Document:

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                                                                     EXHIBIT 4.1

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                  COMPANHIA DE SANEAMENTO DO PARANA -- SANEPAR

                                       AND

                              THE BANK OF NEW YORK

                                                       AS DEPOSITARY

                                       AND

               OWNERS AND HOLDERS OF AMERICAN DEPOSITARY RECEIPTS

                                DEPOSIT AGREEMENT

                         DATED AS OF ____________, 2002

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                                TABLE OF CONTENTS

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<S>                                                                                                                     <C>
ARTICLE 1. DEFINITIONS ...........................................................................................       3

   SECTION 1.1  American Depositary Shares .......................................................................       3
   SECTION 1.2  Article; Section .................................................................................       3
   SECTION 1.3  Commission .......................................................................................       3
   SECTION 1.4  Company ..........................................................................................       3
   SECTION 1.5  Custodian ........................................................................................       4
   SECTION 1.6  CVM ..............................................................................................       4
   SECTION 1.7  Deposit Agreement ................................................................................       4
   SECTION 1.8  Depositary; Corporate Trust Office ...............................................................       4
   SECTION 1.9  Deposited Securities .............................................................................       4
   SECTION 1.10 Dollars ..........................................................................................       5
   SECTION 1.11 Estatuto Social ..................................................................................       5
   SECTION 1.12 Foreign Registrar ................................................................................       5
   SECTION 1.13 Owner ............................................................................................       5
   SECTION 1.14 Receipts .........................................................................................       5
   SECTION 1.15 Registrar ........................................................................................       5
   SECTION 1.16 Restricted Securities ............................................................................       5
   SECTION 1.17 Securities Act ...................................................................................       6
   SECTION 1.18 Shares ...........................................................................................       6

ARTICLE 2. FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS .......       6

   SECTION 2.1  Form and Transferability of Receipts .............................................................       6
   SECTION 2.2  Deposit of Shares ................................................................................       8
   SECTION 2.3  Execution and Delivery of Receipts ...............................................................       9
   SECTION 2.4  Transfer of Receipts; Combination and Split-up of Receipts .......................................      10
   SECTION 2.5  Surrender of Receipts and Withdrawal of Shares ...................................................      11
   SECTION 2.6  Limitations on Execution and Delivery, Transfer and Surrender of Receipts ........................      12
   SECTION 2.7  Lost Receipts, etc. ..............................................................................      13
   SECTION 2.8  Cancellation and Destruction of Surrendered Receipts .............................................      14
   SECTION 2.9  Pre-Release of Receipts ..........................................................................      14
   SECTION 2.10 Maintenance of Records ...........................................................................      15

ARTICLE 3. CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF RECEIPTS .................................................      16

   SECTION 3.1  Filing Proofs, Certificates and Other Information ................................................      16
   SECTION 3.2  Liability of Owner for Taxes .....................................................................      16
   SECTION 3.3  Warranties on Deposit of Shares ..................................................................      17
   SECTION 3.4  Regulatory Compliance; Information Requests ......................................................      17
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<S>                                                                                                                     <C>
ARTICLE 4. THE DEPOSITED SECURITIES ..............................................................................      18

   SECTION 4.1  Cash Distributions ...............................................................................      18
   SECTION 4.2  Distributions Other Than Cash, Shares or Rights ..................................................      19
   SECTION 4.3  Distributions in Shares ..........................................................................      20
   SECTION 4.4  Rights ...........................................................................................      20
   SECTION 4.5  Conversion of Foreign Currency ...................................................................      23
   SECTION 4.6  Fixing of Record Date ............................................................................      24
   SECTION 4.7  Voting of Deposited Securities ...................................................................      25
   SECTION 4.8  Changes Affecting Deposited Securities ...........................................................      26
   SECTION 4.9  Reports ..........................................................................................      27
   SECTION 4.10 Lists of Owners ..................................................................................      27
   SECTION 4.11 Withholding ......................................................................................      27

ARTICLE 5. THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY .........................................................      28

   SECTION 5.1  Maintenance of Office and Transfer Books by the Depositary .......................................      28
   SECTION 5.2  Prevention or Delay in Performance by the Depositary or the Company ..............................      29
   SECTION 5.3  Obligations of the Depositary, the Custodian and the Company .....................................      30
   SECTION 5.4  Resignation and Removal of the Depositary ........................................................      31
   SECTION 5.5  The Custodian ....................................................................................      32
   SECTION 5.6  Notices and Reports ..............................................................................      33
   SECTION 5.7  Distribution of Additional Shares, Rights, etc. ..................................................      34
   SECTION 5.8  Indemnification ..................................................................................      34
   SECTION 5.9  Charges of Depositary ............................................................................      37
   SECTION 5.10 Retention of Depositary Documents ................................................................      39
   SECTION 5.11 Exclusivity ......................................................................................      39
   SECTION 5.12 List of Restricted Securities Owners .............................................................      39

ARTICLE 6. AMENDMENT AND TERMINATION .............................................................................      40

   SECTION 6.1  Amendment ........................................................................................      40
   SECTION 6.2  Termination ......................................................................................      40

ARTICLE 7. MISCELLANEOUS .........................................................................................      42

   SECTION 7.1  Counterparts .....................................................................................      42
   SECTION 7.2  No Third Party Beneficiaries .....................................................................      42
   SECTION 7.3  Severability .....................................................................................      42
   SECTION 7.4  Holders and Owners as Parties; Binding Effect ....................................................      42
   SECTION 7.5  Notices ..........................................................................................      42
   SECTION 7.6  Governing Law ....................................................................................      43
   SECTION 7.7  Compliance with U.S. Securities Laws .............................................................      44
   SECTION 7.8  Submission to Jurisdiction; Appointment of Agent for Service of Process ..........................      44
   SECTION 7.9  Waiver of Immunities .............................................................................      44
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                                DEPOSIT AGREEMENT

            DEPOSIT AGREEMENT dated as of ______________, 2002 among COMPANHIA
DE SANEAMENTO DO PARANA - SANEPAR incorporated under the laws of the Federative
Republic of Brazil (herein called, together with its successors, the "Company"),
THE BANK OF NEW YORK, a New York banking corporation (herein called the
Depositary), and all Owners and holders from time to time of American Depositary
Receipts issued hereunder.

                              W I T N E S S E T H :

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

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

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

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ARTICLE 1. DEFINITIONS.

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

      SECTION 1.1 American Depositary Shares.

            The term "American Depositary Shares" shall mean the securities
representing the interests in the Deposited Securities and evidenced by the
Receipts issued hereunder. Each American Depositary Share shall represent the
number of Shares specified in Exhibit A annexed hereto, until there shall occur
a distribution upon Deposited Securities covered by Section 4.3 or a change in
Deposited Securities covered by Section 4.8 with respect to which additional
Receipts are not executed and delivered, and thereafter American Depositary
Shares shall evidence the amount of Shares or Deposited Securities specified in
such Sections.

      SECTION 1.2 Article; Section.

            Wherever references are made in this Deposit Agreement to an
"Article" or "Articles" or to a "Section" or "Sections", such references shall
mean an article or articles or a section or sections of this Deposit Agreement,
unless otherwise required by the context.

      SECTION 1.3 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 1.4 Company.

            The term "Company" shall mean Companhia de Saneamento do Parana -
SANEPAR, incorporated under the laws of the Federative Republic of Brazil, and
its successors.

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      SECTION 1.5 Custodian.

            The term "Custodian" shall mean the Sao Paulo, Brazil office of
Banco Itau S.A., as agent of the Depositary for the purposes of this Deposit
Agreement, and any other firm or corporation which may hereafter be appointed by
the Depositary pursuant to the terms of Section 5.5.

      SECTION 1.6 CVM.

            The term "CVM" shall mean the Comissao de Valores Mobiliarios, or
any successor entity.

      SECTION 1.7 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 1.8 Depositary; Corporate Trust Office.

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

      SECTION 1.9 Deposited Securities.

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

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      SECTION 1.10 Dollars.

            The term "Dollars" shall mean United States dollars.

      SECTION 1.11 Estatuto Social.

            The term "Estatuto Social" shall mean the constitutive document of
the Company.

      SECTION 1.12 Foreign Registrar.

            The term "Foreign Registrar" shall mean the entity that presently
carries out the duties of registrar for the Shares or any successor as registrar
for the Shares and any other appointed agent of the Company for the transfer and
registration of Shares.

      SECTION 1.13 Owner.

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

      SECTION 1.14 Receipts.

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

      SECTION 1.15 Registrar.

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

      SECTION 1.16 Restricted Securities.

            The term "Restricted Securities" shall mean Shares, or Receipts
representing such Shares, which are acquired directly or indirectly from the
Company or its affiliates (as defined in Rule 144 under the Securities Act) in a
transaction or chain of transactions not involving any public offering or which
are subject to resale limitations under Regulation D under that Act or both, or
which are held by an officer, director (or

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persons performing similar functions) or other affiliate of the Company, or
which would require registration under the Securities Act in connection with the
offer and sale thereof in the United States, or which are subject to other
restrictions on sale or deposit under the laws of the United States or Brazil,
or under a shareholder agreement or Estatuto Social of the Company.

      SECTION 1.17 Securities Act.

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

      SECTION 1.18 Shares.

            The term "Shares" shall mean non-voting preferred shares in
registered form of the Company, heretofore validly issued and outstanding and
fully paid, nonassessable and free of any pre-emptive rights of the holders of
outstanding Shares or hereafter validly issued and outstanding and fully paid,
nonassessable and free of any pre-emptive rights of the holders of outstanding
Shares or interim certificates representing such Shares.

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

      SECTION 2.1 Form and Transferability of Receipts.

            Definitive Receipts shall be substantially in the form set forth in
Exhibit A annexed to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as hereinafter provided. No Receipt shall be
entitled to any benefits under this Deposit Agreement or be valid or obligatory
for any purpose, unless such Receipt shall have been executed by the Depositary
by the manual or facsimile signature of a duly authorized signatory of the
Depositary and, if a Registrar for the Receipts shall have been appointed,
countersigned by the manual or facsimile signature of a duly authorized officer
of the Registrar. The Depositary shall maintain books on which each Receipt so

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

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

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

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      SECTION 2.2 Deposit of Shares.

            Subject to the terms and conditions of this Deposit Agreement,
Shares or evidence of rights to receive Shares may be deposited by delivery
thereof to the Custodian hereunder, accompanied by any appropriate instrument or
instruments of transfer, or endorsement, in form satisfactory to the Custodian,
together with all such certifications as may be required by the Depositary or
the Custodian in accordance with the provisions of this Deposit Agreement, and,
if the Depositary requires, together with a written order directing the
Depositary to execute and deliver to, or upon the written order of, the person
or persons stated in such order, a Receipt or Receipts for the number of
American Depositary Shares representing such deposit. No Share shall be accepted
for deposit unless accompanied, to the extent applicable, by evidence
satisfactory to the Depositary that any necessary approval has been granted by
any governmental body in Brazil which is then performing the function of the
regulation of currency exchange. If required by the Depositary, Shares presented
for deposit at any time, whether or not the transfer books of the Company or the
Foreign Registrar, if applicable, are closed, shall also be accompanied by an
agreement or assignment, or other instrument satisfactory to the Depositary,
which will provide for the prompt transfer to the Custodian of any dividend, or
right to subscribe for additional Shares or to receive other property which any
person in whose name the Shares are or have been recorded may thereafter receive
upon or in respect of such deposited Shares, or in lieu thereof, such agreement
of indemnity or other agreement as shall be satisfactory to the Depositary.

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

            Upon each delivery to the Custodian of a certificate or certificates
for Shares to be deposited hereunder, together with the other documents above
specified, such Custodian shall, as soon as transfer and recordation can be
accomplished, present

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such certificate or certificates to the Company or the Foreign Registrar, if
applicable, for transfer and recordation of the Shares being deposited in the
name of the Depositary or its nominee or such Custodian or its nominee.

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

      SECTION 2.3 Execution and Delivery of Receipts.

            Upon receipt by the Custodian of any deposit pursuant to Section 2.2
hereunder (and in addition, if the transfer books of the Company or the Foreign
Registrar, if applicable, are open, the Depositary may in its sole discretion
require a proper acknowledgment or other evidence from the Company that any
Deposited Securities have been recorded upon the books of the Company or the
Foreign Registrar, if applicable, in the name of the Depositary or its nominee
or such Custodian or its nominee), together with the other documents required as
above specified, such Custodian shall notify the Depositary of such deposit and
the person or persons to whom or upon whose written order a Receipt or Receipts
are deliverable in respect thereof and the number of American Depositary Shares
to be evidenced thereby. Such notification shall be made by letter or, at the
request, risk and expense of the person making the deposit, by cable, telex or
facsimile transmission. Upon receiving such notice from such Custodian, or upon
the receipt of Shares by the Depositary, the Depositary, subject to the terms
and conditions of this Deposit Agreement, shall execute and deliver at its
Corporate Trust Office, to or upon the order of the person or persons entitled
thereto, a Receipt or Receipts, registered in the name or names and evidencing
any authorized number of American Depositary Shares requested by such person or
persons, but only upon payment to the Depositary of the fees and expenses of the
Depositary for the execution and delivery of such Receipt or Receipts as
provided in Section 5.9, and of all taxes and governmental charges and fees
payable in connection with such deposit and the transfer of the Deposited
Securities.

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

            The Depositary, subject to the terms and conditions of this Deposit
Agreement, shall register transfers of Receipts on its transfer books from time
to time, upon any surrender of a Receipt, by the Owner in person or by a duly
authorized attorney, properly endorsed or accompanied by proper instruments of
transfer, and duly stamped as may be required by the laws of the State of New
York and of the United States of America. Thereupon the Depositary shall execute
a new Receipt or Receipts and deliver the same to or upon the order of the
person entitled thereto.

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

            The Depositary may, with the approval of the Company, such approval
not to be unreasonably withheld, appoint one or more co-transfer agents for the
purpose of effecting transfers, combinations and split-ups of Receipts at
designated transfer offices on behalf of the Depositary. Each co-transfer agent
appointed under this Section 2.4 shall give notice in writing to the Company and
the Depositary accepting such appointment and agreeing to be bound by the
applicable terms of this Deposit Agreement. In carrying out its functions, a
co-transfer agent may require evidence of authority and compliance with
applicable laws and other requirements by Owners or persons entitled to
Receipts, but only to the extent that the Depositary would in similar
circumstances be entitled so to require, and will be entitled to protection and
indemnity to the same extent as the Depositary.

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      SECTION 2.5 Surrender of Receipts and Withdrawal of Shares.

            Upon surrender at the Corporate Trust Office of the Depositary of a
Receipt for the purpose of withdrawal of the Deposited Securities represented by
the American Depositary Shares evidenced by such Receipt, and upon payment of
the fee of the Depositary for the surrender of Receipts as provided in Section
5.9 and payment of all taxes and governmental charges payable in connection with
such surrender and withdrawal of the Deposited Securities, and subject to the
terms and conditions of this Deposit Agreement, the Owner of such Receipt shall
be entitled to delivery, to him or upon his order, of the amount of Deposited
Securities at the time represented by the American Depositary Shares evidenced
by such Receipt. Delivery of such Deposited Securities may be made by the
delivery of (a) Shares in the name of such Owner or as ordered by him or by
certificates properly endorsed or accompanied by proper instruments of transfer
to such Owner or as ordered by him and (b) any other securities, property and
cash to which such Owner is then entitled in respect of such Receipts to such
Owner or as ordered by him. Such delivery shall be made, as hereinafter
provided, without unreasonable delay.

            A Receipt surrendered for such purposes may be required by the
Depositary to be properly endorsed in blank or accompanied by proper instruments
of transfer in blank, and if the Depositary so requires, the Owner thereof shall
execute and deliver to the Depositary a written order directing the Depositary
to cause the Deposited Securities being withdrawn to be delivered to or upon the
written order of a person or persons designated in such order. Thereupon the
Depositary shall direct the Custodian to deliver at the Sao Paulo, Brazil office
of such Custodian, subject to Sections 2.6, 3.1 and 3.2 and to the other terms
and conditions of this Deposit Agreement, to or upon the written order of the
person or persons designated in the order delivered to the Depositary as above
provided, the amount of Deposited Securities represented by the American
Depositary Shares evidenced by such Receipt, except that the Depositary may make
delivery to such person or persons at the Corporate Trust Office of the
Depositary of any dividends or distributions with respect to the Deposited
Securities represented by the

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American Depositary Shares evidenced by such Receipt, or of any proceeds of sale
of any dividends, distributions or rights, which may at the time be held by the
Depositary.

            At the request, risk and expense of any Owner so surrendering a
Receipt, and for the account of such Owner, the Depositary shall direct the
Custodian to forward any cash or other property (other than rights) comprising,
and forward a certificate or certificates, if applicable, and other proper
documents of title for, the Deposited Securities represented by the American
Depositary Shares evidenced by such Receipt to the Depositary for delivery at
the Corporate Trust Office of the Depositary. Such direction shall be given by
letter or, at the request, risk and expense of such Owner, by cable, telex or
facsimile transmission.

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

            As a condition precedent to the execution and delivery, registration
of transfer, split-up, combination or surrender of any Receipt or withdrawal of
any Deposited Securities, the Depositary, Custodian or Registrar may require
payment from the depositor of Shares or the presenter of the Receipt of a sum
sufficient to reimburse it for any tax or other governmental charge and any
stock transfer or registration fee with respect thereto (including any such tax
or charge and fee with respect to Shares being deposited or withdrawn) and
payment of any applicable fees as 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 American Depositary Shares or to the withdrawal of Deposited
Securities and any such reasonable regulations, if any, the Depositary may
establish consistent with the provisions of this Deposit Agreement, including,
without limitation, this Section 2.6.

            The delivery of Receipts against deposits of Shares generally or
against deposits of particular Shares may be suspended, or the transfer of
Receipts in particular instances may be refused, or the registration of transfer
of outstanding Receipts generally

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may be suspended, during any period when the transfer books of the Depositary
are closed, or if any such action is deemed necessary or advisable by the
Depositary or the Company at any time or from time to time because of any
requirement of law or of any government or governmental body or commission, or
under any provision of this Deposit Agreement, or for any other reason, subject
to the provisions of Section 7.7 hereof. Notwithstanding any other provision of
this Deposit Agreement or the Receipts, 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 shall
not knowingly accept for deposit under this Deposit Agreement any Shares
required to be registered under the provisions of the Securities Act, unless a
registration statement is in effect as to such Shares.

      SECTION 2.7 Lost Receipts, etc.

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

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      SECTION 2.8 Cancellation and Destruction of Surrendered Receipts.

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

      SECTION 2.9 Pre-Release of Receipts.

            The Depositary may issue Receipts against delivery by the Company
(or any agent of the Company recording Share ownership) of rights to receive
Shares from the Company (or any such agent of the Company). No such issue of
Receipts will be deemed a "Pre-Release" that is subject to the restrictions of
the following paragraph.

            Unless requested in writing by the Company to cease doing so, the
Depositary may, notwithstanding Section 2.3 hereof, execute and deliver Receipts
prior to the receipt of Shares pursuant to Section 2.2 ("Pre-Release"). The
Depositary may, pursuant to Section 2.5, deliver Shares upon the receipt and
cancellation of Receipts which have been Pre-Released, whether or not such
cancellation is prior to the termination of such Pre-Release or the Depositary
knows that such Receipt has been Pre-Released. The Depositary may receive
Receipts in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release
will be (a) preceded or accompanied by a written representation and agreement
from the person to whom Receipts are to be delivered (the "Pre-Releasee") that
the Pre-Releasee, or its customer, (i) owns the Shares or Receipts to be
remitted, as the case may be, (ii) assigns all beneficial rights, title and
interest in such Shares or Receipts, as the case may be, to the Depositary in
its capacity as such and for the benefit of the Owners, and (iii) will not take
any action with respect to such Shares or Receipts, as the case may be, that is
inconsistent with the transfer of beneficial ownership (including, without the
consent of the Depositary, disposing of such Shares or Receipts, as the case may
be), other than in satisfaction of such Pre-Release, (b) at all times fully
collateralized with cash, U.S. government securities or such other collateral as
the Depositary determines, in good faith, will provide substantially similar
liquidity and security, (c) terminable by the Depositary on not more than five
(5) business days notice, and (d) subject to such further indemnities and credit
regulations as the Depositary deems

                                     - 14 -
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appropriate. The number of Shares not deposited but represented by American
Depositary Shares outstanding at any time as a result of Pre-Releases will not
normally exceed thirty percent (30%) of the Shares deposited hereunder;
provided, however, that the Depositary reserves the right to disregard such
limit from time to time as it deems reasonably appropriate, and may, with the
prior written consent of the Company, change such limit for purposes of general
application. The Depositary will also set Dollar limits with respect to
Pre-Release transactions to be entered into hereunder with any particular
Pre-Releasee on a case-by-case basis as the Depositary deems appropriate. For
purposes of enabling the Depositary to fulfill its obligations to the Owners
under the Deposit Agreement, the collateral referred to in clause (b) above
shall be held by the Depositary as security for the performance of the
Pre-Releasee's obligations to the Depositary in connection with a Pre-Release
transaction, including the Pre-Releasee's obligation to deliver Shares or
Receipts upon termination of a Pre-Release transaction (and shall not, for the
avoidance of doubt, constitute Deposited Securities hereunder).

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

      SECTION 2.10 Maintenance of Records.

            The Depositary agrees to maintain or cause its agents to maintain
records of all Receipts surrendered and Deposited Securities withdrawn under
Section 2.5, substitute Receipts delivered under Section 2.7 and canceled or
destroyed receipts under Section 2.8, in keeping with procedures ordinarily
followed by stock transfer agents located in The City of New York or as required
by the laws or regulations governing the Depositary. If requested by the Company
prior to destroying any such records, the Depositary will turn such records over
to the Company upon its written request.

                                     - 15 -
<PAGE>
ARTICLE 3. CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF RECEIPTS.

      SECTION 3.1 Filing Proofs, Certificates and Other Information.

            Any person presenting Shares for deposit or any Owner or 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, or
such information relating to the registration on the books of the Company or the
Foreign Registrar, if applicable, to execute such certificates and to make such
representations and warranties, as the Depositary may deem necessary or proper
or as the Company may reasonably require by written request to the Depositary.
The Depositary may withhold the delivery or registration of transfer of any
Receipt or the distribution of any dividend or sale or distribution of rights or
of the proceeds thereof or the delivery of any Deposited Securities until such
proof or other information is filed or such certificates are executed or such
representations and warranties made. The Depositary shall provide the Company
upon its reasonable written request with copies of any information or other
material that the Depositary receives pursuant to this Section 3.1, unless such
disclosure is prohibited by law.

      SECTION 3.2 Liability of Owner for Taxes.

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

                                     - 16 -
<PAGE>
governmental charge, and the Owner of such Receipt shall remain liable for any
deficiency.

      SECTION 3.3 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, if applicable, are validly issued, fully paid, nonassessable and free
of any pre-emptive rights of the holders of outstanding Shares and that the
person making such deposit is duly authorized so to do. Every such person shall
also be deemed to represent that the deposit of such Shares and the sale of
Receipts evidencing American Depositary Shares representing such Shares by that
person to the public are not restricted under the Securities Act. Such
representations and warranties shall survive the deposit of Shares and issuance
of Receipts.

      SECTION 3.4 Regulatory Compliance; Information Requests.

            Each of the Depositary and the Company hereby confirms to the other
that for as long as the Deposit Agreement is in effect, it shall furnish the CVM
and the Central Bank of Brazil, at any time and within the period that may be
determined, with any information and documents related to the American
Depositary Receipt program and the Receipts issued hereunder. In the event that
the Depositary or the Custodian shall be advised in writing by reputable
independent Brazilian counsel that the Depositary or Custodian reasonably could
be subject to criminal, or material, as reasonably determined by the Depositary,
civil, liabilities as a result of the Company having failed to provide such
information or documents reasonably available only through the Company, the
Depositary shall have the right to terminate this Deposit Agreement, upon at
least 30 days' prior notice to the Owners and the Company, and the Depositary
shall not be subject to any liability hereunder on account of such termination
or such determination. The effect of any such termination of this Deposit
Agreement shall be as provided in Section 6.2.

                                     - 17 -
<PAGE>
            The Company or the Depositary may from time to time request Owners
to provide information as to the capacity in which such Owners own or owned
Receipts and regarding the identity of any other persons then or previously
interested in such Receipts and the nature and extent of such interest. Each
Owner agrees to provide any information requested by the Company or the
Depositary pursuant to this Section 3.4. The Depositary agrees to use reasonable
efforts to comply with reasonable written instructions received from the Company
requesting that the Depositary forward any such requests to the Owners and to
forward to the Company any such responses to such requests received by the
Depositary. If the Company requests information from the Depositary in its
capacity as the registered owner of the Shares, the obligations of the
Depositary shall be limited to disclosing to the Company the information
contained in the Register.

ARTICLE 4. THE DEPOSITED SECURITIES.

      SECTION 4.1 Cash Distributions.

            Whenever the Depositary shall receive any cash dividend or other
cash distribution on any Deposited Securities, the Depositary shall, subject to
the provisions of Section 4.5, convert such dividend or distribution into
Dollars and shall, as promptly as practicable, distribute the amount thus
received (net of the fees and expenses of the Depositary as provided in Section
5.9 hereof, if applicable) to the Owners entitled thereto, in proportion to the
number of American Depositary Shares representing such Deposited Securities held
by them respectively; provided, however, that in the event that the Company or
the Depositary shall be required to withhold and does withhold from such cash
dividend or such other cash distribution an amount on account of taxes, the
amount distributed to the Owner of the Receipts evidencing American Depositary
Shares representing such Deposited Securities shall be reduced accordingly. The
Depositary shall distribute only such amount, however, as can be distributed
without attributing to any Owner a fraction of one cent. Any such fractional
amounts shall be rounded to the nearest whole cent and so distributed to Owners
entitled thereto. The Company or its agent will remit to the appropriate
governmental agency in Brazil all amounts withheld

                                     - 18 -
<PAGE>
and owing to such agency. The Depositary will forward to the Company or its
agent such information from its records as the Company may reasonably request to
enable the Company or its agent to file necessary reports with governmental
agencies, and the Depositary or the Company or its agent may file any such
reports necessary to obtain benefits under the applicable tax treaties for the
Owners of Receipts.

      SECTION 4.2 Distributions Other Than Cash, Shares or Rights.

            Subject to the provisions of Section 4.11 and Section 5.9, whenever
the Depositary shall receive any distribution other than a distribution
described in Sections 4.1, 4.3 or 4.4, the Depositary, after consultation with
the Company to the extent reasonably practicable, shall cause the securities or
property received by it to be distributed as promptly as practicable to the
Owners entitled thereto, after deduction or upon payment of any fees and
expenses of the Depositary or any taxes or other governmental charges, in
proportion to the number of American Depositary Shares representing such
Deposited Securities held by them respectively, in any manner that the
Depositary may deem equitable and practicable for accomplishing such
distribution; provided, however, that if in the opinion of the Depositary such
distribution cannot be made proportionately among the Owners entitled thereto,
or if for any other reason (including, but not limited to, any requirement that
the Company or the Depositary withhold an amount on account of taxes or other
governmental charges or that such securities must be registered under the
Securities Act in order to be distributed to Owners or holders) the Depositary
deems such distribution not to be feasible, the Depositary, after consultation
with the Company to the extent reasonably practicable, may adopt such method as
it may deem equitable and practicable for the purpose of effecting such
distribution, including, but not limited to, the public or private sale of the
securities or property thus received, or any part thereof, and the net proceeds
of any such sale (net of the fees and expenses of the Depositary as provided in
Section 5.9) shall be distributed by the Depositary to the Owners entitled
thereto as in the case of a distribution received in cash.

                                     - 19 -
<PAGE>
      SECTION 4.3 Distributions in Shares.

            If any distribution upon any Deposited Securities consists of a
dividend in, or free distribution of, Shares, the Depositary may with the
written approval of the Company, and shall if the Company shall so request,
distribute to the Owners of outstanding Receipts entitled thereto, in proportion
to the number of American Depositary Shares representing such Deposited
Securities held by them respectively, additional Receipts evidencing an
aggregate number of American Depositary Shares representing the amount of Shares
received as such dividend or free distribution, subject to the terms and
conditions of the Deposit Agreement with respect to the deposit of Shares and
the issuance of American Depositary Shares evidenced by Receipts, including the
withholding of any tax or other governmental charge as provided in Section 4.11
and the payment of fees of the Depositary as provided in Section 5.9. In lieu of
delivering Receipts for fractional American Depositary Shares in any such case,
the Depositary shall sell the amount of Shares represented by the aggregate of
such fractions and distribute the net proceeds, all in the manner and subject to
the conditions described in Section 4.1. Alternatively, 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.

      SECTION 4.4 Rights.

            In the event that the Company shall offer or cause to be offered to
the holders of any Deposited Securities any rights to subscribe for additional
Shares or any rights of any other nature, the Depositary shall determine, in
consultation with the Company to the extent reasonably practicable, the
procedure to be followed in making such rights available to any Owners or in
disposing of such rights on behalf of any Owners and making the net proceeds
available to such Owners or, if by the terms of such rights offering or under
applicable law or for any other reason, the Depositary may not either make such
rights available to any Owners or dispose of such rights and make the net
proceeds available to such Owners, then the Depositary shall allow the rights to
lapse.

                                     - 20 -
<PAGE>
If at the time of the offering of any rights the Depositary determines, after
consultation with the Company to the extent reasonably practicable, that it is
lawful and feasible to make such rights available to all Owners or to certain
Owners but not to other Owners, the Depositary may distribute to any Owner to
whom it determines the distribution to be lawful and feasible, in proportion to
the number of American Depositary Shares held by such Owner, warrants or other
instruments therefor in such form as it deems appropriate.

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

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

                                     - 21 -
<PAGE>
Receipts shall be legended in accordance with applicable U.S. laws, and shall be
subject to the appropriate restrictions on sale, deposit, cancellation, and
transfer under such laws.

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

            The Depositary will not offer rights to Owners unless both the
rights and the securities to which such rights relate are either exempt from
registration under the Securities Act with respect to a distribution to Owners
or are registered under the provisions of such Act; provided that nothing in
this Deposit Agreement shall create any obligation on the part of the Depositary
or the Company to file a registration statement with respect to such rights or
underlying securities or to endeavor to have such a registration statement
declared effective. If an Owner of Receipts requests distribution of warrants or
other instruments, notwithstanding that there has been no such registration
under the Securities Act, the Depositary shall not effect such distribution
unless it has received an opinion from recognized counsel in the United States
for the Company upon which the Depositary may rely that such distribution to
such Owner is exempt from such registration.

                                     - 22 -
<PAGE>
            The Depositary shall not be responsible for any failure to determine
that it may be lawful or feasible to make such rights available to Owners in
general or any Owner in particular.

      SECTION 4.5 Conversion of Foreign Currency.

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

            If such conversion or distribution can be effected only with the
approval or license of any government or agency thereof, the Depositary shall
file such application for approval or license, if any, as it may deem desirable.

            If at any time the Depositary shall determine that in its judgment
any Foreign Currency received by the Depositary or the Custodian is not
convertible on a reasonable basis into Dollars transferable to the United
States, or if any approval or license of any government or agency thereof which
is required for such conversion is denied or in the reasonable opinion of the
Depositary is not obtainable, or if any such

                                     - 23 -
<PAGE>
approval or license is not obtained within a reasonable period as determined by
the Depositary after application has been made therefore, the Depositary may
distribute the Foreign Currency (or an appropriate document evidencing the right
to receive such Foreign Currency) received by the Depositary to, or in its
discretion may hold such Foreign Currency uninvested and without liability for
interest thereon for the respective accounts of, the Owners entitled to receive
the same.

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

      SECTION 4.6 Fixing of Record Date.

            Whenever any cash dividend or other cash distribution shall become
payable or any distribution other than cash shall be made, or whenever rights
shall be issued with respect to the Deposited Securities, or whenever for any
reason the Depositary causes a change in the number of Shares that are
represented by each American Depositary Share, or whenever the Depositary shall
receive notice of any meeting of holders of Shares or other Deposited
Securities, the Depositary shall fix a record date, which record date shall, to
the extent applicable and to the extent practicable, be the same date as the
corresponding record date fixed by the Company for the underlying Shares or as
close thereto as practicable (a) for the determination of the Owners who shall
be (i) entitled to receive such dividend, distribution or rights or the net
proceeds of the sale thereof or (ii) entitled to give instructions for the
exercise of voting rights at any such meeting, or (b) on or after which each
American Depositary Share will represent the changed number of Shares. Subject
to the provisions of Sections 4.1 through 4.5 and to the other terms and
conditions of this Deposit Agreement, the Owners on such record date shall be
entitled, as the case may be, to receive the amount

                                     - 24 -
<PAGE>
distributable by the Depositary with respect to such dividend or other
distribution or such rights or the net proceeds of sale thereof in proportion to
the number of American Depositary Shares held by them respectively and to give
voting instructions and to act in respect of any other such matter.

      SECTION 4.7 Voting of Deposited Securities.

            As of the date of the Deposit Agreement, the Shares do not give the
holders thereof any voting rights, except in certain limited circumstances
prescribed by Brazilian law. If in the future, the terms of the Shares should be
revised or amended to provide for voting rights, or should such Shares obtain
voting rights on account of the occurrence of any event or change, then, upon
receipt of notice of any meeting of holders of Shares or other Deposited
Securities, if requested in writing by the Company the Depositary shall, as soon
as practicable thereafter, mail to the Owners a notice, the form of which notice
shall be approved by the Company, which shall contain (a) such information as is
contained in such notice of meeting, and (b) a statement that the Owners as of
the close of business on a specified record date will be entitled, subject to
any applicable provision of Brazilian law and of the Estatuto Social of the
Company, to instruct the Depositary as to the exercise of the voting rights, if
any, pertaining to the amount of Shares or other Deposited Securities
represented by their respective American Depositary Shares and (c) a statement
as to the manner in which such instructions may be given, including an express
indication that such instruction may be given or deemed given in accordance with
the last sentence of this paragraph if no instruction is received, to the
Depositary to give a discretionary proxy to a person designated to the Company.
Upon the written request of an Owner on such record date, received on or before
the date established by the Depositary for such purpose, (the "Instruction
Date") the Depositary shall endeavor, in so far as practicable, to vote or cause
to be voted the amount of Shares or other Deposited Securities represented by
the American Depositary Shares evidenced by such Receipt in accordance with the
instructions set forth in such request. The Depositary shall not vote or attempt
to exercise the right to vote that attaches to the Shares or other Deposited
Securities, other than in accordance with such instructions or

                                     - 25 -
<PAGE>
deemed instructions. If no instructions are received by the Depositary from any
Owner with respect to any of the Deposited Securities represented by the
American Depositary Shares evidenced by such Owner's Receipts on or before the
Instruction Date, the Depositary shall deem such Owner to have instructed the
Depositary to give a discretionary proxy to a person designated by the Company
with respect to such Deposited Securities and the Depositary shall give a
discretionary proxy to a person designated by the Company to vote such Deposited
Securities, provided, that no such instruction shall be given with respect to
any matter as to which the Company informs the Depositary (and the Company
agrees to provide such information as promptly as practicable in writing) that
(x) the Company does not wish such proxy given, (y) substantial opposition
exists or (z) such matter materially and adversely affects the rights of holders
of Shares.

            There can be no assurance that Owners generally or any Owner in
particular will receive the notice described in the preceding paragraph
sufficiently prior to the Instruction Date to ensure that the Depositary will
vote the Shares or Deposited Securities in accordance with the provisions set
forth in the preceding paragraph.

      SECTION 4.8 Changes Affecting Deposited Securities.

            In circumstances where the provisions of Section 4.3 do not apply,
upon any change in nominal value, change in par value, split-up, consolidation
or any other reclassification of Deposited Securities, or upon any
recapitalization, reorganization, merger or consolidation or sale of assets
affecting the Company or to which it is a party, any securities which shall be
received by the Depositary or the Custodian in exchange for or in conversion of
or in respect of Deposited Securities, shall be treated as new Deposited
Securities under this Deposit Agreement, and American Depositary Shares shall
thenceforth represent, in addition to the existing Deposited Securities, if any,
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 written approval of the Company, and shall
if the Company

                                     - 26 -
<PAGE>
shall so request, execute and deliver additional Receipts as in the case of a
dividend in Shares, or call for the surrender of outstanding Receipts to be
exchanged for new Receipts specifically describing such new Deposited
Securities.

      SECTION 4.9 Reports.

            The Depositary shall make available for inspection by Owners at its
Corporate Trust Office any reports and communications, including any proxy
soliciting material, received from the Company which are both (a) received by
the Depositary as the holder of the Deposited Securities and (b) made generally
available to the holders of such Deposited Securities by the Company. The
Depositary shall also, upon written request, send to the Owners copies of such
reports furnished by the Company pursuant to Section 5.6. Any such reports and
communications, including any such proxy soliciting material, furnished to the
Depositary by the Company shall be furnished in English.

      SECTION 4.10 Lists of Owners.

            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 by all persons in whose names Receipts are registered
on the books of the Depositary.

      SECTION 4.11 Withholding.

            In the event that the Depositary determines that any distribution in
property (including Shares and rights to subscribe therefor) is subject to any
tax or other governmental charge which the Depositary is obligated to withhold,
the Depositary may by public or private sale dispose of all or a portion of such
property (including Shares and rights to subscribe therefor) in such amounts and
in such manner as the Depositary deems necessary and practicable to pay any such
taxes or charges and the Depositary shall distribute the net proceeds of any
such sale after deduction of such taxes or charges to the Owners entitled
thereto in proportion to the number of American Depositary Shares held by them
respectively. The Depositary will forward to the Company such information

                                     - 27 -
<PAGE>
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
Company or the Depositary may file any such reports necessary to obtain benefits
under any applicable tax treaties for Owners.

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

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

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

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

            The Depositary may close the transfer books, at any time or from
time to time, when deemed expedient by it in connection with the performance of
its duties hereunder with notice to the Company if such closing of the transfer
books is outside the ordinary course of business or at the reasonable written
request of the Company, provided that any such closing of transfer books shall
be subject to the provisions of Section 7.7, which limits the suspension of
withdrawals of Shares.

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

                                     - 28 -
<PAGE>
            The Company shall have the right on reasonable written notice to the
Depositary and during the Depositary's normal business hours to inspect the
transfer and registration records of the Depositary relating to the Receipts, to
take copies thereof and to require the Depositary and any other co-registrars,
at the Company's expenses, to supply copies of such portions of such records as
the Company may reasonably request.

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

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

                                     - 29 -
<PAGE>
make the net proceeds available to such Owners, then the Depositary shall not
make such distribution or offering, and shall allow any rights, if applicable,
to lapse.

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

            None of the Company, its directors, officers, employees, agents or
affiliates assume any obligation nor shall they be subject to any liability
under this Deposit Agreement to Owners or holders of Receipts, except that the
Company agrees to perform its obligations specifically set forth in this Deposit
Agreement without negligence or bad faith.

            None of the Depositary, its directors, officers, employees, agents
or affiliates assume any obligation nor shall they be subject to any liability
under this Deposit Agreement to any Owner or holder of any Receipt (including,
without limitation, liability with respect to the validity or worth of the
Deposited Securities), except that the Depositary agrees to perform its
obligations specifically set forth in this Deposit Agreement without negligence
or bad faith.

            None of the Depositary nor, the Company or any of their directors,
officers, employees, agents or affiliates shall be under any obligation to
appear in, prosecute or defend any action, suit or other proceeding in respect
of any Deposited Securities or in respect of the Receipts, which in its opinion
may involve it in expense or liability, unless indemnity satisfactory to it
against all expense and liability shall be furnished as often as may be
required, and the Custodian shall not be under any obligation whatsoever with
respect to such proceedings, the responsibility of the Custodian being solely to
the Depositary.

            None of the Depositary, the Company or any of their directors,
officers, employees, agents or affiliates shall be liable for any action or
nonaction by it in reliance upon the advice of or information from legal
counsel, accountants, any person presenting Shares for deposit, any Owner or any
other person believed by it in good faith to be

                                     - 30 -
<PAGE>
competent to give such advice or information, including but not limited to any
such action or nonaction based upon any written notice, request, direction or
other document believed by it to be genuine and to have been signed or presented
by the proper party or parties..

            The Depositary shall not be liable for any acts or omissions made by
a successor depositary whether in connection with a previous act or omission of
the Depositary or in connection with any matter arising wholly after the removal
or resignation of the Depositary, provided that in connection with the issue out
of which such potential liability arises the Depositary performed its
obligations without negligence or bad faith while it acted as Depositary.

            Neither the Company nor the Depositary shall be responsible for any
failure to carry out any instructions to vote any of the Deposited Securities,
or for the manner in which any such vote is cast or the effect of any such vote,
provided that any such action or nonaction is in good faith.

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

      SECTION 5.4 Resignation and Removal of the Depositary.

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

            The Depositary may at any time be removed by the Company by 90 days
prior written notice of such removal, which shall become effective upon the
later to occur of (i) the 90th day after delivery of the notice to the
Depositary or (ii) the appointment of a successor depositary and its acceptance
of such appointment as hereinafter provided.

                                     - 31 -
<PAGE>
                  In case at any time the Depositary acting hereunder shall
resign or be removed, the Company shall use its best efforts to appoint a
successor depositary, which shall be a bank or trust company having an office in
the Borough of Manhattan, The City of New York. Every successor depositary shall
execute and deliver to its predecessor and to the Company an instrument in
writing accepting its appointment hereunder, and thereupon such successor
depositary, without any further act or deed, shall become fully vested with all
the rights, powers, duties and obligations of its predecessor; but such
predecessor, nevertheless, upon payment of all sums due it and on the written
request of the Company shall execute and deliver an instrument transferring to
such successor all rights and powers of such predecessor hereunder, shall duly
assign, transfer and deliver all right, title and interest in the Deposited
Securities to such successor, and shall deliver to such successor a list of the
Owners of all outstanding Receipts. Any such successor depositary shall promptly
mail notice of its appointment to the Owners.

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

         SECTION 5.5 The Custodian.

                  The Custodian or its successor shall be subject at all times
and in all respects to the directions of the Depositary and shall be responsible
solely to it. The Custodian may resign and be discharged from its duties
hereunder 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. If upon
such resignation there shall be no Custodian acting hereunder, the Depositary
shall, promptly after receiving such notice, appoint a substitute custodian,
which shall thereafter be the Custodian hereunder. The Depositary may, after
consultation with the Company, discharge the Custodian any time upon notice to
the Custodian being discharged. Whenever the Depositary in its discretion
determines that it is in the best interest of the Owners to do so, it may, after
consultation with the Company, appoint a substitute custodian, which shall
thereafter be the Custodian

                                      -32-
<PAGE>
hereunder. Upon demand of the Depositary, the Custodian shall deliver such of
the Deposited Securities or evidence of ownership and title of the Deposited
Securities held by it as are requested of it to the substitute custodian. The
substitute custodian shall deliver to the Depositary, forthwith upon its
appointment, an acceptance of such appointment satisfactory in form and
substance to the Depositary. The Depositary agrees with the Company that at no
time shall there be more than one Custodian acting in connection with this
Deposit Agreement. Promptly after any such change in Custodian, the Depositary
shall give notice thereof in writing to the Company.

                  Upon the appointment of any successor depositary hereunder,
the Custodian then acting hereunder shall forthwith become, without any further
act or writing, the agent hereunder of such successor depositary, and the
appointment of such successor depositary shall in no way impair the authority of
the Custodian hereunder; but the successor depositary so appointed shall,
nevertheless, on the written request of the Custodian, execute and deliver to
the Custodian all such instruments as may be proper to give to the Custodian
full and complete power and authority as agent hereunder of such successor
depositary.

         SECTION 5.6 Notices and Reports.

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

                  The Company will arrange for the translation into English and
the prompt transmittal, which may be by email or facsimile, by the Company to
the Depositary and the Custodian of such notices and any other reports and
communications which are made generally available by the Company to holders of
its Shares. If requested in writing by

                                      -33-
<PAGE>
the Company, the Depositary will arrange for the mailing of copies of such
notices, reports and communications to all Owners. The Company will timely
provide the Depositary with the quantity of such notices, reports, and
communications, as requested by the Depositary from time to time, in order for
the Depositary to effect such mailings.

         SECTION 5.7 Distribution of Additional Shares, Rights, etc.

                  The Company agrees that in the event of any issuance or
distribution of (1) additional Shares, (2) rights to subscribe for Shares, (3)
securities convertible into Shares, or (4) rights to subscribe for such
securities, (each a "Distribution") the Company will promptly furnish to the
Depositary, unless waived by the Depositary, a written opinion from U.S. counsel
for the Company, which counsel shall be satisfactory to the Depositary, stating
whether or not the Distribution requires a Registration Statement under the
Securities Act to be in effect prior to making such Distribution available to
Owners entitled thereto. If in the opinion of such counsel a Registration
Statement is required, such counsel shall furnish to the Depositary a written
opinion as to whether or not, to the best of its knowledge after due inquiry,
there is a Registration Statement in effect which will cover such Distribution.

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

         SECTION 5.8 Indemnification.

                  The Company agrees to indemnify the Depositary, its directors,
officers, employees, agents and affiliates and any Custodian against, and hold
each of them harmless from, any liability or expense (including, but not limited
to, the reasonable fees

                                      -34-
<PAGE>
and expenses of counsel) which may arise out of any registration with the
Commission of Receipts, American Depositary Shares or Deposited Securities or
the offer or sale thereof in the United States or out of acts performed or
omitted, in accordance with the provisions of this Deposit Agreement and of the
Receipts, as the same may be amended, modified or supplemented from time to
time, (i) by either the Depositary or the Custodian or their respective
directors, officers, employees, agents and affiliates, except for any liability
or expense arising out of the negligence or bad faith of either of them, and
except to the extent that such liability or expense arises out of information
relating to the Depositary or the Custodian, as applicable, furnished in writing
to the Company by the Depositary, expressly for use in any registration
statement, proxy statement, prospectus (or placement memorandum) or preliminary
prospectus (or preliminary placement memorandum) relating to the Shares or the
Receipts, or omissions from such information, and not altered, or (ii) by the
Company or any of its directors, officers, employees, agents and affiliates.

                  The indemnities contained in the preceding paragraph shall not
extend to any liability or expense which arises solely and exclusively out of a
Pre-Release (as defined in Section 2.9) of a Receipt or Receipts in accordance
with Section 2.9 and which would not otherwise have arisen had such Receipt or
Receipts not been the subject of a Pre-Release pursuant to Section 2.9;
provided, however, that the indemnities provided in the preceding paragraph
shall apply to any such liability or expense (i) to the extent that such
liability or expense would have arisen had a Receipt or Receipts not been the
subject of a Pre-Release, or (ii) which may arise out of any misstatement or
alleged misstatement or omission or alleged omission in any registration
statement, proxy statement, prospectus (or placement memorandum), or preliminary
prospectus (or preliminary placement memorandum) relating to the offer or sale
of American Depositary Shares, except to the extent any such liability or
expense arises out of (i) information relating to the Depositary or any
Custodian (other than the Company), as applicable, furnished in writing and not
materially changed or altered by the Company expressly for use in any of

                                      -35-
<PAGE>
the foregoing documents, or, (ii) if such information is provided, the failure
to state a material fact necessary to make the information provided not
misleading.

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

                  If an action, proceeding (including, but not limited to, any
governmental investigation), claim or dispute (collectively, a "Proceeding") in
respect of which indemnity may be sought by either party is brought or asserted
against the other party, the party seeking indemnification (the "Indemnitee")
shall promptly (and in no event more than ten (10) days after receipt of notice
of such Proceeding) notify the party obligated to provide such indemnification
(the "Indemnitor") of such Proceeding. The failure of the Indemnitee to so
notify the Indemnitor shall not impair the Indemnitee's ability to seek
indemnification from the Indemnitor (but only for costs, expenses and
liabilities incurred after such notice) unless such failure adversely affects
the Indemnitor's ability to adequately oppose or defend such Proceeding. Upon
receipt of such notice from the Indemnitee, the Indemnitor shall be entitled to
participate in such Proceeding and, to the extent that it shall so desire and
provided no conflict of interest exists as specified in subparagraph (b) below
or there are no other defenses available to Indemnitee as specified in
subparagraph (d) below, to assume the defense thereof with counsel reasonably
satisfactory to the Indemnitee (in which case all attorney's fees and expenses
shall be borne by the Indemnitor and the Indemnitor shall in good faith defend
the Indemnitee). The Indemnitee shall have the right to employ separate counsel
in any such Proceeding and to participate in the defense thereof, but the fees
and expenses of such counsel shall be borne by the Indemnitee unless (a) the
Indemnitor agrees in writing to pay such fees and expenses, (b) the Indemnitee
shall have reasonably and in good faith

                                      -36-
<PAGE>
concluded that there is a conflict of interest between the Indemnitor and the
Indemnitee in the conduct of the defense of such action, (c) the Indemnitor
fails, within ten (10) days prior to the date the first response or appearance
is required to be made in such Proceeding, to assume the defense of such
Proceeding with counsel reasonably satisfactory to the Indemnitee or (d) there
are legal defenses available to Indemnitee that are different from or are in
addition to those available to the Indemnitor. No compromise or settlement of
such Proceeding may be effected by either party without the other party's
consent unless (i) there is no finding or admission of any violation of law and
no effect on any other claims that may be made against such other party and (ii)
the sole relief provided is monetary damages that are paid in full by the party
seeking the settlement. Neither party shall have any liability with respect to
any compromise or settlement effected without its consent, which shall not be
unreasonably withheld. The Indemnitor shall have no obligation to indemnify and
hold harmless the Indemnitee from any loss, expense or liability incurred by the
Indemnitee as a result of a default judgment entered against the Indemnitee
unless such judgment was entered after the Indemnitor agreed, in writing, to
assume the defense of such Proceeding.

         SECTION 5.9 Charges of Depositary.

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

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

                                      -37-
<PAGE>
applicable: (1) taxes and other governmental charges, (2) such registration fees
as may from time to time be in effect for the registration of transfers of
Shares generally on the Share register of the Company or Foreign Registrar and
applicable to transfers of Shares to or from the name of the Depositary or its
nominee or the Custodian or its nominee on the making of deposits or withdrawals
hereunder, (3) such cable, telex and facsimile transmission expenses as are
expressly provided in this Deposit Agreement, (4) such expenses as are incurred
by the Depositary in the conversion of Foreign Currency pursuant to Section 4.5,
(5) a fee of $5.00 or less per 100 American Depositary Shares (or portion
thereof) for the execution and delivery of Receipts pursuant to Section 2.3, 4.3
or 4.4 and the surrender of Receipts pursuant to Section 2.5 or 6.2, (6) a fee
of $.02 or less per American Depositary Share (or portion thereof) for any cash
distribution made pursuant to the Deposit Agreement, including, but not limited
to Sections 4.1 through 4.4 hereof, (7) a fee for the distribution of securities
pursuant to Section 4.2, such fee being in an amount equal to the fee for the
execution and delivery of American Depositary Shares referred to above which
would have been charged as a result of the deposit of such securities (for
purposes of this clause 7 treating all such securities as if they were Shares)
but which securities are instead distributed by the Depositary to Owners, (8) a
fee of $.02 or less per American Depositary Share (or portion thereof) for
depositary services, which will accrue on the last day of each calendar year and
which will be payable as provided in clause (9) below; provided, however, that
no fee will be assessed under this clause (8) if a fee was charged pursuant to
clause (6) above during that calendar year and (9) any other charge payable by
the Depositary, any of the Depositary's agents, including the Custodian, or the
agents of the Depositary's agents in connection with the servicing of Shares or
other Deposited Securities (which charge shall be assessed against Owners as of
the date or dates set by the Depositary in accordance with Section 4.6 and shall
be payable at the sole discretion of the Depositary by billing such Owners for
such charge or by deducting such charge from one or more cash dividends or other
cash distributions).

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

                                      -38-
<PAGE>
         SECTION 5.10 Retention of Depositary Documents.

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

         SECTION 5.11 Exclusivity.

                  Subject to Section 5.4, the Company agrees not to appoint any
other depositary for issuance of American Depositary Shares, as defined in
Section 1.1 hereof, so long as The Bank of New York is acting as Depositary
hereunder.

         SECTION 5.12 List of Restricted Securities Owners.

                  From time to time, the Company shall provide to the Depositary
a list setting forth, to the actual knowledge of the Company, those persons or
entities who beneficially own Restricted Securities and the Company shall update
that list on a regular basis. The Company agrees to advise in writing each of
the persons or entities so listed that such Restricted Securities are ineligible
for deposit hereunder, except in accordance with the following sentence. The
Depositary shall use reasonable efforts not to accept the deposit of any Shares
by any person or entity so listed unless such person or entity delivers an
opinion, which is satisfactory to the Depositary, on which the Depositary is
entitled to rely, from recognized U.S. counsel for the Company, in such form as
may be agreed between the Company and the Depositary, that upon deposit of such
Shares such Shares and the Receipts issued in respect thereof will not be
Restricted Securities and that the offer and sale of such securities would not
require registration under the Securities Act. The Depositary may rely on such a
list or update but shall not be liable for any action or omission made in
reliance thereon.

                                      -39-
<PAGE>
ARTICLE 6. AMENDMENT AND TERMINATION.

         SECTION 6.1 Amendment.

                  The form of the Receipts and any provisions of this Deposit
Agreement may at any time and from time to time be amended by agreement between
the Company and the Depositary without the consent of Owners and holders in any
respect which they may deem necessary or desirable. Any amendment which shall
impose or increase any fees or charges (other than taxes and other governmental
charges, registration fees, cable, telex or facsimile transmission costs,
delivery costs or other such expenses), or which shall otherwise prejudice any
substantial existing right of Owners, shall, however, not become effective as to
outstanding Receipts until the expiration of thirty days after notice of such
amendment shall have been given to the Owners of outstanding Receipts. Every
Owner at the time any amendment so becomes effective shall be deemed, by
continuing to hold such Receipt, to consent and agree to such amendment and to
be bound by the Deposit Agreement as amended thereby. In no event shall any
amendment impair the right of the Owner of any Receipt to surrender such Receipt
and receive therefor the Deposited Securities represented thereby, except in
order to comply with mandatory provisions of applicable law.

         SECTION 6.2 Termination.

                  The Depositary shall at any time at the direction of the
Company terminate this Deposit Agreement by mailing notice of such termination
to the Owners of all Receipts then outstanding at least 30 days prior to the
date fixed in such notice for such termination. The Depositary may likewise
terminate this Deposit Agreement by mailing notice of such termination to the
Company and the Owners of all Receipts then outstanding, such notice to be
effective on a date specified in such notice not less than 30 days after the
date thereof, 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
and a successor depositary shall not have been appointed and accepted its
appointment as provided in Section 5.4. On and after the date of termination,
the Owner of a Receipt

                                      -40-
<PAGE>
will, upon (a) surrender of such Receipt at the Corporate Trust Office of the
Depositary, (b) payment of the fee of the Depositary for the surrender of
Receipts referred to in Section 2.5, and (c) payment of any applicable taxes or
governmental charges, be entitled to delivery, to him or upon his order, of the
amount of Deposited Securities represented by the American Depositary Shares
evidenced by such Receipt. If any Receipts shall remain outstanding after the
date of termination, the Depositary thereafter shall discontinue the
registration of transfers of Receipts, shall suspend the distribution of
dividends to the Owners thereof, and shall not give any further notices or
perform any further acts under this Deposit Agreement, except that the
Depositary shall continue to collect dividends and other distributions
pertaining to Deposited Securities, shall sell rights and other property as
provided in this Deposit Agreement, and shall continue to deliver Deposited
Securities, together with any dividends or other distributions received with
respect thereto and the net proceeds of the sale of any rights or other
property, in exchange for Receipts surrendered to the Depositary (after
deducting, in each case, the fee of the Depositary for the surrender of a
Receipt, any expenses for the account of the Owner of such Receipt in accordance
with the terms and conditions of this Deposit Agreement, and any applicable
taxes or governmental charges). At any time after the expiration of one year
from the date of termination, the Depositary may sell the Deposited Securities
then held hereunder and may thereafter hold uninvested the net proceeds of any
such sale, together with any other cash then held by it hereunder, unsegregated
and without liability for interest, for the pro rata benefit of the Owners of
Receipts which have not theretofore been surrendered, such Owners thereupon
becoming general creditors of the Depositary with respect to such net proceeds.
After making such sale, the Depositary shall be discharged from all obligations
under this Deposit Agreement, except to account for such net proceeds and other
cash (after deducting, in each case, the fee of the Depositary for the surrender
of a Receipt, any expenses for the account of the Owner of such Receipt in
accordance with the terms and conditions of this Deposit Agreement, and any
applicable taxes or governmental charges) and except as provided in Section 5.8.
Upon the termination of this Deposit Agreement, the Company

                                      -41-
<PAGE>
shall be discharged from all obligations under this Deposit Agreement except for
its obligations to the Depositary under Sections 5.8 and 5.9 hereof.

ARTICLE 7. MISCELLANEOUS.

         SECTION 7.1 Counterparts.

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

         SECTION 7.2 No Third Party Beneficiaries.

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

         SECTION 7.3 Severability.

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

         SECTION 7.4 Holders and Owners as Parties; Binding Effect.

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

         SECTION 7.5 Notices.

                  Any and all notices to be given to the Company shall be deemed
to have been duly given if personally delivered or sent by mail or cable, telex
or facsimile

                                      -42-
<PAGE>
transmission confirmed by letter, addressed to Companhia De Saneamento Do Parana
- SANEPAR, Rua Engenheiros Reboucas, 1376, 80215-900 Curitiba - Parana, Brazil,
Attention: Diretoria de Relacoes com Investidores or any other place which the
Company shall have notified the Depositary in writing.

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

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

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

         SECTION 7.6 Governing Law.

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

                                      -43-
<PAGE>
         SECTION 7.7 Compliance with U.S. Securities Laws.

                  Notwithstanding anything in this Deposit Agreement to the
contrary, the Company and the Depositary each agrees that it will not exercise
any rights it has under this Deposit Agreement to permit the withdrawal or
delivery of Deposited Securities in a manner which would violate the U.S.
securities laws, including, but not limited to, Section I.A.(1) of the General
Instructions to the Form F-6 Registration Statement, as amended from time to
time, under the Securities Act.

         SECTION 7.8 Submission to Jurisdiction; Appointment of Agent for
Service of Process.

                  The Company hereby (i) irrevocably designates and appoints CT
Corporation System, 111 Eighth Avenue, NY, NY 10011, in the State of New York,
as the Company's authorized agent upon which process may be served in any suit
or proceeding arising out of or relating to the Shares or Deposited Securities,
the American Depositary Shares, the Receipts or this Agreement, (ii) consents
and submits to the jurisdiction of any state or federal court in the State of
New York in which any such suit or proceeding may be instituted, and (iii)
agrees that service of process upon said authorized agent shall be deemed in
every respect effective service of process upon the Company in any such suit or
proceeding. The Company agrees to deliver, upon the execution and delivery of
this Deposit Agreement, a written acceptance by such agent of its appointment as
such agent. The Company further agrees to take any and all action, including the
filing of any and all such documents and instruments, as may be necessary to
continue such designation and appointment in full force and effect for so long
as any American Depositary Shares or Receipts remain outstanding or this
Agreement remains in force.

         SECTION 7.9 Waiver of Immunities.

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

                                      -44-
<PAGE>
proceeding, from the giving of any relief in any respect thereof, from setoff or
counterclaim, from the jurisdiction of any court, from service of process, from
attachment upon or prior to judgment, from attachment in aid of execution or
judgment, or from execution of judgment, or other legal process or proceeding
for the giving of any relief or for the enforcement of any judgment, in any
jurisdiction in which proceedings may at any time be commenced, with respect to
its obligations, liabilities or any other matter under or arising out of or in
connection with the Shares or Deposited Securities, the American Depositary
Shares, the Receipts or this Agreement, the Company, to the fullest extent
permitted by law, hereby irrevocably and unconditionally waives, and agrees not
to plead or claim, any such immunity and consents to such relief and
enforcement.

                                      -45-
<PAGE>
                  IN WITNESS WHEREOF, COMPANHIA DE SANEAMENTO DO PARANA --
SANEPAR and THE BANK OF NEW YORK have duly executed this agreement as of the day
and year first set forth above and all Owners shall become parties hereto upon
acceptance by them of Receipts issued in accordance with the terms hereof.

                                             COMPANHIA DE SANEAMENTO
                                             DO PARANA -- SANEPAR

                                             By:
                                                --------------------
                                                Name:
                                                Title:

                                             By:
                                                --------------------
                                                Name:
                                                Title:

                                             THE BANK OF NEW YORK,
                                             as Depositary

                                             By:
                                                --------------------
                                                Name:
                                                Title:

                                      -46-
<PAGE>
                         Exhibit A to Deposit Agreement

NO.
                                                 -------------------------------
                                                 AMERICAN DEPOSITARY SHARES
                                                 (EACH AMERICAN DEPOSITARY SHARE
                                                 REPRESENTS     TEN (10)
                                                 DEPOSITED SHARES)

                              THE BANK OF NEW YORK
                           AMERICAN DEPOSITARY RECEIPT
                        FOR NON-VOTING PREFERRED SHARES,
                              WITH NO PAR VALUE OF
                  COMPANHIA DE SANEAMENTO DO PARANA -- SANEPAR
                       (INCORPORATED UNDER THE LAWS OF THE
                         FEDERATIVE REPUBLIC OF BRAZIL)

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

                           AMERICAN DEPOSITARY SHARES

representing deposited non-voting preferred shares, with no par value (herein
called "Shares"), of Companhia De Saneamento Do Parana -- SANEPAR, incorporated
under the laws of the Federative Republic of Brazil (herein called the
"Company"). At the date hereof, each American Depositary Share represents ten
Shares which are either deposited or subject to deposit under the deposit
agreement at the Sao Paulo, Brazil office of Banco Itau S.A. (herein called the
"Custodian"). The Depositary's Corporate Trust Office is located at a different
address than its principal executive office. Its Corporate Trust Office is
located at 101 Barclay Street, New York, N.Y. 10286, and its principal executive
office is located at One Wall Street, New York, N.Y. 10286.

               THE DEPOSITARY'S CORPORATE TRUST OFFICE ADDRESS IS
                    101 BARCLAY STREET, NEW YORK, N.Y. 10286
<PAGE>
1.       THE DEPOSIT AGREEMENT.

         This American Depositary Receipt is one of an issue (herein called
"Receipts"), all issued and to be issued upon the terms and conditions set forth
in the deposit agreement, dated as of             , 2002 (herein called the
"Deposit Agreement"), by and among the Company, the Depositary, and all Owners
and holders from time to time of Receipts issued thereunder, each of whom by
accepting a Receipt agrees to become a party thereto and become bound by all the
terms and conditions thereof. The Deposit Agreement sets forth the rights of
Owners and 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 of such Shares and held
thereunder (such Shares, securities, property, and cash are herein called
"Deposited Securities"). Copies of the Deposit Agreement are on file at the
Depositary's Corporate Trust Office in New York City and at the office of the
Custodian.

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

2.       SURRENDER OF RECEIPTS AND WITHDRAWAL OF SHARES.

         Upon surrender at the Corporate Trust Office of the Depositary of this
Receipt, and upon payment of the fee of the Depositary provided in this Receipt,
and subject to the terms and conditions of the Deposit Agreement, the Owner
hereof is entitled to delivery, to him or upon his order, of the amount of
Deposited Securities at the time represented by the American Depositary Shares
for which this Receipt is issued. Delivery of such Deposited Securities may be
made by the delivery of (a) Shares in the name of the Owner hereof or as ordered
by him or by certificates properly endorsed or accompanied by proper instruments
of transfer to such Owner or as ordered by him and (b) any other securities,
property and cash to which such Owner is then entitled in respect of this
Receipt to such Owner or as ordered by him. Such delivery will be made at the
option of the Owner hereof, either at the office of the Custodian or at the
Corporate Trust Office of the Depositary, provided that the forwarding of
certificates for Shares or other Deposited Securities for such delivery at the
Corporate Trust Office of the Depositary shall be at the risk and expense of the
Owner hereof. Notwithstanding any other provision of the Deposit Agreement or
this Receipt, the surrender of outstanding Receipts and withdrawal of Deposited
Securities may be suspended only for (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.

                                      -2-
<PAGE>
3.       TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF RECEIPTS.

         The transfer of this Receipt is registrable on the books of the
Depositary at its Corporate Trust Office by the Owner hereof in person or by a
duly authorized attorney, upon surrender of this Receipt properly endorsed for
transfer or accompanied by proper instruments of transfer and funds sufficient
to pay any applicable transfer taxes and the expenses of the Depositary and upon
compliance with such regulations, if any, as the Depositary may establish for
such purpose. This Receipt may be split into other such Receipts, or may be
combined with other such Receipts into one Receipt, evidencing the same
aggregate number of American Depositary Shares 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
withdrawal of any Deposited Securities, the Depositary, the Custodian, or
Registrar may require payment from the depositor of Shares or the presenter of
the Receipt of a sum sufficient to reimburse it for any tax or other
governmental charge and any stock transfer or registration fee with respect
thereto (including any such tax or charge and fee with respect to Shares being
deposited or withdrawn) and payment of any applicable fees as provided in this
Receipt, 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 American Depositary
Shares or to the withdrawal of Deposited Securities and any such reasonable
regulations, if any, the Depositary may establish consistent with the provisions
of the Deposit Agreement or this Receipt.

         The delivery of Receipts against deposits of Shares generally or
against deposits of particular Shares may be suspended, or the transfer of
Receipts in particular instances may be refused, or the registration of transfer
of outstanding Receipts generally may be suspended, during any period when the
transfer books of the Depositary are closed, or if any such action is deemed
necessary or advisable by the Depositary or the Company at any time or from time
to time because of any requirement of law or of any government or governmental
body or commission, or under any provision of the Deposit Agreement or this
Receipt, or for any other reason, subject to Article (22) hereof. Without
limitation of the foregoing, the Depositary shall not knowingly accept for
deposit under the Deposit Agreement any Shares required to be registered under
the provisions of the Securities Act, unless a registration statement is in
effect as to such Shares.

4.       LIABILITY OF OWNER FOR TAXES.

         If any tax or other governmental charge shall become payable with
respect to any Receipt or any Deposited Securities represented hereby, such tax
or other governmental charge shall be payable by the Owner hereof to the
Depositary. The Depositary may refuse to effect any transfer of this Receipt or
any withdrawal of Deposited Securities represented by American Depositary Shares
evidenced by such Receipt until such payment is made, and may withhold any
dividends or other distributions, or may sell for the account of the Owner
hereof any part or all of the Deposited Securities represented by

                                      -3-
<PAGE>
the American Depositary Shares evidenced by this Receipt, and may apply such
dividends or other distributions or the proceeds of any such sale in payment of
such tax or other governmental charge and the Owner hereof shall remain liable
for any deficiency.

5.       WARRANTIES OF DEPOSITORS.

         Every person depositing Shares under the Deposit Agreement shall be
deemed thereby to represent and warrant that such Shares and each certificate
therefor, if applicable, are validly issued, fully paid, nonassessable and free
of any pre-emptive rights of the holders of outstanding Shares and that the
person making such deposit is duly authorized so to do. Every such person shall
also be deemed to represent that the deposit of such Shares and the sale of
Receipts evidencing American Depositary Shares representing such Shares by that
person to the public are not restricted under the Securities Act. Such
representations and warranties shall survive the deposit of Shares and issuance
of Receipts.

6.       FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.

         Any person presenting Shares for deposit or any Owner or 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, or
such information relating to the registration on the books of the Company or the
Foreign Registrar, if applicable, to execute such certificates and to make such
representations and warranties, as the Depositary may deem necessary or proper
or as the Company may reasonably require by written request to the Depositary.
The Depositary may withhold the delivery or registration of transfer of any
Receipt or the distribution of any dividend or sale or distribution of rights or
of the proceeds thereof or the delivery of any Deposited Securities until such
proof or other information is filed or such certificates are executed or such
representations and warranties made. The Depositary shall provide the Company
upon its reasonable written request with copies of any information or other
material that the Depositary receives pursuant to this Article 6, unless such
disclosure is prohibited by law. No Share shall be accepted for deposit unless
accompanied, to the extent applicable, by evidence satisfactory to the
Depositary that any necessary approval has been granted by any governmental body
in Brazil which is then performing the function of the regulation of currency
exchange.

7.       CHARGES OF DEPOSITARY.

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

         The following charges shall be incurred by any party depositing or
withdrawing

                                      -4-
<PAGE>
Shares or by any party surrendering Receipts or to whom Receipts are issued
(including, without limitation, issuance pursuant to a stock dividend or stock
split declared by the Company or an exchange of stock regarding the Receipts or
Deposited Securities or a distribution of Receipts pursuant to Section 4.3 of
the Deposit Agreement), or by Owners, as applicable: (1) taxes and other
governmental charges, (2) such registration fees as may from time to time be in
effect for the registration of transfers of Shares generally on the Share
register of the Company or Foreign Registrar and applicable to transfers of
Shares to or from the name of the Depositary or its nominee or the Custodian or
its nominee on the making of deposits or withdrawals under the Deposit
Agreement, (3) such cable, telex and facsimile transmission expenses as are
expressly provided in the Deposit Agreement, (4) such expenses as are incurred
by the Depositary in the conversion of Foreign Currency pursuant to Section 4.5
of the Deposit Agreement, (5) a fee of $5.00 or less per 100 American Depositary
Shares (or portion thereof) for the execution and delivery of Receipts pursuant
to Section 2.3, 4.3 or 4.4 of the Deposit Agreement and the surrender of
Receipts pursuant to Section 2.5 or 6.2 of the Deposit Agreement, (6) a fee of
$.02 or less per American Depositary Share (or portion thereof) for any cash
distribution made pursuant to the Deposit Agreement, including, but not limited
to Sections 4.1 through 4.4 of the Deposit Agreement, (7) a fee for the
distribution of securities pursuant to Section 4.2 of the Deposit Agreement,
such fee being in an amount equal to the fee for the execution and delivery of
American Depositary Shares referred to above which would have been charged as a
result of the deposit of such securities (for purposes of this clause 7 treating
all such securities as if they were Shares) but which securities are instead
distributed by the Depositary to Owners, (8) a fee of $.02 or less per American
Depositary Share (or portion thereof)for depositary services, which will accrue
on the last day of each calendar year and which will be payable as provided in
clause (9) below; provided, however, that no fee will be assessed under this
clause (8) if a fee was charged pursuant to clause (6) above during that
calendar year and (9) any other charge payable by the Depositary, any of the
Depositary's agents, including the Custodian, or the agents of the Depositary's
agents in connection with the servicing of Shares or other Deposited Securities
(which charge shall be assessed against Owners as of the date or dates set by
the Depositary in accordance with Section 4.6 of the Deposit Agreement and shall
be payable at the sole discretion of the Depositary by billing such Owners for
such charge or by deducting such charge from one or more cash dividends or other
cash distributions).

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

8.       PRE-RELEASE OF RECEIPTS.

         The Depositary may issue Receipts against delivery by the Company (or
any agent of the Company recording Share ownership) of rights to receive Shares
from the Company (or any such agent of the Company). No such issue of Receipts
will be deemed a "Pre-Release" that is subject to the restrictions of the
following paragraph.

                                      -5-
<PAGE>
         Unless requested in writing by the Company to cease doing so, the
Depositary may, notwithstanding Section 2.3 of the Deposit Agreement, execute
and deliver Receipts prior to the receipt of Shares pursuant to Section 2.2 of
the Deposit Agreement ("Pre-Release"). The Depositary may, pursuant to Section
2.5 of the Deposit Agreement, deliver Shares upon the receipt and cancellation
of Receipts which have been Pre-Released, whether or not such cancellation is
prior to the termination of such Pre-Release or the Depositary knows that such
Receipt has been Pre-Released. The Depositary may receive Receipts in lieu of
Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded
or accompanied by a written representation and agreement from the person to whom
Receipts are to be delivered (the "Pre-Releasee") that the Pre-Releasee, or its
customer, (i) owns the Shares or Receipts to be remitted, as the case may be,
(ii) assigns all beneficial rights, title and interest in such Shares or
Receipts, as the case may be, to the Depositary in its capacity as such and for
the benefit of the Owners, and (iii) will not take any action with respect to
such Shares or Receipts, as the case may be, that is inconsistent with the
transfer of beneficial ownership (including, without the consent of the
Depositary, disposing of such Shares or Receipts, as the case may be), other
than in satisfaction of such Pre-Release, (b) at all times fully collateralized
with cash, U.S. government securities or such other collateral as the Depositary
determines, in good faith, will provide substantially similar liquidity and
security, (c) terminable by the Depositary on not more than five (5) business
days notice, and (d) subject to such further indemnities and credit regulations
as the Depositary deems appropriate. The number of Shares not deposited but
represented by American Depositary Shares outstanding at any time as a result of
Pre-Releases will not normally exceed thirty percent (30%) of the Shares
deposited hereunder; provided, however, that the Depositary reserves the right
to disregard such limit from time to time as it deems reasonably appropriate,
and may, with the prior written consent of the Company, change such limit for
purposes of general application. The Depositary will also set Dollar limits with
respect to Pre-Release transactions to be entered into hereunder with any
particular Pre-Releasee on a case-by-case basis as the Depositary deems
appropriate. For purposes of enabling the Depositary to fulfill its obligations
to the Owners under the Deposit Agreement, the collateral referred to in clause
(b) above shall be held by the Depositary as security for the performance of the
Pre-Releasee's obligations to the Depositary in connection with a Pre-Release
transaction, including the Pre-Releasee's obligation to deliver Shares or
Receipts upon termination of a Pre-Release transaction (and shall not, for the
avoidance of doubt, constitute Deposited Securities hereunder).

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

9.       TITLE TO RECEIPTS.

         It is a condition of this Receipt and every successive holder and Owner
of this Receipt by accepting or holding the same consents and agrees, that title
to this Receipt when properly endorsed or accompanied by proper instruments of
transfer, is transferable

                                      -6-
<PAGE>
by delivery with the same effect as in the case of a negotiable instrument;
provided, however, that the Company and the Depositary, notwithstanding any
notice to the contrary, may treat the person in whose name this Receipt is
registered on the books of the Depositary as the absolute owner hereof for the
purpose of determining the person entitled to distribution of dividends or other
distributions or to any notice provided for in the Deposit Agreement and for all
other purposes and neither the Depositary nor the Company shall have any
obligation or be subject to any liability under this Deposit Agreement to any
holder of a Receipt unless such holder is the Owner thereof.

10.      VALIDITY OF RECEIPT.

         This Receipt shall not be entitled to any benefits under the Deposit
Agreement or be valid or obligatory for any purpose, unless this Receipt shall
have been executed by the Depositary by the manual or facsimile signature of a
duly authorized signatory of the Depositary and, if a Registrar for the Receipts
shall have been appointed, countersigned by the manual or facsimile signature of
a duly authorized officer of the Registrar.

11.      REPORTS; INSPECTION OF TRANSFER BOOKS.

         The Company is subject to the periodic reporting requirements of the
Securities Exchange Act of 1934 and, accordingly, files certain reports with the
Securities and Exchange Commission (hereinafter called the "Commission").

         Such reports and communications will be available for inspection and
copying at the public reference facilities maintained by the Commission located
at 450 Fifth Street, N.W., Washington, D.C. 20549.

         The Depositary will make available for inspection by Owners of Receipts
at its Corporate Trust Office any reports and communications, including any
proxy soliciting material, received from the Company which are both (a) received
by the Depositary as the holder of the Deposited Securities and (b) made
generally available to the holders of such Deposited Securities by the Company.
The Depositary shall also, upon written request, send to the Owners of Receipts
copies of such reports furnished by the Company pursuant to the Deposit
Agreement. Any such reports and communications, including any such proxy
soliciting material, furnished to the Depositary by the Company shall be
furnished in English.

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

                                      -7-
<PAGE>
12.      DIVIDENDS AND DISTRIBUTIONS.

         Whenever the Depositary shall receive any cash dividend or other cash
distribution on any Deposited Securities, the Depositary shall, if at the time
of receipt thereof any amounts received in a Foreign Currency can in the
judgment of the Depositary be converted on a reasonable basis into United States
dollars transferable to the United States, and subject to the Deposit Agreement,
convert such dividend or distribution into Dollars and shall distribute, as
promptly as practicable, the amount thus received (net of the fees and expenses
of the Depositary as provided in the Deposit Agreement, if applicable) to the
Owners of Receipts entitled thereto, provided, however, that in the event that
the Company or the Depositary shall be required to withhold and does withhold
from such cash dividend or such other cash distribution in respect of any
Deposited Securities an amount on account of taxes, the amount distributed to
the Owners of the Receipts evidencing American Depositary Shares representing
such Deposited Securities shall be reduced accordingly.

         Subject to the provisions of Sections 4.11 and 5.9 of the Deposit
Agreement, whenever the Depositary shall receive any distribution other than a
distribution described in Sections 4.1, 4.3 or 4.4 of the Deposit Agreement, the
Depositary, after consultation with the Company to the extent reasonably
practicable, shall cause the securities or property received by it to be
distributed as promptly as practicable to the Owners of Receipts entitled
thereto, after deduction or upon payment of any fees and expenses of the
Depositary or any taxes or other governmental charges, in any manner that the
Depositary may deem equitable and practicable for accomplishing such
distribution; provided, however, that if in the opinion of the Depositary such
distribution cannot be made proportionately among the Owners of Receipts
entitled thereto, or if for any other reason the Depositary deems such
distribution not to be feasible, the Depositary, after consultation with the
Company to the extent reasonably practicable, may adopt such method as it may
deem equitable and practicable for the purpose of effecting such distribution,
including, but not limited to, the public or private sale of the securities or
property thus received, or any part thereof, and the net proceeds of any such
sale (net of the fees of the Depositary as provided in Section 5.9 of the
Deposit Agreement) shall be distributed by the Depositary to the Owners of
Receipts entitled thereto as in the case of a distribution received in cash.

         If any distribution upon any Deposited Securities consists of a
dividend in, or free distribution of, Shares, the Depositary may with the
written approval of the Company, and shall if the Company shall so request,
distribute to the Owners of outstanding Receipts entitled thereto, additional
Receipts evidencing an aggregate number of American Depositary Shares
representing the amount of Shares received as such dividend or free
distribution, subject to the terms and conditions of the Deposit Agreement with
respect to the deposit of Shares and the issuance of American Depositary Shares
evidenced by Receipts, including the withholding of any tax or other
governmental charge as provided in Section 4.11 of the Deposit Agreement and the
payment of the fees of the

                                      -8-
<PAGE>
Depositary as provided in Section 5.9 of the Deposit Agreement. In lieu of
delivering Receipts for fractional American Depositary Shares in any such case,
the Depositary shall sell the amount of Shares represented by the aggregate of
such fractions and distribute the net proceeds, all in the manner and subject to
the conditions set forth in the Deposit Agreement. Alternatively, 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 Depositary determines that any distribution in
property (including Shares and rights to subscribe therefor) is subject to any
tax or other governmental charge which the Depositary is obligated to withhold,
the Depositary may by public or private sale dispose of all or a portion of such
property (including Shares and rights to subscribe therefor) in such amounts and
in such manner as the Depositary deems necessary and practicable to pay any such
taxes or charges and the Depositary shall distribute the net proceeds of any
such sale after deduction of such taxes or charges to the Owners of Receipts
entitled thereto.

13.      CONVERSION OF FOREIGN CURRENCY.

         Whenever the Depositary or the Custodian shall receive Foreign
Currency, by way of dividends or other distributions or the net proceeds from
the sale of securities, property or rights, and if at the time of the receipt
thereof the Foreign Currency so received can in the 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, as promptly as
practicable, to the Owners entitled thereto or, if the Depositary shall have
distributed any warrants or other instruments which entitle the holders thereof
to such Dollars, then to the holders of such warrants and/or instruments upon
surrender thereof for cancellation. Such distribution may be made upon an
averaged or other practicable basis without regard to any distinctions among
Owners on account of exchange restrictions, the date of delivery of any Receipt
or otherwise and shall be net of any expenses of conversion into Dollars
incurred by the Depositary as provided in Section 5.9 of the Deposit Agreement.

         If such conversion or distribution can be effected only with the
approval or license of any government or agency thereof, the Depositary shall
file such application for approval or license, if any, as it may deem desirable.

         If at any time the Depositary shall determine that in its judgment any
Foreign Currency received by the Depositary or the Custodian is not convertible
on a reasonable basis into Dollars transferable to the United States, or if any
approval or license of any government or agency thereof 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 after

                                      -9-
<PAGE>
application has been made therefore, the Depositary may distribute the Foreign
Currency (or an appropriate document evidencing the right to receive such
Foreign Currency) received by the Depositary to, or in its discretion may hold
such Foreign Currency uninvested and without liability for interest thereon for
the respective accounts of, the Owners entitled to receive the same.

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

14.      RIGHTS.

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

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

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

                                      -10-
<PAGE>
equal to the purchase price of the Shares or other securities to be received
upon the exercise of the rights, and upon payment of the fees and expenses of
the Depositary and any other charges as set forth in such warrants or other
instruments, the Depositary shall, on behalf of such Owner, exercise the rights
and purchase the Shares or other securities, as the case may be, and the Company
shall cause the Shares so purchased to be delivered to the Depositary on behalf
of such Owner. In the case of a purchase of Shares, the Depositary, as agent for
such Owner, will cause the Shares so purchased to be deposited pursuant to
Section 2.2 of the Deposit Agreement, and shall, pursuant to Section 2.3 of the
Deposit Agreement, execute and deliver Receipts to such Owner. In the case of a
distribution of Shares pursuant to the second paragraph of this Article 14, such
Receipts shall be legended in accordance with applicable U.S. laws, and shall be
subject to the appropriate restrictions on sale, deposit, cancellation, and
transfer under such laws.

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

         The Depositary will not offer rights to Owners unless both the rights
and the securities to which such rights relate are either exempt from
registration under the Securities Act with respect to a distribution to Owners
or are registered under the provisions of such Act; provided that nothing in the
Deposit Agreement shall create any obligation on the part of the Depositary or
the Company to file a registration statement with respect to such rights or
underlying securities or to endeavor to have such a registration statement
declared effective. If an Owner of Receipts requests distribution of warrants or
other instruments, notwithstanding that there has been no such registration
under the Securities Act, the Depositary shall not effect such distribution
unless it has received an opinion from recognized counsel in the United States
for the Company upon which the Depositary may rely that such distribution to
such Owner is exempt from such registration.

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

                                      -11-
<PAGE>
15.      RECORD DATES.

         Whenever any cash dividend or other cash distribution shall become
payable or any distribution other than cash shall be made, or whenever rights
shall be issued with respect to the Deposited Securities, or whenever for any
reason the Depositary causes a change in the number of Shares that are
represented by each American Depositary Share, or whenever the Depositary shall
receive notice of any meeting of holders of Shares or other Deposited
Securities, the Depositary shall fix a record date, which record date shall, to
the extent applicable and to the extent practicable, be the same date as the
corresponding record date fixed by the Company for the underlying Shares or as
close thereto as practicable (a) for the determination of the Owners who shall
be (i) entitled to receive such dividend, distribution or rights or the net
proceeds of the sale thereof or (ii) entitled to give instructions for the
exercise of voting rights at any such meeting, or (b) on or after which each
American Depositary Share will represent the changed number of Shares, subject
to the provisions of Sections 4.1 through 4.5 and to the other terms and
conditions of the Deposit Agreement.

16.      VOTING OF DEPOSITED SECURITIES.

         As of the date of the Deposit Agreement, the Shares do not give the
holders thereof any voting rights, except in certain limited circumstances
prescribed by Brazilian law. If in the future, the terms of the Shares should be
revised or amended to provide for voting rights, or should such Shares obtain
voting rights on account of the occurrence of any event or change, then, upon
receipt of notice of any meeting of holders of Shares or other Deposited
Securities, if requested in writing by the Company the Depositary shall, as soon
as practicable thereafter, mail to the Owners a notice, the form of which notice
shall be approved by the Company, which shall contain (a) such information as is
contained in such notice of meeting, and (b) a statement that the Owners as of
the close of business on a specified record date will be entitled, subject to
any applicable provision of Brazilian law and of the Estatuto Social of the
Company, to instruct the Depositary as to the exercise of the voting rights, if
any, pertaining to the amount of Shares or other Deposited Securities
represented by their respective American Depositary Shares and (c) a statement
as to the manner in which such instructions may be given, including an express
indication that such instruction may be given or deemed given in accordance with
the last sentence of this paragraph if no instruction is received, to the
Depositary to give a discretionary proxy to a person designated to the Company.
Upon the written request of an Owner on such record date, received on or before
the date established by the Depositary for such purpose, (the "Instruction
Date") the Depositary shall endeavor, in so far as practicable, to vote or cause
to be voted the amount of Shares or other Deposited Securities represented by
the American Depositary Shares evidenced by such Receipt in accordance with the
instructions set forth in such request. The Depositary shall not vote or attempt
to exercise the right to vote that attaches to the Shares or other Deposited
Securities, other than in accordance with such instructions or deemed
instructions. If no instructions are received by the Depositary from any Owner
with respect to any of the Deposited Securities represented by the American
Depositary Shares evidenced by such

                                      -12-
<PAGE>
Owner's Receipts on or before the Instruction Date, the Depositary shall deem
such Owner to have instructed the Depositary to give a discretionary proxy to a
person designated by the Company with respect to such Deposited Securities and
the Depositary shall give a discretionary proxy to a person designated by the
Company to vote such Deposited Securities, provided, that no such instruction
shall be given with respect to any matter as to which the Company informs the
Depositary (and the Company agrees to provide such information as promptly as
practicable in writing) that (x) the Company does not wish such proxy given, (y)
substantial opposition exists or (z) such matter materially and adversely
affects the rights of holders of Shares.

         There can be no assurance that Owners generally or any Owner in
particular will receive the notice described in the preceding paragraph
sufficiently prior to the Instruction Date to ensure that the Depositary will
vote the Shares or Deposited Securities in accordance with the provisions set
forth in the preceding paragraph.

17.      CHANGES AFFECTING DEPOSITED SECURITIES.

         In circumstances where the provisions of Section 4.3 of the Deposit
Agreement do not apply, upon any change in nominal value, change in par value,
split-up, consolidation or any other reclassification of Deposited Securities,
or upon any recapitalization, reorganization, merger or consolidation, or sale
of assets affecting the Company or to which it is a party, any securities which
shall be received by the Depositary or the Custodian in exchange for or in
conversion of or in respect of Deposited Securities shall be treated as new
Deposited Securities under the Deposit Agreement, and American Depositary Shares
shall thenceforth represent, in addition to the existing Deposited Securities,
if any, 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 written approval of the Company, and
shall if the Company shall so request, execute and deliver additional Receipts
as in the case of a dividend in Shares, or call for the surrender of outstanding
Receipts to be exchanged for new Receipts specifically describing such new
Deposited Securities.

18.      LIABILITY OF THE COMPANY AND DEPOSITARY.

         Neither the Depositary nor the Company nor any of their respective
directors, officers, employees, agents or affiliates shall incur any liability
to any Owner or holder of any Receipt, if by reason of any provision of any
present or future law or regulation of the United States or any other country,
or of any governmental or regulatory authority or stock exchange, or by reason
of any provision, present or future, of the Estatuto Social of the Company, or
by reason of any provision of any Securities issued or distributed by the
Company, or any Offering or distribution thereof or by reason of any act of God
or war or terrorism or other circumstances beyond its control, the Depositary or
the Company shall be prevented, delayed or forbidden from, or be subject to any
civil or criminal penalty on account of, doing or performing any act or thing
which by the terms of the Deposit Agreement or Deposited Securities it is
provided shall be done or performed; nor shall the

                                      -13-
<PAGE>
Depositary or the Company incur any liability to any Owner or holder of a
Receipt by reason of any non-performance or delay, caused as aforesaid, in the
performance of any act or thing which by the terms of the Deposit Agreement it
is provided shall or may be done or performed, or by reason of any exercise of,
or failure to exercise, any discretion provided for in the Deposit Agreement.
Where, by the terms of a distribution pursuant to Sections 4.1, 4.2 or 4.3 of
the Deposit Agreement, or an offering or distribution pursuant to Section 4.4 of
the Deposit Agreement, or for any other reason, such distribution or offering
may not be made available to Owners of Receipts, and the Depositary may not
dispose of such distribution or offering on behalf of such Owners and make the
net proceeds available to such Owners, then the Depositary shall not make such
distribution or offering, and shall allow any rights, if applicable, to lapse.
None of the Company, its directors, officers, employees, agents or affiliates
assume any obligation nor shall they be subject to any liability under the
Deposit Agreement to Owners or holders of Receipts, except that the Company
agrees to perform its obligations specifically set forth in the Deposit
Agreement without negligence or bad faith. None of the Depositary, its
directors, officers, employees, agents or affiliates assume any obligation nor
shall they be subject to any liability under the Deposit Agreement to any Owner
or holder of any Receipt (including, without limitation, liability with respect
to the validity or worth of the Deposited Securities), except that the
Depositary agrees to perform its obligations specifically set forth in the
Deposit Agreement without negligence or bad faith. None of the Depositary nor,
the Company or any of their directors, officers, employees, agents or affiliates
shall be under any obligation to appear in, prosecute or defend any action, suit
or other proceeding in respect of any Deposited Securities or in respect of the
Receipts, which in its opinion may involve it in expense or liability, unless
indemnity satisfactory to it against all expense and liability shall be
furnished as often as may be required, and the Custodian shall not be under any
obligation whatsoever with respect to such proceedings, the responsibility of
the Custodian being solely to the Depositary. None of the Depositary, the
Company or any of their directors, officers, employees, agents or affiliates
shall be liable for any action or nonaction by it in reliance upon the advice of
or information from legal counsel, accountants, any person presenting Shares for
deposit, any Owner or any other person believed by it in good faith to be
competent to give such advice or information, including but not limited to any
such action or nonaction based upon any written notice, request, direction or
other document believed by it to be genuine and to have been signed or presented
by the proper party or parties. The Depositary shall not be liable for any acts
or omissions made by a successor depositary whether in connection with a
previous act or omission of the Depositary or in connection with any matter
arising wholly after the removal or resignation of the Depositary, provided that
in connection with the issue out of which such potential liability arises the
Depositary performed its obligations without negligence or bad faith while it
acted as Depositary. Neither the Company nor the Depositary shall be responsible
for any failure to carry out any instructions to vote any of the Deposited
Securities, or for the manner in which any such vote is cast or the effect of
any such vote, provided that any such action or nonaction is in good faith. The
Company agrees to indemnify the Depositary, its directors, officers,

                                      -14-
<PAGE>
employees, agents and affiliates and any Custodian against, and hold each of
them harmless from, any liability or expense (including, but not limited to, the
reasonable fees and expenses of counsel) which may arise out of any registration
with the Commission of Receipts, American Depositary Shares or Deposited
Securities or the offer or sale thereof in the United States or out of acts
performed or omitted, in accordance with the provisions of the Deposit Agreement
and of the Receipts, as the same may be amended, modified or supplemented from
time to time, (i) by either the Depositary or the Custodian or their respective
directors, officers, employees, agents and affiliates, except for any liability
or expense arising out of the negligence or bad faith of either of them, and
except to the extent that such liability or expense arises out of information
relating to the Depositary or the Custodian, as applicable, furnished in writing
to the Company by the Depositary, expressly for use in any registration
statement, proxy statement, prospectus (or placement memorandum) or preliminary
prospectus (or preliminary placement memorandum) relating to the Shares or the
Receipts, or omissions from such information, and not altered, or (ii) by the
Company or any of its directors, officers, employees, agents and affiliates. No
disclaimer of liability under the Securities Act is intended by any provision of
the Deposit Agreement.

19.      RESIGNATION AND REMOVAL OF THE DEPOSITARY.

         The Depositary may at any time resign as Depositary under the Deposit
Agreement written notice of its election so to do delivered to the Company, such
resignation to take effect upon the appointment of a successor depositary and
its acceptance of such appointment as provided in the Deposit Agreement. The
Depositary may at any time be removed by the Company by 90 days prior written
notice of such removal, which shall become effective upon the later to occur of
the (i) 90th day after delivery of the notice to the Depositary or (ii) the
appointment of a successor depositary and its acceptance of such appointment as
provided in the Deposit Agreement. Whenever the Depositary in its discretion
determines that it is in the best interest of the Owners of Receipts to do so,
it may, after consultation with the Company, appoint a substitute custodian.

20.      AMENDMENT.

         The form of the Receipts and any provisions of the Deposit Agreement
may at any time and from time to time be amended by agreement between the
Company and the Depositary without the consent of Owners and holders in any
respect which they may deem necessary or desirable. Any amendment which shall
impose or increase any fees or charges (other than taxes and other governmental
charges, registration fees, cable, telex or facsimile transmission costs,
delivery costs or other such expenses), or which shall otherwise prejudice any
substantial existing right of Owners of Receipts, shall, however, not become
effective as to outstanding Receipts until the expiration of thirty days after
notice of such amendment shall have been given to the Owners of outstanding
Receipts. Every Owner of a Receipt at the time any amendment so becomes
effective shall be deemed, by continuing to hold such Receipt, to consent and
agree to such amendment and

                                      -15-
<PAGE>
to be bound by the Deposit Agreement as amended thereby. In no event shall any
amendment impair the right of the Owner of any Receipt to surrender such Receipt
and receive therefor the Deposited Securities represented thereby, except in
order to comply with mandatory provisions of applicable law.

21.      TERMINATION OF DEPOSIT AGREEMENT.

         The Depositary shall at any time at the direction of the Company
terminate the Deposit Agreement by mailing notice of such termination to the
Owners 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
Owners of all Receipts then outstanding, such notice to be effective on a date
specified in such notice not less than 30 days after the date thereof, 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 and a successor depositary
shall not have been appointed and accepted its appointment as provided in the
Deposit Agreement. On and after the date of termination, the Owner of a Receipt
will, upon (a) surrender of such Receipt at the Corporate Trust Office of the
Depositary, (b) payment of the fee of the Depositary for the surrender of
Receipts referred to in Section 2.5 of the Deposit Agreement and (c) payment of
any applicable taxes or governmental charges, be entitled to delivery, to him or
upon his order, of the amount of Deposited Securities represented by the
American Depositary Shares evidenced by such Receipt. If any Receipts shall
remain outstanding after the date of termination, the Depositary thereafter
shall discontinue the registration of transfers of Receipts, shall suspend the
distribution of dividends to the Owners thereof, and shall not give any further
notices or perform any further acts under the Deposit Agreement, except that the
Depositary shall continue to collect dividends and other distributions
pertaining to Deposited Securities, shall sell rights and other property as
provided in the Deposit Agreement, and shall continue to deliver Deposited
Securities, together with any dividends or other distributions received with
respect thereto and the net proceeds of the sale of any rights or other
property, in exchange for Receipts surrendered to the Depositary (after
deducting, in each case, the fee of the Depositary for the surrender of a
Receipt, any expenses for the account of the Owner of such Receipt in accordance
with the terms and conditions of the Deposit Agreement and any applicable taxes
or governmental charges). At any time after the expiration of one year from the
date of termination, the Depositary may sell the Deposited Securities then held
under the Deposit Agreement and may thereafter hold uninvested the net proceeds
of any such sale, together with any other cash then held by it thereunder,
unsegregated and without liability for interest, for the pro rata benefit of the
Owners of Receipts which have not theretofore been surrendered, such Owners
thereupon becoming general creditors of the Depositary with respect to such net
proceeds. After making such sale, the Depositary shall be discharged from all
obligations under the Deposit Agreement, except to account for such net proceeds
and other cash (after deducting, in each case, the fee of the Depositary for the
surrender of a Receipt, any expenses for the account of the Owner of such
Receipt in

                                      -16-
<PAGE>
accordance with the terms and conditions of the Deposit Agreement, and any
applicable taxes or governmental charges) and except as provided in Section 5.8
of the Deposit Agreement. Upon the termination of the Deposit Agreement, the
Company shall be discharged from all obligations under the Deposit Agreement
except for its obligations to the Depositary under Sections 5.8 and 5.9 of the
Deposit Agreement.

22.      COMPLIANCE WITH U.S. SECURITIES LAWS.

         Notwithstanding anything in the Deposit Agreement or this Receipt to
the contrary, the Company and the Depositary each agrees that it will not
exercise any rights it has under the Deposit Agreement to permit the withdrawal
or delivery of Deposited Securities in a manner which would violate the U.S.
securities laws, including, but not limited to, Section I.A.(1) of the General
Instructions to the Form F-6 Registration Statement, as amended from time to
time, under the Securities Act.

23.      SUBMISSION TO JURISDICTION; APPOINTMENT OF AGENT FOR SERVICE OF
         PROCESS.

         The Company hereby (i) irrevocably designates and appoints CT
Corporation System, 111 Eighth Avenue, NY, NY 10011, in the State of New York,
as the Company's authorized agent upon which process may be served in any suit
or proceeding arising out of or relating to the Shares or Deposited Securities,
the American Depositary Shares, the Receipts or this Agreement, (ii) consents
and submits to the jurisdiction of any state or federal court in the State of
New York in which any such suit or proceeding may be instituted, and (iii)
agrees that service of process upon said authorized agent shall be deemed in
every respect effective service of process upon the Company in any such suit or
proceeding. The Company agrees to deliver, upon the execution and delivery of
the Deposit Agreement, a written acceptance by such agent of its appointment as
such agent. The Company further agrees to take any and all action, including the
filing of any and all such documents and instruments, as may be necessary to
continue such designation and appointment in full force and effect for so long
as any American Depositary Shares or Receipts remain outstanding or this
Agreement remains in force.

24.      WAIVER OF IMMUNITIES.

         To the extent that the Company or any of its properties, assets or
revenues may have or may hereafter become entitled to, or have attributed to it,
any right of immunity, on the grounds of sovereignty or otherwise, from any
legal action, suit or proceeding, from the giving of any relief in any respect
thereof, from setoff or counterclaim, from the jurisdiction of any court, from
service of process, from attachment upon or prior to judgment, from attachment
in aid of execution or judgment, or from execution of judgment, or other legal
process or proceeding for the giving of any relief or for the enforcement of any
judgment, in any jurisdiction in which proceedings may at any time be commenced,
with respect to its obligations, liabilities or any other matter under or
arising out of or in connection with the Shares or Deposited Securities, the
American Depositary Shares, this Receipts or the Deposit Agreement, the Company,
to the fullest

                                      -17-
<PAGE>
extent permitted by law, hereby irrevocably and unconditionally waives, and
agrees not to plead or claim, any such immunity and consents to such relief and
enforcement.

25.      REGULATORY COMPLIANCE; INFORMATION REQUESTS.

         Each of the Depositary and the Company hereby confirms to the other
that for as long as the Deposit Agreement is in effect, it shall furnish the CVM
and the Central Bank of Brazil, at any time and within the period that may be
determined, with any information and documents related to the American
Depositary Receipt program and the Receipts issued hereunder. In the event that
the Depositary or the Custodian shall be advised in writing by reputable
independent Brazilian counsel that the Depositary or Custodian reasonably could
be subject to criminal, or material, as reasonably determined by the Depositary,
civil, liabilities as a result of the Company having failed to provide such
information or documents reasonably available only through the Company, the
Depositary shall have the right to terminate the Deposit Agreement, upon at
least 30 days' prior notice to the Owners and the Company, and the Depositary
shall not be subject to any liability hereunder on account of such termination
or such determination. The effect of any such termination of the Deposit
Agreement shall be as provided in Section 6.2 of the Deposit Agreement.

         The Company or the Depositary may from time to time request Owners to
provide information as to the capacity in which such Owners own or owned
Receipts and regarding the identity of any other persons then or previously
interested in such Receipts and the nature and extent of such interest. Each
Owner agrees to provide any information requested by the Company or the
Depositary pursuant to Section 3.4 of the Deposit Agreement. The Depositary
agrees to use reasonable efforts to comply with reasonable written instructions
received from the Company requesting that the Depositary forward any such
requests to the Owners and to forward to the Company any such responses to such
requests received by the Depositary. If the Company requests information from
the Depositary in its capacity as the registered owner of the Shares, the
obligations of the Depositary shall be limited to disclosing to the Company the
information contained in the Register.

                                      -18-<PAGE>
                                                                 Exhibit (4) (a)

================================================================================

                                DEPOSIT AGREEMENT

                                      AMONG

                               FIFTH THIRD BANCORP

                                FIFTH THIRD BANK,

                                  as Depositary

                      and the Holders from time to time of
                    the Depository Receipts described herein

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

                        Dated as of _________ ___, _____

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

================================================================================

<PAGE>

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                   ARTICLE I

                                  Definitions

<S>             <C>                                                                                     <C>
Section 1.1.     Definitions.............................................................................1

                                   ARTICLE II

 FORM OF RECEIPTS; DEPOSIT OF STOCK; EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION
                                   OF RECEIPTS

Section 2.1      [Book-Entry Form;] Form and Transfer of Receipts........................................2
Section 2.2.     Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof.................5
Section 2.3.     Redemption of Stock.....................................................................6
Section 2.4.     Registration of Transfer of Receipts....................................................7
Section 2.5.     Split-Ups and Combinations of Receipts; Surrender of Receipts and
                 Withdrawal of Stock.....................................................................7
Section 2.6.     Limitations on Execution and Delivery, Transfer, Surrender and
                 Exchange of Receipts....................................................................9
Section 2.7.     Lost Receipts, Etc......................................................................9
Section 2.8.     Cancellation and Destruction of Surrendered Receipts...................................10
Section 2.9      Interchangeability of Book-Entry Receipts and Receipts in Physical,
                 Certificated Form......................................................................10
Section 2.__     Stock Purchase Plans...................................................................10

                                   ARTICLE III

                 CERTAIN OBLIGATIONS OF THE HOLDERS OF RECEIPTS AND THE COMPANY

Section 3.1.     Filing Proofs, Certificates and Other Information......................................11
Section 3.2.     Payment of Taxes or Other Governmental Charges.........................................11
Section 3.3.     Warranty as to Stock...................................................................11
Section 3.4.     Warranty as to Receipts................................................................11
</TABLE>

                                       -i-
<PAGE>
<TABLE>
<CAPTION>
                                    ARTICLE IV

                        THE DEPOSITED SECURITIES; NOTICES

<S>             <C>                                                                                     <C>
Section 4.1.     Cash Distributions.....................................................................12
Section 4.2.     Distributions Other Than Cash..........................................................12
Section 4.3.     Subscription Rights, Preferences or Privileges.........................................13
Section 4.4.     Notice of Dividends, Etc.; Fixing of Record Date for Holders of
                 Receipts...............................................................................14
Section 4.5.     Voting Rights..........................................................................14
Section 4.6.     Changes Affecting Deposited Securities and Reclassifications,
                 Recapitalizations, Etc.................................................................15
Section 4.7.     Inspection of Reports..................................................................15
Section 4.8.     List of Receipt Holders................................................................16

                                    ARTICLE V

     THE DEPOSITARY, THE DEPOSITARY'S AGENTS, THE REGISTRAR AND THE COMPANY

Section 5.1.     Maintenance of Offices, Agencies and Transfer Books by the Depositary;
                 Registrar..............................................................................16
Section 5.2.     Prevention of or Delay in Performance by the Depositary, the
                 Depositary's Agents, the Registrar or the Company......................................17
Section 5.3.     Obligations of the Depositary, the Depositary's Agents, the Registrar
                 and the Company........................................................................17
Section 5.4.     Resignation and Removal of the Depositary: Appointment of Successor
                 Depositary.............................................................................18
Section 5.5.     Corporate Notices and Reports..........................................................19
Section 5.6.     Indemnification by the Company.........................................................19
Section 5.7.     Charges and Expenses...................................................................19

                                   ARTICLE VI

                            AMENDMENT AND TERMINATION

Section 6.1.     Amendment..............................................................................20
Section 6.2.     Termination............................................................................20
</TABLE>

                                      -ii-
<PAGE>
<TABLE>
<CAPTION>
                                   ARTICLE VII

                                  MISCELLANEOUS

<S>             <C>                                                                                     <C>
Section 7.1.     Counterparts...........................................................................21
Section 7.2.     Exclusive Benefit of Parties...........................................................21
Section 7.3.     Invalidity of Provisions...............................................................22
Section 7.4.     Notices................................................................................22
Section 7.5.     Depositary's Agents....................................................................23
Section 7.6.     Holders of Receipts Are Parties........................................................23
Section 7.7.     Governing Law..........................................................................23
Section 7.8.     Inspection of Deposit Agreement........................................................23
Section 7.9.     Headings...............................................................................23
</TABLE>

                                     -iii-
<PAGE>

         DEPOSIT AGREEMENT, dated as of ______ __, ____ among Fifth Third
Bancorp, an Ohio corporation, Fifth Third Bank, an Ohio banking corporation, as
Depositary, and the holders from time to time of the Receipts described herein.

         WHEREAS, it is desired to provide, as hereinafter set forth in this
Deposit Agreement, for the deposit of shares of Series __ [__%] Preferred Stock,
no-par value, of Fifth Third Bancorp with the Depositary (as hereinafter
defined) for the purposes set forth in this Deposit Agreement and for the
issuance hereunder of Receipts (as hereinafter defined) by the Depositary
evidencing Depositary Shares in respect of the Stock (as hereinafter defined) so
deposited;

         NOW, THEREFORE, in consideration of the premises contained herein and
such other good and valuable consideration, receipt of which is hereby
acknowledged, the parties hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

         Section 1.1.  Definitions.

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

         "Amendment" shall mean the articles of amendment to the Articles of
Incorporation, as amended, of the Company filed with the Secretary of State of
the State of Ohio establishing the Stock as a series of preferred stock of the
Company.

         "Company" shall mean Fifth Third Bancorp, an Ohio corporation, and its
successors.

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

         "Depositary" shall mean Fifth Third Bank, an Ohio banking corporation,
and any successor Depositary hereunder.

         "Depositary Shares" shall mean the Depositary Shares, each representing
a one-________ (1/__th) interest in a share of Stock and which shall be
evidenced by Receipts.

         "Depositary's Agent" shall mean an agent appointed by the Depositary
pursuant to Section 7.5.

<PAGE>

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

         "Receipt" shall mean one of the depositary receipts, whether in
definitive or temporary form, issued hereunder by the Depositary, each
representing any number of whole Depositary Shares. [If Receipts are to be
issued in Book-Entry Form: If the context so requires, the term "Receipt" shall
be deemed to include the DTC Receipt (as defined in Section 2.1 hereof).]

         "record holder" with respect to a Receipt shall mean the individual,
entity or person in whose name a Receipt is registered on the books of the
Depositary or any register of any Registrar maintained for such purpose at a
given time.

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

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

         "Stock" shall mean shares of the Company's Series __ [___%] Preferred
Stock, no-par value.

                                   ARTICLE II

                FORM OF RECEIPTS; DEPOSIT OF STOCK; EXECUTION AND
            DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

  [Use bracketed portions only if Receipts are to be issued in Book-Entry Form]

Section 2.1. [Book-Entry Form;] Form and Transfer of Receipts.

         (a) [[All] [A portion] of the Receipts shall initially be represented
by one or more global receipts (collectively, the "DTC Receipt") deposited with
The Depository Trust Company ("DTC") and registered in the name of [Cede & Co.],
a nominee of DTC. The Depositary, or such other entity as is agreed to by DTC,
may hold the DTC Receipt as custodian for DTC. So long as the Receipts are
eligible for book-entry settlement with DTC, except as provided for in Section
2.9 hereof, no person acquiring Depositary Shares traded on any securities
exchange with book-entry settlement through DTC shall receive or be entitled to
receive physical delivery of the Receipts evidencing such Depositary Shares.
Ownership of beneficial interests in the DTC Receipt shall be shown on, and the
transfer of such ownership shall be effected through, records maintained by (i)
DTC or its nominee for such DTC Receipt, or (ii) institutions that have accounts
with DTC.]

                                      -2-
<PAGE>

         (b) [If DTC subsequently ceases to make its book-entry settlement
system available for the Receipts, the Company may instruct the Depositary
regarding making other arrangements for book-entry settlement. In the event that
the Receipts are not eligible for, or it is no longer necessary to have the
Receipts available in, book-entry form, the Depositary shall provide written
instructions to DTC to deliver to the Depositary for cancellation the DTC
Receipt, and the Company shall instruct the Depositary to deliver to the
beneficial owners of the Depositary Shares previously evidenced by the DTC
Receipt definitive receipts in physical form evidencing such Depositary Shares.
Such definitive Receipts shall be in the form annexed hereto as Exhibit A with
appropriate insertions, modifications and omissions, as hereafter provided.]

         (c) The beneficial owners of Depositary Shares shall [, except as
stated above with respect to Depositary Shares in book-entry form represented by
the DTC Receipt,] be entitled to receive Receipts in physical, certificated form
as herein provided.

         (d) [The Receipts may be typewritten in the case of the DTC Receipts
and otherwise shall, upon notice by the Company to the Depositary, be definitive
Receipts.] Definitive Receipts shall be engraved or printed or lithographed on
steel-engraved borders and shall be substantially in the form annexed hereto as
Exhibit A, with appropriate insertions, modifications and omissions, as
hereinafter provided. [If Receipts are to be issued in Book-Entry Form: The DTC
Receipt shall bear such legend or legends as may be required by DTC in order for
it to accept the Depositary Shares for its book-entry settlement system.]
Pending the preparation of definitive Receipts, the Depositary, upon the written
order of the Company [If shares of Stock may be deposited by holders thereof: or
any holder of Stock, as the case may be,] delivered in compliance with Section
2.2, shall execute and deliver temporary Receipts which shall be printed,
lithographed, typewritten, mimeographed or otherwise substantially of the tenor
of the definitive Receipts in lieu of which they are issued and with such
appropriate insertions, omissions, substitutions and other variations as the
persons executing such Receipts may determine, as evidenced by their execution
of such Receipts. After the preparation of definitive Receipts, the temporary
Receipts shall be exchangeable for definitive Receipts upon surrender of the
temporary Receipts at the Depositary's Office, without charge to the holder.
Upon surrender for cancellation of any one or more temporary Receipts, the
Depositary shall execute and deliver in exchange therefor definitive Receipts
representing the same number of Depositary Shares as represented by the
surrendered temporary Receipt or Receipts registered in the name (and only the
name) of the holder of the temporary Receipt. Such exchange shall be made at the
Company's expense and without any charge therefor to the holder. Until so
exchanged, the temporary Receipts shall in all respects be entitled to the same
benefits under this Deposit Agreement and with respect to the Stock, as
definitive Receipts.

                                       -3-
<PAGE>
         (e) Receipts shall be executed by the Depositary by the manual
signature of a duly authorized officer of the Depositary; provided, that such
signature may be a facsimile if a Registrar for the Receipts (other than the
Depositary) shall have been appointed and such Receipts are countersigned by
manual signature of a duly authorized officer of the Registrar. No Receipt shall
be entitled to any benefits under this Deposit Agreement or be valid or
obligatory for any purpose unless it shall have been executed manually by a duly
authorized officer of the Depositary or, if a Registrar for the Receipts (other
than the Depositary) shall have been appointed, by facsimile signature of a duly
authorized officer of the Depositary and countersigned manually by a duly
authorized officer of such Registrar. The Depositary shall record on its books
each Receipt so signed and delivered as hereinafter provided. Receipts bearing
the manual or facsimile signatures of individuals who were at any time proper
officers of the Depositary or the Registrar, as the case may be, shall
constitute adequate signatures hereunder, notwithstanding that such individuals
or any of them have ceased to hold such offices prior to the delivery of such
Receipts or did not hold such offices on the date of delivery of such Receipts.

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

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

         (g) [Subject to any limitations set forth in a Receipt or in this
Deposit Agreement,] Title to Depositary Shares evidenced by a Receipt which is
properly endorsed, or accompanied by a properly executed instrument of transfer,
shall be transferable by delivery of such Receipt with the same effect as if
such Receipt were a negotiable instrument; provided, however, that until
transfer of a Receipt shall be registered on the books of the Registrar, on
behalf of the Depositary, as provided in Section 2.4, the Depositary may,
notwithstanding any notice to the contrary, treat the record holder as the
absolute owner thereof for the purpose of determining the person entitled to
distributions of dividends or other distributions with respect to the Stock[,
the exchange of Depositary Shares for Stock, the right to exchange Receipts
pursuant to Section 2.9] or to any notice provided for in this Deposit Agreement
and for all other purposes.

         The Depositary shall not lend any Stock deposited hereunder.

                                      -4-
<PAGE>

         Section 2.2. Deposit of Stock; Execution and Delivery of Receipts in
Respect Thereof.

         (a) Subject to the terms and conditions of this Deposit Agreement, the
Company [If shares of Stock may be deposited by holders thereof: or any holder
of Stock] may from time to time deposit shares of Stock with the Depositary
under this Deposit Agreement by delivery to the Depositary of a certificate or
certificates representing the Stock to be deposited. Such certificate or
certificates representing the Stock shall be properly endorsed or accompanied,
if required by the Depositary, by a duly executed instrument of transfer or
endorsement, in form satisfactory to the Depositary, together with all such
certifications as may be required by the Depositary in accordance with the
provisions of this Deposit Agreement, and together with a written order of the
Company [If shares of Stock may be deposited by holders thereof: or such holder,
as the case may be,] directing the Depositary to execute and deliver to, or upon
the written order of, the person or persons named in such order, a Receipt or
Receipts evidencing in the aggregate the number of Depositary Shares
representing such deposited Stock.

         (b) All Stock deposited by the Company [If shares of Stock may be
deposited by holders thereof: or any holder of Stock, as the case may be,] with
the Depositary shall be held by the Depositary at the Depositary's Office or at
such other place or places as the Depositary shall determine.

         (c) Upon receipt by the Depositary of a certificate or certificates
representing Stock deposited, with the Depositary by the Company [If shares of
Stock may be deposited by holders thereof: or any holder of Stock, as the case
may be,] in accordance with the provisions of this Section, together with the
other documents required as above specified, and upon recordation of the Stock
so deposited on the books of the Company in the name of the Depositary, the
Depositary shall execute and deliver, to the person or persons named in the
written order delivered to the Depositary, a Receipt or Receipts, evidencing in
the aggregate the number of Depositary Shares relating to the Stock so
deposited. Such Receipt or Receipts shall be registered by the Depositary or the
Registrar in such name or names as may be requested by the person or persons
named in the written order. The Depositary shall execute and deliver such
Receipts at the Depositary's Office or such other offices, if any, as such
person may designate. Delivery at other offices shall be at the risk and expense
of the person requesting such delivery. [If Receipts are to be issued in
Book-Entry Form: The DTC Receipt shall provide that it shall evidence the
aggregate amount of Depositary Shares from time to time indicated in the records
of the Depositary and that the aggregate amount of Depositary Shares evidenced
thereby may from time to time be increased or decreased by making adjustments on
such records of the Depositary.]

                                      -5-
<PAGE>

         (d) Other than in the case of splits, combinations or other
reclassifications affecting the Stock, or in the case of dividends or other
distributions of Stock, if any, there shall be deposited with the Depositary
hereunder not more than ______ shares of Stock.

         Section 2.3.  Redemption of Stock.

         (a) Whenever the Company shall elect to redeem shares of Stock in
accordance with the provisions of the Amendment, it shall (unless otherwise
agreed in writing with the Depositary) mail notice to the Depositary of such
redemption, by first class mail, postage prepaid, not less than 40 nor more than
70 days prior to the date fixed for the redemption of Stock in accordance with
the provisions of the Amendment. On the date of such redemption, provided that
the Company shall then have paid in full to the Depositary the redemption price
required pursuant to the Amendment relating to the Stock to be redeemed, the
Depositary shall redeem the Depositary Shares relating to such Stock. The
Depositary shall mail notice of such redemption, and the simultaneous redemption
of the number of Depositary Shares relating to the Stock to be redeemed, by
first-class mail, postage prepaid, not less than 30 and not more than 60 days
prior to the date fixed for redemption of such Stock and Depositary Shares (the
"Redemption Date"), to the record holders of the Receipts evidencing the
Depositary Shares to be so redeemed on the record date fixed pursuant to Section
4.4 hereof, at the addresses of such holders as they appear on the records of
the Depositary; provided, however, that neither failure to mail any such notice
to one or more such holders nor any defect in any notice or in the mailing
thereof to one or more such holders shall affect the validity of the proceedings
for redemption of any Depositary Shares as to other holders. Each such notice of
redemption shall state: (i) the Redemption Date; (ii) the number of Depositary
Shares to be redeemed and, if less than all the Depositary Shares held by any
such holder are to be redeemed, the number of such Depositary Shares held by
such holder to be so redeemed and the method by which the Depositary Shares will
be chosen for redemption; (iii) the redemption price (including cumulative
dividends to the Redemption Date); (iv) the place or places where Receipts
evidencing Depositary Shares are to be surrendered for payment of the redemption
price; (v) that dividends in respect of the Stock to be redeemed, which are
represented by the Depositary Shares to be redeemed, will cease to accrue at the
close of business on such Redemption Date and (vi) if a date other than the
Redemption Date, the date from and after which the Stock and Depositary Shares
shall no longer be deemed to be outstanding. In case less than all the
outstanding Depositary Shares are to be redeemed, the Depositary Shares to be so
redeemed shall be selected by lot or pro rata as may be determined by the
Company.

         (b) Notice having been mailed by the Depositary as aforesaid, from and
after (a) the Redemption Date (unless the Company shall have failed to redeem
the shares of Stock to be redeemed by it as set forth in the Company's notice
provided for in the preceding paragraph), or (b) such earlier date (if
applicable) upon which the Company

                                      -6-
<PAGE>

deposits the Redemption Price with the paying agent for the holders of the Stock
(regardless of whether such shares are actually surrendered for cancellation),
all dividends in respect of the shares of Stock so called for redemption shall
cease to accrue, the Depositary Shares being redeemed from such proceeds shall
be deemed no longer to be outstanding, all rights of the holders of Receipts
evidencing such Depositary Shares (except the right to receive the redemption
price) shall, to the extent of such Depositary Shares, cease and terminate and,
upon surrender in accordance with such notice of the Receipts evidencing any
such Depositary Shares called for redemption (properly endorsed or assigned for
transfer, if the Depositary shall so require), such Depositary Shares shall be
redeemed by the Depositary at a redemption price per Depositary Share equal to
1/__th of the redemption price per share paid in respect of the shares of Stock
plus all money and other property, if any, underlying such Depositary Shares,
including all amounts paid by the Company in respect of dividends which on the
Redemption Date have accrued on the shares of Stock to be so redeemed and have
not theretofore been paid.

         (c) If less than all the Depositary Shares evidenced by a Receipt are
called for redemption, the Depositary will deliver to the holder of such Receipt
upon its surrender to the Depositary, together with the payment of the
redemption price, a new Receipt evidencing such number of Depositary Shares as
were evidenced by such prior Receipt and not called for redemption; provided,
however, that such replacement Receipt shall be issued only in denominations of
whole Depositary Shares and cash will be payable in respect of fractional
interests.

         Section 2.4. Registration of Transfer of Receipts. Subject to the terms
and conditions of this Deposit Agreement, the Registrar, on behalf of the
Depositary, shall register on its books transfers of Receipts from time to time
upon notice to the Registrar by the Depositary of the surrender of a Receipt for
transfer by the holder in person or by duly authorized attorney, which Receipt
in each case must be properly endorsed or accompanied by a properly executed
instrument of transfer. Upon surrender of a properly endorsed Receipt or Receipt
accompanied by an instrument of transfer, the Depositary shall execute a new
Receipt or Receipts evidencing the same aggregate number of Depositary Shares as
those evidenced by the Receipt or Receipts surrendered and deliver such new
Receipt or Receipts to or upon the order of the transferee named in the
endorsement or instrument of transfer.

         Section 2.5. Split-Ups and Combinations of Receipts; Surrender of
Receipts and Withdrawal of Stock.

         (a) Upon surrender of a Receipt or Receipts at the Depositary's Office
or at such other offices as it may designate for the purpose of effecting a
split-up or combination of such Receipt or Receipts, the Depositary shall
execute and deliver a new Receipt or Receipts to the holder thereof or to such
holder's order in the denominations requested, evidencing the aggregate number
of Depositary Shares

                                      -7-
<PAGE>

evidenced by the Receipt or Receipts surrendered. The Depositary shall give
prompt notice of such action and the certificate numbers to the Registrar for
the purpose of recording such split-up or consolidation.

         (b) Unless the related Depositary Shares have previously been called
for redemption, any holder of a Receipt or Receipts representing any number of
whole shares of Stock (or such holder's duly authorized attorney) may withdraw
the number of whole shares of Stock underlying such Depositary Shares and all
money and other property, if any, represented thereby by surrendering such
Receipt or Receipts at the Depositary's Office or at such other offices as the
Depositary may designate for such withdrawals. [If Receipts are to be issued in
Book-Entry Form: If such holder's Depositary Shares are being held by DTC or its
nominee pursuant to Section 2.1, such holder shall request, in accordance with
Section 2.9, withdrawal from the book-entry system of the number of Depositary
Shares specified in the preceding sentence.] Thereafter, without unreasonable
delay, the Depositary shall deliver to such holder, or to the person or persons
designated by such holder as hereinafter provided, the number of whole shares of
Stock and all money and other property, if any, represented by the Receipt or
Receipts so surrendered for withdrawal, but holders of such whole shares of
Stock will not thereafter be entitled to deposit such Stock hereunder or to
receive Depositary Shares therefor. If the Receipt or Receipts delivered by the
holder to the Depositary in connection with such withdrawal shall evidence in
the aggregate a number of Depositary Shares in excess of the number of
Depositary Shares representing the number of whole shares of Stock to be so
withdrawn, the Depositary shall at the same time, in addition to such number of
whole shares of Stock and such money and other property, if any, to be so
withdrawn, deliver to such holder, or (subject to Sections 2.4 and 3.2) upon his
order, a new Receipt evidencing such excess number of Depositary Shares.
Delivery of the Stock and the money and other property being withdrawn may be
made by the delivery of such certificates, documents of title and other
instruments as the Depositary may deem appropriate.

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

         (d) If the Stock and the money and other property being withdrawn are
to be delivered to a person or persons other than the record holder of the
Receipt or Receipts being surrendered for withdrawal of Stock, such holder shall
execute and deliver to the Depositary a written order so directing the
Depositary and the Depositary may require that the Receipt or Receipts
surrendered by such holder for withdrawal of such shares

                                      -8-
<PAGE>

of Stock be properly endorsed in blank or accompanied by a properly executed
instrument of transfer in blank.

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

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

         (a) As a condition precedent to the execution and delivery,
registration of transfer, split-up, combination, surrender or exchange of any
Receipt, the Depositary, any of the Depositary's Agents or the Company may
require payment to it of a sum sufficient for the payment (or, in the event that
the Depositary or the Company shall have made such payment, the reimbursement to
it) of any charges or expenses payable by the holder of a Receipt pursuant to
Section 5.7, may require the production of evidence satisfactory to it as to the
identity and genuineness of any signature and may also require compliance with
the rules and regulations of any governmental body, any stock exchange or any
applicable self regulatory body, including without limitation, the National
Association of Securities Dealers, Inc. (the "NASD") or such regulations, if
any, as the Depositary or the Company may establish consistent with the
provisions of this Deposit Agreement.

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

         Section 2.7. Lost Receipts, Etc. If any mutilated Receipt is
surrendered to the Depositary, the Depositary shall execute and deliver in
exchange therefor a new Receipt of like form and tenor in exchange and
substitution for such mutilated Receipt. In case any Receipt shall be destroyed,
lost or stolen, then, in the absence of notice to the Depositary that such
Receipt has been acquired by a bona fide purchaser, the Depositary shall execute
and deliver a Receipt to the holder thereof of like form and tenor in exchange
and substitution for such destroyed, lost or stolen Receipt, upon (i) the filing
by the holder thereof with the Depositary of evidence satisfactory to the
Depositary and the Company of such destruction or loss or theft of such Receipt,
of the

                                      -9-
<PAGE>

authenticity thereof and of such holder's ownership thereof and (ii) the
holder's furnishing the Depositary with indemnification satisfactory to such
Depositary and the Company.

         Section 2.8. Cancellation and Destruction of Surrendered Receipts. All
Receipts surrendered to the Depositary or any Depositary's Agent shall be
canceled by the Depositary. Except as prohibited by applicable law or
regulation, the Depositary is authorized to destroy all Receipts so canceled.
[If Receipts are to be issued in Book- Entry Form: Any Receipt evidenced in
book-entry form shall be deemed canceled when the Depositary has caused the
amount of Depositary Shares evidenced by the DTC Receipt to be reduced in
proportion to the number of Depositary Shares evidenced by the surrendered
Receipt.]

                [If Receipts are to be issued in Book-Entry Form:
                        Section 2.9. Interchange-ability
      of Book-Entry Receipts and Receipts in Physical, Certificated Form.

         (a) Subject to the terms and conditions of this Deposit Agreement, upon
receipt by the Depositary of written instructions from a DTC participant on
behalf of any person having a beneficial interest in Depositary Shares evidenced
by the DTC Receipt for the purpose of directing the Depositary to execute and
deliver a Receipt in physical, certificated form evidencing such Depositary
Shares, the Depositary shall follow the procedures set forth in the FAST
Agreement for the purpose of reducing the number of Depositary Shares evidenced
by the DTC Receipt and, following such reduction, shall execute and deliver to
or upon the order of the person or persons named in such order a Receipt or
Receipts registered in the name or names requested by such person and evidencing
in the aggregate the number of Depositary Shares equal to the reduction in the
number evidenced by the DTC Receipt. The Depositary may require in such written
instructions any certification or representations as it shall deem necessary to
comply with applicable law.

         (b) Subject to the terms and conditions of this Deposit Agreement, upon
receipt by the Depositary of a Receipt or Receipts in physical, certificated
form, duly endorsed or accompanied by appropriate instruments of transfer, in
form satisfactory to the Depositary, including any required certifications, and
together with written instructions directing the Depositary to adjust its
records to reflect an increase in the aggregate amount of Depositary Shares
evidenced by the DTC Receipt (including, without limitation, information
regarding the DTC participant account to be credited with such increase), and
upon payment of the fees and expenses of the Depositary, the Depositary shall
cancel such Receipt or Receipts in physical, certificated form and shall follow
the procedures set forth in the FAST Agreement for the purpose of reflecting
such increase in the number of Depositary Shares evidenced by the DTC Receipt.]

         Section 2.__. Stock Purchase Plans. The Depositary shall take such
action as shall be necessary or appropriate to permit the record holders of the
Depositary Shares

                                      -10-
<PAGE>

to participate in any dividend reinvestment or other stock purchase plan
sponsored by the Company that permits the participation by such holders on such
terms and conditions as the Company may determine.

                                   ARTICLE III

                       CERTAIN OBLIGATIONS OF THE HOLDERS
                           OF RECEIPTS AND THE COMPANY

         Section 3.1. Filing Proofs, Certificates and Other Information. Any
holder of a Receipt may be required from time to time to file such proof of
residence, or other matters or other information, to obtain such guaranties of
signature, to execute such certificates and to make such customary
representations and warranties consistent with the terms of the Stock as the
Depositary or the Company may deem necessary or proper. The Depositary or the
Company may withhold the delivery, or delay the registration of transfer,
redemption or exchange, of any Receipt or the distribution of any dividend or
other distribution or the sale of any rights or of the proceeds thereof until
such proof or other information is filed or such certificates are executed or
such representations and warranties are made.

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

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

         Section 3.4. Warranty as to Receipts. The Depositary hereby represents
and warrants that the Receipts, when issued, will be legal, valid and binding
obligations of the Depositary, enforceable against the Depositary in accordance
with their terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency,

                                      -11-
<PAGE>

moratorium and other laws affecting creditors' rights generally and by general
equity principles. Such representation and warranty shall survive the deposit of
the Stock and the issuance of the Receipts.

                                   ARTICLE IV

                        THE DEPOSITED SECURITIES; NOTICES

         Section 4.1. Cash Distributions. Whenever the Depositary shall receive
any cash dividend or other cash distribution with respect to the Stock, the
Depositary shall, subject to Section 3.2, distribute to record holders of
Receipts on the record date fixed pursuant to Section 4.4 the pro rata portion,
as nearly as practicable, of such dividend or distribution applicable to the
number of Depositary Shares evidenced by the Receipts held by such holders;
provided, however, that in case the Company or the Depositary shall be required
to withhold and shall withhold any monies from any cash dividend or other cash
distribution in respect of the Stock on account of taxes, the distribution in
respect of Depositary Shares shall be reduced accordingly. The Depositary shall
distribute or make available for distribution, as the case may be, only such
amount, however, as can be distributed without attributing to any holder of
Depositary Shares a fraction of one cent, and any balance not so distributable
shall be held by the Depositary (without liability for interest thereon) and
shall be added to and be treated as part of the next succeeding distribution to
record holders of Receipts.

         Section 4.2. Distributions Other Than Cash. Whenever the Depositary
shall receive any property (including securities) for distribution in a form
other than cash with respect to the Stock, the Depositary shall, subject to
Section 3.2, distribute to record holders of Receipts on the record date fixed
pursuant to Section 4.4 the pro rata portion, as nearly as practicable, of such
property (including securities) received by it applicable to the number of
Depositary Shares evidenced by the Receipts held by such holders, in any manner
that the Depositary may deem equitable and practicable for accomplishing such
distribution. If in the opinion of the Depositary such distribution cannot be
made proportionately among such record holders, or if for any other reason
(including any requirement that the Company or the Depositary withhold an amount
on account of taxes) the Depositary deems, after consultation with the Company,
such distribution not to be feasible, the Depositary may, with the approval of
the Company, adopt such method as it deems equitable and practicable for the
purpose of effecting such distribution, including the sale of the property thus
received, or any part thereof. The net proceeds of any such sale shall, subject
to Section 3.2, be distributed or made available for distribution, as the case
may be, by the Depositary to record holders of Receipts in accordance with the
provisions of Section 4.1 for a distribution received in cash. The Depositary
shall have the right, prior to making any distribution of such securities, to
require the Company to provide an opinion of counsel stating that such

                                      -12-
<PAGE>

securities have been registered under the Securities Act or do not need to be so
registered.

         Section 4.3.  Subscription Rights, Preferences or Privileges.

         (a) If the Company shall at any time offer or cause to be offered to
the persons in whose names Stock is recorded on the books of the Company any
rights, preferences or privileges to subscribe for or to purchase any securities
or any rights, preferences or privileges of any other nature, such rights,
preferences or privileges shall in each such instance be made available by the
Depositary to the record holders of Receipts, pro rata in proportion to the
Stock represented by such Receipt, in such manner as the Depositary may
determine, either by the issue to such record holders of warrants representing
such rights, preferences or privileges or by such other method as may be
approved by the Depositary in its discretion with the approval of the Company;
provided, however, that (i) if at the time of issue or offer of any such rights,
preferences or privileges the Depositary determines that it is not lawful or
(after consultation with the Company) not feasible to make such rights,
preferences or privileges available to holders of Receipts by the issue of
warrants or otherwise, or (ii) if and to the extent so instructed by holders of
Receipts who do not desire to exercise such rights, preferences or privileges,
then the Depositary, in its discretion (with the approval of the Company, in any
case where the Depositary has determined that it is not feasible to make such
rights, preferences or privileges available), may, if applicable laws or the
terms of such rights, preferences or privileges permit such transfer, sell such
rights, preferences or privileges at public or private sale, at such place or
places and upon such terms as it may deem proper. The net proceeds of any such
sales shall be distributed by the Depositary to the record holders of Receipts
entitled thereto as provided by Section 4.1 in the case of a distribution
received in cash. The Depositary shall have the right, prior to making any
distribution of such rights, preferences or privileges, to require the Company
to provide an opinion of counsel stating that such rights, preferences or
privileges have been registered under the Securities Act or do not need to be so
registered.

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

                                      -13-
<PAGE>

unless the offering and sale of such securities to holders are exempt from
registration under the Securities Act.

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

         Section 4.4. Notice of Dividends, Etc.; Fixing of Record Date for
Holders of Receipts. (i) Whenever any cash dividend or other cash distribution
shall become payable or any distribution of property (including securities)
other than cash shall be made, (ii) if rights, preferences or privileges shall
at any time be offered with respect to Stock, (iii) whenever the Depositary
shall receive notice of (a) any meeting at which holders of Stock are entitled
to vote or of which holders of Stock are entitled to notice, or (b) any election
on the part of the Company to redeem any shares of Stock, or (iv) whenever the
Depositary and the Company shall decide it is appropriate, the Depositary shall,
in each such instance, fix a record date (which shall be the same date as the
record date fixed by the Company with respect to the Stock) for the
determination of the holders of Receipts who shall be entitled hereunder to
receive a distribution in respect of such dividend, distribution, rights,
preferences or privileges or the net proceeds of the sale thereof, or to give
instructions for the exercise of voting rights at any such meeting, or who
should be entitled to receive notice of such meeting or for any other
appropriate reasons.

         Section 4.5. Voting Rights. Upon receipt of notice of any meeting at
which the holders of Stock are entitled to vote, the Depositary shall, as soon
as practicable thereafter, mail to the record holders of Receipts a notice which
shall contain (i) such information as is contained in such notice of meeting and
(ii) a statement that the holders may, subject to any applicable restrictions,
authorize the Depositary to exercise the voting rights pertaining to the amount
of Stock underlying their respective Depositary Shares (including authority to
give a discretionary proxy to a person designated by the Company) and a brief
statement as to the manner in which such authorization may be given. The
Depositary shall endeavor, insofar as practicable, to vote or cause to be voted,
in accordance with the authorization referred to above, the votes relating to
the shares of Stock (or portion thereof) underlying the Depositary Shares
evidenced by all Receipts as to which such authorization has been received. The
Company hereby agrees to take all such action as it deems necessary in order to
enable the Depositary to vote such Stock or cause such Stock to be voted. In the
absence of authorization from the holder of a Receipt, the Depositary will
abstain from voting (but, at its discretion, not from appearing at any meeting
with respect to such Stock

                                      -14-
<PAGE>

unless directed to the contrary by the holders of all the Receipts) to the
extent of the Stock (or portion thereof) underlying the Depositary Shares
evidenced by such Receipt.

         Section 4.6. Changes Affecting Deposited Securities and
Reclassifications, Recapitalizations, Etc.

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

         (b) Anything to the contrary herein or in the Receipt notwithstanding,
holders of Receipts shall have the right from and after the effective date or
any such change in par or stated value, split-up, combination or other
reclassification of the Stock or any such recapitalization, reorganization,
merger, amalgamation, consolidation or sale, to the extent that holders of Stock
had the right, prior to or on the applicable effective date, to convert,
exchange or surrender shares of Stock into or for other stock, securities,
property or cash, to surrender such Receipts to the Depositary with instructions
to convert, exchange or surrender the Stock represented thereby only into or
for, as the case may be, the kind and amount of shares of stock and other
securities and property and cash into which the Stock represented by such
Receipts has been converted or for which such Stock might have been exchanged or
surrendered immediately prior to the effective date of such transaction.

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

                                      -15-
<PAGE>

         Section 4.8. List of Receipt Holders. Promptly, upon request by the
Company, the Depositary shall furnish to it a list, as of a specified date, of
the names and addresses of all persons in whose names Receipts are registered on
the books of the Depositary, and the amount of Stock represented thereby.

                                    ARTICLE V

                    THE DEPOSITARY, THE DEPOSITARY'S AGENTS,
                          THE REGISTRAR AND THE COMPANY

         Section 5.1. Maintenance of Offices, Agencies and Transfer Books by the
Depositary; Registrar.

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

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

         (c) The Registrar shall maintain books at the Depositary's Office for
the registration and registration of transfer of Receipts or at such other place
as shall be approved by the Company and of which the holders of Receipts shall
have reasonable notice, which books at all reasonable times shall be open for
inspection by the record holders of Receipts; provided, that the exercise of
such right shall be governed by the provisions of Section 1701.37 of the Ohio
General Corporation Law, as amended, or any successor provision thereto,
anything herein to the contrary notwithstanding.

         (d) The Depositary may cause the Registrar to close the books with
respect to the Receipts, at any time or from time to time, when the register of
stockholders of the Company is closed with respect to the Stock or when such
action is deemed necessary

                                      -16-
<PAGE>

or advisable by the Depositary, any Depositary's Agent or the Company because of
any requirement of law or of any government, governmental body or commission,
stock exchange or any applicable self-regulatory body, including, without
limitation, the NASD.

         Section 5.2. Prevention of or Delay in Performance by the Depositary,
the Depositary's Agents, the Registrar or the Company. Neither the Depositary
nor any Depositary's Agent nor any Registrar nor the Company shall incur any
liability to any holder of any Receipt if by reason of any provision of any
present or future law, or regulation thereunder, of the United States of America
or of any other governmental authority or, in the case of the Depositary, the
Depositary's Agent or the Registrar, by reason of any provision, present or
future, of the Company's Articles of Incorporation, as amended (including the
Amendment), or by reason of any act of God or war, the Depositary, the
Depositary's Agent, the Registrar or the Company shall be prevented or forbidden
from doing or performing any act or thing which the terms of this Deposit
Agreement provide shall be done or performed; nor shall the Depositary, any
Depositary's Agent, any Registrar or the Company incur any liability or be
subject to any obligation (i) by reason of any nonperformance or delay, caused
as aforesaid, in the performance of any act or thing which the terms of this
Deposit Agreement provide shall or may be done or performed, or (ii) by reason
of any exercise of, or failure to exercise, any discretion provided for in this
Deposit Agreement, except in the event of the gross negligence or willful
misconduct of the party charged with such exercise or failure to exercise.

         Section 5.3. Obligations of the Depositary, the Depositary's Agents,
the Registrar and the Company.

         (a) Neither the Depositary nor any Depositary's Agent nor any Registrar
nor the Company assumes any obligation or shall be subject to any liability
under this Deposit Agreement to holders of Receipts other than for its gross
negligence or willful misconduct.

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

         (c) Neither the Depositary nor any Depositary's Agent nor any Registrar
nor the Company shall be liable to any party hereto for any action or any
failure to act by it in reliance upon the written advice of legal counsel or
accountants, or information from any person presenting Stock for deposit or any
holder of a Receipt. The Depositary, any Depositary's Agent, any Registrar and
the Company may each rely and shall each be protected in acting upon any written
notice, request, direction or other document

                                      -17-
<PAGE>

believed by it to be genuine and to have been signed or presented by the party
or parties specified in this Agreement.

         (d) The Depositary shall not be responsible for any failure to carry
out any authorization to vote any of the shares of Stock of for the manner or
effect of any such vote made, as long as such action or inaction is in good
faith and does not result from the gross negligence or willful misconduct of the
Depositary. The Depositary undertakes and shall cause any Registrar to
undertake, to perform such duties and only such duties as are specifically set
forth in this Agreement using its reasonable best efforts and in good faith. The
parties hereto acknowledge that no implied covenants or obligations shall be
read into this Deposit Agreement against the Depositary or any Registrar or
against the Company with respect to the Depositary and any Registrar. The
Depositary will indemnify the Company against any liability which may arise out
of acts performed or omitted by the Depositary or any Depositary's Agent due to
its or their gross negligence or bad faith. The Depositary, any Depositary's
Agent, any Registrar and the Company may own and deal in any class of securities
of the Company and its affiliates and in Receipts subject to the provisions of
applicable law. The Depositary may also act as transfer agent or registrar of
any of the securities of the Company and its affiliates.

          Section 5.4. Resignation and Removal of the Depositary: Appointment of
Successor Depositary.

         (a) The Depositary may at any time resign as Depositary hereunder by
notice of its election so to do delivered to the Company, such resignation to
take effect upon the appointment of a successor Depositary and its acceptance of
such appointment as hereinafter provided.

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

         (c) In case the Depositary acting hereunder shall at any time resign or
be removed, the Company shall, within 60 days after the delivery of the notice
of resignation or removal, as the case may be, appoint a successor Depositary,
which shall be a bank or trust company having its principal office in the United
States of America and having a combined capital and surplus of at least
$50,000,000. Every successor Depositary shall execute and deliver to its
predecessor and to the Company an instrument in writing accepting its
appointment hereunder and agreeing to become a party to this Agreement, and
thereupon such successor Depositary, without any further act or deed, shall
become fully vested with all the rights, powers, duties and obligations of its
predecessor and for all purposes shall be the Depositary under this Deposit
Agreement, and such predecessor, upon payment of all sums due it and on the
written

                                      -18-
<PAGE>

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

         (d) Any corporation or other entity into or with which the Depositary
may be merged, consolidated or converted, or to which the Depositary may sell
all or substantially all its assets, shall be the successor of such Depositary
without the execution or filing of any document or any further act. Such
successor Depositary may authenticate the Receipts in the name of the
predecessor Depositary or in the name of the successor Depositary.

         Section 5.5. Corporate Notices and Reports. The Company agrees that it
will deliver to the Depositary and the Depositary will, promptly after receipt
thereof, transmit to the record holders of Receipts, in each case at the address
furnished to it pursuant to Section 4.8, all notices and reports (including
without limitation financial statements) required by law, the rules of any
national securities exchange upon which the Stock, the Depositary Shares or the
Receipts are listed or by the Company's Articles of Incorporation, as amended
(including the Amendment), to be furnished by the Company to holders of Stock.
Such transmission will be at the Company's expense and the Company will provide
the Depositary with such number of copies of such documents as the Depositary
may reasonably request.

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

         Section 5.7.  Charges and Expenses.

         (a) The Company shall pay all charges of the Depositary in connection
with the initial deposit of the Stock and the initial issuance of the Depositary
Shares, and redemption of the Stock at the option of the Company. All other
transfer and other taxes and governmental charges shall be at the expense of
holders of Depositary Shares. The Depositary may refuse to effect any transfer
of a Receipt or any withdrawal of

                                      -19-
<PAGE>

Stock evidenced thereby until all such taxes and charges with respect to such
Receipt or Stock are paid by the holder thereof. If, at the request of a holder
of Receipts, the Depositary incurs charges or expenses for which it is not
otherwise liable hereunder, such holder will be liable for such charges and
expenses.

         (b) All other charges and expenses of the Depositary and any
Depositary's Agent hereunder and of any Registrar (including, in each case,
reasonable fees and expenses of counsel) incident to the performance of their
respective obligations hereunder will be payable by the Company only after prior
consultation and agreement between the Depositary and the Company and consent by
the Company to the incurrence of such expenses, which consent shall not be
unreasonably withheld. The Depositary shall present any statement for charges
and expenses to the Company promptly, unless the Company shall agree otherwise.

                                   ARTICLE VI

                            AMENDMENT AND TERMINATION

         Section 6.1. Amendment. The form of the Receipts and any provisions of
this Deposit Agreement may at any time and from time to time be amended by
agreement between the Company and the Depositary in any respect which they may
deem necessary or desirable; provided, however, that no such amendment which
shall materially and adversely alter the rights of the holders of Receipts shall
be effective unless such amendment shall have been approved by the holders of at
least a majority of the Depositary Shares then outstanding. Every holder of an
outstanding Receipt at the time any such amendment becomes effective shall be
deemed, by continuing to hold such Receipt, to consent and agree to such
amendment and to be bound by the Deposit Agreement as amended thereby. In no
event shall any amendment impair the right, subject to the provisions of
Sections 2.5 and 2.6 hereof, of any owner of any Depositary Shares to surrender
any Receipt evidencing such Depositary Shares to the Depositary with
instructions to deliver to the holder the Stock and all money and other
property, if any, represented thereby, except in order to comply with mandatory
provisions of applicable law or the rules and regulations of any governmental
body, agency or commission, the NASD or any applicable stock exchange.

         Section 6.2.  Termination.

         (a) This Agreement may be terminated by the Company or the Depositary
only if (i) all outstanding Depositary Shares shall have been redeemed pursuant
to Section 2.3, (ii) all the Stock has been withdrawn pursuant to Section 2.5,
or (iii) there shall have been made a final distribution in respect of the Stock
in connection with any liquidation, dissolution or winding up of the Company and
such distribution shall have

                                      -20-
<PAGE>

been distributed to the holders of Depositary Shares pursuant to Section 4.1 or
4.2, as applicable.

         (b) Whenever the Deposit Agreement has been terminated pursuant to
(iii) above, the Depositary will mail notice of such termination to the record
holders of all Depositary Shares then outstanding at least 30 days prior to the
date fixed in that notice for termination of the Deposit Agreement. If any
Depositary Shares remain outstanding after the date of termination, the
Depositary thereafter will discontinue the transfer of Depositary Shares, will
suspend the distribution of dividends to the owners thereof, and will not give
any further notices (other than notice of such termination) or perform any
further acts under this Deposit Agreement, except that the Depositary will
continue (i) to collect dividends on the Stock and any other distributions with
respect thereto, (ii) to deliver or cause to be delivered shares of Stock,
together with such dividends and distributions, or principal and interest, and
the net proceeds of any sales of rights, preferences, privileges or other
property (other than real property) in exchange for Depositary Shares
surrendered. At any time after the expiration of three years from the date of
termination, the Depositary may sell the Stock then held by it at a public or
private sale, at such place or places and upon such terms as it deems proper and
may thereafter hold the net proceeds of such sale, without liability for
interest, for the pro rata benefit of the owners of the Depositary Shares which
have not theretofore been surrendered. Subject to applicable escheat laws, any
monies set aside by the Company in respect of any payment with respect to the
Stock represented by the Depositary Shares, or dividends thereon, and unclaimed
at the end of three years from the date upon which such payment is due and
payable shall revert to the general funds of the Company, after which reversion
the holders of such Depositary Shares shall look only to the general funds of
the Company for payment thereof.

         (c) Upon the termination of this Deposit Agreement, the parties hereto
shall be discharged from all obligations under this Deposit Agreement except for
their respective obligations under Sections 5.3, 5.6 and 5.7.

                                   ARTICLE VII

                                  MISCELLANEOUS

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

         Section 7.2. Exclusive Benefit of Parties. This Deposit Agreement is
for the exclusive benefit of the parties hereto, and their respective successors
hereunder, and

                                      -21-
<PAGE>

shall not be deemed to give any legal or equitable right, remedy or claim to any
other person whatsoever.

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

         Section 7.4.  Notices.

         (a) Any and all notices to be given to the Company hereunder or under
the Receipts shall be in writing and shall be deemed to have been duly given if
personally delivered or sent by mail or telegram, telecopy or telex confirmed by
letter, addressed to the Company at Fifth Third Center, 38 Fountain Square
Plaza, Cincinnati, Ohio 45263, telephone: (513) 579-5300, telecopy: (___)
___-____, Attention: _________________, or at any other address and to the
attention of any other person of which the Company shall have notified the
Depositary in writing.

         (b) Any and all notices to be given to the Depositary hereunder or
under the Receipts shall be in writing and shall be deemed to have been duly
given if personally delivered or sent by mail or by telegram, telecopy or telex
confirmed by letter, addressed to the Depositary at the Depositary's Office, at
[Address of Depositary], telephone: (___) ___-____, telecopy: (___) ___-____,
Attention: _________________, or at any other address and to the attention of
any other person of which the Depositary shall have notified the Company in
writing.

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

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

                                      -22-
<PAGE>

         Section 7.5. Depositary's Agents. The Depositary may from time to time
appoint any Depositary's Agent to act in any respect for the Depositary for the
purposes of this Deposit Agreement and may at any time appoint additional
Depositary's Agents and vary or terminate the appointment of such Depositary's
Agents. The Depositary will promptly notify the Company of any such action.

         Section 7.6. Holders of Receipts Are Parties. By acceptance of delivery
of the Receipts, any holder of such Receipt from time to time shall be deemed to
have agreed to become a party to this Deposit Agreement and to be bound by all
of the terms and conditions hereof and of the Receipts to the same extent as
though such person executed this Agreement.

         Section 7.7. Governing Law. THIS DEPOSIT AGREEMENT AND THE RECEIPTS AND
ALL RIGHTS HEREUNDER AND THEREUNDER AND PROVISIONS HEREOF AND THEREOF SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
(WITHOUT REFERENCE TO APPLICABLE CONFLICTS OF LAW PROVISIONS).

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

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

                                      -23-
<PAGE>

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

                                                 FIFTH THIRD BANCORP

                                                 By:____________________________
                                                         Authorized Officer

                                                 [NAME OF DEPOSITARY]

                                                 By:____________________________
                                                        Authorized Officer

<PAGE>

                                                                       EXHIBIT A

                                 FORM OF RECEIPT

TEMPORARY RECEIPT EXCHANGEABLE FOR           CERTIFICATE FOR
ENGRAVED RECEIPT WHEN READY FOR              ____________________
DELIVERY                                     DEPOSITARY SHARES

                                             CUSIP _____________
TRANSFERABLE
DEPOSITARY RECEIPT                           SEE REVERSE FOR CERTAIN DEFINITIONS
This Certificate is transferable in
____________________, ____

DEPOSITARY RECEIPT FOR DEPOSITARY SHARES, EACH DEPOSITARY SHARE REPRESENTING A
_________ INTEREST IN ONE SHARE OF SERIES __ [___%] PREFERRED STOCK

                               FIFTH THIRD BANCORP

                               An Ohio Corporation

[NAME OF DEPOSITARY], as Depositary (the "Depositary") hereby certifies that
_____________________________ is the registered owner of ___________________
DEPOSITARY SHARES ("Depositary Shares"), each Depositary Share representing a
______ interest in one share of Series __ [___%] Preferred Stock, no par value,
(the "Stock"), of Fifth Third Bancorp, an Ohio corporation (the "Corporation"),
on deposit with the Depositary, subject to the terms and entitled to the
benefits of the Deposit Agreement dated as of ____________ __, ____ (the
"Deposit Agreement"), between the Corporation and the Depositary. By accepting
this Depositary Receipt, the holder hereof becomes a party to and agrees to be
bound by all the terms and conditions of the Deposit Agreement. This Depositary
Receipt shall not be valid or obligatory for any purpose or be entitled to any
benefits under the Deposit Agreement unless it shall have been executed by the
Depositary by the manual signature of a duly authorized officer or, if executed
in facsimile by the Depositary, countersigned by a Registrar in respect of the
Depositary Receipts by a duly authorized officer thereof.

Dated: ____________ __, ____
                                             [NAME OF DEPOSITARY], Depositary

                                             By: _______________________________
                                                      Authorized Officer

                                             [[REGISTRAR], Registrar

                                             By: _______________________________
                                                       Authorized Officer]

                                      A-1
<PAGE>

                               FIFTH THIRD BANCORP

FIFTH THIRD BANCORP WILL FURNISH WITHOUT CHARGE TO EACH HOLDER OF A RECEIPT WHO
SO REQUESTS A COPY OR SUMMARY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF
THE PORTIONS OF THE ARTICLES OF INCORPORATION ESTABLISHING THE DESIGNATIONS,
RELATIVE RIGHTS, PREFERENCES AND LIMITATIONS APPLICABLE TO SHARES OF EACH CLASS
AND THE VARIATIONS IN RIGHTS, PREFERENCES AND LIMITATIONS DETERMINED FOR EACH
SERIES (AND THE AUTHORITY OF THE BOARD OF DIRECTORS TO DETERMINE VARIATIONS FOR
FUTURE SERIES) WHICH THE CORPORATION IS AUTHORIZED TO ISSUE, INCLUDING THE
SERIES __ [___%] PREFERRED STOCK. ANY SUCH REQUEST SHOULD BE ADDRESSED TO FIFTH
THIRD BANCORP, FIFTH THIRD CENTER, 38 FOUNTAIN SQUARE PLAZA, CINCINNATI 45263,
ATTENTION: ______________________

                                  ABBREVIATIONS

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

<TABLE>
<CAPTION>
<S>                <C>
TEN COM             -   as tenants in common
TEN ENT             -   as tenants by the entireties
JT TEN              -   as joint tenants with right of survivorship and not as tenants in common
</TABLE>

UNIF GIFT MIN ACT             - __________ Custodian __________
                                  (Cust)              (Minor)

                              Under Uniform Gift to
                              Minors Act _________________
                                                            (State)

UNIF GIFT MIN ACT             - __________ Custodian (until age ____)
                                  (Cust)
                                __________ under Uniform Transfers
                                 (Minor)
                              to Minors Act ______________
                                                             (Cust)

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

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