Document:

Exhibit 4.4

_________________________________________________________________

THE ROYAL BANK OF SCOTLAND GROUP plc

AND 

THE BANK OF NEW YORK, 

As Depositary 

AND 

HOLDERS OF AMERICAN DEPOSITARY RECEIPTS 

________________________ 

Deposit Agreement

_________________________
 

Dated as of August 17, 1992

Amended and Restated as of February 8, 1999 

Amended and Restated as of November 2, 2001 

_________________________________________________________________ 

	ARTICLE 1. DEFINITIONS	 	1 
	 	 	 	 	 
	 SECTION 1.01 	  	 AMERICAN DEPOSITARY SHARES 	  	 1 
	 SECTION 1.02 	  	 BOARD RESOLUTIONS 	  	 2 
	 SECTION 1.03 	  	 COMMISSION 	  	 2 
	 SECTION 1.04 	  	 COMPANIES ACT OF 1985 	  	 2 
	 SECTION 1.05 	  	 COMPANY 	  	 2 
	 SECTION 1.06 	  	 CUSTODIAN 	  	 2 
	 SECTION 1.07 	  	 DEPOSIT AGREEMENT 	  	 3 
	 SECTION 1.08 	  	 DEPOSITARY 	  	 3 
	 SECTION 1.09 	  	 DEPOSITED SECURITIES 	  	 3 
	 SECTION 1.10 	  	 DOLLARS 	  	 3 
	 SECTION 1.11 	  	 HOLDER 	  	 3 
	 SECTION 1.12 	  	 MEMORANDUM AND ARTICLES OF ASSOCIATION 	  	 3 
	 SECTION 1.13 	  	 OFFICER'S CERTIFICATE 	  	 3 
	 SECTION 1.14 	  	 RECEIPTS 	  	 3 
	 SECTION 1.15 	  	 RECEIPT REGISTRAR 	  	 4 
	 SECTION 1.16 	  	 SECURITIES ACT OF 1933 	  	 4 
	 SECTION 1.17 	  	 SERIES 	  	 4 
	 SECTION 1.18 	  	 SHARES 	  	 4 
	 SECTION 1.19 	  	 SHARE REGISTRAR 	  	 4 
	 SECTION 1.20 	  	 SHARE IN REGISTERED FORM; REGISTERED SHARE 	  	 5 
	 SECTION 1.21 	  	 SHARE IN BEARER FORM; BEARER SHARE 	  	 5 

	 ARTICLE 2. FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS 	 	5
	 	 	 	 	 
	 SECTION 2.01 	  	 FORM AND TRANSFERABILITY OF RECEIPTS 	  	 5 
	 SECTION 2.02 	  	 DEPOSIT OF SHARES 	  	 6 
	 SECTION 2.03 	  	 EXECUTION AND DELIVERY OF RECEIPTS 	  	 7 
	 SECTION 2.04 	  	 TRANSFER, COMBINATION AND SPLIT-UP OF RECEIPTS 	  	 8 
	 SECTION 2.05 	  	 SURRENDER OF RECEIPTS AND WITHDRAWAL OF SHARES 	  	 8 
	 SECTION 2.06 	  	 LIMITATIONS ON EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS 	  	9 
	 SECTION 2.07 	  	 LOST RECEIPTS, ETC 	  	 10 
	 SECTION 2.08 	  	 CANCELLATION AND DESTRUCTION OF SURRENDERED RECEIPTS 	  	 10 

	 ARTICLE 3. CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS 	 	11 
	 	 	 	 	 
	 SECTION 3.01 	  	 FILING PROOFS, CERTIFICATES AND OTHER INFORMATION 	  	 11 
	 SECTION 3.02 	  	 LIABILITY OF HOLDER FOR TAXES 	  	 11 
	 SECTION 3.03 	  	 WARRANTIES ON DEPOSIT OF SHARES 	  	 11 
	 SECTION 3.04 	  	 DISCLOSURE OF INTERESTS 	  	 12 

	 ARTICLE 4. THE DEPOSITED SECURITIES 	 	12 
	 	 	 	 	 
	 SECTION 4.01 	  	 CASH DISTRIBUTIONS 	  	 12 
	 SECTION 4.02 	  	 DISTRIBUTIONS OTHER THAN CASH OR SHARES 	  	 13 
	 SECTION 4.03 	  	 DISTRIBUTIONS IN SHARES 	  	 13 
	 SECTION 4.04 	  	 RIGHTS 	  	 14 
	 SECTION 4.05 	  	 REDEMPTION 	  	 15 
	 SECTION 4.06 	  	 CONVERSION OF FOREIGN CURRENCY 	  	 15 
	 SECTION 4.07 	  	 FIXING OF RECORD DATE 	  	 16 
	 SECTION 4.08 	  	 VOTING OF DEPOSITED SECURITIES 	  	 16 
	 SECTION 4.09 	  	 CHANGES AFFECTING DEPOSITED SECURITIES 	  	 17 

	 SECTION 4.10 	  	 REPORTS 	  	 17 
	 SECTION 4.11 	  	 AVAILABLE INFORMATION 	  	 18 
	 SECTION 4.12 	  	 LISTS OF HOLDERS OF RECEIPTS 	  	 18 
	 SECTION 4.13 	  	 WITHHOLDING 	  	 18 
	 SECTION 4.14 	  	 DISTRIBUTIONS WITH RESPECT TO DEPOSITED SECURITIES IN BEARER FORM 	  	 19 

	 ARTICLE 5. THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY 	 	19 
	 	 	 	 	 
	 SECTION 5.01 	  	 MAINTENANCE OF OFFICE AND TRANSFER BOOKS BY THE DEPOSITARY 	  	 19 
	 SECTION 5.02 	  	 PREVENTION OR DELAY IN PERFORMANCE BY THE DEPOSITARY OR THE COMPANY 	  	 20 
	 SECTION 5.03 	  	 OBLIGATIONS OF THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY 	  	 20 
	 SECTION 5.04 	  	 RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR DEPOSITARY. 	  	21 
	 SECTION 5.05 	  	 THE CUSTODIAN 	  	 22 
	 SECTION 5.06 	  	 NOTICES AND REPORTS 	  	 23 
	 SECTION 5.07 	  	 ISSUANCE OF ADDITIONAL SHARES, ETC 	  	 23 
	 SECTION 5.08 	  	 INDEMNIFICATION 	  	 24 
	 SECTION 5.09 	  	 CHARGES OF DEPOSITARY 	  	 24 

	 ARTICLE 6. AMENDMENT AND TERMINATION	 	 25 
	 	 	 	 	 
	 SECTION 6.01 	  	 AMENDMENT 	  	 25 
	 SECTION 6.02 	  	 TERMINATION 	  	 25 

	 ARTICLE 7. MISCELLANEOUS	 	 26 
	 	 	 	 	 
	 SECTION 7.01 	  	 COUNTERPARTS 	  	 26 
	 SECTION 7.02 	  	 NO THIRD PARTY BENEFICIARIES 	  	 26 
	 SECTION 7.03 	  	 SEVERABILITY 	  	 26 
	 SECTION 7.04 	  	 HOLDERS PARTIES; BINDING EFFECT 	  	 27 
	 SECTION 7.05 	  	 NOTICES 	  	 27 
	 SECTION 7.06 	  	 GOVERNING LAW 	  	 27 

 -2- 

     DEPOSIT AGREEMENT dated as of August 17, 1992, as amended and restated as of February 8, 1999, and as further amended and restated as of November 2, 2001 among THE ROYAL BANK OF SCOTLAND GROUP plc, a
  public limited company incorporated in Great Britain and registered in Scotland (the "Company"), THE BANK OF NEW YORK, a New York banking corporation, as depositary hereunder and any successor as depositary hereunder (the "Depositary"), and all
  Holders from time to time of American Depositary Receipts issued hereunder.

W I T N E S S E T H: 

     WHEREAS, the Company has duly authorized the issue from time to time of its Non-cumulative Dollar Preference Shares, to be issued in one or more Series and with such terms and provisions as shall be
specified in or pursuant to one or more resolutions of its Board of Directors or an authorized committee thereof; and

     WHEREAS, the Company desires to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of Non-cumulative Dollar Preference Shares, of any Series from time to time with the
Depositary or with the Custodian, as agent of the Depositary, for the purposes set forth in this Deposit Agreement, for the creation of American Depositary Shares of one or more corresponding Series representing such Non-cumulative Dollar Preference
Shares of each such Series so deposited and for the execution and delivery of American Depositary Receipts of one or more corresponding Series evidencing American Depositary Shares of each such corresponding Series; and

     WHEREAS, the American Depositary Receipts of each such Series 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 and as shall be specified in or pursuant to any resolution of the Company's Board of Directors or an authorized committee thereof.

     NOW, THEREFORE, in consideration of the premises, it is agreed by and among the parties hereto as follows:

ARTICLE 1.

Definitions 

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

     SECTION 1.01 American Depositary Shares. 

     The term "American Depositary Shares" shall mean, with respect to any Receipts of any Series, the rights evidenced by the Receipts of such Series issued hereunder, including the interests in the
Deposited Securities of the corresponding Series 

granted to the Holders of Receipts of such Series pursuant to the terms and conditions of this Deposit Agreement.  As of the first date of issue of Shares of the Series corresponding thereto, each American Depositary Share of a particular Series shall represent the right to receive one (or a fraction or multiple of
one) Share of the corresponding Series, as set forth in the Board Resolution or Officer's Certificate relating to the Shares of such corresponding Series, until there shall occur a distribution upon the Deposited Securities of the corresponding
Series covered by Section 4.03 or a change in such Deposited Securities covered by Section 4.09 with respect to which additional Receipts of the corresponding Series are not executed and delivered, and thereafter the American Depositary Shares of
such Series shall represent rights to receive the kind and amount of such Deposited Securities specified in or pursuant to such Sections.

     
SECTION 1.02 Board Resolutions. 

     
The term "Board Resolution" shall mean a copy of one or more authorized resolutions, certified by the Secretary, a Deputy Secretary or an Assistant Secretary of the Company to have been duly adopted
by the Board of Directors of the Company or an authorized committee thereof and to be in full force and effect, as delivered to the Depositary.

     
SECTION 1.03 Commission. 

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

     
SECTION 1.04 Companies Act of 1985. 

     
The term "Companies Act 1985" shall mean the Companies Act 1985 applicable in Great Britain as amended from time to time, or any legislation substituted therefor.

     
SECTION 1.05 Company. 

     
The term "Company" shall mean The Royal Bank of Scotland Group plc having its registered office at 42 St. Andrew Square, Edinburgh EH2 2YE, Scotland, and its successors.

     
SECTION 1.06 Custodian. 

     
The term "Custodian" shall mean The Bank of New York, a New York banking corporation acting through its principal London office in its capacity as Custodian hereunder, and any other or additional firm
or corporation which may hereafter be appointed by the Depositary pursuant to Section 5.05 as a Custodian hereunder, which 

-2- 

other or additional firm or corporation shall act as agent of the Depositary for the purposes of this Deposit Agreement.     

     SECTION 1.07 Deposit Agreement. 

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

     SECTION 1.08 Depositary. 

     The term "Depositary" shall mean The Bank of New York, a New York banking corporation, presently having its principal office ("Principal Office") at One Wall Street, New York, New York 10286, and its
successors as depositary hereunder.

     SECTION 1.09 Deposited Securities. 

     The term "Deposited Securities" as of any time shall mean, with respect to any American Depositary Shares of any Series, the Shares of the corresponding Series at such time deposited under this
Deposit Agreement and any and all other securities, property and cash received at any time by the Depositary or the Custodian in respect or in lieu of deposited Shares of such corresponding Series.

     SECTION 1.10 Dollars. 

     The term "dollars" shall mean United States dollars.

     SECTION 1.11 Holder. 

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

     SECTION 1.12 Memorandum and Articles of Association. 

     The terms "Memorandum and Articles of Association" and "Memorandum" and "Articles of Association" shall mean the Memorandum of Association and/or the Articles of Association of the Company, as the
case may be, in each case as amended from time to time.

     SECTION 1.13 Officer's Certificate. 

     The term "Officer's Certificate" shall mean a certificate delivered to the Depositary and signed by any Director or the Secretary or any Deputy Secretary or Assistant Secretary of the
Company.

    -3-

  

     SECTION 1.14 Receipts. 

     The term "Receipts" shall mean, with respect to any American Depositary Shares of any Series, the American Depositary Receipts executed and delivered hereunder of the corresponding Series issued hereunder in substantially the form of Exhibit A hereto evidencing such American Depositary Shares, as the same may be amended from time to time in accordance with the provisions
hereof.

     SECTION 1.15 Receipt Registrar. 

     The term "Receipt Registrar" shall mean any bank or trust company having an office in the Borough of Manhattan, The City of New York, appointed by the Company to register transfers of Receipts of one
or more Series and to countersign Receipts of such Series as herein provided and shall include any co-registrar appointed by the Depositary upon the request or with the approval of the Company for such purposes.

     SECTION 1.16 Securities Act of 1933. 

     The term "Securities Act of 1933" shall mean the United States Securities Act of 1933, as from time to time amended. The term "Securities Exchange Act of 1934" shall mean the United States Securities
Exchange Act of 1934, as from time to time amended.

     SECTION 1.17 Series. 

     The term "Series" shall mean, (a) with respect to Shares, all Shares (1) having identical nominal value per share, dividend rights, liquidation value per share, voting rights, redemption provisions
and other rights, preferences, privileges, limitations and restrictions and (2) designated by the Company by or pursuant to a Board Resolution as constituting a single series of Shares; (b) with respect to Deposited Securities, the Shares of the
corresponding Series at such time deposited under this Deposit Agreement and any and all other Deposited Securities in respect of deposited Shares of such Series; (c) with respect to American Depositary Shares, the American Depositary Shares
representing Deposited Securities of the corresponding Series; and (d) with respect to Receipts, the Receipts evidencing American Depositary Shares of the corresponding Series.

     SECTION 1.18 Shares. 

     The term "Shares" shall mean the Company's Non-cumulative Dollar Preference Shares of any Series, and shall include evidence of rights to receive such Shares, with respect to which the full purchase
price (including premium payable on issue) has been paid.

  -4- 

     SECTION 1.19 Share Registrar. 

      The term "Share Registrar" shall mean, with respect to any Series of Shares in registered form, The Royal Bank of Scotland Group plc acting in its capacity as registrar for the Shares of such Series in registered form or such other registrar as may be appointed from time to time by the Company with respect to the Shares of such Series.

     SECTION 1.20 Share in registered form; registered Share. 

     The term "Share in registered form" or "registered Share" shall mean a Share of any Series in respect of which the name of the holder and such other matters as are required by the Companies Act 1985
have been entered in the Company's register of Shareholders.

     SECTION 1.21 Share in bearer form; bearer Share. 

     The term "Share in bearer form" or "bearer Share" shall mean a Share of any Series in respect of which a share warrant has been issued and which may be transferred by delivery of the
warrant.

ARTICLE 2.

Form of Receipts, Deposit of Shares, Execution and

Delivery, Transfer and Surrender of Receipts

     SECTION 2.01 Form and Transferability of Receipts. 

     Receipts shall be issued in one or more Series each of which shall correspond to, and evidence interests in, American Depositary Shares of the corresponding Series.  A separate Series of Receipts
shall be issued hereunder to correspond to each separate Series of Shares deposited hereunder. Definitive Receipts of each Series shall be engraved or printed or lithographed (on, if required by any exchange or market on which such Receipts are
listed or traded, steel-engraved borders) and shall be substantially in the form set forth in Exhibit A hereto with appropriate insertions, modifications and omissions, as hereinafter provided.  Receipts of any Series shall be executed by the
Depositary by the manual signature of a duly authorized officer of the Depositary; provided, however, that such signature may be a facsimile if a Receipt Registrar shall have been appointed and Receipts of such Series are countersigned by the manual
signature of a duly authorized officer of such Receipt Registrar or any co-registrar. No Receipt of any Series shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose, unless such Receipt shall have
been executed by the Depositary by the manual signature of a duly authorized officer or, if a Receipt Registrar shall have been appointed, by the manual signature of a duly authorized officer of such Receipt Registrar.  For each Series of Receipts,
the Depositary shall maintain separate books on which each Receipt of such Series so executed and delivered 

-5- 

as hereinafter provided, and the transfer of each such Receipt, shall be registered. Receipts bearing the facsimile signature of any person who was at any time a duly authorized officer of the Depositary shall bind the Depositary, notwithstanding that such officer has ceased to hold such office prior to the execution of such Receipts by the Receipt Registrar or any co-registrar and the delivery of such Receipts or did not hold such office at the date of the issuance of such Receipts.

     Each Receipt shall indicate on the face thereof the Series of Receipts of which it is a part. The Series of American Depositary Shares evidenced thereby and the Series of Shares represented by such
Series of American Depositary Shares 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 regulations or with the rules and regulations of any securities exchange or market upon which Receipts of any Series may be traded or to conform with any usage with respect thereto, or to indicate any special
limitations or restrictions to which any particular Receipts are subject by reason of the date of issuance of the underlying Deposited Securities or otherwise.

     Title to a Receipt (and to the American Depositary Shares evidenced thereby), when properly endorsed or accompanied by proper instruments of transfer, shall be transferable by delivery with the same
effect as in the case of a negotiable instrument; provided, however, that the Company and the Depositary, notwithstanding any notice to the contrary, may treat the Holder thereof as the absolute owner thereof for the purpose of determining the
person entitled to any distribution of dividends or other distributions with respect thereto (including distributions upon the redemption thereof) or to any notice provided for in this Deposit Agreement and for all other purposes.

     SECTION 2.02 Deposit of Shares. 

     Subject to (i) the terms and conditions of this Deposit Agreement and (ii) the delivery to the Depositary of the Board Resolution by or pursuant to which the rights, preferences, privileges,
limitations and restrictions relating to the Shares of a particular Series are or were established (and, to the extent that such terms and provisions are or were established pursuant to (rather than in) such Board Resolution, the Officer's
Certificate setting forth the establishment of such terms and provisions) the Shares of any Series and any coupons or talons appertaining thereto may be deposited upon the original issuance thereof by delivery thereof to the Depositary or the
Custodian by the Company, and thereafter Shares in registered form only may be deposited by delivery thereof to the Custodian, in each case properly endorsed or accompanied by an appropriate instrument or instruments of transfer in form satisfactory
to the Depositary or the Custodian together with all such certifications and payments as may be required by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement and together with a written order directing the
Depositary to execute and deliver to, or upon the written 

-6- 

order of, the person or persons stated in such order a Receipt or Receipts of the corresponding Series for the number of American Depositary Shares of the corresponding Series representing such deposited Shares. If required by the Depositary, Shares of a particular Series in registered form presented for deposit at any time, whether or not the transfer books or registers of the Company or the Share Registrar with respect to the Shares of such Series are closed, shall also be accompanied by an agreement or assignment, or other instrument satisfactory to the Depositary, which will provide for the prompt transfer to the Custodian of any dividend, or right
to subscribe for additional Shares of such Series or to receive other property, which any person in whose name such Shares are or have been recorded may thereafter receive upon or in respect of or upon redemption of such deposited Shares, or in lieu
thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.

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

     Upon each delivery to the Custodian of a certificate or certificates representing Shares of any Series (or other Deposited Securities pursuant to Sections 4.02, 4.03, 4.04 or 4.09) in registered form
to be deposited hereunder, together with the other documents above specified, the Custodian shall, as soon as practicable, present such certificate or certificates to the Company or the Share Registrar for registration of transfer of the Shares (or
other Deposited Securities) being deposited in the name of the Depositary or its nominee or the Custodian or its nominee at the cost and expense of the person making such deposit.

     Deposited Shares shall be held by the Depositary, or by the Custodian for the account and to the order of the Depositary, at such place or places as the Depositary shall determine, provided that the
Depositary shall ensure that the Shares are at all times in safe custody.

     SECTION 2.03 Execution and Delivery of Receipts. 

     Upon receipt by the Custodian of any Shares of a particular Series deposited pursuant to Section 2.02 hereunder (and in addition, in the case of Shares of such Series in registered form, if the
transfer books of the Company or the Share Registrar with respect to the Shares of such Series are open, a proper acknowledgment or other evidence from the Company or such Share Registrar satisfactory to the Depositary that any such deposited Shares
have been recorded upon such books in the name of the Depositary or its nominee or the Custodian or its nominee, together with the other documents required as above specified), the Custodian shall notify the Depositary of such deposit and the person
or persons to whom or upon whose written order a Receipt or 

-7- 

Receipts of the corresponding Series are deliverable in respect thereof and the number of American Depositary Shares of the corresponding Series to be represented thereby. Such notification shall be made by letter or, at the request and risk and expense of the person making the deposit, by cable, telex or facsimile transmission. Upon receiving such notice from the Custodian, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver at the Depositary's Office, to or upon the order of the person or persons named in the notice delivered to the Depositary, a Receipt or Receipts of the Series corresponding to the Series of such deposited Shares, registered in the name or names requested by such person or persons,
and evidencing in the aggregate the number of American Depositary Shares of the corresponding Series to which such person or persons is or are entitled, but only upon payment by or on behalf of such person or persons to the Depositary of the fee of
the Depositary for the execution and delivery of such Receipt or Receipts and of all taxes and governmental charges and fees payable in connection with such deposit and the transfer of the deposited Shares.

     SECTION 2.04 Transfer, Combination and Split-up of Receipts. 

     The Depositary, subject to the terms and conditions of this Deposit Agreement, shall, as soon as practicable, register transfers of Receipts of a particular Series, on its transfer books with respect
to the Receipts of such Series from time to time, upon any surrender at any of its designated transfer offices of a Receipt of such Series, by the Holder in person or by a duly authorized attorney, properly endorsed or accompanied by proper
instruments of transfer and duly stamped as may be required by applicable law.  Thereupon the Depositary shall execute a new Receipt or Receipts of such Series evidencing the same aggregate number of American Depositary Shares of the corresponding
Series as the Receipt or Receipts surrendered and deliver the same to or upon the order of the person entitled thereto.

     The Depositary, subject to the terms and conditions of this Deposit Agreement, shall, upon surrender at any of its designated transfer offices of a Receipt or Receipts of a particular Series for the
purpose of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts of such Series for any authorized number of American Depositary Shares of the corresponding Series requested, evidencing the
same aggregate number of American Depositary Shares of the corresponding Series as the Receipt or Receipts surrendered.

     SECTION 2.05 Surrender of Receipts and Withdrawal of Shares. 

     Upon surrender at the Depositary's Office of a Receipt of a particular Series for the purpose of withdrawal of the Deposited Securities of the corresponding Series evidenced thereby, and upon payment
of the fee of the Depositary for the cancellation of such Receipt, subject to the terms and conditions of this Deposit Agreement, and subject to the limitations set forth in the second to last sentence of 

-8- 

Section 2.06, the Holder of such Receipt shall be entitled to delivery, to or upon the order of such Holder, of the Deposited Securities of such Series at the time evidenced by such Receipt. Delivery of Deposited Securities of such Series, in registered form only shall be made by delivery of a share certificate or certificates issued by the Company to such Holder or such Holder's order. Such delivery shall be made, as hereinafter provided, without unreasonable delay.

     A Receipt surrendered for such purposes may be required by the Depositary to be properly endorsed in blank or accompanied by proper instruments of transfer in blank, and the Holder thereof shall
  execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be delivered to or upon the written order of the person or persons designated in such order.  Thereupon the
  Depositary shall direct the Custodian to deliver at its principal London office, subject to the other terms and conditions of this Deposit Agreement, to or upon the written order of the person or persons designated in the order delivered to the
  Depositary as above provided, the Deposited Securities at the time evidenced by such Receipt, except that the Depositary may, in its discretion, make delivery to such person or persons at the Depositary's Office of any cash, dividends, distributions
  or rights with respect to the Deposited Securities evidenced by such Receipt, or of any proceeds of sale of any such cash, dividends, distributions or rights, which may at the time be held by the Depositary in respect of such Deposited
  Securities.

     At the request, risk and expense of any Holder so surrendering a Receipt, the Depositary shall direct the Custodian to transfer or forward any cash, rights or other property comprising, and to forward
any certificate or certificates and other proper documents of title for, the Deposited Securities evidenced by such Receipt to the Depositary for delivery at the Depositary's Office. Such direction shall be given by letter or, at the request, risk
and expense of the Holder of such Receipt, by cable, telex or facsimile transmission.

     SECTION 2.06 Limitations on Execution and Delivery, Transfer and Surrender of
Receipts. 

     As a condition precedent to the execution and delivery, registration of transfer, split-up, combination or surrender of any Receipt or the transfer and withdrawal of any Deposited Securities, the
Depositary or the Custodian may require payment from the presenter of the Receipt or the depositor of Shares of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto
(including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as herein provided, may require the production of proof satisfactory to it as to the identity and genuineness of any
signature and may also require compliance with any laws or governmental regulations relating to Receipts or to the withdrawal of Deposited Securities.

-9- 

     The delivery of Receipts of a particular Series against deposits of Shares of the corresponding Series generally or against deposits of particular Shares of the corresponding Series may be suspended, or the delivery of particular Receipts of the corresponding Series against the deposit of Shares of a particular Series may be withheld, or the registration of transfer or surrender of Receipts of a particular Series in particular instances may be refused, or the registration of transfer or surrender of outstanding Receipts of a particular Series generally may be suspended, during any period when the transfer books of the Depositary with respect to the Receipts of a particular Series or the books of the Company or those maintained for the Company by the Share Registrar, are closed, or if any such action is deemed necessary or
advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental authority, body or commission, or under any provision of this Deposit Agreement, or for any other
reason, subject to the provisions of the following sentence. The surrender of outstanding Receipts of the corresponding Series and withdrawal of Deposited Securities of such Series may not be suspended subject only to (i) temporary delays caused by
closing the transfer books of the Depositary or the Company or the deposit of Shares of a particular Series in connection with voting at a shareholders' meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and
(iii) compliance with any U.S. or foreign laws or governmental regulations relating to the Receipts of a particular Series or to the withdrawal of the Deposited Securities of the corresponding Series. Without limitation of the foregoing, the
Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares required to be registered under the provisions of the Securities Act of 1933, unless a registration statement is in effect as to such Shares.

     SECTION 2.07 Lost Receipts, etc. 

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

     SECTION 2.08 Cancellation and Destruction of Surrendered Receipts. 

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

     The Depositary agrees to maintain records of all Receipts surrendered and Deposited Securities withdrawn under Section 2.05, substitute Receipts delivered under 

-10- 

Section 2.07, and Receipts cancelled or destroyed under this Section, in keeping with procedures ordinarily followed by stock transfer agents located in New York City.

ARTICLE 3.

Certain Obligations of Holders of Receipts

     SECTION 3.01 Filing Proofs, Certificates and Other Information. 

     Any person presenting Shares for deposit or any Holder of a Receipt may be required from time to time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange
control approval, legal or beneficial ownership of Receipts, Deposited Securities or other securities, compliance with all applicable laws and regulations and all applicable provisions of or governing Deposited Securities of a particular Series,
such information relating to the registration on the books of the Company or those maintained for the Company by the relevant Share Registrar of the Shares presented for deposit or other information, to execute such certificates and to make such
representations and warranties as, in each case, the Depositary may deem necessary or proper or as the Company may require by written request to the Depositary or the Custodian. The Depositary may withhold the delivery or registration of transfer of
any Receipt or the distribution or sale of any dividend or other distribution or rights or of the proceeds thereof or, subject to the limitations set out in the second to last sentence of Section 2.06, the delivery of any Deposited Securities
pertaining to such Receipt until the foregoing is accomplished to the Depositary's satisfaction. The Depositary shall, upon the Company's written request, provide the Company with copies of any such proofs or other information which the Depositary
or the Custodian receives.

     SECTION 3.02 Liability of Holder for Taxes. 

     If any tax or other governmental charge shall become payable with respect to any Receipt of any Series or any Deposited Securities of any Series represented by any Receipt, such tax or other
governmental charge shall be payable by the Holder of such Receipt to the Depositary. The Depositary may refuse to effect any transfer of such Receipt or any transfer and withdrawal of Deposited Securities represented thereby until such payment is
made, and may withhold any dividends or other distributions, or may sell for the account of the Holder thereof any part or all of the Deposited Securities represented by such Receipt, and may apply such dividends or other distributions or the
proceeds of any such sale in payment of such tax or other governmental charge, the Holder of such Receipt remaining liable for any deficiency.

     SECTION 3.03 Warranties on Deposit of Shares. 

     Every person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that such Shares and each certificate therefor are validly issued and outstanding, fully
paid, nonassessable and free of pre-emptive rights 

-11- 

and that the person making such deposit is duly authorized so to do. Such representations and warranties shall survive the deposit of Shares and the issuance of Receipts.

     SECTION 3.04 Disclosure of Interests. 

     Notwithstanding any other provision of this Deposit Agreement and without prejudice to any disclosure obligations which may from time to time apply in respect of the Shares contained in the Companies
Act 1985 and any other applicable law or which may be contained in the Memorandum and Articles of Association of the Company and the remedies of the Company for non-compliance therewith, each Holder agrees to comply with requests from the Company or
the Depositary which are made under relevant legislation to provide information, inter alia, as to the capacity in which such Holder owns Receipts and regarding the identity of any other person having an interest in such Receipts and the nature of
such interest and shall forfeit the right to direct the voting of Shares as to which compliance is not made, all as if such Receipts were to the extent practicable the Shares represented thereby, and the Depositary agrees to use its reasonable
efforts to comply with any instructions received from the Company requesting that the Depositary take the reasonable actions specified therein to obtain such information.

ARTICLE 4.

The Deposited Securities

     SECTION 4.01 Cash Distributions. 

     Whenever the Depositary shall receive any cash dividend or other cash distribution by the Company in respect of any Deposited Securities (including cash in respect of redemption), if such cash
dividend or other cash distribution is received in dollars, the Depositary shall distribute the dollars so received, and if such cash dividend or other cash distribution is received in a currency other than dollars (such currency being hereinafter
referred to as a "foreign currency"), the Depositary shall, subject to the provisions of Section 4.06, convert such dividend or distribution into dollars and shall distribute the amount thus received, in either case to the Holders of Receipts
evidencing American Depositary Shares representing such Deposited Securities entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively, by checks drawn on a bank in
The City of New York; provided, however, that in the event that either the Company or the Depositary shall be required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount
on account of taxes, the amount distributed to the Holders of Receipts for American Depositary Shares representing such Deposited Securities shall be reduced accordingly.  The Depositary shall distribute only such amount, however, as can be
distributed without distributing to any Holder of a Receipt a fraction of one cent, and any such fractional amounts shall be

-12- 

 rounded to the nearest whole cent and so distributed to Holders entitled thereto. The Company will remit to the appropriate governmental authority or agency in the United Kingdom all amounts (if any) required to be withheld and owing to such authority or agency by the Company. The Depositary will forward to the Company such information from its records as the Company may reasonably request to enable the Company to file necessary reports with governmental authorities or agencies, and either the Depositary or the Company may file any such reports necessary to
obtain benefits under the applicable tax treaties for the Holders of Receipts.

     SECTION 4.02 Distributions Other Than Cash or Shares. 

     Whenever the Depositary shall receive any distribution (other than cash or Shares of the corresponding Series) upon any Deposited Securities of a particular Series the Depositary shall cause the
securities or property which it so receives to be distributed to the Holders entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively, in any manner that the
Depositary may deem equitable and practicable for accomplishing such distribution; provided, however, that if in the opinion of the Depositary such distribution cannot be made proportionately among the Holders entitled thereto, or if for any other
reason (including any requirement that the Company or the Depositary withhold an amount on account of taxes) the Depositary deems such distribution not to be feasible, the Depositary may adopt such method as it may deem equitable and practicable for
the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, and the net proceeds of any such sale shall be distributed by the Depositary to the Holders
entitled thereto as in the case of a distribution received in cash.

     SECTION 4.03 Distributions in Shares. 

     If any distribution upon any Deposited Securities of a particular Series consists of a dividend in, or free distribution of, Shares of the corresponding Series, the Depositary may with the Company's
approval, and shall if the Company shall so request, distribute to the Holders entitled thereto, in proportion to the number of American Depositary Shares of the corresponding Series representing such Deposited Securities held by them respectively,
additional Receipts of the corresponding Series for an aggregate number of  American Depositary Shares of the corresponding Series representing the amount of such Shares received as such dividend or free distribution. In lieu of delivering Receipts
for fractional American Depositary Shares in any such case, the Depositary may sell the amount of Shares represented by the aggregate of such fractions and distribute the net proceeds, all in the manner and subject to the conditions described in
Section 4.02.  If additional Receipts of a particular Series are not so distributed, each American Depositary Share of the corresponding Series shall 

-13- 

thenceforth also represent the additional Shares distributed upon the Deposited Securities represented thereby.

     SECTION 4.04 Rights. 

     In the event that the Company shall offer or cause to be offered to the holder or holders of any Deposited Securities of a particular Series any rights to subscribe for additional Shares of the
corresponding Series or any rights of any other nature, the Depositary shall, after consultation with the Company and subject to the Memorandum and Articles of Association, the Companies Act 1985 and all applicable legislation and regulations, have
discretion as to the procedure to be followed in making such rights available to Holders of Receipts of the Series corresponding to the Series of Deposited Securities in respect of which such offer is made or in disposing of such rights on behalf of
such Holders and making the net proceeds available in dollars to such Holders; provided, however, that the Depositary will, if requested by the Company, take action as follows:

     (i) if at the time of the offering of any such rights the Depositary determines that it is lawful and feasible to make such rights available to
such Holders by means of warrants or otherwise, the Depositary shall distribute such warrants or other instruments therefor in such form as it may determine to the Holders entitled thereto, in proportion to the number of American Depositary Shares
representing such Deposited Securities, or employ such other method as it may deem feasible in order to facilitate the exercise, sale or transfer of rights by such Holders; or

     (ii) if at the time of the offering of any rights the Depositary determines that it is not lawful or not feasible to make such rights available
to such Holders by means of warrants or otherwise, or if the rights represented by such warrants or such other instruments are not exercised and appear to be about to lapse, the Depositary in its discretion may sell such rights or such warrants or
other instruments at public or private sale, at such place or places and upon such terms as it may deem proper, and may allocate the proceeds of such sales for the account of the Holders otherwise entitled to such rights, warrants or other
instruments, upon an averaged or other practicable basis without regard to any distinctions among such Holders because of exchange restrictions, or the date of delivery of any Receipt or Receipts, or otherwise.

     If a registration statement under the Securities Act of 1933 is required with respect to the securities to which any rights relate in order for the Company to offer such rights to Holders and sell the
securities represented by such rights, the Depositary will not offer such rights to Holders having an address in the United States unless and until such a registration statement is in effect; provided that nothing contained in this sentence shall
create, or be construed to create, any obligation on the part of the Company to file such a 

-14- 

registration statement or to endeavor to have such a registration statement declared effective.

     SECTION 4.05 Redemption. 

     In the event that the Company exercises any right of redemption in respect of Shares of any Series, the Depositary will redeem, from the amounts received by it in respect of such redemption, that
number of American Depositary Shares of the Series corresponding to the Series of Shares with respect to which such right of redemption is exercised which represents the number of Shares of such Series deposited hereunder so redeemed. Subject to
Sections 4.01, 4.02 and 4.06 hereof (to the extent applicable), the redemption price per American Depositary Share to be redeemed will be equal to the per share amount received by the Depositary upon the redemption of the Shares represented by such
American Depositary Share multiplied by the number of Shares (or the fraction of a Share) represented by each such American Depositary Share. If less than all of the outstanding Shares of a particular Series are redeemed, the American Depositary
Shares of the corresponding Series to be redeemed will be selected by lot or redeemed pro rata as may be determined by the Depositary.

     The Company will deliver notice of its exercise of its right of redemption in respect of any Series of Shares to the Depositary prior to the date fixed for redemption. Promptly after receiving such
notice from the Company, the Depositary will mail copies thereof to all Holders of Receipts of the relevant Series. 

     SECTION 4.06 Conversion of Foreign Currency. 

     Whenever the Depositary shall receive a payment in a foreign currency, by way of dividends or other distributions (including amounts received in respect of redemptions) or the net proceeds from the
sale of securities, property or rights, and if at the time of the receipt thereof such foreign currency can in the judgment of the Depositary be converted on a reasonable basis into dollars and the resulting dollars transferred to the United States,
the Depositary shall convert or cause to be converted, by sale or in any other manner that it may determine, such foreign currency into dollars, and such dollars shall be distributed to the Holders entitled thereto or, if the Depositary shall have
distributed any warrants or other instruments which entitle the holders thereof to such dollars, then to the holders of such warrants and/or instruments upon surrender thereof for cancellation.  Such distribution may be made upon an averaged or
other practicable basis without regard to any distinctions among Holders entitled to such distribution on account of exchange restrictions or otherwise.

     If such conversion or distribution can be effected only with the approval or license of any government or governmental agency, the Depositary shall file such application for approval or license, if
any, as it may deem desirable and shall forward a copy of such application to the Company.     

-15- 

     If at any time the Depositary shall determine that in its judgment any foreign currency received by it is not convertible on a reasonable basis into dollars transferable to the United States, or if any approval or license of any government or governmental agency which is required for such conversion is denied or in the reasonable opinion of the Depositary is not obtainable, or if any
such approval or license is not obtained within a reasonable period as determined by the Depositary, the Depositary may distribute the foreign currency (or an appropriate document evidencing the right to receive such foreign currency) received by it
to, or in its discretion may hold such foreign currency for the respective accounts of, the Holders entitled to receive the same.

     If any such conversion of foreign currency, in whole or in part, cannot be effected for distribution to some Holders entitled thereto, the Depositary may in its discretion make such conversion and
distribution in dollars to the extent practicable to the Holders entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold such balance for the respective accounts of, the Holders entitled thereto
for whom such conversion and distribution is not practicable.

     SECTION 4.07 Fixing of Record Date. 

     Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever the Company shall redeem any of the Shares deposited
hereunder, or whenever rights shall be issued, with respect to the Deposited Securities of a particular Series, or whenever the Depositary shall receive notice of any meeting at which holders of Shares of a particular Series or other Deposited
Securities of the corresponding Series are entitled to be present or vote, the Depositary shall fix a record date, after consultation with the Company, if such date is to be different from the record date applicable to Shares or other Deposited
Securities of a particular Series, for the determination of the Holders of the Receipts of the corresponding Series who shall be entitled to receive such dividend, distribution, amount in respect of redemption or rights, or the net proceeds of the
sale thereof, or to attend or give instructions for the exercise of voting rights at any such meeting. Subject to the provisions of Sections 4.01 through 4.06 and Section 4.08 and to the other terms and conditions of this Deposit Agreement, the
Holders of Receipts of the corresponding Series on such record date shall be entitled to receive the amount distributable by the Depositary with respect to such dividend or other distribution or such rights or the net proceeds of sale thereof in
proportion to the number of American Depositary Shares of the corresponding Series held by them respectively, or to give such voting instructions.

     SECTION 4.08 Voting of Deposited Securities. 

     Upon receipt of notice of any meeting at which holders of Shares or other Deposited Securities of any Series are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to the
Holders of the ADSs of the corresponding Series a 

-16- 

notice which shall contain (a) such information as is contained in such notice of meeting, and (b) a statement that the Holders at the close of business on a specified record date will be entitled, subject to any applicable laws or regulations and to the Memorandum and Articles of Association, to instruct the Depositary as to the exercise of the voting rights pertaining to the number of Shares or other Deposited Securities of such Series represented by the American Depositary Shares of such
Series evidenced by such Holders' Receipts, and a brief statement as to the manner in which such instructions may be given, including an express indication that instructions may be given to the Depositary to give a discretionary proxy to a
designated member or members of the Board of Directors of the Company. The Depositary shall furnish the Company with copies of all such notices and statements and any other materials relating thereto prior to the mailing thereof by the Depositary.
Subject to Section 3.04 above, upon the written request of a Holder on such record date, received on or before the date established by the Depositary for such purpose, the Depositary shall endeavor insofar as practicable and permitted under the
provisions of or governing Deposited Securities of such Series to vote or cause to be voted the number of Shares or other Deposited Securities of such Series represented by the American Depositary Shares of such Series evidenced by such Holder's
Receipt in accordance with any nondiscretionary instructions set forth in such request.  The Depositary shall not vote Shares or other Deposited Securities of a particular Series represented by ADSs of the corresponding Series except in accordance
with written instructions from the Holder of the Receipt evidencing such ADS.

     SECTION 4.09 Changes Affecting Deposited Securities. 

     Upon any change in nominal value, split-up, consolidation or any other reclassification of Deposited Securities of any Series, or upon any recapitalization, reorganization, merger or consolidation or
sale of assets affecting the Company or to which it is a party, any securities which are received by the Depositary in exchange for or in conversion of or in respect of such Deposited Securities shall be treated as new Deposited Securities of such
series under this Deposit Agreement, and the  American Depositary Shares of the Series theretofore representing the Deposited Securities of the Series in respect of which such securities are received shall thenceforth represent the new Deposited
Securities so received in exchange or conversion, unless additional Receipts are delivered pursuant to the following sentence. In any such case, the Depositary may, with the Company's approval, and shall if the Company shall so request, execute and
deliver additional Receipts as in the case of a stock dividend, or call for the surrender of outstanding Receipts of the corresponding Series to be exchanged for new Receipts of the corresponding Series specifically describing such new Deposited
Securities.

     SECTION 4.10 Reports. 

     The Depositary shall make available for inspection by Holders of Receipts of any Series, at the Depositary's Office and at any other designated transfer offices, any 

-17- 

reports and communications received from the Company which are both (a) received by the Depositary or its nominee or nominees as the holder of Deposited
Securities of the corresponding Series and (b) made generally available to the holders of Deposited Securities of such Series by the Company.  The Depositary shall also send to such Holders copies of such reports when furnished by the Company pursuant to Section 5.06.

     In addition, upon notice that the Company has not furnished the Commission with public reports, documents or other information as required by the Securities Exchange Act of 1934, the Depositary shall,
without, however, thereby relieving the Company of its obligation under the Securities Exchange Act of 1934 to do so, and without incurring any liability for failure to do so, furnish promptly to the Commission copies of all annual or other periodic
reports and other notices or communications which the Depositary receives from the Company as a holder of Deposited Securities of any Series and which are not otherwise furnished to or filed with the Commission pursuant to any other requirement of
the Commission.

     SECTION 4.11 Available Information. 

     The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and accordingly files certain reports with the Commission.  Such reports and other information may
be inspected and copied at the public reference facilities maintained by the Commission located at the date hereof at Judiciary Plaza, Room 1024, 450 Fifth Street, N.W., Washington, D.C. 20549.

     SECTION 4.12 Lists of Holders of Receipts. 

     Promptly upon request by the Company, the Depositary shall furnish to it a list, as of a recent date, of the names, addresses and holdings of American Depositary Shares of any Series by all persons in
whose names Receipts of the corresponding Series are registered on the books of the Depositary.

     SECTION 4.13 Withholding. 

     Notwithstanding any other provision of this Deposit Agreement, in the event that the Depositary determines that any distribution in property (including Shares or rights to subscribe therefor) is
subject to any tax which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner as the Depositary deems
necessary and practicable to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds of any such sale or the balance of any such property, after deduction of such taxes, to the Holders entitled thereto in
proportion to the number of American Depositary Shares with respect to which such disposition was made held by them respectively.

-18- 

     SECTION 4.14 Distributions with Respect to Deposited Securities in Bearer Form. 

     Subject to the terms of this Article IV, distributions in respect of Shares in bearer form that are held by the Depositary shall be made to the Depositary for the account of the respective Holders of
Receipts of the Series corresponding to the Series of Shares with respect to which any such distribution is made upon due presentation by the Depositary or the Custodian to the Company of any relevant coupons, talons or certificates.  The Depositary
and the Custodian shall promptly present such coupons, talons or certificates, as the case may be, in connection with any such distribution.

ARTICLE 5.

The Depositary, the Custodian and the Company

     SECTION 5.01 Maintenance of Office and Transfer Books by the Depositary. 

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

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

     The Depositary may close the transfer books with respect to the Receipts of a particular Series, at any time or from time to time, when deemed expedient by it in connection with the performance of its
duties hereunder or at the request of the Company.

     If any Receipts of a particular Series or the American Depositary Shares evidenced thereby are listed on one or more stock exchanges in the United States, the Depositary shall act as Receipt Registrar
with respect to the Receipts of such Series or, upon the request or with the approval of the Company, shall appoint a Receipt Registrar with respect to the Receipts of such Series or one or more co-registrars for registration of such Receipts in
accordance with any requirements of such exchange or exchanges. Such Receipt Registrar or co-registrars may be removed and a substitute or substitutes appointed by the Depositary upon the request or with the approval of the Company.

     The Depositary may perform its obligations under Section 4.12 and this Section 5.01 through any agent appointed by it, provided that the Depositary shall notify 

-19- 

  

the Company of such appointment and shall remain responsible for the performance of such obligations as if no agent were appointed.

     SECTION 5.02 Prevention or Delay in Performance by the Depositary or the Company. 

     Neither the Depositary nor the Company shall incur any liability to any Holder, if by reason of any provision of any present or future law of the United Kingdom or any other country, or of any other
governmental authority, or by reason of any provision, present or future, of the Company's Memorandum or Articles of Association, or of the Deposited Securities or by reason of any act of God or war or other circumstances beyond its control, the
Depositary or the Company shall be prevented or forbidden from, or delayed in, doing or performing any act or thing which by the terms of this Deposit Agreement it is provided shall be done or performed; nor shall the Depositary or the Company incur
any liability to any Holder by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which by the terms of this Deposit Agreement it is provided shall or may be done or performed, or by reason of any
exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement. 

     SECTION 5.03 Obligations of the Depositary, the Custodian and the Company. 

     The Company assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to Holders, except to perform such obligations as are specifically set forth in this Deposit
Agreement without gross negligence or bad faith.

     The Depositary assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to Holders, except to perform such obligations as are specifically set forth in this Deposit
Agreement without gross negligence or bad faith.

     The Depositary undertakes not to issue any Receipt of any Series other than to evidence American Depositary Shares of the corresponding Series representing Deposited Securities of such Series then on
deposit with the Custodian. The Depositary also undertakes not to sell (except as expressly provided herein), pledge or lend Deposited Securities of any Series held by it as Depositary. 

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

-20- 

     Neither the Depositary nor the Company shall be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares
for deposit, any Holder, or any other person believed by it in good faith to be competent to give such advice or information.

     The Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any such vote is cast or for the effect of any
such vote, provided that any such action or non-action is in good faith.

     The Depositary may own and deal in any class of securities of the Company and its affiliates and in Receipts.

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

     SECTION 5.04 Resignation and Removal of the Depositary; Appointment of Successor
Depositary. 

     The Depositary may at any time resign as Depositary hereunder  with respect to any or all Series of Deposited Securities by written notice of its election so to do delivered to the Company, such
resignation to take effect upon the appointment of a successor depositary in respect of the Series of Deposited Securities with respect to which the Depositary has given such notice and the acceptance by such successor depositary of such appointment
as hereinafter provided. The Company may at any time remove the Depositary with respect to any or all Series of Deposited Securities by written notice of such removal delivered to the Depositary, which removal shall be effective upon the appointment
of a successor depositary in respect of the Series of Deposited Securities with respect to which the Depositary is to be removed and the acceptance by such successor depositary of such appointment as hereinafter provided.

     In case at any time the Depositary acting hereunder shall resign or be removed with respect to any or all Series of Deposited Securities, the Company shall use its best efforts to appoint a successor
depositary in respect of the Series of Deposited Securities with respect to which the Depositary has so resigned or been removed which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York.  Every
successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor in respect of the Series of Deposited Securities with respect to which such appointment has been made, but such predecessor, nevertheless, upon payment of all sums due to it and
on the written request of the Company shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder in respect of the Series of

-21- 

 Deposited Securities with respect to which the Depositary has so resigned or been removed, and such predecessor shall thereupon duly assign, transfer and deliver all right, title and interest in the Deposited Securities
of such Series to such successor, and shall deliver to such successor a list of the Holders of all Receipts of the corresponding Series then outstanding. Any such successor depositary shall promptly mail notice of its appointment to such
Holders.

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

     SECTION 5.05 The Custodian. 

     The Custodian in acting hereunder shall be subject at all times and in all respects to the directions of the Depositary for the Series of Shares and the corresponding Series of Deposited Securities,
American Depositary Shares and Receipts with respect to which the Custodian acts as custodian and shall be responsible solely to such Depositary.  The Custodian may resign and be discharged from its duties hereunder with respect to any or all Series
of Deposited Securities by notice of such resignation delivered to the Depositary at least 30 days prior to the date on which such resignation is to become effective. The Depositary shall promptly after receiving such notice appoint a substitute
custodian with respect to the Series of Deposited Securities with respect to which the Custodian has so resigned, which shall thereafter be a Custodian hereunder. Whenever the Depositary in its discretion determines that it is in the best interest
of the Holders to do so, it may appoint a substitute custodian with respect to any or all Series of Deposited Securities, which shall thereafter be a Custodian hereunder, and upon demand of the Depositary, any predecessor Custodian shall deliver the
Deposited Securities of the Series with respect to which a substitute custodian has been so appointed held by it to the substitute custodian so appointed by the Depositary. Any such substitute custodian shall deliver to the Depositary, forthwith
upon its appointment, an acceptance of such appointment satisfactory in form and substance to the Depositary. Immediately upon any such change, the Depositary shall give notice thereof in writing to all Holders of Receipts of the Series with respect
to which such appointment has been made.

     Upon the appointment of any successor depositary with respect to any Series of Deposited Securities and the corresponding Series of Shares, American Depositary Shares and Receipts hereunder, the
Custodian then acting hereunder with respect to such Series of Deposited Securities shall forthwith become, without any further act or writing, the agent hereunder of such successor depositary with respect to such Series of Deposited Securities and
the appointment of such successor depositary shall in no way impair the authority of the Custodian hereunder with respect to such Series of Deposited Securities; but such successor depositary so appointed shall, nevertheless, on the written request
of such Custodian, execute and deliver to such Custodian all such 

-22- 

instruments as may be proper to give to such Custodian full and complete power and authority as such agent hereunder of such successor depositary. 

     SECTION 5.06 Notices and Reports. 

     On or before the first date on which the Company gives notice, by publication or otherwise, of any meeting at which holders of any Deposited Securities of a particular Series are entitled to be
present or to vote, or of any reconvening of any such meeting that has been adjourned, or of the taking of any action in respect of any cash or other distribution or any redemption or the offering of any rights in respect of Deposited Securities of
a particular Series, the Company shall transmit to the Custodian a copy of the notice thereof in the form given or to be given to holders of Deposited Securities of such Series.

     The Depositary will arrange for the prompt transmittal by the Custodian to the Depositary of such notices and any other reports and communications which are made generally available by the Company to
holders of Shares of a particular Series, and, if requested in writing by the Company, will arrange for the mailing, at the Company's expense, of copies thereof to all Holders of Receipts of the corresponding Series.

     The Company shall, with respect to each Series of Shares, deliver to each of the Depositary and the Custodian a copy of the provisions of or governing the Shares of such Series and any other Deposited
Securities issued by the Company or an affiliate of the Company in connection with such Series of Shares, and promptly upon any amendment thereto or change therein, the Company shall deliver to the Depositary and the Custodian a copy of such
provisions as so amended or changed. The Depositary may rely upon such copy for all purposes of this Deposit Agreement. The Depositary will, at the expense of the Company, make such copy and any other notices, reports and other communications issued
by the Company in connection therewith available for inspection by the Holders of the Receipts of the Series evidencing the Shares of the Series governed by such provisions at the Depositary's Office, at the office of the Custodian and at any other
designated transfer office. 

     SECTION 5.07 Issuance of Additional Shares, etc. 

     The Company agrees that prior to (a) the issuance of (1) Shares that may be deposited hereunder pursuant to Section 2.02, (2) rights to subscribe for such Shares, (3) securities convertible into or
exchangeable for such Shares, or (4) rights to subscribe for any such securities, or (b) the deposit of any Shares under this Deposit Agreement by the Company or any company controlled by or under common control with the Company, it will either
promptly deliver an Officer's Certificate to the Depositary stating that a registration statement under the Securities Act of 1933 is in effect in respect of such rights or securities or any Receipts to be issued in connection therewith or promptly
furnish to the Depositary a written opinion from counsel for the Company in the United 

-23- 

States, which counsel shall be reasonably satisfactory to the Depositary, stating that no such registration statement is required.

     SECTION 5.08 Indemnification. 

     The Company shall indemnify the Depositary and the Custodian against, and hold each of them harmless from, any loss, liability or expense which may arise out of acts performed or omitted in accordance
with the provisions of this Deposit Agreement and the Receipts, as the same may be amended from time to time, (i) by either the Depositary or the Custodian, except for any liability or expense arising out of the negligence or bad faith of either of
them, or (ii) by the Company or any of its agents. The Depositary agrees to indemnify the Company and hold it harmless from any loss, liability or expense which may arise out of acts performed or omitted by the Depositary or the Custodian due to the
negligence or bad faith of either the Depositary or the Custodian.

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

     Any person seeking
indemnification hereunder (an "indemnified person") shall notify the person
from whom it is seeking indemnification (the "indemnifying person") of the
commencement of any action or claim in respect of which indemnification may be
sought promptly after such indemnified person becomes aware of such
commencement (provided that the failure to make such notification shall not
affect such indemnified person's rights under this Section 5.08) and shall
consult in good faith with the indemnifying person as to the conduct of the
defense of such action or claim, which shall be reasonable in the
circumstances. No indemnified person shall compromise or settle any such action
or claim without the consent of the indemnifying person.

     SECTION 5.09 Charges of Depositary. 

     The Company agrees to
pay all charges and expenses of the Depositary as shown in Exhibit B hereto,
and those of the Receipt Registrar any co-registrar and any co-transfer agent
under this Deposit Agreement, that are shown in Exhibit B hereto to be payable
by the Company, notwithstanding the succession or substitution of such person,
with respect to Shares, Deposited Securities, American Depositary Shares or
Receipts, or the termination of this Deposit Agreement; provided, however, that
the Depositary will pay such charges and expenses to the extent agreed between
the Depositary and the Company. Any other charges and expenses of the
Depositary hereunder will be paid by the Company after 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 such
charges and expenses to the Company once every three months. The charges and
expenses of the Custodian are for the sole account of the
Depositary.

-24- 

     ARTICLE 6.

Amendment and Termination

     SECTION 6.01 Amendment. 

     The form of Receipt to
be issued in respect of the Shares of a particular Series and any provisions of
this Deposit Agreement with respect to such Series may at any time and from
time to time be amended by agreement between the Company and the Depositary in
any respect which they may deem necessary or desirable. Any amendment which
shall impose or increase any fees or charges (other than taxes and other
governmental charges), or which shall otherwise prejudice any substantial
existing right of Holders of Receipts of a particular Series shall not,
however, become effective as to outstanding Receipts of such Series until the
expiration of thirty days after notice of such amendment to this Deposit
Agreement shall have been given to the Holders of outstanding Receipts of such
Series. Every Holder of a Receipt of the relevant Series at the time any such
amendment to this Deposit Agreement so becomes effective, if such Holder shall
have been given such notice, shall be deemed, by continuing to hold such
Receipt, to consent and agree to such amendment and to be bound by the Deposit
Agreement or the Receipts of such Series as amended thereby. In no event shall
any amendment impair the right of the Holder of any Receipt of the relevant
Series to surrender such Receipt and receive therefor the Deposited Securities
of the corresponding Series represented thereby.

     SECTION 6.02 Termination. 

     The Depositary shall at
any time at the direction of the Company terminate this Deposit Agreement as to
Shares of any and all Series and the Deposited Securities, American Depositary
Shares and Receipts of all corresponding Series by mailing notice of such
termination to the Holders of all Receipts of such Series then outstanding at
least 30 days prior to the date fixed in such notice for such termination. The
Depositary may likewise terminate this Deposit Agreement as to shares of any
and all Series and the Deposited Securities, American Depositary Shares and
Receipts of all corresponding Series by mailing notice of such termination to
the Company and the Holders of all Receipts of such Series then outstanding if
at any time 60 days shall have expired after the Depositary shall have
delivered to the Company a written notice of its election to resign with
respect to such Series and a successor depositary shall not have been appointed
and accepted its appointment as provided in Section 5.04. If any Receipts of a
particular Series shall remain outstanding after the date of termination of
this Deposit Agreement as to Receipts of such Series, the Depositary thereafter
shall discontinue the registration of transfers of Receipts of such Series,
shall suspend the distribution of dividends to the Holders entitled thereto,
and shall not give any further notices or perform any further acts under this
Deposit Agreement with respect to Receipts of such Series or Shares, Deposited
Securities and American Depositary Shares of all corresponding Series,

-25- 

except that the Depositary shall continue to collect
dividends and other distributions (including amounts in respect of any
redemption) pertaining to Deposited Securities of the corresponding Series,
shall sell rights as provided in this Deposit Agreement, and shall continue to
deliver Deposited Securities of the corresponding Series, together with any
dividends or other distributions received with respect thereto and the net
proceeds of the sale of any rights or other property, in exchange for Receipts
of such Series evidencing American Depositary Shares of the corresponding
Series representing Deposited Securities of the corresponding Series,
surrendered to the Depositary. At any time after the expiration of two years
from the date of termination of this Deposit Agreement as to the Receipts of a
particular Series the Depositary may sell the Deposited Securities of the
corresponding Series then held by it hereunder and may thereafter hold the net
proceeds of any such sale, together with any other cash then held by it
hereunder with respect to the Receipts of such Series, in an unsegregated
account, without liability to any party for interest thereon, for the pro rata
benefit of the Holders of Receipts of such Series evidencing American
Depositary Shares of the corresponding Series representing Deposited Securities
of the corresponding Series which had not theretofore been surrendered. After
making such sale, the Depositary shall be discharged from all obligations under
this Deposit Agreement, except to account for such net proceeds and other cash.
Upon the termination of this Deposit Agreement as to the Receipts of any or all
Series, all obligations under this Deposit Agreement as to the Receipts of such
Series shall be discharged except for obligations under Sections 5.08, 5.09 and
6.02 hereof.

ARTICLE 7.

Miscellaneous

     SECTION 7.01 Counterparts. 

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

     SECTION
7.02 No Third Party Beneficiaries.

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

     SECTION
7.03 Severability. 

     In case any one or more
of the provisions contained in this Deposit Agreement or in the Receipts should
be or become invalid, illegal or unenforceable in any 

-26- 

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

     SECTION
7.04 Holders
Parties; Binding Effect. 

     The Holders from time
to time of Receipts of all Series shall be parties to this Deposit Agreement
and shall be bound by all of the terms and conditions hereof and of their
Receipts by acceptance thereof.

     SECTION
7.05 Notices. 

     Any and all notices to
be given to the Company shall be deemed to have been duly given if personally
delivered or sent by first class registered mail or by cable, telex or
facsimile transmission, in each case confirmed by letter, addressed to it at 42
St. Andrew Square, Edinburgh, EH2 2YE, United Kingdom, Attention: The
Secretary, or any other address which the Company may specify in
writing.

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

     Any and all notices to
be given to any Holder of a Receipt shall be deemed to have been duly given if
personally delivered or sent by mail or cable, telex or facsimile transmission
confirmed by letter, addressed to such Holder at the address of such Holder as
it appears on the transfer books for Receipts maintained by 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 cable, telex or facsimile transmission shall be deemed to be
effected at the time when a duly addressed letter containing the same (or a
confirmation thereof in the case of a cable, telex or facsimile transmission)
is deposited, postage prepaid, in a post-office letter box. The Depositary or
the Company may, however, act upon any cable, telex or facsimile transmission
received by it from the other or from any Holder of a Receipt, notwithstanding
that such cable, telex or facsimile transmission shall not subsequently be
confirmed by letter as aforesaid.

     SECTION
7.06 Governing Law. 

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

-27- 

     IN WITNESS WHEREOF, THE
ROYAL BANK OF SCOTLAND GROUP plc and THE BANK OF NEW YORK have duly executed
this Deposit Agreement as of the day and year first above set forth and all
Holders and owners of Receipts of any Series shall become parties hereto upon
becoming Holders or owners of Receipts of any Series issued in accordance with
the terms hereof.

 

  	 THE ROYAL BANK OF SCOTLAND 
	 	GROUP plc
	  	 
	 	 
	 By:

      	/s/ Hew Campbell 
	 	

	 	Name: Hew Campbell 
	 	Title: 
	 	 
	 	 

  	 THE BANK OF NEW YORK 
	 	  
	  	 
	 By:

      	/s/ David S. Stueber 
	 	

	 	 Name: David S. Stueber 
	 	Title: Vice President 

  

 

-28- 

 

EXHIBIT A 

 [FORM OF FACE OF RECEIPT] 

 AMERICAN DEPOSITARY RECEIPT, SERIES __1

evidencing 

AMERICAN DEPOSITARY SHARES, SERIES __*

representing

 NON-CUMULATIVE DOLLAR PREFERENCE SHARES, SERIES __*

of

THE ROYAL BANK OF SCOTLAND GROUP plc

(Incorporated under the laws of

  Great Britain and registered in Scotland)

 No.

      THE
BANK OF NEW YORK, a New York banking corporation, as Depositary (the
"Depositary"), hereby certifies that is the owner of __________ American
Depositary Shares, Series __* (the "American Depositary Shares"), representing
deposited Non-cumulative Dollar Preference Shares, Series __* (including
evidence of rights to receive such Shares, hereinafter referred to as "Shares")
of The Royal Bank of Scotland Group plc, a public limited company incorporated
under the laws of Great Britain and registered in Scotland (the "Company"). At
the date hereof, each American Depositary Share represents ___ Share[s]
deposited under the Deposit Agreement (as defined below) at the principal
London office of The Bank of New York, a New York banking corporation (the
"Custodian").

      (1) This American Depositary Receipt is one of the American Depositary Receipts, Series __ (the "Receipts") issued and to be issued upon the terms and conditions set forth in the Deposit Agreement dated as of August 17, 1992, as amended and restated as of February 8, 1999, and as further amended and restated as of November 2, 2001 (as amended from time to time, the "Deposit Agreement"), among the Company, the Depositary and all holders and owners from time to time of Receipts of any series issued thereunder, each of whom by holding or owning a Receipt agrees to become

  _________________________

  

     1*Insert Series designation and any additional designation of the relevant Series of Shares. 

    

  a party thereto and becomes bound by all the
terms and provisions thereof. The Deposit Agreement sets forth the rights of
holders of the Receipts and the rights and duties of the Depositary in respect
of the Shares deposited thereunder and any and all other securities, property
and cash from time to time received in respect thereof (the "Deposited
Securities"). Copies of the Deposit Agreement are on file at the principal
offices of the Depositary and the Custodian. The statements made on the face
and the reverse of this Receipt are summaries of certain provisions of the
Deposit Agreement as such provisions apply to the Receipts, the Shares and the
American Depositary Shares and are qualified by and subject to the detailed
provisions of the Deposit Agreement, to which reference is hereby made. The
Depositary makes no representation or warranty as to the validity or worth of
the Deposited Securities or the meaning or interpretation of any term or
provision of any Deposited Security.

      (2) Upon surrender
at the Depositary's Office (set forth below) of this Receipt, and upon payment
of the fee of the Depositary provided in paragraph (7) of this Receipt, subject
 to the terms and conditions of the Deposit Agreement, and subject to the limitations
set forth in the second to last sentence of Article 3 below, the holder hereof is
 entitled to delivery, to him or upon his order, of the Deposited Securities then
represented by the American Depositary Shares evidenced by this Receipt. Delivery
of such Deposited Securities shall be made in registered form only by the delivery
of a share certificate or certificates in the name of the holder hereof or as ordered
by such holder or by the delivery of certificates properly endorsed (or accompanied by
appropriate instruments of transfer). Such delivery will be made without
unreasonable delay and, at the option of the holder hereof, either at the office
of the Custodian or at the Depositary's Office, provided that the forwarding of
share certificates evidencing Deposited Securities for such delivery at the
Depositary's Office in The City of New York shall be at the risk and expense of
the holder hereof.

      (3) Transfers of this
Receipt may be registered on the books of the Depositary by the holder hereof
in person or by duly authorized attorney, upon surrender of this Receipt at any
designated transfer office properly endorsed or accompanied by proper
instruments of transfer and duly stamped as may be required by applicable law;
provided, however, that the Depositary may close the transfer books, at any
time or from time to time, when deemed expedient by it in connection with the
performance of its duties under the Deposit Agreement or at the request of the
Company. This Receipt may be split into other Receipts or may be combined with
other Receipts into one Receipt, evidencing the same aggregate number of
American Depositary Shares as the Receipt or Receipts surrendered. As a
condition precedent to the execution and delivery, registration of transfer,
split-up, combination or surrender of any Receipt or the transfer or withdrawal
of any Deposited Securities, the Depositary or the Custodian may require
payment of a sum sufficient to reimburse it for any tax or other governmental
charge and any stock transfer or registration fees with respect thereto and
payment of any applicable fees as provided in paragraph (7) of this Receipt,
may require the production of proof satisfactory 

 to it as to the identity and genuineness of any
signature and may also require compliance with any laws or governmental
regulations relating to Receipts or to the withdrawal of Deposited
Securities.

      The Depositary may refuse to execute and deliver Receipts, register the transfer of any Receipt or make any distribution of, or related to, Deposited Securities until it has received such proof of citizenship, residence, exchange control approval, legal or beneficial ownership of Receipts, Deposited Securities or other securities, compliance with all applicable laws and regulations and all applicable provisions of or governing Deposited Securities, or other information as it may deem necessary or proper or as the Company may require by written request to the Depositary or the Custodian. The delivery of Receipts against deposits of Shares generally or against deposits of particular Shares may be suspended, or the delivery of Receipts against the deposit of particular Shares may be withheld, or the registration of transfer or surrender of Receipts in particular instances may be refused, or the registration of
transfer or surrender of outstanding Receipts generally may be suspended,
during any period when the transfer books of the Depositary, or the transfer
books of the Company or any Share registrar, are closed, or if any such action
is deemed necessary or advisable by the Depositary or the Company at any time
or from time to time, or for any other reason, subject to the following
sentence. The surrender of outstanding Receipts and withdrawal of Deposited
Securities may not be suspended subject only to (i) temporary delays caused by
closing the transfer books of the Depositary or the Company or the deposit of
shares in connection with voting at a shareholders' meeting, or the payment of
dividends, (ii) the payment of fees, taxes and similar charges, and (iii)
compliance with any U.S. or foreign laws or governmental regulations relating
to the Receipts or to the withdrawal of the Deposited Securities. Without
limitation of the foregoing, the Depositary will not knowingly accept for
deposit under the Deposit Agree ment any Shares which, if sold by the holder
thereof in the United States or its territories, would be subject to the
registration provisions of the Securities Act of 1933, as amended, unless a
registration statement is in effect as to such Shares.

      (4) If any tax or other
governmental charge shall become payable with respect to this Receipt or any
Deposited Securities represented hereby, such tax or other governmental charge
shall be payable by the holder hereof to the Depositary. The Depositary may
refuse to effect any registration of transfer of this Receipt or any transfer
and withdrawal of Deposited Securities represented by this Receipt until such
payment is made, and may withhold any dividends or other distributions, or may
sell for the account of the holder hereof any part or all of the other
Deposited Securities represented hereby, and may apply such dividends or other
distributions or the proceeds of any such sale in payment of such tax or other
governmental charge, the holder hereof remaining liable for any
deficiency.

 

      (5) Every person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that such Shares and each certificate therefor are validly issued and outstanding, fully paid, nonassessable and free of pre-emptive rights and that the person making such deposit is duly authorized so to do. Such representations and warranties shall survive the deposit of Shares and issuance of Receipts therefor.

      (6) Notwithstanding any other provision of the Deposit Agreement and
without prejudice to any disclosure obligations which may from time to time
apply in respect of the Shares contained in the Companies Act 1985 and any
other applicable law or which may be contained in the Memorandum and Articles
of Association of the Company and the remedies of the Company for
non-compliance therewith, each holder agrees to comply with requests from the
Company or the Depositary which are made under relevant legislation to provide
information, inter alia, as to the capacity in which such holder owns Receipts and
regarding the identity of any other person having an interest in such Receipts
and the nature of such interest and shall forfeit the right to direct the
voting of Shares as to which compliance is not made, all as if such Receipts
were to the extent practicable the Shares represented thereby, and the
Depositary agrees to use its reasonable efforts to comply with any instructions
received from the Company requesting that the Depositary take the reasonable
actions specified therein to obtain such information.

      (7) The Depositary will charge the party to whom Receipts are delivered
against deposits (with the exception of the initial deposit of Shares), and the
party surrendering Receipts for delivery of Deposited Securities, $5 for each
100 American Depositary Shares (or portion thereof) evidenced by the Receipts
issued or surrendered. The Company will pay all other charges and expenses of
the Depositary and those of any Receipt registrar, with the exception of (i)
taxes and other governmental charges, (ii) stock transfer and registration fees
on deposits of Shares and withdrawals of Deposited Securities, (iii) such
cable, telex and facsimile transmission and delivery charges as are expressly
provided in the Deposit Agreement to be at the expense of persons depositing or
withdrawing Shares or holders of Receipts, and (iv) such expenses as are
incurred or paid by the Depositary in the conversion of foreign currency, if
any, into United States dollars (which are reimbursable out of such foreign
currency).

      (8) It is a condition of
this Receipt, and every successive holder or owner hereof by holding or owning
the same consents and agrees, that title to this Receipt (and to the Deposited
Securities represented by the American Depositary Shares evidenced hereby),
when properly endorsed or accompanied by proper instruments of transfer, is
transferable by delivery with the same effect as in the case of a negotiable
instrument; provided, however, that the Company and the Depositary,
notwithstanding any notice to the contrary, may treat the person in whose name
this Receipt is registered on the books of the Depositary (a "Holder") as the
absolute owner hereof for the purpose 

of determining the person entitled to distribution
of dividends or other distributions with respect hereto (including
distributions upon the redemption of the Deposited Securities) or to any notice
provided for in the Deposit Agreement and for all other purposes.

     (9) This Receipt shall
not be entitled to any benefits under the Deposit Agreement or be valid or
obligatory for any purpose, unless this Receipt shall have been executed by the
Depositary by the manual signature of a duly authorized officer or, if a
registrar for the Receipts shall have been appointed, by the manual signature
of a duly authorized officer of such registrar.

      (10) The Company is
subject to the periodic reporting requirements of the Securities Exchange Act
of 1934, as amended, and accordingly files certain reports with the Securities
and Exchange Commission (the "Commission"). Such reports and other information
may be inspected and copied at the public reference facilities maintained by
the Commission located at the date of the Deposit Agreement at Judiciary Plaza,
Room 1024, 450 Fifth Street, N.W., Washington, D.C. 20549. 

	 	 THE BANK OF NEW YORK 
	 	 	 as Depositary and Registrar 
	 	 	 
	 Dated: 	 	 
	 	  	 
	 	 By:

    	 
	 	 	

	 	 	 Authorized Officer 

      The address of the
Principal Office of the Depositary is One Wall Street, New York, New York,
10286. The address of the Depositary for the administration of American
Depositary Receipts is 101 Barclay Street, New York, New York,
10286.

 [FORM OF REVERSE OF RECEIPT] 

 SUMMARY OF CERTAIN ADDITIONAL PROVISIONS

  OF THE DEPOSIT AGREEMENT

      (11) Dividends and Distributions; Rights.
Whenever the Depositary shall receive any cash dividend or other cash
distribution by the Company in respect of any Deposited Securities (including
cash in respect of redemption), if such cash dividend or other cash
distribution is received in United States dollars, the Depositary shall
distribute the dollars so received, and if such cash dividend or other cash
distribution is received in a currency other than United States dollars, the
Depositary will, if at the time of receipt thereof such amounts of foreign
currency can in the judgment of the Depositary be converted on a reasonable
basis into United States dollars transferable to the United States and subject
to the provisions of the Deposit Agreement, convert such dividend or
distribution into United States dollars and distribute the amount thus
received, in either case to the Holders entitled thereto in proportion to the
number of American Depositary Shares representing such Deposited Securities
held by them respectively; provided, however, that the amount distributed will
be reduced by any amounts required to be withheld by the Company, its agent or
the Depositary on account of taxes. If in the judgment of the Depositary
amounts received in foreign currency may not be converted on a reasonable basis
into United States dollars transferable to the United States, or may not be so
convertible for all of the Holders entitled thereto, the Depositary may in its
discretion make such conversion, if any, and distribution in United States
dollars to the extent permissible to the Holders entitled thereto and may
distribute the balance of the foreign currency received and not so convertible
by the Depositary to, or hold such balance for the account of, the Holders
entitled thereto. If in the opinion of the Depositary any distribution other
than cash or Shares upon any Deposited Securities cannot be made
proportionately among the Holders entitled thereto, or if for any other reason
the Depositary deems such distribution not to be feasible, the Depositary may
adopt such method as it may deem equitable for the purpose of effecting such
distribution, including the public or private sale of the securities or
property thus received, or any part thereof, and the net proceeds of any such
sale will be distributed by the Depositary to the Holders entitled thereto as
in the case of a distribution received in cash. If any distribution upon any
Deposited Securities consists of a dividend in, or free distribution of,
Shares, the Depositary may with the Company's approval, and shall if the
Company shall so request, distribute to the Holders entitled thereto, in
proportion to the number of American Depositary Shares representing such
Deposited Securities held by them respectively, additional Receipts for an
aggregate number of American Depositary Shares representing the amount of
Shares received as such dividend or free distribution. In lieu of delivering
Receipts for fractional American Depositary Shares in any such case, the
Depositary may sell the amount of Shares represented by the aggregate of such
fractions and distribute the net proceeds as though such proceeds had been a
distribution of cash or other property. If additional Receipts are not so
distributed, each American 

 Depositary Share shall thenceforth also represent
the additional Shares distributed upon the Deposited Securities represented
thereby. In the event that the Company shall offer or cause to be offered to
the holder of any Deposited Securities any rights to subscribe for additional
Shares or any rights of any other nature, the Depositary, after consultation
with the Company and subject to the Memorandum and Articles of Association, the
Companies Act 1985 and all applicable legislation and regulations, shall have
discretion as to the procedure to be followed in making such rights available
to Holders or in disposing of such rights on behalf of Holders; provided,
however, that the Depositary will, if requested by the Company, either (a) make
such rights available to Holders by means of warrants or otherwise, if lawful
and feasible, or (b) if making such rights available is not lawful or not
feasible, or if the rights represented by such warrants or other instruments
are not exercise d and appear to be about to lapse, sell such rights or
warrants or other instruments at public or private sale, at such place or
places and upon such terms as the Depositary may deem proper, and allocate the
proceeds of such sales for the account of the Holders otherwise entitled
thereto upon an averaged or other practicable basis without regard to any
distinctions among such Holders because of exchange restrictions, or the date
of delivery of any Receipt or Receipts, or otherwise. 

           (12) Redemption. In the event that
the Company exercises any right of redemption in respect of Shares, the
Depositary will redeem, from the amounts received by it in respect of such
redemption, that number of American Depositary Shares which represents the
number of Shares so redeemed. Subject to certain provisions of the Deposit
Agreement regarding payments or the making of distributions with respect to the
Deposited Securities, the redemption price per American Depositary Share to be
redeemed will be equal to the per share amount received by the Depositary upon
the redemption of the Shares multiplied by the number of Shares (or the
fraction of a Share) represented by each such American Depositary Share. If
less than all of the outstanding Shares are redeemed, the American Depositary
Shares to be redeemed will be selected by lot or redeemed pro rata as may be
determined by the Depositary. 

      The Company will
deliver notice of its exercise of its right of redemption to the Depositary
prior to the date fixed for redemption. Promptly after receiving such notice
from the Company, the Depositary will mail copies thereof to all Holders of
Receipts. 

      (13) Record
Dates. Whenever any cash dividend or other
cash distribution shall become payable or any distribution other than cash
shall be made, or whenever rights shall be issued, with respect to the
Deposited Securities, or whenever the Company shall redeem any of the Shares,
or whenever the Depositary shall receive notice of any meeting at which holders
of Shares or other Deposited Securities shall be entitled to be present or
vote, the Depositary will fix a record date for the determination of the
Holders who shall be entitled to receive such dividend, distribution, amounts
in respect of redemption or rights, or the net proceeds of any sale thereof, or
to attend or to give 

instructions for the exercise of voting rights at any such meeting,
subject to the provisions of the Deposit Agreement.

     (14) Voting of Deposited Securities. Upon receipt of notice of
any meeting at which holders of Deposited Securities are entitled to vote, the
Depositary will mail to the Holders a notice which will contain (a) such
information as is contained in such notice of meeting and (b) a statement that
the Holders at the close of business on a specified record date will be
entitled to instruct the Depositary as to the exercise of the voting rights
pertaining to the number of Shares or other Deposited Securities represented by
their respective American Depositary Shares evidenced by such Holders'
Receipts, and a brief statement as to the manner in which such instructions may
be given. Subject to Article 6 above, upon the written request of a Holder of a
Receipt or Receipts on such record date, received on or before the date
established by the Depositary for such purpose, the Depositary will endeavor
insofar as practicable to vote or cause to be voted the number of Shares or
other Deposited Securities underlying the American Depositary Shares evidenced
by such Receipt or Receipts in accordance with any such nondiscretionary
instructions. The Depositary shall not vote Shares or other Deposited
Securities underlying a Receipt except in accordance with written instructions
from the Holder of such Receipt.

      (15) Changes Affecting
Deposited Securities. Upon any change in
nominal value, split-up, consolidation or any other reclassification of
Deposited Securities, or upon any recapitalization, reorganization, merger or
consolidation or sale of assets affecting the Company or to which it is a
party, any securities which shall be received by the Depositary in exchange for
or in conversion of or in respect of Deposited Securities shall be treated as
new Deposited Securities under the Deposit Agreement, and the American
Depositary Shares shall thenceforth represent the new Deposited Securities so
received in exchange or conversion, unless additional Receipts are delivered
pursuant to the following sentence. In any such case the Depositary may with
the Company's approval, and shall if the Company shall so request, execute and
deliver additional Receipts as in the case of a stock dividend, or call for
the surrender of outstanding Receipts to be exchanged for new
Receipts.

      (16) Reports;
Inspection of Transfer Books. The
Depositary will make available for inspection by Holders at the Depositary's
Office and at any other designated transfer offices any reports and
communications received from the Company which are both (a) received by the
Depositary as the holder of the Deposited Securities, and (b) made generally
available to the holder or holders of such Deposited Securities by the Company.
Upon the written request of the Company, the Depositary will also send to
Holders copies of such reports when furnished by the Company as provided in the
Deposit Agreement. The Depositary will arrange for the mailing to all Holders
of any notice received by it in respect of any meeting at which holders of
Deposited Securities are entitled to be present or to vote, or of any
reconvening of any such meeting that has

 been adjourned, or of the taking of any action in
respect of any cash or other distribution or any redemption or the offering of
any rights in respect of Deposited Securities. The Depositary will keep books
for the registration of Receipts and their transfer which at all reasonable
times will be open for inspection by the Holders, provided that such inspection
shall not be for the purpose of communicating with Holders in the interest of a
business or object other than the business of the Company or a matter related
to the Deposit Agreement or the Receipts.

      (17) Withholding. Notwithstanding
any other provision of the Deposit Agreement, in the event that the Depositary
determines that any distribution in property (including Shares or rights to
subscribe therefor) is subject to any tax which the Depositary is obligated to
withhold, the Depositary may dispose of all or a portion of such property
(including Shares and rights to subscribe therefor) in such amounts and in such
manner as the Depositary deems necessary and practicable to pay such taxes, by
public or private sale, and the Depositary shall distribute the net proceeds of
any such sale after deduction of such taxes to the Holders entitled
thereto.

      (18) Liability of the
Company and Depositary. Neither the
Depositary nor the Company shall incur any liability to any Holder of this
Receipt, if by reason of any provision of any present or future law of any
country, or of any governmental authority, or by reason of any provision,
present or future, of the Memorandum or Articles of Association of the Company
or of the Deposited Securities or by reason of any act of God or war or other
circumstance beyond its control, the Depositary or the Company shall be
prevented or forbidden from, or delayed in, doing or performing any act or
thing which by the terms of the Deposit Agreement it is provided shall be done
or performed. Neither the Company nor the Depositary assumes any obligation or
shall be subject to any liability under the Deposit Agreement to Holders,
except to perform such obligations as are specifically set forth in the Deposit
Agreement without gross negligence or bad faith. Neither the Depositary nor the
Company shall be under any obligation to appear in, prosecute or defend any
action, suit or other proceeding in respect of any Deposited Securities or in
respect of the Receipts, which in its opinion may involve it in expense and
liability, unless indemnity satisfactory to it against all expense and
liability shall be furnished as often as may be required, and the Custodian
shall not be under any obligation whatsoever with respect to such proceedings,
the responsibility of the Custodian being solely to the Depositary. Neither the
Depositary nor the Company shall be liable for any action or non-action by it
in reliance upon the advice of or information from legal counsel, accountants,
any person presenting Shares for deposit, any Holder, or any other person
believed by it in good faith to be competent to give such advice or
information. The Depositary will not be responsible for any failure to carry
out any instructions to vote any of the Deposited Securities, or for the manner
in which any such vote is cast or the effect of any such vote, provided that
any such action or non-action is in good faith. The Depositary may own and deal
in any class of securities of the Company and its affiliates and in Receipts.
The Company shall indemnify the Depositary

  

 and the Custodian against, and hold each of them
harmless from, any loss, liability or expense which may arise out of acts
performed or omitted in accordance with the provisions of the Deposit Agreement
and the Receipts, as the same may be amended from time to time, (i) by the
Depositary or the Custodian, except for any liability arising out of the
negligence or bad faith of either of them or (ii) by the Company or any of its
agents.

      (19) Resignation and
Removal of Depositary; Substitution of
Custodian. The Depositary may at any time resign as Depositary under the
Deposit Agreement with respect to the Receipts by written notice of its
election to do so delivered to the Company, such resignation to take effect
upon the appointment of a successor depositary and its acceptance of such
appointment as provided in the Deposit Agreement. The Depositary may at any
time be removed by the Company, effective upon the appointment of a successor
depositary and its acceptance of such appointment as provided in the Deposit
Agreement. The Depositary may at any time appoint one or more substitute
custodians and the term "Custodian" shall refer to each substitute.

      (20) Amendment of
Deposit Agreement and Receipts. The
Receipts and the Deposit Agreement as it applies to the Receipts may at any
time and from time to time be amended by agreement between the Company and the
Depositary. Any amendment which shall impose or increase any fees or charges
(other than taxes or other governmental charges), or which shall otherwise
prejudice any substantial existing right of Holders, shall not, however, become
effective as to outstanding Receipts until the expiration of thirty days after
notice of such amendment shall have been given to the Holders of outstanding
Receipts. Every Holder at the time any amendment so becomes effective, if such
Holder shall have been given such notice, shall be deemed, by continuing to
hold such Receipt, to consent and agree to such amendment and to be bound by
the Deposit Agreement a s amended thereby. In no event shall any amendment
impair the right of the Holder to surrender this Receipt and receive therefor
the Deposited Securities represented hereby.

      (21) Termination of Deposit Agreement. The Depositary will at any time at the direction of the Company terminate the Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days prior to the date fixed in such notice for such termination. The Depositary may likewise terminate the Deposit Agreement by mailing notice of such termination to the Company and the Holders of all Receipts then outstanding at any time 60 days after the Depositary shall have resigned, if a successor depositary shall not have been appointed and accepted its appointment. If any Receipts shall remain outstanding after the date of termination of the Deposit Agreement, the Depositary thereafter shall discontinue the registration of transfers of Receipts, shall suspend the distribution of dividends to the Holders
thereof, and shall not give any further notices or perform any further acts
under the Deposit Agreement, except that the Depositary shall continue to
collect dividends and other distributions pertaining to Deposited Securities,
shall sell rights as provided in the 

 Deposit Agreement, and shall continue to deliver
Deposited Securities, together with any dividends or other distributions
(including amounts in respect of any redemption) received with respect thereto
and the net proceeds of the sale of any rights or other property, in exchange
for Receipts surrendered to the Depositary. At any time two years from the date
of termination of the Deposit Agreement, the Depositary may sell the Deposited
Securities then held by it under the Deposit Agreement and hold the net
proceeds of any such sale and any other cash then held by it under the Deposit
Agreement, in an unsegregated account, without liability to any party for
interest thereon, for the pro rata benefit of the Holders of theretofore
unsurrendered Receipts.

 EXHIBIT B

 CHARGES OF THE DEPOSITARY

	Service

            By Whom Paid 	 	Rate
	 (1) Issuance by Depositary

      of Receipts against deposits

      of Shares 2 	 $5 per 100 American

      Depositary Shares or

    portion 	 Party to whom Receipts are

        delivered thereof 
	 (2) Delivery by Custodian

      of Deposited Securities

      against surrender of

    Receipts 	 $5 per 100 American

      Depositary Shares or

    fraction 	 Party surrendering Receipts

    thereof 

 The Company will pay all other charges of the
Depositary and those of any Receipt Registrar, co-transfer agent and
co-registrar plus reasonable out-of-pocket expenses for printing, stationery,
postage, and similar items, incurred by the Depositary in the exercise of its
duties and obligations under the Deposit Agreement, in accordance with
agreements in writing entered into between the Depositary and the Company from
time to time, except for (a) taxes and other governmental charges, (b) such
cable, telex and facsimile transmission and delivery charges as are expressly
provided in the Deposit Agreement to be at the expense of persons depositing
Shares or Holders, (c) such stock transfer and registration fees as may from
time to time be in effect for the registration of transfers of Shares generally
on any Share register of the Company (or any appointed agent of the Company for
transfer and registration of Shares) and accordingly applicable to transfers of
Shares to the name of th e Depositary, the Custodian or the nominee of either
on the making of deposits hereunder, which shall be borne by the depositing
Shareholder, and (d) such expenses as are incurred or paid by the Depositary in
the conversion of foreign currency, if any, into dollars (which are
reimbursable out of such foreign currency).

 _________________________

  

     2 The initial deposit of American Depositary Shares with the Depositary shall not be subject to any charge by the Depositary.<PAGE>
                        SOUTHERN PERU COPPER CORPORATION

                          REGISTRATION RIGHTS AGREEMENT

                           Dated as of March 31, 2005
<PAGE>
                                                                               .
                                                                               .
                                                                               .
                                TABLE OF CONTENTS

            THIS TABLE OF CONTENTS IS NOT PART OF THE AGREEMENT TO WHICH IT IS
ATTACHED BUT IS INSERTED FOR CONVENIENCE ONLY.

<TABLE>
<CAPTION>
                                                                                 Page
                                                                                  No.
                                                                                  ---
<S>                                                                              <C>
1.    Definitions...........................................................       1

2.    Registrations.........................................................       6
      (a)   Shelf Registration..............................................       6
      (b)   Registration Expenses...........................................       6
      (c)   Registration Statement Form.....................................       6
      (d)   Black-Out Periods...............................................       7

3.    Requests for Public Offering; Offerings by Selling Stockholders.......       7
      (a)   Initial Six-Month Period Sales..................................       7
      (b)   Requested Public Offerings......................................       8
      (c)   Limitations on Requested Public Offerings.......................       8
      (d)   Sales by Cerro Entities.........................................       9
      (e)   Sales by PD Entities............................................       9
      (f)   Priority in Cutback Registrations...............................       9
      (g)   Representations, Warranties and Other Agreements................      10

4.    Registration Procedures...............................................      11

5.    Underwritten Offerings................................................      15

6.    Lockup Agreements.....................................................      16
      (a)   By the Selling Stockholders and Permitted Transferees...........      17
      (b)   By the Company..................................................      17
      (c)   By AMC..........................................................      18

7.    Indemnification.......................................................      18
      (a)   Indemnification by the Company..................................      18
      (b)   Indemnification by the Sellers..................................      19
      (c)   Notices of Claims, etc..........................................      19
      (d)   Contribution....................................................      20
      (e)   Other Indemnification...........................................      21

8.    Termination...........................................................      21

9.    Conditions to Obligations of Company and AMC..........................      21

10.   Miscellaneous.........................................................      21
      (a)   Notices.........................................................      21
      (b)   Entire Agreement................................................      23
</TABLE>

                                      - i -
<PAGE>
<TABLE>
<S>                                                                              <C>
      (c)   Amendment.......................................................      23
      (d)   Waiver..........................................................      23
      (e)   Consents and Waivers............................................      23
      (f)   Third Party Beneficiary.........................................      23
      (g)   Comparable Agreements...........................................      24
      (h)   Successors and Assigns..........................................      24
      (i)   Headings........................................................      24
      (j)   Invalid Provisions..............................................      24
      (k)   Remedies........................................................      24
      (l)   Governing Law...................................................      25
      (m)   Counterparts....................................................      25
</TABLE>

Schedule I - Ownership of Class A Common Stock

EXHIBIT A - PLAN OF DISTRIBUTION
EXHIBIT B - RESTRICTED LEGEND
EXHIBIT C-1 - FORM OF OPINION OF CERRO SPECIAL COUNSEL
EXHIBIT C-2 - FORM OF OPINION OF PD SPECIAL COUNSEL

                                     - ii -
<PAGE>
                        SOUTHERN PERU COPPER CORPORATION

                          REGISTRATION RIGHTS AGREEMENT

            This REGISTRATION RIGHTS AGREEMENT dated as of March 31, 2005 is
made and entered into by and between CERRO TRADING COMPANY, INC., a Delaware
corporation ("Cerro"), SPC Investors, L.L.C., a Delaware limited liability
company ("SPC"), PHELPS DODGE CORPORATION, a Delaware corporation ("PD"), PHELPS
DODGE OVERSEAS CAPITAL CORPORATION, a Delaware corporation ("PDOCC"), and CLIMAX
MOLYBDENUM B.V., a Dutch corporation ("Climax"), SOUTHERN PERU COPPER
CORPORATION, a Delaware corporation (the "Company") and AMERICAS MINING
CORPORATION, a Delaware corporation ("AMC"). Capitalized terms not otherwise
defined herein have the meanings set forth in Section 1.

            WHEREAS, AMC, an affiliate of the Company, and Cerro have entered
into a letter agreement dated October 21, 2004 (the "Cerro Letter Agreement")
providing, among other things, for AMC to use its reasonable best efforts to
cause the Company to enter into this Agreement providing for the Company's
registration for sale of certain shares of Common Stock owned by Cerro;

            WHEREAS, AMC and PD have entered into a letter agreement dated
December 22, 2004 (the "PD Letter Agreement") providing, among other things, for
AMC to use its reasonable best efforts to cause the Company to enter into this
Agreement providing for the Company's registration for sale of certain shares of
Common Stock owned by PD;

            NOW, THEREFORE, in consideration of the mutual covenants and
agreements set forth in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

            1. Definitions.

            (a) Except as otherwise specifically indicated, the following terms
will have the following meanings for all purposes of this Agreement:

            "Affiliate" of any particular Person means any other Person
controlling, controlled by, or under common control with such particular Person,
where "control" means the possession, directly or indirectly, of the power to
direct the management and policies of a Person, whether through the ownership of
voting securities, by contract or otherwise.

            "Agreement" means this Registration Rights Agreement, as the same
shall be amended from time to time.

            "AMC" has the meaning ascribed to it in the recitals.

            "Black-Out Period" has the meaning ascribed to it in Section 2(d).

            "Business Day" means a day other than Saturday, Sunday or any other
day on which banks located in the States of Arizona or New York are authorized
or obligated to close.
<PAGE>
            "Cerro" has the meaning ascribed to it in the preamble.

            "Cerro Entities" means, collectively, Cerro, SPC and each of their
respective Permitted Transferees.

            "Cerro Letter Agreement" has the meaning ascribed to it in the
preamble.

            "Cerro Special Counsel" has the meaning ascribed to it in Section
3(g)(ii).

            "Class A Common Stock" means shares of Class A Common Stock, par
value one cent ($0.01) per share, of the Company.

            "Climax" has the meaning ascribed to it in the preamble.

            "Commission" means the United States Securities and Exchange
Commission, or any successor governmental agency or authority.

            "Common Stock" means shares of Common Stock, par value one cent
($0.01) per share, of the Company.

            "Company" has the meaning ascribed to it in the preamble.

            "Company Indemnitees" has the meaning ascribed to it in Section
7(a).

            "Cutback Registration" means any Requested Public Offering to be
effected during the Initial Six-Month Period as an Underwritten Public Offering
in which the Managing Underwriter selected by the Company with respect thereto
advises the Company, the Selling Stockholders and any Permitted Transferees in
writing that, in its opinion, the aggregate number of Registrable Securities
owned by the Selling Stockholders and the Permitted Transferees that have
elected to participate in such Requested Public Offering pursuant to Sections
3(a) and 3(b)(ii) exceeds the number of Registrable Securities which can be sold
in such Underwritten Public Offering without causing a significant disruption in
the market for shares of the Common Stock.

            "Effective Time" has the meaning ascribed to it in the Merger
Agreement.

            "Effectiveness Date" means the date upon which the Shelf
Registration Statement becomes effective under the Securities Act.

            "Exchange Act" means the Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder.

            "Form S-3" means Form S-3 promulgated by the Commission under the
Securities Act, or any successor or similar short-form registration statement.

            "Indemnified Party" means a party entitled to indemnity in
accordance with Section 7.

                                     - 2 -
<PAGE>
            "Indemnifying Party" means a party obligated to provide indemnity in
accordance with Section 7.

            "Initial Six-Month Period" means the period commencing on the
Effectiveness Date and ending on the six-month anniversary of the Effectiveness
Date; provided, that such period shall be extended, if applicable, pursuant to
the last paragraph of Section 4.

            "Inspectors" has the meaning ascribed to it in Section 4(h).

            "Losses" has the meaning ascribed to it in Section 7(a).

            "Managing Underwriter" means, with respect to any Underwritten
Public Offering, a single underwriter designated by the Company in accordance
with Section 5 from among the underwriters managing such Underwritten Public
Offering.

            "Merger Agreement" means the Agreement of Plan and Merger dated as
of October 21, 2004, by and among Southern Peru Copper Corporation, SPCC Merger
Sub, Inc., Americas Sales Company, Inc., Americas Mining Corporation and Minera
Mexico S.A. de C.V.

            "NASD" means the National Association of Securities Dealers.

            "PD" has the meaning ascribed to it in the recitals.

            "PD Entities" means Climax and PDOCC and each of their respective
Permitted Transferees.

            "PD Letter Agreement" has the meaning ascribed to it in the
recitals.

            "PDOCC" has the meaning ascribed to it in the preamble.

            "PD Special Counsel" has the meaning ascribed to it in Section
3(g)(ii).

            "Permitted Transferee" has the meaning ascribed to it in Section
6(a).

            "Person" means any natural person, corporation, general partnership,
limited partnership, proprietorship, other business organization, trust, union
or association.

            "Plan of Distribution" has the meaning ascribed to it in Section
2(a).

            "Public Offering" means any offering of Common Stock to the public,
including Requested Public Offerings, either on behalf of the Company or any of
its securityholders, pursuant to an effective registration statement under the
Securities Act.

            "Records" has the meaning ascribed to it in Section 4(h).

            "Registrable Securities" means (i) the Shares, (ii) shares of the
Class A Common Stock, (iii) any additional shares of Common Stock or other
equity securities issued or distributed by way of a stock dividend, stock split,
reclassification, reorganization, recapitalization, other distribution or other
similar event in respect of the Shares, or acquired by

                                     - 3 -
<PAGE>
way of any rights offering or similar offering made in respect of the Shares and
(iv) any equity securities of the Company or any successor or assign of the
Company (whether by merger, consolidation, sale of assets or otherwise) that may
be issued in conversion of, in exchange for or in substitution of, the Shares or
the Class A Common Stock (adjusted proportionately to reflect any stock
dividend, stock split, reclassification, reorganization or recapitalization
occurring after the date hereof). As to any particular Registrable Securities,
such securities shall cease to be Registrable Securities (a) when a registration
statement with respect to the sale of such securities shall have become
effective under the Securities Act and such securities shall have been disposed
of in accordance with such registration statement, (b) when they shall have been
distributed to the public pursuant to Rule 144, (c) when they are transferred to
or become owned by a Person other than a Selling Stockholder (or a Person that
is a successor to all of such Selling Stockholder's rights and obligations
hereunder pursuant to Section 10(h)) or a Permitted Transferee, (d) when they
shall have ceased to be outstanding or (e) upon the Termination Date.

            "Registration Expenses" means all expenses incident and directly
attributable to the Company's performance of or compliance with its obligations
under this Agreement to effect the registration and sale of Registrable
Securities, including, without limitation, all registration, filing, securities
exchange listing and NASD fees, all registration, filing, qualification and
other fees and expenses of complying with securities or blue sky laws, all word
processing, duplicating and printing expenses, messenger and delivery expenses,
the fees and disbursements of counsel for the Company and of its independent
public accountants, including the expenses of any special audits or "cold
comfort" letters required by or incident and directly attributable to such
performance and compliance, the fees and disbursements of counsel retained by
the Selling Stockholders, the Permitted Transferees or any of them, expenses
incurred by the Company in connection with arranging, preparing for, and
participating in, road show presentations and all other selling efforts and any
fees and disbursements of underwriters, including underwriting discounts and
commissions and transfer taxes, if any, in respect of Registrable Securities,
provided that Registration Expenses shall not include (i) salaries of Company
personnel or general overhead expenses of the Company, (ii) auditing fees or
(iii) other expenses (A) for the preparation of regular periodic financial
statements or other data normally prepared by the Company in the ordinary course
of its business or (B) which the Company would have incurred in any event.

            "Representatives" has the meaning ascribed to it in Section 7(a).

            "Requested Public Offering" has the meaning ascribed to it in
Section 3(a).

            "Restated Certificate of Incorporation" means the Restated
Certificate of Incorporation of the Company, as amended.

            "Restricted Legend" has the meaning ascribed to it in Section
3(g)(ii).

            "Rule 144" means Rule 144 promulgated by the Commission under the
Securities Act, and any successor provision thereto.

            "Second Six-Month Period" means the period commencing on the day
after the expiration of the Initial Six-Month Period and ending on the six-month
anniversary of such day.

                                     - 4 -
<PAGE>
            "Securities Act" means the Securities Act of 1933, as amended, and
the rules and regulations promulgated thereunder.

            "Seller Indemnitees" has the meaning ascribed to it in Section 7(b).

            "Selling Stockholders" means Cerro, Climax, PDOCC and SPC.

            "Shares" means (x) the shares of Class A Common Stock, if any, owned
by each of the Selling Stockholders (including all such shares of Class A Common
Stock, if any, transferred after the date hereof by such Selling Stockholders to
Permitted Transferees) as set forth opposite the name of each such Selling
Stockholder on Schedule I and (y) the shares of Common Stock, if any, issued
pursuant to Section 4.9 of the Restated Certificate of Incorporation, to Selling
Stockholders (or Permitted Transferees) on or after the date hereof upon
conversion of the Class A Common Stock owned by such Selling Stockholders (or
Permitted Transferees) (including all such shares of Class A Common Stock, if
any, transferred after the date hereof by such Selling Stockholders to Permitted
Transferees).

            "Shelf Registration" means any registration of Registrable
Securities under the Securities Act effected in accordance with Section 2.

            "Shelf Registration Statement" has the meaning ascribed to it in
Section 2(a).

            "SPCC Sponsorship Period" means the period beginning on the
Effective Time and ending on the last day of the Initial Six-Month Period;
provided, however, if the Initial Six-Month Period has not commenced on or prior
to the eight-month anniversary of the Effective Time, the SPCC Sponsorship
Period shall end on such eight-month anniversary of the Effective Time.

            "Suspension" has the meaning ascribed to it in Section 2(c).

            "Termination Date" has the meaning ascribed to it in Section 8.

            "Underwritten Public Offering" means any offering of Common Stock to
the public, including Requested Public Offerings, either on behalf of the
Company or any of its securityholders, pursuant to an effective registration
statement under the Securities Act and in which such Common Stock is sold to an
underwriter or underwriters on a firm commitment basis for reoffering to the
public pursuant to an underwriting agreement signed by the Company.

            (b) Unless the context of this Agreement otherwise requires, (i)
words of any gender include each other gender; (ii) words using the singular or
plural number also include the plural or singular number, respectively; (iii)
the terms "hereof," "herein," "hereby" and derivative or similar words refer to
this entire Agreement; and (iv) the term "Section" refers to the specified
Section of this Agreement. Whenever this Agreement refers to a number of days,
such number shall refer to calendar days unless Business Days are specified.

                                     - 5 -
<PAGE>
            2. Registrations.

            (a) Shelf Registration. Subject to the provisions of Section 9, the
Company will file as promptly as practicable, and in any event will use its
reasonable best efforts to file with the Commission within 20 Business Days,
after the Effective Time a shelf registration statement on Form S-3 promulgated
by the Commission with respect to the resale of all of the Registrable
Securities on a delayed or continuous basis under Rule 415 of the Securities Act
(the "Shelf Registration Statement"). The Shelf Registration Statement will
contain the Plan of Distribution in substantially the form attached hereto as
Exhibit A (the "Plan of Distribution"). Subject to the provisions of Section 9,
the Company will use its reasonable best efforts to cause the Shelf Registration
Statement to be declared effective as promptly as practicable after the
Effective Time and to remain effective for a period beginning on the
Effectiveness Date and ending on the last day of the Second Six-Month Period.

            (b) Registration Expenses. All reasonable and customary Registration
Expenses incurred in connection with the Shelf Registration (whether or not the
Effectiveness Date occurs or any sales of Registrable Securities are effected
thereunder) and, except as expressly provided in the following sentence, all
other reasonable and customary Registration Expenses shall be (i) paid by the
Selling Stockholders and any Permitted Transferees from time to time promptly
after any request therefore by the Company and (ii) allocated among the Selling
Stockholders and any Permitted Transferees pro rata on the basis of the
respective amounts of Registrable Securities owned by each Selling Stockholder
and Permitted Transferee on the date of any such request. Furthermore, all
reasonable and customary Registration Expenses incurred in connection with any
single Requested Public Offering shall be paid upon closing of such Requested
Public Offering and shall be allocated among the Selling Stockholders and any
Permitted Transferees participating in such Requested Public Offering pro rata
on the basis of the respective amounts of securities then being sold on behalf
of such Selling Stockholders and Permitted Transferees in such Requested Public
Offering.

            (c) Registration Statement Form. Notwithstanding anything to the
contrary contained in this Agreement, if at any time the Company is not eligible
to use Form S-3 promulgated by the Commission for the registration of the
Registrable Securities for sale in accordance with the Plan of Distribution (or
a successor form that permits incorporation by reference of reports and
documents filed under the Exchange Act on a basis comparable to Form S-3), the
Company will so notify the Selling Stockholders and the Permitted Transferees in
writing and the use of the Shelf Registration Statement and the related
prospectus will be automatically suspended (a "Suspension") until such time as
the Company eligible to use Form S-3 (or such successor form). The Company will
not be required to register the Registrable Securities on any other form
promulgated by the Commission that does not permit incorporation by reference of
Exchange Act-filed reports and documents on a basis comparable to Form S-3. In
the event of any Suspension, the Company will use its reasonable best efforts to
again become eligible to use Form S-3 (or such successor form) as soon as
reasonably practicable and will promptly notify the Selling Stockholders and the
Permitted Transferees when it does become so eligible; provided that, for the
avoidance of doubt, the Company acknowledges that use of the Shelf Registration
Statement and the related prospectus shall be automatically reinstated without
further action by any party at such time as the Company is again eligible to use
Form S-3 (or such successor form).

                                     - 6 -
<PAGE>
            (d) Black-Out Periods. Notwithstanding anything to the contrary
contained in this Agreement, but without limiting the provisions of paragraph
(c) of this Section 2, the Company may temporarily suspend the use of the Shelf
Registration Statement and the related prospectus, by giving written notice
thereof to the Selling Stockholders and the Permitted Transferees, for one
period during any 360-day period not to exceed thirty (30) days in the aggregate
(the "Black-Out Period") if, in the good faith opinion of the Company's Board of
Directors, (i) the Shelf Registration Statement is not usable because a
prospectus is required, pursuant to Rule 3-05 and Article 11 of the Regulation
S-X (or any successor provisions), to include financial statements in respect of
businesses acquired or to be acquired and pro forma financial statements and
such financial statements are not readily available or (ii) (x) the Company's
ability to complete a pending or planned material debt or equity financing,
licensing arrangement, joint venture, acquisition or disposition of assets or
stock, merger or other material corporate transaction could reasonably be
expected to be materially and adversely affected by any disclosure of such
transaction required as a result of the continued effectiveness of the Shelf
Registration Statement or (y) the continued effectiveness of the Shelf
Registration Statement would require the Company to make public disclosure of
information the public disclosure of which is not otherwise required and could
reasonably be expected to have a material adverse effect on the Company. The
Company will not be required to specify in the written notice to the Selling
Stockholders and the Permitted Transferees the nature of the event giving rise
to any Black-Out Period. In the event of any Black-Out Period, the Company will
use its reasonable best efforts to cause the use of the Shelf Registration
Statement and the related prospectus so suspended to be resumed as promptly as
practicable after delivery of the notice of such Black-Out Period to the Selling
Stockholders and the Permitted Transferees and shall promptly notify the Selling
Stockholders and the Permitted Transferees of such resumption; provided that,
for the avoidance of doubt, the Company acknowledges that use of the Shelf
Registration Statement and the related prospectus shall be automatically
reinstated without further action by any party at the expiration of the
Black-Out Period.

            3. Requests for Public Offering; Offerings by Selling Stockholders.

            (a) Initial Six-Month Period Sales. At any time during the Initial
Six-Month Period, any one or more Selling Stockholder[s] and/or Permitted
Transferee[s] may request that the Company use its reasonable best efforts to
effect one or more Underwritten Public Offerings, which may include customary
"road show" presentations and all other customary selling efforts, all as the
applicable underwriters shall reasonably request (each such requested
Underwritten Public Offering, a "Requested Public Offering") in accordance with
Section 5. During the SPCC Sponsorship Period, Registrable Securities owned by
the Selling Stockholders and Permitted Transferees may only be sold in Requested
Public Offerings that are sponsored by the Company. Except as provided in the
immediately following sentence, any such request[s] for Requested Public
Offerings shall be in writing and delivered by the requesting Selling
Stockholders and/or Permitted Transferees, as applicable, to, or received by,
the Company, and each of the other Selling Stockholders and Permitted
Transferees as applicable, in accordance with Section 10(a). The Selling
Stockholders and Permitted Transferees shall be deemed to have made a request
for a Requested Public Offering at the Effectiveness Date; provided that (x) the
Company shall have notified such Selling Stockholders and Permitted Transferees
of the anticipated Effectiveness Date at least 5 Business Days prior to the time
that the Company submits a request to accelerate effectiveness of the Shelf
Registration Statement to the Commission and neither Cerro nor PD

                                     - 7 -
<PAGE>
notify the Company in writing prior to the Effectiveness Date that they object
to the commencement of a Requested Public Offering on the Effectiveness Date.

            (b) Requested Public Offerings. Subject to the provisions of Section
9 and the limitations set forth in Section 3(c), in the case of each request for
a Requested Public Offering made during the Initial Six-Month Period, the
Company shall:

            (i) use its reasonable best efforts to prepare and file with the
      Commission within (x) 20 Business Days (in the case of the first Requested
      Public Offering) and (y) within 8 Business Days (in the case of any
      subsequent Requested Public Offering) a prospectus supplement or
      post-effective amendment to the Shelf Registration Statement, as
      necessary, to permit the consummation of the applicable Requested Public
      Offering; and

            (ii) permit any other Selling Stockholder and any Permitted
      Transferee to participate in such Requested Public Offering (subject to
      the proviso at the end of this paragraph (b)) if within five Business Days
      of receipt by all of the Company, Cerro and PD of a request for a
      Requested Public Offering from any one or more Selling Stockholder[s]
      and/or Permitted Transferee[s], such other Selling Stockholder and/or
      Permitted Transferee delivers to the Company and each other Selling
      Stockholder and Permitted Transferee written notice in accordance with
      Section 10(a) that it desires to sell its Registrable Securities in such
      Requested Public Offering;

provided that, notwithstanding the foregoing, the number of Registrable
Securities to be sold by the Selling Stockholders and any Permitted Transferees
in connection with a Requested Public Offering shall be determined by the
Managing Underwriter (in consultation with the Company, Cerro and PD) to be the
maximum number of Registrable Securities that may be sold, including in
connection with the exercise by the underwriters of any related over-allotment
options, without causing a significant disruption in the market for shares of
the Common Stock. Notwithstanding anything in this clause (b) to the contrary,
the number of Registrable Securities to be sold in any such Requested Public
Offering shall not be less than 20,000,000, or such lesser amount as the
Managing Underwriter determines can be sold as provided in the previous sentence
(such number of Registrable Securities to be adjusted proportionately to reflect
any stock dividend, stock split, reclassification, reorganization,
recapitalization, distribution or other similar event in respect of the Shares).

            (c) Limitations on Requested Public Offerings. Notwithstanding
anything herein to the contrary, the Company shall not be required to honor a
request for a Requested Public Offering by any one or more Selling
Stockholder(s) or Permitted Transferee(s) if:

            (i) such request for a Requested Public Offering is received by the
      Company after the expiration of the Initial Six-Month Period;

            (ii) the Registrable Securities requested by the Selling
      Stockholders and the Permitted Transferees to be sold in connection with
      such Requested Public Offering does not constitute at least 10,000,000
      Shares (such number of Registrable Securities to be adjusted
      proportionately to reflect any stock dividend, stock split,
      reclassification,

                                     - 8 -
<PAGE>
      reorganization, recapitalization, distribution or other similar event in
      respect of the Shares); provided, however, that, to the extent that the
      aggregate number of remaining Registrable Securities is less than
      10,000,000 at the time a Requested Public Offering is requested, the
      Company shall be required to honor such request for a Requested Public
      Offering; provided further that all such remaining Registrable Securities
      then held by (x) the Cerro Entities (in the case of a request by all or
      any of them) or (y) the PD Entities (in the case of a request by all or
      any of them) are requested to be sold in connection with such Requested
      Public Offering; or

            (iii) such request is received by the Company at any time during the
      Initial Six-Month Period that a Requested Public Offering is in progress,
      regardless of whether the Selling Stockholder or Permitted Transferee
      making such request exercised its rights under this Agreement to
      participate in such Requested Public Offering.

            (d) Sales by Cerro Entities. During the Second Six-Month Period,
each of the Cerro Entities shall have the right to effect sales of Registrable
Securities included in the Shelf Registration Statement in any manner
contemplated in the Plan of Distribution; provided, however, that the Cerro
Entities may not sell more than 1,000,000 Registrable Securities in the
aggregate per calendar month (such 1,000,000 to be adjusted proportionately to
reflect any stock dividend, stock split, reclassification, reorganization,
recapitalization, distribution or other similar event in respect of the Shares).
If the Cerro Entities desire to sell more than 1,000,000 Registrable Securities
in the aggregate in any calendar month pursuant to this Section 3(d), Cerro
shall determine as between the Cerro Entities which of such Registrable
Securities may be sold. The Company shall not have any obligation to enter into
any underwriting agreements or to arrange, prepare for, or participate in, any
"road show" presentations or any other selling efforts in connection with, or
any obligation otherwise with respect to, any offerings of its securities that
may be effected by any Cerro Entity following the expiration of the Initial
Six-Month Period.

            (e) Sales by PD Entities. During the Second Six-Month Period, each
of the PD Entities shall have the right to effect sales of Registrable
Securities included in the Shelf Registration Statement in any manner
contemplated in the Plan of Distribution; provided, however, that the PD
Entities may not sell more than 1,000,000 Registrable Securities in the
aggregate per calendar month (such 1,000,000 to be adjusted proportionately to
reflect any stock dividend, stock split, reclassification, reorganization,
recapitalization, distribution or other similar event in respect of the Shares).
If the PD Entities desire to sell more than 1,000,000 Registrable Securities in
the aggregate in any calendar month pursuant to this Section 3(e), PD shall
determine as between the PD Entities which of such Registrable Securities may be
sold. The Company shall not have any obligation to enter into any underwriting
agreements or to arrange, prepare for, or participate in, any "road show"
presentations or any other selling efforts in connection with, or any obligation
otherwise with respect to, any offerings of its securities that may be effected
by any PD Entity following the expiration of the Initial Six-Month Period.

            (f) Priority in Cutback Registrations. With respect to any Requested
Public Offering effected by the Company during the Initial Six-Month Period, if
such Requested Public Offering becomes a Cutback Registration, the Company will
include in any such Requested Public Offering a number of Registrable Securities
not less than that which the Managing Underwriter determines is the maximum
number of Registrable Securities that may be sold in

                                     - 9 -
<PAGE>
such Requested Public Offering without causing a significant disruption in the
market for shares of the Common Stock, which Registrable Securities shall be
allocated among the Cerro Entities and the PD Entities that have elected to
participate in such Requested Public Offering pro rata on the basis of the
number of Registrable Securities each such Cerro Entity and/or PD Entity owns on
the date that the Managing Underwriter makes such determination. Following the
determination of any such pro rata allocation, each of Cerro and PD shall have
the right to specify what portion of the aggregate Registrable Securities so
allocated to the participating Cerro Entities (in the case of Cerro) and the
participating PD Entities (in the case of PD) may be sold by each such
participating Cerro Entity or PD Entity, as applicable, in connection with such
Cutback Registration.

            (g) Representations, Warranties and Other Agreements.

               (i) Accuracy of Schedule I. The Cerro Entities hereby represent
      and warrant, jointly and severally, to the Company that (x) they do not
      own any shares of Common Stock on the date hereof and (y) with respect to
      the number of shares of Class A Common Stock set forth opposite the names
      of the Cerro Entities on Schedule I, such information is true, accurate,
      complete and correct in all respects on the date hereof. The PD Entities
      hereby represent and warrant, jointly and severally, to the Company that
      (x) they do not own any shares of Common Stock on the date hereof and (y)
      with respect to the number of shares of Class A Common Stock set forth
      opposite the names of the PD Entities on Schedule I, such information is
      true, accurate, complete and correct in all respects on the date hereof.

            (ii) Agreement to Effect Conversion of Class A Common Stock. Each of
      AMC, the Cerro Entities and the PD Entities hereby agrees that, on the
      Effectiveness Date, all shares of Class A Common Stock owned by each such
      Person (or SPHC II Incorporated, in the case of AMC) on such date shall be
      converted in accordance with Sections 4.9(b) and 4.9(c) of the Restated
      Certificate of Incorporation into an equal number of fully paid and
      non-assessable shares of Common Stock. Upon such conversion, the Company
      agrees to issue, or to cause to be issued, and the Cerro Entities and PD
      Entities agree to accept, stock certificates bearing the Restricted Legend
      set forth in Exhibit B hereto and representing the number of shares of
      Common Stock held by each of them, respectively, as of such conversion
      date. Upon the delivery to the Company by (x) Cleary Gottlieb Steen &
      Hamilton LLP or other counsel reasonably acceptable to the Company ("Cerro
      Special Counsel"), as special counsel to the Cerro Entities (with respect
      to certificates representing shares of Common Stock held by one or more of
      the Cerro Entities) or (y) Debevoise & Plimpton LLP or other counsel
      reasonably acceptable to the Company ("PD Special Counsel"), special
      counsel to the PD Entities (with respect to certificates representing
      shares of Common Stock held by one or more of the PD Entities), of a legal
      opinion, which shall be addressed to the Company and, to the extent the
      Company is not acting in such capacity, the Company's transfer agent and
      shall be substantially in the form set forth in Exhibit C-1 (in the case
      of Cerro Special Counsel) or Exhibit C-2 (in the case of PD Special
      Counsel) hereto, as applicable, the Company hereby agrees to issue to the
      Cerro Entities whose shares of Common Stock are the subject of such
      opinion and/or the PD Entities whose shares of Common Stock are the
      subject of such opinion, as applicable, new stock certificates
      representing the number of

                                     - 10 -
<PAGE>
      shares of Common Stock held by each of them as of the date such opinion(s)
      is delivered to the Company, respectively, but without the Restricted
      Legend.

            4. Registration Procedures. In connection with the filing of the
Shelf Registration Statement, the Company will, as promptly as practicable:

            (a) subject to paragraphs (c) and (d) of Section 2, prepare and file
      with the Commission such amendments and supplements to such registration
      statement and any prospectus used in connection therewith as may be
      necessary to maintain the effectiveness of such registration statement and
      to comply with the provisions of the Securities Act with respect to the
      disposition of all Registrable Securities covered by such registration
      statement, in accordance with the Plan of Distribution, until the earlier
      of (i) such time as none of the securities covered by the Shelf
      Registration Statement constitute Registrable Securities and (ii) the
      Termination Date;

            (b) promptly notify the Selling Stockholders and any Permitted
      Transferees:

                  (i) when such registration statement or any prospectus used in
            connection therewith, or any amendment or supplement thereto, has
            been filed and, with respect to such registration statement or any
            post-effective amendment thereto, when the same has become
            effective;

                  (ii) of any written request by the Commission for amendments
            or supplements to such registration statement or prospectus or
            additional information;

                  (iii) of the notification to the Company by the Commission of
            its initiation of any proceeding with respect to the issuance by the
            Commission of, or of the issuance by the Commission of, any stop
            order suspending the effectiveness of such registration statement;
            and

                  (iv) of the receipt by the Company of any notification with
            respect to the suspension of the qualification of any Registrable
            Securities for sale under the applicable securities or blue sky laws
            of any jurisdiction;

            (c) furnish to the Selling Stockholders, any Permitted Transferees
      and any underwriter, such number of conformed copies of such registration
      statement and of each amendment and supplement thereto (in each case
      including all exhibits and documents incorporated by reference), such
      number of copies of the prospectus contained in such registration
      statement (including each preliminary prospectus and any summary
      prospectus) and any other prospectus filed under Rule 424 promulgated
      under the Securities Act, and such other documents, as the Selling
      Stockholders, any Permitted Transferees or any underwriter may reasonably
      request to facilitate the disposition of the Registrable Securities
      covered by such registration statement;

            (d) use its reasonable best efforts to register or qualify all
      Registrable Securities covered by such registration statement under such
      other securities or blue sky laws of

                                     - 11 -
<PAGE>
      such jurisdictions as any Selling Stockholder, any Permitted Transferee or
      any underwriter shall reasonably request, to keep such registration or
      qualification in effect for so long as such registration statement remains
      in effect, and take any other action which may be reasonably necessary or
      advisable to enable any Selling Stockholder, any Permitted Transferee or
      any underwriter to consummate the disposition in such jurisdictions of its
      Registrable Securities covered by such registration statement, except that
      the Company shall not for any such purpose be required (i) to qualify
      generally to do business as a foreign corporation in any jurisdiction
      wherein it would not but for the requirements of this paragraph (d) be
      obligated to be so qualified, (ii) to subject itself to taxation in any
      such jurisdiction or (iii) to consent to general service of process in any
      jurisdiction;

            (e) use its reasonable best efforts to cause all Registrable
      Securities covered by such registration statement to be registered with or
      approved by such other governmental agencies or authorities as may be
      necessary to enable any Selling Stockholder, any Permitted Transferee or
      any underwriter to consummate the disposition of such Registrable
      Securities;

            (f) promptly notify the Selling Stockholders and any Permitted
      Transferees at any time when a prospectus relating thereto is required to
      be delivered under the Securities Act, of the happening of any event
      (other than an event triggering a Suspension or relating to a Black-Out
      Period, which are governed by paragraphs (c) and (d) of Section 2,
      respectively) as a result of which any prospectus included in such
      registration statement, as then in effect, includes an untrue statement of
      a material fact or omits to state any material fact required to be stated
      therein or necessary to make the statements therein, in the light of the
      circumstances under which they were made, not misleading, and at the
      request of any Selling Stockholder or Permitted Transferee promptly
      prepare and furnish to such Selling Stockholders and Permitted Transferees
      a reasonable number of copies of a supplement to or an amendment of such
      prospectus as may be necessary so that, as thereafter delivered to the
      purchasers of such securities, such prospectus shall not include an untrue
      statement of a material fact or omit to state a material fact required to
      be stated therein or necessary to make the statements therein, in the
      light of the circumstances under which they were made, not misleading;

            (g) otherwise use its reasonable best efforts to comply with all
      applicable rules and regulations of the Commission, and make available to
      its securityholders, as soon as reasonably practicable, an earnings
      statement covering the period of at least twelve (12) months, but not more
      than eighteen (18) months, beginning with the first full calendar month
      after the effective date of such registration statement, which earnings
      statement shall satisfy the provisions of Section 11(a) of the Securities
      Act and Rule 158 promulgated thereunder;

            (h) make available for inspection by any underwriter participating
      in any disposition pursuant to such registration statement and any
      attorney, accountant or other agent retained by such underwriter
      (collectively, the "Inspectors"), all financial and other records,
      pertinent corporate documents and properties of the Company (collectively,
      the

                                     - 12 -
<PAGE>
      "Records") as shall be reasonably necessary to enable them to exercise
      their due diligence responsibility, and use its best efforts to cause the
      Company's directors, officers and employees to supply all information
      reasonably requested by any such Inspector in connection with such
      registration statement and use its best efforts to cause the Company's
      directors, officers and employees and independent public accountants who
      have certified its financial statements to make themselves available to
      discuss the business of the Company and to supply all information
      reasonably requested by any such Inspector as shall be necessary to enable
      such Inspector to exercise its due diligence responsibility; provided that
      records which the Company determines, in good faith, to be confidential
      and which it notifies the Inspectors are confidential shall not be
      disclosed by the Inspectors unless (i) the disclosure of such Records is
      necessary to avoid or correct a misstatement or omission in the
      registration statement, (ii) the release of such Records is ordered
      pursuant to a subpoena or other order from a court of competent
      jurisdiction or (iii) the information in such Records has been made
      generally available to the public;

            (i) at the request of any Selling Stockholder or Permitted
      Transferee with respect to any Requested Public Offering requested during
      the Initial Six-Month Period, enter into and perform its obligations under
      any related underwriting agreement with the underwriters of such Requested
      Public Offering (the form of which agreement shall be subject to Section
      5);

            (j) enter into such other agreements and use its reasonable best
      efforts to take such other actions in order to expedite or facilitate the
      disposition of Registrable Securities in connection with any Requested
      Public Offering requested by any Selling Stockholder or Permitted
      Transferee during the Initial Six-Month Period, including, without
      limitation, arranging, preparing for, and participating in, customary
      "road shows" presentations (including to institutional investors,
      analysts, money managers and others) and all other customary selling
      efforts, all as the underwriters shall reasonably request, which
      presentations shall take place in such locations, include such members of
      the Company's management and last for such duration as the Company and the
      underwriters deem appropriate; provided, that in any event such selling
      efforts shall be no less than efforts carried out for other similar
      offerings of securities of the size and complexity involved with such
      Requested Public Offering;

            (k) cooperate with any Selling Stockholder and any Permitted
      Transferee participating in the applicable Requested Public Offering or
      sale and the underwriters, if any, to facilitate the timely preparation
      and delivery of certificates representing Registrable Securities to be
      sold;

            (l) not later than the date of the sale of any Registrable
      Securities pursuant to the Shelf Registration Statement, provide a CUSIP
      number for all Registrable Securities and provide the applicable transfer
      agent with printed certificates for the Registrable Securities which
      certificates shall not bear the Restricted Legend and shall be in a form
      eligible for deposit with The Depository Trust Company;

                                     - 13 -
<PAGE>
            (m) obtain for delivery to any Selling Stockholder and any Permitted
      Transferee participating in the applicable Requested Public Offering or
      sale and to the underwriters, if applicable, an opinion or opinions from
      counsel for the Company dated the Effectiveness Date and, in the event of
      a Requested Public Offering, the date of the closing under the
      underwriting agreement, in customary form, scope and substance, which
      counsel and opinions shall be reasonably satisfactory to Cerro or PD, as
      applicable, and the underwriters, if applicable, and their respective
      counsel;

            (n) in the case of a Requested Public Offering, obtain for delivery
      to the Company and the underwriters with copies to the Selling
      Stockholders and any Permitted Transferees participating in the applicable
      Requested Public Offering, a cold comfort letter from the Company's
      independent certified public accountants in customary form and covering
      such matters of the type customarily covered by cold comfort letters as
      the underwriters reasonably request, dated the date of execution of the
      underwriting agreement and brought down to the closing under the
      underwriting agreement;

            (o) cause all Registrable Securities of a class to be listed on each
      securities exchange on which any of the Company's securities of such class
      are then listed or quoted and on each inter-dealer quotation system on
      which any of the Company's securities of such class are then quoted; and

            (p) at least three days before filing with the Commission, provide
      to each Selling Stockholder and Permitted Transferee drafts of each
      document to be filed in connection with the Shelf Registration Statement
      substantially in the form in which the Company expects such document to be
      filed.

            In the event of the issuance of any stop order suspending the
effectiveness of the Shelf Registration Statement, or any order suspending or
preventing the use of any related prospectus or suspending the qualification of
any Registrable Securities included in the Shelf Registration Statement for sale
in any jurisdiction, the Company will use its reasonable best efforts to
promptly obtain the withdrawal of such order and promptly notify the Selling
Stockholders and any Permitted Transferees of such withdrawal.

            The Company may require each of the Selling Stockholders and each
Permitted Transferee participating in the applicable Requested Public Offering
to, and each Selling Stockholder and each such Permitted Transferee, as a
condition to including Registrable Securities in the Shelf Registration
Statement, shall, furnish the Company with such information and certificates
regarding each such Selling Stockholder and each such Permitted Transferee,
respectively, and the distribution of such securities as the Company may from
time to time reasonably request in writing in connection with such registration.

            In addition, each Selling Stockholder and each Permitted Transferee
participating in the applicable Requested Public Offering or sale, as
applicable, shall (a) agree to furnish to the Company such information regarding
the method of distribution of the shares of Common Stock to be distributed and
such other information relating to such Selling Stockholder and such Permitted
Transferee, as applicable, and the ownership by such Selling Stockholder and
such

                                     - 14 -
<PAGE>
Permitted Transferee of Registrable Securities as the Company may from time to
time reasonably request in writing and such Selling Stockholder and such
Permitted Transferee shall furnish such information to the Company and cooperate
with the Company as reasonably necessary to enable the Company to comply with
the provisions of this Agreement; and (b) sell its Registrable Securities on the
basis provided in any underwriting agreements governing any Requested Public
Offering and shall, subject to Section 5, complete and execute all
questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents required under the terms of such underwriting agreements.

            The Selling Stockholders and any Permitted Transferees agree that
upon receipt of any notice to the Selling Stockholders and such Permitted
Transferees from the Company of the occurrence of a Suspension, a Black-Out
Period or any event of the kind described in paragraph (f) of this Section 4,
such Selling Stockholders and Permitted Transferees will forthwith discontinue
their disposition of Registrable Securities pursuant to the Shelf Registration
Statement until the expiration of the Suspension or Black-Out Period or the
availability of copies of the supplemented or amended prospectus contemplated by
paragraph (f) of this Section 4, as applicable (together with copies of the
supplemented or amended prospectus, if any), and, if so directed by the Company,
will deliver to the Company (at the Company's expense) all copies, other than
permanent file copies, then in their possession of the prospectus relating to
such Registrable Securities current at the time of receipt of the original
notice.

            In the event that the Selling Stockholders and any Permitted
Transferees receive any notice from the Company of the occurrence of a
Suspension, a Black-Out Period or any event of the kind described in paragraphs
(b)(iii), (b)(iv) or (f) of this Section 4, then the Initial Six-Month Period
(if the notice is received during such Period) shall be extended by the number
of days during the period from and including the date of the giving of such
notice to and including the date, as applicable, when the Selling Stockholders
and any Permitted Transferees receive notice from the Company that the
Suspension or Black-Out Period has expired, the stop order has been withdrawn,
the suspension of qualification of Registrable Securities has been withdrawn, or
when copies of the supplemented or amended prospectus as contemplated by
paragraph (f) of this Section 4 have been provided.

            5. Underwritten Offerings.

            (a) Terms of Underwritten Offerings. In the case of any Requested
Public Offering being effected pursuant to the Shelf Registration Statement and
Section 3, the Company shall select the Managing Underwriter and any other
underwriter or underwriters with respect to such offerings, which underwriter or
underwriters shall be reasonably satisfactory to PD and Cerro. Such underwriter
or underwriters will be instructed to effect as broad a distribution of the
Registrable Securities to be sold by them as is reasonably practicable, subject
to the limitations contained in Section 3. If so requested by any Selling
Stockholder or any Permitted Transferee participating in any Requested Public
Offering, the Company shall, in connection with any such Requested Public
Offering, enter into an underwriting agreement in customary form with such
underwriter or underwriters, which shall be reasonably satisfactory to the
Company and the Selling Stockholders and any Permitted Transferees participating
in such Requested Public Offering, and shall include, among other provisions,
indemnities to the effect and to the extent provided in Section 7. At the
request of the Company, any Selling Stockholder or Permitted

                                     - 15 -
<PAGE>
Transferee participating in the applicable Requested Public Offering shall be
parties to such underwriting agreements and the Selling Stockholders and any
Permitted Transferees participating in the applicable Requested Public Offering,
may, at their option, require that any or all of the representations and
warranties by, and the other agreements on the part of, the Company to and for
the benefit of such underwriters pursuant to such underwriting agreements also
be made to and for the benefit of the Selling Stockholders and the Permitted
Transferees participating in such Requested Public Offering and that any or all
of the conditions precedent to the obligations of such underwriters under such
underwriting agreements also be conditions precedent to the obligations of the
Selling Stockholders and the Permitted Transferees participating in such
Requested Public Offering. Notwithstanding anything to the contrary herein,
neither the Selling Stockholders nor any Permitted Transferees participating in
the applicable Requested Public Offering shall be required to make any
representations or warranties to or agreements with the Company or the
underwriters other than representations, warranties or agreements regarding such
Selling Stockholder or such Permitted Transferee, respectively, its ownership of
the Registrable Securities being offered on its behalf, its intended method of
distribution of such Registrable Securities and any other representation
required by law. In the case of a Requested Public Offering, immediately prior
to the signing of the applicable underwriting agreement, the Managing
Underwriter shall notify the Company, each Selling Stockholder and each
Permitted Transferee participating in such Requested Public Offering of the
price, underwriting discount and other financial terms at which it expects the
applicable Registrable Securities to be sold. The price, underwriting discount
and other financial terms related to the sale of the Registrable Securities in
the related underwriting agreement shall be subject to the reasonable approval
of each Selling Stockholder and each Permitted Transferee participating in such
Requested Public Offering. If one or more Selling Stockholders or Permitted
Transferees participating in such Requested Public Offering does not provide
such approval, the Registrable Securities of such non-approving Selling
Stockholders and Permitted Transferees shall not be included in such Requested
Public Offering and in such case if the Company had previously implemented a pro
rata reduction in the number of Registrable Securities that the Selling
Stockholders and Permitted Transferees providing such approval may sell in such
Requested Public Offering, the Company shall implement a corresponding pro rata
increase in the number of Registrable Securities that the Selling Stockholders
and Permitted Transferees providing such approval shall sell in such Requested
Public Offering.

            (b) Over-allotment Options. If and to the extent that (i) the
underwriting agreement executed in connection with a Requested Public Offering
as provided in Section 5(a) grants the applicable underwriters an over-allotment
option, (ii) the underwriters elect to exercise such over-allotment option and
(iii) the Selling Stockholders and/or any Permitted Transferees participating in
such Requested Public Offering at the time of such exercise(s) still hold
Registrable Securities, the Company, the Selling Stockholders and any Permitted
Transferees hereby agree that the obligations, if any, of the Company, the
Selling Stockholders and Permitted Transferees to sell additional Shares
pursuant to such over-allotment option shall be satisfied first from the
Registrable Securities still held by the Selling Stockholders and any Permitted
Transferees at the time of such exercise(s), with the remainder, if any, to be
covered by the Company.

            6. Lockup Agreements.

                                     - 16 -
<PAGE>
            (a) By the Selling Stockholders and Permitted Transferees. (i)
Notwithstanding anything in this Agreement to the contrary, during the SPCC
Sponsorship Period, the Selling Stockholders and the Permitted Transferees shall
not sell or transfer any Registrable Securities other than through a Requested
Public Offering sponsored by the Company and effected pursuant to this
Agreement; provided, however, that each of the Selling Stockholders shall be
permitted to dividend or otherwise transfer all or any portion of its Shares to
not more than a total of seven (7) permitted transferees (the "Permitted
Transferees") to be selected, in the case of Cerro or SPC, exclusively from
among Cerro's parent corporation, SPC, and Cerro's parent corporation's trust
shareholders and/or beneficiaries and any Person owned or controlled by such
trust shareholders and/or beneficiaries, and in the case of PDOCC or Climax,
exclusively from among the Affiliates of PDOCC and Climax; provided, further,
that, in advance of effecting any such dividend or transfer, the Selling
Stockholders shall provide written notice to the Company of the proposed
Permitted Transferee, notice information for the proposed Permitted Transferee,
the date of transfer and the number of Shares to be transferred; provided,
further, that any such Permitted Transferee shall first execute and deliver to
the Company one or more counterparts to this Agreement agreeing to be bound by
its terms.

            (ii) Notwithstanding anything in this Agreement to the contrary,
during the period beginning on the Effective Time and ending on the Termination
Date, none of the Selling Stockholders or the Permitted Transferees, if any,
shall, without the prior written consent of AMC and the Company, which consent
shall not be unreasonably withheld, knowingly sell all or any portion of its
shares of Common Stock to any strategic buyers or competitors of the Company
other than through a Public Offering effected pursuant to this Agreement.

            (iii) If and to the extent requested by the Managing Underwriter
(or, in the case of a non-Underwritten Public Offering, the Company), the
Selling Stockholders and any Permitted Transferees agree, to the extent that the
Selling Stockholders and such Permitted Transferees are timely notified by the
Managing Underwriter (or the Company), not to effect any public sale or
distribution (including a sale under Rule 144) of Registrable Securities, or any
securities convertible into or exchangeable or exercisable for such securities,
during the 10 days prior to and the 60 days after the consummation or
termination of such Public Offering or non-Underwritten Public Offering (or for
such longer period of time not to exceed 90 days as is sufficient and
appropriate, in the opinion of the Managing Underwriter (or, in the case of a
non-Underwritten Public Offering, the Company), in order to complete the sale
and distribution of the securities included in such Public Offering), except as
part of such Public Offering, whether or not the Selling Stockholders or such
Permitted Transferees participate in such Public Offering.

            (b) By the Company. (i) To the extent the Company is timely notified
by the Managing Underwriter, the Selling Stockholders or any Permitted
Transferee, the Company agrees and, to the extent requested by the Managing
Underwriter, shall use its reasonable best efforts to cause its executive
officers and directors to agree, not to effect any public sale or distribution
of the Company's equity securities, or any securities convertible into or
exchangeable or exercisable for such securities, during the 10 days prior to and
the 60 days after the consummation or termination of a Requested Public Offering
(or for such longer period of time not to exceed 90 days as is sufficient and
appropriate, in the opinion of the Managing Underwriter), except as part of such
underwritten registration and except pursuant to

                                     - 17 -
<PAGE>
registrations on Form S-4 or in connection with any employee benefit plan or
pursuant to the exercise of outstanding options, warrants or similar rights; and

            (ii) The Company agrees not to conduct during the SPCC Sponsorship
Period a primary offering of any equity securities or any securities convertible
into or exchangeable or exercisable for such securities; provided, however, that
the Company shall have the right during such period to issue shares of Common
Stock or equity securities or any securities convertible into or exchangeable
for such securities, including Common Stock issuable upon the sale or conversion
of the Class A Common Stock, in connection with acquisitions, mergers, business
combinations, benefit plans and other similar transactions, as the case may be.

            (c) By AMC. AMC agrees not to sell, and will use its reasonable best
efforts to prevent any of its Affiliates from selling, during the SPCC
Sponsorship Period any shares of Common Stock or other equity securities or any
securities convertible into or exchangeable or exercisable for such securities,
including Common Stock issuable upon the sale or conversion of the Class A
Common Stock.

            7. Indemnification.

            (a) Indemnification by the Company. The Company shall, to the full
extent permitted by law, indemnify and hold harmless each seller of Registrable
Securities included in the Shelf Registration Statement, its directors,
officers, employees, advisors and agents (collectively, "Representatives"), and
each other Person, if any, who controls any such seller within the meaning of
the Securities Act or the Exchange Act and each such controlling Person's
Representatives (collectively, the "Company Indemnitees"), against any losses,
claims, damages, expenses or liabilities, joint or several (together, "Losses"),
to which such Company Indemnitees may become subject under the Securities Act or
otherwise, insofar as such Losses (or actions or proceedings in respect thereof)
arise out of or are based upon any untrue statement or alleged untrue statement
of any material fact contained in the Shelf Registration Statement, any
preliminary prospectus, final prospectus or summary prospectus contained
therein, or any amendment or supplement thereto, including all documents
incorporated therein by reference, or any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein (in the case of a prospectus, in the light of the
circumstances under which they were made) not misleading and such untrue
statement or alleged untrue statement or omission or alleged omission was not
corrected in a subsequent amendment or supplement prior to or concurrently with
the sale of Registrable Securities to the Person asserting such Loss, and the
Company will reimburse such Company Indemnitees for any legal or any other
expenses reasonably incurred by them in connection with investigating or
defending any such Loss (or action or proceeding in respect thereof); provided
that the Company shall not be liable to a Company Indemnitee in any such case to
the extent that any such Loss (or action or proceeding in respect thereof)
arises out of or is based upon (x) an untrue statement or alleged untrue
statement or omission or alleged omission made in any such registration
statement, preliminary prospectus, final prospectus, summary prospectus,
amendment or supplement in reliance upon and in conformity with written
information furnished by the related seller to the Company expressly for use in
the preparation thereof or (y) such related seller's failure to send or give a
copy of the final prospectus to the Persons who assert an untrue statement or
alleged untrue statement or omission or alleged omission at or prior to the
written confirmation of the

                                     - 18 -
<PAGE>
sale of Registrable Securities to such Person if such statement or omission was
corrected in such final prospectus. The Company shall also indemnify each other
Person who participates (including as an underwriter) in the offering or sale of
Registrable Securities, their officers and directors and each other Person, if
any, who controls any such participating Person within the meaning of the
Securities Act or the Exchange Act to the same extent as provided above with
respect to Company Indemnitees. The indemnity in this paragraph (a) of Section 7
shall be in addition to any liability the Company may otherwise have.

            (b) Indemnification by the Sellers. Each holder of Registrable
Securities which are included or are to be included in the Shelf Registration
Statement, as a condition to including Registrable Securities in such
registration statement, shall, severally and not jointly, to the full extent
permitted by law, indemnify and hold harmless the Company, its Representatives,
and each other Person, if any, who controls the Company within the meaning of
the Securities Act or the Exchange Act and each such controlling Person's
Representatives (collectively, the "Seller Indemnitees") against any Losses to
which the Seller Indemnitees may become subject under the Securities Act or
otherwise, insofar as such Losses (or actions or proceedings in respect thereof)
arise out of or are based upon any untrue statement or alleged untrue statement
of any material fact contained in any such registration statement, any
preliminary prospectus, final prospectus or summary prospectus contained
therein, or any amendment or supplement thereto, or any omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein (in the case of a prospectus, in the
light of the circumstances under which they were made) not misleading, if such
untrue statement or alleged untrue statement or omission or alleged omission was
made in reliance upon and in conformity with written information furnished to
the Company by such holder specifically stating that it is for use in the
preparation of such registration statement, preliminary prospectus, final
prospectus, summary prospectus, amendment or supplement and was not corrected in
a subsequent writing prior to or concurrently with the sale of Registrable
Securities to the Person asserting such Loss; provided, however, that the
aggregate amount which may be recovered from any holder of Registrable
Securities pursuant to the indemnification provided for in this Section 7(b) in
connection with any registration and sale of Registrable Securities shall be
limited to the total proceeds received by such holder from the sale of such
Registrable Securities. Such holders shall also indemnify each other Person who
participates (including as an underwriter) in the offering or sale of
Registrable Securities, their officers and directors and each other Person, if
any, who controls any such participating Person within the meaning of the
Securities Act or the Exchange Act to the same extent as provided above with
respect to the Seller Indemnitees. The indemnity in this paragraph (b) of
Section 7 shall be in addition to any liability such holder may otherwise have.

            (c) Notices of Claims, etc. Promptly after receipt by an Indemnified
Party of notice of the commencement of any action or proceeding involving a
claim referred to in the preceding paragraph (a) or (b) of this Section 7, such
Indemnified Party will, if a claim in respect thereof is to be made against an
Indemnifying Party pursuant to such paragraphs, give written notice to the
latter of the commencement of such action, provided that the failure of any
Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its obligations under the preceding paragraphs of this
Section 7, except to the extent that the Indemnifying Party is actually
prejudiced by such failure to give notice. In case any such action is brought
against an Indemnified Party, the Indemnifying Party shall be entitled to
participate in

                                     - 19 -
<PAGE>
and to assume the defense thereof, jointly with any other Indemnifying Party
similarly notified to the extent that it may wish, with counsel reasonably
satisfactory to such Indemnified Party, and after notice from the Indemnifying
Party to such Indemnified Party of its election so to assume the defense
thereof, the Indemnifying Party shall not be liable to such Indemnified Party
for any legal or other expenses subsequently incurred by the latter in
connection with the defense thereof other than reasonable costs of
investigation; provided that the Indemnified Party or Indemnified Parties shall
have the right to employ one counsel to represent it or them if (A) in the
reasonable judgment of the Indemnified Party or Indemnified Parties, it is
advisable for it or them to be represented by separate counsel by reason of
having legal defenses which are different from or in addition to those available
to the Indemnifying Party or (B) the named parties to any such action include
both the Indemnifying Party and the Indemnified Party and the Indemnified Party
shall have been advised by its counsel that there may be a conflict of interest
between the Indemnified Party and the Indemnifying Party in the conduct of the
defense of such action, and in any of the foregoing events the reasonable fees
and expenses of such one counsel shall be paid by the Indemnifying Party. If the
Indemnifying Party is not entitled to, or elects not to, assume the defense of a
claim, it will not be obligated to pay the fees and expenses of more than one
counsel for the Indemnified Parties with respect to such claim, unless in the
reasonable judgment of any Indemnified Party a conflict of interest may exist
between such Indemnified Party and any other Indemnified Parties with respect to
such claim, in which event the Indemnifying Party shall be obligated to pay the
fees and expenses of such additional counsel for the Indemnified Parties or
counsels. No Indemnifying Party shall consent to entry of any judgment or enter
into any settlement without the consent of the Indemnified Party which (i) does
not include as an unconditional term thereof the giving by the claimant or
plaintiff to such Indemnified Party of a release from all liability in respect
to such claim or litigation or (ii) includes any admission of wrongdoing on the
part of the Indemnified Party.

            (d) Contribution. If the indemnity and reimbursement obligation
provided for in any paragraph of this Section 7 is unavailable or insufficient
to hold harmless an Indemnified Party in respect of any Losses (or actions or
proceedings in respect thereof) referred to therein, then the Indemnifying Party
shall contribute to the amount paid or payable by the Indemnified Party as a
result of such Losses (or actions or proceedings in respect thereof) in such
proportion as is appropriate to reflect the relative fault of the Indemnifying
Party on the one hand and the Indemnified Party on the other hand in connection
with untrue statements or alleged untrue statements or omissions or alleged
omissions which resulted in such Losses, as well as any other relevant equitable
considerations. The relative fault shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to
information supplied by the Indemnifying Party or the Indemnified Party and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such untrue statement or omission. The parties hereto agree
that it would not be just and equitable if contributions pursuant to this
paragraph were to be determined by pro rata allocation or by any other method of
allocation which does not take account of the equitable considerations referred
to in the first sentence of this paragraph. The amount paid by an Indemnified
Party as a result of the Losses referred to in the first sentence of this
paragraph shall be deemed to include any legal and other expenses reasonably
incurred by such Indemnified Party in connection with investigating or defending
any Loss which is the subject of this paragraph.

                                     - 20 -
<PAGE>
            No Indemnified Party guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from the Indemnifying Party if the Indemnifying Party was not
guilty of such fraudulent misrepresentation.

            Notwithstanding the provisions of this Section 7(d), no Indemnifying
Party (other than the Company) shall be required to contribute any amount which
is in excess of the amount by which the total proceeds received by such
Indemnifying Party from the sale of Registrable Securities (net of all
underwriting discounts and commissions) exceeds the amount of any damages that
such Indemnifying Party has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission.

            (e) Other Indemnification. Indemnification similar to that specified
in the preceding paragraphs of this Section 7 (with appropriate modifications)
shall be given by the Company and each seller of Registrable Securities with
respect to any required registration or other qualification of securities under
any federal or state law or regulation of any governmental authority other than
the Securities Act.

            (f) Other Rights to Indemnification or Contribution. The provisions
of this Section 7 shall be in addition to any other rights to indemnification or
contribution which an Indemnified Party may have pursuant to law, equity,
contract or otherwise.

            8. Termination. This Agreement and the rights and obligations of the
parties hereto (other than Section 2(b), Section 3(g)(ii), Section 7 and this
Section 8, which shall survive any termination of this Agreement) shall
automatically terminate, and shall cease to be of any further force or effect on
the earlier of (i) the first day after the expiration of the Second Six-Month
Period and (ii) the date on which all of the Registrable Securities owned by the
Selling Stockholders and any Permitted Transferees on the date hereof have been
disposed of in accordance with the Shelf Registration Statement (such earlier
date, the "Termination Date"); provided, however, that in no event shall the
Termination Date be later than the date that is eighteen (18) months from the
date of this Agreement.

            9. Conditions to Obligations of Company and AMC. The parties to this
Agreement (including any Permitted Transferees) hereby agree that the
obligations of the Company and AMC under this Agreement are subject to the
condition that the Effective Time shall have occurred and, with respect to the
obligations of the Company and AMC under this Agreement to each Selling
Stockholder and Permitted Transferee, to the further conditions that each such
Selling Stockholder or Permitted Transferee, as the case may be, shall have
taken all steps required to be taken by it under Section 4.9(c) of the Restated
Certificate of Incorporation to effect the voluntary conversion of all shares of
Class A Common Stock owned by each such Selling Stockholder or Permitted
Transferee, as the case may be.

            10. Miscellaneous.

            (a) Notices. All notices, requests and other communications
hereunder must be in writing and will be deemed to have been duly given only if
delivered personally or by facsimile transmission or mailed (first class postage
prepaid) to the parties at the following addresses or facsimile numbers:

                                     - 21 -
<PAGE>
            If to Cerro or SPC, to:

                  Cerro Trading Company, Inc.
                  225 West Washington Street
                  Suite 1900
                  Chicago, Illinois  60606
                  Facsimile No.:  (312) 845-8769
                  email: robert.webb@marmon.com
                  Attn:  Robert W. Webb
                         Secretary

            with a copy to:

                  Cleary Gottlieb Steen & Hamilton LLP
                  2000 Pennsylvania Avenue, N.W.
                  Washington, D.C.  20006-1801
                  Facsimile No.:  (202) 974-1999
                  email: lsoldo@cgsh.com
                  Attn:  Linda J. Soldo

            If to PD, PDOCC or Climax, to it, in care of:

                  Phelps Dodge Corporation
                  One North Central Avenue
                  Phoenix, Arizona 85004
                  Facsimile No.:  (602) 366-7321
                  email: dcolton@phelpsdodge.com
                  Attn:  S. David Colton
                         Senior Vice President and General Counsel

            with a copy to:

                  Debevoise & Plimpton LLP
                  919 Third Avenue
                  New York, New York 10022
                  Facsimile No.:  (212) 909-6836
                  email: mwblair@debevoise.com
                  Attn:  Michael W. Blair

            If to the Company, to:

                  Southern Peru Copper Corporation
                  2575 East Camelback Road, Suite 500
                  Phoenix, Arizona  85016
                  Facsimile No.:  (602) 977-6700

                                     - 22 -
<PAGE>
                  email: armando.ortega@mm.gmexico.com
                  Attn:  Armando Ortega Gomez
                         Vice President-Legal Secretary

            with a copy to:

                  Milbank, Tweed, Hadley & McCloy LLP
                  One Chase Manhattan Plaza
                  New York, New York  10005
                  Facsimile No.:  (212) 530-5219
                  email: mfitzgerald@milbank.com
                  Attn:  Michael L. Fitzgerald

All such notices, requests and other communications will (i) if delivered
personally to the address as provided in this Section, be deemed given upon
delivery, (ii) if delivered by facsimile transmission to the facsimile number as
provided in this Section, be deemed given upon receipt, and (iii) if delivered
by mail in the manner described above to the address as provided in this Section
10(a), be deemed given upon receipt (in each case regardless of whether such
notice, request or other communication is received by any other Person to whom a
copy of such notice is to be delivered pursuant to this Section 10(a)). Any
party from time to time may change its address, facsimile number or other
information for the purpose of notices to that party by giving notice specifying
such change to the other parties hereto.

            (b) Entire Agreement. This Agreement sets forth the entire
understanding of the parties hereto with regard to the subject matter hereof and
supersedes all prior discussions and agreements between the parties with respect
to the subject matter hereof, including, without limitation, the Cerro Letter
Agreement and the PD Letter Agreement.

            (c) Amendment. This Agreement may be amended, supplemented or
modified only by a written instrument (which may be executed in any number of
counterparts) duly executed by or on behalf of each of the parties hereto.

            (d) Waiver. Subject to paragraph (e) of this Section 10, any term or
condition of this Agreement may be waived at any time by the party that is
entitled to the benefit thereof, but no such waiver shall be effective unless
set forth in a written instrument duly executed by or on behalf of the party
waiving such term or condition. No waiver by any party of any term or condition
of this Agreement, in any one or more instances, shall be deemed to be or
construed as a waiver of the same term or condition of this Agreement on any
future occasion.

            (e) Consents and Waivers. Any consent of a party hereto pursuant to
this Agreement, and any waiver by a party hereto of any provision of this
Agreement, shall be in writing (which may be executed in any number of
counterparts), and any such consent or waiver so given or taken will be binding
on such party.

            (f) Third Party Beneficiary. The terms and provisions of this
Agreement are intended solely for the benefit of each party hereto, their
respective successors or permitted assigns and any other holder of Registrable
Securities, and it is not the intention of the parties to

                                     - 23 -
<PAGE>
confer third-party beneficiary rights upon any other Person other than any
Person entitled to indemnity under Section 7.

            (g) Comparable Agreements. The Company hereby represents and
warrants to the Selling Stockholders that, as of the date hereof, it is not
party to any agreement with one or more third parties to effect the registration
under the Securities Act of all or part of any shares of Common Stock or Class A
Common Stock owned by such third parties on terms that are more favorable to
such third parties than the terms of this Agreement. Notwithstanding anything in
this Agreement to the contrary, the Company agrees with each of the Selling
Stockholders that, to the extent the Company agrees after the date hereof to
effect the registration under the Securities Act of all or part of any shares of
Common Stock owned by a third party, it shall only do so on terms that are
substantially identical to the terms of this Agreement.

            (h) Successors and Assigns. Cerro and SPC may assign their
respective rights and obligations under this Agreement solely to (w) Cerro's
parent corporation, (x) Persons who are trust shareholders and/or beneficiaries
of Cerro's parent corporation, (y) any Persons owned or controlled by such trust
shareholders and/or beneficiaries or (z) a transferee of greater than 50% of the
aggregate number of Registrable Securities owned by Cerro and SPC as of the date
hereof (such number to be adjusted proportionately to reflect any stock
dividend, stock split, reclassification, reorganization, recapitalization,
distribution or other similar event in respect of the Shares); provided that any
such assignee shall first execute one or more counterparts to this Agreement
agreeing to be bound by its terms. Climax and PDOCC may assign their respective
rights and obligations under this Agreement solely to (x) Persons who are
Affiliates of PDOCC and Climax or (y) a transferee of greater than 50% of the
aggregate number of Registrable Securities owned by Climax and PDOCC as of the
date hereof (such number to be adjusted proportionately to reflect any stock
dividend, stock split, reclassification, reorganization, recapitalization,
distribution or other similar event in respect of the Shares); provided that any
such assignee shall first execute one or more counterparts to this Agreement
agreeing to be bound by its terms. Except as expressly set forth above in this
Section 10(h), the rights and obligations of the Selling Stockholders and the
Permitted Transferees under this Agreement shall not be assignable. This
Agreement is binding upon, inures to the benefit of and is enforceable by the
parties hereto and their respective permitted successors and assigns.

            (i) Headings. The headings used in this Agreement have been inserted
for convenience of reference only and do not define or limit the provisions
hereof.

            (j) Invalid Provisions. If any provision of this Agreement is held
to be illegal, invalid or unenforceable under any present or future law, and if
the rights or obligations of any party hereto under this Agreement will not be
materially and adversely affected thereby, (i) such provision will be fully
severable, (ii) this Agreement will be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a part hereof
and (iii) the remaining provisions of this Agreement will remain in full force
and effect and will not be affected by the illegal, invalid or unenforceable
provision or by its severance herefrom.

            (k) Remedies. Except as otherwise expressly provided for herein, no
remedy conferred by any of the specific provisions of this Agreement is intended
to be exclusive of any other remedy, and each and every remedy shall be
cumulative and shall be in addition to every

                                     - 24 -
<PAGE>
other remedy given hereunder or now or hereafter existing at law or in equity or
by statute or otherwise. The election of any one or more remedies by any party
hereto shall not constitute a waiver by any such party of the right to pursue
any other available remedies.

            Damages in the event of breach of this Agreement by a party hereto
or any other holder of Registrable Securities would be difficult, if not
impossible, to ascertain, and it is therefore agreed that each such Person, in
addition to and without limiting any other remedy or right it may have, will
have the right to an injunction or other equitable relief in any court of
competent jurisdiction, enjoining any such breach, and enforcing specifically
the terms and provisions hereof and the Company and each holder of Registrable
Securities, by its acquisition of such Registrable Securities, hereby waives any
and all defenses it may have on the ground of lack of jurisdiction or competence
of the court to grant such an injunction or other equitable relief. The
existence of this right will not preclude any such Person from pursuing any
other rights and remedies at law or in equity which such Person may have.

            (l) Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of New York.

            (m) Counterparts. This Agreement may be executed in any number of
counterparts, each of which will be deemed an original, but all of which
together will constitute one and the same instrument.

                                     - 25 -
<PAGE>
            IN WITNESS WHEREOF, this Agreement has been duly executed and
delivered by the duly authorized officer of each party hereto as of the date
first above written.

                                    CERRO TRADING COMPANY, INC.

                                    By: ______________________________________
                                        Name:
                                        Title:

                                    SPC INVESTORS, L.L.C.

                                    By: ______________________________________
                                        Name:
                                        Title:

                                    PHELPS DODGE CORPORATION
                                        solely with respect to Section 3(b)(ii),
                                        Section 3(e), Section 4(m) and Section 5
                                        of this Agreement

                                    By: ______________________________________
                                        Name:
                                        Title:

                                    PHELPS DODGE OVERSEAS CAPITAL CORPORATION

                                    By: ______________________________________
                                        Name:
                                        Title:

                                    CLIMAX MOLYBDENUM B.V.

                                    By: ______________________________________
                                        Name:
                                        Title:

                                     - 26 -
<PAGE>
                                    SOUTHERN PERU COPPER CORPORATION

                                    By: ______________________________________
                                        Name:
                                        Title:

                                    AMERICAS MINING CORPORATION
                                        solely with respect to Section 3(g)(ii)
                                        and Section 6(c) of this Agreement

                                    By: ______________________________________
                                        Name:
                                        Title:

                                     - 27 -
<PAGE>
                                                                      SCHEDULE I

                        OWNERSHIP OF CLASS A COMMON STOCK

<TABLE>
<CAPTION>
Selling Stockholders                        Number of Shares of Class A Common
                                            Stock Beneficially Owned
-----------------------------------------   ----------------------------------
<S>                                         <C>
Cerro Trading Company, Inc.                  9,498,088
SPC Investors, L.L.C.                        1,880,000
Phelps Dodge Overseas Capital Corporation    8,963,796
Climax Molybdenum B.V.                       2,210,000
TOTAL                                       22,551,884
</TABLE>
<PAGE>
                                                                       EXHIBIT A

                              PLAN OF DISTRIBUTION
             [TO BE INCLUDED IN THE SHELF REGISTRATION STATEMENT.]

            We have registered the __________ shares of our common stock offered
in this prospectus on behalf of the selling stockholders. The selling
stockholders will pay all reasonable and customary expenses of this
registration, including, among other things, reasonable and customary fees and
expenses of counsel or other advisors to the selling stockholders, reasonable
and customary fees and expenses of counsel for us and of our independent
registered public accounting firm and expenses that are incurred by us in
connection with arranging, preparing for and participating in, selling efforts.
The selling stockholders will be responsible for paying any commissions,
discounts, or other brokerage fees and any transfer taxes incurred in connection
with its sale of any of the shares.

            The shares of common stock may be sold in one or more transactions
at fixed prices, at prevailing market prices at the time of sale, at prices
related to the prevailing market prices, at varying prices determined at the
time of sale, or at negotiated prices. These sales may be effected at various
times in one or more of the following transactions, or in other kinds of
transactions:

            -     on the New York Stock Exchange, in the over-the-counter market
                  or on any other quotation system or exchange on which such
                  securities may be quoted or listed;

            -     in private transactions and transactions otherwise than on
                  these exchanges or systems or in the over-the-counter market;

            -     in connection with short sales of the shares;

            -     by pledge to secure debt and other obligations;

            -     through the writing of options, whether the options are listed
                  on an options exchange or otherwise;

            -     in connection with the writing of non-traded and
                  exchange-traded call options, in hedge transactions and in
                  settlement of other transactions in standardized or
                  over-the-counter options; or

            -     through a combination of any of the above transactions or any
                  other method permitted pursuant to applicable law.

            The shares of common stock may be offered to or through underwriters
or agents designated from time to time or to or through brokers or dealers, or
through any combination of these methods of sale. The methods by which the
shares of common stock may be sold include:
<PAGE>
            -     a block trade (which may involve crosses) in which the broker
                  or dealer will attempt to sell the shares of common stock as
                  agent but may position and resell a portion of the block as
                  principal to facilitate the transaction;

            -     purchases by a broker or dealer as principal and resale by
                  such broker or dealer for its own account pursuant to this
                  prospectus;

            -     exchange distributions or secondary distributions in
                  accordance with the rules of the NYSE;

            -     ordinary brokerage transactions and transactions in which the
                  broker solicits purchasers;

            -     privately negotiated transactions; and

            -     any other method permitted pursuant to applicable law.

            An underwriter, agent, broker or dealer may receive compensation in
the form of discounts, concessions or commissions from the selling stockholders
or the purchasers of the securities for whom such broker-dealers may act as
agents or to whom they sell as principals, or both (which compensation as to a
particular broker-dealer might be in excess of customary commissions). A member
firm of an exchange on which our securities are traded might be engaged to act
as a selling stockholder's agent in the sale of shares by such selling
stockholder.

            During the first six-month period following the effectiveness date
of the registration statement, which six-month period is subject to extension in
certain circumstances, the selling stockholders and their successors, including
their permitted transferees, pledgees or donees or their successors, may sell
the common stock only in underwritten offerings sponsored by us in an amount,
subject to the following sentence, determined by the managing underwriter to be
the maximum amount of shares owned by the selling stockholders that can be sold
without significant market disruption. Notwithstanding the foregoing, the number
of shares included in any such underwritten offering will not be less than
20,000,000, or such lesser amount as the managing underwriter determines can be
sold without significant market disruption. In either case, 20,000,000 or such
lesser amount of shares will be adjusted proportionately to reflect any stock
dividend, stock split, reclassification, reorganization, recapitalization,
distribution or other similar event in respect of the shares of common stock.

            Such sales of common stock in underwritten offerings will be made
through underwriters, who may receive compensation in the form of discounts or
commissions from the selling stockholders. During the six-month period following
the first six-month period, the selling stockholders and their successors,
including their permitted transferees, pledges or donees or their successors,
may sell common stock directly to purchasers in amounts not to exceed 2,000,000
shares in the aggregate per calendar month (such 2,000,000 to be adjusted

                                     - 2 -
<PAGE>
proportionately to reflect any stock dividend, stock split, reclassification,
reorganization, recapitalization, distribution or other similar event in respect
of the shares of common stock), but will not have a right to request
underwritten offerings sponsored by us.

            In addition to selling common stock under this prospectus, the
selling stockholders and their permitted transferees may, subject to the
restrictions set forth in the Registration Rights Agreement dated March 31,
2005, by and between us, Americas Mining Corporation, Cerro Trading Company,
Inc., SPC Investors, L.L.C., Phelps Dodge Corporation, Phelps Dodge Overseas
Capital Corporation and Climax Molybdenum B.V., sell their common stock pursuant
to Rule 144 under the Securities Act of 1933 or by any other legally available
means.

            We will agree in connection with underwritten offerings sponsored by
us to indemnify the selling stockholders against certain losses, claims,
damages, liabilities and expenses, including liabilities under the Securities
Act of 1933.

            The selling stockholders and any broker-dealers or agents that
participate with the selling stockholders in the sale of shares may be
"underwriters" within the meaning of the Securities Act of 1933. Any commissions
received by broker-dealers or agents on the sales and any profit on the resale
of shares purchased by broker-dealers or agents may be deemed to be underwriting
commissions or discounts under the Securities Act of 1933.

            The selling stockholders and any broker-dealers or agents that
participate with the selling stockholders in the sale of shares may be subject
to the Exchange Act and the rules and regulations thereunder. The Exchange Act
rules include, without limitation, Regulation M, which may limit the timing of
purchase and sales of any of the securities by the selling stockholders and any
other such person. In addition, Regulation M of the Exchange Act may restrict
the ability of any person participating in the distribution to engage in
market-making activities with respect to the shares being distributed for a
period of up to five business days before the commencement of such distribution.
This may affect the marketability of the securities.

            Because the selling stockholders may be deemed to be underwriters,
the selling stockholders must deliver this prospectus in the manner required by
the Securities Act of 1933.

                                      * * *

                                      - 3 -
<PAGE>
                                                                       EXHIBIT B

                            FORM OF RESTRICTED LEGEND

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933.

THE SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
PROVISIONS CONTAINED IN THE REGISTRATION RIGHTS AGREEMENT DATED MARCH 31, 2005,
BY AND BETWEEN SOUTHERN PERU COPPER CORPORATION, AMERICAS MINING CORPORATION,
CERRO TRADING COMPANY, INC., SPC INVESTORS, L.L.C., PHELPS DODGE CORPORATION,
PHELPS DODGE OVERSEAS CAPITAL CORPORATION AND CLIMAX MOLYBDENUM B.V., COPIES OF
WHICH ARE ON FILE IN THE OFFICE OF THE SECRETARY OF SOUTHERN PERU COPPER
CORPORATION.
<PAGE>
                                                                     EXHIBIT C-1

                                 FORM OF OPINION

                                       OF

                              CERRO SPECIAL COUNSEL

                                             [date]

Southern Peru Copper Corporation
[address]

            Re:   Cerro Trading Company, Inc.

Ladies and Gentlemen:

            We have been requested by our client, Cerro Trading Company, Inc., a
Delaware corporation ("Cerro"), to furnish you our opinion regarding the
eligibility for sale under Rule 144(k) under the U.S. Securities Act of 1933, as
amended (the "Securities Act"), of ________ shares (the "Shares") of the common
stock, par value $0.01 per share, of Southern Peru Copper Corporation, a
Delaware corporation ("SPCC").

            In arriving at the opinion expressed below, we have reviewed the
following documents:

            (i) a letter furnished by Cerro to us dated [date], a copy of which
            is attached as Exhibit A, and

            (ii) facsimile copies of the certificates held by Cerro evidencing
            the Shares attached as Exhibit B, each of which bears a restrictive
            legend referring to limitations on transfer under the Securities Act
            (the "Restrictive Legends").

            In addition, we have made such investigations of law as we have
deemed appropriate as a basis for the opinion expressed below.

            In rendering the opinion expressed below, we have assumed the
authenticity of all documents submitted to us as originals and the conformity to
the originals of all documents submitted to us as copies. In addition, we have
assumed and have not verified the accuracy as to factual matters of each
document we have reviewed.
<PAGE>
            Based on the foregoing, it is our opinion that the Shares meet the
requirements of Rule 144(k) and that the certificates evidencing the Shares may
be issued without the Restrictive Legends.

            The foregoing opinion is limited to the federal securities law of
the United States of America.

            We are furnishing this opinion letter to you solely for your benefit
in connection with your consideration of the delegending of the Shares held by
Cerro. This opinion letter is not to be relied upon by or furnished to any other
person or used, circulated, quoted or otherwise referred to for any other
purpose, except that a copy of this letter may be furnished to, and relied on
by, SPCC's transfer agent in connection with its delegending the Shares. We
assume no obligation to advise you or any other person, or to make any
investigations, as to any legal developments or factual matters arising
subsequent to the date hereof that might affect the opinions expressed herein.

                                   Very truly yours,

                                   [Cerro's special counsel]

                                   By:_______________________________________
                                             ______________, a Partner

Enclosures

                                     - 2 -
<PAGE>
                                                                     EXHIBIT C-2

                                 FORM OF OPINION

                                       OF

                               PD SPECIAL COUNSEL

                                                               ___________, 2005

Southern Peru Copper Corporation
2575 East Camelback Road, Suite 500
Phoenix, Arizona  85016
Facsimile No.:  (602) 977-6700
email: armando.ortega@mm.gmexico.com
Attn:  Armando Ortega Gomez
       Vice President-Legal Secretary

Ladies and Gentlemen:

            We have acted as special counsel to Phelps Dodge Corporation
("Phelps Dodge"), Phelps Dodge Overseas Capital Corporation ("PDOCC") and Climax
Molybdenum B.V. ("Climax") (collectively, the "PD Entities"), in connection with
the exchange or transfer by PDOCC and Climax of 8,963,796 and 2,210,000 shares
(collectively, the "Shares"), respectively, of Common Stock, par value $.01 per
share (the "Common Stock"), of Southern Peru Copper Corporation ("SPCC"), a
Delaware corporation.

            PDOCC is a founding stockholder of SPCC and acquired 11,173,796
shares of Class A Common Stock on January 2, 1996. On December 17, 2004, PDOCC
transferred 2,210,000 shares of Class A Common Stock of SPCC to Phelps Dodge as
a dividend. Through a series of capital contributions and an inter-company
transfer in exchange for a note, the 2,210,000 shares of Class A Common Stock of
SPCC were subsequently transferred to Climax on December 22, 2004. As of [   ],
2005, PDOCC and Climax held 11,173,796 shares of Class A Common Stock, par value
$.01 per share (the "Class A Common Stock"), of SPCC, which comprised 13.96% of
the outstanding capital stock of SPCC. Their ownership of Class A Common Stock
gave the PD Entities certain rights with respect to the management of SPCC.
Pursuant to an Agreement Among Certain Stockholders of Southern Peru Copper
Corporation, dated as of January 2, 1996, entered into by and between SPCC,
Southern Peru Limited, ASARCO Incorporated, Cerro Trading Company, Inc. and
PDOCC, as amended (the "Stockholders Agreement"), the PD Entities had the right
to nominate two of the 15 members of

                                     - 3 -
<PAGE>
the board of directors of SPCC. In addition, under SPCC's by-laws, PDOCC, as a
shareholder holding 10 percent or more of the Class A Common Stock, had the
right to call special meetings of SPCC stockholders.

            On January 29, 2004, the two directors appointed by the PD Entities
to the SPCC Board resigned. The PD Entities have not nominated any replacements
since that time.

            On December 22, 2004, Phelps Dodge entered into a Letter Agreement
with Americas Mining Corporation ("AMC") in which Phelps Dodge expressed its
intent to take all action reasonably necessary to convert the Class A Common
Stock of PDOCC and Climax into Common Stock upon the closing of a strategic
transaction (the "Transaction") involving Minera Mexico, S.A. de C.V. ("MM") and
SPCC. The Transaction involved MM becoming a subsidiary of SPCC in consideration
for the issuance of Common Stock by SPCC to AMC for its approximately 99% MM
ownership stake.

            On [   ], 2005, the Transaction was consummated. All of the Class A
Common Stock of SPCC owned by PDOCC and Climax has been converted into Common
Stock of SPCC. In addition, 67,207,640 shares of Common Stock were issued to AMC
as consideration in the transaction.

            As a result of these events, PDOCC and Climax collectively own
11,173,796 shares of Common Stock of SPCC. PDOCC owns 8,963,796 shares of Common
Stock, while Climax owns 2,210,000 shares of Common Stock. Due to the issuance
of the additional Common Stock in the Transaction, the collective holdings of
PDOCC and Climax constitute 7.59% of the outstanding capital stock of SPCC. Upon
conversion of the Class A Common Stock, the rights of the PD Entities under the
Stockholders Agreement, including their right to appoint two directors of SPCC,
were terminated. In addition, because PDOCC is no longer the holder of 10% of
the Class A Common Stock or 10% of the Common Stock, it no longer has the right
to call special meetings of SPCC stockholders.

            Three months have passed since the consummation of the Transaction
and the conversion of the Class A Common Stock owned by PDOCC and Climax into
Common Stock.

            In connection with this opinion, we have examined originals or
certified, conformed or reproduction copies of such agreements, instruments,
documents and records of the PD Entities, such certificates of public officials,
and such other documents, and have made such investigations of law, as we have
deemed necessary or appropriate for the purposes of this opinion. In all such
examinations, we have assumed the legal capacity of all natural persons
executing documents, the genuineness of all signatures on original or certified
copies, the authenticity of all original or certified copies and the conformity
to original or certified documents of all copies submitted to us as conformed or
reproduction copies. We have relied as to factual matters upon, and assume the
accuracy of, the statements made in the certificates of officers of the PD
Entities delivered to us and certificates and other statements or information of
or from public officials and officers and representatives of the PD Entities and
others.

                                     - 4 -
<PAGE>
            Based upon and subject to the foregoing, we are of the opinion that
the Shares are eligible for sale under Rule 144(k) under the Securities Act of
1933, as amended, and the certificates representing the Shares need not contain
any restricted legend at this time.

            This opinion is rendered to you in connection with the exchange or
transfer of shares of Common Stock of SPCC and may not be reproduced, referred
to or shown to or relied upon by any other person.

                                Very truly yours

                                     - 5 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00082-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00082-of-00352.parquet"}]]