Document:

Exhibit 4.2

   

  

  
  
     

  

  
   

  DEPOSIT
      AGREEMENT

   

  
  
     

  

  
   

  by
      and among

   

  NANOBIOTIX
      S.A.

   

  and

   

  CITIBANK,
      N.A., 

  as
      Depositary,

   

  and

   

  THE
      HOLDERS AND BENEFICIAL OWNERS OF 

  AMERICAN
      DEPOSITARY SHARES

      ISSUED HEREUNDER

   

  
  
     

  

  
   

  Dated
      as of December 15, 2020

   

  
    

    
      

    

  

   

  TABLE
      OF CONTENTS

   

  

  	ARTICLE I DEFINITIONS	 	1
	 	Section 1.1	“ADS Record Date”	 	1
	 	Section 1.2	“Affiliate”	 	1
	 	Section 1.3	“American Depositary Receipt(s)”, “ADR(s)” and “Receipt(s)”	 	1
	 	Section 1.4	“American Depositary Share(s)” and “ADS(s)”	 	2
	 	Section 1.5	[Intentionally Omitted]	 	2
	 	Section 1.6	“Beneficial Owner”	 	2
	 	Section 1.7	“By-Laws”	 	3
	 	Section 1.8	“Certificated ADS(s)”	 	3
	 	Section 1.9	“Citibank”	 	3
	 	Section 1.10	“Commission”	 	3
	 	Section 1.11	“Company”	 	3
	 	Section 1.12	“Custodian”	 	3
	 	Section 1.13	“Deliver” and “Delivery”	 	3
	 	Section 1.14	“Deposit Agreement”	 	3
	 	Section 1.15	“Depositary”	 	4
	 	Section 1.16	“Deposited Property”	 	4
	 	Section 1.17	“Deposited Securities”	 	4
	 	Section 1.18	“Dollars” and “$”	 	4
	 	Section 1.19	“DTC”	 	4
	 	Section 1.20	“DTC Participant”	 	4
	 	Section 1.21	“Euro” and “€”	 	4
	 	Section 1.22	“Euroclear”	 	4
	 	Section 1.23	“Exchange Act”	 	4
	 	Section 1.24	“Foreign Currency”	 	5
	 	Section 1.25	“Form F-6”	 	5
	 	Section 1.26	“Full Entitlement ADR(s)”, “Full Entitlement ADS(s)” and “Full Entitlement Share(s)”	 	5
	 	Section 1.27	“Holder(s)”	 	5
	 	Section 1.28	“Partial Entitlement ADR(s)”, “Partial Entitlement ADS(s)” and “Partial Entitlement Share(s)”	 	5
	 	Section 1.29	“Principal Office”	 	5
	 	Section 1.30	“Registrar”	 	5
	 	Section 1.31	“Restricted Securities”	 	5
	 	Section 1.32	“Restricted ADR(s)”, “Restricted ADS(s)” and “Restricted Shares”	 	6
	 	Section 1.33	“Securities Act”	 	6
	 	Section 1.34	“Share Registrar”	 	6
	 	Section 1.35	“Shares”	 	6
	 	Section 1.36	“Uncertificated ADS(s)”	 	6
	 	Section 1.37	“United States” and “U.S.”	 	6
	 	 	 	 	 
	ARTICLE II APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS; DEPOSIT OF SHARES; EXECUTION AND
            DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS	 	6
	 	Section 2.1	Appointment of Depositary	 	6

   

  
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  	 	Section 2.2	Form and Transferability of ADSs	 	7
	 	Section 2.3	Deposit of Shares	 	9
	 	Section 2.4	Registration and Safekeeping of Deposited Securities	 	10
	 	Section 2.5	Issuance of ADSs	 	10
	 	Section 2.6	Transfer, Combination and Split-up of ADRs	 	11
	 	Section 2.7	Surrender of ADSs and Withdrawal of Deposited Securities	 	12
	 	Section 2.8	Limitations on Execution and Delivery, Transfer, etc. of ADSs; Suspension of Delivery, Transfer, etc.	 	13
	 	Section 2.9	Lost ADRs, etc.	 	14
	 	Section 2.10	Cancellation and Destruction of Surrendered ADRs; Maintenance of Records	 	14
	 	Section 2.11	Escheatment	 	14
	 	Section 2.12	Partial Entitlement ADSs	 	15
	 	Section 2.13	Certificated/Uncertificated ADSs	 	16
	 	Section 2.14	Restricted ADSs	 	17
	 	 	 	 	 
	ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF ADSS	 	18
	 	Section 3.1	Proofs, Certificates and Other Information	 	18
	 	Section 3.2	Liability for Taxes and Other Charges	 	19
	 	Section 3.3	Representations and Warranties on Deposit of Shares	 	19
	 	Section 3.4	Compliance with Information Requests	 	19
	 	Section 3.5	Ownership Restrictions	 	20
	 	Section 3.6	Reporting Obligations and Regulatory Approvals	 	20
	 	 	 	 	 
	ARTICLE IV THE DEPOSITED SECURITIES	 	21
	 	Section 4.1	Cash Distributions	 	21
	 	Section 4.2	Distribution in Shares	 	22
	 	Section 4.3	Elective Distributions in Cash or Shares	 	22
	 	Section 4.4	Distribution of Rights to Purchase Additional ADSs	 	23
	 	Section 4.5	Distributions Other Than Cash, Shares or Rights to Purchase Shares	 	25
	 	Section 4.6	Distributions with Respect to Deposited Securities in Bearer Form	 	26
	 	Section 4.7	Redemption	 	26
	 	Section 4.8	Conversion of Foreign Currency	 	26
	 	Section 4.9	Fixing of ADS Record Date	 	27
	 	Section 4.10	Voting of Deposited Securities	 	28
	 	Section 4.11	Changes Affecting Deposited Securities	 	31
	 	Section 4.12	Available Information	 	32
	 	Section 4.13	Reports	 	32
	 	Section 4.14	List of Holders	 	32
	 	Section 4.15	Taxation	 	32
	 	 	 	 	 
	ARTICLE V THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY	 	33
	 	Section 5.1	Maintenance of Office and Transfer Books by the Registrar	 	33
	 	Section 5.2	Exoneration	 	34
	 	Section 5.3	Standard of Care	 	35

   

  
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  	 	Section 5.4	Resignation and Removal of the Depositary; Appointment of Successor Depositary	 	36
	 	Section 5.5	The Custodian	 	36
	 	Section 5.6	Notices and Reports	 	37
	 	Section 5.7	Issuance of Additional Shares, ADSs etc.	 	38
	 	Section 5.8	Indemnification	 	39
	 	Section 5.9	ADS Fees and Charges	 	40
	 	Section 5.10	Restricted Securities Owners	 	41
	 	 	 	 	 
	ARTICLE VI AMENDMENT AND TERMINATION	 	41
	 	Section 6.1	Amendment/Supplement	 	41
	 	Section 6.2	Termination	 	42
	 	 	 	 	 
	ARTICLE VII MISCELLANEOUS	 	43
	 	Section 7.1	Counterparts	 	43
	 	Section 7.2	No Third-Party Beneficiaries / Acknowledgments	 	43
	 	Section 7.3	Severability	 	44
	 	Section 7.4	Holders and Beneficial Owners as Parties; Binding Effect	 	44
	 	Section 7.5	Notices	 	44
	 	Section 7.6	Governing Law and Jurisdiction	 	45
	 	Section 7.7	Assignment	 	46
	 	Section 7.8	Compliance with, and No Disclaimer Under, U.S. Securities Laws	 	46
	 	Section 7.9	French Law References	 	47
	 	Section 7.10	Titles and References	 	47
	 	 	 	 	 
	EXHIBITS	 	 
	 	 	 
	 	Form of ADR	 	 	A-1
	 	Fee Schedule	 	 	B-1

   

  
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  DEPOSIT
      AGREEMENT

   

  DEPOSIT
        AGREEMENT, dated as of ___________, 2020, by and among (i) NANOBIOTIX S.A., a société anonyme organized
      and existing under the laws of the Republic of France, and its successors (the “Company”), (ii) CITIBANK,
      N.A., a national banking association organized under the laws of the United States of America (“Citibank”)
      acting in its capacity as depositary, and any successor depositary hereunder (Citibank in such capacity, 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 (as hereinafter defined) facility to provide for the deposit of
      the Shares (as hereinafter defined) and the creation of American Depositary Shares (as hereinafter defined) representing the Shares
      so deposited and for the execution and Delivery (as hereinafter defined) of American Depositary Receipts (as hereinafter defined)
      evidencing such American Depositary Shares; 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

   

  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.

   

  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.”

   

  
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  Section
        1.4           “American Depositary Share(s)”
      and “ADS(s)” shall mean the rights and interests in the Deposited Property (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), 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), 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, and to exercise
      the beneficial ownership interests in, the number of Shares specified in the form of ADR attached hereto as Exhibit A (as amended
      from time to time) that are on deposit with the Depositary and/or the Custodian, subject, in each case, to the terms and conditions
      of the Deposit Agreement and the applicable ADR (if issued as a Certificated ADS), 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, and to exercise the beneficial
      ownership interests in, the applicable Deposited Property on deposit with the Depositary and the Custodian determined in accordance
      with the terms of such Sections, subject, in each case, to the terms and conditions of the Deposit Agreement and the applicable
      ADR (if issued as a Certificated ADS). In addition, the ADS(s)-to-Share(s) ratio is subject to amendment as provided in Articles
      IV and VI of the Deposit Agreement (which may give rise to Depositary fees).

   

  Section
        1.5           [Intentionally Omitted].

   

  Section
        1.6           “Beneficial Owner” shall mean,
      as to any ADS, any person or entity having a beneficial interest deriving from the ownership of such ADS. Notwithstanding anything
      else contained in the Deposit Agreement, any ADR(s) or any other instruments or agreements relating to the ADSs and the corresponding
      Deposited Property, the Depositary, the Custodian and their respective nominees are intended to be, and shall at all times during
      the term of the Deposit Agreement be, the record holders only of the Deposited Property represented by the ADSs for the benefit
      of the Holders and Beneficial Owners of the corresponding ADSs. The Depositary, on its own behalf and on behalf of the Custodian
      and their respective nominees, disclaims any beneficial ownership interest in the Deposited Property held on behalf of the Holders
      and Beneficial Owners of ADSs. The beneficial ownership interests in the Deposited Property are intended to be, and shall at all
      times during the term of the Deposit Agreement continue to be, vested in the Beneficial Owners of the ADSs representing the Deposited
      Property. The beneficial ownership interests in the Deposited Property shall, unless otherwise agreed by the Depositary, be exercisable
      by the Beneficial Owners of the ADSs only through the Holders of such ADSs, by the Holders of the ADSs (on behalf of the applicable
      Beneficial Owners) only through the Depositary, and by the Depositary (on behalf of the Holders and Beneficial Owners of the corresponding
      ADSs) directly, or indirectly through the Custodian or their respective nominees, in each case upon the terms of the Deposit Agreement
      and, if applicable, the terms of the ADR(s) evidencing the ADSs. 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. The manner in which a Beneficial Owner holds ADSs (e.g.,
      in a brokerage account vs. as registered holder) may affect the rights and obligations of, the manner in which, and the extent
      to which, services are made available to, Beneficial Owners pursuant to the terms of the Deposit Agreement.

   

  
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  Section
        1.7         “By-Laws” shall have the meaning
      set forth in Section 1.31.

   

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

   

  Section
        1.9         “Citibank” shall have the
      meaning given to it in the preamble to the Deposit Agreement.

   

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

   

  Section
        1.11        “Company” shall have the meaning given to it in the
      preamble to the Deposit Agreement.

   

  Section
        1.12        “Custodian” shall mean (i) as of the date hereof,
      Citibank Europe plc, having its principal office at 1 North Wall Quay, Dublin 1 Ireland, as the custodian of Deposited Property
      for the purposes of the Deposit Agreement, (ii) Citibank, N.A., acting as custodian of Deposited Property 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
        1.13        “Deliver” and “Delivery”
      shall mean (x) when used in respect of Shares and other Deposited Securities, either (i) the physical delivery of the certificate(s)
      representing such Shares and Deposited Securities, as applicable, or (ii) evidence of the registration of such Shares and other
      Deposited Securities in the name of the person to whom such Shares or Deposited Securities are delivered (or such person’s
      nominee), in the register of shareholders maintained by the Share Registrar (as hereinafter defined), whether maintained in book-entry
      form or in any applicable book-entry settlement system, if available, including, without limitation, Euroclear (as hereinafter
      defined), and (y) when used in respect of ADSs, either (i) the physical delivery of ADR(s) evidencing the ADSs, or (ii) the book-entry
      transfer and recordation of ADSs on the books of the Depositary or any book-entry settlement system in which the ADSs are settlement-eligible.

   

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

   

  
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  Section
        1.15        “Depositary” shall have the meaning given to it in
      the preamble to the Deposit Agreement.

   

  Section
        1.16        “Deposited Property” shall mean the Deposited Securities
      and any cash and other property held on deposit by the Depositary and the Custodian in respect of the ADSs under the terms of
      the Deposit Agreement, subject, in the case of cash, to the provisions of Section 4.8. All Deposited Property shall be held by
      the Custodian, the Depositary and their respective nominees for the benefit of the Holders and Beneficial Owners of the ADSs representing
      the Deposited Property. The Deposited Property is not intended to, and shall not, constitute proprietary assets of the Depositary,
      the Custodian or their nominees. Beneficial ownership in the Deposited Property is intended to be, and shall at all times during
      the term of the Deposit Agreement continue to be, vested in the Beneficial Owners of the ADSs representing the Deposited Property.

   

  Section
        1.17        “Deposited Securities” shall mean the Shares and
      any other securities held on deposit by the Custodian from time to time in respect of the ADSs under the Deposit Agreement.

   

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

   

  Section
        1.19        “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.

   

  Section
        1.20        “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. A DTC Participant,
      by accepting any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement into
      any of its DTC accounts, shall (notwithstanding any explicit or implicit disclosure that it may be acting on behalf of another
      party) be deemed by the Depositary for all purposes to be a party to, and bound by, the terms of the Deposit Agreement and the
      applicable ADR(s) to the same extent as, and as if the DTC Participant were, the Holder of such ADSs.

   

  Section
        1.21        “Euro” and “€” shall
      refer to the lawful currency of the European Union.

   

  Section
        1.22        “Euroclear” shall mean Euroclear France, the entity
      that provides the book-entry settlement system for equity securities in the Republic of France, or any successor entity thereto.

   

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

   

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

   

  Section
        1.25        “Form F-6” shall have the meaning given to such term
      in Section 2.8(c).

   

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

   

  Section
        1.27        “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. The manner in which a Holder holds ADSs (e.g., in certificated vs. uncertificated form) may affect the rights and
      obligations of, and the manner in which, and the extent to which, the services are made available to, Holders pursuant to the
      terms of the Deposit Agreement.

   

  Section
        1.28        “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
        1.29        “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
        1.30        “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
      in accordance with the terms of the Deposit Agreement. 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
        1.31        “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 limitations under the Securities Act or the
      rules and regulations promulgated thereunder, or (ii) are held by an executive 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 Republic of France, or under a shareholder agreement or the by-laws (statuts) of the Company (the
      “By-Laws”) 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, and the Shares, Deposited Securities or ADSs are not, when held by such person(s), Restricted Securities.

   

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

   

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

   

  Section
        1.34        “Share Registrar” shall mean CM-CIC Securities or
      any other institution organized under the laws of the Republic of France appointed by the Company from time to time to carry out
      the duties of registrar for the Shares, and any successor thereto as the Company appoints from time to time.

   

  Section
        1.35        “Shares” shall mean the Company’s ordinary
      shares, €0.03 nominal value 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 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 giving effect to such event.

   

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

   

  Section
        1.37        “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 Property and hereby authorizes and directs the Depositary to act
      in accordance with the terms and conditions set forth in the Deposit Agreement and any 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 any applicable
      ADR(s), and (b) appoint the Depositary as 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 any 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 any applicable ADR(s), the taking of such actions to be the conclusive
      determinant of the necessity and appropriateness thereof.

   

  
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  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 such 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 may be (i) necessary to enable the Depositary and the Company to perform their
      respective obligations hereunder, (ii) 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) 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) required by any book-entry
      system in which the ADSs are held. In the case of Uncertificated ADSs, such legends described in the preceding sentence may be
      included in statements issued from time to time to Holders of such Uncertificated ADSs. Holders and Beneficial Owners shall be
      deemed, for all purposes, to have notice of, and to be bound by, (i) in the case of Certificated ADSs, the terms and conditions
      of the legends set forth, in the case of Holders, on the ADR registered in the name of the applicable Holders or, in the case
      of Beneficial Owners, on the ADR representing the ADSs owned by such Beneficial Owners and (ii) in the case of Uncertificated
      ADSs, the terms and conditions of the legends set forth in the statements issued from time to time to Holders of such Uncertificated
      ADSs at all times following the provision of such statements as provided for in the Deposit Agreement.

   

  
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  (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.
      Subject to the limitations contained herein, Uncertificated ADSs not evidenced by ADRs shall be transferrable as uncertificated
      registered securities under the laws of the State of New York. 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). Any distributions made, and any notices given,
      by the Depositary to DTC under the terms of the Deposit Agreement shall (unless otherwise specified by the Depositary) satisfy
      the Depositary’s obligations under the Deposit Agreement to make such distributions, and give such notices, in respect of
      the ADSs held in DTC (including, for avoidance of doubt, to the DTC Participants holding the ADSs in their DTC accounts and to
      the Beneficial Owners of such ADSs).

   

  
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  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 by Delivery of the Shares to the Depositary, Custodian or other nominee
      of either. Every deposit of Shares shall be accompanied by (A) evidence that the Shares have been transferred in the name of the
      Depositary, the Custodian or any nominee of the Depositary or the Custodian and have been registered in the name of the Depositary,
      the Custodian or any nominee of the Depositary or the Custodian, in an applicable book-entry settlement system (or in the register
      of shareholders of the Company maintained by the Share Registrar), in each case, reasonably satisfactory to the Depositary or
      the Custodian, as applicable, (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 reasonably 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 reasonably 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
      Republic of France, and (E) if the Depositary so requires, an agreement, assignment or instrument reasonably 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 reasonably satisfactory to the
      Depositary or the Custodian.

   

  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 permitted 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 Republic of France
      and any necessary approval has been granted by any applicable governmental body in the Republic of France, 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 permitted in Section 2.14, or (B) any
      Shares or other securities the deposit of which would violate any provisions of the By-Laws unless the Company has furnished the
      Depositary with a written opinion of French counsel reasonably acceptable to the Depositary stating that such deposit does not
      violate the By-Laws. For purposes of determining knowledge of the Depositary in 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.

   

  
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  Section
        2.4            Registration and Safekeeping of Deposited Securities.
      The Depositary shall instruct the Custodian upon each Delivery of 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 Shares,
      together with the appropriate instrument(s) of transfer or endorsement, duly stamped (if applicable), 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 of the Depositary,
      in each case, on behalf of the Holders and Beneficial Owners, at such place(s) as the Depositary or the Custodian shall determine.
      Notwithstanding anything else contained in the Deposit Agreement, any ADR(s), or any other instruments or agreements relating
      to the ADSs and the corresponding Deposited Property, the registration of the Deposited Securities in the name of the Depositary,
      the Custodian or any of their respective nominees, shall, to the maximum extent permitted by applicable law, vest in the Depositary,
      the Custodian or the applicable nominee the record ownership in the applicable Deposited Securities with the beneficial ownership
      rights and interests in such Deposited Securities being at all times vested with the Beneficial Owners of the ADSs representing
      the Deposited Securities. Notwithstanding the foregoing, the Depositary, the Custodian and the applicable nominee shall at all
      times be entitled to exercise the beneficial ownership rights in all Deposited Property, in each case only on behalf of the Holders
      and Beneficial Owners of the ADSs representing the Deposited Property, upon the terms set forth in the Deposit Agreement and,
      if applicable, the ADR(s) representing the ADSs. The Depositary, the Custodian and their respective nominees shall for all purposes
      be deemed to have all requisite power and authority to act in respect of Deposited Property on behalf of the Holders and Beneficial
      Owners of ADSs representing the Deposited Property, and upon making payments to, or acting upon instructions from, or information
      provided by, the Depositary, the Custodian or their respective nominees all persons shall be authorized to rely upon such power
      and authority.

   

  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 on the books of Euroclear, if available, (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 of Shares and 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.

   

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

   

  (a)              
        Transfer. The Registrar shall as promptly as commercially practicable register the transfer of ADRs (and of the ADSs
      represented thereby) on the books maintained for such purpose and the Depositary shall as promptly as commercially practicable
      (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 any 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 as promptly as commercially practicable 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 as promptly as
      commercially practicable (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 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) 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 any applicable ADRs, of the Deposit Agreement and of applicable law, in each case as in effect at the time thereof.

   

  (c)              
        Co-Registrars. The Depositary may appoint one or more co-registrars 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 as promptly as practicable
      notify the Company in writing upon any such appointment. In carrying out its functions, a co-registrar 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-registrars may be removed and substitutes appointed
      by the Depositary and the Depositary shall as promptly as practicable notify the Company in writing upon any such removal or substitution.
      Each co-registrar 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.

   

  
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  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, or, at the request, risk and expense
      of the Holder, at such other place as the Holder requests) 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 By-Laws and of any applicable laws
      and the rules of Euroclear, if available, 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 as promptly as commercially practicable (i) shall
      cancel the ADSs Delivered to it (and, if applicable, the ADR(s) 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 canceled, of the By-Laws, of any applicable laws and of the rules of Euroclear,
      if available, 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) applicable taxes withheld as a result of such sale)
      to the person surrendering the ADSs.

   

  
    12

    
      

    

  

   

  Notwithstanding
      anything else contained in any ADR or the Deposit Agreement, the Depositary may make delivery at the Principal Office of the Depositary
      of Deposited Property consisting of (i) any cash dividends or cash distributions, or (ii) any proceeds from the sale
      of any non-cash distributions, 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
      Deposited Property (other than Deposited Securities) held by the Custodian in respect of 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, the registration of issuance, transfer,
      split-up, combination or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal of any Deposited Property,
      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 applicable 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 reasonably 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 (whereupon the Depositary shall use commercially reasonable efforts to notify the Company promptly
      following such closure or determination) 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(a).

   

  
    13

    
      

    

  

   

  (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 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,
      as may be amended from time to time, to Registration Statement on Form F-6 under the Securities Act (“Form F-6”).

   

  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 (e.g., 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 the 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.

   

  
    14

    
      

    

  

   

  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
          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 hand. 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.

   

  
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  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 (x) applicable laws and any rules and regulations the Depositary may have established in respect of the Uncertificated
      ADSs, and (y) the continued availability of Certificated ADSs in the U.S. 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 material 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 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 Property represented by such Holders’ Uncertificated ADSs under
      the terms of Section 6.2. 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.

   

  
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  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 Securities 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 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 reasonably satisfactory to the Depositary to ensure 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 Restricted ADSs 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 the 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 ADSs shall not be eligible for inclusion in any book-entry
      settlement system, including, without limitation, DTC, except to the extent permitted by such book-entry settlement system, 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
      reasonably 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 ADSs and the Restricted ADRs
      evidencing Restricted ADSs shall be treated as ADSs and ADRs 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.

   

  
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  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 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, and (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 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 Property, 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 Property, to execute such certifications and to make such representations and
      warranties, and to provide such other information and documentation 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, and at the reasonable request of the
      Company, shall, to the extent practicable, 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(a), the delivery of any Deposited Property 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.

   

  
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  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 Deposited Property, ADSs or ADRs
      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 Property and may sell for the account of a Holder and/or
      Beneficial Owner any or all of such Deposited Property and apply such distributions and sale proceeds in payment of, any taxes
      (including applicable interest and penalties) or charges that are or become payable by Holders or Beneficial Owners in respect
      of the ADSs, Deposited Property 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(a)) the withdrawal of Deposited Property 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 respective 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. Notwithstanding anything to the contrary contained in the Deposit Agreement
      or any ADR, the obligations of Holders and Beneficial Owners under this Section 3.2 shall survive any transfer of ADSs, any cancellation
      of ADSs and withdrawal of Deposited Securities, and the termination of the Deposit Agreement.

   

  Section
        3.3            Representations and Warranties on Deposit of Shares.
      Each person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares
      and, if applicable, 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, (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 any stock exchange on which the Shares or ADSs are, or will
      be, registered, traded or listed or the By-Laws, 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, as promptly
      as practicable, any such responses to such requests received by the Depositary.

   

  
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  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 By-Laws. 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 By-Laws. 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.

   

  
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  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 in respect of any Deposited Securities, the Company shall
      give notice thereof to the Depositary at least twenty (20) calendar days 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 the 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 Property held in respect of the ADSs under the terms hereof,
      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 (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) applicable taxes withheld as a result of the distribution) 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, or from any cash proceeds from the sales of Deposited Property, an amount
      on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs shall be reduced accordingly.
      Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority.
      Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary upon request. The Depositary will
      hold any cash amounts it is unable to distribute in a non-interest bearing account for the benefit of the applicable Holders and
      Beneficial Owners of ADSs until the distribution can be effected or the funds that the Depositary holds must be escheated as unclaimed
      property in accordance with the laws of the relevant states of the United States. Notwithstanding anything contained in the Deposit
      Agreement to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided
      for in this Section 4.1, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in this
      Section 4.1, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for
      the Depositary’s failure to perform the actions contemplated in this Section 4.1 where such notice has not been so timely
      given, other than its failure to use commercially reasonable efforts, as provided herein.

   

  
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  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) calendar days 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, payment of (a) the applicable
      fees and charges of, and expenses incurred by, the Depositary and (b) applicable 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) applicable taxes withheld as a result of the distribution). 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 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) applicable taxes
      paid or withheld 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. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event
      the Company fails to give the Depositary timely notice of the proposed distribution provided for in this Section 4.2, the Depositary
      agrees to use commercially reasonable efforts to perform the actions contemplated in this Section 4.2, and the Company, the Holders
      and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s failure to perform
      the actions contemplated in this Section 4.2 where such notice has not been so timely given, other than its failure to use commercially
      reasonable efforts, as provided herein.

   

  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 Deposited Securities in cash or in additional
      Shares, the Company shall give notice thereof to the Depositary at least forty-five (45) calendar days 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 or if the Company requests such elective distribution not to be made available to Holders of ADSs, the Depositary
      shall establish the 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 Republic of France 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. Notwithstanding anything contained in the Deposit Agreement
      to the contrary, in the event the Company fails to give the Depositary timely notice of the proposed distribution provided for
      in this Section 4.3, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in this
      Section 4.3, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for
      the Depositary’s failure to perform the actions contemplated in this Section 4.3 where such notice has not been so timely
      given, other than its failure to use commercially reasonable efforts, as provided herein.

   

  
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  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 (including through the allocation of share subscription warrants (bons de souscription
        d’actions)), the Company shall give notice thereof to the Depositary at least sixty (60) calendar days 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, 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 the 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) 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) 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 withheld as a result of the sale) upon the terms
      set forth in Section 4.1.

   

  
    23

    
      

    

  

   

  (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 liable for (i) any failure to accurately determine whether it may be lawful or practicable to make such
      rights available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or loss incurred in connection
      with such sale, or exercise, or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection
      with the rights distribution.

   

  Notwithstanding
      anything to the contrary in this Section 4.4, if registration (under the Securities Act or any other applicable law) of the rights
      or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities
      to Holders and to sell the securities represented by such rights, the Depositary will not distribute such rights to the Holders
      (i) unless and until a registration statement under the Securities Act (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 reasonably satisfactory
      to the Depositary, to the effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from,
      or do not require registration under, the provisions of the Securities Act or any other applicable laws.

   

  In
      the event that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any distribution
      of Deposited Property (including rights) an amount on account of taxes or other governmental charges, the amount distributed to
      the Holders of ADSs shall be reduced accordingly. In the event that the Depositary reasonably determines that any distribution
      of Deposited 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 Deposited 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.

   

  
    24

    
      

    

  

   

  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
      to 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) 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 as a result of the distribution.
      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 withheld as
      a result of the sale) 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.

   

  (d)          Neither the Depositary nor the Company shall be
      liable for (i) any failure to accurately determine whether it is lawful or
      practicable to make the property described in this Section 4.5 available to Holders in general or any Holders in particular, nor
      (ii) any loss incurred in connection with the sale or disposal of such property.

   

  
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  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 thirty (30) calendar days 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, after consultation between the Depositary and the Company, 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 ADR, 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 determined by the Depositary after consultation with the Company. 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 applicable taxes) multiplied by the
      number of Deposited Securities represented by each ADS redeemed. Notwithstanding anything contained in the Deposit Agreement to
      the contrary, in the event the Company fails to give the Depositary timely notice of the proposed redemption provided for in this
      Section 4.7, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in this Section
      4.7, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s
      failure to perform the actions contemplated in this Section 4.7 where such notice has not been so timely given, other than its
      failure to use commercially reasonable efforts, as provided herein.

   

  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 Deposited Property, 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 reasonably determine, such Foreign Currency into Dollars, and shall distribute such Dollars (net
      of the fees and charges set forth in the Fee Schedule attached hereto as Exhibit B, and applicable taxes withheld) in accordance
      with the terms of the applicable sections of the Deposit Agreement. The Depositary and/or its agent (which may be a division,
      branch or Affiliate of the Depositary) may act as principal for any conversion of Foreign Currency. 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.

   

  
    26

    
      

    

  

   

  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 reasonable 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 (a) 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), (b) for any reason the Depositary causes
      a change in the number of Shares that are represented by each ADS, (c) the Depositary shall receive notice of any meeting of,
      or solicitation of consents or proxies of, holders of Shares or other Deposited Securities, or (d) 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 the 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 use its commercially reasonable
      efforts to establish the ADS Record Date as closely as reasonably possible to the applicable record date for the Deposited Securities
      (if any) set by the Company in the Republic of France and shall not announce the establishment of any ADS Record Date prior to
      the relevant corporate action having been made public by the Company (if such corporate action affects the Deposited Securities).
      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.

   

  
    27

    
      

    

  

   

  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) calendar days prior to the date of such vote or meeting, except where under French law the notice period
      for such meeting is less than thirty (30) calendar days, in which case the Depositary shall upon receipt of the request use all
      commercially reasonable efforts to distribute to Holders the material in (a), (b), and (c) of this paragraph and carry out the
      further actions set forth in this Section 4.10) 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 who continue to be Holders
      on the Share Record Date (as defined below) will be entitled, subject to any applicable law, the provisions of the Deposit Agreement,
      the By-Laws 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 such voting instructions have been given to the Depositary prior to the deadline set forth for such purpose.

   

  Notwithstanding
      anything contained in the Deposit Agreement or any ADR, with the Company’s prior written consent, the Depositary may, to
      the extent not prohibited by law or regulations, the By-Laws, or by the requirements of any stock exchange on which the ADSs may
      be 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 publicizes 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
      Company has informed the Depositary that, as of the date of the Deposit Agreement, under French company law and the By-Laws, (i)
      the record date for holders of Shares to vote at a shareholders meeting is at least three (3) calendar days (“jours francs”)
      prior to the shareholders’ meeting (such date as may be established from time to time, the “Share Record Date”),
      (ii) in order to exercise voting rights holders of Shares in registered form must have their Shares registered in their own name,
      or where applicable in the name of a registered financial intermediary (intermédiaire inscrit), in a share account
      maintained by or on behalf of the Company as of the Share Record Date, (iii) in order to exercise voting rights holders of Shares
      in bearer form are required to have their Shares registered in their own name, or where applicable, in the name of a registered
      financial intermediary (intermédiaire inscrit) and obtain from an accredited financial intermediary (intermédiaire
        habilité), and provide to the Company, an attendance certificate (attestation de participation) attesting to
      the registration of such Shares in the financial intermediary’s account as of the Share Record Date, and (iv) the voting
      form must be delivered to the Company at least three (3) calendar days (“jours francs”) prior to the date of
      the shareholders’ meeting (voting forms sent by electronic form can be received by the Company up to the day immediately
      preceding the meeting date at 3:00 p.m., Paris time).

   

  
    28

    
      

    

  

   

  In
      accordance with the foregoing, a Holder as of the ADS Record Date who desires to exercise its voting rights with respect to ADSs
      representing Shares in registered or bearer form is required to: (a) be a Holder of the ADSs as of the Share Record Date and (b)
      deliver voting instructions to the Depositary, in a form acceptable to the Company and the Depositary, by the date established
      by the Depositary for such purpose (the “Receipt Date”). The delivery of voting instructions shall be
      deemed instructions to the Depositary to (i) request that the Custodian deliver a voting form (formulaire de vote à
        distance) to the Company prior to the deadline established by the Company and (ii) request that the Custodian deposit the
      requisite attendance certificate (attestation de participation) with the Company.

   

  Voting
      instructions may be given only in respect of a number of ADSs representing an integral number of Deposited Securities.  Upon
      receipt by the Depositary of (i) the voting instructions, in a form acceptable to the Company and the Depositary, on or before
      the Receipt Date, and (ii) confirmation reasonably satisfactory to the Depositary that the applicable conditions of the preceding
      paragraph have been satisfied, the Depositary shall endeavor, insofar as practicable and permitted under any applicable provisions
      of French law and the By-Laws, to cause to be voted the Shares represented by such ADSs in accordance with any non-discretionary
      instructions set forth in such voting instructions.  If the Depositary receives from a Holder (who has otherwise satisfied
      all conditions to voting contemplated herein) voting instructions 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 all resolutions endorsed
      by the Company’s supervisory board.  With respect to Deposited Securities represented by ADSs for which no timely voting
      instructions are received by the Depositary from the Holder, 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 (i) the Company does not wish
      such proxy to be given, (ii) substantial opposition exists, or (iii) the rights of holders of Deposited Securities may be materially
      adversely affected.  By way of example and not limitation, it is agreed that routine matters, such as appointing auditors
      and supervisory board members (except where a competing supervisory board member or slate of supervisory board members is proposed),
      or the approval of a public offering or private placement of securities, would not materially affect the rights of Holders.

   

  The
      Depositary will not knowingly take any action to impair its ability to carry out the voting instructions of Beneficial Owners
      of ADSs delivered to it by DTC, any DTC Participants or any of their agents. In the case of voting instructions received in respect
      of any Beneficial Owner of ADSs as of the ADS Record Date who is not the Holder of the ADSs on the books of the Depositary, the
      Depositary will not cause to be voted the number of Shares represented by such ADSs unless the Depositary has received confirmation
      (reasonably satisfactory to it and to the Company) from DTC or the applicable securities intermediaries for the Beneficial Owner
      (and/or their agents) that such number of ADSs continue to be held by such Beneficial Owner as of the Share Record Date. Except
      as provided above, the Depositary will not cause to be voted Shares represented by ADSs in respect of which the voting instructions
      are improperly completed or in respect of which (and to the extent) the voting instructions are illegible or unclear. The Depositary
      will not charge any fees in connection with the foregoing transactions to enable any Holder to exercise its voting rights under
      the Deposit Agreement.

   

  
    29

    
      

    

  

   

  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 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.  Except as provided above in this Section 4.10, Deposited Securities represented by ADSs for which no timely voting
      instructions are received by the Depositary from the Holder shall not be voted.  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 deadline specified herein) for
      the sole purpose of establishing a quorum at a meeting of shareholders.

   

  Subject
      to applicable laws or rules of any securities exchange on which the Deposited Securities are listed or traded, at least three
      (3) calendar days (“jours francs”) prior to the date of a shareholders’ meeting, the Company shall receive
      from the Depositary, unless the Company has agreed to a later date, a voting form, reflecting the tabulation of the voting instructions
      received from the Holders of ADSs, if any, and the Depositary shall vote, or cause to be voted, the Deposited Securities represented
      by such Holders’ ADSs in accordance with such instructions.

   

  Notwithstanding
      anything else contained in the Deposit Agreement or any ADR, and to the extent not prohibited by law or regulation, the Depositary
      and the Company may, by agreement between them, with notice to the Holders, modify, amend or adopt additional voting procedures
      from time to time as they determine may be necessary or appropriate (subject, in each case, to the terms of Sections 6.1 and 7.8
      hereof).

   

  The
      Company has informed the Depositary that, under French company law in effect as of the date of the Deposit Agreement, shareholders
      holding a certain percentage of the Company’s Shares, the workers’ council or the Company’s supervisory board
      may submit a new resolution and the Company’s supervisory board may also modify the resolutions proposed in the preliminary
      notice of meeting (avis de réunion), which notice must be published at least 35 days prior to the meeting date.
      In such case, Holders who have given prior instructions to vote on such resolutions shall be deemed to have voted in favor of
      the new or modified resolutions if approved by the members of the Company’s supervisory board and against if not approved
      by the members of the Company’s supervisory board.

   

  The
      Company has informed the Depositary that the Company may require voting instructions to be delivered in writing. In such circumstances,
      Holders of ADSs may be required to deliver signed voting instruction cards to the Depositary.

   

  
    30

    
      

    

  

   

  As
      long as, pursuant to French law, a double voting right is attached to each Share which is held in registered form in the name
      of the same shareholder for at least two years, Deposited Shares will not be entitled to double voting rights as the Depositary
      will hold the Deposited Shares in bearer form only. Therefore, Holders and Beneficial Owners who wish to obtain double voting
      rights will need to surrender their ADSs, withdraw the Deposited Shares and take the necessary steps with the Share Registrar
      to have those Shares held in registered form in their own name.

   

  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. or French laws.  The Company agrees to take any and all actions reasonably necessary and permitted by
      U.S. and French 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 counsel addressing any actions requested to be taken if so reasonably 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 or at all.

   

  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 property 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 Property under the Deposit Agreement,
      and the ADSs shall, subject to the provisions of the Deposit Agreement, any ADR(s) evidencing such ADSs and applicable law, represent
      the right to receive such additional or replacement Deposited Property. 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 (including, without limitation, (a) provisions relating to the payment of applicable fees and charges
      of, and expenses incurred by, the Depositary, and (b) applicable taxes) and receipt of an opinion of counsel to the Company reasonably
      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 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 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 Deposited Property 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 counsel reasonably satisfactory to the Depositary that such action is not
      in violation of any applicable laws or regulations, sell such Deposited Property 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) applicable taxes) for the account of the Holders otherwise entitled to such Deposited
      Property 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 Deposited
      Property 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 Deposited Property.

   

  
    31

    
      

    

  

   

  Section
        4.12    Available Information. As of the initial issue date of the ADSs, the
      Company will be subject to the periodic reporting requirements of the Exchange Act and, accordingly, will be required to file
      or furnish 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, as promptly as practicable, make available
      for inspection by Holders at its Principal Office this Deposit Agreement, the provisions of or governing the Deposited Securities
      and 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 Property and (b) made generally
      available to the holders of such Deposited Property 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 the Company 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 any necessary tax filings or other 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 Property 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 Property. 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 Depositary and the Company shall
      have no obligation or liability to any person if any Holder or Beneficial Owner fails to provide such information, fails to provide
      such information in a timely manner or if such information does not reach the relevant tax authorities in time for any Holder
      or Beneficial Owner to obtain the benefits of any tax treatment. 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.

   

  
    32

    
      

    

  

   

  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 (e.g., 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 governmental authority) therefor,
      in each case, in a form reasonably satisfactory to the Depositary. The Depositary shall, to the extent required by applicable
      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 or paid 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. None of the Company,
      the Depositary and 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, except to the extent that the Company provides such information to the Depositary for distribution to the Holders and
      Beneficial Owners. Neither the Company nor the Depositary shall 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.

   

  
    33

    
      

    

  

   

  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(a).

   

  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 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. As promptly as practicable, the Depositary shall notify the Company of any such removal
      or appointment.

   

  Section
        5.2      Exoneration. Notwithstanding anything contained
      in the Deposit Agreement or any ADR, 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 (to the extent not limited by Section 7.8(b))
      (i) if the Depositary, the Custodian or the Company shall be prevented or forbidden from, or delayed in, doing or performing any
      act or thing required or contemplated 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 Republic of France or any other country, or of any other governmental authority or
      regulatory authority or stock exchange, or on account of potential criminal or civil penalties or restraint, or by reason of any
      provision, present or future, of the By-Laws 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 By-Laws
      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, (v) for
      any action or inaction of any clearing or settlement system (and any participant thereof) for the Deposited Property or the ADSs,
      or (vi) for any consequential or punitive damages (including lost profits) for any breach of the terms of the Deposit Agreement.

   

  
    34

    
      

    

  

   

  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 reasonably believed by it to be genuine and
      to have been signed or presented by the proper party or parties.

   

  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
      Property or in respect of the ADSs, which in its reasonable 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 (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 without negligence and in accordance with the terms of the Deposit Agreement. The Depositary shall not incur any liability
      for any failure to accurately 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 Property, for the validity or worth of the Deposited
      Property, for the market value of any Deposited Property or any distribution thereon, for any interest on Deposited Property (other
      than interest thereon actually received by the Depositary from the Company) or for any tax consequences that may result from the
      ownership of ADSs, Shares or other Deposited Property, 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 (other than a successor depositary that,
      at the time of such act or omission, was an Affiliate controlled by the Depositary) whether in connection with a previous act
      or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary,
      provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations
      without negligence or bad faith while it acted as Depositary.

   

  The
      Depositary shall not be liable for any acts or omissions made by a predecessor depositary (other than a predecessor depositary
      that, at the time of such act or omission, was an Affiliate controlled by the Depositary) whether in connection with an act or
      omission of the Depositary or in connection with any matter arising wholly prior to the appointment of the Depositary or 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.

   

  
    35

    
      

    

  

   

  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 commercially reasonable
      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). 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 of the Depositary’s right, title and interest to the Deposited Property 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
      entity into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution
      or filing of any document or any further act.

   

  Section
        5.5      The Custodian. The Depositary has initially appointed
      Citibank Europe plc as Custodian for the purpose of the Deposit Agreement. The Custodian or its successors in acting hereunder
      shall be authorized to act as custodian and shall be subject at all times and in all respects to the direction of the Depositary
      for the Deposited Property 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 Property 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, or cause the Delivery of, the Deposited Property held by it, together with all such records maintained by
      it as Custodian with respect to such Deposited Property 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 Property, or discharge the Custodian with respect to any Deposited Property and appoint a substitute
      custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Property. Immediately upon any such change,
      the Depositary shall give notice thereof in writing to all Holders of ADSs, each other Custodian and the Company.

   

  
    36

    
      

    

  

   

  Citibank,
      N.A. may at any time act as Custodian of the Deposited Property 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, and the Depositary
      shall promptly give notice thereof to the Company. Notwithstanding anything contained in the Deposit Agreement or any ADR, the
      Depositary shall not be obligated to give notice to 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 Property without any further act or writing, and shall be subject to the direction
      of the successor depositary. The successor depositary so appointed shall, nevertheless, on the written request of any Custodian,
      execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete power
      and authority to act on the direction of such successor depositary.

   

  Section
        5.6      Notices and Reports. On or before the first date
      on which the Company gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited Securities,
      or of any adjourned meeting of such holders, or of the taking of any action by such holders other than at a meeting, or of the
      taking of any action in respect of any cash or other distributions or the offering of any rights in respect of Deposited Securities,
      the Company shall transmit to the Depositary and the Custodian a copy of the notice thereof in 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 By-Laws that may be relevant
      or pertain to such notice of meeting or be the subject of a vote thereat.

   

  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 made available to the Depositary and the Custodian a copy of the
      By-Laws 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 make available to the Depositary
      and the Custodian a copy of such amendment thereto or change therein to the extent such amendment or change is not available on
      the Company’s website or is not otherwise publicly available. The Depositary may rely upon such copy for all purposes of
      the Deposit Agreement.

   

  
    37

    
      

    

  

   

  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 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 French counsel (reasonably satisfactory to the Depositary) stating that (1) making
      the transaction available to Holders and Beneficial Owners does not violate the laws or regulations of the Republic of France
      and (2) all requisite regulatory consents and approvals, if any, have been obtained in the Republic of France, provided,
      however, that such opinion shall not be required in the event of an issuance of Shares as a bonus or compensation, share
      split or otherwise similar events. 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 any applicable securities laws of the states of the U.S.).

   

  
    38

    
      

    

  

   

  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 supervisory board members, executive board members, 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 and the Custodian
      (for so long as the Custodian is a branch of Citibank, N.A.) under the terms hereof due to the negligence or bad faith of the
      Depositary or the Custodian, as applicable.

   

  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 Property, in any such case (i) by the
      Depositary, the Custodian or any of their respective directors, officers, employees, agents and Affiliates, except to the extent
      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 supervisory board members, executive board members, employees, agents and Affiliates, provided, however,
      that the Company shall not be liable for any fees, charges or expenses payable by Holders or Beneficial Owners (other than the
      Company) under this Deposit Agreement. The Company shall not indemnify the Depositary, the Custodian or any of their respective
      directors, officers, employees, agents and Affiliates against any liability or expense arising out of information relating to
      the Depositary or such Custodian, as the case may be, furnished in a writing to the Company, 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.

   

  
    39

    
      

    

  

   

  Section
        5.9      ADS Fees and Charges. The Company, the Holders,
      the Beneficial Owners, persons depositing Shares or withdrawing Deposited Securities in connection with the issuance and cancellation
      of ADSs, and persons receiving ADSs upon issuance or whose ADSs are being cancelled shall be required to pay the Depositary’s
      fees and related charges identified as payable by them respectively in the Fee Schedule attached hereto as Exhibit B. All
      ADS fees and charges so payable may be deducted from distributions or must be remitted to the Depositary, or its designee, may,
      at any time and from time to time, be changed by agreement between the Depositary and the Company, but, in the case of ADS 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 ADS fee schedule to anyone upon request.

   

  ADS
      fees and charges for (i) the issuance of ADSs and (ii) the cancellation of ADSs will be payable by the person for whom the
      ADSs are so issued by the Depositary (in the case of ADS issuances) and by the person for whom ADSs are being cancelled (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 and charges will be payable by the DTC Participant(s) receiving the ADSs from the Depositary
      or the DTC Participant(s) holding the ADSs being cancelled, 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. ADS fees and charges in respect of distributions and the ADS
      service fee are payable 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 ADS fees and charges is deducted from the funds being distributed. In the case of (i) distributions
      other than cash and (ii) the ADS service fee, the applicable Holders as of the ADS Record Date established by the Depositary will
      be invoiced for the amount of the ADS fees and charges and such ADS fees may be deducted from distributions made to Holders. For
      ADSs held through DTC, the ADS fees and charges for distributions other than cash and the ADS service fee may be deducted from
      distributions made through DTC, and may be charged 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 ADS fees and charges to the Beneficial Owners
      for whom they hold ADSs. In the case of (i) registration of ADS transfers, the ADS transfer fee will be payable by the ADS
      Holder whose ADSs are being transferred or by the person to whom the ADSs are transferred, and (ii) conversion of ADSs of
      one series for ADSs of another series, the ADS conversion fee will be payable by the Holder whose ADSs are converted or by the
      person to whom the converted ADSs are delivered.

   

  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 ADS fees charged in respect of the ADR program or otherwise, upon
      such terms and conditions as the Company and the Depositary 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 fees, 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 fees, charges
      and reimbursements to the Company once every three months. The charges and expenses of the Custodian are for the sole account
      of the Depositary.

   

  
    40

    
      

    

  

   

  The
      obligations of Holders and Beneficial Owners to pay ADS fees and charges 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, the right to collect ADS
      fees and charges shall extend for those ADS fees and charges incurred prior to the effectiveness of such resignation or removal.

   

  Section
        5.10   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) calendar
      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 (e.g., 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 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 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.

   

  
    41

    
      

    

  

   

  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) calendar days prior to the date fixed in such notice for such termination. If
      (i) ninety (90) calendar days shall have expired after the Depositary shall have delivered to the Company a written notice of
      its election to resign, or (ii) ninety (90) calendar days shall have expired after 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) calendar 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 Deposited 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 other Deposited 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 in connection therewith by, the Depositary, and all applicable
      taxes or governmental charges for the account of 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.

   

  
    42

    
      

    

  

   

  At
      any time after the Termination Date, the Depositary may sell the Deposited Property 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 / Acknowledgments.
      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) Citibank
      and its Affiliates may at any time have multiple banking relationships with the Company, the Holders, the Beneficial Owners, and
      their respective Affiliates, (ii) Citibank and its Affiliates may own and deal in any class of securities of the Company and its
      Affiliates and in ADSs, and may be engaged at any time in transactions in which parties adverse to the Company, the Holders, the
      Beneficial Owners or their respective Affiliates may have interests, (iii) subject to their respective agreement to comply with
      all applicable securities laws, the Depositary and its Affiliates may from time to time have in their possession non-public information
      about the Company, the Holders, the Beneficial Owners, and their respective Affiliates, (iv) nothing contained in the Deposit
      Agreement shall (a) preclude Citibank or any of its Affiliates from engaging in such transactions or establishing or maintaining
      such relationships, or (b) obligate Citibank or any of its Affiliates to disclose such information, transactions or relationships,
      or to account for any profit made or payment received in such transactions or relationships, except, in each case, as required
      by applicable law, (v) the Depositary shall not be deemed to have knowledge of any information any other division of Citibank
      or any of its Affiliates may have about the Company, the Holders, the Beneficial Owners, or any of their respective Affiliates,
      and (vi) the Company, the Depositary, the Custodian and their respective agents and controlling persons may be subject to the
      laws and regulations of jurisdictions other than the U.S. and France, and the authority of courts and regulatory authorities of
      such other jurisdictions, and, consequently, the requirements and the limitations of such other laws and regulations, and the
      decisions and orders of such other courts and regulatory authorities, may affect the rights and obligations of the parties to
      the Deposit Agreement.

   

  
    43

    
      

    

  

   

  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 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 60 rue de Wattignies 75012
      Paris, France, Attention: Investor Relations Department, 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,
      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 (a) if 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. Any notices given to DTC under the terms of the Deposit Agreement shall (unless otherwise
      specified by the Depositary) constitute notice to the DTC Participants who hold the ADSs in their DTC accounts and to the Beneficial
      Owners of such ADSs.

   

  
    44

    
      

    

  

   

  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), 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,
      the ADRs and the ADSs 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
      Republic of France (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 CT Corporation
      (the “Agent”) now at 28 Liberty Street, 42nd Floor, New York, New York, 10005, 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.

   

  
    45

    
      

    

  

   

  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 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 Property.

   

  EACH
        OF THE PARTIES TO THE DEPOSIT AGREEMENT (INCLUDING, WITHOUT LIMITATION, EACH HOLDER AND BENEFICIAL OWNER) IRREVOCABLY WAIVES,
        TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AGAINST THE COMPANY
        AND/OR THE DEPOSITARY ARISING OUT OF, OR RELATING TO, THE DEPOSIT AGREEMENT, ANY ADR AND ANY TRANSACTIONS CONTEMPLATED THEREIN
        (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR OTHERWISE).

   

  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, and No Disclaimer Under, U.S. Securities
          Laws.

   

  (a)        
      Notwithstanding anything in the Deposit Agreement, 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, as amended from
      time to time, to Form F-6.

   

  
    46

    
      

    

  

   

  (b)        
      Each of the parties to the Deposit Agreement (including, without limitation, each Holder and Beneficial Owner) acknowledges
      and agrees that no provision of the Deposit Agreement or any ADR shall, or shall be deemed to, disclaim any liability under the
      Securities Act or the Exchange Act, in each case to the extent established under applicable U.S. laws.

   

  Section
        7.9      French Law References. Any summary of French
      laws and regulations and of the terms of the By-Laws 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 By-laws 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.

   

  (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 Property 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 the Company, the Depositary, the Custodian, their respective agents and controlling
      persons, the ADRs, the ADSs and the Deposited Property as in effect at the relevant time of determination, unless otherwise required
      by law or regulation.

   

  
    47

    
      

    

  

   

  IN
      WITNESS WHEREOF, NANOBIOTIX S.A. 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.

   

  

  	 	NANOBIOTIX S.A.
	 	 	 
	 	By:	/s/ Philippe Mauberna
	 	 	Name: Philippe Mauberna
	 	 	Title: Chief Financial Officer and Authorized Signatory

    

  	 	CITIBANK, N.A.
	 	 	 
	 	By:	/s/ Leslie DeLuca
	 	 	Name: Leslie DeLuca
	 	 	Title: Attorney-in-Fact

   

   

  
     

    
      

    

  

   

  EXHIBIT
      A

   

  [FORM
      OF ADR]

   

  	Number	CUSIP NUMBER: _______

  _____________

   

  		American
            Depositary Shares (each American Depositary Share representing the right to receive one (1) fully paid ordinary share)

   

  AMERICAN
      DEPOSITARY RECEIPT

   

  for

   

  AMERICAN
      DEPOSITARY SHARES

   

  representing

   

  DEPOSITED
      ORDINARY SHARES

   

  of

   

  NANOBIOTIX
      S.A.

   

  (Incorporated
      under the laws of the Republic of France)

   

  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 shares, including evidence of rights to receive such ordinary shares (the “Shares”),
      of Nanobiotix S.A., a société anonyme organized under the laws of the Republic of France (the “Company”).
      As of the date of issuance of this ADR, each ADS represents the right to receive one (1) Share deposited under the Deposit Agreement
      (as hereinafter defined) with the Custodian, which at the date of issuance of this ADR is Citibank Europe plc (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.

   

  

  
    A-1

    
      

    

  

   

  (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 December 15, 2020 (as
      amended and 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 Deposited Property (as defined in the Deposit Agreement) from time to time received and held
      on deposit in respect of the ADSs. 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 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. The manner in which a Beneficial
      Owner holds ADSs (e.g., in a brokerage account vs. as registered holder) may affect the rights and obligations of, the manner
      in which, and the extent to which, services are made available to, Beneficial Owners pursuant to the terms of the Deposit Agreement.

   

  The
      statements made on the face and reverse of this ADR are summaries of certain provisions of the Deposit Agreement and the By-laws
      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 By-laws, to which reference is hereby made.

   

  All
      capitalized terms not 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 Property. 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)          Surrender of ADSs and 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, or, at the request, risk and expense of the Holder,
      at such other place as the Holder requests) 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 the ADSs evidenced hereby (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 each case, to the terms and conditions of this ADR evidencing the surrendered ADSs, of the Deposit Agreement,
      of the Company’s By-laws and of any applicable laws and the rules of Euroclear, if available, and to any terms and conditions
      of or governing the Deposited Securities, in each case as in effect at the time thereof.

   

  

  
    A-2

    
      

    

  

   

  Upon
      satisfaction of each of the conditions specified above, the Depositary, as promptly as commercially practicable, (i) shall cancel
      the ADSs Delivered to it (and, if applicable, this ADR(s) 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 canceled, of the By-laws of the Company, of any applicable laws and of the
      rules of Euroclear, if available, 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) applicable taxes withheld as a result of such sale) 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 Deposited Property consisting of (i) any cash dividends or cash distributions, or (ii) any proceeds from
      the sale of any non-cash distributions, 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 Deposited Property (other than Deposited Securities) held by the Custodian in respect of 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.

   

  

  
    A-3

    
      

    

  

   

  (3)          Transfer, Combination and Split-up of ADRs.
      The Registrar shall as promptly as commercially practicable register the
      transfer of this ADR (and of the ADSs represented hereby) on the books maintained for such purpose and the Depositary shall as
      promptly as commercially practicable (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 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 as promptly as commercially practicable 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 as promptly as commercially practicable (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 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
      Depositary may appoint one or more co-registrars 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 as promptly as practicable notify the Company
      in writing upon any such appointment. In carrying out its functions, a co-registrar 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-registrars may be removed and substitutes appointed by the Depositary
      and the Depositary shall as promptly as practicable notify the Company in writing upon any such removal or substitution. Each
      co-registrar 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.

   

  

  
    A-4

    
      

    

  

   

  (4)          Pre-Conditions to Registration, Transfer, Etc.
      As a condition precedent to the execution and Delivery, the registration
      of issuance, transfer, split-up, combination or surrender, of any ADS, the delivery of any distribution thereon, or the withdrawal
      of any Deposited Property, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of
      ADSs or of this ADR of a sum sufficient to reimburse it for any applicable 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 reasonably satisfactory to it as to the identity and genuineness of any
      signature or any other matter contemplated by Section 3.1 of the Deposit Agreement, and (iii) compliance with (A) any laws or
      governmental regulations relating to the execution and Delivery of this ADR 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 (whereupon the Depositary
      shall use commercially reasonable efforts to notify the Company promptly following such closure or determination) 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 this ADR, 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 of the Deposit Agreement and paragraph (25) of this
      ADR. 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 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).

   

  (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 any stock exchange on which the Shares or ADSs are, or will be, registered, traded or listed,
      or the By-Laws 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.

   

  

  
    A-5

    
      

    

  

   

  (6)          Ownership Restrictions. Notwithstanding any
      other provision contained in 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 By-laws 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 the 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 By-laws 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.

   

  (7)          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.

   

  (8)          Liability for Taxes and Other Charges. Any
      tax or other governmental charge payable by the Custodian or by the Depositary
      with respect to any Deposited Property, ADSs or this ADR 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 Property,
      and may sell for the account of a Holder and/or Beneficial Owner any or all of such Deposited Property and apply such distributions
      and sale proceeds in payment of, any taxes (including applicable interest and penalties) or charges that are or become payable
      by Holders or Beneficial Owners in respect of the ADSs, Deposited Property and this ADR, the Holder and the Beneficial Owner hereof
      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 (25) of
      this ADR and Section 7.8 of the Deposit Agreement) the withdrawal of Deposited Property 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 respective 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. Notwithstanding anything to the contrary contained in the Deposit Agreement or any ADR, the obligations
      of Holders and Beneficial Owners under Section 3.2 of the Deposit Agreement shall survive any transfer of ADSs, any cancellation
      of ADSs and withdrawal of Deposited Securities, and the termination of the Deposit Agreement.

   

  

  
    A-6

    
      

    

  

   

  (9)          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, if applicable, 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, (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.

   

  (10)        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 Property, compliance with applicable laws, the terms of
      the Deposit Agreement or this ADR evidencing the ADSs and the provisions of, or governing, the Deposited Property, to execute
      such certifications and to make such representations and warranties, and to provide such other information and documentation 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 this ADR. The Depositary and the Registrar, as applicable,
      may, and at the reasonable request of the Company, shall, to the extent practicable, 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 (25) and Section 7.8 of the Deposit Agreement, the delivery of any Deposited Property
      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 are provided, in each case to the Depositary’s, the Registrar’s and
      the Company’s satisfaction.

   

  (11)        ADS Fees and Charges. The following ADS fees
      are payable under the terms of the Deposit Agreement:

   

  		(i)	ADS Issuance Fee: by any person for whom ADSs are issued (e.g., an issuance upon a
            deposit of Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), excluding issuances as a result of distributions described in paragraph (iv) below, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof)
            issued under the terms of the Deposit Agreement; 

   

  

  
    A-7

    
      

    

  

   

  		(ii)	ADS Cancellation Fee: by any person for whom ADSs are being cancelled (e.g., a
            cancellation of ADSs for Delivery of deposited shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) cancelled;

   

  		(iii)	Cash Distribution Fee: by any Holder of ADSs, 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 (e.g., upon a sale of rights and other entitlements);

   

  		(iv)	Stock Distribution /Rights Exercise Fee: by 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 ADSs pursuant to (a) stock dividends or other free stock distributions, or (b) an exercise of rights to purchase additional ADSs;

   

  		(v)	Other Distribution Fee: by 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 (e.g., spin-off shares);

   

  		(vi)	Depositary Services Fee: by any Holder of ADS(s) on the applicable record date(s) established
            by the Depositary, 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)	Registration of ADS Transfer Fee: by any Holder of ADS(s) for whom ADS(s) are being
            transferred or by any person to whom ADSs are transferred, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) transferred; and

   

  		(viii)	ADS Conversion Fee: by any Holder of ADS(s) for whom ADSs are being converted or by any
            person to whom the converted ADSs are delivered, a fee not in excess of U.S. $5.00 per 100 ADSs (or fraction thereof) converted from one ADS series to another ADS series (e.g., upon conversion of Partial Entitlement ADSs for Full
            Entitlement ADSs, or upon conversion of Restricted ADSs into freely transferrable ADSs, and vice versa).

   

  The
      Company, Holders, Beneficial Owners, persons depositing Shares or withdrawing Deposited Securities in connection with ADS issuances
      and cancellations, and persons for whom ADSs are issued or cancelled shall be responsible for the following ADS charges under
      the terms of the Deposit Agreement:

   

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

   

  

  
    A-8

    
      

    

  

   

  		(b)	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;

   

  		(c)	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 Shares or withdrawing Deposited Securities or of the Holders and Beneficial Owners of ADSs;

   

  		(d)	in connection with the conversion of Foreign Currency, the fees, expenses, spreads, taxes and other
            charges of the Depositary and/or conversion service providers (which may be a division, branch or Affiliate of the Depositary). Such fees, expenses, spreads, taxes and other charges shall be deducted from the Foreign Currency;

   

  		(e)	any reasonable and customary out-of-pocket expenses incurred in such conversion and/or on behalf of
            the Holders and Beneficial Owners in complying with currency exchange control or other governmental requirements; and

   

  		(f)	the fees, charges, costs and expenses incurred by the Depositary, the Custodian, or any nominee in
            connection with the ADR program.

   

  All
      ADS 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 ADS fees and charges payable by Holders and Beneficial Owners, only in the manner contemplated by paragraph (23) of
      this ADR and as contemplated in Section 6.1 of the Deposit Agreement. The Depositary shall provide, without charge, a copy of
      its latest ADS fee schedule to anyone upon request.

   

  ADS
      fees and charges for (i) the issuance of ADSs and (ii) the cancellation of ADSs will be payable by the person for whom the
      ADSs are so issued by the Depositary (in the case of ADS issuances) and by the person for whom ADSs are being cancelled (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 and charges will be payable by the DTC Participant(s) receiving the ADSs from the Depositary
      or the DTC Participant(s) holding the ADSs being cancelled, 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. ADS fees and charges in respect of distributions and the ADS
      service fee are payable 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 ADS fees and charges is deducted from the funds being distributed. In the case of (i) distributions
      other than cash and (ii) the ADS service fee, the applicable Holders as of the ADS Record Date established by the Depositary will
      be invoiced for the amount of the ADS fees and charges and such ADS fees may be deducted from distributions made to Holders. For
      ADSs held through DTC, the ADS fees and charges for distributions other than cash and the ADS service fee may be deducted from
      distributions made through DTC and may be charged 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 ADS fees and charges to the Beneficial Owners
      for whom they hold ADSs. In the case of (i) registration of ADS transfers, the ADS transfer fee will be payable by the ADS Holder
      whose ADSs are being transferred or by the person to whom the ADSs are transferred, and (ii) conversion of ADSs of one series
      for ADSs of another series, the ADS conversion fee will be payable by the Holder whose ADSs are converted or by the person to
      whom the converted ADSs are delivered.

   

  

  
    A-9

    
      

    

  

   

  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 ADS fees charged in respect of the ADR program or otherwise, upon
      such terms and conditions as the Company and the Depositary 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 fees, 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 fees, charges
      and reimbursements to the Company once every three months. The charges and expenses of the Custodian are for the sole account
      of the Depositary.

   

  The
      obligations of Holders and Beneficial Owners to pay ADS fees and charges 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,
      the right to collect ADS fees and charges shall extend for those ADS fees and charges incurred prior to the effectiveness of such
      resignation or removal.

   

  (12)        Title to ADRs. Subject to the limitations
      contained in the Deposit Agreement and in this ADR, 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 Certificated 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, this ADR has been properly endorsed or is accompanied
      by proper instruments of transfer. Subject to the limitations contained in the Deposit Agreement, Uncertificated ADSs not evidenced
      by ADRs shall be transferrable as uncertificated registered securities under the laws of the State of New York. 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.

   

  

  
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  (13)        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.

   

  (14)        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 furnish
      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, as promptly as practicable, make available for inspection by Holders at its Principal Office the Deposit Agreement,
      the provisions of or governing Deposited Securities, and 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 Property and (b) made generally available to the holders of such Deposited Property 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 (25) and Section 7.8 of the Deposit Agreement.

   

  Dated:

   

  	CITIBANK, N.A.

            Transfer Agent and Registrar	 	CITIBANK, N.A.

            as Depositary
	 	 	 
	By: 	 	 	By: 	 
	 	Authorized Signatory	 	 	Authorized Signatory

   

  

  
    A-11

    
      

    

  

   

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

   

  

  
    A-12

    
      

    

  

   

  [FORM
      OF REVERSE OF ADR]

   

  SUMMARY
      OF CERTAIN ADDITIONAL PROVISIONS

   

  OF
      THE DEPOSIT AGREEMENT

   

  (15)        Dividends and Distributions in Cash, Shares, etc.
      (a) Cash Distributions: Upon the timely receipt by
      the Depositary of a notice from the Company that it intends to make a distribution of a cash dividend or other cash distribution,
      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 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 Property held in respect of the ADSs under the terms hereof, 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
      (pursuant to 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 (on the terms described
      in 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) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) applicable taxes withheld as
      a result of the distribution) 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, or from any cash proceeds
      from the sales of Deposited Property, an amount on account of taxes, duties or other governmental charges, the amount distributed
      to Holders on the ADSs shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or
      the Depositary to the relevant governmental authority. Evidence of payment thereof by the Company shall be forwarded by the Company
      to the Depositary upon request. The Depositary will hold any cash amounts it is unable to distribute in a non-interest bearing
      account for the benefit of the applicable Holders and Beneficial Owners of ADSs until the distribution can be effected or the
      funds that the Depositary holds must be escheated as unclaimed property in accordance with the laws of the relevant states of
      the United States. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails
      to give the Depositary timely notice of the proposed distribution provided for in Section 4.1 of the Deposit Agreement, the Depositary
      agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.1 of the Deposit Agreement, and
      the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s
      failure to perform the actions contemplated in Section 4.1 of the Deposit Agreement where such notice has not been so timely given,
      other than its failure to use commercially reasonable efforts, as provided herein.

   

  

  
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  (b)
      Share Distributions: Upon the timely receipt by the Depositary of a notice from the Company that it intends to make
      a distribution that consists of a dividend in, or free distribution of Shares, 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 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) applicable taxes withheld as a result of the distribution), 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)
      applicable 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 obligations 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) applicable taxes paid or withheld and (b) fees
      and charges of, and the expenses incurred by, the Depositary) to Holders entitled thereto upon the terms of 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. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company
      fails to give the Depositary timely notice of the proposed distribution provided for in Section 4.2 of the Deposit Agreement,
      the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.2 of the Deposit
      Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for
      the Depositary’s failure to perform the actions contemplated in Section 4.2 of the Deposit Agreement where such notice has
      not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein.

   

  

  
    A-14

    
      

    

  

   

  (c)
      Elective Distributions in Cash or Shares: Upon the timely receipt of a notice indicating that the Company wishes
      an elective distribution in cash or Shares to be made available to Holders of ADSs upon the terms described in the Deposit Agreement,
      the Company and the Depositary shall determine in accordance with the Deposit Agreement whether such distribution is lawful and
      reasonably practicable. 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 satisfied, the Depositary shall, subject to the
      terms and conditions of the Deposit Agreement, establish the ADS Record Date according to paragraph (17) and Section 4.9 of the
      Deposit Agreement and establish procedures to enable the Holder hereof to elect to receive the proposed distribution in cash or
      in additional ADSs. If a Holder elects to receive the distribution in cash, the distribution shall be made as in the case of a
      distribution in cash. If the Holder hereof elects to receive the distribution in additional ADSs, the distribution shall be made
      as in the case of a distribution in Shares upon the terms described in the Deposit Agreement. If such elective distribution is
      not reasonably practicable or if the Depositary did not receive satisfactory documentation set forth in the Deposit Agreement,
      the Depositary shall establish an ADS Record Date upon the terms of Section 4.9 of the Deposit Agreement and, to the extent permitted
      by law, distribute to Holders, on the basis of the same determination as is made in the Republic of France in respect of the Shares
      for which no election is made, either (x) cash or (y) additional ADSs representing such additional Shares, in each case, upon
      the terms described in the Deposit Agreement. Nothing herein or in the Deposit Agreement shall obligate the Depositary to make
      available to the Holder hereof a method to receive the elective distribution in Shares (rather than ADSs). There can be no assurance
      that the Holder hereof will be given the opportunity to receive elective distributions on the same terms and conditions as the
      holders of Shares. Notwithstanding anything contained in the Deposit Agreement to the contrary, in the event the Company fails
      to give the Depositary timely notice of the proposed distribution provided for in Section 4.3 of the Deposit Agreement, the Depositary
      agrees to use commercially reasonable efforts to perform the actions contemplated in Section 4.3 of the Deposit Agreement, and
      the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have no liability for the Depositary’s
      failure to perform the actions contemplated in Section 4.3 of the Deposit Agreement where such notice has not been so timely given,
      other than its failure to use commercially reasonable efforts, as provided herein.

   

  

  
    A-15

    
      

    

  

   

  (d)
      Distribution of Rights to Purchase Additional ADSs: Upon the timely receipt by the Depositary of a notice indicating
      that the Company wishes rights to subscribe for additional Shares (including through the allocation of share subscription warrants
      (bons de souscription d’actions)) to be made available to Holders of ADSs, the Depositary upon consultation with
      the Company, shall determine, whether it is lawful and reasonably practicable to make such rights available to the Holders. The
      Depositary shall make such rights available to any Holders only if (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.
      If such conditions are not satisfied or if the Company requests that the rights not be made available to Holders of ADSs, the
      Depositary shall sell the rights as described below. In the event all conditions set forth above are satisfied, the Depositary
      shall establish the 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) 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) deliver ADSs upon the valid exercise of such rights. Nothing herein or in the Deposit Agreement 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 principal capacity, at such place and upon such terms (including
      public and private sale) as it may deem practicable. 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 withheld as a result
      of the sale) upon the terms hereof and of 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 liable for (i) any failure to accurately determine whether 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 herein or in Section 4.4 of the Deposit Agreement to the contrary, if registration (under the Securities Act or any other
      applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such
      rights or such securities to Holders and to sell the securities represented by such rights, the Depositary will not distribute
      such rights to the Holders (i) unless and until a registration statement under the Securities Act (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 reasonably satisfactory to the Depositary, to the effect that the offering and sale of such securities to Holders and Beneficial
      Owners are exempt from, or do not require registration under, the provisions of the Securities Act or any other applicable laws.
      In the event that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any distribution
      of Deposited Property (including rights) an amount on account of taxes or other governmental charges, the amount distributed to
      the Holders of ADSs shall be reduced accordingly. In the event that the Depositary reasonably determines that any distribution
      of Deposited 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 Deposited 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 or in the
      Deposit Agreement 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.

   

  

  
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  (e)
      Distributions other than Cash, Shares or Rights to Purchase Shares: Upon receipt of a notice indicating that the
      Company wishes property other than cash, Shares or rights to purchase additional Shares to be made to Holders of ADSs, the Depositary
      shall determine, in consultation with the Company, whether such distribution to Holders is lawful and reasonably practicable.
      The Depositary shall not make such distribution unless (i) the Company shall have requested the Depositary to make such distribution
      to Holders, (ii) the Depositary shall have received the documentation contemplated in the Deposit Agreement, and (iii) the Depositary
      shall have determined that such distribution is reasonably practicable. Upon satisfaction of such conditions, the Depositary shall
      distribute the property so received to the Holders of record, as of the ADS Record Date, in proportion to the number of ADSs held
      by 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
      as a result of the distribution. The Depositary may dispose of all or a portion of the property so distributed and deposited,
      in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable or necessary to satisfy
      any taxes (including applicable interest and penalties) or other governmental charges applicable to the distribution.

   

  If
      the conditions above are not satisfied, the Depositary shall sell or cause such property to be sold in a public or private sale,
      at such place or places and upon such terms as it may deem 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 withheld as a result of the sale) to the Holders
      as of the ADS Record Date upon the terms hereof and 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.

   

  Neither
      the Depositary nor the Company shall be responsible for (i) any failure to determine whether it is lawful or practicable to make
      the property described in Section 4.5 of the Deposit Agreement available to Holders in general or any Holders in particular, nor
      (ii) any loss incurred in connection with the sale or disposal of such property.

   

  (16)        Redemption. Upon timely receipt of notice from
      the Company that it intends to exercise its right of redemption in respect
      of any of the Deposited Securities, and satisfactory documentation, and only if, after consultation between the Depositary and
      the Company, the Depositary shall have determined that such proposed redemption is practicable, the Depositary shall (to the extent
      practicable) provide to each Holder a notice setting forth the Company’s intention to exercise 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 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 after consultation with the Company. 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 applicable taxes) multiplied by the number
      of Deposited Securities represented by each ADS redeemed. Notwithstanding anything contained in the Deposit Agreement to the contrary,
      in the event the Company fails to give the Depositary timely notice of the proposed redemption provided for in Section 4.7 of
      the Deposit Agreement, the Depositary agrees to use commercially reasonable efforts to perform the actions contemplated in Section
      4.7 of the Deposit Agreement, and the Company, the Holders and the Beneficial Owners acknowledge that the Depositary shall have
      no liability for the Depositary’s failure to perform the actions contemplated in Section 4.7 of the Deposit Agreement where
      such notice has not been so timely given, other than its failure to use commercially reasonable efforts, as provided herein.

   

  

  
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  (17)        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 the 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. Subject to applicable law, 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 distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action.

   

  (18)        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) calendar days prior to the date of such vote or meeting), except where under French law the notice period for such meeting
      is less than thirty (30) calendar days, in which case the Depositary shall upon receipt of the request use all commercially reasonable
      efforts to distribute to Holders the material in (a), (b), and (c) of this paragraph and carry out the further actions set forth
      in Section 4.10 of the Deposit Agreement 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 who continue to be Holders
      on the Share Record Date will be entitled, subject to any applicable law, the provisions of the Deposit Agreement, the By-Laws
      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 such voting instructions have been given to the Depositary prior to the deadline set forth for such purpose.

   

  

  
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  Notwithstanding
      anything contained in the Deposit Agreement or any ADR, with the Company’s prior written consent, the Depositary may, to
      the extent not prohibited by law or regulations, the By-Laws, or by the requirements of any stock exchange on which the ADSs may
      be 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 publicizes 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
      Company has informed the Depositary that, as of the date of the Deposit Agreement, under French company law and the By-Laws, (i)
      the record date for holders of Shares to vote at a shareholders meeting is at least three (3) calendar days (“jours francs”)
      prior to the shareholders’ meeting (such date as may be established from time to time, the “Share Record Date”),
      (ii) in order to exercise voting rights holders of Shares in registered form must have their Shares registered in their own name,
      or where applicable in the name of a registered financial intermediary (intermédiaire inscrit), in a share account
      maintained by or on behalf of the Company as of the Share Record Date, (iii) in order to exercise voting rights holders of Shares
      in bearer form are required to have their Shares registered in their own name, or where applicable, in the name of a registered
      financial intermediary (intermédiaire inscrit) and obtain from an accredited financial intermediary (intermédiaire
        habilité), and provide to the Company, an attendance certificate (attestation de participation) attesting to
      the registration of such Shares in the financial intermediary’s account as of the Share Record Date, and (iv) the voting
      form must be delivered to the Company at least three (3) calendar days (“jours francs”) prior to the date of
      the shareholders’ meeting (voting forms sent by electronic form can be received by the Company up to the day immediately
      preceding the meeting date at 3:00 p.m., Paris time).

   

  In
      accordance with the foregoing, a Holder as of the ADS Record Date who desires to exercise its voting rights with respect to ADSs
      representing Shares in registered or bearer form is required to: (a) be a Holder of the ADSs as of the Share Record Date and (b)
      deliver voting instructions to the Depositary, in a form acceptable to the Company and the Depositary, by the date established
      by the Depositary for such purpose (the “Receipt Date”). The delivery of voting instructions shall be deemed instructions
      to the Depositary to (i) request that the Custodian deliver a voting form (formulaire de vote à distance) to the
      Company prior to the deadline established by the Company and (ii) request that the Custodian deposit the requisite attendance
      certificate (attestation de participation) with the Company.

   

  

  
    A-19

    
      

    

  

   

  Voting
      instructions may be given only in respect of a number of ADSs representing an integral number of Deposited Securities.  Upon
      receipt by the Depositary of (i) the voting instructions, in a form acceptable to the Company and the Depositary, on or before
      the Receipt Date, and (ii) confirmation reasonably satisfactory to the Depositary that the applicable conditions of the preceding
      paragraph have been satisfied, the Depositary shall endeavor, insofar as practicable and permitted under any applicable provisions
      of French law and the By-Laws, to cause to be voted the Shares represented by such ADSs in accordance with any non-discretionary
      instructions set forth in such voting instructions.  If the Depositary receives from a Holder (who has otherwise satisfied
      all conditions to voting contemplated herein) voting instructions 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 all resolutions endorsed
      by the Company’s supervisory board.  With respect to Deposited Securities represented by ADSs for which no timely voting
      instructions are received by the Depositary from the Holder, 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 (i) the Company does not wish
      such proxy to be given, (ii) substantial opposition exists, or (iii) the rights of holders of Deposited Securities may be materially
      adversely affected.  By way of example and not limitation, it is agreed that routine matters, such as appointing auditors
      and supervisory board members (except where a competing supervisory board member or slate of supervisory board members is proposed),
      or the approval of a public offering or private placement of securities, would not materially affect the rights of Holders.

   

  The
      Depositary will not knowingly take any action to impair its ability to carry out the voting instructions of Beneficial Owners
      of ADSs delivered to it by DTC, any DTC Participants or any of their agents. In the case of voting instructions received in respect
      of any Beneficial Owner of ADSs as of the ADS Record Date who is not the Holder of the ADSs on the books of the Depositary, the
      Depositary will not cause to be voted the number of Shares represented by such ADSs unless the Depositary has received confirmation
      (reasonably satisfactory to it and to the Company) from DTC or the applicable securities intermediaries for the Beneficial Owner
      (and/or their agents) that such number of ADSs continue to be held by such Beneficial Owner as of the Share Record Date. Except
      as provided above, the Depositary will not cause to be voted Shares represented by ADSs in respect of which the voting instructions
      are improperly completed or in respect of which (and to the extent) the voting instructions are illegible or unclear. The Depositary
      will not charge any fees in connection with the foregoing transactions to enable any Holder to exercise its voting rights under
      the Deposit Agreement.

   

  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 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. Except as provided in Section 4.10 of the Deposit Agreement, Deposited Securities represented by ADSs for which no timely
      voting instructions are received by the Depositary from the Holder shall not be voted. 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 deadline specified herein) for
      the sole purpose of establishing a quorum at a meeting of shareholders.

   

  

  
    A-20

    
      

    

  

   

  Subject
      to applicable laws or rules of any securities exchange on which the Deposited Securities are listed or traded, at least three
      (3) calendar days (“jours francs”) prior to the date of a shareholders’ meeting, the Company shall receive
      from the Depositary, unless the Company has agreed to a later date, a voting form, reflecting the tabulation of the voting instructions
      received from the Holders of ADSs, if any, and the Depositary shall vote, or cause to be voted, the Deposited Securities represented
      by such Holders’ ADSs in accordance with such instructions.

   

  Notwithstanding
      anything else contained in the Deposit Agreement or any ADR, and to the extent not prohibited by law or regulation, the Depositary
      and the Company may, by agreement between them, with notice to the Holders, modify, amend or adopt additional voting procedures
      from time to time as they determine may be necessary or appropriate (subject, in each case, to the terms of Sections 6.1 and 7.8
      of the Deposit Agreement).

   

  The
      Company has informed the Depositary that, under French company law in effect as of the date of the Deposit Agreement, shareholders
      holding a certain percentage of the Company’s Shares, the workers’ council or the Company’s supervisory board
      may submit a new resolution and the Company’s supervisory board may also modify the resolutions proposed in the preliminary
      notice of meeting (avis de réunion), which notice must be published at least 35 days prior to the meeting date.
      In such case, Holders who have given prior instructions to vote on such resolutions shall be deemed to have voted in favor of
      the new or modified resolutions if approved by the members of the Company’s supervisory board and against if not approved
      by the members of the Company’s supervisory board.

   

  The
      Company has informed the Depositary that the Company may require voting instructions to be delivered in writing. In such circumstances,
      Holders of ADSs may be required to deliver signed voting instruction cards to the Depositary.

   

  As
      long as, pursuant to French law, a double voting right is attached to each Share which is held in registered form in the name
      of the same shareholder for at least two years, Deposited Shares will not be entitled to double voting rights as the Depositary
      will hold the Deposited Shares in bearer form only. Therefore, Holders and Beneficial Owners who wish to obtain double voting
      rights will need to surrender their ADSs, withdraw the Deposited Shares and take the necessary steps with the Share Registrar
      to have those Shares held in registered form in their own name.

   

  Notwithstanding
      anything else contained in the Deposit Agreement or this 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. or French laws. The Company agrees to take any and all actions reasonably necessary and permitted by
      U.S. and French 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 counsel addressing any actions requested to be taken if so reasonably 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 or at all.

   

  

  
    A-21

    
      

    

  

   

  (19)        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 property 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 Property under the Deposit Agreement, and this ADR shall, subject
      to the provisions of the Deposit Agreement, this ADR evidencing such ADSs and applicable law, represent the right to receive such
      additional or replacement Deposited Property. 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
      (including, without limitation, (a) provisions relating to the payment of applicable fees and charges of, and expenses incurred
      by, the Depositary, and (b) applicable taxes) and receipt of an opinion of counsel to the Company reasonably 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. Notwithstanding the foregoing, in the event that any Deposited Property 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 counsel reasonably satisfactory to the Depositary that such action is not in violation
      of any applicable laws or regulations, sell such Deposited Property 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) applicable taxes) for the account of the Holders otherwise entitled to such Deposited Property
      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 Deposited Property 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 Deposited Property.

   

  

  
    A-22

    
      

    

  

   

  (20)        Exoneration. Notwithstanding anything
      contained in the Deposit Agreement or the ADR, 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 (to the extent not limited by paragraph (25) hereof or Section 7.8(b) of the Deposit Agreement) (i) if the Depositary,
      the Custodian, or the Company shall be prevented or forbidden from, or delayed in, doing or performing any act or thing required
      or contemplated 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 Republic of France or any other country, or of any other governmental authority or regulatory
      authority or stock exchange, or on account of potential criminal or civil penalties or restraint, or by reason of any provision,
      present or future, of the By-laws 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 By-Laws
      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, (v) for
      any action or inaction of any clearing or settlement system (and any participant thereof) for the Deposited Property or the ADSs,
      or (vi) for any consequential or punitive damages (including lost profits) for any breach of the terms of the Deposit Agreement.

   

  (21)        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 or 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 Property or in respect of the ADSs, which in its reasonable 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 (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 without negligence and in accordance with the terms of the Deposit Agreement. The Depositary shall not incur any liability
      for any failure to accurately 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 Property (other than interest thereon actually
      received by the Depositary from the Company), for the validity or worth of the Deposited Property or for any tax consequences
      that may result from the ownership of ADSs, Shares or other Deposited Property, 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.

   

  

  
    A-23

    
      

    

  

   

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

   

  The
      Depositary shall not be liable for any acts or omissions made by a predecessor depositary (other than a predecessor depositary
      that, at the time of such act or omission, was an Affiliate controlled by the Depositary) whether in connection with an act or
      omission of the Depositary or in connection with any matter arising wholly prior to the appointment of the Depositary or 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.

   

  (22)        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 (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 commercially reasonable 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 of the Depositary’s right,
      title and interest to the Deposited Property 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 entity into or with which the
      Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document
      or any further act.

   

  

  
    A-24

    
      

    

  

   

  (23)        Amendment/Supplement. Subject to the terms and
      conditions of this paragraph 23, 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) calendar
      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 (e.g., 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 existing 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 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.

   

  

  
    A-25

    
      

    

  

   

  (24)        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) calendar days prior
      to the date fixed in such notice for such termination. If (i) ninety (90) calendar days shall have expired after the Depositary
      shall have delivered to the Company a written notice of its election to resign, or (ii) ninety (90) calendar days shall have expired
      after 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) calendar 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 Deposited 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 other Deposited 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 in connection therewith 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
      Property 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.

   

  (25)        Compliance with, and No Disclaimer under, U.S.
          Securities Laws. (a) Notwithstanding any provisions in this ADR or the
      Deposit Agreement, 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.

   

  

  
    A-26

    
      

    

  

   

  (b)          Each
      of the parties to the Deposit Agreement (including, without limitation, each Holder and Beneficial Owner) acknowledges and agrees
      that no provision of the Deposit Agreement or the ADR shall, or shall be deemed to, disclaim any liability under the Securities
      Act or the Exchange Act, in each case to the extent established under applicable U.S. laws.

   

  (26)        No Third Party Beneficiaries / Acknowledgements.
      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) Citibank and its Affiliates may at any time have multiple banking
      relationships with the Company, the Holders, the Beneficial Owners, and their respective Affiliates, (ii) Citibank and its Affiliates
      may own and deal in any class of securities of the Company and its Affiliates and in ADSs, and may be engaged at any time in transactions
      in which parties adverse to the Company, the Holders, the Beneficial Owners or their respective Affiliates may have interests,
      (iii) subject to their respective agreement to comply with all applicable securities laws, the Depositary and its Affiliates may
      from time to time have in their possession non-public information about the Company, the Holders, the Beneficial Owners, and their
      respective Affiliates, (iv) nothing contained in the Deposit Agreement shall (a) preclude Citibank or any of its Affiliates from
      engaging in such transactions or establishing or maintaining such relationships, or (b) obligate Citibank or any of its Affiliates
      to disclose such information, transactions or relationships, or to account for any profit made or payment received in such transactions
      or relationships, except, in each case, as required by applicable law, (v) the Depositary shall not be deemed to have knowledge
      of any information any other division of Citibank or any of its Affiliates may have about the Company, the Holders, the Beneficial
      Owners, or any of their respective Affiliates, and (vi) the Company, the Depositary, the Custodian and their respective agents
      and controlling persons may be subject to the laws and regulations of jurisdictions other than the U.S. and France, and the authority
      of courts and regulatory authorities of such other jurisdictions, and, consequently, the requirements and the limitations of such
      other laws and regulations, and the decisions and orders of such other courts and regulatory authorities, may affect the rights
      and obligations of the parties to the Deposit Agreement.

   

  (27)        Governing Law / Waiver of Jury Trial. The
      Deposit Agreement, the ADR and the ADSs 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 Republic of France (or, if applicable, such other laws as
      may govern the Deposited Securities).

   

  

  
    A-27

    
      

    

  

   

  EACH
        OF THE PARTIES TO THE DEPOSIT AGREEMENT (INCLUDING, WITHOUT LIMITATION, EACH HOLDER AND BENEFICIAL OWNER) IRREVOCABLY WAIVES,
        TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AGAINST THE COMPANY
        AND/OR THE DEPOSITARY ARISING OUT OF, OR RELATING TO, THE DEPOSIT AGREEMENT, ANY ADR AND ANY TRANSACTIONS CONTEMPLATED THEREIN
        (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR OTHERWISE). 

   

  

  
    A-28

    
      

    

  

   

  (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 ADR
      and all rights thereunder, hereby irrevocably constituting and appointing ________________________ attorney-in-fact to transfer
      said ADR 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’ Shares of the Company and as such do not entitle
      the holders thereof to the same per-share entitlement as other Shares (which are ‘full entitlement’ 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 Shares represented by such ADSs become ‘full entitlement’ Shares.”]

    

  

  
    A-29

    
      

    

  

   

  EXHIBIT
      B

   

  FEE
      SCHEDULE

   

  ADS
      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. Except
      as otherwise specified herein, any reference to ADSs herein includes Partial Entitlement ADSs, Full Entitlement ADSs, Certificated
      ADSs, Uncertificated ADSs, and Restricted ADSs.

   

  I.       ADS
          Fees

   

  The
      following ADS fees are payable under the terms of the Deposit Agreement:

   

  	Service	Rate	By Whom Paid
	(1) Issuance of ADSs (e.g., an issuance upon a deposit of Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason), 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 for whom
            ADSs are issued.
	(2) Cancellation of ADSs  (e.g., a cancellation of ADSs for Delivery of deposited Shares, upon a change in the ADS(s)-to-Share(s) ratio, or for any other reason).	Up to U.S. $5.00
            per 100 ADSs (or fraction thereof) cancelled.	Person for whom
            ADSs are being cancelled.
	(3) Distribution of cash dividends or other cash distributions (e.g., upon a sale of rights and other entitlements).	Up to U.S. $5.00
            per 100 ADSs (or fraction thereof) held.	Person to whom the
            distribution is made.
	(4) Distribution of ADSs pursuant to (i) stock dividends or other free stock distributions, or (ii) an exercise of rights to purchase additional ADSs.	Up to U.S. $5.00
            per 100 ADSs (or fraction thereof) held.	Person to whom the
            distribution is made.

   

  
    B-1

    
      

    

  

   

  	(5) Distribution of securities other than ADSs or rights to purchase additional ADSs (e.g., spin-off shares).	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) held.	Person to whom the distribution is made.
	(6) ADS 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.
	(7) Registration of ADS Transfers (e.g., upon a registration of the transfer of registered ownership of ADSs, upon a transfer of ADSs into DTC and vice versa, or for any other reason).	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) transferred.	Person for whom or to whom ADSs are transferred.
	(8) Conversion of ADSs of one series for ADSs of another series (e.g., upon conversion of Partial Entitlement ADSs for Full Entitlement ADSs, or upon conversion of Restricted ADSs into freely transferable ADSs, and vice
              versa).	Up to U.S. $5.00 per 100 ADSs (or fraction thereof) converted.	Person for whom ADSs are converted or to whom the converted ADSs are delivered.

   

  		II.	Charges

   

  The
      Company, Holders, Beneficial Owners, persons depositing Shares or withdrawing Deposited Securities in connection with ADS issuances
      and cancellations, and persons for whom ADSs are issued or cancelled shall be responsible for the following ADS charges under
      the terms of the Deposit Agreement:

   

  		(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 Shares or withdrawing Deposited Property or of the Holders and Beneficial Owners of ADSs;

   

  
    B-2

    
      

    

  

   

  		(iv)	in connection with the conversion of Foreign Currency, the fees, expenses, spreads, taxes and other
            charges of the Depositary and/or conversion service providers (which may be a division, branch or Affiliate of the Depositary). Such fees, expenses, spreads, taxes, and other charges shall be deducted from the Foreign Currency;

   

  		(v)	any reasonable and customary out-of-pocket expenses incurred in such conversion and/or on behalf of
            the Holders and Beneficial Owners in complying with currency exchange control or other governmental requirements; and

   

  		(vi)	the fees, charges, costs and expenses incurred by the Depositary, the Custodian, or any nominee in
            connection with the ADR program.

   

  The
      above fees and charges may at any time and from time to time be changed by agreement between the Company and the Depositary.

   

  B-3Exhibit 10.1

 

CONSULTING AGREEMENT 

 

This Consulting Agreement (the “Agreement”),
effective as of Monday, February 14, 2022, is entered into by and between Ecoark Holdings, Inc. (the “Company”) and
Peter Mehring (the “Consultant”).

 

RECITALS 

 

WHEREAS the Consultant
has recently resigned, effective February 11, 2022, as both the President and a Director of the Company, and as the Chief Executive Officer
of Zest Labs, Inc. (“Zest”), a wholly owned subsidiary of the Company;

 

WHEREAS the Company
desires to engage the services of the Consultant to act in an advisory capacity in support of the currently outstanding litigation involving
Zest and the related intellectual property, as well as assist in transitional activities related to his departure;

 

WHEREAS the Consultant
agrees to be retained for the foregoing purposes, subject to the terms and conditions provided in this Agreement.

 

NOW THEREFORE, in
consideration of the premises and of the mutual covenants and agreements hereinafter set forth, the parties hereto covenant and agree
as follows:

 

1. Term
of Consultancy. The Company hereby agrees to retain the Consultant to act in a consulting capacity to the Company, and the Consultant
hereby agrees to provide services to the Company commencing on the date hereof and ending after 1 year on Tuesday, February 14, 2023 (the
“Termination Date”). The term will automatically renew for 1-year increments on the Termination Date upon a mutual
formal written consent of the Consultant and the CEO.

 

2. Duties
of the Consultant. The Consultant agrees that it will generally provide the following specified consulting services as a direct report
to the Chief Executive Officer (“CEO”) of the Company:

 

a. Assist
in any transitional activities related to the Consultant’s recent departure as the Chief Executive Officer of Zest; and

 

b. Advise
the Company and Zest on any current intellectual property litigation, and matters related to Zest’s intellectual property;

 

3. Allocation
of Time and Energies. The Consultant hereby promises to perform and discharge faithfully the responsibilities which may be assigned
to the Consultant from time to time by the CEO and other officers and duly authorized representatives of the Company in connection with
the conduct of its activities, so long as such activities are in compliance with applicable laws and regulations. The Consultant shall
diligently and thoroughly provide the consulting services required hereunder in a manner that allows the Consultant to adequately fulfill
the duties required of his new full-time employment position at an outside company.

 

     

     

    

 

Compensation. As consideration
for the services to be provided by Consultant to the Company under this Agreement, Consultant shall be compensated at a monthly retainer
of $16,666.66 per month to be paid monthly on the last day of each month. Consultant will be paid a fractional amount for any pay periods
less than a full calendar month. The first fractional payment of $9,444.44 for the fractional month of February, 2022 starting on February
14th will be paid on the last day of the month.

 

Upon the execution of this Agreement, Consultant
will have the expiration date on any stock awards by the Company extended for a period of 1 year from the last effective date of this
Agreement. The Consultant will also have any unvested stock awards continue to vest during the Term according to the vesting schedule
set forth in the stock award agreements.

 

4. Assignability
of Services. The Consultant’s services under this Agreement are offered to the Company and its subsidiaries and related parties
on an as needed basis.

 

5. Expenses.
The Company will reimburse Consultant for verifiable and reasonable expenses reasonably incurred by Consultant in performing the services
described hereunder, provided that any expenses in excess of $1,000 must be approved in advance by the CEO.

 

6. Indemnification.
The Company warrants and represents that all oral communications, written documents or materials furnished to the Consultant by the Company
with respect to financial affairs, operations, profitability and strategic planning of the Company are accurate and the Consultant may
rely upon the accuracy thereof without independent investigation. The Company will protect, indemnify and hold harmless the Consultant,
so long as the Consultant is acting in a legal and ethical manner, against any claims or litigation including any damages, liability,
cost and reasonable attorney’s fees as incurred with respect thereto resulting from the Consultant’s communication or dissemination
of any said information, documents or materials excluding any such claims or litigation resulting from the Consultant’s communication
or dissemination of information not provided or authorized by the Company.

 

7. Representations.
The Consultant represents, warrants and covenants to the Company that the Consultant and each of its contractors, employees, agents or
others employed or retained by the Consultant (“Associated Persons”) will at all times during the term of this Agreement
satisfy the following warranties and representations. The Consultant agrees that it will be responsible for the accuracy and truthfulness
of the warranties and representations of the Associated Persons.

 

a. The
Consultant represents that it is not required to maintain any licenses and registrations under federal or any state regulations necessary
to perform the services set forth herein. The Consultant acknowledges that, to the best of its knowledge, the performance of the services
set forth under this Agreement will not violate any rule or provision of any regulatory agency having jurisdiction over the Consultant.
The Consultant acknowledges that, to the best of its knowledge, the Consultant and its officers and directors are not the subject of any
investigation, claim, decree or judgment involving any violation of the SEC or securities laws. The Consultant further acknowledges that
it is not a securities broker-dealer or a registered investment advisor.

 

b. The
Consultant shall at all times comply with any and all applicable federal, state, local or foreign laws, including securities laws, rules
and regulations of any court, government or unit or agency thereof in its performance hereunder.

 

c. The
Consultant shall not provide any material non-public information regarding the Company to any person until such person has executed and
delivered to the Company (in care of the Consultant with a copy to the Company) a confidentiality and no-trade agreement in a form furnished
by the Company to the Consultant.

 

d. The
Consultant Persons acknowledges that certain information that the Company or its representatives will provide to the Consultant or its
Associated Persons in connection with the performance of the services under this Agreement will be material non-public information about
the Company (the “Material Information”).

 

    2

     

    

 

8. Termination.
Either party may terminate this Agreement at any time either voluntarily or involuntarily, with cause or without cause by providing at
least a 30 day written notice to the other party prior to the Termination Date. If the Company terminates this Agreement, the Company
shall have no further liability or obligation to the Consultant under this Agreement. If the Consultant terminates this Agreement, the
Consultant shall have no further liability or obligation to the Company under this Agreement (except items 7(c) and 7 (d) shall survive
such termination).

 

9. Status
as Independent Contractor. The Consultant’s engagement pursuant to this Agreement shall be as independent contractor, and not
as an employee, officer or other agent of the Company. Neither party to this Agreement shall represent or hold itself out to be the employer
or employee of the other. The Consultant further acknowledges the consideration provided hereinabove is a gross amount of consideration
and that the Company will not withhold from such consideration any amounts as to income taxes, social security payments or any other payroll
taxes. All such income taxes and other such payment shall be made or provided for by the Consultant and the Company shall have no responsibility
or duties regarding such matters. Neither the Company nor the Consultant possesses the authority to bind each other in any agreements
without the express written consent of the entity to be bound.

 

10. Attorney’s
Fees. If any legal action or any arbitration or other proceeding is brought for the enforcement or interpretation of this Agreement,
or because of an alleged dispute, breach, default or misrepresentation in connection with or related to this Agreement, the successful
or prevailing party shall be entitled to recover reasonable attorneys’ fees and other costs in connection with that action or proceeding,
in addition to any other relief to which it or they may be entitled.

 

11. Waiver.
The waiver by either party of a breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver
of any subsequent breach by such other party.

 

12. Choice
of Law, Jurisdiction and Venue. This Agreement shall be governed by, construed and enforced in accordance with the laws of the State
of Texas. The parties agree that any legal suit, action or proceeding arising out of or relating to this Agreement and/or the transactions
contemplated hereby shall be instituted exclusively in Texas Supreme Court, County of Bexar.

 

13. Complete
Agreement. This Agreement contains the entire agreement of the parties relating to the subject matter hereof. This Agreement and its
terms may not be changed orally but only by an agreement in writing signed by the party against whom enforcement of any waiver, change,
modification, extension or discharge is sought.

 

14. Severability.
If any provision of this Agreement shall be held or deemed to be, or shall in fact be, inoperative or unenforceable as applied in any
particular case because it conflicts with any other provision or provisions hereof, or any other provision or provisions hereof, or any
constitution or statute or rule of public policy, or for any other reason, such circumstances shall not have the effect of rendering the
provision in question inoperative or unenforceable to any extent whatsoever. The invalidity of any one or more phrases, sentences, clauses,
sections or subsections of this Agreement shall not affect the remaining portions of this Agreement.

 

[Signature Page to Follow]

 

    3

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed and delivered as of the day and year first above written.

 

	COMPANY:	 
	 	 	 
	ECOARK HOLDINGS, INC.	 
	 	 	 
	By:	/s/ Randy May 	 
	Name: 	Randy May	 
	Title:	CEO	 

 

	CONSULTANT:	 
	 	 	 
	By:	/s/ Peter Mehring 	 
	Name: 	Peter Mehring	 
	Title:	Consultant	 

 

 

4

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