIARY UNKNOWN: in the event that all, or any
portion, of the distribution payable to a Participant or his Beneficiary
hereunder shall, at the expiration of five (5) years after it shall become
payable, remain unpaid solely by reason of the inability of the Administrator,
after sending a registered letter, return receipt requested, to the last known
address, and after further diligent effort, to ascertain the whereabouts of such
Participant or his Beneficiary the amount so distributable shall be forfeited
and shall be used to reduce the cost of the Plan. In the event a Participant or
Beneficiary is located subsequent to this benefit being forfeited, such benefit
shall be restored.

                                       26
<PAGE>

NO SUSPENSION OF BENEFITS: In the event a Participant receiving benefits
continues his employment or recommences employment with the Employer, his
benefits will continue unchanged.

                                   ARTICLE VI
                                    TRUSTEES

RESPONSIBILITIES OF THE TRUSTEE: The Trustee shall have the power and
responsibility indicated in the Trust Agreement executed between the Employer
and the Trustee.

                                  ARTICLE VII
                                   VALUATIONS

VALUATION OF THE TRUST FUND: The Administrator shall direct the Trustee, as of
each Valuation date, and at such other date or dates deemed necessary by the
Administrator, to determine the net worth of the assets comprising the Trust
Fund as it exists on the Valuation Date prior to taking into consideration any
contribution to be allocated for that Plan Year. in determining such net worth,
the Trustee shall value the assets comprising the Trust Fund at their fair
market value as of the Valuation Date and shall deduct all expenses for which
the Trustee has not yet obtained reimbursement from the Employer or the Trust
Fund.

METHOD OF VALUATION: In determining the fair market value of securities held in
the Trust Fund which are listed on a registered stock exchange, the
Administrator shall direct the Trustee to value the same at the prices they were
last traded on such exchange preceding the close of business on the Valuation
Date. Any unlisted security held in the Trust Fund shall be valued at its bid
price next preceding the close of business on the Valuation Date, which bid
price shall be obtained from a registered broker or an investment banker. In
determining the fair market value of assets other than securities for which
trading or bid prices can be obtained, the Trustee may appraise such assets
itself, or in its discretion employ one or more appraisers for that purpose and
rely on the value established by such appraiser or appraisers.

                                  ARTICLE VIII
                       AMENDMENT, TERMINATION, AND MERGERS

BANK'S POWER TO AMEND: The Bank may amend any part of the Plan, Deed of Trust,
or Adoption Agreements at any time and from time to time.

AMENDMENT: The Employer shall have the right at any time and from time to time
to amend, in whole or in part, any or all of the elective provisions of the
Adoption Agreement including but not limited to amendments stated in the
Adoption Agreement which allow the Plan to avoid duplication of minimum benefits
because of the required aggregation of multiple plans. However, no such
amendment shall authorize or permit any part of the Trust Fund (other than such
part as is required to pay taxes and administration expenses) to be used for or
diverted to purposes other than for the exclusive benefit of the Participants or
their Beneficiaries or estates; no such amendment shall cause any reduction in
the account balance of any. Participant, eliminate an optional form of
distribution, or cause or permit any portion of the Trust Fund to revert to or
become the property of the Employer; and no such amendment which affects the

                                       27
<PAGE>

rights, duties or responsibilities of the Trustee and Administrator may be made
without the Trustee's and Administrator's written consent.

         Notwithstanding the preceding sentence, a Participant's Account balance
may not be reduced to the except to the extent permitted under regulations . In
addition, no amendment to the Plan shall have the effect of decreasing a
Participant/s Vested interest determined without regard to such amendment as of
the later of the date such amendment is adopted or the date it becomes
effective. Any Plan amendment shall become effective upon delivery of a new duly
executed Adoption Agreement, provided that the Trustee shall, in writing consent
to the terms of such amendment. If the Employer amends any provision other than
those contained in the Adoption Agreement, it shall no longer participate in the
Master or Prototype Plan, but will be considered to have an individually
designed plan.

         Subject to the above, the Employer expressly delegates authority the
Plan Administrator, the right to amend this Plan by submitting a copy of the
amendment to each Employer who has adopted this Plan after first having received
a ruling or favorable determination from the Puerto Rico Treasury Department
that the Plan as amended qualifies under Section I I65(a) of the Code and the
Act.

AMENDMENT BY ADOPTING EMPLOYER: Subject to giving written notice to the Bank by
delivery of the copy of the change signed by the Employer, the Employer may
change its choice of options in the Adoption Agreement.

TERMINATION: The Employer shall have the right any time to terminate the Plan by
delivering to the Trustee and Administrator written notice of such termination.
Upon any termination (full or partial) or complete discontinuance of
contributions, all amounts credited to the affected Participant's Accounts shall
become 100% Vested and shall not thereafter be subject to forfeiture and all
unallocated amounts shall be allocated to the accounts of all Participants in
accordance with the provisions thereof. Upon such termination of the Plan, the
Employer, by written notice to the Trustee and Administrator, may direct either
a:

                  -complete distribution of the assets in the Trust Fund to the
                  Participants, in cash or in kind, in one lump-sum payment as
                  soon as the Trustee deems it to be in the best interests of
                  the Participants,

                  but in no event later than two years after such termination;
                  or

                  -continuation of the Trust created by this Agreement and
                  distribution of benefits at such time and in such manner as
                  though the Plan had not been terminated.

MERGER OR CONSOLIDATION: The Plan and Trust may be merged or consolidated with,
or its assets and liabilities may be transferred to, any other plan and trust
only if the benefits which would be received by a Participant of this Plan, in
the event of a termination of the plan immediately after such transfer, merger
or consolidation, are at least equal to the benefits the Participant would have
received if the Plan had terminated immediately before the transfer, merger or
consolidation.

                                       28
<PAGE>

                                   ARTICLE X
                                  DEFINITIONS

As used in this Plan, the following terms shall have the meanings set forth
below:

"ACCOUNT" shall mean the account established and maintained by the Administrator
for each Participant with respect to his total interest resulting from the
contributions to the Plan..

"ACTUAL DEFERRAL PERCENTAGE" for a specified group of Participants for a Plan
Year, the average of the ratios (calculated separately for each Participant in
such group) of (x) the amount of Elective Deferral Contributions actually paid
over to the Trust on behalf of such Participant for the Plan Year to (y) the
Participant's Compensation for such Plan Year (whether or not the Employee was a
Participant for the entire Plan Year): At the election of the Employers,
Elective Deferrals may include Qualified Non-Elective Contributions and
Qualified Matching Contributions. For purposes of computing Actual Deferral
Percentages, and Employee who would be a Participant but for the failure to make
Elective Deferral Contributions shall be treated as a Participant on whose
behalf no Elective Deferral Contributions are made.

"ADMINISTRATOR" means the person or persons designated by the Employer pursuant
to Section 2.4 to administer the Plan on behalf of the Employer.

"ADOPTION AGREEMENT" means the separate agreement which is :executed by the
Employer and accepted by the Trustee and Administrator which sets forth the
provisions of the Plan and Trust adopted by the Employer.

"AFFILIATED EMPLOYERS" the Employers and any corporation which is a member of a
controlled group of corporations (as defined in Section 210 (c) of the ERISA)
which includes the Employers, or any trade or business (whether or not
incorporated) which is under common control (as defined in Section 210 (d) of
the ERISA) with the Employer.

"AGGREGATE ACCOUNT" means, with respect to each Participant, the value of all
accounts maintained on behalf of a Participant whether attributable to Employer
or Employee contributions.

"AGREEMENT" shall mean this instrument and Adoption Agreement, including all
amendments thereto.

"ALTERNATE PAYEE" means any spouse, former spouse, child or other dependent of a
Participant who is recognized by a Qualified Domestic Relations Order as having
a right to receive all, or a portion of, a Participant/s benefits payable under
the Plan.

"ANNIVERSARY DATE" means the last day of the Plan Year specified in the Adoption
Agreement.

"AUTHORIZED LEAVE OF ABSENCE" means a period during which an Employee ceases
active employment with the employer in accordance with an established
nondiscriminatory policy, whether such cessation of employment is caused by the
employee/s illness, military service; or any other reason. An Authorized Leave
of Absence will cause a Break in Service.

                                       29
<PAGE>

"BANK" EuroBank, a bank organized and existing under the laws of the
Commonwealth of Puerto Rico.

"BENEFICIARY" or "BENEFICIARIES" means the person or persons, estate or trust to
whom the share of a deceased Participant's Aggregate Account is payable, as
provided in the Plan.

"BREAK IN SERVICE" shall mean, (a) if the 1,000 hour method is. specified in the
Adoption Agreement, a Plan Year during which an Employee has not completed more
than 500 hours of Service with the Employer, for reasons other than absences
referred to in the Plan, except for a Plan Year in which the Employee becomes a
Participant, retires, dies, or suffers Total and Permanent Disability, or (b) if
the elapsed time method is specified in the Adoption Agreement, a Period of
Severance of at least 12 consecutive months.

"CODE" means the Puerto Rico internal Revenue Code of 199, as it may be amended
from time to time.

"COMPENSATION" with respect to any Participant means such Participant's
compensation for a Plan Year, or the taxable year/Fiscal Year of the Employer,
or the calendar year ending with or within the Plan Year of the Limitation Year
as specified in the Adoption Agreement. Amounts contributed by the Employer
under this Plan and any other plan of deferred compensation to which the
Employer makes contributions and any other non-taxable fringe benefits shall not
be considered as Compensation.

"DOMESTIC RELATIONS ORDER" means any judgment, decree, or order (including
approval of a property settlement agreement) that relates to the provision of
child support, alimony payments, or marital property rights to a spouse, former
spouse; child, or other dependent of a Participant and is made pursuant to a
state domestic relations law.

"EARNED INCOME" means the net earnings from self-employment in the trade or
business with respect to which the Plan is established, for which personal
services of the individual are a material income-producing factor. Net earning
will be determined without regard to items not included in gross income and the
deductions allocable to such items. Net earnings are reduced by deductible
contributions by the Employer to a qualified retirement plan.

"EFFECTIVE DATE" the first day of the first Plan Year for which the Plan is
effective as specified in the Adoption Agreement.

"ELECTIVE DEFERRAL CONTRIBUTIONS" any contributions made to the Plan and Trust
at the election of the Participant under Section 4.4 and Adoption Agreement.
Which respect to any Plan Year, a Participant's Elective Deferral Contributions
is the sum of all contributions made on behalf of such Participants pursuant to
a qualified cash or deferred arrangement described in Section 1 165 (e).

"ELIGIBLE EMPLOYEE" means any Employee who has satisfied the eligibility
requirements specified in the Adoption Agreement, other than a non-resident
alien who receives no earned income from the Employer which constitutes income
from sources within the United States.

                                       30
<PAGE>

"EMPLOYEE" means any person who is employed by the. Employer, but excludes any
person who is employed as an independent contractor. Except as provided in the
Adoption Agreement and in the Plan, all Employees of all corporations which are
members of a controlled group of corporations, as defined in Section of the
Code, of which the Employer is a member, and all Employees of all trades or
businesses, whether or not incorporated, which are under common control with the
Employer will be treated as employed by a single employer. The term Employee
will also include a Leased Employee.

"EMPLOYER" shall mean the Employer as specified in the Adoption Agreement, any
Participating Employer who has adopted an executed the Adoption Agreement, any
successor which shall maintain this Plan, and any predecessor which has
maintained this Plan:

"ENTRY DATES" the date elected by the Employer in the Adoption Agreement.

"ERISA OR THE ACT" means the Employee Retirement income Security Act of 1974, as
it may be amended from time to time.

"EUROBANK RETIREMENT MASTER PROGRAM AND TRUST"

"EXCESS CONTRIBUTION" those Elective Deferral Contributions by a Participant to
the extent such Elective Deferral Contributions for a Plan Year exceed the
limitations in the code.

"EXCESS ELECTIVE DEFERRALS" those Elective Deferral Contributions by a
Participant that are includible in a Participant's gross income under Section
1 165 (e) (7) of the Code to the extent such Elective Deferral Contributions for
a taxable year exceed the dollar limitation under such code section.

"FIDUCIARY" means any person who (a) exercises any discretionary authority or
discretionary control respecting management of the Plan or exercises any
authority or control respecting management or disposition of its assets, (b)
renders investment advice for a fee or other compensation; direct or indirect,
with respect to any monies or other property of the Plan or has any authority or
responsibility to do so, or (c) has any discretionary authority or discretionary
responsibility in the administration of the Plan, including but not limited to
the Trustee, the Employer and its representative body and the Administrator.

"FISCAL YEAR" means the Employer's accounting year.

"FORFEITURE" means that portion of a Participant's Account that is not Vested
and is forfeited pursuant to - the Plan rules.

"HIGHER PAID, GROUP" all employees eligible to make Elective Deferral
Contributions to the Plan Trust and more highly compensated than two-thirds of
all other Employees of the same Employer eligible to make Elective Deferral
Contributions under the Plan.

"HOUR OF SERVICE" shall mean (1) each hour for which an Employee is directly or
indirectly compensated or entitled to Compensation by the Employer for the
performance of duties. These hours will be credited to the Employee for the
computation period for which the duties are performed' (2) each hour for which
an Employee is directly or indirectly compensated or entitled

                                       31
<PAGE>

to Compensation by the Employer (irrespective of whether the employment
relationship has terminated) for reasons other than performance of duties (such
as vacation, holidays, sickness, disability, lay-off, military duty, jury duty
or leave of absence) and (3) each hour for which back pay is awarded or agreed
to by the Employer, without regard to mitigation of damages. The same Hours of
Service shall not be credited both under (1), (2), as the case may be, and under
(3). These hours will be credited to the Employee for the computation period or
periods to which the award or agreement pertains rather than the computation
period or periods to which the award or agreement pertains rather than the
computation period in which the award, agreement or payment is made.

         Notwithstanding (2) above, if the 1,000 hour method is adopted in the
Adoption Agreement, (i) no more than 501 Hours of Service are required to be
credited to an Employee on account of any single continuous period during which
the Employee performs no duties (whether or not such period occurs in a single
computation period)' (ii) an hour for which an Employee is directly or
indirectly paid, or entitled to payment, on account of a period during which no
duties are performed is not required to be credited to the Employee if such
payment is made or due under a plan maintained solely for the purpose of
complying with applicable worker's compensation, unemployment compensation or
disability insurance laws; and (iii) Hours of Service are not required to be
credited for a payment which solely reimburses an Employee for medical or
medically related expenses incurred by the Employee.

         The provisions of Department of Labor regulations 2530. 200b-2(b) and
(c) are incorporated herein by reference.

         Solely for purposes of determining whether a Break in Service has
occurred in a computation period,. an individual who is absent from work for
Maternity or Paternity Leave, shall receive credit for the Hours of Service
which would otherwise have been credited to such individual but for such
absence, or in any case in which such hours cannot be determined, 8 Hours of
Service per day of such absence. The Hours of Service credited for any Maternity
or Paternity Leave shall be credited (*I) in the computation period in which the
absence begins if the crediting is necessary to prevent a Break in Service in
that period, or (2) in all other cases, in the following computation period.

"INTEGRATION LEVEL" the Taxable Wage Base or such lesser amount elected by the
Employer in the Adoption Agreement.

"LOWER PAID GROUP" all Employees who are not in the Higher Paid Group.

"INSURER" means any insurance company which has issued one or more Contracts
which are held by this Plan and Trust.

"INVESTMENT MANAGER" means any person, firm or corporation that is registered
investment adviser under the Investment Advisers Act of 1940, a bank or an
insurance company, and (a) who has the power to manage, acquire, or dispose of
Plan assets, and (b) who acknowledges in writing that is a Fiduciary.

"LATE RETIREMENT DATE" means the Date a Participant actually retires after
having reached his Normal Retirement Date.

                                       32
<PAGE>

"MATERNITY OR PATERNITY LEAVE" means that the absence of an Employee for any
period because of"

         (a)      the pregnancy of the Employee'

         (b)      the birth of a child of the Employee'

         (c)      the placement of a child with the Employee in connection with
                  the adoption of such child by the Employee; or

         (d)      the need to care for such child for a period beginning
                  immediately following the child's birth or placement as set
                  forth above.

"NET PROFITS" means current and accumulated earnings of the Employer before
federal, state and local taxes and contributions to this had any other qualified
plan unless otherwise defined in the Adoption Agreement.

"NORMAL RETIREMENT AGE" means the age specified in the Adoption Agreement as the
time at which a Participant shall become eligible to receive his normal
retirement benefit. A Participant shall become fully Vested in his Account upon
attaining his Normal Retirement Age. In the event a mandatory retirement age is
enforced by the Employer which is less than the Normal Retirement Age specified
in the Adoption Agreement, such mandatory age shall be deemed to be the Normal
Retirement Age:

"NORMAL RETIREMENT DATE" means the date specified in the Adoption Agreement on
which a Participant shall become eligible to have his benefits distributed to
him.

"OWNER-EMPLOYEE" means, with respect to an unincorporated business, a sole
proprietor who owns the entire interest in the Employer or a partner who owns
more than ten percent (10%) of either the capital interest or the profit
interest in the Employer and who receives Earned Income from the Employer.

"PARTICIPANT" shall mean any Eligible Employee who elects to participate in the
Plan as provided in Sections 3.2 and 3.3, and has not for any reason become
ineligible to participate further in the Plan.

"PLAN" shall mean this Plan and the Adoption Agreement as adopted by the
Employer.

"PLAN ADMINISTRATOR" the person, persons or entity appointed by the Employer
pursuant to Article 12 to manage and administer the Plan.

"PLAN YEAR" means the Plan's accounting year as specified in the Adoption
Agreement.

"PLAN YEAR OF SERVICE" shall mean, (a) if the 1,000 hour method is specified in
the Adoption Agreement, a Plan Year during which an Employee is a Participant
and completes 1,000 Hours of Service, or (b) if the elapsed time method is
specified, twelve (12) Months of Service by an Employee who is a Participant.

                                       33
<PAGE>

"QUALIFIED DOMESTIC RELATIONS ORDER" means any Domestic Relations Order that (I)
creates, recognizes, or assigns to an Alternate Payee the right to receive all
or a portion of Participant's benefits payable hereunder and (2) meets the
requirements of ERISA.

"QUALIFIED EARLIEST RETIREMENT AGE" means the earliest date under the Plan that
the Participant could elect (without regard to any requirement that approval of
early retirement be obtained) to receive retirement benefits (other than
disability benefits).

"QUALIFIED JOINT AND SURVIVOR ANNUITY" means an annuity payable for the life of
the Participant which provides a survivor benefit for the life of the
Participant's spouse which. is not less than one-half of, .or greater than, the
amount of the annuity payable during the joint lives of the Participant and his
spouse. The Qualified Joint and Survivor Annuity will be the amount of benefit
which can be purchased with the Participant's Vested account balance.

"QUALIFIED MATCHING CONTRIBUTION" Contributions made by the Employer and
allocated to the Participant's Elective Deferral Contributions subaccount which
(x) are nonforfeitable when made, and (y) are distributable only in accordance
with the distribution provisions that are applicable to Elective Deferral
Contributions.

"QUALIFIED NON- ELECTIVE CONTRIBUTIONS" Contributions made by the Employer and
allocated to the Participant's Elective Deferral Contributions subaccount which
(x) the Participants may not elect to receive in cash until distribution from
the Plan, (y) are nonforfeitable when made, and (z) are distributable only in
accordance with the distribution provisions that are applicable to Elective
Deferrals Contributions.

"QUALIFIED PRERETIREMENT SURVIVOR ANNUITY" means an Annuity for the life of the
Participant's spouse, the payments of which are equal to the amount of the
benefit which can be purchase by the death benefit under the Plan

"RETIRED PARTICIPANT" means a person who has been a Participant, and who is
entitled to retirement benefits under the Plan.

"RETIREMENT DATE" means the date as of which a Participant who does not remain
employed beyond his Normal Retirement Date actually retires for reasons other
than Total and Permanent Disability.

"ROLLOVER CONTRIBUTIONS" the contributions of an Employee to the Plan and Trust,
as set forth in section 4.5 and the Adoption Agreement.

"SELF-EMPLOYED INDIVIDUAL" means an Employee who has Earned Income for the Plan
Year or who would have had Earned Income but for the fact that the Employer had
no Net Profits for the Plan Year.

"TAXABLE WAGE BASE" means, with respect to any Plan Year, the maximum amount
which is considered wages as of the first day of that Plan Year under Section
312(a)(1) of the Code.

"TERMINATED PARTICIPANT" means a person who has been a Participant, but whose
employment has been terminated other than by death, Total and Permanent
Disability or retirement.

                                       34
<PAGE>

"TOTAL AND PERMANENT DISABILITY" means a physical or mental condition of a
Participant resulting from bodily injury, disease, or mental disorder which
renders in incapable of continuing his usual and customary employment with the
Employer. The disability of a Participant shall be determined by a licensed
physician chosen by the Administrator. The determination shall be applied
uniformly to all Participants.

"TRUSTEE" shall mean the Trustee named in the Adoption Agreement and any duly
qualified successor Trustee:

"TRUST FUND" means the assets of the Plan and Trust as the same shall exist from
time to time.

"VALUATION DATE" means the last date of each Plan Year as of which account
balances or accrued benefits are valued.

"VESTED" means the portion of a Participant/s Account that is not
nonforfeitable.

"VOLUNTARY CONTRIBUTION ACCOUNT" shall mean the separate account established and
maintained by the Administrator for each Participant with respect to his
interest in the Plan resulting from the Participant's non-deductible voluntary
contributions made pursuant to this Agreement.

"YEAR OF SERVICE" shall mean, (a) if the 1,000 hour method is specified in the
Adoption Agreement, the computation period of twelve (12) consecutive months,
herein set forth, during which an Employee has at least 1,000 Hours of Service,
or (b) if the elapsed time method is specified, twelve (12) Months of Service.

                                   ARTICLE X
                                 MISCELLANEOUS

EMPLOYER ADOPTIONS: Any organization may become. the Employer hereunder by
executing the Adoption Agreement and it shall provide such additional
information as the Trustee may require. The consent of the Trustee to act as
such shall be signified by its execution of the Adoption Agreement.

         The affiliation of the Employer and the participation of its
Participants shall be separate and apart from that of any other Employer and its
participants hereunder.

         The Employer shall immediately notify the trustee of any determination
that its Plan is unqualified and does not meet the requirements of Section
1165(a) of the Code, and such Plan shall no longer be considered a plan
established, through adoption with this prototype Plan. In such event, the
Trustee shall transfer the Trust Fund in accordance with the Employer's
instructions within one year of such notification.

AGGREGATION RULES:

         (a)      If this Plan provides contributions or benefits for one more
                  Owner-Employees who control one more Owner-Employees who
                  control one or more other trades or business, the employees of
                  the other trades or business must be included in a plan

                                       35
<PAGE>

                  which satisfies Section 165 (a) of the PRITA and which
                  provided for the Owner-Employees under this Plan.

         (b)      If the Plan provides contributions or benefits for one or more
                  Owner-Employer who control one or more other trades or
                  business, the employees of the other trades or business must
                  be included in a plan which satisfies Section 165 (a).of the
                  PRITA and which provides contributions and benefits not less
                  favorable than provided for Owner-Employees under this Plan.

         (c)      If an individual is covered as a Owner-Employee under, the
                  plans of two or more trades or business which are not
                  controlled and the individual controls a trade or business,
                  then the contribution or benefits which are controlled must be
                  as favorable as those provided for him under the most
                  favorable plan of the trade or business which is not
                  controlled.

         (d)      For purposes of paragraphs (a), (b), and (c), an
                  Owner-Employee, or two or more Owner-Employees, will be
                  considered to control a trade or business if the
                  Owner-Employee, or two or more Owner-Employees together:

                  (i)      own the entire interest in an unincorporated trade or
                           business; or

                  (ii)     in the case of a special partnership, own more than
                           fifty percent (50%) of either the capital interest or
                           the profit interest in a special partnership.

         For the purposes of the preceding sentence, an Owner-Employee, or two
or more Owner Employees shall be treated as owning an interest in a partnership
which is owned directly or indirectly, by a partnership which such
Owner-Employee, or such two or more Owner-Employees, are considered to control
within the meaning of the preceding sentence:

FAILURE OF QUALIFICATION: If this Plan or any part of it fails to attain or
retain qualification, such plan will no longer be part of the program and its
assets will be held by the Trustee in a separate trust.

APPLICABLE LAW: Except to the extent otherwise required by ERISA, this Plan
shall be construed and enforced in accordance with the laws of the Commonwealth
of Puerto Rico.

INVALIDITY OF CERTAIN PROVISIONS: If any provisions of this Plan Shall be held
invalid or unenforceability shall not affect any other provisions hereof and the
Plan shall be construed and enforced as if such provisions, to the extent or
unenforceable, had not been included.

PARTICIPANT'S RIGHTS: This Plan shall not be deemed to constitute a contract
between the Employer and any Participant or to be a consideration or an
inducement for the employment of any Participant or Employee. Nothing contained
in this Plan shall be deemed to give any Participant or Employee the right to be
retained in the service of the Employer or to interfere with the right of the
Employer to discharge any Participant or Employee at any time regardless of the
effect which such discharge shall have upon him as a Participant of this Plan.

                                       36
<PAGE>

ALIENATION: No benefit which shall be payable out of the Trust Fund to any
person (including a Participant or his Beneficiary) shall be subject in any
manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrances, or charge, and any attempt to assignment, pledge, encumbrances, or
charge, and any attempt to anticipate, alienate, sell, transfer, assign, pledge,
encumber, or charge the same shall be void; and no such benefit shall in any
manner be liable for, or subject to, the debts, contracts, liabilities,
engagements, or torts of any such person, nor shall it be subject to attachment
or legal process for or against such person, and the same shall not recognized
by the Trustee. This provision shall not, however, preclude the Trustee from
complying with a Qualified Domestic Relations Order and it shall also not apply
to the extent a Participant or Beneficiary is indebted to the Plan, for any
reason, under any provision of this Agreement and at the time a distribution is
to be made to or for his benefit, such proportion of the amount distributed as
shall equal such indebtedness. Prior to making a payment, however, the
Participant or Beneficiary must be given written notice by the Administrator
that such indebtedness is to be deducted in whole or part from his Participant's
Account. If the Participant or Beneficiary does not agree that the indebtedness
is a valid claim against his Vested Participant's Account, he shall be entitled
to a review of the validity of the claim.

         In the event a Participant's benefits are garnished or attached by
order of any court, the Administrator may bring an action for a declaratory
judgment in a court of competent jurisdiction to determine the proper recipient
of the benefits to be paid by the Plan.

CONSTRUCTION OF AGREEMENT: This Plan shall be construed and enforced according
to the Act and the laws of the State or Commonwealth in which this Plan was
executed, other than its laws respecting choice of law, to the extent not
pre-empted by the Act.

GENDER AND NUMBER: Wherever any words are used here in the masculine, feminine
or neuter gender, they shall be construed as though they were also used in
another in all cases where they would so apply, and whenever any words are used
herein in the singular or plural form, they shall be construed as though they
were also used in the other form in all cases where they would so apply.

LEGAL ACTION: In the event any claim, suit, or proceeding is brought regarding
the Plan or Trust Fund established hereunder to which the Trustee or the
Administrator may be a party, and such claim, suit, or proceeding is resolved in
favor of the Trustee or Administrator, they shall be entitled to be reimbursed
from the Trust Fund for any and all costs, attorney's fees, and other expenses
pertaining thereto incurred by them for which they shall have become liable.

PROHIBITION AGAINST DIVERSION OF FUNDS: it shall be impossible by operation of
the Plan or of the Trust Fund, by termination of either, by power of revocation
or amendment, by the happening of any contingency, by collateral arrangement or
by any other means, for any part of the corpus or income of the Trust Fund or
any funds contributed thereto to be used for, or diverted to, purposes other
than the exclusive benefit of Participants, retired Participants, or their
Beneficiaries.

RECEIPT AND RELEASE FOR PAYMENTS: Any payment to any Participant, his legal
representative, Beneficiary, or to any guardian or committee appointed for such
Participant or

                                       37
<PAGE>

Beneficiary in accordance with the provisions of this Agreement, shall, to the
extent thereof, be in full satisfaction of all claims hereunder against the
Trustee and the Employer, either of whom may required such Participant, legal
representative, Beneficiary, guardian, or committee, as a condition precedent to
such payment, to execute a receipt and release thereof in such forms as shall be
determined by the Trustee or Employer.

ACTION BY THE EMPLOYER: Whenever the Employer under the terms of this Agreement
if permitted or required to do or perform any act or matter or thing, it shall
be done and performed by a person duly authorized by its legally constituted
authority.

NAMED FIDUCIARIES AND ALLOCATION OF RESPONSIBILITY: The "Named Fiduciaries" of
this Plan are (1) the Employer, (2) the Administrator, (3) the Trustee and (4)
any investment Manager appointed hereunder. The named Fiduciaries shall have
only those specific powers, duties, responsibilities, and obligations as are
specifically given them under this Plan. In general, the Employer shall have the
sole responsibility to make the contributions provided for, to appoint and
remove the Trustee, the Administrator, and any Investment Manager which may be
provided for under this Agreement' to formulate the Plan's "funding policy and
method"` and to amend the elective provisions of the Adoption Agreement or
terminate the Plan, in whole or in part. The Administrator shall have the sole
responsibility for the administration of the Plan. The Trustee shall have the
sole responsibility for the management of the assets held in the Trust Fund,
except those assets, the management of which has been assigned to an investment
Manager, who shall be solely responsible for the management of such assets, all
as specifically provided in this Agreement. Each named Fiduciary warrants that
any directions given, information furnished, or action taken by it shall be in
accordance with the provisions of this Plan.

         Furthermore, each named Fiduciary may rely upon any such direction,
information or action of another named Fiduciary as being proper under this
Plan, and is not required under this Agreement to inquire into the property of
any such direction, information, or action. It is intended that each named
Fiduciary shall be responsible for the proper exercise of its own powers,
duties, responsibilities and obligations. No named Fiduciary shall guarantee the
Trust Fund in any manner against investment loss or depreciation in asset value.
Any person or group may serve in more than one Fiduciary capacity.

HEADINGS: The headings and subheadings of this Plan have been inserted for
convenience of reference and are to be ignored in any construction of the
provisions hereof.

APPROVAL BY THE PUERTO RICO INTERNAL REVENUE DEPARTMENT: The Employer, upon its
initial execution of a non-standardized Adoption Agreement, or upon an amendment
of any of its elective provisions, shall promptly cause an application to be
filed by or on behalf of the Plan with the Puerto Rico Internal Revenue
Department requesting a determination letter that the Plan as adopted or amended
by the Employer qualified as a tax-exempt Plan under Sections 1165 of the Code.

         Notwithstanding anything herein to the contrary, if, pursuant to such
application, the Secretary of the Internal Revenue Department or his delegate
should determine that the Plan does not initially qualify as tax-exempt Plan
under the Code, then the Plan shall be void ab initio and

                                       38
<PAGE>

all amounts contributed to the Plan by the Employer, less expenses paid, shall
be returned within one year after the date the initial qualification is denied,
and the Plan shall terminate.

         Notwithstanding anything herein to the contrary, if, pursuant to such
application, the Secretary or his delegate should determine that the Plan as
amended or restated does not qualify as a tax-exempt Plan under the Code, then
in the event that a contribution is made to the Plan conditioned upon
qualification of the Plan as amended, such contribution must be returned to the
Employer upon the determination that the amended Plan fails to qualify under the
Code provided that:

         (1)      The Plan amendment is submitted to the internal Revenue
                  Service for qualification within one year from the date the
                  amendment is adopted, and

         (2)      Such contribution that was made conditional upon Plan
                  requalification is returned to the Employer within one year
                  after the date the Plan's requalification is denied.

         Any contribution by the Employer to the Trust Fund is conditioned upon
the deductibility of the contribution by the Employer under the Code and, to the
extent any such deduction is disallowed, the Employer may within one (1) year
following a final determination of the disallowance, whether by agreement with
the Internal Revenue Service or by final decision of a court of competent
jurisdiction, demand repayment of such disallowed contribution and the Trustee
shall return such contribution within one (I) year following the disallowance.

UNIFORMITY: All provisions of this Plan shall be interpreted and applied in a
uniform,. nondiscriminatory manner.

                                   ARTICLE XI
                             PARTICIPATING EMPLOYERS

ELECTION TO BECOME A PARTICIPATING EMPLOYER: Notwithstanding anything herein to
the contrary, with the consent of the Employer and Trustee, any other
corporation or other entity, whether an affiliate or subsidiary or not, may
adopt this Plan and participate herein and be known as a Participating Employer,
by a properly executed document evidencing said intent and will of such
Participating Employer.

         Each such Participating Employer shall be required to select the same
Adoption Agreement provisions as those selected by the Employer.

REQUIREMENTS OF' PARTICIPATING EMPLOYERS: Each such Participating Employer shall
be required to use the same Trustee as the Employer maintaining the Plan. The
Trustee may, but shall not be required to, commingle, hold and invest as one
Trust Fund all contributions made by Participating Employers, as well as
increments thereof The transfer of any Participant from or to an Employer
participating in the Plan whether he be an Employee of the Employer or a
Participating Employer, shall not affect such Participant's rights under the
Plan, and all amounts credited to such Participant's Account as well as his
accumulated service time with the transferor or predecessor and his length of
participation in the Plan, shall continue to his credit.

                                       39
<PAGE>

         All rights and values forfeited by termination of employment shall
inure only to the benefit of the participating Employer in the case of a Money
Purchase Plan or Assumed Benefit Plan, or to the Participants of that Employer,
in the case of a Profit Sharing Plan.

         Any expenses of the Trust which are to be paid by the Employer or borne
by the Trust Fund shall be paid by each Participating Employer in the same
proportion that the total amount standing to the credit of all Participants
employer by such Employer bears to the total amount standing to the credit of
all Participants.

DESIGNATION OF AGENT: Each participating Employer shall be deemed to be a part
of this Plan; provided, however, that with respect to all of its relations with
the Trustee and Administrator for the purpose of this Plan, each participating
Employer shall be deemed to have designated irrevocably the Employer maintaining
this Plan as its agent. Unless the context of the Plan clearly indicates the
contrary, the word "Employer" shall be deemed to include each Participating
Employer as related to its adoption of the Plan.

PARTICIPATING EMPLOYERS CONTRIBUTION: The contributions made by each
participating Employer, shall be determined separately on the basis of total
Compensation paid. to its Employees, and shall be paid to and held by the
Trustee for the exclusive benefit of the Employees of such Employer and their
Beneficiaries.

The Trustee and Administrator shall keep separate books and records concerning
the affairs of each Employer hereunder and as to the accounts and credits of the
Employees of each Employer. The Trustee may, but need not, register Contracts so
as to evidence the participating Employee.

AMENDMENT: Amendment of this Plan at any time when there shall be more than one
Participating Employer hereunder shall only be by the written action of every
Participating Employer and with the consent of the Trustee where such consent is
necessary in accordance with the terms of this Plan.

DISCONTINUANCE OF PARTICIPATION: Any Participating Employer shall be permitted
to discontinue or revoke its participation in the Plan. At the time of any such
discontinuance or revocation, satisfactory evidence thereof and of any
applicable conditions imposed shall be delivered to the Trustee. The Trustee
shall thereafter transfer, deliver and assign Contracts and other Trust Fund
assets allocable to the Participants of such Employer to such new Trustee as
shall have been designated by such Employer, in the event that it has
established a separate pension plan for its Employees. if no successor is
designated, the Trustee shall retain such assets for such Participants pursuant
to the provisions of Article VII hereof.

ADMINISTRATORS AUTHORITY: The Administrator shall have authority to make any and
all necessary rules or regulations, binding upon all Employers and Participants,
to effectuate the purpose of this Article.

                                       40

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