Document:

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                                                                   Exhibit 10.43

                   AMENDED AND RESTATED UNCONDITIONAL GUARANTY
                           OF PAYMENT AND PERFORMANCE

         THIS AMENDED AND RESTATED UNCONDITIONAL GUARANTY OF PAYMENT AND
PERFORMANCE (this "Guaranty") is made as of December _____, 2001 by ADVANCE
STORES COMPANY, INCORPORATED, a Virginia corporation ("Guarantor"), and amends
and restates that certain Unconditional Guaranty of Payment and Performance
dated as of November 28, 2001 in favor of DAPPER PROPERTIES [I][II][III], a
Delaware limited liability company (together with its successors and assigns,
"Lessor").

         1. FOR VALUABLE CONSIDERATION, the receipt of which is hereby
acknowledged, Guarantor unconditionally, absolutely and irrevocably guarantees
and promises to pay to Lessor, or order, any and all amounts, including, without
limitation, Base Annual Rental, Base Monthly Rental, taxes (including, without
limitation, capital gains and/or income taxes), insurance premiums, impounds,
reimbursements, late charges, default interest, damages, indemnity obligations
and all other amounts, costs, fees, expenses and charges of any kind or type
whatsoever, which may or at any time be due to Lessor and/or Autopar Remainder
[I][II][III], LLC, a Delaware limited liability company ("Remainderman"),
pursuant to the following agreements (collectively, the "Documents"):

                  A. Sale-Leaseback Agreement, dated as of February 27,
         2001, between Lessor and Discount Auto Parts, Inc., a Florida
         corporation (together with its successors and assigns, "Lessee"), with
         respect to the sale and purchase of certain parcels of real property
         and the improvements located thereon (the "Properties");

                  B. Master Lease, dated as of February 27, 2001, between Lessor
         and Lessee by which Lessor leases the Properties to Lessee, as amended
         by that certain First Amendment to Lease between Lessor and Lessee
         dated as of [November 28][August 28], 2001 [ and that certain Second
         Amendment to Master Lease dated as of the date hereof][, that certain
         second amendment to master lease dated as of November 28, 2001 and that
         certain Third Amendment to Master Lease dated as of the date hereof]
         (collectively, the "Lease");

                  C. Acknowledgement of Master Lease Assignment and
         Subordination, Nondisturbance and Attornment Agreement dated as of
         February 27, 2001 among Lessee, Lessor, Remainderman, and [GE Capital
         Franchise Finance Corporation, a Delaware corporation, successor by
         merger to FFCA Acquisition Corporation][Washington Mutual Bank, FA,
         successor in interest to FFCA Funding Corporation] ("Lender");

                  D. Substitution Agreement, dated as of November 28,
         2001, among Lessor, Lessee, GE Capital Franchise Finance Corporation,
         Washington Mutual Bank, FA, Remainderman, Guarantor and certain other
         parties, as amended by that certain First

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         Amendment to Substitution Agreement dated as of even date herewith
         among Lessor, Lessee, GE Capital Franchise Finance Corporation,
         Washington Mutual Bank, FA, Remainderman, Western Auto Supply Company,
         a Delaware corporation (together with its successors and assigns,
         "Western Auto"), Guarantor and certain other parties (collectively,
         the "Substitution Agreement");

                  E. Any other document, agreement, instrument or certificate
         contemplated by the Lease, the Substitution Agreement, or any other
         documents, agreements, instruments or certificates now or hereafter
         entered into between Lessor, Lessee and Western Auto with respect to
         the Lease, the Substitution Agreement and the Properties and/or among
         Lessor, Remainderman, Lessee and Western Auto with respect to the
         Lease, the Substitution Agreement and/or the Properties; and

                  F. Any amendment of the foregoing documents, agreements,
         instruments or certificates now or hereafter entered into by Lessee
         and/or Western Auto.

Initially capitalized terms not otherwise defined in this Guaranty shall have
the meanings set forth in the Lease.

         2. Guarantor also unconditionally guarantees the full and timely
performance of all obligations to be performed by Lessee and/or Western Auto
under or pursuant to the Documents (the matters which are guaranteed pursuant to
Sections 1 and 2 are hereinafter collectively referred to as the "Obligations").

         3. The obligations of Guarantor under this Guaranty are primary, joint
and several and independent of the obligations of Lessee, Western Auto and any
and every other guarantor of the Obligations, and a separate action or actions
may be brought and executed against Guarantor or any other such guarantor,
whether or not such action is brought against Lessee, Western Auto or any other
such guarantor and whether or not Lessee, Western Auto or any other such
guarantor be joined in such action or actions.

         4. This is an absolute and unconditional guaranty of payment and
performance and not of collection and Guarantor unconditionally (a) waives any
requirement that Lessor first make demand upon, or seek to enforce or exhaust
remedies against, Lessee, Western Auto or any other person or entity (including
any other guarantor) or any of the collateral or property of Lessee, Western
Auto or such other person or entity before demanding payment from, or seeking to
enforce this Guaranty against, Guarantor; (b) waives and agrees not to assert
any and all rights, benefits and defenses which might otherwise be available
under the provisions of Ariz. Rev. Stat. ss.ss. 12-1641, 12 -1642 et seq.,
44-141, 44-142 or 47-3605, Arizona Rules of Civil Procedure Rule 17(f), or any
other Arizona statutes or rules (including any statutes or rules amending,
supplementing or supplanting same) which might operate, contrary to Guarantor's
agreements in this Guaranty, to limit Guarantor's liability under, or the
enforcement of, this Guaranty; (c) covenants that this Guaranty will not be
discharged until all of the Obligations are fully satisfied; and (d) agrees that
this Guaranty shall remain in full effect without regard to, and shall not be
affected or impaired by, any invalidity, irregularity or unenforceability in
whole or in part of any of the Documents, or any limitation of the liability of
Lessee, Western Auto or

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Guarantor thereunder, or any limitation on the method or terms of payment
thereunder which may now or hereafter be caused or imposed in any manner
whatsoever.

         5. This Guaranty is a continuing guaranty, and the obligations,
undertakings and conditions to be performed or observed by Guarantor under this
Guaranty shall not be affected or impaired by reason of the happening from time
to time of the following with respect to the Documents, all without notice to,
or the further consent of, Guarantor:

                  (a) the waiver by Lessor of the observance or performance by
         Lessee, Western Auto or Guarantor of any of the obligations,
         undertakings, conditions or other provisions contained in any of the
         Documents, except to the extent of such waiver;

                  (b) the extension, in whole or in part, of the time for
         payment of any amount owing or payable under the Documents;

                  (c) the modification or amendment (whether material or
         otherwise) of any of the obligations of Lessee or Western Auto under,
         or any other provisions of, any of the Documents, except to the extent
         of such modification or amendment;

                  (d) the taking or the omission of any of the actions
         referred to in any of the Documents (including, without limitation,
         the giving of any consent referred to therein);

                  (e) any failure, omission, delay or lack on the part of Lessor
         to enforce, assert or exercise any provision of the Documents,
         including any right, power or remedy conferred on Lessor in any of the
         Documents or any action on the part of Lessor granting indulgence or
         extension in any form;

                  (f) the assignment to or assumption by any third party of
         any or all of the rights or obligations of Lessee or Western Auto
         under all or any of the Documents;

                  (g) the release or discharge of Lessee or Western Auto from
         the performance or observance of any obligation, undertaking or
         condition to be performed by Lessee or Western Auto under any of the
         Documents by operation of law, including any rejection or disaffirmance
         of any of the Documents in any bankruptcy or similar proceedings;

                  (h) the receipt and acceptance by Lessor or any other person
         or entity of notes, checks or other instruments for the payment of
         money and extensions and renewals thereof;

                  (i) any action, inaction or election of remedies by Lessor
         which results in any impairment or destruction of any subrogation
         rights of Guarantor, or any rights of Guarantor to proceed against any
         other person or entity for reimbursement;

                  (j) any setoff, defense, counterclaim, abatement, recoupment,
         reduction, change in law or any other event or circumstance which might
         otherwise constitute a legal or equitable discharge or defense of a
         guarantor, indemnitor or surety under the laws of the State of Arizona,
         the states in which the Properties are located or any other
         jurisdiction;

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                  (k) any substitution of a Substitute Property for a Property
         pursuant to the terms and conditions of the Lease; and

                  (l) the termination or renewal of any of the Obligations or
         any other provision thereof.

         6. Guarantor represents and warrants to Lessor that:

                  (a) Neither the execution nor delivery of this Guaranty nor
         fulfillment of nor compliance with the terms and provisions hereof will
         conflict with, or result in a breach of the terms or conditions of, or
         constitute a default under, any agreement or instrument to which
         Guarantor is now a party or by which Guarantor may be bound, or result
         in the creation of any lien, charge or encumbrance upon any property or
         assets of Guarantor, which conflict, breach, default, lien, charge or
         encumbrance could result in a material adverse change in the financial
         condition of Guarantor;

                  (b) No further consents, approvals or authorizations are
         required for the execution and delivery of this Guaranty by Guarantor
         or for Guarantor's compliance with the terms and provisions of this
         Guaranty;

                  (c) This Guaranty is the legal, valid and binding agreement of
         Guarantor and is enforceable against Guarantor in accordance with its
         terms;

                  (d) Guarantor has the full power, authority, capacity and
         legal right to execute and deliver this Guaranty, and, to the extent
         Guarantor is a corporation, partnership, limited liability company or
         other form of entity, the parties executing this Guaranty on behalf of
         Guarantor are fully authorized and directed to execute the same to bind
         Guarantor;

                  (e) Guarantor is not a "foreign individual," "foreign
         corporation," "foreign partnership," "foreign limited liability
         company," "foreign trust," or "foreign estate," as those terms are
         defined in the U.S. Internal Revenue Code and the regulations
         promulgated thereunder. Guarantor's Social Security Number or Federal
         Tax Identification Number is accurately set forth herein next to the
         signature of Guarantor;

                  (f) Guarantor has delivered to Lessor either audited financial
         statements or, if Guarantor does not have audited financial statements,
         certified financial statements. Such financial statements and other
         information relating to Guarantor heretofore delivered to Lessor are
         true, correct and complete in all material respects as of the date of
         this Guaranty. Guarantor understands that Lessor is relying upon such
         information, and Guarantor represents that such reliance is reasonable.
         The financial statements of Guarantor delivered by Lessee to Lessor
         pursuant to the Lease have been prepared in accordance with generally
         accepted accounting principles consistently applied (subject in the
         case of interim financial statements to the absence of footnotes and
         normal year-end adjustments) and accurately reflect, as of the date of
         this Guaranty, the financial condition of Guarantor; and

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                  (g) The Documents are conclusively presumed to have been
         signed in reliance on this Guaranty, and the assumption by Guarantor of
         its obligations under this Guaranty results in direct financial benefit
         to Guarantor.

         7. (a) Guarantor covenants to Lessor that, during the term of this
Guaranty, Guarantor will not transfer or dispose of any material part of its
assets in a single transaction or a series of related transactions except (i) in
the ordinary course of business for full and fair consideration and reasonably
equivalent value, or (ii) as otherwise permitted by this Section 7.

         (b) Guarantor covenants to Lessor that, during the term of this
Guaranty, no Subject Transfer shall occur without the prior written consent of
Lessor, except as provided below. A "Subject Transfer" shall mean (i) the
acquisition by a Person or a "group" (as defined in Section 13(d) of the
Securities Exchange Act of 1934) of 50% or more of the voting power of Guarantor
and such Person or group has made a filing under Section 13(d) of the Securities
Exchange Act of 1934 affirmatively stating such Person's or group's intent to
change control of the Guarantor, (ii) the consummation by the Guarantor of a
merger, consolidation or other reorganization if the percentage of the voting
common stock of the surviving or resulting entity held or received by all
persons who were owners of common stock of the Guarantor immediately prior to
such merger, consolidation or reorganization is less than 50.1% of the total
voting common stock of the surviving or resulting entity outstanding, on a fully
diluted basis, immediately after such merger, consolidation or reorganization
and after giving effect to any additional issuance of voting common stock
contemplated by the plan for such merger, consolidation or reorganization, or
(iii) a sale or other transfer of all or substantially all of the assets of
Guarantor.

         (c) Notwithstanding the provisions of Section 7(b), Guarantor may
complete a Subject Transfer, and Lessor shall be deemed to have consented to
such Subject Transfer, provided that:

                  (1) no Event of Default shall have occurred and be continuing
         under the Lease and no event of default shall be have occurred and be
         continuing under this Guaranty as of the date on which Guarantor gives
         Lessor notice of the proposed Subject Transfer and as of the date on
         which the Subject Transfer is consummated;

                  (2) after giving effect to such Subject Transfer, whether as a
         single transaction or as a series of transactions, Guarantor, including
         any surviving entity of such Subject Transfer and/or successor of
         Guarantor, when considered together with Guarantor's consolidated
         subsidiaries (including without limitation Lessee and Western Auto) has
         a consolidated net worth determined in accordance with GAAP of not less
         than the sum of (1) $250,000,000, plus (2) fifty (50%) percent of Net
         Income, if positive, for each Fiscal Year ending after December 30,
         2001 (i.e., exclusive of any negative Net Income for any such Fiscal
         Year) determined on a cumulative basis subsequent to December 30, 2001,
         plus (3) seventy-five (75%) percent of the proceeds of any issuance of
         equity securities of Lessee and/or Guarantor, without duplication, or
         other contributions to the capital of Lessee and/or Guarantor, without
         duplication, subsequent to December 30, 2001;

                  (3) Guarantor, including any surviving entity of such Subject
         Transfer and/or successor of Guarantor, shall not be released from any
         of its obligations under this Guaranty, and such surviving entity or
         successor entity, as applicable, has assumed in writing or by

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         operation of law (provided Lessor has received a satisfactory opinion
         of counsel to Guarantor confirming that such assumption will occur by
         operation of law) all of Guarantor's obligations under this Guaranty;
         and

                  (4) either the FCCR Condition or the Rating Agency Condition
         has been satisfied. As used herein, the term "FCCR Condition" shall
         mean that the Aggregate Fixed Charge Coverage Ratio for all of the
         Properties, taken as a whole, must be at least equal to 3.0:1 for the
         twelve month period of time immediately preceding the end of the fiscal
         quarter of Lessee which closed prior to the date on which Guarantor
         gives Lessor notice of the proposed Subject Transfer. As used herein,
         the term "Rating Agency Condition" shall mean, if and to the extent
         that the loans contemplated by the Loan Documents have been subject to
         a Securitization, Lender shall have received a notice or confirmation
         of the rating agencies which have issued ratings in connection with
         such Securitization that such Subject Transfer will not cause any of
         such rating agencies to downgrade, modify, withdraw or qualify any of
         such ratings. Guarantor shall have the right to satisfy the FCCR
         Condition by (i) paying or causing to be paid to Lessor the Subject
         Transfer Rent Prepayment Amount (as hereinafter defined), and (ii)
         paying or causing to be paid to Lessor the Prepayment Charges payable
         by Lessor to Lender as a result of the payment by Guarantor to Lessor
         of the Subject Transfer Rent Prepayment Amount, provided that the
         payment of the Subject Transfer Rent Prepayment Amount and such
         Prepayment Charges shall be made prior to or simultaneously with the
         consummation of the Subject Transfer. Upon payment of the Subject
         Transfer Rent Prepayment Amount and Prepayment Charges as contemplated
         by the preceding sentence, Lessor agrees that the Base Monthly Rental
         beginning with the calendar month immediately following the month in
         which such payment is made (or, if such payment is made on the first
         day of a calendar month, beginning with the calendar month in which
         such payment is made) shall be equal to the Base Monthly Rental then in
         effect reduced by the Subject Transfer Rent Reduction Amount (as
         hereinafter defined).

                  For purposes of this Section 7(c), the following terms shall
         be defined as set forth below:

                  "Net Income" means, for any period, the consolidated net
         income (or loss) of Guarantor determined in accordance with GAAP, but
         excluding: (a) the income of any Person (other than Guarantor and its
         subsidiaries) in which Guarantor or any subsidiary of Guarantor has an
         ownership interest, unless received by Guarantor or any subsidiary of
         Guarantor in a cash distribution; (b) any after-tax gains or losses
         attributable to an asset disposition; and (c) to the extent not
         included in clauses (a) and (b) immediately above, any after-tax
         extraordinary, non-cash or non-recurring gains or losses.

                  "Subject Transfer Rent Prepayment Amount" means the present
         value, discounted on a monthly basis at 9.23%, of the Subject Transfer
         Rent Reduction Amount for each month beginning with the calendar month
         immediately following the month in which the Subject Transfer Rent
         Prepayment Amount is paid (or, if the Subject Transfer Rent Prepayment
         Amount is paid on the first day of a calendar month, beginning with the
         calendar month in which the Subject Transfer Rent Prepayment Amount is
         paid) and ending with the calendar month of February, 2021, inclusive.

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                   "Subject Transfer Rent Reduction Amount" the product of (x)
         the Base Monthly Rental for the last month of the fiscal quarter of
         Lessee which ended prior to the date on which Guarantor gives Lessor
         notice of the proposed Subject Transfer and (y) the Subject Transfer
         FCCR Shortfall Percentage. For purposes of illustration and not
         limitation, if (i) Lessee's Aggregate Fixed Charge Coverage Ratio for
         the Fiscal Year ending May 27, 2010 was 2.0 (which results in a Subject
         Transfer FCCR Shortfall Percentage of 33%), (ii) Guarantor paid the
         Subject Transfer Rent Prepayment Amount on August 15, 2010, and (iii)
         the Base Monthly Rental for August, 2010 was $100, then the Base
         Monthly Rental payment beginning on September 1, 2010 shall be equal to
         the Base Monthly Rental for August, 2010 reduced by the sum of $33.33.

                  "Subject Transfer FCCR Shortfall Percentage" means the
         percentage represented by (x) 1 minus (y) a fraction, the numerator of
         which shall be the Aggregate Fixed Charge Coverage Ratio for the twelve
         month period of time immediately preceding the end of the fiscal
         quarter of Lessee which closed prior to the date on which Guarantor
         gives Lessor notice of the proposed Subject Transfer, and the
         denominator of which shall be 3.

         (d) Guarantor shall notify Lessor and Lender at least 30 days but not
more than 90 days prior to the completion of any Subject Transfer, whether or
not the consent of Lessor to such Subject Transfer is deemed given under the
terms of Section 7(c) (each, a "Subject Transfer Notice"). Guarantor shall
provide Lessor and Lender with information reasonably sufficient to enable
Lessor and Lender to determine that Guarantor has satisfied the conditions to
any Subject Transfer, including, without limitation, such financial information
as Lessor and Lender may reasonably require to enable them to determine that the
net worth and/or Aggregate Fixed Charge Coverage Ratio requirements set forth in
Section 7(c) have been satisfied, or will be satisfied simultaneously with the
completion of the Subject Transfer. In addition, to the extent that the loans
contemplated by the Loan Documents have been subject to a Securitization,
Guarantor agrees to cooperate in good faith in connection with providing such
information as the rating agencies may reasonably require to evaluate any such
proposed Subject Transfer.

         (e) Within 45 days after the end of each fiscal quarter and within 120
days after the end of each fiscal year of Guarantor, Guarantor shall deliver to
Lessor complete financial statements of Guarantor, including a balance sheet,
profit and loss statement, statement of changes in cash flows and all other
related schedules for the fiscal period then ended. All such financial
statements shall be prepared in accordance with generally accepted accounting
principles, consistently applied from period to period (subject in the case of
interim financial statements to the absence of footnotes and normal year-end
adjustments), and shall be certified to be accurate and complete by Guarantor
(or the Treasurer or other appropriate officer of Guarantor). Guarantor
understands that Lessor is relying upon such financial statements and Guarantor
represents that such reliance is reasonable. The financial statements delivered
to Lessor need not be audited, but Guarantor shall deliver to Lessor copies of
any audited financial statements of Guarantor which may be prepared, as soon as
they are available.

         (f) Notwithstanding the foregoing, but subject to the satisfaction of
the terms and conditions set forth in Section 26.F of the Lease, Lessor consents
to the liquidation of Lessee with and into Guarantor, or the merger of Lessee
with and into Guarantor.

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         8. This Guaranty shall commence upon execution and delivery of any of
the Documents and shall continue in full force and effect until all of the
Obligations are duly, finally and permanently paid, performed and discharged and
are not subject to any right of reborrowing or extension by Lessee or Western
Auto, and Lessor gives Guarantor written notice of the full and final
satisfaction of the Obligations. The Obligations shall not be considered fully
paid, performed and discharged unless and until all payments by Lessee or
Western Auto to Lessor are no longer subject to any right on the part of any
person whomsoever, including but not limited to Lessee, Western Auto, Lessee or
Western Auto as a debtor-in-possession and/or any trustee in bankruptcy, to
disgorge such payments or seek to recoup the amount of such payments or any part
thereof. The foregoing shall include, by way of example and not by way of
limitation, all rights to recover preferences voidable under Title 11 of the
United States Bankruptcy Code, 11 U.S.C. Sec. 101 et seq., as amended (the
"Code"). In the event that any such payments by Lessee or Western Auto to Lessor
are disgorged after the making thereof, in whole or in part, or settled without
litigation, to the extent of such disgorgement or settlement, Guarantor shall be
liable for the full amount Lessor is required to repay plus interest, late
charges, attorney's fees and any and all expenses paid or incurred by Lessor in
connection therewith.

         9. Guarantor shall not assert any right of subrogation, indemnity or
reimbursement against Lessee or Western Auto until all of the Obligations have
been fully satisfied. Furthermore, Guarantor hereby unconditionally and
irrevocably waives (a) any right to participate in any security now or hereafter
held by Lessor or in any claim or remedy of Lessor or any other person against
Lessee or Western Auto with respect to the Obligations, (b) any statute of
limitations affecting Guarantor's liability hereunder, (c) all principles and
provisions of law which conflict with the terms of this Guaranty, and (d)
diligence, presentment, protest, demand for performance, notice of
nonperformance, notice of intent to accelerate, notice of acceleration, notice
of protest, notice of dishonor, notice of execution of any Documents, notice of
extension, renewal, alteration or amendment, notice of acceptance of this
Guaranty, notice of defaults under any of the Documents and all other notices
whatsoever.

         10. It is not necessary for Lessor to inquire into the powers of
Lessee, Western Auto or their respective officers, directors, partners or agents
acting or purporting to act on their behalf, and Guarantor shall be liable for
the Obligations in accordance with their terms notwithstanding any lack of
authorization or defect in execution or delivery by Lessee or Western Auto.

         11. In addition to the amounts guaranteed under this Guaranty,
Guarantor agrees to pay (i) all of Lessor's reasonable attorneys' fees and other
costs and expenses which may be incurred by Lessor in the enforcement of this
Guaranty and (ii) interest (including postpetition interest to the extent a
petition is filed by or against Lessee under the Code) at the Default Rate on
any Obligations not paid when due.

         12. This Guaranty shall apply to the parties hereto and their
successors and assigns according to the context hereof and without regard to the
number or gender of words or expressions used herein.

         13. Guarantor hereby agrees to indemnify and hold harmless Lessor for,
from and against any loss, cause of action, claim, cost, expense or fee,
including but not limited to

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reasonable attorneys' fees payable by Lessor to its counsel, any attorneys' fees
payable by Lessor to any other counsel, and court costs, suffered or occasioned
by the failure of Lessee or Western Auto to satisfy their respective obligations
under the Documents. The agreement to indemnify Lessor contained in this
paragraph shall be enforceable notwithstanding the invalidity or
unenforceability of the Documents or any of them or the invalidity or
unenforceability of any other paragraph contained in this Guaranty.

         14. All moneys available to Lessor for application in payment or
reduction of the liabilities of Lessee or Western Auto under the Documents may
be applied by Lessor to the payment or reduction of such liabilities of Lessee
or Western Auto, in such manner, in such amounts and at such time or times as
Lessor may elect.

         15. All notices, demands, requests, consents, approvals or other
instruments required or permitted to be given pursuant to this Guaranty shall be
in writing and given by (i) hand delivery, (ii) facsimile, (iii) express
overnight delivery service or (iv) certified or registered mail, return receipt
requested, and shall be deemed to have been delivered upon (a) receipt, if hand
delivered, (b) transmission, if delivered by facsimile, (c) the next Business
Day if delivered by express overnight delivery service or (d) the third Business
Day following the day of deposit of such notice with the United States Postal
Service, if sent by certified or registered mail, return receipt requested.
Notices shall be provided to the addresses (or facsimile numbers, as applicable)
specified below:

            If to Guarantor:       Advance Stores Company, Incorporated
                                   5673 Airport Road
                                   Roanoke, VA 24012
                                   Attention:  General Counsel
                                   Telephone:  (540) 561-3325
                                   Telecopy:   (540) 561-1448

            If to Lessor:          Dapper Properties [I][II][III], LLC
                                   c/o U.S. Realty Advisors, LLC
                                   1370 Avenue of the Americas
                                   New York, NY 10019
                                   Attention:  Mr. David M. Ledy
                                   Telephone:  (212) 581-4540
                                   Telecopy:   (212) 581-4950

            With a copy to:        Proskauer Rose LLP
                                   1585 Broadway
                                   New York, NY 10036
                                   Attention:  Kenneth S. Hilton, Esq.
                                   Telephone:  (212) 969-3000
                                   Telecopy:   (212) 969-2900

or to such other address or such other person as either Guarantor or Lessor may
from time to time hereafter specify to the other party in a notice delivered in
the manner provided above. No

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such notices, demands, requests, consents, approvals or other communications
shall be valid unless Lender is provided a duplicate original thereof at the
following address:

                                Dennis L. Ruben, Esq.
                                Executive Vice President, General Counsel
                                and Secretary
                                GE Capital Franchise Finance Corporation
                                17207 North Perimeter Drive
                                Scottsdale, AZ  85255
                                Telephone: (480) 585-4500
                                Telecopy:  (480) 585-2226

or to such other address or such other person as Lender may from time to time
specify to Lessor and Guarantor in a notice delivered in the manner provided
above.

         16. This Guaranty is delivered in the State of Arizona, and it is the
intent of Guarantor and Lessor that this Guaranty shall be deemed to be a
contract made under and governed by the internal laws of the State of Arizona,
without regard to its principles of conflicts of law. For purposes of any action
or proceeding involving this Guaranty, Guarantor submits to the jurisdiction of
all federal and state courts located in the State of Arizona and consents that
it may be served with any process or paper by registered mail or by personal
service within or without the State of Arizona in accordance with applicable
law. Furthermore, Guarantor waives and agrees not to assert in any such action,
suit or proceeding that it is not personally subject to the jurisdiction of such
courts, that the action, suit or proceeding is brought in an inconvenient forum
or that venue of the action, suit or proceeding is improper. Nothing contained
in this section shall limit or restrict the right of Lessor to commence any
proceeding in the federal or state courts located in the states in which the
Properties are located and/or where Guarantor maintains its chief executive
office to the extent Lessor deems such proceeding necessary or advisable to
exercise remedies available under the Documents.

         17.      Guarantor and Lessor, by its execution of the Lease and its
acceptance of this Guaranty, intend that:

                  (i) the Lease constitutes a single master lease of all, but
         not less than all, of the Properties and that Lessor and Lessee have
         executed and delivered the Lease with the understanding that the Lease
         constitutes a unitary, unseverable instrument pertaining to all, but
         not less than all, of the Properties, and that neither the Lease nor
         the duties, obligations or rights of Lessee may be allocated or
         otherwise divided among the Properties by Lessee;

                  (ii) the Lease is a "true lease" and not a financing lease,
         capital lease, mortgage, equitable mortgage, deed of trust, trust
         agreement, security agreement or other financing or trust arrangement,
         and the economic realities of the Lease are those of a true lease; and

                  (iii) the business relationship created by the Lease and any
         related documents is solely that of a long-term commercial lease
         between landlord and tenant and has been entered into by both parties
         in reliance upon the economic and legal bargains contained herein.

                                       10

<PAGE>

         The expressions of intent set forth in this Section are a material
inducement to Lessor entering into the Lease.

         18. Guarantor acknowledges that Lessor did not prepare or assist in the
preparation of any of the projected financial figures used by Lessee in
analyzing the economic viability and feasibility of the transactions
contemplated by the Lease.

         19. All of Lessor's rights and remedies under the Documents and this
Guaranty are intended to be distinct, separate and cumulative and no such right
and remedy is intended to be in exclusion of or a waiver of any of the others.

         20. Except as otherwise contemplated by Section 26 of this Guaranty,
this Guaranty is solely for the benefit of Lessor, its successors and assigns
and is not intended to nor shall it be deemed to be for the benefit of any third
party, including, without limitation, Lessee or Western Auto.

         21. If any provision of this Guaranty is unenforceable, the
enforceability of the other provisions shall not be affected and they shall
remain in full force and effect.

         22. Guarantor agrees to take such action and to sign such other
documents as may be appropriate to carry out the intent of this Guaranty.

         23. This Guaranty may be executed in one or more counterparts,
each of which shall be deemed an original.

         24. LESSOR, BY ACCEPTING THIS GUARANTY, AND GUARANTOR HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT THEY MAY HAVE TO A TRIAL BY JURY
WITH RESPECT TO ANY AND ALL ISSUES PRESENTED IN ANY ACTION, PROCEEDING, CLAIM OR
COUNTERCLAIM BROUGHT BY LESSOR OR GUARANTOR AGAINST THE OTHER OR THEIR
SUCCESSORS WITH RESPECT TO ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS
GUARANTY, THE RELATIONSHIP OF LESSOR, LESSEE, WESTERN AUTO AND/OR GUARANTOR,
LESSEE'S USE OR OCCUPANCY OF THE PROPERTIES, AND/OR ANY CLAIM FOR INJURY OR
DAMAGE, OR ANY EMERGENCY OR STATUTORY REMEDY. THIS WAIVER BY LESSOR AND
GUARANTOR OF ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY HAS BEEN NEGOTIATED AND
IS A MATERIAL INDUCEMENT FOR LESSOR ACCEPTING THIS GUARANTY. FURTHERMORE,
GUARANTOR HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE RIGHT IT
MAY HAVE TO SEEK PUNITIVE, CONSEQUENTIAL, SPECIAL AND INDIRECT DAMAGES FROM
LESSOR OR ANY OF LESSOR'S AFFILIATES, OFFICERS, DIRECTORS, MEMBERS OR EMPLOYEES
OR ANY OF THEIR SUCCESSORS WITH RESPECT TO ANY AND ALL ISSUES PRESENTED IN ANY
ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY GUARANTOR AGAINST LESSOR OR
ANY OF LESSOR'S AFFILIATES, OFFICERS, DIRECTORS, MEMBERS OR EMPLOYEES OR ANY OF
THEIR SUCCESSORS WITH RESPECT TO ANY MATTER ARISING OUT OF OR IN CONNECTION WITH
THIS GUARANTY OR ANY DOCUMENTS CONTEMPLATED HEREIN OR RELATED HERETO. THE WAIVER
BY GUARANTOR OF ANY RIGHT IT

                                       11

<PAGE>

MAY HAVE TO SEEK PUNITIVE, CONSEQUENTIAL, SPECIAL AND INDIRECT DAMAGES HAS BEEN
NEGOTIATED AND IS A MATERIAL INDUCEMENT FOR LESSOR ACCEPTING THIS GUARANTY.

         25. Guarantor shall be liable under this Guaranty for the maximum
amount of such liability that can be incurred hereby without rendering this
Guaranty, as it relates to Guarantor, voidable under applicable laws relating to
fraudulent conveyance or fraudulent transfer, and not for any greater amount.
Guarantor agrees that the Obligations may at any time and from time to time
exceed the amount of the liability of Guarantor hereunder without impairing this
Guaranty or affecting the rights and remedies of Lessor hereunder.

         26. This Guaranty is executed and delivered to induce Lessor to consent
to the substitution of the Dapper [I][II][III] Replaced Properties (as defined
in the Substitution Agreement) with the Dapper [I][II][III] Substitute
Properties (as defined in the Substitution Agreement) as contemplated by the
Substitution Agreement, and is solely for the benefit of Lessor and its
successors and assigns, including, without limitation, Lender and its successors
and assigns under the Loan Documents, and is not intended to nor shall it be
deemed to be for the benefit of any other third party, including, without
limitation, Lessee or Western Auto. This Guaranty is a continuing Guaranty and
shall be binding upon Guarantor and its successors and assigns; provided,
however, without the prior written consent of Lessor, Guarantor shall not assign
this Guaranty or any of the rights or obligations of Guarantor hereunder, except
as contemplated by Section 7.

         27. Guarantor acknowledges and agrees that (i) Lessor intends to
collaterally assign all of its right, title and interest under the Lease and
this Guaranty to Lender pursuant to the Loan Documents and (ii) upon the
exercise of Lender's remedies set forth in such Loan Documents, all of the
rights, powers and privileges of Lessor shall be deemed the rights, powers and
privileges of Lender and Lender shall be entitled to exercise all of the rights
and remedies of "Lessor" under this Guaranty, the Lease and the Loan Documents.
Guarantor hereby consents to, and no further consent by Guarantor shall be
required for, any further assignment of rights of Lessor hereunder or in
connection with any transfer by Lender. All notices, certificates, reports or
other information required to be delivered to Lessor under this Guaranty shall
be delivered simultaneously to Lender. Notwithstanding any provision herein to
the contrary, this Guaranty shall not be deemed to create any obligation of or
liability for Lender. Guarantor intends that Lender shall be an intended third
party beneficiary of this Guaranty but without any corresponding responsibility,
liability or obligation to Guarantor.

         28. Guarantor agrees that:

                  (a) the Guaranty shall not be changed, amended, altered,
         modified, or terminated without the prior written consent of Lender;

                  (b) any consent, approval, agreement or waiver provided by
         Lessor pursuant to this Guaranty shall not be valid unless consented
         to in writing by Lender; and

                  (c) Lessor shall in no event be deemed to have unreasonably
         withheld any approval under this Guaranty if Lender shall not have
         given its approval.

                                       12

<PAGE>

         IN WITNESS WHEREOF, the undersigned Guarantor has executed this
Guaranty effective as of the day first above written.

                                       ADVANCE STORES COMPANY,
                                       INCORPORATED, a Virginia corporation
Federal Tax ID No.

-----------------------------
                                       By
                                          --------------------------------------
                                       Printed Name
                                                    ----------------------------
                                       Its
                                           -------------------------------------

<PAGE>

STATE OF ___________________ )
                             ) SS.
COUNTY OF __________________ )

         The foregoing instrument was acknowledged before me on ____________,
2001, by _____________________, _______________ of Advance Stores Company,
Incorporated, a Virginia corporation, on behalf of the corporation.

                                                          ______________________
                                                          Notary Public

My Commission Expires:

_____________________________<PAGE>

                                                                     EXHIBIT 4.1

                            PS BUSINESS PARKS, INC.

                        AMERICAN STOCK TRANSFER & TRUST
                            COMPANY, AS DEPOSITARY

                                      AND

                       THE HOLDERS FROM TIME TO TIME OF
                   THE DEPOSITARY RECEIPTS DESCRIBED HEREIN
                     RELATING TO SERIES F PREFERRED STOCK

                               DEPOSIT AGREEMENT

                        Dated as of January 18, 2002
<PAGE>

                               Table of Contents
                               -----------------

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

                                               Definitions

                                                ARTICLE II

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

SECTION 2.1     Form and Transfer of Receipts....................................................   2
SECTION 2.2     Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof..........   4
SECTION 2.3     Registration of Transfer of Receipts.............................................   4
SECTION 2.4     Split-ups and Combinations of Receipts; Surrender of Receipts and
                Withdrawal of Stock..............................................................   5
SECTION 2.5     Limitations on Execution and Delivery, Transfer, Surrender and
                Exchange of Receipts.............................................................   6
SECTION 2.6     Lost Receipts, etc...............................................................   6
SECTION 2.7     Cancellation and Destruction of Surrendered Receipts.............................   7
SECTION 2.8     Redemption of Stock..............................................................   7

                                            ARTICLE III

                     Certain Obligations of Holders of Receipts and the Company

SECTION 3.1     Filing Proofs, Certificates and Other Information ...............................   9
SECTION 3.2     Payment of Taxes or Other Governmental Charges...................................   9
SECTION 3.3     Warranty as to Stock.............................................................   9

                                            ARTICLE IV

                                 The Deposited Securities; Notices

SECTION 4.1     Cash Distributions..............................................................   10
SECTION 4.2     Distributions Other than Cash, Rights, Preferences or Privileges................   10
SECTION 4.3     Subscription Rights, Preferences or Privileges..................................   11
SECTION 4.4     Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts...........   12
SECTION 4.5     Voting Rights...................................................................   12
SECTION 4.6     Changes Affecting Deposited Securities and Reclassifications, Recapitalizations,
                etc.............................................................................   13
SECTION 4.7     Delivery of Reports.............................................................   13
</TABLE>

                                       i
<PAGE>

                               Table of Contents
                               -----------------
                                  (continued)
<TABLE>
<CAPTION>
                                                                                                 Page
                                                                                                 ----
<S>                                                                                              <C>
SECTION 4.8     List of Receipt Holders.........................................................   14

                                            ARTICLE V

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

SECTION 5.1     Maintenance of Offices, Agencies and Transfer Books
                by the Depositary; Registrar....................................................   14
SECTION 5.2     Prevention of or Delay in Performance by the Depositary,
                the Depositary's Agents, the Registrar or the Company...........................   15
SECTION 5.3     Obligation of the Depositary, the Depositary's Agents,
                the Registrar and the Company...................................................   15
SECTION 5.4     Resignation and Removal of the Depositary; Appointment of
                Successor Depositary............................................................   17
SECTION 5.5     Corporate Notices and Reports...................................................   18
SECTION 5.6     Indemnification by the Company..................................................   18
SECTION 5.7     Charges and Expenses............................................................   18
SECTION 5.7     Shares..........................................................................   19
SECTION 5.8     Tax Compliance..................................................................   19

                                            ARTICLE VI

                                      Amendment and Termination

SECTION 6.1     Amendment.......................................................................   19
SECTION 6.2     Termination.....................................................................   20

                                            ARTICLE VII

                                           Miscellaneous

SECTION 7.1     Counterparts....................................................................   20
SECTION 7.2     Exclusive Benefit of Parties....................................................   20
SECTION 7.3     Invalidity of Provisions........................................................   20
SECTION 7.4     Notices.........................................................................   21
SECTION 7.5     Appointment of Registrar........................................................   22
SECTION 7.6     Holders of Receipts Are Parties.................................................   22
SECTION 7.7     Governing Law...................................................................   22
SECTION 7.8     Inspection of Deposit Agreement.................................................   22
SECTION 7.9     Headings........................................................................   22
</TABLE>

                                      ii
<PAGE>

DEPOSIT AGREEMENT, dated as of January 18, 2002, among PS BUSINESS PARKS,
INC., a California corporation (the "Company"), American Stock Transfer & Trust
Company (the "Depositary"), and the holders from time to time of the Receipts
described herein.

          WHEREAS, it is desired to provide, as hereinafter set forth in this
Deposit Agreement, for the deposit of shares of Series F Preferred Stock of the
Company with the Depositary for the purposes set forth in this Deposit Agreement
and for the issuance hereunder of Receipts evidencing Depositary Shares in
respect of the Stock so deposited; and

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

          NOW, THEREFORE, in consideration of the promises contained herein, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto
hereby agree as follows:

                                   ARTICLE I

                                  Definitions

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

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

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

          "Depositary" shall mean American Stock Transfer & Trust Company and
any successor as Depositary hereunder.

          "Depositary Shares" shall mean Depositary Shares, each representing
1/1,000 of a share of Stock and evidenced by a Receipt.

                                      -1-
<PAGE>

          "Depositary's Agent" shall mean an agent appointed by the Depositary
pursuant to Section 5.1 and shall include the Registrar if such Registrar is not
the Depositary.

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

          "Receipt" shall mean one of the Depositary Receipts, substantially in
the form set forth as Exhibit A hereto, issued hereunder, whether in definitive
or temporary form and evidencing the number of Depositary Shares held of record
by the record holder of such Depositary Shares.

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

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

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

          "Stock" shall mean shares of the Company's 8 3/4% Cumulative
Preferred Stock, Series F, stated value $25,000 per share.

                                  ARTICLE II

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

          SECTION 2.1 Form and Transfer of Receipts. Definitive Receipts shall
be engraved or printed or lithographed on steel-engraved borders, with
appropriate insertions, modifications and omissions, as hereinafter provided, if
and to the extent required by any securities exchange on which the Receipts are
listed. Pending the preparation of definitive Receipts or if definitive Receipts
are not required by any securities exchange on which the Receipts are listed,
the Depositary, upon the written order of the Company or any holder of Stock, as
the case may be, delivered in compliance with Section 2.2, shall execute and
deliver temporary Receipts which are printed, lithographed, typewritten,
mimeographed or otherwise substantially of the tenor of the definitive Receipts
in lieu of which they are issued and with such appropriate insertions,
omissions, substitutions and other variations as the persons executing such
Receipts may determine, as evidenced by their execution of

                                      -2-
<PAGE>

such Receipts. If temporary Receipts are issued, the Company and the Depositary
will cause definitive Receipts to be prepared without unreasonable delay. After
the preparation of definitive Receipts, the temporary Receipts shall be
exchangeable for definitive Receipts upon surrender of the temporary Receipts at
the Depositary's Office or at such other place or places as the Depositary shall
determine, without charge to the holder. Upon surrender for cancellation of any
one or more temporary Receipts, the Depositary shall execute and deliver in
exchange therefor definitive Receipts representing the same number of Depositary
Shares as represented by the surrendered temporary Receipt or Receipts. Such
exchange shall be made at the Company's expense and without any charge to the
holder therefor. Until so exchanged, the temporary Receipts shall in all
respects be entitled to the same benefits under this Agreement, and with respect
to the Stock, as definitive Receipts.

          Receipts shall be executed by the Depositary by the manual and/or
facsimile signature of a duly authorized officer of the Depositary. No Receipt
shall be entitled to any benefits under this Deposit Agreement or be valid or
obligatory for any purpose unless it shall have been executed in accordance with
the foregoing sentence. The Depositary shall record on its books each Receipt so
signed and delivered as hereinafter provided.

          Receipts shall be in denominations of any number of whole Depositary
Shares. The Company shall deliver to the Depositary from time to time such
quantities of Receipts as the Depositary may request to enable the Depositary to
perform its obligations under this Deposit Agreement.

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

          Title to Depositary Shares evidenced by a Receipt, which is properly
endorsed or accompanied by a properly executed instrument of transfer, shall be
transferable by delivery with the same effect as in the case of a negotiable
instrument; provided, however, that until transfer of a Receipt shall be
            --------  -------
registered on the books of the Depositary as provided in Section 2.3, the
Depositary may, notwithstanding any notice to the contrary, treat the record
holder thereof at such time as the absolute owner thereof for the purpose of
determining the person entitled to distributions of

                                      -3-
<PAGE>

dividends or other distributions or to any notice provided for in this Deposit
Agreement and for all other purposes.

          SECTION 2.2 Deposit of Stock; Execution and Delivery of Receipts in
Respect Thereof. Subject to the terms and conditions of this Deposit Agreement,
the Company may from time to time deposit shares of Stock under this Deposit
Agreement by delivery to the Depositary of a certificate or certificates for the
Stock to be deposited, properly endorsed or accompanied, if required by the
Depositary, by a duly executed instrument of transfer or endorsement, in form
satisfactory to the Depositary, together with all such certifications as may be
required by the Depositary in accordance with the provisions of this Deposit
Agreement, and together with a written order of the Company directing the
Depositary to execute and deliver to, or upon the written order of, the person
or persons stated in such order a Receipt or Receipts for the number of
Depositary Shares representing such deposited Stock.

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

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

          SECTION 2.3 Registration of Transfer of Receipts. Subject to the terms
and conditions of this Deposit Agreement, the Depositary shall register on its
books from time to time transfers of Receipts upon any surrender thereof by the
holder in person or by a duly authorized attorney, properly endorsed or
accompanied by a properly executed instrument of transfer. Thereupon, the
Depositary shall execute a new Receipt or Receipts evidencing the same aggregate
number of Depositary Shares as those evidenced by the Receipt or Receipts
surrendered and deliver such new Receipt or Receipts to or upon the order of the
person entitled thereto.

                                      -4-
<PAGE>

          SECTION 2.4 Split-ups and Combinations of Receipts; Surrender of
Receipts and Withdrawal of Stock. Upon surrender of a Receipt or Receipts at the
Depositary's Office or at such other offices as it may designate for the purpose
of effecting a split-up or combination of such Receipt or Receipts, and subject
to the terms and conditions of this Deposit Agreement, the Depositary shall
execute and deliver a new Receipt or Receipts in the authorized denomination or
denominations requested, evidencing the aggregate number of Depositary Shares
evidenced by the Receipt or Receipts surrendered; provided, however, that the
                                                  --------  -------
Depositary shall not issue any Receipt evidencing a fractional Depositary Share.

          Any holder of a Receipt or Receipts representing any number of whole
shares of Stock may (unless the related Depositary Shares have previously been
called for redemption) withdraw the Stock and all money and other property, if
any, represented thereby by surrendering such Receipt or Receipts at the
Depositary's Office or at such other offices as the Depositary may designate for
such withdrawals and paying any unpaid amount due the Depositary. Thereafter,
without unreasonable delay, the Depositary shall deliver to such holder or to
the person or persons designated by such holder as hereinafter provided, the
number of whole shares of Stock and all money and other property, if any,
represented by the Receipt or Receipts so surrendered for withdrawal, but
holders of such whole shares of Stock will not thereafter be entitled to deposit
such Stock hereunder or to receive Depositary Shares therefor. If a Receipt
delivered by the holder to the Depositary in connection with such withdrawal
shall evidence a number of Depositary Shares in excess of the number of
Depositary Shares representing the number of whole shares of Stock to be so
withdrawn, the Depositary shall at the same time, in addition to such number of
whole shares of Stock and such money and other property, if any, to be so
withdrawn, deliver to such holder, or upon his order, a new Receipt evidencing
such excess number of Depositary Shares; provided, however, that the Depositary
                                         --------  -------
shall not issue any Receipt evidencing a fractional Depositary Share. Delivery
of the Stock and money and other property being withdrawn may be made by the
delivery of such certificates, documents of title and other instruments as the
Depositary may deem appropriate which, if required by the Depositary, shall be
properly endorsed or accompanied by proper instruments of transfer.

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

                                      -5-
<PAGE>

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

          SECTION 2.5 Limitations on Execution and Delivery, Transfer, Surrender
and Exchange of Receipts. As a condition precedent to the execution and
delivery, registration of transfer, split-up, combination, surrender or exchange
of any Receipt, the Depositary, any of the Depositary's Agents or the Company
may require payment to it of a sum sufficient for the payment (or, in the event
that the Depositary or the Company shall have made such payment, the
reimbursement to it) of any charges or expenses payable by the holder of a
Receipt pursuant to Sections 3.2 and 5.7, may require the production of evidence
satisfactory to it as to the identity and genuineness of any signature, and may
also require compliance with such regulations, if any, as the Depositary or the
Company may establish consistent with the provisions of this Deposit Agreement.

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

          SECTION 2.6 Lost Receipts, etc. In case any receipt shall be
mutilated, destroyed, lost or stolen, the Depositary in its reasonable
discretion may execute and deliver a Receipt of like form and tenor in exchange
and substitution for such mutilated Receipt, or in lieu of and in substitution
for such destroyed, lost or stolen Receipt, upon (i) the filing by the holder
thereof with the Depositary of evidence reasonably satisfactory to the
Depositary of such destruction or loss or theft of such Receipt, of the
authenticity thereof and of his or her ownership thereof, (ii) the furnishing of
the Depositary with indemnification reasonably satisfactory to it and the
Company and (iii) the payment of any reasonable expense (including reasonable
fees, charges and expenses of the Depositary) in connection with such execution
and delivery.

                                      -6-
<PAGE>

          SECTION 2.7 Cancellation and Destruction of Surrendered Receipts. All
Receipts surrendered to the Depositary or any Depositary's Agent shall be
cancelled by the Depositary. Except as prohibited by applicable law or
regulation, the Company is authorized to destroy all Receipts so cancelled.

          SECTION 2.8 Redemption of Stock. Whenever the Company shall be
permitted and shall elect to redeem shares of Stock in accordance with the
provisions of the Certificate, it shall (unless otherwise agreed to in writing
with the Depositary) give or cause to be given to the Depositary not less than
60 days' notice of the date of such proposed redemption or exchange of Stock and
of the number of such shares held by the Depositary to be so redeemed and the
applicable redemption price, as set forth in the Certificate, which notice shall
be accompanied by a certificate from the Company stating that such redemption of
Stock is in accordance with the provisions of the Certificate. Notice of
redemption of Stock will also be given by the Company by publication in a
newspaper of general circulation in the County of Los Angeles and the City of
New York, such publication to be made once a week for two successive weeks
commencing not less than 30 nor more than 60 days prior to the redemption date,
and the Depositary will publish a notice of redemption of the Depositary Shares
containing the same type of information and in the same manner as the Company's
notice of redemption. On the date of such redemption, provided that the Company
shall then have paid or caused to be paid in full to the Depositary the
redemption price of the Stock to be redeemed, plus an amount equal to any
accrued and unpaid dividends thereon to the date fixed for redemption, in
accordance with the provisions of the Certificate, the Depositary shall redeem
the number of Depositary Shares representing such Stock. The Depositary shall
mail notice of the Company's redemption of Stock and the proposed simultaneous
redemption of the number of Depositary Shares representing the Stock to be
redeemed by first-class mail, postage prepaid, promptly upon receipt of the
Company's notice to redeem shares of Stock and not less than 30 and not more
than 60 days prior to the date fixed for redemption of such Stock and Depositary
Shares (the "Redemption Date") to the record holders of the Receipts evidencing
the Depositary Shares to be so redeemed, at the address of such holders as they
appear on the records of the Depositary; but neither failure to mail any such
notice of redemption of Depositary Shares to one or more such holders nor any
defect in any notice of redemption of Depositary Shares to one or more such
holders shall affect the sufficiency of the proceedings for redemption as to the
other holders. The Company will provide the Depositary with the information
necessary for the Depositary to prepare such notice and each such notice shall
state: (i) the Redemption Date; (ii) the number of Depositary Shares to be
redeemed and, if less than all the Depositary Shares held by any such holder are
to be redeemed, the number of such Depositary Shares held by such holder to be
so redeemed; (iii) the redemption price per Depositary Share; (iv) the place or
places where Receipts evidencing Depositary Shares are to

                                      -7-
<PAGE>

be surrendered for payment of the redemption price; and (v) that dividends in
respect of the Stock represented by the Depositary Shares to be redeemed will
cease to accrue on such Redemption Date. In case less than all the outstanding
Depositary Shares are to be redeemed, the Depositary Shares to be so redeemed
shall be determined pro rata or by lot in a manner determined by the Board of
Directors of the Company.

          Notice having been mailed by the Depositary as aforesaid, from and
after the Redemption Date (unless the Company shall have failed to provide the
funds necessary to redeem the Stock evidenced by the Depositary Shares called
for redemption) (i) dividends on the shares of Stock so called for redemption
shall cease to accrue from and after such date, (ii) the Depositary Shares being
redeemed from such proceeds shall be deemed no longer to be outstanding, (iii)
all rights of the holders of Receipts evidencing such Depositary Shares (except
the right to receive the redemption price) shall, to the extent of such
Depositary Shares, cease and terminate, and (iv) upon surrender in accordance
with such redemption notice of the Receipts evidencing any such Depositary
Shares called for redemption (properly endorsed or assigned for transfer, if the
Depositary or applicable law shall so require), such Depositary Shares shall be
redeemed by the Depositary at a redemption price per Depositary Share equal to
the same fraction of the redemption price per share paid with respect to the
shares of Stock as the fraction each Depositary Share represents of a share of
Stock plus the same fraction of all money and other property, if any,
represented by such Depositary Shares, including all amounts paid by the Company
in respect of dividends which on the Redemption Date have accumulated on the
shares of Stock to be so redeemed and have not theretofore been paid. Any funds
deposited by the Company with the Depositary for any Depositary Shares that the
holders thereof fail to redeem will be returned to the Company after a period of
five years from the date such funds are so deposited.

          If fewer than all of the Depositary Shares evidenced by a Receipt are
called for redemption, the Depositary will deliver to the holder of such Receipt
upon its surrender to the Depositary, together with the redemption payment, a
new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and
not called for redemption; provided, however, that the Depositary shall not
                           --------  -------
issue any Receipt evidencing a fractional Depositary Share.

                                      -8-
<PAGE>

                                  ARTICLE III

                            Certain Obligations of
                      Holders of Receipts and the Company

          SECTION 3.1 Filing Proofs, Certificates and Other Information. Any
holder of a Receipt may be required from time to time to file such proof of
residence, or other matters or other information, to execute such certificates
and to make such representations and warranties as the Depositary or the Company
may reasonably deem necessary or proper or otherwise reasonably request. The
Depositary or the Company may withhold the delivery, or delay the registration
of transfer, redemption or exchange, of any Receipt or the withdrawal or
conversion of the Stock represented by the Depositary Shares evidenced by any
Receipt or the distribution of any dividend or other distribution or the sale of
any rights or of the proceeds thereof until such proof or other information is
filed or such certificates are executed or such representations and warranties
are made.

          SECTION 3.2 Payment of Taxes or Other Governmental Charges. Holders of
Receipts shall be obligated to make payments to the Depositary of certain
charges and expenses, as provided in Section 5.7. Registration of transfer of
any Receipt or any withdrawal of Stock and all money or other property, if any,
represented by the Depositary Shares evidenced by such Receipt may be refused
until any such payment due is made, and any dividends, interest payments or
other distributions may be withheld or any part of or all the Stock or other
property represented by the Depositary Shares evidenced by such Receipt and not
theretofore sold may be sold for the account of the holder thereof (after
attempting by reasonable means to notify such holder prior to such sale), and
such dividends, interest payments or other distributions or the proceeds of any
such sale may be applied to any payment of such charges or expenses, the holder
of such Receipt remaining liable for any deficiency.

          SECTION 3.3 Warranty as to Stock. The Company hereby represents and
warrants that the Stock, when issued, will be duly authorized, validly issued,
fully paid and nonassessable. Such representation and warranty shall survive the
deposit of the Stock and the issuance of Receipts.

                                      -9-
<PAGE>

                                  ARTICLE IV

                       The Deposited Securities; Notices

          SECTION 4.1 Cash Distributions. Whenever the Depositary shall receive
any cash dividend or other cash distribution on Stock, the Depositary shall,
subject to Sections 3.1 and 3.2, distribute to record holders of Receipts on the
record date fixed pursuant to Section 4.4 such amounts of such dividend or
distribution as are, as nearly as practicable, in proportion to the respective
numbers of Depositary Shares evidenced by the Receipts held by such holders;
provided, however, that in case the Company or the Depositary shall be required
--------  -------
to withhold and shall withhold from any cash dividend or other cash distribution
in respect of the Stock an amount on account of taxes or as otherwise required
by law, regulation or court process, the amount made available for distribution
or distributed in respect of Depositary Shares shall be reduced accordingly. In
the event that the calculation of any such cash dividend or other cash
distribution to be paid to any record holder on the aggregate number of Receipts
held by such holder results in an amount which is a fraction of a cent, the
amount the Depositary shall distribute to such record holder shall be rounded to
the next highest whole cent if such fraction of a cent is equal to or greater
than $.005, otherwise such fractional interest shall be disregarded; and upon
request of the Depositary, the Company shall pay the additional amount to the
Depositary for distribution.

          SECTION 4.2 Distributions Other than Cash, Rights, Preferences or
Privileges. Whenever the Depositary shall receive any distribution other than
cash, rights, preferences or privileges upon Stock, the Depositary shall,
subject to Sections 3.1 and 3.2, distribute to record holders of Receipts on the
record date fixed pursuant to Section 4.4 such amounts of the securities or
property received by it as are, as nearly as practicable, in proportion to the
respective numbers of Depositary Shares evidenced by the Receipts held by such
holders, in any manner that the Depositary may deem equitable and practicable
for accomplishing such distribution. If in the opinion of the Depositary, after
consultation with the Company, such distribution cannot be made proportionately
among such record holders, or if for any other reason (including any requirement
that the Company or the Depositary withhold an amount on account of taxes) the
Depositary, after consultation with the Company, deems such distribution not to
be feasible, the Depositary may, with the approval of the Company, adopt such
method as it deems equitable and practicable for the purpose of effecting such
distribution, including the sale (at public or private sale) of the securities
or property thus received, or any part thereof, at such place or places and upon
such terms as it may deem equitable and appropriate. The net proceeds of any
such sale shall, subject to Sections 3.1 and

                                     -10-
<PAGE>

3.2, be distributed or made available for distribution, as the case may be, by
the Depositary to record holders of Receipts as provided by Section 4.1 in the
case of a distribution received in cash.

          SECTION 4.3 Subscription Rights, Preferences or Privileges. If the
Company shall at any time offer or cause to be offered to the persons in whose
names Stock is recorded on the books of the Company any rights, preferences or
privileges to subscribe for or to purchase any securities or any rights,
preferences or privileges of any other nature, such rights, preferences or
privileges shall in each such instance be made available by the Depositary to
the record holders of Receipts in such manner as the Depositary may determine,
either by the issue to such record holders of warrants representing such rights,
preferences or privileges or by such other method as may be approved by the
Depositary in its discretion with the approval of the Company; provided,
                                                               --------
however, that (i) if at the time of issue or offer of any such rights,
-------
preferences or privileges the Depositary determines that it is not lawful or
(after consultation with the Company) not feasible to make such rights,
preferences or privileges available to holders of Receipts by the issue of
warrants or otherwise, or (ii) if and to the extent so instructed by holders of
Receipts who do not desire to execute such rights, preferences or privileges,
then the Depositary, in its discretion (with approval of the Company, in any
case where the Depositary has determined that it is not feasible to make such
rights, preferences or privileges available), may, if applicable laws or the
terms of such rights, preferences or privileges permit such transfer, sell such
rights, preferences or privileges at public or private sale, at such place or
places and upon such terms as it may deem proper. The net proceeds of any such
sale shall, subject to Sections 3.1 and 3.2, be distributed by the Depositary to
the record holders of Receipts entitled thereto as provided by Section 4.1 in
the case of a distribution received in cash.

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

                                     -11-
<PAGE>

Securities Act and the Company shall have provided to the Depositary an opinion
of counsel reasonably satisfactory to the Depositary to such effect.

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

          SECTION 4.4 Notice of Dividends, etc.; Fixing Record Date for Holders
of Receipts. Whenever any cash dividend or other cash distribution shall become
payable or any distribution other than cash shall be made, or if rights,
preferences or privileges shall at any time be offered, with respect to Stock,
or whenever the Depositary shall receive notice of any meeting at which holders
of Stock are entitled to vote or of which holders of Stock are entitled to
notice, or whenever the Depositary and the Company shall decide it is
appropriate, the Depositary shall in each such instance fix a record date (which
shall be the same date as the record date fixed by the Company with respect to
or otherwise in accordance with the terms of the Stock) for the determination of
the holders of Receipts who shall be entitled to receive such dividend,
distribution, rights, preferences or privileges or the net proceeds of the sale
thereof, or to give instructions for the exercise of voting rights at any such
meeting, or who shall be entitled to notice of such meeting or for any other
appropriate reasons.

          SECTION 4.5 Voting Rights. Upon receipt of notice of any meeting at
which the holders of Stock are entitled to vote, the Depositary shall, as soon
as practicable thereafter, mail to the record holders of Receipts as of the
record date for such meeting a notice which shall contain (i) such information
as is contained in such notice of meeting, (ii) a statement that the holders
may, subject to any applicable restrictions, instruct the Depositary as to the
exercise of the voting rights pertaining to the amount of Stock represented by
their respective Depositary Shares (including an express indication that
instructions may be given to the Depositary to give a discretionary proxy to a
person designated by the Company), and (iii) a brief statement as to the manner
in which such instructions may be given. Upon the written request of the holders
of Receipts on the relevant record date, the Depositary shall use its best
efforts to vote or cause to be voted, in accordance with the instructions set
forth in such requests, the maximum number of whole shares of Stock represented
by the Depositary Shares evidenced by all Receipts as to which any particular
voting instructions are received. The Company hereby agrees to take all action
which may be deemed

                                     -12-
<PAGE>

necessary by the Depositary in order to enable the Depositary to vote such Stock
or cause such Stock to be voted. In the absence of specific instructions from
the holder of a Receipt, the Depositary will abstain from voting to the extent
of the Stock represented by the Depositary Shares evidenced by such Receipt.

          SECTION 4.6 Changes Affecting Deposited Securities and
Reclassifications, Recapitalizations, etc. Upon any change in par value or
liquidation preference, split-up, combination or any other reclassification of
the Stock, or upon any recapitalization, reorganization, merger or consolidation
affecting the Company or to which it is a party, the Depositary may in its
discretion with the approval (not to be unreasonably withheld) of, and shall
upon the instructions of, the Company, and (in either case) in such manner as
the Depositary may deem equitable, (i) make such adjustments in the fraction of
an interest in one share of Stock represented by one Depositary Share as may be
necessary (as certified by the Company) fully to reflect the effects of such
change in par value or liquidation preference, split-up, combination or other
reclassification of Stock, or of such recapitalization, reorganization, merger
or consolidation and (ii) treat any securities which shall be received by the
Depositary in exchange for or upon conversion of or in respect of the Stock as
new deposited securities so received in exchange for or upon conversion or in
respect of such Stock. In any such case, the Depositary may in its discretion,
with the approval of the Company, execute and deliver additional Receipts or may
call for the surrender of all outstanding Receipts to be exchanged for new
Receipts specifically describing such new deposited securities. Anything to the
contrary herein notwithstanding, holders of Receipts shall have the right from
and after the effective date of any such change in par value or liquidation
preference, split-up, combination or other reclassification of the Stock or any
such recapitalization, reorganization, merger or consolidation to surrender such
Receipts to the Depositary with instructions to convert, exchange or surrender
the Stock represented thereby only into or for, as the case may be, the kind and
amount of shares of stock and other securities and property and cash into which
the Stock represented by such Receipts would have been converted or for which
such Stock would have been exchanged or surrendered had such Receipt been
surrendered immediately prior to the effective date of such transaction.

          SECTION 4.7 Delivery of Reports. The Depositary shall furnish to
holders of Receipts any reports and communications received from the Company
which are received by the Depositary as the holder of Stock. In addition, the
Depositary will make available for inspection by holders of Receipts at the
Depository's Office, and at such other places as it may from time to time deem
advisable, any reports and communications received from the Company which are
received by the Depositary as the holder of Stock.

                                     -13-
<PAGE>

          SECTION 4.8 List of Receipt Holders. Promptly upon request from time
to time by the Company, the Depositary shall furnish to it a list, as of the
most recent practicable date, of the names, addresses and holdings of Depositary
Shares of all record holders of Receipts. The Company shall be entitled to
receive such list four times annually without charge.

                                   ARTICLE V

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

          SECTION 5.1 Maintenance of Offices, Agencies and Transfer Books by the
Depositary; Registrar. Upon execution of this Deposit Agreement, the Depositary
shall maintain at the Depositary's office facilities for the execution and
delivery, registration and registration of transfer, surrender and exchange of
Receipts, and at the offices of the Depositary's Agents, if any, facilities for
the delivery, registration of transfer, surrender and exchange of Receipts, all
in accordance with the provisions of this Deposit Agreement.

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

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

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

                                     -14-
<PAGE>

delivery, registration, registration of transfer, surrender and exchange of such
Receipts, such Depositary Shares or such Stock as may be required by law or
applicable securities exchange regulation.

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

          SECTION 5.2 Prevention of or Delay in Performance by the Depositary,
the Depositary's Agents, the Registrar or the Company. Neither the Depositary
nor any Depositary's Agent nor the Registrar nor the Company shall incur any
liability to any holder of any Receipt if by reason of any provision of any
present or future law, or regulation thereunder, of the United States of America
or of any other governmental authority or, in the case of the Depositary, the
Depositary's Agent or the Registrar, by reason of any provision, present or
future, of the Company's Articles of Incorporation or by reason of any act of
God or war or other circumstance beyond the control of the relevant party, the
Depositary, the Depositary's Agent, the Registrar or the Company shall be
prevented, delayed or forbidden from, or subjected to any penalty on account of,
doing or performing any act or thing which the terms of this Deposit Agreement
provide shall be done or performed; nor shall the Depositary, any Depositary's
Agent, the Registrar or the Company incur liability to any holder of a Receipt
(i) by reason of any nonperformance or delay, caused as aforesaid, in the
performance of any act or thing which the terms of this Deposit Agreement shall
provide shall or may be done or performed, or (ii) by reason of any exercise of,
or failure to exercise, any discretion provided for in this Deposit Agreement
except, in the case of any such exercise or failure to exercise discretion not
caused as aforesaid, if caused by the gross negligence, willful misconduct or
bad faith of the party charged with such exercise or failure to exercise.

          SECTION 5.3 Obligation of the Depositary, the Depositary's Agents, the
Registrar and the Company. Neither the Depositary nor any Depositary's Agent nor
the Registrar nor the Company assumes any obligation or shall be subject to any
liability under this Deposit Agreement or any Receipt to holders of Receipts
other than for its gross negligence, willful misconduct or bad faith.

          Neither the Depositary nor any Depositary's Agent nor the Registrar
nor the Company shall be under any obligation to appear in, prosecute or defend
any action, suit or other proceeding in respect of the Stock, the Depositary
Shares or the Receipts which in its reasonable

                                     -15-
<PAGE>

opinion may involve it in expense or liability unless indemnity reasonably
satisfactory to it against expense and liability be furnished as often as may be
reasonably required.

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

          The Depositary shall not be responsible for any failure to carry out
any instruction to vote any of the shares of Stock or for the manner or effect
of any such vote made, as long as any such action or non-action is in good
faith. The Depositary will indemnify the Company and hold it harmless from any
loss, liability or expense (including the reasonable costs and expenses of
defending itself) which may arise out of acts performed or omitted by the
Depositary, including when such Depositary acts as Registrar, or the
Depositary's Agents in connection with this Agreement due to its or their gross
negligence, willful misconduct or bad faith. The indemnification obligations of
the Depositary set forth in this Section 5.3 shall survive any termination of
this Agreement and any succession of any Depositary.

          The Depositary, its parent, affiliates or subsidiaries, the
Depositary's Agents, and the Registrar may own, buy, sell and deal in any class
of securities of the Company and its affiliates and in Receipts or Depositary
Shares or become pecuniarily interested in any transaction in which the Company
or its affiliates may be interested or contract with or lend money to or
otherwise act as fully or as freely as if it were not the Depositary, parent,
affiliate or subsidiary or Depositary's Agent or Registrar hereunder. The
Depositary may also act as trustee, transfer agent or registrar of any of the
securities of the Company and its affiliates.

          It is intended that neither the Depositary nor any Depositary's Agent
nor the Registrar, acting as the Depositary's Agent or Registrar, as the case
may be, shall be deemed to be an "issuer" of the securities under the federal
securities laws or applicable state securities laws, it being expressly
understood and agreed that the Depositary, any Depositary's Agent and the
Registrar are acting only in a ministerial capacity as Depositary or Registrar
for the Stock.

          Neither the Depositary (or its officers, directors, employees or
agents) nor any Depositary's Agent nor the Registrar makes any representation or
has any responsibility as to the

                                     -16-
<PAGE>

validity of the registration statement pursuant to which the Depositary Shares
are registered under the Securities Act, the Stock, the Depositary Shares or the
Receipts (except for its counter-signatures thereon) or any instruments referred
to therein or herein, or as to the correctness of any statement made therein or
herein.

          The Depositary assumes no responsibility for the correctness of the
description that appears in the Receipts, which can be taken as a statement of
the Company summarizing certain provisions of this Deposit Agreement.
Notwithstanding any other provision herein or in the Receipts, the Depositary
makes no warranties or representations as to the validity or genuineness of any
Stock at any time deposited with the Depositary hereunder or of the Depositary
Shares, as to the validity or sufficiency of this Deposit Agreement, as to the
value of the Depositary Shares or as to any right, title or interest of the
record holders of Receipts in and to the Depositary Shares. The Depositary shall
not be accountable for the use or application by the Company of the Depositary
Shares or the Receipts or the proceeds thereof.

          SECTION 5.4 Resignation and Removal of the Depositary; Appointment of
Successor Depositary. The Depositary may at any time resign as Depositary
hereunder by delivering notice of its election to do so to the Company, such
resignation to take effect upon the appointment of a successor Depositary and
its acceptance of such appointment as hereinafter provided.

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

          In case at any time the Depositary acting hereunder shall resign or be
removed, the Company shall, within 60 days after the delivery of the notice of
resignation or removal, as the case may be, appoint a successor Depositary,
which shall be a bank or trust company having its principal office in the United
States of America and having a combined capital and surplus of at least
$150,000,000. If no successor Depositary shall have been so appointed and have
accepted appointment within 60 days after delivery of such notice, the resigning
or removed Depositary may petition any court of competent jurisdiction for the
appointment of a successor Depositary. Every successor Depositary shall execute
and deliver to its predecessor and to the Company an instrument in writing
accepting its appointment hereunder, and thereupon such successor Depositary,
without any further act or deed, shall become fully vested with all the rights,
powers, duties and obligations of its predecessor and for all purposes shall be
the Depositary under this Deposit Agreement, and such predecessor, upon payment
of all sums due it and on the written request of the Company, shall

                                     -17-
<PAGE>

execute and deliver an instrument transferring to such successor all rights and
powers of such predecessor hereunder, shall duly assign, transfer and deliver
all right, title and interest in the Stock and any moneys or property held
hereunder to such successor, and shall deliver to such successor a list of the
record holders of all outstanding Receipts and such records, books and other
information in its possession relating thereto. Any successor Depositary shall
promptly mail notice of its appointment to the record holders of Receipts.

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

          SECTION 5.5 Corporate Notices and Reports. The Company agrees that it
will deliver to the Depositary, and the Depositary will, promptly after receipt
thereof, transmit to the record holders of Receipts, in each case at the
addresses recorded in the Depositary's books, copies of all notices and reports
(including without limitation financial statements) required by law or by the
rules of any national securities exchange upon which the Stock, the Depositary
Shares or the Receipts are listed, to be furnished to the record holders of
Receipts. Such transmission will be at the Company's expense and the Company
will provide the Depositary with such number of copies of such documents as the
Depositary may reasonably request.

          SECTION 5.6 Indemnification by the Company. The Company shall
indemnify the Depositary, any Depositary's Agent and the Registrar against, and
hold each of them harmless from, any loss, liability or expense (including the
reasonable costs and expenses of defending itself) which may arise out of acts
performed or omitted in connection with this Deposit Agreement and the Receipts
by the Depositary, any Registrar or any of their respective agents (including
any Depositary's Agent), except for any liability arising out of gross
negligence, willful misconduct or bad faith on the respective parts of any such
person or persons. The obligations of the Company set forth in this Section 5.6
shall survive any succession of any Depositary or Depositary's Agent.

          SECTION 5.7 Charges and Expenses. The Company shall pay all transfer
and other taxes and governmental charges arising solely from the existence of
the depositary arrangements. The Company shall pay charges of the Depositary in
connection with the initial deposit of the Stock and the initial issuance of the
Depositary Shares, all withdrawals of shares of the Stock by owners of
Depositary Shares, and any redemption of the Stock at the option of the Company.
All other transfer and other taxes and governmental charges shall be at the
expense of holders of Depositary

                                     -18-
<PAGE>

Shares. If, at the request of a holder of Receipts, the Depositary incurs
charges or expenses for which it is not otherwise liable hereunder, such holder
will be liable for such charges and expenses. All other charges and expenses of
the Depositary and any Depositary's Agent hereunder (including, in each case,
reasonable fees and expenses of counsel) incident to the performance of their
respective obligations hereunder will be paid upon consultation and agreement
between the Depositary and the Company as to the amount and nature of such
charges and expenses. The Depositary shall present its statement for charges and
expenses to the Company at such intervals as the Company and the Depositary may
agree.

          SECTION 5.8 Tax Compliance. The Depositary, on its own behalf and on
behalf of the Company, will comply with all applicable certification,
information reporting and withholding (including "backup" withholding)
requirements imposed by applicable tax laws, regulations or administrative
practice with respect to (i) any payments made with respect to the Depositary
Shares or (ii) the issuance, delivery, holding, transfer, redemption or exercise
of rights under the Receipts or the Depositary Shares. Such compliance shall
include, without limitation, the preparation and timely filing of required
returns and the timely payment of all amounts required to be withheld to the
appropriate taxing authority or its designated agent.

          The Depositary shall comply with any direction received from the
Company with respect to the application of such requirements to particular
payments or holders or in other particular circumstances, and may for purposes
of this Agreement rely on any such direction in accordance with the provisions
of Section 5.3 hereof.

          The Depositary shall maintain all appropriate records documenting
compliance with such requirements, and shall make such records available on
request to the Company or to its authorized representatives.

                                  ARTICLE VI

                           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; provided, however, that no such amendment (other
                             --------  -------
than any change in the fees of any Depositary or Registrar, which shall go into
effect not sooner than three months after notice thereof to the holders of the
Receipts) which shall materially adversely alter the rights of the holders of
Receipts shall be

                                     -19-
<PAGE>

effective unless such amendment shall have been approved by the holders of at
least a majority of the Depositary Shares then outstanding. Every holder of an
outstanding Receipt at the time any such amendment becomes effective shall be
deemed, by continuing to hold such Receipt, to be bound by the Deposit Agreement
as amended thereby. Notwithstanding the foregoing, in no event may any amendment
impair the right of any holder of any Depositary Shares, upon surrender of the
Receipts evidencing such Depositary Shares and subject to any conditions
specified in this Deposit Agreement, to receive shares of Stock and any money or
other property represented thereby, except in order to comply with mandatory
provisions of applicable law.

          SECTION 6.2 Termination. This Deposit Agreement may be terminated by
the Company or the Depositary after (i) all outstanding Depositary Shares have
been redeemed pursuant to Section 2.8 or (ii) there shall have been made a final
distribution in respect of the Stock in connection with any liquidation,
dissolution or winding up of the Company and such distribution shall have been
distributed to the holders of Receipts pursuant to Section 4.1 or 4.2, as
applicable.

          Upon the termination of this Deposit Agreement, the Company shall be
discharged from all obligations under this Deposit Agreement except for its
obligations to the Depositary, the Registrar and any Depositary's Agent under
Sections 5.6 and 5.7.

                                  ARTICLE VII

                                 Miscellaneous

          SECTION 7.1 Counterparts. This Deposit Agreement may be executed in
any number of counterparts, and by each of the parties hereto on separate
counterparts, each of which counterparts, when so executed and delivered, shall
be deemed an original, but all such counterparts taken together shall constitute
one and the same instrument.

          SECTION 7.2 Exclusive Benefit of Parties. This Deposit Agreement is
for the exclusive benefit of the parties hereto, and their respective successors
hereunder, and shall not be deemed to give any legal or equitable right, remedy
or claim to any other person whatsoever.

          SECTION 7.3 Invalidity of Provisions. In case any one or more of the
provisions contained in this Deposit Agreement or in the Receipts should be or
become invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein or therein shall
in no way be affected, prejudiced or disturbed thereby.

                                     -20-
<PAGE>

          SECTION 7.4 Notices. Any and all notices to be given to the Company
hereunder or under the Receipts shall be in writing and shall be deemed to have
been duly given if personally delivered or sent by mail, or by telegram or
facsimile transmission confirmed by letter, addressed to the Company at:

          PS Business Parks, Inc.
          701 Western Avenue, 2nd Floor
          Glendale, California 91201-2397
          Facsimile No.: (818) 244-9267

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

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

          American Stock Transfer & Trust Company
          59 Maiden Lane
          Plaza Level
          New York, NY 10038
          Attention: Corporate Trust Department
          Facsimile No.: 718-236-4588

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

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

          Delivery of a notice sent by mail or by telegram 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 telegram
or facsimile transmission) is deposited for mailing by first class mail, postage
prepaid. The Depositary or the Company may, however, act upon any

                                     -21-
<PAGE>

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

          SECTION 7.5  Appointment of Registrar. The Company hereby also
appoints the Depositary as Registrar in respect of the Receipts and the
Depositary hereby accepts such appointments.

          SECTION 7.6  Holders of Receipts Are Parties. The holders of Receipts
from time to time shall be parties to this Deposit Agreement and shall be bound
by all of the terms and conditions hereof and of the Receipts by acceptance of
delivery thereof.

          SECTION 7.7  Governing Law. THIS DEPOSIT AGREEMENT AND THE RECEIPTS
AND ALL RIGHTS HEREUNDER AND THEREUNDER AND PROVISIONS HEREOF AND THEREOF SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS APPLICABLE TO
CONTRACTS MADE IN AND TO BE PERFORMED IN THE STATE OF NEW YORK, INCLUDING
WITHOUT LIMITATION SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

          SECTION 7.8  Inspection of Deposit Agreement. Copies of this Deposit
Agreement shall be filed with the Depositary and the Depositary's Agent and
shall be open to inspection during business hours at the Depositary's Office or
respective offices of the Depositary's Agent, if any, by any holder of a
Receipt.

          SECTION 7.9  Headings. The headings of articles and sections in this
Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto
have been inserted for convenience only and are not to be regarded as a part of
this Deposit Agreement or the Receipts or to have any bearing upon the meaning
or interpretation of any provision contained herein or in the Receipts.

                                     -22-
<PAGE>

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

Attested by:                             PS BUSINESS PARKS, INC.

/s/ Jack E. Corrigan                     /s/ David Goldberg
-------------------------------          --------------------------------
Name:  Jack E. Corrigan                  Name:  David Goldberg
Title: Secretary                         Title: Vice President

Attested by:                             AMERICAN STOCK TRANSFER &
                                         TRUST COMPANY

/s/ Susan Silber                         /s/ Herbert J. Klemmer
-------------------------------          ________________________________
Name:  Susan Silber                      Name:  Herbert J. Klemmer
Title: Assistant Secretary               Title: Vice President

                                     -23-
<PAGE>

EXHIBIT A

The Shares represented by this Depositary Receipt are subject to restrictions on
ownership and transfer for the purpose of assisting this Corporation to maintain
its status as a Real Estate Investment Trust under the Internal Revenue Code of
1986, as amended. Except as set forth in Article IV of this Corporation's
Articles of Incorporation, no person may Beneficially Own (i) more than 7.0% of
the outstanding shares of Common Stock of this Corporation, or (ii) more than
9.9% of the outstanding shares of any series of Preferred Stock or Equity Stock
of this Corporation, with certain further restrictions and exceptions as are set
forth in this Corporation's Articles of Incorporation. Any Person who attempts
to own or Beneficially Own Shares in excess of the above limitations must notify
this Corporation in writing at least 15 days prior to such attempt. If any of
the restrictions on transfer or ownership set forth in Article IV of the
Articles of Incorporation are violated, the Shares represented hereby will be
automatically transferred to the Charitable Trustee of a Charitable Trust for
the benefit of a Charitable Beneficiary pursuant to the terms of Article IV of
the Articles of Incorporation. In addition, attempted transfers of Shares in
violation of the limitations described above (as modified or expanded upon in
Article IV of the Articles of Incorporation), may be void ab initio. All
                                                          -- ------
capitalized terms in this legend have the meanings defined in this Corporation's
Articles of Incorporation, as the same may be amended from time to time. This
Corporation will furnish to the holder hereof, upon request and without charge,
a complete written statement of the terms and conditions of Article IV of the
Articles of Incorporation. Requests for such documents may be directed to the
corporate secretary.

                                                DEPOSITARY SHARES
                                                THIS DEPOSITARY RECEIPT
                                                IS TRANSFERABLE IN
                                                NEW YORK, NY
                                                SEE REVERSE FOR
                                                CERTAIN DEFINITIONS
                                                CUSIP 693 60J 70 1

DEPOSITARY RECEIPT FOR DEPOSITARY
   SHARES EACH REPRESENTING 1/1,000th OF A
   SHARE OF 8 3/4% CUMULATIVE PREFERRED STOCK,
   SERIES F OF
   PS BUSINESS PARKS, INC.
   INCORPORATED UNDER THE
   LAWS OF THE STATE OF CALIFORNIA

                                      A-1
<PAGE>

     American Stock Transfer & Trust Company, as Depositary (the "Depositary"),
hereby certifies that

is the registered owner of _________________________________ DEPOSITARY SHARES

("Depositary Shares"), each Depositary Share representing a 1/1,000 interest in
one share of 8 3/4% Cumulative Preferred Stock, Series F (the "Stock"), of PS
Business Parks, Inc., a California corporation (the "Corporation"), on deposit
with the Depositary, subject to the terms and entitled to the benefits of the
Deposit Agreement dated as of January 18, 2002 (the "Deposit Agreement"),
between the Corporation and the Depositary. By accepting this Depositary
Receipt, the holder hereof becomes a party to and agrees to be bound by all the
terms and conditions of the Deposit Agreement. This Depositary Receipt shall not
be valid or obligatory for any purpose or be entitled to any benefits under the
Deposit Agreement unless it shall have been executed by the Depositary by the
manual and/or facsimile signature of a duly authorized officer or, if executed
in facsimile by the Depositary, countersigned by a Registrar in respect of the
Depositary Receipts by a duly authorized officer.

The Corporation is authorized to issue Common Stock, one or more series of
Preferred Stock, one or more series of Equity Stock and Depositary Shares. The
Corporation will furnish without charge to each receiptholder, who so requests
in writing, a statement of the rights, preferences, privileges and restrictions
granted to or imposed upon the respective classes of shares and upon the holders
thereof, a copy of the Corporation's Bylaws and a copy of the Deposit Agreement.
Any such request shall be made to the Corporation at the principal office of the
Corporation at 701 Western Avenue, Glendale, California 91201-2397, Attention:
Secretary.

This Depositary Receipt is continued on the reverse hereof and the additional
provisions set forth therein (including, without limitation, those relating to
redemption) for all purposes have the same effect as if set forth at this place.

Dated:

                                        Countersigned

                                        AMERICAN STOCK TRANSFER & TRUST COMPANY

                                        Depositary, Transfer Agent and
                                        Registrar

                                        By: ______________________________
                                                 Authorized Officer

                                      A-2
<PAGE>

          THE SHARES REPRESENTED BY THIS DEPOSITARY RECEIPT ARE SUBJECT TO THE
PROVISIONS OF THE ARTICLES OF INCORPORATION OF THE CORPORATION, INCLUDING BUT
NOT LIMITED TO (1) SECTION (C) OF THE CERTIFICATE OF DETERMINATION RELATING TO
THE STOCK, WHICH CONFERS UPON THE BOARD THE RIGHT, ON OR AFTER JANUARY 28,
2007, TO CALL FOR REDEMPTION THE STOCK AND (2) THE OWNERSHIP LIMITATION
PROVISIONS DESIGNED TO MAINTAIN THE CORPORATION'S QUALIFICATION AS A "REAL
ESTATE INVESTMENT TRUST" UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

          1.  The Deposit Agreement. Depositary receipts ("Depositary
Receipts"), of which this Depositary Receipt is one, are made available upon the
terms and conditions set forth in the Deposit Agreement, dated as of January
18, 2002 (the "Deposit Agreement"), among the Company, the Depositary and all
holders from time to time of Depositary Receipts. The Deposit Agreement (copies
of which are on file at the principal office maintained by the Depositary which
at the time of the execution of the Deposit Agreement is located at American
Stock Transfer & Trust Company, 59 Maiden Lane, Plaza Level, New York, NY 10038,
Attention: Corporate Trust Department (the "Depositary's Office") and at the
office of any agent of the Depositary) sets forth the rights of holders of
Depositary Receipts and the rights and duties of the Depositary. The statements
made on the face and the reverse of this Depositary Receipt are summaries of
certain provisions of the Deposit Agreement and are subject to the detailed
provisions thereof, to which reference is hereby made. In the event of any
conflict between the provisions of this Depositary Receipt and the provisions of
the Deposit Agreement, the provisions of the Deposit Agreement will govern.

          2.  Definitions. Unless otherwise expressly herein provided, all
defined terms used in this summary of the Deposit Agreement shall have the
meanings ascribed thereto in the Deposit Agreement.

          3.  Redemption of Stock. Whenever the Company shall elect to redeem
shares of Stock, it shall (unless otherwise agreed in writing with the
Depositary) give the Depositary not less than 60 days' notice of the date of
such proposed redemption and of the number of such shares of Stock held by the
Depositary to be so redeemed and the applicable redemption price. The Depositary
shall mail, first-class postage prepaid, notice of the redemption of Stock and
the proposed simultaneous redemption of Depositary Shares representing the Stock
to be redeemed, promptly upon receipt of the Company's notice to redeem shares
of Stock and not less than 30 and not more than 60 days prior to the date fixed
for redemption of such Stock and Depositary Shares, to the record holders of the
Depositary Receipts evidencing the Depositary Shares to be so redeemed, at the
addresses of such holders as the same appear on the records of the Depositary.
Any such notice shall also be published in the same manner as notices of
redemption of the Stock are required to be published by the Company. On the date
of such redemption, the Depositary shall redeem the number of Depositary Shares
representing such redeemed Stock; provided, that the Company shall then have
paid or caused to be paid in full to the Depositary the redemption price of the
Stock to be redeemed, plus any accrued and unpaid dividends payable with respect
thereto to the date of any such redemption. In case fewer than all the
outstanding Depositary Shares are to be redeemed, the Depositary Shares to be
redeemed shall be determined pro rata or by lot in a manner determined by the
Board of Directors of the Company. Notice having been mailed as aforesaid, from
and after the Redemption Date (unless the Company shall have failed to provide
the funds necessary to redeem the shares of Stock evidenced by the Depositary
Shares called for redemption), dividends on the shares of Stock so called for
redemption shall cease to accrue, the Depositary Shares called for redemption
shall be deemed no longer to be outstanding and all rights of the holders of
Depositary Receipts evidencing such Depositary Shares (except the right to
receive the redemption price) shall, to the extent of such Depositary Shares,
cease and terminate. Upon surrender in accordance

                                      A-3
<PAGE>

with said notice of the Depositary Receipts evidencing such Depositary Shares
(properly endorsed or assigned for transfer, if the Depositary or applicable law
shall so require), such Depositary Shares shall be redeemed at a redemption
price per Depositary Share equal to the same fraction of the redemption price
per share paid with respect to the shares of Stock as the fraction each
Depositary Share represents of a share of Stock plus the same fraction of all
money and other property, if any, represented by such Depositary Shares,
including all amounts paid by the Company in respect of dividends which on the
Redemption Date have accumulated on the shares of Stock to be so redeemed and
have not theretofore been paid. The foregoing is subject further to the terms
and conditions of the Certificate of Determination. If fewer than all of the
Depositary Shares evidenced by this Depositary Receipt are called for
redemption, the Depositary will deliver to the holder of this Depositary Receipt
upon its surrender to the Depositary, together with the redemption payment, a
new Depositary Receipt evidencing the Depositary Shares evidenced by such prior
Depositary Receipt and not called for redemption.

          4.   Surrender of Depositary Receipts and Withdrawal of Stock. Upon
surrender of this Depositary Receipt to the Depositary at the Depositary's
Office or at such other offices as the Depositary may designate, and subject to
the provisions of the Deposit Agreement, the holder hereof is entitled to
withdraw, and to obtain delivery, without unreasonable delay, to or upon the
order of such holder, any or all of the Stock (but only in whole shares of
Stock) and all money and other property, if any, at the time represented by the
Depositary Shares evidenced by this Depositary Receipt; provided, however, that,
in the event this Depositary Receipt shall evidence a number of Depositary
Shares in excess of the number of Depositary Shares representing the whole
number of shares of Stock to be withdrawn, the Depositary shall, in addition to
such whole number of shares of Stock and such money and other property, if any,
to be withdrawn, deliver, to or upon the order of such holder, a new Depositary
Receipt or Depositary Receipts evidencing such excess number of whole Depositary
Shares.

          5.   Transfers, Split-ups, Combinations. Subject to the Deposit
Agreement, this Depositary Receipt is transferable on the books of the
Depositary upon surrender of this Depositary Receipt to the Depositary, properly
endorsed or accompanied by a properly executed instrument of transfer, and upon
such transfer the Depositary shall sign and deliver a Depositary Receipt or
Depositary Receipts to or upon the order of the person entitled thereto, all as
provided in and subject to the Deposit Agreement. This Depositary Receipt may be
split into other Depositary Receipts or combined with other Depositary Receipts
into one Depositary Receipt evidencing the same aggregate number of Depositary
Shares evidenced by the Depositary Receipt or Depositary Receipts surrendered;
provided, however, that the Depositary shall not issue any Depositary Receipt
evidencing a fractional Depositary Share.

          6.   Conditions to Signing and Delivery, Transfer, etc., of Depositary
Receipts. Prior to the execution and delivery, registration of transfer,
split-up, combination, surrender or exchange of this Depositary Receipt, the
Depositary, any of the Depositary's Agents or the Company may require any or all
of the following: (i) payment to it of a sum sufficient for the payment (or, in
the event that the Depositary or the Company shall have made such payment, the
reimbursement to it) of any tax or other governmental charge with respect
thereto; (ii) production of proof satisfactory to it as to the identity and
genuineness of any signature; and (iii) compliance with such reasonable
regulations, if any, as the Depositary or the Company may establish not
inconsistent with the Deposit Agreement.

          7.   Suspension of Delivery, Transfer, etc. The deposit of Stock may
be refused, the delivery of this Depositary Receipt against Stock may be
suspended, the registration of transfer of Depositary Receipts may be refused
and the registration of transfer, surrender or exchange of this Depositary
Receipt may be suspended (i) during

                                      A-4
<PAGE>

any period when the register of stockholders of the Company is closed or (ii) if
any such action is deemed necessary or advisable by the Depositary, any of the
Depositary's Agents or the Company at any time or from time to time because of
any requirement of law or of any government or governmental body or commission,
or under any provision of the Deposit Agreement.

          8.   Amendment. The form of the Depositary Receipts and any provision
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 that they may
deem necessary or desirable; provided, however, that no such amendment (other
than any changes in the fees of any Depositary or Registrar which shall go into
effect not sooner than three months after notice thereof to the holders of the
Depositary Receipts) which shall materially adversely alter the rights of
holders of Depositary Receipts shall be effective unless such amendment shall
have been approved by the holders of at least a majority of the Depositary
Shares then outstanding. The holder of this Depositary Receipt at the time any
such amendment becomes effective shall be deemed, by continuing to hold this
Depositary Receipt, to be bound by the Deposit Agreement as amended thereby. In
no event shall any amendment impair the right of the owner of the Depositary
Shares evidenced by this Depositary Receipt to surrender this Depositary Receipt
with instructions to the Depositary to deliver to the holder the Stock and all
money and other property, if any, represented thereby, except in order to comply
with mandatory provisions of applicable law.

          9.   Charges and Expenses. The Company will pay all transfer and other
taxes and governmental charges arising solely from the existence of the
depositary arrangement, except such charges as are expressly provided in the
Deposit Agreement to be at the expense of holders of Depositary Receipts.

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

          11.  Dividends and Distributions. Whenever the Depositary shall
receive any cash dividend or other cash distribution on the Stock, the
Depositary shall, subject to the provisions of the Deposit Agreement, distribute
to record holders of Depositary Receipts such amounts of such sums as are, as
nearly as practicable, in proportion to the respective numbers of Depositary
Shares evidenced by the Depositary Receipts held by such holders; provided,
however, that in case the Company or the Depositary shall be required by law to
withhold and does withhold from any cash dividend or other cash distribution in
respect of the Stock an amount on account of taxes or as otherwise required by
law, regulation or court process, the amount made available for distribution or
distributed in respect of Depositary Shares shall be reduced accordingly. In the
event that the calculation of any such cash dividend or other cash distribution
to be paid to any record holder on the aggregate number of Depositary Receipts
held by such holder results in an amount which is a fraction of a cent, the
amount the Depositary shall distribute to such record holder shall be rounded to
the next highest whole cent if such fraction of a cent is equal to or greater
than $.005, otherwise such fractional interest shall be disregarded; and upon
request of the Depositary, the Company shall pay the additional amount to the
Depositary for distribution.

                                      A-5
<PAGE>

          12.  Subscription Rights, Preferences or Privileges. If the Company
shall at any time offer or cause to be offered to the persons in whose name
Stock is registered on the books of the Company any rights, preferences or
privileges to subscribe for or to purchase any securities or any rights,
preferences or privileges of any other nature, such rights, preferences or
privileges shall in each such instance, subject to the provisions of the Deposit
Agreement, be made available by the Depositary to the record holders of
Depositary Receipts in such manner as the Depositary shall determine.

          13.  Notice of Dividends, Fixing of Record Date. Whenever (i) any cash
dividend or other cash distribution shall become payable, or any distribution
other than cash shall be made, or any rights, preferences or privileges shall at
any time be offered, with respect to the Stock, or (ii) the Depositary shall
receive notice of any meeting at which holders of Stock are entitled to vote or
of which holders of Stock are entitled to notice or whenever the Depositary and
the Company shall decide it is appropriate, the Depositary shall in each such
instance fix a record date (which shall be the same date as the record date
fixed by the Company with respect to the Stock) for the determination of the
holders of Depositary Receipts (x) who shall be entitled to receive such
dividend, distribution, rights, preferences or privileges or the net proceeds of
the sale thereof, or (y) who shall be entitled to give instructions for the
exercise of voting rights at any such meeting or to receive notice of such
meeting or for any other appropriate reasons.

          14.  Voting Rights. Upon receipt of notice of any meeting at which the
holders of Stock are entitled to vote, the Depositary shall, as soon as
practicable thereafter, mail to the record holders of Depositary Receipts as of
the record date for such meeting a notice, which shall contain (i) such
information as is contained in such notice of meeting, (ii) a statement that the
holders may, subject to any applicable restrictions, instruct the Depositary as
to the exercise of the voting rights pertaining to the Stock represented by
their respective Depositary Shares, and (iii) a brief statement as to the manner
in which such instructions may be given. Upon the written request of a holder of
this Depositary Receipt on such record date, the Depositary shall use its best
efforts to vote or cause to be voted the Stock represented by the Depositary
Shares evidenced by this Depositary Receipt in accordance with the instructions
set forth in such request. The Company shall take all action that may be deemed
necessary by the Depositary in order to enable the Depositary to vote such Stock
or cause such Stock to be voted. In the absence of specific instructions from
the holder of this Depositary Receipt, the Depositary will abstain from voting
to the extent of the Stock represented by the Depositary Shares evidenced by
this Depositary Receipt.

          15.  Reports, Inspection of Transfer Books. The Depositary shall
transmit to the record holders of Depositary Receipts copies of all reports and
communications received from the Company that are received by the Depositary as
the holder of Stock. In addition, the Depositary will make available for
inspection to the record holders of Depositary Receipts at the Depositary's
Office any reports and communications received from the Company that are
received by the Depositary as the holder of Stock. The Depositary shall keep
books at the Depositary's Office for the registration and transfer of Depositary
Receipts, which books at all reasonable times will be open for inspection by the
record holders of Depositary Receipts; provided that any such holder requesting
to exercise such right shall certify to the Depositary that such inspection
shall be for a proper purpose reasonably related to such person's interest as an
owner of Depositary Shares.

          16.  Liability of the Depositary, the Depositary's Agents, the
Registrar and the Company. Neither the Depositary nor any Depositary's Agent nor
the Registrar nor the Company shall incur any liability to any holder of this
Depositary Receipt, if by reason of any provision of any present or future law
or regulation thereunder of any

                                      A-6
<PAGE>

governmental authority or, in the case of the Depositary, the Depositary's Agent
or the Registrar, by reason of any provision present or future, of the Company's
Articles of Incorporation or by reason of any act of God or war or other
circumstances beyond the control of the relevant party, the Depositary, any
Depositary's Agent, the Registrar or the Company shall be prevented or forbidden
from doing or performing any act or thing that the terms of the Deposit
Agreement provide shall be done or performed; nor shall the Depositary, any
Depositary's Agent, the Registrar or the Company incur any liability to any
holder of this Depositary Receipt (i) by reason of any nonperformance or delay,
caused as aforesaid, in the performance of any act or thing that the terms of
the Deposit Agreement provide shall or may be done or performed, or (ii) by
reason of any exercise of, or failure to exercise, any discretion provided for
in the Deposit Agreement except if such exercise or failure to exercise
discretion is caused by its gross negligence, willful misconduct or bad faith.

          17.  Obligations of the Depositary, the Depositary's Agents, the
Registrar and the Company. Neither the Depositary nor any Depositary's Agent nor
the Registrar nor the Company assumes any obligation or shall be subject to any
liability under the Deposit Agreement or this Depositary Receipt to the holder
hereof, other than for its gross negligence, willful misconduct or bad faith.

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

          Neither the Depositary nor any Depositary's Agent nor the Registrar
nor the Company will be liable for any action or failure to act by it in
reliance upon the written advice of or information from legal counsel,
accountants, any holder of this Depositary Receipt or any other person believed
by it in good faith to be competent to give such information.

          18.  Termination of Deposit Agreement. The Deposit Agreement may be
terminated by the Company or the Depositary after (i) all outstanding Depositary
Shares have been redeemed or (ii) there shall have been made a final
distribution in respect of the Stock in connection with any liquidation,
dissolution or winding up of the Company and such distribution shall have been
distributed to the holders of Depositary Receipts.

          19.  Governing Law. The Deposit Agreement and this Depositary Receipt
and all rights thereunder and hereunder and provisions thereof and hereof shall
be governed by, and construed in accordance with, the law of the State of New
York, including without limitation Section 5-1401 of the New York General
Obligations Law.

                                      A-7
<PAGE>

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

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

                                                         UNIF TRF MIN ACT -____ Custodian (until age __)
                                                                                 (Cust)
                                                                                 _______ under Uniform Transfers
                                                                                 (Minor)
                                                                                 to Minors Act _________________
                                                                                                    (State)
</TABLE>

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

                                      A-8
<PAGE>

For Value Received, ____________________ hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
______________________________
______________________________
______________________________
________________________________________________________________________________

________________________________________________________________________________

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

________________________ Depositary Shares represented by the within Depositary
Receipt, and do hereby irrevocably constitute and appoint __________________
Attorney to transfer the said Depositary Shares on the books of the within named
Depositary with full power of substitution in the premises.

Dated ____________________________     Signed ________________________________

NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THIS DEPOSITARY RECEIPT IN EVERY PARTICULAR, WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

SIGNATURE(S) GUARANTEED

By   ______________________________________
     THE SIGNATURE(S) SHOULD BE GUARANTEED
     BY AN ELIGIBLE GUARANTOR INSTITUTION
     (BANKS, STOCKBROKERS, SAVINGS AND LOAN
     ASSOCIATIONS AND CREDIT UNIONS WITH
     MEMBERSHIP IN AN APPROVED SIGNATURE
     GUARANTEE MEDALLION PROGRAM), PURSUANT
     TO S.E.C. RULE 17Ad-15.

                                      A-9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00033-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00033-of-00352.parquet"}]]