Exhibit 4.3


 


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OPERA
LIMITED


AND


THE BANK
OF NEW YORK MELLON


As
Depositary


AND


OWNERS
AND HOLDERS OF AMERICAN DEPOSITARY SHARES


Deposit
Agreement


__________,
2018


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TABLE OF CONTENTS


ARTICLE
1.DEFINITIONS


SECTION
1.1.American
Depositary Shares.


SECTION
1.2.Commission.


SECTION
1.3.Company.


SECTION
1.4.Custodian.


SECTION
1.5.Delisting
Event.


SECTION
1.6.Deliver;
Surrender.


SECTION
1.7.Deposit
Agreement.


SECTION
1.8.Depositary;
Depositary’s Office.


SECTION
1.9.Deposited
Securities.


SECTION
1.10.Disseminate.


SECTION
1.11.Dollars.


SECTION
1.12.DTC.


SECTION
1.13.Foreign
Registrar.


SECTION
1.14.Holder.


SECTION
1.15.Insolvency
Event.


SECTION
1.16.Owner.


SECTION
1.17.Receipts.


SECTION
1.18.Registrar.


SECTION
1.19.Replacement.


SECTION
1.20.Restricted
Securities.


SECTION
1.21.Securities
Act of 1933.


SECTION
1.22.Shares.


SECTION
1.23.SWIFT.


SECTION
1.24.Termination
Option Event.


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


SECTION
2.1.Form of
Receipts; Registration and Transferability of American Depositary Shares.


SECTION
2.2.Deposit
of Shares.


SECTION
2.3.Delivery
of American Depositary Shares.


SECTION
2.4.Registration
of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated
American Depositary Shares.


SECTION
2.5.Surrender
of American Depositary Shares and Withdrawal of Deposited Securities.


SECTION
2.6.Limitations
on Delivery, Transfer and Surrender of American Depositary Shares.


SECTION
2.7.Lost Receipts,
etc.


SECTION
2.8.Cancellation
and Destruction of Surrendered Receipts.


SECTION
2.9.[Reserved]


SECTION
2.10.DTC Direct
Registration System and Profile Modification System.


 






     


     


    

 


 


ARTICLE
3.CERTAIN
OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES


SECTION
3.1.Filing
Proofs, Certificates and Other Information.


SECTION
3.2.Liability
of Owner for Taxes.


SECTION
3.3.Warranties
on Deposit of Shares.


SECTION
3.4.Disclosure
of Interests.


ARTICLE
4.THE DEPOSITED
SECURITIES


SECTION
4.1.Cash Distributions.


SECTION
4.2.Distributions
Other Than Cash, Shares or Rights.


SECTION
4.3.Distributions
in Shares.


SECTION
4.4.Rights.


SECTION
4.5.Conversion
of Foreign Currency.


SECTION
4.6.Fixing
of Record Date.


SECTION
4.7.Voting
of Deposited Shares.


SECTION
4.8.Tender
and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities.


SECTION
4.9.Reports.


SECTION
4.10.Lists
of Owners.


SECTION
4.11.Withholding.


ARTICLE
5.THE DEPOSITARY,
THE CUSTODIANS AND THE COMPANY


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


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


SECTION
5.3.Obligations
of the Depositary and the Company.


SECTION
5.4.Resignation
and Removal of the Depositary.


SECTION
5.5.The Custodians.


SECTION
5.6.Notices
and Reports.


SECTION
5.7.Distribution
of Additional Shares, Rights, etc.


SECTION
5.8.Indemnification.


SECTION
5.9.Charges
of Depositary.


SECTION
5.10.Retention
of Depositary Documents.


SECTION
5.11.Exclusivity.


SECTION
5.12.Information
for Regulatory Compliance.


ARTICLE
6.AMENDMENT
AND TERMINATION


SECTION
6.1.Amendment.


SECTION
6.2.Termination.


 






     


     


    

 


ARTICLE
7.MISCELLANEOUS


SECTION
7.1.Counterparts;
Signatures.


SECTION
7.2.No Third
Party Beneficiaries.


SECTION
7.3.Severability.


SECTION
7.4.Owners
and Holders as Parties; Binding Effect.


SECTION
7.5.Notices.


SECTION
7.6.Appointment
of Agent for Service of Process; Submission to Jurisdiction; Jury Trial Waiver.


SECTION
7.7.Waiver
of Immunities.


SECTION
7.8.Governing
Law.






     


     


    

 


DEPOSIT
AGREEMENT


DEPOSIT
AGREEMENT dated as of __________, 2018 among OPERA LIMITED, a company incorporated under the laws of the Cayman Islands (herein
called the Company), THE BANK OF NEW YORK MELLON, a New York banking corporation (herein called the Depositary), and all Owners
and Holders (each as hereinafter defined) from time to time of American Depositary Shares issued hereunder.


W I T
N E S S E T H:


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


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


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


ARTICLE
1.                 
DEFINITIONS


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


SECTION
1.1.           
American Depositary Shares.


The
term “American Depositary Shares” shall mean the securities created under this Deposit Agreement representing
rights with respect to the Deposited Securities. American Depositary Shares may be certificated securities evidenced by Receipts
or uncertificated securities. The form of Receipt annexed as Exhibit A to this Deposit Agreement shall be the prospectus required
under the Securities Act of 1933 for sales of both certificated and uncertificated American Depositary Shares. Except for those
provisions of this Deposit Agreement that refer specifically to Receipts, all the provisions of this Deposit Agreement shall apply
to both certificated and uncertificated American Depositary Shares.


Each
American Depositary Share shall represent the number of Shares specified in Exhibit A to this Deposit Agreement, except that,
if there is a distribution upon Deposited Securities covered by Section 4.3, a change in Deposited Securities covered by Section
4.8 with respect to which additional American Depositary Shares are not delivered or a sale of Deposited Securities under Section
3.2 or 4.8, each American Depositary Share shall thereafter represent the amount of Shares or other Deposited Securities that
are then on deposit per American Depositary Share after giving effect to that distribution, change or sale.






     


     


    

 


SECTION
1.2.           
Commission.


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


SECTION
1.3.           
Company.


The
term “Company” shall mean Opera Limited, a company incorporated under the laws of the Cayman Islands, and its
successors.


SECTION
1.4.           
Custodian.


The
term “Custodian” shall mean The Hongkong and Shanghai Banking Corporation Limited, as custodian for the Depositary
in Hong Kong for the purposes of this Deposit Agreement, and any other firm or corporation the Depositary appoints under Section
5.5 as a substitute or additional custodian under this Deposit Agreement, and shall also mean all of them collectively.


SECTION
1.5.           
Delisting Event.


A
“Delisting Event” occurs if the American Depositary Shares are delisted from a securities exchange on which
the American Depositary Shares were listed and the Company has not listed or applied to list the American Depositary Shares on
any other securities exchange.


SECTION
1.6.           
Deliver; Surrender.


(a)The
term “deliver”, or its noun form, when used with respect to Shares or other Deposited Securities, shall mean
(i) book-entry transfer of those Shares or other Deposited Securities to an account maintained by an institution authorized under
applicable law to effect transfers of such securities designated by the person entitled to that delivery or (ii) physical transfer
of certificates evidencing those Shares or other Deposited Securities registered in the name of, or duly endorsed or accompanied
by proper instruments of transfer to, the person entitled to that delivery.


(b)The
term “deliver”, or its noun form, when used with respect to American Depositary Shares, shall mean (i) registration
of those American Depositary Shares in the name of DTC or its nominee and book-entry transfer of those American Depositary Shares
to an account at DTC designated by the person entitled to that delivery, (ii) registration of those American Depositary Shares
not evidenced by a Receipt on the books of the Depositary in the name requested by the person entitled to that delivery and mailing
to that person of a statement confirming that registration or (iii) if requested by the person entitled to that delivery, execution
and delivery at the Depositary’s Office to the person entitled to that delivery of one or more Receipts evidencing those
American Depositary Shares registered in the name requested by that person.


(c)The
term “surrender”, when used with respect to American Depositary Shares, shall mean (i) one or more book-entry
transfers of American Depositary Shares to the DTC account of the Depositary, (ii) delivery to the Depositary at its Office of
an instruction to surrender American Depositary Shares not evidenced by a Receipt or (iii) surrender to the Depositary at its
Office of one or more Receipts evidencing American Depositary Shares.






     


     


    

 


SECTION
1.7.           
Deposit Agreement.


The
term “Deposit Agreement” shall mean this Deposit Agreement, as it may be amended from time to time in accordance
with the provisions of this Deposit Agreement.


SECTION
1.8.           
Depositary; Depositary’s Office.


The
term “Depositary” shall mean The Bank of New York Mellon, a New York banking corporation, and any successor
as depositary under this Deposit Agreement. The term “Office”, when used with respect to the Depositary, shall
mean the office at which its depositary receipts business is administered, which, at the date of this Deposit Agreement, is located
at 240 Greenwich Street, New York, New York 10007.


SECTION
1.9.           
Deposited Securities.


The
term “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited
under this Deposit Agreement, including without limitation, Shares that have not been successfully delivered upon surrender of
American Depositary Shares, and any and all other securities, property and cash received by the Depositary or the Custodian in
respect of Deposited Securities and at that time held under this Deposit Agreement.


SECTION
1.10.        Disseminate.


The
term “Disseminate,” when referring to a notice or other information to be sent by the Depositary to Owners,
shall mean (i) sending that information to Owners in paper form by mail or another means or (ii) with the consent of Owners, another
procedure that has the effect of making the information available to Owners, which may include (A) sending the information by
electronic mail or electronic messaging or (B) sending in paper form or by electronic mail or messaging a statement that the information
is available and may be accessed by the Owner on an Internet website and that it will be sent in paper form upon request by the
Owner, when that information is so available and is sent in paper form as promptly as practicable upon request.


SECTION
1.11.        Dollars.


The
term “Dollars” shall mean United States dollars.


SECTION
1.12.        DTC.


The
term “DTC” shall mean The Depository Trust Company or its successor.


SECTION
1.13.        Foreign
Registrar.


The
term “Foreign Registrar” shall mean the entity that carries out the duties of registrar for the Shares and
any other agent of the Company for the transfer and registration of Shares, including, without limitation, any securities depository
for the Shares.






     


     


    

 


SECTION
1.14.        Holder.


The
term “Holder” shall mean any person holding a Receipt or a security entitlement or other interest in American
Depositary Shares, whether for its own account or for the account of another person, but that is not the Owner of that Receipt
or those American Depositary Shares.


SECTION
1.15.        Insolvency
Event.


An
“Insolvency Event” occurs if the Company institutes proceedings to be adjudicated as bankrupt or insolvent,
consents to the institution of bankruptcy or insolvency proceedings against it, files a petition or answer or consent seeking
reorganization or relief under any applicable law in respect of bankruptcy or insolvency, consents to the filing of any petition
of that kind or to the appointment of a receiver, liquidator, assignee, trustee, custodian or sequestrator (or other similar official)
of it or any substantial part of its property or makes an assignment for the benefit of creditors, or if information becomes publicly
available indicating that unsecured claims against the Company are not expected to be paid.


SECTION
1.16.        Owner.


The
term “Owner” shall mean the person in whose name American Depositary Shares are registered on the books of
the Depositary maintained for that purpose.


SECTION
1.17.        Receipts.


The
term “Receipts” shall mean the American Depositary Receipts issued under this Deposit Agreement evidencing
certificated American Depositary Shares, as the same may be amended from time to time in accordance with the provisions of this
Deposit Agreement.


SECTION
1.18.        Registrar.


The
term “Registrar” shall mean any corporation or other entity that is appointed by the Depositary to register
American Depositary Shares and transfers of American Depositary Shares as provided in this Deposit Agreement.


SECTION
1.19.        Replacement.


The
term “Replacement” shall have the meaning assigned to it in Section 4.8.


SECTION
1.20.        Restricted
Securities.


The
term “Restricted Securities” shall mean Shares that (i) are “restricted securities,” as defined
in Rule 144 under the Securities Act of 1933, except for Shares that could be resold in reliance on Rule 144 without any conditions,
(ii) are beneficially owned by an officer, director (or person performing similar functions) or other affiliate of the Company,
(iii) otherwise would require registration under the Securities Act of 1933 in connection with the public offer and sale thereof
in the United States or (iv) are subject to other restrictions on sale or deposit under the laws of the Cayman Islands, a shareholder
agreement or the articles of association or similar document of the Company.






     


     


    

 


SECTION
1.21.        Securities
Act of 1933.


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


SECTION
1.22.        Shares.


The
term “Shares” shall mean ordinary shares of the Company that are validly issued and outstanding, fully paid
and nonassessable and that were not issued in violation of any pre-emptive or similar rights of the holders of outstanding securities
of the Company; provided, however, that, if there shall occur any change in nominal or par value, a split-up or
consolidation or any other reclassification or, upon the occurrence of an event described in Section 4.8, an exchange or conversion
in respect of the Shares of the Company, the term “Shares” shall thereafter also mean the successor securities resulting
from such change in nominal value, split-up or consolidation or such other reclassification or such exchange or conversion.


SECTION
1.23.        SWIFT.


The
term “SWIFT” shall mean the financial messaging network operated by the Society for Worldwide Interbank Financial
Telecommunication, or its successor.


SECTION
1.24.        Termination
Option Event.


The
term “Termination Option Event” shall mean an event of a kind defined as such in Section 4.1, 4.2 or 4.8.



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





SECTION
2.1.           
Form of Receipts; Registration and Transferability of American Depositary Shares.


Definitive
Receipts shall be substantially in the form set forth in Exhibit A to this Deposit Agreement, with appropriate insertions, modifications
and omissions, as permitted under this Deposit Agreement. No Receipt shall be entitled to any benefits under this Deposit Agreement
or be valid or obligatory for any purpose, unless that Receipt has been (i) executed by the Depositary by the manual signature
of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the
Depositary and countersigned by the manual signature of a duly authorized signatory of the Depositary or the Registrar or a co-registrar.
The Depositary shall maintain books on which (x) each Receipt so executed and delivered as provided in this Deposit Agreement
and each transfer of that Receipt and (y) all American Depositary Shares delivered as provided in this Deposit Agreement and all
registrations of transfer of American Depositary Shares, shall be registered. A Receipt bearing the facsimile signature of a person
that was at any time a proper officer of the Depositary shall, subject to the other provisions of this paragraph, bind the Depositary,
even if that person was not a proper officer of the Depositary on the date of issuance of that Receipt.






     


     


    

 


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


American
Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or accompanied by proper instruments of transfer,
shall be transferable as certificated registered securities under the laws of the State of New York. American Depositary Shares
not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of the State of New York.
The Depositary, notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute
owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any
notice provided for in this Deposit Agreement and for all other purposes, and neither the Depositary nor the Company shall have
any obligation or be subject to any liability under this Deposit Agreement to any Holder of American Depositary Shares (but only
to the Owner of those American Depositary Shares).


SECTION
2.2.           
Deposit of Shares.


Subject
to the terms and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited under this
Deposit Agreement by delivery thereof to any Custodian, accompanied by any appropriate instruments or instructions for transfer,
or endorsement, in form satisfactory to the Custodian.


As
conditions of accepting Shares for deposit, the Depositary may require (i) any certification required by the Depositary or the
Custodian in accordance with the provisions of this Deposit Agreement, (ii) a written order directing the Depositary to deliver
to, or upon the written order of, the person or persons stated in that order American Depositary Shares representing those deposited
Shares, (iii) evidence satisfactory to the Depositary that those Shares have been re-registered in the books of the Company or
the Foreign Registrar in the name of the Depositary, a Custodian or a nominee of the Depositary or a Custodian, (iv) evidence
satisfactory to the Depositary that any necessary approval has been granted by any governmental body in each applicable jurisdiction
and (v) an agreement or assignment, or other instrument satisfactory to the Depositary, that provides for the prompt transfer
to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other property, that any person in
whose name those Shares are or have been recorded may thereafter receive upon or in respect of those Shares, or, in lieu thereof,
such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.






     


     


    

 


The
Depositary and the Custodian shall refuse to accept Shares for deposit if the Depositary has received a notice from the Company
that the Company has restricted transfer of those Shares under the Company’s constitutional documents or any applicable
laws or that the deposit would result in any violation of the Company’s constitutional documents or any applicable laws
or any agreement between the Company and the holder of those Shares.


At
the request and risk and expense of a person proposing to deposit Shares, and for the account of that person, the Depositary may
receive certificates for Shares to be deposited, together with the other instruments specified in this Section, for the purpose
of forwarding those Share certificates to the Custodian for deposit under this Deposit Agreement.


The
Depositary shall instruct each Custodian that, upon each delivery to a Custodian of a certificate or certificates for Shares to
be deposited under this Deposit Agreement, together with the other documents specified in this Section, that Custodian shall,
as soon as transfer and recordation can be accomplished, present that certificate or those certificates to the Company or the
Foreign Registrar, if applicable, for transfer and recordation of the Shares being deposited in the name of the Depositary or
its nominee or that Custodian or its nominee.


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


SECTION
2.3.           
Delivery of American Depositary Shares.


The
Depositary shall instruct each Custodian that, upon receipt by that Custodian of any deposit pursuant to Section 2.2, together
with the other documents or evidence required under that Section, that Custodian shall notify the Depositary of that deposit and
the person or persons to whom or upon whose written order American Depositary Shares are deliverable in respect thereof. Upon
receiving a notice of a deposit from a Custodian, or upon the receipt of Shares or evidence of the right to receive Shares by
the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall deliver, to or upon the order
of the person or persons entitled thereto, the number of American Depositary Shares issuable in respect of that deposit, but only
upon payment to the Depositary of the fees and expenses of the Depositary for the delivery of those American Depositary Shares
as provided in Section 5.9, and of all taxes and governmental charges and fees payable in connection with that deposit and the
transfer of the deposited Shares. However, the Depositary shall deliver only whole numbers of American Depositary Shares.


SECTION
2.4.           
Registration of Transfer of American Depositary Shares; Combination and Split-up
of Receipts; Interchange of Certificated and Uncertificated American Depositary Shares.


The
Depositary, subject to the terms and conditions of this Deposit Agreement, shall register a transfer of American Depositary Shares
on its transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those
American Depositary Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments
of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including,
for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10), and, in either case, duly stamped
as may be required by the laws of the State of New York and of the United States of America. Upon registration of a transfer,
the Depositary shall deliver the transferred American Depositary Shares to or upon the order of the person entitled thereto.


 






     


     


    

 


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


The
Depositary, upon surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American
Depositary Shares, shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement
confirming that the Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt
of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10)
from the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated American Depositary
Shares, shall cancel those uncertificated American Depositary Shares and register and deliver to the Owner a Receipt evidencing
the same number of certificated American Depositary Shares.


The
Depositary may appoint one or more co-transfer agents for the purpose of effecting registration of transfers of American Depositary
Shares and 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 Owners or persons entitled to American Depositary Shares and will be entitled to protection and indemnity to the same extent
as the Depositary.


SECTION
2.5.           
Surrender of American Depositary Shares and Withdrawal of Deposited Securities.


Upon
surrender of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment
of the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 and payment of all taxes
and governmental charges payable in connection with that surrender and withdrawal of the Deposited Securities, and subject to
the terms and conditions of this Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery
(to the extent delivery can then be lawfully and practicably made), to or as instructed by that Owner, of the amount of Deposited
Securities at the time represented by those American Depositary Shares, but not any money or other property as to which
a record date for distribution to Owners has passed (since money or other property of that kind will be delivered or paid on the
scheduled payment date to the Owner as of that record date), and except that the Depositary shall not be required to accept
surrender of American Depositary Shares for the purpose of withdrawal to the extent it would require delivery of a fraction of
a Deposited Security. That delivery shall be made, as provided in this Section, without unreasonable delay.


 






     


     


    

 


As
a condition of accepting a surrender of American Depositary Shares for the purpose of withdrawal of Deposited Securities, the
Depositary may require (i) that each surrendered Receipt be properly endorsed in blank or accompanied by proper instruments of
transfer in blank and (ii) that the surrendering Owner 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 that order.


Thereupon,
the Depositary shall direct the Custodian to deliver, subject to Sections 2.6, 3.1 and 3.2, the other terms and conditions of
this Deposit Agreement and local market rules and practices, to the surrendering Owner or to or upon the written order of the
person or persons designated in the order delivered to the Depositary as above provided, the amount of Deposited Securities represented
by the surrendered American Depositary Shares, and the Depositary may charge the surrendering Owner a fee and its expenses for
giving that direction by cable (including SWIFT) or facsimile transmission.


If
Deposited Securities are delivered physically upon surrender of American Depositary Shares for the purpose of withdrawal, that
delivery will be made at the Custodian’s office, except that, at the request, risk and expense of an Owner surrendering
American Depositary Shares for withdrawal of Deposited Securities, and for the account of that Owner, the Depositary shall direct
the Custodian to forward any cash or other property comprising, and forward a certificate or certificates, if applicable, and
other proper documents of title, if any, for, the Deposited Securities represented by the surrendered American Depositary Shares
to the Depositary for delivery at the Depositary’s Office or to another address specified in the order received from the
surrendering Owner.


SECTION
2.6.           
Limitations on Delivery, Transfer and Surrender of American Depositary Shares.


As
a condition precedent to the delivery, registration of transfer or surrender of any American Depositary Shares or split-up or
combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment
from the depositor of Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of American
Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and
any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being
deposited or withdrawn) and payment of any applicable fees as provided in this Deposit Agreement, may require the production of
proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any regulations
the Depositary may establish consistent with the provisions of this Deposit Agreement, including, without limitation, this Section
2.6.


The
delivery of American Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended,
or the registration of transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer
of outstanding American Depositary Shares generally may be suspended, during any period when the transfer books of the Depositary
are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to
time because of any requirement of law or of any government or governmental body or commission, or under any provision of this
Deposit Agreement, or for any other reason. Notwithstanding anything to the contrary in this Deposit Agreement, the surrender
of outstanding American Depositary Shares and withdrawal of Deposited Securities may not be suspended, subject only to (i) temporary
delays caused by closing of the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the
deposit of Shares in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of
fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the
American Depositary Shares or to the withdrawal of the Deposited Securities.


 






     


     


    

 


The
Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares that, at the time of deposit, are Restricted
Securities.


SECTION
2.7.           
Lost Receipts, etc.


If
a Receipt is mutilated, destroyed, lost or stolen, the Depositary shall deliver to the Owner the American Depositary Shares evidenced
by that Receipt in uncertificated form or, if requested by the Owner, execute and deliver a new Receipt of like tenor in exchange
and substitution for such mutilated Receipt, upon surrender and cancellation of that mutilated Receipt, or in lieu of and in substitution
for that destroyed, lost or stolen Receipt. However, before the Depositary will deliver American Depositary Shares in uncertificated
form or execute and deliver a new Receipt, in substitution for a destroyed, lost or stolen Receipt, the Owner must (a) file with
the Depositary (i) a request for that replacement before the Depositary has notice that the Receipt has been acquired by a bona
fide purchaser and (ii) a sufficient indemnity bond and (b) satisfy any other reasonable requirements imposed by the Depositary.


SECTION
2.8.           
Cancellation and Destruction of Surrendered Receipts.


The
Depositary shall cancel all Receipts surrendered to it and is authorized to destroy Receipts so cancelled.


SECTION
2.9.           
[Reserved]


SECTION
2.10.        DTC
Direct Registration System and Profile Modification System.


(a)Notwithstanding
the provisions of Section 2.4, the parties acknowledge that DTC’s Direct Registration System (“DRS”)
and Profile Modification System (“Profile”) apply to the American Depositary Shares upon acceptance thereof
to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between registered holding of uncertificated
securities and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature
of DRS that allows a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary
to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares
to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to register
that transfer.


(b)In
connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is
claiming to be acting on behalf of an Owner in requesting a registration of transfer and delivery as described in paragraph (a)
above has the actual authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code).
For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 apply to the matters arising from the use of the DRS/Profile.
The parties agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through
the DRS/Profile system and otherwise in accordance with this Deposit Agreement shall not constitute negligence or bad faith on
the part of the Depositary.


 



     


     


    

 



ARTICLE
3.                 
CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES




SECTION
3.1.           
Filing Proofs, Certificates and Other Information.


Any
person presenting Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the
Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the registration
on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations
and warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer
of American Depositary Shares, the distribution of any dividend or other distribution or of the proceeds thereof or the delivery
of any Deposited Securities until that proof or other information is filed or those certificates are executed or those representations
and warranties are made.


SECTION
3.2.           
Liability of Owner for Taxes.


If
any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection
with any American Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection
with a transaction to which Section 4.8 applies, that tax or other governmental charge shall be payable by the Owner of those
American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those American Depositary
Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until that payment is made, and
may withhold any dividends or other distributions or the proceeds thereof, or may sell for the account of the Owner any part or
all of the Deposited Securities represented by those American Depositary Shares and apply those dividends or other distributions
or the net proceeds of any sale of that kind in payment of that tax or other governmental charge but, even after a sale
of that kind, the Owner of those American Depositary Shares shall remain liable for any deficiency. The Depositary shall distribute
any net proceeds of a sale made under this Section that are not used to pay taxes or governmental charges to the Owners entitled
to them in accordance with Section 4.1. If the number of Shares represented by each American Depositary Share decreases as a result
of a sale of Deposited Securities under this Section, the Depositary may call for surrender of the American Depositary Shares
to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American Depositary Shares
to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net
proceeds of that sale to the Owners entitled to them.






     


     


    

 


SECTION
3.3.           
Warranties on Deposit of Shares.


Every
person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each
certificate therefor, if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any
preemptive or similar rights of the holders of outstanding securities of the Company and that the person making that deposit is
duly authorized so to do. Every depositing person shall also be deemed to represent that the Shares, at the time of deposit, are
not Restricted Securities. All representations and warranties deemed made under this Section shall survive the deposit of Shares
and delivery of American Depositary Shares.


SECTION
3.4.           
Disclosure of Interests.


When
required in order to comply with applicable laws and regulations or the articles of association or similar document of the Company,
the Company may from time to time request each Owner and Holder to provide to the Depositary information relating to:
(a) the capacity in which it holds American Depositary Shares, (b) the identity of any Holders or other persons
or entities then or previously interested in those American Depositary Shares and the nature of those interests and (c) any
other matter where disclosure of such matter is required for that compliance.   Each Owner and Holder agrees to provide
all information known to it in response to a request made pursuant to this Section.  Each Holder consents to the disclosure
by the Depositary and the Owner or any other Holder through which it holds American Depositary Shares, directly or indirectly,
of all information responsive to a request made pursuant to this Section relating to that Holder that is known to that Owner
or other Holder.  The Depositary agrees to use reasonable efforts to comply with written instructions requesting that
the Depositary forward any request authorized under this Section to the Owners and to forward to the Company any responses it
receives in response to that request. The Depositary may charge the Company a fee and its expenses for complying with requests
under this Section 3.4.


ARTICLE
4.                 
THE DEPOSITED SECURITIES


SECTION
4.1.           
Cash Distributions.


Whenever
the Depositary receives any cash dividend or other cash distribution on Deposited Securities, the Depositary shall, subject to
the provisions of Section 4.5, convert that dividend or other distribution into Dollars and distribute the amount thus received
(net of the fees and expenses of the Depositary as provided in Section 5.9) to the Owners entitled thereto, in proportion
to the number of American Depositary Shares representing those Deposited Securities held by them respectively; provided,
however, that if the Custodian or the Depositary shall be required to withhold and does withhold from that cash dividend
or other cash distribution an amount on account of taxes or other governmental charges, the amount distributed to the Owners of
the American Depositary Shares representing those Deposited Securities shall be reduced accordingly. However, the Depositary
will not pay any Owner a fraction of one cent, but will round each Owner’s entitlement to the nearest whole cent.


The
Company or its agent will remit to the appropriate governmental agency in each applicable jurisdiction all amounts withheld and
owing to such agency.






     


     


    

 


If
a cash distribution would represent a return of all or substantially all the value of the Deposited Securities underlying American
Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct
the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares)
as a condition of making that cash distribution. A distribution of that kind shall be a Termination Option Event.


SECTION
4.2.           
Distributions Other Than Cash, Shares or Rights.


Subject
to the provisions of Sections 4.11 and 5.9, whenever the Depositary receives any distribution other than a distribution described
in Section 4.1, 4.3 or 4.4 on Deposited Securities (but not in exchange for or in conversion or in lieu of Deposited Securities),
the Depositary shall cause the securities or property received by it to be distributed to the Owners entitled thereto, after deduction
or upon payment of any fees and expenses of the Depositary and any taxes or other governmental charges, in proportion to the number
of American Depositary Shares representing such Deposited Securities held by them respectively, in any manner that the Depositary
deems equitable and practicable for accomplishing that distribution (which may be a distribution of depositary shares representing
the securities received); provided, however, that if in the opinion of the Depositary such distribution cannot be
made proportionately among the Owners entitled thereto, or if for any other reason (including, but not limited to, any requirement
that the Company or the Depositary withhold an amount on account of taxes or other governmental charges or that securities received
must be registered under the Securities Act of 1933 in order to be distributed to Owners or Holders) the Depositary deems such
distribution not to be lawful and feasible, the Depositary may adopt such other method as it may deem equitable and practicable
for the purpose of effecting such distribution, including, but not limited to, the public or private sale of the securities or
property thus received, or any part thereof, and distribution of the net proceeds of any such sale (net of the fees and expenses
of the Depositary as provided in Section 5.9) to the Owners entitled thereto, all in the manner and subject to the conditions
set forth in Section 4.1. The Depositary may withhold any distribution of securities under this Section 4.2 if it has not received
satisfactory assurances from the Company that the distribution does not require registration under the Securities Act of 1933.
The Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise distribute under
this Section 4.2 that is sufficient to pay its fees and expenses in respect of that distribution.


If
a distribution under this Section 4.2 would represent a return of all or substantially all the value of the Deposited Securities
underlying American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require
payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American
Depositary Shares) as a condition of making that distribution. A distribution of that kind shall be a Termination Option Event.


SECTION
4.3.           
Distributions in Shares.


Whenever
the Depositary receives any distribution on Deposited Securities consisting of a dividend in, or free distribution of, Shares,
the Depositary may, and shall if the Company so requests in writing, deliver to the Owners entitled thereto, in proportion to
the number of American Depositary Shares representing those Deposited Securities held by them respectively, an aggregate number
of American Depositary Shares representing the amount of Shares received as that dividend or free distribution, subject to the
terms and conditions of this Deposit Agreement with respect to the deposit of Shares and issuance of American Depositary Shares,
including withholding of any tax or governmental charge as provided in Section 4.11 and payment of the fees and expenses of the
Depositary as provided in Section 5.9 (and the Depositary may sell, by public or private sale, an amount of the Shares received
(or American Depositary Shares representing those Shares) sufficient to pay its fees and expenses in respect of that distribution).
In lieu of delivering fractional American Depositary Shares, the Depositary may sell the amount of Shares represented by the aggregate
of those fractions (or American Depositary Shares representing those Shares) and distribute the net proceeds, all in the manner
and subject to the conditions described in Section 4.1. If and to the extent that additional American Depositary Shares are not
delivered and Shares or American Depositary Shares are not sold, each American Depositary Share shall thenceforth also represent
the additional Shares distributed on the Deposited Securities represented thereby.






     


     


    

 


If
the Company declares a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares
or other securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary
may, after consultation with the Company, make that right of election available for exercise by Owners in any manner the Depositary
considers to be lawful and practical. As a condition of making a distribution election right available to Owners, the Depositary
may require satisfactory assurances from the Company that doing so does not require registration of any securities under the Securities
Act of 1933.


SECTION
4.4.           
Rights.


(a)If
rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company
and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant
of rights. The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the Company,
grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver
those securities or American Depositary Shares representing those securities to Owners, (ii) if requested in writing by the Company,
deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the
net proceeds of that sale to Owners entitled to those proceeds. To the extent rights are not exercised, delivered or disposed
of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised.


(b)If
the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth
the conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the
Depositary specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities
to be received upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase
the securities. The purchased securities shall be delivered to, or as instructed by, the Depositary. The Depositary shall (i)
deposit the purchased Shares under this Deposit Agreement and deliver American Depositary Shares representing those Shares to
that Owner or (ii) deliver or cause the purchased Shares or other securities to be delivered to or to the order of that Owner.
The Depositary will not act under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered
under the Securities Act of 1933 or the Depositary has received an opinion of United States counsel that is satisfactory to it
to the effect that those securities may be sold and delivered to the applicable Owners without registration under the Securities
Act of 1933.






     


     


    

 


(c)If
the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth
the conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the
rights allocable to the American Depositary Shares of that Owner to an account specified by that Owner to which the rights can
be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable
law, the Depositary will deliver those rights as requested by that Owner.


(d)If
the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion to the
number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to
the rights that were sold, upon an averaged or other practical basis without regard to any distinctions among such Owners because
of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise.


(e)Payment
or deduction of the fees of the Depositary as provided in Section 5.9 and payment or deduction of the expenses of the Depositary
and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment of cash proceeds
under this Section 4.4.


(f)The
Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to
or exercise rights on behalf of Owners in general or any Owner in particular, or to sell rights.


SECTION
4.5.           
Conversion of Foreign Currency.


Whenever
the Depositary or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from
the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in
the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United
States, the Depositary shall convert or cause to be converted by sale or in any other manner that it may determine that foreign
currency into Dollars, and those Dollars shall be distributed to the Owners entitled thereto. A cash distribution may be made
upon an averaged or other practicable basis without regard to any distinctions among Owners based on exchange restrictions, the
date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred
by the Depositary as provided in Section 5.9.


If
a conversion of foreign currency or the repatriation or distribution of Dollars can be effected only with the approval or license
of any government or agency thereof, the Depositary may, but will not be required to, file an application for that approval or
license.






     


     


    

 


If
the Depositary determines that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible
on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency
thereof that is required for such conversion is not filed or sought by the Depositary or is not obtained within a reasonable period
as determined by the Depositary, the Depositary may distribute the foreign currency received by the Depositary to, or in its discretion
may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners
entitled to receive the same.


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


The
Depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account
and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation,
transaction spreads, that it will retain for its own account.  The revenue is based on, among other things, the difference
between the exchange rate assigned to the currency conversion made under this Deposit Agreement and the rate that the Depositary
or its affiliate receives when buying or selling foreign currency for its own account.  The Depositary makes no representation
that the exchange rate used or obtained in any currency conversion under this Deposit Agreement will be the most favorable rate
that could be obtained at the time or that the method by which that rate will be determined will be the most favorable to Owners,
subject to the Depositary’s obligations under Section 5.3. The methodology used to determine exchange rates used in currency
conversions is available upon request.


SECTION
4.6.           
Fixing of Record Date.


Whenever
a cash dividend, cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other
securities are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of
Owners in accordance with Section 4.4) or the Depositary receives notice that a distribution or issuance of that kind will be
made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Company
has requested the Depositary to send a notice under Section 4.7, or whenever the Depositary will assess a fee or charge against
the Owners, or whenever the Depositary causes a change in the number of Shares that are represented by each American Depositary
Share, or whenever the Depositary otherwise finds it necessary or convenient, the Depositary shall fix a record date, which shall
be the same as, or as near as practicable to, any corresponding record date set by the Company with respect to Shares, (a) for
the determination of the Owners (i) who shall be entitled to receive the benefit of that dividend or other distribution or those
rights, (ii) who shall be entitled to give instructions for the exercise of voting rights at that meeting or (iii) who shall be
responsible for that fee or charge or (iv) for any other purpose for which the record date was set, or (b) on or after which each
American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections 4.1 through 4.5 and
to the other terms and conditions of this Deposit Agreement, the Owners on a record date fixed by the Depositary shall be entitled
to receive the amount distributable by the Depositary with respect to that dividend or other distribution or those rights or the
net proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively, to give voting
instructions or to act in respect of the other matter for which that record date was fixed, or be responsible for that fee or
charge, as the case may be.






     


     


    

 


SECTION
4.7.           
Voting of Deposited Shares.


(a)Upon
receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing
by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of
which shall be in the sole discretion of the Depositary, that shall contain (i) the information contained in the notice of
meeting received by the Depositary, (ii) a statement that the Owners as of the close of business on a specified record date
will be entitled, subject to any applicable provision of Cayman Islands law and of the articles of association or similar documents
of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented
by their respective American Depositary Shares, (iii) a statement as to the manner in which those instructions may be given and
(iv) the last date on which the Depositary will accept instructions (the “Instruction Cutoff Date”).


(b)Upon
the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified
by the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the
Depositary, the Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as
practicable, to vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance
with the instructions set forth in that request. The Depositary shall not vote or attempt to exercise the right to vote that attaches
to the deposited Shares other than in accordance with instructions given by Owners and received by the Depositary.


(c)There
can be no assurance that Owners generally or any Owner in particular will receive the notice described in paragraph (a) above
in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.


(d)In
order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares,
if the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the
Depositary notice of the meeting, details concerning the matters to be voted upon and copies of materials to be made available
to holders of Shares in connection with the meeting not less than 30 days prior to the meeting date.


SECTION
4.8.           
Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited
Securities.


(a)The
Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar
offer made to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do
so by an Owner surrendering American Depositary Shares and subject to any conditions or procedures the Depositary may require.






     


     


    

 


(b)If
the Depositary receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash
in a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”),
the Depositary, at the expense of the Company, shall (i) if required, surrender Deposited Securities that have been redeemed to
the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of
that Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares and (C) notifying them that
the called American Depositary Shares have been converted into a right only to receive the money received by the Depositary upon
that Redemption and those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary
Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 and (iii) distribute
the money received upon that Redemption to the Owners entitled to it upon surrender by them of called American Depositary Shares
in accordance with Section 2.5 (and, for the avoidance of doubt, Owners shall not be entitled to receive that money under Section
4.1). If the Redemption affects less than all the Deposited Securities, the Depositary shall call for surrender a corresponding
portion of the outstanding American Depositary Shares and only those American Depositary Shares will automatically be converted
into a right to receive the net proceeds of the Redemption. The Depositary shall allocate the American Depositary Shares converted
under the preceding sentence among the Owners pro-rata to their respective holdings of American Depositary Shares immediately
prior to the Redemption, except that the allocations may be adjusted so that no fraction of a converted American Depositary
Share is allocated to any Owner. A Redemption of all or substantially all of the Deposited Securities shall be a Termination
Option Event.


(c)If
the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification
of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation
affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as
a holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion,
replacement or in lieu of, Deposited Securities (a “Replacement”), the Depositary shall, if required, surrender
the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under this Deposit Agreement,
the new securities or other property delivered to it in that Replacement. However, the Depositary may elect to sell those
new Deposited Securities if in the opinion of the Depositary it is not lawful or not practical for it to hold those new Deposited
Securities under this Deposit Agreement because those new Deposited Securities may not be distributed to Owners without registration
under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and on such terms as it deems
proper and proceed as if those new Deposited Securities had been Redeemed under paragraph (b) above. A Replacement shall be a
Termination Option Event.


(d)In
the case of a Replacement where the new Deposited Securities will continue to be held under this Deposit Agreement, the Depositary
may call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited
Securities and the number of those new Deposited Securities represented by each American Depositary Share. If the number of Shares
represented by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of
the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may
sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that
exchange and distribute the net proceeds of that sale to the Owners entitled to them.






     


     


    

 


(e)If
there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled,
or the Deposited Securities with respect to American Depositary Shares have become apparently worthless, the Depositary may call
for surrender of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and a
Termination Option Event occurs.


SECTION
4.9.           
Reports.


The
Depositary shall make available for inspection by Owners at its Office any reports and communications, including any proxy solicitation
material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities
and (b) made generally available to the holders of those Deposited Securities by the Company. The Company shall furnish reports
and communications, including any proxy soliciting material to which this Section applies, to the Depositary in English, to the
extent those materials are required to be translated into English pursuant to any regulations of the Commission.


SECTION
4.10.        Lists
of Owners.


Upon
written request by the Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date,
of the names, addresses and American Depositary Share holdings of all Owners.


SECTION
4.11.        Withholding.


If
the Depositary determines that any distribution received or to be made by the Depositary (including Shares and rights to subscribe
therefor) is subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may
sell, by public or private sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor)
in the amounts and manner the Depositary deems necessary and practicable to pay those taxes or charges, and the Depositary shall
distribute the net proceeds of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in proportion
to the number of American Depositary Shares held by them respectively.


Services
for Owners and Holders that may permit them to obtain reduced rates of tax withholding at source or reclaim excess tax withheld,
and the fees and costs associated with using services of that kind, are not provided under, and are outside the scope of, this
Deposit Agreement.


Each
Owner and Holder agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents
and affiliates for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions
to tax, penalties or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit received
by it.






     


     


    

 


ARTICLE
5.                 
THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY


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


Until
termination of this Deposit Agreement in accordance with its terms, the Depositary shall maintain facilities for the execution
and delivery, registration, registration of transfers and surrender of American Depositary Shares in accordance with the provisions
of this Deposit Agreement.


The
Depositary shall keep books for the registration of American Depositary Shares, which shall be open for inspection by the Owners
at the Depositary’s Office during regular business hours, provided that such inspection is not for the purpose of
communicating with Owners in the interest of a business or object other than the business of the Company or a matter related to
this Deposit Agreement or the American Depositary Shares.


The
Depositary may close the transfer books, at any time or from time to time, when deemed expedient by it in connection with the
performance of its duties under this Deposit Agreement.


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


The
Company shall have the right, at all reasonable times, upon written request, to inspect transfer and registration records of the
Depositary, the Registrar and any co-transfer agents or co-registrars and to require them to supply, at the Company’s expense
(unless otherwise agreed in writing between the Company and the Depositary) copies of such portions of their records as the Company
may reasonably request.


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


Neither
the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability
to any Owner or Holder:


(i)
if by reason of (A) any provision of any present or future law or regulation or other act of the government of the United States,
any State of the United States or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange;
(B) (in the case of the Depositary only) any provision, present or future, of the articles of association or similar document
of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution
thereof; or (C) any event or circumstance, whether natural or caused by a person or persons, that is beyond the ability of the
Depositary or the Company, as the case may be, to prevent or counteract by reasonable care or effort (including, but not limited
to, earthquakes, floods, severe storms, fires, explosions, war, terrorism, civil unrest, labor disputes or criminal acts; interruptions
or malfunctions of utility services, Internet or other communications lines or systems; unauthorized access to or attacks on computer
systems or websites; or other failures or malfunctions of computer hardware or software or other systems or equipment), the Depositary
or the Company is, directly or indirectly, prevented from, forbidden to or delayed in, or could be subject to any civil or criminal
penalty on account of doing or performing and therefore does not do or perform, any act or thing that, by the terms of this Deposit
Agreement or the Deposited Securities, it is provided shall be done or performed;






     


     


    

 


(ii)
for any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement (including any determination
by the Depositary to take, or not take, any action that this Deposit Agreement provides the Depositary may take);


(iii)
for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available
to holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Owners or Holders;
or


(iv)
for any special, consequential or punitive damages for any breach of the terms of this Deposit Agreement.


Where,
by the terms of a distribution to which Section 4.1, 4.2 or 4.3 applies, or an offering to which Section 4.4 applies,
or for any other reason, that distribution or offering may not be made available to Owners, and the Depositary may not dispose
of that distribution or offering on behalf of Owners and make the net proceeds available to Owners, then the Depositary shall
not make that distribution or offering available to Owners, and shall allow any rights, if applicable, to lapse.


SECTION
5.3.           
Obligations of the Depositary and the Company.


The
Company assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder, except
that the Company agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad
faith.


The
Depositary assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder
(including, without limitation, liability with respect to the validity or worth of the Deposited Securities), except that the
Depositary agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith,
and the Depositary shall not be a fiduciary or have any fiduciary duty to Owners or Holders.


Neither
the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding
in respect of any Deposited Securities or in respect of the American Depositary Shares on behalf of any Owner or Holder or any
other person.


Each
of the Depositary and the Company may rely, and shall be protected in relying upon, any written notice, request, direction or
other document believed by it to be genuine and to have been signed or presented by the proper party or parties.






     


     


    

 


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


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


The
Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in
connection with or arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise.


In
the absence of bad faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to
vote any of the Deposited Securities, or for the manner in which any such vote is cast or the effect of any such vote.


The
Depositary shall have no duty to make any determination or provide any information as to the tax status of the Company. Neither
the Company nor the Depositary shall have any liability for any tax consequences that may be incurred by Owners or Holders as
a result of owning or holding American Depositary Shares. None of the Company, the Depositary or the Custodian shall be liable
for the inability or failure of an Owner or Holder to obtain the benefit of a foreign tax credit, reduced rate of withholding
or refund of amounts withheld in respect of tax or any other tax benefit.


No
disclaimer of liability under the United States federal securities laws is intended by any provision of this Deposit
Agreement.


SECTION
5.4.           
Resignation and Removal of the Depositary.


The
Depositary may at any time resign as Depositary hereunder by written notice of its election so to do delivered to the Company,
to become effective upon the appointment of a successor depositary and its acceptance of that appointment as provided in this
Section. The effect of resignation if a successor depositary is not appointed is provided for in Section 6.2.


The
Depositary may at any time be removed by the Company by 120 days’ prior written notice of that removal, to become effective
upon the later of (i) the 120th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary
and its acceptance of its appointment as provided in this Section.


If
the Depositary resigns or is 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 the Company an instrument in writing accepting its appointment under this Deposit Agreement. If the Depositary
receives notice from the Company that a successor depositary has been appointed following its resignation or removal, the Depositary,
upon payment of all sums due it from the Company, shall deliver to its successor a register listing all the Owners and their respective
holdings of outstanding American Depositary Shares and shall deliver the Deposited Securities to or to the order of its successor.
When the Depositary has taken the actions specified in the preceding sentence (i) the successor shall become the Depositary and
shall have all the rights and shall assume all the duties of the Depositary under this Deposit Agreement and (ii) the predecessor
depositary shall cease to be the Depositary and shall be discharged and released from all obligations under this Deposit Agreement,
except for its duties under Section 5.8 with respect to the time before that discharge. A successor Depositary shall notify the
Owners of its appointment as soon as practical after assuming the duties of Depositary.






     


     


    

 


Any
corporation or other entity 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 Custodians.


The
Custodian shall be subject at all times and in all respects to the directions of the Depositary and shall be responsible solely
to it. The Depositary in its discretion may at any time appoint a substitute or additional custodian or custodians, each of which
shall thereafter be one of the Custodians under this Deposit Agreement. If the Depositary receives notice that a Custodian is
resigning and, upon the effectiveness of that resignation there would be no Custodian acting under this Deposit Agreement, the
Depositary shall, as promptly as practicable after receiving that notice, appoint a substitute custodian or custodians, each of
which shall thereafter be a Custodian under this Deposit Agreement. The Depositary shall notify the Company of the appointment
of a substitute or additional Custodian as promptly as practicable. The Depositary shall require any Custodian that resigns or
is removed to deliver all Deposited Securities held by it to another Custodian.


SECTION
5.6.           
Notices and Reports.


If
the Company takes or decides to take any corporate action of a kind that is addressed in Sections 4.1 to 4.4, or 4.6 to 4.8, or
that effects or will effect a change of the name or legal structure of the Company, or that effects or will effect a change to
the Shares, the Company shall notify the Depositary and the Custodian of that action or decision as soon as it is lawful and practical
to give that notice.  The notice shall be in English and shall include all details that the Company is required to include
in any notice to any governmental or regulatory authority or securities exchange or is required to make available generally to
holders of Shares by publication or otherwise.


The
Company will arrange for the translation into English, if not already in English, to the extent required pursuant to any regulations
of the Commission, and the prompt transmittal by the Company to the Depositary and the Custodian of all notices and any other
reports and communications which are made generally available by the Company to holders of its Shares. If requested in writing
by the Company, the Depositary will Disseminate, at the Company’s expense, those notices, reports and communications to
all Owners or otherwise make them available to Owners in a manner that the Company specifies as substantially equivalent to the
manner in which those communications are made available to holders of Shares and compliant with the requirements of any securities
exchange on which the American Depositary Shares are listed. 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 that Dissemination.






     


     


    

 


The
Company represents that as of the date of this Deposit Agreement, the statements in Article 11 of the Receipt with respect to
the Company’s obligation to file periodic reports under the United States Securities Exchange Act of 1934, as amended, are
true and correct. The Company agrees to promptly notify the Depositary upon becoming aware of any change in the truth of any of
those statements.


SECTION
5.7.           
Distribution of Additional Shares, Rights, etc.


If
the Company or any affiliate of the Company determines to make any issuance or distribution of (1) additional Shares, (2) rights
to subscribe for Shares, (3) securities convertible into Shares, or (4) rights to subscribe for such securities (each
a “Distribution”), the Company shall notify the Depositary in writing in English as promptly as practicable
and in any event before the Distribution starts and, if requested in writing by the Depositary, the Company shall promptly furnish
to the Depositary either (i) evidence satisfactory to the Depositary that the Distribution is registered under the Securities
Act of 1933 or (ii) a written opinion from U.S. counsel for the Company that is reasonably satisfactory to the Depositary, stating
that the Distribution does not require, or, if made in the United States, would not require, registration under the Securities
Act of 1933.


The
Company agrees with the Depositary that neither the Company nor any company controlled by, controlling or under common control
with the Company will at any time deposit any Shares that, at the time of deposit, are Restricted Securities.


SECTION
5.8.           
Indemnification.


The
Company agrees to indemnify the Depositary, its directors, employees, agents and affiliates and each Custodian against, and hold
each of them harmless from, any liability or expense (including, but not limited to any fees and expenses incurred in seeking,
enforcing or collecting such indemnity and the fees and expenses of counsel) that may arise out of or in connection with (a) any
registration with the Commission of American Depositary Shares or Deposited Securities or the offer or sale thereof in the United
States or (b) acts performed or omitted, pursuant to the provisions of or in connection with this Deposit Agreement and the American
Depositary Shares, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian
or their respective directors, employees, agents and affiliates, except for any liability or expense arising out of the negligence
or bad faith of either of them, or (ii) by the Company or any of its directors, employees, agents and affiliates.


The
Depositary agrees to indemnify the Company, its directors, employees, agents and affiliates and hold them harmless from any liability
or expense that may arise out of acts performed or omitted by the Depositary or any Custodian or their respective directors, employees,
agents and affiliates due to their negligence or bad faith.






     


     


    

 


SECTION
5.9.           
Charges of Depositary.


The
following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary
Shares or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend
or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities
or a delivery of American Depositary Shares pursuant to Section 4.3), or by Owners, as applicable: (1) taxes and other governmental
charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of Shares generally
on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary
or its nominee or the Custodian or its nominee on the making of deposits or withdrawals hereunder, (3) such cable (including SWIFT)
and facsimile transmission fees and expenses as are expressly provided in this Deposit Agreement, (4) such expenses as are incurred
by the Depositary in the conversion of foreign currency pursuant to Section 4.5, (5) a fee of $5.00 or less per 100 American Depositary
Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 and the surrender
of American Depositary Shares pursuant to Section 2.5 or 6.2, (6) a fee of $.05 or less per American Depositary Share (or portion
thereof) for any cash distribution made pursuant to this Deposit Agreement, including, but not limited to Sections 4.1 through
4.4 and Section 4.8, (7) a fee for the distribution of securities pursuant to Section 4.2 or of rights pursuant to Section 4.4
(where the Depositary will not exercise or sell those rights on behalf of Owners), such fee being in an amount equal to the fee
for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the
deposit of such securities under this Deposit Agreement (for purposes of this item 7 treating all such securities as if they were
Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under item
6 above, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary services, which will
be payable as provided in item 9 below, and (9) any other charges payable by the Depositary or the Custodian, any of the Depositary's
or Custodian’s agents or the agents of the Depositary's or Custodian’s agents, in connection with the servicing of
Shares or other Deposited Securities (which charges shall be assessed against Owners as of the date or dates set by the Depositary
in accordance with Section 4.6 and shall be payable at the sole discretion of the Depositary by billing those Owners for those
charges or by deducting those charges from one or more cash dividends or other cash distributions).


The
Depositary may collect any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities
to be distributed, to Owners that are obligated to pay those fees.


In
performing its duties under this Deposit Agreement, the Depositary may use brokers, dealers, foreign currency dealers or other
service providers that are owned by or affiliated with the Depositary and that may earn or share fees, spreads or commissions.


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






     


     


    

 


SECTION
5.10.        Retention
of Depositary Documents.


The
Depositary is authorized to destroy those documents, records, bills and other data compiled during the term of this Deposit Agreement
at the times permitted by the laws or regulations governing the Depositary.


SECTION
5.11.        Exclusivity.


Without
prejudice to the Company’s rights under Section 5.4, the Company agrees not to appoint any other depositary for issuance
of depositary shares, depositary receipts or any similar securities or instruments so long as The Bank of New York Mellon is acting
as Depositary under this Deposit Agreement.


SECTION
5.12.        Information
for Regulatory Compliance.


Each
of the Company and the Depositary shall provide to the other, as promptly as practicable, information from its records or otherwise
available to it that is reasonably requested by the other to permit the other to comply with applicable law or requirements of
governmental or regulatory authorities.


ARTICLE
6.                 
AMENDMENT AND TERMINATION


SECTION
6.1.           
Amendment.


The
form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement
between the Company and the Depositary without the consent of Owners or Holders in any respect that they may deem necessary or
desirable. Any amendment that would impose or increase any fees or charges (other than taxes and other governmental charges, registration
fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice
any substantial existing right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until
the expiration of 30 days after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary
Shares. Every Owner and Holder, at the time any amendment so becomes effective, shall be deemed, by continuing to hold American
Depositary Shares or any interest therein, to consent and agree to that amendment and to be bound by this Deposit Agreement as
amended thereby. Upon the effectiveness of an amendment to the form of Receipt, including a change in the number of Shares represented
by each American Depositary Share, the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended
form or call for surrender of American Depositary Shares to effect that change of ratio. In no event shall any amendment impair
the right of the Owner to surrender American Depositary Shares and receive delivery of the Deposited Securities represented thereby,
except in order to comply with mandatory provisions of applicable law.


SECTION
6.2.           
Termination.


(a)The
Company may initiate termination of this Deposit Agreement by notice to the Depositary. The Depositary may initiate termination
of this Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written
resignation notice and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4,
(ii) an Insolvency Event or Delisting Event occurs with respect to the Company or (iii) a Termination Option Event has occurred
or will occur. If termination of this Deposit Agreement is initiated, the Depositary shall Disseminate a notice of termination
to the Owners of all American Depositary Shares then outstanding setting a date for termination (the “Termination Date”),
which shall be at least 90 days after the date of that notice, and this Deposit Agreement shall terminate on that Termination
Date.






     


     


    

 


(b)After
the Termination Date, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations
to the Depositary under Sections 5.8 and 5.9.


(c)At
any time after the Termination Date, the Depositary may sell the Deposited Securities then held under this Deposit Agreement and
may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated
and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding,
and those Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash. After making
that sale, the Depositary shall be discharged from all obligations under this Deposit Agreement, except (i) to account
for the net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary
Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions
of this Deposit Agreement and any applicable taxes or governmental charges) and (ii) for its obligations under Section 5.8 and
(iii) to act as provided in paragraph (d) below.


(d)After
the Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities
(that have not been sold), may sell rights and other property as provided in this Deposit Agreement and shall deliver Deposited
Securities (or sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each case, of
the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those
American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental
charges). After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary Shares.
After the Termination Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose of
withdrawal of Deposited Securities (that have not been sold) or reverse previously accepted surrenders of that kind that have
not settled if in its judgment the requested withdrawal would interfere with its efforts to sell the Deposited Securities, (ii)
the Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities until all Deposited Securities
have been sold and (iii) the Depositary may discontinue the registration of transfers of American Depositary Shares and suspend
the distribution of dividends and other distributions on Deposited Securities to the Owners and need not give any further notices
or perform any further acts under this Deposit Agreement except as provided in this Section.






     


     


    

 


ARTICLE
7.                 
MISCELLANEOUS


SECTION
7.1.           
Counterparts; Signatures.


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


Any
manual signature on this Deposit Agreement that is faxed, scanned or photocopied, and any electronic signature valid under the
Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001, et. seq., shall for all purposes have
the same validity, legal effect and admissibility in evidence as an original manual signature, and the parties hereby waive any
objection to the contrary.


SECTION
7.2.           
No Third Party Beneficiaries.


This
Deposit Agreement is for the exclusive benefit of the Company, the Depositary, the Owners and the Holders and their respective
successors and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person.


SECTION
7.3.           
Severability.


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


SECTION
7.4.           
Owners and Holders as Parties; Binding Effect.


The
Owners and Holders from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions
of this Deposit Agreement and of the Receipts by acceptance of American Depositary Shares or any interest therein.


SECTION
7.5.           
Notices.


Any
and all notices to be given to the Company shall be in writing and shall be deemed to have been duly given if
personally delivered or sent by domestic first class or international air mail or air courier or sent by facsimile
transmission or email attaching a pdf or similar bit-mapped image of a signed writing, provided that receipt of the
facsimile transmission or email has been confirmed by the recipient, addressed to Opera Limited, Gjerdrums vei 19, 0484
Oslo, Norway or any other place to which the Company may have transferred its principal office with notice to the
Depositary.


Any
and all notices to be given to the Depositary shall be in writing and shall be deemed to have been duly given if in
English and personally delivered or sent by first class domestic or international air mail or air courier or sent by
facsimile transmission or email attaching a pdf or similar bit-mapped image of a signed writing, addressed to The Bank of New
York Mellon, 240 Greenwich Street, New York, New York 10007, Attention: Depositary Receipt Administration, or any
other place to which the Depositary may have transferred its Office with notice to the Company.






     


     


    

 


Delivery
of a notice to the Company or Depositary by mail or air courier shall be deemed effected when deposited, postage prepaid, in a
post-office letter box or received by an air courier service. Delivery of a notice to the Company or Depositary sent by facsimile
transmission or email shall be deemed effected when the recipient acknowledges receipt of that notice.


A
notice to be given to an Owner shall be deemed to have been duly given when Disseminated to that Owner. Dissemination in paper
form will be effective when personally delivered or sent by first class domestic or international air mail or air courier, addressed
to that Owner at the address of that Owner as it appears on the transfer books for American Depositary Shares of the Depositary,
or, if that Owner has filed with the Depositary a written request that notices intended for that Owner be mailed to some other
address, at the address designated in that request. Dissemination in electronic form will be effective when sent in the manner
consented to by the Owner to the electronic address most recently provided by the Owner for that purpose.


SECTION
7.6.           
Appointment of Agent for Service of Process; Submission to Jurisdiction; Jury Trial
Waiver.


The
Company hereby (i) designates and appoints the person named in Exhibit A to this Deposit Agreement, located in the State of New
York, as the Company's authorized agent upon which process may be served in any suit or proceeding arising out of or relating
to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Deposit Agreement (a “Proceeding”),
(ii) consents and submits to the jurisdiction of any state or federal court in the State of New York in which any Proceeding may
be instituted and (iii) agrees that service of process upon said authorized agent shall be deemed in every respect effective service
of process upon the Company in any Proceeding. The Company agrees to deliver to the Depositary, upon the execution and delivery
of this Deposit Agreement, a written acceptance by the agent named in Exhibit A to this Deposit Agreement of its appointment as
process agent. The Company further agrees to take any and all action, including the filing of any and all such documents and instruments,
as may be necessary to continue that designation and appointment in full force and effect, or to appoint and maintain the appointment
of another process agent located in the United States as required above, and to deliver to the Depositary a written acceptance
by that agent of that appointment, for so long as any American Depositary Shares or Receipts remain outstanding or this Deposit
Agreement remains in force. In the event the Company fails to maintain the designation and appointment of a process agent in the
United States in full force and effect, the Company hereby waives personal service of process upon it and consents that a service
of process in connection with a Proceeding may be made by certified or registered mail, return receipt requested, directed to
the Company at its address last specified for notices under this Deposit Agreement, and service so made shall be deemed completed
five (5) days after the same shall have been so mailed.


EACH
PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY
AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN
DEPOSITARY SHARES OR THE RECEIPTS, THIS DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF
OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT,
TORT OR ANY OTHER THEORY).






     


     


    

 


SECTION
7.7.           
Waiver of Immunities.


To
the extent that the Company or any of its properties, assets or revenues may have or may hereafter become entitled to, or have
attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding,
from the giving of any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service
of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment,
or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction
in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising
out of or in connection with the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Deposit
Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not
to plead or claim, any immunity of that kind and consents to relief and enforcement as provided above.


SECTION
7.8.           
Governing Law.


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






     


     


    

 


IN
WITNESS WHEREOF, OPERA LIMITED and THE BANK OF NEW YORK MELLON have duly executed this Deposit Agreement as of the day and year
first set forth above and all Owners and Holders shall become parties hereto upon acceptance by them of American Depositary Shares
or any interest therein.


OPERA
LIMITED


By:______________________


Name:


Title:


THE
BANK OF NEW YORK MELLON,


as
Depositary


By:______________________


Name:


Title:


 






     


     


    

 


EXHIBIT
A


AMERICAN
DEPOSITARY SHARES


(Each
American Depositary Share represents


two
deposited Shares)


THE BANK OF NEW
YORK MELLON


AMERICAN DEPOSITARY
RECEIPT


FOR ORDINARY
SHARES OF


OPERA LIMITED


(INCORPORATED
UNDER THE LAWS OF THE CAYMAN ISLANDS)


The
Bank of New York Mellon, as depositary (hereinafter called the “Depositary”), hereby certifies that_________________________________________,
or registered assigns IS THE OWNER OF _____________________________


AMERICAN
DEPOSITARY SHARES


representing
deposited ordinary shares (herein called “Shares”) of Opera Limited, incorporated under the laws of the Cayman Islands
(herein called the “Company”). At the date hereof, each American Depositary Share represents two Shares deposited
or subject to deposit under the Deposit Agreement (as such term is hereinafter defined) with a custodian for the Depositary (herein
called the “Custodian”) that, as of the date of the Deposit Agreement, was The Hongkong and Shanghai Banking
Corporation Limited located in Hong Kong. The Depositary's Office is located at a different address than its principal executive
office. Its Office and its principal executive office are  located at 240 Greenwich Street, New York, N.Y. 10007.


THE DEPOSITARY'S
OFFICE ADDRESS IS


240 GREENWICH STREET, NEW YORK, N.Y. 10007


 






     


     


    

 


1.    
THE DEPOSIT AGREEMENT.


This
American Depositary Receipt is one of an issue (herein called “Receipts”), all issued and to be issued upon
the terms and conditions set forth in the Deposit Agreement dated as of __________, 2018 (herein called the “Deposit
Agreement”) among the Company, the Depositary, and all Owners and Holders from time to time of American Depositary Shares
issued thereunder, each of whom by accepting American Depositary Shares agrees to become a party thereto and become bound by all
the terms and conditions thereof. The Deposit Agreement sets forth the rights of Owners and Holders 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 those Shares and held thereunder (those Shares, securities, property, and cash are herein called
“Deposited Securities”). Copies of the Deposit Agreement are on file at the Depositary's Office in New York
City and at the office of the Custodian.


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


2.    
SURRENDER OF AMERICAN DEPOSITARY SHARES AND WITHDRAWAL OF SHARES.


Upon
surrender of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment
of the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 of the Deposit Agreement
and payment of all taxes and governmental charges payable in connection with that surrender and withdrawal of the Deposited Securities,
and subject to the terms and conditions of the Deposit Agreement, the Owner of those American Depositary Shares shall be entitled
to delivery (to the extent delivery can then be lawfully and practicably made), to or as instructed by that Owner, of the amount
of Deposited Securities at the time represented by those American Depositary Shares, but not any money or other property
as to which a record date for distribution to Owners has passed (since money or other property of that kind will be delivered
or paid on the scheduled payment date to the Owner as of that record date), and except that the Depositary shall not be
required to accept surrender of American Depositary Shares for the purpose of withdrawal to the extent it would require delivery
of a fraction of a Deposited Security. The Depositary shall direct the Custodian with respect to delivery of Deposited Securities
and may charge the surrendering Owner a fee and its expenses for giving that direction by cable (including SWIFT) or facsimile
transmission. If Deposited Securities are delivered physically upon surrender of American Depositary Shares for the purpose of
withdrawal, that delivery will be made at the Custodian’s office, except that, at the request, risk and expense of
the surrendering Owner, and for the account of that Owner, the Depositary shall direct the Custodian to forward any cash or other
property comprising, and forward a certificate or certificates, if applicable, and other proper documents of title, if any, for,
the Deposited Securities represented by the surrendered American Depositary Shares to the Depositary for delivery at the Depositary’s
Office or to another address specified in the order received from the surrendering Owner.






     


     


    

 


3.    
REGISTRATION OF TRANSFER OF AMERICAN DEPOSITARY SHARES; COMBINATION AND SPLIT-UP
OF RECEIPTS; INTERCHANGE OF CERTIFICATED AND UNCERTIFICATED AMERICAN DEPOSITARY SHARES.


The
Depositary, subject to the terms and conditions of the Deposit Agreement, shall register a transfer of American Depositary Shares
on its transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those
American Depositary Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments
of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including,
for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10 of that Agreement), and, in either
case, duly stamped as may be required by the laws of the State of New York and of the United States of America. Upon registration
of a transfer, the Depositary shall deliver the transferred American Depositary Shares to or upon the order of the person entitled
thereto.


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


The
Depositary, upon surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American
Depositary Shares, shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement
confirming that the Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt
of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10
of the Deposit Agreement) from the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated
American Depositary Shares, shall cancel those uncertificated American Depositary Shares and register and deliver to the Owner
a Receipt evidencing the same number of certificated American Depositary Shares.


As
a condition precedent to the delivery, registration of transfer, or surrender of any American Depositary Shares or split-up or
combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar may require
payment from the depositor of the Shares or the presenter of the Receipt or instruction for registration of transfer or surrender
of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental
charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect
to Shares being deposited or withdrawn) and payment of any applicable fees as provided in the Deposit Agreement, may require the
production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with
any regulations the Depositary may establish consistent with the provisions of the Deposit Agreement.


The
delivery of American Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended,
or the registration of transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer
of outstanding American Depositary Shares generally may be suspended, during any period when the transfer books of the Depositary
are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to
time because of any requirement of law or of any government or governmental body or commission, or under any provision of the
Deposit Agreement, or for any other reason. Notwithstanding anything to the contrary in the Deposit Agreement or this Receipt,
the surrender of outstanding American Depositary Shares and withdrawal of Deposited Securities may not be suspended subject only
to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable,
or the deposit of Shares in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment
of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to
the American Depositary Shares or to the withdrawal of the Deposited Securities. The Depositary shall not knowingly accept for
deposit under the Deposit Agreement any Shares that, at the time of deposit, are Restricted Securities.






     


     


    

 


4.    
LIABILITY OF OWNER FOR TAXES.


If
any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection
with any American Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection
with a transaction to which Section 4.8 of the Deposit Agreement applies, that tax or other governmental charge shall be payable
by the Owner of those American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those
American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until that
payment is made, and may withhold any dividends or other distributions or the proceeds thereof, or may sell for the account of
the Owner any part or all of the Deposited Securities represented by those American Depositary Shares, and may apply those dividends
or other distributions or the net proceeds of any sale of that kind in payment of that tax or other governmental charge but, even
after a sale of that kind, the Owner shall remain liable for any deficiency. The Depositary shall distribute any net proceeds
of a sale made under Section 3.2 of the Deposit Agreement that are not used to pay taxes or governmental charges to the Owners
entitled to them in accordance with Section 4.1 of the Deposit Agreement. If the number of Shares represented by each American
Depositary Share decreases as a result of a sale of Deposited Securities under Section 3.2 of the Deposit Agreement, the Depositary
may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American
Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American
Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them.


5.    
WARRANTIES ON DEPOSIT OF SHARES.


Every
person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each
certificate therefor, if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any
preemptive or similar rights of the holders of outstanding securities of the Company and that the person making that deposit is
duly authorized so to do. Every depositing person shall also be deemed to represent that the Shares, at the time of deposit, are
not Restricted Securities. All representations and warranties deemed made under Section 3.3 of the Deposit Agreement shall survive
the deposit of Shares and delivery of American Depositary Shares.






     


     


    

 


6.    
FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.


Any
person presenting Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the
Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the registration
on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations
and warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer
of any American Depositary Shares, the distribution of any dividend or other distribution or of the proceeds thereof or the delivery
of any Deposited Securities until that proof or other information is filed or those certificates are executed or those representations
and warranties are made. As conditions of accepting Shares for deposit, the Depositary may require (i) any certification required
by the Depositary or the Custodian in accordance with the provisions of the Deposit Agreement, (ii) a written order directing
the Depositary to deliver to, or upon the written order of, the person or persons stated in that order, the number of American
Depositary Shares representing those Deposited Shares, (iii) evidence satisfactory to the Depositary that those Shares have been
re-registered in the books of the Company or the Foreign Registrar in the name of the Depositary, a Custodian or a nominee of
the Depositary or a Custodian, (iv) evidence satisfactory to the Depositary that any necessary approval has been granted by any
governmental body in each applicable jurisdiction and (v) an agreement or assignment, or other instrument satisfactory to the
Depositary, that provides for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares
or to receive other property, that any person in whose name those Shares are or have been recorded may thereafter receive upon
or in respect of those Shares, or, in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to
the Depositary.


7.    
CHARGES OF DEPOSITARY.


The
following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary
Shares or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend
or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities
or a delivery of American Depositary Shares pursuant to Section 4.3 of the Deposit Agreement), or by Owners, as applicable: (1)
taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of
transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares
to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals
hereunder, (3) such cable (including SWIFT) and facsimile transmission fees and expenses as are expressly provided in the Deposit
Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.5 of
the Deposit Agreement, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of
American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 of the Deposit Agreement and the surrender of American Depositary
Shares pursuant to Section 2.5 or 6.2 of the Deposit Agreement, (6) a fee of $.05 or less per American Depositary Share (or portion
thereof) for any cash distribution made pursuant to the Deposit Agreement, including, but not limited to Sections 4.1 through
4.4 and 4.8 of the Deposit Agreement, (7) a fee for the distribution of securities pursuant to Section 4.2 of the Deposit Agreement
or of rights pursuant to Section 4.4 of that Agreement (where the Depositary will not exercise or sell those rights on behalf
of Owners), such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred
to above which would have been charged as a result of the deposit of such securities under the Deposit Agreement (for purposes
of this item 7 treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary
to Owners, (8) in addition to any fee charged under item 6, a fee of $.05 or less per American Depositary Share (or portion thereof)
per annum for depositary services, which will be payable as provided in item 9 below, and (9) any other charges payable by the
Depositary or the Custodian, any of the Depositary's or Custodian’s agents or the agents of the Depositary's or Custodian’s
agents, in connection with the servicing of Shares or other Deposited Securities (which charges shall be assessed against Owners
as of the date or dates set by the Depositary in accordance with Section 4.6 of the Deposit Agreement and shall be payable at
the sole discretion of the Depositary by billing those Owners for those charges or by deducting those charges from one or more
cash dividends or other cash distributions).






     


     


    

 


The
Depositary may collect any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities
to be distributed, to Owners that are obligated to pay those fees.


The
Depositary, subject to Article 8 hereof, may own and deal in any class of securities of the Company and its affiliates and in
American Depositary Shares.


From
time to time, the Depositary may make payments to the Company to reimburse the Company for costs and expenses generally arising
out of establishment and maintenance of the American Depositary Shares program, waive fees and expenses for services provided
by the Depositary or share revenue from the fees collected from Owners or Holders. In performing its duties under the Deposit
Agreement, the Depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated
with the Depositary and that may earn or share fees, spreads or commissions.


8.    
[RESERVED]


9.    
TITLE TO AMERICAN DEPOSITARY SHARES.


It
is a condition of the American Depositary Shares, and every successive Owner and Holder of American Depositary Shares, by accepting
or holding the same, consents and agrees that American Depositary Shares evidenced by a Receipt, when the Receipt is properly
endorsed or accompanied by proper instruments of transfer, shall be transferable as certificated registered securities under the
laws of the State of New York, and that American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated
registered securities under the laws of the State of New York. The Depositary, notwithstanding any notice to the contrary, may
treat the Owner of American Depositary Shares 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 the Deposit Agreement and for all other purposes,
and neither the Depositary nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement
to any Holder of American Depositary Shares, but only to the Owner.






     


     


    

 


		10.	VALIDITY
                                         OF RECEIPT.



This
Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this
Receipt shall have been (i) executed by the Depositary by the manual signature of a duly authorized officer of the Depositary
or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual signature
of a duly authorized signatory of the Depositary or the Registrar or a co-registrar.


		11.	REPORTS;
                                         INSPECTION OF TRANSFER BOOKS.



The
Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain
reports with the Securities and Exchange Commission. Those reports will be available for inspection and copying through the Commission's
EDGAR system or at public reference facilities maintained by the Commission in Washington, D.C.


The
Depositary will make available for inspection by Owners at its Office any reports, notices and other communications, including
any proxy soliciting material, received from the Company which are both (a) received by the Depositary as the holder of the
Deposited Securities and (b) made generally available to the holders of those Deposited Securities by the Company. The Company
shall furnish reports and communications, including any proxy soliciting material to which Section 4.9 of the Deposit Agreement
applies, to the Depositary in English, to the extent such materials are required to be translated into English pursuant to any
regulations of the Commission.


The
Depositary will keep books for the registration of American Depositary Shares and transfers of American Depositary Shares, which
shall be open for inspection by the Owners at the Depositary’s Office during regular business hours, provided that
such inspection shall not be for the purpose of communicating with Owners in the interest of a business or object other than the
business of the Company or a matter related to the Deposit Agreement or the American Depositary Shares.


		12.	DIVIDENDS
                                         AND DISTRIBUTIONS.



Whenever
the Depositary receives any cash dividend or other cash distribution on Deposited Securities, the Depositary will, if at the time
of receipt thereof any amounts received in a foreign currency can in the judgment of the Depositary be converted on a reasonable
basis into Dollars transferable to the United States, and subject to the Deposit Agreement, convert that dividend or other cash
distribution into Dollars and distribute the amount thus received (net of the fees and expenses of the Depositary as provided
in Article 7 hereof and Section 5.9 of the Deposit Agreement) to the Owners entitled thereto; provided, however,
that if the Custodian or the Depositary is required to withhold and does withhold from that cash dividend or other cash distribution
an amount on account of taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares
representing those Deposited Securities shall be reduced accordingly. If a cash distribution would represent a return of all or
substantially all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may require surrender
of those American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares (whether
or not it is also requiring surrender of American Depositary Shares) as a condition of making that cash distribution. A distribution
of that kind shall be a Termination Option Event.






     


     


    

 


Subject
to the provisions of Section 4.11 and 5.9 of the Deposit Agreement, whenever the Depositary receives any distribution other
than a distribution described in Section 4.1, 4.3 or 4.4 of the Deposit Agreement on Deposited Securities (but not in exchange
for or in conversion or in lieu of Deposited Securities), the Depositary will cause the securities or property received by it
to be distributed to the Owners entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary and
any taxes or other governmental charges, in any manner that the Depositary deems equitable and practicable for accomplishing that
distribution (which may be a distribution of depositary shares representing the securities received); provided, however,
that if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners of Receipts entitled
thereto, or if for any other reason the Depositary deems such distribution not to be lawful and feasible, the Depositary may adopt
such other method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not
limited to, the public or private sale of the securities or property thus received, or any part thereof, and distribution of the
net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9
of the Deposit Agreement) to the Owners entitled thereto all in the manner and subject to the conditions set forth in Section
4.1 of the Deposit Agreement. The Depositary may withhold any distribution of securities under Section 4.2 of the Deposit Agreement
if it has not received satisfactory assurances from the Company that the distribution does not require registration under the
Securities Act of 1933. The Depositary may sell, by public or private sale, an amount of securities or other property it would
otherwise distribute under this Article that is sufficient to pay its fees and expenses in respect of that distribution. If a
distribution under Section 4.2 of the Deposit Agreement would represent a return of all of substantially all the value of the
Deposited Securities underlying American Depositary Shares, the Depositary may require surrender of those American Depositary
Shares and may require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring
surrender of American Depositary Shares) as a condition of making that distribution. A distribution of that kind shall be a Termination
Option Event.


Whenever
the Depositary receives any distribution consisting of a dividend in, or free distribution of, Shares, the Depositary may, and
shall if the Company so requests in writing, deliver to the Owners entitled thereto, an aggregate number of American Depositary
Shares representing the amount of Shares received as that dividend or free distribution, subject to the terms and conditions of
the Deposit Agreement with respect to the deposit of Shares and issuance of American Depositary Shares, including the withholding
of any tax or other governmental charge as provided in Section 4.11 of the Deposit Agreement and the payment of the fees and expenses
of the Depositary as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement (and the Depositary may sell, by public
or private sale, an amount of Shares received (or American Depositary Shares representing those Shares) sufficient to pay its
fees and expenses in respect of that distribution). In lieu of delivering fractional American Depositary Shares, the Depositary
may sell the amount of Shares represented by the aggregate of those fractions (or American Depositary Shares representing those
Shares) and distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.1of the Deposit
Agreement. If and to the extent that additional American Depositary Shares are not delivered and Shares or American Depositary
Shares are not sold, each American Depositary Share shall thenceforth also represent the additional Shares distributed on the
Deposited Securities represented thereby.






     


     


    

 


If
the Company declares a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares
or other securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary
may, after consultation with the Company, make that right of election available for exercise by Owners any manner the Depositary
considers to be lawful and practical. As a condition of making a distribution election right available to Owners, the Depositary
may require satisfactory assurances from the Company that doing so does not require registration of any securities under the Securities
Act of 1933.


If
the Depositary determines that any distribution received or to be made by the Depositary (including Shares and rights to subscribe
therefor) is subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may
sell, by public or private sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor)
in the amounts and manner the Depositary deems necessary and practicable to pay any those taxes or charges, and the Depositary
shall distribute the net proceeds of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in proportion
to the number of American Depositary Shares held by them respectively.


Each
Owner and Holder agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents
and affiliates for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions
to tax, penalties or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit received
by it. Services for Owners and Holders that may permit them to obtain reduced rates of tax withholding at source or reclaim excess
tax withheld, and the fees and costs associated with using services of that kind, are not provided under, and are outside the
scope of, the Deposit Agreement.


		13.	RIGHTS.



(a)If
rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company
and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant
of rights. The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the Company,
grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver
those securities or American Depositary Shares representing those securities to Owners, (ii) if requested in writing by the Company,
deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the
net proceeds of that sale to Owners entitled to those proceeds. To the extent rights are not exercised, delivered or disposed
of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised.


(b)If
the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth
the conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the
Depositary specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities
to be received upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase
the securities. The purchased securities shall be delivered to, or as instructed by, the Depositary. The Depositary shall (i)
deposit the purchased Shares under the Deposit Agreement and deliver American Depositary Shares representing those Shares to that
Owner or (ii) deliver or cause the purchased Shares or other securities to be delivered to or to the order of that Owner. The
Depositary will not act under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered
under the Securities Act of 1933 or the Depositary has received an opinion of United States counsel that is satisfactory to it
to the effect that those securities may be sold and delivered to the applicable Owners without registration under the Securities
Act of 1933.






     


     


    

 


(c)If
the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth
the conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the
rights allocable to the American Depositary Shares of that Owner to an account specified by that Owner to which the rights can
be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable
law, the Depositary will deliver those rights as requested by that Owner.


(d)If
the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion to the
number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to
the rights that were sold, upon an averaged or other practical basis without regard to any distinctions among such Owners because
of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise.


(e)Payment
or deduction of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement and payment or deduction of the
expenses of the Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities
or payment of cash proceeds under Section 4.4 of that Agreement.


(f)The
Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to
or exercise rights on behalf of Owners in general or any Owner in particular , or to sell rights.


		14.	CONVERSION
                                         OF FOREIGN CURRENCY.



Whenever
the Depositary or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from
the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in
the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United
States, the Depositary shall convert or cause to be converted by sale or in any other manner that it may determine that foreign
currency into Dollars, and those Dollars shall be distributed to the Owners entitled thereto. A cash distribution may be made
upon an averaged or other practicable basis without regard to any distinctions among Owners based on exchange restrictions, the
date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred
by the Depositary as provided in Section 5.9 of the Deposit Agreement.






     


     


    

 


If
a conversion of foreign currency or the repatriation or distribution of Dollars can be effected only with the approval or license
of any government or agency thereof, the Depositary may, but will not be required to, file an application for that approval or
license.


If
the Depositary determines that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible
on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency
thereof that is required for such conversion is not filed or sought by the Depositary or is not obtained within a reasonable period
as determined by the Depositary, the Depositary may distribute the foreign currency received by the Depositary to, or in its discretion
may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners
entitled to receive the same.


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


The
Depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account
and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation,
transaction spreads, that it will retain for its own account.  The revenue is based on, among other things, the difference
between the exchange rate assigned to the currency conversion made under the Deposit Agreement and the rate that the Depositary
or its affiliate receives when buying or selling foreign currency for its own account.  The Depositary makes no representation
that the exchange rate used or obtained in any currency conversion under the Deposit Agreement will be the most favorable rate
that could be obtained at the time or that the method by which that rate will be determined will be the most favorable to Owners,
subject to the Depositary’s obligations under Section 5.3 of that Agreement. The methodology used to determine exchange
rates used in currency conversions is available upon request.


		15.	RECORD
                                         DATES.



Whenever
a cash dividend, cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other
securities are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of
Owners in accordance with Section 4.4 of the Deposit Agreement) or the Depositary receives notice that a distribution or issuance
of that kind will be made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect
of which the Company has requested the Depositary to send a notice under Section 4.7 of the Deposit Agreement, or whenever the
Depositary will assess a fee or charge against the Owners, or whenever the Depositary causes a change in the number of Shares
that are represented by each American Depositary Share, or whenever the Depositary otherwise finds it necessary or convenient,
the Depositary shall fix a record date, which shall be the same as, or as near as practicable to, any corresponding record date
set by the Company with respect to Shares, (a) for the determination of the Owners (i) who shall be entitled to receive the benefit
of that dividend or other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting
rights at that meeting, (iii) who shall be responsible for that fee or charge or (iv) for any other purpose for which the record
date was set, or (b) on or after which each American Depositary Share will represent the changed number of Shares. Subject to
the provisions of Sections 4.1 through 4.5 of the Deposit Agreement and to the other terms and conditions of the Deposit Agreement,
the Owners on a record date fixed by the Depositary shall be entitled to receive the amount distributable by the Depositary with
respect to that dividend or other distribution or those rights or the net proceeds of sale thereof in proportion to the number
of American Depositary Shares held by them respectively, to give voting instructions or to act in respect of the other matter
for which that record date was fixed, or be responsible for that fee or charge, as the case may be.






     


     


    

 


		16.	VOTING
                                         OF DEPOSITED SHARES.



(a)Upon
receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing
by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of
which shall be in the sole discretion of the Depositary, that shall contain (i) the information contained in the notice of
meeting received by the Depositary, (ii) a statement that the Owners as of the close of business on a specified record date
will be entitled, subject to any applicable provision of Cayman Islands law and of the articles of association or similar documents
of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented
by their respective American Depositary Shares, (iii) a statement as to the manner in which those instructions may be given and
(iv) the last date on which the Depositary will accept instructions (the “Instruction Cutoff Date”).


(b)Upon
the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified
by the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the
Depositary, the Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as
practicable, to vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance
with the instructions set forth in that request. The Depositary shall not vote or attempt to exercise the right to vote that attaches
to the deposited Shares other than in accordance with instructions given by Owners and received by the Depositary.


(c)There
can be no assurance that Owners generally or any Owner in particular will receive the notice described in paragraph (a) above
in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.


(d)In
order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares,
if the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the
Depositary notice of the meeting, details concerning the matters to be voted upon and copies of materials to be made available
to holders of Shares in connection with the meeting not less than 30 days prior to the meeting date.






     


     


    

 


17.             
TENDER AND EXCHANGE OFFERS; REDEMPTION, REPLACEMENT OR CANCELLATION OF DEPOSITED SECURITIES.


(a)The
Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar
offer made to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do
so by an Owner surrendering American Depositary Shares and subject to any conditions or procedures the Depositary may require.


(b)If
the Depositary receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash
in a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”),
the Depositary, at the expense of the Company, shall (i) if required, surrender Deposited Securities that have been redeemed to
the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of
that Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares and (C) notifying them that
the called American Depositary Shares have been converted into a right only to receive the money received by the Depositary upon
that Redemption and those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary
Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 of the Deposit
Agreement and (iii) distribute the money received upon that Redemption to the Owners entitled to it upon surrender by them of
called American Depositary Shares in accordance with Section 2.5 of that Agreement (and, for the avoidance of doubt, Owners shall
not be entitled to receive that money under Section 4.1 of that Agreement). If the Redemption affects less than all the Deposited
Securities, the Depositary shall call for surrender a corresponding portion of the outstanding American Depositary Shares and
only those American Depositary Shares will automatically be converted into a right to receive the net proceeds of the Redemption.
The Depositary shall allocate the American Depositary Shares converted under the preceding sentence among the Owners pro-rata
to their respective holdings of American Depositary Shares immediately prior to the Redemption, except that the allocations
may be adjusted so that no fraction of a converted American Depositary Share is allocated to any Owner. A Redemption of all or
substantially all of the Deposited Securities shall be a Termination Option Event.


(c)If
the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification
of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation
affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as
a holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion,
replacement or in lieu of, Deposited Securities (a “Replacement”), the Depositary shall, if required, surrender
the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under the Deposit Agreement,
the new securities or other property delivered to it in that Replacement. However, the Depositary may elect to sell those
new Deposited Securities if in the opinion of the Depositary it is not lawful or not practical for it to hold those new Deposited
Securities under the Deposit Agreement because those new Deposited Securities may not be distributed to Owners without registration
under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and on such terms as it deems
proper and proceed as if those new Deposited Securities had been Redeemed under paragraph (b) above. A Replacement shall be a
Termination Option Event.






     


     


    

 


(d)In
the case of a Replacement where the new Deposited Securities will continue to be held under the Deposit Agreement, the Depositary
may call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited
Securities and the number of those new Deposited Securities represented by each American Depositary Share. If the number of Shares
represented by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of
the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may
sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that
exchange and distribute the net proceeds of that sale to the Owners entitled to them.


(e)If
there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled,
or the Deposited Securities with respect to American Depositary Shares become apparently worthless, the Depositary may call for
surrender of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and a Termination
Option Event occurs.


		18.	LIABILITY
                                         OF THE COMPANY AND DEPOSITARY.



Neither
the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability
to any Owner or Holder:


(i)
if by reason of (A) any provision of any present or future law or regulation or other act of the government of the United States,
any State of the United States or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange;
(B) (in the case of the Depositary only) any provision, present or future, of the articles of association or similar document
of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution
thereof; or (C) any event or circumstance, whether natural or caused by a person or persons, that is beyond the ability of the
Depositary or the Company, as the case may be, to prevent or counteract by reasonable care or effort (including, but not limited
to earthquakes, floods, severe storms, fires, explosions, war, terrorism, civil unrest, labor disputes or criminal acts; interruptions
or malfunctions of utility services, Internet or other communications lines or systems; unauthorized access to or attacks on computer
systems or websites; or other failures or malfunctions of computer hardware or software or other systems or equipment), the Depositary
or the Company is, directly or indirectly, prevented from, forbidden to or delayed in, or could be subject to any civil or criminal
penalty on account of doing or performing and therefore does not do or perform, any act or thing that, by the terms of the Deposit
Agreement or the Deposited Securities, it is provided shall be done or performed;






     


     


    

 


(ii)
for any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement (including any determination
by the Depositary to take, or not take, any action that the Deposit Agreement provides the Depositary may take);


(iii)
for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available
to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Owners or Holders;
or


(iv)
for any special, consequential or punitive damages for any breach of the terms of the Deposit Agreement.


Where,
by the terms of a distribution to which Section 4.1, 4.2 or 4.3 of the Deposit Agreement applies, or an offering to which Section
4.4 of that Agreement applies, or for any other reason, that distribution or offering may not be made available to Owners, and
the Depositary may not dispose of that distribution or offering on behalf of Owners and make the net proceeds available to Owners,
then the Depositary shall not make that distribution or offering available to Owners, and shall allow any rights, if applicable,
to lapse.


Neither
the Company nor the Depositary assumes any obligation or shall be subject to any liability under the Deposit Agreement
to Owners or Holders, except that they agree to perform their obligations specifically set forth in the Deposit
Agreement without negligence or bad faith. The Depositary shall not be a fiduciary or have any fiduciary duty to Owners or
Holders. The Depositary shall not be subject to any liability with respect to the validity or worth of the Deposited
Securities. Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any
action, suit, or other proceeding in respect of any Deposited Securities or in respect of the American Depositary Shares, on
behalf of any Owner or Holder or other person. Neither the Depositary nor the Company shall be liable for any action or
non-action by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares
for deposit, any Owner or Holder, or any other person believed by it in good faith to be competent to give such advice or
information. Each of the Depositary and the Company may rely, and shall be protected in relying upon, any written notice,
request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or
parties. The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection
with a previous act or omission of the Depositary or in connection with a matter arising wholly after the removal or
resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises, the
Depositary performed its obligations without negligence or bad faith while it acted as Depositary. The Depositary shall not
be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or
arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise. In the absence of
bad faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any of
the Deposited Securities or for the manner in which any such vote is cast or the effect of any such vote. The Depositary
shall have no duty to make any determination or provide any information as to the tax status of the Company. Neither the
Company nor the Depositary shall have any liability for any tax consequences that may be incurred by Owners or Holders as a
result of owning or holding American Depositary Shares. None of the Company, the Depositary or the Custodian shall be liable
for the inability or failure of an Owner or Holder to obtain the benefit of a foreign tax credit, reduced rate of withholding
or refund of amounts withheld in respect of tax or any other tax benefit. No disclaimer of liability under the United States
federal securities laws is intended by any provision of the Deposit Agreement.






     


     


    

 


		19.	RESIGNATION
                                         AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN.



The
Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered
to the Company, to become effective upon the appointment of a successor depositary and its acceptance of such appointment as provided
in the Deposit Agreement. The Depositary may at any time be removed by the Company by 120 days’ prior written notice of
that removal, to become effective upon the later of (i) the 120th day after delivery of the notice to the Depositary and (ii)
the appointment of a successor depositary and its acceptance of its appointment as provided in the Deposit Agreement. The Depositary
in its discretion may at any time appoint a substitute or additional custodian or custodians.


		20.	AMENDMENT.



The
form of the Receipts and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement
between the Company and the Depositary without the consent of Owners or Holders in any respect which they may deem necessary or
desirable. Any amendment that would impose or increase any fees or charges (other than taxes and other governmental charges, registration
fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice
any substantial existing right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until
the expiration of 30 days after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary
Shares. Every Owner and Holder, at the time any amendment so becomes effective, shall be deemed, by continuing to hold American
Depositary Shares or any interest therein, to consent and agree to that amendment and to be bound by the Deposit Agreement as
amended thereby. Upon the effectiveness of an amendment to the form of Receipt, including a change in the number of Shares represented
by each American Depositary Share, the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended
form or call for surrender of American Depositary Shares to effect that change of ratio. In no event shall any amendment impair
the right of the Owner to surrender American Depositary Shares and receive delivery of the Deposited Securities represented thereby,
except in order to comply with mandatory provisions of applicable law.


		21.	TERMINATION
                                         OF DEPOSIT AGREEMENT.



(a)The
Company may initiate termination of the Deposit Agreement by notice to the Depositary. The Depositary may initiate termination
of the Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written
resignation notice and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4 of
that Agreement, (ii) an Insolvency Event or Delisting Event occurs with respect to the Company or (iii) a Termination Option Event
has occurred or will occur. If termination of the Deposit Agreement is initiated, the Depositary shall Disseminate a notice of
termination to the Owners of all American Depositary Shares then outstanding setting a date for termination (the “Termination
Date”), which shall be at least 90 days after the date of that notice, and the Deposit Agreement shall terminate on
that Termination Date.






     


     


    

 


(b)After
the Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations
to the Depositary under Sections 5.8 and 5.9 of that Agreement.


(c)At
any time after the Termination Date, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and
may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated
and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding,
and those Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash. After making
that sale, the Depositary shall be discharged from all obligations under the Deposit Agreement, except (i) to account for the
net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary
Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions
of the Deposit Agreement and any applicable taxes or governmental charges) and (ii) for its obligations under Section 5.8 of that
Agreement and (iii) to act as provided in paragraph (d) below.


(d)After
the Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities
(that have not been sold), may sell rights and other property as provided in the Deposit Agreement and shall deliver Deposited
Securities (or sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each case, of
the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those
American Depositary Shares in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental
charges). After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary Shares.
After the Termination Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose of
withdrawal of Deposited Securities (that have not been sold) or reverse previously accepted surrenders of that kind that have
not settled if in its judgment the requested withdrawal would interfere with its efforts to sell the Deposited Securities, (ii)
the Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities until all Deposited Securities
have been sold and (iii) the Depositary may discontinue the registration of transfers of American Depositary Shares and suspend
the distribution of dividends and other distributions on Deposited Securities to the Owners and need not give any further notices
or perform any further acts under the Deposit Agreement except as provided in Section 6.2 of that Agreement.


		22.	DTC
                                         DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM.



(a)Notwithstanding
the provisions of Section 2.4 of the Deposit Agreement, the parties acknowledge that DTC’s Direct Registration System (“DRS”)
and Profile Modification System (“Profile”) apply to the American Depositary Shares upon acceptance thereof
to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between registered holding of uncertificated
securities and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature
of DRS that allows a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary
to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares
to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to register
that transfer.






     


     


    

 


(b)In
connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is
claiming to be acting on behalf of an Owner in requesting registration of transfer and delivery described in paragraph (a) above
has the actual authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code).
For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 of the Deposit Agreement apply to the matters arising from
the use of the DRS/Profile. The parties agree that the Depositary’s reliance on and compliance with instructions received
by the Depositary through the DRS/Profile system and otherwise in accordance with the Deposit Agreement, shall not constitute
negligence or bad faith on the part of the Depositary.


		23.	APPOINTMENT
                                         OF AGENT FOR SERVICE OF PROCESS; SUBMISSION TO JURISDICTION; JURY TRIAL WAIVER; WAIVER
                                         OF IMMUNITIES.



The
Company has (i) appointed Cogency Global Inc., 10 E. 40th Street, 10th Floor, New York, New York 10016,
located in the State of New York, as the Company's authorized agent upon which process may be served in any suit or proceeding
arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Agreement,
(ii) consented and submitted to the jurisdiction of any state or federal court in the State of New York in which any such suit
or proceeding may be instituted, and (iii) agreed that service of process upon said authorized agent shall be deemed in every
respect effective service of process upon the Company in any such suit or proceeding.


EACH
PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) THEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY
AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN
DEPOSITARY SHARES OR THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF
OR THEREOF, INCLUDING WITHOUT LIMITATION ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT,
TORT OR ANY OTHER THEORY).


To
the extent that the Company or any of its properties, assets or revenues may have or hereafter become entitled to, or have attributed
to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the
giving of any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of
process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or other legal process or
proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at
any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection
with the Shares or Deposited Securities, the American Depositary Shares, the Receipts or the Deposit Agreement, the Company, to
the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such
immunity and consents to such relief and enforcement.






     


     


    

 


		24.	DISCLOSURE
                                         OF INTERESTS.



When
required in order to comply with applicable laws and regulations or the articles of association or similar document of the Company,
the Company may from time to time request each Owner and Holder to provide to the Depositary information relating to:
(a) the capacity in which it holds American Depositary Shares, (b) the identity of any Holders or other persons
or entities then or previously interested in those American Depositary Shares and the nature of those interests and (c) any
other matter where disclosure of such matter is required for that compliance.   Each Owner and Holder agrees to provide
all information known to it in response to a request made pursuant to Section 3.4 of the Deposit Agreement.  Each Holder consents
to the disclosure by the Depositary and the Owner or other Holder through which it holds American Depositary Shares, directly
or indirectly, of all information responsive to a request made pursuant to that Section relating to that Holder that is known
to that Owner or other Holder.