Document:

Exhibit 4.1

Execution
Copy

 

 

 

TERRANOVA S.A.

 

AND

 

THE BANK OF NEW
YORK

 

As Depositary

 

AND

 

OWNERS AND
BENEFICIAL OWNERS

 

OF AMERICAN
DEPOSITARY RECEIPTS

 

Deposit Agreement

 

Dated as of
March 24, 2005

 

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE 1.

  	
  DEFINITIONS

  	
   

  
	
  Section 1.1.

  	
  American Depositary Shares

  	
   

  
	
  Section 1.2.

  	
  Beneficial Owner

  	
   

  
	
  Section 1.3.

  	
  Central Bank; Chile

  	
   

  
	
  Section 1.4.

  	
  Commission

  	
   

  
	
  Section 1.5.

  	
  Company

  	
   

  
	
  Section 1.6.

  	
  Custodian

  	
   

  
	
  Section 1.7.

  	
  Deliver; Surrender

  	
   

  
	
  Section 1.8.

  	
  Deposit Agreement

  	
   

  
	
  Section 1.9.

  	
  Depositary; Corporate Trust
  Office

  	
   

  
	
  Section 1.10.

  	
  Deposited Securities

  	
   

  
	
  Section 1.11.

  	
  Dollars and Pesos

  	
   

  
	
  Section 1.12.

  	
  DTC

  	
   

  
	
  Section 1.13.

  	
  Estatutos

  	
   

  
	
  Section 1.14.

  	
  Foreign Investment Committee

  	
   

  
	
  Section 1.15.

  	
  Foreign Registrar

  	
   

  
	
  Section 1.16.

  	
  Owner

  	
   

  
	
  Section 1.17.

  	
  Receipts

  	
   

  
	
  Section 1.18.

  	
  Registrar

  	
   

  
	
  Section 1.19.

  	
  Restricted Securities

  	
   

  
	
  Section 1.20.

  	
  Securities Act of 1933

  	
   

  
	
  Section 1.21.

  	
  Shares

  	
   

  
	
  Section 1.22.

  	
  SVS

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 2.

  	
  FORM OF RECEIPTS, DEPOSIT OF
  SHARES, EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS

  	
   

  
	
  Section 2.1.

  	
  Form and
  Transferability of Receipts

  	
   

  
	
  Section 2.2.

  	
  Deposit of Shares

  	
   

  
	
  Section 2.3.

  	
  Execution and Delivery of
  Receipts

  	
   

  
	
  Section 2.4.

  	
  Transfer of Receipts;
  Combination and Split-up of Receipts

  	
   

  
	
  Section 2.5.

  	
  Surrender of Receipts and
  Withdrawal of Shares

  	
   

  
	
  Section 2.6.

  	
  Limitations on Execution and
  Delivery, Transfer and Surrender of Receipts

  	
   

  
	
  Section 2.7.

  	
  Lost Receipts, etc.

  	
   

  
	
  Section 2.8.

  	
  Cancellation and Destruction
  of Surrendered Receipts

  	
   

  
	
  Section 2.9.

  	
  Pre-Release of Receipts

  	
   

  
	
  Section 2.10.

  	
  Maintenance of Records

  	
   

  

 

ii

 

	
  ARTICLE 3.

  	
  CERTAIN OBLIGATIONS OF
  OWNERS OF RECEIPTS

  	
   

  
	
  Section 3.1.

  	
  Filing Proofs, Certificates
  and Other Information

  	
   

  
	
  Section 3.2.

  	
  Liability of Owner for Taxes

  	
   

  
	
  Section 3.3.

  	
  Disclosure of Interests

  	
   

  
	
  Section 3.4.

  	
  Reporting Requirements Under
  Chilean Securities Regulations

  	
   

  
	
  Section 3.5.

  	
  Warranties on Deposit of
  Shares

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4.

  	
  THE DEPOSITED SECURITIES

  	
   

  
	
  Section 4.1.

  	
  Cash Distributions

  	
   

  
	
  Section 4.2.

  	
  Distributions Other Than
  Cash, Shares or Rights

  	
   

  
	
  Section 4.3.

  	
  Distributions in Shares

  	
   

  
	
  Section 4.4.

  	
  Rights

  	
   

  
	
  Section 4.5.

  	
  Conversion of Foreign
  Currency

  	
   

  
	
  Section 4.6.

  	
  Fixing of Record Date

  	
   

  
	
  Section 4.7.

  	
  Voting of Deposited
  Securities

  	
   

  
	
  Section 4.8.

  	
  Changes Affecting Deposited
  Securities

  	
   

  
	
  Section 4.9.

  	
  Reports

  	
   

  
	
  Section 4.10.

  	
  Lists of Owners

  	
   

  
	
  Section 4.11.

  	
  Withholding

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLES 5.

  	
  THE DEPOSITARY, THE
  CUSTODIANS AND THE COMPANY

  	
   

  
	
  Section 5.1.

  	
  Maintenance of Office and
  Transfer Books by the Depositary

  	
   

  
	
  Section 5.2.

  	
  Prevention or Delay in
  Performance by the Depositary or the Company

  	
   

  
	
  Section 5.3.

  	
  Obligations of the
  Depositary, the Custodian and the Company

  	
   

  
	
  Section 5.4.

  	
  Resignation and Removal of
  the Depositary

  	
   

  
	
  Section 5.5.

  	
  The Custodian

  	
   

  
	
  Section 5.6.

  	
  Notices and Reports

  	
   

  
	
  Section 5.7.

  	
  Distribution of Additional
  Shares, Rights, etc.

  	
   

  
	
  Section 5.8.

  	
  Indemnification

  	
   

  
	
  Section 5.9.

  	
  Charges of Depositary

  	
   

  
	
  Section 5.10.

  	
  Retention of Depositary
  Documents

  	
   

  
	
  Section 5.11.

  	
  Exclusivity

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 6.

  	
  AMENDMENT AND TERMINATION

  	
   

  
	
  Section 6.1.

  	
  Amendment

  	
   

  
	
  Section 6.2.

  	
  Termination

  	
   

  

 

iii

 

	
  ARTICLE 7.

  	
  MISCELLANEOUS

  	
   

  
	
  Section 7.1.

  	
  Counterparts

  	
   

  
	
  Section 7.2.

  	
  No Third Party Beneficiaries

  	
   

  
	
  Section 7.3.

  	
  Severability

  	
   

  
	
  Section 7.4.

  	
  Beneficial Owners and Owners
  as Parties; Binding Effect

  	
   

  
	
  Section 7.5.

  	
  Notices

  	
   

  
	
  Section 7.6.

  	
  Submission to Jurisdiction;
  Appointment of Agent for Service of Process

  	
   

  
	
  Section 7.7.

  	
  Waiver of Immunities

  	
   

  
	
  Section 7.8.

  	
  Governing Law

  	
   

  

 

iv

 

DEPOSIT AGREEMENT

 

DEPOSIT
AGREEMENT dated as of March 24, 2005 among TERRANOVA S.A., incorporated
under the laws of Chile (herein called the Company), THE BANK OF NEW YORK, a
New York banking corporation (herein called the Depositary), and all Owners (as
hereinafter defined) and Beneficial Owners (as hereinafter defined) from time
to time of American Depositary Receipts issued hereunder.

 

W I T N E S S E T H:

 

WHEREAS,
the Company desires to provide, as hereinafter set forth in this Deposit
Agreement, for the deposit of Shares (as hereinafter defined) of the Company
from time to time with the Depositary or with the Custodian (as hereinafter
defined) as agent of the Depositary for the purposes set forth in this Deposit
Agreement, for the creation of American Depositary Shares (as hereinafter
defined) representing the Shares so deposited and for the execution and
delivery of American Depositary Receipts evidencing the American Depositary
Shares; and

 

WHEREAS,
the American Depositary 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, it is agreed by and between the
parties hereto as follows:

 

 

ARTICLE 1.
DEFINITIONS.

 

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

 

Section 1.1.    American Depositary Shares.

 

The
term “American Depositary Shares” shall mean the securities representing the
interests in the Deposited Securities (as hereinafter defined) and evidenced by
the Receipts (as hereinafter defined) issued hereunder. Each American Depositary
Share shall represent fifty Shares, until there shall occur a distribution upon
Deposited Securities covered by Section 4.3 or a change in Deposited
Securities covered by Section 4.8 with respect to which additional
Receipts are not executed and delivered, and thereafter American Depositary
Shares shall evidence the amount of Shares or Deposited Securities specified in
such Sections.

 

Section 1.2.    Beneficial Owner.

 

The
term “Beneficial Owner” shall mean any person owning any beneficial interest in
American Depositary Shares evidenced by a Receipt issued hereunder but who is
not an Owner of such Receipt; it being understood that the term “Beneficial
Owner” shall not include any agent or financial intermediary holding an
interest in American Depositary Shares evidenced by a Receipt to the extent
such interest is held solely for or on behalf of any Beneficial Owner.

 

Section 1.3.     Central Bank; Chile.

 

The term “Central Bank” shall mean the Banco
Central de Chile. “Chile” means the Republic of Chile.

 

 

 

2

 

Section 1.4.    Commission.

 

The term “Commission” shall mean the Securities and
Exchange Commission of the United States or any successor governmental agency
in the United States.

 

Section 1.5.     Company.

 

The term “Company” shall mean Terranova S.A.,
incorporated under the laws of Chile, and its successors.

 

Section 1.6.     Custodian.

 

The
term “Custodian” shall mean the Santiago, Chile office of Banco
Santander-Chile, as agent of the Depositary for the purposes of this Deposit
Agreement, and any other firm or corporation which may hereafter be appointed
by the Depositary pursuant to the terms of Section 5.5, as substitute or
additional custodian or custodians hereunder, as the context shall require and
shall also mean all of them collectively.

 

Section 1.7.    Deliver; Surrender.

 

(a)    The term
“deliver”, or its noun form, when used with respect to Shares, shall mean
(i) one or more book-entry transfers to an account or accounts maintained
with a depository institution authorized under applicable law to effect
book-entry transfers of such securities or (ii) the physical transfer of
certificates representing Shares.

 

(b)    The term
“deliver”, or its noun form, when used with respect to Receipts, shall mean
(i) one or more book-entry transfers of American Depositary Shares to an
account or accounts at DTC designated by the person entitled to such delivery
or (ii) under the circumstances specified in Section 2.01, delivery at the
Corporate Trust Office of the Depositary of one or more Receipts.

 

3

 

(c)    The term
“surrender”, when used with respect to Receipts, shall mean (i) one or
more book-entry transfers of American Depositary Shares to the DTC account of
the Depositary or (ii) surrender to the Depositary at its Corporate Trust
Office of one or more Receipts.

 

Section 1.8.    Deposit Agreement.

 

The term “Deposit Agreement” shall mean this
Agreement, as the same may be amended from time to time in accordance with the
provisions hereof.

 

Section 1.9.    Depositary; Corporate Trust Office.

 

The
term “Depositary” shall mean The Bank of New York, a New York banking
corporation, and any successor as depositary hereunder. The term “Corporate
Trust Office”, when used with respect to the Depositary, shall mean the office
of the Depositary which at the date of this Agreement is 101 Barclay Street,
New York, New York, 10286.

 

Section 1.10.   Deposited Securities.

 

The term “Deposited Securities” as of any time shall
mean Shares at such time deposited or deemed to be deposited under this Deposit
Agreement and any and all other securities, property and cash received by the
Depositary or the Custodian in respect thereof and at such time held hereunder,
subject as to cash to the provisions of Section 4.5.

 

Section 1.11.   Dollars and Pesos.

 

The term “Dollars” shall mean the lawful currency of
the United States. The term “Pesos” shall mean the lawful currency of Chile.

 

4

 

Section 1.12.   DTC.

 

The
term “DTC” shall mean The Depository Trust Company, or its successor.

 

Section 1.13.   Estatutos.

 

The term “Estatutos” shall mean the charter and
by-laws of the Company.

 

Section 1.14.   Foreign Investment Committee.

 

The term “Foreign Investment Committee” shall mean the
Foreign Investment Committee of Chile.

 

Section 1.15.   Foreign Registrar.

 

The term “Foreign Registrar” shall mean the Company,
which currently carries out the duties of registrar for the Shares, or any successor
as registrar for the Shares.

 

Section 1.16.   Owner.

 

The
term “Owner” shall mean the person in whose name a Receipt is registered on the
books of the Depositary maintained for such purpose.

 

Section 1.17.   Receipts.

 

The term “Receipts” shall mean the American Depositary
Receipts issued hereunder evidencing American Depositary Shares.

 

Section 1.18.   Registrar.

 

The term “Registrar” shall mean any bank or trust
company having an office in the Borough of Manhattan, The City of New York,
which shall be appointed to register Receipts and transfers of Receipts as
herein provided.

 

5

 

Section 1.19.  Restricted Securities.

 

The term “Restricted Securities” shall mean Shares, or
Receipts representing such Shares, which are acquired directly or indirectly
from the Company or its affiliates (as defined in Rule 144 to the
Securities Act of 1933) in a transaction or chain of transactions not involving
any public offering or which are subject to resale limitations under Regulation
D under that Act or both, or which are held by an officer, director (or persons
performing similar functions) or other affiliate of the Company, or which are
subject to other restrictions on sale or deposit under the laws of the United States
or Chile, or under a shareholder agreement or the Estatutos of the Company.

 

Section 1.20.   Securities Act of 1933.

 

The
term “Securities Act of 1933” shall mean the United States Securities Act of
1933, as from time to time amended.

 

Section 1.21.   Shares.

 

The term “Shares” shall mean Common Stock without
nominal (par) value of the Company, heretofore validly issued and outstanding
and fully paid, nonassessable and free of any pre-emptive rights of the holders
of outstanding Shares or hereafter validly issued and outstanding and fully
paid, nonassessable and free of any pre-emptive rights of the holders of
outstanding Shares or interim certificates representing such Shares.

 

Section 1.22.   SVS.

 

The term “SVS” shall mean the Superintendencia de
Valores y Seguros of Chile.

 

6

 

ARTICLE 2. FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION
AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS.

 

Section 2.1.    Form and Transferability of
Receipts.

 

Definitive
Receipts 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. No Receipt shall be entitled to any
benefits under this Deposit Agreement or be valid or obligatory for any
purpose, unless such Receipt shall have been executed by the Depositary by the
manual or facsimile signature of a duly authorized signatory of the Depositary
and, if a Registrar for the Receipts shall have been appointed, countersigned
by the manual or facsimile signature of a duly authorized officer of the
Registrar. The Depositary shall maintain books on which each Receipt so
executed and delivered as hereinafter provided and the transfer of each such
Receipt shall be registered. Receipts bearing the manual or facsimile signature
of a duly authorized signatory of the Depositary who was at any time a proper
signatory of the Depositary shall bind the Depositary, notwithstanding that
such signatory has ceased to hold such office prior to the execution and
delivery of such Receipts by the Registrar or did not hold such office on the
date of issuance of such Receipts.

 

The
Receipts may, with the prior written consent of the Company (which consent
shall not be unreasonably withheld), and upon the written request of the
Company shall, be endorsed with or have incorporated in the text thereof such
legends or recitals or modifications 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 regulations thereunder or with the
rules and regulations of any securities exchange upon which American
Depositary Shares 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 by reason of the date of issuance of the
underlying Deposited Securities or otherwise.

 

7

 

Title
to a Receipt (and to the American Depositary Shares evidenced thereby), when
properly endorsed or accompanied by proper instruments of transfer, shall be
transferable by delivery with the same effect as in the case of a negotiable
instrument; provided, however, that the Company and the Depositary,
notwithstanding any notice to the contrary, may treat the Owner thereof as the
absolute owner thereof for the purpose of determining the person entitled to
distribution of dividends or other distributions or to any notice provided for
in this Deposit Agreement and for all other purposes and neither the Company
nor the Depositary shall have any obligation or be subject to any liability
under this Deposit Agreement to any Beneficial Owner of a Receipt unless such
Beneficial Owner is the Owner thereof.

 

Section 2.2.    Deposit of Shares.

 

Subject to the terms and conditions of this Deposit
Agreement, Shares or evidence of rights to receive Shares may be deposited by
delivery thereof to the Custodian hereunder, accompanied by any appropriate
instrument or instruments of transfer, or endorsement, in form reasonably
satisfactory to such Custodian, together with all such certifications as may be
required by the Depositary or the Custodian in accordance with the provisions
of this Deposit Agreement, and, if the Depositary requires, 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 American Depositary Shares representing such
deposit.

 

No Shares shall be accepted for deposit unless
accompanied by evidence satisfactory to the Depositary that any approval, if
required, has been granted by any governmental body in Chile that is then
performing the function of the regulation of currency exchange.

 

If the person proposing to deposit Shares is not
domiciled or resident in Chile, the Custodian shall not accept those Shares
unless it receives from or on behalf of that person sufficient evidence that
the Shares were purchased in full compliance with the

 

8

 

foreign exchange
regulations applicable to investments in Chile (either Chapter XIV of the
Compendium of Foreign Exchange Regulations of the Central Bank or Decree Law
600 of 1974, as amended, and related agreements with the Foreign Investment
Committee) and, if applicable, an instrument whereby that person assigns and
transfers to the Depositary any rights it may have under Chilean regulations
relating to currency exchange. Pursuant to Chapter XIV of the Compendium of
Foreign Exchange Regulations of the Central Bank, the Custodian and/or the
Depositary shall give notice to the Central Bank that the Shares have been
deposited in exchange of Receipts.

 

If
required by the Depositary, Shares presented for deposit at any time, whether
or not the transfer books of the Company or the Foreign Registrar, if
applicable, are closed, shall also be accompanied by an agreement or
assignment, or other instrument satisfactory to the Depositary, which will
provide for the prompt transfer to the Custodian of any dividend, or right to
subscribe for additional Shares or to receive other property which any person
in whose name the Shares are or have been recorded may thereafter receive upon
or in respect of such deposited Shares, or in lieu thereof, such agreement of
indemnity or other agreement as shall be satisfactory to the Depositary.

 

At
the request, risk and expense of any person proposing to deposit Shares, and
for the account of such person, the Depositary may receive certificates for
Shares to be deposited, together with the other instruments herein specified,
for the purpose of forwarding such Share certificates to the Custodian for
deposit hereunder.

 

Upon each delivery to a Custodian of a certificate or
certificates for Shares to be deposited hereunder, together with the other
documents above specified, such Custodian shall, as soon as transfer and
recordation can be accomplished, present such certificate or certificates to
the Company or the Foreign Registrar, if applicable, for transfer and
recordation of the Shares being deposited in the name of the Depositary or its
nominee or such Custodian or its nominee.

 

9

 

Deposited Securities shall be held by the Depositary
or by the Custodian for the account and to the order of the Depositary or at
such other place or places as the Depositary shall determine.

 

Section 2.3.    Execution and Delivery of Receipts.

 

Upon
receipt by the Custodian of any deposit pursuant to Section 2.2 hereunder
(and in addition, if the transfer books of the Foreign Registrar, if
applicable, are open, the Depositary may in its sole discretion require a
proper acknowledgment or other evidence from the Foreign Registrar that any
Deposited Securities have been recorded upon the books of the Foreign
Registrar, if applicable, in the name of the Depositary or its nominee or such
Custodian or its nominee), together with the other documents required as above
specified, such Custodian shall notify the Depositary of such deposit and the
person or persons to whom or upon whose written order a Receipt or Receipts are
deliverable in respect thereof and the number of American Depositary Shares to
be evidenced thereby. Such notification shall be made by letter or, at the
request, risk and expense of the person making the deposit, by cable, telex or
facsimile transmission. Upon receiving such notice from such Custodian, or upon
the receipt of Shares by the Depositary, the Depositary, subject to the terms
and conditions of this Deposit Agreement, shall execute and deliver at its
Corporate Trust Office, to or upon the order of the person or persons entitled
thereto, a Receipt or Receipts, registered in the name or names and evidencing
any authorized number of American Depositary Shares requested by such person or
persons, but only upon payment to the Depositary of the fees of the Depositary
for the execution and delivery of such Receipt or Receipts as provided in
Section 5.9, and of all taxes and governmental charges and fees payable in
connection with such deposit and the transfer of the Deposited Securities. The
Depositary shall not issue Receipts except in accordance with this
Section 2.3 and Sections 2.4, 2.9, 4.0, 4.4 and 4.8.

 

 

10

 

Section 2.4.     Transfer of Receipts; Combination and
Split-up of Receipts.

 

The Depositary, subject to the terms and conditions of
this Deposit Agreement, shall without unreasonable delay register transfers of
Receipts on its transfer books from time to time, upon any surrender of a
Receipt, by the Owner in person or by a duly authorized attorney, properly
endorsed or accompanied by proper instruments of transfer, and duly stamped as
may be required by the laws of the State of New York and of the United States
of America. Thereupon the Depositary shall execute a new Receipt or Receipts
and deliver the same to or upon the order of the person entitled thereto.

 

The Depositary, subject to the terms and conditions of
this Deposit Agreement, shall upon surrender of a Receipt or Receipts for the
purpose of effecting a split-up or combination of such Receipt or Receipts,
execute and deliver a new Receipt or Receipts for any authorized number of
American Depositary Shares requested, evidencing the same aggregate number of
American Depositary Shares and the same rights to distributions with respect
thereto as those evidenced by the Receipt or Receipts surrendered.

 

The
Depositary upon the written request of the Company shall, or with the prior
approval of the Company may, appoint one or more co-transfer agents for the
purpose of effecting transfers, combinations and split-ups of Receipts at
designated transfer offices on behalf of the Depositary. Such co-transfer
agents shall be removed and substitutes appointed by the Depositary upon the
written request, or with the written approval of, the Company. Each co-transfer
agent appointed under this Section 2.4 shall give notice in writing to the
Company and the Depositary accepting such appointment and agreeing to be bound
by the applicable terms of this Deposit Agreement. In carrying out its
functions, a co-transfer agent may require evidence of authority and compliance
with applicable laws and other requirements by Owners or persons entitled to
Receipts and will be entitled to protection and indemnity to the same extent as
the Depositary.

 

11

 

Section 2.5.     Surrender of Receipts and Withdrawal of
Shares.

 

Upon
surrender at the Corporate Trust Office of the Depositary of a Receipt for the
purpose of withdrawal of the Deposited Securities represented by the American
Depositary Shares evidenced by such Receipt, and upon payment of the fee of the
Depositary for the surrender of Receipts as provided in Section 5.9 and
payment of all taxes and governmental charges payable in connection with such
surrender and withdrawal of the Deposited Securities and upon delivery of any
certifications required under the laws of Chile and the regulations of the
Central Bank, if applicable, and subject to the terms and conditions of this
Deposit Agreement, the Estatutos of the Company and the Deposited Securities,
the Owner of such Receipt shall be entitled to delivery, to him or upon his
order, of the amount of Deposited Securities at the time represented by the
American Depositary Shares evidenced by such Receipt. Delivery of such
Deposited Securities may be made by the delivery of (a) Shares in the name
of such Owner or as ordered by him or certificates properly endorsed or
accompanied by proper instruments of transfer to such Owner or as ordered by
him and (b) any other securities, property and cash to which such Owner is
then entitled in respect of such Receipts to such Owner or as ordered by him.
Such delivery shall be made, as hereinafter provided, without unreasonable
delay. Simultaneously with the delivery of deposited securities to the Owner or
its designee, the Custodian and/or the Depositary, pursuant to Chapter XIV of
the Compendium of Foreign Exchange Regulations of the Central Bank, will inform
the Central Bank that the deposited securities have been transferred to the
Owner or its designee by the Depositary.

 

A
Receipt surrendered for such purposes may be required by the Depositary to be
properly endorsed in blank or accompanied by proper instruments of transfer in
blank, and if the Depositary so requires, the Owner thereof shall execute and
deliver to the Depositary a written order directing the Depositary to cause the
Deposited Securities being withdrawn to be delivered to or upon the written
order of a person or persons designated in such order. Thereupon the Depositary
shall direct the Custodian to

 

12

 

deliver at the
Santiago, Chile office of such Custodian, subject to Sections 2.6, 3.1 and 3.2
and to the other terms and conditions of this Deposit Agreement, to or upon the
written order of the person or persons designated in the order delivered to the
Depositary as above provided, the amount of Deposited Securities represented by
the American Depositary Shares evidenced by such Receipt, except that the
Depositary may make delivery to such person or persons at the Corporate Trust
Office of the Depositary of any dividends or distributions with respect to the
Deposited Securities represented by the American Depositary Shares evidenced by
such Receipt, or of any proceeds of sale of any dividends, distributions or
rights, which may at the time be held by the Depositary.

 

At
the request, risk and expense of any Owner so surrendering a Receipt, and for
the account of such Owner, the Depositary shall direct the Custodian to forward
any cash or other property (other than rights) comprising, and forward a
certificate or certificates and other proper documents of title for, the
Deposited Securities represented by the American Depositary Shares evidenced by
such Receipt to the Depositary for delivery at the Corporate Trust Office of
the Depositary. Such direction shall be given by letter or, at the request,
risk and expense of such Owner, by cable, telex or facsimile transmission.
Neither the Depositary nor the Custodian shall deliver Shares, by physical
delivery, book-entry or otherwise (other than to the Company or its agent as
contemplated by Section 4.8), or otherwise permit Shares to be withdrawn
from the facility created hereby, except upon the surrender and cancellation of
Receipts.

 

Section 2.6.     Limitations on Execution and Delivery,
Transfer and Surrender of Receipts.

 

As a
condition precedent to the execution and delivery, registration of transfer,
split-up, combination or surrender of any Receipt or withdrawal of any
Deposited Securities, the Depositary, Company, Custodian or Registrar may
require (a) payment from the depositor of Shares or the presentor of the
Receipt of a sum sufficient to reimburse it for any tax or other governmental
charge and any stock transfer or registration fee with respect thereto
(including any such tax or charge and fee with

 

13

 

respect to Shares
being deposited or withdrawn) and payment of any applicable fees as herein
provided, (b) the production of proof satisfactory to it as to the
identity and genuineness of any signature and may also require compliance with
any regulations the Depositary and the Company may establish consistent with
the provisions of this Deposit Agreement, including, without limitation, this
Section 2.6, and may also require compliance with any laws or governmental
regulations relating to the Receipts or to the withdrawal of Deposited
Securities as may be established by any governmental authority in Chile or the
United States or the Central Bank or the SVS.

 

The
delivery of Receipts against deposits of Shares generally or against deposits
of particular Shares may be suspended, or the transfer of Receipts in
particular instances may be refused, or the registration of transfer of
outstanding Receipts generally may be suspended, during any period when the
transfer books of the Depositary are closed, or if any such action is deemed
necessary or advisable by 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 this Deposit
Agreement, or for any other reason, subject to the provisions of the following
sentence. The surrender of outstanding Receipts and withdrawal of Deposited
Securities may not be suspended subject only to (i) temporary delays
caused by closing the transfer books of the Depositary or the Company or the
deposit of Shares in connection with voting at a shareholders’ meeting, or the
payment of dividends, (ii) the payment of fees, taxes, and other charges
as contemplated herein and in Section 3.2, and similar charges, and
(iii) compliance with any U.S. or foreign laws or governmental regulations
relating to the Receipts or to the withdrawal of the Deposited Securities.
Without limitation of the foregoing, the Depositary shall not knowingly accept
for deposit under this Deposit Agreement any Shares required to be registered
under the provisions of the Securities Act of 1933, unless a registration
statement is in effect as to such Shares. If in the opinion of the Depositary
there is a reasonable possibility that a fee, tax or other charge of the sort
referred to in Section 3.2 will become payable by, or be assessed against,
the Depositary or the Custodian following the delivery, transfer or surrender
of Receipts or withdrawal

 

14

 

of Shares or other
Deposited Securities, the Depositary may, in its discretion and as a condition
precedent to the consummation of any such transaction, require the Owner to
give the Depositary an indemnity bond in such form and amount and with such
surety as it may accept as reasonably sufficient to indemnify it against such
potential liabilities.

 

Section 2.7.     Lost Receipts, etc.

 

In
case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary
shall execute and deliver a new Receipt of like tenor in exchange and
substitution for such mutilated Receipt upon cancellation thereof, or in lieu
of and in substitution for such destroyed, lost or stolen Receipt. Before the
Depositary shall execute and deliver a new Receipt in substitution for a destroyed,
lost or stolen Receipt, the Owner thereof shall have (a) filed with the
Depositary (i) a request for such execution and delivery before the
Depositary has notice that the Receipt has been acquired by a bona fide
purchaser and (ii) a sufficient indemnity bond for the benefit of the
Company and the Depositary and (b) satisfied any other reasonable
requirements imposed by the Depositary and the Company.

 

Section 2.8.     Cancellation and Destruction of
Surrendered Receipts.

 

All
Receipts surrendered to the Depositary shall be cancelled by the Depositary.
The Depositary is authorized to destroy Receipts so cancelled.

 

Section 2.9.     Pre-Release of Receipts.

 

Unless
requested by the Company to cease doing so, the Depositary may, notwithstanding
Section 2.3 hereof, execute and deliver Receipts prior to the receipt of
Shares pursuant to Section 2.2 (“Pre-Release”). The Depositary may,
pursuant to Section 2.5, deliver Shares upon the receipt and cancellation
of Receipts which have been Pre-Released, whether or not such cancellation is
prior to the termination of such Pre-Release or the Depositary knows that such
Receipt has been Pre-Released. The Depositary may receive Receipts in lieu of
Shares in satisfaction of a Pre-Release. Each Pre-Release will

 

15

 

be (a) preceded or
accompanied by a written representation from the person to whom Receipts are to
be delivered that such person, or its customer, (i) owns the Shares or
Receipts to be remitted, as the case may be, (ii) assigns all beneficial
right, title and interest in such Shares to the Depositary for the benefit of
the Owners, and (iii) agrees in effect to hold such Shares for the account
of the Depositary until delivery of the same upon the Depositary’s request,
(b) at all times fully collateralized (such collateral market to market
daily) with cash, U.S. Government Securities or such other collateral as the
Depositary determines, in good faith, will provide substantially similar
liquidity and security, (c) terminable by the Depositary on not more than
five (5) business days notice, and (d) subject to such further
indemnities and credit regulations as the Depositary deems appropriate. The
number of American Depositary Shares which are outstanding at any time as a
result of Pre-Releases will not normally exceed thirty percent (30%) of the
Shares deposited hereunder; provided, however, that the Depositary reserves the
right to change or disregard such limit from time to time as it reasonably
deems appropriate and may, with the prior written consent of the Company,
change such limit for purposes of general application. The Depositary will also
set limits with respect to the number of Pre-Released Receipts involved in
transactions to be done hereunder with any one person on a case by case basis
as it deems appropriate. The collateral referred to in clause (b) above
shall be held by the Depositary for the benefit of the holders as security for
the performance of the obligations to deliver Shares set forth in clause (a) above
(and shall not, for the avoidance of doubt, constitute Deposited Securities
hereunder).

 

The
Depositary may retain for its own account any compensation received by it in
connection with the foregoing.

 

Section 2.10.   Maintenance of Records.

 

The Depositary agrees to maintain records of all
Receipts surrendered and Deposited Securities withdrawn under Section 2.5,
substitute Receipts delivered under Section 2.7 and cancelled or destroyed
Receipts under 2.8, in keeping with procedures customarily followed by stock
transfer agents located in The City of New York.

 

16

 

ARTICLE 3.
CERTAIN
OBLIGATIONS OF OWNERS OF RECEIPTS.

 

Section 3.1.   Filing Proofs, Certificates and Other
Information.

 

Any
person presenting Shares for deposit or any Owner of a Receipt may be required
from time to time to file with the Depositary or the Custodian such proof of
citizenship or residence, exchange control approval, payment of all applicable
Chilean taxes or other governmental charges, or such information relating to
the registration on the books of the Company or the Foreign Registrar, if
applicable, to execute such certificates and to make such representations and
warranties, as the Depositary or the Company may deem necessary or proper. The
Depositary may (and at the request of the Company shall) withhold the delivery
or registration of transfer of any Receipt or the distribution of any dividend
or sale or distribution of rights or of the proceeds thereof or the delivery of
any Deposited Securities until such proof or other information is filed or such
certificates are executed or such representations and warranties made. The
Depositary shall provide to the Company, promptly upon the Company’s written
request, copies of any such proofs of citizenship or residence or other
information referred to above. The Company may from time to time request Owners
to provide information as to the capacity in which such Owners own Receipts and
regarding the identity of any other persons then interested in such receipts
and the nature of such interest. Each Owner agrees to provide any information
reasonably requested by the Company or the Depositary pursuant to this section.

 

Section 3.2.     Liability of Owner for Taxes.

 

If
any tax or other governmental charge shall become payable with respect to any
Receipt or any Deposited Securities represented by any Receipt, including
without limiting the generality of the foregoing any Chilean tax on a gain
realized, or deemed to be realized, upon the withdrawal or sale of Shares or
other Deposited Securities, such tax or other governmental charge shall be
payable by the Owner of such Receipt to the Depositary, who shall pay the
amount thereof to the Depositary upon demand. The

 

17

 

Depositary may
(and at the request of the Company shall) refuse to effect any transfer of such
Receipt or any withdrawal of Deposited Securities represented by American
Depositary Shares evidenced by such Receipt until such payment is made, and may
withhold any dividends or other distributions, or may sell for the account of
the Owner thereof any part or all of the Deposited Securities represented by
the American Depositary Shares evidenced by such Receipt, and may apply such
dividends or other distributions or the proceeds of any such sale in payment of
such tax or other governmental charge and the Owner of such Receipt shall
remain liable for any deficiency.

 

Section 3.3.    Disclosure of Interests.

 

To
the extent that provisions of or governing any Deposited Securities or the
rules and regulations of any governmental authority may require the
disclosure of beneficial or other ownership of Deposited Securities, other
Shares and other securities to the Company or other persons, or may prohibit or
limit ownership transfers, voting or other rights to enforce such disclosure,
the Depositary shall use its reasonable efforts to comply with written Company
instructions with respect to such requirements, prohibitions or limitations,
and Owners and Beneficial Owners shall comply with all such requirements,
prohibitions and limitations and shall cooperate with the Depositary’s
compliance with such Company instructions.

 

Section 3.4.     Reporting Requirements Under Chilean
Securities Regulations.

 

By holding American Depositary Shares Owners and
Beneficial Owners shall be deemed to agree to comply with certain obligations
under Chilean securities regulation including, without limitation, obligations
under Articles 12 and 54 and Title XV of Law 18,045 of Chile and the
regulations issued by the SVS in connection therewith.

 

 

18

 

Article 12
requires that, among other things, shareholders of a Chilean corporation (which
would include Owners) report to the SVS and the stock exchanges in Chile on
which those shares are listed:

 

(i) any
direct or indirect acquisition or sale of Receipts that results in the Owner or
Beneficial Owner acquiring or ceasing to own, directly or indirectly, 10% or
more of the total share capital of such corporation; and

 

(ii) any
direct or indirect acquisition or sale of shares or options to buy or sell
shares, in any amount, made by (a) an Owner or Beneficial Owner that owns
Receipts representing 10% or more of such corporation’s shares or (b) a
director, liquidator, general manager, manager or holder of certain other
offices of such corporation.

 

In
addition, shareholders required to report under clause (i) or
(ii)(a) above must state in their report whether their purpose is to acquire
control of the corporation or to make a financial investment. A Beneficial
Owner of American Depositary Shares representing 10% or more of the Company’s
share capital will be subject to the above reporting requirements under Chilean
law.

 

Under
Article 54 of Law 18,045 of Chile and the regulations of the SVS, persons
or entities intending to acquire control, directly or indirectly, of a publicly
traded company, including through acquisitions to be made through direct
subscriptions or private transactions, are required to inform the public of
that intention as soon as negotiations regarding the change of control begin
(i.e., when information and documents concerning the target are delivered to
the potential acquirer), but in any case at least ten (10) business days
before the date on which the transaction is to be completed, by publishing a
notice in two Chilean newspapers, which notice must disclose, among other
information, the person or entity purchasing, the proposed price, and the
status of any negotiations. Before making the publication referred to in the
preceding sentence, the person or entity must send a written communication
containing the same information to

 

19

 

be published to
the target corporation, the controlling corporation, the corporations
controlled by the target corporation, the SVS and the Chilean stock exchanges
on which the company’s securities are listed.

 

In
addition to the foregoing, Article 54A of Law 18,045 of Chile requires
that, within the two (2) business days following completion of the
transactions pursuant to which a person has acquired control of a publicly
traded company, (i) a notice must be published in the same newspapers in
which the publication referred to in Article 54 has been made and
(ii) notices must be sent to the same persons indicated in
Article 54.

 

Section 3.5.     Warranties on Deposit of Shares.

 

Every
person depositing Shares under this Deposit Agreement shall be deemed thereby
to represent and warrant that such Shares and each certificate therefore are
validly issued, fully paid, nonassessable and were not issued in violation of
any preemptive or similar rights of the holders of outstanding Shares, that the
person making such deposit is duly authorized to do so and that the deposit of
such Shares is not prohibited or restricted by Chilean law. Every such person
shall also be deemed to represent that such Shares are not, and American
Depositary Shares representing such Shares would not be, Restricted Securities.
Such representations and warranties shall survive the deposit of Shares and
delivery of Receipts.

 

ARTICLE 4. THE DEPOSITED SECURITIES.

 

Section 4.1.     Cash Distributions.

 

Whenever the Depositary or the Custodian shall receive
any cash dividend or other cash distribution on any Deposited Securities, the
Depositary shall as promptly as practicable, subject to the provisions of
Section 4.5, convert such dividend or distribution into Dollars and shall
as promptly as practicable distribute the amount thus received (net of the
expenses of the Depositary as provided in Section 5.9) to the Owners
entitled thereto, in proportion to the number of American Depositary Shares
representing

 

20

 

such Deposited Securities
held by them respectively; provided, however, that the Depositary shall make
appropriate adjustments in the amounts so distributed in respect of
(a) any such Deposited Securities being not entitled, by reason of date of
issuance or otherwise, to receive all or any portion of such distribution or
(b) any amounts (i) withheld or required to be withheld by the
Company, the Custodian or the Depositary from any such distribution pursuant to
Section 3.2 or otherwise on account of taxes or other governmental charges,
or (ii) charged by the Depositary in the conversion of foreign currency
into Dollars pursuant to Section 4.5. The Depositary shall distribute only
such amount, however, as can be distributed without attributing to any Owner a
fraction of one cent. Any such fractional amounts shall be rounded to the
nearest whole cent and so distributed to Owners entitled thereto. The Company
or its agent will remit to the appropriate taxation authority or other
governmental agency in Chile all amounts withheld and owing to such agency. The
Depositary will forward to the Company or its agent such information from its
records as the Company may reasonably request to enable the Company or its
agent to file necessary reports with governmental agencies, and the Depositary
or the Company or its agent may file any such reports necessary to obtain
benefits under the applicable tax treaties for the Owners of Receipts.

 

Section 4.2.     Distributions Other Than Cash, Shares
or Rights.

 

Subject to the provisions of Sections 4.11 and 5.9,
whenever the Depositary shall receive any distribution other than a
distribution described in Sections 4.1, 4.3 or 4.4, the Depositary shall as
promptly as practicable, after consultation with the Company, cause the
securities or property received by it to be distributed to the Owners entitled
thereto, in proportion to the number of American Depositary Shares representing
such Deposited Securities held by them respectively, in any manner that the
Depositary may deem equitable and practicable for accomplishing such
distribution; provided, however, that if in the opinion of the Depositary such
distribution cannot be made proportionately among the Owners entitled thereto,
or if for any other reason (including, but not limited to, any requirement that
the Company or the Depositary withhold an

 

21

 

amount on account
of taxes or other governmental charges or that such securities must be
registered under the Securities Act of 1933 in order to be distributed to
Owners or Beneficial Owners) the Depositary deems such distribution not to be
feasible, the Depositary may adopt such method as it may deem equitable and
practicable for the purpose of effecting such distribution, including, but not
limited to, the public or private sale of the securities or property thus
received, or any part thereof, and the net proceeds of any such sale (net of
the fees of the Depositary as provided in Section 5.9) shall be
distributed by the Depositary to the Owners entitled thereto as in the case of
a distribution received in cash.

 

Section 4.3.     Distributions in Shares.

 

If
any distribution upon any Deposited Securities consists of a dividend in, or
free distribution of, Shares, the Depositary may, after consultation with the
Company, and shall, if the Company shall so request, distribute as promptly as
practicable to the Owners of outstanding Receipts entitled thereto, in
proportion to the number of American Depositary Shares representing such
Deposited Securities held by them respectively, additional Receipts evidencing
an aggregate number of American Depositary Shares representing the amount of
Shares received as such dividend or free distribution, subject to the terms and
conditions of the Deposit Agreement with respect to the deposit of Shares and
the issuance of American Depositary Shares evidenced by Receipts, including the
withholding of any tax or other governmental charge as provided in
Section 4.11 and the payment of the fees of the Depositary as provided in
Section 5.9. In lieu of delivering Receipts for fractional American
Depositary Shares in any such case, the Depositary shall sell the amount of
Shares represented by the aggregate of such fractions and distribute the net
proceeds, all in the manner and subject to the conditions described in
Section 4.1. If additional Receipts are not so distributed, each American
Depositary Share shall thenceforth also represent the additional Shares
distributed upon the Deposited Securities represented thereby.

 

22

 

Section 4.4.     Rights.

 

In
the event that the Company shall offer or cause to be offered to the holders of
any Deposited Securities any rights to subscribe for additional Shares or any
rights of any other nature, the Depositary shall, after consultation with the
Company, have discretion as to the procedure to be followed in making such
rights available to any Owners or in disposing of such rights on behalf of any
Owners and making the net proceeds available to such Owners or, if by the terms
of such rights offering or for any other reason, the Depositary may not either
make such rights available to any Owners or dispose of such rights and make the
net proceeds available to such Owners, then the Depositary shall allow the rights
to lapse. If at the time of the offering of any rights the Depositary
determines in its discretion that it is lawful and feasible to make such rights
available to all or certain Owners but not to other Owners, the Depositary may,
after consultation with the Company, distribute to any Owner to whom it
determines the distribution to be lawful and feasible, in proportion to the
number of American Depositary Shares held by such Owner, warrants or other
instruments therefor in such form as it deems appropriate.

 

In
circumstances in which rights would otherwise not be distributed, if an Owner
of Receipts requests the distribution of warrants or other instruments in order
to exercise the rights allocable to the American Depositary Shares of such
Owner hereunder, the Depositary will make such rights available to such Owner
upon written notice from the Company to the Depositary that (a) the
Company has elected in its sole discretion to permit such rights to be
exercised and (b) such Owner has executed such documents as the Company
has determined in its sole discretion are reasonably required under applicable
law.

 

If the Depositary has distributed warrants or other
instruments for rights to all or certain Owners, then upon instruction pursuant
to such warrants or other instruments to the Depositary from such Owner to
exercise such rights, upon payment by such Owner to the Depositary for the
account of such Owner of an amount equal to the

 

23

 

purchase price of the
Shares to be received upon the exercise of the rights, and upon payment of the
fees of the Depositary and any other charges as set forth in such warrants or
other instruments, the Depositary shall, on behalf of such Owner, exercise the
rights and purchase the Shares, and the Company shall, cause the Shares so
purchased to be delivered to the Depositary on behalf of such Owner. As agent
for such Owner, the Depositary will cause the Shares so purchased to be
deposited pursuant to Section 2.2 of this Deposit Agreement, and shall,
pursuant to Section 2.3 of this Deposit Agreement, execute and deliver
Receipts to such Owner. In the case of a distribution pursuant to the second
paragraph of this section, such Receipts shall be legended if required by
applicable U.S. laws, and shall be subject to appropriate restrictions on sale,
deposit, cancellation, and transfer under such laws.

 

If
the Depositary determines in its discretion that it is not lawful and feasible
to make such rights available to all or certain Owners, it may, after
consultation with the Company, sell the rights, warrants or other instruments
in proportion to the number of American Depositary Shares held by the Owners to
whom it has determined it may not lawfully or feasibly make such rights
available, and allocate the net proceeds of such sales (net of the fees of the
Depositary as provided in Section 5.9 and all taxes and governmental
charges payable in connection with such rights and subject to the terms and
conditions of this Deposit Agreement) for the account of such Owners otherwise
entitled to such rights, warrants or other instruments, upon an averaged or
other practical basis without regard to any distinctions among such Owners
because of exchange restrictions or the date of delivery of any Receipt or
otherwise.

 

The Depositary will not offer rights to Owners unless
both the rights and the securities to which such rights relate are either
exempt from registration under the Securities Act of 1933 with respect to a
distribution to all Owners or are registered under the provisions of such Act.
If an Owner of Receipts requests the distribution of warrants or other
instruments, notwithstanding that there has been no such registration under
such Act, the Depositary shall not effect such distribution unless it has
received an opinion

 

24

 

from counsel in the
United States for the Company satisfactory to the Depositary upon which the
Depositary may rely that such distribution to such Owner does not require
registration under the Securities Act of 1933. In no event shall the Company
have any obligation to register such rights or any securities under the
Securities Act of 1933, secure an exemption for such rights or any securities
under the Securities Act of 1933, or furnish the aforementioned opinion. The
Beneficial Owners of Receipts alone shall be responsible for payment of any
taxes or other governmental charges due as a result of sales or transfers
pursuant to this Section 4.4.

 

The Depositary shall not be responsible for any
failure to determine that it may be lawful or feasible to make such rights
available to Owners in general or any Owner in particular.

 

Section 4.5.    Conversion of Foreign Currency.

 

Whenever
the Depositary shall receive foreign currency, by way of dividends or other
distributions or the net proceeds from the sale of securities, property or
rights, and if at the time of the receipt thereof the foreign currency so
received can in the reasonable judgment of the Depositary be converted on a reasonable
basis into Dollars and the resulting Dollars transferred to the United States,
the Depositary shall, as promptly as practicable convert or cause to be
converted, by sale or in any other manner that it may determine, such foreign
currency into Dollars, and such Dollars shall as promptly as practicable, be
distributed to the Owners entitled thereto or, if the Depositary shall have
distributed any warrants or other instruments which entitle the holders thereof
to such Dollars, then to the holders of such warrants and/or instruments upon
surrender thereof for cancellation. Such distribution may be made upon an
averaged or other practicable basis without regard to any distinctions among
Owners on account of exchange restrictions, the date of delivery of any Receipt
or otherwise and shall be net of any taxes, governmental charges or expenses of
conversion into Dollars incurred by the Depositary as provided in
Section 5.9.

 

 

25

 

If such conversion or distribution can be effected
only with some approval or license of any government or agency thereof, the
Depositary may make an application for such approval or license (in its own
name as agent or on behalf of the Owners, or in the name of the Owners),
provided, that it shall have no obligation to make such an application unless
it may do so without incurring any expense or liability.

 

If at
any time the Depositary or the Custodian shall determine that in its reasonable
judgment any foreign currency received by the Depositary or the Custodian is
not convertible on a reasonable basis into Dollars transferable to the United
States, or if any approval or license of any government or agency thereof that
is required for such conversion is denied or in the reasonable opinion of the
Depositary is not obtainable, at a reasonable cost or within a reasonable
period, the Depositary may distribute the foreign currency (or an appropriate
document evidencing the right to receive such foreign currency) received by the
Depositary to, or in its discretion may hold such foreign currency uninvested
and without liability for interest thereon for the respective accounts of, the
Owners entitled to receive the same.

 

If
any such conversion of foreign currency, in whole or in part, cannot be effected
for distribution to some of the Owners entitled thereto, the Depositary may in
its discretion make such conversion and distribution in Dollars to the extent
permissible to the Owners entitled thereto and may distribute the balance of
the foreign currency received by the Depositary to, or hold such balance
uninvested and without liability for interest thereon for the respective
accounts of, the Owners entitled thereto.

 

Section 4.6.    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 whenever rights shall be issued
with respect to the Deposited Securities, or whenever the Depositary shall
receive notice of any meeting of holders of Shares or other Deposited
Securities, the Depositary shall fix a record date which date shall, to the
extent practicable, be either (x) the same

 

26

 

date as the record
date fixed by the Company with respect to the applicable Deposited Securities,
or (y) if different from such record date fixed by the Company, be fixed after
consultation with the Company, for the determination of the Owners who shall be
(i) entitled to receive such dividend, distribution or rights or the net
proceeds of the sale thereof or (ii) entitled to give instructions for the
exercise of voting rights at any such meeting. Subject to the provisions of
Sections 4.1 through 4.5 and to the other terms and conditions of this Deposit
Agreement, the Owners on such record date shall be entitled, as the case may
be, to receive the amount distributable by the Depositary with respect to such
dividend or other distribution or such rights or the net proceeds of sale
thereof in proportion to the number of American Depositary Shares held by them
respectively and to give voting instructions and to act in respect of any other
such matter.

 

Section 4.7.    Voting of Deposited Securities.

 

Upon
receipt of notice of any meeting of holders of Shares or other Deposited
Securities, the Depositary shall, as soon as practicable thereafter, mail to
the Owners a notice, the form of which notice shall be in the reasonable
discretion of the Depositary, which shall contain (a) such information as
is contained in such notice of meeting, (b) a statement that the Owners as
of the close of business on a specified record date (established pursuant to
Section 4.6 hereof) will be entitled, subject to any applicable provision
of Chilean law and of the Estatutos of the Company, to instruct the Depositary
as to the exercise of the voting rights, if any, pertaining to the amount of
Shares or other Deposited Securities represented by their respective American
Depositary Shares, and (c) a statement as to the manner in which such
instructions may be given, including an express indication that instructions
may be given (or be deemed given in accordance with the next to the last
sentence of this Section 4.7 if no instruction is received) to the
Depositary to give a discretionary proxy to a person designated by the Company.
Upon the written request of an Owner on such record date, received on or before
the date established by the Depositary for such purpose, the Depositary shall
endeavor, in so far as practicable, to vote or cause to be voted the amount of Shares
or other Deposited

 

27

 

Securities represented by the American Depositary Shares evidenced by
such Receipt in accordance with the instructions set forth in such request. The
Depositary shall not vote or attempt to exercise the right to vote that
attaches to such Shares or other Deposited Securities, other than in accordance
with such instructions. The Depositary shall not itself exercise any voting
discretion over any Deposited Securities. If no instructions are received by
the Depositary from any Owner with respect to any of the Deposited Securities
represented by the American Depositary Shares evidenced by such Owner’s
Receipts on or before the date established by the Depositary for such purpose,
the Depositary shall deem such Owner to have instructed the Depositary to give
a discretionary proxy to the president of the Company with respect to such
Deposited Securities and the Depositary shall give a discretionary proxy to the
president of the Company to vote such Deposited Securities, provided that no
such instruction shall be deemed given and no such discretionary proxy shall be
given with respect to any matter as to which the Company informs the Depositary
(and the Company agrees to provide such information promptly in writing) that
(a) the president of the Company does not wish such proxy given or
(b) such matter materially and adversely affects the rights of holders of
the Shares. If any requirement of Chilean law, of the Estatutos of the
Company, or of any securities exchange on which Shares, other Deposited
Securities, Receipts or the American Depositary Shares evidenced thereby are
listed, does not permit the Depositary to vote (or to vote on any particular
matter) in accordance with instructions received from Owners or in accordance
with a deemed discretionary proxy, the Depositary shall not vote the Shares or
other Deposited Securities.

 

Section 4.8.     Changes Affecting Deposited Securities.

 

In circumstances where the provisions of
Section 4.3 do not apply, upon any change in nominal value, change in par
value, split-up, consolidation or any other reclassification of Deposited
Securities, or upon any recapitalization, reorganization, merger or
consolidation or sale of assets affecting the Company or to which it is a
party, any securities which shall be received by the Depositary or a Custodian
in exchange for

 

28

 

or in conversion
of or in respect of Deposited Securities, shall be treated as new Deposited
Securities under this Deposit Agreement, and American Depositary Shares shall
thenceforth represent the new Deposited Securities so received in exchange or
conversion, unless additional Receipts are delivered pursuant to the following
sentence. In any such case the Depositary may, after consultation with the
Company, and shall if the Company shall so request, execute and deliver
additional Receipts as in the case of a dividend in Shares, or call for the
surrender of outstanding Receipts to be exchanged for new Receipts specifically
describing such new Deposited Securities.

 

If requested in writing by the Company, upon the
occurrence of any such change, conversion or exchange covered by this
Section in respect of Deposited Securities, the Depositary shall give
notice thereof in writing to all Owners, at the Company’s expense.

 

Section 4.9.     Reports.

 

The
Depositary shall make available for inspection by Owners at its Corporate Trust
Office any reports and communications, including any proxy soliciting material,
received from the Company which are both (a) received by the Depositary or
the Custodian or the nominee of either as the holder of the Deposited
Securities and (b) made generally available to the holders of such
Deposited Securities by the Company. The Depositary shall also send to the
Owners copies of such reports and communications when furnished by the Company
pursuant to Section 5.6. Any such reports and communications, including
any such proxy soliciting material, furnished to the Depositary by the Company
shall be furnished in English, to the extent such materials are required to be
translated into English pursuant to any regulations of the Commission.

 

The Depositary will use reasonable business efforts to
furnish to the Custodian any information the Custodian may require in order to
perform its functions described hereunder.

 

29

 

Section 4.10.   Lists of Owners.

 

Promptly upon request by the Company, the Depositary
shall, at the expense of the Company, furnish to it a list, as of a recent
date, of the names, addresses and holdings of American Depositary Shares by all
persons in whose names Receipts are registered on the books of the Depositary
or any agent of the Depositary maintained for such purpose.

 

Section 4.11.  Withholding.

 

In
connection with any distribution to holders of Deposited Securities, the
Company will remit to the appropriate governmental authority or agency all
amounts (if any) required to be withheld by the Company and owing to such
authority or agency by the Company, and the Depositary or the Custodian,
respectively, will remit to the appropriate governmental authority or agency
all amounts (if any) required to be withheld by the Depositary or the
Custodian, respectively, and owing to such authority or agency by the
Depositary or the Custodian, respectively. In the event that the Depositary
determines that any distribution in property (including Shares and rights to
subscribe therefor) is subject to any tax or other governmental charge which
the Depositary is obligated to withhold, the Depositary may by public or
private sale dispose of all or a portion of such property (including Shares and
rights to subscribe therefor) in such amounts and in such manner as the
Depositary deems necessary and practicable to pay any such taxes or charges and
the Depositary shall distribute the net proceeds of any such sale after
deduction of such taxes or charges to the Owners entitled thereto in proportion
to the number of American Depositary Shares held by them respectively and the
Depositary shall distribute any unsold balance of such property in accordance
with the provisions of this Deposit Agreement.

 

30

 

ARTICLE 5.
THE DEPOSITARY,
THE CUSTODIANS AND THE COMPANY.

 

Section 5.1.    Maintenance of Office and Transfer Books
by the Depositary.

 

Until termination of this Deposit Agreement in
accordance with its terms, the Depositary shall maintain in the Borough of
Manhattan, The City of New York, facilities for the execution and delivery,
registration, registration of transfers and surrender of Receipts in accordance
with the provisions of this Deposit Agreement.

 

The Depositary shall keep books for the registration
of Receipts and transfers of Receipts which at all reasonable times shall be
open for inspection by the Owners, provided that such inspection shall not be
for the purpose of communicating with Owners in the interest of a business or
object other than the business of the Company or a matter related to this
Deposit Agreement or the Receipts.

 

The
Depositary may close the transfer books, at any time or from time to time, when
deemed expedient by it in connection with the performance of its duties
hereunder or at the written request of the Company. The Depositary will notify
the Company of any closure under the preceding sentence that is other than in
the ordinary course of business.

 

If any Receipts or the American Depositary Shares
evidenced thereby are listed on one or more stock exchanges in the United
States, the Depositary shall act as Registrar or appoint a Registrar or one or
more co-registrars for registry of such Receipts in accordance with any
requirements of such exchange or exchanges.

 

The Company shall have the right, at all reasonable
times, to inspect transfer and registration records of the Depositary, the
Registrar and any co-transfer agents or co-registrars and to require such
parties to supply copies of such portions of such records as the Company may
request.

 

31

 

Section 5.2.    Prevention or Delay in Performance by
the Depositary or the Company.

 

Neither
the Depositary nor the Company nor any of their directors, officers, employees
or agents shall incur any liability to any Owner or Beneficial Owner, if by
reason of any provision of any present or future law or regulation of the
United States, Chile or any other country, or of any stock exchange or
governmental or regulatory authority or, in the case of the Depositary or its
directors, officers, employees or agents, by reason of the Estatutos of the
Company or the Deposited Securities, or by reason of any provision of any
securities issued or distributed by the Company, or any offering or
distribution thereof, or by reason of any act of God or war or terrorism or
other circumstances beyond its control, the Depositary or the Company, or any
of their directors, officers, employees or agents, shall be prevented or
forbidden from, or be subject to any civil or criminal penalty on account of,
doing or performing any act or thing which by the terms of this Deposit
Agreement, the Company’s Estatutos or the Deposited Securities it is provided
shall be done or performed; nor shall the Depositary or the Company or any of
their directors, officers, employees or agents incur any liability to any Owner
or Beneficial Owner by reason of any non-performance or delay, caused as
aforesaid, in the performance of any act or thing which by the terms of this
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 this Deposit Agreement. Where, by the terms of a distribution pursuant to
Sections 4.1, 4.2, or 4.3 of the Deposit Agreement, or an offering or distribution
pursuant to Section 4.4 of the Deposit Agreement, or for any other reason,
such distribution or offering may not be made available to Owners, and the
Depositary may not dispose of such distribution or offering on behalf of such
Owners and make the net proceeds available to such Owners, then the Depositary
shall not make such distribution or offering, and shall allow any rights, if
applicable, to lapse.

 

 

32

 

Section 5.3.    Obligations of the Depositary, the
Custodian and the Company.

 

The Company assumes no obligation nor shall it be
subject to any liability under this Deposit Agreement to Owners or Beneficial
Owners, except that it agrees to perform its obligations specifically set forth
in this Deposit Agreement without negligence or bad faith.

 

The Depositary assumes no obligation nor shall it be
subject to any liability under this Deposit Agreement to any Owner or
Beneficial Owner (including, without limitation, liability with respect to the
validity or worth of the Deposited Securities), except that it agrees to
perform its obligations specifically set forth in this Deposit Agreement
without negligence or bad faith.

 

Neither the Depositary nor the Company shall be under
any obligation to appear in, prosecute or defend any action, suit or other
proceeding in respect of any Deposited Securities or in respect of the
Receipts, which in its opinion may involve it in expense or liability, unless
indemnity satisfactory to it against all expense and liability shall be
furnished as often as may be required, and the Custodian shall not be under any
obligation whatsoever with respect to such proceedings, the responsibility of
the Custodian being solely to the Depositary.

 

Neither
the Depositary nor the Company shall be liable for any action or nonaction by
it in reliance upon the advice of or information from legal counsel,
accountants, any person presenting Shares for deposit, any Owner or any other
person believed by it in good faith to be competent to give such advice or
information. Each of the Depositary and the Company may rely and shall be
protected in acting upon any written notice, request, direction or other
document believed by it in good faith to be genuine and to have been signed or
presented by the proper party or parties.

 

The Depositary shall not be liable for any acts or
omissions made by a successor depositary whether in connection with a previous
act or omission of the Depositary or in connection with any matter arising
wholly after the removal or

 

33

 

resignation of the
Depositary, provided that in connection with the issue out of which such
potential liability arises the Depositary performed its obligations without
negligence or bad faith while it acted as Depositary.

 

The Depositary shall not be responsible for any
failure to carry out any instructions to vote any of the Deposited Securities,
or for the manner in which any such vote is cast or the effect of any such
vote, provided that any such action or nonaction is without negligence and in
good faith.

 

No disclaimer of liability under the Securities Act of
1933 is intended by any provision of this Deposit Agreement.

 

Section 5.4.     Resignation and Removal of the
Depositary.

 

The
Depositary may at any time resign as Depositary hereunder by written notice of
its election so to do 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 written notice of such removal effective 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 use its best efforts to appoint a successor depositary, which
shall be a bank or trust company having an office in the Borough of Manhattan,
The City of New York. 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; but such predecessor, nevertheless,
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

 

34

 

rights and powers
of such predecessor hereunder, shall duly assign, transfer and deliver all
right, title and interest in the Deposited Securities to such successor, and
shall deliver to such successor a list of the Owners of all outstanding Receipts.
Any such successor depositary shall promptly mail notice of its appointment to
the Owners.

 

Any corporation into or with which the Depositary may
be merged or consolidated shall be the successor of the Depositary without the
execution or filing of any document or any further act.

 

Section 5.5.     The Custodian.

 

The
Custodian shall be subject at all times and in all respects to the directions
of the Depositary and shall be responsible solely to it. Any Custodian may
resign and be discharged from its duties hereunder by notice of such
resignation delivered to the Depositary at least thirty (30) days prior to the
date on which such resignation is to become effective. If upon such resignation
there shall be no Custodian acting hereunder, the Depositary shall, promptly
after receiving such notice, appoint a substitute custodian or custodians, each
of which shall thereafter be a Custodian hereunder. Whenever the Depositary in
its discretion determines that it is in the best interest of the Owners to do so,
it may appoint substitute or additional custodian or custodians, which shall
thereafter be one of the Custodians hereunder. Upon demand of the Depositary
any Custodian shall deliver such of the Deposited Securities held by it as are
requested of it to any other Custodian or such substitute or additional
custodian or custodians. Each such substitute or additional custodian shall
deliver to the Depositary and the Company, forthwith upon its appointment, an
acceptance of such appointment satisfactory in form and substance to the
Depositary.

 

Upon
the appointment of any successor depositary hereunder, each Custodian then
acting hereunder shall forthwith become, without any further act or writing,
the agent hereunder of such successor depositary and the appointment of such
successor depositary shall in no way impair the authority of each Custodian
hereunder;

 

35

 

but the successor
depositary so appointed shall, nevertheless, on the written request of any
Custodian, execute and deliver to such Custodian all such instruments as may be
proper to give to such Custodian full and complete power and authority as agent
hereunder of such successor depositary.

 

The Custodian shall undertake to provide to the SVS
and the Central Bank any information that, according to applicable regulations,
is relevant in connection with the custody, maintenance, deposit and
registration of the Shares and the rights that the Custodian exercises with
respect to Shares, according to the instructions of the Depositary.

 

Section 5.6.    Notices and Reports.

 

On or
before the first date on which the Company gives notice, by publication or
otherwise, of any meeting of holders of Shares or other Deposited Securities,
or of any adjourned meeting of such holders, or of the taking of any action in
respect of any cash or other distributions or the offering of any rights, the
Company agrees to transmit to the Depositary and the Custodian a copy of the
notice thereof in the form given or to be given to holders of Shares or other
Deposited Securities and a written English language version thereof.

 

The Company will arrange for the translation into
English, if not already in English, to the extent required pursuant to any
regulations of the Commission, and the prompt transmittal by the Company to the
Depositary and the Custodian of such notices and any other reports and
communications which are made generally available by the Company to holders of
its Shares. If requested in writing by the Company, the Depositary will arrange
for the mailing, at the Company’s expense, of copies of such notices, reports
and communications to all Owners. The Company will timely provide the
Depositary with the quantity of such notices, reports, and communications, as
reasonably requested by the Depositary from time to time, in order for the
Depositary to effect such mailings.

 

36

 

Section 5.7.    Distribution of Additional Shares,
Rights, etc.

 

The
Company agrees that in the event of any issuance or distribution of
(1) additional Shares, (2) rights to subscribe for Shares,
(3) securities convertible into Shares, or (4) rights to subscribe
for such securities, (each a “Distribution”) the Company will provide advance notice
to the Depositary of such Distribution and, if reasonably requested in writing
by the Depositary, will promptly furnish to the Depositary a written opinion
from U.S. counsel for the Company that is reasonably satisfactory to the
Depositary stating whether or not the Distribution requires a registration
statement under the Securities Act of 1933 to be in effect prior to making such
Distribution available to Owners entitled thereto. If in the opinion of such
counsel a registration statement is required, such counsel shall furnish to the
Depositary a written opinion as to whether or not there is a registration
statement in effect which will cover such Distribution.

 

In
the event that such registration under the Securities Act of 1933 would be
required in connection with any such Distribution, the Company shall have no
obligation to effect such registration.

 

The
Company agrees with the Depositary that neither the Company nor any company
controlled by, controlling or under common control with the Company will at any
time deposit any Shares, either originally issued or previously issued and
reacquired by the Company or any such affiliate, unless a registration
statement is in effect as to such Shares under the Securities Act of 1933.

 

Section 5.8.     Indemnification.

 

The Company agrees to indemnify the Depositary, its
directors, employees, agents and affiliates and any Custodian against, and hold
each of them harmless from, any liability or expense (including, but not
limited to, the reasonable fees and expenses of counsel) which may arise
(a) out of acts performed or omitted, in accordance with the provisions of
this Deposit Agreement or the Receipts as the same may be amended, modified or
supplemented from time to time, (i) by either the

 

37

 

Depositary or a Custodian
or their respective directors, employees, agents and affiliates, except for any
liability or expense arising out of the negligence or bad faith of either of
them, or (ii) by the Company or any of its directors, employees, agents
and affiliates; (b) out of or in connection with any offer or sale to the
public of the American Depositary Shares evidenced by Receipts or any
registration statement under the Securities Act of 1933 in respect thereof,
except to the extent such loss, liability, or expense is due to information (or
omissions from such information) relating to such indemnified person, furnished
in writing to the Company by such indemnified person expressly for use in a
registration statement under the Securities Act of 1933; or (c) out of or
in connection with any tax levied or asserted by Chile on the Depositary or a
Custodian (including without limiting the generality of the foregoing any tax
on a gain realized, or deemed to be realized, upon the withdrawal or sale of
Shares or other Deposited Securities, but excluding a tax on the Depositary’s
or Custodian’s overall net income) as a result of performing its functions
hereunder or in respect hereof. The indemnity in the foregoing clause
(c) is not intended to relieve any Owner of any liability it may have with
respect to such Chilean taxes. The indemnities contained in this paragraph
shall not extend to any liability or expense which may arise out of any
Pre-Release.

 

The
Depositary agrees to indemnify the Company, its directors, employees, agents
and affiliates against and hold them harmless from any liability or expense
(including, but not limited to, the reasonable fees and expenses of counsel)
which may arise out of acts performed or omitted by the Depositary or its
Custodian or their respective directors, employees, agents and affiliates due
to their negligence or bad faith.

 

If an
action, proceeding (including, but not limited to, any governmental
investigation), claim or dispute (collectively, a “Proceeding”) in respect of
which indemnity may be sought by either party is brought or asserted against
the other party, the party seeking indemnification (the “Indemnified Party”)
shall promptly (and in no event more than ten (10) days after receipt of
notice of such Proceeding) notify the party

 

38

 

obligated to provide such
indemnification (the “Indemnifying Party”) of such Proceeding. The failure of
the Indemnified Party to so notify the Indemnifying Party shall not impair the
Indemnified Party’s ability to seek indemnification from the Indemnifying Party
(but only for costs, expenses and liabilities incurred after such notice)
unless such failure adversely affects the Indemnifying Party’s ability to
adequately oppose or defend such Proceeding. Upon receipt of such notice from
the Indemnified Party, the Indemnifying Party shall be entitled to participate
in such Proceeding and, to the extent that it shall so desire and provided no
conflict of interest exists as specified in subparagraph (b) below or
there are no other defenses available to Indemnified Party as specified in
subparagraph (d) below, to assume the defense thereof with counsel
reasonably satisfactory to the Indemnified Party (in which case all attorney’s
fees and expenses shall be borne by the Indemnifying Party and the Indemnifying
Party shall in good faith defend the Indemnified Party). The Indemnified Party
shall have the right to employ separate counsel in any such Proceeding and to
participate in the defense thereof, but the fees and expenses of such counsel
shall be borne by the Indemnified Party unless (a) the Indemnifying Party
agrees in writing to pay such fees and expenses, (b) the Indemnified Party
shall have reasonably and in good faith concluded that there is a conflict of
interest between the Indemnifying Party and the Indemnified Party in the
conduct of the defense of such action, (c) the Indemnifying Party fails,
within ten (10) days prior to the date the first response or appearance is
required to be made in such Proceeding, to assume the defense of such
Proceeding with counsel reasonably satisfactory to the Indemnified Party or
(d) there are legal defenses available to Indemnified Party that are
different from or are in addition to those available to the Indemnifying Party.
No compromise or settlement of such Proceeding may be effected by either party
without the other party’s consent unless (i) there is no finding or
admission of any violation of law and no effect on any other claims that may be
made against such other party and (ii) the sole relief provided is
monetary damages that are paid in full by the party seeking the settlement.
Neither party shall have any liability with respect to any compromise or
settlement effected without its consent, which shall not be unreasonably
withheld. The Indemnifying Party shall have

 

39

 

no obligation to
indemnify and hold harmless the Indemnified Party from any loss, expense or
liability incurred by the Indemnified Party as a result of a default judgment
entered against the Indemnified Party unless such judgment was entered after
the Indemnifying Party agreed, in writing, to assume the defense of such
Proceeding.

 

The obligations set forth in this Section 5.08 shall
survive the termination of this Deposit Agreement and the succession or
substitution of any Indemnified Party.

 

Section 5.9.     Charges of Depositary.

 

The
Company agrees to pay the fees, reasonable expenses and out-of-pocket charges
of the Depositary and those of any Registrar only in accordance with agreements
in writing entered into between the Depositary and the Company from time to
time. The Depositary shall present its statement for such charges and expenses
to the Company once every three months. The charges and expenses of the
Custodian are for the sole account of the Depositary.

 

The following charges shall be incurred by any party
depositing or withdrawing Shares or by any party surrendering Receipts or to
whom Receipts are issued (including, without limitation, issuance pursuant to a
stock dividend or stock split declared by the Company or an exchange of stock
regarding the Receipts or Deposited Securities or a distribution of Receipts
pursuant to Section 4.3), whichever applicable: (1) taxes and other
governmental charges (except as provided in Section 5.8), (2) such
registration fees as may from time to time be in effect for the registration of
transfers of Shares generally on the Share register of the Company or Foreign
Registrar and applicable to transfers of Shares to the name of the Depositary
or its nominee or the Custodian or its nominee on the making of deposits or
withdrawals hereunder, (3) such cable, telex and facsimile transmission
expenses as are expressly provided in this Deposit Agreement, (4) such
expenses as are incurred by the Depositary in the conversion of foreign
currency pursuant to Section 4.5, (5) a fee of $5.00 or less per 100
American Depositary Shares (or portion thereof) for the execution and delivery
of Receipts pursuant

 

40

 

to Section 2.3, 4.3
or 4.4 and the surrender of Receipts pursuant to Section 2.5 or 6.2,
(6) a fee for, and deduct such fee from, the distribution of proceeds of
sales of securities or rights pursuant to Sections 4.2 or 4.4, respectively,
such fee being in an amount equal to the fee for the issuance of American
Depositary Shares referred to above which would have been charged as a result
of the deposit by Owners of securities (for purposes of this clause 6 treating
all such securities as if they were Shares) or Shares received in exercise of
rights distributed to them pursuant to Sections 4.2 or 4.4, respectively, but
which securities or rights are instead sold by the Depositary and the net
proceeds distributed.

 

The Depositary, subject to Section 2.9 hereof,
may own and deal in any class of securities of the Company and its affiliates
and in Receipts.

 

Section 5.10.   Retention of Depositary Documents.

 

The Depositary is authorized to destroy those documents,
records, bills and other data compiled during the term of this Deposit
Agreement at the times permitted by the laws or regulations governing the
Depositary unless the Company requests that such papers be retained for a
longer period or turned over to the Company or to a successor depositary.

 

Section 5.11.   Exclusivity.

 

The Company agrees not to appoint any other depositary
for issuance of American Depositary Receipts so long as The Bank of New York is
acting as Depositary hereunder.

 

ARTICLE 6.
AMENDMENT AND
TERMINATION.

 

Section 6.1.    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. Any

 

41

 

amendment which shall
impose or increase any fees or charges (other than taxes and other governmental
charges, registration fees, cable, telex or facsimile transmission costs,
delivery costs or other such expenses), or which shall otherwise prejudice any
substantial existing right of Owners, shall, however, not become effective as
to outstanding Receipts until the expiration of thirty (30) days after notice
of such amendment shall have been given to the Owners of outstanding Receipts.
Every Owner and Beneficial Owner at the time any amendment so becomes effective
shall be deemed, by continuing to hold such Receipt or beneficial interest
therein, to consent and agree to such amendment and to be bound by the Deposit
Agreement as amended thereby. In no event shall any amendment impair the right
of the Owner of any Receipt to surrender such Receipt and receive therefor the
Deposited Securities represented thereby, except in order to comply with
mandatory provisions of applicable law.

 

Section 6.2.     Termination.

 

The Depositary shall at any time at the direction of
the Company, terminate this Deposit Agreement by mailing notice of such
termination to the Owners of all Receipts then outstanding at least sixty (60)
days prior to the date fixed in such notice for such termination. The
Depositary may likewise terminate this Deposit Agreement by mailing notice of
such termination to the Company and the Owners of all Receipts then outstanding
if at any time ninety (90) days shall have expired after the Depositary shall
have delivered to the Company a written notice of its election to resign and a
successor depositary shall not have been appointed and accepted its appointment
as provided in Section 5.4. On and after the date of termination, the
Owner of a Receipt will, upon (a) surrender of such Receipt at the
Corporate Trust Office of the Depositary, (b) payment of the fee of the
Depositary for the surrender of Receipts referred to in Section 2.5, and
(c) payment of any applicable taxes or governmental charges, be entitled
to delivery, to him or upon his order, of the amount of Deposited Securities
represented by the American Depositary Shares evidenced by such Receipt. If any
Receipts shall remain outstanding after the date of termination, the Depositary
thereafter shall discontinue the registration of

 

42

 

transfers of Receipts,
shall suspend the distribution of dividends to the Owners thereof, and shall
not give any further notices or perform any further acts under this Deposit
Agreement, except that the Depositary shall continue to collect dividends and
other distributions pertaining to Deposited Securities, shall sell property and
rights as provided in this Deposit Agreement, and shall continue to deliver
Deposited Securities, together with any dividends or other distributions
received with respect thereto and the net proceeds of the sale of any rights or
other property, in exchange for Receipts surrendered to the Depositary (after
deducting, in each case, the fee of the Depositary for the surrender of a
Receipt, any expenses for the account of the Owner of such Receipt in
accordance with the terms and conditions of this Deposit Agreement, and any
applicable taxes or governmental charges). At any time after the expiration of
one year from the date of termination, the Depositary may sell the Deposited
Securities then held hereunder and may thereafter hold uninvested the net
proceeds of any such sale, together with any other cash then held by it
hereunder, unsegregated and without liability for interest, for the pro rata
benefit of the Owners of Receipts which have not theretofore been surrendered,
such Owners thereupon becoming general creditors of the Depositary with respect
to such net proceeds. After making such sale, the Depositary shall be
discharged from all obligations under this Deposit Agreement, except to account
for such net proceeds and other cash (after deducting, in each case, the fee of
the Depositary for the surrender of a Receipt, any expenses for the account of
the Owner of such Receipt in accordance with the terms and conditions of this
Deposit Agreement, and any applicable taxes or governmental charges) and for
its obligations under Section 5.8. 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 under Sections
5.8 and 5.9 hereof.

 

43

 

ARTICLE 7. MISCELLANEOUS.

 

Section 7.1.     Counterparts.

 

This Deposit Agreement may be executed in any number
of counterparts, each of which shall be deemed an original and all of such
counterparts shall constitute one and the same instrument. Copies of this
Deposit Agreement shall be filed with the Depositary and the Custodians and
shall be open to inspection by any Beneficial Owner or Owner of a Receipt
during business hours.

 

Section 7.2.    No Third Party Beneficiaries.

 

This Deposit Agreement is for the exclusive benefit of
the parties hereto and shall not be deemed to give any legal or equitable
right, remedy or claim whatsoever to any other person.

 

Section 7.3.     Severability.

 

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 7.4.    Beneficial Owners and Owners as Parties;
Binding Effect.

 

The Beneficial Owners and Owners 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 thereof or any
beneficial interest therein.

 

Section 7.5.    Notices.

 

Any
and all notices to be given to the Company shall be deemed to have been duly
given if personally delivered or sent by mail or cable, telex or facsimile
transmission confirmed by letter, addressed to Terranova S.A., Av. Apoquindo
No. 3650

 

44

 

piso 10, Las
Condes, Santiago, Chile, Attention:
                              ,
or any other place to which the Company may have transferred its principal
office.

 

Any and all notices to be given to the Depositary
shall be deemed to have been duly given if in English and personally delivered
or sent by mail or cable, telex or facsimile transmission confirmed by letter,
addressed to The Bank of New York, 101 Barclay Street, New York, New York
10286, Attention: American Depositary Receipt Administration, or any other
place to which the Depositary may have transferred its Corporate Trust Office.

 

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

 

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

 

Section 7.6.     Submission to Jurisdiction; Appointment
of Agent for Service of Process.

 

The
Company hereby (i) irrevocably designates and appoints Terranova Forest
Products, Inc., 2440 Clements Ferry Road, Wando, in the State of South
Carolina, as the Company’s authorized agent upon which process may be served in
any suit or proceeding arising out of or relating to the Shares or Deposited
Securities, the American

 

45

 

Depositary Shares, the
Receipts or this Deposit Agreement, (ii) consents and submits to the
jurisdiction of any state or federal court in the Borough of Manhattan, the
City of New York, in the State of New York in which any such suit or proceeding
may be instituted, and (iii) agrees that service of process upon said
authorized agent shall be deemed in every respect effective service of process
upon the Company in any such suit or proceeding. The Company agrees to deliver,
upon the execution and delivery of this Deposit Agreement, a written acceptance
by such agent of its appointment as such agent. The Company further agrees to
take any and all action, including the filing of any and all such documents and
instruments, as may be necessary to continue such designation and appointment
in full force and effect for so long as any American Depositary Shares or
Receipts remain outstanding or this Agreement remains in force. If for any
reason such agent hereunder shall cease to be available to act as such, the
Company agrees to designate a new agent in the United States on the terms and
for the purpose of this section reasonably satisfactory to the Depositary.
In the event the Company fails to continue such designation and appointment in
full force and effect, the Company hereby waives personal service of process
upon it and consents that any such service of process may be made by certified
or registered mail, return receipt requested, directed to the Company at its
address last specified for notices hereunder, and service so made shall be
deemed completed ten (10) days after the same shall have been so mailed.

 

Section 7.7.     Waiver of Immunities.

 

To the extent that the Company or any of its
properties, assets or revenues may have or may hereafter become entitled to, or
have attributed to it, any right of immunity, on the grounds of sovereignty or
otherwise, from any legal action, suit or proceeding, from the giving of any
relief in any respect thereof, from setoff or counterclaim, from the
jurisdiction of any court as provided in Section 7.6, from service of
process, from attachment upon or prior to judgment, from attachment in aid of
execution or judgment, or from execution of judgment, or other legal process or
proceeding for the giving of any relief or for the enforcement of any judgment,
in any

 

46

 

jurisdiction in
which proceedings may at any time be commenced, with respect to its
obligations, liabilities or any other matter under or arising out of or in
connection with the Shares or Deposited Securities, the American Depositary
Shares, the Receipts or this Agreement to the extent provided in
Section 7.6, the Company, to the fullest extent permitted by law, hereby
irrevocably and unconditionally waives, and agrees not to plead or claim, any
such immunity and consents to such relief and enforcement.

 

Section 7.8.    Governing Law.

 

This Deposit Agreement and the Receipts shall be
interpreted and all rights hereunder and thereunder and provisions hereof and
thereof shall be governed by the laws of the State of New York.

 

47

 

IN
WITNESS WHEREOF, TERRANOVA S.A. and THE BANK OF NEW YORK have duly executed
this agreement as of the day and year first set forth above and all Owners and
Beneficial Owners shall become parties hereto upon acceptance by them of
Receipts issued in accordance with the terms hereof or upon acquisition of any
beneficial interest therein.

 

	
   

  	
  TERRANOVA S.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK,
  as

  
	
   

  	
  Depositary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Hernan F. Rodriguez

  	
   

  
	
   

  	
   

  	
  Name: Hernan F.
  Rodriguez

  
	
   

  	
   

  	
  Title:   Vice President

  

 

48

 

IN
WITNESS WHEREOF, TERRANOVA S.A. and THE BANK OF NEW YORK have duly executed
this agreement as of the day and year first set forth above and all Owners and
Beneficial Owners shall become parties hereto upon acceptance by them of
Receipts issued in accordance with the terms hereof or upon acquisition of any
beneficial interest therein.

 

	
   

  	
  TERRANOVA S.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricio Reyes
  Urrutia

  	
   

  
	
   

  	
   

  	
  Name: PATRICIO REYES
  URRUTIA

  
	
   

  	
   

  	
  Title: GENERAL COUNSEL

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK,
  as

  
	
   

  	
  Depositary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

49

 

EXHIBIT A

 

	
   

  	
  AMERICAN DEPOSITARY
  SHARES

  
	
   

  	
  (Each American
  Depositary Share

  
	
   

  	
  represents fifty
  Deposited Shares)

  

 

THE
BANK OF NEW YORK

AMERICAN
DEPOSITARY RECEIPT

FOR
COMMON STOCK WITHOUT NOMINAL (PAR) VALUE OF

TERRANOVA
S.A.

(INCORPORATED
UNDER THE LAWS OF THE REPUBLIC OF CHILE)

 

The
Bank of New York as depositary (hereinafter called the “Depositary”), hereby
certifies
that                                ,
or registered assigns IS THE OWNER OF
                                          

 

AMERICAN DEPOSITARY
SHARES representing deposited common stock without nominal (par) value (herein
called “Shares”) of Terranova S.A. (herein called the “Company”), incorporated
under the laws of the Republic of Chile (“Chile”). At the date hereof, each
American Depositary Share represents fifty Shares deposited or subject to
deposit under the Deposit Agreement (as such term is hereinafter defined) at
the Santiago, Chile office of Banco Santander-Chile (herein called the
“Custodian”). The Depositary’s Corporate Trust Office is located at a different
address than its principal executive office. Its Corporate Trust Office is
located at 101 Barclay Street, New York, N.Y. 10286, and its principal
executive office is located at One Wall Street, New York, NY. 10286.

 

THE
DEPOSITARY’S CORPORATE TRUST OFFICE ADDRESS IS

101
BARCLAY STREET, NEW YORK, N.Y. 10286

 

 

1.                                       THE DEPOSIT AGREEMENT.

 

This
American Depositary Receipt is one of an issue (herein called “Receipts”), all
issued and to be issued upon the terms and conditions set forth in the deposit
agreement, dated as of March 24, 2005 (herein called the “Deposit
Agreement”), by and among the Company, the Depositary, and all Owners and
Beneficial Owners from time to time of Receipts issued thereunder, each of whom
by accepting a Receipt agrees to become a party thereto and become bound by all
the terms and conditions thereof. The Deposit Agreement sets forth the rights
of Owners and Beneficial Owners and the rights and duties of the Depositary in
respect of the Shares deposited thereunder and any and all other securities, property
and cash from time to time received in respect of such Shares and held
thereunder (such Shares, securities, property, and cash are herein called
“Deposited Securities”). Copies of the Deposit Agreement are on file at the
Depositary’s Corporate Trust Office in New York City and at the office of the
Custodian.

 

The
statements made on the face and reverse of this Receipt are summaries of
certain provisions of the Deposit Agreement and are qualified by and subject to
the detailed provisions of the Deposit Agreement to which reference is hereby
made. Capitalized terms defined in the Deposit Agreement and not defined herein
shall have the meanings set forth in the Deposit Agreement.

 

2.             SURRENDER OF RECEIPTS AND
WITHDRAWAL OF SHARES.

 

Upon
surrender at the Corporate Trust Office of the Depositary of this Receipt, and
upon payment of the fee of the Depositary provided in this Receipt and payment
of all taxes and governmental charges payable in connection with such surrender
and withdrawal of the Deposited Securities and upon delivery of any
certifications required under the laws of Chile and the regulations of the
Central Bank of Chile (hereinafter called the “Central Bank”), if applicable,
and subject to the terms and conditions of the Deposit Agreement, the Estatutos
of the Company and the Deposited Securities, the Owner hereof is entitled to
delivery, to him or upon his order, of the Deposited Securities at the time
represented by the American Depositary Shares for which this Receipt is issued.
Delivery of such Deposited Securities may be made by the delivery of
(a) Shares in the name of the Owner hereof or as ordered by him or
certificates properly endorsed or accompanied by proper instruments of transfer
and (b) any other securities, property and cash to which such Owner is
then entitled in respect of this Receipt. Simultaneously with the delivery of
Deposited Securities to the Owner or its designee, the Custodian and/or the
Depositary, pursuant to Chapter XIV of the Compendium of Foreign Exchange
Regulations of the Central Bank, will inform the Central Bank that the
Deposited Securities have been transferred to the Owner or its designee by the
Depositary. Such delivery will be made at the option of the Owner hereof,
either at the office of the Custodian or at the Corporate Trust Office of the
Depositary, provided that the forwarding of certificates for Shares or other
Deposited Securities for such delivery at the Corporate Trust Office of the
Depositary shall be at the risk and expense of the Owner hereof. Neither the
Depositary nor the Custodian shall deliver Shares, by physical delivery,
book-entry or otherwise (other than to the Company or its agent as

 

2

 

contemplated by
Section 4.8 of the Deposit Agreement), or otherwise permit Shares to be
withdrawn from the facility created hereby, except upon the surrender and
cancellation of Receipts.

 

3.                                       TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF
RECEIPTS.

 

The transfer of this
Receipt is registrable on the books of the Depositary at its Corporate Trust
Office by the Owner hereof in person or by a duly authorized attorney, upon
surrender of this Receipt properly endorsed for transfer or accompanied by
proper instruments of transfer and funds sufficient to pay any applicable
transfer taxes and the expenses of the Depositary and upon compliance with such
regulations, if any, as the Depositary may establish for such purpose. This
Receipt may be split into other such Receipts, or may be combined with other
such Receipts into one Receipt, evidencing the same aggregate number of
American Depositary Shares and the same rights to distributions with respect
thereto as those evidenced by the Receipt or Receipts surrendered. As a
condition precedent to the execution and delivery, registration of transfer,
split-up, combination, or surrender of any Receipt or withdrawal of any
Deposited Securities, the Depositary, Company, Custodian, or Registrar may
require (a) payment from the depositor of the Shares or the presentor of
the Receipt of a sum sufficient to reimburse it for any tax or other
governmental charge and any stock transfer or registration fee with respect
thereto (including any such tax or charge and fee with respect to Shares being
deposited or withdrawn) and payment of any applicable fees as provided in this
Receipt, (b) the production of proof satisfactory to it as to the identity
and genuineness of any signature and may also require compliance with any
regulations the Depositary and the Company may establish consistent with the
provisions of the Deposit Agreement or this Receipt, including, without
limitation, this Article 3, and may also require compliance with any laws
or governmental regulations relating to the Receipts or to the withdrawal of
Deposited Securities as may be established by any governmental authority in
Chile or the United States or the Central Bank or the Superintendencia de
Valores y Seguros of Chile (hereinafter called the “SVS”).

 

The delivery of Receipts
against deposits of Shares generally or against deposits of particular Shares
may be suspended, or the transfer of Receipts in particular instances may be
refused, or the registration of transfer of outstanding Receipts generally may
be suspended, during any period when the transfer books of the Depositary are
closed, or if any such action is deemed necessary or advisable by 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 or this Receipt, or for any other
reason, subject to the provisions of the following sentence. The surrender of
outstanding Receipts and withdrawal of Deposited Securities may not be
suspended subject only to (i) temporary delays caused by closing the
transfer books of the Depositary or the Company or the deposit of Shares in
connection with voting at a shareholders’ meeting, or the payment of dividends,
(ii) the payment of fees, taxes and other charges as contemplated in the
Deposit Agreement, and (iii) compliance with any U.S. or foreign laws or
governmental regulations relating to the Receipts or to the

 

3

 

withdrawal of the
Deposited Securities. If in the opinion of the Depositary there is a reasonable
possibility that a fee, tax or other charge of the sort referred to in
Section 3.2 of the Deposit Agreement will become payable by, or be
assessed against, the Depositary or the Custodian following the delivery,
transfer or surrender of Receipts or withdrawal of Shares or other Deposited
Securities, the Depositary may, in its discretion and as a condition precedent
to the consummation of any such transaction, require the Owner to give the
Depositary an indemnity bond in such form and amount and with such surety as it
may accept as reasonably sufficient to indemnify it against such potential
liabilities. Without limitation of the foregoing, the Depositary shall not
knowingly accept for deposit under the Deposit Agreement any Shares required to
be registered under the provisions of the Securities Act of 1933, unless a
registration statement is in effect as to such Shares.

 

4.                                       LIABILITY OF OWNER FOR TAXES.

 

If any tax or other
governmental charge shall become payable with respect to any Receipt, any
American Depositary Shares, any Shares or any Deposited Securities, including
without limiting the generality of the foregoing any Chilean tax on a gain
realized, or deemed to be realized, upon the withdrawal or sale of Shares or
other Deposited Securities, such tax or other governmental charge shall be
payable by the Owner hereof to the Depositary, who shall pay the amount thereof
to the Depositary upon demand. The Depositary may (and at the request of the
Company shall) refuse to effect any transfer of this Receipt or any withdrawal
of Deposited Securities represented by American Depositary Shares evidenced by
such Receipt until such payment is made, and may withhold any dividends or
other distributions, or may sell for the account of the Owner hereof any part
or all of the Deposited Securities represented by the American Depositary
Shares evidenced by this Receipt, and may apply such dividends or other
distributions or the proceeds of any such sale in payment of such tax or other
governmental charge and the Owner hereof shall remain liable for any
deficiency.

 

5.                                       WARRANTIES OF DEPOSITORS.

 

Every person depositing
Shares under this Deposit Agreement shall be deemed thereby to represent and
warrant that such Shares and each certificate therefore are validly issued,
fully paid, nonassessable and were not issued in violation of any preemptive or
similar rights of the holders of outstanding Shares, that the person making
such deposit is duly authorized to do so and that the deposit of such Shares is
not prohibited or restricted by Chilean law. Every such person shall also be
deemed to represent that such Shares are not, and American Depositary Shares
representing such Shares would not be, Restricted Securities. Such
representations and warranties shall survive the deposit of Shares and delivery
of Receipts.

 

6.                                       FILING PROOFS, CERTIFICATES, AND OTHER
INFORMATION.

 

Any person presenting
Shares for deposit or any Owner of a Receipt may be required from time to time
to file with the Depositary or the Custodian such proof of citizenship or
residence, exchange control approval, payment of all applicable Chilean

 

4

 

taxes or other
governmental charges, or such information relating to the registration on the
books of the Company or the Foreign Registrar, if applicable, to execute such
certificates and to make such representations and warranties, as the Depositary
or the Company may deem necessary or proper. The Depositary may (and at the
request of the Company shall) withhold the delivery or registration of transfer
of any Receipt or the distribution of any dividend or sale or distribution of
rights or of the proceeds thereof or the delivery of any Deposited Securities
until such proof or other information is filed or such certificates are
executed or such representations and warranties made. The Depositary shall
provide to the Company, promptly upon the Company’s written request, copies of
any such proofs of citizenship or residence or other information referred to
above. The Company may from time to time request Owners to provide information
as to the capacity in which such Owners own Receipts and regarding the identity
of any other persons then interested in such receipts and the nature of such
interest. Each Owner agrees to provide any information reasonably requested by
the Company or the Depositary pursuant to this section. No Shares shall be
accepted for deposit unless accompanied by evidence satisfactory to the
Depositary that any approval, if required, has been granted by any governmental
body in Chile that is then performing the function of the regulation of
currency exchange.

 

If
the person proposing to deposit Shares is not domiciled or resident in Chile,
the Custodian shall not accept those Shares unless it receives from or on
behalf of that person sufficient evidence that the Shares were purchased in
full compliance with the foreign exchange regulations applicable to investments
in Chile (either Chapter XIV of the Compendium of Foreign Exchange Regulations
of the Central Bank or Decree Law 600 of 1974, as amended, and related
agreements with the Foreign Investment Committee) and, if applicable, an
instrument whereby that person assigns and transfers to the Depositary any
rights it may have under Chilean regulations relating to currency exchange.
Pursuant to Chapter XIV of the Compendium of Foreign Exchange Regulations of
the Central Bank, the Custodian and/or the Depositary shall give notice to the
Central Bank that the Shares have been deposited in exchange of Receipts.

 

7.                                       CHARGES OF DEPOSITARY.

 

The Company agrees to pay
the fees, reasonable expenses and out-of-pocket charges of the Depositary and
those of any Registrar only in accordance with agreements in writing entered
into between the Depositary and the Company from time to time. The Depositary
shall present its statement for such charges and expenses to the Company once
every three months. The charges and expenses of the Custodian are for the sole
account of the Depositary.

 

The following charges
shall be incurred by any party depositing or withdrawing Shares or by any party
surrendering Receipts or to whom Receipts are issued (including, without
limitation, issuance pursuant to a stock dividend or stock split declared by
the Company or an exchange of stock regarding the Receipts or Deposited
Securities or a distribution of Receipts pursuant to Section 4.3 of the
Deposit Agreement), whichever

 

5

 

applicable: (1) taxes and other governmental
charges (except as provided in Section 5.8 of the Deposit Agreement,
(2) such registration fees as may from time to time be in effect for the
registration of transfers of Shares generally on the Share register of the
Company or Foreign Registrar and applicable to transfers of Shares to the name
of the Depositary or its nominee or the Custodian or its nominee on the making
of deposits or withdrawals under the terms of the Deposit Agreement,
(3) such cable, telex and facsimile transmission expenses as are expressly
provided in the Deposit Agreement, (4) such expenses as are incurred by
the Depositary in the conversion of foreign currency pursuant to
Section 4.5 of the Deposit Agreement, (5) a fee of $5.00 or less per
100 American Depositary Shares (or portion thereof) for the execution and
delivery of Receipts pursuant to Section 2.3, 4.3 or 4.4 of the Deposit
Agreement and the surrender of Receipts pursuant to Section 2.5 or 6.2 of
the Deposit Agreement and (6) a fee for, and deduct such fee from, the
distribution of proceeds of sales of securities or rights pursuant to Sections
4.2 or 4.4 of the Deposit Agreement, respectively, such fee being in an amount
equal to the fee for the issuance of American Depositary Shares referred to
above which would have been charged as a result of the deposit by Owners of
securities (for purposes of this clause 6 treating all such securities as if
they were Shares) or Shares received in exercise of rights distributed to them
pursuant to Sections 4.2 or 4.4 of the Deposit Agreement, respectively, but which
securities or rights are instead sold by the Depositary and the net proceeds
distributed.

 

The Depositary, subject
to Article 8 hereof, may own and deal in any class of securities of the
Company and its affiliates and in Receipts.

 

8.                                       PRE-RELEASE OF RECEIPTS.

 

Unless requested by the
Company to cease doing so, the Depositary may, notwithstanding Section 2.3
of the Deposit Agreement, execute and deliver Receipts prior to the receipt of
Shares pursuant to Section 2.2 of the Deposit Agreement (“Pre-Release”).
The Depositary may, pursuant to Section 2.5 of the Deposit Agreement,
deliver Shares upon the receipt and cancellation of Receipts which have been
Pre-Released, whether or not such cancellation is prior to the termination of
such Pre-Release or the Depositary knows that such Receipt has been
Pre-Released. The Depositary may receive Receipts in lieu of Shares in
satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or
accompanied by a written representation from the person to whom Receipts are to
be delivered that such person, or its customer, (i) owns the Shares or
Receipts to be remitted, as the case may be, (ii) assigns all beneficial
right, title and interest in such Shares to the Depositary for the benefit of
the Owners, and (iii) agrees in effect to hold such Shares for the account
of the Depositary until delivery of the same upon the Depositary’s request,
(b) at all times fully collateralized (such collateral marked to market
daily) with cash, U.S. Government securities or such other collateral as the
Depositary determines, in good faith, will provide substantially similar
liquidity and security, (c) terminable by the Depositary on not more than
five (5) business days notice, and (d) subject to such further
indemnities and credit regulations as the Depositary deems appropriate. The
number of American Depositary Shares which are outstanding at any

 

6

 

time as a result of Pre-Releases will not normally
exceed thirty percent (30%) of the Shares deposited under the Deposit
Agreement; provided, however, that the Depositary reserves the right to change
or disregard such limit from time to time as it reasonably deems appropriate
and may, with the prior written consent of the Company, change such limit for
purposes of general application. The Depositary will also set limits with
respect to the number of Pre-Released Receipts involved in transactions to be
done hereunder with any one person on a case by case basis as it deems
appropriate. The collateral referred to in clause (b) above shall be held
by the Depositary for the benefit of the holders as security for the
performance of the obligations to deliver Shares set forth in clause
(a) above (and shall not, for the avoidance of doubt, constitute Deposited
Securities hereunder).

 

The Depositary may retain
for its own account any compensation received by it in connection with the
foregoing.

 

9.                                       TITLE TO RECEIPTS.

 

It is a condition of this
Receipt and every successive Beneficial Owner and Owner by accepting or holding
the same consents and agrees, that title to this Receipt when properly endorsed
or accompanied by proper instruments of transfer, is transferable by delivery
with the same effect as in the case of a negotiable instrument, provided,
however, that the Company and the Depositary, notwithstanding any notice to the
contrary, may treat the person in whose name this Receipt is registered on the
books of the Depositary as the absolute owner hereof for the purpose of
determining the person entitled to distribution of dividends or other
distributions or to any notice provided for in the Deposit Agreement or for all
other purposes and neither the Company nor the Depositary shall have any
obligation or be subject to any liability under the Deposit Agreement to any
Beneficial Owner of this Receipt unless such Beneficial Owner is the Owner
hereof.

 

10.                                 VALIDITY OF RECEIPT.

 

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 executed by the Depositary
by the manual or facsimile signature of a duly authorized signatory of the
Depositary and, if a Registrar for the Receipts shall have been appointed,
countersigned by the manual or facsimile signature of a duly authorized officer
of the Registrar.

 

11.                                 REPORTS; INSPECTION OF TRANSFER BOOKS.

 

The Company is subject to
the periodic reporting requirements of the Securities Exchange Act of 1934 and
accordingly files certain reports with the Securities and Exchange Commission.
Such reports and communications will be available for inspection and copying by
Beneficial Owners and Owners at the public reference facilities maintained by
the Securities and Exchange Commission located at 450 Fifth Street, N.W.,
Washington, D.C. 20549.

 

7

 

The Depositary will make
available for inspection by Owners of Receipts at its Corporate Trust Office
any reports and communications, including any proxy soliciting material,
received from the Company which are both (a) received by the Depositary or
the Custodian or the nominee of either as the holder of the Deposited
Securities and (b) made generally available to the holders of such
Deposited Securities by the Company. The Depositary will also send to Owners
copies of such reports and communications when furnished by the Company
pursuant to Section 5.6 of the Deposit Agreement. Any such reports and
communications, including any such proxy soliciting material, furnished to the
Depositary by the Company shall be furnished in English to the extent such
materials are required to be translated into English pursuant to any
regulations of the Commission.

 

The Depositary will keep
books for the registration of Receipts and transfers of Receipts which at all
reasonable times shall be open for inspection by the Owners of Receipts
provided that such inspection shall not be for the purpose of communicating
with Owners of Receipts in the interest of a business or object other than the
business of the Company or a matter related to the Deposit Agreement or the
Receipts.

 

12.                                 DIVIDENDS AND DISTRIBUTIONS.

 

Whenever the Depositary
or the Custodian receives any cash dividend or other cash distribution on any
Deposited Securities, the Depositary will as promptly as practicable, if at the
time of receipt thereof any amounts received in a foreign currency can in the
judgment of the Depositary be converted on a reasonable basis into United
States dollars transferable to the United States, and subject to the Deposit Agreement,
convert such dividend or distribution into dollars and will as promptly as
practicable distribute the amount thus received (net of the expenses of the
Depositary as provided in Article 7 hereof and Section 5.9 of the
Deposit Agreement) to the Owners of Receipts entitled thereto in proportion to
the number of American Depositary Shares representing such Deposited securities
held by them respectively, provided, however, that the Depositary shall make
appropriate adjustments in the amounts so distributed in respect of
(a) any such Deposited Securities being not entitled, by reason of date of
issuance or otherwise, to receive all or any portion of such distribution or
(b) any amounts (i) withheld or required to be withheld by the Company,
the Custodian or the Depositary from any such distribution pursuant to
Section 3.2 of the Deposit Agreement or otherwise on account of taxes or
other governmental charges, or (ii) charged by the Depositary in the
conversion of foreign currency into Dollars pursuant to Section 4.5 of the
Deposit Agreement.

 

Subject to the provisions
of Sections 4.11 and 5.9 of the Deposit Agreement, whenever the Depositary
receives any distribution other than a distribution described in Sections 4.1,
4.3 or 4.4 of the Deposit Agreement, the Depositary will as promptly as
practicable, after consultation with the Company, cause the securities or
property received by it to be distributed to the Owners of Receipts entitled
thereto in proportion to the number of American Depositary Shares representing
such Deposited securities held

 

8

 

by them respectively, in any manner that the
Depositary may deem equitable and practicable for accomplishing such
distribution; provided, however, that if in the opinion of the Depositary such
distribution cannot be made proportionately among the Owners of Receipts
entitled thereto, or if for any other reason the Depositary deems such
distribution not to be feasible, the Depositary may adopt such method as it may
deem equitable and practicable for the purpose of effecting such distribution,
including, but not limited to, the public or private sale of the securities or
property thus received, or any part thereof, and the net proceeds of any such
sale (net of the fees of the Depositary as provided in Article 7 hereof
and Section 5.9 of the Deposit Agreement) shall be distributed by the
Depositary to the Owners of Receipts entitled thereto as in the case of a
distribution received in cash.

 

If any distribution
consists of a dividend in, or free distribution of, Shares, the Depositary may,
after consultation with the Company, and shall, if the Company shall so
request, distribute as promptly as practicable to the Owners of outstanding
Receipts entitled thereto in proportion to the number of American Depositary
Shares representing such Deposited securities held by them respectively,
additional Receipts evidencing an aggregate number of American Depositary
Shares representing the amount of Shares received as such dividend or free
distribution, subject to the terms and conditions of the Deposit Agreement with
respect to the deposit of Shares and the issuance of American Depositary Shares
evidenced by Receipts, including the withholding of any tax or other
governmental charge as provided in Section 4.11 of the Deposit Agreement
and the payment of the fees of the Depositary as provided in Article 7
hereof and Section 5.9 of the Deposit Agreement. In lieu of delivering
Receipts for fractional American Depositary Shares in any such case, the
Depositary will sell the amount of Shares represented by the aggregate of such
fractions and distribute the net proceeds, all in the manner and subject to the
conditions set forth in Section 4.1 of the Deposit Agreement. If
additional Receipts are not so distributed, each American Depositary Share
shall thenceforth also represent the additional Shares distributed upon the
Deposited Securities represented thereby.

 

In connection with any
distribution to holders of Deposited Securities, the Company will remit to the
appropriate governmental authority or agency all amounts (if any) required to
be withheld by the Company and owing to such authority or agency by the
Company, and the Depositary or the Custodian, respectively, will remit to the
appropriate governmental authority or agency all amounts (if any) required to
be withheld by the Depositary or the Custodian, respectively, and owing to such
authority or agency by the Depositary or the Custodian, respectively. In the
event that the Depositary determines that any distribution in property
(including Shares and rights to subscribe therefor) is subject to any tax or
other governmental charge which the Depositary is obligated to withhold, the
Depositary may by public or private sale dispose of all or a portion of such
property (including Shares and rights to subscribe therefor) in such amounts
and in such manner as the Depositary deems necessary and practicable to pay any
such taxes or charges, and the Depositary shall distribute the net proceeds of
any

 

9

 

such sale after deduction of such taxes or charges to
the Owners of Receipts entitled thereto in proportion to the number of American
Depositary Shares held by them respectively, and the Depositary shall distribute
any unsold balance of such property in accordance with the provisions of the
Deposit Agreement.

 

13.                                 RIGHTS.

 

In the event that the
Company shall offer or cause to be offered to the holders of any Deposited
Securities any rights to subscribe for additional Shares or any rights of any
other nature, the Depositary shall, after consultation with the Company, have
discretion as to the procedure to be followed in making such rights available
to any Owners or in disposing of such rights on behalf of any Owners and making
the net proceeds available to such Owners or, if by the terms of such rights
offering or for any other reason, the Depositary may not either make such
rights available to any Owners or dispose of such rights and make the net
proceeds available to such Owners, then the Depositary shall allow the rights
to lapse. If at the time of the offering of any rights the Depositary
determines in its discretion that it is lawful and feasible to make such rights
available to all or certain Owners but not to other Owners, the Depositary may,
after consultation with the Company, distribute to any Owner to whom it
determines the distribution to be lawful and feasible, in proportion to the
number of American Depositary Shares held by such Owner, warrants or other
instruments therefor in such form as it deems appropriate.

 

In circumstances in which
rights would otherwise not be distributed, if an Owner of Receipts requests the
distribution of warrants or other instruments in order to exercise the rights
allocable to the American Depositary Shares of such Owner hereunder, the
Depositary will make such rights available to such Owner upon written notice
from the Company to the Depositary that (a) the Company has elected in its
sole discretion to permit such rights to be exercised and (b) such Owner
has executed such documents as the Company has determined in its sole
discretion are reasonably required under applicable law.

 

If the Depositary has
distributed warrants or other instruments for rights to all or certain Owners,
then upon instruction pursuant to such warrants or other instruments to the
Depositary from such Owner to exercise such rights, upon payment by such Owner
to the Depositary for the account of such Owner of an amount equal to the
purchase price of the Shares to be received upon the exercise of the rights,
and upon payment of the fees of the Depositary and any other charges as set
forth in such warrants or other instruments, the Depositary shall, on behalf of
such Owner, exercise the rights and purchase the Shares, and the Company shall
cause the Shares so purchased to be delivered to the Depositary on behalf of
such Owner. As agent for such Owner, the Depositary will cause the Shares so
purchased to be deposited pursuant to Section 2.2 of the Deposit
Agreement, and shall, pursuant to Section 2.3 of the Deposit Agreement,
execute and deliver Receipts to such Owner. In the case of a distribution
pursuant to the second paragraph of this Article 13, such Receipts shall
be legended if required by applicable

 

10

 

U.S. laws, and shall be subject to appropriate
restrictions on sale, deposit, cancellation, and transfer under such laws.

 

If the Depositary
determines in its discretion that it is not lawful and feasible to make such
rights available to all or certain Owners, it may, after consultation with the
Company, sell the rights, warrants or other instruments in proportion to the
number of American Depositary Shares held by the Owners to whom it has
determined it may not lawfully or feasibly make such rights available, and
allocate the net proceeds of such sales (net of the fees of the Depositary as
provided in Section 5.9 of the Deposit Agreement and all taxes and
governmental charges payable in connection with such rights and subject to the
terms and conditions of the Deposit Agreement) for the account of such Owners
otherwise entitled to such rights, warrants or other instruments, upon an
averaged or other practical basis without regard to any distinctions among such
Owners because of exchange restrictions or the date of delivery of any Receipt
or otherwise.

 

The Depositary will not
offer rights to Owners unless both the rights and the securities to which such
rights relate are either exempt from registration under the Securities Act of
1933 with respect to a distribution to all Owners or are registered under the
provisions of such Act. If an Owner of Receipts requests the distribution of
warrants or other instruments, notwithstanding that there has been no such registration
under such Act, the Depositary shall not effect such distribution unless it has
received an opinion from counsel in the United States for the Company
satisfactory to the Depositary upon which the Depositary may rely that such
distribution to such Owner does not require registration under the Securities
Act of 1933. In no event shall the Company have any obligation to register such
rights or any securities under the Securities Act of 1933, secure an exemption
for such rights or any securities under the Securities Act of 1933, or furnish
the aforementioned opinion. The Beneficial Owners of Receipts alone shall be
responsible for payment of any taxes or other governmental charges due as a
result of sales or transfers pursuant to this Article 13.

 

The Depositary shall not
be responsible for any failure to determine that it may be lawful or feasible
to make such rights available to Owners in general or any Owner in particular.

 

14.                                 CONVERSION OF FOREIGN CURRENCY.

 

Whenever the Depositary
shall receive foreign currency, by way of dividends or other cash distributions
or the net proceeds from the sale of securities, property or rights, and if at
the time of the receipt thereof the foreign currency so received can in the
reasonable judgment of the Depositary be converted on a reasonable basis into
dollars, the lawful currency of the United States (hereinafter called
“Dollars”) and the resulting Dollars transferred to the United States, the
Depositary shall, as promptly as practicable convert or cause to be converted,
by sale or in any other manner that it may determine, such foreign currency
into Dollars, and such Dollars shall as promptly as practicable be distributed
to the Owners entitled thereto or, if the Depositary shall have distributed any

 

11

 

warrants or other instruments which entitle the
holders thereof to such Dollars, then to the holders of such warrants and/or
instruments upon surrender thereof for cancellation. Such distribution may be
made upon an averaged or other practicable basis without regard to any
distinctions among Owners on account of exchange restrictions, the date of
delivery of any Receipt or otherwise and shall be net of any taxes,
governmental charges or expenses of conversion into Dollars incurred by the
Depositary as provided in Section 5.9 of the Deposit Agreement.

 

If such conversion or
distribution can be effected only with some approval or license of any
government or agency thereof, the Depositary may make an application for such
approval or license (in its own name as agent or on behalf of the Owners, or in
the name of the Owners), provided, that it shall have no obligation to make
such an application unless it may do so without incurring any expense or
liability.

 

If at any time the
Depositary or the Custodian shall determine that in its reasonable judgment any
foreign currency received by the Depositary or the Custodian is not convertible
on a reasonable basis into Dollars transferable to the United States or if any
approval or license of any government or agency thereof that is required for
such conversion is denied or in the reasonable opinion of the Depositary is not
obtainable, at a reasonable cost or within a reasonable period, the Depositary
may distribute the foreign currency (or an appropriate document evidencing the
right to receive such foreign currency) received by the Depositary to, or in
its discretion may hold such foreign currency uninvested and without liability
for interest thereon for the respective accounts of, the Owners entitled to
receive the same.

 

If any such conversion of
foreign currency, in whole or in part, cannot be effected for distribution to
some of the Owners entitled thereto, the Depositary may in its discretion make
such conversion and distribution in Dollars to the extent permissible to the
Owners entitled thereto and may distribute the balance of the foreign currency
received by the Depositary to, or hold such balance uninvested and without
liability for interest thereon for the respective accounts of, the Owners
entitled thereto.

 

15.                                 RECORD DATES.

 

Whenever any cash
dividend or other cash distribution shall become payable or any distribution
other than cash shall be made, or whenever rights shall be issued with respect
to the Deposited Securities, or whenever the Depositary shall receive notice of
any meeting of holders of Shares or other Deposited Securities, the Depositary
shall fix a record date which date shall, to the extent practicable, be either
(x) the same date as the record date fixed by the Company with respect to the
applicable Deposited Securities, or (y) if different from such record date
fixed by the Company, be fixed after consultation with the Company, for the
determination of the Owners of Receipts who shall be (i) entitled to
receive such dividend, distribution or rights or the net proceeds of the sale
thereof or (ii) entitled to give instructions for the exercise of voting
rights at any such meeting.

 

 

12

 

16.                                 VOTING OF DEPOSITED SECURITIES.

 

Upon receipt of notice of
any meeting of holders of Shares or other Deposited Securities, the Depositary
shall, as soon as practicable thereafter, mail to the Owners of Receipts a
notice, the form of which notice shall be in the reasonable discretion of the
Depositary, which shall contain (a) such information as is contained in
such notice of meeting, (b) a statement that the Owners of Receipts as of
the close of business on a specified record date will be entitled, subject to
any applicable provision of Chilean law and of the Estatutos of the
Company, to instruct the Depositary as to the exercise of the voting rights, if
any, pertaining to the amount of Shares or other Deposited Securities
represented by their respective American Depositary Shares, and (c) a
statement as to the manner in which such instructions may be given, including
an express indication that instructions may be given (or be deemed given in
accordance with the next to the last sentence of this Article 16 if no instruction
is received) to the Depositary to give a discretionary proxy to a person
designated by the Company. Upon the written request of an Owner of a Receipt on
such record date, received on or before the date established by the Depositary
for such purpose, the Depositary shall endeavor, in so far as practicable, to
vote or cause to be voted the amount of Shares or other Deposited Securities
represented by such American Depositary Shares evidenced by such Receipt in
accordance with the instructions set forth in such request. The Depositary
shall not vote or attempt to exercise the right to vote that attaches to such
Shares or other Deposited Securities, other than in accordance with such
instructions. The Depositary shall not itself exercise any voting discretion over
any Deposited Securities. If no instructions are received by the Depositary
from any Owner with respect to any of the Deposited Securities represented by
the American Depositary Shares evidenced by such Owner’s Receipts on or before
the date established by the Depositary for such purpose, the Depositary shall
deem such Owner to have instructed the Depositary to give a discretionary proxy
to the president of the Company with respect to such Deposited Securities and
the Depositary shall give a discretionary proxy to the president of the Company
to vote such Deposited Securities, provided that no such instruction shall be
deemed given and no such discretionary proxy shall be given with respect to any
matter as to which the Company informs the Depositary (and the Company agrees
to provide such information promptly in writing) that (a) the president of
the Company does not wish such proxy given or (b) such matter materially
and adversely affects the rights of holders of the Shares. If any requirement
of Chilean law, of the Estatutos of the Company, or of any securities
exchange on which Shares, other Deposited Securities, Receipts or the American
Depositary Shares evidenced thereby are listed, does not permit the Depositary
to vote (or to vote on any particular matter) in accordance with instructions
received from Owners or in accordance with a deemed discretionary proxy, the
Depositary shall not vote the Shares or other Deposited Securities.

 

17.                                 CHANGES AFFECTING DEPOSITED SECURITIES.

 

In circumstances where
the provisions of Section 4.3 of the Deposit Agreement do not apply, upon
any change in nominal value, change in par value, split-up, consolidation, or
any other reclassification of Deposited Securities, or upon any

 

 

13

 

recapitalization,
reorganization, merger or consolidation, or sale of assets affecting the
Company or to which it is a party, any securities which shall be received by
the Depositary or a Custodian in exchange for or in conversion of or in respect
of Deposited Securities shall be treated as new Deposited Securities under the
Deposit Agreement, and American Depositary Shares shall thenceforth represent
the new Deposited Securities so received in exchange or conversion, unless
additional Receipts are delivered pursuant to the following sentence. In any
such case the Depositary may, after consultation with the Company, and shall if
the Company shall so request, execute and deliver additional Receipts as in the
case of a dividend in Shares, or call for the surrender of outstanding Receipts
to be exchanged for new Receipts specifically describing such new Deposited
Securities.

 

18.                                 LIABILITY OF THE COMPANY AND DEPOSITARY.

 

Neither the Depositary
nor the Company nor any of their directors, officers, employees or agents shall
incur any liability to any Owner or Beneficial Owner, if by reason of any
provision of any present or future law or regulation of the United States,
Chile, or any other country, or of any other governmental or regulatory
authority or, in the case of the Depositary or its directors, officers,
employees or agents, by reason of the Estatutos of the Company or the Deposited
Securities, or by reason of any provision of any securities issued or
distributed by the Company, or any offering or distribution thereof, or by
reason of any act of God or war or terrorism or other circumstances beyond its
control, the Depositary or the Company, or any of their directors, officers,
employees or agents, shall be prevented or forbidden from or be subject to any
civil or criminal penalty on account of doing or performing any act or thing
which by the terms of the Deposit Agreement the Company’s Estatutos or the
Deposited Securities it is provided shall be done or performed; nor shall the
Depositary or the Company incur any liability to any Owner or Beneficial Owner
by reason of any non-performance or delay, caused as aforesaid, in the
performance of any act or thing which by the terms of the Deposit Agreement,
the Company’s Estatutos or the Deposited Securities, 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. Where, by the
terms of a distribution pursuant to Sections 4.1, 4.2, or 4.3 of the Deposit
Agreement, or an offering or distribution pursuant to Section 4.4 of the
Deposit Agreement, such distribution or offering may not be made available to
Owners of Receipts, and the Depositary may not dispose of such distribution or
offering on behalf of such Owners and make the net proceeds available to such
Owners, then the Depositary shall not make such distribution or offering, and
shall allow any rights, if applicable, to lapse. Neither the Company nor the
Depositary assumes any obligation or shall be subject to any liability under
the Deposit Agreement to Owners or Beneficial Owners, except that they agree to
perform their obligations specifically set forth in the Deposit Agreement
without negligence or bad faith. The Depositary shall not be subject to any
liability with respect to the validity or worth of the Deposited Securities.
Neither the Depositary nor the Company shall be under any obligation to appear
in, prosecute or defend any action, suit, or other proceeding in respect of any
Deposited Securities or in respect of the Receipts, which in

 

 

14

 

its opinion may involve it in expense or liability,
unless indemnity satisfactory to it against all expense and liability shall be
furnished as often as may be required, and the Custodian shall not be under any
obligation whatsoever with respect to such proceedings, the responsibility of
the Custodian being solely to the Depositary. Neither the Depositary nor the
Company shall be liable for any action or nonaction by it in reliance upon the
advice of or information from legal counsel, accountants, any person presenting
Shares for deposit, any Owner or Beneficial Owner, or any other person believed
by it in good faith to be competent to give such advice or information. Each of
the Depositary and the Company may rely and shall be protected in relying upon
any written notice request, direction or other document believed by it in good
faith 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 instructions to vote any of the Deposited Securities, or for the manner in
which any such vote is cast or the effect of any such vote, provided that any
such action or nonaction is without negligence and in good faith. The
Depositary shall not be liable for any acts or omissions made by a successor
depositary whether in connection with a previous act or omission of the
Depositary or in connection with a matter arising wholly after the removal or
resignation of the Depositary, provided that in connection with the issue out
of which such potential liability arises, the Depositary performed its
obligations without negligence or bad faith while it acted as Depositary. The
Company agrees to indemnify the Depositary, its directors, employees, agents
and affiliates and any Custodian against, and hold each of them harmless from,
any liability or expense (including, but not limited to, the reasonable fees
and expenses of counsel) which may arise (a) out of acts performed or
omitted, in accordance with the provisions of the Deposit Agreement or the
Receipts, as the same may be amended, modified, or supplemented from time to
time, (i) by either the Depositary or a Custodian or their respective
directors, employees, agents and affiliates, except for any liability or
expense arising out of the negligence or bad faith of either of them, or
(ii) by the Company or any of its directors, employees, agents and
affiliates; (b) out of or in connection with any offer or sale to the
public of the American Depositary Shares evidenced by Receipts or any
registration statement under the Securities Act of 1933 in respect thereof,
except to the extent such loss, liability, or expense is due to information (or
omissions from such information) relating to such indemnified person, furnished
in writing to the Company by such indemnified person expressly for use in a
registration statement under the Securities Act of 1933; or (c) out of or
in connection with any tax levied or asserted by Chile on the Depositary or a
Custodian (including without limiting the generality of the foregoing any tax
on a gain realized, or deemed to be realized, upon the withdrawal or sale of
Shares or other Deposited Securities, but excluding a tax on the Depositary’s
or Custodian’s overall net income) as a result of performing its functions
hereunder or in respect hereof. The indemnity in the foregoing clause
(c) is not intended to relieve any Owner of any liability it may have with
respect to such Chilean taxes. The indemnities contained in this paragraph
shall not extend to any liability or expense which may arise out of any
Pre-Release.

 

 

15

 

19.                                 RESIGNATION AND REMOVAL OF THE
DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN.

 

The Depositary may at any
time resign as Depositary hereunder by written notice of its election so to do
delivered to the Company, such resignation to take effect upon the appointment
of a successor depositary and its acceptance of such appointment as provided in
the Deposit Agreement. The Depositary may at any time be removed by the Company
by written notice of such removal, effective upon the appointment of a
successor depositary and its acceptance of such appointment as provided in the
Deposit Agreement. Whenever the Depositary in its discretion determines that it
is in the best interest of the Owners of Receipts to do so, it may appoint a
substitute or additional custodian or custodians.

 

20.                                 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. Any amendment which shall
impose or increase any fees or charges (other than taxes and other governmental
charges, registration fees and cable, telex or facsimile transmission costs,
delivery costs or other such expenses), or which shall otherwise prejudice any
substantial existing right of Owners of Receipts, shall, however, not become
effective as to outstanding Receipts until the expiration of thirty (30) days
after notice of such amendment shall have been given to the Owners of
outstanding Receipts. Every Owner or Beneficial Owner of a Receipt at the time
any amendment so becomes effective shall be deemed, by continuing to hold such
Receipt or beneficial interest therein, to consent and agree to such amendment
and to be bound by the Deposit Agreement as amended thereby. In no event shall
any amendment impair the right of the Owner of any Receipt to surrender such
Receipt and receive therefor the Deposited Securities represented thereby
except in order to comply with mandatory provisions of applicable law.

 

21.                                 TERMINATION OF DEPOSIT AGREEMENT.

 

The Depositary at any
time at the direction of the Company, shall terminate the Deposit Agreement by
mailing notice of such termination to the Owners of all Receipts then
outstanding at least sixty (60) days prior to the date fixed in such notice for
such termination. The Depositary may likewise terminate the Deposit Agreement
by mailing notice of such termination to the Company and the Owners of all
Receipts then outstanding if at any time ninety (90) days shall have expired
after the Depositary shall have delivered to the Company a written notice of
its election to resign and a successor depositary shall not have been appointed
and accepted its appointment as provided in Section 5.4 of the Deposit
Agreement. On and after the date of termination, the Owner of a Receipt will,
upon (a) surrender of such Receipt at the Corporate Trust Office of the
Depositary, (b) payment of the fee of the Depositary for the surrender of
Receipts referred to in Section 2.5 of the Deposit Agreement, and
(c) payment of any applicable taxes or governmental charges, be entitled
to delivery, to him or upon his order, of the amount of Deposited Securities
represented by the American Depositary Shares

 

 

16

 

evidenced by such Receipt. If any Receipts shall
remain outstanding after the date of termination, the Depositary thereafter
shall discontinue the registration of transfers of Receipts, shall suspend the
distribution of dividends to the Owners thereof, and shall not give any further
notices or perform any further acts under the Deposit Agreement, except that
the Depositary shall continue to collect dividends and other distributions
pertaining to Deposited Securities, shall sell property and rights as provided
in the Deposit Agreement, and shall continue to deliver Deposited Securities,
together with any dividends or other distributions received with respect
thereto and the net proceeds of the sale of any rights or other property, in
exchange for Receipts surrendered to the Depositary (after deducting, in each
case, the fee of the Depositary for the surrender of a Receipt, any expenses
for the account of the Owner of such Receipt in accordance with the terms and
conditions of the Deposit Agreement, and any applicable taxes or governmental
charges). At any time after the expiration of one year from the date of
termination, the Depositary may sell the Deposited Securities then held under
the Deposit Agreement and may thereafter hold uninvested the net proceeds of
any such sale, together with any other cash then held by it thereunder,
unsegregated and without liability for interest, for the pro rata benefit of
the Owners of Receipts which have not theretofore been surrendered, such Owners
thereupon becoming general creditors of the Depositary with respect to such net
proceeds. After making such sale, the Depositary shall be discharged from all
obligations under the Deposit Agreement, except to account for such net
proceeds and other cash (after deducting, in each case, the fee of the
Depositary for the surrender of a Receipt, any expenses for the account of the
Owner of such Receipt in accordance with the terms and conditions of the
Deposit Agreement, and any applicable taxes or governmental charges) and for
its obligations to the Company with respect to indemnification. Upon the
termination of the Deposit Agreement, the Company shall be discharged from all
obligations under the Deposit Agreement except for its obligations to the
Depositary with respect to indemnification, charges, and expenses.

 

22.                                 SUBMISSION TO JURISDICTION.

 

In the Deposit Agreement,
the Company has (i) irrevocably designated and appointed Terranova Forest
Products, Inc., 2440 Clements Ferry Road, Wando, in the State of South
Carolina, as the Company’s authorized agent upon which process may be served in
any suit or proceeding arising out of or relating to the Shares or Deposited
Securities, the American Depositary Shares, the Receipts or this Deposit
Agreement, (ii) consented and submitted to the jurisdiction of any state
or federal court in the Borough of Manhattan, the City of New York, in the
State of New York in which any such suit or proceeding may be instituted, and
(iii) agreed that service of process upon said authorized agent shall be
deemed in every respect effective service of process upon the Company in any
such suit or proceeding.

 

23.                                 WAIVER OF IMMUNITIES.

 

To the extent that the
Company or any of its properties, assets or revenues may have or may hereafter
become entitled to, or have attributed to it, any right of immunity, on the
grounds of sovereignty or otherwise, from any legal action, suit or proceeding,

 

 

17

 

from the giving of any relief in any respect thereof,
from setoff or counterclaim, from the jurisdiction of any court as provided in
Section 7.6 of the Deposit Agreement, from service of process, from
attachment upon or prior to judgment, from attachment in aid of execution or
judgment, or from execution of judgment, or other legal process or proceeding
for the giving of any relief or for the enforcement of any judgment, in any
jurisdiction in which proceedings may at any time be commenced, with respect to
its obligations, liabilities or any other matter under or arising out of or in
connection with the Shares or Deposited Securities, the American Depositary
Shares, the Receipts or this Agreement to the extent provided in such
Section 7.6, the Company, to the fullest extent permitted by law, hereby
irrevocably and unconditionally waives, and agrees not to plead or claim, any
such immunity and consents to such relief and enforcement.

 

24.                                 COMPLIANCE WITH CHILEAN LAW; DISCLOURE OF
INTERESTS.

 

By holding American
Depositary Shares Owners and Beneficial Owners shall be deemed to agree to
comply with certain obligations under Chilean securities regulation including,
without limitation, obligations under Articles 12 and 54 and Title XV of Law
18,045 of Chile and the regulations issued by the SVS in connection therewith.

 

Article 12 requires
that, among other things, shareholders of a Chilean corporation (which would
include Owners) report to the SVS and the stock exchanges in Chile on which
those shares are listed:

 

(i)            any direct or indirect acquisition
or sale of Receipts that results in the Owner or Beneficial Owner acquiring or
ceasing to own, directly or indirectly, 10% or more of the total share capital
of such corporation; and

 

(ii)           any direct or indirect acquisition or
sale of shares or options to buy or sell shares, in any amount, made by
(a) an Owner or Beneficial Owner that owns Receipts representing 10% or
more of such corporation’s shares or (b) a director, liquidator, general
manager, manager or holder of certain other offices of such corporation.

 

In addition, shareholders
required to report under clause (i) or (ii)(a) above must state in
their report whether their purpose is to acquire control of the corporation or
to make a financial investment. A Beneficial Owner of American Depositary
Shares representing 10% or more of the Company’s share capital will be subject
to the above reporting requirements under Chilean law.

 

Under Article 54 of
Law 18,045 of Chile and the regulations of the SVS, persons or entities
intending to acquire control, directly or indirectly, of a publicly traded
company, including through acquisitions to be made through direct subscriptions
or private transactions, are required to inform the public of that intention as
soon as negotiations regarding the change of control begin (i.e., when
information and documents concerning the target are delivered to the potential
acquirer), but in any case at least ten (10) business days before the date
on which the transaction is to be completed, by publishing a notice in two
Chilean newspapers, which notice must disclose, among other

 

 

18

 

information, the person or entity purchasing, the
proposed price, and the status of any negotiations. Before making the
publication referred to in the preceding sentence, the person or entity must
send a written communication containing the same information to be published to
the target corporation, the controlling corporation, the corporations
controlled by the target corporation, the SVS and the Chilean stock exchanges
on which the company’s securities are listed.

 

In addition to the
foregoing, Article 54A of Law 18,045 of Chile requires that, within the
two (2) business days following completion of the transactions pursuant to
which a person has acquired control of a publicly traded company, (i) a
notice must be published in the same newspapers in which the publication
referred to in Article 54 has been made and (ii) notice must be sent
to the same persons indicated in Article 54.

 

 

19Exhibit 4.1

Execution
Copy

 

 

 

TERRANOVA S.A.

 

AND

 

THE BANK OF NEW
YORK

 

As Depositary

 

AND

 

OWNERS AND
BENEFICIAL OWNERS

 

OF AMERICAN
DEPOSITARY RECEIPTS

 

Deposit Agreement

 

Dated as of
March 24, 2005

 

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE 1.

  	
  DEFINITIONS

  	
   

  
	
  Section 1.1.

  	
  American Depositary Shares

  	
   

  
	
  Section 1.2.

  	
  Beneficial Owner

  	
   

  
	
  Section 1.3.

  	
  Central Bank; Chile

  	
   

  
	
  Section 1.4.

  	
  Commission

  	
   

  
	
  Section 1.5.

  	
  Company

  	
   

  
	
  Section 1.6.

  	
  Custodian

  	
   

  
	
  Section 1.7.

  	
  Deliver; Surrender

  	
   

  
	
  Section 1.8.

  	
  Deposit Agreement

  	
   

  
	
  Section 1.9.

  	
  Depositary; Corporate Trust
  Office

  	
   

  
	
  Section 1.10.

  	
  Deposited Securities

  	
   

  
	
  Section 1.11.

  	
  Dollars and Pesos

  	
   

  
	
  Section 1.12.

  	
  DTC

  	
   

  
	
  Section 1.13.

  	
  Estatutos

  	
   

  
	
  Section 1.14.

  	
  Foreign Investment Committee

  	
   

  
	
  Section 1.15.

  	
  Foreign Registrar

  	
   

  
	
  Section 1.16.

  	
  Owner

  	
   

  
	
  Section 1.17.

  	
  Receipts

  	
   

  
	
  Section 1.18.

  	
  Registrar

  	
   

  
	
  Section 1.19.

  	
  Restricted Securities

  	
   

  
	
  Section 1.20.

  	
  Securities Act of 1933

  	
   

  
	
  Section 1.21.

  	
  Shares

  	
   

  
	
  Section 1.22.

  	
  SVS

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 2.

  	
  FORM OF RECEIPTS, DEPOSIT OF
  SHARES, EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS

  	
   

  
	
  Section 2.1.

  	
  Form and
  Transferability of Receipts

  	
   

  
	
  Section 2.2.

  	
  Deposit of Shares

  	
   

  
	
  Section 2.3.

  	
  Execution and Delivery of
  Receipts

  	
   

  
	
  Section 2.4.

  	
  Transfer of Receipts;
  Combination and Split-up of Receipts

  	
   

  
	
  Section 2.5.

  	
  Surrender of Receipts and
  Withdrawal of Shares

  	
   

  
	
  Section 2.6.

  	
  Limitations on Execution and
  Delivery, Transfer and Surrender of Receipts

  	
   

  
	
  Section 2.7.

  	
  Lost Receipts, etc.

  	
   

  
	
  Section 2.8.

  	
  Cancellation and Destruction
  of Surrendered Receipts

  	
   

  
	
  Section 2.9.

  	
  Pre-Release of Receipts

  	
   

  
	
  Section 2.10.

  	
  Maintenance of Records

  	
   

  

 

ii

 

	
  ARTICLE 3.

  	
  CERTAIN OBLIGATIONS OF
  OWNERS OF RECEIPTS

  	
   

  
	
  Section 3.1.

  	
  Filing Proofs, Certificates
  and Other Information

  	
   

  
	
  Section 3.2.

  	
  Liability of Owner for Taxes

  	
   

  
	
  Section 3.3.

  	
  Disclosure of Interests

  	
   

  
	
  Section 3.4.

  	
  Reporting Requirements Under
  Chilean Securities Regulations

  	
   

  
	
  Section 3.5.

  	
  Warranties on Deposit of
  Shares

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4.

  	
  THE DEPOSITED SECURITIES

  	
   

  
	
  Section 4.1.

  	
  Cash Distributions

  	
   

  
	
  Section 4.2.

  	
  Distributions Other Than
  Cash, Shares or Rights

  	
   

  
	
  Section 4.3.

  	
  Distributions in Shares

  	
   

  
	
  Section 4.4.

  	
  Rights

  	
   

  
	
  Section 4.5.

  	
  Conversion of Foreign
  Currency

  	
   

  
	
  Section 4.6.

  	
  Fixing of Record Date

  	
   

  
	
  Section 4.7.

  	
  Voting of Deposited
  Securities

  	
   

  
	
  Section 4.8.

  	
  Changes Affecting Deposited
  Securities

  	
   

  
	
  Section 4.9.

  	
  Reports

  	
   

  
	
  Section 4.10.

  	
  Lists of Owners

  	
   

  
	
  Section 4.11.

  	
  Withholding

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLES 5.

  	
  THE DEPOSITARY, THE
  CUSTODIANS AND THE COMPANY

  	
   

  
	
  Section 5.1.

  	
  Maintenance of Office and
  Transfer Books by the Depositary

  	
   

  
	
  Section 5.2.

  	
  Prevention or Delay in
  Performance by the Depositary or the Company

  	
   

  
	
  Section 5.3.

  	
  Obligations of the
  Depositary, the Custodian and the Company

  	
   

  
	
  Section 5.4.

  	
  Resignation and Removal of
  the Depositary

  	
   

  
	
  Section 5.5.

  	
  The Custodian

  	
   

  
	
  Section 5.6.

  	
  Notices and Reports

  	
   

  
	
  Section 5.7.

  	
  Distribution of Additional
  Shares, Rights, etc.

  	
   

  
	
  Section 5.8.

  	
  Indemnification

  	
   

  
	
  Section 5.9.

  	
  Charges of Depositary

  	
   

  
	
  Section 5.10.

  	
  Retention of Depositary
  Documents

  	
   

  
	
  Section 5.11.

  	
  Exclusivity

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE 6.

  	
  AMENDMENT AND TERMINATION

  	
   

  
	
  Section 6.1.

  	
  Amendment

  	
   

  
	
  Section 6.2.

  	
  Termination

  	
   

  

 

iii

 

	
  ARTICLE 7.

  	
  MISCELLANEOUS

  	
   

  
	
  Section 7.1.

  	
  Counterparts

  	
   

  
	
  Section 7.2.

  	
  No Third Party Beneficiaries

  	
   

  
	
  Section 7.3.

  	
  Severability

  	
   

  
	
  Section 7.4.

  	
  Beneficial Owners and Owners
  as Parties; Binding Effect

  	
   

  
	
  Section 7.5.

  	
  Notices

  	
   

  
	
  Section 7.6.

  	
  Submission to Jurisdiction;
  Appointment of Agent for Service of Process

  	
   

  
	
  Section 7.7.

  	
  Waiver of Immunities

  	
   

  
	
  Section 7.8.

  	
  Governing Law

  	
   

  

 

iv

 

DEPOSIT AGREEMENT

 

DEPOSIT
AGREEMENT dated as of March 24, 2005 among TERRANOVA S.A., incorporated
under the laws of Chile (herein called the Company), THE BANK OF NEW YORK, a
New York banking corporation (herein called the Depositary), and all Owners (as
hereinafter defined) and Beneficial Owners (as hereinafter defined) from time
to time of American Depositary Receipts issued hereunder.

 

W I T N E S S E T H:

 

WHEREAS,
the Company desires to provide, as hereinafter set forth in this Deposit
Agreement, for the deposit of Shares (as hereinafter defined) of the Company
from time to time with the Depositary or with the Custodian (as hereinafter
defined) as agent of the Depositary for the purposes set forth in this Deposit
Agreement, for the creation of American Depositary Shares (as hereinafter
defined) representing the Shares so deposited and for the execution and
delivery of American Depositary Receipts evidencing the American Depositary
Shares; and

 

WHEREAS,
the American Depositary 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, it is agreed by and between the
parties hereto as follows:

 

 

ARTICLE 1.
DEFINITIONS.

 

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

 

Section 1.1.    American Depositary Shares.

 

The
term “American Depositary Shares” shall mean the securities representing the
interests in the Deposited Securities (as hereinafter defined) and evidenced by
the Receipts (as hereinafter defined) issued hereunder. Each American Depositary
Share shall represent fifty Shares, until there shall occur a distribution upon
Deposited Securities covered by Section 4.3 or a change in Deposited
Securities covered by Section 4.8 with respect to which additional
Receipts are not executed and delivered, and thereafter American Depositary
Shares shall evidence the amount of Shares or Deposited Securities specified in
such Sections.

 

Section 1.2.    Beneficial Owner.

 

The
term “Beneficial Owner” shall mean any person owning any beneficial interest in
American Depositary Shares evidenced by a Receipt issued hereunder but who is
not an Owner of such Receipt; it being understood that the term “Beneficial
Owner” shall not include any agent or financial intermediary holding an
interest in American Depositary Shares evidenced by a Receipt to the extent
such interest is held solely for or on behalf of any Beneficial Owner.

 

Section 1.3.     Central Bank; Chile.

 

The term “Central Bank” shall mean the Banco
Central de Chile. “Chile” means the Republic of Chile.

 

 

 

2

 

Section 1.4.    Commission.

 

The term “Commission” shall mean the Securities and
Exchange Commission of the United States or any successor governmental agency
in the United States.

 

Section 1.5.     Company.

 

The term “Company” shall mean Terranova S.A.,
incorporated under the laws of Chile, and its successors.

 

Section 1.6.     Custodian.

 

The
term “Custodian” shall mean the Santiago, Chile office of Banco
Santander-Chile, as agent of the Depositary for the purposes of this Deposit
Agreement, and any other firm or corporation which may hereafter be appointed
by the Depositary pursuant to the terms of Section 5.5, as substitute or
additional custodian or custodians hereunder, as the context shall require and
shall also mean all of them collectively.

 

Section 1.7.    Deliver; Surrender.

 

(a)    The term
“deliver”, or its noun form, when used with respect to Shares, shall mean
(i) one or more book-entry transfers to an account or accounts maintained
with a depository institution authorized under applicable law to effect
book-entry transfers of such securities or (ii) the physical transfer of
certificates representing Shares.

 

(b)    The term
“deliver”, or its noun form, when used with respect to Receipts, shall mean
(i) one or more book-entry transfers of American Depositary Shares to an
account or accounts at DTC designated by the person entitled to such delivery
or (ii) under the circumstances specified in Section 2.01, delivery at the
Corporate Trust Office of the Depositary of one or more Receipts.

 

3

 

(c)    The term
“surrender”, when used with respect to Receipts, shall mean (i) one or
more book-entry transfers of American Depositary Shares to the DTC account of
the Depositary or (ii) surrender to the Depositary at its Corporate Trust
Office of one or more Receipts.

 

Section 1.8.    Deposit Agreement.

 

The term “Deposit Agreement” shall mean this
Agreement, as the same may be amended from time to time in accordance with the
provisions hereof.

 

Section 1.9.    Depositary; Corporate Trust Office.

 

The
term “Depositary” shall mean The Bank of New York, a New York banking
corporation, and any successor as depositary hereunder. The term “Corporate
Trust Office”, when used with respect to the Depositary, shall mean the office
of the Depositary which at the date of this Agreement is 101 Barclay Street,
New York, New York, 10286.

 

Section 1.10.   Deposited Securities.

 

The term “Deposited Securities” as of any time shall
mean Shares at such time deposited or deemed to be deposited under this Deposit
Agreement and any and all other securities, property and cash received by the
Depositary or the Custodian in respect thereof and at such time held hereunder,
subject as to cash to the provisions of Section 4.5.

 

Section 1.11.   Dollars and Pesos.

 

The term “Dollars” shall mean the lawful currency of
the United States. The term “Pesos” shall mean the lawful currency of Chile.

 

4

 

Section 1.12.   DTC.

 

The
term “DTC” shall mean The Depository Trust Company, or its successor.

 

Section 1.13.   Estatutos.

 

The term “Estatutos” shall mean the charter and
by-laws of the Company.

 

Section 1.14.   Foreign Investment Committee.

 

The term “Foreign Investment Committee” shall mean the
Foreign Investment Committee of Chile.

 

Section 1.15.   Foreign Registrar.

 

The term “Foreign Registrar” shall mean the Company,
which currently carries out the duties of registrar for the Shares, or any successor
as registrar for the Shares.

 

Section 1.16.   Owner.

 

The
term “Owner” shall mean the person in whose name a Receipt is registered on the
books of the Depositary maintained for such purpose.

 

Section 1.17.   Receipts.

 

The term “Receipts” shall mean the American Depositary
Receipts issued hereunder evidencing American Depositary Shares.

 

Section 1.18.   Registrar.

 

The term “Registrar” shall mean any bank or trust
company having an office in the Borough of Manhattan, The City of New York,
which shall be appointed to register Receipts and transfers of Receipts as
herein provided.

 

5

 

Section 1.19.  Restricted Securities.

 

The term “Restricted Securities” shall mean Shares, or
Receipts representing such Shares, which are acquired directly or indirectly
from the Company or its affiliates (as defined in Rule 144 to the
Securities Act of 1933) in a transaction or chain of transactions not involving
any public offering or which are subject to resale limitations under Regulation
D under that Act or both, or which are held by an officer, director (or persons
performing similar functions) or other affiliate of the Company, or which are
subject to other restrictions on sale or deposit under the laws of the United States
or Chile, or under a shareholder agreement or the Estatutos of the Company.

 

Section 1.20.   Securities Act of 1933.

 

The
term “Securities Act of 1933” shall mean the United States Securities Act of
1933, as from time to time amended.

 

Section 1.21.   Shares.

 

The term “Shares” shall mean Common Stock without
nominal (par) value of the Company, heretofore validly issued and outstanding
and fully paid, nonassessable and free of any pre-emptive rights of the holders
of outstanding Shares or hereafter validly issued and outstanding and fully
paid, nonassessable and free of any pre-emptive rights of the holders of
outstanding Shares or interim certificates representing such Shares.

 

Section 1.22.   SVS.

 

The term “SVS” shall mean the Superintendencia de
Valores y Seguros of Chile.

 

6

 

ARTICLE 2. FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION
AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS.

 

Section 2.1.    Form and Transferability of
Receipts.

 

Definitive
Receipts 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. No Receipt shall be entitled to any
benefits under this Deposit Agreement or be valid or obligatory for any
purpose, unless such Receipt shall have been executed by the Depositary by the
manual or facsimile signature of a duly authorized signatory of the Depositary
and, if a Registrar for the Receipts shall have been appointed, countersigned
by the manual or facsimile signature of a duly authorized officer of the
Registrar. The Depositary shall maintain books on which each Receipt so
executed and delivered as hereinafter provided and the transfer of each such
Receipt shall be registered. Receipts bearing the manual or facsimile signature
of a duly authorized signatory of the Depositary who was at any time a proper
signatory of the Depositary shall bind the Depositary, notwithstanding that
such signatory has ceased to hold such office prior to the execution and
delivery of such Receipts by the Registrar or did not hold such office on the
date of issuance of such Receipts.

 

The
Receipts may, with the prior written consent of the Company (which consent
shall not be unreasonably withheld), and upon the written request of the
Company shall, be endorsed with or have incorporated in the text thereof such
legends or recitals or modifications 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 regulations thereunder or with the
rules and regulations of any securities exchange upon which American
Depositary Shares 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 by reason of the date of issuance of the
underlying Deposited Securities or otherwise.

 

7

 

Title
to a Receipt (and to the American Depositary Shares evidenced thereby), when
properly endorsed or accompanied by proper instruments of transfer, shall be
transferable by delivery with the same effect as in the case of a negotiable
instrument; provided, however, that the Company and the Depositary,
notwithstanding any notice to the contrary, may treat the Owner thereof as the
absolute owner thereof for the purpose of determining the person entitled to
distribution of dividends or other distributions or to any notice provided for
in this Deposit Agreement and for all other purposes and neither the Company
nor the Depositary shall have any obligation or be subject to any liability
under this Deposit Agreement to any Beneficial Owner of a Receipt unless such
Beneficial Owner is the Owner thereof.

 

Section 2.2.    Deposit of Shares.

 

Subject to the terms and conditions of this Deposit
Agreement, Shares or evidence of rights to receive Shares may be deposited by
delivery thereof to the Custodian hereunder, accompanied by any appropriate
instrument or instruments of transfer, or endorsement, in form reasonably
satisfactory to such Custodian, together with all such certifications as may be
required by the Depositary or the Custodian in accordance with the provisions
of this Deposit Agreement, and, if the Depositary requires, 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 American Depositary Shares representing such
deposit.

 

No Shares shall be accepted for deposit unless
accompanied by evidence satisfactory to the Depositary that any approval, if
required, has been granted by any governmental body in Chile that is then
performing the function of the regulation of currency exchange.

 

If the person proposing to deposit Shares is not
domiciled or resident in Chile, the Custodian shall not accept those Shares
unless it receives from or on behalf of that person sufficient evidence that
the Shares were purchased in full compliance with the

 

8

 

foreign exchange
regulations applicable to investments in Chile (either Chapter XIV of the
Compendium of Foreign Exchange Regulations of the Central Bank or Decree Law
600 of 1974, as amended, and related agreements with the Foreign Investment
Committee) and, if applicable, an instrument whereby that person assigns and
transfers to the Depositary any rights it may have under Chilean regulations
relating to currency exchange. Pursuant to Chapter XIV of the Compendium of
Foreign Exchange Regulations of the Central Bank, the Custodian and/or the
Depositary shall give notice to the Central Bank that the Shares have been
deposited in exchange of Receipts.

 

If
required by the Depositary, Shares presented for deposit at any time, whether
or not the transfer books of the Company or the Foreign Registrar, if
applicable, are closed, shall also be accompanied by an agreement or
assignment, or other instrument satisfactory to the Depositary, which will
provide for the prompt transfer to the Custodian of any dividend, or right to
subscribe for additional Shares or to receive other property which any person
in whose name the Shares are or have been recorded may thereafter receive upon
or in respect of such deposited Shares, or in lieu thereof, such agreement of
indemnity or other agreement as shall be satisfactory to the Depositary.

 

At
the request, risk and expense of any person proposing to deposit Shares, and
for the account of such person, the Depositary may receive certificates for
Shares to be deposited, together with the other instruments herein specified,
for the purpose of forwarding such Share certificates to the Custodian for
deposit hereunder.

 

Upon each delivery to a Custodian of a certificate or
certificates for Shares to be deposited hereunder, together with the other
documents above specified, such Custodian shall, as soon as transfer and
recordation can be accomplished, present such certificate or certificates to
the Company or the Foreign Registrar, if applicable, for transfer and
recordation of the Shares being deposited in the name of the Depositary or its
nominee or such Custodian or its nominee.

 

9

 

Deposited Securities shall be held by the Depositary
or by the Custodian for the account and to the order of the Depositary or at
such other place or places as the Depositary shall determine.

 

Section 2.3.    Execution and Delivery of Receipts.

 

Upon
receipt by the Custodian of any deposit pursuant to Section 2.2 hereunder
(and in addition, if the transfer books of the Foreign Registrar, if
applicable, are open, the Depositary may in its sole discretion require a
proper acknowledgment or other evidence from the Foreign Registrar that any
Deposited Securities have been recorded upon the books of the Foreign
Registrar, if applicable, in the name of the Depositary or its nominee or such
Custodian or its nominee), together with the other documents required as above
specified, such Custodian shall notify the Depositary of such deposit and the
person or persons to whom or upon whose written order a Receipt or Receipts are
deliverable in respect thereof and the number of American Depositary Shares to
be evidenced thereby. Such notification shall be made by letter or, at the
request, risk and expense of the person making the deposit, by cable, telex or
facsimile transmission. Upon receiving such notice from such Custodian, or upon
the receipt of Shares by the Depositary, the Depositary, subject to the terms
and conditions of this Deposit Agreement, shall execute and deliver at its
Corporate Trust Office, to or upon the order of the person or persons entitled
thereto, a Receipt or Receipts, registered in the name or names and evidencing
any authorized number of American Depositary Shares requested by such person or
persons, but only upon payment to the Depositary of the fees of the Depositary
for the execution and delivery of such Receipt or Receipts as provided in
Section 5.9, and of all taxes and governmental charges and fees payable in
connection with such deposit and the transfer of the Deposited Securities. The
Depositary shall not issue Receipts except in accordance with this
Section 2.3 and Sections 2.4, 2.9, 4.0, 4.4 and 4.8.

 

 

10

 

Section 2.4.     Transfer of Receipts; Combination and
Split-up of Receipts.

 

The Depositary, subject to the terms and conditions of
this Deposit Agreement, shall without unreasonable delay register transfers of
Receipts on its transfer books from time to time, upon any surrender of a
Receipt, by the Owner in person or by a duly authorized attorney, properly
endorsed or accompanied by proper instruments of transfer, and duly stamped as
may be required by the laws of the State of New York and of the United States
of America. Thereupon the Depositary shall execute a new Receipt or Receipts
and deliver the same to or upon the order of the person entitled thereto.

 

The Depositary, subject to the terms and conditions of
this Deposit Agreement, shall upon surrender of a Receipt or Receipts for the
purpose of effecting a split-up or combination of such Receipt or Receipts,
execute and deliver a new Receipt or Receipts for any authorized number of
American Depositary Shares requested, evidencing the same aggregate number of
American Depositary Shares and the same rights to distributions with respect
thereto as those evidenced by the Receipt or Receipts surrendered.

 

The
Depositary upon the written request of the Company shall, or with the prior
approval of the Company may, appoint one or more co-transfer agents for the
purpose of effecting transfers, combinations and split-ups of Receipts at
designated transfer offices on behalf of the Depositary. Such co-transfer
agents shall be removed and substitutes appointed by the Depositary upon the
written request, or with the written approval of, the Company. Each co-transfer
agent appointed under this Section 2.4 shall give notice in writing to the
Company and the Depositary accepting such appointment and agreeing to be bound
by the applicable terms of this Deposit Agreement. In carrying out its
functions, a co-transfer agent may require evidence of authority and compliance
with applicable laws and other requirements by Owners or persons entitled to
Receipts and will be entitled to protection and indemnity to the same extent as
the Depositary.

 

11

 

Section 2.5.     Surrender of Receipts and Withdrawal of
Shares.

 

Upon
surrender at the Corporate Trust Office of the Depositary of a Receipt for the
purpose of withdrawal of the Deposited Securities represented by the American
Depositary Shares evidenced by such Receipt, and upon payment of the fee of the
Depositary for the surrender of Receipts as provided in Section 5.9 and
payment of all taxes and governmental charges payable in connection with such
surrender and withdrawal of the Deposited Securities and upon delivery of any
certifications required under the laws of Chile and the regulations of the
Central Bank, if applicable, and subject to the terms and conditions of this
Deposit Agreement, the Estatutos of the Company and the Deposited Securities,
the Owner of such Receipt shall be entitled to delivery, to him or upon his
order, of the amount of Deposited Securities at the time represented by the
American Depositary Shares evidenced by such Receipt. Delivery of such
Deposited Securities may be made by the delivery of (a) Shares in the name
of such Owner or as ordered by him or certificates properly endorsed or
accompanied by proper instruments of transfer to such Owner or as ordered by
him and (b) any other securities, property and cash to which such Owner is
then entitled in respect of such Receipts to such Owner or as ordered by him.
Such delivery shall be made, as hereinafter provided, without unreasonable
delay. Simultaneously with the delivery of deposited securities to the Owner or
its designee, the Custodian and/or the Depositary, pursuant to Chapter XIV of
the Compendium of Foreign Exchange Regulations of the Central Bank, will inform
the Central Bank that the deposited securities have been transferred to the
Owner or its designee by the Depositary.

 

A
Receipt surrendered for such purposes may be required by the Depositary to be
properly endorsed in blank or accompanied by proper instruments of transfer in
blank, and if the Depositary so requires, the Owner thereof shall execute and
deliver to the Depositary a written order directing the Depositary to cause the
Deposited Securities being withdrawn to be delivered to or upon the written
order of a person or persons designated in such order. Thereupon the Depositary
shall direct the Custodian to

 

12

 

deliver at the
Santiago, Chile office of such Custodian, subject to Sections 2.6, 3.1 and 3.2
and to the other terms and conditions of this Deposit Agreement, to or upon the
written order of the person or persons designated in the order delivered to the
Depositary as above provided, the amount of Deposited Securities represented by
the American Depositary Shares evidenced by such Receipt, except that the
Depositary may make delivery to such person or persons at the Corporate Trust
Office of the Depositary of any dividends or distributions with respect to the
Deposited Securities represented by the American Depositary Shares evidenced by
such Receipt, or of any proceeds of sale of any dividends, distributions or
rights, which may at the time be held by the Depositary.

 

At
the request, risk and expense of any Owner so surrendering a Receipt, and for
the account of such Owner, the Depositary shall direct the Custodian to forward
any cash or other property (other than rights) comprising, and forward a
certificate or certificates and other proper documents of title for, the
Deposited Securities represented by the American Depositary Shares evidenced by
such Receipt to the Depositary for delivery at the Corporate Trust Office of
the Depositary. Such direction shall be given by letter or, at the request,
risk and expense of such Owner, by cable, telex or facsimile transmission.
Neither the Depositary nor the Custodian shall deliver Shares, by physical
delivery, book-entry or otherwise (other than to the Company or its agent as
contemplated by Section 4.8), or otherwise permit Shares to be withdrawn
from the facility created hereby, except upon the surrender and cancellation of
Receipts.

 

Section 2.6.     Limitations on Execution and Delivery,
Transfer and Surrender of Receipts.

 

As a
condition precedent to the execution and delivery, registration of transfer,
split-up, combination or surrender of any Receipt or withdrawal of any
Deposited Securities, the Depositary, Company, Custodian or Registrar may
require (a) payment from the depositor of Shares or the presentor of the
Receipt of a sum sufficient to reimburse it for any tax or other governmental
charge and any stock transfer or registration fee with respect thereto
(including any such tax or charge and fee with

 

13

 

respect to Shares
being deposited or withdrawn) and payment of any applicable fees as herein
provided, (b) the production of proof satisfactory to it as to the
identity and genuineness of any signature and may also require compliance with
any regulations the Depositary and the Company may establish consistent with
the provisions of this Deposit Agreement, including, without limitation, this
Section 2.6, and may also require compliance with any laws or governmental
regulations relating to the Receipts or to the withdrawal of Deposited
Securities as may be established by any governmental authority in Chile or the
United States or the Central Bank or the SVS.

 

The
delivery of Receipts against deposits of Shares generally or against deposits
of particular Shares may be suspended, or the transfer of Receipts in
particular instances may be refused, or the registration of transfer of
outstanding Receipts generally may be suspended, during any period when the
transfer books of the Depositary are closed, or if any such action is deemed
necessary or advisable by 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 this Deposit
Agreement, or for any other reason, subject to the provisions of the following
sentence. The surrender of outstanding Receipts and withdrawal of Deposited
Securities may not be suspended subject only to (i) temporary delays
caused by closing the transfer books of the Depositary or the Company or the
deposit of Shares in connection with voting at a shareholders’ meeting, or the
payment of dividends, (ii) the payment of fees, taxes, and other charges
as contemplated herein and in Section 3.2, and similar charges, and
(iii) compliance with any U.S. or foreign laws or governmental regulations
relating to the Receipts or to the withdrawal of the Deposited Securities.
Without limitation of the foregoing, the Depositary shall not knowingly accept
for deposit under this Deposit Agreement any Shares required to be registered
under the provisions of the Securities Act of 1933, unless a registration
statement is in effect as to such Shares. If in the opinion of the Depositary
there is a reasonable possibility that a fee, tax or other charge of the sort
referred to in Section 3.2 will become payable by, or be assessed against,
the Depositary or the Custodian following the delivery, transfer or surrender
of Receipts or withdrawal

 

14

 

of Shares or other
Deposited Securities, the Depositary may, in its discretion and as a condition
precedent to the consummation of any such transaction, require the Owner to
give the Depositary an indemnity bond in such form and amount and with such
surety as it may accept as reasonably sufficient to indemnify it against such
potential liabilities.

 

Section 2.7.     Lost Receipts, etc.

 

In
case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary
shall execute and deliver a new Receipt of like tenor in exchange and
substitution for such mutilated Receipt upon cancellation thereof, or in lieu
of and in substitution for such destroyed, lost or stolen Receipt. Before the
Depositary shall execute and deliver a new Receipt in substitution for a destroyed,
lost or stolen Receipt, the Owner thereof shall have (a) filed with the
Depositary (i) a request for such execution and delivery before the
Depositary has notice that the Receipt has been acquired by a bona fide
purchaser and (ii) a sufficient indemnity bond for the benefit of the
Company and the Depositary and (b) satisfied any other reasonable
requirements imposed by the Depositary and the Company.

 

Section 2.8.     Cancellation and Destruction of
Surrendered Receipts.

 

All
Receipts surrendered to the Depositary shall be cancelled by the Depositary.
The Depositary is authorized to destroy Receipts so cancelled.

 

Section 2.9.     Pre-Release of Receipts.

 

Unless
requested by the Company to cease doing so, the Depositary may, notwithstanding
Section 2.3 hereof, execute and deliver Receipts prior to the receipt of
Shares pursuant to Section 2.2 (“Pre-Release”). The Depositary may,
pursuant to Section 2.5, deliver Shares upon the receipt and cancellation
of Receipts which have been Pre-Released, whether or not such cancellation is
prior to the termination of such Pre-Release or the Depositary knows that such
Receipt has been Pre-Released. The Depositary may receive Receipts in lieu of
Shares in satisfaction of a Pre-Release. Each Pre-Release will

 

15

 

be (a) preceded or
accompanied by a written representation from the person to whom Receipts are to
be delivered that such person, or its customer, (i) owns the Shares or
Receipts to be remitted, as the case may be, (ii) assigns all beneficial
right, title and interest in such Shares to the Depositary for the benefit of
the Owners, and (iii) agrees in effect to hold such Shares for the account
of the Depositary until delivery of the same upon the Depositary’s request,
(b) at all times fully collateralized (such collateral market to market
daily) with cash, U.S. Government Securities or such other collateral as the
Depositary determines, in good faith, will provide substantially similar
liquidity and security, (c) terminable by the Depositary on not more than
five (5) business days notice, and (d) subject to such further
indemnities and credit regulations as the Depositary deems appropriate. The
number of American Depositary Shares which are outstanding at any time as a
result of Pre-Releases will not normally exceed thirty percent (30%) of the
Shares deposited hereunder; provided, however, that the Depositary reserves the
right to change or disregard such limit from time to time as it reasonably
deems appropriate and may, with the prior written consent of the Company,
change such limit for purposes of general application. The Depositary will also
set limits with respect to the number of Pre-Released Receipts involved in
transactions to be done hereunder with any one person on a case by case basis
as it deems appropriate. The collateral referred to in clause (b) above
shall be held by the Depositary for the benefit of the holders as security for
the performance of the obligations to deliver Shares set forth in clause (a) above
(and shall not, for the avoidance of doubt, constitute Deposited Securities
hereunder).

 

The
Depositary may retain for its own account any compensation received by it in
connection with the foregoing.

 

Section 2.10.   Maintenance of Records.

 

The Depositary agrees to maintain records of all
Receipts surrendered and Deposited Securities withdrawn under Section 2.5,
substitute Receipts delivered under Section 2.7 and cancelled or destroyed
Receipts under 2.8, in keeping with procedures customarily followed by stock
transfer agents located in The City of New York.

 

16

 

ARTICLE 3.
CERTAIN
OBLIGATIONS OF OWNERS OF RECEIPTS.

 

Section 3.1.   Filing Proofs, Certificates and Other
Information.

 

Any
person presenting Shares for deposit or any Owner of a Receipt may be required
from time to time to file with the Depositary or the Custodian such proof of
citizenship or residence, exchange control approval, payment of all applicable
Chilean taxes or other governmental charges, or such information relating to
the registration on the books of the Company or the Foreign Registrar, if
applicable, to execute such certificates and to make such representations and
warranties, as the Depositary or the Company may deem necessary or proper. The
Depositary may (and at the request of the Company shall) withhold the delivery
or registration of transfer of any Receipt or the distribution of any dividend
or sale or distribution of rights or of the proceeds thereof or the delivery of
any Deposited Securities until such proof or other information is filed or such
certificates are executed or such representations and warranties made. The
Depositary shall provide to the Company, promptly upon the Company’s written
request, copies of any such proofs of citizenship or residence or other
information referred to above. The Company may from time to time request Owners
to provide information as to the capacity in which such Owners own Receipts and
regarding the identity of any other persons then interested in such receipts
and the nature of such interest. Each Owner agrees to provide any information
reasonably requested by the Company or the Depositary pursuant to this section.

 

Section 3.2.     Liability of Owner for Taxes.

 

If
any tax or other governmental charge shall become payable with respect to any
Receipt or any Deposited Securities represented by any Receipt, including
without limiting the generality of the foregoing any Chilean tax on a gain
realized, or deemed to be realized, upon the withdrawal or sale of Shares or
other Deposited Securities, such tax or other governmental charge shall be
payable by the Owner of such Receipt to the Depositary, who shall pay the
amount thereof to the Depositary upon demand. The

 

17

 

Depositary may
(and at the request of the Company shall) refuse to effect any transfer of such
Receipt or any withdrawal of Deposited Securities represented by American
Depositary Shares evidenced by such Receipt until such payment is made, and may
withhold any dividends or other distributions, or may sell for the account of
the Owner thereof any part or all of the Deposited Securities represented by
the American Depositary Shares evidenced by such Receipt, and may apply such
dividends or other distributions or the proceeds of any such sale in payment of
such tax or other governmental charge and the Owner of such Receipt shall
remain liable for any deficiency.

 

Section 3.3.    Disclosure of Interests.

 

To
the extent that provisions of or governing any Deposited Securities or the
rules and regulations of any governmental authority may require the
disclosure of beneficial or other ownership of Deposited Securities, other
Shares and other securities to the Company or other persons, or may prohibit or
limit ownership transfers, voting or other rights to enforce such disclosure,
the Depositary shall use its reasonable efforts to comply with written Company
instructions with respect to such requirements, prohibitions or limitations,
and Owners and Beneficial Owners shall comply with all such requirements,
prohibitions and limitations and shall cooperate with the Depositary’s
compliance with such Company instructions.

 

Section 3.4.     Reporting Requirements Under Chilean
Securities Regulations.

 

By holding American Depositary Shares Owners and
Beneficial Owners shall be deemed to agree to comply with certain obligations
under Chilean securities regulation including, without limitation, obligations
under Articles 12 and 54 and Title XV of Law 18,045 of Chile and the
regulations issued by the SVS in connection therewith.

 

 

18

 

Article 12
requires that, among other things, shareholders of a Chilean corporation (which
would include Owners) report to the SVS and the stock exchanges in Chile on
which those shares are listed:

 

(i) any
direct or indirect acquisition or sale of Receipts that results in the Owner or
Beneficial Owner acquiring or ceasing to own, directly or indirectly, 10% or
more of the total share capital of such corporation; and

 

(ii) any
direct or indirect acquisition or sale of shares or options to buy or sell
shares, in any amount, made by (a) an Owner or Beneficial Owner that owns
Receipts representing 10% or more of such corporation’s shares or (b) a
director, liquidator, general manager, manager or holder of certain other
offices of such corporation.

 

In
addition, shareholders required to report under clause (i) or
(ii)(a) above must state in their report whether their purpose is to acquire
control of the corporation or to make a financial investment. A Beneficial
Owner of American Depositary Shares representing 10% or more of the Company’s
share capital will be subject to the above reporting requirements under Chilean
law.

 

Under
Article 54 of Law 18,045 of Chile and the regulations of the SVS, persons
or entities intending to acquire control, directly or indirectly, of a publicly
traded company, including through acquisitions to be made through direct
subscriptions or private transactions, are required to inform the public of
that intention as soon as negotiations regarding the change of control begin
(i.e., when information and documents concerning the target are delivered to
the potential acquirer), but in any case at least ten (10) business days
before the date on which the transaction is to be completed, by publishing a
notice in two Chilean newspapers, which notice must disclose, among other
information, the person or entity purchasing, the proposed price, and the
status of any negotiations. Before making the publication referred to in the
preceding sentence, the person or entity must send a written communication
containing the same information to

 

19

 

be published to
the target corporation, the controlling corporation, the corporations
controlled by the target corporation, the SVS and the Chilean stock exchanges
on which the company’s securities are listed.

 

In
addition to the foregoing, Article 54A of Law 18,045 of Chile requires
that, within the two (2) business days following completion of the
transactions pursuant to which a person has acquired control of a publicly
traded company, (i) a notice must be published in the same newspapers in
which the publication referred to in Article 54 has been made and
(ii) notices must be sent to the same persons indicated in
Article 54.

 

Section 3.5.     Warranties on Deposit of Shares.

 

Every
person depositing Shares under this Deposit Agreement shall be deemed thereby
to represent and warrant that such Shares and each certificate therefore are
validly issued, fully paid, nonassessable and were not issued in violation of
any preemptive or similar rights of the holders of outstanding Shares, that the
person making such deposit is duly authorized to do so and that the deposit of
such Shares is not prohibited or restricted by Chilean law. Every such person
shall also be deemed to represent that such Shares are not, and American
Depositary Shares representing such Shares would not be, Restricted Securities.
Such representations and warranties shall survive the deposit of Shares and
delivery of Receipts.

 

ARTICLE 4. THE DEPOSITED SECURITIES.

 

Section 4.1.     Cash Distributions.

 

Whenever the Depositary or the Custodian shall receive
any cash dividend or other cash distribution on any Deposited Securities, the
Depositary shall as promptly as practicable, subject to the provisions of
Section 4.5, convert such dividend or distribution into Dollars and shall
as promptly as practicable distribute the amount thus received (net of the
expenses of the Depositary as provided in Section 5.9) to the Owners
entitled thereto, in proportion to the number of American Depositary Shares
representing

 

20

 

such Deposited Securities
held by them respectively; provided, however, that the Depositary shall make
appropriate adjustments in the amounts so distributed in respect of
(a) any such Deposited Securities being not entitled, by reason of date of
issuance or otherwise, to receive all or any portion of such distribution or
(b) any amounts (i) withheld or required to be withheld by the
Company, the Custodian or the Depositary from any such distribution pursuant to
Section 3.2 or otherwise on account of taxes or other governmental charges,
or (ii) charged by the Depositary in the conversion of foreign currency
into Dollars pursuant to Section 4.5. The Depositary shall distribute only
such amount, however, as can be distributed without attributing to any Owner a
fraction of one cent. Any such fractional amounts shall be rounded to the
nearest whole cent and so distributed to Owners entitled thereto. The Company
or its agent will remit to the appropriate taxation authority or other
governmental agency in Chile all amounts withheld and owing to such agency. The
Depositary will forward to the Company or its agent such information from its
records as the Company may reasonably request to enable the Company or its
agent to file necessary reports with governmental agencies, and the Depositary
or the Company or its agent may file any such reports necessary to obtain
benefits under the applicable tax treaties for the Owners of Receipts.

 

Section 4.2.     Distributions Other Than Cash, Shares
or Rights.

 

Subject to the provisions of Sections 4.11 and 5.9,
whenever the Depositary shall receive any distribution other than a
distribution described in Sections 4.1, 4.3 or 4.4, the Depositary shall as
promptly as practicable, after consultation with the Company, cause the
securities or property received by it to be distributed to the Owners entitled
thereto, in proportion to the number of American Depositary Shares representing
such Deposited Securities held by them respectively, in any manner that the
Depositary may deem equitable and practicable for accomplishing such
distribution; provided, however, that if in the opinion of the Depositary such
distribution cannot be made proportionately among the Owners entitled thereto,
or if for any other reason (including, but not limited to, any requirement that
the Company or the Depositary withhold an

 

21

 

amount on account
of taxes or other governmental charges or that such securities must be
registered under the Securities Act of 1933 in order to be distributed to
Owners or Beneficial Owners) the Depositary deems such distribution not to be
feasible, the Depositary may adopt such method as it may deem equitable and
practicable for the purpose of effecting such distribution, including, but not
limited to, the public or private sale of the securities or property thus
received, or any part thereof, and the net proceeds of any such sale (net of
the fees of the Depositary as provided in Section 5.9) shall be
distributed by the Depositary to the Owners entitled thereto as in the case of
a distribution received in cash.

 

Section 4.3.     Distributions in Shares.

 

If
any distribution upon any Deposited Securities consists of a dividend in, or
free distribution of, Shares, the Depositary may, after consultation with the
Company, and shall, if the Company shall so request, distribute as promptly as
practicable to the Owners of outstanding Receipts entitled thereto, in
proportion to the number of American Depositary Shares representing such
Deposited Securities held by them respectively, additional Receipts evidencing
an aggregate number of American Depositary Shares representing the amount of
Shares received as such dividend or free distribution, subject to the terms and
conditions of the Deposit Agreement with respect to the deposit of Shares and
the issuance of American Depositary Shares evidenced by Receipts, including the
withholding of any tax or other governmental charge as provided in
Section 4.11 and the payment of the fees of the Depositary as provided in
Section 5.9. In lieu of delivering Receipts for fractional American
Depositary Shares in any such case, the Depositary shall sell the amount of
Shares represented by the aggregate of such fractions and distribute the net
proceeds, all in the manner and subject to the conditions described in
Section 4.1. If additional Receipts are not so distributed, each American
Depositary Share shall thenceforth also represent the additional Shares
distributed upon the Deposited Securities represented thereby.

 

22

 

Section 4.4.     Rights.

 

In
the event that the Company shall offer or cause to be offered to the holders of
any Deposited Securities any rights to subscribe for additional Shares or any
rights of any other nature, the Depositary shall, after consultation with the
Company, have discretion as to the procedure to be followed in making such
rights available to any Owners or in disposing of such rights on behalf of any
Owners and making the net proceeds available to such Owners or, if by the terms
of such rights offering or for any other reason, the Depositary may not either
make such rights available to any Owners or dispose of such rights and make the
net proceeds available to such Owners, then the Depositary shall allow the rights
to lapse. If at the time of the offering of any rights the Depositary
determines in its discretion that it is lawful and feasible to make such rights
available to all or certain Owners but not to other Owners, the Depositary may,
after consultation with the Company, distribute to any Owner to whom it
determines the distribution to be lawful and feasible, in proportion to the
number of American Depositary Shares held by such Owner, warrants or other
instruments therefor in such form as it deems appropriate.

 

In
circumstances in which rights would otherwise not be distributed, if an Owner
of Receipts requests the distribution of warrants or other instruments in order
to exercise the rights allocable to the American Depositary Shares of such
Owner hereunder, the Depositary will make such rights available to such Owner
upon written notice from the Company to the Depositary that (a) the
Company has elected in its sole discretion to permit such rights to be
exercised and (b) such Owner has executed such documents as the Company
has determined in its sole discretion are reasonably required under applicable
law.

 

If the Depositary has distributed warrants or other
instruments for rights to all or certain Owners, then upon instruction pursuant
to such warrants or other instruments to the Depositary from such Owner to
exercise such rights, upon payment by such Owner to the Depositary for the
account of such Owner of an amount equal to the

 

23

 

purchase price of the
Shares to be received upon the exercise of the rights, and upon payment of the
fees of the Depositary and any other charges as set forth in such warrants or
other instruments, the Depositary shall, on behalf of such Owner, exercise the
rights and purchase the Shares, and the Company shall, cause the Shares so
purchased to be delivered to the Depositary on behalf of such Owner. As agent
for such Owner, the Depositary will cause the Shares so purchased to be
deposited pursuant to Section 2.2 of this Deposit Agreement, and shall,
pursuant to Section 2.3 of this Deposit Agreement, execute and deliver
Receipts to such Owner. In the case of a distribution pursuant to the second
paragraph of this section, such Receipts shall be legended if required by
applicable U.S. laws, and shall be subject to appropriate restrictions on sale,
deposit, cancellation, and transfer under such laws.

 

If
the Depositary determines in its discretion that it is not lawful and feasible
to make such rights available to all or certain Owners, it may, after
consultation with the Company, sell the rights, warrants or other instruments
in proportion to the number of American Depositary Shares held by the Owners to
whom it has determined it may not lawfully or feasibly make such rights
available, and allocate the net proceeds of such sales (net of the fees of the
Depositary as provided in Section 5.9 and all taxes and governmental
charges payable in connection with such rights and subject to the terms and
conditions of this Deposit Agreement) for the account of such Owners otherwise
entitled to such rights, warrants or other instruments, upon an averaged or
other practical basis without regard to any distinctions among such Owners
because of exchange restrictions or the date of delivery of any Receipt or
otherwise.

 

The Depositary will not offer rights to Owners unless
both the rights and the securities to which such rights relate are either
exempt from registration under the Securities Act of 1933 with respect to a
distribution to all Owners or are registered under the provisions of such Act.
If an Owner of Receipts requests the distribution of warrants or other
instruments, notwithstanding that there has been no such registration under
such Act, the Depositary shall not effect such distribution unless it has
received an opinion

 

24

 

from counsel in the
United States for the Company satisfactory to the Depositary upon which the
Depositary may rely that such distribution to such Owner does not require
registration under the Securities Act of 1933. In no event shall the Company
have any obligation to register such rights or any securities under the
Securities Act of 1933, secure an exemption for such rights or any securities
under the Securities Act of 1933, or furnish the aforementioned opinion. The
Beneficial Owners of Receipts alone shall be responsible for payment of any
taxes or other governmental charges due as a result of sales or transfers
pursuant to this Section 4.4.

 

The Depositary shall not be responsible for any
failure to determine that it may be lawful or feasible to make such rights
available to Owners in general or any Owner in particular.

 

Section 4.5.    Conversion of Foreign Currency.

 

Whenever
the Depositary shall receive foreign currency, by way of dividends or other
distributions or the net proceeds from the sale of securities, property or
rights, and if at the time of the receipt thereof the foreign currency so
received can in the reasonable judgment of the Depositary be converted on a reasonable
basis into Dollars and the resulting Dollars transferred to the United States,
the Depositary shall, as promptly as practicable convert or cause to be
converted, by sale or in any other manner that it may determine, such foreign
currency into Dollars, and such Dollars shall as promptly as practicable, be
distributed to the Owners entitled thereto or, if the Depositary shall have
distributed any warrants or other instruments which entitle the holders thereof
to such Dollars, then to the holders of such warrants and/or instruments upon
surrender thereof for cancellation. Such distribution may be made upon an
averaged or other practicable basis without regard to any distinctions among
Owners on account of exchange restrictions, the date of delivery of any Receipt
or otherwise and shall be net of any taxes, governmental charges or expenses of
conversion into Dollars incurred by the Depositary as provided in
Section 5.9.

 

 

25

 

If such conversion or distribution can be effected
only with some approval or license of any government or agency thereof, the
Depositary may make an application for such approval or license (in its own
name as agent or on behalf of the Owners, or in the name of the Owners),
provided, that it shall have no obligation to make such an application unless
it may do so without incurring any expense or liability.

 

If at
any time the Depositary or the Custodian shall determine that in its reasonable
judgment any foreign currency received by the Depositary or the Custodian is
not convertible on a reasonable basis into Dollars transferable to the United
States, or if any approval or license of any government or agency thereof that
is required for such conversion is denied or in the reasonable opinion of the
Depositary is not obtainable, at a reasonable cost or within a reasonable
period, the Depositary may distribute the foreign currency (or an appropriate
document evidencing the right to receive such foreign currency) received by the
Depositary to, or in its discretion may hold such foreign currency uninvested
and without liability for interest thereon for the respective accounts of, the
Owners entitled to receive the same.

 

If
any such conversion of foreign currency, in whole or in part, cannot be effected
for distribution to some of the Owners entitled thereto, the Depositary may in
its discretion make such conversion and distribution in Dollars to the extent
permissible to the Owners entitled thereto and may distribute the balance of
the foreign currency received by the Depositary to, or hold such balance
uninvested and without liability for interest thereon for the respective
accounts of, the Owners entitled thereto.

 

Section 4.6.    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 whenever rights shall be issued
with respect to the Deposited Securities, or whenever the Depositary shall
receive notice of any meeting of holders of Shares or other Deposited
Securities, the Depositary shall fix a record date which date shall, to the
extent practicable, be either (x) the same

 

26

 

date as the record
date fixed by the Company with respect to the applicable Deposited Securities,
or (y) if different from such record date fixed by the Company, be fixed after
consultation with the Company, for the determination of the Owners who shall be
(i) entitled to receive such dividend, distribution or rights or the net
proceeds of the sale thereof or (ii) entitled to give instructions for the
exercise of voting rights at any such meeting. Subject to the provisions of
Sections 4.1 through 4.5 and to the other terms and conditions of this Deposit
Agreement, the Owners on such record date shall be entitled, as the case may
be, to receive the amount distributable by the Depositary with respect to such
dividend or other distribution or such rights or the net proceeds of sale
thereof in proportion to the number of American Depositary Shares held by them
respectively and to give voting instructions and to act in respect of any other
such matter.

 

Section 4.7.    Voting of Deposited Securities.

 

Upon
receipt of notice of any meeting of holders of Shares or other Deposited
Securities, the Depositary shall, as soon as practicable thereafter, mail to
the Owners a notice, the form of which notice shall be in the reasonable
discretion of the Depositary, which shall contain (a) such information as
is contained in such notice of meeting, (b) a statement that the Owners as
of the close of business on a specified record date (established pursuant to
Section 4.6 hereof) will be entitled, subject to any applicable provision
of Chilean law and of the Estatutos of the Company, to instruct the Depositary
as to the exercise of the voting rights, if any, pertaining to the amount of
Shares or other Deposited Securities represented by their respective American
Depositary Shares, and (c) a statement as to the manner in which such
instructions may be given, including an express indication that instructions
may be given (or be deemed given in accordance with the next to the last
sentence of this Section 4.7 if no instruction is received) to the
Depositary to give a discretionary proxy to a person designated by the Company.
Upon the written request of an Owner on such record date, received on or before
the date established by the Depositary for such purpose, the Depositary shall
endeavor, in so far as practicable, to vote or cause to be voted the amount of Shares
or other Deposited

 

27

 

Securities represented by the American Depositary Shares evidenced by
such Receipt in accordance with the instructions set forth in such request. The
Depositary shall not vote or attempt to exercise the right to vote that
attaches to such Shares or other Deposited Securities, other than in accordance
with such instructions. The Depositary shall not itself exercise any voting
discretion over any Deposited Securities. If no instructions are received by
the Depositary from any Owner with respect to any of the Deposited Securities
represented by the American Depositary Shares evidenced by such Owner’s
Receipts on or before the date established by the Depositary for such purpose,
the Depositary shall deem such Owner to have instructed the Depositary to give
a discretionary proxy to the president of the Company with respect to such
Deposited Securities and the Depositary shall give a discretionary proxy to the
president of the Company to vote such Deposited Securities, provided that no
such instruction shall be deemed given and no such discretionary proxy shall be
given with respect to any matter as to which the Company informs the Depositary
(and the Company agrees to provide such information promptly in writing) that
(a) the president of the Company does not wish such proxy given or
(b) such matter materially and adversely affects the rights of holders of
the Shares. If any requirement of Chilean law, of the Estatutos of the
Company, or of any securities exchange on which Shares, other Deposited
Securities, Receipts or the American Depositary Shares evidenced thereby are
listed, does not permit the Depositary to vote (or to vote on any particular
matter) in accordance with instructions received from Owners or in accordance
with a deemed discretionary proxy, the Depositary shall not vote the Shares or
other Deposited Securities.

 

Section 4.8.     Changes Affecting Deposited Securities.

 

In circumstances where the provisions of
Section 4.3 do not apply, upon any change in nominal value, change in par
value, split-up, consolidation or any other reclassification of Deposited
Securities, or upon any recapitalization, reorganization, merger or
consolidation or sale of assets affecting the Company or to which it is a
party, any securities which shall be received by the Depositary or a Custodian
in exchange for

 

28

 

or in conversion
of or in respect of Deposited Securities, shall be treated as new Deposited
Securities under this Deposit Agreement, and American Depositary Shares shall
thenceforth represent the new Deposited Securities so received in exchange or
conversion, unless additional Receipts are delivered pursuant to the following
sentence. In any such case the Depositary may, after consultation with the
Company, and shall if the Company shall so request, execute and deliver
additional Receipts as in the case of a dividend in Shares, or call for the
surrender of outstanding Receipts to be exchanged for new Receipts specifically
describing such new Deposited Securities.

 

If requested in writing by the Company, upon the
occurrence of any such change, conversion or exchange covered by this
Section in respect of Deposited Securities, the Depositary shall give
notice thereof in writing to all Owners, at the Company’s expense.

 

Section 4.9.     Reports.

 

The
Depositary shall make available for inspection by Owners at its Corporate Trust
Office any reports and communications, including any proxy soliciting material,
received from the Company which are both (a) received by the Depositary or
the Custodian or the nominee of either as the holder of the Deposited
Securities and (b) made generally available to the holders of such
Deposited Securities by the Company. The Depositary shall also send to the
Owners copies of such reports and communications when furnished by the Company
pursuant to Section 5.6. Any such reports and communications, including
any such proxy soliciting material, furnished to the Depositary by the Company
shall be furnished in English, to the extent such materials are required to be
translated into English pursuant to any regulations of the Commission.

 

The Depositary will use reasonable business efforts to
furnish to the Custodian any information the Custodian may require in order to
perform its functions described hereunder.

 

29

 

Section 4.10.   Lists of Owners.

 

Promptly upon request by the Company, the Depositary
shall, at the expense of the Company, furnish to it a list, as of a recent
date, of the names, addresses and holdings of American Depositary Shares by all
persons in whose names Receipts are registered on the books of the Depositary
or any agent of the Depositary maintained for such purpose.

 

Section 4.11.  Withholding.

 

In
connection with any distribution to holders of Deposited Securities, the
Company will remit to the appropriate governmental authority or agency all
amounts (if any) required to be withheld by the Company and owing to such
authority or agency by the Company, and the Depositary or the Custodian,
respectively, will remit to the appropriate governmental authority or agency
all amounts (if any) required to be withheld by the Depositary or the
Custodian, respectively, and owing to such authority or agency by the
Depositary or the Custodian, respectively. In the event that the Depositary
determines that any distribution in property (including Shares and rights to
subscribe therefor) is subject to any tax or other governmental charge which
the Depositary is obligated to withhold, the Depositary may by public or
private sale dispose of all or a portion of such property (including Shares and
rights to subscribe therefor) in such amounts and in such manner as the
Depositary deems necessary and practicable to pay any such taxes or charges and
the Depositary shall distribute the net proceeds of any such sale after
deduction of such taxes or charges to the Owners entitled thereto in proportion
to the number of American Depositary Shares held by them respectively and the
Depositary shall distribute any unsold balance of such property in accordance
with the provisions of this Deposit Agreement.

 

30

 

ARTICLE 5.
THE DEPOSITARY,
THE CUSTODIANS AND THE COMPANY.

 

Section 5.1.    Maintenance of Office and Transfer Books
by the Depositary.

 

Until termination of this Deposit Agreement in
accordance with its terms, the Depositary shall maintain in the Borough of
Manhattan, The City of New York, facilities for the execution and delivery,
registration, registration of transfers and surrender of Receipts in accordance
with the provisions of this Deposit Agreement.

 

The Depositary shall keep books for the registration
of Receipts and transfers of Receipts which at all reasonable times shall be
open for inspection by the Owners, provided that such inspection shall not be
for the purpose of communicating with Owners in the interest of a business or
object other than the business of the Company or a matter related to this
Deposit Agreement or the Receipts.

 

The
Depositary may close the transfer books, at any time or from time to time, when
deemed expedient by it in connection with the performance of its duties
hereunder or at the written request of the Company. The Depositary will notify
the Company of any closure under the preceding sentence that is other than in
the ordinary course of business.

 

If any Receipts or the American Depositary Shares
evidenced thereby are listed on one or more stock exchanges in the United
States, the Depositary shall act as Registrar or appoint a Registrar or one or
more co-registrars for registry of such Receipts in accordance with any
requirements of such exchange or exchanges.

 

The Company shall have the right, at all reasonable
times, to inspect transfer and registration records of the Depositary, the
Registrar and any co-transfer agents or co-registrars and to require such
parties to supply copies of such portions of such records as the Company may
request.

 

31

 

Section 5.2.    Prevention or Delay in Performance by
the Depositary or the Company.

 

Neither
the Depositary nor the Company nor any of their directors, officers, employees
or agents shall incur any liability to any Owner or Beneficial Owner, if by
reason of any provision of any present or future law or regulation of the
United States, Chile or any other country, or of any stock exchange or
governmental or regulatory authority or, in the case of the Depositary or its
directors, officers, employees or agents, by reason of the Estatutos of the
Company or the Deposited Securities, or by reason of any provision of any
securities issued or distributed by the Company, or any offering or
distribution thereof, or by reason of any act of God or war or terrorism or
other circumstances beyond its control, the Depositary or the Company, or any
of their directors, officers, employees or agents, shall be prevented or
forbidden from, or be subject to any civil or criminal penalty on account of,
doing or performing any act or thing which by the terms of this Deposit
Agreement, the Company’s Estatutos or the Deposited Securities it is provided
shall be done or performed; nor shall the Depositary or the Company or any of
their directors, officers, employees or agents incur any liability to any Owner
or Beneficial Owner by reason of any non-performance or delay, caused as
aforesaid, in the performance of any act or thing which by the terms of this
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 this Deposit Agreement. Where, by the terms of a distribution pursuant to
Sections 4.1, 4.2, or 4.3 of the Deposit Agreement, or an offering or distribution
pursuant to Section 4.4 of the Deposit Agreement, or for any other reason,
such distribution or offering may not be made available to Owners, and the
Depositary may not dispose of such distribution or offering on behalf of such
Owners and make the net proceeds available to such Owners, then the Depositary
shall not make such distribution or offering, and shall allow any rights, if
applicable, to lapse.

 

 

32

 

Section 5.3.    Obligations of the Depositary, the
Custodian and the Company.

 

The Company assumes no obligation nor shall it be
subject to any liability under this Deposit Agreement to Owners or Beneficial
Owners, except that it agrees to perform its obligations specifically set forth
in this Deposit Agreement without negligence or bad faith.

 

The Depositary assumes no obligation nor shall it be
subject to any liability under this Deposit Agreement to any Owner or
Beneficial Owner (including, without limitation, liability with respect to the
validity or worth of the Deposited Securities), except that it agrees to
perform its obligations specifically set forth in this Deposit Agreement
without negligence or bad faith.

 

Neither the Depositary nor the Company shall be under
any obligation to appear in, prosecute or defend any action, suit or other
proceeding in respect of any Deposited Securities or in respect of the
Receipts, which in its opinion may involve it in expense or liability, unless
indemnity satisfactory to it against all expense and liability shall be
furnished as often as may be required, and the Custodian shall not be under any
obligation whatsoever with respect to such proceedings, the responsibility of
the Custodian being solely to the Depositary.

 

Neither
the Depositary nor the Company shall be liable for any action or nonaction by
it in reliance upon the advice of or information from legal counsel,
accountants, any person presenting Shares for deposit, any Owner or any other
person believed by it in good faith to be competent to give such advice or
information. Each of the Depositary and the Company may rely and shall be
protected in acting upon any written notice, request, direction or other
document believed by it in good faith to be genuine and to have been signed or
presented by the proper party or parties.

 

The Depositary shall not be liable for any acts or
omissions made by a successor depositary whether in connection with a previous
act or omission of the Depositary or in connection with any matter arising
wholly after the removal or

 

33

 

resignation of the
Depositary, provided that in connection with the issue out of which such
potential liability arises the Depositary performed its obligations without
negligence or bad faith while it acted as Depositary.

 

The Depositary shall not be responsible for any
failure to carry out any instructions to vote any of the Deposited Securities,
or for the manner in which any such vote is cast or the effect of any such
vote, provided that any such action or nonaction is without negligence and in
good faith.

 

No disclaimer of liability under the Securities Act of
1933 is intended by any provision of this Deposit Agreement.

 

Section 5.4.     Resignation and Removal of the
Depositary.

 

The
Depositary may at any time resign as Depositary hereunder by written notice of
its election so to do 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 written notice of such removal effective 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 use its best efforts to appoint a successor depositary, which
shall be a bank or trust company having an office in the Borough of Manhattan,
The City of New York. 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; but such predecessor, nevertheless,
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

 

34

 

rights and powers
of such predecessor hereunder, shall duly assign, transfer and deliver all
right, title and interest in the Deposited Securities to such successor, and
shall deliver to such successor a list of the Owners of all outstanding Receipts.
Any such successor depositary shall promptly mail notice of its appointment to
the Owners.

 

Any corporation into or with which the Depositary may
be merged or consolidated shall be the successor of the Depositary without the
execution or filing of any document or any further act.

 

Section 5.5.     The Custodian.

 

The
Custodian shall be subject at all times and in all respects to the directions
of the Depositary and shall be responsible solely to it. Any Custodian may
resign and be discharged from its duties hereunder by notice of such
resignation delivered to the Depositary at least thirty (30) days prior to the
date on which such resignation is to become effective. If upon such resignation
there shall be no Custodian acting hereunder, the Depositary shall, promptly
after receiving such notice, appoint a substitute custodian or custodians, each
of which shall thereafter be a Custodian hereunder. Whenever the Depositary in
its discretion determines that it is in the best interest of the Owners to do so,
it may appoint substitute or additional custodian or custodians, which shall
thereafter be one of the Custodians hereunder. Upon demand of the Depositary
any Custodian shall deliver such of the Deposited Securities held by it as are
requested of it to any other Custodian or such substitute or additional
custodian or custodians. Each such substitute or additional custodian shall
deliver to the Depositary and the Company, forthwith upon its appointment, an
acceptance of such appointment satisfactory in form and substance to the
Depositary.

 

Upon
the appointment of any successor depositary hereunder, each Custodian then
acting hereunder shall forthwith become, without any further act or writing,
the agent hereunder of such successor depositary and the appointment of such
successor depositary shall in no way impair the authority of each Custodian
hereunder;

 

35

 

but the successor
depositary so appointed shall, nevertheless, on the written request of any
Custodian, execute and deliver to such Custodian all such instruments as may be
proper to give to such Custodian full and complete power and authority as agent
hereunder of such successor depositary.

 

The Custodian shall undertake to provide to the SVS
and the Central Bank any information that, according to applicable regulations,
is relevant in connection with the custody, maintenance, deposit and
registration of the Shares and the rights that the Custodian exercises with
respect to Shares, according to the instructions of the Depositary.

 

Section 5.6.    Notices and Reports.

 

On or
before the first date on which the Company gives notice, by publication or
otherwise, of any meeting of holders of Shares or other Deposited Securities,
or of any adjourned meeting of such holders, or of the taking of any action in
respect of any cash or other distributions or the offering of any rights, the
Company agrees to transmit to the Depositary and the Custodian a copy of the
notice thereof in the form given or to be given to holders of Shares or other
Deposited Securities and a written English language version thereof.

 

The Company will arrange for the translation into
English, if not already in English, to the extent required pursuant to any
regulations of the Commission, and the prompt transmittal by the Company to the
Depositary and the Custodian of such notices and any other reports and
communications which are made generally available by the Company to holders of
its Shares. If requested in writing by the Company, the Depositary will arrange
for the mailing, at the Company’s expense, of copies of such notices, reports
and communications to all Owners. The Company will timely provide the
Depositary with the quantity of such notices, reports, and communications, as
reasonably requested by the Depositary from time to time, in order for the
Depositary to effect such mailings.

 

36

 

Section 5.7.    Distribution of Additional Shares,
Rights, etc.

 

The
Company agrees that in the event of any issuance or distribution of
(1) additional Shares, (2) rights to subscribe for Shares,
(3) securities convertible into Shares, or (4) rights to subscribe
for such securities, (each a “Distribution”) the Company will provide advance notice
to the Depositary of such Distribution and, if reasonably requested in writing
by the Depositary, will promptly furnish to the Depositary a written opinion
from U.S. counsel for the Company that is reasonably satisfactory to the
Depositary stating whether or not the Distribution requires a registration
statement under the Securities Act of 1933 to be in effect prior to making such
Distribution available to Owners entitled thereto. If in the opinion of such
counsel a registration statement is required, such counsel shall furnish to the
Depositary a written opinion as to whether or not there is a registration
statement in effect which will cover such Distribution.

 

In
the event that such registration under the Securities Act of 1933 would be
required in connection with any such Distribution, the Company shall have no
obligation to effect such registration.

 

The
Company agrees with the Depositary that neither the Company nor any company
controlled by, controlling or under common control with the Company will at any
time deposit any Shares, either originally issued or previously issued and
reacquired by the Company or any such affiliate, unless a registration
statement is in effect as to such Shares under the Securities Act of 1933.

 

Section 5.8.     Indemnification.

 

The Company agrees to indemnify the Depositary, its
directors, employees, agents and affiliates and any Custodian against, and hold
each of them harmless from, any liability or expense (including, but not
limited to, the reasonable fees and expenses of counsel) which may arise
(a) out of acts performed or omitted, in accordance with the provisions of
this Deposit Agreement or the Receipts as the same may be amended, modified or
supplemented from time to time, (i) by either the

 

37

 

Depositary or a Custodian
or their respective directors, employees, agents and affiliates, except for any
liability or expense arising out of the negligence or bad faith of either of
them, or (ii) by the Company or any of its directors, employees, agents
and affiliates; (b) out of or in connection with any offer or sale to the
public of the American Depositary Shares evidenced by Receipts or any
registration statement under the Securities Act of 1933 in respect thereof,
except to the extent such loss, liability, or expense is due to information (or
omissions from such information) relating to such indemnified person, furnished
in writing to the Company by such indemnified person expressly for use in a
registration statement under the Securities Act of 1933; or (c) out of or
in connection with any tax levied or asserted by Chile on the Depositary or a
Custodian (including without limiting the generality of the foregoing any tax
on a gain realized, or deemed to be realized, upon the withdrawal or sale of
Shares or other Deposited Securities, but excluding a tax on the Depositary’s
or Custodian’s overall net income) as a result of performing its functions
hereunder or in respect hereof. The indemnity in the foregoing clause
(c) is not intended to relieve any Owner of any liability it may have with
respect to such Chilean taxes. The indemnities contained in this paragraph
shall not extend to any liability or expense which may arise out of any
Pre-Release.

 

The
Depositary agrees to indemnify the Company, its directors, employees, agents
and affiliates against and hold them harmless from any liability or expense
(including, but not limited to, the reasonable fees and expenses of counsel)
which may arise out of acts performed or omitted by the Depositary or its
Custodian or their respective directors, employees, agents and affiliates due
to their negligence or bad faith.

 

If an
action, proceeding (including, but not limited to, any governmental
investigation), claim or dispute (collectively, a “Proceeding”) in respect of
which indemnity may be sought by either party is brought or asserted against
the other party, the party seeking indemnification (the “Indemnified Party”)
shall promptly (and in no event more than ten (10) days after receipt of
notice of such Proceeding) notify the party

 

38

 

obligated to provide such
indemnification (the “Indemnifying Party”) of such Proceeding. The failure of
the Indemnified Party to so notify the Indemnifying Party shall not impair the
Indemnified Party’s ability to seek indemnification from the Indemnifying Party
(but only for costs, expenses and liabilities incurred after such notice)
unless such failure adversely affects the Indemnifying Party’s ability to
adequately oppose or defend such Proceeding. Upon receipt of such notice from
the Indemnified Party, the Indemnifying Party shall be entitled to participate
in such Proceeding and, to the extent that it shall so desire and provided no
conflict of interest exists as specified in subparagraph (b) below or
there are no other defenses available to Indemnified Party as specified in
subparagraph (d) below, to assume the defense thereof with counsel
reasonably satisfactory to the Indemnified Party (in which case all attorney’s
fees and expenses shall be borne by the Indemnifying Party and the Indemnifying
Party shall in good faith defend the Indemnified Party). The Indemnified Party
shall have the right to employ separate counsel in any such Proceeding and to
participate in the defense thereof, but the fees and expenses of such counsel
shall be borne by the Indemnified Party unless (a) the Indemnifying Party
agrees in writing to pay such fees and expenses, (b) the Indemnified Party
shall have reasonably and in good faith concluded that there is a conflict of
interest between the Indemnifying Party and the Indemnified Party in the
conduct of the defense of such action, (c) the Indemnifying Party fails,
within ten (10) days prior to the date the first response or appearance is
required to be made in such Proceeding, to assume the defense of such
Proceeding with counsel reasonably satisfactory to the Indemnified Party or
(d) there are legal defenses available to Indemnified Party that are
different from or are in addition to those available to the Indemnifying Party.
No compromise or settlement of such Proceeding may be effected by either party
without the other party’s consent unless (i) there is no finding or
admission of any violation of law and no effect on any other claims that may be
made against such other party and (ii) the sole relief provided is
monetary damages that are paid in full by the party seeking the settlement.
Neither party shall have any liability with respect to any compromise or
settlement effected without its consent, which shall not be unreasonably
withheld. The Indemnifying Party shall have

 

39

 

no obligation to
indemnify and hold harmless the Indemnified Party from any loss, expense or
liability incurred by the Indemnified Party as a result of a default judgment
entered against the Indemnified Party unless such judgment was entered after
the Indemnifying Party agreed, in writing, to assume the defense of such
Proceeding.

 

The obligations set forth in this Section 5.08 shall
survive the termination of this Deposit Agreement and the succession or
substitution of any Indemnified Party.

 

Section 5.9.     Charges of Depositary.

 

The
Company agrees to pay the fees, reasonable expenses and out-of-pocket charges
of the Depositary and those of any Registrar only in accordance with agreements
in writing entered into between the Depositary and the Company from time to
time. The Depositary shall present its statement for such charges and expenses
to the Company once every three months. The charges and expenses of the
Custodian are for the sole account of the Depositary.

 

The following charges shall be incurred by any party
depositing or withdrawing Shares or by any party surrendering Receipts or to
whom Receipts are issued (including, without limitation, issuance pursuant to a
stock dividend or stock split declared by the Company or an exchange of stock
regarding the Receipts or Deposited Securities or a distribution of Receipts
pursuant to Section 4.3), whichever applicable: (1) taxes and other
governmental charges (except as provided in Section 5.8), (2) such
registration fees as may from time to time be in effect for the registration of
transfers of Shares generally on the Share register of the Company or Foreign
Registrar and applicable to transfers of Shares to the name of the Depositary
or its nominee or the Custodian or its nominee on the making of deposits or
withdrawals hereunder, (3) such cable, telex and facsimile transmission
expenses as are expressly provided in this Deposit Agreement, (4) such
expenses as are incurred by the Depositary in the conversion of foreign
currency pursuant to Section 4.5, (5) a fee of $5.00 or less per 100
American Depositary Shares (or portion thereof) for the execution and delivery
of Receipts pursuant

 

40

 

to Section 2.3, 4.3
or 4.4 and the surrender of Receipts pursuant to Section 2.5 or 6.2,
(6) a fee for, and deduct such fee from, the distribution of proceeds of
sales of securities or rights pursuant to Sections 4.2 or 4.4, respectively,
such fee being in an amount equal to the fee for the issuance of American
Depositary Shares referred to above which would have been charged as a result
of the deposit by Owners of securities (for purposes of this clause 6 treating
all such securities as if they were Shares) or Shares received in exercise of
rights distributed to them pursuant to Sections 4.2 or 4.4, respectively, but
which securities or rights are instead sold by the Depositary and the net
proceeds distributed.

 

The Depositary, subject to Section 2.9 hereof,
may own and deal in any class of securities of the Company and its affiliates
and in Receipts.

 

Section 5.10.   Retention of Depositary Documents.

 

The Depositary is authorized to destroy those documents,
records, bills and other data compiled during the term of this Deposit
Agreement at the times permitted by the laws or regulations governing the
Depositary unless the Company requests that such papers be retained for a
longer period or turned over to the Company or to a successor depositary.

 

Section 5.11.   Exclusivity.

 

The Company agrees not to appoint any other depositary
for issuance of American Depositary Receipts so long as The Bank of New York is
acting as Depositary hereunder.

 

ARTICLE 6.
AMENDMENT AND
TERMINATION.

 

Section 6.1.    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. Any

 

41

 

amendment which shall
impose or increase any fees or charges (other than taxes and other governmental
charges, registration fees, cable, telex or facsimile transmission costs,
delivery costs or other such expenses), or which shall otherwise prejudice any
substantial existing right of Owners, shall, however, not become effective as
to outstanding Receipts until the expiration of thirty (30) days after notice
of such amendment shall have been given to the Owners of outstanding Receipts.
Every Owner and Beneficial Owner at the time any amendment so becomes effective
shall be deemed, by continuing to hold such Receipt or beneficial interest
therein, to consent and agree to such amendment and to be bound by the Deposit
Agreement as amended thereby. In no event shall any amendment impair the right
of the Owner of any Receipt to surrender such Receipt and receive therefor the
Deposited Securities represented thereby, except in order to comply with
mandatory provisions of applicable law.

 

Section 6.2.     Termination.

 

The Depositary shall at any time at the direction of
the Company, terminate this Deposit Agreement by mailing notice of such
termination to the Owners of all Receipts then outstanding at least sixty (60)
days prior to the date fixed in such notice for such termination. The
Depositary may likewise terminate this Deposit Agreement by mailing notice of
such termination to the Company and the Owners of all Receipts then outstanding
if at any time ninety (90) days shall have expired after the Depositary shall
have delivered to the Company a written notice of its election to resign and a
successor depositary shall not have been appointed and accepted its appointment
as provided in Section 5.4. On and after the date of termination, the
Owner of a Receipt will, upon (a) surrender of such Receipt at the
Corporate Trust Office of the Depositary, (b) payment of the fee of the
Depositary for the surrender of Receipts referred to in Section 2.5, and
(c) payment of any applicable taxes or governmental charges, be entitled
to delivery, to him or upon his order, of the amount of Deposited Securities
represented by the American Depositary Shares evidenced by such Receipt. If any
Receipts shall remain outstanding after the date of termination, the Depositary
thereafter shall discontinue the registration of

 

42

 

transfers of Receipts,
shall suspend the distribution of dividends to the Owners thereof, and shall
not give any further notices or perform any further acts under this Deposit
Agreement, except that the Depositary shall continue to collect dividends and
other distributions pertaining to Deposited Securities, shall sell property and
rights as provided in this Deposit Agreement, and shall continue to deliver
Deposited Securities, together with any dividends or other distributions
received with respect thereto and the net proceeds of the sale of any rights or
other property, in exchange for Receipts surrendered to the Depositary (after
deducting, in each case, the fee of the Depositary for the surrender of a
Receipt, any expenses for the account of the Owner of such Receipt in
accordance with the terms and conditions of this Deposit Agreement, and any
applicable taxes or governmental charges). At any time after the expiration of
one year from the date of termination, the Depositary may sell the Deposited
Securities then held hereunder and may thereafter hold uninvested the net
proceeds of any such sale, together with any other cash then held by it
hereunder, unsegregated and without liability for interest, for the pro rata
benefit of the Owners of Receipts which have not theretofore been surrendered,
such Owners thereupon becoming general creditors of the Depositary with respect
to such net proceeds. After making such sale, the Depositary shall be
discharged from all obligations under this Deposit Agreement, except to account
for such net proceeds and other cash (after deducting, in each case, the fee of
the Depositary for the surrender of a Receipt, any expenses for the account of
the Owner of such Receipt in accordance with the terms and conditions of this
Deposit Agreement, and any applicable taxes or governmental charges) and for
its obligations under Section 5.8. 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 under Sections
5.8 and 5.9 hereof.

 

43

 

ARTICLE 7. MISCELLANEOUS.

 

Section 7.1.     Counterparts.

 

This Deposit Agreement may be executed in any number
of counterparts, each of which shall be deemed an original and all of such
counterparts shall constitute one and the same instrument. Copies of this
Deposit Agreement shall be filed with the Depositary and the Custodians and
shall be open to inspection by any Beneficial Owner or Owner of a Receipt
during business hours.

 

Section 7.2.    No Third Party Beneficiaries.

 

This Deposit Agreement is for the exclusive benefit of
the parties hereto and shall not be deemed to give any legal or equitable
right, remedy or claim whatsoever to any other person.

 

Section 7.3.     Severability.

 

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 7.4.    Beneficial Owners and Owners as Parties;
Binding Effect.

 

The Beneficial Owners and Owners 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 thereof or any
beneficial interest therein.

 

Section 7.5.    Notices.

 

Any
and all notices to be given to the Company shall be deemed to have been duly
given if personally delivered or sent by mail or cable, telex or facsimile
transmission confirmed by letter, addressed to Terranova S.A., Av. Apoquindo
No. 3650

 

44

 

piso 10, Las
Condes, Santiago, Chile, Attention:
                              ,
or any other place to which the Company may have transferred its principal
office.

 

Any and all notices to be given to the Depositary
shall be deemed to have been duly given if in English and personally delivered
or sent by mail or cable, telex or facsimile transmission confirmed by letter,
addressed to The Bank of New York, 101 Barclay Street, New York, New York
10286, Attention: American Depositary Receipt Administration, or any other
place to which the Depositary may have transferred its Corporate Trust Office.

 

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

 

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

 

Section 7.6.     Submission to Jurisdiction; Appointment
of Agent for Service of Process.

 

The
Company hereby (i) irrevocably designates and appoints Terranova Forest
Products, Inc., 2440 Clements Ferry Road, Wando, in the State of South
Carolina, as the Company’s authorized agent upon which process may be served in
any suit or proceeding arising out of or relating to the Shares or Deposited
Securities, the American

 

45

 

Depositary Shares, the
Receipts or this Deposit Agreement, (ii) consents and submits to the
jurisdiction of any state or federal court in the Borough of Manhattan, the
City of New York, in the State of New York in which any such suit or proceeding
may be instituted, and (iii) agrees that service of process upon said
authorized agent shall be deemed in every respect effective service of process
upon the Company in any such suit or proceeding. The Company agrees to deliver,
upon the execution and delivery of this Deposit Agreement, a written acceptance
by such agent of its appointment as such agent. The Company further agrees to
take any and all action, including the filing of any and all such documents and
instruments, as may be necessary to continue such designation and appointment
in full force and effect for so long as any American Depositary Shares or
Receipts remain outstanding or this Agreement remains in force. If for any
reason such agent hereunder shall cease to be available to act as such, the
Company agrees to designate a new agent in the United States on the terms and
for the purpose of this section reasonably satisfactory to the Depositary.
In the event the Company fails to continue such designation and appointment in
full force and effect, the Company hereby waives personal service of process
upon it and consents that any such service of process may be made by certified
or registered mail, return receipt requested, directed to the Company at its
address last specified for notices hereunder, and service so made shall be
deemed completed ten (10) days after the same shall have been so mailed.

 

Section 7.7.     Waiver of Immunities.

 

To the extent that the Company or any of its
properties, assets or revenues may have or may hereafter become entitled to, or
have attributed to it, any right of immunity, on the grounds of sovereignty or
otherwise, from any legal action, suit or proceeding, from the giving of any
relief in any respect thereof, from setoff or counterclaim, from the
jurisdiction of any court as provided in Section 7.6, from service of
process, from attachment upon or prior to judgment, from attachment in aid of
execution or judgment, or from execution of judgment, or other legal process or
proceeding for the giving of any relief or for the enforcement of any judgment,
in any

 

46

 

jurisdiction in
which proceedings may at any time be commenced, with respect to its
obligations, liabilities or any other matter under or arising out of or in
connection with the Shares or Deposited Securities, the American Depositary
Shares, the Receipts or this Agreement to the extent provided in
Section 7.6, the Company, to the fullest extent permitted by law, hereby
irrevocably and unconditionally waives, and agrees not to plead or claim, any
such immunity and consents to such relief and enforcement.

 

Section 7.8.    Governing Law.

 

This Deposit Agreement and the Receipts shall be
interpreted and all rights hereunder and thereunder and provisions hereof and
thereof shall be governed by the laws of the State of New York.

 

47

 

IN
WITNESS WHEREOF, TERRANOVA S.A. and THE BANK OF NEW YORK have duly executed
this agreement as of the day and year first set forth above and all Owners and
Beneficial Owners shall become parties hereto upon acceptance by them of
Receipts issued in accordance with the terms hereof or upon acquisition of any
beneficial interest therein.

 

	
   

  	
  TERRANOVA S.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK,
  as

  
	
   

  	
  Depositary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Hernan F. Rodriguez

  	
   

  
	
   

  	
   

  	
  Name: Hernan F.
  Rodriguez

  
	
   

  	
   

  	
  Title:   Vice President

  

 

48

 

IN
WITNESS WHEREOF, TERRANOVA S.A. and THE BANK OF NEW YORK have duly executed
this agreement as of the day and year first set forth above and all Owners and
Beneficial Owners shall become parties hereto upon acceptance by them of
Receipts issued in accordance with the terms hereof or upon acquisition of any
beneficial interest therein.

 

	
   

  	
  TERRANOVA S.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricio Reyes
  Urrutia

  	
   

  
	
   

  	
   

  	
  Name: PATRICIO REYES
  URRUTIA

  
	
   

  	
   

  	
  Title: GENERAL COUNSEL

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK,
  as

  
	
   

  	
  Depositary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

49

 

EXHIBIT A

 

	
   

  	
  AMERICAN DEPOSITARY
  SHARES

  
	
   

  	
  (Each American
  Depositary Share

  
	
   

  	
  represents fifty
  Deposited Shares)

  

 

THE
BANK OF NEW YORK

AMERICAN
DEPOSITARY RECEIPT

FOR
COMMON STOCK WITHOUT NOMINAL (PAR) VALUE OF

TERRANOVA
S.A.

(INCORPORATED
UNDER THE LAWS OF THE REPUBLIC OF CHILE)

 

The
Bank of New York as depositary (hereinafter called the “Depositary”), hereby
certifies
that                                ,
or registered assigns IS THE OWNER OF
                                          

 

AMERICAN DEPOSITARY
SHARES representing deposited common stock without nominal (par) value (herein
called “Shares”) of Terranova S.A. (herein called the “Company”), incorporated
under the laws of the Republic of Chile (“Chile”). At the date hereof, each
American Depositary Share represents fifty Shares deposited or subject to
deposit under the Deposit Agreement (as such term is hereinafter defined) at
the Santiago, Chile office of Banco Santander-Chile (herein called the
“Custodian”). The Depositary’s Corporate Trust Office is located at a different
address than its principal executive office. Its Corporate Trust Office is
located at 101 Barclay Street, New York, N.Y. 10286, and its principal
executive office is located at One Wall Street, New York, NY. 10286.

 

THE
DEPOSITARY’S CORPORATE TRUST OFFICE ADDRESS IS

101
BARCLAY STREET, NEW YORK, N.Y. 10286

 

 

1.                                       THE DEPOSIT AGREEMENT.

 

This
American Depositary Receipt is one of an issue (herein called “Receipts”), all
issued and to be issued upon the terms and conditions set forth in the deposit
agreement, dated as of March 24, 2005 (herein called the “Deposit
Agreement”), by and among the Company, the Depositary, and all Owners and
Beneficial Owners from time to time of Receipts issued thereunder, each of whom
by accepting a Receipt agrees to become a party thereto and become bound by all
the terms and conditions thereof. The Deposit Agreement sets forth the rights
of Owners and Beneficial Owners and the rights and duties of the Depositary in
respect of the Shares deposited thereunder and any and all other securities, property
and cash from time to time received in respect of such Shares and held
thereunder (such Shares, securities, property, and cash are herein called
“Deposited Securities”). Copies of the Deposit Agreement are on file at the
Depositary’s Corporate Trust Office in New York City and at the office of the
Custodian.

 

The
statements made on the face and reverse of this Receipt are summaries of
certain provisions of the Deposit Agreement and are qualified by and subject to
the detailed provisions of the Deposit Agreement to which reference is hereby
made. Capitalized terms defined in the Deposit Agreement and not defined herein
shall have the meanings set forth in the Deposit Agreement.

 

2.             SURRENDER OF RECEIPTS AND
WITHDRAWAL OF SHARES.

 

Upon
surrender at the Corporate Trust Office of the Depositary of this Receipt, and
upon payment of the fee of the Depositary provided in this Receipt and payment
of all taxes and governmental charges payable in connection with such surrender
and withdrawal of the Deposited Securities and upon delivery of any
certifications required under the laws of Chile and the regulations of the
Central Bank of Chile (hereinafter called the “Central Bank”), if applicable,
and subject to the terms and conditions of the Deposit Agreement, the Estatutos
of the Company and the Deposited Securities, the Owner hereof is entitled to
delivery, to him or upon his order, of the Deposited Securities at the time
represented by the American Depositary Shares for which this Receipt is issued.
Delivery of such Deposited Securities may be made by the delivery of
(a) Shares in the name of the Owner hereof or as ordered by him or
certificates properly endorsed or accompanied by proper instruments of transfer
and (b) any other securities, property and cash to which such Owner is
then entitled in respect of this Receipt. Simultaneously with the delivery of
Deposited Securities to the Owner or its designee, the Custodian and/or the
Depositary, pursuant to Chapter XIV of the Compendium of Foreign Exchange
Regulations of the Central Bank, will inform the Central Bank that the
Deposited Securities have been transferred to the Owner or its designee by the
Depositary. Such delivery will be made at the option of the Owner hereof,
either at the office of the Custodian or at the Corporate Trust Office of the
Depositary, provided that the forwarding of certificates for Shares or other
Deposited Securities for such delivery at the Corporate Trust Office of the
Depositary shall be at the risk and expense of the Owner hereof. Neither the
Depositary nor the Custodian shall deliver Shares, by physical delivery,
book-entry or otherwise (other than to the Company or its agent as

 

2

 

contemplated by
Section 4.8 of the Deposit Agreement), or otherwise permit Shares to be
withdrawn from the facility created hereby, except upon the surrender and
cancellation of Receipts.

 

3.                                       TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF
RECEIPTS.

 

The transfer of this
Receipt is registrable on the books of the Depositary at its Corporate Trust
Office by the Owner hereof in person or by a duly authorized attorney, upon
surrender of this Receipt properly endorsed for transfer or accompanied by
proper instruments of transfer and funds sufficient to pay any applicable
transfer taxes and the expenses of the Depositary and upon compliance with such
regulations, if any, as the Depositary may establish for such purpose. This
Receipt may be split into other such Receipts, or may be combined with other
such Receipts into one Receipt, evidencing the same aggregate number of
American Depositary Shares and the same rights to distributions with respect
thereto as those evidenced by the Receipt or Receipts surrendered. As a
condition precedent to the execution and delivery, registration of transfer,
split-up, combination, or surrender of any Receipt or withdrawal of any
Deposited Securities, the Depositary, Company, Custodian, or Registrar may
require (a) payment from the depositor of the Shares or the presentor of
the Receipt of a sum sufficient to reimburse it for any tax or other
governmental charge and any stock transfer or registration fee with respect
thereto (including any such tax or charge and fee with respect to Shares being
deposited or withdrawn) and payment of any applicable fees as provided in this
Receipt, (b) the production of proof satisfactory to it as to the identity
and genuineness of any signature and may also require compliance with any
regulations the Depositary and the Company may establish consistent with the
provisions of the Deposit Agreement or this Receipt, including, without
limitation, this Article 3, and may also require compliance with any laws
or governmental regulations relating to the Receipts or to the withdrawal of
Deposited Securities as may be established by any governmental authority in
Chile or the United States or the Central Bank or the Superintendencia de
Valores y Seguros of Chile (hereinafter called the “SVS”).

 

The delivery of Receipts
against deposits of Shares generally or against deposits of particular Shares
may be suspended, or the transfer of Receipts in particular instances may be
refused, or the registration of transfer of outstanding Receipts generally may
be suspended, during any period when the transfer books of the Depositary are
closed, or if any such action is deemed necessary or advisable by 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 or this Receipt, or for any other
reason, subject to the provisions of the following sentence. The surrender of
outstanding Receipts and withdrawal of Deposited Securities may not be
suspended subject only to (i) temporary delays caused by closing the
transfer books of the Depositary or the Company or the deposit of Shares in
connection with voting at a shareholders’ meeting, or the payment of dividends,
(ii) the payment of fees, taxes and other charges as contemplated in the
Deposit Agreement, and (iii) compliance with any U.S. or foreign laws or
governmental regulations relating to the Receipts or to the

 

3

 

withdrawal of the
Deposited Securities. If in the opinion of the Depositary there is a reasonable
possibility that a fee, tax or other charge of the sort referred to in
Section 3.2 of the Deposit Agreement will become payable by, or be
assessed against, the Depositary or the Custodian following the delivery,
transfer or surrender of Receipts or withdrawal of Shares or other Deposited
Securities, the Depositary may, in its discretion and as a condition precedent
to the consummation of any such transaction, require the Owner to give the
Depositary an indemnity bond in such form and amount and with such surety as it
may accept as reasonably sufficient to indemnify it against such potential
liabilities. Without limitation of the foregoing, the Depositary shall not
knowingly accept for deposit under the Deposit Agreement any Shares required to
be registered under the provisions of the Securities Act of 1933, unless a
registration statement is in effect as to such Shares.

 

4.                                       LIABILITY OF OWNER FOR TAXES.

 

If any tax or other
governmental charge shall become payable with respect to any Receipt, any
American Depositary Shares, any Shares or any Deposited Securities, including
without limiting the generality of the foregoing any Chilean tax on a gain
realized, or deemed to be realized, upon the withdrawal or sale of Shares or
other Deposited Securities, such tax or other governmental charge shall be
payable by the Owner hereof to the Depositary, who shall pay the amount thereof
to the Depositary upon demand. The Depositary may (and at the request of the
Company shall) refuse to effect any transfer of this Receipt or any withdrawal
of Deposited Securities represented by American Depositary Shares evidenced by
such Receipt until such payment is made, and may withhold any dividends or
other distributions, or may sell for the account of the Owner hereof any part
or all of the Deposited Securities represented by the American Depositary
Shares evidenced by this Receipt, and may apply such dividends or other
distributions or the proceeds of any such sale in payment of such tax or other
governmental charge and the Owner hereof shall remain liable for any
deficiency.

 

5.                                       WARRANTIES OF DEPOSITORS.

 

Every person depositing
Shares under this Deposit Agreement shall be deemed thereby to represent and
warrant that such Shares and each certificate therefore are validly issued,
fully paid, nonassessable and were not issued in violation of any preemptive or
similar rights of the holders of outstanding Shares, that the person making
such deposit is duly authorized to do so and that the deposit of such Shares is
not prohibited or restricted by Chilean law. Every such person shall also be
deemed to represent that such Shares are not, and American Depositary Shares
representing such Shares would not be, Restricted Securities. Such
representations and warranties shall survive the deposit of Shares and delivery
of Receipts.

 

6.                                       FILING PROOFS, CERTIFICATES, AND OTHER
INFORMATION.

 

Any person presenting
Shares for deposit or any Owner of a Receipt may be required from time to time
to file with the Depositary or the Custodian such proof of citizenship or
residence, exchange control approval, payment of all applicable Chilean

 

4

 

taxes or other
governmental charges, or such information relating to the registration on the
books of the Company or the Foreign Registrar, if applicable, to execute such
certificates and to make such representations and warranties, as the Depositary
or the Company may deem necessary or proper. The Depositary may (and at the
request of the Company shall) withhold the delivery or registration of transfer
of any Receipt or the distribution of any dividend or sale or distribution of
rights or of the proceeds thereof or the delivery of any Deposited Securities
until such proof or other information is filed or such certificates are
executed or such representations and warranties made. The Depositary shall
provide to the Company, promptly upon the Company’s written request, copies of
any such proofs of citizenship or residence or other information referred to
above. The Company may from time to time request Owners to provide information
as to the capacity in which such Owners own Receipts and regarding the identity
of any other persons then interested in such receipts and the nature of such
interest. Each Owner agrees to provide any information reasonably requested by
the Company or the Depositary pursuant to this section. No Shares shall be
accepted for deposit unless accompanied by evidence satisfactory to the
Depositary that any approval, if required, has been granted by any governmental
body in Chile that is then performing the function of the regulation of
currency exchange.

 

If
the person proposing to deposit Shares is not domiciled or resident in Chile,
the Custodian shall not accept those Shares unless it receives from or on
behalf of that person sufficient evidence that the Shares were purchased in
full compliance with the foreign exchange regulations applicable to investments
in Chile (either Chapter XIV of the Compendium of Foreign Exchange Regulations
of the Central Bank or Decree Law 600 of 1974, as amended, and related
agreements with the Foreign Investment Committee) and, if applicable, an
instrument whereby that person assigns and transfers to the Depositary any
rights it may have under Chilean regulations relating to currency exchange.
Pursuant to Chapter XIV of the Compendium of Foreign Exchange Regulations of
the Central Bank, the Custodian and/or the Depositary shall give notice to the
Central Bank that the Shares have been deposited in exchange of Receipts.

 

7.                                       CHARGES OF DEPOSITARY.

 

The Company agrees to pay
the fees, reasonable expenses and out-of-pocket charges of the Depositary and
those of any Registrar only in accordance with agreements in writing entered
into between the Depositary and the Company from time to time. The Depositary
shall present its statement for such charges and expenses to the Company once
every three months. The charges and expenses of the Custodian are for the sole
account of the Depositary.

 

The following charges
shall be incurred by any party depositing or withdrawing Shares or by any party
surrendering Receipts or to whom Receipts are issued (including, without
limitation, issuance pursuant to a stock dividend or stock split declared by
the Company or an exchange of stock regarding the Receipts or Deposited
Securities or a distribution of Receipts pursuant to Section 4.3 of the
Deposit Agreement), whichever

 

5

 

applicable: (1) taxes and other governmental
charges (except as provided in Section 5.8 of the Deposit Agreement,
(2) such registration fees as may from time to time be in effect for the
registration of transfers of Shares generally on the Share register of the
Company or Foreign Registrar and applicable to transfers of Shares to the name
of the Depositary or its nominee or the Custodian or its nominee on the making
of deposits or withdrawals under the terms of the Deposit Agreement,
(3) such cable, telex and facsimile transmission expenses as are expressly
provided in the Deposit Agreement, (4) such expenses as are incurred by
the Depositary in the conversion of foreign currency pursuant to
Section 4.5 of the Deposit Agreement, (5) a fee of $5.00 or less per
100 American Depositary Shares (or portion thereof) for the execution and
delivery of Receipts pursuant to Section 2.3, 4.3 or 4.4 of the Deposit
Agreement and the surrender of Receipts pursuant to Section 2.5 or 6.2 of
the Deposit Agreement and (6) a fee for, and deduct such fee from, the
distribution of proceeds of sales of securities or rights pursuant to Sections
4.2 or 4.4 of the Deposit Agreement, respectively, such fee being in an amount
equal to the fee for the issuance of American Depositary Shares referred to
above which would have been charged as a result of the deposit by Owners of
securities (for purposes of this clause 6 treating all such securities as if
they were Shares) or Shares received in exercise of rights distributed to them
pursuant to Sections 4.2 or 4.4 of the Deposit Agreement, respectively, but which
securities or rights are instead sold by the Depositary and the net proceeds
distributed.

 

The Depositary, subject
to Article 8 hereof, may own and deal in any class of securities of the
Company and its affiliates and in Receipts.

 

8.                                       PRE-RELEASE OF RECEIPTS.

 

Unless requested by the
Company to cease doing so, the Depositary may, notwithstanding Section 2.3
of the Deposit Agreement, execute and deliver Receipts prior to the receipt of
Shares pursuant to Section 2.2 of the Deposit Agreement (“Pre-Release”).
The Depositary may, pursuant to Section 2.5 of the Deposit Agreement,
deliver Shares upon the receipt and cancellation of Receipts which have been
Pre-Released, whether or not such cancellation is prior to the termination of
such Pre-Release or the Depositary knows that such Receipt has been
Pre-Released. The Depositary may receive Receipts in lieu of Shares in
satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or
accompanied by a written representation from the person to whom Receipts are to
be delivered that such person, or its customer, (i) owns the Shares or
Receipts to be remitted, as the case may be, (ii) assigns all beneficial
right, title and interest in such Shares to the Depositary for the benefit of
the Owners, and (iii) agrees in effect to hold such Shares for the account
of the Depositary until delivery of the same upon the Depositary’s request,
(b) at all times fully collateralized (such collateral marked to market
daily) with cash, U.S. Government securities or such other collateral as the
Depositary determines, in good faith, will provide substantially similar
liquidity and security, (c) terminable by the Depositary on not more than
five (5) business days notice, and (d) subject to such further
indemnities and credit regulations as the Depositary deems appropriate. The
number of American Depositary Shares which are outstanding at any

 

6

 

time as a result of Pre-Releases will not normally
exceed thirty percent (30%) of the Shares deposited under the Deposit
Agreement; provided, however, that the Depositary reserves the right to change
or disregard such limit from time to time as it reasonably deems appropriate
and may, with the prior written consent of the Company, change such limit for
purposes of general application. The Depositary will also set limits with
respect to the number of Pre-Released Receipts involved in transactions to be
done hereunder with any one person on a case by case basis as it deems
appropriate. The collateral referred to in clause (b) above shall be held
by the Depositary for the benefit of the holders as security for the
performance of the obligations to deliver Shares set forth in clause
(a) above (and shall not, for the avoidance of doubt, constitute Deposited
Securities hereunder).

 

The Depositary may retain
for its own account any compensation received by it in connection with the
foregoing.

 

9.                                       TITLE TO RECEIPTS.

 

It is a condition of this
Receipt and every successive Beneficial Owner and Owner by accepting or holding
the same consents and agrees, that title to this Receipt when properly endorsed
or accompanied by proper instruments of transfer, is transferable by delivery
with the same effect as in the case of a negotiable instrument, provided,
however, that the Company and the Depositary, notwithstanding any notice to the
contrary, may treat the person in whose name this Receipt is registered on the
books of the Depositary as the absolute owner hereof for the purpose of
determining the person entitled to distribution of dividends or other
distributions or to any notice provided for in the Deposit Agreement or for all
other purposes and neither the Company nor the Depositary shall have any
obligation or be subject to any liability under the Deposit Agreement to any
Beneficial Owner of this Receipt unless such Beneficial Owner is the Owner
hereof.

 

10.                                 VALIDITY OF RECEIPT.

 

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 executed by the Depositary
by the manual or facsimile signature of a duly authorized signatory of the
Depositary and, if a Registrar for the Receipts shall have been appointed,
countersigned by the manual or facsimile signature of a duly authorized officer
of the Registrar.

 

11.                                 REPORTS; INSPECTION OF TRANSFER BOOKS.

 

The Company is subject to
the periodic reporting requirements of the Securities Exchange Act of 1934 and
accordingly files certain reports with the Securities and Exchange Commission.
Such reports and communications will be available for inspection and copying by
Beneficial Owners and Owners at the public reference facilities maintained by
the Securities and Exchange Commission located at 450 Fifth Street, N.W.,
Washington, D.C. 20549.

 

7

 

The Depositary will make
available for inspection by Owners of Receipts at its Corporate Trust Office
any reports and communications, including any proxy soliciting material,
received from the Company which are both (a) received by the Depositary or
the Custodian or the nominee of either as the holder of the Deposited
Securities and (b) made generally available to the holders of such
Deposited Securities by the Company. The Depositary will also send to Owners
copies of such reports and communications when furnished by the Company
pursuant to Section 5.6 of the Deposit Agreement. Any such reports and
communications, including any such proxy soliciting material, furnished to the
Depositary by the Company shall be furnished in English to the extent such
materials are required to be translated into English pursuant to any
regulations of the Commission.

 

The Depositary will keep
books for the registration of Receipts and transfers of Receipts which at all
reasonable times shall be open for inspection by the Owners of Receipts
provided that such inspection shall not be for the purpose of communicating
with Owners of Receipts in the interest of a business or object other than the
business of the Company or a matter related to the Deposit Agreement or the
Receipts.

 

12.                                 DIVIDENDS AND DISTRIBUTIONS.

 

Whenever the Depositary
or the Custodian receives any cash dividend or other cash distribution on any
Deposited Securities, the Depositary will as promptly as practicable, if at the
time of receipt thereof any amounts received in a foreign currency can in the
judgment of the Depositary be converted on a reasonable basis into United
States dollars transferable to the United States, and subject to the Deposit Agreement,
convert such dividend or distribution into dollars and will as promptly as
practicable distribute the amount thus received (net of the expenses of the
Depositary as provided in Article 7 hereof and Section 5.9 of the
Deposit Agreement) to the Owners of Receipts entitled thereto in proportion to
the number of American Depositary Shares representing such Deposited securities
held by them respectively, provided, however, that the Depositary shall make
appropriate adjustments in the amounts so distributed in respect of
(a) any such Deposited Securities being not entitled, by reason of date of
issuance or otherwise, to receive all or any portion of such distribution or
(b) any amounts (i) withheld or required to be withheld by the Company,
the Custodian or the Depositary from any such distribution pursuant to
Section 3.2 of the Deposit Agreement or otherwise on account of taxes or
other governmental charges, or (ii) charged by the Depositary in the
conversion of foreign currency into Dollars pursuant to Section 4.5 of the
Deposit Agreement.

 

Subject to the provisions
of Sections 4.11 and 5.9 of the Deposit Agreement, whenever the Depositary
receives any distribution other than a distribution described in Sections 4.1,
4.3 or 4.4 of the Deposit Agreement, the Depositary will as promptly as
practicable, after consultation with the Company, cause the securities or
property received by it to be distributed to the Owners of Receipts entitled
thereto in proportion to the number of American Depositary Shares representing
such Deposited securities held

 

8

 

by them respectively, in any manner that the
Depositary may deem equitable and practicable for accomplishing such
distribution; provided, however, that if in the opinion of the Depositary such
distribution cannot be made proportionately among the Owners of Receipts
entitled thereto, or if for any other reason the Depositary deems such
distribution not to be feasible, the Depositary may adopt such method as it may
deem equitable and practicable for the purpose of effecting such distribution,
including, but not limited to, the public or private sale of the securities or
property thus received, or any part thereof, and the net proceeds of any such
sale (net of the fees of the Depositary as provided in Article 7 hereof
and Section 5.9 of the Deposit Agreement) shall be distributed by the
Depositary to the Owners of Receipts entitled thereto as in the case of a
distribution received in cash.

 

If any distribution
consists of a dividend in, or free distribution of, Shares, the Depositary may,
after consultation with the Company, and shall, if the Company shall so
request, distribute as promptly as practicable to the Owners of outstanding
Receipts entitled thereto in proportion to the number of American Depositary
Shares representing such Deposited securities held by them respectively,
additional Receipts evidencing an aggregate number of American Depositary
Shares representing the amount of Shares received as such dividend or free
distribution, subject to the terms and conditions of the Deposit Agreement with
respect to the deposit of Shares and the issuance of American Depositary Shares
evidenced by Receipts, including the withholding of any tax or other
governmental charge as provided in Section 4.11 of the Deposit Agreement
and the payment of the fees of the Depositary as provided in Article 7
hereof and Section 5.9 of the Deposit Agreement. In lieu of delivering
Receipts for fractional American Depositary Shares in any such case, the
Depositary will sell the amount of Shares represented by the aggregate of such
fractions and distribute the net proceeds, all in the manner and subject to the
conditions set forth in Section 4.1 of the Deposit Agreement. If
additional Receipts are not so distributed, each American Depositary Share
shall thenceforth also represent the additional Shares distributed upon the
Deposited Securities represented thereby.

 

In connection with any
distribution to holders of Deposited Securities, the Company will remit to the
appropriate governmental authority or agency all amounts (if any) required to
be withheld by the Company and owing to such authority or agency by the
Company, and the Depositary or the Custodian, respectively, will remit to the
appropriate governmental authority or agency all amounts (if any) required to
be withheld by the Depositary or the Custodian, respectively, and owing to such
authority or agency by the Depositary or the Custodian, respectively. In the
event that the Depositary determines that any distribution in property
(including Shares and rights to subscribe therefor) is subject to any tax or
other governmental charge which the Depositary is obligated to withhold, the
Depositary may by public or private sale dispose of all or a portion of such
property (including Shares and rights to subscribe therefor) in such amounts
and in such manner as the Depositary deems necessary and practicable to pay any
such taxes or charges, and the Depositary shall distribute the net proceeds of
any

 

9

 

such sale after deduction of such taxes or charges to
the Owners of Receipts entitled thereto in proportion to the number of American
Depositary Shares held by them respectively, and the Depositary shall distribute
any unsold balance of such property in accordance with the provisions of the
Deposit Agreement.

 

13.                                 RIGHTS.

 

In the event that the
Company shall offer or cause to be offered to the holders of any Deposited
Securities any rights to subscribe for additional Shares or any rights of any
other nature, the Depositary shall, after consultation with the Company, have
discretion as to the procedure to be followed in making such rights available
to any Owners or in disposing of such rights on behalf of any Owners and making
the net proceeds available to such Owners or, if by the terms of such rights
offering or for any other reason, the Depositary may not either make such
rights available to any Owners or dispose of such rights and make the net
proceeds available to such Owners, then the Depositary shall allow the rights
to lapse. If at the time of the offering of any rights the Depositary
determines in its discretion that it is lawful and feasible to make such rights
available to all or certain Owners but not to other Owners, the Depositary may,
after consultation with the Company, distribute to any Owner to whom it
determines the distribution to be lawful and feasible, in proportion to the
number of American Depositary Shares held by such Owner, warrants or other
instruments therefor in such form as it deems appropriate.

 

In circumstances in which
rights would otherwise not be distributed, if an Owner of Receipts requests the
distribution of warrants or other instruments in order to exercise the rights
allocable to the American Depositary Shares of such Owner hereunder, the
Depositary will make such rights available to such Owner upon written notice
from the Company to the Depositary that (a) the Company has elected in its
sole discretion to permit such rights to be exercised and (b) such Owner
has executed such documents as the Company has determined in its sole
discretion are reasonably required under applicable law.

 

If the Depositary has
distributed warrants or other instruments for rights to all or certain Owners,
then upon instruction pursuant to such warrants or other instruments to the
Depositary from such Owner to exercise such rights, upon payment by such Owner
to the Depositary for the account of such Owner of an amount equal to the
purchase price of the Shares to be received upon the exercise of the rights,
and upon payment of the fees of the Depositary and any other charges as set
forth in such warrants or other instruments, the Depositary shall, on behalf of
such Owner, exercise the rights and purchase the Shares, and the Company shall
cause the Shares so purchased to be delivered to the Depositary on behalf of
such Owner. As agent for such Owner, the Depositary will cause the Shares so
purchased to be deposited pursuant to Section 2.2 of the Deposit
Agreement, and shall, pursuant to Section 2.3 of the Deposit Agreement,
execute and deliver Receipts to such Owner. In the case of a distribution
pursuant to the second paragraph of this Article 13, such Receipts shall
be legended if required by applicable

 

10

 

U.S. laws, and shall be subject to appropriate
restrictions on sale, deposit, cancellation, and transfer under such laws.

 

If the Depositary
determines in its discretion that it is not lawful and feasible to make such
rights available to all or certain Owners, it may, after consultation with the
Company, sell the rights, warrants or other instruments in proportion to the
number of American Depositary Shares held by the Owners to whom it has
determined it may not lawfully or feasibly make such rights available, and
allocate the net proceeds of such sales (net of the fees of the Depositary as
provided in Section 5.9 of the Deposit Agreement and all taxes and
governmental charges payable in connection with such rights and subject to the
terms and conditions of the Deposit Agreement) for the account of such Owners
otherwise entitled to such rights, warrants or other instruments, upon an
averaged or other practical basis without regard to any distinctions among such
Owners because of exchange restrictions or the date of delivery of any Receipt
or otherwise.

 

The Depositary will not
offer rights to Owners unless both the rights and the securities to which such
rights relate are either exempt from registration under the Securities Act of
1933 with respect to a distribution to all Owners or are registered under the
provisions of such Act. If an Owner of Receipts requests the distribution of
warrants or other instruments, notwithstanding that there has been no such registration
under such Act, the Depositary shall not effect such distribution unless it has
received an opinion from counsel in the United States for the Company
satisfactory to the Depositary upon which the Depositary may rely that such
distribution to such Owner does not require registration under the Securities
Act of 1933. In no event shall the Company have any obligation to register such
rights or any securities under the Securities Act of 1933, secure an exemption
for such rights or any securities under the Securities Act of 1933, or furnish
the aforementioned opinion. The Beneficial Owners of Receipts alone shall be
responsible for payment of any taxes or other governmental charges due as a
result of sales or transfers pursuant to this Article 13.

 

The Depositary shall not
be responsible for any failure to determine that it may be lawful or feasible
to make such rights available to Owners in general or any Owner in particular.

 

14.                                 CONVERSION OF FOREIGN CURRENCY.

 

Whenever the Depositary
shall receive foreign currency, by way of dividends or other cash distributions
or the net proceeds from the sale of securities, property or rights, and if at
the time of the receipt thereof the foreign currency so received can in the
reasonable judgment of the Depositary be converted on a reasonable basis into
dollars, the lawful currency of the United States (hereinafter called
“Dollars”) and the resulting Dollars transferred to the United States, the
Depositary shall, as promptly as practicable convert or cause to be converted,
by sale or in any other manner that it may determine, such foreign currency
into Dollars, and such Dollars shall as promptly as practicable be distributed
to the Owners entitled thereto or, if the Depositary shall have distributed any

 

11

 

warrants or other instruments which entitle the
holders thereof to such Dollars, then to the holders of such warrants and/or
instruments upon surrender thereof for cancellation. Such distribution may be
made upon an averaged or other practicable basis without regard to any
distinctions among Owners on account of exchange restrictions, the date of
delivery of any Receipt or otherwise and shall be net of any taxes,
governmental charges or expenses of conversion into Dollars incurred by the
Depositary as provided in Section 5.9 of the Deposit Agreement.

 

If such conversion or
distribution can be effected only with some approval or license of any
government or agency thereof, the Depositary may make an application for such
approval or license (in its own name as agent or on behalf of the Owners, or in
the name of the Owners), provided, that it shall have no obligation to make
such an application unless it may do so without incurring any expense or
liability.

 

If at any time the
Depositary or the Custodian shall determine that in its reasonable judgment any
foreign currency received by the Depositary or the Custodian is not convertible
on a reasonable basis into Dollars transferable to the United States or if any
approval or license of any government or agency thereof that is required for
such conversion is denied or in the reasonable opinion of the Depositary is not
obtainable, at a reasonable cost or within a reasonable period, the Depositary
may distribute the foreign currency (or an appropriate document evidencing the
right to receive such foreign currency) received by the Depositary to, or in
its discretion may hold such foreign currency uninvested and without liability
for interest thereon for the respective accounts of, the Owners entitled to
receive the same.

 

If any such conversion of
foreign currency, in whole or in part, cannot be effected for distribution to
some of the Owners entitled thereto, the Depositary may in its discretion make
such conversion and distribution in Dollars to the extent permissible to the
Owners entitled thereto and may distribute the balance of the foreign currency
received by the Depositary to, or hold such balance uninvested and without
liability for interest thereon for the respective accounts of, the Owners
entitled thereto.

 

15.                                 RECORD DATES.

 

Whenever any cash
dividend or other cash distribution shall become payable or any distribution
other than cash shall be made, or whenever rights shall be issued with respect
to the Deposited Securities, or whenever the Depositary shall receive notice of
any meeting of holders of Shares or other Deposited Securities, the Depositary
shall fix a record date which date shall, to the extent practicable, be either
(x) the same date as the record date fixed by the Company with respect to the
applicable Deposited Securities, or (y) if different from such record date
fixed by the Company, be fixed after consultation with the Company, for the
determination of the Owners of Receipts who shall be (i) entitled to
receive such dividend, distribution or rights or the net proceeds of the sale
thereof or (ii) entitled to give instructions for the exercise of voting
rights at any such meeting.

 

 

12

 

16.                                 VOTING OF DEPOSITED SECURITIES.

 

Upon receipt of notice of
any meeting of holders of Shares or other Deposited Securities, the Depositary
shall, as soon as practicable thereafter, mail to the Owners of Receipts a
notice, the form of which notice shall be in the reasonable discretion of the
Depositary, which shall contain (a) such information as is contained in
such notice of meeting, (b) a statement that the Owners of Receipts as of
the close of business on a specified record date will be entitled, subject to
any applicable provision of Chilean law and of the Estatutos of the
Company, to instruct the Depositary as to the exercise of the voting rights, if
any, pertaining to the amount of Shares or other Deposited Securities
represented by their respective American Depositary Shares, and (c) a
statement as to the manner in which such instructions may be given, including
an express indication that instructions may be given (or be deemed given in
accordance with the next to the last sentence of this Article 16 if no instruction
is received) to the Depositary to give a discretionary proxy to a person
designated by the Company. Upon the written request of an Owner of a Receipt on
such record date, received on or before the date established by the Depositary
for such purpose, the Depositary shall endeavor, in so far as practicable, to
vote or cause to be voted the amount of Shares or other Deposited Securities
represented by such American Depositary Shares evidenced by such Receipt in
accordance with the instructions set forth in such request. The Depositary
shall not vote or attempt to exercise the right to vote that attaches to such
Shares or other Deposited Securities, other than in accordance with such
instructions. The Depositary shall not itself exercise any voting discretion over
any Deposited Securities. If no instructions are received by the Depositary
from any Owner with respect to any of the Deposited Securities represented by
the American Depositary Shares evidenced by such Owner’s Receipts on or before
the date established by the Depositary for such purpose, the Depositary shall
deem such Owner to have instructed the Depositary to give a discretionary proxy
to the president of the Company with respect to such Deposited Securities and
the Depositary shall give a discretionary proxy to the president of the Company
to vote such Deposited Securities, provided that no such instruction shall be
deemed given and no such discretionary proxy shall be given with respect to any
matter as to which the Company informs the Depositary (and the Company agrees
to provide such information promptly in writing) that (a) the president of
the Company does not wish such proxy given or (b) such matter materially
and adversely affects the rights of holders of the Shares. If any requirement
of Chilean law, of the Estatutos of the Company, or of any securities
exchange on which Shares, other Deposited Securities, Receipts or the American
Depositary Shares evidenced thereby are listed, does not permit the Depositary
to vote (or to vote on any particular matter) in accordance with instructions
received from Owners or in accordance with a deemed discretionary proxy, the
Depositary shall not vote the Shares or other Deposited Securities.

 

17.                                 CHANGES AFFECTING DEPOSITED SECURITIES.

 

In circumstances where
the provisions of Section 4.3 of the Deposit Agreement do not apply, upon
any change in nominal value, change in par value, split-up, consolidation, or
any other reclassification of Deposited Securities, or upon any

 

 

13

 

recapitalization,
reorganization, merger or consolidation, or sale of assets affecting the
Company or to which it is a party, any securities which shall be received by
the Depositary or a Custodian in exchange for or in conversion of or in respect
of Deposited Securities shall be treated as new Deposited Securities under the
Deposit Agreement, and American Depositary Shares shall thenceforth represent
the new Deposited Securities so received in exchange or conversion, unless
additional Receipts are delivered pursuant to the following sentence. In any
such case the Depositary may, after consultation with the Company, and shall if
the Company shall so request, execute and deliver additional Receipts as in the
case of a dividend in Shares, or call for the surrender of outstanding Receipts
to be exchanged for new Receipts specifically describing such new Deposited
Securities.

 

18.                                 LIABILITY OF THE COMPANY AND DEPOSITARY.

 

Neither the Depositary
nor the Company nor any of their directors, officers, employees or agents shall
incur any liability to any Owner or Beneficial Owner, if by reason of any
provision of any present or future law or regulation of the United States,
Chile, or any other country, or of any other governmental or regulatory
authority or, in the case of the Depositary or its directors, officers,
employees or agents, by reason of the Estatutos of the Company or the Deposited
Securities, or by reason of any provision of any securities issued or
distributed by the Company, or any offering or distribution thereof, or by
reason of any act of God or war or terrorism or other circumstances beyond its
control, the Depositary or the Company, or any of their directors, officers,
employees or agents, shall be prevented or forbidden from or be subject to any
civil or criminal penalty on account of doing or performing any act or thing
which by the terms of the Deposit Agreement the Company’s Estatutos or the
Deposited Securities it is provided shall be done or performed; nor shall the
Depositary or the Company incur any liability to any Owner or Beneficial Owner
by reason of any non-performance or delay, caused as aforesaid, in the
performance of any act or thing which by the terms of the Deposit Agreement,
the Company’s Estatutos or the Deposited Securities, 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. Where, by the
terms of a distribution pursuant to Sections 4.1, 4.2, or 4.3 of the Deposit
Agreement, or an offering or distribution pursuant to Section 4.4 of the
Deposit Agreement, such distribution or offering may not be made available to
Owners of Receipts, and the Depositary may not dispose of such distribution or
offering on behalf of such Owners and make the net proceeds available to such
Owners, then the Depositary shall not make such distribution or offering, and
shall allow any rights, if applicable, to lapse. Neither the Company nor the
Depositary assumes any obligation or shall be subject to any liability under
the Deposit Agreement to Owners or Beneficial Owners, except that they agree to
perform their obligations specifically set forth in the Deposit Agreement
without negligence or bad faith. The Depositary shall not be subject to any
liability with respect to the validity or worth of the Deposited Securities.
Neither the Depositary nor the Company shall be under any obligation to appear
in, prosecute or defend any action, suit, or other proceeding in respect of any
Deposited Securities or in respect of the Receipts, which in

 

 

14

 

its opinion may involve it in expense or liability,
unless indemnity satisfactory to it against all expense and liability shall be
furnished as often as may be required, and the Custodian shall not be under any
obligation whatsoever with respect to such proceedings, the responsibility of
the Custodian being solely to the Depositary. Neither the Depositary nor the
Company shall be liable for any action or nonaction by it in reliance upon the
advice of or information from legal counsel, accountants, any person presenting
Shares for deposit, any Owner or Beneficial Owner, or any other person believed
by it in good faith to be competent to give such advice or information. Each of
the Depositary and the Company may rely and shall be protected in relying upon
any written notice request, direction or other document believed by it in good
faith 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 instructions to vote any of the Deposited Securities, or for the manner in
which any such vote is cast or the effect of any such vote, provided that any
such action or nonaction is without negligence and in good faith. The
Depositary shall not be liable for any acts or omissions made by a successor
depositary whether in connection with a previous act or omission of the
Depositary or in connection with a matter arising wholly after the removal or
resignation of the Depositary, provided that in connection with the issue out
of which such potential liability arises, the Depositary performed its
obligations without negligence or bad faith while it acted as Depositary. The
Company agrees to indemnify the Depositary, its directors, employees, agents
and affiliates and any Custodian against, and hold each of them harmless from,
any liability or expense (including, but not limited to, the reasonable fees
and expenses of counsel) which may arise (a) out of acts performed or
omitted, in accordance with the provisions of the Deposit Agreement or the
Receipts, as the same may be amended, modified, or supplemented from time to
time, (i) by either the Depositary or a Custodian or their respective
directors, employees, agents and affiliates, except for any liability or
expense arising out of the negligence or bad faith of either of them, or
(ii) by the Company or any of its directors, employees, agents and
affiliates; (b) out of or in connection with any offer or sale to the
public of the American Depositary Shares evidenced by Receipts or any
registration statement under the Securities Act of 1933 in respect thereof,
except to the extent such loss, liability, or expense is due to information (or
omissions from such information) relating to such indemnified person, furnished
in writing to the Company by such indemnified person expressly for use in a
registration statement under the Securities Act of 1933; or (c) out of or
in connection with any tax levied or asserted by Chile on the Depositary or a
Custodian (including without limiting the generality of the foregoing any tax
on a gain realized, or deemed to be realized, upon the withdrawal or sale of
Shares or other Deposited Securities, but excluding a tax on the Depositary’s
or Custodian’s overall net income) as a result of performing its functions
hereunder or in respect hereof. The indemnity in the foregoing clause
(c) is not intended to relieve any Owner of any liability it may have with
respect to such Chilean taxes. The indemnities contained in this paragraph
shall not extend to any liability or expense which may arise out of any
Pre-Release.

 

 

15

 

19.                                 RESIGNATION AND REMOVAL OF THE
DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN.

 

The Depositary may at any
time resign as Depositary hereunder by written notice of its election so to do
delivered to the Company, such resignation to take effect upon the appointment
of a successor depositary and its acceptance of such appointment as provided in
the Deposit Agreement. The Depositary may at any time be removed by the Company
by written notice of such removal, effective upon the appointment of a
successor depositary and its acceptance of such appointment as provided in the
Deposit Agreement. Whenever the Depositary in its discretion determines that it
is in the best interest of the Owners of Receipts to do so, it may appoint a
substitute or additional custodian or custodians.

 

20.                                 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. Any amendment which shall
impose or increase any fees or charges (other than taxes and other governmental
charges, registration fees and cable, telex or facsimile transmission costs,
delivery costs or other such expenses), or which shall otherwise prejudice any
substantial existing right of Owners of Receipts, shall, however, not become
effective as to outstanding Receipts until the expiration of thirty (30) days
after notice of such amendment shall have been given to the Owners of
outstanding Receipts. Every Owner or Beneficial Owner of a Receipt at the time
any amendment so becomes effective shall be deemed, by continuing to hold such
Receipt or beneficial interest therein, to consent and agree to such amendment
and to be bound by the Deposit Agreement as amended thereby. In no event shall
any amendment impair the right of the Owner of any Receipt to surrender such
Receipt and receive therefor the Deposited Securities represented thereby
except in order to comply with mandatory provisions of applicable law.

 

21.                                 TERMINATION OF DEPOSIT AGREEMENT.

 

The Depositary at any
time at the direction of the Company, shall terminate the Deposit Agreement by
mailing notice of such termination to the Owners of all Receipts then
outstanding at least sixty (60) days prior to the date fixed in such notice for
such termination. The Depositary may likewise terminate the Deposit Agreement
by mailing notice of such termination to the Company and the Owners of all
Receipts then outstanding if at any time ninety (90) days shall have expired
after the Depositary shall have delivered to the Company a written notice of
its election to resign and a successor depositary shall not have been appointed
and accepted its appointment as provided in Section 5.4 of the Deposit
Agreement. On and after the date of termination, the Owner of a Receipt will,
upon (a) surrender of such Receipt at the Corporate Trust Office of the
Depositary, (b) payment of the fee of the Depositary for the surrender of
Receipts referred to in Section 2.5 of the Deposit Agreement, and
(c) payment of any applicable taxes or governmental charges, be entitled
to delivery, to him or upon his order, of the amount of Deposited Securities
represented by the American Depositary Shares

 

 

16

 

evidenced by such Receipt. If any Receipts shall
remain outstanding after the date of termination, the Depositary thereafter
shall discontinue the registration of transfers of Receipts, shall suspend the
distribution of dividends to the Owners thereof, and shall not give any further
notices or perform any further acts under the Deposit Agreement, except that
the Depositary shall continue to collect dividends and other distributions
pertaining to Deposited Securities, shall sell property and rights as provided
in the Deposit Agreement, and shall continue to deliver Deposited Securities,
together with any dividends or other distributions received with respect
thereto and the net proceeds of the sale of any rights or other property, in
exchange for Receipts surrendered to the Depositary (after deducting, in each
case, the fee of the Depositary for the surrender of a Receipt, any expenses
for the account of the Owner of such Receipt in accordance with the terms and
conditions of the Deposit Agreement, and any applicable taxes or governmental
charges). At any time after the expiration of one year from the date of
termination, the Depositary may sell the Deposited Securities then held under
the Deposit Agreement and may thereafter hold uninvested the net proceeds of
any such sale, together with any other cash then held by it thereunder,
unsegregated and without liability for interest, for the pro rata benefit of
the Owners of Receipts which have not theretofore been surrendered, such Owners
thereupon becoming general creditors of the Depositary with respect to such net
proceeds. After making such sale, the Depositary shall be discharged from all
obligations under the Deposit Agreement, except to account for such net
proceeds and other cash (after deducting, in each case, the fee of the
Depositary for the surrender of a Receipt, any expenses for the account of the
Owner of such Receipt in accordance with the terms and conditions of the
Deposit Agreement, and any applicable taxes or governmental charges) and for
its obligations to the Company with respect to indemnification. Upon the
termination of the Deposit Agreement, the Company shall be discharged from all
obligations under the Deposit Agreement except for its obligations to the
Depositary with respect to indemnification, charges, and expenses.

 

22.                                 SUBMISSION TO JURISDICTION.

 

In the Deposit Agreement,
the Company has (i) irrevocably designated and appointed Terranova Forest
Products, Inc., 2440 Clements Ferry Road, Wando, in the State of South
Carolina, as the Company’s authorized agent upon which process may be served in
any suit or proceeding arising out of or relating to the Shares or Deposited
Securities, the American Depositary Shares, the Receipts or this Deposit
Agreement, (ii) consented and submitted to the jurisdiction of any state
or federal court in the Borough of Manhattan, the City of New York, in the
State of New York in which any such suit or proceeding may be instituted, and
(iii) agreed that service of process upon said authorized agent shall be
deemed in every respect effective service of process upon the Company in any
such suit or proceeding.

 

23.                                 WAIVER OF IMMUNITIES.

 

To the extent that the
Company or any of its properties, assets or revenues may have or may hereafter
become entitled to, or have attributed to it, any right of immunity, on the
grounds of sovereignty or otherwise, from any legal action, suit or proceeding,

 

 

17

 

from the giving of any relief in any respect thereof,
from setoff or counterclaim, from the jurisdiction of any court as provided in
Section 7.6 of the Deposit Agreement, from service of process, from
attachment upon or prior to judgment, from attachment in aid of execution or
judgment, or from execution of judgment, or other legal process or proceeding
for the giving of any relief or for the enforcement of any judgment, in any
jurisdiction in which proceedings may at any time be commenced, with respect to
its obligations, liabilities or any other matter under or arising out of or in
connection with the Shares or Deposited Securities, the American Depositary
Shares, the Receipts or this Agreement to the extent provided in such
Section 7.6, the Company, to the fullest extent permitted by law, hereby
irrevocably and unconditionally waives, and agrees not to plead or claim, any
such immunity and consents to such relief and enforcement.

 

24.                                 COMPLIANCE WITH CHILEAN LAW; DISCLOURE OF
INTERESTS.

 

By holding American
Depositary Shares Owners and Beneficial Owners shall be deemed to agree to
comply with certain obligations under Chilean securities regulation including,
without limitation, obligations under Articles 12 and 54 and Title XV of Law
18,045 of Chile and the regulations issued by the SVS in connection therewith.

 

Article 12 requires
that, among other things, shareholders of a Chilean corporation (which would
include Owners) report to the SVS and the stock exchanges in Chile on which
those shares are listed:

 

(i)            any direct or indirect acquisition
or sale of Receipts that results in the Owner or Beneficial Owner acquiring or
ceasing to own, directly or indirectly, 10% or more of the total share capital
of such corporation; and

 

(ii)           any direct or indirect acquisition or
sale of shares or options to buy or sell shares, in any amount, made by
(a) an Owner or Beneficial Owner that owns Receipts representing 10% or
more of such corporation’s shares or (b) a director, liquidator, general
manager, manager or holder of certain other offices of such corporation.

 

In addition, shareholders
required to report under clause (i) or (ii)(a) above must state in
their report whether their purpose is to acquire control of the corporation or
to make a financial investment. A Beneficial Owner of American Depositary
Shares representing 10% or more of the Company’s share capital will be subject
to the above reporting requirements under Chilean law.

 

Under Article 54 of
Law 18,045 of Chile and the regulations of the SVS, persons or entities
intending to acquire control, directly or indirectly, of a publicly traded
company, including through acquisitions to be made through direct subscriptions
or private transactions, are required to inform the public of that intention as
soon as negotiations regarding the change of control begin (i.e., when
information and documents concerning the target are delivered to the potential
acquirer), but in any case at least ten (10) business days before the date
on which the transaction is to be completed, by publishing a notice in two
Chilean newspapers, which notice must disclose, among other

 

 

18

 

information, the person or entity purchasing, the
proposed price, and the status of any negotiations. Before making the
publication referred to in the preceding sentence, the person or entity must
send a written communication containing the same information to be published to
the target corporation, the controlling corporation, the corporations
controlled by the target corporation, the SVS and the Chilean stock exchanges
on which the company’s securities are listed.

 

In addition to the
foregoing, Article 54A of Law 18,045 of Chile requires that, within the
two (2) business days following completion of the transactions pursuant to
which a person has acquired control of a publicly traded company, (i) a
notice must be published in the same newspapers in which the publication
referred to in Article 54 has been made and (ii) notice must be sent
to the same persons indicated in Article 54.

 

 

19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]