Document:

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                                                                     Exhibit 4.2

                       FORM OF CERTIFICATE OF DESIGNATIONS

                                       OF

              __________ [CONVERTIBLE] [NONCUMULATIVE] [CUMULATIVE]

                                 PREFERRED STOCK

                                       OF

                             J.P. MORGAN CHASE & CO.

                         Pursuant to Section 151 of the
                General Corporation Law of the State of Delaware

         J.P. MORGAN CHASE & CO., a corporation organized and existing under the
laws of the State of Delaware (the "Corporation"), HEREBY CERTIFIES that the
following resolutions were duly adopted by the Board of Directors of the
Corporation on ___________ and by the Stock Committee of the Board of Directors
on ___________, respectively, pursuant to authority conferred upon the Board of
Directors by the provisions of the Restated Certificate of Incorporation of the
Corporation which authorize the issuance of up to 200,000,000 shares of
preferred stock of $1 par value per share (the "Preferred Stock"), and pursuant
to authority conferred upon the Stock Committee of the Board of Directors by
Section 141(c) of the General Corporation Law of the State of Delaware, by the
By-Laws of the Corporation and by the resolutions of the Board of Directors
adopted at a meeting duly convened and held on __________, _____:

         1. The Board of Directors on ____________, _____ adopted, among other
resolutions, the following resolutions authorizing a Stock Committee of the
Board of Directors to act on behalf of the Board of Directors in connection with
the issuance of the Preferred Stock and fixing the voting rights of the
Preferred Stock:

         "RESOLVED, that, subject to the limitations set forth herein, the Stock
Committee may from time to time during the Stock Committee Term authorize the
issuance and sale of securities, for cash or other property, as determined by
the Stock Committee, which securities shall consist of any or all of the
following: (i) one or more series of the Corporation's preferred stock, $1 par
value per share (the "Preferred Stock"); (ii) depositary shares each
representing a fraction of a share of Preferred Stock or other security
("Depositary Shares"); (iii) warrants to purchase any shares of Preferred Stock
or Depositary Shares; (iv) warrants to purchase shares of Common Stock; (v)
shares of Preferred Stock or Common Stock or other securities into which or for
which any of the foregoing may be exchangeable, convertible, or issuable upon
exercise; and (vi) securities (or units or combinations of securities) that the
Corporation deems functionally equivalent to Preferred Stock by reason of such
securities (or units or combinations of securities) counting as "Tier 1 capital"
of the Corporation according to applicable bank regulatory
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                                                                               2

requirements; provided, however, that "Guaranteed SPE Securities" (as defined in
the Borrowings Committee Resolutions adopted by the Board of Directors on the
date hereof) shall be authorized by action of the Borrowings Committee rather
than the Stock Committee, and shall not be deemed Preferred Shares; unless the
context shall otherwise require, the securities in clauses (i) through (vi)
shall be referred to hereinafter collectively as "Preferred Shares"; and the
Preferred Shares and the Common Stock shall be referred to hereinafter
collectively as "Securities";

         RESOLVED, that the Preferred Shares may be sold through agents, through
underwriters, through dealers and directly to purchasers, in one or more
offerings registered under the Securities Act of 1933 (the "Act") or in
transactions not required to be registered under the Act, all as shall be
determined by the Stock Committee; and the Stock Committee shall have full
authority to take any and all actions necessary to effect the intent of this
resolution; and all Preferred Shares so issued will be deemed duly authorized,
validly issued, fully paid and nonassessable;

         RESOLVED that, without limiting the generality of the preceding
resolutions, the Stock Committee is hereby expressly authorized during the Stock
Committee Term:

                  (i) to determine whether the Preferred Shares will be issued
         in one or more series and the number of shares of any such series;

                  (ii) to fix the dividend rate or rates of any such Preferred
         Shares and/or the methods of determining dividends and the dates on
         which dividends shall be payable;

                  (iii) to determine whether dividends of any series of
         Preferred Shares shall be cumulative or noncumulative and, if
         cumulative, the dates from which dividends shall commence to cumulate;

                  (iv) to determine the conversion or exchange provisions, if
         any, of the shares of any series of the Preferred Shares, including
         without limitation, the class and series of capital stock or other
         securities of the Corporation into which such shares shall be
         convertible or exchangeable;

                  (v) to determine whether the Corporation shall elect to offer
         (a) warrants for such Preferred Shares ("Warrants") or (b) Depositary
         Shares evidenced by depositary receipts, each representing a fraction
         (to be determined by the Stock Committee) of a share of a particular
         series of the Preferred Stock or other securities, which shares of
         Preferred Stock or other securities will be issued and deposited with a
         depositary, in each case, in lieu of offering full shares of such
         series of the Preferred Stock or other securities;

                  (vi) to fix the liquidation preference of the shares of any
         series of the Preferred Shares, subject to the limitation that the
         aggregate liquidation preference over Common Stock of all the Preferred
         Shares issued during the Stock Committee Term shall not exceed $1.5
         billion (the "Preferred Stock Maximum Amount");
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                  (vii) to determine whether any warrants for Preferred Stock,
         Depositary Shares or Common Stock shall be issued, whether alone or in
         connection with any other Preferred Shares, and the terms and
         conditions of any such warrants;

                  (viii) to determine whether the shares of any series of the
         Preferred Shares shall be subject to redemption, optional or mandatory
         or pursuant to a sinking fund, and, if such series shall be subject to
         redemption, the redemption provisions of such series; and

                  (ix) to fix or determine any additional dividend, liquidation,
         redemption, sinking fund and other rights, preferences, privileges,
         limitations and restrictions thereof;

         RESOLVED, that the Stock Committee shall have authority, from time to
time during the Stock Committee Term, without the necessity of further action of
the Board of Directors, to authorize (i) the creation of one or more subsidiary
or affiliated corporations, partnerships, limited liability companies, trusts or
other affiliated or unaffiliated entities ("special purpose entities") in
connection with the creation, issuance and sale of Preferred Shares, (ii) the
initial capitalization thereof, (iii) the preparation, execution and filing of
any documents necessary or appropriate in connection with the organization or
activities of such subsidiary or affiliated or unaffiliated corporation or
entity, and (iv) the payment of all related fees and expenses, in each case, as
the Stock Committee in its judgment shall deem necessary or advisable;

         RESOLVED, that the Stock Committee shall have authority, from time to
time during the Stock Committee Term, to authorize the issuance and sale of any
debt obligation, guarantee or other security of the Corporation or any special
purpose entities which shall be issuable in support of any Preferred Shares;

         RESOLVED, that, if required with respect to any series of Preferred
Stock, a certificate shall be prepared and filed on behalf of the Corporation
with the Secretary of State of the State of Delaware pursuant to Section 151 of
the General Corporation Law of the State of Delaware (a "Certificate of
Designation"); that each such Certificate of Designation be in such form as is
approved by action of the Board of Directors or the Stock Committee; and that
the proper officers of the Corporation be and hereby are authorized to execute
and file each such Certificate of Designation pursuant to the General
Corporation Law of the State of Delaware;

         RESOLVED, that the Certificate of Designation for each series of the
Preferred Stock shall provide that the shares of such series shall not have any
voting powers either general or special, except that

                  (i) If at the time of any annual meeting of the Corporation's
         stockholders for the election of directors there is a default in
         preference dividends on the Preferred Stock, the number of directors
         constituting the Board of Directors of the Corporation shall be
         increased by two, and the holders of the Preferred Stock of all series
         (whether or not the holders of such series of Preferred Stock would be
         entitled to vote for the election of directors if such default in
         preference dividends did not exist), shall have the right at such
         meeting, voting together as a single class without regard to series, to
         the exclusion of the holders of common stock, par value $1 per share,
         of the Corporation, to elect two
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                                                                               4

         directors of the Corporation to fill such newly created directorships.
         Such right shall continue until there are no dividends in arrears upon
         the Preferred Stock. Each director elected by the holders of shares of
         Preferred Stock (a "Preferred Director") shall continue to serve as
         such director for the full term for which he or she shall have been
         elected, notwithstanding that prior to the end of such term a default
         in preference dividends shall cease to exist. Any Preferred Director
         may be removed by, and shall not be removed except by, the vote of the
         holders of record of the outstanding shares of Preferred Stock, voting
         together as a single class without regard to series, at a meeting of
         the Corporation's stockholders, or of the holders of shares of
         Preferred Stock, called for the purpose. So long as a default in any
         preference dividends on the Preferred Stock shall exist, (a) any
         vacancy in the office of a Preferred Director may be filled (except as
         provided in the following clause (b)) by an instrument in writing
         signed by the remaining Preferred Director and filed with the
         Corporation and (b) in the case of the removal of any Preferred
         Director, the vacancy may be filled by the vote of the holders of the
         outstanding shares of Preferred Stock, voting together as a single
         class without regard to series, at the same meeting at which such
         removal shall be voted. Each director appointed as aforesaid by the
         remaining Preferred Director shall be deemed, for all purposes hereof,
         to be a Preferred Director. Whenever the term of office of the
         Preferred Directors shall end and a default in preference dividends
         shall no longer exist, the number of directors constituting the Board
         of Directors of the Corporation shall be reduced by two. For the
         purposes hereof, a "default in preference dividends" on the Preferred
         Stock shall be deemed to have occurred whenever the amount of accrued
         dividends upon any series of the Preferred Stock shall be equivalent to
         six full quarter-yearly dividends or more, and, having so occurred,
         such default shall be deemed to exist thereafter until, but only until,
         all accrued dividends on all shares of Preferred Stock of each and
         every series then outstanding shall have been paid to the end of the
         last preceding dividend period; and

                  (ii) Without the consent of the holders of shares entitled to
         cast at least two-thirds of the votes entitled to be cast by the
         holders of the total number of shares of Preferred Stock then
         outstanding, voting as a class without regard to series, the holders of
         shares of this series being entitled to cast one vote per share
         thereon, the Corporation may not: (a) create any class or series of
         stock which shall have preference as to dividends or distribution of
         assets over any outstanding series of the Preferred Stock other than a
         series which shall not have any right to object to such creation or (b)
         alter or change the provisions of the Corporation's Certificate of
         Incorporation so as to adversely affect the voting power, preferences
         or special rights of the holders of Preferred Stock; provided, however,
         that if such creation or such alteration or change would adversely
         affect the voting power, preferences or special rights of one or more,
         but not all, series of Preferred Stock at the time outstanding, consent
         of the holders of shares entitled to cast at least two-thirds of the
         votes entitled to be cast by the holders of all of the shares of all
         such series so affected, voting as a class, shall be required in lieu
         of the consent of the holders of shares entitled to cast at least
         two-thirds of the votes entitled to be cast by the holders of the total
         number of shares of Preferred Stock, at the time outstanding.

                  RESOLVED, that the Stock Committee is authorized and empowered
during the Stock Committee Term to approve and authorize on behalf of the
Corporation the repurchase or redemption by the Corporation of any or all the
outstanding shares of any series of the Preferred
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                                                                               5

Shares at such times, in such amounts, at such prices, and pursuant to such
arrangements, including arrangements with brokers, dealers or agents, as the
Stock Committee may determine or authorize such repurchases to be effected
pursuant to open market purchases, privately negotiated transactions or such
other means as the Stock Committee may determine or authorize.

         2. The Stock Committee of the Board of Directors on ______________,
pursuant to the authority conferred upon the Stock Committee of the Board
Directors by Section 141(c) of the General Corporation Law of the State of
Delaware, by Section 3.03 of the By-Laws of the Corporation and by the
resolutions of the Board of Directors set forth above, adopted the following
resolution:

         "RESOLVED that, pursuant to resolutions of the Board of Directors of
J.P. Morgan Chase & Co. (the "Corporation") adopted on ___________, the issue of
_____ shares of ______ [Convertible] [Noncumulative] [Cumulative] Preferred
Stock, $__ stated value per share ($1 par value), of the Corporation ranking on
a parity with the series of Preferred Stock of the Corporation designated as the
Corporation's: 6% Cumulative Preferred Stock; Adjustable Rate Cumulative
Preferred Stock, Series A; Adjustable Rate Cumulative Preferred Stock, Series L;
Adjustable Rate Cumulative Preferred Stock, Series N; 10.84% Cumulative
Preferred Stock; and Fixed/Adjustable Rate Noncumulative Preferred Stock
[designate other parity series, if any] is hereby authorized and the
designation, preferences and privileges, relative, participating, optional and
other special rights, and qualifications, limitations and restrictions of all
_____ shares of this Series, in addition to those set forth in the Restated
Certificate of Incorporation of the Corporation and, with respect to voting
rights, in the resolutions of the Board of Directors of the Corporation adopted
on _________, are hereby fixed as follows:

         1. Designation. The designation of this Series shall be _____________
[Convertible] [Noncumulative] [Cumulative] Preferred Stock (hereinafter referred
to as this "Series"), and the number of shares constituting this Series shall be
__________. Shares of this Series shall have a stated value of $_____. The
number of authorized shares of this Series may be reduced by further resolution
duly adopted by the Board of Directors of the Corporation, the Stock Committee
of the Board of Directors or by any other duly authorized committee of the Board
of Directors (collectively, the "Board of Directors") and by the filing of a
certificate pursuant to the provisions of the General Corporation Law of the
State of Delaware stating that such reduction has been so authorized, but the
number of authorized shares of this Series shall not be increased.

         2. Dividends. (a) The holders of shares of this Series shall be
entitled to receive cash dividends, when, as and if declared by the Board of
Directors, out of funds legally available for that purpose, in the amounts or at
the rate set forth below in this Section 2. Dividends on the shares of this
Series shall be payable, when, as and if declared by the Board of Directors, on
_________, __________, __________ and __________ of each year (each, a "Dividend
Payment Date"), commencing on _________. Each such dividend shall be paid to the
holders of record of shares of this Series as they appear on the stock register
of the Corporation on such record date, not more than 45 days preceding the
payment date thereof, as shall be fixed by the Board of Directors.
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                                                                               6

         [IF THIS SERIES HAS FIXED RATE DIVIDENDS, INSERT THE FOLLOWING: (b)
Dividends payable on the shares of this Series for the period from _________
through and including ________________ (the "Initial Dividend Period") shall be
_________ per share. For each quarterly dividend period after the Initial
Dividend Period (each such quarterly dividend period and the Initial Dividend
Period being hereinafter referred to individually as a "Dividend Period"), which
quarterly Dividend Periods shall commence on _________, ___________, ___________
and _____________ of each year and shall end on and include the day next
preceding the first day of the next such Dividend Period, dividends payable on
the shares of this Series shall be payable at ___% per annum of the stated value
thereof. [IF THIS SERIES IS NONCUMULATIVE, INSERT THE FOLLOWING: Dividends on
the shares of this Series shall not be cumulative and no rights shall accrue to
the holders of the shares of this Series if the Corporation fails to declare a
dividend on the shares of this Series with respect to any Dividend Period,
whether or not dividends are declared with respect to any future Dividend
Period.] [IF THIS SERIES IS CUMULATIVE, INSERT THE FOLLOWING: Dividends shall be
cumulative from _____________. Dividends on account of arrears for any past
Dividend Periods may be declared and paid at any time, without reference to any
regular Dividend Payment Date, to holders of record on such date, not more than
45 days preceding the payment date thereof, as may be fixed by the Board of
Directors.]]

[IF THIS SERIES HAS ADJUSTABLE DIVIDENDS, INSERT THE APPROPRIATE CALCULATION OF
SUCH RATE]

         [(c)[(i)] Dividends payable on this Series for any period greater or
less than a full Dividend Period, other than the Initial Dividend Period, shall
be computed on the basis of a 360-day year consisting of twelve 30-day months
and, for any period less than one month, the actual number of days elapsed in
the period. [Dividends payable on this Series for each full Dividend Period
shall be computed by annualizing the Dividend Rate and dividing by four.]

         [(d)[(j)] No full dividends shall be declared or paid or set apart for
payment on the Preferred Stock of any series ranking, as to dividends, on a
parity with or junior to this Series for any period unless [IF THIS SERIES IS
NONCUMULATIVE, INSERT THE FOLLOWING: full dividends on the shares of this Series
for the Dividend Period commencing on the day following the immediately
preceding Dividend Payment Date have been or contemporaneously are declared and
paid or declared and a sum sufficient for the payment thereof set apart for such
payment] [IF THIS SERIES IS CUMULATIVE, INSERT THE FOLLOWING: full cumulative
dividends have been or contemporaneously are declared and paid or declared and a
sum sufficient for the payment thereof set apart for such payment on this Series
for all Dividend Periods terminating on or prior to the date of payment of such
full cumulative dividends]. When dividends are not paid in full, as aforesaid,
upon the shares of this Series and any other series of Preferred Stock ranking
on a parity as to dividends with this Series, all dividends declared upon shares
of this Series and any other series of Preferred Stock ranking on a parity as to
dividends with this Series shall be declared pro rata so that the amount of
dividends declared per share on this Series and such other Preferred Stock shall
in all cases bear to each other the same ratio that accrued and unpaid dividends
per share [IF THIS SERIES IS NONCUMULATIVE, INSERT THE FOLLOWING: (which in the
case of this Series shall include accrued and unpaid dividends for the Dividend
Period commencing on the day following the immediately preceding Dividend
Payment Date but shall not include accumulation of any dividends for prior
Dividend Periods,
<PAGE>
                                                                               7

unless previously declared)] on the shares of this Series and such other
Preferred Stock bear to each other. No interest, or sum of money in lieu of
interest, shall be payable in respect of any dividend payment or payments on
this Series which may be in arrears.

         [(e)][(k)] So long as any shares of this Series are outstanding, no
dividend (other than a dividend in Common Stock or in any other stock ranking
junior to this Series as to dividends and upon liquidation and other than as
provided in paragraph (d) of this Section 2) shall be declared or paid or set
aside for payment or other distribution declared or made upon the Common Stock
or upon any other stock ranking junior to or on a parity with this Series as to
dividends or upon liquidation, nor shall any Common Stock or any other stock of
the Corporation ranking junior to or on a parity with this Series as to
dividends or upon liquidation be redeemed, purchased or otherwise acquired for
any consideration (or any moneys be paid to or made available for a sinking fund
for the redemption of any shares of any such stock) by the Corporation (except
by conversion into or exchange for stock of the Corporation ranking junior to
this Series as to dividends and upon liquidation), unless, in each case, [IF
THIS SERIES IS NONCUMULATIVE, INSERT THE FOLLOWING: full dividends on all
outstanding shares of this Series shall have been paid or declared and set aside
for payment in respect of the Dividend Period commencing on the day following
the immediately preceding Dividend Payment Date] [IF THIS SERIES IS CUMULATIVE,
INSERT THE FOLLOWING: the full cumulative dividends on all outstanding shares of
this Series shall have been paid or declared and set aside for payment for all
past Dividend Periods].

         [INSERT ANY OTHER PROVISIONS APPLICABLE TO DIVIDENDS WITH RESPECT TO
THIS SERIES.]

         3. Redemption.

         [IF THIS SERIES IS REDEEMABLE AT A FIXED PRICE, INSERT THE FOLLOWING:
(a) [The shares of this Series are not redeemable prior to _________________.]
The Corporation, at its option, may redeem shares of this Series, as a whole or
in part, at any time or from time to time, [on or after ________,] at a
redemption price of _____________ per share plus accrued and unpaid dividends
thereon (whether or not declared) [IF THIS SERIES IS NONCUMULATIVE, INSERT THE
FOLLOWING: from the immediately preceding Dividend Payment Date to the date
fixed for redemption (but without any accumulation for unpaid dividends for
prior Dividend Periods on the shares of this Series)].

         [IF THIS SERIES IS REDEEMABLE AT VARIABLE PRICES, INSERT THE FOLLOWING:
(a) [The shares of this Series are not redeemable prior to ________________.]
The Corporation, at its option, may redeem shares of this Series, as a whole or
in part, at any time or from time to time, [on or after _______,] at the
applicable redemption price set forth below, plus accrued and unpaid dividends
thereon (whether or not declared) [IF THIS SERIES IS NONCUMULATIVE, INSERT THE
FOLLOWING: from the immediately preceding Dividend Payment Date to the date
fixed for redemption (but without any accumulation for unpaid dividends for
prior Dividend Periods on the shares of this Series)]:
<PAGE>
                                                                               8

<TABLE>
<CAPTION>
               Date of Redemption                                     Redemption Price Per Share
<S>                                                                   <C>
On or after ____________ but prior to ____________                    ______________________
On or after _____________ but prior to ___________                    ______________________
On or after ____________________                                      ______________________
</TABLE>

         [IF THIS SERIES IS REDEEMABLE PURSUANT TO A SINKING FUND, INSERT THE
FOLLOWING:

         (b) So long as any shares of this Series shall be outstanding, the
Corporation shall on each of the dates set forth in the following schedule
("Sinking Fund Payment Dates") set aside an amount sufficient for the redemption
of, and shall redeem, the number of shares of this Series set forth opposite
such Sinking Fund Payment Date:

<TABLE>
<S>                                              <C>
     Sinking Fund Payment Date                   Number of Shares to be Redeemed
</TABLE>

The redemption price of shares of this Series to be redeemed pursuant to the
aforesaid sinking fund shall be $____ per share, plus accrued and unpaid
dividends thereon (whether or not declared) [IF THIS SERIES IS NONCUMULATIVE,
INSERT THE FOLLOWING: from the immediately preceding Dividend Payment Date to
the date fixed for redemption (but without any accumulation for unpaid dividends
for prior Dividend Periods on the shares of this Series)]. The Corporation may,
at its option, apply toward its sinking fund obligation any shares of this
Series purchased or otherwise acquired by the Corporation or redeemed by the
Corporation otherwise than through the sinking fund which have not previously
been credited toward a sinking fund obligation. The obligation of the
Corporation to redeem shares of this Series shall be cumulative, so that if for
any year or years such requirements shall not be fully discharged as they
accrue, funds legally available therefor, after payment or provision for
dividends, for each year thereafter shall be applied thereto until such
requirements are fully discharged.]

[IF THIS SERIES IS SUBJECT TO EITHER OPTIONAL OR MANDATORY REDEMPTION, INSERT
THE FOLLOWING:

         [(b)][(c)] In the event that fewer than all the outstanding shares of
this Series are to be redeemed [(by operation of a sinking fund or otherwise)],
the number of shares to be redeemed shall be determined by the Board of
Directors and the shares to be redeemed shall be determined by lot or pro rata
as may be determined by the Board of Directors or by any other method as may be
determined by the Board of Directors in its sole discretion to be equitable,
provided that such method satisfies any applicable requirements of any
securities exchange on which this Series is listed.

         [(c)][(d)] In the event the Corporation shall redeem shares of this
Series [(by operation of a sinking fund or otherwise)], notice of such
redemption shall be given by first class mail, postage prepaid, mailed not less
than 30 or more than 60 days prior to the redemption date, to each holder of
record of the shares to be redeemed, at such holder's address as the same
appears
<PAGE>
                                                                               9

on the stock register of the Corporation. Each such notice shall state: (i) the
redemption date; (ii) the number of shares of this Series to be redeemed and, if
fewer than all the shares held by such holder are to be redeemed, the number of
such shares to be redeemed from such holder; (iii) the redemption price; (iv)
the place or places where certificates for such shares are to be surrendered for
payment of the redemption price; [and] (v) that dividends on the shares to be
redeemed shall cease to accrue on the redemption date [IF THIS SERIES IS
CONVERTIBLE, INSERT THE FOLLOWING; and (vi) that such holder has the right to
convert such shares into a number of shares of Common Stock prior to the close
of business on the redemption date].

         [(d)][(e)] Notice having been mailed as aforesaid, from and after the
redemption date (unless default shall be made by the Corporation in providing
money for the payment of the redemption price) dividends on the shares of this
Series so called for redemption shall cease to accrue, and said shares shall no
longer be deemed to be outstanding, and all rights of the holders thereof as
stockholders of the Corporation (except the right to receive from the
Corporation the redemption price) shall cease [IF THIS SERIES IS CONVERTIBLE,
INSERT THE FOLLOWING: ; provided that, notwithstanding the foregoing, if notice
of redemption has been given pursuant to this paragraph and any holder of shares
of this Series shall, prior to the close of business on the redemption date,
surrender for conversion any or all of the shares to be redeemed held by such
holder in accordance with Section 4, then the conversion of such shares to be
redeemed shall become effective as provided in Section 4.] Upon surrender in
accordance with said notice of the certificates for any shares so redeemed
(properly endorsed or assigned for transfer, if the Board of Directors shall so
require and the notice shall so state), such shares shall be redeemed by the
Corporation at the redemption price aforesaid. In case fewer than all the shares
represented by any such certificate are redeemed, a new certificate shall be
issued representing the unredeemed shares without cost to the holder thereof.

         [(e)][(f)] Any shares of this Series which shall at any time have been
redeemed shall, after such redemption, have the status of authorized but
unissued shares of Preferred Stock, without designation as to series until such
shares are once more designated as part of a particular series by the Board of
Directors.

         [(f)][(g)] Notwithstanding the foregoing provisions of this Section 3,
if full dividends on all outstanding shares of this Series are in arrears, no
shares of this Series shall be redeemed unless all outstanding shares of this
Series are simultaneously redeemed, and the Corporation shall not purchase or
otherwise acquire any shares of this Series; provided, however, that the
foregoing shall not prevent the purchase or acquisition of shares of this Series
pursuant to a purchase or exchange offer made on the same terms to holders of
all outstanding shares of this Series.]

[IF THIS SERIES IS NOT CONVERTIBLE, INSERT THE FOLLOWING:

         4. Conversion. The holders of shares of this Series shall not have any
rights to convert such shares into shares of any other class or series of
capital stock of the Corporation.]

[IF THIS SERIES IS CONVERTIBLE FOR SHARES OF COMMON STOCK, INSERT THE FOLLOWING]
<PAGE>
                                                                              10

         4. Conversion. (a) Subject to and upon compliance with the provisions
of this Section 4, each holder of shares of this Series shall have the right, at
such holder's option, at any time [from and after ______], to convert any or all
of the shares of this Series held by such holder into the number of fully paid
and nonassessable shares of Common Stock (calculated as to each conversion, for
the purpose of determining the amount of any cash payments provided for under
paragraph (c) of this Section 4, to the nearest .01 of a share of Common Stock,
as the case may be, with one-half cent and .005 of a share, respectively, being
rounded upward) obtained by dividing the stated value of a share of this Series
by the Conversion Price (as defined below) and multiplying such resulting number
by the number of shares of this Series to be converted, and by surrender of such
shares of this Series so to be converted, such surrender to be made in the
manner provided in paragraph (b) of this Section 4; provided, however, that the
right to convert shares called for redemption pursuant to Section 3 hereof shall
terminate at the close of business on the date fixed for such redemption unless
the Corporation shall default in making payment of the amount payable upon such
redemption.

         The term "Conversion Price" shall mean $_________, as adjusted in
accordance with the provisions of this Section 4.

         (b) In order to exercise the conversion privilege, the holder of each
share of this Series to be converted shall surrender the certificate
representing such share at the office of any transfer agent for the Common Stock
and shall give written notice to the Corporation at said office that such holder
elects to convert the same, specifying the name or names and denominations in
which such holder wishes the certificate or certificates for the Common Stock to
be issued (which notice may be in the form of a notice of election to convert
which may be printed on the reverse of the certificates for the shares of this
Series). Unless the shares issuable on conversion are to be issued in the same
name as the name in which such share of this Series is registered, each share
surrendered for conversion shall be accompanied by instruments of transfer, in
form satisfactory to the Corporation, duly executed by the holder or his duly
authorized attorney, and by an amount sufficient to pay any transfer or similar
tax.

         The holders of shares of this Series at the close of business on a
dividend payment record date shall be entitled to receive the dividend payable
on such shares (except that holders of shares called for redemption on a
redemption date between such record date and the Dividend Payment Date shall not
be entitled to receive such dividend on such Dividend Payment Date) on the
corresponding dividend payment date notwithstanding the conversion thereof or
the Corporation's default in payment of the dividend due on such Dividend
Payment Date. However, shares of this Series surrendered for conversion during
the period between the close of business on any dividend payment record date and
the opening of business on the corresponding Dividend Payment Date (except
shares called for redemption on a redemption date during such period) must be
accompanied by payment of an amount equal to the dividend payable on such shares
on such Dividend Payment Date. A holder of shares of this Series on a dividend
payment record date who (or whose transferee) tenders any of such shares for
conversion into shares of Common Stock on a Dividend Payment Date will receive
the dividend payable by the Corporation on such shares of this Series on such
date, and the converting holder need not include payment in the amount of such
dividend upon surrender of shares of this Series for conversion. Except as
provided above, the Corporation shall make no payment or allowance for unpaid
dividends,
<PAGE>
                                                                              11

whether or not in arrears, on converted shares or for dividends on the shares of
Common Stock issued upon such conversion.

         As promptly as practicable after the surrender of the certificates for
shares of this Series as aforesaid, the Corporation shall issue and shall
deliver at the office of any transfer agent for the Common Stock to such holder,
or on his written order, a certificate or certificates for the number of full
shares of Common Stock issuable upon the conversion of such shares in accordance
with the provisions of this Section 4, together with a certificate or
certificates representing any shares of this Series which are not to be
converted but which shall have constituted part of the shares of this Series
represented by the certificate or certificates so surrendered, and any
fractional interest in respect of a share of Common Stock arising upon such
conversion shall be settled as provided in subparagraph (c) of this Section 4.

         Each conversion shall be deemed to have been effected immediately prior
to the close of business on the date on which the certificates for shares of
this Series shall have been surrendered and such notice (and, if applicable,
payment of an amount equal to the dividend payable on such shares) received by
the Corporation as aforesaid, and 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 such time on such date and such
conversion shall be at the Conversion Price in effect at such time on such date,
unless the stock transfer books of the Corporation shall be closed on such date,
in which event such person or persons shall be deemed to have become such holder
or holders of record at the close of business on the next succeeding day on
which such stock transfer books are open, but such conversion shall be at the
Conversion Price in effect on the date upon which such shares shall have been
surrendered and such notice (and, if applicable, payment) received by the
Corporation. All shares of Common Stock delivered upon conversion of the shares
of this Series will upon delivery be duly and validly issued and fully paid and
nonassessable, free of all liens and charges and not subject to any preemptive
rights.

         (c) No fractional shares or scrip representing fractions of shares of
Common Stock shall be issued upon conversion of shares of this Series. Instead
of any fractional interest in a share of Common Stock which would otherwise be
deliverable upon the conversion of a share of this Series, the Corporation shall
pay to the holder of such share of this Series an amount in cash (computed to
the nearest cent, with one-half cent being rounded upward) equal to the reported
last sales price (as defined in subparagraph (d)(v) of this Section 4) of the
Common Stock on the Trading Day (as defined in subparagraph (d)(v) of this
Section 4) next preceding the day of conversion multiplied by the fraction of a
share of Common Stock represented by such fractional interest. If more than one
share of this Series shall be surrendered for conversion at one time by the same
holder, the number of full shares of Common Stock issuable upon conversion
thereof shall be computed on the basis of the aggregate stated value of the
shares of this Series so surrendered.

         (d) The Conversion Price shall be adjusted from time to time as
follows:

                  (i) In case the Corporation shall (x) pay a dividend or make a
distribution on the Common Stock in shares of Common Stock, (y) subdivide the
outstanding Common Stock
<PAGE>
                                                                              12

into a greater number of shares or (z) combine the outstanding Common Stock into
a smaller number of shares, the Conversion Price shall be adjusted so that the
holder of any share of this Series thereafter surrendered for conversion shall
be entitled to receive the number of shares of Common Stock of the Corporation
which he would have owned or have been entitled to receive after the happening
of any of the events described above had such share been converted immediately
prior to the record date in the case of a dividend or the effective date in the
case of subdivision or combination. An adjustment made pursuant to this
subparagraph (i) shall become effective immediately after the record date in the
case of a dividend, except as provided in subparagraph (viii) below, and shall
become effective immediately after the effective date in the case of a
subdivision or combination. No adjustment in the Conversion Price shall be made
if, at the same time as the Corporation shall issue shares of Common Stock as a
dividend or distribution on the outstanding shares of Common Stock which would
otherwise call for an adjustment in the Conversion Price, the Corporation shall
issue shares of Common Stock as a dividend or distribution on the outstanding
shares of this Series equivalent to the number of shares distributable on the
shares of Common Stock into which this Series is then convertible.

                  (ii) In case the Corporation shall issue rights or warrants to
all holders of shares of Common Stock entitling them (for a period expiring
within 45 days after the record date mentioned below) to subscribe for or
purchase shares of Common stock at a price per share less than the current
market price per share of Common Stock (as defined for purposes of this
subparagraph (ii) in subparagraph (v) below), at the record date for the
determination of stockholders entitled to receive such rights or warrants, the
Conversion Price in effect after such record date shall be determined by
multiplying the Conversion Price in effect immediately prior to such record date
by a fraction, the numerator of which shall be the number of shares of Common
Stock outstanding on the record date for issuance of such rights or warrants
plus the number of shares of Common Stock which the aggregate offering price of
the total number of shares of Common Stock so offered would purchase at such
current market price, and the denominator of which shall be the number of shares
of Common Stock outstanding on the record date for issuance of such rights or
warrants plus the number of additional shares of Common Stock receivable upon
exercise of such rights or warrants. Such adjustment shall be made successively
whenever any such rights or warrants are issued, and shall become effective
immediately, except as provided in subparagraph (viii) below, after such record
date. In determining whether any rights or warrants entitled the holders of the
shares of this Series to subscribe for or purchase shares of Common Stock at
less than such current market price, and in determining the aggregate offering
price of such shares of Common Stock, there shall be taken into account any
consideration received by the Corporation for such rights or warrants plus the
exercise price thereof, the value of such consideration or exercised price, as
the case may be, if other than cash, to be determined by the Board of Directors.

                  (iii) In case the Corporation shall distribute to all holders
of Common Stock any shares of capital stock of the Corporation (other than
Common Stock) or evidences of its indebtedness or assets (excluding cash
dividends or distributions paid from retained earnings of the Corporation or
dividends payable in Common Stock) or rights or warrants to subscribe for or
purchase any of its securities (excluding those rights or warrants referred to
in subparagraph (ii) above) (any of the foregoing being hereinafter in this
subparagraph (iii) called the "Securities"), then, in each such case, unless the
Corporation elects to reserve such Securities for distribution to the holders of
the shares of this Series upon the conversion of the shares of this Series so
that any
<PAGE>
                                                                              13

such holder converting shares of this Series will receive upon such conversion,
in addition to the shares of the Common Stock to which such holder is entitled,
the amount and kind of such Securities which such holder would have received if
such holder had, immediately prior to the record date for the distribution of
the Securities, converted its shares of this Series into Common Stock, the
Conversion Price shall be adjusted so that the same shall equal the price
determined by multiplying the Conversion Price in effect immediately prior to
the date of such distribution by a fraction the numerator of which shall be the
current market price per share (as defined for purposes of this subparagraph
(iii) in subparagraph (v) below) of the Common Stock on the record date
mentioned above less the then fair market value (as determined by the Board of
Directors, whose determination shall be conclusive) of the portion of the
Securities so distributed applicable to one share of Common Stock, and the
denominator of which shall be the current market price per share (as defined in
subparagraph (v) below) of the Common Stock; provided, however, that in the
event the then fair market value (as so determined) of the portion of the
securities so distributed applicable to one share of Common Stock is equal to or
greater than the current market price per share (as defined in subparagraph (v)
below) of the Common Stock on the record date mentioned above, in lieu of the
foregoing adjustment, adequate provision shall be made so that each holder of
shares of this Series shall have the right to receive the amount and kind of
Securities such holder would have received had such holder converted each such
share of this Series immediately prior to the record date for the distribution
of the Securities. Such adjustment shall become effective immediately, except as
provided in subparagraph (viii) below, after the record date for the
determination of shareholders entitled to receive such distribution.

                  (iv) If, pursuant to subparagraph (ii) or (iii) above, the
number of shares of Common Stock into which a share of this Series is
convertible shall have been adjusted because the Corporation has declared a
dividend, or made a distribution, on the outstanding shares of Common Stock in
the form of any right or warrant to purchase securities of the Corporation, or
the Corporation has issued any such right or warrant, then, upon the expiration
of any such unexercised right or unexercised warrant, the Conversion Price shall
forthwith be adjusted to equal the Conversion Price that would have applied had
such right or warrant never been declared, distributed or issued.

                  (v) For the purpose of any computation under subparagraph (ii)
above, the current market price per share of Common Stock on any date shall be
deemed to be the average of the reported last sales prices for the thirty
consecutive Trading Days (as defined below) commencing forty-five Trading Days
before the date in question. For the purpose of any computation under
subparagraph (iii) above, the current market price per share of Common Stock on
any date shall be deemed to be the average of the reported last sales prices for
the ten consecutive Trading Days before the date in question. The reported last
sales price for each day (whether for purposes of subparagraph (ii) or
subparagraph (iii)) shall be the reported last sales price, regular way, or, in
case no sale takes place on such day, the average of the reported closing bid
and asked prices, regular way, in either case as reported on the New York Stock
Exchange Composite Tape or, if the Common Stock is not listed or admitted to
trading on the New York Stock Exchange at such time, on the principal national
securities exchange on which the Common Stock is listed or admitted to trading
or, if not listed or admitted to trading on any national securities exchange, on
the National Market System of the Nasdaq Stock Market ("NASDAQ") or, if the
Common Stock is not quoted on such National Market System, the average of the
closing bid and asked prices on
<PAGE>
                                                                              14

such day in the over-the-counter market as reported by NASDAQ or, if bid and
asked prices for the Common Stock on each such day shall not have been reported
through NASDAQ, the average of the bid and asked prices for such date as
furnished by any New York Stock Exchange member firm regularly making a market
in the Common Stock selected for such purpose by the Board of Directors or, if
no such quotations are available, the fair market value of the Common Stock as
determined by a New York Stock Exchange member firm regularly making a market in
the Common Stock selected for such purpose by the Board of Directors. As used
herein, the Term "Trading Day" with respect to Common Stock means (x) if the
Common Stock is listed or admitted for trading on the New York Stock Exchange or
another national securities exchange, a day on which the New York Stock Exchange
or such other national securities exchange is open for business or (y) if the
Common Stock is quoted on the National Market System of the NASDAQ, a day on
which trades may be made on such National Market System or (z) otherwise, any
day other than a Saturday or Sunday or a day on which banking institutions in
the State of New York are authorized or obligated by law or executive order to
close.

                  (vi) No adjustment in the Conversion Price shall be required
unless such adjustment would require an increase or decrease of at least 1% in
such price; provided, however, that any adjustments which by reason of this
subparagraph (F) are not required to be made shall be carried forward and taken
into account in any subsequent adjustment. All calculations under this Section 4
shall be made to the nearest cent or to the nearest .01 of a share, as the case
may be, with one-half cent and .005 of a share, respectively, being rounded
upward. Anything in this paragraph (d) to the contrary notwithstanding, the
Corporation shall be entitled to make such reductions in the Conversion Price,
in addition to those required by this paragraph (d), as it in its discretion
shall determine to be advisable in order that any stock dividend, subdivision of
shares, distribution of rights or warrants to purchase stock or securities, or
distribution of other assets (other than cash dividends) hereafter made by the
Corporation to its stockholders shall not be taxable.

                  (vii) Whenever the Conversion Price is adjusted as herein
provided, the Corporation shall file with the transfer agent a certificate,
signed by the Chairman of the Board, the President, any Vice Chairman, any
Senior Executive Vice President, Executive Vice President, Senior Vice
President, Managing Director or Vice President of the Corporation, setting forth
the Conversion Price after such adjustment and setting forth a brief statement
of the facts requiring such adjustment, which certificate shall be conclusive
evidence of the correctness of such adjustment; provided, however, that the
failure of the Corporation to file such officers' certificate shall not
invalidate any corporate action by the Corporation.

                  (viii) In any case in which this paragraph (d) provides that
an adjustment shall become effective immediately after a record date for an
event, the Corporation may defer until the occurrence of such event (y) issuing
to the holder of any share of this Series converted after such record date and
before the occurrence of such event the additional shares of Common Stock
issuable upon such conversion by reason of the adjustment required by such event
over and above the Common Stock issuable upon such conversion before giving
effect to such adjustment and (z) paying to such holder any amount of cash in
lieu of any fractional share of Common Stock pursuant to paragraph (c) of this
Section 4.
<PAGE>
                                                                              15

         (e) Whenever the Conversion Price is adjusted as provided in paragraph
(d), the Corporation shall cause to be mailed to each holder of shares of this
Series at its then registered address by first-class mail, postage prepaid, a
notice of such adjustment of the Conversion Price setting forth such adjusted
Conversion Price and the effective date of such adjusted Conversion Price;
provided, however, that the failure of the Corporation to give such notice shall
not invalidate any corporate action by the Corporation.

         (f) The Corporation covenants that it will at all times reserve and
keep available, free from preemptive rights, out of the aggregate of its
authorized but unissued shares of Common Stock or its issued shares of Common
Stock held in its treasury, or both, for the purpose of effecting conversions of
shares of this Series, the full number of shares of Common Stock deliverable
upon the conversion of all outstanding shares of this Series not theretofore
converted. For purposes of this paragraph (f), the number of shares of Common
Stock which shall be deliverable upon the conversion of all outstanding shares
of this Series shall be computed as if at the time of computation all such
outstanding shares were held by a single holder.

         (g) The Corporation will pay any and all documentary stamp or similar
issue or transfer taxes payable in respect of the issue or delivery of shares of
Common Stock on conversions of shares of this Series pursuant hereto; provided,
however, that the Corporation shall not be required to pay any tax which may be
payable in respect of any transfer involved in the issue or delivery of shares
of Common Stock in a name other than that of the holder of shares of this Series
to be converted and no such issue or delivery shall be made unless and until the
person requesting such issue or delivery has paid to the Corporation the amount
of any such tax or has established, to the satisfaction of the Corporation, that
such tax has been paid.

         (h) Notwithstanding any other provision herein to the contrary, if any
of the following events occur, namely (w) any reclassification or change of
outstanding shares of Common Stock (other than a change in par value, or from
par value to no par value, or from no par value to par value, or as a result of
a subdivision or combination of the Common Stock), (x) any consolidation, merger
or combination of the Corporation with or into another corporation as a result
of which holders of Common Stock shall be entitled to receive stock, securities
or other property or assets (including cash) with respect to or in exchange for
such Common Stock, or (y) any sale or conveyance of the properties and assets of
the Corporation as, or substantially as, an entirety to any other entity as a
result of which holders of Common Stock shall be entitled to receive stock,
securities or other property or assets (including cash) with respect to or in
exchange for such Common Stock, then appropriate provision shall be made so that
the holder of each share of this Series then outstanding shall have the right to
convert such share into the kind and amount of the shares of stock and
securities or other property or assets (including cash) that would have been
receivable upon such reclassification, change, consolidation, merger,
combination, sale or conveyance by a holder of the number of shares of Common
Stock issuable upon conversion of such share of this Series immediately prior to
such reclassification, change, consolidation, merger, combination, sale or
conveyance. The adjustments described in this paragraph (h) shall be subject to
further adjustments as appropriate that shall be as nearly equivalent as may be
practicable to the relevant adjustment provided for in this paragraph (h). If,
in the case of any such consolidation, merger, combination, sale or conveyance,
the stock or other securities and property receivable thereupon by a holder of
shares of Common Stock includes shares of stock, securities or other property or
assets (including cash) of an entity other
<PAGE>
                                                                              16

than the successor or acquiring entity, as the case may be, in such
consolidation, merger, combination, sale or conveyance, then the Corporation
shall enter into an agreement with such other entity for the benefit of the
holders of this Series that shall contain such provisions to protect the
interests of such holders as the Board of Directors shall reasonably consider
necessary by reason of the foregoing.

         (i) Upon any conversion of shares of this Series, the shares of this
Series so converted shall have the status of authorized and unissued shares of
Preferred Stock, without designation as to series until such shares are once
more designated as part of a particular series by the Board of Directors.

         5. Liquidation Rights. (a) Upon the voluntary or involuntary
dissolution, liquidation or winding up of the Corporation, the holders of the
shares of this Series shall be entitled to receive and to be paid out of the
assets of the Corporation available for distribution to its stockholders, before
any payment or distribution shall be made on the Common Stock or on any other
class of stock ranking junior to this Series upon liquidation, the amount of
$___ per share, plus accrued and unpaid dividends thereon (whether or not
declared) [IF THIS SERIES IS NONCUMULATIVE, INSERT THE FOLLOWING: from the
immediately preceding Dividend Payment Date, to the date of the liquidating
distribution (but without any accumulation of unpaid dividends for prior
Dividend Periods)].

         (b) After the payment to the holders of the shares of this Series of
the full preferential amounts provided for in this Section 5, the holders of
this Series as such shall have no right or claim to any of the remaining assets
of the Corporation.

         (c) If, upon any voluntary or involuntary dissolution, liquidation, or
winding up of the Corporation, the amounts payable with respect to the shares of
this Series and any other shares of stock of the Corporation ranking as to any
such distribution on a parity with the shares of this Series are not paid in
full, the holders of the shares of this Series and of such other shares shall
share ratably in any such distribution of assets of the Corporation in
proportion to the full respective distributions to which they are entitled.

         (d) Neither the sale of all or substantially all the property or
business of the Corporation, nor the merger or consolidation of the Corporation
into or with any other corporation or the merger or consolidation of any other
corporation into or with the Corporation, shall be deemed to be a dissolution,
liquidation or winding up, voluntary or involuntary, for the purposes of this
Section 5.

         6. Ranking. For purposes of this resolution, any stock of any class or
classes of the Corporation shall be deemed to rank:

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

         (b) on a parity with shares of this Series, either as to dividends or
upon liquidation, whether or not the dividend rates, dividend payment dates or
redemption or liquidation prices per
<PAGE>
                                                                              17

share or sinking fund provisions, if any, be different from those of this Series
(and whether or not such dividends shall accumulate), if the holders of such
stock shall be entitled to the receipt of dividends or of amounts distributable
upon dissolution, liquidation or winding up of the Corporation, as the case may
be, without preference or priority, one over the other, as between the holders
of such stock and the holders of shares of this Series; and

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

         7. Voting Rights. The shares of this Series shall have the voting
rights set forth in the resolutions of the Board of Directors adopted on
__________________.

         IN WITNESS WHEREOF, J.P. Morgan Chase & Co. has caused its corporate
seal to be hereunto affixed and this Certificate to be signed by its Corporate
Secretary, [name], this ____ day of ____________________, 2001.

                                        J.P. MORGAN CHASE & CO.

                                        By:
                                           ------------------------------------
                                           Corporate Secretary<PAGE>
                                                                     Exhibit 4.3
================================================================================

                           [FORM OF DEPOSIT AGREEMENT]

                             J.P. MORGAN CHASE & CO.

                   ___________________________, As Depositary

                                       AND

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

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

                                Deposit Agreement

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

                            Dated as of _____________

================================================================================
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                          PAGE

<S>                                                                                       <C>
ARTICLE I ............................................................................       3

ARTICLE II ...........................................................................       4
        SECTION 2.01. Form and Transfer of Receipts ..................................       4
        SECTION 2.02. Deposit of Stock; Execution and Delivery of Receipts in
                        Respect Thereof ..............................................       5
        SECTION 2.03. Redemption of Stock ............................................       6
        SECTION 2.04. Registration of Transfer of Receipts ...........................       7
        SECTION 2.05. Split-ups and Combinations of Receipts; Surrender of Receipts
                        and Withdrawal of Stock ......................................       7
        SECTION 2.06. Limitations on Execution and Delivery, Transfer, Surrender
                        and Exchange of Receipts .....................................       8
        SECTION 2.07. Lost Receipts, etc .............................................       9
        SECTION 2.08. Cancellation and Destruction of Surrendered Receipts ...........       9

ARTICLE III ..........................................................................       9
        SECTION 3.01. Filing Proofs, Certificates and Other Information ..............       9
        SECTION 3.02. Payment of Taxes or Other Governmental Charges .................       9
        SECTION 3.03. Warranty as to Stock ...........................................      10

ARTICLE IV ...........................................................................      10
        SECTION 4.01. Cash Distributions .............................................      10
        SECTION 4.02. Distributions Other than Cash, Rights, Preferences or
                        Privileges ...................................................      10
        SECTION 4.03. Subscription Rights, Preferences or Privileges .................      11
        SECTION 4.04. Notice of Dividends, etc.; Fixing of Record Date for Holders
                        of Receipts ..................................................      12
        SECTION 4.05. Voting Rights ..................................................      12
        SECTION 4.06. Changes Affecting Deposited Securities and Reclassifications,
                        Recapitalizations, etc .......................................      13
        SECTION 4.07. Inspection of Reports ..........................................      13
        SECTION 4.08. Lists of Record Holders of Receipts ............................      13

ARTICLE V ............................................................................      13
        SECTION 5.01. Maintenance of Offices, Agencies and Transfer Books by the
                        Depositary; Registrar ........................................      13
        SECTION 5.02. Prevention of or Delay in Performance by the Depositary, the
                        Depositary's Agents, the Registrar, the Transfer Agent or
                        the Company ..................................................      14
        SECTION 5.03. Obligations of the Depositary, the Depositary's Agents, the
                        Registrar, the Transfer Agent and the Company ................      15
        SECTION 5.04. Resignation and Removal of the Depositary; Appointment of
                        Successor Depositary .........................................      15
        SECTION 5.05. Corporate Notices and Reports ..................................      16
</TABLE>

                                       i
<PAGE>
<TABLE>
<S>                                                                                       <C>
        SECTION 5.06. Indemnification by the Company .................................      16
        SECTION 5.07. Charges and Expenses ...........................................      16

ARTICLE VI ...........................................................................      17
        SECTION 6.01. Amendment ......................................................      17
        SECTION 6.02. Termination ....................................................      17

ARTICLE VII ..........................................................................      18
        SECTION 7.01. Counterparts ...................................................      18
        SECTION 7.02. Exclusive Benefit of Parties ...................................      18
        SECTION 7.03. Invalidity of Provisions .......................................      18
        SECTION 7.04. Notices ........................................................      18
        SECTION 7.05. Depositary's Agents ............................................      19
        SECTION 7.06. Holders of Receipts Are Parties ................................      19
        SECTION 7.07. GOVERNING LAW ..................................................      19
        SECTION 7.08. Inspection of Deposit Agreement ................................      19
        SECTION 7.09. Headings .......................................................      19

EXHIBITS

Exhibit A         Form of Receipt
</TABLE>

                                       ii
<PAGE>
                  DEPOSIT AGREEMENT, dated as of ________________ among J.P.
MORGAN CHASE & CO., a Delaware corporation, ______________, a _________________,
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 [insert designation of
preferred stock] of J.P. MORGAN CHASE & CO. with the Depositary for the purposes
set forth in this Deposit Agreement and for the issuance hereunder of Receipts
evidencing Depositary Shares in respect of the 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 capitalized terms used in this
Deposit Agreement:

                  "Certificate" shall mean the Certificate of Designations filed
with the Secretary of State of Delaware establishing the Stock as a series of
preferred stock of the Company.

                  "Company" shall mean J.P. Morgan Chase & Co., a Delaware
corporation, and its successors.

                  "Deposit Agreement" shall mean this Deposit Agreement, as
amended or supplemented from time to time in accordance with the terms hereof.

                  "Depositary" shall mean ___________ a ____________, and any
successor as Depositary hereunder.

                  "Depositary Shares" shall mean depositary shares, each
representing [insert fractional share] of a share of Stock and evidenced by a
Receipt.

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

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

                  "Receipt" shall mean one of the depositary receipts issued
hereunder, whether in definitive or temporary form.
<PAGE>
                                                                               4

                  "Record 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 any bank or trust company which shall
be appointed pursuant to Section 7.05 to register ownership and transfers of
Receipts as herein provided.

                  "Stock" shall mean shares of the Company's [insert designation
of preferred stock], $1 par value per share (stated value $______ per share).

                  "Transfer Agent" shall be as defined in Section 7.05.

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

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

                  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 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.
<PAGE>
                                                                               5

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

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

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

                 SECTION 2.02. Deposit of Stock; Execution and Delivery of
Receipts in Respect Thereof. Subject to the terms and conditions of this Deposit
Agreement, the Company or any holder of Stock may from time to time deposit
shares of Stock by delivery to the Depositary of a certificate or certificates
representing 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 or such holder, as the case may be, 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 representing the Stock to be deposited in accordance with the
provisions of this Section, together with the other documents required as above
specified, and upon recordation of such Stock on the books of the registrar for
the Stock 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 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.
<PAGE>
                                                                               6

                 SECTION 2.03. Redemption of Stock. Whenever the Company shall
elect to redeem shares of Stock in accordance with the provisions of the
Certificate, it shall (unless otherwise agreed in writing with the Depositary)
give the Depositary not less than 40 nor more than 70 days' notice of the date
of such proposed redemption of Stock, which notice shall be accompanied by a
certificate from the Company stating that such redemption of Stock is in
accordance with the provisions of the Certificate. Such notice, if given more
than 60 days prior to the redemption date, shall be in addition to the notice
required to be given for redemption pursuant to the Certificate. On the date of
such redemption, provided that the Company shall then have paid in full to the
Depositary the redemption price of the Stock held by the Depositary to be
redeemed, plus any accrued and unpaid dividends thereon, the Depositary shall
redeem the number of Depositary Shares representing such Stock. The Depositary
shall mail notice of such redemption and the proposed simultaneous redemption of
the number of Depositary Shares representing the Stock to be redeemed,
first-class postage prepaid, not less than 30 and not more than 60 days prior to
the date fixed for redemption of such Stock and Depositary Shares (the
"Redemption Date"), to the record holders of the Receipts evidencing the
Depositary Shares to be so redeemed, at the addresses of such holders as they
appear on the records of the Depositary; but neither failure to mail any such
notice to one or more such holders nor any defect in any notice to one or more
such holders shall affect the sufficiency of the proceedings for redemption as
to other holders. Each such notice shall state: (i) the Redemption Date; (ii)
the number of Depositary Shares to be redeemed and, if less than all the
Depositary Shares held by any such holder are to be redeemed, the number of such
Depositary Shares held by such holder to be so redeemed; (iii) the redemption
price; (iv) the place or places where Receipts evidencing Depositary Shares are
to be surrendered for payment of the redemption price; and (v) that dividends in
respect of the Stock represented by the Depositary Shares to be redeemed will
cease to accumulate from and after such Redemption Date. In case less than all
the outstanding Depositary Shares are to be redeemed, the Depositary Shares to
be so redeemed shall be selected by lot or pro rata (subject to rounding to
avoid fractions of the Depositary Shares) as may be determined by the Depositary
to be equitable.

                  Notice having been mailed by the Depositary as aforesaid, from
and after the Redemption Date (unless the Company shall have failed to redeem
the shares of Stock to be redeemed by it as set forth in the Company's notice
provided for in the preceding paragraph) all dividends in respect of the shares
of Stock so called for redemption shall cease to accumulate, the Depositary
Shares being redeemed from such proceeds shall be deemed no longer to be
outstanding, all rights of the holders of Receipts evidencing such Depositary
Shares (except the right to receive the redemption price, including any accrued
and unpaid dividends thereon) shall, to the extent of such Depositary Shares,
cease and terminate and, upon surrender of the Receipts evidencing any such
Depositary Shares (properly endorsed or assigned for transfer, if the Depositary
shall so require) in accordance with such notice, such Depositary Shares shall
be redeemed by the Depositary at a redemption price per Depositary Share equal
to [insert fractional share] of the redemption price per share paid in respect
of the shares of Stock, plus accrued and unpaid dividends thereon to the date
fixed for redemption.

                  If less than all the Depositary Shares evidenced by a Receipt
are called for redemption, the Depositary will deliver to the holder of such
Receipt upon its surrender to the Depositary, together with the redemption
payment, a new Receipt evidencing the Depositary Shares evidenced by such prior
Receipt and not called for redemption.
<PAGE>
                                                                               7

                 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 and the Registrar shall execute in accordance with Section 2.01 a
new Receipt or Receipts and deliver at the Depositary's Office or such other
offices, if any, as the Depositary may designate such new Receipt or Receipts to
or upon the order of the person or persons entitled thereto, including any
interests of the transferor if such transferor has not transferred all the
Depositary Shares evidenced by such Receipt or Receipts, and such new Receipt or
Receipts shall evidence the amount of Depositary Shares so transferred and the
amount of Depositary Shares retained by that transferor.

                 SECTION 2.05. Split-ups and Combinations of Receipts; Surrender
of Receipts and Withdrawal of Stock. Upon surrender of a Receipt or Receipts at
the Depositary's Office or at such other offices as it may designate for the
purpose of effecting a split-up or combination of such Receipt or Receipts, and
subject to the terms and conditions of this Deposit Agreement, the Depositary
shall execute and deliver a new Receipt or Receipts in the 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 may withdraw the Stock by surrendering such Receipt or
Receipts, at the Depositary's Office or at such other offices as the Depositary
may designate for such withdrawals. Thereafter, without unreasonable delay, the
Depositary shall deliver to such holder, or to the person or persons designated
by such holder as hereinafter provided, the number of whole shares of Stock
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; provided,
however, that a record holder who withdraws Stock in order to demand appraisal
rights available under Delaware General Corporation Law ("DGCL"), will, subject
to certain conditions described below, be entitled to redeposit such Stock with
the Depositary and to receive Receipts evidencing Depositary Shares therefor in
the event (i) such record holder subsequently withdraws such demand for
appraisal pursuant to Section 262(e) of the DGCL, (ii) appraisal rights are not
available for such Stock pursuant to Section 262 of the DGCL or (iii) such
record holder loses or otherwise fails to perfect his rights to appraisal. In
order to redeposit Stock with the Depositary, such a record holder must deliver
the certificates for such Stock, 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 instructions that such Stock
be so deposited, to the Depositary's office or to such other offices as the
Depositary may designate by not later than the 30th day after the earlier of (i)
the withdrawal of such demand for appraisal by such record holder, (ii) notice
by the Company that appraisal rights are not available for such Stock or (iii)
the date on which such record holder loses or otherwise fails to perfect his
rights to appraisal. The Company will notify any record holder of Receipts who
so withdraws Stock in the event appraisal rights in respect of Stock are not
available. Any shares so redeposited must be free and clear of any lien,
security interest or pledge and a holder may be required to provide
certification of the foregoing and such other certifications as may be required
by the Depositary in accordance with this Agreement. In addition, if required by
the Depositary, Stock presented for redeposit shall also be accompanied
<PAGE>
                                                                               8

by (A) an agreement or assignment, or other instrument satisfactory to the
Depositary, which will provide for the prompt transfer to the Depositary of any
dividend or right to subscribe for additional Stock or to receive other property
which such record holder may thereafter receive upon or in respect of such
redeposited Stock, or in lieu thereof, such agreement of indemnity or other
agreement as shall be satisfactory to the Depositary, and (B) a proxy or proxies
entitling the Depositary to vote such redeposited Stock for any and all purposes
until the Stock is transferred and recorded on the register of stockholders of
the Company in the name of the Depositary or its nominee. If a Receipt delivered
by the holder to the Depositary in connection with such withdrawal shall
evidence a number of Depositary Shares in excess of the number of 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 to be so withdrawn, deliver to such holder a new Receipt evidencing such
excess number of Depositary Shares. Delivery of the Stock 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 being withdrawn is 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 holder shall execute and deliver to
the Depositary a written order so directing the Depositary and the Depositary
may require that the Receipt or Receipts surrendered by such holder for
withdrawal of such shares of Stock be properly endorsed in blank or accompanied
by a properly executed instrument of transfer in blank.

                  Delivery of the Stock represented by Receipts surrendered for
withdrawal shall be made by the Depositary at the Depositary's office or at such
other offices as the Depositary may designate, 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 (a) payment to it of a sum sufficient for the payment (or,
in the event that the Depositary or the Company shall have made such payment,
the reimbursement to it) of any charges or expenses payable by the holder of a
Receipt pursuant to Section 5.07, (b) the production of evidence satisfactory to
it as to the identity and genuineness of any signature and (c) 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 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.
<PAGE>
                                                                               9

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

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

                                  ARTICLE III
           Certain Obligations of Holders of Receipts and the Company

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

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

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

                                   ARTICLE IV
                        The Deposited Securities; Notices
<PAGE>
                                                                              10

                 SECTION 4.01. Cash Distributions. Whenever the Depositary shall
receive any cash dividend or other cash distribution on Stock, the Depositary
shall, subject to Sections 3.01 and 3.02, distribute to record holders of
Receipts on the applicable record date fixed pursuant to Section 4.04 such
amounts of such dividend or distribution as are, as nearly as practicable, in
proportion to the respective numbers of Depositary Shares evidenced by the
Receipts held by such holders; provided, however, that in case the Company or
the Depositary shall be required to withhold and shall withhold from any cash
dividend or other cash distribution in respect of the Stock an amount on account
of taxes, the amount made available for distribution or distributed in respect
of Depositary Shares shall be reduced accordingly. The Depositary shall
distribute or make available for distribution, as the case may be, only such
amount, however, as can be distributed without attributing to any holder of
Depositary Shares a fraction of one cent, and any balance not so distributable
shall be held by the Depositary (without liability for interest thereon) and
shall be added to and be treated as part of the next sum received by the
Depositary for distribution to record holders of Receipts then outstanding.

                 SECTION 4.02. Distributions Other than Cash, Rights,
Preferences or Privileges. Whenever the Depositary shall receive any
distribution other than cash and other than any rights, preferences or
privileges described in Section 4.03, upon Stock, the Depositary shall, subject
to Sections 3.01 and 3.02, distribute to record holders of Receipts on the
applicable 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 record holders, in any manner that the Depositary may deem
equitable and practicable for accomplishing such distribution. If in the opinion
of the Depositary such distribution cannot be made proportionately among such
record holders, or if for any other reason (including any requirement that the
Company or the Depositary withhold an amount on account of taxes) the Depositary
deems, after consultation with the Company, such distribution not to be
feasible, the Depositary may, with the approval of the Company, adopt such
method as it deems equitable and practicable for the purpose of effecting such
distribution, including the sale (at public or private sale) of the securities
or property thus received, or any part thereof, at such place or places and upon
such terms as it may deem proper. The net proceeds of any such sale shall be,
subject to Sections 3.01 and 3.02, 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 Depositary shall not make any distribution of securities
received in respect of the Stock unless the Company shall have provided an
opinion of counsel stating that such securities have been registered under the
Securities Act of 1933 or do not need to be so registered.

                 SECTION 4.03. Subscription Rights, Preferences or Privileges.
If the Company shall at any time offer or cause to be offered to the persons in
whose names Stock is recorded on the books of the Company any rights,
preferences or privileges to subscribe for or to purchase any securities or any
rights, preferences or privileges of any other nature, such rights, preferences
or privileges shall in each such instance be made available by the Depositary to
the record holders of Receipts in such manner as the Depositary may determine,
either by the issue to such record holders of warrants representing such rights,
preferences or privileges or by such other method as may be approved by the
Depositary in its discretion with the approval of the
<PAGE>
                                                                              11

Company; provided, however, that in case either (i) the Depositary determines
that it is not lawful or (after consultation with the Company) not feasible to
make such rights, preferences or privileges available to holders of Receipts by
the issue of warrants or otherwise, or (ii) with respect to any portion of the
rights, preferences or privileges of a holder of Receipts, the Depositary is
instructed that such holder does not desire to exercise such rights, preferences
or privileges, then the Depositary, in its discretion (with the approval of the
Company, in any case where the Depositary has determined that it is not feasible
to make such rights, preferences or privileges available), may (if applicable
laws and the terms of such rights, preferences or privileges permit such
transfer) sell such rights, preferences or privileges at public or private sale,
at such place or places and upon such terms as it may deem proper. The net
proceeds of any such sale shall be, subject to Sections 3.01 and 3.02,
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. The
Depositary shall not make any distribution of any such rights, preferences or
privileges unless the Company shall have provided an opinion of counsel stating
that such rights, preferences or privileges have been registered under the
Securities Act of 1933 or do not need to be so registered.

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

                 SECTION 4.04. Notice of Dividends, etc.; Fixing of Record Date
for Holders of Receipts. Whenever any cash dividend or other cash distribution
shall become payable or any distribution other than cash shall be made, or if
rights, preferences or privileges shall at any time be offered, with respect to
Stock, or whenever the Depositary shall receive notice of any meeting at which
record 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 Depositary shall in each such instance fix a record date
(which shall be the same date as the record date fixed by the Company with
respect to the Stock) for the determination of the record 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
<PAGE>
                                                                              12

exercise of voting rights at any such meeting, or who shall be entitled to
notice of such meeting or for any other appropriate reasons.

                 SECTION 4.05. Voting Rights. Upon receipt of notice of any
meeting at which the record 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 record holders 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 record 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 whole 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 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 record 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.

                 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
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 (x) the
fraction of an interest represented by one Depositary Share in one share of
Stock and (y) the ratio of the redemption price per Depositary Share to the
redemption price of a share of Stock, in each case as may be necessary fully to
reflect the effects of such change in par or stated value, split-up, combination
or other reclassification of Stock, or of such recapitalization, reorganization,
merger, amalgamation or consolidation 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.

                 SECTION 4.07. Inspection of Reports. The Depositary shall make
available for inspection by record holders of Receipts at the Depositary's
Office, and at such other places as it may from time to time deem advisable, any
reports and communications received from the Company which are received by the
Depositary as the holder of Stock.
<PAGE>
                                                                              13

                 SECTION 4.08. Lists of Record Holders of Receipts. Promptly
upon request from time to time by the Company, the Depositary shall furnish to
it a list, as of a recent date, of the names, addresses and holdings of
Depositary Shares of all persons in whose names Receipts are registered on the
books of the Depositary.

                                   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. The Depositary shall maintain at the
Depositary's Office facilities for the execution, delivery, registration and
registration of transfer, surrender and exchange of Receipts, and at the offices
of the Depositary's Agents, if any, facilities for the delivery, registration of
transfer, surrender and exchange of Receipts, all in accordance with the
provisions of this Deposit Agreement.

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

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

                  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 such Stock are listed on
one or more other stock exchanges, the Depositary will, at the request of the
Company, arrange such facilities for the delivery, registration, registration of
transfer, surrender and exchange of such Receipts, such Depositary Shares or
such Stock as may be required by law or applicable stock exchange regulation.

                 SECTION 5.02. Prevention of or Delay in Performance by the
Depositary, the Depositary's Agents, the Registrar, the Transfer Agent or the
Company. Neither the Depositary nor any Depositary's Agent nor any Registrar nor
any Transfer Agent nor the Company shall incur any liability to any holder of
any Receipt if by reason of any provision of any present or future law, or
regulation thereunder, of the United States of America or of any other
governmental authority or, in the case of the Depositary, the Depositary's Agent
or the Registrar, by reason of any provision, present or future, of the
Company's Certificate of Incorporation (including the Certificate) or by reason
of any act of God or war or other circumstance beyond
<PAGE>
                                                                              14

the control of the relevant party, the Depositary, the Depositary's Agent, the
Registrar, the Transfer Agent or the Company shall be prevented or forbidden
from, 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, any
Transfer Agent or the Company incur any liability to any holder of a Receipt (i)
by reason of any nonperformance or delay, caused as aforesaid, in the
performance of any act or thing which the terms of this Deposit Agreement
provide shall or may be done or performed, or (ii) by reason of any exercise of,
or failure to exercise, any discretion provided for in this Deposit Agreement
except, in case of any such exercise or failure to exercise discretion not
caused as aforesaid, if caused by the negligence or willful misconduct of the
party charged with such exercise or failure to exercise.

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

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

                  The Depositary and any Depositary's Agent 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. The Depositary undertakes, and
any Registrar and Transfer Agent shall be required to undertake, to perform such
duties and only such duties as are specifically set forth in this Agreement, and
no implied covenants or obligations shall be read into this Agreement against
the Depositary, any Registrar or any Transfer Agent. The Depositary will
indemnify the Company against any liability which may arise out of acts
performed or omitted by the Depositary or its agents due to its or their
negligence or bad faith. The Depositary, the Depositary's Agents, any Registrar
and any Transfer Agent 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.
<PAGE>
                                                                              15

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

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

                  In case at any time the Depositary acting hereunder shall
resign or be removed, the Company shall, within 60 days after the delivery of
the notice of resignation or removal, as the case may be, appoint a successor
Depositary, which shall be a bank or trust company having its principal office
in the United States of America and having a combined capital and surplus of at
least $50,000,000. 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 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 to such successor, and
shall deliver to such successor a list of the record holders of all outstanding
Receipts. Any successor Depositary shall promptly mail notice of its appointment
to the record holders of Receipts.

                  Any corporation into or with which the Depositary may be
merged, consolidated or converted shall be the successor of such Depositary
without the execution or filing of any document or any further act, 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, by the
rules of any national securities exchange upon which the Stock, the Depositary
Shares or the Receipts are listed or by the Company's Certificate of
Incorporation (including the Certificate) to be furnished by the Company to
holders of Stock. Such transmission will be at the Company's expense.

                 SECTION 5.06. Indemnification by the Company. The Company shall
indemnify the Depositary, any Depositary's Agent, any Registrar and any Transfer
Agent 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 (a) acts performed or omitted in connection with this Agreement and the
Receipts by (i) the Depositary, any Registrar, any
<PAGE>
                                                                              16

Transfer Agent or any of their respective agents (including any Depositary's
Agent), except for any liability arising out of negligence or bad faith on the
respective parts of any such person or persons, or (ii) the Company or any of
its agents, or (b) the offer, sale or registration of the Receipts or the Stock
pursuant to the provisions hereof. The obligations of the Company set forth in
this Section 5.06 shall survive any succession of any Depositary, Registrar,
Transfer Agent or Depositary's Agent.

                 SECTION 5.07. Charges and Expenses. The Company shall pay all
transfer and other taxes and governmental charges arising solely from the
existence of the depositary arrangements. The Company shall pay all charges of
the Depositary in connection with the initial deposit of the Stock and the
initial issuance of the Depositary Shares and any redemption of the Stock at the
option of the Company. All other transfer and other taxes and governmental
charges and fees for the withdrawal of Stock upon surrender of Receipts shall be
at the expense of holders of Depositary Shares. The Depositary's fee for the
withdrawal of Stock shall be at the rate of $_____ per 100 Depositary Receipts.
If, at the request of a holder of Receipts, the Depositary incurs charges or
expenses for which it is not otherwise liable hereunder, such holder will be
liable for such charges and expenses. All other charges and expenses of the
Depositary and any Depositary's Agent hereunder and of any Registrar and
Transfer Agent (including, in each case, fees and expenses of counsel) incident
to the performance of their respective obligations hereunder will be paid upon
consultation and agreement between the Depositary and the Company as to the
amount and nature of such charges and expenses. The Depositary shall present its
statement for charges and expenses to the Company once every three months or at
such other intervals as the Company and the Depositary may agree.

                                   ARTICLE VI
                            Amendment and Termination

                 SECTION 6.01. Amendment. The form of the Receipts and any
provisions of this Deposit Agreement may at any time and from time to time be
amended by agreement between the Company and the Depositary in any respect which
they may deem necessary or desirable; provided, however, that no such amendment
(other than any change in the fees of any Depositary, Registrar or Transfer
Agent, which shall go into effect not sooner than three months after notice
thereof to the record holders of the Receipts) which shall materially and
adversely alter the rights of the holders of Receipts shall be effective unless
such amendment shall have been approved by the record holders of at least a
majority of the Depositary Shares then outstanding. Every holder of an
outstanding Receipt at the time any such amendment becomes effective shall be
deemed, by continuing to hold such Receipt, to consent and agree to such
amendment and to be bound by the Deposit Agreement as amended thereby.

                 SECTION 6.02. Termination. This Agreement may be terminated by
the Company or the Depositary only after (i) all outstanding Depositary Shares
shall have been redeemed pursuant to Section 2.03 or (ii) there shall have been
made a final distribution in respect of the Stock in connection with any
liquidation, dissolution or winding up of the Company and such distribution
shall have been distributed to the holders of Depositary Shares pursuant to
Section 4.01 or 4.02, as applicable.
<PAGE>
                                                                              17

                  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, any Registrar and any
Transfer Agent under Sections 5.06 and 5.07.

                                   ARTICLE VII
                                  Miscellaneous

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

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

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

                 SECTION 7.04. Notices. Any and all notices to be given to the
Company hereunder or under the Receipts shall be in writing and shall be deemed
to have been duly given if personally delivered or sent by mail or telegram or
telex confirmed by letter, addressed to the Company at 270 Park Avenue, New
York, New York 10017, to the attention of the Secretary, or at any other address
of which the Company shall have notified the Depositary in writing.

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

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

                  Delivery of a notice sent by mail or by telegram or telex
shall be deemed to be effected at the time when a duly addressed letter
containing the same (or a confirmation thereof in the case of a telegram or
telex message) is deposited, postage prepaid, in a post office letter box. The
Depositary or the Company may, however, act upon any telegram or telex message
<PAGE>
                                                                              18

received by it from the other or from any holder of a Receipt, notwithstanding
that such telegram or telex message shall not subsequently be confirmed by
letter or as aforesaid.

                 SECTION 7.05. Depositary's Agents. Except as otherwise set
forth herein, 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 has authorized the appointment of, and has
requested the Depositary to appoint hereunder, __________________ as transfer
agent (the "Transfer Agent") for the Depositary Shares. The Depositary hereby
appoints ______ as Transfer Agent and Registrar for the Depositary Shares and
delegates to ______ the duties of the Depositary hereunder customarily performed
by a transfer agent, a registrar and a depositary. Without otherwise affecting
the liability of the Depositary hereunder, it is hereby agreed that if _____
shall have agreed in writing to be bound by all the terms and conditions of this
Deposit Agreement and to assume the obligations of the Depositary hereunder to
be performed by it, then in no event shall the Depositary be liable for any acts
or omissions of _____ as Transfer Agent, Registrar or Depositary's Agent with
respect to the Depositary Shares.

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

                 SECTION 7.07. GOVERNING LAW. THIS DEPOSIT AGREEMENT AND THE
RECEIPTS AND ALL RIGHTS HEREUNDER AND THEREUNDER AND PROVISIONS HEREOF AND
THEREOF SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK.

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

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

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

                                 J.P. MORGAN CHASE & CO.

                                 By:
                                    -------------------------------------------
<PAGE>
                                                                              19

                                 Title:

                                 [------------------------------------,]
                                 as Depositary,

                                 By:
                                    -------------------------------------------

                                 Title:

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