EXHIBIT 1
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PUBLIC STORAGE, INC.
THE FIRST NATIONAL BANK OF BOSTON, AS DEPOSITARY
AND
THE HOLDERS FROM TIME TO TIME OF
THE DEPOSITARY RECEIPTS DESCRIBED HEREIN
RELATING TO SERIES H PREFERRED STOCK
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DEPOSIT AGREEMENT
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Dated as of January __, 1996
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TABLE OF CONTENTS
Page
ARTICLE I
Definitions
ARTICLE II
Form of Receipts, Deposit of Stock,
Execution and Delivery, Transfer
Surrender and Redemption of Receipts
SECTION 2.1 Form and Transfer of Receipts . . . . . . . . . . . . . . 2
SECTION 2.2 Deposit of Stock; Execution and Delivery of Receipts
in Respect Thereof . . . . . . . . . . . . . . . . . . . 4
SECTION 2.3 Registration of Transfer of Receipts . . . . . . . . . . 4
SECTION 2.4 Split-ups and Combinations of Receipts; Surrender of
Receipts and Withdrawal of Stock . . . . . . . . . . . . 4
SECTION 2.5 Limitations on Execution and Delivery, Transfer,
Surrender and Exchange of Receipts . . . . . . . . . . . 6
SECTION 2.6 Lost Receipts, etc. . . . . . . . . . . . . . . . . . . . 6
SECTION 2.7 Cancellation and Destruction of Surrendered Receipts . . 6
SECTION 2.8 Redemption of Stock . . . . . . . . . . . . . . . . . . . 6
ARTICLE III
Certain Obligations of
Holders of Receipts and the Company
SECTION 3.1 Filing Proofs, Certificates and Other Information . . . . 8
SECTION 3.2 Payment of Taxes or Other Governmental Charges . . . . . 8
SECTION 3.3 Warranty as to Stock . . . . . . . . . . . . . . . . . . 9
ARTICLE IV
The Deposited Securities; Notices
SECTION 4.1 Cash Distributions . . . . . . . . . . . . . . . . . . . 9
SECTION 4.2 Distributions Other than Cash, Rights Preferences
or Privileges . . . . . . . . . . . . . . . . . . . . . . 9
SECTION 4.3 Subscription Rights, Preferences or Privileges . . . . 10
SECTION 4.4 Notice of Dividends, etc.; Fixing Record Date for
Holders of Receipts . . . . . . . . . . . . . . . . . . 11
SECTION 4.5 Voting Rights . . . . . . . . . . . . . . . . . . . . . 11
SECTION 4.6 Changes Affecting Deposited Securities and
Reclassifications, Recapitalizations, etc. . . . . . . 12
SECTION 4.7 Delivery of Reports . . . . . . . . . . . . . . . . . . 12
SECTION 4.8 List of Receipt Holders . . . . . . . . . . . . . . . . 12
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 . . . . . . . . . . . . . 13
SECTION 5.2 Prevention of or Delay in Performance by the
Depositary, the Depositary's Agents, the Registrar
or the Company . . . . . . . . . . . . . . . . . . . . 14
SECTION 5.3 Obligation of the Depositary, the Depositary's Agents,
the Registrar and the Company . . . . . . . . . . . . . 14
SECTION 5.4 Resignation and Removal of the Depositary; Appointment
of Successor Depositary . . . . . . . . . . . . . . . . 16
SECTION 5.5 Corporate Notices and Reports . . . . . . . . . . . . . 17
SECTION 5.6 Indemnification by the Company . . . . . . . . . . . . 17
SECTION 5.7 Charges and Expenses . . . . . . . . . . . . . . . . . 17
SECTION 5.8 Tax Compliance . . . . . . . . . . . . . . . . . . . . 17
ARTICLE VI
Amendment and Termination
SECTION 6.1 Amendment . . . . . . . . . . . . . . . . . . . . . . . 18
SECTION 6.2 Termination . . . . . . . . . . . . . . . . . . . . . . 18
ARTICLE VII
Miscellaneous
SECTION 7.1 Counterparts . . . . . . . . . . . . . . . . . . . . . 19
SECTION 7.2 Exclusive Benefit of Parties . . . . . . . . . . . . . 19
SECTION 7.3 Invalidity of Provisions . . . . . . . . . . . . . . . 19
SECTION 7.4 Notices 19
SECTION 7.5 Appointment of Registrar . . . . . . . . . . . . . . . 20
SECTION 7.6 Holders of Receipts are Parties . . . . . . . . . . . . 20
SECTION 7.7 Governing Law . . . . . . . . . . . . . . . . . . . . . 20
SECTION 7.8 Inspection of Deposit Agreement . . . . . . . . . . . . 20
SECTION 7.9 Headings . . . . . . . . . . . . . . . . . . . . . . . 20
Form of Depositary Shares
Form of Face of Receipt A-1
Form of Reverse of Receipt A-3
DEPOSIT AGREEMENT, dated as of January __, 1996, among
PUBLIC STORAGE, INC., a California corporation (the "Company"), The
First National Bank of Boston, a national banking association (the
"Depositary"), and the holders from time to time of the Receipts
described herein.
WHEREAS, it is desired to provide, as hereinafter set forth
in this Deposit Agreement, for the deposit of shares of Series H
Preferred Stock of the Company with the Depositary for the purposes
set forth in this Deposit Agreement and for the issuance hereunder of
Receipts evidencing Depositary Shares in respect of the Stock so
deposited; and
WHEREAS, the Receipts are to be substantially in the form of
Exhibit A annexed hereto, with appropriate insertions, modifications
and omissions, as hereinafter provided in this Deposit Agreement;
NOW, THEREFORE, in consideration of the promises contained
herein, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto hereby agree as follows:
ARTICLE I
Definitions
The following definitions shall, for all purposes, unless
otherwise indicated, apply to the respective terms used in this Deposit
Agreement:
"Certificate" shall mean the Certificate of Determination
filed with the Secretary of State of the State of California
establishing the Stock as a series of preferred stock of the Company.
"Deposit Agreement" shall mean this Deposit Agreement, as
amended or supplemented from time to time.
"Depositary" shall mean The First National Bank of Boston and
any successor as Depositary hereunder.
"Depositary Shares" shall mean Depositary Shares, each
representing 1/1,000 of a share of Stock and evidenced by a Receipt.
"Depositary's Agent" shall mean an agent appointed by the
Depositary pursuant to Section 5.1 and shall include the Registrar if
such Registrar is not the Depositary.
"Depositary's Office" shall mean the principal office of the
Depositary at which at any particular time its depositary receipt
business shall be administered.
"Receipt" shall mean one of the Depositary Receipts,
substantially in the form set forth as Exhibit A hereto, issued
hereunder, whether in definitive or temporary form and evidencing the
number of Depositary Shares held of record by the record holder of such
Depositary Shares.
"record holder" or "holder" as applied to a Receipt shall
mean the person in whose name a Receipt is registered on the books of
the Depositary maintained for such purpose.
"Registrar" shall mean the Depositary or such other bank or
trust company which shall be appointed to register ownership and
transfers of Receipts as herein provided.
"Securities Act" shall mean the Securities Act of 1933, as
amended.
"Stock" shall mean shares of the Company's 8.45%
Cumulative Preferred Stock, Series H, $.01 par value per share.
ARTICLE II
Form of Receipts, Deposit of Stock,
Execution and Delivery, Transfer,
Surrender and Redemption of Receipts
SECTION 2.1 Form and Transfer of Receipts. Definitive
Receipts shall be engraved or printed or lithographed on steel-engraved
borders, with appropriate insertions, modifications and omissions, as
hereinafter provided, if and to the extent required by any securities
exchange on which the Receipts are listed. Pending the preparation of
definitive Receipts or if definitive Receipts are not required by any
securities exchange on which the Receipts are listed, the Depositary,
upon the written order of the Company or any holder of Stock, as the
case may be, delivered in compliance with Section 2.2, shall execute
and deliver temporary Receipts which are printed, lithographed,
typewritten, mimeographed or otherwise substantially of the tenor of
the definitive Receipts in lieu of which they are issued and with such
appropriate insertions, omissions, substitutions and other variations
as the persons executing such Receipts may determine, as evidenced by
their execution of such Receipts. If temporary Receipts are issued,
the Company and the Depositary will cause definitive Receipts to be
prepared without unreasonable delay. After the preparation of
definitive Receipts, the temporary Receipts shall be exchangeable for
definitive Receipts upon surrender of the temporary Receipts at the
Depositary's Office or at such other place or places as the Depositary
shall determine, without charge to the holder. Upon surrender for
cancellation of any one or more temporary Receipts, the Depositary
shall execute and deliver in exchange therefor definitive Receipts
representing the same number of Depositary Shares as represented by the
surrendered temporary Receipt or Receipts. Such exchange shall be made
at the Company's expense and without any charge to the holder therefor.
Until so exchanged, the temporary Receipts shall in all respects be
entitled to the same benefits under this Agreement, and with respect
to the Stock, as definitive Receipts.
Receipts shall be executed by the Depositary by the manual
and/or facsimile signature of a duly authorized officer of the
Depositary. No Receipt shall be entitled to any benefits under this
Deposit Agreement or be valid or obligatory for any purpose unless it
shall have been executed in accordance with the foregoing sentence.
The Depositary shall record on its books each Receipt so signed and
delivered as hereinafter provided.
Receipts shall be in denominations of any number of whole
Depositary Shares. The Company shall deliver to the Depositary from
time to time such quantities of Receipts as the Depositary may request
to enable the Depositary to perform its obligations under this Deposit
Agreement.
Receipts may be endorsed with or have incorporated in the
text thereof such legends or recitals or changes not inconsistent with
the provisions of this Deposit Agreement as may be required by the
Depositary or required to comply with any applicable law or any
regulation thereunder or with the rules and regulations of any
securities exchange upon which the Stock, the Depositary Shares or
the Receipts may be listed or to conform with any usage with respect
thereto, or to indicate any special limitations or restrictions to
which any particular Receipts are subject.
Title to Depositary Shares evidenced by a Receipt, which is
properly endorsed or accompanied by a properly executed instrument of
transfer, shall be transferable by delivery with the same effect as in
the case of a negotiable instrument; provided, however, that until
transfer of a Receipt shall be registered on the books of the
Depositary as provided in Section 2.3, the Depositary may,
notwithstanding any notice to the contrary, treat the record holder
thereof at such time as the absolute owner thereof for the purpose of
determining the person entitled to distributions of dividends or other
distributions or to any notice provided for in this Deposit Agreement
and for all other purposes.
SECTION 2.2 Deposit of Stock; Execution and Delivery of
Receipts in Respect Thereof. Subject to the terms and conditions of
this Deposit Agreement, the Company or, subject to Section 2.4, any
holder of Stock may from time to time deposit shares of Stock under
this Deposit Agreement by delivery to the Depositary of a certificate
or certificates for the Stock to be deposited, properly endorsed or
accompanied, if required by the Depositary, by a duly executed
instrument of transfer or endorsement, in form satisfactory to the
Depositary, together with all such certifications as may be required
by the Depositary in accordance with the provisions of this Deposit
Agreement, and together with a written order of the Company 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 stated
in such order a Receipt or Receipts for the number of Depositary Shares
representing such deposited Stock.
Deposited Stock shall be held by the Depositary at the
Depositary's Office or at such other place or places as the Depositary
shall determine.
Upon receipt by the Depositary of a certificate or
certificates for Stock deposited in accordance with the provisions of
this Section, together with the other documents required as above
specified, and upon recordation of the Stock on the books of the
Company in the name of the Depositary or its nominee, the Depositary,
subject to the terms and conditions of this Deposit Agreement, shall
execute and deliver, to or upon the order of the person or persons
named in the written order delivered to the Depositary referred to in
the first paragraph of this Section, a Receipt or Receipts for the
whole number of Depositary Shares representing, in the aggregate, the
Stock so deposited and registered in such name or names as may be
requested by such person or persons. The Depositary shall execute and
deliver such Receipt or Receipts at the Depositary's Office or such
other offices, if any, as the Depositary may designate. Delivery at
other offices shall be at the risk and expense of the person requesting
such delivery.
SECTION 2.3 Registration of Transfer of Receipts. Subject
to the terms and conditions of this Deposit Agreement, the Depositary
shall register on its books from time to time transfers of Receipts
upon any surrender thereof by the holder in person or by a duly
authorized attorney, properly endorsed or accompanied by a properly
executed instrument of transfer. Thereupon, the Depositary shall
execute a new Receipt or Receipts evidencing the same aggregate number
of Depositary Shares as those evidenced by the Receipt or Receipts
surrendered and deliver such new Receipt or Receipts to or upon the
order of the person entitled thereto.
SECTION 2.4 Split-ups and Combinations of Receipts;
Surrender of Receipts and Withdrawal of Stock. Upon surrender of a
Receipt or Receipts at the Depositary's Office or at such other
offices as it may designate for the purpose of effecting a split-up or
combination of such Receipt or Receipts, and subject to the terms and
conditions of this Deposit Agreement, the Depositary shall execute and
deliver a new Receipt or Receipts in the authorized denomination or
denominations requested, evidencing the aggregate number of Depositary
Shares evidenced by the Receipt or Receipts surrendered; provided,
however, that the Depositary shall not issue any Receipt evidencing a
fractional Depositary Share.
Any holder of a Receipt or Receipts representing any number
of whole shares of Stock may (unless the related Depositary Shares have
previously been called for redemption) withdraw the Stock and all money
and other property, if any, represented thereby by surrendering such
Receipt or Receipts at the Depositary's Office or at such other offices
as the Depositary may designate for such withdrawals and paying any
unpaid amount due the Depositary. Thereafter, without unreasonable
delay, the Depositary shall deliver to such holder or to the person or
persons designated by such holder as hereinafter provided, the number
of whole shares of Stock and all money and other property, if any,
represented by the Receipt or Receipts so surrendered for withdrawal,
but holders of such whole shares of Stock will not thereafter be
entitled to deposit such Stock hereunder or to receive Depositary
Shares therefor. If a Receipt delivered by the holder to the
Depositary in connection with such withdrawal shall evidence a number
of Depositary Shares in excess of the number of Depositary Shares
representing the number of whole shares of Stock to be so withdrawn,
the Depositary shall at the same time, in addition to such number of
whole shares of Stock and such money and other property, if any, to be
so withdrawn, deliver to such holder, or upon his order, a new Receipt
evidencing such excess number of Depositary Shares, provided, however,
that the Depositary shall not issue any Receipt evidencing a fractional
Depositary Share. Delivery of the Stock and money and other property
being withdrawn may be made by the delivery of such certificates,
documents of title and other instruments as the Depositary may deem
appropriate which, if required by the Depositary, shall be properly
endorsed or accompanied by proper instruments of transfer.
If the Stock and the money and other property being withdrawn
are to be delivered to a person or persons other than the record holder
of the Receipt or Receipts being surrendered for withdrawal of Stock,
such holders shall execute and deliver to the Depositary a written
order so directing the Depositary and the Depositary may require that
the Receipt or Receipts surrendered by such holder for withdrawal of
such shares of Stock be properly endorsed in blank or accompanied by a
properly executed instrument of transfer in blank.
Delivery of the Stock and the money and other property, if
any, represented by Receipts surrendered for withdrawal shall be made
by the Depositary at the Depositary's Office, except that, at the
request, risk and expense of the holder surrendering such Receipt or
Receipts and for the account of the holder thereof, such delivery may
be made at such other place as may be designated by such holder.
SECTION 2.5 Limitations on Execution and Delivery,
Transfer, Surrender and Exchange of Receipts. As a condition precedent
to the execution and delivery, registration of transfer, split-up,
combination, surrender or exchange of any Receipt, the Depositary, any
of the Depositary's Agents or the Company may require payment to it of
a sum sufficient for the payment (or, in the event that the Depositary
or the Company shall have made such payment, the reimbursement to it)
of any charges or expenses payable by the holder of a Receipt pursuant
to Sections 3.2 and 5.7, may require the production of evidence
satisfactory to it as to the identity and genuineness of any signature
and may also require compliance with such regulations, if any, as the
Depositary or the Company may establish consistent with the provisions
of this Deposit Agreement.
The deposit of Stock may be refused, the delivery of Receipts
against Stock may be suspended, the registration of transfer of
Receipts may be refused and the registration of transfer, surrender or
exchange of outstanding Receipts may be suspended (i) during any period
when the register of stockholders of the Company is closed, or (ii) if
any such action is deemed necessary or advisable by the Depositary,
any of the Depositary's Agents or the Company at any time or from time
to time because of any requirement of law or of any government or
governmental body or commission or under any provision of this Deposit
Agreement.
SECTION 2.6 Lost Receipts, etc. In case any receipt shall
be mutilated, destroyed, lost or stolen, the Depositary in its
reasonable discretion may execute and deliver a Receipt of like form
and tenor in exchange and substitution for such mutilated Receipt, or
in lieu of and in substitution for such destroyed, lost or stolen
Receipt, upon (i) the filing by the holder thereof with the Depositary
of evidence reasonably satisfactory to the Depositary of such
destruction or loss or theft of such Receipt, of the authenticity
thereof and of his or her ownership thereof, (ii) the furnishing of the
Depositary with indemnification reasonably satisfactory to it and the
Company and (iii) the payment of any reasonable expense (including
reasonable fees, charges and expenses of the Depositary) in connection
with such execution and delivery.
SECTION 2.7 Cancellation and Destruction of Surrendered
Receipts. All Receipts surrendered to the Depositary or any
Depositary's Agent shall be cancelled by the Depositary. Except as
prohibited by applicable law or regulation, the Company is authorized
to destroy all Receipts so cancelled.
SECTION 2.8 Redemption of Stock. Whenever the Company shall
be permitted and shall elect to redeem shares of Stock in accordance
with the provisions of the Certificate, it shall (unless otherwise
agreed to in writing with the Depositary) give or cause to be given to
the Depositary not less than 60 days' notice of the date of such
proposed redemption or exchange of Stock and of the number of such
shares held by the Depositary to be so redeemed and the applicable
redemption price, as set forth in the Certificate, which notice shall
be accompanied by a certificate from the Company stating that such
redemption of Stock is in accordance with the provisions of the
Certificate. Notice of redemption of Stock will also be given by the
Company by publication in a newspaper of general circulation in the
County of Los Angeles and the City of New York, such publication to be
made once a week for two successive weeks commencing not less than 30
nor more than 60 days prior to the redemption date, and the Depositary
will publish a notice of redemption of the Depositary Shares containing
the same type of information and in the same manner as the Company's
notice of redemption. On the date of such redemption, provided that
the Company shall then have paid or caused to be paid in full to the
Depositary the redemption price of the Stock to be redeemed, plus an
amount equal to any accrued and unpaid dividends thereon to the date
fixed for redemption, in accordance with the provisions of the
Certificate, the Depositary shall redeem the number of Depositary
Shares representing such Stock. The Depositary shall mail notice of
the Company's redemption of Stock and the proposed simultaneous
redemption of the number of Depositary Shares representing the Stock
to be redeemed by first-class mail, postage prepaid, not less than 30
and not more than 60 days prior to the date fixed for redemption of
such Stock and Depositary Shares (the "Redemption Date") to the record
holders of the Receipts evidencing the Depositary Shares to be so
redeemed, at the address of such holders as they appear on the records
of the Depositary; but neither failure to mail any such notice of
redemption of Depositary Shares to one or more such holders nor any
defect in any notice of redemption of Depositary Shares to one or
more such holders shall affect the sufficiency of the proceedings for
redemption as to the other holders. The Company will provide the
Depositary with the information necessary for the Depositary to prepare
such notice and each such notice shall state: (i) the Redemption Date;
(ii) the number of Depositary Shares to be redeemed and, if less than
all the Depositary Shares held by any such holder are to be redeemed,
the number of such Depositary Shares held by such holder to be so
redeemed; (iii) the redemption price per Depositary Share; (iv) the
place or places where Receipts evidencing Depositary Shares are to be
surrendered for payment of the redemption price; and (v) that dividends
in respect of the Stock represented by the Depositary Shares to be
redeemed will cease to accrue on such Redemption Date. In case less
than all the outstanding Depositary Shares are to be redeemed, the
Depositary Shares to be so redeemed shall be determined pro rata or
by lot in a manner determined by the Board of Directors.
Notice having been mailed by the Depositary as aforesaid,
from and after the Redemption Date (unless the Company shall have
failed to provide the funds necessary to redeem the Stock evidenced
by the Depositary Shares called for redemption) (i) dividends on the
shares of Stock so called for redemption shall cease to accrue from and
after such date, (ii) the Depositary Shares being redeemed from such
proceeds shall be deemed no longer to be outstanding, (iii) all rights
of the holders of Receipts evidencing such Depositary Shares (except
the right to receive the redemption price) shall, to the extent of such
Depositary Shares, cease and terminate, and (iv) upon surrender in
accordance with such redemption notice of the Receipts evidencing any
such Depositary Shares called for redemption (properly endorsed or
assigned for transfer, if the Depositary or applicable law shall so
require), such Depositary Shares shall be redeemed by the Depositary at
a redemption price per Depositary Share equal to the same fraction of
the redemption price per share paid with respect to the shares of Stock
as the fraction each Depositary Share represents of a share of Stock
plus the same fraction of all money and other property, if any,
represented by such Depositary Shares, including all amounts paid by
the Company in respect of dividends which on the Redemption Date have
accumulated on the shares of Stock to be so redeemed and have not
theretofore been paid. Any funds deposited by the Company with the
Depositary for any Depositary Shares that the holders thereof fail to
redeem will be returned to the Company after a period of five years
from the date such funds are so deposited.
If fewer than all of the Depositary Shares evidenced by a
Receipt are called for redemption, the Depositary will deliver to the
holder of such Receipt upon its surrender to the Depositary, together
with the redemption payment, a new Receipt evidencing the Depositary
Shares evidenced by such prior Receipt and not called for redemption,
provided, however, that the Depositary shall not issue any Receipt
evidencing a fractional Depositary Share.
ARTICLE III
Certain Obligations of
Holders of Receipts and the Company
SECTION 3.1 Filing Proofs, Certificates and Other
Information. Any holder of a Receipt may be required from time to time
to file such proof of residence, or other matters or other information,
to execute such certificates and to make such representations and
warranties as the Depositary or the Company may reasonably deem
necessary or proper or otherwise reasonably request. The Depositary
or the Company may withhold the delivery, or delay the registration
of transfer, redemption or exchange, of any Receipt or the withdrawal
or conversion of the Stock represented by the Depositary Shares
evidenced by any Receipt or the distribution of any dividend or other
distribution or the sale of any rights or of the proceeds thereof
until such proof or other information is filed or such certificates
are executed or such representations and warranties are made.
SECTION 3.2 Payment of Taxes or Other Governmental Charges.
Holders of Receipts shall be obligated to make payments to the
Depositary of certain charges and expenses, as provided in Section 5.7.
Registration of transfer of any Receipt or any withdrawal of Stock and
all money or other property, if any, represented by the Depositary
Shares evidenced by such Receipt may be refused until any such
payment due is made, and any dividends, interest payments or other
distributions may be withheld or any part of or all the Stock or other
property represented by the Depositary Shares evidenced by such Receipt
and not theretofore sold may be sold for the account of the holder
thereof (after attempting by reasonable means to notify such holder
prior to such sale), and such dividends, interest payments or other
distributions or the proceeds of any such sale may be applied to any
payment of such charges or expenses, the holder of such Receipt
remaining liable for any deficiency.
SECTION 3.3 Warranty as to Stock. The Company hereby
represents and warrants that the Stock, when issued, will be duly
authorized, validly issued, fully paid and nonassessable. Such
representation and warranty shall survive the deposit of the Stock
and the issuance of Receipts.
ARTICLE IV
The Deposited Securities; Notices
SECTION 4.1 Cash Distributions. Whenever the Depositary
shall receive any cash dividend or other cash distribution on Stock,
the Depositary shall, subject to Sections 3.1 and 3.2, distribute to
record holders of Receipts on the record date fixed pursuant to Section
4.4 such amounts of such dividend or distribution as are, as nearly as
practicable, in proportion to the respective numbers of Depositary
Shares evidenced by the Receipts held by such holders; provided,
however, that in case the Company or the Depositary shall be required
to withhold and shall withhold from any cash dividend or other cash
distribution in respect of the Stock an amount on account of taxes or
as otherwise required by law, regulation or court process, the amount
made available for distribution or distributed in respect of Depositary
Shares shall be reduced accordingly. In the event that the calculation
of any such cash dividend or other cash distribution to be paid to any
record holder on the aggregate number of Depositary Receipts held by
such holder results in an amount which is a fraction of a cent, the
amount the Depositary shall distribute to such record holder shall be
rounded to the next highest whole cent if such fraction of a cent is
equal to or greater than $.005, otherwise such fractional interest
shall be disregarded; and upon request of the Depositary, the Company
shall pay the additional amount to the Depositary for distribution.
SECTION 4.2 Distributions Other than Cash, Rights,
Preferences or Privileges. Whenever the Depositary shall receive any
distribution other than cash, rights, preferences or privileges upon
Stock, the Depositary shall, subject to Sections 3.1 and 3.2,
distribute to record holders of Receipts on the record date fixed
pursuant to Section 4.4 such amounts of the securities or property
received by it as are, as nearly as practicable, in proportion to the
respective numbers of Depositary Shares evidenced by the Receipts held
by such holders, in any manner that the Depositary may deem equitable
and practicable for accomplishing such distribution. If in the opinion
of the Depositary 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 such distribution not to be
feasible, the Depositary may, with the approval of the Company, adopt
such method as it deems equitable and practicable for the purpose of
effecting such distribution, including the sale (at public or private
sale) of the securities or property thus received, or any part thereof,
at such place or places and upon such terms as it may deem equitable
and appropriate. The net proceeds of any such sale shall, subject
to Sections 3.1 and 3.2, be distributed or made available for
distribution, as the case may be, by the Depositary to record holders
of Receipts as provided by Section 4.1 in the case of a distribution
received in cash.
SECTION 4.3 Subscription Rights, Preferences or Privileges.
If the Company shall at any time offer or cause to be offered to the
persons in whose names Stock is recorded on the books of the Company
any rights, preferences or privileges to subscribe for or to purchase
any securities or any rights, preferences or privileges of any other
nature, such rights, preferences or privileges shall in each such
instance be made available by the Depositary to the record holders
of Receipts in such manner as the Depositary may determine, either by
the issue to such record holders of warrants representing such rights,
preferences or privileges or by such other method as may be approved
by the Depositary in its discretion with the approval of the Company;
provided, however, that (i) if at the time of issue or offer of any
such rights, preferences or privileges the Depositary determines that
it is not lawful or (after consultation with the Company) not feasible
to make such rights, preferences or privileges available to holders of
Receipts by the issue of warrants or otherwise, or (ii) if and to the
extent so instructed by holders of Receipts who do not desire to
execute such rights, preferences or privileges, then the Depositary,
in its discretion (with approval of the Company, in any case where the
Depositary has determined that it is not feasible to make such rights,
preferences or privileges available), may, if applicable laws or the
terms of such rights, preferences or privileges permit such transfer,
sell such rights, preferences or privileges at public or private sale,
at such place or places and upon such terms as it may deem proper. The
net proceeds of any such sale shall, subject to Sections 3.1 and 3.2,
be distributed by the Depositary to the record holders of Receipts
entitled thereto as provided by Section 4.1 in the case of a
distribution received in cash.
If registration under the Securities Act of the securities to
which any rights, preferences or privileges relate is required in order
for holders of Receipts to be offered or sold the securities to which
such rights, preferences or privileges relate, the Company will file
promptly a registration statement pursuant to the Securities Act with
respect to such rights, preferences or privileges and securities and
use its best efforts and take all steps available to it to cause such
registration statement to become effective sufficiently in advance of
the expiration of such rights, preferences or privileges to enable such
holders to exercise such rights, preferences or privileges. In no
event shall the Depositary make available to the holders of Receipts
any right, preference or privilege to subscribe for or to purchase any
securities unless and until it has received written notice from the
Company that such registration statement shall have become effective,
or that the offering and sale of such securities to such holders are
exempt from registration under the provisions of the Securities Act and
the Company shall have provided to the Depositary an opinion of counsel
reasonably satisfactory to the Depositary to such effect.
If any other action under the laws of any jurisdiction or
any governmental or administrative authorization, consent or permit is
required in order for such rights, preferences or privileges to be made
available to holders of Receipts, the Company will use its reasonable
best efforts to take such action or obtain such authorization, consent
or permit sufficiently in advance of the expiration of such rights,
preferences or privileges to enable such holders to exercise such
rights, preferences or privileges.
SECTION 4.4 Notice of Dividends, etc.; Fixing Record Date
for Holders of Receipts. Whenever any cash dividend or other cash
distribution shall become payable or any distribution other than cash
shall be made, or if rights, preferences or privileges shall at any
time be offered, with respect to Stock, or whenever the Depositary
shall receive notice of any meeting at which holders of Stock are
entitled to vote or of which holders of Stock are entitled to notice,
or whenever the Depositary and the Company shall decide it is
appropriate, the Depositary shall in each such instance fix a record
date (which shall be the same date as the record date fixed by the
Company with respect to or otherwise in accordance with the terms of
the Stock) for the determination of the holders of Receipts who shall
be entitled to receive such dividend, distribution, rights, preferences
or privileges or the net proceeds of the sale thereof, or to give
instructions for the exercise of voting rights at any such meeting,
or who shall be entitled to notice of such meeting or for any other
appropriate reasons.
SECTION 4.5 Voting Rights. Upon receipt of notice of
any meeting at which the holders of Stock are entitled to vote, the
Depositary shall, as soon as practicable thereafter, mail to the record
holders of Receipts 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, instruct the
Depositary as to the exercise of the voting rights pertaining to the
amount of Stock represented by their respective Depositary Shares
(including an express indication that instructions may be given to
the Depositary to give a discretionary proxy to a person designated
by the Company) and a brief statement as to the manner in which such
instructions may be given. Upon the written request of the holders
of Receipts on the relevant record date, the Depositary shall use its
best efforts to vote or cause to be voted, in accordance with the
instructions set forth in such requests, the maximum number of whole
shares of Stock represented by the Depositary Shares evidenced by all
Receipts as to which any particular voting instructions are received.
The Company hereby agrees to take all action which may be deemed
necessary by the Depositary in order to enable the Depositary to vote
such Stock or cause such Stock to be voted. In the absence of specific
instructions from the holder of a Receipt, the Depositary will not vote
(but, at its discretion, may appear at any meeting with respect to
such Stock unless directed to the contrary by the holders of all the
Receipts) to the extent of the Stock represented by the Depositary
Shares evidenced by such Receipt.
SECTION 4.6 Changes Affecting Deposited Securities and
Reclassifications, Recapitalizations, etc. Upon any change in par
value or liquidation preference, split-up, combination or any
other reclassification of the Stock, or upon any recapitalization,
reorganization, merger or consolidation affecting the Company or to
which it is a party, the Depositary may in its discretion with the
approval (not to be unreasonably withheld) of, and shall upon the
instructions of, the Company, and (in either case) in such manner as
the Depositary may deem equitable, (i) make such adjustments in the
fraction of an interest in one share of Stock represented by one
Depositary Share as may be necessary (as certified by the Company)
fully to reflect the effects of such change in par value or liquidation
preference, split-up, combination or other reclassification of Stock,
or of such recapitalization, reorganization, merger or consolidation
and (ii) treat any securities which shall be received by the Depositary
in exchange for or upon conversion of or in respect of the Stock as new
deposited securities so received in exchange for or upon conversion or
in respect of such Stock. In any such case, the Depositary may in
its discretion, with the approval of the Company, execute and deliver
additional Receipts or may call for the surrender of all outstanding
Receipts to be exchanged for new Receipts specifically describing
such new deposited securities. Anything to the contrary herein
notwithstanding, holders of Receipts shall have the right from and
after the effective date of any such change in par value or liquidation
preference, split-up, combination or other reclassification of the
Stock or any such recapitalization, reorganization, merger or
consolidation to surrender such Receipts to the Depositary with
instructions to convert, exchange or surrender the Stock represented
thereby only into or for, as the case may be, the kind and amount of
shares of stock and other securities and property and cash into which
the Stock represented by such Receipts would have been converted or
for which such Stock would have been exchanged or surrendered had such
Receipt been surrendered immediately prior to the effective date of
such transaction.
SECTION 4.7 Delivery of Reports. The Depositary shall
furnish to holders of Receipts any reports and communications received
from the Company which are received by the Depositary as the holder of
Stock.
SECTION 4.8 List of Receipt Holders. Promptly upon request
from time to time by the Company, the Depositary shall furnish to it a
list, as of the most recent practicable date, of the names, addresses
and holdings of Depositary Shares of all record holders of Receipts.
The Company shall be entitled to receive such list four times annually
without charge.
ARTICLE V
The Depositary, the Depositary's
Agents, the Registrar and the Company
SECTION 5.1 Maintenance of Offices, Agencies and Transfer
Books by the Depositary; Registrar. Upon execution of this Deposit
Agreement, the Depositary shall maintain at the Depositary's office
facilities for the execution and delivery, registration and
registration of transfer, surrender and exchange of Receipts, and at
the offices of the Depositary's Agents, if any, facilities for the
delivery, registration of transfer, surrender and exchange of Receipts,
all in accordance with the provisions of this Deposit Agreement.
The Depositary shall keep books at the Depositary's Office
for the registration and registration of transfer of Receipts, which
books during normal business hours shall be open for inspection by the
record holders of Receipts; provided that any such holder requesting
to exercise such right shall certify to the Depositary that such
inspection shall be for a proper purpose reasonably related to such
person's interest as an owner of Depositary Shares evidenced by the
Receipts.
The Depositary may close such books, at any time or from time
to time, when deemed expedient by it in connection with the performance
of its duties hereunder.
The Depositary may, with the approval of the Company, appoint
a Registrar for registration of the Receipts or the Depositary Shares
evidenced thereby. If the Receipts or the Depositary Shares evidenced
thereby or the Stock represented by such Depositary Shares shall be
listed on one or more national securities exchanges, the Depositary
will appoint a Registrar (acceptable to the Company) for registration
of such Receipts or Depositary Shares in accordance with any
requirements of such exchange. Such Registrar (which may be the
Depositary if so permitted by the requirements of any such exchange)
may be removed and a substitute registrar appointed by the Depositary
upon the request or with the approval of the Company. If the Receipts,
such Depositary Shares or such Stock are listed on one or more other
stock exchanges, the Depositary will, at the request and at the expense
of the Company, arrange such facilities for the delivery, registration,
registration of transfer, surrender and exchange of such Receipts, such
Depositary Shares or such Stock as may be required by law or applicable
securities exchange regulation.
The Depositary may from time to time appoint Depositary's
Agents to act in any respect for the Depositary for the purposes of
this Deposit Agreement and may at any time appoint additional
Depositary's Agents and vary or terminate the appointment of such
Depositary's Agents. The Depositary will notify the Company of any
such action.
SECTION 5.2 Prevention of or Delay in Performance by the
Depositary, the Depositary's Agents, the Registrar or the Company.
Neither the Depositary nor any Depositary's Agent nor the Registrar nor
the Company shall incur any liability to any holder of any Receipt if
by reason of any provision of any present or future law, or regulation
thereunder, of the United States of America or of any other
governmental authority or, in the case of the Depositary, the
Depositary's Agent or the Registrar, by reason of any provision,
present or future, of the Company's Articles of Incorporation or by
reason of any act of God or war or other circumstance beyond the
control of the relevant party, the Depositary, the Depositary's Agent,
the Registrar or the Company shall be prevented, delayed or forbidden
from, or subjected to any penalty on account of, doing or performing
any act or thing which the terms of this Deposit Agreement provide
shall be done or performed; nor shall the Depositary, any Depositary's
Agent, the Registrar or the Company incur liability to any holder of
a Receipt (i) by reason of any nonperformance or delay, caused as
aforesaid, in the performance of any act or thing which the terms of
this Deposit Agreement shall provide shall or may be done or performed,
or (ii) by reason of any exercise of, or failure to exercise, any
discretion provided for in this Deposit Agreement except, in the case
of any such exercise or failure to exercise discretion not caused as
aforesaid, if caused by the gross negligence or willful misconduct of
the party charged with such exercise or failure to exercise.
SECTION 5.3 Obligation of the Depositary, the Depositary's
Agents, the Registrar and the Company. Neither the Depositary nor
any Depositary's Agent nor the Registrar nor the Company assumes any
obligation or shall be subject to any liability under this Deposit
Agreement or any Receipt to holders of Receipts other than for its
gross negligence, willful misconduct or bad faith.
Neither the Depositary nor any Depositary's Agent nor the
Registrar nor the Company shall be under any obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect
of the Stock, the Depositary Shares or the Receipts which in its
reasonable opinion may involve it in expense or liability unless
indemnity reasonably satisfactory to it against expense and liability
be furnished as often as may be reasonably required.
Neither the Depositary nor any Depositary's Agent nor the
Registrar nor the Company shall be liable for any action or any failure
to act by it in reliance upon the written advice of legal counsel or
accountants, or information from any person presenting Stock for
deposit, any holder of a Receipt or any other person believed by it in
good faith to be competent to give such information. The Depositary,
any Depositary's Agent, the Registrar and the Company may each rely and
shall each be protected in acting upon any written notice, request,
direction or other document reasonably believed by it to be genuine and
to have been signed or presented by the proper party or parties.
The Depositary shall not be responsible for any failure to
carry out any instruction to vote any of the shares of Stock or for the
manner or effect of any such vote made, as long as any such action or
non-action is in good faith. The Depositary will indemnify the Company
and hold it harmless from any loss, liability or expense (including the
reasonable costs and expenses of defending itself) which may arise out
of acts performed or omitted by the Depositary, including when such
Depositary acts as Registrar, or the Depositary's Agents in connection
with this Agreement due to its or their gross negligence, willful
misconduct or bad faith. The indemnification obligations of the
Depositary set forth in this Section 5.3 shall survive any termination
of this Agreement and any succession of any Depositary.
The Depositary, its parent, affiliates or subsidiaries,
the Depositary's Agents, and the Registrar may own, buy, sell and deal
in any class of securities of the Company and its affiliates and in
Receipts or Depositary Shares or become pecuniarily interested in any
transaction in which the Company or its affiliates may be interested or
contract with or lend money to or otherwise act as fully or as freely
as if it were not the Depositary, parent, affiliate or subsidiary or
Depositary's Agent or Registrar hereunder. The Depositary may also act
as trustee, transfer agent or registrar of any of the securities of the
Company and its affiliates.
It is intended that neither the Depositary nor any
Depositary's Agent nor the Registrar, acting as the Depositary's Agent
or Registrar, as the case may be, shall be deemed to be an "issuer" of
the securities under the federal securities laws or applicable state
securities laws, it being expressly understood and agreed that the
Depositary, any Depositary's Agent and the Registrar are acting only
in a ministerial capacity as Depositary or Registrar for the Stock.
Neither the Depositary (or its officers, directors, employees
or agents) nor any Depositary's Agent nor the Registrar makes any
representation or has any responsibility as to the validity of the
registration statement pursuant to which the Depositary Shares are
registered under the Securities Act, the Stock, the Depositary Shares
or the Receipts (except for its counter-signatures thereon) or any
instruments referred to therein or herein, or as to the correctness
of any statement made therein or herein.
The Depositary assumes no responsibility for the correctness
of the description that appears in the Receipts, which can be taken as
a statement of the Company summarizing certain provisions of this
Deposit Agreement. Notwithstanding any other provision herein or in
the Receipts, the Depositary makes no warranties or representations
as to the validity or genuineness of any Stock at any time deposited
with the Depositary hereunder or of the Depositary Shares, as to the
validity or sufficiency of this Deposit Agreement, as to the value of
the Depositary Shares or as to any right, title or interest of the
record holders of Receipts in and to the Depositary Shares. The
Depositary shall not be accountable for the use or application by
the Company of the Depositary Shares or the Receipts or the proceeds
thereof.
SECTION 5.4 Resignation and Removal of the Depositary;
Appointment of Successor Depositary. The Depositary may at any time
resign as Depositary hereunder by delivering notice of its election
to do so to the Company, such resignation to take effect upon the
appointment of a successor Depositary and its acceptance of such
appointment as hereinafter provided.
The Depositary may at any time be removed by the Company by
notice of such removal delivered to the Depositary, such removal to
take effect upon the appointment of a successor Depositary and its
acceptance of such appointment as hereinafter provided.
In case at any time the Depositary acting hereunder shall
resign or be removed, the Company shall, within 60 days after the
delivery of the notice of resignation or removal, as the case may be,
appoint a successor Depositary, which shall be a bank or trust company
having its principal office in the United States of America and having
a combined capital and surplus of at least $150,000,000. If no
successor Depositary shall have been so appointed and have accepted
appointment within 60 days after delivery of such notice, the resigning
or removed Depositary may petition any court of competent jurisdiction
for the appointment of a successor Depositary. Every successor
Depositary shall execute and deliver to its predecessor and to the
Company an instrument in writing accepting its appointment hereunder,
and thereupon such successor Depositary, without any further act or
deed, shall become fully vested with all the rights, powers, duties
and obligations of its predecessor and for all purposes shall be the
Depositary under this Deposit Agreement, and such predecessor, upon
payment of all sums due it and on the written request of the Company,
shall execute and deliver an instrument transferring to such successor
all rights and powers of such predecessor hereunder, shall duly assign,
transfer and deliver all right, title and interest in the Stock and any
moneys or property held hereunder to such successor, and shall deliver
to such successor a list of the record holders of all outstanding
Receipts and such records, books and other information in its
possession relating thereto. Any successor Depositary shall promptly
mail notice of its appointment to the record holders of Receipts.
Any corporation into or with which the Depositary may be
merged, consolidated or converted shall be the successor of such
Depositary without the execution or filing of any document or any
further act, and notice thereof shall not be required hereunder. Such
successor Depositary may authenticate the Receipts in the name of the
predecessor Depositary or in the name of the successor Depositary.
SECTION 5.5 Corporate Notices and Reports. The Company
agrees that it will deliver to the Depositary, and the Depositary will,
promptly after receipt thereof, transmit to the record holders of
Receipts, in each case at the addresses recorded in the Depositary's
books, copies of all notices and reports (including without limitation
financial statements) required by law or by the rules of any national
securities exchange upon which the Stock, the Depositary Shares or the
Receipts are listed, to be furnished to the record holders of Receipts.
Such transmission will be at the Company's expense and the Company will
provide the Depositary with such number of copies of such documents as
the Depositary may reasonably request.
SECTION 5.6 Indemnification by the Company. The Company
shall indemnify the Depositary, any Depositary's Agent and the
Registrar against, and hold each of them harmless from, any loss,
liability or expense (including the reasonable costs and expenses of
defending itself) which may arise out of acts performed or omitted
in connection with this Deposit Agreement and the Receipts by the
Depositary, any Registrar or any of their respective agents (including
any Depositary's Agent), except for any liability arising out of gross
negligence, willful misconduct or bad faith on the respective parts of
any such person or persons. The obligations of the Company set forth
in this Section 5.6 shall survive any succession of any Depositary or
Depositary's Agent.
SECTION 5.7 Charges and Expenses. The Company shall pay all
transfer and other taxes and governmental charges arising solely from
the existence of the depositary arrangements. The Company shall pay
charges of the Depositary in connection with the initial deposit of
the Stock and the initial issuance of the Depositary Shares, all
withdrawals of shares of the Stock by owners of Depositary Shares, and
any redemption of the Stock at the option of the Company. All other
transfer and other taxes and governmental charges shall be at the
expense of holders of Depositary Shares. If, at the request of a
holder of Receipts, the Depositary incurs charges or expenses for which
it is not otherwise liable hereunder, such holder will be liable for
such charges and expenses. All other charges and expenses of the
Depositary and any Depositary's Agent hereunder (including, in each
case, reasonable fees and expenses of counsel) incident to the
performance of their respective obligations hereunder will be paid
upon consultation and agreement between the Depositary and the Company
as to the amount and nature of such charges and expenses. The
Depositary shall present its statement for charges and expenses to the
Company at such intervals as the Company and the Depositary may agree.
SECTION 5.8 Tax Compliance. The Depositary, on its own
behalf and on behalf of the Company, will comply with all applicable
certification, information reporting and withholding (including
"backup" withholding) requirements imposed by applicable tax laws,
regulations or administrative practice with respect to (i) any payments
made with respect to the Depositary Shares or (ii) the issuance,
delivery, holding, transfer, redemption or exercise of rights under the
Depositary Receipts or the Depositary Shares. Such compliance shall
include, without limitation, the preparation and timely filing of
required returns and the timely payment of all amounts required to be
withheld to the appropriate taxing authority or its designated agent.
The Depositary shall comply with any direction received from
the Company with respect to the application of such requirements to
particular payments or holders or in other particular circumstances,
and may for purposes of this Agreement rely on any such direction in
accordance with the provisions of Section 5.3 hereof.
The Depositary shall maintain all appropriate records
documenting compliance with such requirements, and shall make such
records available on request to the Company or to its authorized
representatives.
ARTICLE VI
Amendment and Termination
SECTION 6.1 Amendment. The form of the Receipts and any
provisions of this Deposit Agreement may at any time and from time to
time be amended by agreement between the Company and the Depositary
in any respect which they may deem necessary or desirable; provided,
however, that no such amendment (other than any change in the fees of
any Depositary or Registrar, which shall go into effect not sooner than
three months after notice thereof to the holders of the Receipts) which
shall materially adversely alter the rights of the holders of Receipts
shall be effective unless such amendment shall have been approved by
the holders of at least a majority of the Depositary Shares then
outstanding. Every holder of an outstanding Receipt at the time any
such amendment becomes effective shall be deemed, by continuing to hold
such Receipt, to be bound by the Deposit Agreement as amended thereby.
Notwithstanding the foregoing, in no event may any amendment impair the
right of any holder of any Depositary Shares, upon surrender of the
Receipts evidencing such Depositary Shares and subject to any
conditions specified in this Deposit Agreement, to receive shares
of Stock and any money or other property represented thereby, except
in order to comply with mandatory provisions of applicable law.
SECTION 6.2 Termination. This Deposit Agreement may be
terminated by the Company at any time upon not less than 60 days' prior
written notice to the Depositary, in which case, on a date that is not
later than 30 days after the date of such notice, the Depositary shall
deliver or make available for delivery to holders of Depositary Shares,
upon surrender of the Receipts evidencing such Depositary Shares, such
number of whole or fractional shares of Stock as are represented by
such Depositary Shares. This Deposit Agreement will automatically
terminate after (i) all outstanding Depositary Shares have been
redeemed pursuant to Section 2.8 or (ii) there shall have been made
a final distribution in respect of the Stock in connection with any
liquidation, dissolution or winding up of the Company and such
distribution shall have been distributed to the holders of Depositary
Receipts pursuant to Section 4.1 or 4.2, as applicable.
Upon the termination of this Deposit Agreement, the Company
shall be discharged from all obligations under this Deposit Agreement
except for its obligations to the Depositary, the Registrar and any
Depositary's Agent under Sections 5.6 and 5.7.
ARTICLE VII
Miscellaneous
SECTION 7.1 Counterparts. This Deposit Agreement may be
executed in any number of counterparts, and by each of the parties
hereto on separate counterparts, each of which counterparts, when so
executed and delivered, shall be deemed an original, but all such
counterparts taken together shall constitute one and the same
instrument.
SECTION 7.2 Exclusive Benefit of Parties. This Deposit
Agreement is for the exclusive benefit of the parties hereto, and their
respective successors hereunder, and shall not be deemed to give any
legal or equitable right, remedy or claim to any other person
whatsoever.
SECTION 7.3 Invalidity of Provisions. In case any one or
more of the provisions contained in this Deposit Agreement or in the
Receipts should be or become invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining
provisions contained herein or therein shall in no way be affected,
prejudiced or disturbed thereby.
SECTION 7.4 Notices. Any and all notices to be given to the
Company hereunder or under the Receipts shall be in writing and shall
be deemed to have been duly given if personally delivered or sent by
mail, or by telegram or facsimile transmission confirmed by letter,
addressed to the Company at:
Public Storage, Inc.
600 North Brand Boulevard
Glendale, California 91203-1241
Facsimile No.: (818) 241-0627
or at any other address of which the Company shall have notified the
Depositary in writing.
Any and all notices to be given to the Depositary hereunder
or under the Receipts shall be in writing and shall be deemed to have
been duly given if personally delivered or sent by mail or by telegram
or facsimile transmission confirmed by letter, addressed to the
Depositary at the Depositary's Office, at:
The First National Bank of Boston
150 Royall Street
Mail Stop: 45-02-62
Canton, MA 02021
Attention: Client Administration
Facsimile No.: (617) 575-2549
or at any other address of which the Depositary shall have notified the
Company in writing.
Any and all notices to be given to any record holder of a
Receipt hereunder or under the Receipts shall be in writing and shall
be deemed to have been duly given if personally delivered or sent by
mail, or by telegram or facsimile transmission confirmed by letter,
addressed to such record holder at the address of such record holder as
it appears on the books of the Depositary, or if such holder shall have
filed with the Depositary a written request that notices intended for
such holder be mailed to some other address, at the address designated
in such request.
Delivery of a notice sent by mail or by telegram or facsimile
transmission shall be deemed to be effected at the time when a duly
addressed letter containing the same (or a confirmation thereof in the
case of a telegram or facsimile transmission) is deposited for mailing
by first class mail, postage prepaid. The Depositary or the Company
may, however, act upon any telegram or facsimile transmission received
by it from the other or from any holder of a Receipt, notwithstanding
that such telegram or facsimile transmission shall not subsequently be
confirmed by letter or as aforesaid.
SECTION 7.5 Appointment of Registrar. The Company hereby
also appoints the Depositary as Registrar in respect of the Receipts
and the Depositary hereby accepts such appointments.
SECTION 7.6 Holders of Receipts Are Parties. The holders of
Receipts from time to time shall be parties to this Deposit Agreement
and shall be bound by all of the terms and conditions hereof and of the
Receipts by acceptance of delivery thereof.
SECTION 7.7 Governing Law. THIS DEPOSIT AGREEMENT AND THE
RECEIPTS AND ALL RIGHTS HEREUNDER AND THEREUNDER AND PROVISIONS HEREOF
AND THEREOF SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS APPLICABLE TO CONTRACTS MADE IN AND TO BE PERFORMED IN THE STATE
OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF.
SECTION 7.8 Inspection of Deposit Agreement. Copies of
this Deposit Agreement shall be filed with the Depositary and the
Depositary's Agent and shall be open to inspection during business
hours at the Depositary's Office or respective offices of the
Depositary's Agent, if any, by any holder of a Receipt.
SECTION 7.9 Headings. The headings of articles and sections
in this Deposit Agreement and in the form of the Receipt set forth in
Exhibit A hereto have been inserted for convenience only and are not to
be regarded as a part of this Deposit Agreement or the Receipts or to
have any bearing upon the meaning or interpretation of any provision
contained herein or in the Receipts.
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.
PUBLIC STORAGE, INC.
Attested by:
------------------------------ ------------------------------
Name: Name:
Title: Title:
THE FIRST NATIONAL BANK OF BOSTON
Attested by:
------------------------------ ------------------------------
Name: Name:
Title: Title:
ANNEX A
The Shares represented by this Depositary Receipt are subject to
restrictions on ownership and transfer for the purpose of this
corporation's maintenance of its status as a Real Estate Investment
Trust under the Internal Revenue Code of 1986, as amended. Except as
set forth in this corporation's Articles of Incorporation or Bylaws,
no person may Beneficially Own (i) more than 2.0% of the outstanding
shares of Common Stock of this corporation, or (ii) more than 9.9%
of the outstanding shares of any series of Preferred Stock of this
corporation, with certain further restrictions and exceptions as are
set forth in this corporation's Articles of Incorporation or Bylaws.
Any Person who attempts to own or Beneficially Own Shares in excess of
the above limitations must immediately notify this corporation. All
capitalized terms in this legend have the meanings defined in this
corporation's Articles of Incorporation or Bylaws. If any of the
restrictions on transfer or ownership set forth in the Articles of
Incorporation or Bylaws are violated, the Shares represented hereby
will be automatically transferred to the Trustee of a Trust for the
benefit of a Charitable Beneficiary pursuant to the terms of the
Articles of Incorporation or Bylaws. In addition, attempted transfers
of Shares in violation of the limitations described above (as modified
or expanded upon in this corporation's Articles of Incorporation or
Bylaws), may be void ab initio. This Corporation will furnish to the
holder hereof, upon request and without charge, a complete written
statement of the terms and conditions of these restrictions. Requests
for such documents may be directed to the corporate secretary.
TEMPORARY RECEIPT EXCHANGEABLE FOR DEFINITIVE
ENGRAVED RECEIPT WHEN READY FOR DELIVERY
DEPOSITARY SHARES
CUSIP
SEE REVERSE FOR
CERTAIN DEFINITIONS
DEPOSITARY RECEIPT FOR DEPOSITARY
SHARES EACH REPRESENTING 1/1,000th OF A
SHARE OF 8.45% CUMULATIVE PREFERRED STOCK,
SERIES H
OF
PUBLIC STORAGE, INC.
INCORPORATED UNDER THE LAWS OF
THE STATE OF CALIFORNIA
THIS CERTIFICATE IS TRANSFERRABLE IN
NEW YORK, NY OR BOSTON, MA
THE FIRST NATIONAL BANK OF BOSTON, as Depositary (the
"Depositary"), hereby certifies that
is the registered owner of __________________________ DEPOSITARY SHARES
("Depositary Shares"), each Depositary Share representing a 1/1,000
interest in one share of 8.45% Cumulative Preferred Stock, Series H
(the "Stock"), of Public Storage, Inc., a California corporation (the
"Corporation"), on deposit with the Depositary, subject to the terms
and entitled to the benefits of the Deposit Agreement dated as of
January , 1996 (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.
The Corporation is authorized to issue Common Stock, one or more series
of Preferred Stock, and Depositary Shares. The Corporation will
furnish without charge to each receiptholder, who so requests in
writing, a statement of the rights, preferences, privileges and
restrictions granted to or imposed upon the respective classes of
shares and upon the holders thereof, a copy of the Corporation's Bylaws
and a copy of the Deposit Agreement. Any such request shall be made to
the Corporation at the principal office of the Corporation at 600 North
Brand Boulevard, Glendale, California 91203-1241, Attention:
Secretary.
This Depositary Receipt is continued on the reverse hereof and the
additional provisions set forth therein (including, without limitation,
those relating to redemption) for all purposes have the same effect
as if set forth at this place.
Dated:
Countersigned
THE FIRST NATIONAL BANK OF BOSTON
Depositary and Registrar
By: ___________________________
Authorized Officer
THE SHARES REPRESENTED BY THIS DEPOSITARY RECEIPT ARE SUBJECT TO THE
PROVISIONS OF THE ARTICLES AND BYLAWS, INCLUDING BUT NOT LIMITED TO (1)
SECTION (C) OF THE CERTIFICATE OF DETERMINATION RELATING TO THE STOCK,
WHICH CONFERS UPON THE BOARD THE RIGHT, ON OR AFTER JANUARY 31, 2001,
TO CALL FOR REDEMPTION THE STOCK, (2) ARTICLE XI, SECTION 7 OF THE
BYLAWS, WHICH CONFERS UPON THE BOARD THE RIGHT TO REFUSE TO REGISTER
THE TRANSFER OF AND/OR TO CALL FOR REDEMPTION THE SHARES REPRESENTED
BY THIS CERTIFICATE IF NECESSARY IN ITS OPINION TO MAINTAIN THE
CORPORATION'S QUALIFICATION AS A "REAL ESTATE INVESTMENT TRUST" UNDER
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND (3) THE PROVISIONS
OF THE ARTICLES AND BYLAWS WHICH SET FORTH OWNERSHIP LIMITATION
PROVISIONS DESIGNED TO MAINTAIN SUCH QUALIFICATION.
1. The Deposit Agreement. Depositary Receipts, of which
this Depositary Receipt is one, are made available upon the terms and
conditions set forth in the Deposit Agreement, dated as of January __,
1996 (the "Deposit Agreement"), among the Company, the Depositary and
all holders from time to time of Depositary Receipts. The Deposit
Agreement (copies of which are on file at the principal office
maintained by the Depositary which at the time of the execution of
the Deposit Agreement is located at 150 Royall Street, Mail Stop:
45-02-62, Canton, Massachusetts 02021 (the "Depositary's Office")
and at the office of any agent of the Depositary) sets forth the
rights of holders of Depositary Receipts and the rights and duties of
the Depositary. The statements made on the face and the reverse of
this Depositary Receipt are summaries of certain provisions of the
Deposit Agreement and are subject to the detailed provisions thereof,
to which reference is hereby made. In the event of any conflict
between the provisions of this Depositary Receipt and the provisions
of the Deposit Agreement, the provisions of the Deposit Agreement will
govern.
2. Definitions. Unless otherwise expressly herein
provided, all defined terms used in this summary of the Deposit
Agreement shall have the meanings ascribed thereto in the Deposit
Agreement.
3. Redemption of Stock. Whenever the Company shall elect
to redeem shares of Stock, it shall (unless otherwise agreed in writing
with the Depositary) give the Depositary not less than 60 days' notice
of the date of such proposed redemption and of the number of such
shares of Stock held by the Depositary to be so redeemed and the
applicable redemption price. The Depositary shall mail, first-class
postage prepaid, notice of the redemption of Stock and the proposed
simultaneous redemption of Depositary Shares representing the Stock to
be redeemed, not less than 30 and not more than 60 days prior to the
date fixed for redemption of such Stock and Depositary Shares, to the
record holders of the Depositary Receipts evidencing the Depositary
Shares to be so redeemed, at the addresses of such holders as the same
appear on the records of the Depositary. Any such notice shall also
be published in the same manner as notices of redemption of the Stock
are required to be published by the Company. On the date of such
redemption, the Depositary shall redeem the number of Depositary Shares
representing such redeemed Stock; provided, that the Company shall then
have paid or caused to be paid in full to the Depositary the redemption
price of the Stock to be redeemed, plus any accrued and unpaid
dividends payable with respect thereto to the date of any such
redemption. In case fewer than all the outstanding Depositary Shares
are to be redeemed, the Depositary Shares to be redeemed shall be
determined pro rata or by lot in a manner determined by the Board of
Directors. Notice having been mailed as aforesaid, from and after
the Redemption Date (unless the Company shall have failed to provide
the funds necessary to redeem the shares of Stock evidenced by the
Depositary Shares called for redemption), dividends on the shares of
Stock so called for redemption shall cease to accrue, the Depositary
Shares called for redemption shall be deemed no longer to be
outstanding and all rights of the holders of Depositary Receipts
evidencing such Depositary Shares (except the right to receive the
redemption price) shall, to the extent of such Depositary Shares, cease
and terminate. Upon surrender in accordance with said notice of the
Depositary Receipts evidencing such Depositary Shares (properly
endorsed or assigned for transfer, if the Depositary or applicable
law shall so require), such Depositary Shares shall be redeemed at a
redemption price per Depositary Share equal to the same fraction of the
redemption price per share paid with respect to the shares of Stock as
the fraction each Depositary Share represents of a share of Stock plus
the same fraction of all money and other property, if any, represented
by such Depositary Shares, including all amounts paid by the Company in
respect of dividends which on the Redemption Date have accumulated on
the shares of Stock to be so redeemed and have not theretofore been
paid. The foregoing is subject further to the terms and conditions of
the Certificate of Determination. If fewer than all of the Depositary
Shares evidenced by this Depositary Receipt are called for redemption,
the Depositary will deliver to the holder of this Depositary Receipt
upon its surrender to the Depositary, together with the redemption
payment, a new Depositary Receipt evidencing the Depositary Shares
evidenced by such prior Depositary Receipt and not called for
redemption.
4. Surrender of Depositary Receipts and Withdrawal of
Stock. Upon surrender of this Depositary Receipt to the Depositary at
the Depositary's Office or at such other offices as the Depositary may
designate, and subject to the provisions of the Deposit Agreement, the
holder hereof is entitled to withdraw, and to obtain delivery, without
unreasonable delay, to or upon the order of such holder, any or all of
the Stock (but only in whole shares of Stock) and all money and other
property, if any, at the time represented by the Depositary Shares
evidenced by this Depositary Receipt; provided, however, that, in the
event this Depositary Receipt shall evidence a number of Depositary
Shares in excess of the number of Depositary Shares representing the
whole number of shares of Stock to be withdrawn, the Depositary shall,
in addition to such whole number of shares of Stock and such money and
other property, if any, to be withdrawn, deliver, to or upon the order
of such holder, a new Depositary Receipt or Depositary Receipts
evidencing such excess number of whole Depositary Shares.
5. Transfers, Split-ups, Combinations. Subject to the
Deposit Agreement, this Depositary Receipt is transferable on the books
of the Depositary upon surrender of this Depositary Receipt to the
Depositary, properly endorsed or accompanied by a properly executed
instrument of transfer, and upon such transfer the Depositary shall
sign and deliver a Depositary Receipt or Depositary Receipts to or
upon the order of the person entitled thereto, all as provided in and
subject to the Deposit Agreement. This Depositary Receipt may be
split into other Depositary Receipts or combined with other Depositary
Receipts into one Depositary Receipt evidencing the same aggregate
number of Depositary Shares evidenced by the Depositary Receipt or
Depositary Receipts surrendered; provided, however, that the Depositary
shall not issue any Depositary Receipt evidencing a fractional
Depositary Share.
6. Conditions to Signing and Delivery, Transfer, etc., of
Depositary Receipts. Prior to the execution and delivery, registration
of transfer, split-up, combination, surrender or exchange of this
Depositary Receipt, the Depositary, any of the Depositary's Agents
or the Company may require any or all of the following: (i) payment
to it of a sum sufficient for the payment (or, in the event that the
Depositary or the Company shall have made such payment, the
reimbursement to it) of any tax or other governmental charge with
respect thereto; (ii) production of proof satisfactory to it as to the
identity and genuineness of any signature; and (iii) compliance with
such reasonable regulations, if any, as the Depositary or the Company
may establish not inconsistent with the Deposit Agreement.
7. Suspension of Delivery, Transfer, etc. The deposit of
Stock may be refused, the delivery of this Depositary Receipt against
Stock may be suspended, the registration of transfer of Depositary
Receipts may be refused and the registration of transfer, surrender or
exchange of this Depositary Receipt may be suspended (i) during any
period when the register of stockholders of the Company is closed or
(ii) if any such action is deemed necessary or advisable by the
Depositary, any of the Depositary's Agents or the Company at any time
or from time to time because of any requirement of law or of any
government or governmental body or commission, or under any provision
of the Deposit Agreement.
8. Amendment. The form of the Depositary Receipts and
any provision of the Deposit Agreement may at any time and from time
to time be amended by agreement between the Company and the Depositary
in any respect that they may deem necessary or desirable; provided,
however, that no such amendment (other than any changes in the fees of
any Depositary or Registrar which shall go into effect not sooner than
three months after Notice thereof to the holders of the Depositary
Receipts) which shall materially adversely alter the rights of holders
of Depositary Receipts shall be effective unless such amendment shall
have been approved by at least a majority of the Depositary Shares then
outstanding. The holder of this Depositary Receipt at the time any
such amendment becomes effective shall be deemed, by continuing to
hold this Depositary Receipt, to be bound by the Deposit Agreement as
amended thereby. In no event shall any amendment impair the right of
the owner of the Depositary Shares evidenced by this Depositary
Receipt to surrender this Depositary Receipt with instructions to the
Depositary to deliver to the holder the Stock and all money and other
property, if any, represented thereby, except in order to comply with
mandatory provisions of applicable law.
9. Charges and Expenses. The Company will pay all transfer
and other taxes and governmental charges arising solely from the
existence of the depositary arrangement, except such charges as are
expressly provided in the Deposit Agreement to be at the expense of
holders of Depositary Receipts.
10. Title to Depositary Receipts. Title to this Depositary
Receipt, when properly endorsed or accompanied by a properly executed
instrument of transfer, is transferable by delivery with the same
effect as in the case of a negotiable instrument; provided, however,
that the Depositary may, notwithstanding any notice to the contrary,
treat the record holder hereof at such time as the absolute owner
hereof for the purpose of determining the person entitled to
distribution of dividends or other distributions or to any notice
provided for in the Deposit Agreement and for all other purposes.
11. Dividends and Distributions. Whenever the Depositary
shall receive any cash dividend or other cash distribution on the
Stock, the Depositary shall, subject to the provisions of the Deposit
Agreement, distribute to record holders of Depositary Receipts such
amounts of such sums as are, as nearly as practicable, in proportion to
the respective numbers of Depositary Shares evidenced by the Depositary
Receipts held by such holders; provided, however, that in case the
Company or the Depositary shall be required by law to withhold and does
withhold from any cash dividend or other cash distribution in respect
of the Stock an amount on account of taxes or as otherwise required
by law, regulation or court process, the amount made available for
distribution or distributed in respect of Depositary Shares shall be
reduced accordingly. In the event that the calculation of any such
cash dividend or other cash distribution to be paid to any record
holder on the aggregate number of Depositary Receipts held by such
holder results in an amount which is a fraction of a cent, the amount
the Depositary shall distribute to such record holder shall be rounded
to the next highest whole cent; and upon request of the Depositary, the
Company shall pay the additional amount to the Depositary for
distribution.
12. Subscription Rights, Preferences or Privileges. If the
Company shall at any time offer or cause to be offered to the persons
in whose name Stock is registered on the books of the Company any
rights, preferences or privileges to subscribe for or to purchase
any securities or any rights, preferences or privileges of any other
nature, such rights, preferences or privileges shall in each such
instance, subject to the provisions of the Deposit Agreement, be made
available by the Depositary to the record holders of Depositary
Receipts in such manner as the Depositary shall determine.
13. Notice of Dividends, Fixing of Record Date. Whenever
(i) any cash dividend or other cash distribution shall become payable,
or any distribution other than cash shall be made, or any rights,
preferences or privileges shall at any time be offered, with respect to
the Stock, or (ii) the Depositary shall receive notice of any meeting
at which holders of Stock are entitled to vote or of which holders of
Stock are entitled to notice or whenever the Depositary and the Company
shall decide it is appropriate, the Depositary shall in each such
instance fix a record date (which shall be the same date as the record
date fixed by the Company with respect to the Stock) for the
determination of the holders of Depositary Receipts (x) who shall be
entitled to receive such dividend, distribution, rights, preferences or
privileges or the net proceeds of the sale thereof, or (y) who shall be
entitled to give instructions for the exercise of voting rights at any
such meeting or to receive notice of such meeting or for any other
appropriate reasons.
14. Voting Rights. Upon receipt of notice of any meeting
at which the holders of Stock are entitled to vote, the Depositary
shall, as soon as practicable thereafter, mail to the record holders of
Depositary Receipts a notice, which shall contain (i) such information
as is contained in such notice of meeting, (ii) a statement that the
holders may, subject to any applicable restrictions, instruct the
Depositary as to the exercise of the voting rights pertaining to the
Stock represented by their respective Depositary Shares, and (iii) a
brief statement as to the manner in which such instructions may be
given. Upon the written request of a holder of this Depositary Receipt
on such record date the Depositary shall use its best efforts to vote
or cause to be voted the Stock represented by the Depositary Shares
evidenced by this Depositary Receipt in accordance with the
instructions set forth in such request. The Company hereby agrees to
take all action that may be deemed necessary by the Depositary in order
to enable the Depositary to vote such Stock or cause such Stock to be
voted. In the absence of specific instructions from the holder of this
Depositary Receipt, the Depositary will abstain from voting to the
extent of the Stock represented by the Depositary Shares evidenced by
this Depositary Receipt.
15. Reports, Inspection of Transfer Books. The Depositary
shall transmit to the record holders of Depositary Receipts copies of
all reports and communications received from the Company that are
received by the Depositary as the holder of Stock. The Depositary
shall keep books at the Corporate Office for the registration and
transfer of Depositary Receipts, which books at all reasonable times
will be open for inspection by the record holders of Depositary
Receipts; provided that any such holder requesting to exercise such
right shall certify to the Depositary that such inspection shall be for
a proper purpose reasonably related to such person's interest as an
owner of Depositary Shares.
16. Liability of the Depositary, the Depositary's Agents,
the Registrar and the Company. Neither the Depositary nor any
Depositary's Agent nor the Registrar nor the Company shall incur any
liability to any holder of this Depositary Receipt, if by reason of any
provision of any present or future law or regulation thereunder of any
governmental authority or, in the case of the Depositary, the Registrar
or any Depositary's Agent, by reason of any provision present or
future, of the Articles of Incorporation or by reason of any act of God
or war or other circumstances beyond the control of the relevant party,
the Depositary, any Depositary's Agent, the Registrar or the Company
shall be prevented or forbidden from doing or performing any act or
thing that the terms of the Deposit Agreement provide shall be done or
performed; nor shall the Depositary, any Depositary's Agent, the
Registrar or the Company incur any liability to any holder of this
Depositary Receipt (i) by reason of any nonperformance or delay, caused
as aforesaid, in the performance of any act or thing that the terms of
the Deposit Agreement provide shall or may be done or performed, or
(ii) by reason of any exercise of, or failure to exercise, any
discretion provided for in the Deposit Agreement except if such
exercise or failure to exercise discretion is caused by its gross
negligence or willful misconduct.
17. Obligations of the Depositary, the Depositary's
Agents, the Registrar and the Company. Neither the Depositary nor
any Depositary's Agent nor the Registrar nor the Company assumes any
obligation or shall be subject to any liability under the Deposit
Agreement or this Depositary Receipt to the holder hereof or other
persons, other than for its gross negligence, willful misconduct or bad
faith.
Neither the Depositary nor any Depositary's Agent nor the
Registrar nor the Company shall be under any obligation to appear in,
prosecute or defend any action, suit or other proceeding with respect
to Stock, Depositary Shares or Depositary Receipts or Common Stock that
in its opinion may involve it in expense or liability, unless indemnity
satisfactory to it against all expense and liability be furnished as
often as may be required.
Neither the Depositary nor any Depositary's Agent nor the
Registrar nor the Company will be liable for any action or failure to
act by it in reliance upon the advice of or information from legal
counsel, accountants, any person presenting Stock for deposit, any
holder of this Depositary Receipt or any other person believed by it
in good faith to be competent to give such advice or information.
18. Termination of Deposit Agreement. Whenever so directed
by the Company upon not less than 60 days' prior written notice, the
Depositary will terminate the Deposit Agreement by mailing notice of
such termination to the record holders of all Depositary Receipts then
outstanding at least 30 days after the date of such notice. Upon the
termination of the Deposit Agreement, the Company shall be discharged
to all obligations thereunder except for its obligations to the
Depositary, any Depositary's Agent and any Registrar under Sections 5.6
and 5.7 of the Deposit Agreement.
19. Governing Law. The Deposit Agreement and this
Depositary Receipt and all rights thereunder and hereunder and
provisions thereof and hereof shall be governed by, and construed in
accordance with, the law of the State of New York without giving effect
to principles of conflict of laws.
_________________________
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:
TEN COM - as tenants in common UNIF GIFT MIN ACT - ___ Custodian ___
TEN ENT - as tenants by the entireties (Cust) (Minor)
JT TEN - as joint tenants with right under Uniform Gifts
of survivorship and not as to Minors Act
tenants in common ___________
(State)
UNIF TRAN MIN ACT - ___ Custodian
(Cust)
(until age ___)
_______ under
(Minor) Uniform
Transfers to Minors
Act _______________
(State)
Additional abbreviations may also be used though not in the above list.
For Value Received, ____________________ hereby sell, assign and
transfer unto
PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
______________________________________
______________________________________
______________________________________
_______________________________________________________________________
_______________________________________________________________________
PLEASE PRINT NAME AND ADDRESS OF ASSIGNEE
________________________ Depositary Shares represented by the within
Depositary Receipt, and do hereby irrevocably constitute and appoint
________________________ Attorney to transfer the said Depositary
Shares on the books of the within named Depositary with full power of
substitution in the premises.
Dated ______________________ Signed:
_________________________________
NOTICE: THE SIGNATURE TO THIS
ASSIGNMENT MUST CORRESPOND WITH THE
NAME AS WRITTEN UPON THE FACE OF
THIS DEPOSITARY RECEIPT IN EVERY
PARTICULAR, WITHOUT ALTERATION OR
ENLARGEMENT OR ANY CHANGE WHATEVER.
SIGNATURE(S) GUARANTEED
By ______________________________________
THE SIGNATURE(S) SHOULD BE GUARANTEED
BY AN ELIGIBLE GUARANTOR INSTITUTION
(BANKS, STOCKBROKERS, SAVINGS AND LOAN
ASSOCIATIONS AND CREDIT UNIONS WITH
MEMBERSHIP IN AN APPROVED SIGNATURE
GUARANTEE MEDALLION PROGRAM), PURSUANT
TO S.E.C. RULE 17Ad-15.