Document:

Exhibit 4.G

_____________________________________________________________________________
_____________________________________________________________________________

                           [FORM OF DEPOSIT AGREEMENT]

                               FORD MOTOR COMPANY

             FIRST CHICAGO TRUST COMPANY OF NEW YORK, As Depositary

                                       AND

                        THE HOLDERS FROM TIME TO TIME OF
                    THE DEPOSITARY RECEIPTS DESCRIBED HEREIN

                                _________________

                                DEPOSIT AGREEMENT
                                _________________

                            Dated as of June 6, 2000

______________________________________________________________________________
______________________________________________________________________________

<PAGE>

                                TABLE OF CONTENTS
                                _________________

<TABLE>
<CAPTION>
<S>                                                                                            <C>
                                                                                               Page
                                    ARTICLE I                                                  ____

Definitions..............................................................................      1

                                   ARTICLE II

                       Form of Receipts, Deposit of Stock,
                        Execution and Delivery, Transfer,
                      Surrender and Redemption of Receipts
                      ____________________________________

SECTION 2.01   Form and Transfer of Receipts.............................................      2
SECTION 2.02   Deposit of Stock; Execution and Delivery of Receipts
                 in Respect Thereof......................................................      3
SECTION 2.03   [Reserved]................................................................      4
SECTION 2.04   Registration of Transfer of Receipts......................................      4
SECTION 2.05   Split-ups and Combinations of Receipts;
                 Surrender of Receipts and Withdrawal of Stock...........................      4
SECTION 2.06   Limitations on Execution and Delivery, Transfer,
                  Surrender and Exchange of Receipts.....................................      5
SECTION 2.07   Lost Receipts, etc........................................................      5
SECTION 2.08   Cancellation and Destruction of Surrendered Receipts......................      6
SECTION 2.09   Conversion Rights.........................................................      6

                                   ARTICLE III

                             Certain Obligations of
                       Holders of Receipts and the Company
                       ___________________________________

SECTION 3.01   Filing Proofs, Certificates and Other Information.........................      8
SECTION 3.02   Payment of Charges and Expenses...........................................      8
SECTION 3.03   Warranty as to Stock......................................................      8
SECTION 3.04   Warranty as to Receipts...................................................      8
SECTION 3.05   Warranty as to Common Stock...............................................      8

                                                           i

<PAGE>
                                                                                               Page
                                                                                               ____

                                   ARTICLE IV

                        The Deposited Securities; Notices
                        _________________________________

SECTION 4.01   Cash Distributions........................................................      9
SECTION 4.02   Distributions of Securities or Property other than Cash,
                 Rights, Preferences or Privileges.......................................      9
SECTION 4.03   Subscription Rights, Preference, or Privileges............................      10
SECTION 4.04   Notice of Dividends, etc.; Record Date for Holders of Receipts............      11
SECTION 4.05   Voting Rights.............................................................      11
SECTION 4.06   Changes Affecting Deposited Securities and Reclassifications,
                 Recapitalizations, etc..................................................      11
SECTION 4.07   Delivery of Reports.......................................................      12
SECTION 4.08   Lists of Receipt Holders..................................................      12
SECTION 4.09   Withholding...............................................................      12

                                    ARTICLE V

                        The Depositary, the Depositary's
                      Agents, the Registrar and the Company
                      _____________________________________

SECTION 5.01   Maintenance of Offices, Agencies and Transfer Books
                 by the Depositary; Registrar............................................      12
SECTION 5.02   Prevention of or Delay in Performance by the Depositary,
                 the Depositary's Agents, the Registrar or the Company...................      13
SECTION 5.03   Obligations of the Depositary, the Depositary's Agents,
                 the Registrar and the Company...........................................      14
SECTION 5.04   Resignation and Removal of the Depositary;
                 Appointment of Successor Depositary.....................................      14
SECTION 5.05   Corporate Notices and Reports.............................................      15
SECTION 5.06   Indemnification by the Company............................................      15
SECTION 5.07   Fees and Expenses.........................................................      15

                                                           ii

<PAGE>

                                                                                               Page
                                                                                               ____
                                   ARTICLE VI

                            Amendment and Termination
                            _________________________

SECTION 6.01   Amendment.................................................................      16
SECTION 6.02   Termination...............................................................      16

                                   ARTICLE VII

                                  Miscellaneous
                                  _____________

SECTION 7.01   Counterparts..............................................................      17
SECTION 7.02   Exclusive Benefit of Parties..............................................      17
SECTION 7.03   Invalidity of Provisions..................................................      17
SECTION 7.04   Notices...................................................................      17
SECTION 7.05   Depositary's Agents.......................................................      18
SECTION 7.06   Holders of Receipts Are Parties...........................................      18
SECTION 7.07   Governing Law.............................................................      18
SECTION 7.08   Inspection of Deposit Agreement and Certificate...........................      19
SECTION 7.09   Headings..................................................................      19

</TABLE>

                                                          iii

<PAGE>

     DEPOSIT  AGREEMENT  dated as of June 6, 2000,  among FORD MOTOR COMPANY,  a
Delaware  corporation,  FIRST  CHICAGO  TRUST  COMPANY  OF NEW YORK,  a New York
corporation, and the holders from time to time of the Receipts described herein.

     WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit
Agreement,  for the deposit of shares of Series D Participating Stock, par value
$1.00 per share,  of FORD MOTOR COMPANY with the Depositary for the purposes set
forth in this  Deposit  Agreement  and for the  issuance  hereunder  of Receipts
evidencing  Depositary Shares each  representing  1/1,000 of a share of Series D
Participating Stock so deposited; and

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

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

                                    ARTICLE I

                                   Definitions
                                   ___________

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

     "Certificate"  shall  mean the  Certificate  of the  Designations,  Powers,
Preferences and Relative, Participating or Other Rights, and the Qualifications,
Limitations  or  Restrictions  Thereof  filed with the Secretary of State of the
State of Delaware  establishing  the Stock as a series of preferred stock of the
Company.

     "Common Stock" shall mean the common stock,  par value $1.00 per share,  of
the Company or any security into which the Common Stock may be converted.

     "Company" shall mean Ford Motor Company,  a Delaware  corporation,  and its
successors.

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

     "Depositary" shall mean First Chicago Trust Company of New York, a New York
corporation, and any successor as Depositary hereunder.

                                      1

<PAGE>

     "Depositary  Shares" shall mean  depositary  shares,  evidenced by Receipts
issued  hereunder and  constituted  by the Stock  deposited  with the Depositary
hereunder. Each Depositary Share shall, as provided herein, represent 1/1,000 of
a share of Stock and be evidenced by a Receipt.

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

     "Depositary's  Office"  shall  mean  the  corporate  trust  office  of  the
Depositary  in New York City,  at which at any  particular  time its  depositary
receipt business shall be administered.

     "Notice of Conversion" shall have the meaning specified in Section 2.09.

     "Receipt" shall mean one of the depositary  receipts,  substantially in the
form set forth as Exhibit A hereto,  issued hereunder,  whether in definitive or
temporary form and evidencing the number of Depositary Shares specified therein.

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

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

     "Securities Act" shall mean the Securities Act of 1933, as amended.

     "Stock" shall mean shares of the Company's  Series D  Participating  Stock,
par value $1.00 per share.

                                   ARTICLE II

                       Form of Receipts, Deposit of Stock,
                        Execution and Delivery, Transfer,
                       Surrender and Redemption of Receipts
                       ____________________________________

     SECTION 2.01. Form and Transfer of Receipts.  Definitive  Receipts shall be
substantially  in  the  form  set  forth  in  Exhibit  A  annexed  hereto,  with
appropriate  insertions,  modifications and omissions,  as hereinafter provided.
Receipts shall be executed by the  Depositary by the manual  signature of a duly
authorized  officer of the  Depositary;  provided,  that such signature may be a
facsimile if a Registrar for the Receipts (other than the Depositary) shall have
been appointed and such Receipts are countersigned by manual signature of a duly
authorized  officer  of the  Registrar.  No  Receipt  shall be  entitled  to any
benefits under this Deposit  Agreement or be valid or obligatory for any purpose
unless it shall have been executed manually by a duly authorized  officer of the
Depositary or, if a Registrar for the Receipts (other than the Depositary) shall
have been  appointed,  by manual or  facsimile  signature  of a duly  authorized
officer of the Depositary and countersigned

                                       2

<PAGE>

manually by a duly authorized  officer of such Registrar.  The Depositary  shall
record  on its books  each  Receipt  so  signed  and  delivered  as  hereinafter
provided.

     Except as the  Depositary  may otherwise  determine,  Receipts  shall be in
denominations of any number of whole Depositary Shares.

     Receipts may be endorsed with or have incorporated in the text thereof such
legends or recitals  or changes not  inconsistent  with the  provisions  of this
Deposit  Agreement  as may be required by the  Depositary  or required to comply
with any  applicable  law or any  regulation  thereunder  or with the  rules and
regulations  of any  securities  exchange upon which the Stock,  the  Depositary
Shares or the Receipts may be listed or traded or to conform with any usage with
respect thereto, or to indicate any special limitations or restrictions to which
any particular Receipts are subject.

     Title to  Depositary  Shares  evidenced  by a  Receipt  which  is  properly
endorsed or accompanied by a properly  executed  instrument of transfer shall be
transferable  by delivery  with the same  effect as in the case of a  negotiable
instrument;  provided,  however,  that  until  transfer  of a  Receipt  shall be
registered  on the books of the  Depositary  as  provided in Section  2.04,  the
Depositary  may,  notwithstanding  any notice to the contrary,  treat the record
holder  thereof at such time as the  absolute  owner  thereof for the purpose of
determining the person  entitled to  distributions  of dividends,  distributions
upon redemption or other  distributions,  the exercise of conversion rights, the
exchange  of  Depositary  Shares  for Stock or any notice  provided  for in this
Deposit Agreement and for all other purposes.

     SECTION  2.02  Deposit of Stock;  Execution  and  Delivery  of  Receipts in
Respect Thereof.  Subject to the terms and conditions of this Deposit Agreement,
the Company may from time to time deposit shares of the Stock under this Deposit
Agreement by delivery to the Depositary of a certificate or certificates for the
Stock to be  deposited,  properly  endorsed or  accompanied,  if required by the
Depositary,  by a duly executed  instrument of transfer or endorsement,  in form
satisfactory to the Depositary,  together with all such certifications as may be
required by the  Depositary  in accordance  with the  provisions of this Deposit
Agreement,  and  together  with a written  order of the  Company  directing  the
Depositary  to execute and deliver to, or upon the written  order of, the person
or  persons  stated  in such  order a  Receipt  or  Receipts  for the  number of
Depositary Shares representing such deposited Stock.

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

     Upon receipt by the Depositary of a certificate or  certificates  for Stock
deposited in accordance  with the provisions of this Section,  together with the
other documents  required as above specified,  and upon recordation of the Stock
on the books of the Company in the name of the  Depositary  or its nominee,  the
Depositary, subject to the terms and conditions of this Deposit Agreement, shall
execute and deliver,  to or upon the order of the person or persons named in the
written order delivered to the Depositary  referred to in the first paragraph of
this  Section,  a  Receipt  or  Receipts  for the  number of  Depositary  Shares
representing the Stock so deposited and registered in

                                       3

<PAGE>

such name or names as may be requested by such person or persons. The Depositary
shall execute and deliver such Receipt or Receipts at the Depositary's Office or
such other offices,  if any, as the Depositary may designate.  Delivery at other
offices shall be at the risk and expense of the person requesting such delivery.

     Other than in the case of splits,  combinations or other  reclassifications
affecting  the Stock,  or in the case of  dividends  or other  distributions  of
Stock,  if any,  there shall be deposited  hereunder not more than the number of
shares  constituting the Stock as set forth in the  Certificate,  as such may be
amended.

     SECTION 2.03. [Reserved].

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

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

     Any holder of a Receipt or Receipts representing any number of whole shares
of Stock or his duly  authorized  attorney  may withdraw the Stock and all money
and other property,  if any, represented thereby by surrendering such Receipt or
Receipts,  at the Depositary's Office or at such other offices as the Depositary
may  designate  for such  withdrawals;  provided  that a holder of a Receipt  or
Receipts  may not  withdraw  Stock  (or money  and  other  property  represented
thereby) which has previously  been called for redemption.  Thereafter,  without
unreasonable  delay,  the  Depositary  shall deliver or cause to be delivered to
such holder or to the person or persons designated by such holder as hereinafter
provided,  the number of whole shares of Stock and all money and other property,
if any,  represented by the Receipt or Receipts so surrendered  for  withdrawal,
but  holders of such whole  shares of Stock will not  thereafter  be entitled to
deposit such Stock  hereunder or to receive  Depositary  Shares  therefor.  If a
Receipt or Receipts delivered by the holder to the Depositary in connection with
such  withdrawal  shall evidence a number of Depositary  Shares in excess of the
number of Depositary Shares  representing the number of whole shares of Stock to
be so  withdrawn,  the  Depositary  shall at the same time,  in addition to such
number of whole shares of Stock and such money and other property, if any, to be
so  withdrawn,  deliver  to  such  holder,  or upon  his  order,  a new  Receipt
evidencing such excess number of Depositary  Shares. In no event will fractional
shares of

                                       4

<PAGE>

Stock be  distributed  by the  Depositary.  Delivery  of the Stock and money and
other property being withdrawn may be made by the delivery of such certificates,
documents of title and other instruments as the Depositary may deem appropriate.

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

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

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

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

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

                                        5

<PAGE>

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

     SECTION 2.09.  Conversion Rights.  Receipts may be surrendered with written
instructions  to the  Depositary to instruct the Company to cause the conversion
of any specified  number of whole or fractional  shares of Stock  represented by
the Depositary  Shares  evidenced by such Receipts into a number of whole shares
of Common  Stock at a  conversion  ratio of one  share of Common  Stock for each
Depositary Share.  Subject to the terms and conditions of this Deposit Agreement
and the  Certificate,  a holder of a Receipt or Receipts  evidencing  Depositary
Shares  representing  whole or  fractional  shares of Stock may  surrender  such
Receipt or  Receipts to the  Depositary  at the  Depositary's  Office or to such
office or to such  Depositary's  Agents as the Depositary may designate for such
purpose,  together  with a notice  of  conversion  thereof  duly  completed  and
executed  (a  "Notice of  Conversion"),  thereby  directing  the  Depositary  to
instruct  the  Company  to cause  the  conversion  of the  number  of  shares or
fractions  thereof of  underlying  Stock  specified in such Notice of Conversion
into whole shares of Common  Stock.  In the event that a holder  delivers to the
Depositary  for  conversion  a Receipt or Receipts  which in the  aggregate  are
convertible  into  less than one whole  share of Common  Stock or any  number of
whole  shares of Common  Stock plus an excess  constituting  less than one whole
share  of  Common  Stock,  the  holder  shall  receive  payment  in lieu of such
fractional shares of Common Stock otherwise issuable in accordance with the last
paragraph of this Section  2.09. If more than one Receipt shall be delivered for
conversion at one time by the same holder,  the number of whole shares of Common
stock  issuable  upon  conversion  thereof shall be computed on the basis of the
aggregate number of Receipts so delivered.

     Upon receipt by the  Depositary  of a Receipt or Receipts,  together with a
Notice of Conversion,  duly completed and executed,  directing the Depositary to
instruct the Company to cause the conversion of a specified  number of shares or
fractions thereof of Stock, the Depositary shall, on the date of receipt of such
Notice of  Conversion,  instruct the Company (i) to cause the  conversion of the
Depositary  Shares  evidenced by the Receipts so  surrendered  for conversion as
specified in the written  Notice of  Conversion  to the  Depositary  and (ii) to
cause the delivery to the holder or holders of such Receipts of a certificate or
certificates  evidencing  the number of whole  shares of Common  Stock,  and the
amount of money, if any, to be delivered to the holders of Receipts  surrendered
for  conversion in payment of any  fractional  shares of Common Stock  otherwise
issuable.  The Company shall, as promptly as practicable  after receipt thereof,
cause  the  delivery  to  such  holder  or  holders  of  (i)  a  certificate  or
certificates  evidencing  the number of whole  shares of Common Stock into which
the Stock  represented  by the  Depositary  Shares  evidenced by such Receipt or
Receipts has been  converted,  and (ii) any money or other property to which the
holder or holders are entitled. The person or persons in whose name or names any
certificate  or  certificates  for shares of Common Stock shall be issuable upon
such  conversion  shall be deemed to have become the holder or holders of record
of the  shares  represented  thereby at the close of  business  on the date such
Receipt or Receipts  shall have been  surrendered  to and a Notice of Conversion
received by the Depositary, unless the stock transfer books of the Company shall
be closed on that date, in which event such person or

                                        6

<PAGE>

persons  shall be deemed to have  become such holder or holders of record on the
next  succeeding  day on which such  stock  transfer  books are open.  Upon such
conversion,  the Depositary (i) shall deliver to the holder a Receipt evidencing
the number of Depositary  Shares,  if any,  which such holder has elected not to
convert in excess of the number of Depositary  Shares  representing  Stock which
has been so  converted,  (ii) shall cancel the  Depositary  Shares  evidenced by
Receipts  surrendered for conversion and (iii) shall deliver for cancellation to
the  transfer  agent  for the  Stock  the  shares  of Stock  represented  by the
Depositary Shares evidenced by the Receipts so surrendered and so converted.

     Upon any  conversion of the Stock  underlying  the  Depositary  Shares,  no
allowance, adjustment or payment shall be made with respect to accrued dividends
upon such Stock.

     Upon the mandatory  conversion  of the Stock in accordance  with its terms,
each Depositary Share shall be deemed to have been automatically  converted into
one share of Common Stock immediately prior to the close of business on the date
of such mandatory conversion, without any action on the part of the Company, the
Depositary or the holder or holders of the Depositary  Shares.  On and after the
date of such mandatory conversion,  each Receipt representing  Depositary Shares
shall be deemed to  represent  an equal number of shares of Common Stock and the
person or persons in whose name or names  such  Receipt is  registered  shall be
deemed to be,  and shall be  treated  as and  entitled  to all the  rights of, a
holder or holders  of said  number of shares of Common  Stock.  On and after the
date of such  mandatory  conversion,  each Receipt shall be  surrendered  to the
Depositary,  who shall in turn surrender such Receipt to the Company,  whereupon
the Company shall issue a certificate  or  certificates  representing  shares of
Common Stock equal to the number of Depositary Shares represented by the Receipt
so  surrendered;  provided,  however,  that failure to so surrender such Receipt
shall not affect the status of the holder or holders  thereof,  on and after the
date of such  mandatory  conversion,  as a holder or holders  of said  number of
shares of Common Stock.

     Upon the conversion of any shares of Stock for which a Notice of Conversion
has been received by the  Depositary,  and upon the mandatory  conversion of any
shares of Stock, all dividends in respect of Depositary Shares representing such
Stock shall cease to accrue,  such  Depositary  Shares shall be deemed no longer
outstanding,  all  rights of the  holder of the  Receipt  with  respect  to such
Depositary  Shares  (except  the right to  receive  the Common  Stock,  any cash
payable with respect to any fractional shares of Common Stock as provided herein
and any cash payable on account of accrued  dividends in respect of the Stock so
converted and any Receipts evidencing  Depositary Shares not so converted) shall
terminate,  and such  Depositary  Shares shall be cancelled in  accordance  with
Section 2.08 hereof.

     No fractional  shares of Common Stock shall be issuable upon  conversion of
Stock  underlying the Depositary  Shares.  If, except for the provisions of this
Section  2.09 and the  Certificate,  any  holder of  Receipts  surrendered  with
instructions  to the Depositary for conversion of the underlying  Stock would be
entitled to a fractional share of Common Stock upon such conversion, the Company
shall cause to be delivered to such holder an amount in cash for such fractional
share determined in accordance with the Certificate.

                                        7

<PAGE>
                                   ARTICLE III

                             Certain Obligations of
                       Holders of Receipts and the Company
                       ___________________________________

     SECTION 3.01. Filing Proofs, Certificates and Other Information. Any holder
of a Receipt may be required  from time to time to file such proof of residence,
or other matters or other information,  to execute such certificates and to make
such  representations  and  warranties  as the  Depositary  or the  Company  may
reasonably deem necessary or proper.  The Depositary or the Company may withhold
the  delivery,  or delay the  registration  of  transfer or  conversion,  of any
Receipt or the  withdrawal of the Stock  represented  by the  Depositary  Shares
evidenced  by  any  Receipt  or  the  distribution  of  any  dividend  or  other
distribution  or the  sale  of any  rights  or of the  proceeds  thereof  or the
exercise of any conversion  rights as specified in Section 2.09 until such proof
or  other  information  is  filed  or such  certificates  are  executed  or such
representations and warranties are made.

     SECTION  3.02.  Payment of  Charges  and  Expenses.  The  Company  shall be
obligated to make payments to the Depositary of certain charges and expenses, as
provided in Section 5.07, or provide  evidence  reasonably  satisfactory  to the
Depositary  that such  charges  and  expenses  have been paid.  Registration  of
transfer  of any  Receipt,  or any  withdrawal  of Stock  and all money or other
property, if any, represented by the Depositary Shares evidenced by such Receipt
may be refused until any such payment due is made, and any  dividends,  interest
payments or other  distributions  may be withheld and such conversion rights may
be refused or any part of or all the Stock or other property  represented by the
Depositary  Shares evidenced by such Receipt and not theretofor sold may be sold
for the account of the holder thereof (after  attempting by reasonable  means to
notify such holder prior to such sale), and such dividends, interest payments or
other  distributions  or the  proceeds  of any such sale may be  applied  to any
payment of such charges or expenses, the holder of such Receipt remaining liable
for any deficiency.

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

     SECTION 3.04.  Warranty as to Receipts.  The Company hereby  represents and
warrants  that the  Receipts,  when  issued,  will  represent  legal  and  valid
interests  in the Stock.  Such  representation  and warranty  shall  survive the
deposit of the Stock and the issuance of Receipts.

     SECTION 3.05.  Warranty as to Common Stock.  The Company hereby  represents
and warrants  that the Common Stock issued upon  conversion  of the Stock,  when
issued, will be duly authorized,  validly issued,  fully paid and nonassessable.
Such  representation and warranty shall survive the conversion of the Stock into
such Common Stock.

                                       8

<PAGE>
                                   ARTICLE IV

                        The Deposited Securities; Notices
                        _________________________________

     SECTION 4.01. Cash Distributions. Whenever the Depositary shall receive any
cash dividend or other cash distribution on the Stock (subject to the provisions
of Section  2.09 with respect to payments of cash to holders of Receipts in lieu
of fractional shares of Common Stock), the Depositary shall, subject to Sections
3.01 and 3.02, distribute to record holders of Receipts on the record date fixed
pursuant  to  Section  4.04  such  amounts  of such  sum as are,  as  nearly  as
practicable,  in  proportion  to the  respective  numbers of  Depositary  Shares
evidenced by the Receipts held by such holders; provided,  however, that in case
the Company or the  Depositary  shall  withhold  from any cash dividend or other
cash  distribution  in respect of the Stock  represented by the Receipts held by
any  holder  an amount on  account  of taxes,  the  amount  made  available  for
distribution or distributed in respect of Depositary Shares  represented by such
Receipts  subject to such  withholding  shall be reduced  accordingly;  provided
further,  however, that if all Receipts outstanding are held by a single person,
the Depositary shall distribute any cash dividend or other cash  distribution or
the Stock to such holder of  Receipts by wire  transfer of same day funds on the
date the funds are received by the  Depositary,  to an account such holder shall
have  designated to the  Depositary by written  notice  reasonably in advance of
such date. The Depositary shall  distribute or make available for  distribution,
as the case may be, only such amount,  however,  as can be  distributed  without
attributing  to any holder of Depositary  Shares a fraction of one cent, and any
balance not so distributable  shall be held by the Depositary (without liability
for  interest  thereon) and shall be added to and be treated as part of the next
sum received by the  Depositary for  distribution  to record holders of Receipts
then  outstanding.  In  lieu of  making  a cash  distribution  on the  Stock  to
Depositary,  the Company may, after  consultation with the Depositary,  elect to
make any such cash distribution directly to holders of Receipts on behalf of the
Depositary in accordance with this Section 4.01.

     SECTION 4.02.  Distributions  of  Securities  or Property  Other than Cash,
Rights,  Preference or  Privileges.  Whenever the  Depositary  shall receive any
distribution of securities or property other than cash,  rights,  preferences or
privileges upon the Stock,  the Depositary  shall,  subject to Sections 3.01 and
3.02, distribute to record holders of Receipts on the record date fixed pursuant
to Section 4.04 such  amounts of the  securities  or property  received by it as
are,  as nearly as  practicable,  in  proportion  to the  respective  numbers of
Depositary  Shares  evidenced by the Receipts  held by such  holders.  If in the
opinion of the Depositary after  consultation with the Company such distribution
cannot be made  proportionately  among such record holders,  or if for any other
reason (including any requirement that the Company or the Depositary withhold an
amount on account of taxes) the Depositary  deems,  after  consultation with the
Company,  such  distribution  not to be feasible,  the Depositary  may, with the
approval of the Company, adopt such method as it deems equitable and practicable
for the purpose of effecting such distribution, including the sale (at public or
private sale) of the securities or property thus received,  or any part thereof,
at such  place or places  and upon  such  terms as it may deem  proper.  The net
proceeds  of any  such  sale  shall,  subject  to  Sections  3.01 and  3.02,  be
distributed  or made  available  for  distribution,  as the case may be,  by the
Depositary to record holders of Receipts as provided by Section 4.01 in the case
of a distribution  received in cash. The Company shall not make any distribution
of such securities or property to the Depositary

                                       9

<PAGE>

and the  Depositary  shall  not  make any  distribution  of such  securities  or
property to the holders of Receipts  unless the Company  shall have provided the
Depositary  an opinion of counsel  stating that such  securities or property has
been  registered  under the  Securities  Act or do not need to be  registered in
connection with such distributions.

     SECTION  4.03.  Subscription  Rights,  Preferences  or  Privileges.  If the
Company  shall at any time offer or cause to be offered to the  persons in whose
names Stock is recorded on the books of the Company any rights,  preferences  or
privileges  to  subscribe  for or to  purchase  any  securities  or any  rights,
preferences  or  privileges  of any other nature,  such rights,  preferences  or
privileges  shall in each such instance be made  available by the  Depositary to
the record  holders of Receipts in such manner as the  Depositary may determine,
either by the issue to such record holders of warrants representing such rights,
preferences  or privileges or by such other method as may be deemed  appropriate
by the Depositary in its discretion with the approval of the Company;  provided,
however,  that if at the time of issue or offer of any such rights,  preferences
or  privileges  the  Depositary  determines  that  it is not  lawful  or  (after
consultation with the Company) not feasible to make such rights,  preferences or
privileges  available  to  holders  of  Receipts  by the  issue of  warrants  or
otherwise, then the Depositary, in its discretion (with approval of the Company,
in any case where the Depositary has determined  that it is not feasible to make
such rights,  preferences or privileges  available),  may, if applicable laws or
the terms of such rights,  preferences or privileges permit such transfer,  sell
such rights,  preferences or privileges at public or private sale, at such place
or places and upon such terms as it may deem  proper.  The net  proceeds  of any
such sale  shall,  subject to  Sections  3.01 and 3.02,  be  distributed  by the
Depositary  to the record  holders of Receipts  entitled  thereto as provided by
Section 4.01 in the case of a distribution received in cash.

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

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

                                       10

<PAGE>

     SECTION  4.04.  Notice of  Dividends,  etc.;  Record  Date for  Holders  of
Receipts.  Whenever any cash  dividend or other cash  distribution  shall become
payable  or any  distribution  other  than  cash  shall be made,  or if  rights,
preferences or privileges  shall at any time be offered,  with respect to Stock,
or whenever the Depositary  shall receive notice of any meeting at which holders
of Stock are  entitled  to vote or of which  holders  of Stock are  entitled  to
notice,  or  whenever  the  Depositary  and  the  Company  shall  decide  it  is
appropriate,  the record date shall be the same time and date as the record date
fixed by the  Company  with  respect to the Stock for the  determination  of the
holders  of  Receipts   who  shall  be  entitled  to  receive   such   dividend,
distribution,  rights, preferences or privileges or the net proceeds of the sale
thereof,  or to give  instructions for the exercise of voting rights at any such
meeting,  or who shall be entitled to notice of such  meeting,  or for any other
reasons which the Company and the Depositary shall deem appropriate.

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

     Holders of Receipts shall also be entitled to vote on certain amendments to
the Deposit Agreement pursuant to Section 6.01.

     SECTION 4.06. Changes Affecting Deposited Securities and Reclassifications,
Recapitalizations,  etc.  Upon any  change  in par or  stated  value,  split-up,
combination  or  any  other   reclassification   of  the  Stock,   or  upon  any
recapitalization,  reorganization, merger, amalgamation or consolidation or sale
of all or substantially  all of the Company's assets affecting the Company or to
which it is a party,  the Depositary may in its discretion with the approval of,
and shall upon the  instructions  of, the Company,  and (in either case) in such
manner as the Depositary may deem  equitable,  (i) make such  adjustments as are
certified  by the  Company in the  fraction of an  interest  represented  by one
Depositary  Share in one share of Stock as may be necessary fully to reflect the
effects of such change in par or stated value,  split-up,  combination  or other
reclassification of Stock,

                                       11

<PAGE>

or  of  such   recapitalization,   reorganization,   merger,   amalgamation   or
consolidation  or sale of all or  substantially  all of the Company's assets and
(ii) treat any securities  which shall be received by the Depositary in exchange
for or upon conversion of or in respect of the Stock as new deposited securities
so received in exchange for or upon  conversion or in respect of such Stock.  In
any such case the  Depositary  may in its  discretion,  with the approval of the
Company,  execute and deliver additional  Receipts or may call for the surrender
of all  outstanding  Receipts  to be  exchanged  for new  Receipts  specifically
describing  such new  deposited  securities.  Anything  to the  contrary  herein
notwithstanding,  holders  of  Receipts  shall have the right from and after the
effective date of any such change in par or stated value, split-up,  combination
or  other   reclassification   of  the  Stock  or  any  such   recapitalization,
reorganization,  merger,  amalgamation  or  consolidation  or  sale  of  all  or
substantially  all of the  Company's  assets to surrender  such  Receipts to the
Depositary  with  instructions  to  convert,  exchange  or  surrender  the Stock
represented thereby only into or for, as the case may be, the kind and amount of
shares of stock and other  securities and property and cash into which the Stock
represented  by such Receipts  might have been converted or for which such Stock
might have been exchanged or surrendered immediately prior to the effective date
of such transaction; provided, that in no event shall the Company be required to
deliver fractional shares of Common Stock.

     SECTION 4.07. Delivery of Reports.  The Depositary shall furnish to holders
of Receipts any reports and  communications  received from the Company which are
received by the Depositary as the holder of Stock.

     SECTION 4.08. Lists of Receipt Holders.  Promptly upon request from time to
time by the Company,  the Depositary  shall furnish to it a list, as of a recent
date  specified  by the  Company,  of  the  names,  addresses  and  holdings  of
Depositary Shares of all record holders of Receipts.

     SECTION  4.09.  Withholding.  Notwithstanding  any other  provision of this
Deposit  Agreement,  in the  event  that  the  Depositary  determines  that  any
distribution in property is subject to any tax which the Depositary is obligated
to withhold,  the Depositary may dispose of all or a portion of such property in
such  amounts  and  in  such  manner  as  the  Depositary  deems  necessary  and
practicable  to pay such taxes,  by public or private sale,  and the  Depositary
shall  distribute  the net  proceeds of any such sale or the balance of any such
property  after  deduction  of such taxes to the  holders of  Receipts  entitled
thereto  in  proportion  to  the  number  of  Depositary  Shares  held  by  them
respectively.

                                    ARTICLE V

                        The Depositary, the Depositary's
                      Agents, the Registrar and the Company
                      _____________________________________

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

                                       12

<PAGE>

the delivery,  registration of transfer, surrender and exchange of Receipts, all
in accordance with the provisions of this Deposit Agreement.

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

     The Depositary may close such books only when the register of  Stockholders
of the Company is closed.

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

     SECTION 5.02. Prevention of or Delay in Performance by the Depositary,  the
Depositary's  Agents,  the Registrar or the Company.  Neither the Depositary nor
any  Depositary's  Agent  nor any  Registrar  nor the  Company  shall  incur any
liability  to any  holder of any  Receipt if by reason of any  provision  of any
present or future law, or regulation thereunder, of the United States of America
or of any  other  applicable  governmental  authority  or,  in the  case  of the
Depositary, the Depositary's Agent or the Registrar, by reason of any provision,
present or future, of the Company's  Restated  Certificate of Incorporation,  as
amended  (including  the  Certificate)  or by reason of any act of God or war or
other circumstance beyond the control of the relevant party, the Depositary, the
Depositary's Agent, the Registrar or the Company shall be prevented or forbidden
from,  or delayed  in, or  subjected  to any  penalty on  account  of,  doing or
performing  any act or thing which the terms of this Deposit  Agreement  provide
shall be done or performed;  nor shall the Depositary,  any Depositary's  Agent,
any  Registrar  or the  Company  incur  liability  to any holder of a Receipt by
reason of any exercise of, or failure to exercise,  any discretion  provided for
in this Deposit Agreement except, in the case of any such exercise or failure to
exercise  discretion  not  caused as  aforesaid,  if  caused by the  negligence,
willful  misconduct  or  noncompliance  with any  requirement  or  standard  the
Employee Retirement Income Security Act of 1974 on the part of the party charged
with such exercise or failure to exercise.

                                       13

<PAGE>

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

     Neither the Depositary nor any Depositary's Agent nor any Registrar nor the
Company  shall be under any  obligation  to appear in,  prosecute  or defend any
action,  suit or other proceeding in respect of the Stock, the Depositary Shares
or the  Receipts  which in its opinion  may  involve it in expense or  liability
unless  indemnity  satisfactory  to it against  all  expense  and  liability  be
furnished as often as may be required.

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

     In the event the Depositary shall receive conflicting  claims,  requests or
instructions from any holders of Receipts,  on the one hand, and the Company, on
the other hand, the Depositary shall be entitled to act on such claims, requests
or  instructions  received  from the Company,  and shall be entitled to the full
indemnification  set forth in  Section 5.06  in  connection  with any  action so
taken.

     The Depositary  shall not be  responsible  for any failure to carry out any
instruction  to vote any of the  shares of Stock or for the  manner or effect of
any such vote made,  as long as any such action or  non-action  is in good faith
and does not result from negligence or willful misconduct of the Depositary. The
Depositary  undertakes,  and any Registrar  shall be required to  undertake,  to
perform such duties and only such duties as are  specifically  set forth in this
Deposit  Agreement,  and no implied  covenants or obligations shall be read into
this Deposit Agreement against the Depositary or any Registrar.  The Depositary,
the  Depositary's  Agents,  and any  Registrar  may own and deal in any class of
securities of the Company and its affiliates and in Receipts. The Depositary may
also act as transfer  agent or registrar of any of the securities of the Company
and its affiliates (including, without limitations, the Stock).

     SECTION 5.04.  Resignation  and Removal of the  Depositary;  Appointment of
Successor  Depositary.  The  Depositary  may at any time  resign  as  Depositary
hereunder by  delivering  notice of its  election to do so to the Company,  such
resignation to take effect upon the  appointment  of a successor  Depositary and
its acceptance of such appointment as hereinafter provided.

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

                                       14

<PAGE>

     In case at any time the  Depositary  acting  hereunder  shall  resign or be
removed prior to the termination of this Deposit  Agreement,  the Company shall,
within 60 days after the delivery of the notice of  resignation  or removal,  as
the case may be, appoint a successor Depositary,  which shall be a bank or trust
company having its principal office in the United States of America and having a
combined capital and surplus of at least $50,000,000. If no successor Depositary
shall have been so appointed and have accepted  appointment within 60 days after
delivery of such notice,  the resigning or removed Depositary may itself appoint
a successor  Depositary or petition any court of competent  jurisdiction for the
appointment of a successor Depositary.  Every successor Depositary shall execute
and  deliver to its  predecessor  and to the  Company an  instrument  in writing
accepting its appointment  hereunder,  and thereupon such successor  Depositary,
without any further act or deed,  shall become fully vested with all the rights,
powers,  duties and obligations of its predecessor and for all purposes shall be
the Depositary under this Deposit Agreement, and such predecessor,  upon payment
of all sums due it and on the written request of the Company,  shall execute and
deliver an instrument  transferring  to such  successor all rights and powers of
such predecessor hereunder,  shall duly assign,  transfer and deliver all right,
title and  interest in the Stock and any moneys or property  held  hereunder  to
such successor, and shall deliver to such successor a list of the record holders
of all outstanding Receipts and such records, books and other information in its
possession relating thereto. Any successor Depositary shall promptly mail notice
of its appointment to the record holders of Receipts.

     Any  corporation   into  or  with  which  the  Depositary  may  be  merged,
consolidated or converted shall be the successor of such Depositary  without the
execution or filing of any document or any further act, and notice thereof shall
not be required  hereunder.  Such  successor  Depositary  may  authenticate  the
Receipts  in the  name  of the  predecessor  Depositary  or in the  name  of the
successor Depositary.

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

     SECTION 5.06.  Indemnification by the Company.  The Company shall indemnify
the Depositary,  any Depositary's Agent and any Registrar against, and hold each
of them harmless from, any loss,  liability or expense  (including the costs and
expenses of defending  itself) which may arise out of acts  performed or omitted
in connection  with this Deposit  Agreement and the Receipts by the  Depositary,
any Registrar or any of their  respective  agents  (including  any  Depositary's
Agent),  except for any liability arising out of negligence,  willful misconduct
or bad  faith on the  respective  parts  of any  such  person  or  persons.  The
obligations  of the Company  set forth in this  Section  5.06 shall  survive any
succession of any Depositary,  Registrar or Depositary's Agent or termination of
this Deposit Agreement.

     SECTION  5.07.  Fees and  Expenses.  The Company shall pay all transfer and
other taxes and  governmental  charges  arising solely from the existence of the
depositary arrangements. The

                                       15

<PAGE>

Company  shall pay all fees of the  Depositary  in  connection  with the initial
deposit of the Stock and the initial  issuance  of the  Depositary  Shares,  all
withdrawals of shares of the Stock by owners of Depositary  Shares and all other
duties  performed by it under this  Deposit  Agreement.  All other  transfer and
other  taxes and  governmental  charges  shall be at the  expense  of holders of
Depositary  Shares.  If a holder of Receipts  requests the Depositary to perform
duties not required under this Deposit  Agreement,  the Depositary  shall notify
the holder of the cost of this  performance of such duties.  Such holder will be
liable for the  charges  and  expenses  related to such  performance.  Except as
otherwise  provided  herein,  all  other  reasonable  fees and  expenses  of the
Depositary and any Depositary's Agent hereunder and of any Registrar (including,
in each case, fees and expenses of counsel) incident to the performance of their
respective  obligations  hereunder  will be paid by the  Company  (except  those
expenses which are expressly  provided  herein to be paid by such holders of the
Depositary  Shares).  The  Depositary  shall  present its statement for fees and
expenses to the Company  once every three  months or at such other  intervals as
the Company and the  Depositary  may agree.  The  obligations  set forth in this
Section 5.07  shall  survive any  succession  of any  Depositary,  Registrar  or
Depositary's Agent or termination of this Deposit Agreement.

                                   ARTICLE VI

                            Amendment and Termination
                            _________________________

     SECTION  6.01.  Amendment.  The form of the Receipts and any  provisions of
this  Deposit  Agreement  may at any time and from  time to time be  amended  by
agreement  between the Company and the  Depositary in any respect which they may
deem necessary or desirable;  provided,  however,  that no such amendment (other
than any change in the fees of any  Depositary,  Registrar  or  Transfer  Agent)
which (i) shall  materially  and  adversely  alter the rights of the  holders of
Receipts or (ii) would be materially and adversely  inconsistent with the rights
granted  to the  holders  of the  Stock  pursuant  to the  Certificate  shall be
effective  unless such  amendment  shall have been approved by the holders of at
least a majority (or, in the case of amendments  relating to or affecting rights
to receive  dividends or  distributions,  or voting or conversion  rights of the
Depositary Shares, Receipts or Stock,  two-thirds) of the Depositary Shares then
outstanding.  Every  holder  of an  outstanding  Receipt  at the  time  any such
amendment becomes effective shall be deemed, by continuing to hold such Receipt,
to consent and agree to such amendment and to be bound by the Deposit  Agreement
as amended thereby.

     SECTION 6.02. Termination.  This Deposit Agreement may be terminated by the
Company  at any time  upon not less  than 60 days  prior  written  notice to the
Depositary,  in which case, upon a date that is not later than 30 days after the
date of such notice, the Depositary shall deliver or make available for delivery
to each record  holder,  upon  surrender of the Receipt or Receipts held by each
record holder, such number of whole or fractional shares of Stock represented by
such Receipt or Receipts.  If the record holder of any Receipt or Receipts shall
not have so  surrendered  such  Receipt or  Receipts  in  exchange  for whole or
fractional  shares of Stock on or prior to the effective  date of termination of
this Agreement, such record holder shall for all purposes, including the payment
of dividends, be deemed to be a record holder of the appropriate number of whole
or fractional shares of Stock previously represented by such Receipt or Receipts
and shall thereafter

                                       16

<PAGE>

surrender  to the Company  such  Receipt or  Receipts  in exchange  for whole or
fractional  shares of Stock.  Upon  termination of this Deposit  Agreement,  the
Depositary  shall  surrender  to the Company any whole or  fractional  shares of
Stock  held by the  Depositary  and the  Company  shall  hold such Stock for the
benefit of the record  holder of  Receipts  which  previously  represented  such
Stock.

     This Agreement  shall  automatically  terminate  after (i) there shall have
been made a final  distribution  in respect of the Stock in connection  with any
liquidation,  dissolution  or winding up of the  Company  and such  distribution
shall have been distributed to the holders of Receipts  pursuant to Section 4.01
or 4.02,  as  applicable  or (ii) each share of Stock shall have been  converted
into shares of Common Stock.

     Upon the  termination  of this  Deposit  Agreement,  the  Company  shall be
discharged  from all  obligations  under this Deposit  Agreement  except for its
obligations to the Depositary,  any  Depositary's  Agent and any Registrar under
Sections 5.06 and 5.07.

                                   ARTICLE VII
                                  Miscellaneous
                                  _____________

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

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

     SECTION  7.03.  Invalidity  of  Provisions.  In case any one or more of the
provisions  contained in this Deposit  Agreement or in the Receipts should be or
become invalid, illegal or unenforceable in any respect, the validity,  legality
and enforceability of the remaining provisions contained herein or therein shall
in no way be affected, prejudiced or disturbed thereby.

     SECTION  7.04.  Notices.  Any and all  notices  to be given to the  Company
hereunder or under the Receipts  shall be in writing and shall be deemed to have
been  duly  given  if  personally  delivered  or sent by mail,  or by  facsimile
transmission confirmed by letter, addressed to the Company at:

                        Ford Motor Company
                        One American Road
                        Dearborn, Michigan  48126
                        Attention:  Secretary
                        Telephone No.:  (313) 323-2260
                        Facsimile No.:  (313) 337-9591

                                       17

<PAGE>

or at any other address of which the Company shall have notified the  Depositary
in writing.

     Any and all notices to be given to the  Depositary  hereunder  or under the
Receipts  shall be in  writing  and shall be  deemed to have been duly  given if
personally delivered or sent by mail, or by facsimile  transmission confirmed by
letter, addressed to the Depositary at the Depositary's Office, at:

                        525 Washington Boulevard
                        Mail Suite 4685
                        Jersey City, NJ 07310
                        Attention:  Steven A. McDonough, Vice President
or at any other address of which the Depositary  shall have notified the Company
in writing.

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

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

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

     The Company  hereby also appoints the  Depositary as Registrar and Transfer
Agent  in  respect  of the  Receipts  and the  Depositary  hereby  accepts  such
appointments.

     SECTION 7.06. Holders of Receipts Are Parties. The holders of Receipts from
time to time shall be parties to this  Deposit  Agreement  and shall be bound by
and be entitled to the benefit of all of the terms and conditions  hereof and of
the Receipts by acceptance of delivery thereof.

     SECTION 7.07.  Governing  Law. This Deposit  Agreement and the Receipts and
all rights  hereunder and thereunder and provisions  hereof and thereof shall be
governed by, and  construed  in  accordance  with,  the laws of the State of New
York.

                                       18

<PAGE>

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

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

                                       19

<PAGE>

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

                                                 FORD MOTOR COMPANY

                                                 By:/s/Kathryn Lamping
                                                      ---------------------
                                                       K. S. Lamping
                                                       Assistant Secretary

                                                 FIRST CHICAGO TRUST COMPANY
                                                       OF NEW YORK

                                                 By:/s/Steven A. McDonough
                                                    ----------------------
                                                       Steven A. McDonough
                                                       Vice President

                                       20

<PAGE>

                                                                      EXHIBIT A

                      [FORM OF FACE OF DEPOSITARY RECEIPT]

                    DEPOSITARY RECEIPT FOR DEPOSITARY SHARES,
                     EACH REPRESENTING 1/1,000 OF A SHARE OF
                          SERIES D PARTICIPATING STOCK,
                            PAR VALUE $1.00 PER SHARE

                               FORD MOTOR COMPANY

              Incorporated under the Laws of the State of Delaware
                  This Certificate is Transferable in New York
                       See Reverse for Certain Definitions

CERTIFICATE NUMBER                                                       SHARES

     First Chicago Trust Company of New York, a corporation  duly  organized and
existing  under  the  laws  of  the  State  of  New  York,  as  Depositary  (the
"Depositary"), hereby certifies that ________________ is the registered owner of
__________  Depositary  Shares  ("Depositary  Shares"),  each  Depositary  Share
representing one  one-thousandth  (1/1,000) of a share of Series D Participating
Stock,  par value  $1.00 per share  (the  "Stock"),  of Ford  Motor  Company,  a
corporation  duly organized and existing under the laws of the State of Delaware
(the  "Company").  Subject  to the terms of a Deposit  Agreement  (the  "Deposit
Agreement")  among the  Depositary,  the Company  and  holders of  receipts  for
Depositary  Shares  ("Receipts"),  each owner of a Depositary Share is entitled,
proportionately,   to  all  the   powers,   preferences   and   rights  and  the
qualifications, limitations or restrictions of such preferences and/or rights of
the Stock represented thereby,  including  dividends,  voting,  conversion,  and
liquidation rights as set forth in the Restated  Certificate of Incorporation of
the Company, as amended and supplemented by the Certificate of Designations (the
"Certificate  of  Designations")  fixing  the terms of the Stock  filed with the
Secretary of State of the State of Delaware.

     The  Depositary  will furnish  without  charge to any  registered  owner of
Depositary  Shares  who so  requests,  copies  of the  Restated  Certificate  of
Incorporation of the Company, Deposit Agreement and Certificate of Designations.

     This Receipt  shall not be valid or obligatory  for any purpose,  nor shall
the holder be entitled to any benefits under the Deposit Agreement,  unless this
Receipt  shall  have been  executed  by manual  signature  of a duly  authorized
officer of the  Depositary,  or, if a Registrar for the Receipts (other than the
Depositary)  shall have been  appointed,  by manual or facsimile  signature of a
duly  authorized  officer  of the  Depositary  and,  if  executed  by  facsimile
signature of the Depositary,  shall have been  countersigned  manually by a duly
authorized officer of the Registrar.

Dated:___________                                FIRST CHICAGO TRUST COMPANY OF
                                                 NEW YORK

      (SEAL)                                     Authorized Officer

<PAGE>

                     [FORM OF REVERSE OF DEPOSITARY RECEIPT]

     The  Depositary  will furnish  without  charge to any  registered  owner of
Depositary  Shares  who so  requests,  copies  of the  Restated  Certificate  of
Incorporation of the Company, Deposit Agreement and Certificate of Designations.
Any such  request  should be  addressed  to: Ford  Shareholder  Services,  First
Chicago Trust Company of New York,  525 Washington  Boulevard,  Mail Suite 4685,
Jersey City, NJ 07310.

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

<TABLE>
<CAPTION>

<S>                                          <C>
TEN COM - as tenants in common               UNIF GIFT MIN ACT -- _______ Custodian __________
TEN ENT - as tenants by the entireties                             (Cust)             (Minor)
JT TEN -  as joint tenants with right                               under Uniform Gifts to
          of survivorship and not as                                Minors Act________________
          tenants in common                                                         (State)
</TABLE>

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

                              NOTICE OF CONVERSION

     The  undersigned  holder  of this  Receipt  for  Depositary  Shares  hereby
irrevocably  exercises  the option to convert  that number of shares of Series D
Participating Stock of the Company  represented by __________  Depositary Shares
into shares of Common Stock of the Company in  accordance  with the terms of and
subject to the conditions of such participating stock, including the Certificate
of Designations in respect thereof and the Deposit  Agreement,  and directs that
the Common Stock  deliverable  upon such conversion be registered in the name of
and  delivered  together  with a check in payment for any  fractional  shares of
Common  Stock to the  undersigned  unless a  different  name has been  indicated
below.  If the  shares of Common  Stock  are to be  registered  in the name of a
person other than the  undersigned,  the  undersigned  will pay all transfer and
similar  taxes  payable  with respect  thereto.  If the number of shares of such
participating  stock  represented  by the number of Depositary  Shares set forth
above is less than the number of shares of such  participating  stock on deposit
in respect of this Receipt, the undersigned directs that the Depositary issue to
the  undersigned,  unless a different  name is  indicated  below,  a new Receipt
evidencing  Depositary Shares for the balance of such participating stock not to
be converted.

<TABLE>
<CAPTION>
<S>                                               <C>
Dated:________________________________            Signature ____________________________________________
NAME:_________________________________            Note:  The signature to this Notice of Conversion
                                                         must correspond with the name written upon the
                                                         face of this Receipt in every  particular, without
ADDRESS:______________________________                   alternation or enlargement, or any change whatever.
(Please print name and address of Registered Holder)
</TABLE>

<PAGE>

NAME:_________________________________

ADDRESS:______________________________
        (Please indicate other delivery instructions if applicable)

                                   ASSIGNMENT

     For value received,________________________, the undersigned, hereby sells,
assigns and  transfers  unto  _________________________  (Please  insert  social
security or other identifying  number of Assignee  _______________________)  the
within Receipt and all rights and interests represented by the Depositary Shares
evidenced   thereby,   and   hereby   irrevocably   constitutes   and   appoints
______________________________  his  attorney,  to transfer the said  Depositary
Shares  on  the  books  of the  within-named  Depositary,  with  full  power  of
substitution in the premises.

<TABLE>
<CAPTION>
<S>                                   <C>

Dated:__________________              Signature _______________________________
                                      Note: The signature to this Assignment must correspond
                                      with the name as written upon the face of this Receipt in
                                      every particular, without alteration or enlargement or any
                                      change whatever.
</TABLE>Exhibit 4.1

This Security is a Book-Entry Security within the meaning of the
Indenture hereinafter referred to and is registered in the name
of the Depositary or a nominee of the Depositary.  This Security
is exchangeable for Securities registered in the name of a person
other than the Depositary or its nominee only in the limited
circumstances described in the Indenture and may not be
transferred except as a whole by the Depositary to a nominee of
the Depositary or by a nominee of the Depositary to the
Depositary or another nominee of the Depositary.

Unless this certificate is presented by an authorized
representative of The Depository Trust Company, a New York
corporation ("DTC"), to the Company (as defined below) or its
agent for registration of transfer, exchange, or payment, and any
certificate issued is registered in the name of Cede & Co. or in
such other name as is requested by an authorized representative
of DTC (and any payment is made to Cede & Co. or to such other
entity as is requested by an authorized representative of DTC),
ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

EXCEPT AS OTHERWISE PROVIDED IN THE INDENTURE, THIS SECURITY MAY
BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO A NOMINEE OF
THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY, TO THE
DEPOSITARY OR TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY.

                THE MAY DEPARTMENT STORES COMPANY

                    8-1/2% DEBENTURE DUE 2019

                                               CUSIP 577778 BM 4
                                                    $200,000,000

R-1

        THE MAY DEPARTMENT STORES COMPANY, a corporation duly
organized and existing under the laws of the State of New York
(herein called the "Company", which term includes any successor
corporation under the Indenture herein referred to), for value

<PAGE>

received, hereby promises to pay to CEDE & CO., or registered
assigns, the principal sum of TWO HUNDRED MILLION DOLLARS
($200,000,000) on June 1, 2019, and to pay interest thereon from
June 5, 2000 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually
on June 1 and December 1 of each year, commencing December 1,
2000, at the rate of 8-1/2% per annum, until the principal hereof
is fully paid or made available for payment.  The interest so
payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in such Indenture, be
paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on
the Regular Record Date for such interest, which shall be the
fifteenth day of May or November (whether or not a Business Day),
as the case may be, next preceding such Interest Payment Date.
Any such interest not so punctually paid or duly provided for
will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Securities
of this series not less than 10 days prior to such Special Record
Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on
which the Debentures of this series may be listed, and upon such
notice as may be required by such exchange, all as more fully
provided in such Indenture.

        Payment of the principal of and interest on this Security
will be made at the office or agency of the Company maintained
for that purpose in The City of New York, New York, in such coin
or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts;
provided, however, that at the option of the Company payment of
interest may be made by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security
Register.

        REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS
SECURITY SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER
PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET
FORTH AT THIS PLACE.

<PAGE>

        Unless the certificate of authentication hereon has been
executed by the Trustee referred to on the reverse hereof by
manual signature, this Security shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any
purpose.

        IN WITNESS WHEREOF, the Company has caused this Instrument to
be duly executed under its corporate seal.

Dated: June 5, 2000

        THE MAY DEPARTMENT STORES COMPANY
        a New York corporation

[Seal]

        By:________________________________
        Richard A. Brickson
        Secretary

Attest: ____________________________
        Linda J. Balicki
        Assistant Secretary

This is one of the Securities of the series designated therein
issued under the within-mentioned Indenture.

        BANK ONE TRUST COMPANY, NATIONAL ASSOCIATION
        as Trustee

        By: _______________________________
        Authorized Officer

<PAGE>

                       REVERSE OF Debenture

                THE MAY DEPARTMENT STORES COMPANY
                    8-1/2% Debenture Due 2019

        This Security is one of a duly authorized series of
guaranteed debt securities of the Company (herein called the
"Debentures"), issued under an Indenture, dated as of June 17,
1996 (herein called the "Indenture"), among the Company, The May
Department Stores Company, a Delaware corporation (the
"Guarantor") and Bank One Trust Company, National Association
(successor in interest to The First National Bank of Chicago), as
Trustee (herein called the "Trustee", which term includes any
successor trustee under the Indenture), which provides for the
issuance by the Company from time to time of debt securities of
the Company (herein called the "Debt Securities") in one or more
series, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the
Debentures and of the terms upon which the Debentures are, and
are to be, authenticated and delivered.  This Debenture is one of
the series designated on the face hereof, initially limited in
aggregate principal amount to $200,000,000.

        This Debenture will be redeemable, in whole or from time to
time in part, at the option of the Company on any date (a
"Redemption Date"), at a redemption price equal to the greater of
(1) 100 percent of the principal amount of the Debentures to be
redeemed and (2) the sum of the present values of the remaining
scheduled payments of principal and interest thereon (exclusive
of interest accrued to that Redemption Date) discounted to that
Redemption Date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate plus 25
basis points, plus, in either case, accrued and unpaid interest
on the principal amount being redeemed to that Redemption Date;
provided that installments of interest on the Debentures which
are due and payable on an interest payment date falling on or
prior to the relevant Redemption Date shall be payable to the
holders of those Debentures, registered as such at the close of
business on the relevant record date according to their terms and
the provisions of the Indenture.

<PAGE>
        "Treasury Rate" means, with respect to any Redemption Date
for the Debentures, (1) the yield, under the heading which
represents the average for the immediately preceding week,
appearing in the most recently published statistical release
designated "H.15(519)" or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve
System and which establishes yields on actively traded United
States Treasury securities adjusted to constant maturity under
the caption "Treasury Constant Maturities," for the maturity
corresponding to the Comparable Treasury Issue (if no maturity is
within three months before or after the Maturity Date, yields for
the two published maturities most closely corresponding to the
Comparable Treasury Issue shall be determined and the Treasury
Rate shall be interpolated or extrapolated from those yields on a
straight line basis, rounding to the nearest month) or (2) if
that release (or any successor release) is not published during
the week preceding the calculation date or does not contain those
yields, the rate per annum equal to the semi-annual equivalent
yield to maturity the Comparable Treasury Issue, calculated using
a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable
Treasury Price for that Redemption Date.  The Treasury Rate shall
be calculated on the third Business Day preceding the Redemption
Date.

        "Comparable Treasury Issue" means the United States Treasury
security selected by the Independent Investment Banker as having
a maturity comparable to the remaining term of the Debentures to
be redeemed that would be utilized, at the time of selection and
in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the
remaining term of the Debentures.

        "Independent Investment Banker" means Morgan Stanley & Co.
Incorporated or, if that firm is unwilling or unable to select
the Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Trustee after
consultation with the Company.

        "Comparable Treasury Price" means with respect to any
Redemption Date for the Debentures (1) the average of five
Reference Treasury Dealer Quotations for that Redemption Date,
after excluding the highest and lowest such Reference Treasury

<PAGE>

Dealer Quotations, or (2) if the Trustee obtains fewer than five
such Reference Treasury Dealer Quotations, the average of all
such quotations.

        "Reference Treasury Dealer" means each of Morgan Stanley &
Co. Incorporated, Banc One Capital Markets, Inc. and Salomon
Smith Barney Inc., and their respective successors, provided,
however, that if any of the foregoing shall cease to be a primary
U.S. Government securities dealer in New York City (a "Primary
Treasury Dealer"), the Company shall substitute therefor another
Primary Treasury Dealer.

        "Reference Treasury Dealer Quotations" means with respect to
each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Trustee, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case
as a percentage of its principal amount) quoted in writing to the
Trustee by that Reference Treasury Dealer at 5:00 p.m., New York
City time, on the third Business Day preceding that Redemption
Date.

        Notice of any redemption by the Company will be mailed at
least 30 days but not more than 60 days before any Redemption
Date to each holder of the Debentures to be redeemed.  If less
than all the Debentures are to be redeemed at the Company's
option, the Trustee shall select, in such manner as it shall deem
fair and appropriate, the Debentures to be redeemed in whole or
in part.

        If an Event of Default with respect to the Debentures shall
occur and be continuing, the principal amount of the Debentures
may be declared due and payable in the manner and with the effect
provided in the Indenture.

        The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the
rights and obligations of the Company and the rights of the
Holders of the Debentures under the Indenture and the waiver of
compliance by the Company with certain provisions of the
Indenture at any time with the consent of the Holders of a
majority in aggregate principal amount of the Debt Securities at
the time Outstanding (or, in case less than all of the several
series of Debt Securities then Outstanding are affected, of the

<PAGE>

Holders of a majority in principal amount of the Debt Securities
at the time Outstanding of each affected series).  The Indenture
also permits the Holders of a majority in principal amount of the
Debentures at the time Outstanding, on behalf of the Holders of
all the Debentures, to waive certain past defaults under the
Indenture and their consequences.  Any such consent or waiver by
the Holder of this Debenture shall be conclusive and binding upon
such Holder and upon all future Holders of this Debenture and of
any Debenture issued upon the registration of transfer hereof or
in exchange herefor or in lieu hereof, whether or not notation of
such consent or waiver is made upon this Debenture.

        The Indenture contains provisions for defeasance at any time
of (1) the entire indebtedness of the Debentures and (2) certain
restrictive covenants and certain Events of Default applicable to
the Debentures, upon compliance by the Company with certain
conditions set forth in the Indenture and in an Officers'
Certificate issued pursuant to the Indenture.

        As provided in and subject to the provisions of the
Indenture, any Holder of these Debentures shall not have the
right to institute any proceeding, judicial or otherwise, with
respect to the Indenture or for the appointment of a receiver or
trustee or for any other remedy hereunder, unless such Holder
shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Debentures, the
Holders of not less than 25% in principal amount of the
Debentures at the time outstanding shall have made written
request to the Trustee to institute proceedings in respect of
such Event of Default as trustee and offered the Trustee
reasonable indemnity and the Trustee shall not have received from
the Holders of a majority in principal amount of the Debentures
at the time outstanding a direction inconsistent with such
request and shall have failed to institute any such proceedings,
for 60 days after receipt of such notice, request and offer of
indemnity.

        No reference herein to the Indenture and no provision of this
Debenture or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional,
to pay the principal of and interest on this Debenture at the
times, place and rate, and in the coin or currency, herein
prescribed.

<PAGE>
        As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Debenture is
registrable in the Debenture Register, upon surrender of this
Debenture for registration of transfer at the office or agency of
the Company maintained for that purpose in The City of New York,
New York, or at any other office or agency designated for that
purpose by the Company pursuant to the Indenture, duly endorsed
by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Debenture Registrar duly
executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Debentures, of authorized
denominations and for the same aggregate principal amount, will
be issued to the designated transferee or transferees.

        The Debentures are issuable only in registered form without
coupons in denominations of $1,000 and any multiple thereof.  As
provided in the Indenture and subject to certain limitations
therein set forth, the Debentures are exchangeable for a like
aggregate principal amount of Debentures of a different
authorized denomination, as requested by the Holder surrendering
the same.

        No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

        Prior to due presentment of this Debenture for registration
of transfer, the Company, the Trustee and any agent of the
Company or the Trustee may treat the Person in whose name this
Debenture is registered as the owner hereof for all purposes,
whether or not this Debenture be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by
notice to the contrary.

        All terms used in this Debenture which are defined in the
Indenture shall have the meanings assigned to them in the
Indenture.

<PAGE>

GUARANTEE

        For good and valuable consideration, receipt of which is
acknowledged, and intending to be legally bound, the Guarantor
hereby unconditionally guarantees the due and punctual payment of
the principal of, sinking fund payment, if any, premium, if any,
and interest on, and any Redemption Price with respect to this
Debenture, when and as the same shall become due and payable,
whether at maturity, upon acceleration or redemption or
otherwise, in accordance with the terms of this Debenture and the
Indenture.

        THE MAY DEPARTMENT STORES COMPANY
        a Delaware corporation

[Seal]

        By: _______________________________
        Richard A. Brickson
        Secretary

Attest: ____________________________
        Linda J. Balicki
        Assistant Secretary

<PAGE>
                       (FORM OF ASSIGNMENT)

                          ABBREVIATIONS

        The following abbreviations, when used in the inscription on
the face of this Debenture, shall be construed as though they
were written out in full according to applicable laws or
regulations:

TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN  - as joint tenants with right of survivorship and not as
tenants in common

UNIF GIFT MIN ACT - ______(Cust) Custodian ______(Minor)
under Uniform Gifts to Minors Act ___________________ (State)

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

                            ASSIGNMENT

FOR VALUE RECEIVED ___________________________ hereby sell(s),
assign(s) and transfer(s) unto

                           PLEASE INSERT SOCIAL SECURITY OR OTHER
                                   IDENTIFYING NUMBER OF ASSIGNEE

(Please Print or Typewrite Name and Address of Assignee)

the within Debenture and all rights thereunder, hereby
irrevocably constituting and appointing
_____________________________________________ Attorney to
transfer said Debenture on the books of the Company, with full
power of substitution in the premises.

Dated:  _________________________________

Notice: The signature to this assignment must correspond with the
name as written upon the face of this Debenture in every

<PAGE>

particular, without alteration or enlargement or any change
whatever.

Signature Guaranteed:
_________________________________________________

Notice: Signature(s) must be guaranteed by an "eligible guarantor
institution" that is a member or participant in a "signature
guarantee program" (e.g., the Securities Transfer Agents
Medallion Program, the Stock Exchange Medallion Program or the
New York Stock Exchange, Inc. Medallion Signature Program).

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}]]