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                                DEPOSIT AGREEMENT

                                  by and among

                       CHINA DIGITAL TV HOLDING CO., LTD.
                                    as Issuer

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS
                                  as Depositary

                                       and

                        THE HOLDERS AND BENEFICIAL OWNERS
               OF AMERICAN DEPOSITARY SHARES EVIDENCED BY AMERICAN
                      DEPOSITARY RECEIPTS ISSUED HEREUNDER

                                Dated as of    , 2007

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                       [GRAPHIC OMITTED]WHITE & CASE LLP
                               5 Old Broad Street
                                 London EC2N 1DW
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                                TABLE OF CONTENTS
                                                                            PAGE

ARTICLE I DEFINITIONS..........................................................2
  SECTION 1.1      "Affiliate".................................................2
  SECTION 1.2      "Agent".....................................................2
  SECTION 1.3      "American Depositary Share(s)" and "ADS(s)".................2
  SECTION 1.4      "ADS Record Date"...........................................3
  SECTION 1.5      "Beneficial Owner"..........................................3
  SECTION 1.6      "Business Day"..............................................3
  SECTION 1.7      "Commission"................................................3
  SECTION 1.8      "Company"...................................................3
  SECTION 1.9      "Custodian".................................................3
  SECTION 1.10      "Deliver" and "Delivery"...................................3
  SECTION 1.11      "Deposit Agreement"........................................3
  SECTION 1.12      "Depositary"...............................................3
  SECTION 1.13      "Deposited Securities".....................................3
  SECTION 1.14      "Dollars", "$" and "U.S. $"................................4
  SECTION 1.15      "DRS/Profile"..............................................4
  SECTION 1.16      "DTC"......................................................4
  SECTION 1.17      "Exchange Act".............................................4
  SECTION 1.18      "Foreign Currency".........................................4
  SECTION 1.19      "Foreign Registrar"........................................4
  SECTION 1.20      "Holder"...................................................4
  SECTION 1.21      "Indemnified Person" and "Indemnifying Person".............4
  SECTION 1.22      "Pre-Release"..............................................4
  SECTION 1.23      "Principal Office".........................................4
  SECTION 1.24      "Receipt(s)"; "American Depositary Receipt(s)"
                      and "ADR(s)".............................................4
  SECTION 1.25      "Registrar"................................................4
  SECTION 1.26      "Restricted Securities"....................................5
  SECTION 1.27      "Securities Act"...........................................5
  SECTION 1.28      "Shares"...................................................5
  SECTION 1.29      "United States" or "U.S."..................................5
ARTICLE II APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; DEPOSIT OF
 SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS............5
   SECTION 2.1     Appointment of Depositary...................................5
   SECTION 2.2     Form and Transferability of Receipts........................6
   SECTION 2.3     Deposits....................................................7
   SECTION 2.4     Execution and Delivery of Receipts..........................8
   SECTION 2.5     Transfer of Receipts; Combination and Split-up of Receipts..8
   SECTION 2.6     Surrender of Receipts and Withdrawal of Deposited
                    Securities.................................................9
   SECTION 2.7     Limitations on Execution and Delivery, Transfer, etc.
                    of Receipts; Suspension of Delivery, Transfer, etc........10
   SECTION 2.8     Lost Receipts, etc.........................................11
   SECTION 2.9     Cancellation and Destruction of Surrendered Receipts;
                    Maintenance of Records....................................11
   SECTION 2.10    Pre-Release................................................11
ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF RECEIPTS..12
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   SECTION 3.1     Proofs, Certificates and Other Information.................12
   SECTION 3.2     Liability for Taxes and Other Charges......................13
   SECTION 3.3     Representations and Warranties on Deposit of Shares........13
   SECTION 3.4     Compliance with Information Requests.......................13
ARTICLE IV THE DEPOSITED SECURITIES...........................................14
   SECTION 4.1     Cash Distributions.........................................14
   SECTION 4.2     Distribution in Shares.....................................15
   SECTION 4.3     Elective Distributions in Cash or Shares...................15
   SECTION 4.4     Distribution of Rights to Purchase Shares..................16
   SECTION 4.5     Distributions Other Than Cash, Shares or Rights to
                    Purchase Shares...........................................17
   SECTION 4.6     Conversion of Foreign Currency.............................18
   SECTION 4.7     Fixing of Record Date......................................19
   SECTION 4.8     Voting of Deposited Securities.............................19
   SECTION 4.9     Changes Affecting Deposited Securities.....................20
   SECTION 4.10    Available Information......................................21
   SECTION 4.11    Reports....................................................21
   SECTION 4.12    List of Holders............................................21
   SECTION 4.13    Taxation; Withholding......................................22
ARTICLE V THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY.......................23
   SECTION 5.1     Maintenance of Office and Transfer Books by the
                    Registrar.................................................23
   SECTION 5.2     Exoneration................................................23
   SECTION 5.3     Standard of Care...........................................24
   SECTION 5.4     Resignation and Removal of the Depositary;
                    Appointment of Successor Depositary.......................25
   SECTION 5.5     The Custodian..............................................26
   SECTION 5.6     Notices and Reports........................................26
   SECTION 5.7     Issuance of Additional Shares, ADSs, etc...................27
   SECTION 5.8     Indemnification............................................28
   SECTION 5.9     Fees and Charges of Depositary.............................29
   SECTION 5.10    Restricted Securities Owners/Ownership Restrictions........30
ARTICLE VI AMENDMENT AND TERMINATION..........................................30
   SECTION 6.1     Amendment/Supplement.......................................30
   SECTION 6.2     Termination................................................31
ARTICLE VII MISCELLANEOUS.....................................................32
   SECTION 7.1     Counterparts...............................................32
   SECTION 7.2     No Third-Party Beneficiaries...............................32
   SECTION 7.3     Severability...............................................32
   SECTION 7.4     Holders and Beneficial Owners as Parties; Binding
                    Effect....................................................33
   SECTION 7.5     Notices....................................................33
   SECTION 7.6     Governing Law and Jurisdiction.............................33
   SECTION 7.7     Assignment.................................................35
   SECTION 7.8     Agents.....................................................35
   SECTION 7.9     Exclusivity................................................35
   SECTION 7.10    Compliance with U.S. Securities Laws.......................35
   SECTION 7.11    Titles.....................................................36
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                                DEPOSIT AGREEMENT

DEPOSIT AGREEMENT, dated as of [o], 2007 by and among (i) China Digital TV
Holding Co., Ltd., a company incorporated under the laws of the Cayman Islands,
and its successors (the "Company"), (ii) Deutsche Bank Trust Company Americas,
an indirect wholly owned subsidiary of Deutsche Bank A.G., acting in its
capacity as depositary, and any successor depositary hereunder (the
"Depositary"), and (iii) all Holders and Beneficial Owners of American
Depositary Shares evidenced by American Depositary Receipts issued hereunder
(all such capitalized terms as hereinafter defined).

                          W I T N E S S E T H T H A T:

WHEREAS, the Company desires to establish an ADR facility with the Depositary to
provide for the deposit of the Shares and the creation of American Depositary
Shares representing the Shares so deposited;

WHEREAS, the Depositary is willing to act as the Depositary for such ADR
facility upon the terms set forth in this Deposit Agreement;

WHEREAS, the American Depositary Receipts evidencing the American Depositary
Shares issued pursuant to the terms of this Deposit Agreement 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;

WHEREAS, the American Depositary Shares to be issued pursuant to the terms of
this Deposit Agreement are listed on The New York Stock Exchange, Inc; and

WHEREAS, the Board of Directors of the Company (or an authorized committee
thereof) has duly approved the establishment of an ADR facility upon the terms
set forth in this Deposit Agreement, the execution and delivery of this Deposit
Agreement on behalf of the Company, and the actions of the Company and the
transactions contemplated herein.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

All capitalized terms used, but not otherwise defined, herein shall have the
meanings set forth below, unless otherwise clearly indicated:

SECTION 1.1    "Affiliate" shall have the meaning assigned to such term by the
Commission under Regulation C promulgated under the Securities Act.

SECTION 1.2    "Agent" shall mean such entity or entities as the Depositary may
appoint under Section 7.8, including the Custodian or any successor or addition
thereto.

SECTION 1.3    "American Depositary Share(s)" and "ADS(s)" shall mean the
securities representing the rights and interests in the Deposited Securities
granted to the Holders and Beneficial Owners pursuant to the terms and
conditions of this Deposit Agreement and evidenced by the American Depositary
Receipts issued hereunder. Each American Depositary Share shall represent the
right to receive one Share, until there shall occur a
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distribution upon Deposited Securities referred to in Section 4.2 or a change in
Deposited Securities referred to in Section 4.9 with respect to which additional
American Depositary Receipts are not executed and delivered, and thereafter each
American Depositary Share shall represent the Shares or Deposited Securities
specified in such Sections.

SECTION 1.4    "ADS Record Date" shall have the meaning given to such term in
Section 4.7.

SECTION 1.5    "Beneficial Owner" shall mean as to any ADS, any person or entity
having a beneficial interest in any ADSs. A Beneficial Owner need not be the
Holder of the ADR evidencing such ADSs. A Beneficial Owner may exercise any
rights or receive any benefits hereunder solely through the Holder of the ADR(s)
evidencing the ADSs in which such Beneficial Owner has an interest.

SECTION 1.6    "Business Day" shall mean each Monday, Tuesday, Wednesday,
Thursday and Friday which is not (a) a day on which banking institutions in the
Borough of Manhattan, The City of New York are authorized or obligated by law or
executive order to close and (b) a day on which the market(s) in which ADSs are
traded are closed.

SECTION 1.7    "Commission" shall mean the United States Securities and Exchange
Commission of the United States or any successor governmental agency in the
United States.

SECTION 1.8    "Company" shall mean China Digital TV Holding Co., Ltd., a
company incorporated and existing under the laws of laws of the Cayman Islands,
and its successors.

SECTION 1.9    "Custodian" shall mean, as of the date hereof, Deutsche Bank AG,
Hong Kong Branch,, having its principal office at 52/F Cheung Kong Center, 2
Queens Road, Central, Hong Kong S.A.R., People's Republic of China, as the
custodian for the purposes of this Deposit Agreement, and any other firm or
corporation which may hereinafter be appointed by the Depositary pursuant to the
terms of Section 5.5 as a successor or an additional custodian or custodians
hereunder, as the context shall require. The term "Custodian" shall mean all
custodians, collectively.

SECTION 1.10   "Deliver" and "Delivery" shall mean, when used in respect of
American Depositary Shares, Receipts, Deposited Securities and Shares, the
physical delivery of the certificate representing such security, or the
electronic delivery of such security by means of book-entry transfer, as
appropriate, including, without limitation, through DRS/Profile. With respect to
DRS/Profile ADRs, the terms "execute", "issue", "register", "surrender",
"transfer" or "cancel" refer to applicable entries or movements to or within
DRS/Profile.

SECTION 1.11   "Deposit Agreement" shall mean this Deposit Agreement and all
exhibits hereto, as the same may from time to time be amended and supplemented
in accordance with the terms hereof.

SECTION 1.12   "Depositary" shall mean Deutsche Bank Trust Company Americas, an
indirect wholly owned subsidiary of Deutsche Bank AG, in its capacity as
depositary under the terms of this Deposit Agreement, and any successor
depositary hereunder.

SECTION 1.13   "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 or deemed to be received by
the Depositary or the

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Custodian in respect thereof and held hereunder, subject, in the case of cash,
to the provisions of Section 4.6. The collateral delivered in connection with
Pre-Release Transactions described in Section 2.10 hereof shall not constitute
Deposited Securities.

SECTION 1.14   "Dollars", "$" and "U.S. $" shall refer to the lawful currency
of the United States.

SECTION 1.15   "DRS/Profile" means the system for the uncertificated
registration of ownership of securities pursuant to which ownership of ADSs is
maintained on the books of the Depositary without the issuance of a physical
certificate and transfer instructions may be given to allow for the automated
transfer of ownership between the books of DTC and the Depositary. Ownership of
ADSs held in DRS/Profile are evidenced by periodic statements issued by the
Depositary to the Holders entitled thereto.

SECTION 1.16   "DTC" shall mean The Depository Trust and Clearing Corporation,
the central book-entry clearinghouse and settlement system for securities traded
in the United States, and any successor thereto.

SECTION 1.17   "Exchange Act" shall mean the United States Securities Exchange
Act of 1934, as from time to time amended.

SECTION 1.18   "Foreign Currency" shall mean any currency other than Dollars.

SECTION 1.19   "Foreign Registrar" shall mean the entity, if any, that 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 1.20   "Holder" shall mean the person in whose name a Receipt is
registered on the books of the Depositary (or the Registrar, if any) maintained
for such purpose. A Holder may or may not be a Beneficial Owner. A Holder shall
be deemed to have all requisite authority to act on behalf of those Beneficial
Owners of the ADRs registered in such Holder's name.

SECTION 1.21   "Indemnified Person" and "Indemnifying Person" shall have the
meaning set forth in Section 5.8. hereof.

SECTION 1.22   "Pre-Release" shall have the meaning set forth in Section 2.10
hereof.

SECTION 1.23   "Principal Office" when used with respect to the Depositary,
shall mean the principal office of the Depositary at which at any particular
time its depositary receipts business shall be administered, which, at the date
of this Deposit Agreement, is located at 60 Wall Street, New York, New York
10005, U.S.A.

SECTION 1.24   "Receipt(s)"; "American Depositary Receipt(s)" and "ADR(s)" shall
mean the certificate(s) or DRS/Profile statements issued by the Depositary
evidencing the American Depositary Shares issued under the terms of this Deposit
Agreement, as such Receipts may be amended from time to time in accordance with
the provisions of this Deposit Agreement. References to Receipts shall include
physical certificated Receipts as well as ADSs issued through DRS/Profile,
unless the context otherwise requires.

SECTION 1.25   "Registrar" shall mean the Depositary or any bank or trust
company having an office in the Borough of Manhattan, The City of New York,
which shall be

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appointed by the Depositary to register ownership of Receipts and
transfer of Receipts as herein provided, shall include any co-registrar
appointed by the Depositary for such purposes. Registrars (other than the
Depositary) may be removed and substitutes appointed by the Depositary.

SECTION 1.26   "Restricted Securities" shall mean Shares, or American Depositary
Shares representing such Shares, which (i) have been acquired directly or
indirectly from the Company or any of its Affiliates in a transaction or chain
of transactions not involving any public offering and subject to resale
limitations under the Securities Act or the rules issued thereunder, or (ii) are
held by an officer or director (or persons performing similar functions) or
other Affiliate of the Company, or (iii) are subject to other restrictions on
sale or deposit under the laws of the United States, the Cayman Islands, or
under a shareholders' agreement or the Company's Memorandum and Articles of
Association or under the regulations of an applicable securities exchange
unless, in each case, such Shares are being sold to persons other than an
Affiliate of the Company in a transaction (x) covered by an effective resale
registration statement or (y) exempt from the registration requirements of the
Securities Act (as hereinafter defined), and the Shares are not, when held by
such person, Restricted Securities.

SECTION 1.27   "Securities Act" shall mean the United States Securities Act of
1933, as from time to time amended.

SECTION 1.28   "Shares" shall mean ordinary shares in registered form of the
Company, par value $0.0005 each, heretofore validly issued and outstanding and
fully paid or hereafter validly issued and outstanding and fully paid.
References to Shares shall include evidence of rights to receive Shares, whether
or not stated in the particular instance; provided, however, that in no event
shall Shares include evidence of rights to receive Shares with respect to which
the full purchase price has not been paid or Shares as to which pre-emptive
rights have theretofore not been validly waived or exercised; provided further,
however, that, if there shall occur any change in par value, split-up,
consolidation, exchange, reclassification, conversion or any other event
described in Section 4.9, in respect of the Shares of the Company, the term
"Shares" shall thereafter, to the extent permitted by law, represent the
successor securities resulting from such change in par value, split-up,
consolidation, exchange, conversion, reclassification or event.

SECTION 1.29      "United States" or "U.S." shall mean the United States
of America.

                                   ARTICLE II
                  APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS;
                          DEPOSIT OF SHARES; EXECUTION
                AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS

SECTION 2.1    Appointment of Depositary. The Company hereby appoints the
Depositary as exclusive depositary for the Deposited Securities and hereby
authorizes and directs the Depositary to act in accordance with the terms set
forth in this Deposit Agreement. Each Holder and each Beneficial Owner, upon
acceptance of any ADSs (or any interest therein) issued in accordance with the
terms of this Deposit Agreement, shall be deemed for all purposes to (a) be a
party to and bound by the terms of this Deposit Agreement and (b) appoint the
Depositary its attorney-in-fact, with full power to delegate, to act on its
behalf and to take any and all actions contemplated in this Deposit Agreement,
to adopt any and all procedures necessary to comply with applicable law and to
take such action as the Depositary

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in its sole discretion may deem necessary or appropriate to carry out the
purposes of this Deposit Agreement (the taking of such actions to be the
conclusive determinant of the necessity and appropriateness thereof).

SECTION 2.2       Form and Transferability of Receipts.

(a)  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. Receipts may be issued in denominations
of any number of American Depositary Shares. No definitive 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. The Depositary shall maintain books on which each Receipt so
executed and delivered, in the case of definitive Receipts, and each Receipt
issued through the DRS/Profile, in either case as hereinafter provided and the
transfer of each such Receipt shall be registered. Receipts in certificated form
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.

In addition to the foregoing, 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 reasonably
required by the Depositary in order 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.

Notwithstanding anything in this Deposit Agreement or in the Receipt to the
contrary, to the extent available by the Depositary, American Depositary Shares
shall be evidenced by Receipts issued through DRS/Profile unless certificated
Receipts are specifically requested by the Holder. Holders and Beneficial Owners
shall be bound by the terms and conditions of this Deposit Agreement and of the
form of Receipt, regardless of whether their Receipts are certificated or issued
through DRS/Profile.

(b)  Subject to the limitations contained herein and in the form of Receipt,
     title to a Receipt (and to the American Depositary Shares evidenced
     thereby), when properly endorsed (in the case of certificated Receipts) or
     upon delivery to the Depositary of proper instruments of transfer, shall be
     transferable by delivery with the same effect as in the case of a
     negotiable instrument under the laws of the State of New York; provided,
     however, that the Depositary, notwithstanding any notice to the contrary,
     may treat the Holder thereof as the absolute owner thereof for the purpose
     of determining the person entitled to 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 will have
     any obligation or be subject to any liability under the Deposit Agreement
     to any holder of a Receipt, unless such holder is the Holder thereof.

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SECTION  2.3   Deposits.(a) Subject to the terms and conditions of this Deposit
Agreement and applicable law, Shares or evidence of rights to receive Shares
(other than Restricted Securities) may be deposited by any person (including the
Depositary in its individual capacity but subject, however, in the case of the
Company or any Affiliate of the Company, to Section 5.7 hereof) at any time,
whether or not the transfer books of the Company or the Foreign Registrar, if
any, are closed, by Delivery of the Shares to the Custodian. Every deposit of
Shares shall be accompanied by the following: (A)(i) in the case of Shares
issued in registered form, appropriate instruments of transfer or endorsement,
in a form satisfactory to the Custodian, (ii) in the case of Shares issued in
bearer form, such Shares or the certificates representing such Shares and (iii)
in the case of Shares delivered by book-entry transfer, confirmation of such
book-entry transfer to the Custodian or that irrevocable instructions have been
given to cause such Shares to be so transferred, (B) such certifications and
payments (including, without limitation, the Depositary's fees and related
charges) and evidence of such payments (including, without limitation, stamping
or otherwise marking such Shares by way of receipt) as may be required by the
Depositary or the Custodian in accordance with the provisions of this Deposit
Agreement, (C) if the Depositary so requires, 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 the Shares so deposited, (D) evidence
satisfactory to the Depositary (which may include an opinion of counsel
reasonably satisfactory to the Depositary provided at the cost of the person
seeking to deposit Shares) that all conditions to such deposit have been met and
all necessary approvals have been granted by, and there has been compliance with
the rules and regulations of, any applicable governmental agency in the Cayman
Islands, and (E) if the Depositary so requires, (i) an agreement, assignment or
instrument satisfactory to the Depositary or the Custodian which provides for
the prompt transfer by any person in whose name the Shares are or have been
recorded to the Custodian of any distribution, or right to subscribe for
additional Shares or to receive other property in respect of any such deposited
Shares or, in lieu thereof, such indemnity or other agreement as shall be
satisfactory to the Depositary or the Custodian and (ii) if the Shares are
registered in the name of the person on whose behalf they are presented for
deposit, a proxy or proxies entitling the Custodian to exercise voting rights in
respect of the Shares for any and all purposes until the Shares so deposited are
registered in the name of the Depositary, the Custodian or any nominee. No Share
shall be accepted for deposit unless accompanied by confirmation or such
additional evidence, if any is required by the Depositary, that is reasonably
satisfactory to the Depositary or the Custodian that all conditions to such
deposit have been satisfied by the person depositing such Shares under the laws
and regulations of the Cayman Islands and any necessary approval has been
granted by any governmental body in the Cayman Islands, if any, which is then
performing the function of the regulator of currency exchange. The Depositary
may issue Receipts against evidence of rights to receive Shares from the
Company, any agent of the Company or any custodian, registrar, transfer agent,
clearing agency or other entity involved in ownership or transaction records in
respect of the Shares. 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. The Depositary will use
commercially reasonable efforts to comply with written instructions of the
Company that the Depositary shall not accept for deposit hereunder any Shares
specifically

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identified in such instructions at such times and under such circumstances as
may reasonably be specified in such instructions in order to facilitate the
Company's compliance with the securities laws in the United States.

(b)  As soon as practicable after receipt of any permitted deposit hereunder and
     compliance with the provisions of this Deposit Agreement, the Custodian
     shall present the Shares so deposited, together with the appropriate
     instrument or instruments of transfer or endorsement, duly stamped, to the
     Foreign Registrar for transfer and registration of the Shares (as soon as
     transfer and registration can be accomplished and at the expense of the
     person for whom the deposit is made) in the name of the Depositary, the
     Custodian or a nominee of either. Deposited Securities shall be held by the
     Depositary or by a Custodian for the account and to the order of the
     Depositary or a nominee, in each case for the account of the Holders and
     Beneficial Owners, at such place or places as the Depositary or the
     Custodian shall determine.

(c)  In the event any Shares are deposited which entitle the holders thereof to
     receive a per-share distribution or other entitlement in an amount
     different from the Shares then on deposit, the Depositary is authorized to
     take any and all actions as may be necessary (including, without
     limitation, making the necessary notations on Receipts) to give effect to
     the issuance of such ADSs and to ensure that such ADSs are not fungible
     with other ADSs issued hereunder until such time as the entitlement of the
     Shares represented by such non-fungible ADSs equals that of the Shares
     represented by ADSs prior to the original such deposit. The Company agrees
     to give timely written notice to the Depositary if any Shares issued or to
     be issued contain rights different from those of any other Shares
     theretofore issued and shall assist the Depositary with the establishment
     of procedures enabling the identification of such non-fungible Shares upon
     Delivery to the Custodian.

SECTION 2.4    Execution and Delivery of Receipts. After the deposit of any
Shares pursuant to Section 2.2, the 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, first class airmail postage prepaid, or, at the request, risk
and expense of the person making the deposit, by cable, telex, SWIFT, facsimile
or electronic transmission. After receiving such notice from the Custodian, the
Depositary, subject to this Deposit Agreement (including, without limitation,
the payment of the fees, expenses, taxes and other charges owing hereunder),
shall issue the ADSs representing the Shares so deposited to or upon the order
of the person or persons named in the notice delivered to the Depositary and
shall execute and deliver a Receipt registered in the name or names requested by
such person or persons evidencing in the aggregate the number of American
Depositary Shares to which such person or persons are entitled. Nothing herein
shall prohibit any Pre-Release Transaction upon the terms set forth in this
Deposit Agreement.

SECTION 2.5    Transfer of Receipts; Combination and Split-up of Receipts.

(a)  Transfer. The Depositary, or, if a Registrar (other than the Depositary)
for the Receipts shall have been appointed, the Registrar, subject to the terms
and conditions of this Deposit Agreement, shall register transfers of Receipts
on its books, upon surrender at the Principal Office of the Depositary of a
Receipt by the Holder thereof

                                       8
<PAGE>
     in person or by duly authorized attorney, properly endorsed in the case of
     a certificated Receipt or accompanied by, or in the case of DRS/Profile
     Receipts receipt by the Depositary of, proper instruments of transfer
     (including signature guarantees in accordance with standard industry
     practice) and duly stamped as may be required by the laws of the State of
     New York and of the United States and any other applicable law. Subject to
     the terms and conditions of this Deposit Agreement, including payment of
     the applicable fees and charges of the Depositary set forth in Section 5.9
     and Exhibit A hereto, the Depositary shall execute a new Receipt or
     Receipts and deliver the same to or upon the order of the person entitled
     thereto evidencing the same aggregate number of American Depositary Shares
     as those evidenced by the Receipts surrendered.

(b)  Combination & Split Up. 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 and upon payment to the Depositary of the applicable fees and
     charges set forth in Section 5.9 and Exhibit A hereto, 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.

(c)  Co-Transfer Agents. The Depositary may appoint one or more co-transfer
     agents for the purpose of effecting transfers, combinations and split-ups
     of Receipts at designated transfer offices on behalf of the Depositary. In
     carrying out its functions, a co-transfer agent may require evidence of
     authority and compliance with applicable laws and other requirements by
     Holders or persons entitled to such Receipts and will be entitled to
     protection and indemnity, in each case to the same extent as the
     Depositary. Such co-transfer agents may be removed and substitutes
     appointed by the Depositary. Each co-transfer agent appointed under this
     Section 2.5 (other than the Depositary) shall give notice in writing to the
     Depositary accepting such appointment and agreeing to be bound by the
     applicable terms of this Deposit Agreement.

(d)  At the request of a Holder, the Depositary shall, for the purpose of
     substituting a certificated Receipt with a Receipt issued through
     DRS/Profile, or vice versa, execute and deliver a certificated Receipt or
     DRS/Profile statement, as the case may be, for any authorized number of
     American Depositary Shares requested, evidencing the same aggregate number
     of American Depositary Shares as those evidenced by the certificated
     Receipt or DRS/Profile statement, as the case may be, substituted.

SECTION 2.6    Surrender of Receipts and Withdrawal of Deposited Securities.
Upon surrender, at the Principal Office of the Depositary, of American
Depositary Shares for the purpose of withdrawal of the Deposited Securities
represented thereby, and upon payment of (i) the fees and charges of the
Depositary for the making of withdrawals of Deposited Securities and
cancellation of Receipts (as set forth in Section 5.9 and Exhibit A hereof) and
(ii) all applicable taxes and governmental charges payable in connection with
such surrender and withdrawal, and subject to the terms and conditions of this
Deposit Agreement, the Company's Memorandum and Articles of Association, Section
7.9 hereof and any other provisions of or governing the Deposited Securities and
other applicable laws, the Holder of such American Depositary Shares shall be
entitled to Delivery, to him or upon his order, of the Deposited Securities at
the time represented by the American Depositary Shares so surrendered. American
Depositary Shares may be surrendered for the purpose of withdrawing Deposited
Securities by delivery of a Receipt evidencing such American

                                       9
<PAGE>
Depositary Shares (if held in certificated form) or by book-entry delivery of
such American Depositary Shares to the Depositary.

A Receipt surrendered for such purposes shall, if so required by the Depositary,
be properly endorsed in blank or accompanied by proper instruments of transfer
in blank, and if the Depositary so requires, the Holder thereof shall execute
and deliver to the Depositary a written order directing the Depositary to cause
the Deposited Securities being withdrawn to be Delivered to or upon the written
order of a person or persons designated in such order. Thereupon, the Depositary
shall direct the Custodian to Deliver (without unreasonable delay) at the
designated office of the Custodian or through a book entry delivery of the
Shares (in either case, subject to Sections 2.7, 3.1, 3.2, 5.9, and to the other
terms and conditions of this Deposit Agreement, to the Company's Memorandum and
Articles of Association, to the provisions of or governing the Deposited
Securities and to applicable laws, now or hereafter in effect) to or upon the
written order of the person or persons designated in the order delivered to the
Depositary as provided above, the Deposited Securities represented by such
American Depositary Shares, together with any certificate or other proper
documents of or relating to title of the Deposited Securities as may be legally
required, as the case may be, to or for the account of such person.

The Depositary may, in its discretion, refuse to accept for surrender a number
of American Depositary Shares representing a number other than a whole number of
Shares. In the case of surrender of a Receipt evidencing a number of American
Depositary Shares representing other than a whole number of Shares, the
Depositary shall cause ownership of the appropriate whole number of Shares to be
Delivered in accordance with the terms hereof, and shall, at the discretion of
the Depositary, either (i) issue and deliver to the person surrendering such
Receipt a new Receipt evidencing American Depositary Shares representing any
remaining fractional Share, or (ii) sell or cause to be sold the fractional
Shares represented by the Receipt surrendered and remit the proceeds of such
sale (net of (a) applicable fees and charges of, and expenses incurred by, the
Depositary and (b) taxes withheld) to the person surrendering the Receipt.

At the request, risk and expense of any Holder so surrendering a Receipt, and
for the account of such Holder, the Depositary shall direct the Custodian to
forward (to the extent permitted by law) any cash or other property (other than
securities) held in respect of, and any certificate or certificates and other
proper documents of or relating to title to, the Deposited Securities
represented by such Receipt to the Depositary for delivery at the Principal
Office of the Depositary, and for further delivery to such Holder. Such
direction shall be given by letter or, at the request, risk and expense of such
Holder, by cable, telex or facsimile transmission. Upon receipt by the
Depositary, the Depositary may make delivery to such person or persons entitled
thereto at the Principal Office of the Depositary of any dividends or cash
distributions with respect to the Deposited Securities represented by such
American Depositary Shares, or of any proceeds of sale of any dividends,
distributions or rights, which may at the time be held by the Depositary.

SECTION 2.7    Limitations on Execution and Delivery, Transfer, etc. of
Receipts; Suspension of Delivery, Transfer, etc.

(a)  Additional Requirements. As a condition precedent to the execution and
     delivery, registration, registration of transfer, split-up, combination or
     surrender of any Receipt, the delivery of any distribution thereon or
     withdrawal of any Deposited Securities, the Depositary or the Custodian may
     require (i) payment from the depositor of Shares or

                                       10
<PAGE>
     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 and
     charges of the Depositary as provided in Section 5.9 and Exhibit A hereof,
     (ii) the production of proof satisfactory to it as to the identity and
     genuineness of any signature or any other matter contemplated by Section
     3.1 hereof and (iii) compliance with (A) any laws or governmental
     regulations relating to the execution and delivery of Receipts or American
     Depositary Shares or to the withdrawal or delivery of Deposited Securities
     and (B) such reasonable regulations as the Depositary may establish
     consistent with the provisions of this Deposit Agreement and applicable
     law.

(b)  Additional Limitations. The issuance of ADSs against deposits of Shares
     generally or against deposits of particular Shares may be suspended, or the
     issuance of ADSs against the deposit of particular Shares may be withheld,
     or the registration of transfer of Receipts in particular instances may be
     refused, or the registration of transfers of 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, in good faith, at any time or from time to time
     because of any requirement of law, any government or governmental body or
     commission or any securities exchange on which the ADSs or Shares are
     listed, or under any provision of this Deposit Agreement or provisions of,
     or governing, the Deposited Securities, or any meeting of shareholders of
     the Company or for any other reason, subject, in all cases, to Section 7.9
     hereof.

SECTION 2.8    Lost Receipts, etc. In case any Receipt shall be mutilated,
destroyed, lost or stolen, unless the Depositary has notice that such ADR has
been acquired by a bona fide purchaser, subject to Section 5.9 hereof, the
Depositary shall execute and deliver a new Receipt (which, in the discretion of
the Depositary may be issued through DRS/Profile unless specifically requested
otherwise) 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 Holder 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 in form and amount
acceptable to the Depositary and (b)satisfied any other reasonable requirements
imposed by the Depositary.

SECTION 2.9    Cancellation and Destruction of Surrendered Receipts; Maintenance
of Records. All Receipts surrendered to the Depositary shall be cancelled by the
Depositary. The Depositary is authorized to destroy Receipts so cancelled in
accordance with its customary practices. Cancelled Receipts shall not be
entitled to any benefits under this Deposit Agreement or be valid or obligatory
for any purpose.

SECTION 2.10   Pre-Release. Subject to the further terms and provisions of this
Section 2.10, the Depositary, its Affiliates and their agents, on their own
behalf, may own and deal in any class of securities of the Company and its
Affiliates and in ADSs. In its capacity as Depositary, the Depositary may (i)
issue ADSs prior to the receipt of Shares (each such transaction a "Pre-Release
Transaction") as provided below and (ii) deliver Shares upon the receipt and
cancellation of ADSs that were issued in a Pre-Release Transaction, but for
which Shares may not yet have been received. The Depositary may receive ADSs in
lieu of Shares

                                       11
<PAGE>
under (i) above and receive shares in lieu of ADSs under (ii) above. Each such
Pre-Release Transaction will be (a) subject to a written agreement whereby the
person or entity (the "Applicant") to whom ADSs or Shares are to be delivered
(1) represents that at the time of the Pre-Release Transaction the Applicant or
its customer owns the Shares or ADSs that are to be delivered by the Applicant
under such Pre-Release Transaction, (2) agrees to indicate the Depositary as
owner of such Shares or ADSs in its records and to hold such Shares or ADSs in
trust for the Depositary until such Shares or ADSs are delivered to the
Depositary or the Custodian, (3) unconditionally guarantees to deliver to the
Depositary or the Custodian, as applicable, such Shares or ADSs, and (4) agrees
to any additional restrictions or requirements that the Depositary deems
appropriate, (b) at all times fully collateralized with cash, United States
government securities or such other collateral as the Depositary deems
appropriate, (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 Depositary will normally limit the
number of ADSs and Shares involved in such Pre-Release Transactions at any one
time to thirty percent (30%) of the ADSs outstanding (without giving effect to
ADSs outstanding under (i) above), provided, however, that the Depositary
reserves the right to disregard such limit from time to time as it deems
appropriate. The Depositary may also set limits with respect to the number of
ADSs and Shares involved in Pre-Release Transactions with any one person on a
case by case basis as it deems appropriate.

The Depositary may retain for its own account any compensation received by it in
conjunction with the foregoing. Collateral provided pursuant to (b) above, but
not the earnings thereon, shall be held for the benefit of the Holders (other
than the Applicant).

                                   ARTICLE III
                         CERTAIN OBLIGATIONS OF HOLDERS
                        AND BENEFICIAL OWNERS OF RECEIPTS

SECTION 3.1    Proofs, Certificates and Other Information. Any person presenting
Shares for deposit, any Holder and any Beneficial Owner may be required, and
every Holder and Beneficial Owner agrees, from time to time to provide to the
Depositary or the Custodian such proof of citizenship or residence, taxpayer
status, payment of all applicable taxes or other governmental charges, exchange
control approval, legal or beneficial ownership of ADSs and Deposited
Securities, compliance with applicable laws and the terms of this Deposit
Agreement and the provisions of, or governing, the Deposited Securities or other
information; to execute such certifications and to make such representations and
warranties, and to provide such other information and documentation as the
Depositary may deem necessary or proper or as the Company may reasonably require
by written request to the Depositary consistent with its obligations hereunder.
The Depositary and the Registrar, as applicable, may withhold the execution or
delivery or registration of transfer of any Receipt or the distribution or sale
of any dividend or distribution of rights or of the proceeds thereof, or to the
extent not limited by the terms of Section 7.9 hereof, the delivery of any
Deposited Securities, until such proof or other information is filed or such
certifications are executed, or such representations and warranties are made, or
such other documentation or information provided, in each case to the
Depositary's and the Company's satisfaction. The Depositary shall from time to
time on the written request advise the Company of the availability of any such
proofs, certificates or other information and shall, at the Company's sole
expense, provide or otherwise make available copies thereof to the Company upon
written request thereof by the Company, unless such disclosure is prohibited by
law. Each Holder and

                                       12
<PAGE>
Beneficial Owner agrees to provide any information requested by the Company or
the Depositary pursuant to this paragraph. Nothing herein shall obligate the
Depositary to (i) obtain any information for the Company if not provided by the
Holders or Beneficial Owners or (ii) verify or vouch for the accuracy of the
information so provided by the Holders or Beneficial Owners.

SECTION 3.2    Liability for Taxes and Other Charges. If any present or future
tax or other governmental charge shall become payable by the Depositary or the
Custodian with respect to any ADR or any Deposited Securities or American
Depositary Shares, such tax or other governmental charge shall be payable by the
Holders and Beneficial Owners to the Depositary and such Holders and Beneficial
Owners shall be deemed liable therefor. The Company, the Custodian and/or the
Depositary may withhold or deduct from any distributions made in respect of
Deposited Securities and may sell for the account of a Holder and/or Beneficial
Owner any or all of the Deposited Securities and apply such distributions and
sale proceeds in payment of such taxes (including applicable interest and
penalties) or charges, with the Holder and the Beneficial Owner remaining fully
liable for any deficiency. In addition to any other remedies available to it,
the Depositary and the Custodian may refuse the deposit of Shares, and the
Depositary may refuse to issue ADSs, to deliver ADRs, register the transfer,
split-up or combination of ADRs and (subject to Section 7.9) the withdrawal of
Deposited Securities, until payment in full of such tax, charge, penalty or
interest is received. Every Holder and Beneficial Owner agrees to indemnify the
Depositary, the Company, the Custodian, and each of their respective agents,
officers, directors, employees and Affiliates for, and to hold each of them
harmless from, any claims with respect to taxes (including applicable interest
and penalties thereon) arising from any tax benefit obtained for such Holder
and/or Beneficial Owner. The obligations of Holders and Beneficial Owners of
Receipts under this Section 3.2 shall survive any transfer of Receipts, any
surrender of Receipts and withdrawal of Deposited Securities, or the termination
of this Deposit Agreement.

SECTION 3.3    Representations and Warranties on Deposit of Shares. Each person
depositing Shares under the Deposit Agreement shall be deemed thereby to
represent and warrant that (i) such Shares and the certificates therefor are
duly authorized, validly issued, fully paid, non-assessable and were legally
obtained by such person, (ii) all preemptive (and similar) rights, if any, with
respect to such Shares have been validly waived or exercised, (iii) the person
making such deposit is duly authorized so to do, (iv) the Shares presented for
deposit are free and clear of any lien, encumbrance, security interest, charge,
mortgage or adverse claim, and are not, and the American Depositary Shares
issuable upon such deposit will not be, Restricted Securities and (v) the Shares
presented for deposit have not been stripped of any rights or entitlements. Such
representations and warranties shall survive the deposit and withdrawal of
Shares, the issuance and cancellation of American Depositary Shares in respect
thereof and the transfer of such American Depositary Shares. If any such
representations or warranties are false in any way, the Company and the
Depositary shall be authorized, at the cost and expense of the person depositing
Shares, to take any and all actions necessary to correct the consequences
thereof.

SECTION 3.4    Compliance with Information Requests. Notwithstanding any other
provision of this Deposit Agreement, the Memorandum and Articles of Association
of the Company and applicable law, each Holder and Beneficial Owner agrees to
(a) provide such information as the Company or the Depositary may request
pursuant to law (including, without limitation, relevant Cayman Islands law, any
applicable law of the United States), the

                                       13
<PAGE>
Memorandum and Articles of Association of the Company, any resolutions of the
Company's Board of Directors adopted pursuant to such Memorandum and Articles of
Association, the requirements of any markets or exchanges upon which the Shares,
ADSs or Receipts are listed or traded, or to any requirements of any electronic
book-entry system by which the ADSs or Receipts may be transferred, and (b) be
bound by and subject to applicable provisions of the laws of the Cayman Islands,
the Memorandum and Articles of Association of the Company and the requirements
of any markets or exchanges upon which the ADSs, Receipts or Shares are listed
or traded, or pursuant to any requirements of any electronic book-entry system
by which the ADSs, Receipts or Shares may be transferred, to the same extent as
if such Holder and Beneficial Owner held Shares directly, in each case
irrespective of whether or not they are Holders or Beneficial Owners at the time
such request is made. The Depositary agrees to use its reasonable efforts to
forward upon the request of the Company, and at the Company's expense, any such
request from the Company to the Holders and to forward to the Company any such
responses to such requests received by the Depositary.

                                   ARTICLE IV
                            THE DEPOSITED SECURITIES

SECTION 4.1    Cash Distributions. Whenever the Depositary receives confirmation
from the Custodian of receipt of any cash dividend or other cash distribution on
any Deposited Securities, or receives proceeds from the sale of any Shares,
rights, securities or other entitlements under the terms hereof, the Depositary
will, if at the time of receipt thereof any amounts received in a Foreign
Currency can in the judgment of the Depositary (pursuant to Section 4.6 hereof)
be converted on a practicable basis into Dollars transferable to the United
States, promptly convert or cause to be converted such cash dividend,
distribution or proceeds into Dollars (on the terms described in Section 4.6)
and will distribute promptly the amount thus received (net of (a) the applicable
fees and charges of, and expenses incurred by, the Depositary and (b) taxes
withheld) to the Holders of record as of the ADS Record Date in proportion to
the number of American Depositary Shares held by such Holders respectively as of
the ADS Record Date. The Depositary shall distribute only such amount, however,
as can be distributed without attributing to any Holder a fraction of one cent.
Any such fractional amounts shall be rounded to the nearest whole cent and so
distributed to Holders entitled thereto. Holders and Beneficial Owners
understand that in converting Foreign Currency, amounts received on conversion
are calculated at a rate which exceeds three or four decimal places (the number
of decimal places used by the Depositary to report distribution rates). The
excess amount may be retained by the Depositary as an additional cost of
conversion, irrespective of any other fees and expenses payable or owing
hereunder and shall not be subject to escheatment. If the Company, the Custodian
or the Depositary is required to withhold and does withhold from any cash
dividend or other cash distribution in respect of any Deposited Securities an
amount on account of taxes, duties or other governmental charges, the amount
distributed to Holders on the American Depositary Shares representing such
Deposited Securities shall be reduced accordingly. Such withheld amounts shall
be forwarded by the Company, the Custodian or the Depositary to the relevant
governmental authority. Evidence of payment thereof by the Company shall be
forwarded by the Company to the Depositary upon request. 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, such reports necessary to obtain
benefits under the applicable tax treaties for the Holders and Beneficial Owners
of Receipts.

                                       14
<PAGE>
SECTION 4.2    Distribution in Shares. If any distribution upon any Deposited
Securities consists of a dividend in, or free distribution of, Shares, the
Company shall cause such Shares to be deposited with the Custodian and
registered, as the case may be, in the name of the Depositary, the Custodian or
any of their nominees. Upon receipt of confirmation of such deposit from the
Custodian, the Depositary shall establish the ADS Record Date upon the terms
described in Section 4.7 and shall, subject to Section 5.9 hereof, either (i)
distribute to the Holders as of the ADS Record Date in proportion to the number
of American Depositary Shares held as of the ADS Record Date, additional
American Depositary Shares, which represent in the aggregate the number of
Shares received as such dividend, or free distribution, subject to the other
terms of this Deposit Agreement (including, without limitation, (a) the
applicable fees and charges of, and expenses incurred by, the Depositary and (b)
taxes), or (ii) if additional American Depositary Shares are not so distributed,
each American Depositary Share issued and outstanding after the ADS Record Date
shall, to the extent permissible by law, thenceforth also represent
proportionate rights and interests in the additional Shares distributed upon the
Deposited Securities represented thereby (net of (a) the applicable fees and
charges of, and expenses incurred by, the Depositary and (b) taxes). In lieu of
delivering fractional American Depositary Shares, the Depositary shall sell the
number of Shares represented by the aggregate of such fractions and distribute
the proceeds upon the terms described in Section 4.1. The Depositary may
withhold any such distribution of Receipts if it has not received satisfactory
assurances from the Company (including an opinion of counsel to the Company
furnished at the expense of the Company) that such distribution does not require
registration under the Securities Act or is exempt from registration under the
provisions of the Securities Act. To the extent such distribution may be
withheld, the Depositary may dispose of all or a portion of such distribution in
such amounts and in such manner, including by public or private sale, as the
Depositary deems necessary and practicable, and the Depositary shall distribute
the net proceeds of any such sale (after deduction of applicable (a) taxes and
(b) fees and charges of, and expenses incurred by, the Depositary) to Holders
entitled thereto upon the terms described in Section 4.1.

SECTION 4.3    Elective Distributions in Cash or Shares. Whenever the Company
intends to distribute a dividend payable at the election of the holders of
Shares in cash or in additional Shares, the Company shall give notice thereof to
the Depositary at least 30 days prior to the proposed distribution stating
whether or not it wishes such elective distribution to be made available to
Holders of ADSs. Upon receipt of notice indicating that the Company wishes such
elective distribution to be made available to Holders of ADSs, the Depositary
shall consult with the Company to determine, and the Company shall assist the
Depositary in its determination, whether it is lawful and reasonably practicable
to make such elective distribution available to the Holders of ADSs. The
Depositary shall make such elective distribution available to Holders only if
(i) the Company shall have timely requested that the elective distribution is
available to Holders of ADRs, (ii) the Depositary shall have determined that
such distribution is reasonably practicable and (iii) the Depositary shall have
received satisfactory documentation within the terms of Section 5.7. If the
above conditions are not satisfied, the Depositary shall, to the extent
permitted by law, distribute to the Holders, on the basis of the same
determination as is made in the local market in respect of the Shares for which
no election is made, either (x) cash upon the terms described in Section 4.1 or
(y) additional ADSs representing such additional Shares upon the terms described
in Section 4.2. If the above conditions are satisfied, the Depositary shall
establish an ADS Record Date (on the terms described in Section 4.7) and
establish procedures to enable Holders to elect the receipt of the proposed
dividend in cash or in additional ADSs. The Company shall assist the Depositary
in establishing such procedures to the extent necessary.

                                       15
<PAGE>
Subject to Section 5.9 hereof, if a Holder elects to receive the proposed
dividend (x) in cash, the dividend shall be distributed upon the terms described
in Section 4.1, or (y) in ADSs, the dividend shall be distributed upon the terms
described in Section 4.2. Nothing herein shall obligate the Depositary to make
available to Holders a method to receive the elective dividend in Shares (rather
than ADSs). There can be no assurance that Holders generally, or any Holder in
particular, will be given the opportunity to receive elective distributions on
the same terms and conditions as the holders of Shares.

SECTION 4.4    Distribution of Rights to Purchase Shares.

(a)  Distribution to ADS Holders. Whenever the Company intends to distribute to
     the holders of the Deposited Securities rights to subscribe for additional
     Shares, the Company shall give notice thereof to the Depositary at least 45
     days prior to the proposed distribution stating whether or not it wishes
     such rights to be made available to Holders of ADSs. Upon receipt of a
     notice indicating that the Company wishes such rights to be made available
     to Holders of ADSs, the Depositary shall consult with the Company to
     determine, and the Company shall determine, whether it is lawful and
     reasonably practicable to make such rights available to the Holders. The
     Depositary shall make such rights available to Holders only if (i) the
     Company shall have timely requested that such rights be made available to
     Holders, (ii) the Depositary shall have received satisfactory documentation
     within the terms of Section 5.7, and (iii) the Depositary shall have
     determined that such distribution of rights is lawful and reasonably
     practicable. In the event any of the conditions set forth above are not
     satisfied, the Depositary shall proceed with the sale of the rights as
     contemplated in Section 4.4(b) below or, if timing or market conditions may
     not permit, do nothing thereby allowing such rights to lapse. In the event
     all conditions set forth above are satisfied, the Depositary shall
     establish an ADS Record Date (upon the terms described in Section 4.7) and
     establish procedures (x) to distribute such rights (by means of warrants or
     otherwise) and (y) to enable the Holders to exercise the rights (upon
     payment of applicable (a) fees and charges of, and expenses incurred by,
     the Depositary and (b) taxes and other governmental charges). Nothing
     herein shall obligate the Depositary to make available to the Holders a
     method to exercise such rights to subscribe for Shares (rather than ADSs).

(b)  Sale of Rights. If (i) the Company does not timely request the Depositary
     to make the rights available to Holders or requests that the rights not be
     made available to Holders, (ii) the Depositary fails to receive
     satisfactory documentation within the terms of Section 5.7 or determines it
     is not lawful or reasonably practicable to make the rights available to
     Holders, or (iii) any rights made available are not exercised and appear to
     be about to lapse, the Depositary shall determine whether it is lawful and
     reasonably practicable to sell such rights, in a riskless principal
     capacity or otherwise, at such place and upon such terms (including public
     or private sale) as it may deem proper. The Company shall assist the
     Depositary to the extent necessary to determine such legality and
     practicability. The Depositary shall, upon such sale, convert and
     distribute proceeds of such sale (net of applicable (a) fees and charges
     of, and expenses incurred by, the Depositary and (b) taxes) upon the terms
     set forth in Section 4.1.

(c)  Lapse of Rights. If the Depositary is unable to make any rights available
     to Holders upon the terms described in Section 4.4(a) or to arrange for the
     sale of the rights upon the terms described in Section 4.4(b), the
     Depositary shall allow such rights to lapse.

                                       16
<PAGE>
     The Depositary shall not be responsible for (i) any failure to determine
     that it may be lawful or practicable to make such rights available to
     Holders in general or any Holders in particular, (ii) any foreign exchange
     exposure or loss incurred in connection with such sale, or exercise, or
     (iii) the content of any materials forwarded to the Holders on behalf of
     the Company in connection with the rights distribution.

     Notwithstanding anything to the contrary in this Section 4.4, if
     registration (under the Securities Act or any other applicable law) of the
     rights or the securities to which any rights relate may be required in
     order for the Company to offer such rights or such securities to Holders
     and to sell the securities represented by such rights, the Depositary will
     not distribute such rights to the Holders (i) unless and until a
     registration statement under the Securities Act covering such offering is
     in effect or (ii) unless the Company furnishes at its expense the
     Depositary with opinion(s) of counsel for the Company in the United States
     and counsel to the Company in any other applicable country in which rights
     would be distributed, in each case satisfactory to the Depositary, to the
     effect that the offering and sale of such securities to Holders and
     Beneficial Owners are exempt from, or do not require registration under,
     the provisions of the Securities Act or any other applicable laws. In the
     event that the Company, the Depositary or the Custodian shall be required
     to withhold and does withhold from any distribution of property (including
     rights) an amount on account of taxes or other governmental charges, the
     amount distributed to the Holders shall be reduced accordingly. 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 charges which the Depositary is obligated to
     withhold, the Depositary may dispose of all or a portion of such property
     (including Shares and rights to subscribe therefor) in such amounts and in
     such manner, including by public or private sale, as the Depositary deems
     necessary and practicable to pay any such taxes or charges.

     There can be no assurance that Holders generally, or any Holder in
     particular, will be given the opportunity to exercise rights on the same
     terms and conditions as the holders of Shares or be able to exercise such
     rights. Nothing herein shall obligate the Company to file any registration
     statement in respect of any rights or Shares or other securities to be
     acquired upon the exercise of such rights.

SECTION 4.5    Distributions Other Than Cash, Shares or Rights to Purchase
Shares.

(a)  Whenever the Company intends to distribute to the holders of Deposited
     Securities property other than cash, Shares or rights to purchase
     additional Shares, the Company shall give notice thereof to the Depositary
     at least 30 days prior to the proposed distribution and shall indicate
     whether or not it wishes such distribution to be made to Holders of ADSs.
     Upon receipt of a notice indicating that the Company wishes such
     distribution be made to Holders of ADSs, the Depositary shall determine
     whether such distribution to Holders is lawful and reasonably practicable.
     The Depositary shall not make such distribution unless (i) the Company
     shall have timely requested the Depositary to make such distribution to
     Holders, (ii) the Depositary shall have received satisfactory documentation
     within the terms of Section 5.7, and (iii) the Depositary shall have
     determined that such distribution is reasonably practicable.

(b)  Upon receipt of satisfactory documentation and the request of the Company
     to distribute property to Holders of ADSs and after making the requisite
     determinations

                                       17
<PAGE>
     set forth in (a) above, the Depositary may distribute the property so
     received to the Holders of record as of the ADS Record Date, in proportion
     to the number of ADSs held by such Holders respectively and in such manner
     as the Depositary may deem practicable for accomplishing such distribution
     (i) upon receipt of payment or net of the applicable fees and charges of,
     and expenses incurred by, the Depositary, and (ii) net of any taxes and
     other governmental charges withheld. The Depositary may dispose of all or a
     portion of the property so distributed and deposited, in such amounts and
     in such manner (including public or private sale) as the Depositary may
     deem practicable or necessary to satisfy any taxes (including applicable
     interest and penalties) or other governmental charges applicable to the
     distribution.

(c)  If (i) the Company does not request the Depositary to make such
     distribution to Holders or requests not to make such distribution to
     Holders, (ii) the Depositary does not receive satisfactory documentation
     within the terms of Section 5.7, or (iii) the Depositary reasonably
     determines that all or a portion of such distribution is not reasonably
     practicable or feasible, the Depositary shall endeavor to sell or cause
     such property to be sold in a public or private sale, at such place or
     places and upon such terms as it may deem proper and shall distribute the
     net proceeds, if any, of such sale received by the Depositary (net of
     applicable (a) fees and charges of, and expenses incurred by, the
     Depositary and (b) taxes) to the Holders as of the ADS Record Date upon the
     terms of Section 4.1. If the Depositary is unable to sell such property,
     the Depositary may dispose of such property in any way it deems reasonably
     practicable under the circumstances for nominal or no consideration and
     Holders and Beneficial Owners shall have no rights thereto or arising
     therefrom.

SECTION 4.6    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 in the judgment of the Depositary such Foreign Currency can at such
time be converted on a practicable basis (by sale or in any other manner that it
may determine in accordance with applicable law) into Dollars transferable to
the United States and distributable to the Holders entitled thereto, 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 shall
distribute such Dollars (net of any fees, expenses, taxes or other governmental
charges incurred in the process of such conversion) in accordance with the terms
of the applicable sections of this Deposit Agreement. If the Depositary shall
have distributed warrants or other instruments that entitle the holders thereof
to such Dollars, the Depositary shall distribute such Dollars to the holders of
such warrants and/or instruments upon surrender thereof for cancellation, in
either case without liability for interest thereon. Such distribution may be
made upon an averaged or other practicable basis without regard to any
distinctions among Holders on account of exchange restrictions, the date of
delivery of any Receipt or otherwise.

Holders understand that in converting Foreign Currency, amounts received on
conversion are calculated at a rate which may exceed the number of decimal
places used by the Depositary to report distribution rates (which in any case
will not be less than two decimal places). Any excess amount may be retained by
the Depositary as an additional cost of conversion, irrespective of any other
fees and expenses payable or owing hereunder and shall not be subject to
escheatment.

If such conversion or distribution can be effected only with the approval or
license of any government or agency thereof, the Depositary may file such
application for approval or

                                       18
<PAGE>
license, if any, as it may deem necessary, practicable and at nominal cost and
expense. Nothing herein shall obligate the Depositary to file or cause to be
filed, or to seek effectiveness of any such application or license.

If at any time the Depositary shall determine that in its judgment the
conversion of any Foreign Currency and the transfer and distribution of proceeds
of such conversion received by the Depositary is not practical or lawful, or if
any approval or license of any governmental authority or agency thereof that is
required for such conversion, transfer and distribution is denied, or not
obtainable at a reasonable cost, within a reasonable period or otherwise sought,
the Depositary shall, in its sole discretion but subject to applicable laws and
regulations, either (i) distribute the foreign currency (or an appropriate
document evidencing the right to receive such foreign currency) received by the
Depositary to the Holders entitled to receive such foreign currency, or (ii)
hold such foreign currency uninvested and without liability for interest thereon
for the respective accounts of the Holders entitled to receive the same.

SECTION 4.7    Fixing of Record Date. Whenever necessary in connection with any
distribution (whether in cash, Shares, rights, or other distribution), 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 or solicitation of holders of
Shares or other Deposited Securities, or whenever the Depositary shall find it
necessary or convenient, the Depositary shall fix a record date (the "ADS Record
Date"), as close as practicable to the record date fixed by the Company with
respect to the Shares, for the determination of the Holders who shall be
entitled to receive such distribution, to give instructions for the exercise of
voting rights at any such meeting, or to give or withhold such consent, or to
receive such notice or solicitation or to otherwise take action, or to exercise
the rights of Holders with respect to such changed number of Shares represented
by each American Depositary Share. Subject to applicable law and the provisions
of Section 4.1 through 4.6 and to the other terms and conditions of this Deposit
Agreement, only the Holders of record at the close of business in New York on
such ADS Record Date shall be entitled to receive such distribution, to give
such voting instructions, to receive such notice or solicitation, or otherwise
take action.

SECTION 4.8    Voting of Deposited Securities. Subject to the next sentence, as
soon as practicable after receipt of notice of any meeting at which the holders
of Shares are entitled to vote, or of solicitation of consents or proxies from
holders of Shares or other Deposited Securities, the Depositary shall fix the
ADS Record Date in respect of such meeting or solicitation of consent or proxy.
The Depositary shall, if requested by the Company in writing in a timely manner
(the Depositary having no obligation to take any further action if the request
shall not have been received by the Depositary at least 21 Business Days prior
to the date of such vote or meeting) and at the Company's expense, unless
otherwise agreed in writing by the Company and the Depositary and provided no
U.S. legal prohibitions exist, mail by regular, ordinary mail delivery, or by
electronic transmission, or otherwise distribute to Holders as of the ADS Record
Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a
statement that the Holders at the close of business on the ADS Record Date will
be entitled, subject to any applicable law, the Company's Memorandum and
Articles of Association and the provisions of or governing the Deposited
Securities (which provisions, if any, shall be summarized in pertinent part by
the Company), to instruct the Depositary as to the exercise of the voting
rights, if any, pertaining to the Shares or other Deposited Securities
represented by such Holder's American Depositary Shares; and (c) a brief
statement as to the manner in which such instructions may be given. Voting
instructions may be given only in

                                       19
<PAGE>
respect of a number of American Depositary Shares representing an integral
number of Shares or other Deposited Securities. Upon the timely receipt of
written instructions of a Holder of American Depositary Shares on the ADS Record
Date of voting instructions in the manner specified by the Depositary, the
Depositary shall endeavor, insofar as practicable and permitted under applicable
law, the provisions of this Deposit Agreement, the Company's Memorandum and
Articles of Association and the provisions of or governing the Deposited
Securities, to vote or cause the Custodian to vote the Shares and/or other
Deposited Securities (in person or by proxy) represented by American Depositary
Shares evidenced by such Receipt in accordance with such voting instructions.

In the event that the Depositary i) timely receives voting instructions from a
Holder which fail to specify the manner in which the Depositary is to vote the
Deposited Securities represented by such Holder's ADSs or ii) if no instructions
are received by the Depositary from a Holder with respect to any of the
Deposited Securities represented by the ADSs evidenced by such Holder's ADRs on
or before the ADS Record Date established by the Depositary for such purpose,
the Depositary shall (unless otherwise specified in the notice distributed to
Holders) deem such Holder 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,
however, that no such instruction shall be deemed given and no such
discretionary proxy shall be given with respect to any matter as to which the
Company informs the Depositary (and the Company agrees to provide such
information as promptly as practicable in writing, if applicable) that (x) the
Company does not wish to give such proxy, (y) the Company is aware or should
reasonably be aware that substantial opposition exists from Holders against the
outcome for which the person designated by the Company would otherwise vote or
(z) the outcome for which the person designated by the Company would otherwise
vote would materially and adversely affect the rights of holders of Shares,
provided, further, that the Company will have no liability to any Holder or
Beneficial Owner resulting from such notification.

Neither the Depositary nor the Custodian shall, under any circumstances exercise
any discretion as to voting, and neither the Depositary nor the Custodian shall
vote, attempt to exercise the right to vote, or in any way make use of for
purposes of establishing a quorum or otherwise, the Shares or other Deposited
Securities represented by American Depositary Shares except pursuant to and in
accordance with such written instructions from Holders, including the deemed
instruction to the Depositary to give a discretionary proxy to a person
designated by the Company. Shares or other Deposited Securities represented by
ADSs for which no specific voting instructions are received by the Depositary
from the Holder shall not be voted.

Notwithstanding the above, save for applicable provisions of Cayman Islands law,
and in accordance with the terms of Section 5.3, the Depositary shall not be
liable for any failure to carry out any instructions to vote any of the
Deposited Securities.

SECTION 4.9    Changes Affecting Deposited Securities. Upon any change in par
value, split-up, cancellation, 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
otherwise a party, any securities which shall be received by the Depositary or
the Custodian in exchange for, or in conversion of or replacement or otherwise
in respect of, such Deposited Securities shall, to the extent permitted by law,
be treated as new Deposited Securities under this Deposit Agreement, and the
Receipts shall, subject to the

                                       20
<PAGE>
provisions of this Deposit Agreement and applicable law, evidence American
Depositary Shares representing the right to receive such additional securities.
Alternatively, the Depositary may, with the Company's approval, and shall, if
the Company shall so request, subject to the terms of the Deposit Agreement and
receipt of an opinion of counsel to the Company furnished at the Company's
expense satisfactory to the Depositary that such distributions are not in
violation of any applicable laws or regulations, execute and deliver additional
Receipts as in the case of a stock dividend on the Shares, or call for the
surrender of outstanding Receipts to be exchanged for new Receipts, in either
case, as well as in the event of newly deposited Shares, with necessary
modifications to the form of Receipt contained in Exhibit A hereto, specifically
describing such new Deposited Securities and/or corporate change. The Company
agrees to, jointly with the Depositary, amend the Registration Statement on Form
F-6 as filed with the Commission to permit the issuance of such new form of
Receipts. Notwithstanding the foregoing, in the event that any security so
received may not be lawfully distributed to some or all Holders, the Depositary
may, with the Company's approval, and shall, if the Company requests, subject to
receipt of an opinion of the Company's counsel furnished at the Company's
expense satisfactory to the Depositary that such action is not in violation of
any applicable laws or regulations, sell such securities at public or private
sale, at such place or places and upon such terms as it may deem proper and may
allocate the net proceeds of such sales (net of (a) fees and charges of, and
expenses incurred by, the Depositary and (b) taxes) for the account of the
Holders otherwise entitled to such securities upon an averaged or other
practicable basis without regard to any distinctions among such Holders and
distribute the net proceeds so allocated to the extent practicable as in the
case of a distribution received in cash pursuant to Section 4.1. The Depositary
shall not be responsible for (i) any failure to determine that it may be lawful
or feasible to make such securities available to Holders in general or to any
Holder in particular, (ii) any foreign exchange exposure or loss incurred in
connection with such sale, or (iii) any liability to the purchaser of such
securities.

SECTION 4.10   Available Information. The Company is subject to the periodic
reporting requirements of the Exchange Act applicable to foreign private issuers
(as defined in Rule 405 under the Securities Act) and accordingly files certain
information with the Commission. These reports and documents can be inspected
and copied at the public reference facilities maintained by the Commission
located at 100 F Street, N.E., Washington, D.C. 20549.

SECTION 4.11   Reports. The Depositary shall make available during normal
business hour on any Business Day for inspection by Holders at its Principal
Office any reports and communications, including any proxy soliciting materials,
received from the Company which are both (a) received by the Depositary, the
Custodian, or the nominee of either of them as the holder of the Deposited
Securities and (b) made generally available to the holders of such Deposited
Securities by the Company. The Company agrees to provide to the Depositary, at
the Company's expense, all documents that it provides to the Custodian. The
Depositary shall, at the expense of the Company, unless otherwise agreed in
writing by the Company and the Depositary and in accordance with Section 5.6,
also mail by regular, ordinary mail delivery or by electronic transmission (if
agreed by the Company and the Depositary) to Holders copies of such reports when
furnished by the Company pursuant to Section 5.6.

SECTION 4.12 List of Holders. Promptly upon written 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.

                                       21
<PAGE>
SECTION 4.13   Taxation; Withholding. The Depositary will, and will instruct the
Custodian to, forward to the Company or its agents such information from its
records as the Company may reasonably request to enable the Company or its
agents to file necessary tax reports with governmental authorities or agencies.
The Depositary, the Custodian or the Company and its agents may, but shall not
be obligated to, file such reports as are necessary to reduce or eliminate
applicable taxes on dividends and on other distributions in respect of Deposited
Securities under applicable tax treaties or laws for the Holders and Beneficial
Owners. Holders and Beneficial Owners of American Depositary Shares may be
required from time to time, and in a timely manner, to file such proof of
taxpayer status, residence and beneficial ownership (as applicable), to execute
such certificates and to make such representations and warranties, or to provide
any other information or documents, as the Depositary or the Custodian may deem
necessary or proper to fulfill the Depositary's or the Custodian's obligations
under applicable law. The Holders and Beneficial Owners shall indemnify the
Depositary, the Company, the Custodian and any of their respective directors,
employees, agents and Affiliates against, and hold each of them harmless from,
any claims by any governmental authority with respect to taxes, additions to
tax, penalties or interest arising out of any refund of taxes, reduced rate of
withholding at source or other tax benefit obtained.

The Company shall remit to the appropriate governmental authority or agency any
amounts required to be withheld by the Company and owing to such governmental
authority or agency. Upon any such withholding, the Company shall remit to the
Depositary information, in a form satisfactory to the Depositary, about such
taxes or governmental charges withheld or paid, and, if so requested, the tax
receipt (or other proof of payment to the applicable governmental authority)
therefor. The Depositary shall, to the extent required by U.S. law, report to
Holders: (i) any taxes withheld by it; (ii) any taxes withheld by the Custodian,
subject to information being provided to the Depositary by the Custodian; and
(iii) any taxes withheld by the Company, subject to information being provided
to the Depositary by the Company. The Depositary and the Custodian shall not be
required to provide the Holders with any evidence of the remittance by the
Company (or its agents) of any taxes withheld, or of the payment of taxes by the
Company, except to the extent the evidence is provided by the Company to the
Depositary. Neither the Depositary, the Custodian nor the Company shall be
liable for the failure by any Holder or Beneficial Owner to obtain the benefits
of credits on the basis of non-U.S. tax paid against such Holder's or Beneficial
Owner's income tax liability.

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 shall withhold the amount required to be withheld and 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 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 Holders entitled thereto in proportion to the
number of American Depositary Shares held by them respectively.

The Depositary is under no obligation to provide the Holders and Beneficial
Owners with any information about the tax status of the Company. The Depositary
shall not incur any liability for any tax consequences that may be incurred by
Holders and Beneficial Owners on account of their ownership of the American
Depositary Shares.

                                       22
<PAGE>
                                   ARTICLE V
                  THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY

SECTION 5.1    Maintenance of Office and Transfer Books by the Registrar. Until
termination of this Deposit Agreement in accordance with its terms, the
Depositary or if a Registrar for the Receipts shall have been appointed, the
Registrar shall maintain in the Borough of Manhattan, the City of New York, an
office and facilities for the execution and delivery, registration, registration
of transfers, combination and split-up of Receipts, the surrender of Receipts
and the delivery and withdrawal of Deposited Securities in accordance with the
provisions of this Deposit Agreement.

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

The Depositary or the Registrar, as applicable, may close the transfer books
with respect to the Receipts, at any time or from time to time, when deemed
necessary or advisable by it in connection with the performance of its duties
hereunder, or at the reasonable written request of the Company.

If any Receipts or the American Depositary Shares evidenced thereby are listed
on one or more stock exchanges or automated quotation systems in the United
States, the Depositary shall act as Registrar or appoint a Registrar or one or
more co-registrars for registration of Receipts and transfers, combinations and
split-ups, and to countersign such Receipts in accordance with any requirements
of such exchanges or systems. Such Registrar or co-registrars may be removed and
a substitute or substitutes appointed by the Depositary. The Depositary shall
give the Company 30 days prior notice of any change in Registrar.

If any Receipts or the American Depositary Shares evidenced thereby are listed
on one or more securities exchanges, markets or automated quotation systems, (i)
the Depositary shall be entitled to, and shall, take or refrain from taking such
action(s) as it may deem necessary or appropriate to comply with the
requirements of such securities exchange(s), market(s) or automated quotation
system(s) applicable to it, notwithstanding any other provision of this Deposit
Agreement; and (ii) upon the reasonable request of the Depositary, the Company
shall provide the Depositary such information and assistance as may be
reasonably necessary for the Depositary to comply with such requirements, to the
extent that the Company may lawfully do so.

SECTION 5.2    Exoneration. Neither the Depositary, the Custodian or the Company
shall be obligated to do or perform any act which is inconsistent with the
provisions of this Deposit Agreement or shall incur any liability (i) if the
Depositary, the Custodian or the Company or their respective controlling persons
or agents shall be prevented or forbidden from, or delayed in, doing or
performing any act or thing required by the terms of this Deposit Agreement, by
reason of any provision of any present or future law or regulation of the United
States or any state thereof, the Cayman Islands or any other country, or of any
other governmental authority or regulatory authority or stock exchange, or on
account of the possible criminal or civil penalties or restraint, or by reason
of any provision, present or future, of the Company's Memorandum and Articles of
Association or any provision of or governing any Deposited

                                       23
<PAGE>
Securities, or by reason of any act of God or war or other circumstances beyond
its control (including, without limitation, nationalization, expropriation,
currency restrictions, work stoppage, strikes, civil unrest, revolutions,
rebellions, explosions and computer failure), (ii) by reason of any exercise of,
or failure to exercise, any discretion provided for in this Deposit Agreement or
in the Company's Memorandum and Articles of Association or provisions of or
governing Deposited Securities, (iii) for any action or inaction of the
Depositary, the Custodian or the Company or their respective controlling persons
or agents in reliance upon the advice of or information from legal counsel,
accountants, any person presenting Shares for deposit, any Holder, any
Beneficial Owner or authorized representative thereof, or any other person
believed by it in good faith to be competent to give such advice or information,
(iv) for the inability by a Holder or Beneficial Owner to benefit from any
distribution, offering, right or other benefit which is made available to
holders of Deposited Securities but is not, under the terms of this Deposit
Agreement, made available to Holders of American Depositary Shares or (v) for
any special, consequential, indirect or punitive damages for any breach of the
terms of this Deposit Agreement or otherwise.

The Depositary, its controlling persons, its agents, the Custodian and the
Company, its controlling persons and its agents may rely and shall be protected
in acting upon any written notice, request, opinion or other document believed
by it to be genuine and to have been signed or presented by the proper party or
parties.

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

SECTION 5.3    Standard of Care. The Company and the Depositary and their
respective agents assume no obligation and shall not be subject to any liability
under this Deposit Agreement or any Receipts to any Holder(s) or Beneficial
Owner(s) or other persons, except in accordance with Section 5.8, provided, that
the Company and the Depositary and their respective agents agree to perform
their respective obligations specifically set forth in this Deposit Agreement or
the applicable ADRs without gross negligence or willful misconduct.

Without limitation of the foregoing, neither the Depositary, nor the Company,
nor any of their respective controlling persons, or agents, 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 expenses (including fees and disbursements of
counsel) and liabilities be furnished as often as may be required (and no
Custodian shall be under any obligation whatsoever with respect to such
proceedings, the responsibility of the Custodian being solely to the
Depositary).

The Depositary and its agents shall not be liable for any failure to carry out
any instructions to vote any of the Deposited Securities, or for the manner in
which any vote is cast or the effects of any vote. The Depositary shall not
incur any liability for any failure to determine that any distribution or action
may be lawful or reasonably practicable, for the content of any information
submitted to it by the Company for distribution to the Holders or for any
inaccuracy of any translation thereof, for any investment risk associated with
acquiring an interest in the Deposited Securities, for the validity or worth of
the Deposited Securities or for any tax consequences that may result from the
ownership of ADSs, Shares or Deposited Securities, for the creditworthiness of
any third party, for allowing any rights to lapse upon the terms of this Deposit
Agreement or for the failure or timeliness of any notice from the Company, or
for any action or non action by it in reliance upon the opinion, advice of or

                                       24
<PAGE>
information from legal counsel, accountants, any person representing Shares for
deposit, any Holder or any other person believed by it in good faith to be
competent to give such advice or information. The Depositary and its agents
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
gross negligence or willful misconduct while it acted as Depositary.

SECTION 5.4    Resignation and Removal of the Depositary; Appointment of
Successor Depositary. Subject to any other agreements otherwise agreed in
writing between the Company and the Depositary from time to time relating to
resignation and removal of the Depositary, the Depositary may at any time resign
as Depositary hereunder by written notice of resignation delivered to the
Company, such resignation to be effective on the earlier of (i) the 90th day
after delivery thereof to the Company (whereupon the Depositary shall, in the
event no successor depositary has been appointed by the Company, be entitled to
take the actions contemplated in Section 6.2), or (ii) upon the appointment by
the Company of a successor depositary and its acceptance of such appointment as
hereinafter provided, save that, any amounts, fees, costs or expenses owed to
the Depositary hereunder or in accordance with any other agreements otherwise
agreed in writing between the Company and the Depositary from time to time shall
be paid to the Depositary prior to such resignation.

The Company shall use reasonable efforts to appoint such successor depositary,
and give notice to the Depositary of such appointment, not more than 90 days
after delivery by the Depositary of written notice of resignation as provided in
this paragraph. In the event that notice of the appointment of a successor
depositary is not provided by the Company in accordance with the preceding
sentence, the Depositary shall be entitled to take the actions contemplated in
Section 6.2.

The Depositary may at any time be removed by the Company by written notice of
such removal, which removal shall be effective on the later of (i) the 90th day
after delivery thereof to the Depositary (whereupon the Depositary shall be
entitled to take the actions contemplated in Section 6.2), or (ii) upon the
appointment by the Company of a successor depositary and its acceptance of such
appointment as hereinafter provided, save that, any amounts, fees, costs or
expenses owed to the Depositary hereunder or in accordance with any other
agreements otherwise agreed in writing between the Company and the Depositary
from time to time shall be paid to the Depositary prior to such removal.

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 be required by the
Company to 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 (except as required by
applicable law), shall become fully vested with all the rights, powers, duties
and obligations of its predecessor. The predecessor depositary, upon payment of
all sums due to it and on the written request of the Company, shall (i) execute
and deliver an instrument transferring to such successor all rights and powers
of such predecessor hereunder (other than as contemplated in Sections 5.8 and
5.9), (ii)duly assign, transfer and deliver all right, title and interest to the
Deposited Securities to such successor, and (iii) deliver to such successor a
list of the Holders of all outstanding Receipts and such other information
relating to Receipts

                                       25
<PAGE>
and Holders thereof as the successor may reasonably request. Any such successor
depositary shall promptly mail notice of its appointment to such Holders.

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

SECTION 5.5    The Custodian. The Custodian or its successors in acting
hereunder shall be subject at all times and in all respects to the direction of
the Depositary for the Deposited Securities for which the Custodian acts as
custodian and shall be responsible solely to it. If any Custodian resigns or is
discharged from its duties hereunder with respect to any Deposited Securities
and no other Custodian has previously been appointed hereunder, the Depositary
shall promptly appoint a substitute custodian. The Depositary shall require such
resigning or discharged Custodian to deliver the Deposited Securities held by
it, together with all such records maintained by it as Custodian with respect to
such Deposited Securities as the Depositary may request, to the Custodian
designated by the Depositary. Whenever the Depositary determines, in its
discretion, that it is appropriate to do so, it may appoint an additional entity
to act as Custodian with respect to any Deposited Securities, or discharge the
Custodian with respect to any Deposited Securities and appoint a substitute
custodian, which shall thereafter be Custodian hereunder with respect to the
Deposited Securities. After any such change, the Depositary shall give notice
thereof in writing to all Holders.

Upon the appointment of any successor depositary, any Custodian then acting
hereunder shall, unless otherwise instructed by the Depositary, continue to be
the Custodian of the Deposited Securities without any further act or writing and
shall be subject to the direction of the successor depositary. The successor
depositary so appointed shall, nevertheless, on the written request of any
Custodian, execute and deliver to such Custodian all such instruments as may be
proper to give to such Custodian full and complete power and authority to act on
the direction 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 by such holders other than at a meeting,
or of the taking of any action in respect of any cash or other distributions or
the offering of any rights in respect of Deposited Securities, the Company shall
transmit to the Depositary and the Custodian a copy of the notice thereof in
English but otherwise in the form given or to be given to holders of Shares or
other Deposited Securities. The Company shall also furnish to the Custodian and
the Depositary a summary, in English, of any applicable provisions or proposed
provisions of the Company's Memorandum and Articles of Association that may be
relevant or pertain to such notice of meeting or be the subject of a vote
thereat.

The Company will also transmit to the Depositary (a) English language versions
of the other notices, reports and communications which are made generally
available by the Company to holders of its Shares or other Deposited Securities
and (b) English language versions of the Company's annual and other reports
prepared in accordance with the applicable requirements of the Commission. The
Depositary shall arrange, at the request of the Company and at the Company's
expense, unless otherwise agreed in writing by the Company and the Depositary,
for the mailing of copies thereof to all Holders, or by any other means as
agreed between the Company and the Depositary (at the Company's expense, unless
otherwise agreed in writing by the Company and the Depositary) or make such
notices, reports and other communications

                                       26
<PAGE>
available for inspection by all Holders, provided, that, the Depositary shall
have received evidence sufficiently satisfactory to it, including in the form of
an opinion of local and/or U.S. counsel or counsel of other applicable
jurisdiction, furnished at the expense of the Company, as the Depositary
reasonably requests, that the distribution of such notices, reports and any such
other communications to Holders from time to time is valid and does not or will
not infringe any local, U.S. or other applicable jurisdiction regulatory
restrictions or requirements if so distributed and made available to Holders.
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. The Company has
delivered to the Depositary and the Custodian a copy of the Company's Memorandum
and Articles of Association along with the provisions of or governing the Shares
and any other Deposited Securities issued by the Company or any Affiliate of the
Company, in connection with the Shares, in each case along with a certified
English translation thereof, if required, and promptly upon any amendment
thereto or change therein, the Company shall deliver to the Depositary and the
Custodian a copy of such amendment thereto or change therein (along with a
certified English translation thereof, if required). The Depositary may rely
upon such copy for all purposes of this Deposit Agreement.

The Depositary will make available a copy of any such notices, reports or
communications issued by the Company and delivered to the Depositary for
inspection by the Holders of the Receipts evidencing the American Depositary
Shares representing such Shares governed by such provisions at the Depositary's
Principal Office, at the office of the Custodian and at any other designated
transfer office.

SECTION 5.7    Issuance of Additional Shares, ADSs, etc. The Company agrees that
in the event it or any of its Affiliates proposes (i) an issuance, sale or
distribution of additional Shares, (ii) an offering of rights to subscribe for
Shares or other Deposited Securities, (iii) an issuance of securities
convertible into or exchangeable for Shares, (iv) an issuance of rights to
subscribe for securities convertible into or exchangeable for Shares, (v) an
elective dividend of cash or Shares, (vi) a redemption of Deposited Securities,
(vii) a meeting of holders of Deposited Securities, or solicitation of consents
or proxies, relating to any reclassification of securities, merger or
consolidation or transfer of assets or (viii) any reclassification,
recapitalization, reorganization, merger, consolidation or sale of assets which
affects the Deposited Securities, it will obtain U.S. legal advice and take all
steps necessary to ensure that the application of the proposed transaction to
Holders and Beneficial Owners does not violate the registration provisions of
the Securities Act, or any other applicable laws (including, without limitation,
the Investment Company Act of 1940, as amended, the Exchange Act or the
securities laws of the states of the United States). In support of the
foregoing, at the request of the Depositary, the Company will furnish to the
Depositary, at it's own expense, (a) a written opinion of U.S. counsel
(reasonably satisfactory to the Depositary) stating whether or not application
of such transaction to Holders and Beneficial Owners (1) requires a registration
statement under the Securities Act to be in effect or (2) is exempt from the
registration requirements of the Securities Act and (b) an opinion of Cayman
Islands counsel (reasonably satisfactory to the Depositary) stating that (1)
making the transaction available to Holders and Beneficial Owners does not
violate the laws or regulations of the Cayman Islands and (2) all requisite
regulatory consents and approvals have been obtained in the Cayman Islands. If
the filing of a registration statement is required, the Depositary shall not
have any obligation to proceed with the transaction unless it shall have
received evidence reasonably satisfactory to it that such registration statement
has been declared effective and

                                       27
<PAGE>
that such distribution is in accordance with all applicable laws or regulations.
If, being advised by counsel, the Company determines that a transaction is
required to be registered under the Securities Act, the Company will either (i)
register such transaction to the extent necessary, (ii) alter the terms of the
transaction to avoid the registration requirements of the Securities Act or
(iii) direct the Depositary to take specific measures, in each case as
contemplated in this Deposit Agreement, to prevent such transaction from
violating the registration requirements of the Securities Act.

The Company agrees with the Depositary that neither the Company nor any of its
Affiliates will at any time (i) deposit any Shares or other Deposited
Securities, either upon original issuance or upon a sale of Shares or other
Deposited Securities previously issued and reacquired by the Company or by any
such Affiliate, or (ii) issue additional Shares, rights to subscribe for such
Shares, securities convertible into or exchangeable for Shares or rights to
subscribe for such securities, unless such transaction and the securities
issuable in such transaction are exempt from registration under the Securities
Act or have been registered under the Securities Act (and such registration
statement has been declared effective).

Notwithstanding anything else contained in this Deposit Agreement, nothing in
this Deposit Agreement shall be deemed to obligate the Company to file any
registration statement in respect of any proposed transaction.

SECTION 5.8    Indemnification. The Company agrees to indemnify the Depositary,
any Custodian and each of their respective directors, officers, employees,
agents and Affiliates against, and hold each of them harmless from, any losses,
liabilities, taxes, costs, claims, judgments, proceedings, actions, demands and
any charges or expenses of any kind whatsoever (including, but not limited to,
reasonable attorney's fees and expenses and, in each case, fees and expenses of
counsel, in each case, irrevocable value added tax and any similar tax charged
or otherwise imposed in respect thereof) (collectively referred to as "Losses")
which the Depositary or any agent thereof may incur or which may be made against
it as a result of or in connection with its appointment or the exercise of its
powers and duties under this Agreement or that may arise (a) out of or in
connection with any offer, issuance, sale, resale, transfer, deposit or
withdrawal of Receipts, American Depositary Shares, the Shares, or other
Deposited Securities, as the case may be, (b) out of or in connection with any
offering documents in respect thereof or (c) out of or in connection with acts
performed or omitted, including, but not limited to, any delivery by the
Depositary on behalf of the Company of information regarding the Company in
connection with this Deposit Agreement, the Receipts, the American Depositary
Shares, the Shares, or any Deposited Securities, in any such case (i) by the
Depositary, the Custodian or any of their respective directors, officers,
employees, agents and Affiliates, except to the extent any such Losses arises
out of the negligence or bad faith of any of them, or (ii) by the Company or any
of its directors, officers, employees, agents and Affiliates. Notwithstanding
the above, in no event shall the Depositary or any of its directors, officers,
employees, agents and/or Affiliates be liable for any indirect, special,
punitive or consequential damages to the Company, Holders, Beneficial Owners or
any other person. The indemnities contained in this paragraph shall not extend
to any Loss that arises out of information (or omissions from such information)
relating to the Indemnified Persons, furnished in writing to the Company by such
Indemnified Person expressly for use in any registration statement, prospectus
or proxy statement under the Securities Act.

The Depositary agrees to indemnify the Company, its directors, officers,
employees, agents and Affiliates against and hold each of them harmless from any
Losses which may arise out

                                       28
<PAGE>
of acts performed or omitted to be performed by the Depositary or its directors,
employees, agents and Affiliates, Custodian or Registrar due to their negligence
or bad faith.

Any person seeking indemnification hereunder (an "Indemnified Person") shall
notify the person from whom it is seeking indemnification (the "Indemnifying
Person") of the commencement of any indemnifiable action or claim promptly after
such Indemnified Person becomes aware of such commencement (provided that the
failure to make such notification shall not affect such Indemnified Person's
rights to indemnification except to the extent the Indemnifying Person is
materially prejudiced by such failure) and shall consult in good faith with the
Indemnifying Person as to the conduct of the defense of such action or claim
that may give rise to an indemnity hereunder, which defense shall be reasonable
under the circumstances. No Indemnified Person shall compromise or settle any
action or claim that may give rise to an indemnity hereunder without the consent
of the Indemnifying Person, which consent shall not be unreasonably withheld.

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

SECTION 5.9    Fees and Charges of Depositary. The Company, the Holders, the
Beneficial Owners, and persons depositing Shares or surrendering ADSs for
cancellation and withdrawal of Deposited Securities shall be required to pay to
the Depositary the Depositary's fees and related charges identified as payable
by them respectively as provided for under Article 9 of the Form of Receipt
attached hereto as Exhibits A and B; provided, however, that no fees shall be
payable upon distribution of cash dividends so long as the charging of such fee
is prohibited by the exchange, if any, upon which the ADSs are listed. All fees
and charges so payable may, at any time and from time to time, be changed by
agreement between the Depositary and the Company, but, in the case of fees and
charges payable by Holders and Beneficial Owners, only in the manner
contemplated in Section 6.1. The Depositary shall provide, without charge, a
copy of its latest fee schedule to anyone upon request.

The Depositary and the Company may reach separate agreement in relation to the
payment of any additional remuneration to the Depositary in respect of any
exceptional duties which the Depositary finds necessary or desirable and agreed
by both parties in the performance of its obligations hereunder and in respect
of the actual costs and expenses of the Depositary in respect of any notices
required to be given to the Holders in accordance with Article 20 of the Form of
Receipt attached hereto as Exhibits A and B.

In connection with any payment by the Company to the Depositary:

     (i)  all fees, taxes, duties, charges, costs and expenses which are payable
          by the Company shall be paid or be procured to be paid by the Company
          (and any such amounts which are paid by the Depositary shall be
          reimbursed to the Depositary by the Company upon demand therefor); and

     (ii) such payment shall be subject to all necessary Cayman Islands exchange
          control and other consents and approvals having been obtained. The
          Company undertakes to use its reasonable endeavours to obtain all
          necessary approvals that are required to be obtained by it in this
          connection.

                                       29
<PAGE>
     (iii) the Depositary may request, in its sole but reasonable discretion
          after reasonable consultation with the Company, an opinion of counsel
          regarding New York law, the laws of the Cayman Islands, or the laws of
          any other relevant jurisdiction, to be furnished at the expense of the
          Company, if at any time it deems it necessary to seek such an opinion
          of counsel regarding the validity of any action to be taken or
          instructed to be taken under this Agreement.

The Company agrees to promptly pay to the Depositary such other fees, charges
and expenses and to reimburse the Depositary for such out-of-pocket expenses as
the Depositary and the Company may agree to in writing from time to time.
Responsibility for payment of such charges may at any time and from time to time
be changed by agreement between the Company and the Depositary. Unless otherwise
agreed, the Depositary shall present its statement for such expenses and fees or
charges to the Company once every three months.

All payments by the Company to the Depositary under this Section 5.9 shall be
paid without set-off or counterclaim, and free and clear of and without
deduction or withholding for or on account of, any present or future taxes,
levies, imports, duties, fees, assessments or other charges of whatever nature,
imposed by the Cayman Islands or by any department, agency or other political
subdivision or taxing authority thereof or therein, and all interest, penalties
or similar liabilities with respect thereto.

The right of the Depositary to receive payment of fees, charges and expenses as
provided above shall survive the termination of this Deposit Agreement to the
extent such fees, charges and expenses have been incurred prior to such
termination. As to any Depositary, upon the resignation or removal of such
Depositary as described in Section 5.4 hereof, such right shall only extend for
those fees, charges and expenses incurred prior to the effectiveness of such
resignation or removal.

SECTION 5.10   Restricted Securities Owners/Ownership Restrictions. From time to
time or upon the reasonable request of the Depositary, 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 Depositary may rely on
such a list or update but shall not be liable for any action or omission made in
reliance thereon. The Company agrees to advise in writing each of the persons or
entities who, to the knowledge of the Company, holds Restricted Securities that
such Restricted Securities are ineligible for deposit hereunder. The Company
shall, in accordance with Article 24 of the Form of Receipt attached hereto as
Exhibits A and B, inform Holders and Beneficial Owners and the Depositary of any
other limitations on ownership of Shares that the Holders and Beneficial Owners
may be subject to by reason of the number of American Depositary Shares held
under the Articles of Incorporation of the Company or applicable Cayman Islands
law, as such restrictions may be in force from time to time.

                                   ARTICLE VI
                            AMENDMENT AND TERMINATION

SECTION 6.1    Amendment/Supplement. Subject to the terms and conditions of this
Section 6.1 and applicable law, the Receipts outstanding at any time, the
provisions of this Deposit Agreement and the form of Receipt attached hereto and
to be issued under the terms hereof may at any time and from time to time be
amended or supplemented by written

                                       30
<PAGE>
agreement between the Company and the Depositary in any respect which they may
deem necessary or desirable and not materially prejudicial to the Holders
without the consent of the Holders or Beneficial Owners. Any amendment or
supplement which shall impose or increase any fees or charges (other than
charges in connection with foreign exchange control regulations, and taxes and
other governmental charges, delivery and other such expenses), or which shall
otherwise materially prejudice any substantial existing right of Holders or
Beneficial Owners, shall not, however, become effective as to outstanding
Receipts until 30 days after notice of such amendment or supplement shall have
been given to the Holders of outstanding Receipts. The parties hereto agree that
any amendments or supplements which (i) are reasonably necessary (as agreed by
the Company and the Depositary) in order for (a) the American Depositary Shares
to be registered on Form F-6 under the Securities Act or (b) the American
Depositary Shares or the Shares to be traded solely in electronic book-entry
form and (ii) do not in either such case impose or increase any fees or charges
to be borne by Holders, shall be deemed not to materially prejudice any
substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial
Owner at the time any amendment or supplement so becomes effective shall be
deemed, by continuing to hold such American Depositary Share or Shares, to
consent and agree to such amendment or supplement and to be bound by the Deposit
Agreement as amended and supplemented thereby. In no event shall any amendment
or supplement impair the right of the Holder to surrender such Receipt and
receive therefor the Deposited Securities represented thereby, except in order
to comply with mandatory provisions of applicable law. Notwithstanding the
foregoing, if any governmental body should adopt new laws, rules or regulations
which would require amendment or supplement of the Deposit Agreement to ensure
compliance therewith, the Company and the Depositary may amend or supplement the
Deposit Agreement and the Receipt at any time in accordance with such changed
laws, rules or regulations. Such amendment or supplement to the Deposit
Agreement in such circumstances may become effective before a notice of such
amendment or supplement is given to Holders or within any other period of time
as required for compliance with such laws, rules or regulations.

SECTION 6.2    Termination. The Depositary shall, at any time at the written
direction of the Company, terminate this Deposit Agreement by mailing notice of
such termination to the Holders of all Receipts then outstanding at least 90
days prior to the date fixed in such notice for such termination, provided that,
the Depositary shall be reimbursed for any amounts, fees, costs or expenses owed
to it in accordance with the terms of this Deposit Agreement and in accordance
with any other agreements as otherwise agreed in writing between the Company and
the Depositary from time to time, prior to such termination shall take effect.
If 90 days shall have expired after (i) the Depositary shall have delivered to
the Company a written notice of its election to resign, or (ii) the Company
shall have delivered to the Depositary a written notice of the removal of the
Depositary, and in either case a successor depositary shall not have been
appointed and accepted its appointment as provided in Section 5.4, the
Depositary may terminate this Deposit Agreement by mailing notice of such
termination to the Holders of all Receipts then outstanding at least 30 days
prior to the date fixed for such termination. On and after the date of
termination of this Deposit Agreement, the Holder will, upon surrender of such
Receipt at the Principal Office of the Depositary, upon the payment of the
charges of the Depositary for the surrender of Receipts referred to in Section
2.6 and subject to the conditions and restrictions therein set forth, and upon
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 such Receipt. If any Receipts shall remain outstanding after the
date of termination of this Deposit Agreement, the Registrar thereafter shall
discontinue the registration of transfers of Receipts, and the Depositary shall
suspend

                                       31
<PAGE>
the distribution of dividends to the Holders 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 or other
property as provided in this Deposit Agreement, and shall continue to deliver
Deposited Securities, subject to the conditions and restrictions set forth in
Section 2.6, 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, or charging, as the case may be, in each case, the charges of the
Depositary for the surrender of a Receipt, any expenses for the account of the
Holder in accordance with the terms and conditions of this Deposit Agreement and
any applicable taxes or governmental charges or assessments). At any time after
the expiration of six months from the date of termination of this Deposit
Agreement, 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, in an unsegregated account,
without liability for interest for the pro rata benefit of the Holders of
Receipts whose Receipts have not theretofore been surrendered. After making such
sale, the Depositary shall be discharged from all obligations under this Deposit
Agreement with respect to the Receipts and the Shares, Deposited Securities and
American Depositary Shares, except to account for such net proceeds and other
cash (after deducting, or charging, as the case may be, in each case, the
charges of the Depositary for the surrender of a Receipt, any expenses for the
account of the Holder in accordance with the terms and conditions of this
Deposit Agreement and any applicable taxes or governmental charges or
assessments). Upon the termination of this Deposit Agreement, the Company shall
be discharged from all obligations under this Deposit Agreement unless provided
otherwise in this Deposit Agreement.

                                   ARTICLE VII
                                  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 together shall constitute one and the same agreement. Copies
of this Deposit Agreement shall be maintained with the Depositary and shall be
open to inspection by any Holder during business hours.

SECTION 7.2    No Third-Party Beneficiaries. This Deposit Agreement is for the
exclusive benefit of the parties hereto (and their successors) and shall not be
deemed to give any legal or equitable right, remedy or claim whatsoever to any
other person, except to the extent specifically set forth in this Deposit
Agreement. Nothing in this Deposit Agreement shall be deemed to give rise to a
partnership or joint venture among the parties hereto nor establish a fiduciary
or similar relationship among the parties. The parties hereto acknowledge and
agree that (i) the Depositary and its Affiliates may at any time have multiple
banking relationships with the Company and its Affiliates, (ii) the Depositary
and its Affiliates may be engaged at any time in transactions in which parties
adverse to the Company or the Holders or Beneficial Owners may have interests
and (iii) nothing contained in this Agreement shall (a) preclude the Depositary
or any of its Affiliates from engaging in such transactions or establishing or
maintaining such relationships, or (b) obligate the Depositary or any of its
Affiliates to disclose such transactions or relationships or to account for any
profit made or payment received in such transactions or relationships.

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

                                       32
<PAGE>
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 Beneficial Owners as Parties; Binding Effect. The
Holders and Beneficial Owners from time to time of American Depositary Shares
shall be parties to the Deposit Agreement and shall be bound by all of the terms
and conditions hereof and of any Receipt by acceptance hereof or any beneficial
interest therein.

SECTION 7.5    Notices. Any and all notices to be given to the Company shall be
deemed to have been duly given if personally delivered or sent by mail, air
courier or cable, telex, facsimile transmission or electronic transmission,
confirmed by letter, addressed to China Digital TV Holding Co., Ltd., Jingmeng
High-Tech Building B, 4th Floor, No. 5 Shangdi East Road, Haidian District,
Beijing 100085, People's Republic of China, Attention: Liang Xu, Chief Financial
Officer, or to any other address which the Company may specify in writing to the
Depositary.

Any and all notices to be given to the Depositary shall be deemed to have been
duly given if personally delivered or sent by mail, air courier or cable, telex,
facsimile transmission or by electronic transmission (if agreed by the Company
and the Depositary), at the Company's expense, unless otherwise agreed in
writing between the Company and the Depositary, confirmed by letter, addressed
to Deutsche Bank Trust Company Americas, 60 Wall Street, New York, New York
10005, USA Attention: ADR Department, telephone: (001)212602-1044, facsimile:
(001)212797-0327 or to any other address which the Depositary may specify in
writing to the Company.

Any and all notices to be given to any Holder shall be deemed to have been duly
given if personally delivered or sent by mail or cable, telex, facsimile
transmission or by electronic transmission (if agreed by the Company and the
Depositary), at the Company's expense, unless otherwise agreed in writing
between the Company and the Depositary, addressed to such Holder at the address
of such Holder as it appears on the transfer books for Receipts 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 specified in such request. Notice to Holders shall be deemed to
be notice to Beneficial Owners for all purposes of this Deposit Agreement.

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

SECTION 7.6    Governing Law and Jurisdiction. This Deposit Agreement and the
Receipts shall be interpreted in accordance with, and all rights hereunder and
thereunder and provisions hereof and thereof shall be governed by, the laws of
the State of New York without reference to the principles of choice of law
thereof. Except as set forth in the following paragraph of this Section 7.6, the
parties to this Deposit Agreement agree that the federal or state courts in the
City of New York shall have jurisdiction to hear and determine any suit, action
or proceeding and to settle any dispute between them that may arise out of or

                                       33
<PAGE>
in connection with this Deposit Agreement and, for such purposes, each
irrevocably submits to the non-exclusive jurisdiction of such courts. The
Company hereby irrevocably designates, appoints and empowers CT Corporation
System (the "Authorised Agent"), now at 111 Eighth Avenue, New York, New York
10011, as its authorized agent to receive and accept for and on its behalf, and
on behalf of its properties, assets and revenues, service by mail of any and all
legal process, summons, notices and documents that may be served in any suit,
action or proceeding brought against the Company in any federal or state court
as described in the preceding sentence or in the next paragraph of this Section
7.6. If for any reason the Authorised Agent shall cease to be available to act
as such, the Company agrees to designate a new agent in the City of New York on
the terms and for the purposes of this Section 7.6 reasonably satisfactory to
the Depositary. The Company further hereby irrevocably consents and agrees to
the service of any and all legal process, summons, notices and documents in any
suit, action or proceeding against the Company, by service by mail of a copy
thereof upon the Authorised Agent (whether or not the appointment of such
Authorised Agent shall for any reason prove to be ineffective or such Agent
shall fail to accept or acknowledge such service), with a copy mailed to the
Company by registered or certified air mail, postage prepaid, to its address
provided in Section 7.5. The Company agrees that the failure of the Authorised
Agent to give any notice of such service to it shall not impair or affect in any
way the validity of such service or any judgment rendered in any action or
proceeding based thereon.

Notwithstanding the foregoing, the Depositary and the Company unconditionally
agree that in the event that a Holder or Beneficial Owner brings a suit, action
or proceeding against (a) the Company, (b) the Depositary in its capacity as
Depositary under this Deposit Agreement or (c) against both the Company and the
Depositary, in any state or federal court of the United States, and the
Depositary or the Company have any claim, for indemnification or otherwise,
against each other arising out of the subject matter of such suit, action or
proceeding, then the Company and the Depositary may pursue such claim against
each other in the state or federal court in the United States in which such
suit, action, or proceeding is pending, and for such purposes, the Company and
the Depositary irrevocably submit to the non-exclusive jurisdiction of such
courts. The Company agrees that service of process upon the Agent in the manner
set forth in the preceding paragraph shall be effective service upon it for any
suit, action or proceeding brought against it as described in this paragraph.

The Company irrevocably and unconditionally waives, to the fullest extent
permitted by law, any objection that it may now or hereafter have to the laying
of venue of any actions, suits or proceedings brought in any court as provided
in this Section 7.6, and hereby further irrevocably and unconditionally waives
and agrees not to plead or claim in any such court that any such action, suit or
proceeding brought in any such court has been brought in an inconvenient forum.

In the event the Depositary is advised that a judgment of a court in the United
States may not be recognized, the following provisions shall apply:

     (i)  Any controversy, claim or cause of action brought by any party or
          parties hereto against any other party or parties hereto arising out
          of or relating to the Deposit Agreement shall be settled by
          arbitration in accordance with the Commercial Arbitration Rules of the
          American Arbitration Association, and judgment upon the award rendered
          by the arbitrators may be entered in any court having jurisdiction
          thereof.

                                       34
<PAGE>
     (ii) The place of the arbitration shall be the City of New York, State of
          New York, United States, and the language of the arbitration shall be
          English.

     (iii) The number of arbitrators shall be three, each of whom shall be
          disinterested in the dispute or controversy, shall have no connection
          with any party thereto, and shall be an attorney experienced in
          international securities transactions. Each party shall appoint one
          arbitrator and the two arbitrators shall select a third arbitrator who
          shall serve as chairperson of the tribunal. If a dispute, controversy
          or cause of action shall involve more than two parties, the parties
          shall attempt to align themselves in two sides (i.e., claimant and
          respondent), each of which shall appoint one arbitrator as if there
          were only two parties to such dispute, controversy or cause of action.
          If either or both parties fail to select an arbitrator, or if such
          alignment (in the event there is more than two parties) shall not have
          occurred, within sixty days after the initiating party serves the
          arbitration demand or the two arbitrators fail to select a third
          arbitrator within sixty days of the selection of the second
          arbitrator, the American Arbitration Association shall appoint the
          arbitrator or arbitrators in accordance with its rules. The parties
          and the American Arbitration Association may appoint the arbitrators
          from among the nationals of any country, whether or not a party is a
          national of that country.

     (iv) The arbitrators shall have no authority to award damages not measured
          by the prevailing party's actual damages and shall have no authority
          to award any consequential, special or punitive damages, and may not,
          in any event, make any ruling, finding or award that does not conform
          to the terms and conditions of this Deposit Agreement.

     (v)  In the event any third-party action or proceeding is instituted
          against the Depositary relating to or arising from any act or failure
          to act by the Company, the Company hereby submits to the personal
          jurisdiction of the court or administrative agency in which such
          action or proceeding is brought.

The provisions of this Section 7.6 shall survive any termination of this Deposit
Agreement, in whole or in part.

SECTION 7.7    Assignment. Subject to the provisions of Section 5.4, this
Deposit Agreement may not be assigned by either the Company or the Depositary.

SECTION 7.8    Agents. The Depositary shall be entitled, in its sole but
reasonable discretion, to appoint one or more agents (the "Agents") of which it
shall have control for the purpose, inter alia, of making distributions to the
Holders or otherwise carrying out its obligations under this Agreement.

SECTION 7.9    Exclusivity. The Company agrees not to appoint any other
depositary for the issuance or administration of depositary receipts evidencing
any class of stock of the Company so long as Deutsche Bank Trust Company
Americas is acting as Depositary hereunder.

SECTION 7.10   Compliance with U.S. Securities Laws. Notwithstanding anything
in this Deposit Agreement to the contrary, the withdrawal or delivery of
Deposited Securities will not be suspended by the Company or the Depositary
except as would be permitted by

                                       35
<PAGE>
Instruction I.A.(1) of the General Instructions to Form F-6 Registration
Statement, as amended from time to time, under the Securities Act.

SECTION 7.11   Titles. All references in this Deposit Agreement to exhibits,
articles, sections, subsections, and other subdivisions refer to the exhibits,
articles, sections, subsections and other subdivisions of this Deposit Agreement
unless expressly provided otherwise. The words "this Deposit Agreement",
"herein", "hereof", "hereby", "hereunder", and words of similar import refer to
the Deposit Agreement as a whole as in effect between the Company, the
Depositary and the Holders and Beneficial Owners of ADSs and not to any
particular subdivision unless expressly so limited. Pronouns in masculine,
feminine and neuter gender shall be construed to include any other gender, and
words in the singular form shall be construed to include the plural and vice
versa unless the context otherwise requires. Titles to sections of this Deposit
Agreement are included for convenience only and shall be disregarded in
construing the language contained in this Deposit Agreement.

                                       36
<PAGE>
IN WITNESS WHEREOF, CHINA DIGITAL TV HOLDING CO., LTD. and DEUTSCHE BANK TRUST
COMPANY AMERICAS have duly executed this Deposit Agreement as of the day and
year first above set forth and all Holders and Beneficial Owners shall become
parties hereto upon acceptance by them of American Depositary Shares evidenced
by Receipts issued in accordance with the terms hereof.

     CHINA DIGITAL TV HOLDING CO., LTD.


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


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


     DEUTSCHE BANK TRUST COMPANY AMERICAS


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


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

<PAGE>
                                                               CUSIP 16938G 107

                                                               ISIN US16938G1076

                                                      American Depositary Shares
                                                       (Each American Depositary
                                                    Share representing one
                                                     Fully Paid Ordinary Share)

                                    EXHIBIT A

                            [FORM OF FACE OF RECEIPT]

                           AMERICAN DEPOSITARY RECEIPT

                                       FOR

                           AMERICAN DEPOSITARY SHARES

                                  representing

                            DEPOSITED ORDINARY SHARES

                                       Of

                       CHINA DIGITAL TV HOLDING CO., LTD.

               (Incorporated under the laws of the Cayman Islands)

DEUTSCHE BANK TRUST COMPANY AMERICAS, as depositary (herein called the
"Depositary"), hereby certifies that _____________is the owner of ______________
American Depositary Shares (hereinafter "ADS"), representing deposited ordinary
shares, each of Par Value of $0.0005 including evidence of rights to receive
such ordinary shares (the "Shares") of China Digital TV Holding Co., Ltd. (the
"Company"), a company incorporated under the laws of the Cayman Islands (the
"Company"). As of the date of the Deposit Agreement (hereinafter referred to),
each ADS represents one Share deposited under the Deposit Agreement with the
Custodian which at the date of execution of the Deposit Agreement is Deutsche
Bank AG, Hong Kong Branch (the "Custodian"). The ratio of Depositary Shares to
shares of stock is subject to subsequent amendment as provided in Article IV of
the Deposit Agreement. The Depositary's Principal Office is located at 60 Wall
Street, New York, New York 10005, U.S.A.

(1)  The Deposit Agreement. This American Depositary Receipt is one of an issue
     of American Depositary Receipts ("Receipts"), all issued and to be issued
     upon the terms and conditions set forth in the Deposit Agreement, dated as
     of [o], 2007 (as amended from time to time, the "Deposit Agreement"), by
     and among the Company,

                                       A-1
<PAGE>
     the Depositary, and all Holders and Beneficial Owners from time to time of
     Receipts issued thereunder, each of whom by accepting a Receipt agrees to
     become a party thereto and becomes bound by all the terms and conditions
     thereof. The Deposit Agreement sets forth the rights and obligations of
     Holders and Beneficial Owners of 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, other securities, property
     and cash are herein called "Deposited Securities"). Copies of the Deposit
     Agreement are on file at the Principal Office of the Depositary and the
     Custodian.

     Each owner and each Beneficial Owner, upon acceptance of any ADSs (or any
     interest therein) issued in accordance with the terms and conditions of the
     Deposit Agreement, shall be deemed for all purposes to (a) be a party to
     and bound by the terms of the Deposit Agreement and applicable ADR(s), and
     (b) appoint the Depositary its attorney-in-fact, with full power to
     delegate, to act on its behalf and to take any and all actions contemplated
     in the Deposit Agreement and the applicable ADR(s), to adopt any and all
     procedures necessary to comply with applicable law and to take such action
     as the Depositary in its sole discretion may deem necessary or appropriate
     to carry out the purposes of the Deposit Agreement and the applicable
     ADR(s), the taking of such actions to be the conclusive determinant of the
     necessity and appropriateness thereof.

     The statements made on the face and reverse of this Receipt are summaries
     of certain provisions of the Deposit Agreement and the Company's Memorandum
     and Articles of Association (as in effect on the date of the Deposit
     Agreement) and are qualified by and subject to the detailed provisions of
     the Deposit Agreement, to which reference is hereby made. All capitalized
     terms used herein which are not otherwise defined herein shall have the
     meanings ascribed thereto in the Deposit Agreement. The Depositary makes no
     representation or warranty as to the validity or worth of the Deposited
     Securities. The Depositary has made arrangements for the acceptance of the
     American Depositary Shares into DTC. Each Beneficial Owner of American
     Depositary Shares held through DTC must rely on the procedures of DTC and
     the DTC participants to exercise and be entitled to any rights attributable
     to such American Depositary Shares. The Receipt evidencing the American
     Depositary Shares held through DTC will be registered in the name of a
     nominee of DTC. So long as the American Depositary Shares are held through
     DTC or unless otherwise required by law, ownership of beneficial interests
     in the Receipt registered in the name of DTC (or its nominee) will be shown
     on, and transfers of such ownership will be effected only through, records
     maintained by (i) DTC (or its nominee), or (ii) DTC participants (or their
     nominees).

(2)  Surrender of Receipts and Withdrawal of Deposited Securities. Upon
     surrender, at the Principal Office of the Depositary, of ADSs evidenced by
     this Receipt for the purpose of withdrawal of the Deposited Securities
     represented thereby, and upon payment of (i) the charges of the Depositary
     for the making of withdrawals and cancellation of Receipts (as set forth in
     Article (9) hereof and in Section 5.9 and Exhibit A of the Deposit
     Agreement) and (ii) all fees, taxes and governmental charges payable in
     connection with such surrender and withdrawal, and, subject to the terms
     and conditions of the Deposit Agreement, the Company's Memorandum and
     Articles of Association, Section 7.9 of the Deposit Agreement, Article (22)
     of this Receipt and

                                      A-2
<PAGE>
     the provisions of or governing the Deposited Securities and other
     applicable laws, the Holder of the American Depositary Shares evidenced
     hereby is entitled to delivery, to him or upon his order, of the Deposited
     Securities represented by the ADS so surrendered. Subject to the last
     sentence of this paragraph, such Deposited Securities may be delivered in
     certificated form or by electronic delivery. ADS may be surrendered for the
     purpose of withdrawing Deposited Securities by delivery of a Receipt
     evidencing such ADS (if held in registered form) or by book-entry delivery
     of such ADS to the Depositary.

     A Receipt surrendered for such purposes shall, if so required by the
     Depositary, be properly endorsed in blank or accompanied by proper
     instruments of transfer in blank, and if the Depositary so requires, the
     Holder thereof shall execute and deliver to the Depositary a written order
     directing the Depositary to cause the Deposited Securities being withdrawn
     to be delivered to or upon the written order of a person or persons
     designated in such order. Thereupon, the Depositary shall direct the
     Custodian to Deliver (without unreasonable delay) at the designated office
     of the Custodian (subject to the terms and conditions of the Deposit
     Agreement, to the Company's Memorandum and Articles of Association, and to
     the provisions of or governing the Deposited Securities and applicable
     laws, now or hereafter in effect), to or upon the written order of the
     person or persons designated in the order delivered to the Depositary as
     provided above, the Deposited Securities represented by such ADSs, together
     with any certificate or other proper documents of or relating to title for
     the Deposited Securities or evidence of the electronic transfer thereof (if
     available) as the case may be to or for the account of such person. The
     Depositary may make delivery to such person or persons at the Principal
     Office of the Depositary of any dividends or distributions with respect to
     the Deposited Securities represented 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.

     The Depositary may, in its discretion, refuse to accept for surrender a
     number of American Depositary Shares representing a number of Shares other
     than a whole number of Shares. In the case of surrender of a Receipt
     evidencing a number of ADSs representing other than a whole number of
     Shares, the Depositary shall cause ownership of the appropriate whole
     number of Shares to be delivered in accordance with the terms hereof, and
     shall, at the discretion of the Depositary, either (i) issue and deliver to
     the person surrendering such Receipt a new Receipt evidencing American
     Depositary Shares representing any remaining fractional Share, or (ii) sell
     or cause to be sold the fractional Shares represented by the Receipt so
     surrendered and remit the proceeds thereof (net of (a) applicable fees and
     charges of, and expenses incurred by, the Depositary and (b) taxes
     withheld) to the person surrendering the Receipt. At the request, risk and
     expense of any Holder so surrendering a Receipt, and for the account of
     such Holder, the Depositary shall direct the Custodian to forward (to the
     extent permitted by law) any cash or other property (other than securities)
     held in respect of, and any certificate or certificates and other proper
     documents of or relating to title to, the Deposited Securities represented
     by such Receipt to the Depositary for delivery at the Principal Office of
     the Depositary, and for further delivery to such Holder. Such direction
     shall be given by letter or, at the request, risk and expense of such
     Holder, by cable, telex or facsimile transmission

                                      A-3
<PAGE>
(3)  Transfers, Split-Ups and Combinations of Receipts. Subject to the terms and
     conditions of the Deposit Agreement, the Registrar shall register transfers
     of Receipts on its books, upon surrender at the Principal Office of the
     Depositary of a Receipt by the Holder thereof in person or by duly
     authorized attorney, properly endorsed or accompanied by proper instruments
     of transfer (including signature guarantees in accordance with standard
     industry practice) and duly stamped as may be required by the laws of the
     State of New York and of the United States of America, of the Cayman
     Islands and of any other applicable jurisdiction. Subject to the terms and
     conditions of the Deposit Agreement, including payment of the applicable
     fees and charges of the Depositary, the Depositary shall execute and
     deliver a new Receipt(s) (and if necessary, cause the Registrar to
     countersign such Receipt(s)) and deliver same to or upon the order of the
     person entitled to such Receipts evidencing the same aggregate number of
     ADSs as those evidenced by the Receipts surrendered. Upon surrender of a
     Receipt or Receipts for the purpose of effecting a split-up or combination
     of such Receipt or Receipts upon payment of the applicable fees and charges
     of the Depositary, and subject to the terms and conditions of the Deposit
     Agreement, the Depositary shall execute and deliver a new Receipt or
     Receipts for any authorized number of ADSs requested, evidencing the same
     aggregate number of ADSs as the Receipt or Receipts surrendered.

(4)  Pre-Conditions to Registration, Transfer, Etc. 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 or the Custodian may require (i) payment from the depositor of
     Shares or 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 and charges of the Depositary as provided in the Deposit
     Agreement and in this Receipt, (ii) the production of proof satisfactory to
     it as to the identity and genuineness of any signature or any other matters
     and (iii) compliance with (A) any laws or governmental regulations relating
     to the execution and delivery of Receipts and ADSs or to the withdrawal of
     Deposited Securities and (B) such reasonable regulations of the Depositary
     or the Company consistent with the Deposit Agreement and applicable law.

     The issuance of ADSs against deposits of Shares generally or against
     deposits of particular Shares may be suspended, or the issuance of ADSs
     against the deposit of particular Shares may be withheld, or the
     registration of transfer of Receipts in particular instances may be
     refused, or the registration of transfer of 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, in good faith, at any time or from time to time
     because of any requirement of law, any government or governmental body or
     commission or any securities exchange upon which the Receipts or Share are
     listed, or under any provision of the Deposit Agreement or provisions of,
     or governing, the Deposited Securities or any meeting of shareholders of
     the Company or for any other reason, subject in all cases to Article (22)
     hereof. Notwithstanding any provision of the Deposit Agreement or this
     Receipt to the contrary, the Holders of Receipts are entitled to surrender
     outstanding ADSs to withdraw the Deposited Securities at any time subject
     only to (i) temporary delays caused by closing the transfer books of the

                                      A-4
<PAGE>
     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, (iii) compliance with any U.S.
     or foreign laws or governmental regulations relating to the Receipts or to
     the withdrawal of the Deposited Securities, and (iv) other circumstances
     specifically contemplated by Section I.A.(l) of the General Instructions to
     Form F-6 (as such General Instructions may be amended from time to time).
     Without limitation of the foregoing, the Depositary shall not knowingly
     accept for deposit under the Deposit Agreement any Shares or other
     Deposited Securities required to be registered under the provisions of the
     Securities Act of 1933, as amended, unless a registration statement is in
     effect as to such Shares.

(5)  Compliance With Information Requests. Notwithstanding any other provision
     of the Deposit Agreement or this Receipt, each Holder and Beneficial Owner
     of the ADSs represented hereby agrees to comply with requests from the
     Company pursuant to the laws of the Cayman Islands, the rules and
     requirements of The New York Stock Exchange and any other stock exchange on
     which the Shares are, or will be registered, traded or listed, the
     Company's Memorandum and Articles of Association, which are made to provide
     information as to the capacity in which such Holder or Beneficial Owner
     owns ADSs and regarding the identity of any other person interested in such
     ADSs and the nature of such interest and various other matters whether or
     not they are Holders and/or Beneficial Owner at the time of such request.
     The Depositary agrees to use reasonable efforts to forward any such
     requests to the Holders and to forward to the Company any such responses to
     such requests received by the Depositary.

(6)  Liability of Holder for Taxes, Duties and Other Charges. If any tax or
     other governmental charge shall become payable by the Depositary or the
     Custodian with respect to any Receipt or any Deposited Securities or ADSs,
     such tax, or other governmental charge shall be payable by the Holders and
     Beneficial Owners to the Depositary. The Company, the Custodian and/or the
     Depositary may withhold or deduct from any distributions made in respect of
     Deposited Securities and may sell for the account of the Holder and/or
     Beneficial Owner any or all of the Deposited Securities and apply such
     distributions and sale proceeds in payment of such taxes (including
     applicable interest and penalties) or charges, with the Holder and the
     Beneficial Owner hereof remaining fully liable for any deficiency. The
     Custodian may refuse the deposit of Shares, and the Depositary may refuse
     to issue ADSs, to deliver Receipts, register the transfer, split-up or
     combination of ADRs and (subject to Article (22) hereof) the withdrawal of
     Deposited Securities, until payment in full of such tax, charge, penalty or
     interest is received. Every Holder and Beneficial Owner agrees to indemnify
     the Depositary, the Company, the Custodian and each of their respective
     agents, officers, directors, employees and Affiliates for, and hold each of
     them harmless from, any claims with respect to taxes (including applicable
     interest and penalties thereon) arising from any tax benefit obtained for
     such Holder and/or Beneficial Owner.

     Holders understand that in converting Foreign Currency, amounts received on
     conversion are calculated at a rate which may exceed the number of decimal
     places used by the Depositary to report distribution rates (which in any
     case will not be less than two decimal places). Any excess amount may be
     retained by the Depositary as an additional cost of conversion,
     irrespective of any other fees and expenses payable or owing hereunder and
     shall not be subject to escheatment.

                                      A-5
<PAGE>
(7)  Representations and Warranties of Depositors. Each person depositing Shares
     under the Deposit Agreement shall be deemed thereby to represent and
     warrant that (i) such Shares (and the certificates therefor) are duly
     authorized, validly issued, fully paid, non-assessable and were legally
     obtained by such person, (ii) all preemptive (and similar) rights, if any,
     with respect to such Shares, have been validly waived or exercised, (iii)
     the person making such deposit is duly authorized so to do, (iv) the Shares
     presented for deposit are free and clear of any lien, encumbrance, security
     interest, charge, mortgage or adverse claim and are not, and the ADSs
     issuable upon such deposit will not be, Restricted Securities and (v) the
     Shares presented for deposit have not been stripped of any rights or
     entitlements. Such representations and warranties shall survive the deposit
     and withdrawal of Shares and the issuance, cancellation and transfer of
     ADSs. If any such representations or warranties are false in any way, the
     Company and Depositary shall be authorized, at the cost and expense of the
     person depositing Shares, to take any and all actions necessary to correct
     the consequences thereof.

(8)  Filing Proofs, Certificates and Other Information. Any person presenting
     Shares for deposit, any Holder and any Beneficial Owner may be required,
     and every Holder and Beneficial Owner agrees, from time to time to provide
     to the Depositary such proof of citizenship or residence, taxpayer status,
     payment of all applicable taxes or other governmental charges, exchange
     control approval, legal or beneficial ownership of ADSs and Deposited
     Securities, compliance with applicable laws and the terms of the Deposit
     Agreement and the provisions of, or governing, the Deposited Securities or
     other information as the Depositary deem necessary or proper or as the
     Company may reasonably require by written request to the Depositary
     consistent with its obligations under the Deposit Agreement. Subject to
     Article (22) hereof and the terms of the Deposit Agreement, the Depositary
     and the Registrar, as applicable, may withhold the delivery or registration
     of transfer of any Receipt or the distribution or sale of any dividend or
     other 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 certifications are executed, or such representations and warranties
     made, or such information and documentation are provided.

(9)  Charges of Depositary. The Depositary shall charge the following fees for
     the services performed under the terms of the Deposit Agreement, unless
     otherwise agreed in writing by the Company and the Depositary; provided,
     however, that no fees shall be payable upon distribution of cash dividends
     so long as the charging of such fee is prohibited by the exchange, if any,
     upon which the ADSs are listed:

     (i)  to any person to whom ADSs are issued or to any person to whom a
          distribution is made in respect of ADS distributions pursuant to stock
          dividends or other free distributions of stock, bonus distributions,
          stock splits or other distributions (except where converted to cash),
          a fee not in excess of U.S. $ 5.00 per 100 ADSs (or fraction thereof)
          so issued under the terms of the Deposit Agreement to be determined by
          the Depositary;

     (ii) to any person surrendering ADSs for cancellation and withdrawal of
          Deposited Securities including, inter alia, cash distributions made
          pursuant to a cancellation or withdrawal, a fee not in excess of U.S.
          $ 5.00 per 100 ADSs (or fraction thereof) so surrendered;

                                      A-6
<PAGE>
     (iii) to any Holder of ADSs, a fee not in excess of U.S. $ 2.00 per 100 ADS
          held for the distribution of cash proceeds, including cash dividends
          or sale of rights and other entitlements, not made pursuant to a
          cancellation or withdrawal;

     (iv) to any holder of ADSs, a fee not in excess of U.S. $ 5.00 per 100 ADSs
          (or portion thereof) issued upon the exercise of rights;

     (v)  for the operation and maintenance costs in administering the ADSs an
          annual fee of U.S.$0.02 or less per ADS; and

     (vi) in connection with inspections of the relevant share register
          maintained by the local registrar, if applicable undertaken by the
          Depositary, the Custodian or their respective agents: an annual fee of
          U.S.$0.01 or less per ADS (such fee to be assessed against Holders of
          record as of the date or dates set by the Depositary as it sees fit
          and collected at the sole discretion of the Depositary by billing such
          Holders for such fee or by deducting such fee from one or more cash
          dividends or other cash distributions.

     In addition, Holders, Beneficial Owners, persons depositing Shares for
     deposit and persons surrendering ADSs for cancellation and withdrawal of
     Deposited Securities will be required to pay the following charges:

     (i)  taxes (including applicable interest and penalties) and other
          governmental charges;

     (ii) such registration fees as may from time to time be in effect for the
          registration of Shares or other Deposited Securities with the Foreign
          Registrar and applicable to transfers of Shares or other Deposited
          Securities to or from the name of the Custodian, the Depositary or any
          nominees upon the making of deposits and withdrawals, respectively;

     (iii) such cable, telex, facsimile and electronic transmission and delivery
          expenses as are expressly provided in the Deposit Agreement to be at
          the expense of the person depositing or withdrawing Shares or Holders
          and Beneficial Owners of ADSs;

     (iv) the expenses and charges incurred by the Depositary in the conversion
          of foreign currency;

     (v)  such fees and expenses as are incurred by the Depositary in connection
          with compliance with exchange control regulations and other regulatory
          requirements applicable to Shares, Deposited Securities, ADSs and
          ADRs;

     (vi) the fees and expenses incurred by the Depositary in connection with
          the delivery of Deposited Securities, including any fees of a central
          depository for securities in the local market, where applicable; and

     (vii) any additional fees, charges, costs or expenses that may be incurred
          by the Depositary from time to time.

     Any other charges and expenses of the Depositary under the Deposit
     Agreement will be paid by the Company upon agreement between the Depositary
     and the Company.

                                      A-7
<PAGE>
     All fees and charges may, at any time and from time to time, be changed by
     agreement between the Depositary and Company but, in the case of fees and
     charges payable by Holders or Beneficial Owners, only in the manner
     contemplated by Article (20) of this Receipt.

(10) Title to Receipts. It is a condition of this Receipt, and every successive
     Holder of this Receipt by accepting or holding the same consents and
     agrees, that title to this Receipt (and to each ADS evidenced hereby) is
     transferable by delivery of the Receipt, provided it has been properly
     endorsed or accompanied by proper instruments of transfer, such Receipt
     being a certificated security under the laws of the State of New York.
     Notwithstanding any notice to the contrary, the Depositary may deem and
     treat the Holder of this Receipt (that is, the person in whose name this
     Receipt is registered on the books of the Depositary) as the absolute owner
     hereof for all purposes. The Depositary shall have no obligation or be
     subject to any liability under the Deposit Agreement or this Receipt to any
     holder of this Receipt or any Beneficial Owner unless such holder is the
     Holder of this Receipt registered on the books of the Depositary or, in the
     case of a Beneficial Owner, such Beneficial Owner or the Beneficial Owner's
     representative is the Holder registered on the books of the Depositary.

(11) Validity of Receipt. This Receipt shall not be entitled to any benefits
     under the Deposit Agreement or be valid or enforceable for any purpose,
     unless this Receipt has been (i) dated, (ii) signed by the manual or
     facsimile signature of a duly authorized signatory of the Depositary, (iii)
     if a Registrar for the Receipts shall have been appointed, countersigned by
     the manual or facsimile signature of a duly authorized signatory of the
     Registrar and (iv) registered in the books maintained by the Depositary or
     the Registrar, as applicable, for the issuance and transfer of Receipts.
     Receipts bearing the facsimile signature of a duly-authorized signatory of
     the Depositary or the Registrar, who at the time of signature was a
     duly-authorized signatory of the Depositary or the Registrar, as the case
     may be, shall bind the Depositary, notwithstanding the fact that such
     signatory has ceased to be so authorized prior to the execution and
     delivery of such Receipt by the Depositary or did not hold such office on
     the date of issuance of such Receipts.

(12) Available Information; Reports; Inspection of Transfer Books. The Company
     is subject to the periodic reporting requirements of the Exchange Act
     applicable to foreign private issuers (as defined in Rule 405 under the
     Securities Act) and accordingly files certain information with the
     Commission. These reports and documents can be inspected and copied at the
     public reference facilities maintained by the Commission located at 100 F
     Street, N.E., Washington, D.C. 20549. The Depositary shall make available
     during normal business hours on any Business Day for inspection by Holders
     at its Principal Office any reports and communications, including any proxy
     soliciting materials, received from the Company which are both (a) received
     by the Depositary, the Custodian, or the nominee of either of them as the
     holder of the Deposited Securities and (b) made generally available to the
     holders of such Deposited Securities by the Company.

     The Depositary or the Registrar, as applicable, shall keep books for the
     registration of Receipts and transfers of Receipts which at all reasonable
     times shall be open for inspection by the Company and by the Holders of
     such Receipts, provided that such inspection shall not be, to the
     Depositary's or the Registrar's knowledge, for the

                                      A-8
<PAGE>
     purpose of communicating with Holders of such Receipts in the interest of a
     business or object other than the business of the Company or other than a
     matter related to the Deposit Agreement or the Receipts.

     The Depositary or the Registrar, as applicable, may close the transfer
     books with respect to the Receipts, at any time or from time to time, when
     deemed necessary or advisable by it in good faith in connection with the
     performance of its duties hereunder, or at the reasonable written request
     of the Company subject, in all cases, to Article (22) hereof.

Dated:                                                 DEUTSCHE BANK TRUST
                                                       COMPANY AMERICAS, as
                                                       Depositary


                                                       By:
                                                           ---------------------
                                                       [o]

The address of the Principal Office of the Depositary is 60 Wall Street, New
York, New York 10005, U.S.A.

                                      A-9
<PAGE>
                                    EXHIBIT B
                          [FORM OF REVERSE OF RECEIPT]

                    SUMMARY OF CERTAIN ADDITIONAL PROVISIONS
                            OF THE DEPOSIT AGREEMENT

(13) Dividends and Distributions in Cash, Shares, etc. Whenever the Depositary
     receives confirmation from the Custodian of receipt of any cash dividend or
     other cash distribution on any Deposited Securities, or receives proceeds
     from the sale of any Shares, rights securities or other entitlements under
     the Deposit Agreement, the Depositary will, if at the time of receipt
     thereof any amounts received in a foreign currency can, in the judgment of
     the Depositary (upon the terms of the Deposit Agreement), be converted on a
     practicable basis, into Dollars transferable to the United States, promptly
     convert or cause to be converted such dividend, distribution or proceeds
     into Dollars and will distribute promptly the amount thus received (net of
     applicable fees and charges of, and expenses incurred by, the Depositary
     and taxes withheld) to the Holders of record as of the ADS Record Date in
     proportion to the number of ADS representing such Deposited Securities held
     by such Holders respectively as of the ADS Record Date. The Depositary
     shall distribute only such amount, however, as can be distributed without
     attributing to any Holder a fraction of one cent. Any such fractional
     amounts shall be rounded to the nearest whole cent and so distributed to
     Holders entitled thereto. If the Company, the Custodian or the Depositary
     is required to withhold and does withhold from any cash dividend or other
     cash distribution in respect of any Deposited Securities an amount on
     account of taxes, duties or other governmental charges, the amount
     distributed to Holders on the ADSs representing such Deposited Securities
     shall be reduced accordingly. Such withheld amounts shall be forwarded by
     the Company, the Custodian or the Depositary to the relevant governmental
     authority. Any foreign currency received by the Depositary shall be
     converted upon the terms and conditions set forth in the Deposit Agreement.

     If any distribution upon any Deposited Securities consists of a dividend
     in, or free distribution of, Shares, the Company shall or cause such Shares
     to be deposited with the Custodian and registered, as the case may be, in
     the name of the Depositary, the Custodian or their nominees. Upon receipt
     of confirmation of such deposit, the Depositary shall, subject to and in
     accordance with the Deposit Agreement, establish the ADS Record Date and
     either (i) distribute to the Holders as of the ADS Record Date in
     proportion to the number of ADSs held as of the ADS Record Date, additional
     ADSs, which represent in aggregate the number of Shares received as such
     dividend, or free distribution, subject to the terms of the Deposit
     Agreement (including, without limitation, the applicable fees and charges
     of, and expenses incurred by, the Depositary, and taxes), or (ii) if
     additional ADSs are not so distributed, each ADS issued and outstanding
     after the ADS Record Date shall, to the extent permissible by law,
     thenceforth also represent rights and interest in the additional Shares
     distributed upon the Deposited Securities represented thereby (net of the
     applicable fees and charges of, and the expenses incurred by, the
     Depositary, and taxes). In lieu of delivering fractional ADSs, the
     Depositary shall sell the number of Shares represented by the aggregate of
     such fractions and distribute the proceeds upon the terms set forth in the
     Deposit Agreement.

                                      B-1
<PAGE>
     In the event that (x) the Depositary determines that any distribution in
     property (including Shares) is subject to any tax or other governmental
     charges which the Depositary is obligated to withhold, or, (y) if the
     Company, in the fulfillment of its obligations under the Deposit Agreement,
     has either (a) furnished an opinion of U.S. counsel determining that Shares
     must be registered under the Securities Act or other laws in order to be
     distributed to Holders (and no such registration statement has been
     declared effective), or (b) fails to timely deliver the documentation
     contemplated in the Deposit Agreement, the Depositary may dispose of all or
     a portion of such property (including Shares and rights to subscribe
     therefor) in such amounts and in such manner, including by public or
     private sale, as the Depositary deems necessary and practicable, and the
     Depositary shall distribute the net proceeds of any such sale (after
     deduction of taxes and fees and charges of, and expenses incurred by, the
     Depositary) to Holders entitled thereto upon the terms of the Deposit
     Agreement. The Depositary shall hold and/or distribute any unsold balance
     of such property in accordance with the provisions of the Deposit
     Agreement.

     Upon timely receipt of a notice indicating that the Company wishes an
     elective distribution to be made available to Holders upon the terms
     described in the Deposit Agreement, the Depositary shall, upon provision of
     all documentation required under the Deposit Agreement, (including, without
     limitation, any legal opinions of counsel the Depositary may request under
     the Deposit Agreement) determine whether such distribution is lawful and
     reasonably practicable. If so, the Depositary shall, subject to the terms
     and conditions of the Deposit Agreement, establish an ADS Record Date
     according to Article (14) hereof and establish procedures to enable the
     Holder hereof to elect to receive the proposed distribution in cash or in
     additional ADSs. If a Holder elects to receive the distribution in cash,
     the dividend shall be distributed as in the case of a distribution in cash.
     If the Holder hereof elects to receive the distribution in additional ADSs,
     the distribution shall be distributed as in the case of a distribution in
     Shares upon the terms described in the Deposit Agreement. If such elective
     distribution is not lawful or reasonably practicable or if the Depositary
     did not receive satisfactory documentation set forth in the Deposit
     Agreement, the Depositary shall, to the extent permitted by law, distribute
     to Holders, on the basis of the same determination as is made in the Cayman
     Islands in respect of the Shares for which no election is made, either (x)
     cash or (y) additional ADSs representing such additional Shares, in each
     case, upon the terms described in the Deposit Agreement. Nothing herein
     shall obligate the Depositary to make available to the Holder hereof a
     method to receive the elective distribution in Shares (rather than ADSs).
     There can be no assurance that the Holder hereof will be given the
     opportunity to receive elective distributions on the same terms and
     conditions as the holders of Shares.

     Upon receipt by the Depositary of a notice indicating that the Company
     wishes rights to subscribe for additional Shares to be made available to
     Holders of ADSs, the Company shall determine whether it is lawful and
     reasonably practicable to make such rights available to the Holders. The
     Depositary shall make such rights available to any Holders only if the
     Company shall have timely requested that such rights be made available to
     Holders, the Depositary shall have received the documentation required by
     the Deposit Agreement, and the Depositary shall have determined that such
     distribution of rights is lawful and reasonably practicable. If such
     conditions are not satisfied, the Depositary shall sell the rights as
     described below. In the event all conditions set forth above are satisfied,
     the Depositary shall establish an ADS Record

                                      B-2
<PAGE>
     Date and establish procedures (x) to distribute such rights (by means of
     warrants or otherwise) and (y) to enable the Holders to exercise the rights
     (upon payment of the applicable fees and charges of, and expenses incurred
     by, the Depositary and taxes). Nothing herein or in the Deposit Agreement
     shall obligate the Depositary to make available to the Holders a method to
     exercise such rights to subscribe for Shares (rather than ADSs). If (i) the
     Company does not timely request the Depositary to make the rights available
     to Holders or if the Company requests that the rights not be made available
     to Holders, (ii) the Depositary fails to receive the documentation required
     by the Deposit Agreement or determines it is not lawful or reasonably
     practicable to make the rights available to Holders, or (iii) any rights
     made available are not exercised and appear to be about to lapse, the
     Depositary shall determine whether it is lawful and reasonably practicable
     to sell such rights, in a riskless principal capacity or otherwise, at such
     place and upon such terms (including public and private sale) as it may
     deem proper. The Depositary shall, upon such sale, convert and distribute
     proceeds of such sale (net of applicable fees and charges of, and expenses
     incurred by, the Depositary and taxes) upon the terms hereof and in the
     Deposit Agreement. If the Depositary is unable to make any rights available
     to Holders or to arrange for the sale of the rights upon the terms
     described above, the Depositary shall allow such rights to lapse. The
     Depositary shall not be responsible for (i) any failure to determine that
     it may be lawful or feasible to make such rights available to Holders in
     general or any Holders in particular, (ii) any foreign exchange exposure or
     loss incurred in connection with such sale, or exercise, or (iii) the
     content of any materials forwarded to the Holders on behalf of the Company
     in connection with the rights distribution.

     Notwithstanding anything herein to the contrary, if registration (under the
     Securities Act or any other applicable law) of the rights or the securities
     to which any rights relate may be required in order for the Company to
     offer such rights or such securities to Holders and to sell the securities
     represented by such rights, the Depositary will not distribute such rights
     to the Holders (i) unless and until a registration statement under the
     Securities Act covering such offering is in effect or (ii) unless the
     Company furnishes to the Depositary opinion(s) of counsel for the Company
     in the United States and counsel to the Company in any other applicable
     country in which rights would be distributed, in each case satisfactorily
     to the Depositary, to the effect that the offering and sale of such
     securities to Holders and Beneficial Owners are exempt from, or do not
     require registration under, the provisions of the Securities Act or any
     other applicable laws. In the event that the Company, the Depositary or the
     Custodian shall be required to withhold and does withhold from any
     distribution of property (including rights) an amount on account of taxes
     or other governmental charges, the amount distributed to the Holders shall
     be reduced accordingly. 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 charges which the
     Depositary is obligated to withhold, the Depositary may dispose of all or a
     portion of such property (including Shares and rights to subscribe
     therefor) in such amounts and in such manner, including by public or
     private sale, as the Depositary deems necessary and practicable to pay any
     such taxes or charges.

     There can be no assurance that Holders generally, or any Holder in
     particular, will be given the opportunity to exercise rights on the same
     terms and conditions as the holders of Shares or to exercise such rights.
     Nothing herein shall obligate the

                                      B-3
<PAGE>
     Company to file any registration statement in respect of any rights or
     Shares or other securities to be acquired upon the exercise of such rights.

     Upon receipt of a notice regarding property other than cash, Shares or
     rights to purchase additional Shares, to be made to Holders of ADSs, the
     Depositary shall determine, upon consultation with the Company, whether
     such distribution to Holders is lawful and reasonably practicable. The
     Depositary shall not make such distribution unless (i) the Company shall
     have timely requested the Depositary to make such distribution to Holders,
     (ii) the Depositary shall have received the documentation required by the
     Deposit Agreement, and (iii) the Depositary shall have determined that such
     distribution is lawful and reasonably practicable. Upon satisfaction of
     such conditions, the Depositary shall distribute the property so received
     to the Holders of record as of the ADS Record Date, in proportion to the
     number of ADSs held by such Holders respectively and in such manner as the
     Depositary may deem practicable for accomplishing such distribution (i)
     upon receipt of payment or net of the applicable fees and charges of, and
     expenses incurred by, the Depositary, and (ii) net of any taxes withheld.
     The Depositary may dispose of all or a portion of the property so
     distributed and deposited, in such amounts and in such manner (including
     public or private sale) as the Depositary may deem practicable or necessary
     to satisfy any taxes (including applicable interest and penalties) or other
     governmental charges applicable to the distribution.

     If the conditions above are not satisfied, the Depositary shall sell or
     cause such property to be sold in a public or private sale, at such place
     or places and upon such terms as it may deem proper and shall distribute
     the proceeds of such sale received by the Depositary (net of (a) applicable
     fees and charges of, and expenses incurred by, the Depositary and (b)
     taxes) to the Holders upon the terms hereof and of the Deposit Agreement.
     If the Depositary is unable to sell such property, the Depositary may
     dispose of such property in any way it deems reasonably practicable under
     the circumstances.

(14) Fixing of Record Date. Whenever necessary in connection with any
     distribution (whether in cash, shares, rights or other distribution), or
     whenever for any reason the Depositary causes a change in the number of
     Shares that are represented by each ADS, or whenever the Depositary shall
     receive notice of any meeting of holders of Shares or other Deposited
     Securities, or whenever the Depositary shall find it necessary or
     convenient in connection with the giving of any notice, or any other
     matter, the Depositary shall fix a record date ("ADS Record Date") for the
     determination of the Holders who shall be entitled to receive such
     distribution, to give instructions for the exercise of voting rights at any
     such meeting, or to give or withhold such consent, or to receive such
     notice or solicitation or to otherwise take action, or to exercise the
     rights of Holders with respect to such changed number of Shares represented
     by each ADS. Subject to applicable law and the terms and conditions of this
     Receipt and the Deposit Agreement, only the Holders of record at the close
     of business in New York on such ADS Record Date shall be entitled to
     receive such distributions, to give such voting instructions, to receive
     such notice or solicitation, or otherwise take action.

(15) Voting of Deposited Securities. As soon as practicable after receipt of
     notice of any meeting at which the holders of Shares are entitled to vote,
     or of solicitation of consents or proxies from holders of Shares or other
     Deposited Securities, the

                                      B-4
<PAGE>
     Depositary shall fix the ADS Record Date in respect of such meeting or
     solicitation of such consent or proxy. The Depositary shall, if requested
     by the Company in writing in a timely manner (the Depositary having no
     obligation to take any further action if the request shall not have been
     received by the Depositary at least 21 Business Days prior to the date of
     such vote or meeting), at the Company's expense, unless otherwise agreed in
     writing by the Company and the Depositary and provided no U.S. legal
     prohibitions exist, mail by ordinary, regular mail delivery or by
     electronic transmission (if agreed by the Company and the Depositary),
     unless otherwise agreed in writing by the Company and the Depositary, to
     Holders as of the ADS Record Date: (a) such notice of meeting or
     solicitation of consent or proxies; (b) a statement that the Holders as of
     the ADS Record Date will be entitled, subject to any applicable law, the
     provisions of the Deposit Agreement, the Company's Memorandum and Articles
     of Association and the provisions of or governing the Deposited Securities
     (which provisions, if any, shall be summarized in pertinent part by the
     Company), to instruct the Depositary as to the exercise of the voting
     rights, if any, pertaining to the Shares or other Deposited Securities
     represented by such Holder's ADSs; and (c) a brief statement as to the
     manner in which such instructions may be given. Upon the timely receipt of
     written instructions of a Holder of ADSs on the ADS Record Date, the
     Depositary shall endeavor, insofar as practicable and permitted under
     applicable law and the provisions of the Company's Memorandum and Articles
     of Association and the provisions of the Deposit Agreement, to vote or
     cause the Custodian to vote the Shares and/or other Deposited Securities
     represented by ADSs held by such Holder in accordance with such
     instructions.

     In the event that the Depositary i) timely receives voting instructions
     from a Holder which fail to specify the manner in which the Depositary is
     to vote the Deposited Securities represented by such Holder's ADSs or ii)
     if no instructions are received by the Depositary from a Holder with
     respect to any of the Deposited Securities represented by the ADSs
     evidenced by such Holder's ADRs on or before the ADS Record Date
     established by the Depositary for such purpose, the Depositary shall
     (unless otherwise specified in the notice distributed to Holders) deem such
     Holder 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, however, that
     no such instruction shall be deemed given and no such discretionary proxy
     shall be given with respect to any matter as to which the Company informs
     the Depositary (and the Company agrees to provide such information as
     promptly as practicable in writing, if applicable) that (x) the Company
     does not wish to give such proxy, (y) the Company is aware or should
     reasonably be aware that substantial opposition exists from Holders against
     the outcome for which the person designated by the Company would otherwise
     vote or (z) the outcome for which the person designated by the Company
     would otherwise vote would materially and adversely affect the rights of
     holders of Shares, provided, further, that the Company will have no
     liability to any Holder or Beneficial Owner resulting from such
     notification.

     Neither the Depositary nor the Custodian shall, under any circumstances
     exercise any discretion as to voting, and neither the Depositary nor the
     Custodian shall vote, attempt to exercise the right to vote, or in any way
     make use of for purposes of establishing a quorum or otherwise, the Shares
     or other Deposited Securities

                                      B-5
<PAGE>
     represented by American Depositary Shares except pursuant to and in
     accordance with such written instructions from Holders, including the
     deemed instruction to the Depositary to give a discretionary proxy to a
     person designated by the Company. Shares or other Deposited Securities
     represented by ADSs for which no specific voting instructions are received
     by the Depositary from the Holder shall not be voted.

     Notwithstanding the above, and in accordance with Section 5.3 of the
     Deposit Agreement, the Depositary shall not be liable for any failure to
     carry out any instructions to vote any of the Deposited Securities, or for
     the manner in which such vote is cast or the effect of any such vote.

(16) Changes Affecting Deposited Securities. Upon any change in par value,
     split-up, cancellation, 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
     otherwise is a party, any securities which shall be received by the
     Depositary or a Custodian in exchange for, or in conversion of or
     replacement or otherwise in respect of, such Deposited Securities shall, to
     the extent permitted by law, be treated as new Deposited Securities under
     the Deposit Agreement, and the Receipts shall, subject to the provisions of
     the Deposit Agreement and applicable law, evidence ADSs representing the
     right to receive such additional securities. Alternatively, the Depositary
     may, with the Company's approval, and shall, if the Company shall so
     request, subject to the terms of the Deposit Agreement and receipt of
     satisfactory documentation contemplated by the Deposit Agreement, execute
     and deliver additional Receipts as in the case of a stock dividend on the
     Shares, or call for the surrender of outstanding Receipts to be exchanged
     for new Receipts, in either case, as well as in the event of newly
     deposited Shares, with necessary modifications to this form of Receipt
     specifically describing such new Deposited Securities and/or corporate
     change. Notwithstanding the foregoing, in the event that any security so
     received may not be lawfully distributed to some or all Holders, the
     Depositary may, with the Company's approval, and shall if the Company
     requests, subject to receipt of satisfactory legal documentation
     contemplated in the Deposit Agreement, sell such securities at public or
     private sale, at such place or places and upon such terms as it may deem
     proper and may allocate the net proceeds of such sales (net of fees and
     charges of, and expenses incurred by, the Depositary and taxes) for the
     account of the Holders otherwise entitled to such securities and distribute
     the net proceeds so allocated to the extent practicable as in the case of a
     distribution received in cash pursuant to the Deposit Agreement. The
     Depositary shall not be responsible for (i) any failure to determine that
     it may be lawful or feasible to make such securities available to Holders
     in general or any Holder in particular, (ii) any foreign exchange exposure
     or loss incurred in connection with such sale, or (iii) any liability to
     the purchaser of such securities.

(17) Exoneration. Neither the Depositary, the Custodian or the Company shall be
     obligated to do or perform any act which is inconsistent with the
     provisions of the Deposit Agreement or shall incur any liability (i) if the
     Depositary, the Custodian or the Company or their respective controlling
     persons or agents shall be prevented or forbidden from, or subjected to any
     civil or criminal penalty or restraint on account of, or delayed in, doing
     or performing any act or thing required by the terms of the Deposit
     Agreement and this Receipt, by reason of any provision of any present or
     future law or regulation of the United States, the Cayman Islands or any
     other

                                      B-6
<PAGE>
     country, or of any other governmental authority or regulatory authority or
     stock exchange, or by reason of any provision, present or future of the
     Company's Memorandum and Articles of Association or any provision of or
     governing any Deposited Securities, or by reason of any act of God or war
     or other circumstances beyond its control, (including, without limitation,
     nationalization, expropriation, currency restrictions, work stoppage,
     strikes, civil unrest, revolutions, rebellions, explosions and computer
     failure), (ii) by reason of any exercise of, or failure to exercise, any
     discretion provided for in the Deposit Agreement or in the Company's
     Memorandum and Articles of Association or provisions of or governing
     Deposited Securities, (iii) for any action or inaction of the Depositary,
     the Custodian or the Company or their respective controlling persons or
     agents in reliance upon the advice of or information from legal counsel,
     accountants, any person presenting Shares for deposit, any Holder, any
     Beneficial Owner or authorized representative thereof, or any other person
     believed by it in good faith to be competent to give such advice or
     information, (iv) for any inability by a Holder or Beneficial Owner to
     benefit from any distribution, offering, right or other benefit which is
     made available to holders of Deposited Securities but is not, under the
     terms of the Deposit Agreement, made available to Holders of ADS or (v) for
     any consequential or punitive damages for any breach of the terms of the
     Deposit Agreement. The Depositary, its controlling persons, its agents, any
     Custodian and the Company, its controlling persons and its agents may rely
     and shall be protected in acting upon any written notice, request, opinion
     or other document believed by it to be genuine and to have been signed or
     presented by the proper party or parties. No disclaimer of liability under
     the Securities Act is intended by any provision of the Deposit Agreement.

(18) Standard of Care. The Company and the Depositary and their respective
     agents assume no obligation and shall not be subject to any liability under
     the Deposit Agreement or the Receipts to Holders or Beneficial Owners or
     other persons, except in accordance with Section 5.8 of the Deposit
     Agreement, provided, that the Company and the Depositary and their
     respective agents agree to perform their respective obligations
     specifically set forth in the Deposit Agreement without gross negligence or
     bad faith. The Depositary and its agents shall not be liable for any
     failure to carry out any instructions to vote any of the Deposited
     Securities, or for the manner in which any vote is cast or the effect of
     any vote, provided that any such action or omission is in good faith and in
     accordance with the terms of the Deposit Agreement. The Depositary shall
     not incur any liability for any failure to determine that any distribution
     or action may be lawful or reasonably practicable, for the content of any
     information submitted to it by the Company for distribution to the Holders
     or for any inaccuracy of any translation thereof, for any investment risk
     associated with acquiring an interest in the Deposited Securities, for the
     validity or worth of the Deposited Securities or for any tax consequences
     that may result from the ownership of ADSs, Shares or Deposited Securities,
     for the credit-worthiness of any third party, for allowing any rights to
     lapse upon the terms of the Deposit Agreement or for the failure or
     timeliness of any notice from the Company. In no event shall the Depositary
     or any of its Agents be liable for any indirect, special, punitive or
     consequential damage.

(19) Resignation and Removal of the Depositary; Appointment of Successor
     Depositary. The Depositary may at any time resign as Depositary under the
     Deposit Agreement by written notice of resignation delivered to the
     Company, such resignation to be

                                      B-7
<PAGE>
     effective on the earlier of (i) the 90th day after delivery thereof to the
     Company, or (ii) upon the appointment of a successor depositary and its
     acceptance of such appointment as provided in the Deposit Agreement, save
     that, any amounts, fees, costs or expenses owed to the Depositary under the
     Deposit Agreement or in accordance with any other agreements otherwise
     agreed in writing between the Company and the Depositary from time to time
     shall be paid to the Depositary prior to such resignation. The Company
     shall use reasonable efforts to appoint such successor depositary, and give
     notice to the Depositary of such appointment, not more than 90 days after
     delivery by the Depositary of written notice of resignation as provided in
     the Deposit Agreement. The Depositary may at any time be removed by the
     Company by written notice of such removal which notice shall be effective
     on the later of (i) the 90th day after delivery thereof to the Depositary,
     or (ii) upon the appointment of a successor depositary and its acceptance
     of such appointment as provided in the Deposit Agreement save that, any
     amounts, fees, costs or expenses owed to the Depositary under the Deposit
     Agreement or in accordance with any other agreements otherwise agreed in
     writing between the Company and the Depositary from time to time shall be
     paid to the Depositary prior to such removal. 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. The predecessor depositary, upon
     payment of all sums due it and on the written request of the Company, shall
     (i) execute and deliver an instrument transferring to such successor all
     rights and powers of such predecessor hereunder (other than as contemplated
     in the Deposit Agreement), (ii) duly assign, transfer and deliver all
     right, title and interest to the Deposited Securities to such successor,
     and (iii) deliver to such successor a list of the Holders of all
     outstanding Receipts and such other information relating to Receipts and
     Holders thereof as the successor may reasonably request. Any such successor
     depositary shall promptly mail notice of its appointment to such Holders.
     Any corporation into or with which the Depositary may be merged or
     consolidated shall be the successor of the Depositary without the execution
     or filing of any document or any further act.

(20) Amendment/Supplement. Subject to the terms and conditions of this Article
     (20), and applicable law, this Receipt and any provisions of the Deposit
     Agreement may at any time and from time to time be amended or supplemented
     by written agreement between the Company and the Depositary in any respect
     which they may deem necessary or desirable without the consent of the
     Holders or Beneficial Owners. Any amendment or supplement which shall
     impose or increase any fees or charges (other than the charges of the
     Depositary in connection with foreign exchange control regulations, and
     taxes and other governmental charges, delivery and other such expenses), or
     which shall otherwise materially prejudice any substantial existing right
     of Holders or Beneficial Owners, shall not, however, become effective as to
     outstanding Receipts until 30 days after notice of such amendment or
     supplement shall have been given to the Holders of outstanding Receipts.
     The parties hereto agree that any amendments or supplements which (i) are
     reasonably necessary (as agreed by the Company and the Depositary) in order
     for (a) the ADSs to be registered on Form

                                      B-8
<PAGE>
     F-6 under the Securities Act or (b) the ADSs or Shares to be traded solely
     in electronic book-entry form and (ii) do not in either such case impose or
     increase any fees or charges to be borne by Holders, shall be deemed not to
     prejudice any substantial rights of Holders or Beneficial Owners. Every
     Holder and Beneficial Owner at the time any amendment or supplement so
     becomes effective shall be deemed, by continuing to hold such ADS, to
     consent and agree to such amendment or supplement and to be bound by the
     Deposit Agreement as amended or supplemented thereby. In no event shall any
     amendment or supplement impair the right of the Holder to surrender such
     Receipt and receive therefor the Deposited Securities represented thereby,
     except in order to comply with mandatory provisions of applicable law.
     Notwithstanding the foregoing, if any governmental body should adopt new
     laws, rules or regulations which would require amendment or supplement of
     the Deposit Agreement to ensure compliance therewith, the Company and the
     Depositary may amend or supplement the Deposit Agreement and the Receipt at
     any time in accordance with such changed laws, rules or regulations. Such
     amendment or supplement to the Deposit Agreement in such circumstances may
     become effective before a notice of such amendment or supplement is given
     to Holders or within any other period of time as required for compliance
     with such laws, or rules or regulations.

(21) Termination. The Depositary shall, at any time at the written direction of
     the Company, terminate the Deposit Agreement by mailing notice of such
     termination to the Holders of all Receipts then outstanding at least 90
     days prior to the date fixed in such notice for such termination provided
     that, the Depositary shall be reimbursed for any amounts, fees, costs or
     expenses owed to it in accordance with the terms of the Deposit Agreement
     and in accordance with any other agreements as otherwise agreed in writing
     between the Company and the Depositary from time to time, prior to such
     termination shall take effect. If 90 days shall have expired after (i) the
     Depositary shall have delivered to the Company a written notice of its
     election to resign, or (ii) the Company shall have delivered to the
     Depositary a written notice of the removal of the Depositary, and in either
     case a successor depositary shall not have been appointed and accepted its
     appointment as provided herein and in the Deposit Agreement, the Depositary
     may terminate the Deposit Agreement by mailing notice of such termination
     to the Holders of all Receipts then outstanding at least 30 days prior to
     the date fixed for such termination. On and after the date of termination
     of the Deposit Agreement, the Holder will, upon surrender of such Holder's
     Receipt at the Principal Office of the Depositary, upon the payment of the
     charges of the Depositary for the surrender of Receipts referred to in
     Article (2) hereof and in the Deposit Agreement and subject to the
     conditions and restrictions therein set forth, and upon 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
     such Receipt. If any Receipts shall remain outstanding after the date of
     termination of the Deposit Agreement, the Registrar thereafter shall
     discontinue the registration of transfers of Receipts, and the Depositary
     shall suspend the distribution of dividends to the Holders thereof, and
     shall not give any further notices or perform any further acts under the
     Deposit Agreement, except that the Depositary shall continue to collect
     dividends and other distributions pertaining to Deposited Securities, shall
     sell rights as provided in the Deposit Agreement, and shall continue to
     deliver Deposited Securities, subject to the conditions and restrictions
     set forth in the Deposit Agreement, together with any dividends or other
     distributions received with respect

                                      B-9
<PAGE>
     thereto and the net proceeds of the sale of any rights or other property,
     in exchange for Receipts surrendered to the Depositary (after deducting, or
     charging, as the case may be, in each case the charges of the Depositary
     for the surrender of a Receipt, any expenses for the account of the Holder
     in accordance with the terms and conditions of the Deposit Agreement and
     any applicable taxes or governmental charges or assessments). At any time
     after the expiration of one year from the date of termination of the
     Deposit Agreement, 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, in an
     unsegregated account, without liability for interest for the pro rata
     benefit of the Holders of Receipts whose Receipts have not theretofore been
     surrendered. After making such sale, the Depositary shall be discharged
     from all obligations under the Deposit Agreement with respect to the
     Receipts and the Shares, Deposited Securities and ADSs, except to account
     for such net proceeds and other cash (after deducting, or charging, as the
     case may be, in each case the charges of the Depositary for the surrender
     of a Receipt, any expenses for the account of the Holder in accordance with
     the terms and conditions of the Deposit Agreement and any applicable taxes
     or governmental charges or assessments). Upon the termination of the
     Deposit Agreement, the Company shall be discharged from all obligations
     under the Deposit Agreement except as set forth in the Deposit Agreement.

(22) Compliance with U.S. Securities Laws; Regulatory Compliance.
     Notwithstanding any provisions in this Receipt or the Deposit Agreement to
     the contrary, the withdrawal or delivery of Deposited Securities will not
     be suspended by the Company or the Depositary except as would be permitted
     by 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) Certain Rights of the Depositary; Limitations. Subject to the further terms
     and provisions of this Article (23), the Depositary, its Affiliates and
     their agents, on their own behalf, may own and deal in any class of
     securities of the Company and its Affiliates and in ADSs. The Depositary
     may issue ADSs against evidence of rights to receive Shares from the
     Company, any agent of the Company or any custodian, registrar, transfer
     agent, clearing agency or other entity involved in ownership or transaction
     records in respect of the Shares. Such evidence of rights shall consist of
     written blanket or specific guarantees of ownership of Shares furnished on
     behalf of the holder thereof. In its capacity as Depositary, the Depositary
     shall not lend Shares or ADSs; provided, however, that the Depositary may
     (i) issue ADSs prior to the receipt of Shares pursuant to Section 2.3 of
     the Deposit Agreement and (ii) deliver Shares prior to the receipt and
     cancellation of ADSs pursuant to Section 2.6 of the Deposit Agreement,
     including ADSs which were issued under (i) above but for which Shares may
     not have been received (each such transaction a "Pre-Release Transaction").
     The Depositary may receive ADSs in lieu of Shares under (i) above and
     receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release
     Transaction will be (a) accompanied by or subject to a written agreement
     whereby the person or entity (the "Applicant") to whom ADSs or Shares are
     to be delivered (1) represents that at the time of the Pre-Release
     Transaction the Applicant or its customer owns the Shares or ADSs that are
     to be delivered by the Applicant under such Pre-Release Transaction, (2)
     agrees to indicate the Depositary as owner of such Shares or ADSs in its
     records and to hold such Shares or ADSs in trust for the

                                      B-10
<PAGE>
     Depositary until such Shares or ADSs are delivered to the Depositary or the
     Custodian, (3) unconditionally guarantees to deliver to the Depositary or
     the Custodian, as applicable, such Shares or ADSs and (4) agrees to any
     additional restrictions or requirements that the Depositary deems
     appropriate; (b) at all times fully collateralized with cash, U.S.
     government securities or such other collateral as the Depositary deems
     appropriate; (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 Depositary will
     normally limit the number of ADSs and Shares involved in such Pre-Release
     Transactions at any one time to thirty percent (30%) of the ADSs
     outstanding (without giving effect to ADSs outstanding under (i) above),
     provided, however, that the Depositary reserves the right to change or
     disregard such limit from time to time as it deems appropriate, including
     (i) due to a decrease in the aggregate number of ADSs outstanding that
     causes existing Pre-Release Transactions to temporarily exceed the limit
     stated above or (ii) where otherwise required by market conditions. The
     Depositary may also set limits with respect to the number of ADSs and
     Shares involved in Pre-Release Transactions with any one person on a case
     by case basis as it deems appropriate. The Depositary may retain for its
     own account any compensation received by it in conjunction with the
     foregoing. Collateral provided pursuant to (b) above, but not earnings
     thereon, shall be held for the benefit of the Holders (other than the
     Applicant).

(24) Ownership Restrictions. Holders and Beneficial Owners shall comply with any
     limitations on ownership of Shares under the Memorandum and Articles of
     Association of the Company or applicable Cayman Islands law as if they held
     the number of Shares their American Depositary Shares represent. The
     Company shall inform the Holders, Beneficial Owners and the Depositary of
     any such ownership restrictions in place from time to time.

                                      B-11
<PAGE>
                    (ASSIGNMENT AND TRANSFER SIGNATURE LINES)

FOR VALUE RECEIVED, the undersigned Holder hereby sell(s), assign(s) and
transfer(s) unto ______________________________ whose taxpayer identification
number is _______________________ and whose address including postal zip code is
____________________________, the within Receipt and all rights thereunder,
hereby irrevocably constituting and appointing ________________________
attorney-in-fact to transfer said Receipt on the books of the Depositary with
full power of substitution in the premises.


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

                                            NOTICE: The signature of the Holder
                                            to this assignment must correspond
                                            with the name as written upon the
                                            face of the within instrument in
                                            every particular, without alteration
                                            or enlargement or any change
                                            whatsoever.

                                            If the endorsement be executed by an
                                            attorney, executor, administrator,
                                            trustee or guardian, the person
                                            executing the endorsement must give
                                            his/her full title in such capacity
                                            and proper evidence of authority to
                                            act in such capacity, if not on file
                                            with the Depositary, must be
                                            forwarded with this Receipt.

SIGNATURE GUARANTEED


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