exv4w3






Exhibit 4.3




 




DEPOSIT AGREEMENT



 




by and among



LE GAGA HOLDINGS LIMITED



AND



CITIBANK, N.A.,

as Depositary,



AND



THE HOLDERS AND BENEFICIAL OWNERS OF

AMERICAN DEPOSITARY SHARES

ISSUED HEREUNDER



 




Dated as of [DATE], 2010



 









 





TABLE OF CONTENTS




	 	 	 	 	 

	ARTICLE I
	 	 	 	 
	 
	 	 	 	 
	DEFINITIONS
	 	 	1	 
	Section 1.1 “ADS Record Date”
	 	 	1	 
	Section 1.2 “Affiliate”
	 	 	2	 
	Section 1.3 “American Depositary Receipt(s)”, “ADR(s)” and “Receipt(s)”
	 	 	2	 
	Section 1.4 “American Depositary Share(s)” and “ADS(s)”
	 	 	2	 
	Section 1.5 “Applicant”
	 	 	2	 
	Section 1.6 “Articles of Association”
	 	 	2	 
	Section 1.7 “Beneficial Owner”
	 	 	2	 
	Section 1.8 “Certificated ADS(s)”
	 	 	2	 
	Section 1.9 “Commission”
	 	 	3	 
	Section 1.10 “Company”
	 	 	3	 
	Section 1.11 “Custodian”
	 	 	3	 
	Section 1.12 “Deliver” and “Delivery”
	 	 	3	 
	Section 1.13 “Deposit Agreement”
	 	 	3	 
	Section 1.14 “Depositary”
	 	 	3	 
	Section 1.15 “Deposited Securities”
	 	 	3	 
	Section 1.16 “Dollars” and “$”
	 	 	3	 
	Section 1.17 “DTC”
	 	 	3	 
	Section 1.18 “DTC Participant”
	 	 	4	 
	Section 1.19 “Exchange Act”
	 	 	4	 
	Section 1.20 “Foreign Currency”
	 	 	4	 
	Section 1.21 “Full Entitlement ADR(s)”, “Full Entitlement ADS(s)” and “Full
Entitlement Share(s)”
	 	 	4	 
	Section 1.22 “Holder(s)”
	 	 	4	 
	Section 1.23 “Partial Entitlement ADR(s)”, “Partial Entitlement ADS(s)” and
“Partial Entitlement Share(s)”
	 	 	4	 
	Section 1.24 “Pre-Release Transaction”
	 	 	4	 
	Section 1.25 “Principal Office”
	 	 	4	 
	Section 1.26 “Registrar”
	 	 	4	 
	Section 1.27 “Restricted Securities”
	 	 	4	 
	Section 1.28 “Restricted ADR(s)”, “Restricted ADS(s)” and “Restricted Shares”
	 	 	5	 
	Section 1.29 “Securities Act”
	 	 	5	 
	Section 1.30 “Share Registrar”
	 	 	5	 
	Section 1.31 “Shares”
	 	 	5	 
	Section 1.32 “Uncertificated ADS(s)”
	 	 	5	 
	Section 1.33 “United States” and “U.S.”
	 	 	5	 
	 
	 	 	 	 
	ARTICLE II
	 	 	 	 
	 
	 	 	 	 
	APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; DEPOSIT OF SHARES;
EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS
	 	 	5	 
	Section 2.1 Appointment of Depositary.
	 	 	5	 






 









 






	 	 	 	 	 

	Section 2.2 Form and Transferability of ADSs.
	 	 	6	 
	Section 2.3 Deposit of Shares.
	 	 	7	 
	Section 2.4 Registration and Safekeeping of Deposited Securities.
	 	 	9	 
	Section 2.5 Issuance of ADSs.
	 	 	9	 
	Section 2.6 Transfer, Combination and Split-up of ADRs
	 	 	9	 
	Section 2.7 Surrender of ADSs and Withdrawal of Deposited Securities.
	 	 	11	 
	Section 2.8 Limitations on Execution and Delivery, Transfer, etc. of ADSs;
Suspension of Delivery, Transfer, etc.
	 	 	12	 
	Section 2.9 Lost ADRs, etc.
	 	 	13	 
	Section 2.10 Cancellation and Destruction of Surrendered ADRs; Maintenance of
Records.
	 	 	13	 
	Section 2.11 Escheatment.
	 	 	13	 
	Section 2.12 Partial Entitlement ADSs.
	 	 	13	 
	Section 2.13 Certificated/Uncertificated ADSs.
	 	 	14	 
	Section 2.14 Restricted ADSs.
	 	 	15	 
	 
	 	 	 	 
	ARTICLE III
	 	 	 	 
	 
	 	 	 	 
	CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF ADSs
	 	 	17	 
	Section 3.1 Proofs, Certificates and Other Information.
	 	 	17	 
	Section 3.2 Liability for Taxes and Other Charges.
	 	 	18	 
	Section 3.3 Representations and Warranties on Deposit of Shares.
	 	 	18	 
	Section 3.4 Compliance with Information Requests.
	 	 	18	 
	Section 3.5 Ownership Restrictions.
	 	 	19	 
	Section 3.6 Reporting Obligations and Regulatory Approvals.
	 	 	19	 
	 
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	 
	 	 	 	 
	THE DEPOSITED SECURITIES
	 	 	19	 
	Section 4.1 Cash Distributions.
	 	 	19	 
	Section 4.2 Distribution in Shares.
	 	 	20	 
	Section 4.3 Elective Distributions in Cash or Shares.
	 	 	21	 
	Section 4.4 Distribution of Rights to Purchase Additional ADSs.
	 	 	21	 
	Section 4.5 Distributions Other Than Cash, Shares or Rights to Purchase Shares.
	 	 	23	 
	Section 4.6 Distributions with Respect to Deposited Securities in Bearer Form.
	 	 	24	 
	Section 4.7 Redemption.
	 	 	24	 
	Section 4.8 Conversion of Foreign Currency.
	 	 	25	 
	Section 4.9 Fixing of ADS Record Date.
	 	 	25	 
	Section 4.10 Voting of Deposited Securities.
	 	 	26	 
	Section 4.11 Changes Affecting Deposited Securities.
	 	 	28	 
	Section 4.12 Available Information.
	 	 	29	 
	Section 4.13 Reports.
	 	 	29	 
	Section 4.14 List of Holders.
	 	 	29	 
	Section 4.15 Taxation.
	 	 	29	 






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	ARTICLE V
	 	 	 	 
	 
	 	 	 	 
	THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY
	 	 	30	 
	Section 5.1 Maintenance of Office and Transfer Books by the Registrar.
	 	 	30	 
	Section 5.2 Exoneration.
	 	 	31	 
	Section 5.3 Standard of Care.
	 	 	31	 
	Section 5.4 Resignation and Removal of the Depositary; Appointment of Successor
Depositary.
	 	 	32	 
	Section 5.5 The Custodian.
	 	 	33	 
	Section 5.6 Notices and Reports.
	 	 	34	 
	Section 5.7 Issuance of Additional Shares, ADSs etc.
	 	 	34	 
	Section 5.8 Indemnification.
	 	 	35	 
	Section 5.9 Fees and Charges of Depositary.
	 	 	36	 
	Section 5.10 Pre-Release Transactions.
	 	 	37	 
	Section 5.11 Restricted Securities Owners.
	 	 	38	 
	 
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	 
	 	 	 	 
	AMENDMENT AND TERMINATION
	 	 	38	 
	Section 6.1 Amendment/Supplement.
	 	 	38	 
	Section 6.2 Termination.
	 	 	39	 
	 
	 	 	 	 
	ARTICLE VII
	 	 	 	 
	 
	 	 	 	 
	MISCELLANEOUS
	 	 	40	 
	Section 7.1 Counterparts.
	 	 	40	 
	Section 7.2 No Third-Party Beneficiaries.
	 	 	40	 
	Section 7.3 Severability.
	 	 	40	 
	Section 7.4 Holders and Beneficial Owners as Parties; Binding Effect.
	 	 	41	 
	Section 7.5 Notices.
	 	 	41	 
	Section 7.6 Governing Law and Jurisdiction.
	 	 	42	 
	Section 7.7 Assignment.
	 	 	43	 
	Section 7.8 Compliance with U.S. Securities Laws.
	 	 	43	 
	Section 7.9 Cayman Islands Law References.
	 	 	43	 
	Section 7.10 Titles and References.
	 	 	43	 
	 
	 	 	 	 
	EXHIBITS
	 	 	 	 
	Form of ADR.
	 	 	A-1	 
	Fee Schedule.
	 	 	B-1	 








4









 








DEPOSIT AGREEMENT




     DEPOSIT AGREEMENT, dated as of [DATE], 2010, by and among (i) LE GAGA HOLDINGS LIMITED, a
company incorporated under the laws of the Cayman Islands, and its successors (the “Company”), (ii)
CITIBANK, N.A., a national banking association organized under the laws of the United States of
America acting in its capacity as depositary, and any successor depositary hereunder (the
“Depositary”), and (iii) all Holders and Beneficial Owners of American Depositary Shares issued
hereunder (all such capitalized terms as hereinafter defined).



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




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



     WHEREAS, the Depositary is willing to act as the Depositary for such ADR facility upon the
terms set forth in the Deposit Agreement (as hereinafter defined); and



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



     WHEREAS, the American Depositary Shares to be issued pursuant to the terms of the Deposit
Agreement are to be listed for trading on the NASDAQ Global Market; and



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



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



ARTICLE I




DEFINITIONS



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



     Section 1.1 “ADS Record Date” shall have the meaning given to such term in Section 4.9.



1









 





     Section 1.2 “Affiliate” shall have the meaning assigned to such term by the Commission (as
hereinafter defined) under Regulation C promulgated under the Securities Act (as hereinafter
defined), or under any successor regulation thereto.



     Section 1.3 “American Depositary Receipt(s)”, “ADR(s)” and “Receipt(s)”
shall mean the certificate(s) issued by the Depositary to evidence the American Depositary Shares
issued under the terms of the Deposit Agreement in the form of Certificated ADS(s) (as hereinafter
defined), as such ADRs may be amended from time to time in accordance with the provisions of the
Deposit Agreement. An ADR may evidence any number of ADSs and may, in the case of ADSs held
through a central depository such as DTC, be in the form of a “Balance Certificate.”



     Section 1.4 “American Depositary Share(s)” and “ADS(s)” shall mean the rights and
interests in the Deposited Securities (as hereinafter defined) granted to the Holders and
Beneficial Owners pursuant to the terms and conditions of the Deposit Agreement and, if issued as
Certificated ADS(s), (as hereinafter defined) the ADR(s) issued to evidence such ADSs. ADS(s) may
be issued under the terms of the Deposit Agreement in the form of (a) Certificated ADS(s) (as
hereinafter defined), in which case the ADS(s) are evidenced by ADR(s), or (b) Uncertificated
ADS(s) (as hereinafter defined), in which case the ADS(s) are not evidenced by ADR(s) but are
reflected on the direct registration system maintained by the Depositary for such purposes under
the terms of Section 2.13. Unless otherwise specified in the Deposit Agreement or in any ADR, or
unless the context otherwise requires, any reference to ADS(s) shall include Certificated ADS(s)
and Uncertificated ADS(s), individually or collectively, as the context may require. Each ADS
shall represent the right to receive, subject to the terms and conditions of the Deposit Agreement
and the applicable ADR (if issued as a Certificated ADS) fifty (50) Shares until there shall occur
a distribution upon Deposited Securities referred to in Section 4.2 or a change in Deposited
Securities referred to in Section 4.11 with respect to which additional ADSs are not issued, and
thereafter each ADS shall represent the right to receive, subject to the terms and conditions of
the Deposit Agreement and the applicable ADR (if issued as a Certificated ADS), the Deposited
Securities determined in accordance with the terms of such Sections.



     Section 1.5 “Applicant” shall have the meaning given to such term in Section 5.10.



     Section 1.6 “Articles of Association” shall mean the Articles of Association of the
Company, as amended and restated from time to time.



     Section 1.7 “Beneficial Owner” shall mean, as to any ADS, any person or entity having a
beneficial interest deriving from the ownership of such ADS. A Beneficial Owner of ADSs may or may
not be the Holder of such ADSs. A Beneficial Owner shall be able to exercise any right or receive
any benefit hereunder solely through the person who is the Holder of the ADSs owned by such
Beneficial Owner. Unless otherwise identified to the Depositary, a Holder shall be deemed to be
the Beneficial Owner of all the ADSs registered in his/her/its name.



     Section 1.8 “Certificated ADS(s)” shall have the meaning set forth in Section 2.13.



2









 





     Section 1.9 “Commission” shall mean the Securities and Exchange Commission of the United
States or any successor governmental agency thereto in the United States.



     Section 1.10 “Company” shall mean Le Gaga Holdings Limited, a company incorporated and
existing under the laws of the Cayman Islands, and its successors.



     Section 1.11 “Custodian” shall mean (i) as of the date hereof, Citibank, N.A. — Hong Kong,
having its principal office at 10/F, Harbour Front (II), 22 Tak Fung Street, Hung Hom, Kowloon,
Hong Kong, as the custodian for the purposes of the Deposit Agreement, (ii) Citibank, N.A., acting
as custodian of Deposited Securities pursuant to the Deposit Agreement, and (iii) any other entity
that may be appointed by the Depositary pursuant to the terms of Section 5.5 as successor,
substitute or additional custodian hereunder. The term “Custodian” shall mean any Custodian
individually or all Custodians collectively, as the context requires.



     Section 1.12 “Deliver” and “Delivery” shall mean when used in respect of ADSs,
Deposited Securities and Shares, either (i) the physical delivery of certificate(s) representing
such securities, or (ii) the electronic delivery of such securities by means of book-entry
transfer, if available.



     Section 1.13 “Deposit Agreement” shall mean this Deposit Agreement and all exhibits hereto,
as the same may from time to time be amended and supplemented from time to time in accordance with
the terms of the Deposit Agreement.



     Section 1.14 “Depositary” shall mean Citibank, N.A., a national banking association
organized under the laws of the United States, in its capacity as depositary under the terms of the
Deposit Agreement, and any successor depositary hereunder.



     Section 1.15 “Deposited Securities” shall mean Shares at any time deposited under the
Deposit Agreement and any and all other securities, property and cash held by the Depositary or the
Custodian in respect thereof, subject, in the case of cash, to the provisions of Section 4.8. The
collateral delivered in connection with Pre-Release Transactions described in Section 5.10 shall
not constitute Deposited Securities.



     Section 1.16 “Dollars” and “$” shall refer to the lawful currency of the United
States.



     Section 1.17 “DTC” shall mean The Depository Trust Company, a national clearinghouse and
the central book-entry settlement system for securities traded in the United States and, as such,
the custodian for the securities of DTC Participants (as hereinafter defined) maintained in DTC,
and any successor thereto.



3









 





     Section 1.18 “DTC Participant” shall mean any financial institution (or any nominee of such
institution) having one or more participant accounts with DTC for receiving, holding and delivering
the securities and cash held in DTC. A DTC Participant may or may not be a Beneficial Owner. If a
DTC Participant is not the Beneficial Owner of the ADSs credited to its account at DTC, or of the
ADSs in respect of which the DTC Participant is otherwise acting, such DTC Participant shall be
deemed, for all purposes hereunder, to have all requisite authority to act on behalf of the
Beneficial Owner(s) of the ADSs credited to its account at DTC or in respect of which the DTC
Participant is so acting.



     Section 1.19 “Exchange Act” shall mean the United States Securities Exchange Act of 1934,
as amended from time to time.



     Section 1.20 “Foreign Currency” shall mean any currency other than Dollars.



     Section 1.21
“Full Entitlement ADR(s)”, “Full Entitlement ADS(s)” and “Full Entitlement Share(s)” shall have the respective meanings set forth in Section 2.11.




     Section 1.22 “Holder(s)” shall mean the person(s) in whose name the ADSs are registered on
the books of the Depositary (or the Registrar, if any) maintained for such purpose. A Holder may
or may not be a Beneficial Owner. If a Holder is not the Beneficial Owner of the ADS(s) registered
in its name, such person shall be deemed, for all purposes hereunder, to have all requisite
authority to act on behalf of the Beneficial Owners of the ADSs registered in its name.



     Section 1.23 “Partial Entitlement ADR(s)”, “Partial Entitlement ADS(s)” and
“Partial Entitlement Share(s)” shall have the respective meanings set forth in Section
2.12.




     Section 1.24 “Pre-Release Transaction” shall have the meaning set forth in Section 5.10.



     Section 1.25 “Principal Office” shall mean, when used with respect to the Depositary, the
principal office of the Depositary at which at any particular time its depositary receipts business
shall be administered, which, at the date of the Deposit Agreement, is located at 388 Greenwich
Street, New York, New York 10013, U.S.A.



     Section 1.26 “Registrar” shall mean the Depositary or any bank or trust company having an
office in the Borough of Manhattan, The City of New York, which shall be appointed by the
Depositary to register issuances, transfers and cancellations of ADSs as herein provided, and shall
include any co-registrar appointed by the Depositary for such purposes. Registrars (other than the
Depositary) may be removed and substitutes appointed by the Depositary. Each Registrar (other than
the Depositary) appointed pursuant to the Deposit Agreement shall be required to give notice in
writing to the Depositary accepting such appointment and agreeing to be bound by the applicable
terms of the Deposit Agreement.



     Section 1.27 “Restricted Securities” shall mean Shares, Deposited Securities or ADSs which
(i) have been acquired directly or indirectly from the Company or any of its Affiliates in a
transaction or chain of transactions not involving any public offering and are subject to resale



4









 




limitations under the Securities Act or the rules issued thereunder, or (ii) are held by an officer
or director (or persons performing similar functions) or other Affiliate of the Company, or (iii)
are subject to other restrictions on sale or deposit under the laws of the United States, the
Cayman Islands, or under a shareholder agreement or the Articles of Association of the Company or
under the regulations of an applicable securities exchange unless, in each case, such Shares,
Deposited Securities or ADSs are being transferred or sold to persons other than an Affiliate of
the Company in a transaction (a) covered by an effective resale registration statement, or (b)
exempt from the registration requirements of the Securities Act (as hereinafter defined), and the
Shares, Deposited Securities or ADSs are not, when held by such person(s), Restricted Securities.




     Section 1.28 “Restricted ADR(s)”, “Restricted ADS(s)” and “Restricted
Shares” shall have the respective meanings set forth in Section 2.14.



     Section 1.29 “Securities Act” shall mean the United States Securities Act of 1933, as
amended from time to time.



     Section 1.30 “Share Registrar” shall mean Maples Corporate Services Limited or any other
institution organized under the laws of the Cayman Islands appointed by the Company to carry out
the duties of registrar for the Shares, and any successor thereto.



     Section 1.31 “Shares” shall mean the Company’s ordinary shares, par value $0.01 per share,
validly issued and outstanding and fully paid and may, if the Depositary so agrees after
consultation with the Company, include evidence of the right to receive Shares; provided
that in no event shall Shares include evidence of the right to receive Shares with respect
to which the full purchase price has not been paid or Shares as to which preemptive rights have
theretofore not been validly waived or exercised; provided further,
however, that, if there shall occur any change in par or nominal value, split-up,
consolidation, reclassification, exchange, conversion or any other event described in Section 4.11
in respect of the Shares of the Company, the term “Shares” shall thereafter, to the maximum extent
permitted by law, represent the successor securities resulting from such event.



     Section 1.32 “Uncertificated ADS(s)” shall have the meaning set forth in Section 2.13.



     Section 1.33 “United States” and “U.S.” shall have the meaning assigned to it in
Regulation S as promulgated by the Commission under the Securities Act.



ARTICLE II




APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS;

DEPOSIT OF SHARES; EXECUTION AND

DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS



     Section 2.1 Appointment of Depositary. The Company hereby appoints the Depositary as
depositary for the Deposited Securities and hereby authorizes and directs the Depositary to act in
accordance with the terms and conditions set forth in the Deposit Agreement



5









 




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




     Section 2.2 Form and Transferability of ADSs.



     (a) Form. Certificated ADSs shall be evidenced by definitive ADRs which shall be
engraved, printed, lithographed or produced in such other manner as may be agreed upon by the
Company and the Depositary. ADRs may be issued under the Deposit Agreement in denominations of any
whole number of ADSs. The ADRs shall be substantially in the form set forth in Exhibit A
to the Deposit Agreement, with any appropriate insertions, modifications and omissions, in each
case as otherwise contemplated in the Deposit Agreement or required by law. ADRs shall be (i)
dated, (ii) signed by the manual or facsimile signature of a duly authorized signatory of the
Depositary, (iii) countersigned by the manual or facsimile signature of a duly authorized signatory
of the Registrar, and (iv) registered in the books maintained by the Registrar for the registration
of issuances and transfers of ADSs. No ADR and no Certificated ADS evidenced thereby shall be
entitled to any benefits under the Deposit Agreement or be valid or enforceable for any purpose
against the Depositary or the Company, unless such ADR shall have been so dated, signed,
countersigned and registered. ADRs bearing the facsimile signature of a duly-authorized signatory
of the Depositary or the Registrar, who at the time of signature was a duly-authorized signatory of
the Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding the
fact that such signatory has ceased to be so authorized prior to the delivery of such ADR by the
Depositary. The ADRs shall bear a CUSIP number that is different from any CUSIP number that was,
is or may be assigned to any depositary receipts previously or subsequently issued pursuant to any
other arrangement between the Depositary (or any other depositary) and the Company and which are
not ADRs outstanding hereunder.



     (b) Legends. The ADRs may be endorsed with, or have incorporated in the text thereof,
such legends or recitals not inconsistent with the provisions of the Deposit Agreement as (i) may
be necessary to enable the Depositary and the Company to perform their respective obligations
hereunder, (ii) may be required to comply with any applicable laws or regulations, or with the
rules and regulations of any securities exchange or market upon which ADSs may be traded, listed or
quoted, or to conform with any usage with respect thereto, (iii) may be necessary to indicate any
special limitations or restrictions to which any particular ADRs or ADSs are subject by reason of
the date of issuance of the Deposited Securities or otherwise, or (iv) may be required by any
book-entry system in which the ADSs are held. Holders and Beneficial Owners shall be deemed, for
all purposes, to have notice of, and to be bound by, the terms and conditions of the legends set
forth, in the case of Holders, on the ADR registered in the name of the



6









 




applicable Holders or, in the case of Beneficial Owners, on the ADR representing the ADSs
owned by such Beneficial Owners.




     (c) Title. Subject to the limitations contained herein and in the ADR, title to an
ADR (and to each Certificated ADS evidenced thereby) shall be transferable upon the same terms as a
certificated security under the laws of the State of New York, provided that, in the case of
Certificated ADSs, such ADR has been properly endorsed or is accompanied by proper instruments of
transfer. Notwithstanding any notice to the contrary, the Depositary and the Company may deem and
treat the Holder of an ADS (that is, the person in whose name an ADS is registered on the books of
the Depositary) as the absolute owner thereof for all purposes. Neither the Depositary nor the
Company shall have any obligation nor be subject to any liability under the Deposit Agreement or
any ADR to any holder or any Beneficial Owner unless, in the case of a holder of ADSs, such holder
is the Holder registered on the books of the Depositary or, in the case of a Beneficial Owner, such
Beneficial Owner, or the Beneficial Owner’s representative, is the Holder registered on the books
of the Depositary.



     (d) Book-Entry Systems. The Depositary shall make arrangements for the acceptance of
the ADSs into DTC. All ADSs held through DTC will be registered in the name of the nominee for DTC
(currently “Cede & Co.”). As such, the nominee for DTC will be the only “Holder” of all ADSs held
through DTC. Unless issued by the Depositary as Uncertificated ADSs, the ADSs registered in the
name of Cede & Co. will be evidenced by one or more ADR(s) in the form of a “Balance Certificate,”
which will provide that it represents the aggregate number of ADSs from time to time indicated in
the records of the Depositary as being issued hereunder and that the aggregate number of ADSs
represented thereby may from time to time be increased or decreased by making adjustments on such
records of the Depositary and of DTC or its nominee as hereinafter provided. Citibank, N.A. (or
such other entity as is appointed by DTC or its nominee) may hold the “Balance Certificate” as
custodian for DTC. Each Beneficial Owner of ADSs held through DTC must rely upon the procedures of
DTC and the DTC Participants to exercise or be entitled to any rights attributable to such ADSs.
The DTC Participants shall for all purposes be deemed to have all requisite power and authority to
act on behalf of the Beneficial Owners of the ADSs held in the DTC Participants’ respective
accounts in DTC and the Depositary shall for all purposes be authorized to rely upon any
instructions and information given to it by DTC Participants. So long as ADSs are held through DTC
or unless otherwise required by law, ownership of beneficial interests in the ADSs registered in
the name of the nominee for DTC will be shown on, and transfers of such ownership will be effected
only through, records maintained by (i) DTC or its nominee (with respect to the interests of DTC
Participants), or (ii) DTC Participants or their nominees (with respect to the interests of clients
of DTC Participants).



     Section 2.3 Deposit of Shares. Subject to the terms and conditions of the Deposit
Agreement and applicable law, Shares or evidence of rights to receive Shares (other than Restricted
Securities) may be deposited by any person (including the Depositary in its individual capacity but
subject, however, in the case of the Company or any Affiliate of the Company, to Section 5.7) at
any time, whether or not the transfer books of the Company or the Share Registrar, if any, are
closed, by Delivery of the Shares to the Custodian. Every deposit of Shares



7









 




shall be accompanied by the following: (A) (i) in the case of Shares represented by certificates
issued in registered form, appropriate instruments of transfer or endorsement, in a form
satisfactory to the Custodian, (ii) in the case of Shares represented by certificates in bearer
form, the requisite coupons and talons pertaining thereto, and (iii) in the case of Shares
delivered by book-entry transfer, confirmation of such book-entry transfer to the Custodian or that
irrevocable instructions have been given to cause such Shares to be so transferred, (B) such
certifications and payments (including, without limitation, the Depositary’s fees and related
charges) and evidence of such payments (including, without limitation, stamping or otherwise
marking such Shares by way of receipt) as may be required by the Depositary or the Custodian in
accordance with the provisions of the Deposit Agreement and applicable law, (C) if the Depositary
so requires, a written order directing the Depositary to issue and deliver to, or upon the written
order of, the person(s) stated in such order the number of ADSs representing the Shares so
deposited, (D) evidence satisfactory to the Depositary (which may be an opinion of counsel) that
all necessary approvals have been granted by, or there has been compliance with the rules and
regulations of, any applicable governmental agency in the Cayman Islands, and (E) if the Depositary
so requires, (i) an agreement, assignment or instrument satisfactory to the Depositary or the
Custodian which provides for the prompt transfer by any person in whose name the Shares are or have
been recorded to the Custodian of any distribution, or right to subscribe for additional Shares or
to receive other property in respect of any such deposited Shares or, in lieu thereof, such
indemnity or other agreement as shall be satisfactory to the Depositary or the Custodian and (ii)
if the Shares are registered in the name of the person on whose behalf they are presented for
deposit, a proxy or proxies entitling the Custodian to exercise voting rights in respect of the
Shares for any and all purposes until the Shares so deposited are registered in the name of the
Depositary, the Custodian or any nominee.




     Without limiting any other provision of the Deposit Agreement, the Depositary shall instruct
the Custodian not to, and the Depositary shall not knowingly, accept for deposit (a) any Restricted
Securities (except as contemplated by Section 2.14) nor (b) any fractional Shares or fractional
Deposited Securities nor (c) a number of Shares or Deposited Securities which upon application of
the ADS to Shares ratio would give rise to fractional ADSs. No Shares shall be accepted for
deposit unless accompanied by evidence, if any is required by the Depositary, that is reasonably
satisfactory to the Depositary or the Custodian that all conditions to such deposit have been
satisfied by the person depositing such Shares under the laws and regulations of the Cayman Islands
and any necessary approval has been granted by any applicable governmental body in the Cayman
Islands, if any. The Depositary may issue ADSs against evidence of rights to receive Shares from
the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency
or other entity involved in ownership or transaction records in respect of the Shares. Such
evidence of rights shall consist of written blanket or specific guarantees of ownership of Shares
furnished by the Company or any such custodian, registrar, transfer agent, clearing agency or other
entity involved in ownership or transaction records in respect of the Shares.



     Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit
under the Deposit Agreement (A) any Shares or other securities required to be registered under the
provisions of the Securities Act, unless (i) a registration statement is in effect as to such
Shares or other securities or (ii) the deposit is made upon terms contemplated in Section



8









 




2.14, or (B) any Shares or other securities the deposit of which would violate any provisions
of the Articles of Association of the Company. For purposes of the foregoing sentence, the
Depositary shall be entitled to rely upon representations and warranties made or deemed made
pursuant to the Deposit Agreement and shall not be required to make any further investigation. The
Depositary will comply with written instructions of the Company (received by the Depositary
reasonably in advance) not to accept for deposit hereunder any Shares identified in such
instructions at such times and under such circumstances as may reasonably be specified in such
instructions in order to facilitate the Company’s compliance with the securities laws of the United
States.




     Section 2.4 Registration and Safekeeping of Deposited Securities. The Depositary shall
instruct the Custodian upon each Delivery of certificates representing registered Shares being
deposited hereunder with the Custodian (or other Deposited Securities pursuant to Article IV
hereof), together with the other documents above specified, to present such certificate(s),
together with the appropriate instrument(s) of transfer or endorsement, duly stamped, to the Share
Registrar for transfer and registration of the Shares (as soon as transfer and registration can be
accomplished and at the expense of the person for whom the deposit is made) in the name of the
Depositary, the Custodian or a nominee of either. Deposited Securities shall be held by the
Depositary or by a Custodian for the account and to the order of the Depositary or a nominee in
each case on behalf of the Holders and Beneficial Owners, at such place or places as the Depositary
or the Custodian shall determine.



     Section 2.5 Issuance of ADSs. The Depositary has made arrangements with the Custodian for
the Custodian to confirm to the Depositary upon receipt of a deposit of Shares (i) that a deposit
of Shares has been made pursuant to Section 2.3, (ii) that such Deposited Securities have been
recorded in the name of the Depositary, the Custodian or a nominee of either on the shareholders’
register maintained by or on behalf of the Company by the Share Registrar if registered Shares have
been deposited or, if deposit is made by book-entry transfer, confirmation of such transfer, (iii)
that all required documents have been received, and (iv) the person(s) to whom or upon whose order
ADSs are deliverable in respect thereof and the number of ADSs to be so delivered. Such
notification may be made by letter, cable, telex, SWIFT message or, at the risk and expense of the
person making the deposit, by facsimile or other means of electronic transmission. Upon receiving
such notice from the Custodian, the Depositary, subject to the terms and conditions of the Deposit
Agreement and applicable law, shall issue the ADSs representing the Shares so deposited to or upon
the order of the person(s) named in the notice delivered to the Depositary and, if applicable,
shall execute and deliver at its Principal Office Receipt(s) registered in the name(s) requested by
such person(s) and evidencing the aggregate number of ADSs to which such person(s) are entitled,
but, in each case, only upon payment to the Depositary of the charges of the Depositary for
accepting a deposit, issuing ADSs (as set forth in Section 5.9 and Exhibit B hereto) and
all taxes and governmental charges and fees payable in connection with such deposit and the
transfer of the Shares and the issuance of the ADS(s). The Depositary shall only issue ADSs in
whole numbers and deliver, if applicable, ADR(s) evidencing whole numbers of ADSs. Nothing herein
shall prohibit any Pre-Release Transaction upon the terms set forth in the Deposit Agreement.



     Section 2.6 Transfer, Combination and Split-up of ADRs(a) .



9









 





     (a) Transfer. The Registrar shall register the transfer of ADRs (and of the ADSs
represented thereby) on the books maintained for such purpose and the Depositary shall (x) cancel
such ADRs and execute new ADRs evidencing the same aggregate number of ADSs as those evidenced by
the ADRs canceled by the Depositary, (y) cause the Registrar to countersign such new ADRs, and (z)
Deliver such new ADRs to or upon the order of the person entitled thereto, if each of the following
conditions has been satisfied: (i) the ADRs have been duly Delivered by the Holder (or by a duly
authorized attorney of the Holder) to the Depositary at its Principal Office for the purpose of
effecting a transfer thereof, (ii) the surrendered ADRs have been properly endorsed or are
accompanied by proper instruments of transfer (including signature guarantees in accordance with
standard securities industry practice), (iii) the surrendered ADRs have been duly stamped (if
required by the laws of the State of New York or of the United States), and (iv) all applicable
fees and charges of, and expenses incurred by, the Depositary and all applicable taxes and
governmental charges (as are set forth in Section 5.9 and Exhibit B hereto) have been paid,
subject, however, in each case, to the terms and conditions of the applicable ADRs, of the Deposit
Agreement and of applicable law, in each case as in effect at the time thereof.



     (b) Combination & Split Up. The Registrar shall register the split-up or combination
of ADRs (and of the ADSs represented thereby) on the books maintained for such purpose and the
Depositary shall (x) cancel such ADRs and execute new ADRs for the number of ADSs requested, but in
the aggregate not exceeding the number of ADSs evidenced by the ADRs cancelled by the Depositary,
(y) cause the Registrar to countersign such new ADRs, and (z) Deliver such new ADRs to or upon the
order of the Holder thereof, if each of the following conditions has been satisfied: (i) the ADRs
have been duly Delivered by the Holder (or by a duly authorized attorney of the Holder) to the
Depositary at its Principal Office for the purpose of effecting a split-up or combination thereof,
and (ii) all applicable fees and charges of, and expenses incurred by, the Depositary and all
applicable taxes and governmental charges (as are set forth in Section 5.9 and Exhibit B
hereto) have been paid, subject, however, in each case, to the terms and conditions of the
applicable ADRs, of the Deposit Agreement and of applicable law, in each case as in effect at the
time thereof.



     (c) Co-Transfer Agents. The Depositary may appoint one or more co-transfer agents for
the purpose of effecting transfers, combinations and split-ups of ADRs at designated transfer
offices on behalf of the Depositary, and the Depositary shall notify the Company of any such
appointment. In carrying out its functions, a co-transfer agent may require evidence of authority
and compliance with applicable laws and other requirements by Holders or persons entitled to such
ADRs and will be entitled to protection and indemnity to the same extent as the Depositary. Such
co-transfer agents may be removed and substitutes appointed by the Depositary, and the Depositary
shall notify the Company of any such removal or substitution. Each co-transfer agent appointed
under this Section 2.6 (other than the Depositary) shall give notice in writing to the Depositary
accepting such appointment and agreeing to be bound by the applicable terms of the Deposit
Agreement.



10









 





     Section 2.7 Surrender of ADSs and Withdrawal of Deposited Securities. The Holder of
ADSs shall be entitled to Delivery (at the Custodian’s designated office) of the Deposited
Securities at the time represented by the ADSs upon satisfaction of each of the following
conditions: (i) the Holder (or a duly-authorized attorney of the Holder) has duly Delivered ADSs to
the Depositary at its Principal Office (and if applicable, the ADRs evidencing such ADSs) for the
purpose of withdrawal of the Deposited Securities represented thereby, (ii) if applicable and so
required by the Depositary, the ADRs Delivered to the Depositary for such purpose have been
properly endorsed in blank or are accompanied by proper instruments of transfer in blank (including
signature guarantees in accordance with standard securities industry practice), (iii) if so
required by the Depositary, the Holder of the ADSs has executed and delivered to the Depositary a
written order directing the Depositary to cause the Deposited Securities being withdrawn to be
Delivered to or upon the written order of the person(s) designated in such order, and (iv) all
applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes
and governmental charges (as are set forth in Section 5.9 and Exhibit B) have been paid,
subject, however, in each case, to the terms and conditions of the ADRs evidencing the surrendered
ADSs, of the Deposit Agreement, of the Company’s Articles of Association and of any applicable laws
and the rules of the applicable book-entry settlement entity, and to any provisions of or governing
the Deposited Securities, in each case as in effect at the time thereof.



     Upon satisfaction of each of the conditions specified above, the Depositary (i) shall cancel
the ADSs Delivered to it (and, if applicable, the ADRs evidencing the ADSs so Delivered), (ii)
shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books
maintained for such purpose, and (iii) shall direct the Custodian to Deliver, or cause the Delivery
of, in each case, without unreasonable delay, the Deposited Securities represented by the ADSs so
canceled together with any certificate or other document of title for the Deposited Securities, or
evidence of the electronic transfer thereof (if available), as the case may be, to or upon the
written order of the person(s) designated in the order delivered to the Depositary for such
purpose, subject however, in each case, to the terms and conditions of the Deposit Agreement, of
the ADRs evidencing the ADSs so cancelled, of the Articles of Association of the Company, of any
applicable laws and of the rules of the applicable book-entry settlement entity, and to the terms
and conditions of or governing the Deposited Securities, in each case as in effect at the time
thereof.



     The Depositary shall not accept for surrender ADSs representing less than one (1) Share. In
the case of the Delivery to it of ADSs representing a number other than a whole number of Shares,
the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in
accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) return
to the person surrendering such ADSs the number of ADSs representing any remaining fractional
Share, or (ii) sell or cause to be sold the fractional Share represented by the ADSs so surrendered
and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses
incurred by, the Depositary and (b) taxes withheld) to the person surrendering the ADSs.



     Notwithstanding anything else contained in any ADR or the Deposit Agreement, the Depositary
may make delivery at the Principal Office of the Depositary of (i) any cash dividends



11









 




or cash distributions, or (ii) any proceeds from the sale of any distributions of shares or
rights, which are at the time held by the Depositary in respect of the Deposited Securities
represented by the ADSs surrendered for cancellation and withdrawal. At the request, risk and
expense of any Holder so surrendering ADSs, and for the account of such Holder, the Depositary
shall direct the Custodian to forward (to the extent permitted by law) any cash or other property
(other than securities) held by the Custodian in respect of the Deposited Securities represented by
such ADSs to the Depositary for delivery at the Principal Office of the Depositary. Such direction
shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or
facsimile transmission.




     Section 2.8 Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of
Delivery, Transfer, etc.



     (a) Additional Requirements. As a condition precedent to the execution and delivery,
registration of issuance, transfer, split-up, combination or surrender, of any ADS, the delivery of
any distribution thereon, or the withdrawal of any Deposited Securities, the Depositary or the
Custodian may require (i) payment from the depositor of Shares or presenter of ADSs or of an ADR of
a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or
registration fee with respect thereto (including any such tax or charge and fee with respect to
Shares being deposited or withdrawn) and payment of any applicable fees and charges of the
Depositary as provided in Section 5.9 and Exhibit B, (ii) the production of proof
satisfactory to it as to the identity and genuineness of any signature or any other matter
contemplated by Section 3.1, and (iii) compliance with (A) any laws or governmental regulations
relating to the execution and delivery of ADRs or ADSs or to the withdrawal of Deposited Securities
and (B) such reasonable regulations as the Depositary and the Company may establish consistent with
the provisions of the representative ADR, if applicable, the Deposit Agreement and applicable law.



     (b) Additional Limitations. The issuance of ADSs against deposits of Shares generally
or against deposits of particular Shares may be suspended, or the deposit of particular Shares may
be refused, or the registration of transfer of ADSs in particular instances may be refused, or the
registration of transfers of ADSs generally may be suspended, during any period when the transfer
books of the Company, the Depositary, a Registrar or the Share Registrar are closed or if any such
action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any
time or from time to time because of any requirement of law or regulation, any government or
governmental body or commission or any securities exchange on which the ADSs or Shares are listed,
or under any provision of the Deposit Agreement or the representative ADR(s), if applicable, or
under any provision of, or governing, the Deposited Securities, or because of a meeting of
shareholders of the Company or for any other reason, subject, in all cases, to Section 7.8.



     (c) Regulatory Restrictions. Notwithstanding any provision of the Deposit Agreement
or any ADR(s) to the contrary, Holders are entitled to surrender outstanding ADSs to withdraw the
Deposited Securities associated herewith at any time subject only to (i) temporary delays caused by
closing the transfer books of the Depositary or the Company or the deposit of Shares in connection
with voting at a shareholders’ meeting or the payment of dividends, (ii) the



12









 




payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or
governmental regulations relating to the ADSs or to the withdrawal of the Deposited Securities, and
(iv) other circumstances specifically contemplated by Instruction I.A.(l) of the General
Instructions to Form F-6 (as such General Instructions may be amended from time to time).




     Section 2.9 Lost ADRs, etc. In case any ADR shall be mutilated, destroyed, lost, or
stolen, the Depositary shall execute and deliver a new ADR of like tenor at the expense of the
Holder (a) in the case of a mutilated ADR, in exchange of and substitution for such mutilated ADR
upon cancellation thereof, or (b) in the case of a destroyed, lost or stolen ADR, in lieu of and in
substitution for such destroyed, lost, or stolen ADR, after the Holder thereof (i) has submitted to
the Depositary a written request for such exchange and substitution before the Depositary has
notice that the ADR has been acquired by a bona fide purchaser, (ii) has provided such security or
indemnity (including an indemnity bond) as may be required by the Depositary to save it and any of
its agents harmless, and (iii) has satisfied any other reasonable requirements imposed by the
Depositary, including, without limitation, evidence satisfactory to the Depositary of such
destruction, loss or theft of such ADR, the authenticity thereof and the Holder’s ownership
thereof.



     Section 2.10 Cancellation and Destruction of Surrendered ADRs; Maintenance of Records. All
ADRs surrendered to the Depositary shall be canceled by the Depositary. Canceled ADRs shall not be
entitled to any benefits under the Deposit Agreement or be valid or enforceable against the
Depositary or the Company for any purpose. The Depositary is authorized to destroy ADRs so
canceled, provided the Depositary maintains a record of all destroyed ADRs. Any ADSs held in
book-entry form (i.e., through accounts at DTC) shall be deemed canceled when the Depositary causes
the number of ADSs evidenced by the Balance Certificate to be reduced by the number of ADSs
surrendered (without the need to physically destroy the Balance Certificate).



     Section 2.11 Escheatment. In the event any unclaimed property relating to the ADSs, for
any reason, is in the possession of Depositary and has not been claimed by the Holder thereof or
cannot be delivered to the Holder thereof through usual channels, the Depositary shall, upon
expiration of any applicable statutory period relating to abandoned property laws, escheat such
unclaimed property to the relevant authorities in accordance with the laws of each of the relevant
States of the United States.



     Section 2.12 Partial Entitlement ADSs. In the event any Shares are deposited which (i)
entitle the holders thereof to receive a per-share distribution or other entitlement in an amount
different from the Shares then on deposit or (ii) are not fully fungible (including, without
limitation, as to settlement or trading) with the Shares then on deposit (the Shares then on
deposit collectively, “Full Entitlement Shares” and the Shares with different entitlement,
“Partial Entitlement Shares”), the Depositary shall (i) cause the Custodian to hold Partial
Entitlement Shares separate and distinct from Full Entitlement Shares, and (ii) subject to the
terms of the Deposit Agreement, issue ADSs representing Partial Entitlement Shares which are
separate and distinct from the ADSs representing Full Entitlement Shares, by means of separate
CUSIP numbering and legending (if necessary) and, if applicable, by issuing ADRs evidencing such
ADSs with applicable notations thereon (“Partial Entitlement ADSs/ADRs” and “Full



13









 




Entitlement ADSs/ADRs”, respectively). If and when Partial Entitlement Shares become Full
Entitlement Shares, the Depositary shall (a) give notice thereof to Holders of Partial Entitlement
ADSs and give Holders of Partial Entitlement ADRs the opportunity to exchange such Partial
Entitlement ADRs for Full Entitlement ADRs, (b) cause the Custodian to transfer the Partial
Entitlement Shares into the account of the Full Entitlement Shares, and (c) take such actions as
are necessary to remove the distinctions between (i) the Partial Entitlement ADRs and ADSs, on the
one hand, and (ii) the Full Entitlement ADRs and ADSs on the other. Holders and Beneficial Owners
of Partial Entitlement ADSs shall only be entitled to the entitlements of Partial Entitlement
Shares. Holders and Beneficial Owners of Full Entitlement ADSs shall be entitled only to the
entitlements of Full Entitlement Shares. All provisions and conditions of the Deposit Agreement
shall apply to Partial Entitlement ADRs and ADSs to the same extent as Full Entitlement ADRs and
ADSs, except as contemplated by this Section 2.12. The Depositary is authorized to take any and
all other actions as may be necessary (including, without limitation, making the necessary
notations on ADRs) to give effect to the terms of this Section 2.12. The Company agrees to give
timely written notice to the Depositary if any Shares issued or to be issued are Partial
Entitlement Shares and shall assist the Depositary with the establishment of procedures enabling
the identification of Partial Entitlement Shares upon Delivery to the Custodian.




     Section 2.13 Certificated/Uncertificated ADSs. Notwithstanding any other provision of the
Deposit Agreement, the Depositary may, at any time and from time to time, issue ADSs that are not
evidenced by ADRs (such ADSs, the “Uncertificated ADS(s)” and the ADS(s) evidenced by
ADR(s), the “Certificated ADS(s)”). When issuing and maintaining Uncertificated ADS(s)
under the Deposit Agreement, the Depositary shall at all times be subject to (i) the standards
applicable to registrars and transfer agents maintaining direct registration systems for equity
securities in New York and issuing uncertificated securities under New York law, and (ii) the terms
of New York law applicable to uncertificated equity securities. Uncertificated ADSs shall not be
represented by any instruments but shall be evidenced by registration in the books of the
Depositary maintained for such purpose. Holders of Uncertificated ADSs, that are not subject to
any registered pledges, liens, restrictions or adverse claims of which the Depositary has notice at
such time, shall at all times have the right to exchange the Uncertificated ADS(s) for Certificated
ADS(s) of the same type and class, subject in each case to applicable laws and any rules and
regulations the Depositary may have established in respect of the Uncertificated ADSs. Holders of
Certificated ADSs shall, if the Depositary maintains a direct registration system for the ADSs,
have the right to exchange the Certificated ADSs for Uncertificated ADSs upon (i) the due surrender
of the Certificated ADS(s) to the Depositary for such purpose and (ii) the presentation of a
written request to that effect to the Depositary, subject in each case to (a) all liens and
restrictions noted on the ADR evidencing the Certificated ADS(s) and all adverse claims of which
the Depositary then has notice, (b) the terms of the Deposit Agreement and the rules and
regulations that the Depositary may establish for such purposes hereunder, (c) applicable law, and
(d) payment of the Depositary fees and expenses applicable to such exchange of Certificated ADS(s)
for Uncertificated ADS(s). Uncertificated ADSs shall in all respects be identical to Certificated
ADS(s) of the same type and class, except that (i) no ADR(s) shall be, or shall need to be, issued
to evidence Uncertificated ADS(s), (ii) Uncertificated ADS(s) shall, subject to the terms of the
Deposit Agreement, be transferable upon the same terms and conditions as uncertificated securities
under New York law, (iii) the



14









 




ownership of Uncertificated
ADS(s) shall be recorded on the books of the Depositary maintained for such purpose and evidence of
such ownership shall be reflected in periodic statements provided by the Depositary to the
Holder(s) in accordance with applicable New York law, (iv) the Depositary may from time to time,
upon notice to the Holders of Uncertificated ADSs affected thereby, establish rules and
regulations, and amend or supplement existing rules and regulations, as may be deemed reasonably
necessary to maintain Uncertificated ADS(s) on behalf of Holders, provided that (a) such rules and
regulations do not conflict with the terms of the Deposit Agreement and applicable law, and (b) the
terms of such rules and regulations are readily available to Holders upon request, (v) the
Uncertificated ADS(s) shall not be entitled to any benefits under the Deposit Agreement or be valid
or enforceable for any purpose against the Depositary or the Company unless such Uncertificated
ADS(s) is/are registered on the books of the Depositary maintained for such purpose, (vi) the
Depositary may, in connection with any deposit of Shares resulting in the issuance of
Uncertificated ADSs and with any transfer, pledge, release and cancellation of Uncertificated ADSs,
require the prior receipt of such documentation as the Depositary may deem reasonably appropriate,
and (vii) upon termination of the Deposit Agreement, the Depositary shall not require Holders of
Uncertificated ADSs to affirmatively instruct the Depositary before remitting proceeds from the
sale of the Deposited Securities represented by such Holders’ Uncertificated ADSs under the terms
of Section 6.2 of the Deposit Agreement. When issuing ADSs under the terms of the Deposit
Agreement, including, without limitation, issuances pursuant to Sections 2.5, 4.2, 4.3, 4.4, 4.5
and 4.11, the Depositary may in its discretion determine to issue Uncertificated ADSs rather than
Certificated ADSs, unless otherwise specifically instructed by the applicable Holder to issue
Certificated ADSs. All provisions and conditions of the Deposit Agreement shall apply to
Uncertificated ADSs to the same extent as to Certificated ADSs, except as contemplated by this
Section 2.13. The Depositary is authorized and directed to take any and all actions and establish
any and all procedures deemed reasonably necessary to give effect to the terms of this Section
2.13. Any references in the Deposit Agreement or any ADR(s) to the terms “American Depositary
Share(s)” or “ADS(s)” shall, unless the context otherwise requires, include Certificated ADS(s) and
Uncertificated ADS(s). Except as set forth in this Section 2.13 and except as required by
applicable law, the Uncertificated ADSs shall be treated as ADSs issued and outstanding under the
terms of the Deposit Agreement. In the event that, in determining the rights and obligations of
parties hereto with respect to any Uncertificated ADSs, any conflict arises between (a) the terms
of the Deposit Agreement (other than this Section 2.13) and (b) the terms of this Section 2.13, the
terms and conditions set forth in this Section 2.13 shall be controlling and shall govern the
rights and obligations of the parties to the Deposit Agreement pertaining to the Uncertificated
ADSs.




     Section 2.14 Restricted ADSs. The Depositary shall, at the request and expense of the
Company, establish procedures enabling the deposit hereunder of Shares that are Restricted
Securities in order to enable the holder of such Shares to hold its ownership interests in such
Restricted Shares in the form of ADSs issued under the terms hereof (such Shares, “Restricted
Shares”). Upon receipt of a written request from the Company to accept Restricted Shares for
deposit hereunder, the Depositary agrees to establish procedures permitting the deposit of such
Restricted Shares and the issuance of ADSs representing the right to receive, subject to the terms
of the Deposit Agreement and the applicable ADR (if issued as a Certificated ADS), such deposited
Restricted Shares (such ADSs, the “Restricted ADSs,” and the ADRs evidencing such



15









 




Restricted ADSs, the “Restricted ADRs”). Notwithstanding anything contained in this
Section 2.14, the Depositary and the Company may, to the extent not prohibited by law, agree to
issue the Restricted ADSs in uncertificated form (“Uncertificated Restricted ADSs”) upon
such terms and conditions as the Company and the Depositary may deem necessary and appropriate.
The Company shall assist the Depositary in the establishment of such procedures and agrees that it
shall take all steps necessary and satisfactory to the Depositary to insure that the establishment
of such procedures does not violate the provisions of the Securities Act or any other applicable
laws. The depositors of such Restricted Shares and the holders of the Restricted ADSs may be
required prior to the deposit of such Restricted Shares, the transfer of the Restricted ADRs and
the Restricted ADSs evidenced thereby or the withdrawal of the Restricted Shares represented by
Restricted ADSs to provide such written certifications or agreements as the Depositary or the
Company may require. The Company shall provide to the Depositary in writing the legend(s) to be
affixed to the Restricted ADRs (if Restricted ADSs are to be issued as Certificated ADSs), or to be
included in the statements issued from time to time to Holders of Uncertificated ADSs (if issued as
Uncertificated Restricted ADSs), which legends shall (i) be in a form reasonably satisfactory to
the Depositary and (ii) contain the specific circumstances under which the Restricted ADSs, and, if
applicable, the Restricted ADRs evidencing the Restricted ADSs may be transferred or the Restricted
Shares withdrawn. The Restricted ADSs issued upon the deposit of Restricted Shares shall be
separately identified on the books of the Depositary and the Restricted Shares so deposited shall,
to the extent required by law, be held separate and distinct from the other Deposited Securities
held hereunder. The Restricted Shares and the Restricted ADSs shall not be eligible for
Pre-Release Transactions. The Restricted ADSs shall not be eligible for inclusion in any
book-entry settlement system, including, without limitation, DTC, and shall not in any way be
fungible with the ADSs issued under the terms hereof that are not Restricted ADSs. The Restricted
ADSs, and, if applicable, the Restricted ADRs evidencing the Restricted ADSs shall be transferable
only by the Holder thereof upon delivery to the Depositary of (i) all documentation otherwise
contemplated by the Deposit Agreement and (ii) an opinion of counsel satisfactory to the Depositary
setting forth, inter alia, the conditions upon which the Restricted ADSs presented, and, if
applicable, the Restricted ADRs evidencing the Restricted ADSs are transferable by the Holder
thereof under applicable securities laws and the transfer restrictions contained in the legend
applicable to the Restricted ADSs presented for transfer. Except as set forth in this Section 2.14
and except as required by applicable law, the Restricted ADRs and the Restricted ADSs evidenced
thereby shall be treated as ADRs and ADSs issued and outstanding under the terms of the Deposit
Agreement. In the event that, in determining the rights and obligations of parties hereto with
respect to any Restricted ADSs, any conflict arises between (a) the terms of the Deposit Agreement
(other than this Section 2.14) and (b) the terms of (i) this Section 2.14 or (ii) the applicable
Restricted ADR, the terms and conditions set forth in this Section 2.14 and of the Restricted ADR
shall be controlling and shall govern the rights and obligations of the parties to the Deposit
Agreement pertaining to the deposited Restricted Shares, the Restricted ADSs and Restricted ADRs.



If the Restricted ADRs, the Restricted ADSs and the Restricted Shares cease to be Restricted
Securities, the Depositary, upon receipt of (x) an opinion of counsel reasonably satisfactory to
the Depositary setting forth, inter alia, that the Restricted ADRs, the Restricted ADSs and the
Restricted Shares are not as of such time Restricted Securities, and (y) instructions from the
Company to remove the restrictions applicable to the Restricted ADRs, the Restricted ADSs and






16









 







the Restricted Shares, shall (i) eliminate the distinctions and separations that may have been
established between the applicable Restricted Shares held on deposit under this Section 2.14 and
the other Shares held on deposit under the terms of the Deposit Agreement that are not Restricted
Shares, (ii) treat the newly unrestricted ADRs and ADSs on the same terms as, and fully fungible
with, the other ADRs and ADSs issued and outstanding under the terms of the Deposit Agreement that
are not Restricted ADRs or Restricted ADSs, (iii) take all actions necessary to remove any
distinctions, limitations and restrictions previously existing under this Section 2.14 between the
applicable Restricted ADRs and Restricted ADSs, respectively, on the one hand, and the other ADRs
and ADSs that are not Restricted ADRs or Restricted ADSs, respectively, on the other hand,
including, without limitation, by making the newly-unrestricted ADSs eligible for Pre-Release
Transactions and for inclusion in the applicable book-entry settlement systems.




ARTICLE III




CERTAIN OBLIGATIONS OF HOLDERS

AND BENEFICIAL OWNERS OF ADSs



     Section 3.1 Proofs, Certificates and Other Information. Any person presenting Shares for
deposit, any Holder and any Beneficial Owner may be required, and every Holder and Beneficial Owner
agrees, from time to time to provide to the Depositary and the Custodian such proof of citizenship
or residence, taxpayer status, payment of all applicable taxes or other governmental charges,
exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities,
compliance with applicable laws, the terms of the Deposit Agreement or the ADR(s) evidencing the
ADSs and the provisions of, or governing, the Deposited Securities, to execute such certifications
and to make such representations and warranties, and to provide such other information and
documentation (or, in the case of Shares in registered form presented for deposit, such information
relating to the registration on the books of the Company or of the Share Registrar) as the
Depositary or the Custodian may deem necessary or proper or as the Company may reasonably require
by written request to the Depositary consistent with its obligations under the Deposit Agreement
and the applicable ADR(s). The Depositary and the Registrar, as applicable, may withhold the
execution or delivery or registration of transfer of any ADR or ADS or the distribution or sale of
any dividend or distribution of rights or of the proceeds thereof or, to the extent not limited by
the terms of Section 7.8, the delivery of any Deposited Securities until such proof or other
information is filed or such certifications are executed, or such representations and warranties
are made, or such other documentation or information provided, in each case to the Depositary’s,
the Registrar’s and the Company’s satisfaction. The Depositary shall provide the Company, in a
timely manner, with copies or originals if necessary and appropriate of (i) any such proofs of
citizenship or residence, taxpayer status, or exchange control approval or copies of written
representations and warranties which it receives from Holders and Beneficial Owners, and (ii) any
other information or documents which the Company may reasonably request and which the Depositary
shall request and receive from any Holder or Beneficial Owner or any person presenting Shares for
deposit or ADSs for cancellation, transfer or withdrawal. Nothing herein shall obligate the
Depositary to (i) obtain any information for the Company if not provided by the Holders or
Beneficial Owners, or (ii) verify or vouch for the accuracy of the information so provided by the
Holders or Beneficial Owners.



17









 





     Section 3.2 Liability for Taxes and Other Charges. Any tax or other governmental charge
payable by the Custodian or by the Depositary with respect to any ADR or any Deposited Securities
or ADSs shall be payable by the Holders and Beneficial Owners to the Depositary. The Company, the
Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of
Deposited Securities and may sell for the account of a Holder and/or Beneficial Owner any or all of
the Deposited Securities and apply such distributions and sale proceeds in payment of any taxes
(including applicable interest and penalties) or charges that are or may be payable by Holders or
Beneficial Owners in respect of the ADSs, Deposited Securities and ADRs, the Holder and the
Beneficial Owner remaining liable for any deficiency. The Custodian may refuse the deposit of
Shares and the Depositary may refuse to issue ADSs, to deliver ADRs, register the transfer of ADSs,
register the split-up or combination of ADRs and (subject to Section 7.8) the withdrawal of
Deposited Securities until payment in full of such tax, charge, penalty or interest is received.
Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian,
and any of their agents, officers, employees and Affiliates for, and to hold each of them harmless
from, any claims with respect to taxes (including applicable interest and penalties thereon)
arising from any tax benefit obtained for such Holder and/or Beneficial Owner.



     Section 3.3 Representations and Warranties on Deposit of Shares. Each person depositing
Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that (i) such
Shares and the certificates therefor are duly authorized, validly issued, fully paid,
non-assessable and legally obtained by such person, (ii) all preemptive (and similar) rights, if
any, with respect to such Shares have been validly waived or exercised, (iii) the person making
such deposit is duly authorized so to do, (iv) the Shares presented for deposit are free and clear
of any lien, encumbrance, security interest, charge, mortgage or adverse claim, and (v) the Shares
presented for deposit are not, and the ADSs issuable upon such deposit will not be, Restricted
Securities (except as contemplated in Section 2.14), and (vi) the Shares presented for deposit have
not been stripped of any rights or entitlements. Such representations and warranties shall survive
the deposit and withdrawal of Shares, the issuance and cancellation of ADSs in respect thereof and
the transfer of such ADSs. If any such representations or warranties are false in any way, the
Company and the Depositary shall be authorized, at the cost and expense of the person depositing
Shares, to take any and all actions necessary to correct the consequences thereof.



     Section 3.4 Compliance with Information Requests. Notwithstanding any other provision of
the Deposit Agreement or any ADR(s), each Holder and Beneficial Owner agrees to comply with
requests from the Company pursuant to applicable law, the rules and requirements of the NASDAQ
Global Market and any other stock exchange on which the Shares or ADSs are, or will be, registered,
traded or listed or the Articles of Association of the Company, which are made to provide
information, inter alia, as to the capacity in which such Holder or Beneficial Owner owns ADSs (and
Shares as the case may be) and regarding the identity of any other person(s) interested in such
ADSs and the nature of such interest and various other matters, whether or not they are Holders
and/or Beneficial Owners at the time of such request. The Depositary agrees to use its reasonable
efforts to forward, upon the request of the Company and



18









 




at the Company’s expense, any such request from the Company to the Holders and to forward to the
Company any such responses to such requests received by the Depositary.




     Section 3.5 Ownership Restrictions. Notwithstanding any other provision in the
Deposit Agreement or any ADR, the Company may restrict transfers of the Shares where such transfer
might result in ownership of Shares exceeding limits imposed by applicable law or the Articles of
Association of the Company. The Company may also restrict, in such manner as it deems appropriate,
transfers of the ADSs where such transfer may result in the total number of Shares represented by
the ADSs owned by a single Holder or Beneficial Owner to exceed any such limits. The Company may,
in its sole discretion but subject to applicable law, instruct the Depositary to take action with
respect to the ownership interest of any Holder or Beneficial Owner in excess of the limits set
forth in the preceding sentence, including, but not limited to, the imposition of restrictions on
the transfer of ADSs, the removal or limitation of voting rights or mandatory sale or disposition
on behalf of a Holder or Beneficial Owner of the Shares represented by the ADSs held by such Holder
or Beneficial Owner in excess of such limitations, if and to the extent such disposition is
permitted by applicable law and the Articles of Association of the Company. Nothing herein shall
be interpreted as obligating the Depositary or the Company to ensure compliance with the ownership
restrictions described in this Section 3.5.



     Section 3.6 Reporting Obligations and Regulatory Approvals. Applicable laws and
regulations may require holders and beneficial owners of Shares, including the Holders and
Beneficial Owners of ADSs, to satisfy reporting requirements and obtain regulatory approvals in
certain circumstances. Holders and Beneficial Owners of ADSs are solely responsible for
determining and complying with such reporting requirements and obtaining such approvals. Each
Holder and each Beneficial Owner hereby agrees to make such determination, file such reports, and
obtain such approvals to the extent and in the form required by applicable laws and regulations as
in effect from time to time. Neither the Depositary, the Custodian, the Company or any of their
respective agents or affiliates shall be required to take any actions whatsoever on behalf of
Holders or Beneficial Owners to determine or satisfy such reporting requirements or obtain such
regulatory approvals under applicable laws and regulations.



ARTICLE IV




THE DEPOSITED SECURITIES



     Section 4.1 Cash Distributions. Whenever the Company intends to make a distribution of a
cash dividend or other cash distribution, the Company shall give notice thereof to the Depositary
at least twenty (20) days (or such other number of days as the Depositary and the Company may from
time to time agree to) prior to the proposed distribution specifying, inter alia,
the record date applicable for determining the holders of Deposited Securities entitled to receive
such distribution. Upon the timely receipt of such notice, the Depositary shall establish an ADS
Record Date upon the terms described in Section 4.9. Upon receipt of confirmation from the
Custodian of the receipt of any cash dividend or other cash distribution on any Deposited
Securities, or upon receipt of proceeds from the sale of any Deposited Securities or any other
entitlements held in respect of Deposited Securities under the terms hereof, the Depositary will
(i) if at the time of receipt thereof any amounts received in a Foreign Currency



19









 




can, in the judgment of the Depositary (pursuant to Section 4.8), be converted on a practicable
basis into Dollars transferable to the United States, promptly convert or cause to be converted
such cash dividend, distribution or proceeds into Dollars (on the terms described in Section 4.8),
(ii) if applicable and unless previously established, establish the ADS Record Date upon the terms
described in Section 4.9, and (iii) distribute promptly the amount thus received (net of (a) the
applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes withheld) to
the Holders entitled thereto as of the ADS Record Date in proportion to the number of ADSs held as
of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be
distributed without attributing to any Holder a fraction of one cent, and any balance not so
distributed shall be held by the Depositary (without liability for interest thereon) and shall be
added to and become part of the next sum received by the Depositary for distribution to Holders of
ADSs outstanding at the time of the next distribution. If the Company, the Custodian or the
Depositary is required to withhold and does withhold from any cash dividend or other cash
distribution in respect of any Deposited Securities an amount on account of taxes, duties or other
governmental charges, the amount distributed to Holders on the ADSs representing such Deposited
Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company,
the Custodian or the Depositary to the relevant governmental authority. Evidence of payment
thereof by the Company shall be forwarded by the Company to the Depositary upon request.




     Section 4.2 Distribution in Shares. Whenever the Company intends to make a distribution
that consists of a dividend in, or free distribution of, Shares, the Company shall give notice
thereof to the Depositary at least twenty (20) days (or such other number of days as the Depositary
and the Company may from time to time agree to) prior to the proposed distribution, specifying,
inter alia, the record date applicable to holders of Deposited Securities entitled
to receive such distribution. Upon the timely receipt of such notice from the Company, the
Depositary shall establish the ADS Record Date upon the terms described in Section 4.9. Upon
receipt of confirmation from the Custodian of the receipt of the Shares so distributed by the
Company, the Depositary shall either (i) subject to Section 5.9, distribute to the Holders as of
the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date, additional
ADSs, which represent in the aggregate the number of Shares received as such dividend, or free
distribution, subject to the other terms of the Deposit Agreement (including, without limitation,
(a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes), or
(ii) if additional ADSs are not so distributed, take all actions necessary so that each ADS issued
and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also
represent rights and interests in the additional integral number of Shares distributed upon the
Deposited Securities represented thereby (net of (a) the applicable fees and charges of, and
expenses incurred by, the Depositary and (b) taxes). In lieu of delivering fractional ADSs, the
Depositary shall sell the number of Shares or ADSs, as the case may be, represented by the
aggregate of such fractions and distribute the net proceeds upon the terms described in Section
4.1. In the event that the Depositary determines that any distribution in property (including
Shares) is subject to any tax or other governmental charges which the Depositary is obligated to
withhold, or, if the Company in the fulfillment of its obligation under Section 5.7, has furnished
an opinion of U.S. counsel determining that Shares must be registered under the Securities Act or
other laws in order to be distributed to Holders (and no such registration statement has been
declared effective), the Depositary may dispose of



20









 




all or a portion of such property (including Shares and rights to subscribe therefor) in such
amounts and in such manner, including by public or private sale, as the Depositary deems necessary
and practicable, and the Depositary shall distribute the net proceeds of any such sale (after
deduction of (a) taxes and (b) fees and charges of, and expenses incurred by, the Depositary) to
Holders entitled thereto upon the terms described in Section 4.1. The Depositary shall hold and/or
distribute any unsold balance of such property in accordance with the provisions of the Deposit
Agreement.




     Section 4.3 Elective Distributions in Cash or Shares. Whenever the Company intends to make
a distribution payable at the election of the holders of Shares in cash or in additional Shares,
the Company shall give notice thereof to the Depositary at least forty five (45) days (or such
other number of days as the Depositary and the Company may from time to time agree to) prior to the
proposed distribution specifying, inter alia, the record date applicable to holders
of Deposited Securities entitled to receive such elective distribution and whether or not it wishes
such elective distribution to be made available to Holders of ADSs. Upon the timely receipt of a
notice indicating that the Company wishes such elective distribution to be made available to
Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall
assist the Depositary in its determination, whether it is lawful and reasonably practicable to make
such elective distribution available to the Holders of ADSs. The Depositary shall make such
elective distribution available to Holders only if (i) the Company shall have timely requested that
the elective distribution be made available to Holders, (ii) the Depositary shall have determined
that such distribution is reasonably practicable and (iii) the Depositary shall have received
satisfactory documentation within the terms of Section 5.7. If the above conditions are not
satisfied, the Depositary shall establish an ADS Record Date on the terms described in Section 4.9
and, to the extent permitted by law, distribute to the Holders, on the basis of the same
determination as is made in the Cayman Islands in respect of the Shares for which no election is
made, either (X) cash upon the terms described in Section 4.1 or (Y) additional ADSs representing
such additional Shares upon the terms described in Section 4.2. If the above conditions are
satisfied, the Depositary shall establish an ADS Record Date on the terms described in Section 4.9
and establish procedures to enable Holders to elect the receipt of the proposed distribution in
cash or in additional ADSs. The Company shall assist the Depositary in establishing such
procedures to the extent necessary. If a Holder elects to receive the proposed distribution (X) in
cash, the distribution shall be made upon the terms described in Section 4.1, or (Y) in ADSs, the
distribution shall be made upon the terms described in Section 4.2. Nothing herein shall obligate
the Depositary to make available to Holders a method to receive the elective distribution in Shares
(rather than ADSs). There can be no assurance that Holders generally, or any Holder in particular,
will be given the opportunity to receive elective distributions on the same terms and conditions as
the holders of Shares.



     Section 4.4 Distribution of Rights to Purchase Additional ADSs.



     (a) Distribution to ADS Holders. Whenever the Company intends to distribute to the
holders of the Deposited Securities rights to subscribe for additional Shares, the Company shall
give notice thereof to the Depositary at least forty five (45) days (or such other number of days
as the Depositary and the Company may from time to time agree to) prior to the proposed
distribution specifying, inter alia, the record date applicable to holders of
Deposited Securities



21









 




entitled to receive such distribution and whether or not it wishes such rights to be made
available to Holders of ADSs. Upon the timely receipt of a notice indicating that the Company
wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the
Company to determine, and the Company shall assist the Depositary in its determination, whether it
is lawful and reasonably practicable to make such rights available to the Holders. The Depositary
shall make such rights available to Holders only if (i) the Company shall have timely requested
that such rights be made available to Holders, (ii) the Depositary shall have received satisfactory
documentation within the terms of Section 5.7, and (iii) the Depositary shall have determined that
such distribution of rights is reasonably practicable. In the event any of the conditions set
forth above are not satisfied or if the Company requests that the rights not be made available to
Holders of ADSs, the Depositary shall proceed with the sale of the rights as contemplated in
Section 4.4(b) below. In the event all conditions set forth above are satisfied, the Depositary
shall establish an ADS Record Date (upon the terms described in Section 4.9) and establish
procedures to (x) distribute rights to purchase additional ADSs (by means of warrants or
otherwise), (y) to enable the Holders to exercise such rights (upon payment of the subscription
price and of the applicable (a) fees and charges of, and expenses incurred by, the Depositary and
(b) taxes), and (z) to deliver ADSs upon the valid exercise of such rights. The Company shall
assist the Depositary to the extent necessary in establishing such procedures. Nothing herein
shall obligate the Depositary to make available to the Holders a method to exercise rights to
subscribe for Shares (rather than ADSs).




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



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



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



     Notwithstanding anything to the contrary in this Section 4.4, if registration (under the
Securities Act or any other applicable law) of the rights or the securities to which any rights
relate may be required in order for the Company to offer such rights or such securities to Holders



22









 




and to sell the securities represented by such rights, the Depositary will not distribute such
rights to the Holders (i) unless and until a registration statement under the Securities Act (or
other applicable law) covering such offering is in effect or (ii) unless the Company furnishes the
Depositary opinion(s) of counsel for the Company in the United States and counsel to the Company in
any other applicable country in which rights would be distributed, in each case satisfactory to the
Depositary, to the effect that the offering and sale of such securities to Holders and Beneficial
Owners are exempt from, or do not require registration under, the provisions of the Securities Act
or any other applicable laws. A liquid market for rights may not exist, and this may adversely
affect (1) the ability of the Depositary to dispose of such rights or (2) the amount the Depositary
would realize upon disposal of rights.




     In the event that the Company, the Depositary or the Custodian shall be required to withhold
and does withhold from any distribution of property (including rights) an amount on account of
taxes or other governmental charges, the amount distributed to the Holders of ADSs representing
such Deposited Securities shall be reduced accordingly. In the event that the Depositary
determines that any distribution in property (including Shares and rights to subscribe therefor) is
subject to any tax or other governmental charges which the Depositary is obligated to withhold, the
Depositary may dispose of all or a portion of such property (including Shares and rights to
subscribe therefor) in such amounts and in such manner, including by public or private sale, as the
Depositary deems necessary and practicable to pay any such taxes or charges.



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



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



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



     (b) Upon receipt of satisfactory documentation and the request of the Company to distribute
property to Holders of ADSs and after making the requisite determinations set forth in (a) above,
the Depositary shall distribute the property so received to the Holders of record, as of the ADS
Record Date, in proportion to the number of ADSs held by them respectively and in such manner as
the Depositary may deem practicable for accomplishing such distribution (i)



23









 




upon receipt of payment or net of the applicable fees and charges of, and expenses incurred
by, the Depositary, and (ii) net of any taxes withheld. The Depositary may dispose of all or a
portion of the property so distributed and deposited, in such amounts and in such manner (including
public or private sale) as the Depositary may deem practicable or necessary to satisfy any taxes
(including applicable interest and penalties) or other governmental charges applicable to the
distribution.




     (c) If (i) the Company does not request the Depositary to make such distribution to Holders or
requests not to make such distribution to Holders, (ii) the Depositary does not receive
satisfactory documentation within the terms of Section 5.7, or (iii) the Depositary determines that
all or a portion of such distribution is not reasonably practicable, the Depositary shall sell or
cause such property to be sold in a public or private sale, at such place or places and upon such
terms as it may deem practicable and shall (i) cause the proceeds of such sale, if any, to be
converted into Dollars and (ii) distribute the proceeds of such conversion received by the
Depositary (net of applicable (a) fees and charges of, and expenses incurred by, the Depositary and
(b) taxes) to the Holders as of the ADS Record Date upon the terms of Section 4.1. If the
Depositary is unable to sell such property, the Depositary may dispose of such property for the
account of the Holders in any way it deems reasonably practicable under the circumstances.



     Section 4.6 Distributions with Respect to Deposited Securities in Bearer Form. Subject to
the terms of this Article IV, distributions in respect of Deposited Securities that are held by the
Depositary in bearer form shall be made to the Depositary for the account of the respective Holders
of ADS(s) with respect to which any such distribution is made upon due presentation by the
Depositary or the Custodian to the Company of any relevant coupons, talons, or certificates. The
Company shall promptly notify the Depositary of such distributions. The Depositary or the
Custodian shall promptly present such coupons, talons or certificates, as the case may be, in
connection with any such distribution.



     Section 4.7 Redemption. If the Company intends to exercise any right of redemption in
respect of any of the Deposited Securities, the Company shall give notice thereof to the Depositary
at least forty five (45) days (or such other number of days as the Depositary and the Company may
from time to time agree to) prior to the intended date of redemption which notice shall set forth
the particulars of the proposed redemption. Upon timely receipt of (i) such notice and (ii)
satisfactory documentation given by the Company to the Depositary within the terms of Section 5.7,
and only if the Depositary shall have determined that such proposed redemption is practicable, the
Depositary shall provide to each Holder a notice setting forth the intended exercise by the Company
of the redemption rights and any other particulars set forth in the Company’s notice to the
Depositary. The Depositary shall instruct the Custodian to present to the Company the Deposited
Securities in respect of which redemption rights are being exercised against payment of the
applicable redemption price. Upon receipt of confirmation from the Custodian that the redemption
has taken place and that funds representing the redemption price have been received, the Depositary
shall convert, transfer, and distribute the proceeds (net of applicable (a) fees and charges of,
and the expenses incurred by, the Depositary, and (b) taxes), retire ADSs and cancel ADRs, if
applicable, upon delivery of such ADSs by Holders thereof and the terms set forth in Sections 4.1
and 6.2. If less than all outstanding Deposited Securities are redeemed, the ADSs to be retired
will be selected by lot or on a pro rata basis, as may be



24









 




determined by the Depositary. The redemption price per ADS shall be the dollar equivalent of the
per share amount received by the Depositary (adjusted to reflect the ADS(s)-to-Share(s) ratio) upon
the redemption of the Deposited Securities represented by ADSs (subject to the terms of Section 4.8
and the applicable fees and charges of, and expenses incurred by, the Depositary, and taxes)
multiplied by the number of Deposited Securities represented by each ADS redeemed.




     Section 4.8 Conversion of Foreign Currency. Whenever the Depositary or the Custodian shall
receive Foreign Currency, by way of dividends or other distributions or the net proceeds from the
sale of securities, property or rights, which in the judgment of the Depositary can at such time be
converted on a practicable basis, by sale or in any other manner that it may determine in
accordance with applicable law, into Dollars transferable to the United States and distributable to
the Holders entitled thereto, the Depositary shall convert or cause to be converted, by sale or in
any other manner that it may determine, such Foreign Currency into Dollars, and shall distribute
such Dollars (net of any applicable fees, any reasonable and customary expenses incurred in such
conversion and any expenses incurred on behalf of the Holders in complying with currency exchange
control or other governmental requirements) in accordance with the terms of the applicable sections
of the Deposit Agreement. If the Depositary shall have distributed warrants or other instruments
that entitle the holders thereof to such Dollars, the Depositary shall distribute such Dollars to
the holders of such warrants and/or instruments upon surrender thereof for cancellation, in either
case without liability for interest thereon. Such distribution may be made upon an averaged or
other practicable basis without regard to any distinctions among Holders on account of any
application of exchange restrictions or otherwise.



     If such conversion or distribution generally or with regard to a particular Holder can be
effected only with the approval or license of any government or agency thereof, the Depositary
shall have authority to file such application for approval or license, if any, as it may deem
desirable. In no event, however, shall the Depositary be obligated to make such a filing.



     If at any time the Depositary shall determine that in its judgment the conversion of any
Foreign Currency and the transfer and distribution of proceeds of such conversion received by the
Depositary is not practicable or lawful, or if any approval or license of any governmental
authority or agency thereof that is required for such conversion, transfer and distribution is
denied or, in the opinion of the Depositary, not obtainable at a reasonable cost or within a
reasonable period, the Depositary may, in its discretion, (i) make such conversion and distribution
in Dollars to the Holders for whom such conversion, transfer and distribution is lawful and
practicable, (ii) distribute the Foreign Currency (or an appropriate document evidencing the right
to receive such Foreign Currency) to Holders for whom this is lawful and practicable or (iii) hold
(or cause the Custodian to hold) such Foreign Currency (without liability for interest thereon) for
the respective accounts of the Holders entitled to receive the same.



     Section 4.9 Fixing of ADS Record Date. Whenever the Depositary shall receive notice of the
fixing of a record date by the Company for the determination of holders of Deposited Securities
entitled to receive any distribution (whether in cash, Shares, rights, or other distribution), or
whenever for any reason the Depositary causes a change in the number of Shares that are represented
by each ADS, or whenever the Depositary shall receive notice of any



25









 




meeting of, or solicitation of consents or proxies of, holders of Shares or other Deposited
Securities, or whenever the Depositary shall find it necessary or convenient in connection with the
giving of any notice, solicitation of any consent or any other matter, the Depositary shall fix a
record date (the “ADS Record Date”) for the determination of the Holders of ADS(s) who
shall be entitled to receive such distribution, to give instructions for the exercise of voting
rights at any such meeting, to give or withhold such consent, to receive such notice or
solicitation or to otherwise take action, or to exercise the rights of Holders with respect to such
changed number of Shares represented by each ADS. The Depositary shall make reasonable efforts to
establish the ADS Record Date as closely as possible to the applicable record date for the
Deposited Securities (if any) set by the Company in the Cayman Islands. Subject to applicable law
and the provisions of Section 4.1 through 4.8 and to the other terms and conditions of the Deposit
Agreement, only the Holders of ADSs at the close of business in New York on such ADS Record Date
shall be entitled to receive such distribution, to give such voting instructions, to receive such
notice or solicitation, or otherwise take action.




     Section 4.10 Voting of Deposited Securities. As soon as practicable after receipt of
notice of any meeting at which the holders of Deposited Securities are entitled to vote, or of
solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix
the ADS Record Date in respect of such meeting or solicitation of consent or proxy in accordance
with Section 4.9. The Depositary shall, if requested by the Company in writing in a timely manner
(the Depositary having no obligation to take any further action if the request shall not have been
received by the Depositary at least thirty (30) days prior to the date of such vote or meeting), at
the Company’s expense and provided no U.S. legal prohibitions exist, distribute as soon as
practicable after receipt thereof to Holders as of the ADS Record Date: (a) such notice of meeting
or solicitation of consent or proxy, (b) a statement that the Holders at the close of business on
the ADS Record Date will be entitled, subject to any applicable law, the provisions of the Deposit
Agreement, the Articles of Association of the Company and the provisions of or governing the
Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the
Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to
the Deposited Securities represented by such Holder’s ADSs, and (c) a brief statement as to the
manner in which such voting instructions may be given to the Depositary or in which voting
instructions may be deemed to have been given in accordance with this Section 4.10 if no
instructions are received prior to the deadline set for such purposes to the Depositary to give a
discretionary proxy to a person designated by the Company.



     Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary may, to
the extent not prohibited by law or regulations, or by the requirements of the stock exchange on
which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in
connection with any meeting of, or solicitation of consents or proxies from, holders of Deposited
Securities, distribute to the Holders a notice that provides Holders with, or otherwise publicize
to Holders, instructions on how to retrieve such materials or receive such materials upon request
(i.e., by reference to a website containing the materials for retrieval or a contact for requesting
copies of the materials).



     The Depositary has been advised by the Company that under the Cayman Islands law as in effect
as of the date of the Deposit Agreement, voting at any meeting of shareholders is by



26









 




show of hands unless a poll is demanded. The Depositary will not join in demanding a poll, whether
or not requested to do so by Holders of ADSs. Under the Articles of Association, a poll may be
demanded by (i) the chairman of the meeting, or (ii) one or more shareholders present in person or
by proxy entitled to vote and who together hold not less than 10 percent of the paid up voting
share capital of the Company.




     Voting instructions may be given only in respect of a number of ADSs representing an integral
number of Deposited Securities. Upon the timely receipt from a Holder of ADSs as of the ADS Record
Date of voting instructions in the manner specified by the Depositary, the Depositary shall
endeavor, insofar as practicable and permitted under applicable law, the provisions of the Deposit
Agreement, Articles of Association of the Company and the provisions of the Deposited Securities,
to vote, or cause the Custodian to vote, the Deposited Securities (in person or by proxy)
represented by such Holder’s ADSs as follows: (i) in the event voting takes place at a
shareholders’ meeting by show of hands, the Depositary will instruct the Custodian to vote all
Deposited Securities in accordance with the voting instructions received from a majority of Holders
of ADSs who provided voting instructions and (ii) in the event voting takes place at a
shareholders’ meeting by poll, the Depositary will instruct the Custodian to vote the Deposited
Securities in accordance with the voting instructions received from the Holders of ADSs. If the
Depositary does not receive instructions from a Holder as of the ADS Record Date on or before the
date established by the Depositary for such purpose and voting is by poll, such Holder shall be
deemed, and the Depositary shall (unless otherwise specified in the notice distributed to Holders)
deem such Holder, to have instructed the Depositary to give a discretionary proxy to a person
designated by the Company to vote the Deposited Securities; provided, however, that no such
discretionary proxy shall be given by the Depositary with respect to any matter to be voted upon as
to which the Company informs the Depositary that (A) the Company does not wish such proxy to be
given, (B) substantial opposition exists, or (C) the rights of holders of Deposited Securities may
be materially adversely affected.



     Neither the Depositary nor the Custodian shall under any circumstances exercise any discretion
as to voting and neither the Depositary nor the Custodian shall vote, attempt to exercise the right
to vote, or in any way make use of, for purposes of establishing a quorum or otherwise, the
Deposited Securities represented by ADSs, except pursuant to and in accordance with the voting
instructions timely received from Holders or as otherwise contemplated herein. If the Depositary
timely receives voting instructions from a Holder which fail to specify the manner in which the
Depositary is to vote the Deposited Securities represented by such Holder’s ADSs, the Depositary
will deem such Holder (unless otherwise specified in the notice distributed to Holders) to have
instructed the Depositary to vote in favor of the items set forth in such voting instructions.
Deposited Securities represented by ADSs for which no timely voting instructions are received by
the Depositary from the Holder shall not be voted (except (i) in the case voting at the
shareholders meeting is by show of hands, in which case the Depositary will instruct the Custodian
to vote all Deposited Securities in accordance with the voting instructions received from a
majority of Holders of ADSs who provided voting instructions and (ii) as contemplated in this
Section 4.10). Notwithstanding anything else contained herein, the Depositary shall, if so
requested in writing by the Company, represent all Deposited Securities (whether or not voting
instructions have been received in respect of such Deposited Securities from Holders as of the ADS
Record Date) for the sole purpose of establishing quorum at a meeting of shareholders.



27









 





     Notwithstanding anything else contained in the Deposit Agreement or any ADR, the Depositary
shall not have any obligation to take any action with respect to any meeting, or solicitation of
consents or proxies, of holders of Deposited Securities if the taking of such action would violate
U.S. laws. The Company agrees to take any and all actions reasonably necessary and as permitted by
Cayman Islands law to enable Holders and Beneficial Owners to exercise the voting rights accruing
to the Deposited Securities and to deliver to the Depositary an opinion of U.S. counsel addressing
any actions requested to be taken if so requested by the Depositary.



     There can be no assurance that Holders generally or any Holder in particular will receive the
notice described above with sufficient time to enable the Holder to return voting instructions to
the Depositary in a timely manner.



     Section 4.11 Changes Affecting Deposited Securities. Upon any change in nominal or par
value, split-up, cancellation, consolidation or any other reclassification of Deposited Securities,
or upon any recapitalization, reorganization, merger, consolidation or sale of assets affecting the
Company or to which it is a party, any securities which shall be received by the Depositary or the
Custodian in exchange for, or in conversion of or replacement of or otherwise in respect of, such
Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities
under the Deposit Agreement, and the ADRs shall, subject to the provisions of the Deposit Agreement
and applicable law, evidence ADSs representing the right to receive such additional securities. In
giving effect to such change, split-up, cancellation, consolidation or other reclassification of
Deposited Securities, recapitalization, reorganization, merger, consolidation or sale of assets,
the Depositary may, with the Company’s approval, and shall, if the Company shall so request,
subject to the terms of the Deposit Agreement and receipt of an opinion of counsel to the Company
satisfactory to the Depositary that such actions are not in violation of any applicable laws or
regulations, (i) issue and deliver additional ADSs as in the case of a stock dividend on the
Shares, (ii) amend the Deposit Agreement and the applicable ADRs, (iii) amend the applicable
Registration Statement(s) on Form F-6 as filed with the Commission in respect of the ADSs, (iv)
call for the surrender of outstanding ADRs to be exchanged for new ADRs, and (v) take such other
actions as are appropriate to reflect the transaction with respect to the ADSs. The Company agrees
to, jointly with the Depositary, amend the Registration Statement on Form F-6 as filed with the
Commission to permit the issuance of such new form of ADRs. Notwithstanding the foregoing, in the
event that any security so received may not be lawfully distributed to some or all Holders, the
Depositary may, with the Company’s approval, and shall, if the Company requests, subject to receipt
of an opinion of Company’s counsel satisfactory to the Depositary that such action is not in
violation of any applicable laws or regulations, sell such securities at public or private sale, at
such place or places and upon such terms as it may deem proper and may allocate the net proceeds of
such sales (net of (a) fees and charges of, and expenses incurred by, the Depositary and (b) taxes)
for the account of the Holders otherwise entitled to such securities upon an averaged or other
practicable basis without regard to any distinctions among such Holders and distribute the net
proceeds so allocated to the extent practicable as in the case of a distribution received in cash
pursuant to Section 4.1. The Depositary shall not be responsible for (i) any failure to determine
that it may be lawful or practicable to make such securities available to Holders in general or to
any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with
such sale, or (iii) any liability to the purchaser of such securities.



28









 





     Section 4.12 Available Information. The Company is subject to the periodic reporting
requirements of the Exchange Act and, accordingly, is required to file or submit certain reports
with the Commission. These reports can be retrieved from the Commission’s website (www.sec.gov)
and can be inspected and copied at the public reference facilities maintained by the Commission
located (as of the date of the Deposit Agreement) at 100 F Street, N.E., Washington D.C. 20549.



     Section 4.13 Reports. The Depositary shall make available for inspection by Holders at its
Principal Office any reports and communications, including any proxy soliciting materials, received
from the Company which are both (a) received by the Depositary, the Custodian, or the nominee of
either of them as the holder of the Deposited Securities and (b) made generally available to the
holders of such Deposited Securities by the Company. The Depositary shall also provide or make
available to Holders copies of such reports when furnished by the Company pursuant to Section 5.6.



     Section 4.14 List of Holders. Promptly upon written request by the Company, the Depositary
shall furnish to it a list, as of a recent date, of the names, addresses and holdings of ADSs of
all Holders.



     Section 4.15 Taxation. The Depositary will, and will instruct the Custodian to, forward to
the Company or its agents such information from its records as the Company may reasonably request
to enable the Company or its agents to file the necessary tax reports with governmental authorities
or agencies. The Depositary, the Custodian or the Company and its agents may file such reports as
are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in
respect of Deposited Securities under applicable tax treaties or laws for the Holders and
Beneficial Owners. In accordance with instructions from the Company and to the extent practicable,
the Depositary or the Custodian will take reasonable administrative actions to obtain tax refunds,
reduced withholding of tax at source on dividends and other benefits under applicable tax treaties
or laws with respect to dividends and other distributions on the Deposited Securities. As a
condition to receiving such benefits, Holders and Beneficial Owners of ADSs may be required from
time to time, and in a timely manner, to file such proof of taxpayer status, residence and
beneficial ownership (as applicable), to execute such certificates and to make such representations
and warranties, or to provide any other information or documents, as the Depositary or the
Custodian may deem necessary or proper to fulfill the Depositary’s or the Custodian’s obligations
under applicable law. The Holders and Beneficial Owners shall indemnify the Depositary, the
Company, the Custodian and any of their respective directors, employees, agents and Affiliates
against, and hold each of them harmless from, any claims by any governmental authority with respect
to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate
of withholding at source or other tax benefit obtained.



     If the Company (or any of its agents) withholds from any distribution any amount on account of
taxes or governmental charges, or pays any other tax in respect of such distribution (i.e., stamp
duty tax, capital gains or other similar tax), the Company shall (and shall cause such agent to)
remit promptly to the Depositary information about such taxes or governmental charges withheld or
paid, and, if so requested, the tax receipt (or other proof of payment to the applicable



29









 




governmental authority) therefor, in each case, in a form reasonably satisfactory to the
Depositary. The Depositary shall, to the extent required by U.S. law, report to Holders any taxes
withheld by it or the Custodian, and, if such information is provided to it by the Company, any
taxes withheld by the Company. The Depositary and the Custodian shall not be required to provide
the Holders with any evidence of the remittance by the Company (or its agents) of any taxes
withheld, or of the payment of taxes by the Company, except to the extent the evidence is provided
by the Company to the Depositary or the Custodian, as applicable. Neither the Depositary nor the
Custodian shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits
of credits on the basis of non-U.S. tax paid against such Holder’s or Beneficial Owner’s income tax
liability.




     The Depositary is under no obligation to provide the Holders and Beneficial Owners with any
information about the tax status of the Company. The Depositary shall not incur any liability for
any tax consequences that may be incurred by Holders and Beneficial Owners on account of their
ownership of the ADSs, including without limitation, tax consequences resulting from the Company
(or any of its subsidiaries) being treated as a “Passive Foreign Investment Company” (in each case
as defined in the U.S. Internal Revenue Code and the regulations issued thereunder) or otherwise.



ARTICLE V




THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY



     Section 5.1 Maintenance of Office and Transfer Books by the Registrar. Until termination
of the Deposit Agreement in accordance with its terms, the Registrar shall maintain in the Borough
of Manhattan, the City of New York, an office and facilities for the issuance and delivery of ADSs,
the acceptance for surrender of ADS(s) for the purpose of withdrawal of Deposited Securities, the
registration of issuances, cancellations, transfers, combinations and split-ups of ADS(s) and, if
applicable, to countersign ADRs evidencing the ADSs so issued, transferred, combined or split-up,
in each case in accordance with the provisions of the Deposit Agreement.



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



     The Registrar may close the transfer books with respect to the ADSs, at any time or from time
to time, when deemed necessary or advisable by it in good faith in connection with the performance
of its duties hereunder, or at the reasonable written request of the Company subject, in all cases,
to Section 7.8.



     If any ADSs are listed on one or more stock exchanges or automated quotation systems in the
United States, the Depositary shall act as Registrar or appoint a Registrar or one or more
co-registrars for registration of issuances, cancellations, transfers, combinations and split-ups
of



30









 




ADSs and, if applicable, to countersign ADRs evidencing the ADSs so issued, transferred,
combined or split-up, in accordance with any requirements of such exchanges or systems. Such
Registrar or co-registrars may be removed and a substitute or substitutes appointed by the
Depositary. The Depositary shall promptly notify the Company of any such removal or appointment.




     Section 5.2 Exoneration. Neither the Depositary nor the Company shall be obligated to do
or perform any act which is inconsistent with the provisions of the Deposit Agreement or incur any
liability (i) if the Depositary or the Company shall be prevented or forbidden from, or delayed in,
doing or performing any act or thing required by the terms of the Deposit Agreement, by reason of
any provision of any present or future law or regulation of the United States, the Cayman Islands
or any other country, or of any other governmental authority or regulatory authority or stock
exchange, or on account of the possible criminal or civil penalties or restraint, or by reason of
any provision, present or future, of the Articles of Association of the Company or any provision of
or governing any Deposited Securities, or by reason of any act of God or war or other circumstances
beyond its control (including, without limitation, nationalization, expropriation, currency
restrictions, work stoppage, strikes, civil unrest, acts of terrorism, revolutions, rebellions,
explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any
discretion provided for in the Deposit Agreement or in the Articles of Association of the Company
or provisions of or governing Deposited Securities, (iii) for any action or inaction in reliance
upon the advice of or information from legal counsel, accountants, any person presenting Shares for
deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person
believed by it in good faith to be competent to give such advice or information, (iv) for the
inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or
other benefit which is made available to holders of Deposited Securities but is not, under the
terms of the Deposit Agreement, made available to Holders of ADSs, or (v) for any consequential or
punitive damages for any breach of the terms of the Deposit Agreement.



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



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



     Section 5.3 Standard of Care. The Company and the Depositary assume no obligation and
shall not be subject to any liability under the Deposit Agreement or any ADRs to any Holder(s) or
Beneficial Owner(s), except that the Company and the Depositary agree to perform their respective
obligations specifically set forth in the Deposit Agreement or the applicable ADRs without
negligence or bad faith.



     Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of their
respective controlling persons, or agents, shall be under any obligation to appear in, prosecute or
defend any action, suit or other proceeding in respect of any Deposited Securities or



31









 




in respect of the ADSs, which in its opinion may involve it in expense or liability, unless
indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and
liability be furnished as often as may be required (and no Custodian shall be under any obligation
whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to
the Depositary).




     The Depositary and its agents shall not be liable for any failure to carry out any
instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast
or the effect of any vote, provided that any such action or omission is in good faith and in
accordance with the terms of the Deposit Agreement. The Depositary shall not incur any liability
for any failure to determine that any distribution or action may be lawful or reasonably
practicable, for the content of any information submitted to it by the Company for distribution to
the Holders or for any inaccuracy of any translation thereof, for any investment risk associated
with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited
Securities or for any tax consequences that may result from the ownership of ADSs, Shares or
Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to
lapse upon the terms of the Deposit Agreement, for the failure or timeliness of any notice from the
Company, or for any action of or failure to act by, or any information provided or not provided by,
DTC or any DTC Participant.



     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.


     Section 5.4 Resignation and Removal of the Depositary; Appointment of Successor Depositary.
The Depositary may at any time resign as Depositary hereunder by written notice of resignation
delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after
delivery thereof to the Company (whereupon the Depositary shall be entitled to take the actions
contemplated in Section 6.2), or (ii) the appointment by the Company of a successor depositary and
its acceptance of such appointment as hereinafter provided.




     The Depositary may at any time be removed by the Company by written notice of such removal,
which removal shall be effective on the later of (i) the 90th day after delivery thereof to the
Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section
6.2), or (ii) upon the appointment by the Company of a successor depositary and its acceptance of
such appointment as hereinafter provided.



     In case at any time the Depositary acting hereunder shall resign or be removed, the Company
shall use its best efforts to appoint a successor depositary, which shall be a bank or trust
company having an office in the Borough of Manhattan, the City of New York. Every successor
depositary shall be required by the Company to execute and deliver to its predecessor and to the
Company an instrument in writing accepting its appointment hereunder, and thereupon



32









 




such successor depositary, without any further act or deed (except as required by applicable
law), shall become fully vested with all the rights, powers, duties and obligations of its
predecessor (other than as contemplated in Sections 5.8 and 5.9). The predecessor depositary, upon
payment of all sums due it and on the written request of the Company shall, (i) execute and deliver
an instrument transferring to such successor all rights and powers of such predecessor hereunder
(other than as contemplated in Sections 5.8 and 5.9), (ii) duly assign, transfer and deliver all
right, title and interest to the Deposited Securities to such successor, and (iii) deliver to such
successor a list of the Holders of all outstanding ADSs and such other information relating to ADSs
and Holders thereof as the successor may reasonably request. Any such successor depositary shall
promptly provide notice of its appointment to such Holders.




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



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



     Citibank, N.A. may at any time act as Custodian of the Deposited Securities pursuant to the
Deposit Agreement, in which case any reference to Custodian shall mean Citibank, N.A. solely in its
capacity as Custodian pursuant to the Deposit Agreement. Notwithstanding anything contained in the
Deposit Agreement or any ADR, the Depositary shall not be obligated to give notice to the Company,
any Holders of ADSs or any other Custodian of its acting as Custodian pursuant to the Deposit
Agreement.



     Upon the appointment of any successor depositary, any Custodian then acting hereunder shall,
unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited
Securities without any further act or writing, and shall be subject to the direction of the
successor depositary. The successor depositary so appointed shall, nevertheless, on the written
request of any Custodian, execute and deliver to such Custodian all such instruments as may be
proper to give to such Custodian full and complete power and authority to act on the direction of
such successor depositary.




33











 





     Section 5.6 Notices and Reports.
On or before the first date on which the Company gives notice, by publication or otherwise, of
any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such
holders, or of the taking of any action by such holders other than at a meeting, or of the taking
of any action in respect of any cash or other distributions or the offering of any rights in
respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a
copy of the notice thereof in the English language but otherwise in the form given or to be given
to holders of Shares or other Deposited Securities. The Company shall also furnish to the Custodian
and the Depositary a summary, in English, of any applicable provisions or proposed provisions of
the Articles of Association of the Company that may be relevant or pertain to such notice of
meeting or be the subject of a vote thereat.



     The Company will also transmit to the Depositary (a) an English language version of the other
notices, reports and communications which are made generally available by the Company to holders of
its Shares or other Deposited Securities and (b) the English-language versions of the Company’s
annual and semi-annual reports prepared in accordance with the applicable requirements of the
Commission. The Depositary shall arrange, at the request of the Company and at the Company’s
expense, to provide copies thereof to all Holders or make such notices, reports and other
communications available to all Holders on a basis similar to that for holders of Shares or other
Deposited Securities or on such other basis as the Company may advise the Depositary or as may be
required by any applicable law, regulation or stock exchange requirement. The Company has
delivered to the Depositary and the Custodian a copy of the Company’s Articles of Association along
with the provisions of or governing the Shares and any other Deposited Securities issued by the
Company in connection with such Shares, and promptly upon any amendment thereto or change therein,
the Company shall deliver to the Depositary and the Custodian a copy of such amendment thereto or
change therein. The Depositary may rely upon such copy for all purposes of the Deposit Agreement.



     The Depositary will, at the expense of the Company, make available a copy of any such notices,
reports or communications issued by the Company and delivered to the Depositary for inspection by
the Holders of the ADSs at the Depositary’s Principal Office, at the office of the Custodian and at
any other designated transfer office.



     Section 5.7 Issuance of Additional Shares, ADSs etc.
The Company agrees that in the event it or any of its Affiliates proposes (i) an issuance,
sale or distribution of additional Shares, (ii) an offering of rights to subscribe for Shares or
other Deposited Securities, (iii) an issuance or assumption of securities convertible into or
exchangeable for Shares, (iv) an issuance of rights to subscribe for securities convertible into or
exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of Deposited
Securities, (vii) a meeting of holders of Deposited Securities, or solicitation of consents or
proxies, relating to any reclassification of securities, merger or consolidation or transfer of
assets, (viii) any assumption, reclassification, recapitalization, reorganization, merger,
consolidation or sale of assets which affects the Deposited Securities, or (ix) a distribution of
securities other than Shares, it will obtain U.S. legal advice and take all steps necessary to
ensure that the proposed transaction does not violate the registration provisions of the Securities
Act, or any other applicable laws (including, without limitation, the Investment Company Act of
1940,
as amended, the Exchange Act and the securities laws of the states of the U.S.). In support of the
foregoing, the Company will furnish



34









 




to the Depositary (a) a written opinion of U.S. counsel
(reasonably satisfactory to the Depositary) stating whether such transaction (1) requires a
registration statement under the Securities Act to be in effect or (2) is exempt from the
registration requirements of the Securities Act and (b) an opinion of the Cayman Islands counsel
stating that (1) making the transaction available to Holders and Beneficial Owners does not violate
the laws or regulations of the Cayman Islands and (2) all requisite regulatory consents and
approvals have been obtained in the Cayman Islands. If the filing of a registration statement is
required, the Depositary shall not have any obligation to proceed with the transaction unless it
shall have received evidence reasonably satisfactory to it that such registration statement has
been declared effective. If, being advised by counsel, the Company determines that a transaction
is required to be registered under the Securities Act, the Company will either (i) register such
transaction to the extent necessary, (ii) alter the terms of the transaction to avoid the
registration requirements of the Securities Act or (iii) direct the Depositary to take specific
measures, in each case as contemplated in the Deposit Agreement, to prevent such transaction from
violating the registration requirements of the Securities Act. The Company agrees with the
Depositary that neither the Company nor any of its Affiliates will at any time (i) deposit any
Shares or other Deposited Securities, either upon original issuance or upon a sale of Shares or
other Deposited Securities previously issued and reacquired by the Company or by any such
Affiliate, or (ii) issue additional Shares, rights to subscribe for such Shares, securities
convertible into or exchangeable for Shares or rights to subscribe for such securities or
distribute securities other than Shares, unless such transaction and the securities issuable in
such transaction do not violate the registration provisions of the Securities Act, or any other
applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the
Exchange Act and the securities laws of the states of the U.S.).




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



     Section 5.8 Indemnification.
The Depositary agrees to indemnify the Company and its directors, officers, employees, agents
and Affiliates against, and hold each of them harmless from, any direct loss, liability, tax,
charge or expense of any kind whatsoever (including, but not limited to, the reasonable fees and
expenses of counsel) which may arise out of acts performed or omitted by the Depositary under the
terms hereof due to the negligence or bad faith of the Depositary.



     The Company agrees to indemnify the Depositary, the Custodian and any of their respective
directors, officers, employees, agents and Affiliates against, and hold each of them harmless from,
any direct loss, liability, tax, charge or expense of any kind whatsoever (including, but not
limited to, the reasonable fees and expenses of counsel) that may arise (a) out of or in connection
with any offer, issuance, sale, resale, transfer, deposit or withdrawal of ADRs, ADSs, the Shares,
or other Deposited Securities, as the case may be, (b) out of or as a result of any offering
documents in respect thereof or (c) out of acts performed or omitted, including, but not limited
to, any delivery by the Depositary on behalf of the Company of
information regarding the Company in connection with the Deposit Agreement, the ADRs, the
ADSs, the Shares, or any Deposited Securities, in any such case (i) by the Depositary, the



35









 




Custodian or any of their respective directors, officers, employees, agents and Affiliates, except
to the extent such loss, liability, tax, charge or expense is due to the negligence or bad faith of
any of them, or (ii) by the Company or any of its directors, officers, employees, agents and
Affiliates. The Company shall not indemnify the Depositary or the Custodian (for so long as the
Custodian is a branch of Citibank, N.A.) against any liability or expense arising out of
information relating to the Depositary or such Custodian, as the case may be, furnished in a signed
writing to the Company, executed by the Depositary or such Custodian expressly for use in any
registration statement, prospectus or preliminary prospectus relating to any Deposited Securities
represented by the ADSs.




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



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



     Section 5.9 Fees and Charges of Depositary.
The Company, the Holders, the Beneficial Owners, and persons depositing Shares or surrendering
ADSs for cancellation and withdrawal of Deposited Securities shall be required to pay to the
Depositary the Depositary’s fees and related charges identified as payable by them respectively in
the Fee Schedule attached hereto as Exhibit B. All fees and charges so payable may, at any
time and from time to time, be changed by agreement between the Depositary and the Company, but, in
the case of fees and charges payable by Holders and Beneficial Owners, only in the manner
contemplated in Section 6.1. The Depositary shall provide, without charge, a copy of its latest
fee schedule to anyone upon request.



     Depositary Fees payable upon (i) deposit of Shares against issuance of ADSs and (ii) surrender
of ADSs for cancellation and withdrawal of Deposited Securities will be charged by the Depositary
to the person to whom the ADSs so issued are delivered (in the case of ADS issuances) and to the
person who delivers the ADSs for cancellation to the Depositary (in the case of ADS cancellations).
In the case of ADSs issued by the Depositary into DTC or presented to the Depositary via DTC, the
ADS issuance and cancellation fees will be payable to the Depositary by the DTC Participant(s)
receiving the ADSs from the Depositary or the DTC Participant(s) surrendering the ADSs to the
Depositary for cancellation, as the case may be, on
behalf of the Beneficial Owner(s) and will be charged by the DTC Participant(s) to the
account(s) of the applicable Beneficial Owner(s) in accordance with the procedures and practices of
the DTC participant(s) as in effect at the time. Depositary fees in respect of distributions and



36









 




the Depositary services fee are payable to the Depositary by Holders as of the applicable ADS
Record Date established by the Depositary. In the case of distributions of cash, the amount of the
applicable Depositary fees is deducted by the Depositary from the funds being distributed. In the
case of distributions other than cash and the Depositary service fee, the Depositary will invoice
the applicable Holders as of the ADS Record Date established by the Depositary. For ADSs held
through DTC, the Depositary fees for distributions other than cash and the Depositary service fee
are charged by the Depositary to the DTC Participants in accordance with the procedures and
practices prescribed by DTC from time to time and the DTC Participants in turn charge the amount of
such fees to the Beneficial Owners for whom they hold ADSs.




     The Depositary may reimburse the Company for certain expenses incurred by the Company in
respect of the ADR program established pursuant to the Deposit Agreement, by making available a
portion of the Depositary fees charged in respect of the ADR program or otherwise, upon such terms
and conditions as the Company and the Depositary may agree from time to time. The Company shall
pay to the Depositary such fees and charges and reimburse the Depositary for such out-of-pocket
expenses as the Depositary and the Company may agree from time to time. Responsibility for payment
of such charges and reimbursements may from time to time be changed by agreement between the
Company and the Depositary. Unless otherwise agreed, the Depositary shall present its statement
for such expenses and fees or charges to the Company once every three months. The charges and
expenses of the Custodian are for the sole account of the Depositary.



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



     Section 5.10 Pre-Release Transactions.
Subject to the further terms and provisions of this Section 5.10, the Depositary, its
Affiliates and their agents, on their own behalf, may own and deal in any class of securities of
the Company and its Affiliates and in ADSs. In its capacity as Depositary, the Depositary shall
not lend Shares or ADSs; provided, however, that the Depositary may (i) issue ADSs prior to the
receipt of Shares pursuant to Section 2.3 and (ii) deliver Shares prior to the receipt of ADSs for
withdrawal of Deposited Securities pursuant to Section 2.7, including ADSs which were issued under
(i) above but for which Shares may not have been received (each such transaction a “Pre-Release
Transaction”). The Depositary may receive ADSs in lieu of Shares under (i) above and receive
Shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will be (a) subject to
a written agreement whereby the person or entity (the “Applicant”) to whom ADSs or Shares
are to be delivered (w) represents that at the time of the Pre-Release Transaction the Applicant or
its customer owns the Shares or ADSs that are to be delivered by the Applicant under such
Pre-Release Transaction, (x) agrees to indicate the Depositary as owner of such
Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until
such Shares or ADSs are delivered to the Depositary or the Custodian, (y) unconditionally
guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs, and
(z) agrees to any additional restrictions or requirements that the Depositary deems appropriate,
(b) at all times fully collateralized with cash, U.S.



37









 




government securities or such other
collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than
five (5) business days’ notice and (d) subject to such further indemnities and credit regulations
as the Depositary deems appropriate. The Depositary will normally limit the number of ADSs and
Shares involved in such Pre-Release Transactions at any one time to thirty percent (30%) of the
ADSs outstanding (without giving effect to ADSs outstanding under (i) above), provided, however,
that the Depositary reserves the right to change or disregard such limit from time to time as it
deems appropriate.




     The Depositary may also set limits with respect to the number of ADSs and Shares involved in
Pre-Release Transactions with any one person on a case-by-case basis as it deems appropriate. The
Depositary may retain for its own account any compensation received by it in conjunction with the
foregoing. Collateral provided pursuant to (b) above, but not the earnings thereon, shall be held
for the benefit of the Holders (other than the Applicant).



     Section 5.11 Restricted Securities Owners.
The Company agrees to advise in writing each of the persons or entities who, to the knowledge
of the Company, holds Restricted Securities that such Restricted Securities are ineligible for
deposit hereunder (except under the circumstances contemplated in Section 2.14) and, to the extent
practicable, shall require each of such persons to represent in writing that such person will not
deposit Restricted Securities hereunder (except under the circumstances contemplated in Section
2.14).



ARTICLE VI




AMENDMENT AND TERMINATION



     Section 6.1 Amendment/Supplement.
Subject to the terms and conditions of this Section 6.1 and applicable law, the ADRs
outstanding at any time, the provisions of the Deposit Agreement and the form of ADR attached
hereto and to be issued under the terms hereof may at any time and from time to time be amended or
supplemented by written agreement between the Company and the Depositary in any respect which they
may deem necessary or desirable without the prior written consent of the Holders or Beneficial
Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than
charges in connection with foreign exchange control regulations, and taxes and other governmental
charges, delivery and other such expenses), or which shall otherwise materially prejudice any
substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as
to outstanding ADSs until the expiration of thirty (30) days after notice of such amendment or
supplement shall have been given to the Holders of outstanding ADSs. Notice of any amendment to
the Deposit Agreement or any ADR shall not
need to describe in detail the specific amendments effectuated thereby, and failure to describe the
specific amendments in any such notice shall not render such notice invalid, provided,
however, that, in each such case, the notice given to the Holders identifies a means for
Holders and Beneficial Owners to retrieve or receive the text of such amendment (i.e., upon
retrieval from the Commission’s, the Depositary’s or the Company’s website or upon request from the
Depositary). The parties hereto agree that any amendments or supplements which (i) are reasonably
necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered
on Form F-6 under the Securities Act or (b) the ADSs to be settled solely in electronic book-entry
form and (ii) do not in either such case impose or



38









 




increase any fees or charges to be borne by
Holders, shall be deemed not to materially prejudice any substantial rights of Holders or
Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so
becomes effective shall be deemed, by continuing to hold such ADSs, to consent and agree to such
amendment or supplement and to be bound by the Deposit Agreement and the ADR, if applicable, as
amended or supplemented thereby. In no event shall any amendment or supplement impair the right of
the Holder to surrender such ADS and receive therefor the Deposited Securities represented thereby,
except in order to comply with mandatory provisions of applicable law. Notwithstanding the
foregoing, if any governmental body should adopt new laws, rules or regulations which would require
an amendment of, or supplement to, the Deposit Agreement to ensure compliance therewith, the
Company and the Depositary may amend or supplement the Deposit Agreement and any ADRs at any time
in accordance with such changed laws, rules or regulations. Such amendment or supplement to the
Deposit Agreement and any ADRs in such circumstances may become effective before a notice of such
amendment or supplement is given to Holders or within any other period of time as required for
compliance with such laws, rules or regulations.




     Section 6.2 Termination.
The Depositary shall, at any time at the written direction of the Company, terminate the
Deposit Agreement by distributing notice of such termination to the Holders of all ADSs then
outstanding at least thirty (30) days prior to the date fixed in such notice for such termination.
If ninety (90) days shall have expired after (i) the Depositary shall have delivered to the Company
a written notice of its election to resign, or (ii) the Company shall have delivered to the
Depositary a written notice of the removal of the Depositary, and, in either case, a successor
depositary shall not have been appointed and accepted its appointment as provided in Section 5.4 of
the Deposit Agreement, the Depositary may terminate the Deposit Agreement by distributing notice of
such termination to the Holders of all ADSs then outstanding at least thirty (30) days prior to the
date fixed in such notice for such termination. The date so fixed for termination of the Deposit
Agreement in any termination notice so distributed by the Depositary to the Holders of ADSs is
referred to as the “Termination Date”. Until the Termination Date, the Depositary shall
continue to perform all of its obligations under the Deposit Agreement, and the Holders and
Beneficial Owners will be entitled to all of their rights under the Deposit Agreement.



     If any ADSs shall remain outstanding after the Termination Date, the Registrar and the
Depositary shall not, after the Termination Date, have any obligation to perform any further acts
under the Deposit Agreement, except that the Depositary shall, subject, in each case, to the terms
and conditions of the Deposit Agreement, continue to (i) collect dividends and other distributions
pertaining to Deposited Securities, (ii) sell securities and other property received in
respect of Deposited Securities, (iii) deliver Deposited Securities, together with any dividends or
other distributions received with respect thereto and the net proceeds of the sale of any
securities or other property, in exchange for ADSs surrendered to the Depositary (after deducting,
or charging, as the case may be, in each case, the fees and charges of, and expenses incurred by,
the Depositary, and all applicable taxes or governmental charges for the account of the Holders and
Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement),
and (iv) take such actions as may be required under applicable law in connection with its role as
Depositary under the Deposit Agreement.



39









 





     At any time after the Termination Date, the Depositary may sell the Deposited Securities then
held under the Deposit Agreement and shall after such sale hold un-invested the net proceeds of
such sale, together with any other cash then held by it under the Deposit Agreement, in an
un-segregated account and without liability for interest, for the pro — rata benefit of the Holders
whose ADSs have not theretofore been surrendered. After making such sale, the Depositary shall be
discharged from all obligations under the Deposit Agreement except (i) to account for such net
proceeds and other cash (after deducting, or charging, as the case may be, in each case, the fees
and charges of, and expenses incurred by, the Depositary, and all applicable taxes or governmental
charges for the account of the Holders and Beneficial Owners, in each case upon the terms set forth
in Section 5.9 of the Deposit Agreement), and (ii) as may be required at law in connection with the
termination of the Deposit Agreement. 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, 5.9 and 7.6 of the Deposit Agreement. The obligations under the terms of the
Deposit Agreement of Holders and Beneficial Owners of ADSs outstanding as of the Termination Date
shall survive the Termination Date and shall be discharged only when the applicable ADSs are
presented by their Holders to the Depositary for cancellation under the terms of the Deposit
Agreement.



ARTICLE VII



MISCELLANEOUS



     Section 7.1 Counterparts.
The Deposit Agreement may be executed in any number of counterparts, each of which shall be
deemed an original and all of such counterparts together shall constitute one and the same
agreement. Copies of the Deposit Agreement shall be maintained with the Depositary and shall be
open to inspection by any Holder during business hours.



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



     Section 7.3 Severability.
In case any one or more of the provisions contained in the Deposit Agreement or in the ADRs
should be or become invalid, illegal or unenforceable in any



40









 




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




     Section 7.4 Holders and Beneficial Owners as Parties; Binding Effect.
The Holders and Beneficial Owners from time to time of ADSs issued hereunder shall be parties
to the Deposit Agreement and shall be bound by all of the terms and conditions hereof and of any
ADR evidencing their ADSs by acceptance thereof or any beneficial interest therein.



     Section 7.5 Notices.
Any and all notices to be given to the Company shall be deemed to have been duly given if
personally delivered or sent by mail, air courier or cable, telex or facsimile transmission,
confirmed by letter personally delivered or sent by mail or air courier, addressed to Le Gaga
Holdings Limited, Unit 1105, The Metropolis Tower, 10 Metropolis Drive, Hung Hom, Kowloon , Hong
Kong, Attention: Ms. Jing Bian, or to any other address which the Company may specify in
writing to the Depositary.



     Any and all notices to be given to the Depositary shall be deemed to have been duly given if
personally delivered or sent by mail, air courier or cable, telex or facsimile transmission,
confirmed by letter personally delivered or sent by mail or air courier, addressed to Citibank,
N.A., 388 Greenwich Street, New York, New York 10013, U.S.A., Attention: Depositary
Receipts Department (facsimile number: 212-816-6865), or to any other address which the Depositary
may specify in writing to the Company.



     Any and all notices to be given to any Holder shall be deemed to have been duly given if (a)
personally delivered or sent by mail or cable, telex or facsimile transmission, confirmed by
letter, addressed to such Holder at the address of such Holder as it appears on the books of the
Depositary or, if such Holder shall have filed with the Depositary a request that notices intended
for such Holder be mailed to some other address, at the address specified in such request, or (b)
if a Holder shall have designated such means of notification as an acceptable means of notification
under the terms of the Deposit Agreement, by means of electronic messaging addressed for delivery
to the e-mail address designated by the Holder for such purpose. Notice
to Holders shall be deemed to be notice to Beneficial Owners for all purposes of the Deposit
Agreement. Failure to notify a Holder or any defect in the notification to a Holder shall not
affect the sufficiency of notification to other Holders or to the Beneficial Owners of ADSs held by
such other Holders.



     Delivery of a notice sent by mail, air courier or cable, telex or facsimile transmission shall
be deemed to be effective at the time when a duly addressed letter containing the same (or a
confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage
prepaid, in a post-office letter box or delivered to an air courier service, without regard for the
actual receipt or time of actual receipt thereof by a Holder. The Depositary or the Company may,
however, act upon any cable, telex or facsimile transmission received by it from any Holder, the
Custodian, the Depositary, or the Company, notwithstanding that such cable, telex or facsimile
transmission shall not be subsequently confirmed by letter.



     Delivery of a notice by means of electronic messaging shall be deemed to be effective at the
time of the initiation of the transmission by the sender (as shown on the sender’s records),



41









 




notwithstanding that the intended recipient retrieves the message at a later date, fails to
retrieve such message, or fails to receive such notice on account of its failure to maintain the
designated e-mail address, its failure to designate a substitute e-mail address or for any other
reason.




     Section 7.6 Governing Law and Jurisdiction.
The Deposit Agreement and the ADRs 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 applicable to contracts made and to be wholly performed in that State.
Notwithstanding anything contained in the Deposit Agreement, any ADR or any present or future
provisions of the laws of the State of New York, the rights of holders of Shares and of any other
Deposited Securities and the obligations and duties of the Company in respect of the holders of
Shares and other Deposited Securities, as such, shall be governed by the laws of the Cayman Islands
(or, if applicable, such other laws as may govern the Deposited Securities).



     Except as set forth in the following paragraph of this Section 7.6, the Company and the
Depositary agree that the federal or state courts in the City of New York shall have jurisdiction
to hear and determine any suit, action or proceeding and to settle any dispute between them that
may arise out of or in connection with the Deposit Agreement and, for such purposes, each
irrevocably submits to the non-exclusive jurisdiction of such courts. The Company hereby
irrevocably designates, appoints and empowers Law Debenture Corporate Services Inc. (the
“Agent”) now at 400 Madison Avenue, Suite 4D, New York, New York 10017 as its authorized
agent to receive and accept for and on its behalf, and on behalf of its properties, assets and
revenues, service by mail of any and all legal process, summons, notices and documents that may be
served in any suit, action or proceeding brought against the Company in any federal or state court
as described in the preceding sentence or in the next paragraph of this Section 7.6. If for any
reason the Agent shall cease to be available to act as such, the Company agrees to designate a new
agent in New York on the terms and for the purposes of this Section 7.6 reasonably satisfactory to
the Depositary. The Company further hereby irrevocably consents and agrees to the service of any
and all legal process, summons, notices and documents in any suit, action or
proceeding against the Company, by service by mail of a copy thereof upon the Agent (whether
or not the appointment of such Agent shall for any reason prove to be ineffective or such Agent
shall fail to accept or acknowledge such service), with a copy mailed to the Company by registered
or certified air mail, postage prepaid, to its address provided in Section 7.5. The Company agrees
that the failure of the Agent to give any notice of such service to it shall not impair or affect
in any way the validity of such service or any judgment rendered in any action or proceeding based
thereon.



     Notwithstanding the foregoing, the Depositary and the Company unconditionally agree that in
the event that a Holder or Beneficial Owner brings a suit, action or proceeding against (a) the
Company, (b) the Depositary in its capacity as Depositary under the Deposit Agreement or (c)
against both the Company and the Depositary, in any such case, in any state or federal court of the
United States, and the Depositary or the Company have any claim, for indemnification or otherwise,
against each other arising out of the subject matter of such suit, action or proceeding, then the
Company and the Depositary may pursue such claim against each other in the state or federal court
in the United States in which such suit, action, or proceeding is pending and, for such purposes,
the Company and the Depositary irrevocably submit to the non-exclusive



42









 




jurisdiction of such courts.
The Company agrees that service of process upon the Agent in the manner set forth in the preceding
paragraph shall be effective service upon it for any suit, action or proceeding brought against it
as described in this paragraph.




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



     The Company irrevocably and unconditionally waives, to the fullest extent permitted by law,
and agrees not to plead or claim, any right of immunity from legal action, suit or proceeding, 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, from
execution of judgment, or from any other legal process or proceeding for the giving of any relief
or for the enforcement of any judgment, and consents to such relief and enforcement against it, its
assets and its revenues in any jurisdiction, in each case with respect to any matter arising out
of, or in connection with, the Deposit Agreement, any ADR or the Deposited Securities.



     No disclaimer of liability under the Securities Act is intended by any provision of the
Deposit Agreement. The provisions of this Section 7.6 shall survive any termination of the Deposit
Agreement, in whole or in part.



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



     Section 7.8 Compliance with U.S. Securities Laws.
Notwithstanding anything in the Deposit Agreement to the contrary, the withdrawal or delivery
of Deposited Securities will not be suspended by the Company or the Depositary except as would be
permitted by Instruction I.A.(1) of the General Instructions to Form F-6 Registration Statement, as
amended from time to time, under the Securities Act.



     Section 7.9 Cayman Islands Law References.
Any summary of the laws and regulations of the Cayman Islands and of the terms of the
Company’s Articles of Association set forth in the Deposit Agreement have been provided by the
Company solely for the convenience of Holders, Beneficial Owners and the Depositary. While such
summaries are believed by the Company to be accurate as of the date of the Deposit Agreement, (i)
they are summaries and as such may not include all aspects of the materials summarized applicable
to a Holder or Beneficial Owner, and (ii) these laws and regulations and the Company’s Articles of
Association may change after the date of the Deposit Agreement. Neither the Depositary nor the
Company has any obligation under the terms of the Deposit Agreement to update any such summaries.



     Section 7.10 Titles and References.



43









 





     (a) Deposit Agreement. All references in the Deposit Agreement to exhibits, articles,
sections, subsections, and other subdivisions refer to the exhibits, articles, sections,
subsections and other subdivisions of the Deposit Agreement unless expressly provided otherwise.
The words “the Deposit Agreement”, “herein”, “hereof”, “hereby”, “hereunder”, and words of similar
import refer to the Deposit Agreement as a whole as in effect at the relevant time between the
Company, the Depositary and the Holders and Beneficial Owners of ADSs and not to any particular
subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter gender shall
be construed to include any other gender, and words in the singular form shall be construed to
include the plural and vice versa unless the context otherwise requires. Titles to sections of the
Deposit Agreement are included for convenience only and shall be disregarded in construing the
language contained in the Deposit Agreement. References to “applicable laws and regulations” shall
refer to laws and regulations applicable to ADRs, ADSs or Deposited Securities as in effect at the
relevant time of determination, unless otherwise required by law or regulation.



     (b) ADRs. All references in any ADR(s) to paragraphs, exhibits, articles, sections,
subsections, and other subdivisions refer to the paragraphs, exhibits, articles, sections,
subsections and other subdivisions of the ADR(s) in question unless expressly provided otherwise.
The words “the Receipt”, “the ADR”, “herein”, “hereof”, “hereby”, “hereunder”, and words of similar
import used in any ADR refer to the ADR as a whole and as in effect at the relevant time, and not
to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and
neuter gender in any ADR shall be construed to include any other gender, and words in the singular
form shall be construed to include the plural and vice versa unless the context otherwise requires.
Titles to paragraphs of any ADR are included for convenience only and shall be disregarded in
construing the language contained in the ADR.
References to “applicable laws and regulations” shall refer to laws and regulations applicable to
ADRs, ADSs or Deposited Securities as in effect at the relevant time of determination, unless
otherwise required by law or regulation.



44









 





     IN WITNESS WHEREOF, LE GAGA HOLDINGS LIMITED and CITIBANK, N.A. have duly executed the Deposit
Agreement as of the day and year first above set forth and all Holders and Beneficial Owners shall
become parties hereto upon acceptance by them of ADSs issued in accordance with the terms hereof,
or upon acquisition of any beneficial interest therein.



	 	 	 	 	 
	 	LE GAGA HOLDINGS LIMITED

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CITIBANK, N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 




1









 





EXHIBIT A



[FORM OF ADR]



			
	 	 	 
	Number                     
	 	CUSIP NUMBER:                     






American Depositary Shares (each

American Depositary Share

representing the right to receive fifty

(50) ordinary shares of Le Gaga

Holdings Limited)




AMERICAN DEPOSITARY RECEIPT



FOR



AMERICAN DEPOSITARY SHARES



representing



DEPOSITED ORDINARY SHARES



of



LE GAGA HOLDINGS LIMITED



(Incorporated under the laws of the Cayman Islands)



     CITIBANK, N.A., a national banking association organized and existing under the laws of the
United States of America, as depositary (the “Depositary”), hereby certifies that                                         is
the owner of                                          American Depositary Shares (hereinafter “ADS”), representing deposited
ordinary shares, including evidence of rights to receive such ordinary shares (the “Shares”), of Le
Gaga Holdings Limited, a company incorporated under the laws of the Cayman Islands (the “Company”).
As of the date of the Deposit Agreement (as hereinafter defined), each ADS represents the right to
receive fifty (50) Shares deposited under the Deposit Agreement with the Custodian, which at the
date of execution of the Deposit Agreement is Citibank, N.A. — Hong Kong (the “Custodian”). The
ADS(s)-to-Share(s) ratio is subject to amendment as provided in Articles IV and VI of the Deposit
Agreement. The Depositary’s Principal Office is located at 388 Greenwich Street, New York, New
York 10013, U.S.A.



     (1) The Deposit Agreement. This American Depositary Receipt is one of an issue of
American Depositary Receipts (“ADRs”), all issued and to be issued upon the terms and conditions
set forth in the Deposit Agreement, dated as of [DATE], 2010 (as amended and



A-1









 




supplemented from time to time, the “Deposit Agreement”), by and among the Company, the
Depositary, and all Holders and Beneficial Owners from time to time of ADSs issued thereunder. The
Deposit Agreement sets forth the rights and obligations of Holders and Beneficial Owners of ADSs
and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any
and all other securities, property and cash from time to time received in respect of such Shares
and held thereunder (such Shares, securities, property and cash are herein called “Deposited
Securities”). Copies of the Deposit Agreement are on file at the Principal Office of the
Depositary and with the Custodian. Each Holder and each Beneficial Owner, upon acceptance of any
ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit
Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of the
Deposit Agreement and applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with
full power to delegate, to act on its behalf and to take any and all actions contemplated in the
Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply
with applicable law and to take such action as the Depositary in its sole discretion may deem
necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable
ADR(s), the taking of such actions to be the conclusive determinant of the necessity and
appropriateness thereof.




     The statements made on the face and reverse of this ADR are summaries of certain provisions of
the Deposit Agreement and the Articles of Association of the Company (as in effect on the date of
the signing of the Deposit Agreement) and are qualified by and subject to the detailed provisions
of the Deposit Agreement and the Articles of Association, to which reference is hereby made. All
capitalized terms used herein which are not otherwise defined herein shall have the meanings
ascribed thereto in the Deposit Agreement. The Depositary makes no representation or warranty as
to the validity or worth of the Deposited Securities. The Depositary has made arrangements for the
acceptance of the ADSs into DTC. Each Beneficial Owner of ADSs held through DTC must rely on the
procedures of DTC and the DTC Participants to exercise and be entitled to any rights attributable
to such ADSs. The Depositary may issue Uncertificated ADSs subject, however, to the terms and
conditions of Section 2.13 of the Deposit Agreement.



     (2) Withdrawal of Deposited Securities.
The Holder of this ADR (and of the ADSs evidenced hereby) shall be entitled to Delivery (at
the Custodian’s designated office) of the Deposited Securities at the time represented by the ADSs
evidenced hereby upon satisfaction of each of the following conditions: (i) the Holder (or a duly
authorized attorney of the Holder) has duly Delivered ADSs to the Depositary at its Principal
Office (and, if applicable, this ADR evidencing such ADSs) for the purpose of withdrawal of the
Deposited Securities represented thereby, (ii) if applicable and so required by the Depositary,
this ADR Delivered to the Depositary for such purpose has been properly endorsed in blank or is
accompanied by proper instruments of transfer in blank (including signature guarantees in
accordance with standard securities industry practice), (iii) if so required by the Depositary, the
Holder of the ADSs has executed and delivered to the Depositary a written order directing the
Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written
order of the person(s) designated in such order, and (iv) all applicable fees and charges of, and
expenses incurred by, the Depositary and all applicable taxes
and governmental charges (as are set forth in Section 5.9 of, and Exhibit B to, the
Deposit Agreement) have been paid, subject, however, in



A-2









 




each case, to the terms and conditions of
this ADR evidencing the surrendered ADSs, of the Deposit Agreement, of the Company’s Articles of
Association, of any applicable laws and the rules of the applicable book-entry settlement entity,
and to any provisions of or governing the Deposited Securities, in each case as in effect at the
time thereof.




     Upon satisfaction of each of the conditions specified above, the Depositary (i) shall cancel
the ADSs Delivered to it (and, if applicable, the ADRs evidencing the ADSs so Delivered), (ii)
shall direct the Registrar to record the cancellation of the ADSs so Delivered on the books
maintained for such purpose, and (iii) shall direct the Custodian to Deliver, or cause the Delivery
of, in each case, without unreasonable delay, the Deposited Securities represented by the ADSs so
canceled together with any certificate or other document of title for the Deposited Securities, or
evidence of the electronic transfer thereof (if available), as the case may be, to or upon the
written order of the person(s) designated in the order delivered to the Depositary for such
purpose, subject however, in each case, to the terms and conditions of the Deposit Agreement, of
this ADR evidencing the ADS so cancelled, of the Articles of Association of the Company, of any
applicable laws and of the rules of the applicable book-entry settlement entity, and to the terms
and conditions of or governing the Deposited Securities, in each case as in effect at the time
thereof.



     The Depositary shall not accept for surrender ADSs representing less than one (1) Share. In
the case of Delivery to it of ADSs representing a number other than a whole number of Shares, the
Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in
accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) return
to the person surrendering such ADSs the number of ADSs representing any remaining fractional
Share, or (ii) sell or cause to be sold the fractional Share represented by the ADSs so surrendered
and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses
incurred by, the Depositary and (b) taxes withheld) to the person surrendering the ADSs.
Notwithstanding anything else contained in this ADR or the Deposit Agreement, the Depositary may
make delivery at the Principal Office of the Depositary of (i) any cash dividends or cash
distributions, or (ii) any proceeds from the sale of any distributions of shares or rights, which
are at the time held by the Depositary in respect of the Deposited Securities represented by the
ADSs surrendered for cancellation and withdrawal. At the request, risk and expense of any Holder
so surrendering ADSs represented by this ADR, and for the account of such Holder, the Depositary
shall direct the Custodian to forward (to the extent permitted by law) any cash or other property
(other than securities) held by the Custodian in respect of the Deposited Securities represented by
such ADSs to the Depositary for delivery at the Principal Office of the Depositary. Such direction
shall be given by letter or, at the request, risk and expense of such Holder, by cable, telex or
facsimile transmission.



     (3) Transfer, Combination and Split-Up of ADRs. The Registrar shall register the
transfer of this ADR (and of the ADSs represented hereby) on the books maintained for such purpose
and the Depositary shall (x) cancel this ADR and execute new ADRs evidencing the same aggregate
number of ADSs as those evidenced by this ADR canceled by the Depositary, (y) cause the Registrar
to countersign such new ADRs, and (z) Deliver such new ADRs to or
upon the order of the person entitled thereto, if each of the following conditions has been
satisfied: (i) this ADR has been duly Delivered by the Holder (or by a duly authorized attorney



A-3









 




of
the Holder) to the Depositary at its Principal Office for the purpose of effecting a transfer
thereof, (ii) this surrendered ADR has been properly endorsed or is accompanied by proper
instruments of transfer (including signature guarantees in accordance with standard securities
industry practice), (iii) this surrendered ADR has been duly stamped (if required by the laws of
the State of New York or of the United States), and (iv) all applicable fees and charges of, and
expenses incurred by, the Depositary and all applicable taxes and governmental charges (as are set
forth in Section 5.9 of, and Exhibit B to, the Deposit Agreement) have been paid, subject,
however, in each case, to the terms and conditions of this ADR, of the Deposit Agreement and of
applicable law, in each case as in effect at the time thereof.




     The Registrar shall register the split-up or combination of this ADR (and of the ADSs
represented hereby) on the books maintained for such purpose and the Depositary shall (x) cancel
this ADR and execute new ADRs for the number of ADSs requested, but in the aggregate not exceeding
the number of ADSs evidenced by this ADR canceled by the Depositary, (y) cause the Registrar to
countersign such new ADRs, and (z) Deliver such new ADRs to or upon the order of the Holder
thereof, if each of the following conditions has been satisfied: (i) this ADR has been duly
Delivered by the Holder (or by a duly authorized attorney of the Holder) to the Depositary at its
Principal Office for the purpose of effecting a split-up or combination hereof, and (ii) all
applicable fees and charges of, and expenses incurred by, the Depositary and all applicable taxes
and government charges (as are set forth in Section 5.9 of, and Exhibit B to, the Deposit
Agreement) have been paid, subject, however, in each case, to the terms and conditions of this ADR,
of the Deposit Agreement and of applicable law, in each case as in effect at the time thereof.



     The Depositary may appoint one or more co-transfer agents for the purpose of effecting
transfers, combinations and split-ups of ADRs at designated transfer offices on behalf of the
Depositary, and the Depositary shall notify the Company of any such appointment. In carrying out
its functions, a co-transfer agent may require evidence of authority and compliance with applicable
laws and other requirements by Holders or persons entitled to such ADRs and will be entitled to
protection and indemnity to the same extent as the Depositary. Such co-transfer agents may be
removed and substitutes appointed by the Depositary, and the Depositary shall notify the Company of
any such removal or substitution. Each co-transfer agent appointed under Section 2.6 of the
Deposit Agreement (other than the Depositary) shall give notice in writing to the Depositary
accepting such appointment and agreeing to be bound by the applicable terms of the Deposit
Agreement.



     (4) Pre-Conditions to Registration, Transfer, Etc. As a condition precedent to the
execution and delivery, registration of issuance, transfer, split-up, combination or surrender, of
any ADS, the delivery of any distribution thereon, or the withdrawal of any Deposited Securities,
the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter
of ADSs or of an ADR of a sum sufficient to reimburse it for any tax or other governmental charge
and any stock transfer or registration fee with respect thereto (including any such tax or charge
and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and
charges of the Depositary as provided in Section 5.9 and
Exhibit B to the Deposit Agreement and in this ADR, (ii) the production of proof
satisfactory to it as to the identity and genuineness of any signature or any other matter
contemplated in Section



A-4









 




3.1 of the Deposit Agreement, and (iii) compliance with (A) any laws or
governmental regulations relating to the execution and delivery of ADRs or ADSs or to the
withdrawal of Deposited Securities and (B) such reasonable regulations as the Depositary and the
Company may establish consistent with the provisions of this ADR, if applicable, the Deposit
Agreement and applicable law.




     The issuance of ADSs against deposits of Shares generally or against deposits of particular
Shares may be suspended, or the deposit of particular Shares may be refused, or the registration of
transfer of ADSs in particular instances may be refused, or the registration of transfer of ADSs
generally may be suspended, during any period when the transfer books of the Company, the
Depositary, a Registrar or the Share Registrar are closed or if any such action is deemed necessary
or advisable by the Depositary or the Company, in good faith, at any time or from time to time
because of any requirement of law or regulation, any government or governmental body or commission
or any securities exchange on which the Shares or ADSs are listed, or under any provision of the
Deposit Agreement or this ADR, or under any provision of, or governing, the Deposited Securities,
or because of a meeting of shareholders of the Company or for any other reason, subject, in all
cases to paragraph (24) and Section 7.8 of the Deposit Agreement. Notwithstanding any provision of
the Deposit Agreement or this ADR to the contrary, Holders are entitled to surrender outstanding
ADSs to withdraw the Deposited Securities associated therewith at any time subject only to (i)
temporary delays caused by closing the transfer books of the Depositary or the Company or the
deposit of Shares in connection with voting at a shareholders’ meeting or the payment of dividends,
(ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws
or governmental regulations relating to the ADSs or the withdrawal of the Deposited Securities, and
(iv) other circumstances specifically contemplated by Instruction I.A.(l) of the General
Instructions to Form F-6 (as such General Instructions may be amended from time to time).



     (5) Compliance With Information Requests. Notwithstanding any other provision of the
Deposit Agreement or this ADR, each Holder and Beneficial Owner of the ADSs represented hereby
agrees to comply with requests from the Company pursuant to applicable law, the rules and
requirements of the NASDAQ Global Market or any stock exchange on which the Shares or ADSs are, or
will be, registered, traded or listed, or the Articles of Association of the Company, which are
made to provide information, inter alia, as to the capacity in which such Holder or Beneficial
Owner owns ADSs (and Shares, as the case may be) and regarding the identity of any other person(s)
interested in such ADSs and the nature of such interest and various other matters, whether or not
they are Holders and/or Beneficial Owners at the time of such request. The Depositary agrees to
use its reasonable efforts to forward, upon the request of the Company and at the Company’s
expense, any such request from the Company to the Holders and to forward to the Company any such
responses to such requests received by the Depositary.



     (6) Ownership Restrictions. Notwithstanding any provision of this ADR or of the
Deposit Agreement, the Company may restrict transfers of the Shares where such transfer might
result in ownership of Shares exceeding limits imposed by applicable law or the Articles of
Association of the Company. The Company may also restrict, in such manner as it deems
appropriate, transfers of the ADSs where such transfer may result in the total number of
Shares represented by the ADSs owned by a single Holder or Beneficial Owner to exceed any such



A-5









 




limits. The Company may, in its sole discretion but subject to applicable law, instruct the
Depositary to take action with respect to the ownership interest of any Holder or Beneficial Owner
in excess of the limits set forth in the preceding sentence, including but not limited to, the
imposition of restrictions on the transfer of ADSs, the removal or limitation of voting rights or
mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented
by the ADSs held by such Holder or Beneficial Owner in excess of such limitations, if and to the
extent such disposition is permitted by applicable law and the Articles of Association of the
Company. Nothing herein or in the Deposit Agreement shall be interpreted as obligating the
Depositary or the Company to ensure compliance with the ownership restrictions described herein or
in Section 3.5 of the Deposit Agreement.



Applicable laws and regulations may require holders and beneficial owners of Shares, including the
Holders and Beneficial Owners of ADSs, to satisfy reporting requirements and obtain regulatory
approvals in certain circumstances. Holders and Beneficial Owners of ADSs are solely responsible
for determining and complying with such reporting requirements and obtaining such approvals. Each
Holder and each Beneficial Owner hereby agrees to make such determination, file such reports, and
obtain such approvals to the extent and in the form required by applicable laws and regulations as
in effect from time to time. Neither the Depositary, the Custodian, the Company or any of their
respective agents or affiliates shall be required to take any actions whatsoever on behalf of
Holders or Beneficial Owners to determine or satisfy such reporting requirements or obtain such
regulatory approvals under applicable laws and regulations.




     (7) Liability for Taxes and Other Charges. Any tax or other governmental charge
payable by the Custodian or by the Depositary with respect to any ADR or any Deposited Securities
or ADSs shall be payable by the Holders and Beneficial Owners to the Depositary. The Company, the
Custodian and/or Depositary may withhold or deduct from any distributions made in respect of
Deposited Securities and may sell for the account of a Holder and/or Beneficial Owner any or all of
the Deposited Securities and apply such distributions and sale proceeds in payment of any taxes
(including applicable interest and penalties) or charges that are or may be payable by Holders or
Beneficial Owners in respect of the ADSs, Deposited Securities and ADRs, the Holder and the
Beneficial Owner remaining liable for any deficiency. The Custodian may refuse the deposit of
Shares and the Depositary may refuse to issue ADSs, to deliver ADRs, register the transfer of ADSs,
register the split-up or combination of ADRs and (subject to paragraph (24) hereof and Section 7.8
of the Deposit Agreement) the withdrawal of Deposited Securities until payment in full of such tax,
charge, penalty or interest is received. Every Holder and Beneficial Owner agrees to indemnify the
Depositary, the Company, the Custodian, and any of their agents, officers, employees and Affiliates
for, and hold each of them harmless from, any claims with respect to taxes (including applicable
interest and penalties thereon) arising from any tax benefit obtained for such Holder and/or
Beneficial Owner.



     (8) Representations and Warranties of Depositors. Each person depositing Shares under
the Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares and the
certificates therefor are duly authorized, validly issued, fully paid, non-assessable
and legally obtained by such person, (ii) all preemptive (and similar) rights, if any, with
respect to such Shares have been validly waived or exercised, (iii) the person making such deposit
is



A-6









 




duly authorized so to do, (iv) the Shares presented for deposit are free and clear of any lien,
encumbrance, security interest, charge, mortgage or adverse claim, and (v) the Shares presented for
deposit are not, and the ADSs issuable upon such deposit will not be, Restricted Securities (except
as contemplated in Section 2.14 of the Deposit Agreement), and (vi) the Shares presented for
deposit have not been stripped of any rights or entitlements. Such representations and warranties
shall survive the deposit and withdrawal of Shares, the issuance and cancellation of ADSs in
respect thereof and the transfer of such ADSs. If any such representations or warranties are false
in any way, the Company and the Depositary shall be authorized, at the cost and expense of the
person depositing Shares, to take any and all actions necessary to correct the consequences
thereof.




     (9) Proofs, Certificates and Other Information. Any person presenting Shares for
deposit, any Holder and any Beneficial Owner may be required, and every Holder and Beneficial Owner
agrees, from time to time to provide to the Depositary and the Custodian such proof of citizenship
or residence, taxpayer status, payment of all applicable taxes or other governmental charges,
exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities,
compliance with applicable laws, the terms of the Deposit Agreement or the ADR(s) evidencing the
ADSs and the provisions of, or governing, the Deposited Securities, to execute such certifications
and to make such representations and warranties, and to provide such other information and
documentation (or, in the case of Shares in registered form presented for deposit, such information
relating to the registration on the books of the Company or of the Shares Registrar) as the
Depositary or the Custodian may deem necessary or proper or as the Company may reasonably require
by written request to the Depositary consistent with its obligations under the Deposit Agreement
and the applicable ADR(s). The Depositary and the Registrar, as applicable, may withhold the
execution or delivery or registration of transfer of any ADR or ADS or the distribution or sale of
any dividend or distribution of rights or of the proceeds thereof or, to the extent not limited by
paragraph (24) and Section 7.8 of the Deposit Agreement, the delivery of any Deposited Securities
until such proof or other information is filed or such certifications are executed, or such
representations and warranties are made, or such other information or documentation are provided,
in each case to the Depositary’s, the Registrar’s and the Company’s satisfaction. The Depositary
shall provide the Company, in a timely manner, with copies or originals if necessary and
appropriate of (i) any such proofs of citizenship or residence, taxpayer status, or exchange
control approval or copies of written representations and warranties which it receives from Holders
and Beneficial Owners, and (ii) any other information or documents which the Company may reasonably
request and which the Depositary shall request and receive from any Holder or Beneficial Owner or
any person presenting Shares for deposit or ADSs for cancellation, transfer or withdrawal. Nothing
herein shall obligate the Depositary to (i) obtain any information for the Company if not provided
by the Holders or Beneficial Owners, or (ii) verify or vouch for the accuracy of the information so
provided by the Holders or Beneficial Owners.



     (10) Charges of Depositary. The Depositary shall charge the following fees:




	 	(i)	 	Issuance Fee: to any person depositing Shares or to
whom ADSs are issued upon the deposit of Shares, a fee not in excess of U.S.
$5.00 per 100 ADSs (or fraction thereof) so issued under the terms of the
Deposit




A-7









 






	 	 	 	Agreement (excluding issuances as a result of distributions described
in paragraph (iv) below);
	 
	 	(ii)	 	Cancellation Fee: to any person surrendering ADSs for
cancellation and withdrawal of Deposited Securities, a fee not in excess of
U.S. $5.00 per 100 ADSs (or fraction thereof) surrendered;
	 
	 	(iii)	 	Cash Distribution Fee: to any Holder of ADS(s), a fee
not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held for the
distribution of cash dividends or other cash distributions (i.e., sale of
rights and other entitlements); and
	 
	 	(iv)	 	Stock Distribution/Rights Exercise Fee: to any Holder
of ADS(s), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof)
held for (a) the distribution of stock dividends or other free stock
distributions or (b) the exercise of rights to purchase additional ADSs;
	 
	 	(v)	 	Other Distribution Fee: to any Holder of ADS(s), a fee
not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held for the
distribution of securities other than ADSs or rights to purchase additional
ADSs (i.e., spin-off shares); and
	 
	 	(vi)	 	Depositary Services Fee: to any Holder of ADS(s), a
fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) held on the
applicable record date(s) established by the Depositary.
	 
	 	(vii)	 	Transfer of ADRs: to any Holder of ADS(s), a fee of
U.S. $1.50 per certificate presented for transfer.





     Holders, Beneficial Owners, persons depositing Shares and persons surrendering ADSs for
cancellation and for the purpose of withdrawing Deposited Securities shall be responsible for the
following charges:




	 	(i)	 	taxes (including applicable interest and penalties) and other
governmental charges;
	 
	 	(ii)	 	such registration fees as may from time to time be in effect
for the registration of Shares or other Deposited Securities on the share
register and applicable to transfers of Shares or other Deposited Securities to
or from the name of the Custodian, the Depositary or any nominees upon the
making of deposits and withdrawals, respectively;
	 
	 	(iii)	 	such cable, telex and facsimile transmission and delivery
expenses as are expressly provided in the Deposit Agreement to be at the
expense of the
person depositing or withdrawing Shares or Holders and Beneficial Owners of
ADSs;




A-8









 






	 	(iv)	 	the expenses and charges incurred by the Depositary in the
conversion of foreign currency;
	 
	 	(v)	 	such fees and expenses as are incurred by the Depositary in
connection with compliance with exchange control regulations and other
regulatory requirements applicable to Shares, Deposited Securities, ADSs and
ADRs; and
	 
	 	(vi)	 	the fees and expenses incurred by the Depositary, the
Custodian, or any nominee in connection with the delivery or servicing of
Deposited Securities.





     All fees and charges may, at any time and from time to time, be changed by agreement between
the Depositary and Company but, in the case of fees and charges payable by Holders or Beneficial
Owners, only in the manner contemplated by paragraph (22) of this ADR and as contemplated in
Section 6.1 of the Deposit Agreement. The Depositary will provide, without charge, a copy of its
latest fee schedule to anyone upon request.



     Depositary Fees payable upon (i) deposit of Shares against issuance of ADSs and (ii) surrender
of ADSs for cancellation and withdrawal of Deposited Securities will be charged by the Depositary
to the person to whom the ADSs so issued are delivered (in the case of ADS issuances) and to the
person who delivers the ADSs for cancellation to the Depositary (in the case of ADS cancellations).
In the case of ADSs issued by the Depositary into DTC or presented to the Depositary via DTC, the
ADS issuance and cancellation fees will be payable to the Depositary by the DTC Participant(s)
receiving the ADSs from the Depositary or the DTC Participant(s) surrendering the ADSs to the
Depositary for cancellation, as the case may be, on behalf of the Beneficial Owner(s) and will be
charged by the DTC Participant(s) to the account(s) of the applicable Beneficial Owner(s) in
accordance with the procedures and practices of the DTC participant(s) as in effect at the time.
Depositary fees in respect of distributions and the Depositary services fee are payable to the
Depositary by Holders as of the applicable ADS Record Date established by the Depositary. In the
case of distributions of cash, the amount of the applicable Depositary fees is deducted by the
Depositary from the funds being distributed. In the case of distributions other than cash and the
Depositary service fee, the Depositary will invoice the applicable Holders as of the ADS Record
Date established by the Depositary. For ADSs held through DTC, the Depositary fees for
distributions other than cash and the Depositary service fee are charged by the Depositary to the
DTC Participants in accordance with the procedures and practices prescribed by DTC from time to
time and the DTC Participants in turn charge the amount of such fees to the Beneficial Owners for
whom they hold ADSs.



     The Depositary may reimburse the Company for certain expenses incurred by the Company in
respect of the ADR program established pursuant to the Deposit Agreement, by making available a
portion of the Depositary fees charged in respect of the ADR program or otherwise, upon such terms
and conditions as the Company and the Depositary may agree from
time to
time. The Company shall pay to the Depositary such fees and charges and reimburse the
Depositary for such out-of-pocket expenses as the Depositary and the Company may agree from time to
time. Responsibility for payment of such charges and reimbursements may from time to



A-9









 




time be
changed by agreement between the Company and the Depositary. Unless otherwise agreed, the
Depositary shall present its statement for such expenses and fees or charges to the Company once
every three months. The charges and expenses of the Custodian are for the sole account of the
Depositary.




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



     (11) Title to ADRs. It is a condition of this ADR, and every successive Holder of
this ADR by accepting or holding the same consents and agrees, that title to this ADR (and to each
ADS evidenced hereby) shall be transferable upon the same terms as a certificated security under
the laws of the State of New York, provided that, in the case of Certificated ADSs, such ADR has
been properly endorsed or is accompanied by proper instruments of transfer. Notwithstanding any
notice to the contrary, the Depositary and the Company may deem and treat the Holder of this ADR
(that is, the person in whose name this ADR is registered on the books of the Depositary) as the
absolute owner thereof for all purposes. Neither the Depositary nor the Company shall have any
obligation nor be subject to any liability under the Deposit Agreement or this ADR to any holder of
this ADR or any Beneficial Owner unless, in the case of a holder of ADSs, such holder is the Holder
of this ADR registered on the books of the Depositary or, in the case of a Beneficial Owner, such
Beneficial Owner or the Beneficial Owner’s representative is the Holder registered on the books of
the Depositary.



     (12) Validity of ADR. The Holder(s) of this ADR (and the ADSs represented hereby)
shall not be entitled to any benefits under the Deposit Agreement or be valid or enforceable for
any purpose against the Depositary or the Company unless this ADR has been (i) dated, (ii) signed
by the manual or facsimile signature of a duly-authorized signatory of the Depositary, (iii)
countersigned by the manual or facsimile signature of a duly-authorized signatory of the Registrar,
and (iv) registered in the books maintained by the Registrar for the registration of issuances and
transfers of ADRs. An ADR bearing the facsimile signature of a duly-authorized signatory of the
Depositary or the Registrar, who at the time of signature was a duly authorized signatory of the
Depositary or the Registrar, as the case may be, shall bind the Depositary, notwithstanding the
fact that such signatory has ceased to be so authorized prior to the delivery of such ADR by the
Depositary.



     (13) Available Information; Reports; Inspection of Transfer Books. The Company is
subject to the periodic reporting requirements of the Exchange Act and, accordingly, is required to
file or submit certain reports with the Commission. These reports can be retrieved from the
Commission’s website (www.sec.gov) and can be inspected and copied at the public reference
facilities maintained by the Commission located (as of the date of the Deposit Agreement) at 100 F
Street, N.E., Washington D.C. 20549. The Depositary shall make
available for inspection by Holders at its Principal Office any reports and communications,
including any proxy soliciting materials, received from the Company which are both (a) received by
the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited



A-10









 




Securities and (b) made generally available to the holders of such Deposited Securities by the
Company. The Depositary shall also provide or make available to Holders copies of such reports
when furnished by the Company pursuant to Section 5.6 of the Deposit Agreement.




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



     The Registrar may close the transfer books with respect to the ADSs, at any time or from time
to time, when deemed necessary or advisable by it in good faith in connection with the performance
of its duties hereunder, or at the reasonable written request of the Company subject, in all cases,
to paragraph (24) and Section 7.8 of the Deposit Agreement.


Dated:




	 	 	 	 	 	 	 	 	 

	CITIBANK, N.A.	 	CITIBANK, N.A.	 	 
	Transfer Agent and Registrar	 	as Depositary	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	By:	 	 	 	 
	 

	 	 

Authorized Signatory
	 	 	 	 

Authorized Signatory
	 	 






     The address of the Principal Office of the Depositary is 388 Greenwich Street, New York, New
York 10013, U.S.A.



A-11









 





[FORM OF REVERSE OF ADR]



SUMMARY OF CERTAIN ADDITIONAL PROVISIONS



OF THE DEPOSIT AGREEMENT



     (14) Dividends and Distributions in Cash, Shares, etc. Whenever the Company intends
to make a distribution of a cash dividend or other cash distribution, the Company shall give notice
thereof to the Depositary at least twenty (20) days (or such other number of days as the Depositary
and the Company may from time to time agree to) prior to the proposed distribution specifying,
inter alia, the record date applicable for determining the holders of Deposited
Securities entitled to receive such distribution. Upon the timely receipt of such notice, the
Depositary shall establish an ADS Record Date upon the terms described in Section 4.9 of the
Deposit Agreement . Upon receipt of confirmation from the Custodian of the receipt of any cash
dividend or other cash distribution on any Deposited Securities, or upon receipt of proceeds from
the sale of any Deposited Securities or of any entitlements held in respect of Deposited Securities
under the terms of the Deposit Agreement, the Depositary will (i) if at the time of receipt thereof
any amounts received in a Foreign Currency can, in the judgment of the Depositary (upon the terms
of Section 4.8 of the Deposit Agreement), be converted on a practicable basis into Dollars
transferable to the United States, promptly convert or cause to be converted such cash dividend,
distribution or proceeds into Dollars (upon the terms of Section 4.8 of the Deposit Agreement),
(ii) if applicable and unless previously established, establish the ADS Record Date upon the terms
described in Section 4.9 of the Deposit Agreement, and (iii) distribute promptly the amount thus
received (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and
(b) taxes withheld) to the Holders entitled thereto as of the ADS Record Date in proportion to the
number of ADSs held as of the ADS Record Date. The Depositary shall distribute only such amount,
however, as can be distributed without attributing to any Holder a fraction of one cent, and any
balance not so distributed shall be held by the Depositary (without liability for interest thereon)
and shall be added to and become part of the next sum received by the Depositary for distribution
to Holders of ADSs outstanding at the time of the next distribution. If the Company, the Custodian
or the Depositary is required to withhold and does withhold from any cash dividend or other cash
distribution in respect of any Deposited Securities an amount on account of taxes, duties or other
governmental charges, the amount distributed to Holders on the ADSs representing such Deposited
Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company,
the Custodian or the Depositary to the relevant governmental authority. Evidence of payment
thereof by the Company shall be forwarded by the Company to the Depositary upon request.


Whenever the Company intends to make a distribution that consists of a dividend in, or free
distribution of, Shares, the Company shall give notice thereof to the Depositary at least twenty
(20) days (or such other number of days as the Depositary and the Company may from time to time
agree to) prior to the proposed distribution, specifying, inter alia, the record
date applicable to holders of Deposited Securities entitled to receive such distribution. Upon the
timely receipt of such notice from the Company, the Depositary shall establish the ADS Record Date
upon the terms described in Section 4.9 of the Deposit Agreement. Upon receipt of confirmation
from the






A-12









 







Custodian of the receipt of the Shares so distributed by the Company, the Depositary shall either
(i) subject to Section 5.9 of the Deposit Agreement, distribute to the Holders as of the ADS Record
Date in proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which
represent in the aggregate the number of Shares received as such dividend, or free distribution,
subject to the other terms of the Deposit Agreement (including, without limitation, (a) the
applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes), or (ii) if
additional ADSs are not so distributed, take all actions necessary so that each ADS issued and
outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also
represent rights and interests in the additional integral number of Shares distributed upon the
Deposited Securities represented thereby (net of (a) the applicable fees and charges of, and
expenses incurred by, the Depositary and (b) taxes). In lieu of delivering fractional ADSs, the
Depositary shall sell the number of Shares or ADSs, as the case may be, represented by the
aggregate of such fractions and distribute the net proceeds upon the terms described in Section 4.1
of the Deposit Agreement. In the event that the Depositary determines that any distribution in
property (including Shares) is subject to any tax or other governmental charges which the
Depositary is obligated to withhold, or, if the Company in the fulfillment of its obligation under
Section 5.7 of the Deposit Agreement, has furnished an opinion of U.S. counsel determining that
Shares must be registered under the Securities Act or other laws in order to be distributed to
Holders (and no such registration statement has been declared effective), the Depositary may
dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in
such amounts and in such manner, including by public or private sale, as the Depositary deems
necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale
(after deduction of (a) taxes and (b) fees and charges of, and expenses incurred by, the
Depositary) to Holders entitled thereto upon the terms described in Section 4.1 of the Deposit
Agreement. The Depositary shall hold and/or distribute any unsold balance of such property in
accordance with the provisions of the Deposit Agreement.




     Whenever the Company intends to make a distribution payable at the election of the holders of
Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at
least forty five (45) days (or such other number of days as the Depositary and the Company may from
time to time agree to) prior to the proposed distribution specifying, inter alia,
the record date applicable to holders of Deposited Securities entitled to receive such elective
distribution and whether or not it wishes such elective distribution to be made available to
Holders of ADSs. Upon the timely receipt of a notice indicating that the Company wishes such
elective distribution to be made available to Holders of ADSs, the Depositary shall consult with
the Company to determine, and the Company shall assist the Depositary in its determination, whether
it is lawful and reasonably practicable to make such elective distribution available to the Holders
of ADSs. The Depositary shall make such elective distribution available to Holders only if (i) the
Company shall have timely requested that the elective distribution be made available to Holders,
(ii) the Depositary shall have determined that such distribution is reasonably practicable and
(iii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7
of the Deposit Agreement. If the above conditions are not satisfied, the Depositary shall
establish an ADS Record Date on the terms described in Section 4.9 of the Deposit Agreement and, to
the extent permitted by law, distribute to the Holders, on the basis of the same determination as
is made in the Cayman Islands in respect of the Shares for which no election is made, either (X)
cash upon the terms described in Section 4.1 of the Deposit



A-13









 




Agreement or (Y) additional ADSs representing such additional Shares upon the terms described
in Section 4.2 of the Deposit Agreement. If the above conditions are satisfied, the Depositary
shall establish an ADS Record Date on the terms described in Section 4.9 of the Deposit Agreement
and establish procedures to enable Holders to elect the receipt of the proposed distribution in
cash or in additional ADSs. The Company shall assist the Depositary in establishing such
procedures to the extent necessary. If a Holder elects to receive the proposed distribution (X) in
cash, the distribution shall be made upon the terms described in Section 4.1 of the Deposit
Agreement, or (Y) in ADSs, the distribution shall be made upon the terms described in Section 4.2
of the Deposit Agreement. Nothing herein shall obligate the Depositary to make available to
Holders a method to receive the elective distribution in Shares (rather than ADSs). There can be
no assurance that Holders generally, or any Holder in particular, will be given the opportunity to
receive elective distributions on the same terms and conditions as the holders of Shares.




     Whenever the Company intends to distribute to the holders of the Deposited Securities rights
to subscribe for additional Shares, the Company shall give notice thereof to the Depositary at
least forty five (45) days (or such other number of days as the Depositary and the Company may from
time to time agree to) prior to the proposed distribution specifying, inter alia,
the record date applicable to holders of Deposited Securities entitled to receive such distribution
and whether or not it wishes such rights to be made available to Holders of ADSs. Upon the timely
receipt of a notice indicating that the Company wishes such rights to be made available to Holders
of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist
the Depositary in its determination, whether it is lawful and reasonably practicable to make such
rights available to the Holders. The Depositary shall make such rights available to Holders only
if (i) the Company shall have timely requested that such rights be made available to Holders, (ii)
the Depositary shall have received satisfactory documentation within the terms of Section 5.7 of
the Deposit Agreement, and (iii) the Depositary shall have determined that such distribution of
rights is reasonably practicable. In the event any of the conditions set forth above are not
satisfied or if the Company requests that the rights not be made available to Holders of ADSs, the
Depositary shall proceed with the sale of the rights as contemplated in Section 4.4(b) of the
Deposit Agreement. In the event all conditions set forth above are satisfied, the Depositary shall
establish an ADS Record Date (upon the terms described in Section 4.9 of the Deposit Agreement) and
establish procedures to (x) distribute rights to purchase additional ADSs (by means of warrants or
otherwise), (y) to enable the Holders to exercise such rights (upon payment of the subscription
price and of the applicable (a) fees and charges of, and expenses incurred by, the Depositary and
(b) taxes), and (z) to deliver ADSs upon the valid exercise of such rights. The Company shall
assist the Depositary to the extent necessary in establishing such procedures. Nothing herein
shall obligate the Depositary to make available to the Holders a method to exercise rights to
subscribe for Shares (rather than ADSs).



     If (i) the Company does not timely request the Depositary to make the rights available to
Holders or requests that the rights not be made available to Holders, (ii) the Depositary fails to
receive satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement or
determines it is not reasonably practicable to make the rights available to Holders, or (iii) any
rights made available are not exercised and appear to be about to lapse, the Depositary shall
determine whether it is lawful and reasonably practicable to sell such rights, in a riskless



A-14









 




principal capacity, at such place and upon such terms (including public or private sale) as it
may deem practicable. The Company shall assist the Depositary to the extent necessary to determine
such legality and practicability. The Depositary shall, upon such sale, convert and distribute
proceeds of such sale (net of applicable (a) fees and charges of, and expenses incurred by, the
Depositary and (b) taxes) upon the terms set forth in Section 4.1 of the Deposit Agreement.




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



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



     Notwithstanding anything to the contrary in Section 4.4 of the Deposit Agreement, if
registration (under the Securities Act or any other applicable law) of the rights or the securities
to which any rights relate may be required in order for the Company to offer such rights or such
securities to Holders and to sell the securities represented by such rights, the Depositary will
not distribute such rights to the Holders (i) unless and until a registration statement under the
Securities Act (or other applicable law) covering such offering is in effect or (ii) unless the
Company furnishes the Depositary opinion(s) of counsel for the Company in the United States and
counsel to the Company in any other applicable country in which rights would be distributed, in
each case satisfactory to the Depositary, to the effect that the offering and sale of such
securities to Holders and Beneficial Owners are exempt from, or do not require registration under,
the provisions of the Securities Act or any other applicable laws. A liquid market for rights may
not exist, and this may adversely affect (1) the ability of the Depositary to dispose of such
rights or (2) the amount the Depositary would realize upon disposal of rights.



     In the event that the Company, the Depositary or the Custodian shall be required to withhold
and does withhold from any distribution of property (including rights) an amount on account of
taxes or other governmental charges, the amount distributed to the Holders of ADSs representing
such Deposited Securities shall be reduced accordingly. In the event that the Depositary
determines that any distribution in property (including Shares and rights to subscribe therefor) is
subject to any tax or other governmental charges which the Depositary is obligated to withhold, the
Depositary may dispose of all or a portion of such property (including Shares and rights to
subscribe therefor) in such amounts and in such manner, including by public or private sale, as the
Depositary deems necessary and practicable to pay any such taxes or charges.



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



A-15









 





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



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



     If (i) the Company does not request the Depositary to make such distribution to Holders or
requests not to make such distribution to Holders, (ii) the Depositary does not receive
satisfactory documentation within the terms of Section 5.7 of the Deposit Agreement, or (iii) the
Depositary determines that all or a portion of such distribution is not reasonably practicable, the
Depositary shall sell or cause such property to be sold in a public or private sale, at such place
or places and upon such terms as it may deem practicable and shall (i) cause the proceeds of such
sale, if any, to be converted into Dollars and (ii) distribute the proceeds of such conversion
received by the Depositary (net of applicable (a) fees and charges of, and expenses incurred by,
the Depositary and (b) taxes) to the Holders as of the ADS Record Date upon the terms of Section
4.1 of the Deposit Agreement. If the Depositary is unable to sell such property, the Depositary
may dispose of such property for the account of the Holders in any way it deems reasonably
practicable under the circumstances.



     (15) Redemption. If the Company intents to exercise any right of redemption in
respect of any of the Deposited Securities, the Company shall give notice thereof to the Depositary
at least forty five (45) days (or such other number of days as the Depositary and the Company may
from time to time agree to) prior to the intended date of redemption which notice shall set forth
the particulars of the proposed redemption. Upon timely receipt of (i) such notice and (ii)
satisfactory documentation given by the Company to the Depositary within the terms of Section 5.7
of the Deposit Agreement, and only if the Depositary shall have determined that such proposed
redemption is practicable, the Depositary shall provide to each Holder a notice setting forth the
intended exercise by the Company of the redemption rights and any other particulars set forth in
the Company’s notice to the Depositary. The Depositary shall instruct the Custodian to



A-16









 




present to the Company the Deposited Securities in respect of which redemption rights are
being exercised against payment of the applicable redemption price. Upon receipt of confirmation
from the Custodian that the redemption has taken place and that funds representing the redemption
price have been received, the Depositary shall convert, transfer, and distribute the proceeds (net
of applicable (a) fees and charges of, and expenses incurred by, the Depositary, and (b) taxes),
retire ADSs and cancel ADRs, if applicable, upon delivery of such ADSs by Holders thereof and the
terms set forth in Sections 4.1 and 6.2 of the Deposit Agreement. If less than all outstanding
Deposited Securities are redeemed, the ADSs to be retired will be selected by lot or on a pro rata
basis, as may be determined by the Depositary. The redemption price per ADS shall be the dollar
equivalent of the per share amount received by the Depositary (adjusted to reflect the
ADS(s)-to-Share(s) ratio) upon the redemption of the Deposited Securities represented by ADSs
(subject to the terms of Section 4.8 of the Deposit Agreement and the applicable fees and charges
of, and expenses incurred by, the Depositary, and taxes) multiplied by the number of Deposited
Securities represented by each ADS redeemed.




     (16) Fixing of ADS Record Date. Whenever the Depositary shall receive notice of the
fixing of a record date by the Company for the determination of holders of Deposited Securities
entitled to receive any distribution (whether in cash, Shares, rights or other distribution), or
whenever for any reason the Depositary causes a change in the number of Shares that are represented
by each ADS, or whenever the Depositary shall receive notice of any meeting of, or solicitation of
consents or proxies of, holders of Shares or other Deposited Securities, or whenever the Depositary
shall find it necessary or convenient in connection with the giving of any notice, solicitation of
any consent or any other matter, the Depositary shall fix a record date (“ADS Record Date”)
for the determination of the Holders of ADS(s) who shall be entitled to receive such distribution,
to give instructions for the exercise of voting rights at any such meeting, to give or withhold
such consent, to receive such notice or solicitation or to otherwise take action, or to exercise
the rights of Holders with respect to such changed number of Shares represented by each ADS. The
Depositary shall make reasonably efforts to establish the ADS Record Date as closely as possible to
the applicable record date for the Deposited Securities (if any) set by the Company in the Cayman
Islands. Subject to applicable law and the terms and conditions of this ADR and Sections 4.1
through 4.8 of the Deposit Agreement, only the Holders of ADSs at the close of business in New York
on such ADS Record Date shall be entitled to receive such distributions, to give such voting
instructions, to receive such notice or solicitation, or otherwise take action.



     (17) Voting of Deposited Securities. As soon as practicable after receipt of notice
of any meeting at which the holders of Deposited Securities are entitled to vote, or of
solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix
the ADS Record Date in respect of such meeting or solicitation of consent or proxy in accordance
with Section 4.9 of the Deposit Agreement. The Depositary shall, if requested by the Company in
writing in a timely manner (the Depositary having no obligation to take any further action if the
request shall not have been received by the Depositary at least thirty (30) days prior to the date
of such vote or meeting), at the Company’s expense and provided no U.S. legal prohibitions exist,
distribute as soon as practicable after receipt thereof to Holders as of the ADS Record Date: (a)
such notice of meeting or solicitation of consent or proxy, (b) a statement that the Holders at the
close of business on the ADS Record Date will be entitled, subject to any applicable law, the



A-17









 




provisions of the Deposit Agreement, the Articles of Association of the Company and the
provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized
in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting
rights, if any, pertaining to the Deposited Securities represented by such Holder’s ADSs, and (c) a
brief statement as to the manner in which such voting instructions may be given to the Depositary
or in which voting instructions may be deemed to have been given in accordance with Section 4.10 of
the Deposit Agreement if no instructions are received prior to the deadline set for such purposes
to the Depositary to give a discretionary proxy to a person designated by the Company.



Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary may, to the
extent not prohibited by law or regulations, or by the requirements of the stock exchange on which
the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in
connection with any meeting of, or solicitation of consents or proxies from, holders of Deposited
Securities, distribute to the Holders a notice that provides Holders with, or otherwise publicize
to Holders, instructions on how to retrieve such materials or receive such materials upon request
(i.e., by reference to a website containing the materials for retrieval or a contact for requesting
copies of the materials).



The Depositary has been advised by the Company that under the Cayman Islands law as in effect as of
the date of the Deposit Agreement, voting at any meeting of shareholders is by show of hands unless
a poll is demanded. The Depositary will not join in demanding a poll, whether or not requested to
do so by Holders of ADSs. Under the Articles of Association (as in effect on the date of the
Deposit Agreement) a poll may be demanded by (i) the chairman of the meeting, or (ii) one or more
shareholders present in person or by proxy entitled to vote and who together hold not less than 10
percent of the paid up voting share capital of the Company.




     Voting instructions may be given only in respect of a number of ADSs representing an integral
number of Deposited Securities. Upon the timely receipt from a Holder of ADSs as of the ADS Record
Date of voting instructions in the manner specified by the Depositary, the Depositary shall
endeavor, insofar as practicable and permitted under applicable law, the provisions of the Deposit
Agreement, Articles of Association of the Company and the provisions of the Deposited Securities,
to vote, or cause the Custodian to vote, the Deposited Securities (in person or by proxy)
represented by such Holder’s ADSs as follows: (i) in the event voting takes place at a
shareholders’ meeting by show of hands, the Depositary will instruct the Custodian to vote all
Deposited Securities in accordance with the voting instructions received from a majority of Holders
of ADSs who provided voting instructions and (ii) in the event voting takes place at a
shareholders’ meeting by poll, the Depositary will instruct the Custodian to vote the Deposited
Securities in accordance with the voting instructions received from the Holders of ADSs. If the
Depositary does not receive instructions from a Holder as of the ADS Record Date on or before the
date established by the Depositary for such purpose and voting is by poll, such Holder shall be
deemed, and the Depositary shall (unless otherwise specified in the notice distributed to Holders)
deem such Holder, to have instructed the Depositary to give a discretionary proxy to a person
designated by the Company to vote the Deposited Securities; provided, however, that no such
discretionary proxy shall be given by the Depositary with respect to any matter to be voted upon as
to which the Company informs the Depositary that (A) the Company does not wish such



A-18









 




proxy to be given, (B) substantial opposition exists, or (C) the rights of holders of
Deposited Securities may be materially adversely affected.




     Neither the Depositary nor the Custodian shall under any circumstances exercise any discretion
as to voting and neither the Depositary nor the Custodian shall vote, attempt to exercise the right
to vote, or in any way make use of, for purposes of establishing a quorum or otherwise, the
Deposited Securities represented by ADSs, except pursuant to and in accordance with the voting
instructions timely received from Holders or as otherwise contemplated herein. If the Depositary
timely receives voting instructions from a Holder which fail to specify the manner in which the
Depositary is to vote the Deposited Securities represented by such Holder’s ADSs, the Depositary
will deem such Holder (unless otherwise specified in the notice distributed to Holders) to have
instructed the Depositary to vote in favor of the items set forth in such voting instructions.
Deposited Securities represented by ADSs for which no timely voting instructions are received by
the Depositary from the Holder shall not be voted (except (i) in the case voting at the
shareholders’ meeting is by show of hands, in which case the Depositary will instruct the Custodian
to vote all Deposited Securities in accordance with the voting instructions received from a
majority of Holders of ADSs who provided voting instructions and (ii) as contemplated in Section
4.10 of the Deposit Agreement). Notwithstanding anything else contained herein or in the Deposit
Agreement, the Depositary shall, if so requested in writing by the Company, represent all Deposited
Securities (whether or not voting instructions have been received in respect of such Deposited
Securities from Holders as of the ADS Record Date) for the sole purpose of establishing quorum at a
meeting of shareholders.



     Notwithstanding anything else contained in the Deposit Agreement or any ADR, the Depositary
shall not have any obligation to take any action with respect to any meeting, or solicitation of
consents or proxies, of holders of Deposited Securities if the taking of such action would violate
U.S. laws. The Company agrees to take any and all actions reasonably necessary and as permitted by
Cayman Islands law to enable Holders and Beneficial Owners to exercise the voting rights accruing
to the Deposited Securities and to deliver to the Depositary an opinion of U.S. counsel addressing
any actions requested to be taken if so requested by the Depositary. There can be no assurance
that Holders generally or any Holder in particular will receive the notice described above with
sufficient time to enable the Holder to return voting instructions to the Depositary in a timely
manner.



     (18) Changes Affecting Deposited Securities. Upon any change in nominal or par value,
split-up, cancellation, consolidation or any other reclassification of Deposited Securities, or
upon any recapitalization, reorganization, merger, consolidation or sale of assets affecting the
Company or to which it is a party, any securities which shall be received by the Depositary or the
Custodian in exchange for, or in conversion of or replacement of or otherwise in respect of, such
Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities
under the Deposit Agreement, and the ADRs shall, subject to the provisions of the Deposit Agreement
and applicable law, evidence ADSs representing the right to receive such additional securities. In
giving effect to such change, split-up, cancellation, consolidation or other reclassification of
Deposited Securities, recapitalization, reorganization, merger, consolidation or sale of assets,
the Depositary may, with the Company’s approval, and shall, if the Company shall so request,
subject to the terms of the Deposit Agreement and receipt of an opinion of counsel to



A-19









 




the Company satisfactory to the Depositary that such actions are not in violation of any
applicable laws or regulations, (i) issue and deliver additional ADSs as in the case of a stock
dividend on the Shares, (ii) amend the Deposit Agreement and the applicable ADRs, (iii) amend the
applicable Registration Statement(s) on Form F-6 as filed with the Commission in respect of the
ADSs, (iv) call for the surrender of outstanding ADRs to be exchanged for new ADRs, and (v) take
such other actions as are appropriate to reflect the transaction with respect to the ADSs. The
Company agrees to, jointly with the Depositary, amend the Registration Statement on Form F-6 as
filed with the Commission to permit the issuance of such new form of ADRs. Notwithstanding the
foregoing, in the event that any security so received may not be lawfully distributed to some or
all Holders, the Depositary may, with the Company’s approval, and shall, if the Company requests,
subject to receipt of an opinion of Company’s counsel satisfactory to the Depositary that such
action is not in violation of any applicable laws or regulations, sell such securities at public or
private sale, at such place or places and upon such terms as it may deem proper and may allocate
the net proceeds of such sales (net of (a) fees and charges of, and expenses incurred by, the
Depositary and (b) taxes) for the account of the Holders otherwise entitled to such securities upon
an averaged or other practicable basis without regard to any distinctions among such Holders and
distribute the net proceeds so allocated to the extent practicable as in the case of a distribution
received in cash pursuant to Section 4.1 of the Deposit Agreement. The Depositary shall not be
responsible for (i) any failure to determine that it may be lawful or practicable to make such
securities available to Holders in general or any Holder in particular, (ii) any foreign exchange
exposure or loss incurred in connection with such sale, or (iii) any liability to the purchaser of
such securities.




     (19) Exoneration. Neither the Depositary nor the Company shall be obligated to do or
perform any act which is inconsistent with the provisions of the Deposit Agreement or incur any
liability (i) if the Depositary or the Company shall be prevented or forbidden from, or delayed in,
doing or performing any act or thing required by the terms of the Deposit Agreement and this ADR,
by reason of any provision of any present or future law or regulation of the United States, the
Cayman Islands or any other country, or of any other governmental authority or regulatory authority
or stock exchange, or on account of the possible criminal or civil penalties or restraint, or by
reason of any provision, present or future, of the Articles of Association of the Company or any
provision of or governing any Deposited Securities, or by reason of any act of God or war or other
circumstances beyond its control (including, without limitation, nationalization, expropriation,
currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism, revolutions,
rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to
exercise, any discretion provided for in the Deposit Agreement or in the Articles of Association of
the Company or provisions of or governing Deposited Securities, (iii) for any action or inaction in
reliance upon the advice of or information from legal counsel, accountants, any person presenting
Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any
other person believed by it in good faith to be competent to give such advice or information, (iv)
for the inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right
or other benefit which is made available to holders of Deposited Securities but is not, under the
terms of the Deposit Agreement, made available to Holders of ADSs or (v) for any consequential or
punitive damages for any breach of the terms of the Deposit Agreement. The Depositary, its
controlling persons, its agents, any Custodian and the



A-20









 




Company, its controlling persons and its agents may rely and shall be protected in acting upon
any written notice, request or other document believed by it to be genuine and to have been signed
or presented by the proper party or parties. No disclaimer of liability under the Securities Act
is intended by any provision of the Deposit Agreement or this ADR.




     (20) Standard of Care. The Company and the Depositary assume no obligation and shall
not be subject to any liability under the Deposit Agreement or this ADR to any Holder(s) or
Beneficial Owner(s), except that the Company and the Depositary agree to perform their respective
obligations specifically set forth in the Deposit Agreement and this ADR without negligence or bad
faith. Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of
their respective controlling persons, or agents, shall be under any obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or
in respect of the ADSs, which in its opinion may involve it in expense or liability, unless
indemnity satisfactory to it against all expense (including fees and disbursements of counsel) and
liability be furnished as often as may be required (and no Custodian shall be under any obligation
whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to
the Depositary). The Depositary and its agents shall not be liable for any failure to carry out
any instructions to vote any of the Deposited Securities, or for the manner in which any vote is
cast or the effect of any vote, provided that any such action or omission is in good faith and in
accordance with the terms of the Deposit Agreement. The Depositary shall not incur any liability
for any failure to determine that any distribution or action may be lawful or reasonably
practicable, for the content of any information submitted to it by the Company for distribution to
the Holders or for any inaccuracy of any translation thereof, for any investment risk associated
with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited
Securities or for any tax consequences that may result from the ownership of ADSs, Shares or
Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to
lapse upon the terms of the Deposit Agreement, for the failure or timeliness of any notice from the
Company, or for any action or failure to act by, or any information provided or not provided by,
DTC or any DTC participant.



     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.



     (21) Resignation and Removal of the Depositary; Appointment of Successor Depositary.
The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice
of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the
90th day after delivery thereof to the Company (whereupon the Depositary shall be entitled to take
the actions contemplated in Section 6.2 of the Deposit Agreement), or (ii) the appointment by the
Company 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 written notice of such
removal, which removal shall be effective on the later of



A-21









 




(i) the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be
entitled to take the actions contemplated in Section 6.2 of the Deposit Agreement), or (ii) upon
the appointment by the Company of a successor depositary and its acceptance of such appointment as
provided in the Deposit Agreement. In case at any time the Depositary acting hereunder shall
resign or be removed, the Company shall use its best efforts to appoint a successor depositary,
which shall be a bank or trust company having an office in the Borough of Manhattan, the City of
New York. Every successor depositary shall be required by the Company to execute and deliver to
its predecessor and to the Company an instrument in writing accepting its appointment hereunder,
and thereupon such successor depositary, without any further act or deed (except as required by
applicable law), shall become fully vested with all the rights, powers, duties and obligations of
its predecessor (other than as contemplated in Sections 5.8 and 5.9 of the Deposit Agreement). The
predecessor depositary, upon payment of all sums due it and on the written request of the Company,
shall (i) execute and deliver an instrument transferring to such successor all rights and powers of
such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9 of the Deposit
Agreement), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited
Securities to such successor, and (iii) deliver to such successor a list of the Holders of all
outstanding ADSs and such other information relating to ADSs and Holders thereof as the successor
may reasonably request. Any such successor depositary shall promptly provide notice of its
appointment to such Holders. Any corporation into or with which the Depositary may be merged or
consolidated shall be the successor of the Depositary without the execution or filing of any
document or any further act.




     (22) Amendment/Supplement. Subject to the terms and conditions of this paragraph 22,
and Section 6.1 of the Deposit Agreement and applicable law, this ADR and any provisions of the
Deposit Agreement may at any time and from time to time be amended or supplemented by written
agreement between the Company and the Depositary in any respect which they may deem necessary or
desirable without the prior written consent of the Holders or Beneficial Owners. Any amendment or
supplement which shall impose or increase any fees or charges (other than charges in connection
with foreign exchange control regulations, and taxes and other governmental charges, delivery and
other such expenses), or which shall otherwise materially prejudice any substantial existing right
of Holders or Beneficial Owners, shall not, however, become effective as to outstanding ADSs until
the expiration of thirty (30) days after notice of such amendment or supplement shall have been
given to the Holders of outstanding ADSs. Notice of any amendment to the Deposit Agreement or any
ADR shall not need to describe in detail the specific amendments effectuated thereby, and failure
to describe the specific amendments in any such notice shall not render such notice invalid,
provided, however, that, in each such case, the notice given to the Holders
identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such
amendment (i.e., upon retrieval from the Commission’s, the Depositary’s or the Company’s website or
upon request from the Depositary). The parties hereto agree that any amendments or supplements
which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a)
the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs to be settled solely
in electronic book-entry form and (ii) do not in either such case impose or increase any fees or
charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights
of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or
supplement so becomes effective shall be deemed, by continuing to hold such ADSs, to consent



A-22









 




and agree to such amendment or supplement and to be bound by the Deposit Agreement and this
ADR, if applicable, as amended or supplemented thereby. In no event shall any amendment or
supplement impair the right of the Holder to surrender such ADS and receive therefor the Deposited
Securities represented thereby, except in order to comply with mandatory provisions of applicable
law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or
regulations which would require an amendment of, or supplement to, the Deposit Agreement to ensure
compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement
and this ADR at any time in accordance with such changed laws, rules or regulations. Such
amendment or supplement to the Deposit Agreement and this ADR in such circumstances may become
effective before a notice of such amendment or supplement is given to Holders or within any other
period of time as required for compliance with such laws, rules or regulations.




     (23) Termination. The Depositary shall, at any time at the written direction of the
Company, terminate the Deposit Agreement by distributing notice of such termination to the Holders
of all ADSs then outstanding at least thirty (30) days prior to the date fixed in such notice for
such termination. If ninety (90) days shall have expired after (i) the Depositary shall have
delivered to the Company a written notice of its election to resign, or (ii) the Company shall have
delivered to the Depositary a written notice of the removal of the Depositary, and, in either case,
a successor depositary shall not have been appointed and accepted its appointment as provided in
Section 5.4 of the Deposit Agreement, the Depositary may terminate the Deposit Agreement by
distributing notice of such termination to the Holders of all ADSs then outstanding at least thirty
(30) days prior to the date fixed in such notice for such termination. The date so fixed for
termination of the Deposit Agreement in any termination notice so distributed by the Depositary to
the Holders of ADSs is referred to as the “Termination Date”. Until the Termination Date,
the Depositary shall continue to perform all of its obligations under the Deposit Agreement, and
the Holders and Beneficial Owners will be entitled to all of their rights under the Deposit
Agreement. If any ADSs shall remain outstanding after the Termination Date, the Registrar and the
Depositary shall not, after the Termination Date, have any obligation to perform any further acts
under the Deposit Agreement, except that the Depositary shall, subject, in each case, to the terms
and conditions of the Deposit Agreement, continue to (i) collect dividends and other distributions
pertaining to Deposited Securities, (ii) sell securities and other property received in respect of
Deposited Securities, (iii) deliver Deposited Securities, together with any dividends or other
distributions received with respect thereto and the net proceeds of the sale of any securities or
other property, in exchange for ADSs surrendered to the Depositary (after deducting, or charging,
as the case may be, in each case, the fees and charges of, and expenses incurred by, the
Depositary, and all applicable taxes or governmental charges for the account of the Holders and
Beneficial Owners, in each case upon the terms set forth in Section 5.9 of the Deposit Agreement),
and (iv) take such actions as may be required under applicable law in connection with its role as
Depositary under the Deposit Agreement. At any time after the Termination Date, the Depositary may
sell the Deposited Securities then held under the Deposit Agreement and shall after such sale hold
un-invested the net proceeds of such sale, together with any other cash then held by it under the
Deposit Agreement, in an un-segregated account and without liability for interest, for the pro -
rata benefit of the Holders whose ADSs have not theretofore been surrendered. After making such
sale, the Depositary shall be discharged from all obligations under the Deposit Agreement except
(i) to account for



A-23









 




such net proceeds and other cash (after deducting, or charging, as the case may be, in each
case, the fees and charges of, and expenses incurred by, the Depositary, and all applicable taxes
or governmental charges for the account of the Holders and Beneficial Owners, in each case upon the
terms set forth in Section 5.9 of the Deposit Agreement), and (ii) as may be required at law in
connection with the termination of the Deposit Agreement. 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, 5.9 and 7.6 of the Deposit Agreement. The obligations under the
terms of the Deposit Agreement of Holders and Beneficial Owners of ADSs outstanding as of the
Termination Date shall survive the Termination Date and shall be discharged only when the
applicable ADSs are presented by their Holders to the Depositary for cancellation under the terms
of the Deposit Agreement.




     (24) Compliance with U.S. Securities Laws. Notwithstanding any provisions in this ADR
or the Deposit Agreement to the contrary, the withdrawal or delivery of Deposited Securities will
not be suspended by the Company or the Depositary except as would be permitted by Instruction
I.A.(1) of the General Instructions to the Form F-6 Registration Statement, as amended from time to
time, under the Securities Act.



     (25) Certain Rights of the Depositary; Limitations. Subject to the further terms and
provisions of this paragraph (25) and Section 5.10 of the Deposit Agreement, the Depositary, its
Affiliates and their agents, on their own behalf, may own and deal in any class of securities of
the Company and its Affiliates and in ADSs. In its capacity as Depositary, the Depositary shall
not lend Shares or ADSs; provided, however, that the Depositary may (i) issue ADSs
prior to the receipt of Shares pursuant to Section 2.3 of the Deposit Agreement and (ii) deliver
Shares prior to the receipt of ADSs for withdrawal of Deposited Securities pursuant to Section 2.7
of the Deposit Agreement, including ADSs which were issued under (i) above but for which Shares may
not have been received (each such transaction a “Pre-Release Transaction”). The Depositary
may receive ADSs in lieu of Shares under (i) above and receive Shares in lieu of ADSs under (ii)
above. Each such Pre-Release Transaction will be (a) subject to a written agreement whereby the
person or entity (the “Applicant”) to whom ADSs or Shares are to be delivered (w)
represents that at the time of the Pre-Release Transaction the Applicant or its customer owns the
Shares or ADSs that are to be delivered by the Applicant under such Pre-Release Transaction, (x)
agrees to indicate the Depositary as owner of such Shares or ADSs in its records and to hold such
Shares or ADSs in trust for the Depositary until such Shares or ADSs are delivered to the
Depositary or the Custodian, (y) unconditionally guarantees to deliver to the Depositary or the
Custodian, as applicable, such Shares or ADSs and (z) agrees to any additional restrictions or
requirements that the Depositary deems appropriate, (b) at all times fully collateralized with
cash, U.S. government securities or such other collateral as the Depositary deems appropriate, (c)
terminable by the Depositary on not more than five (5) business days’ notice and (d) subject to
such further indemnities and credit regulations as the Depositary deems appropriate. The
Depositary will normally limit the number of ADSs and Shares involved in such Pre-Release
Transactions at any one time to thirty percent (30%) of the ADSs outstanding (without giving effect
to ADSs outstanding under (i) above), provided, however, that the Depositary
reserves the right to change or disregard such limit from time to time as it deems appropriate.
The Depositary may also set limits with respect to the number of ADSs and Shares involved in
Pre-Release Transactions with any one person on a case by case basis as it deems



A-24









 




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








A-25









 








(ASSIGNMENT AND TRANSFER SIGNATURE LINES)



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




	 	 	 	 	 	 	 

	Dated:

	 	Name:	 	 	 	 
	 

	 	 	 	 

By:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	NOTICE: The signature of the Holder to this
assignment must correspond with the name as written
upon the face of the within instrument in every
particular, without alteration or enlargement or any
change whatsoever.
	 
	 	 	 	 	 	 
	 	 	If the endorsement be executed by an attorney,
executor, administrator, trustee or guardian, the
person executing the endorsement must give his/her
full title in such capacity and proper evidence of
authority to act in such capacity, if not on file
with the Depositary, must be forwarded with this ADR.
	 
	 	 	 	 	 	 
	SIGNATURE GUARANTEED

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	All endorsements or assignments of ADRs must be
guaranteed by a member of a Medallion Signature
Program approved by the Securities Transfer
Association, Inc.
	 
	 	 	 	 	 	 
	 

	 	Legends	 	 	 	 





[The ADRs issued in respect of Partial Entitlement American Depositary Shares shall bear the
following legend on the face of the ADR: “This ADR evidences ADSs representing ‘partial
entitlement’ Ordinary Shares of LE GAGA HOLDINGS LIMITED and as such do not entitle the
holders thereof to the same per-share entitlement as other Ordinary Shares (which are ‘full
entitlement’ Ordinary Shares) issued and outstanding at such time. The ADSs represented by
this ADR shall entitle holders to distributions and entitlements identical to other ADSs
when the Ordinary Shares represented by such ADSs become ‘full entitlement’ Ordinary
Shares.”]









A-26









 








EXHIBIT B



FEE SCHEDULE



DEPOSITARY FEES AND RELATED CHARGES


All capitalized terms used but not otherwise defined herein shall have the meaning given to such
terms in the Deposit Agreement.





	I.	 	Depositary Fees





     The Company, the Holders, the Beneficial Owners and the persons depositing Shares or
surrendering ADSs for cancellation agree to pay the following fees of the Depositary:



	 	 	 	 	 	 	 
	Service	 	Rate	 	By Whom Paid
	(1)

	 	Issuance of ADSs
upon deposit of Shares
(excluding issuances as a
result of distributions
described in paragraph (4)
below).
	 	Up to U.S. $5.00 per
100 ADSs (or
fraction thereof)
issued.
	 	Person depositing
Shares or person
receiving ADSs.
	 
	 	 	 	 	 	 
	(2)

	 	Delivery of Deposited
Securities against
surrender of ADSs.
	 	Up to U.S. $5.00 per
100 ADSs (or
fraction thereof)
surrendered.
	 	Person surrendering
ADSs for the purpose
of withdrawal of
Deposited Securities
or person to whom
Deposited Securities
are delivered.
	 
	 	 	 	 	 	 
	(3)

	 	Distribution of cash
dividends or other cash
distributions (i.e., sale
of rights and other
entitlements).
	 	Up to U.S. $5.00 per
100 ADSs (or
fraction thereof)
held.
	 	Person to whom
distribution is
made.
	 
	 	 	 	 	 	 
	(4)

	 	Distribution of ADSs
pursuant to (i) stock
dividends or other free
stock distributions, or
(ii) exercise of rights to
purchase additional ADSs.
	 	Up to U.S. $5.00 per
100 ADSs (or
fraction thereof)
held.
	 	Person to whom
distribution is
made.
	 
	 	 	 	 	 	 
	(5)

	 	Distribution of
securities other than ADSs
or rights to purchase
additional ADSs (i.e.,
spin-off shares).
	 	Up to U.S. $5.00 per
100 ADSs (or
fraction thereof)
held.
	 	Person to whom
distribution is
made.
	 
	 	 	 	 	 	 
	(6)

	 	Depositary Services.
	 	Up to U.S. $5.00 per
100 ADSs (or
fraction thereof)
held on the
applicable record
date(s) established
by the Depositary.
	 	Person holding ADSs
on the applicable
record date(s)
established by the
Depositary.






 









 






	 	 	 	 	 	 	 
	Service	 	Rate	 	By Whom Paid
	(7)

	 	Transfer of ADRs
	 	U.S. $1.50 per
certificate
presented for
transfer.
	 	Person presenting
the ADR for
transfer.







	II.	 	Charges





     Holders, Beneficial Owners, persons depositing Shares and persons surrendering ADSs for
cancellation and for the purpose of withdrawing Deposited Securities shall be responsible for the
following charges:




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






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






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






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






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






	(vi)	 	the fees and expenses incurred by the Depositary, the Custodian, or any nominee in connection
with the servicing or delivery of Deposited Securities.