Document:

AMENDMENT TO THE

DEPOSIT AGREEMENT

BETWEEN

BANK OF AMERICA CORPORATION

AND EQUISERVE, INC.

        This Amendment (the "Amendment")
to the Deposit Agreement relating to Series VI 6.75% Perpetual Preferred
Stock of Fleet Financial Group, Inc. dated February 21, 1996 (the "Deposit
Agreement") is entered into between Bank of America Corporation, as successor
to FleetBoston Financial Corporation and Fleet Financial Group, Inc., and
EquiServe, Inc., as successor to First Chicago, NBD and Fleet National
Bank.

        The parties agree as follows:

         1.   All
references to "Series VI 6.75% Perpetual Preferred Stock" should be replaced
with references

               
to "Bank of America 6.75% Perpetual Preferred Stock."

         2.   All
references to Rhode Island and the laws of Rhode Island should be replaced
with Delaware and

              
the laws of Delaware.

         3.   All
other terms of the Deposit Agreement will remain in effect.

 

        This Amendment shall be effective
at 12:01 a.m. April 1, 2004.

                                                                                                    
Bank of America Corporation

                                                                                                    
/s/ Jane R. Smith

                                                                                                    
Name: Jane R. Smith

                                                                                                    
Title: Vice President

                                                                                                     
EquiServe, Inc.

                                                                                                     
/s/ Georgia F. Lonkart

                                                                                                     
Name: Georgia F. Lonkart

                                                                                                     
Title: Senior Managing DirectorFLEET FINANCIAL GROUP, INC.
FLEET NATIONAL BANK, As Depositary

AND

THE HOLDERS FROM TIME TO TIME OF

THE DEPOSITARY RECEIPTS DESCRIBED HEREIN

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

Deposit Agreement

Series VII Fixed/Adjustable Rate Cumulative

Preferred Stock

of Fleet Financial Group, Inc.

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

Dated as of April 1, 1996

 

 

 
TABLE OF CONTENTS

                                                                                                                                                                                     
Page

	PARTIES	 	1
	RECITALS	 	1
	 	
ARTICLE I

DEFINITIONS
	 
	Certificate	 	1
	Company	 	1
	Deposit Agreement	 	1
	Depositary	 	1
	Depositary Shares	 	1
	Depositary's Agent	 	1
	Depositary's Office	 	1
	Receipt	 	1
	Record holder	 	1
	Registrar	 	2
	Stock	 	2
	 	
ARTICLE II

FORM OF RECEIPTS, DEPOSIT OF STOCK, EXECUTION AND D ELIVERY,
TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS
	 
	SECTION 2.01.	Form and Transfer of Receipts	2
	SECTION 2.02.	Deposit of Stock; Execution and
Delivery of Receipts in Respect Thereof	2
	SECTION 2.03.	Redemption of Stock	3
	SECTION 2.04.	Registration of Transfer of Receipts	4
	SECTION 2.05.	Split-ups and Combinations of
Receipts; Surrender of Receipt and Withdrawal of Stock	4
	SECTION 2.06.	Limitations on Execution and Delivery,
Transfer, Surrender and Exchange of Receipts	4
	SECTION 2.07.	Lost Receipts, etc	5
	SECTION 2.08.	Cancellation and Destruction of
Surrendered Receipts	5
	 	
ARTICLE III

CERTAIN OBLIGATIONS OF THE HOLDERS OF RECEIPTS AND THE
COMPANY
	 
	SECTION 3.01.	Filing Proofs, Certificates and
Other Information	5
	SECTION 3.02.	Payment of Taxes or Other Governmental
Changes	5
	SECTION 3.03.	Warranty as to Stock	5
	 	
ARTICLE IV

THE DEPOSITED SECURITIES; NOTICES
	 
	SECTION 4.01.	Cash Distributions	5
	SECTION 4.02.	Distributions Other than Cash	6
	SECTION 4.03.	Subscription Rights, Preferences
or Privileges	6
	SECTION 4.04.	Notice of Dividends, etc.; Fixing
of Record Date for Holders of Receipts	6
	SECTION 4.05.	Voting Rights	7
	SECTION 4.06.	Changes Affecting Deposited Securities
and Reclassifications, Recapitalizations, etc	7
	SECTION 4.07.	Inspection of Reports	7
	SECTION 4.08.	List of Receipt Holders	7
	 	
ARTICLE V

THE DEPOSITARY, THE DEPOSITARY'S AGENTS, THE REGISTRAR
AND THE COMPANY
	 
	SECTION 5.01.	Maintenance of Offices, Agencies
and Transfer Books by the Depositary; Registrar	8
	SECTION 5.02.	Prevention of or Delay in Performance
by the Depositary, the Depositary's Agents, the Registrar or the Company	8
	SECTION 5.03.	Obligations of the Depositary,
the Depositary's Agents, the Registrar and the Company	8
	SECTION 5.04.	Resignation and Removal of the
Depositary; Appointment of Successor Depositary	9
	SECTION 5.05.	Corporate Notices and Reports	9
	SECTION 5.06.	Indemnification by the Company	9
	SECTION 5.07.	Charges and Expenses	10
	 	
ARTICLE VI

AMENDMENT AND TERMINATION
	 
	SECTION 6.01.	Amendment	10
	SECTION 6.02.	Termination	10
	 	
ARTICLE VII

MISCELLANEOUS
	 
	SECTION 7.01.	Counterparts	10
	SECTION 7.02.	Exclusive Benefit of Parties	10
	SECTION 7.03.	Invalidity of Provisions	10
	SECTION 7.04.	Notices	11
	SECTION 7.05.	Depositary's Agents	11
	SECTION 7.06.	Holders of Receipts Are Parties	11
	SECTION 7.07.	Governing Law	11
	SECTION 7.08.	Inspection of Deposit Agreement	11
	SECTION 7.09.	Headings	11
	Testimonium	 	12
	Signatures	 	12
	Exhibit A: 	Depositary Receipt	A-1

 

DEPOSIT AGREEMENT

dated as of April 1, 1996,

among

FLEET FINANCIAL GROUP, INC.,

a Rhode Island corporation,

Fleet National Bank, a national banking association

and the holders

from time to time of the Receipts

described herein.

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

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

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

ARTICLE I

DEFINITIONS

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

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

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

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

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

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

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

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

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

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

 

                                                                                             
1

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

       "Stock" shall mean shares of the
Company's Series VII Fixed/Adjustable Rate Cumulative Preferred Stock,
$1 par value.

ARTICLE II

FORM OF RECEIPTS, DEPOSIT OF STOCK, EXECUTION AND

DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

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

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

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

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

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

       SECTION 2.02. Deposit of Stock;
Execution and Delivery of Receipts in Respect Thereof. Subject to the terms
and conditions of this Deposit Agreement, the Company or purchasers of
the Stock from time to time may from time to time deposit shares of Stock
under this Deposit Agreement by delivery to the Depositary of a certificate
or certificates for the Stock to be deposited, properly endorsed or accompanied,
if required by the Depositary, by a duly executed instrument

 

                                                                                            
2

 
of transfer or endorsement, in form satisfactory to the Depositary,
together with all such certifications as may be required by the Depositary
in accordance with the provisions of this Deposit Agreement, and together
with a written order directing the Depositary to execute and deliver to,
or upon the written order of, the person or persons stated in such order,
a Receipt or Receipts for the number of Depositary Shares representing
interests in such deposited Stock.

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

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

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

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

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

 

                                                                                       
3

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

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

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

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

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

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

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

 

                                                                                         
4

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

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

ARTICLE III

CERTAIN OBLIGATIONS OF THE HOLDERS OF RECEIPTS AND THE COMPANY

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

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

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

ARTICLE IV

THE DEPOSITED SECURITIES; NOTICES

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

 

 

                                                                                          
5

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

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

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

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

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

 

 

                                                                                        
6

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

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

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

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

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

                                                                                              
7

 

ARTICLE V

THE DEPOSITARY, THE DEPOSITARY'S

AGENTS, THE REGISTRAR AND THE COMPANY

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

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

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

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

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

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

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

 

 

                                                                                   
8

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

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

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

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

     In case the Depositary acting hereunder shall
at any time resign or be removed, the Company shall, within 60 days after
the delivery of the notice of resignation or removal, as the case may be,
appoint a successor Depositary, which shall be a bank or trust company
having its principal office in the United States of America and having
a combined capital and surplus of at least $50,000,000. Every successor
Depositary shall execute and deliver to its predecessor and to the Company
an instrument in writing accepting its appointment hereunder, and thereupon
such successor Depositary, without any further act or deed, shall become
fully vested with all the rights, powers, duties and obligations of its
predecessor and for all purposes shall be the Depositary under this Deposit
Agreement, and such predecessor, upon payment of all sums due it and on
the written request of the Company, shall execute and deliver an instrument
transferring to such successor all rights and powers of such predecessor
hereunder, shall duly assign, transfer and deliver all right, title and
interest in the Stock and any moneys or property held hereunder to such
successor and shall deliver to such successor a list of the record holders
of all outstanding Receipts. Any successor Depositary shall promptly mail
notice of its appointment to the record holders of Receipts.

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

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

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

 

 

                                                                                          
9

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

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

ARTICLE VI

AMENDMENT AND TERMINATION

     SECTION 6.01. Amendment. The form of the Receipts
and any provisions of this Deposit Agreement may at any time and from time
to time be amended by agreement between the Company and the Depositary
in any respect which they may deem necessary or desirable; provided, however,
that no such amendment which shall materially and adversely alter the rights
of the holders of Receipts shall be effective unless such amendment shall
have been approved by the holders of at least a majority of the Depositary
Shares then outstanding. Every holder of an outstanding Receipt at the
time any such amendment becomes effective shall be deemed, by continuing
to hold such Receipt, to consent and agree to such amendment and to be
bound by the Deposit Agreement as amended thereby.

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

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

ARTICLE VII

MISCELLANEOUS

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

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

       SECTION 7.03. Invalidity of Provisions.
In case any one or more of the provisions contained in this Deposit Agreement
or in the Receipts should be or become invalid, illegal or unenforceable
in any respect, the validity, legality

 

                                                                                              
10

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

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

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

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

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

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

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

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

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

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

 

                                                                                                   
11

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

FLEET FINANCIAL GROUP, INC.

 
By: /s/ William C. Mutterperl

__________________________________

Title: Senior Vice President

FLEET NATIONAL BANK

By: /s/ John R. Rodehorst

____________________________________

Title: Assistant Treasurer

 

 

 

 

            12

 

 

 

EXHIBIT A

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

DEPOSITARY RECEIPT

FOR

DEPOSITARY SHARES,

EACH REPRESENTING AN INTEREST IN ONE-FIFTH OF

A SHARE OF SERIES VII FIXED/ADJUSTABLE RATE CUMULATIVE

PREFERRED STOCK

($1 Par Value)

OF

FLEET FINANCIAL GROUP, INC.

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

_______________

Depositary Shares

(each Depositary Share represents an interest

in one-fifth of a share of Series VII

Fixed/Adjustable Rate Cumulative Preferred

Stock ($1 par value))

CUSIP NO. 338915 77 0

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

      2. The Deposit Agreement. Depositary
Receipts (the "Receipts"), of which this Receipt is one, are made available
upon the terms and conditions set forth in the Deposit Agreement, dated
as of April 1, 1996 (the "Deposit Agreement"), among the Company, the Depositary
and all holders from time to time of Receipts. The Deposit Agreement (copies
of which are on file at the Depositary's Office) sets forth the rights
of holders of Receipts and the rights and duties of the Depositary and
the Company in respect of the Stock deposited, and any and all other property
and cash deposited from time to time thereunder. The statements made on
the face and the reverse of this Receipt are summaries of certain provisions
of the Deposit Agreement and are subject to the detailed provisions thereof,
to which reference is hereby made. Unless otherwise expressly herein provided,
all defined terms used herein shall have the meanings ascribed thereto
in the Deposit Agreement.

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

 

                                                                                          
A-1

 
the number of Depositary Shares to be redeemed. Each such notice shall
state: (a) the date of such proposed redemption; (b) the number of Depositary
Shares to be redeemed; (c) the redemption price (which shall include full
cumulative dividends thereon to the redemption date); (d) the place or
places where Receipts evidencing Depositary Shares are to be surrendered
for payment of the redemption price; and (e) that dividends in respect
of the Stock underlying the Depositary Shares to be redeemed will cease
to accumulate at the close of business on such redemption date. In case
less than all the outstanding Depositary Shares are to be redeemed, the
Depositary Shares to be so redeemed shall be selected by lot or pro rata
as may be determined by the Depositary to be equitable. From and after
the date set for redemption, all dividends in respect of the Depositary
Shares so called for redemption shall cease to accrue, such Depositary
Shares shall no longer be deemed outstanding and all rights of the holders
of Receipts representing such Depositary Shares (except the right to receive
the redemption price) shall cease and terminate. From and after the redemption
date, upon surrender in accordance with the redemption notice of the Receipts
representing any such Depositary Shares (properly endorsed or assigned
for transfer, if the Depositary shall so require), such Depositary Shares
shall be redeemed by the Depositary at the redemption price per share equal
to one- tenth (1/10) of the redemption price per share paid in respect
of the shares of Stock plus any money or other property relating thereto.

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

        5. Suspension of Delivery,
Transfer, etc. The transfer or surrender of this Receipt may be suspended
during any period when the register of stockholders of the Company is closed
or if any such action is deemed necessary or advisable by the Depositary,
any agent of the Depositary, or the Company at any time or from time to
time because of any requirement of law or of any government or governmental
body or commission, or under any provision of the Deposit Agreement.

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

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

       8. Amendment. The form of the Receipts
and any provisions of the Deposit Agreement may at any time and from time
to time be amended by agreement between the Company and the Depositary
in any respect which they may deem necessary or desirable, provided, however,
that no such amendment which shall materially and adversely alter the rights
of the holders of Receipts shall be effective unless such amendment shall
have been approved by the holders of at least a majority of the Depositary
Shares then outstanding. A holder of a Receipt at the time any such amendment
so becomes effective shall be deemed, by continuing to hold such receipt,
to consent and agree to such amendment and to be bound by the Deposit Agreement
as amended thereby.

 

 

                                                                                         
A-2

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

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

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

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

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

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

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

 

                                                                                            
A-3

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

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

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

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

          This receipt
shall not be entitled to any benefits under the Deposit Agreement or be
valid or obligatory for any purpose, unless this Receipt shall have been
authenticated manually or, if a Registrar for the Receipts (other than
the Depositary) shall have been appointed, by facsimile signature of a
duly authorized officer of the Depositary and, if authenticated by facsimile
signature of the Depositary, shall have been countersigned manually by
such Registrar by the signature of a duly authorized officer.

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

 

 

                                                                                   
A-4

 
         A COPY OF THE DEPOSIT
AGREEMENT AND A FULL STATEMENT OF THE DESIGNATION, RELATIVE RIGHTS, INTERESTS,
PREFERENCES AND RESTRICTIONS OF THE STOCK UNDERLYING THE DEPOSITARY SHARES
REPRESENTED BY THIS RECEIPT AND OF EACH CLASS OR SERIES OF STOCK THAT THE
COMPANY IS AUTHORIZED TO ISSUE WILL BE FURNISHED BY THE COMPANY, WITHOUT
CHARGE, TO EACH HOLDER OF A RECEIPT UPON WRITTEN REQUEST TO THE SECRETARY
OF THE COMPANY, ONE FEDERAL STREET, BOSTON, MA 02110.

Dated:

FLEET NATIONAL BANK

Depositary
By

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

Authorized Signature

 

                                                                                          
A-5

 
____________________

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

TEN COM - as tenants in common

TEN ENT - as tenants by the entireties

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

               
as tenants in common

UNIF GIFT MIN ACT - __________Custodian__________

                                          
(Cust)                         
(Minor)

                                       
under Uniform Gift to Minors

                                       
Act______________________

                                                           
(State)

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

        FOR VALUE RECEIVED, ______________________________________hereby
sell,

assign and transfer unto

________________________________________________________________________________

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

________________________________________________________________________________

Insert Social Security or Other

Identifying Number of Assignee

_______________________________________

 

______________________________________________________________________Depositary

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

and appoint

________________________________________________________________________Attorney

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

full power of substitution in the premises.

Dated:______________________________ Signature_____________________________

                                                                                        
NOTE: The signature of this

                                                                                         
assignment must correspond

                                                                                         
with the name(s) as written

                                                                                         
upon the face of the Receipt

                                                                                          
in every particular, without

                                                                                          
alteration or enlargement, or

                                                                                          
any change whatsoever.

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