Document:

Genesis Lease
				  Limited
 Matter:

				  Type of
				  Share:    Common Shares

				  Certificate
				  No.    [                      
				  ]
 No. of
				  Shares    
				   [                      
				  ]
 Amount
				  Paid
 Par
				  Value                        US$                          0.001
				

			 	
				
				   
				

			 	
				
				   

				  Issued
				  to:            [insert shareholder
				  name]
				

				
				   
				

				
				  Date of
				  Record:   [**/**/2006]

				  Transfer to
				  cert#  _____________

				  No. of
				  shares       _____________

				  Transfer
				  Date      _____________DEPOSIT AGREEMENT
				

			 

 

	 
		by and among
	 

	 
		GENESIS LEASE LIMITED
	 

	 
		as Issuer
	 

	 
		AND
	 

	 
		DEUTSCHE BANK TRUST COMPANY AMERICAS
	 

	 
		as Depositary,
	 

	 
		AND
	 

	 
		THE HOLDERS AND BENEFICIAL OWNERS
	 

	 
		OF AMERICAN DEPOSITARY SHARES EVIDENCED BY
	 

	 
		AMERICAN DEPOSITARY RECEIPTS ISSUED
		HEREUNDER
	 

	 
		 
	 

	 
			

				
				  Dated as of [DATE], 2006
				

			 

 

	 
		 
	 

	 

	 
	 

	 
	 
		DEPOSIT AGREEMENT
	 

	 
		DEPOSIT AGREEMENT, dated as
		of [DATE], 2006, by and among (i) Genesis Lease Limited, a company incorporated
		under the laws of Bermuda, with registered office address at Clarendon House, 2
		Church Street, Hamilton HM11, Bermuda and principal executive office at
		[International Financial Services Centre, North Wall Quay, Dublin 1, Ireland],
		and its successors (the “Company”), (ii) Deutsche Bank Trust Company Americas, an indirect wholly
		owned subsidiary of Deutsche Bank A.G., acting in its capacity as depositary,
		registered office 60 Wall Street, New York, NY 10005, USA and any successor
		depositary hereunder (the “Depositary”), and (iii) all Holders and
		Beneficial Owners of American Depositary Shares evidenced by American
		Depositary Receipts issued hereunder (all such capitalized terms as hereinafter
		defined).
	 

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

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

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

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

	 
		WHEREAS, the American
		Depositary Shares to be issued pursuant to the terms of this Deposit Agreement
		have been approved for listing on the New York Stock Exchange; and
	 

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

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

	 
		ARTICLE I.
	 

	 
		DEFINITIONS
	 

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

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

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

	 
		 
	 

	 

	 
	 

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

	 
		SECTION 1.4 “Article” shall refer to an article of
		the form of Receipt set out at Exhibit A hereto.
	 

	 
		SECTION 1.5 “ADS Record
		Date” shall have the meaning given to such term
		in Section 4.7.
	 

	 
		SECTION 1.6 “Beneficial
		Owner” shall mean as to any ADS, any person or
		entity having a beneficial interest in any ADSs. A Beneficial Owner need not be
		the Holder of the ADR evidencing such ADSs. A Beneficial Owner may exercise any
		rights or receive any benefits hereunder solely through the Holder of the
		ADR(s) evidencing the ADSs in which such Beneficial Owner has an interest.
		
	 

	 
		SECTION 1.7 “Business
		Day” shall mean each Monday, Tuesday, Wednesday,
		Thursday and Friday which is not (a) a day on which banking institutions in the
		Borough of Manhattan, The City of New York are authorized or obligated by law
		or executive order to close and (b) a day on which the market(s) in which
		Receipts are traded are closed.
	 

	 
		SECTION 1.8 “Commission” shall mean the Securities
		and Exchange Commission of the United States or any successor governmental
		agency in the United States.
	 

	 
		SECTION 1.9 “Company” shall mean Genesis Lease
		Limited, a company incorporated and existing under the laws of Bermuda , and
		its successors.
	 

	 
		SECTION 1.10 “Corporate
		Trust Office” when used with respect to the
		Depositary, shall mean the corporate trust office of the Depositary at which at
		any particular time its depositary receipts business shall be administered,
		which, at the date of this Deposit Agreement, is located at 60 Wall Street, New
		York, New York 10005, U.S.A.
	 

	 
		SECTION 1.11 “Custodian” shall mean, as of the date
		hereof, The Governer and Company of the Bank of Ireland, having its principal
		office at New Century House, International Financial Services Center, Lower
		Mayor Street, Dublin 1, Ireland, as the custodian for the purposes of this
		Deposit Agreement, and any other firm or corporation which may hereinafter be
		appointed by the Depositary pursuant to the terms of Section 5.5 as a successor
		or an additional custodian or custodians hereunder, as the context shall
		require. The term “Custodian” shall mean all custodians,
		collectively.
	 

	 
		SECTION 1.12 “Deliver”
		and “Delivery” shall mean, when used in
		respect of American Depositary Shares, Receipts, Deposited Securities and
		Shares, the physical delivery of the certificate representing such security, or
		the electronic delivery of such security by means of book-entry transfer
		(except with respect to the Shares), as appropriate, including, without
		limitation, through DRS/Profile. With respect to DRS/Profile ADRs, the terms
		“execute”,
		“issue”,
		“register”,
		“surrender”,
		“transfer” or
		“cancel” refer to
		applicable entries or movements to or within DRS/Profile.
	 

	 
		 
	 

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

	 
		SECTION 1.14 “Depositary” shall mean Deutsche Bank
		Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank
		A.G., in its capacity as depositary under the terms of this Deposit Agreement,
		and any successor depositary hereunder.
	 

	 
		SECTION 1.15 “Deposited
		Securities” as of any time shall mean Shares at
		such time deposited or deemed to be deposited under this Deposit Agreement and
		any and all other securities, property and cash received or deemed to be
		received by the Depositary or the Custodian in respect thereof and held
		hereunder, subject, in the case of cash, to the provisions of Section 4.6. The
		collateral delivered in connection with Pre-Release Transactions described in
		Section 2.10 hereof shall not constitute Deposited Securities.
	 

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

	 
		SECTION 1.17 “DRS/Profile” shall mean the system for
		the uncertificated registration of ownership of securities pursuant to which
		ownership of ADSs is maintained on the books of the Depositary without the
		issuance of a physical certificate and transfer instructions may be given to
		allow for the automated transfer of ownership between the books of DTC and the
		Depositary. Ownership of ADSs held in DRS/Profile are evidenced by periodic
		statements issued by the Depositary to the Holders entitled thereto.
	 

	 
		SECTION 1.18 “DTC” shall mean The Depository Trust
		and Clearing Corporation, the central book-entry clearinghouse and settlement
		system for securities traded in the United States, and any successor
		thereto.
	 

	 
		SECTION 1.19 “Exchange
		Act” shall mean the U.S. Securities Exchange Act
		of 1934, as from time to time amended.
	 

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

	 
		SECTION 1.21 “Foreign
		Registrar” shall mean the entity, if any, that
		carries out the duties of registrar for the Shares or any successor as
		registrar for the Shares and any other appointed agent of the Company for the
		transfer and registration of Shares, which shall initially be [x].
	 

	 
		SECTION 1.22 “Holder” shall mean the person in whose
		name a Receipt is registered on the books of the Depositary (or the Registrar,
		if any) maintained for such purpose. A Holder may or may not be a Beneficial
		Owner. A Holder shall be deemed to have all requisite authority to act on
		behalf of those Beneficial Owners of the ADRs registered in such Holder’s
		name.
	 

	 
		SECTION 1.23 “Indemnified
		Person” and “Indemnifying Person”
		shall have the meaning set forth in Section 5.8. hereof.
	 

	 
		SECTION 1.24 “Pre-Release
		Transaction” shall have the meaning set forth in
		Section 2.10 hereof.
	 

	 
		 
	 

	 
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		SECTION 1.25 “Receipt(s)”; “American Depositary Receipt(s)”; and
		“ADR(s)” shall mean the certificate(s) or
		statements issued by the Depositary evidencing the American Depositary Shares
		issued under the terms of this Deposit Agreement, as such Receipts may be
		amended from time to time in accordance with the provisions of this Deposit
		Agreement. References to Receipts shall include physical certificated Receipts
		as well as ADSs issued through DRS/Profile, unless the context otherwise
		requires.
	 

	 
		SECTION 1.26 “Registrar” shall mean the Depositary or
		any bank or trust company having an office in the Borough of Manhattan, The
		City of New York, which shall be appointed by the Depositary to register
		ownership of Receipts and transfer of Receipts as herein provided, shall
		include any co-registrar appointed by the Depositary for such purposes.
		Registrars (other than the Depositary) may be removed and substitutes appointed
		by the Depositary.
	 

	 
		SECTION 1.27 “Restricted
		ADRs”; “Restricted
		ADSs”; and “Restricted Shares” shall have the
		respective meanings set forth in Section 2.11.
	 

	 
		SECTION 1.28 “Restricted
		Securities” shall mean Shares, or American
		Depositary Shares representing such Shares, which (i) have been acquired
		directly or indirectly from the Company or any of its Affiliates in a
		transaction or chain of transactions not involving any public offering and
		subject to resale limitations under the Securities Act or the rules issued
		thereunder, or (ii) are held by an officer or director (or persons performing
		similar functions) or other Affiliate of the Company, or (iii) are subject to
		other restrictions on sale or deposit under the laws of the United States,
		Bermuda, or under a shareholders’ agreement, shareholders’ lock-up
		agreement or the Company’s Bye-laws or under the regulations of an
		applicable securities exchange unless, in each case, such Shares are being sold
		to persons other than an Affiliate of the Company in a transaction (x) covered
		by an effective resale registration statement or (y) exempt from the
		registration requirements of the Securities Act (as hereinafter defined), and
		the Shares are not, when held by such person, Restricted Securities.
	 

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

	 
		SECTION 1.30 “Shares” shall mean common
		shares in registered form of the Company, par value $0.001 each, heretofore or
		hereafter validly issued and outstanding and fully paid or hereafter validly
		issued and outstanding and fully paid. References to Shares shall include
		evidence of rights to receive Shares, whether or not stated in the particular
		instance; provided, however,
		that in no event shall Shares include evidence of rights to receive Shares with
		respect to which the full purchase price has not been paid or Shares as to
		which pre-emptive rights have theretofore not been validly waived or exercised;
		provided further, however,
		that, if there shall occur any change in par value, split-up, subdivision,
		consolidation, reclassification, conversion or any other event described in
		Section 4.9, in respect of the Shares of the Company, the term
		“Shares” shall thereafter, to the extent permitted by law, represent
		the successor securities resulting from such change in par value, split-up,
		subdivision, consolidation, exchange, conversion, reclassification or
		event.
	 

	 
		SECTION 1.31 “United
		States” or “U.S.” shall mean the
		United States of America.
	 

	 
		ARTICLE II.
	 

	 
		APPOINTMENT OF DEPOSITARY; FORM OF RECEIPTS;

	 

	 
		DEPOSIT OF SHARES; EXECUTION
	 

	 
		AND DELIVERY, TRANSFER AND SURRENDER OF
		RECEIPTS
	 

	 
		 
	 

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

	 
		SECTION 2.2 Form and
		Transferability of Receipts.
	 

	 
		(a) Definitive Receipts shall be substantially in the form
		set forth in Exhibit A annexed to
		this Deposit Agreement, with appropriate insertions, modifications and
		omissions, as hereinafter provided. Receipts may be issued in denominations of
		any number of American Depositary Shares. No definitive Receipt shall be
		entitled to any benefits under this Deposit Agreement or be valid or obligatory
		for any purpose, unless such Receipt shall have been executed by the Depositary
		by the manual or facsimile signature of a duly authorized signatory of the
		Depositary. The Depositary shall maintain books on which each Receipt so
		executed and delivered, in the case of definitive Receipts, and each Receipt
		issued through DRS/Profile, in either case as hereinafter provided and the
		transfer of each such Receipt shall be registered. Receipts in certificated
		form bearing the manual or facsimile signature of a duly authorized signatory
		of the Depositary who was at any time a proper signatory of the Depositary
		shall bind the Depositary, notwithstanding that such signatory has ceased to
		hold such office prior to the execution and delivery of such Receipts by the
		Registrar or did not hold such office on the date of issuance of such Receipts.
		
	 

	 
		Notwithstanding anything in this Deposit Agreement or in
		the form of Receipt to the contrary, the Depositary may, in its discretion,
		issue ADRs (including Restricted ADRs) in definitive form and Holders of ADRs
		(other than any Holders of Restricted ADRs who shall be required to hold ADRs
		in definitive form) shall only be entitled to receive definitive Receipts,
		except and to the extent the Depositary has made definitive Receipts available
		at the expense of the Company (i) in its sole discretion or (ii) (a) during a
		continuous period lasting at least 14 days during which DTC ceases to operate
		as a book-entry clearing house and settlement system (other than by reason of
		holidays, statutory or otherwise) or (b) DTC announces an intention permanently
		to cease and subsequently ceases business as a book-entry clearing house and
		settlement system and no alternative book-entry clearing house and settlement
		system satisfactory to the Depositary is available within 45 days. Holders and
		Beneficial Owners shall be bound by the terms and conditions of this Deposit
		Agreement and of the form of Receipt, regardless of whether their Receipts are
		certificated or issued through book-entry registration.
	 

	 
		(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. Holders and Beneficial Owners shall be deemed, for all
		purposes, to have notice of, and to be bound by, the terms and conditions of
		the legends set forth, in the case of Holders, on the ADR registered in the
		name of the applicable
	 

	 
		 
	 

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

	 
		(c) Subject to the limitations contained herein and in the
		form of Receipt, title to a Receipt (and to the ADSs evidenced thereby), when
		properly endorsed (in the case of certificated Receipts) or upon delivery to
		the Depositary of proper instruments of transfer, shall be transferable by
		delivery with the same effect as in the case of a negotiable instrument under
		the laws of the State of New York; provided, however, that the Depositary,
		notwithstanding any notice to the contrary, may treat the Holder thereof as the
		absolute owner thereof for the purpose of determining the person entitled to
		distribution of dividends or other distributions or to any notice provided for
		in this Deposit Agreement and for all other purposes and neither the Depositary
		nor the Company will have any obligation or be subject to any liability under
		the Deposit Agreement to any holder of a Receipt, unless such holder is the
		Holder thereof.
	 

	 
		SECTION 2.3 Deposits. (a) Subject to the terms and
		conditions of this Deposit Agreement and applicable law, Shares or evidence of
		rights to receive Shares (including Restricted Securities provided that any
		such Restricted Securities shall be held fully segregated from Shares otherwise
		deposited hereunder) 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 and Section 2.11 hereof). Every
		deposit of Shares shall be accompanied by the following: (A) in the case of
		Shares issued in registered form, appropriate instruments of transfer or
		endorsement, in a form satisfactory to the Custodian, (B) such certifications
		and payments (including, without limitation, the Depositary’s fees and
		related charges) and evidence of such payments (including, without limitation,
		stamping or otherwise marking such Shares by way of receipt) as may be required
		by the Depositary or the Custodian in accordance with the provisions of this
		Deposit Agreement, (C) if the Depositary so requires, a written order directing
		the Depositary to execute and deliver to, or upon the written order of, the
		person or persons stated in such order a Receipt or Receipts for the number of
		American Depositary Shares representing the Shares so deposited, (D) evidence
		satisfactory to the Depositary (which may include an opinion of counsel
		reasonably satisfactory to the Depositary provided at the cost of the person
		seeking to deposit Shares) that all conditions to such deposit have been met
		and all necessary approvals have been granted by, and there has been compliance
		with the rules and regulations of, any applicable governmental agency in
		Bermuda, and (E) if the Depositary so requires, (i) an agreement, assignment or
		instrument satisfactory to the Depositary or the Custodian which provides for
		the prompt transfer by any person in whose name the Shares are or have been
		recorded to the Custodian of any distribution, or right to subscribe for
		additional Shares or to receive other property in respect of any such deposited
		Shares or, in lieu thereof, such indemnity or other agreement as shall be
		satisfactory to the Depositary or the Custodian and (ii) if the Shares are
		registered in the name of the person on whose behalf they are presented for
		deposit, a proxy or proxies entitling the Custodian to exercise voting rights
		in respect of the Shares for any and all purposes until the Shares so deposited
		are registered in the name of the Depositary, the Custodian or any nominee. No
		Share shall be accepted for deposit unless accompanied by confirmation or such
		additional evidence, if any is required by the Depositary, that is reasonably
		satisfactory to the Depositary or the Custodian that all conditions to such
		deposit have been satisfied by the person depositing such Shares under the laws
		and regulations of Bermuda and any necessary approval has been granted by any
		governmental body in Bermuda , if any, which is then performing the function of
		the regulator of currency exchange. The Depositary may issue Receipts against
		evidence of rights to receive Shares from the Company, any agent of the Company
		or any custodian, registrar, transfer agent, clearing agency or other entity
		involved in ownership or transaction records in respect of the Shares. Without
		limitation of the foregoing and subject to Section 2.11 hereof, the Depositary
		shall not knowingly accept for deposit under this Deposit Agreement any Shares
		or other Deposited Securities required to be registered under the provisions of
		the Securities Act, unless a registration statement is in effect as to
		such
	 

	 
		 
	 

	 
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		Shares or other Deposited Securities, or any Shares or
		other Deposited Securities the deposit of which would violate any provisions of
		the Memorandum and Bye-laws of the Company. The Depositary shall use
		commercially reasonable efforts to comply with reasonable written instructions
		of the Company that the Depositary shall not accept for deposit hereunder any
		Shares specifically identified in such instructions at such times and under
		such circumstances as may reasonably be specified in such instructions in order
		to facilitate the Company’s compliance with the securities laws in the
		United States and other jurisdictions; provided that the Company shall
		indemnify the Depositary and the Custodian for any claims and losses arising
		from not accepting the deposit of any Shares identified in the Company’s
		instructions.
	 

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

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

	 
		SECTION 2.4 Execution and
		Delivery of Receipts. After the deposit of any Shares
		pursuant to Section 2.3, the Custodian shall notify the Depositary of such
		deposit and the person or persons to whom or upon whose written order a Receipt
		or Receipts are deliverable in respect thereof and the number of American
		Depositary Shares to be evidenced thereby. Such notification shall be made by
		letter, first class airmail postage prepaid, or, at the request, risk and
		expense of the person making the deposit, by cable, telex, SWIFT, facsimile or
		electronic transmission. After receiving such notice from the Custodian, the
		Depositary, subject to this Deposit Agreement (including, without limitation,
		the payment by the Company of the fees, expenses, taxes and other charges owing
		hereunder), shall issue the ADSs representing the Shares so deposited to or
		upon the order of the person or persons named in the notice delivered to the
		Depositary and shall execute and deliver a Receipt registered in the name or
		names requested by such person or persons evidencing in the aggregate the
		number of American Depositary Shares to which such person or persons are
		entitled. Nothing herein shall prohibit any Pre-Release Transaction upon the
		terms set forth in this Deposit Agreement.
	 

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

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

	 
		 
	 

	 
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		of the Depositary of a Receipt by the Holder thereof in
		person or by duly authorized attorney, properly endorsed in the case of a
		certificated Receipt or accompanied by, or in the case of DRS/Profile Receipts
		receipt by the Depositary of, proper instruments of transfer (including
		signature guarantees in accordance with standard industry practice) and duly
		stamped as may be required by the laws of the State of New York and of the
		United States and any other applicable law. Subject to the terms and conditions
		of this Deposit Agreement, including payment of the applicable fees and charges
		of the Depositary set forth in Section 5.9 and Article (9), the Depositary
		shall execute a new Receipt or Receipts and deliver the same to or upon the
		order of the person entitled thereto evidencing the same aggregate number of
		American Depositary Shares as those evidenced by the Receipts surrendered.
		
	 

	 
		(b) Combination and Split
		Up. The Depositary, subject to the terms and
		conditions of this Deposit Agreement shall, upon surrender of a Receipt or
		Receipts for the purpose of effecting a split-up or combination of such Receipt
		or Receipts and upon payment to the Depositary of the applicable fees and
		charges set forth in Section 5.9 and Article (9), execute and deliver a new
		Receipt or Receipts for any authorized number of American Depositary Shares
		requested, evidencing the same aggregate number of American Depositary Shares
		as the Receipt or Receipts surrendered.
	 

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

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

	 
		SECTION 2.6 Surrender of Receipts
		and Withdrawal of Deposited Securities. Upon
		surrender, at the Corporate Trust Office of the Depositary, of American
		Depositary Shares for the purpose of withdrawal of the Deposited Securities
		represented thereby, and upon payment of (i) the fees and charges of the
		Depositary for the making of withdrawals of Deposited Securities and
		cancellation of Receipts (as set forth in Section 5.9 and Article (9)) and (ii)
		all applicable taxes and governmental charges payable in connection with such
		surrender and withdrawal, and subject to the terms and conditions of this
		Deposit Agreement, the Company’s Bye-laws, Section 7.10 hereof and any
		other provisions of or governing the Deposited Securities and other applicable
		laws, the Holder of such American Depositary Shares shall be entitled to
		Delivery, to him or upon his order, of the Deposited Securities at the time
		represented by the American Depositary Shares so surrendered. American
		Depositary Shares may be surrendered for the purpose of withdrawing Deposited
		Securities by delivery of a Receipt evidencing such American Depositary Shares
		(if held in certificated form) or by book-entry delivery of such American
		Depositary Shares to the Depositary.
	 

	 
		A Receipt surrendered for such purposes shall, if so
		required by the Depositary, be properly endorsed in blank or accompanied by
		proper instruments of transfer in blank, and if the Depositary so requires, the
		Holder thereof shall execute and deliver to the Depositary a written order
		
	 

	 
		 
	 

	 
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		directing the Depositary to cause the Deposited Securities
		being withdrawn to be Delivered to or upon the written order of a person or
		persons designated in such order. Thereupon, the Depositary shall direct the
		Custodian to Deliver (without unreasonable delay) at the designated office of
		the Custodian or through a book-entry delivery of the Shares (in either case,
		subject to Sections 2.7, 3.1, 3.2, 5.9, and to the other terms and conditions
		of this Deposit Agreement, to the Company’s Bye-laws, to the provisions of
		or governing the Deposited Securities and to applicable laws, now or hereafter
		in effect) to or upon the written order of the person or persons designated in
		the order delivered to the Depositary as provided above, the Deposited
		Securities represented by such American Depositary Shares, together with any
		certificate or other proper documents of or relating to title of the Deposited
		Securities as may be legally required, as the case may be, to or for the
		account of such person. 
	 

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

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

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

	 
		(a) Additional
		Requirements. As a condition precedent to the
		execution and delivery, registration, registration of transfer, split-up,
		subdivision, combination or surrender of any Receipt, the delivery of any
		distribution thereon or withdrawal of any Deposited Securities, the Depositary
		or the Custodian may require (i) payment from the Company on behalf of any
		depositor of Shares or presenter of the Receipt (or with respect to the
		surrender of any Receipt or withdrawal of any Deposited Securities, from the
		depositor of Shares or presenter of the Receipt) of a sum sufficient to
		reimburse it for any tax or other governmental charge [and any stock transfer
		or registration fee] with respect thereto (including any such tax or charge and
		fee with respect to Shares being deposited or withdrawn) and payment of any
		applicable fees and charges of the Depositary as provided in Section 5.9 and
		Article (9), or as separately agreed from time to time between the Company and
		the Depositary, (ii) the production of proof satisfactory to it as to the
		identity and genuineness of any signature or any other matter contemplated by
		Section 3.1 hereof and (iii) compliance with (A) any laws or governmental
		regulations relating to the execution and delivery of Receipts or American
		Depositary Shares or to the
	 

	 
		 
	 

	 
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		withdrawal or delivery of Deposited Securities and (B)
		such reasonable regulations as the Depositary may establish consistent with the
		provisions of this Deposit Agreement and applicable law.
	 

	 
		(b) Additional
		Limitations. The issuance of ADSs against deposits of
		Shares generally or against deposits of particular Shares may be suspended, or
		the issuance of ADSs against the deposit of particular Shares may be withheld,
		or the registration of transfer of Receipts in particular instances may be
		refused, or the registration of transfers of Receipts generally may be
		suspended, during any period when the transfer books of the Depositary are
		closed or if any such action is deemed necessary or advisable by the Depositary
		or the Company, in good faith, at any time or from time to time because of any
		requirement of law, any government or governmental body or commission or any
		securities exchange on which the Receipts or Shares are listed, or under any
		provision of this Deposit Agreement or provisions of, or governing, the
		Deposited Securities, or any meeting of shareholders of the Company or for any
		other reason, subject, in all cases, to Section 7.10 hereof.
	 

	 
		SECTION 2.8 Lost Receipts,
		etc. To the extent the Depositary has issued Receipts
		in physical certificated form, in case any Receipt shall be mutilated,
		destroyed, lost or stolen, unless the Depositary has notice that such ADR has
		been acquired by a bona fide purchaser, subject to Section 5.9 hereof, the
		Depositary shall execute and deliver a new Receipt (which, in the discretion of
		the Depositary may be issued through DRS/Profile unless specifically requested
		otherwise) in exchange and substitution for such mutilated Receipt upon
		cancellation thereof, or in lieu of and in substitution for such destroyed,
		lost or stolen Receipt. Before the Depositary shall execute and deliver a new
		Receipt in substitution for a destroyed, lost or stolen Receipt, the Holder
		thereof shall have (a) filed with the Depositary (i) a request for
		such execution and delivery before the Depositary has notice that the Receipt
		has been acquired by a bona fide purchaser and (ii) a sufficient indemnity
		bond in form and amount acceptable to the Depositary and (b) satisfied any
		other reasonable requirements imposed by the Depositary.
	 

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

	 
		SECTION 2.10 Pre-Release. Subject to the further terms
		and provisions of this Section 2.10, the Depositary, its Affiliates and their
		agents, on their own behalf, may own and deal in any class of securities of the
		Company and its Affiliates and in ADSs. In its capacity as Depositary, the
		Depositary may (i) issue ADSs prior to the receipt of Shares (each such
		transaction a “Pre-Release Transaction”) as provided below and (ii)
		deliver Shares upon the receipt and cancellation of ADSs that were issued in a
		Pre-Release Transaction, but for which Shares may not yet have been received.
		The Depositary may receive ADSs in lieu of Shares under (i) above and receive
		shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will
		be (a) subject to a written agreement whereby the person or entity (the
		“Applicant”) to whom ADSs or Shares are to be delivered (1)
		represents that at the time of the Pre-Release Transaction the Applicant or its
		customer owns the Shares or ADSs that are to be delivered by the Applicant
		under such Pre-Release Transaction, (2) agrees to indicate the Depositary as
		owner of such Shares or ADSs in its records and to hold such Shares or ADSs in
		trust for the Depositary until such Shares or ADSs are delivered to the
		Depositary or the Custodian, (3) unconditionally guarantees to deliver to the
		Depositary or the Custodian, as applicable, such Shares or ADSs, and (4) agrees
		to any additional restrictions or requirements that the Depositary deems
		appropriate, (b) at all times fully collateralized with cash, United States
		government securities or such other collateral as the Depositary deems
		appropriate, (c) terminable by the Depositary on not more than five (5)
		business days’ notice (save for a prescribed termination event in which
		case any such Pre-Release Transaction may be immediately
	 

	 
		 
	 

	 
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		terminable by the Depositary) and (d) subject to such
		further indemnities and credit regulations as the Depositary deems appropriate.
		The Depositary will normally limit the number of ADSs involved in such
		Pre-Release Transactions at any one time to thirty percent (30%) of the ADSs
		outstanding (without giving effect to ADSs outstanding pursuant to any
		Pre-Release Transaction), provided, however, that the
		Depositary reserves the right to disregard such limit from time to time as it
		deems appropriate. The Depositary may also set limits with respect to the
		number of ADSs involved in Pre-Release Transactions with any one person on a
		case by case basis as it deems appropriate.
	 

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

	 
		SECTION 2.11 Restricted
		ADSs. The Depositary shall, at
		the request and expense of the Company, establish procedures enabling the
		deposit hereunder of Shares that are Restricted Securities in order to enable
		the holder of such Shares to
		hold its ownership interests in such restricted Shares in the form of ADSs
		issued under the terms hereof (such Shares, “Restricted Shares”). Restricted ADSs shall only be issued in
		physical form, registered in the name of the Holder of Restricted ADSs. 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 such deposited Restricted Shares
		(such ADSs, the
		“Restricted ADSs,”
		and the ADRs evidencing such Restricted ADSs, the
		“Restricted
		ADRs”). 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 insure that the establishment of such procedures does not violate the provisions of
		the Securities Act or any
		other applicable laws. The depositors of such Restricted Shares and the holders of the Restricted
		ADSs may be required prior to the deposit of such Restricted Shares, the transfer of the Restricted ADRs
		and the Restricted ADSs
		evidenced thereby or the withdrawal of the Restricted Shares represented by Restricted ADSs to provide
		such written certifications or agreements as the Depositary or the Company may require. The Company
		shall provide to the
		Depositary in writing the legend(s) to be affixed to the Restricted ADRs, which legends shall (i) be
		in a form reasonably satisfactory to the Depositary and (ii) contain the specific circumstances under
		which the Restricted ADRs
		and the Restricted ADSs represented thereby 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 be held
		separate and distinct from
		the other Deposited Securities held hereunder. The Restricted Shares and the Restricted ADSs shall not be
		eligible for Pre-Release Transactions. The Restricted ADSs shall not be eligible for inclusion
		in any book-entry settlement
		system, including, without limitation, DTC, and shall not in any way be fungible with the ADSs issued
		under the terms hereof that are not Restricted ADSs. The Restricted ADRs and the Restricted ADSs evidenced
		thereby shall be
		transferable only by the Holder thereof upon delivery to the Depositary of (i) all documentation
		otherwise contemplated by this Deposit
		Agreement and (ii) an opinion of counsel reasonably
		satisfactory to the Depositary setting forth, inter
		alia, the conditions upon which the
		Restricted ADR presented is,
		and the Restricted ADSs evidenced thereby are, transferable
		by the Holder thereof under applicable securities
		laws and the transfer restrictions contained in the legend set forth on the Restricted ADR
		presented for transfer.
		Except as set forth in this Section 2.11 and except as required by applicable law, the Restricted ADRs and
		the Restricted ADSs evidenced thereby shall be treated as ADRs and ADSs issued and outstanding under
		the terms of the Deposit
		Agreement. In the event that, in determining the rights and obligations of parties hereto with
		respect to any Restricted ADSs, any conflict arises between (a) the terms of this Deposit Agreement (other
		than this Section 2.11) and
		(b) the terms of (i) this Section 2.11 or (ii) the
		applicable Restricted ADR, the terms and conditions
		set forth in this Section 2.11 and of the Restricted ADR shall be
	 

	 
		 
	 

	 
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		controlling and shall govern the rights and obligations of the parties to this
		Deposit Agreement pertaining to the deposited Restricted Shares, the Restricted ADSs and Restricted
		ADRs.
	 

	 
		If any of the Restricted ADRs, the Restricted ADSs and the
		Restricted Shares are no longer Restricted Securities, the Depositary, upon
		receipt of (x) an opinion of counsel reasonably satisfactory to the Depositary
		setting forth, inter alia, that such Restricted ADRs, Restricted ADSs and
		Restricted Shares are not as of such time Restricted Securities, and (y)
		instructions from the Company to remove the restrictions applicable to such
		Restricted ADRs, Restricted ADSs and the Restricted Shares, shall (i) eliminate
		the distinctions and separations between such Restricted Shares held on deposit
		under this Section 2.11 and the other Shares held on deposit under the terms of
		the Deposit Agreement that are not Restricted Shares, (ii) treat such newly
		unrestricted ADRs and ADSs on the same terms as, and fully fungible with, the
		other ADRs and ADSs issued and outstanding under the terms of the Deposit
		Agreement that are not Restricted ADRs or Restricted ADSs, (iii) take all
		actions necessary to remove any distinctions, limitations and restrictions
		previously existing under this Section 2.11 between such Restricted ADRs and
		Restricted ADSs, respectively, on the one hand, and the other ADRs and ADSs
		that are not Restricted ADRs or Restricted ADSs, respectively, on the other
		hand, including, without limitation, by making the newly unrestricted ADSs
		eligible for Pre-Release Transactions and for inclusion in the applicable
		book-entry settlement systems.
	 

	 
		ARTICLE III.
	 

	 
		CERTAIN OBLIGATIONS OF HOLDERS
	 

	 
		AND BENEFICIAL OWNERS OF RECEIPTS
	 

	 
		SECTION 3.1 Proofs, Certificates
		and Other Information. Any person presenting Shares
		for deposit, any Holder and any Beneficial Owner may be required, and every
		Holder and Beneficial Owner agrees, from time to time to provide to the
		Depositary or the Custodian such proof of citizenship or residence, taxpayer
		status, payment of all applicable taxes or other governmental charges, exchange
		control approval, legal or beneficial ownership of ADSs and Deposited
		Securities, compliance with applicable laws and the terms of this Deposit
		Agreement and the provisions of, or governing, the Deposited Securities or
		other information; to execute such certifications and to make such
		representations and warranties, and to provide such other information and
		documentation as the Depositary may deem necessary or proper or as the Company
		may reasonably require by written request to the Depositary consistent with its
		obligations hereunder. The Depositary and the Registrar, as applicable, may
		withhold the execution or delivery or registration of transfer of any Receipt
		or the distribution or sale of any dividend or distribution of rights or of the
		proceeds thereof, or to the extent not limited by the terms of Section 7.10
		hereof, the delivery of any Deposited Securities, until such proof or other
		information is filed or such certifications are executed, or such
		representations and warranties are made, or such other documentation or
		information provided, in each case to the Depositary’s and the
		Company’s satisfaction. The Depositary shall from time to time on the
		written request advise the Company of the availability of any such proofs,
		certificates or other information and shall, at the Company’s sole
		expense, provide or otherwise make available copies thereof to the Company upon
		written request thereof by the Company, unless such disclosure is prohibited by
		law. Each Holder and Beneficial Owner agrees to provide any information
		requested by the Company or the Depositary pursuant to this paragraph. Nothing
		herein shall obligate the Depositary to (i) obtain any information for the
		Company if not provided by the Holders or Beneficial Owners or (ii) verify or
		vouch for the accuracy of the information so provided by the Holders or
		Beneficial Owners.
	 

	 
		SECTION 3.2 Liability for Taxes
		and Other Charges. If any present or future tax or
		other governmental charge shall become payable by the Depositary or the
		Custodian with respect to any ADR or any Deposited Securities or American
		Depositary Shares, such tax or other governmental charge shall
	 

	 
		 
	 

	 
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		be payable by the Holders and Beneficial Owners to the
		Depositary and such Holders and Beneficial Owners shall be deemed liable
		therefor. The Company, the Custodian and/or the Depositary may withhold or
		deduct from any distributions made in respect of Deposited Securities and may
		sell for the account of a Holder and/or Beneficial Owner any or all of the
		Deposited Securities and apply such distributions and sale proceeds in payment
		of such taxes (including applicable interest and penalties) or charges, with
		the Holder and the Beneficial Owner remaining fully liable for any deficiency.
		In addition to any other remedies available to it, the Depositary and the
		Custodian may refuse the deposit of Shares, and the Depositary may refuse to
		issue ADSs, to deliver ADRs, register the transfer, split-up or combination of
		ADRs and (subject to Section 7.10) the withdrawal of Deposited Securities,
		until payment in full of such tax, charge, penalty or interest is received.
		Every Holder and Beneficial Owner agrees to indemnify the Depositary, the
		Company, the Custodian, and each of their respective agents, officers,
		directors, employees and Affiliates for, and to hold each of them harmless
		from, any claims with respect to taxes (including applicable interest and
		penalties thereon) arising from any tax benefit obtained for such Holder and/or
		Beneficial Owner. The obligations of Holders and Beneficial Owners of Receipts
		under this Section 3.2 shall survive any transfer of Receipts, any
		surrender of Receipts and withdrawal of Deposited Securities, or the
		termination of this Deposit Agreement.
	 

	 
		SECTION 3.3 Representations and
		Warranties on Deposit of Shares. Each depositor
		depositing Shares under the Deposit Agreement shall be deemed thereby to
		represent and warrant that (i) such Shares and the certificates therefor are
		duly authorized, validly issued, fully paid, non-assessable and were legally
		obtained by such person, (ii) all preemptive (and similar) rights, if any, with
		respect to such Shares have been validly waived or exercised, (iii) the person
		making such deposit is duly authorized so to do, (iv) the Shares presented for
		deposit are free and clear of any lien, encumbrance, security interest, charge,
		mortgage or adverse claim, and are not, and the American Depositary Shares
		issuable upon such deposit will not be, Restricted Securities (except as
		contemplated by Section 2.11) and (v) the Shares presented for deposit have not
		been stripped of any rights or entitlements. Such representations and
		warranties shall survive the deposit and withdrawal of Shares, the issuance and
		cancellation of American Depositary Shares in respect thereof and the transfer
		of such American Depositary Shares. If any such representations or warranties are false in any way, the
		Company and the Depositary shall be authorized, at the cost and expense of the
		person depositing Shares, to take any and all actions necessary to correct the
		consequences thereof.
	 

	 
		SECTION 3.4 Compliance with
		Information Requests. Notwithstanding any other
		provision of this Deposit Agreement, the Bye-laws of the Company and applicable
		law, each Holder and Beneficial Owner agrees to (a) provide such information as
		the Company or the Depositary may request pursuant to law (including, without
		limitation, relevant Bermuda law, any applicable law of the United States, the
		Bye-laws of the Company, any resolutions of the Company’s Board of
		Directors adopted pursuant to such Bye-laws, the requirements of any markets or
		exchanges upon which the Shares, ADSs or Receipts are listed or traded, or to
		any requirements of any electronic book-entry system by which the ADSs or
		Receipts may be transferred, and (b) be bound by and subject to applicable
		provisions of the laws of Bermuda, the Bye-laws of the Company and the
		requirements of any markets or exchanges upon which the ADSs, Receipts or
		Shares are listed or traded, or pursuant to any requirements of any electronic
		book-entry system by which the ADSs, Receipts or Shares may be transferred, to
		the same extent as if such Holder and Beneficial Owner held Shares directly, in
		each case irrespective of whether or not they are Holders or Beneficial Owners
		at the time such request is made. The Depositary agrees to use its reasonable
		efforts to forward upon the request of the Company, and at the Company’s
		expense, any such request from the Company to the Holders and to forward to the
		Company any such responses to such requests received by the Depositary.
	 

	 
		 
	 

	 
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		ARTICLE
		IV.
	 

	 
		THE DEPOSITED
		SECURITIES
	 

	 
		SECTION 4.1
		Cash
		Distributions.
		Whenever the Depositary receives confirmation from the Custodian of receipt of
		any cash dividend or other cash distribution on any Deposited Securities, or
		receives proceeds from the sale of any Shares, rights, securities or other
		entitlements under the terms hereof, received in Dollars, the Depositary will
		distribute promptly the amount thus received (net of taxes and governmental
		charges withheld) to the Holders of record as of the ADS Record Date in
		proportion to the number of American Depositary Shares held by such Holders
		respectively as of the ADS Record Date. The Depositary shall distribute only
		such amount, however, as can be distributed without attributing to any Holder a
		fraction of one cent. Any such fractional amounts shall be rounded to the
		nearest whole cent and so distributed to Holders entitled thereto. If at the
		time of receipt thereof any amounts received are received in a Foreign Currency
		and can, in the judgment of the Depositary (pursuant to Section 4.6 hereof) be
		converted on a practicable basis into Dollars transferable to the United
		States, the Depositary will promptly convert or cause to be converted such cash
		dividend, distribution or proceeds into Dollars (on the terms described in
		Section 4.6) and will distribute in accordance with the first two sentences of
		this Section 4.1. Holders and Beneficial Owners understand that in converting
		Foreign Currency, amounts received on conversion are calculated at a rate which
		exceeds three or four decimal places (the number of decimal places used by the
		Depositary to report distribution rates). The excess amount may be retained by
		the Depositary as an additional cost of conversion, irrespective of any other
		fees and expenses payable or owing hereunder and shall not be subject to
		escheatment. 
	 

	 
		If the Company, the
		Custodian or the Depositary is required to withhold and does withhold from any
		cash dividend or other cash distribution in respect of any Deposited Securities
		an amount on account of taxes, duties or other governmental charges, the amount
		distributed to Holders on the American Depositary Shares representing such
		Deposited Securities shall be reduced accordingly. Such withheld amounts shall
		be forwarded by the Company, the Custodian or the Depositary to the relevant
		governmental authority. Evidence of payment thereof by the Company shall be
		forwarded by the Company to the Depositary upon request. The Depositary shall
		forward to the Company or its agent such information from its records as the
		Company may reasonably request to enable the Company or its agent to file
		necessary reports with governmental agencies, such reports necessary to obtain
		benefits under the applicable tax treaties for the Holders and Beneficial
		Owners of Receipts. 
	 

	 
		SECTION 4.2
		Distribution in
		Shares. If any
		distribution upon any Deposited Securities consists of a dividend in, or free
		distribution of, Shares, the Company shall cause such Shares to be deposited
		with the Custodian and registered, as the case may be, in the name of the
		Depositary, the Custodian or any of their nominees. Upon receipt of
		confirmation of such deposit from the Custodian, the Depositary shall establish
		the ADS Record Date upon the terms described in Section 4.7 and shall, subject
		to Section 5.9 hereof, either (i) distribute to the Holders as of the ADS
		Record Date in proportion to the number of American Depositary Shares held as
		of the ADS Record Date, additional American Depositary Shares, which represent
		in the aggregate the number of Shares received as such dividend, or free
		distribution, subject to the other terms of this Deposit Agreement (including,
		without limitation, taxes), or (ii) if additional American Depositary Shares
		are not so distributed, each American Depositary Share issued and outstanding
		after the ADS Record Date shall, to the extent permissible by law, thenceforth
		also represent rights and interests in the additional Shares distributed upon
		the Deposited Securities represented thereby (net of taxes and governmental
		charges). In lieu of delivering fractional American Depositary Shares, the
		Depositary shall sell the number of Shares represented by the aggregate of such
		fractions and distribute the proceeds upon the terms described in Section 4.1.
		The Depositary may withhold any such distribution of Receipts if it has not
		received satisfactory assurances from the 
	 

	 
		 
	 

	 
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		Company (including an
		opinion of counsel to the Company furnished at the expense of the Company) that
		such distribution does not require registration under the Securities Act or is
		exempt from registration under the provisions of the Securities Act. To the
		extent such distribution may be withheld, the Depositary may dispose of all or
		a portion of such distribution in such amounts and in such manner, including by
		public or private sale, as the Depositary deems necessary and practicable, and
		the Depositary shall distribute the net proceeds of any such sale (after
		deduction of applicable (a) taxes and (b) fees and charges of, and expenses
		incurred by, the Depositary) to Holders entitled thereto upon the terms
		described in Section 4.1. 
	 

	 
		SECTION 4.3
		Elective
		Distributions in Cash or Shares. Whenever the Company intends to
		distribute a dividend payable at the election of the holders of Shares in cash
		or in additional Shares, the Company shall give notice thereof to the
		Depositary at least 30 days prior to the proposed distribution stating whether
		or not it wishes such elective distribution to be made available to Holders of
		ADSs. Upon receipt of notice indicating that the Company wishes such elective
		distribution to be made available to Holders of ADSs, the Depositary shall
		consult with the Company to determine, and the Company shall assist the
		Depositary in its determination, whether it is lawful and reasonably
		practicable to make such elective distribution available to the Holders of
		ADSs. The Depositary shall make such elective distribution available to Holders
		only if (i) the Company shall have timely requested that the elective
		distribution is available to Holders of ADRs, (ii) the Depositary shall have
		determined that such distribution is reasonably practicable and (iii) the
		Depositary shall have received satisfactory documentation within the terms of
		Section 5.7. If the above conditions are not satisfied, the Depositary shall,
		to the extent permitted by law, distribute to the Holders, on the basis of the
		same determination as is made in the local market in respect of the Shares for
		which no election is made, either (x) cash upon the terms described in Section
		4.1 or (y) additional ADSs representing such additional Shares upon the terms
		described in Section 4.2. If the above conditions are satisfied, the Depositary
		shall establish an ADS Record Date (on the terms described in Section 4.7) and
		establish procedures to enable Holders to elect the receipt of the proposed
		dividend in cash or in additional ADSs. The Company shall assist the Depositary
		in establishing such procedures to the extent necessary. Subject to Section 5.9
		hereof, if a Holder elects to receive the proposed dividend (x) in cash, the
		dividend shall be distributed upon the terms described in Section 4.1, or (y)
		in ADSs, the dividend shall be distributed upon the terms described in Section
		4.2. Nothing herein shall obligate the Depositary to make available to Holders
		a method to receive the elective dividend in Shares (rather than ADSs). There
		can be no assurance that Holders generally, or any Holder in particular, will
		be given the opportunity to receive elective distributions on the same terms
		and conditions as the holders of Shares.
	 

	 
		SECTION 4.4
		Distribution of
		Rights to Purchase Shares.
	 

	 
		(a) Distribution to ADS Holders. Whenever the Company intends to distribute to the
		holders of the Deposited Securities rights to subscribe for additional Shares,
		the Company shall give notice thereof to the Depositary at least 60 days prior
		to the proposed distribution stating whether or not it wishes such rights to be
		made available to Holders of ADSs. Upon receipt of a notice indicating that the
		Company wishes such rights to be made available to Holders of ADSs, the
		Depositary shall consult with the Company to determine, and the Company shall
		determine, whether it is lawful and reasonably practicable to make such rights
		available to the Holders. The Depositary shall make such rights available to
		Holders only if (i) the Company shall have timely requested that such rights be
		made available to Holders, (ii) the Depositary shall have received satisfactory
		documentation within the terms of Section 5.7, and (iii) the Depositary shall
		have determined that such distribution of rights is lawful and reasonably
		practicable. In the event any of the conditions set forth above are not
		satisfied, the Depositary shall proceed with the sale of the rights as
		contemplated in Section 4.4(b) below or, if timing or market conditions may not
		permit, do nothing thereby allowing such rights to lapse. In the event all
		conditions 
	 

	 
		 
	 

	 
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		set forth above are
		satisfied, the Depositary shall establish an ADS Record Date (upon the terms
		described in Section 4.7) and establish procedures (x) to distribute such
		rights (by means of warrants or otherwise) and (y) to enable the Holders to
		exercise the rights (upon payment of applicable (a) fees and charges of, and
		expenses incurred by, the Depositary and (b) taxes and other governmental
		charges). Nothing herein shall obligate the Depositary to make available to the
		Holders a method to exercise such rights to subscribe for Shares (rather than
		ADSs).
	 

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

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

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

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

	 
		There can be no
		assurance that Holders generally, or any Holder in particular, will be given
		the opportunity to exercise rights on the same terms and conditions as the
		holders of Shares or be 
	 

	 
		 
	 

	 
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		able to exercise such
		rights. Nothing herein shall obligate the Company to file any registration
		statement in respect of any rights or Shares or other securities to be acquired
		upon the exercise of such rights.
	 

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

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

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

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

	 
		SECTION 4.6
		Conversion of
		Foreign Currency. Whenever the Depositary or the
		Custodian shall receive Foreign Currency from time to time, by way of dividends
		or other distributions or the net proceeds from the sale of securities,
		property or rights, and in the judgment of the Depositary such Foreign Currency
		can at such time be converted on a practicable basis (by sale or in any other
		manner that it may determine in accordance with applicable law) into Dollars
		transferable to the United States and distributable to the Holders entitled
		thereto, the Depositary shall convert or cause to be converted, by sale or in
		any other manner that it may determine, such Foreign Currency into Dollars, and
		shall distribute such Dollars (net of any fees, expenses, taxes or other
		governmental charges incurred in the process of such conversion) in accordance
		with the terms of the applicable sections of this Deposit Agreement. If the
		Depositary shall have distributed warrants or other instruments that entitle
		the holders thereof to such Dollars, the Depositary shall distribute such
		Dollars to the holders of such warrants and/or instruments 
	 

	 
		 
	 

	 
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		upon surrender
		thereof for cancellation, in either case without liability for interest
		thereon. Such distribution may be made upon an averaged or other practicable
		basis without regard to any distinctions among Holders on account of exchange
		restrictions, the date of delivery of any Receipt or otherwise.
	 

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

	 
		If such conversion or
		distribution can be effected only with the approval or license of any
		government or agency thereof, the Depositary may file such application for
		approval or license, if any, as it may deem necessary, practicable and at
		nominal cost and expense. Nothing herein shall obligate the Depositary to file
		or cause to be filed, or to seek effectiveness of any such application or
		license.
	 

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

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

	 
		SECTION 4.8
		Voting of
		Deposited Securities. Subject to the next sentence, as
		soon as practicable after receipt of notice of any meeting at which the holders
		of Shares are entitled to vote, or of solicitation of consents or proxies from
		holders of Shares or other Deposited Securities, the Depositary shall fix the
		ADS Record Date in respect of such meeting or solicitation of consent or proxy.
		The Depositary shall, if requested by the Company in writing in a timely manner
		(the Depositary having no obligation to take any further action if the request
		shall not have been received by the Depositary at least 30 days prior to the
		date of such vote or meeting) and at the Company’s expense and provided no
		U.S. legal prohibitions exist, mail by regular, ordinary mail delivery (or by
		electronic mail or as otherwise may be agreed between the Company and the
		Depositary in writing from time to time) or otherwise distribute 
	 

	 
		 
	 

	 
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		to Holders as of the
		ADS Record Date: (a) such notice of meeting or solicitation of consent or
		proxy; (b) a statement that the Holders at the close of business on the ADS
		Record Date will be entitled, subject to any applicable law, the Company’s
		Memorandum of Association and Bye-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 Shares or other Deposited
		Securities represented by such Holder’s American Depositary Shares; and
		(c) a brief statement as to the manner in which such instructions may be given.
		Voting instructions may be given only in respect of a number of American
		Depositary Shares representing an integral number of Shares or other Deposited
		Securities. Upon the timely receipt of written instructions of a Holder of
		American Depositary Shares on the ADS Record Date of voting instructions in the
		manner specified by the Depositary, the Depositary shall endeavor, insofar as
		practicable and permitted under applicable law, the provisions of this Deposit
		Agreement, the Company’s Bye-laws and the provisions of or governing the
		Deposited Securities, to vote or cause the Custodian to vote the Shares and/or
		other Deposited Securities (in person or by proxy) represented by American
		Depositary Shares evidenced by such Receipt in accordance with such voting
		instructions.
	 

	 
		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, or attempt to exercise the right to vote, or in any way make use of for
		purposes of establishing a quorum or otherwise, the Shares or other Deposited
		Securities represented by ADSs except pursuant to and in accordance with such
		written instructions from Holders. 
	 

	 
		There can be no
		assurance that Holders or Beneficial Owners generally or any Holder or
		Beneficial Owner 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.
	 

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

	 

	 
		SECTION 4.9
		Changes Affecting
		Deposited Securities. Upon any change in par value,
		split-up, subdivision, cancellation, consolidation or any other reclassification of Deposited
		Securities, or upon any recapitalization, reorganization, amalgamation, merger
		or consolidation or sale of assets affecting the Company or to which it is
		otherwise a party, any securities which shall be received by the Depositary or
		the Custodian in exchange for, or in conversion of or replacement or otherwise
		in respect of, such Deposited Securities shall, to the extent permitted by law,
		be treated as new Deposited Securities under this Deposit Agreement, and the
		Receipts shall, subject to the provisions of this Deposit Agreement and
		applicable law, evidence American Depositary Shares representing the right to
		receive such additional securities. Alternatively, the Depositary may, with the
		Company’s approval, and shall, if the Company shall so request, subject to
		the terms of the Deposit Agreement and receipt of an opinion of counsel to the
		Company furnished at the Company’s expense satisfactory to the Depositary
		that such distributions are not in violation of any applicable laws or
		regulations, execute and deliver additional Receipts as in the case of a stock
		dividend on the Shares, or call for the surrender of outstanding Receipts to be
		exchanged for new Receipts, in either case, as well as in the event of newly
		deposited Shares, with necessary modifications to the form of Receipt contained
		in Exhibit
		A hereto,
		specifically describing such new Deposited Securities and/or corporate change.
		The Company agrees to, jointly with the Depositary, amend the Registration
		Statement on Form F-6 as filed with the Commission to permit the issuance of
		such new form of Receipts. Notwithstanding the foregoing, in the event that any
		security so received may not be lawfully distributed to some or all Holders,
		the Depositary may, with the Company’s approval, and 
	 

	 
		 
	 

	 
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		shall, if the Company
		requests, subject to receipt of an opinion of the Company’s counsel
		furnished at the Company’s expense satisfactory to the Depositary that
		such action is not in violation of any applicable laws or regulations, sell
		such securities at public or private sale, at such place or places and upon
		such terms as it may deem proper and may allocate the net proceeds of such
		sales (net of (a) fees and charges of, and expenses incurred by, the Depositary
		and (b) taxes) for the account of the Holders otherwise entitled to such
		securities upon an averaged or other practicable basis without regard to any
		distinctions among such Holders and distribute the net proceeds so allocated to
		the extent practicable as in the case of a distribution received in cash
		pursuant to Section 4.1. The Depositary shall not be responsible for (i) any
		failure to determine that it may be lawful or feasible to make such securities
		available to Holders in general or to any Holder in particular, (ii) any
		foreign exchange exposure or loss incurred in connection with such sale, or
		(iii) any liability to the purchaser of such securities.
	 

	 
		SECTION 4.10
		Available
		Information. The
		Company is subject to the periodic reporting requirements of the Exchange Act
		and accordingly files certain information with the Commission. These reports
		and documents can be inspected and copied at the public reference facilities
		maintained by the Commission located at 100 F Street, N.E., Washington D.C.
		20549, U.S.A.
	 

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

	 
		SECTION 4.12
		List of
		Holders.
		Promptly upon written request by the Company, the Depositary shall, at the
		expense of the Company, furnish to it a list, as of a recent date, of the
		names, addresses and holdings of American Depositary Shares by all persons in
		whose names Receipts are registered on the books of the Depositary. 
	 

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

	 
		 
	 

	 
		20
	 

	 
		 
	 

	 

	 
	 

	 

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

	 
		In the event that the
		Depositary determines that any distribution in property (including Shares and
		rights to subscribe therefor) is subject to any tax or other governmental
		charge which the Depositary is obligated to withhold, the Depositary shall
		withhold the amount required to be withheld and may by public or private sale
		dispose of all or a portion of such property (including Shares and rights to
		subscribe therefor) in such amounts and in such manner as the Depositary deems
		necessary and practicable to pay such taxes or charges and the Depositary shall
		distribute the net proceeds of any such sale after deduction of such taxes or
		charges to the Holders entitled thereto in proportion to the number of American
		Depositary Shares held by them respectively.
	 

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

	 
		ARTICLE
		V.
	 

	 
		 
	 

	 
		THE DEPOSITARY,
		THE CUSTODIAN AND THE COMPANY
	 

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

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

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

	 
		 
	 

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

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

	 
		SECTION 5.2 Exoneration.
		Neither the Depositary, the Custodian or the Company shall be obligated to do
		or perform any act which is inconsistent with the provisions of this Deposit
		Agreement or shall incur any liability (i) if the Depositary, the Custodian or
		the Company or their respective controlling persons or agents shall be
		prevented or forbidden from, or delayed in, doing or performing any act or
		thing required by the terms of this Deposit Agreement, by reason of any
		provision of any present or future law or regulation of the United States or
		any state thereof, Bermuda, Ireland or any other country, or of any other
		governmental authority or regulatory authority or stock exchange, or on account
		of the possible criminal or civil penalties or restraint, or by reason of any
		provision, present or future, of the Company’s Memorandum of Association
		or Bye-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, revolutions, rebellions,
		explosions and computer failure), (ii) by reason of any exercise of, or failure
		to exercise, any discretion provided for in this Deposit Agreement or in the
		Company’s Memorandum of Association or Bye-laws or provisions of or
		governing Deposited Securities, (iii) for any action or inaction of the
		Depositary, the Custodian or the Company or their respective controlling
		persons or agents in reliance upon the advice of or information from legal
		counsel, accountants, any person presenting Shares for deposit, any Holder, any
		Beneficial Owner or authorized representative thereof, or any other person
		believed by it in good faith to be competent to give such advice or
		information, (iv) for the inability by a Holder or Beneficial Owner to benefit
		from any distribution, offering, right or other benefit which is made available
		to holders of Deposited Securities but is not, under the terms of this Deposit
		Agreement, made available to Holders of American Depositary Shares or (v) for
		any special, consequential, indirect or punitive damages for any breach of the
		terms of this Deposit Agreement or otherwise.
	 

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

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

	 
		SECTION 5.3 Standard of Care. The Company and the Depositary
		and their respective agents assume no obligation and shall not be subject to
		any liability under this Deposit Agreement or any 
	 

	 
		 
	 

	 
		22
	 

	 
		 
	 

	 

	 
	 

	 

	 
		Receipts to any
		Holder(s) or Beneficial Owner(s) or other persons, except in accordance with
		Section 5.8 hereof, provided, that the Company and the Depositary and their
		respective agents agree to perform their respective obligations specifically
		set forth in this Deposit Agreement or the applicable ADRs without gross
		negligence or bad faith.
	 

	 
		Without limitation of
		the foregoing, neither the Depositary, nor the Company, nor any of their
		respective controlling persons, or agents, shall be under any obligation to
		appear in, prosecute or defend any action, suit or other proceeding in respect
		of any Deposited Securities or in respect of the Receipts, which in its opinion
		may involve it in expense or liability, unless indemnity satisfactory to it
		against all expenses (including fees and disbursements of counsel) and
		liabilities be furnished as often as may be required (and no Custodian shall be
		under any obligation whatsoever with respect to such proceedings, the
		responsibility of the Custodian being solely to the Depositary).
	 

	 
		The Depositary and
		its agents shall not be liable for any failure to carry out any instructions to
		vote any of the Deposited Securities, or for the manner in which any vote is
		cast or the effects of any vote. The Depositary shall not incur any liability
		for any failure to determine that any distribution or action may be lawful or
		reasonably practicable, for the content of any information submitted to it by
		the Company for distribution to the Holders or for any inaccuracy of any
		translation thereof, for any investment risk associated with acquiring an
		interest in the Deposited Securities, for the validity or worth of the
		Deposited Securities or for any tax consequences that may result from the
		ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of
		any third party, for allowing any rights to lapse upon the terms of this
		Deposit Agreement or for the failure or timeliness of any notice from the
		Company, or for any action or non action by it in reliance upon the opinion,
		advice of or information from legal counsel, accountants, any person
		representing Shares for deposit, any Holder or any other person believed by it
		in good faith to be competent to give such advice or information. The
		Depositary and its agents shall not be liable for any acts or omissions made by
		a successor depositary whether in connection with a previous act or omission of
		the Depositary or in connection with any matter arising wholly after the
		removal or resignation of the Depositary, provided that in connection with the
		issue out of which such potential liability arises the Depositary performed its
		obligations without gross negligence or bad faith while it acted as
		Depositary.
	 

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

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

	 
		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 
	 

	 
		 
	 

	 
		23
	 

	 
		 
	 

	 

	 
	 

	 

	 
		Depositary (whereupon
		the Depositary shall be entitled to take the actions contemplated in Section
		6.2 hereof), or (ii) upon the appointment by the Company of a successor
		depositary and its acceptance of such appointment as hereinafter provided, save
		that, any amounts, fees, costs or expenses owed to the Depositary hereunder or
		in accordance with any other agreements otherwise agreed in writing between the
		Company and the Depositary from time to time shall be paid to the Depositary
		prior to such removal.
	 

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

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

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

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

	 
		SECTION 5.6 Notices and
		Reports. On or
		before the first date on which the Company gives notice, by publication or
		otherwise, of any meeting of holders of Shares or other Deposited Securities,
		or of any adjourned meeting of such holders, or of the taking of any action by
		such holders other than at a meeting, or of the taking of any action in respect
		of any cash or other distributions or the offering of any rights in respect of
		Deposited Securities, the Company shall transmit to the Depositary 
	 

	 
		 
	 

	 
		24
	 

	 
		 
	 

	 

	 
	 

	 

	 
		and the Custodian a
		copy of the notice thereof in English but otherwise in the form given or to be
		given to holders of Shares or other Deposited Securities. The Company shall
		also furnish to the Custodian and the Depositary a summary, in English, of any
		applicable provisions or proposed provisions of the Company’s Bye-laws
		that may be relevant or pertain to such notice of meeting or be the subject of
		a vote thereat.
	 

	 
		The Company will also
		transmit to the Depositary (a) English language versions of the other notices,
		reports and communications which are made generally available by the Company to
		holders of its Shares or other Deposited Securities and (b) English language
		versions of the Company’s annual and other reports prepared in accordance
		with the applicable requirements of the Commission. The Depositary shall
		arrange, at the request of the Company and at the Company’s expense, for
		the mailing of copies thereof to all Holders, or by any other means as agreed
		between the Company and the Depositary (at the Company’s expense) or make
		such notices, reports and other communications available for inspection by all
		Holders, provided, that, the Depositary shall have received evidence
		sufficiently satisfactory to it, including in the form of an opinion of local
		and/or U.S. counsel or counsel of other applicable jurisdiction, furnished at
		the expense of the Company, as the Depositary in its discretion so requests,
		that the distribution of such notices, reports and any such other
		communications to Holders from time to time is valid and does not or will not
		infringe any local, U.S. or other applicable jurisdiction regulatory
		restrictions or requirements if so distributed and made available to Holders.
		The Company will timely provide the Depositary with the quantity of such
		notices, reports, and communications, as requested by the Depositary from time
		to time, in order for the Depositary to effect such mailings. The Company has
		delivered to the Depositary and the Custodian a copy of the Company’s
		Bye-laws along with the provisions of or governing the Shares and any other
		Deposited Securities issued by the Company or any Affiliate of the Company, in
		connection with the Shares, and promptly upon any amendment thereto or change
		therein, the Company shall deliver to the Depositary and the Custodian a copy
		of such amendment thereto or change therein. The Depositary may rely upon such
		copy for all purposes of this Deposit Agreement.
	 

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

	 

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

	 
		 
	 

	 
		25
	 

	 
		 
	 

	 

	 
	 

	 

	 
		stating that (1)
		making the transaction available to Holders and Beneficial Owners does not
		violate the laws or regulations of Bermuda and (2) a written opinion of Bermuda
		counsel (satisfactory to the Depositary) stating that all requisite regulatory
		consents and approvals have been obtained in Bermuda. If the filing of a
		registration statement is required, the Depositary shall not have any
		obligation to proceed with the transaction unless it shall have received
		evidence reasonably satisfactory to it that such registration statement has
		been declared effective and that such distribution is in accordance with all
		applicable laws or regulations. If, being advised by counsel, the Company
		determines that a transaction is required to be registered under the Securities
		Act, the Company will either (i) register such transaction to the extent
		necessary, (ii) alter the terms of the transaction to avoid the registration
		requirements of the Securities Act or (iii) direct the Depositary to take
		specific measures, in each case as contemplated in this Deposit Agreement, to
		prevent such transaction from violating the registration requirements of the
		Securities Act.
	 

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

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

	 
		SECTION 5.8 Indemnification. The Company agrees to indemnify the Depositary, any
		Custodian and each of their respective directors, officers, employees, agents
		and Affiliates against, and hold each of them harmless from, any direct losses,
		liabilities, taxes, costs, demands and any charges or expenses of any kind
		whatsoever (including, but not limited to, reasonable attorney’s fees and
		expenses and, in each case, fees and expenses of counsel, in each case,
		irrevocable value added tax and any similar tax charged or otherwise imposed in
		respect thereof) (collectively referred to as “Losses”) which the
		Depositary or any agent thereof may incur or which may be made against it as a
		result of or in connection with its appointment or the exercise of its powers
		and duties under this Agreement or that may arise (a) out of or in connection
		with any offer, issuance, sale, resale, transfer, deposit or withdrawal of
		Receipts, American Depositary Shares, the Shares, or other Deposited
		Securities, as the case may be, (b) out of or in connection with any offering
		documents in respect thereof or (c) out of or in connection with acts performed
		or omitted, including, but not limited to, any delivery by the Depositary on
		behalf of the Company of information regarding the Company in connection with
		this Deposit Agreement, the Receipts, the American Depositary Shares, the
		Shares, or any Deposited Securities, in any such case (i) by the Depositary,
		the Custodian or any of their respective directors, officers, employees, agents
		and Affiliates, except to the extent any such Losses are due to the gross
		negligence or bad faith of any of them, or (ii) by the Company or any of its
		directors, officers, employees, agents and Affiliates; provided, however, that
		the foregoing indemnity shall not apply or be of any effect to the extent any
		such Losses arise out of or are based upon any untrue statement or alleged
		untrue statement or omission or alleged omission of information in any document
		or other conveyance of information in connection with the offer, issuance,
		sale, resale, transfer, deposit or withdrawal of any Receipts, American
		Depositary Shares, Shares, or other Deposited Securities made in reliance upon
		and in conformity with information regarding the Depositary provided by the
		Depositary. The Depositary agrees to indemnify the Company and any of its
		respective directors, officers, employees, agents and Affiliates against and
		hold each of them harmless 
	 

	 
		 
	 

	 
		26
	 

	 
		 
	 

	 

	 
	 

	 

	 
		from any direct
		Losses which may arise out of acts performed or omitted to be performed by the
		Depositary due to the gross negligence or bad faith of the Depositary or any of
		their respective directors, officers or employees, agents and/or Affiliates. In
		no event shall the Depositary or any of its directors, officers, employees,
		agents and/or Affiliates be liable for any indirect, special, punitive or
		consequential damages to the Company, Holders, Beneficial Owners or any other
		person.
	 

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

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

	 
		SECTION 5.9 Fees and Charges of
		Depositary. The
		Company, the Holders, the Beneficial Owners, and persons surrendering ADSs for
		cancellation and withdrawal of Deposited Securities shall be required to pay to
		the Depositary the Depositary’s fees and related charges identified as
		payable by them respectively as provided for under Article (9). All fees and
		charges so payable may, at any time and from time to time, be changed by
		agreement between the Depositary and the Company, but, in the case of fees and
		charges payable by Holders and Beneficial Owners, only in the manner
		contemplated in Section 6.1.
	 

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

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

	 
			
				
				   
				

			 	
				
				  (i)
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  (ii)
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  (iii)
				

			 	
				
				  the
				  Depositary may request, in its sole but reasonable discretion after reasonable
				  consultation with the Company, an opinion of counsel regarding U.S. law, the
				  laws of Bermuda or of any other relevant jurisdiction, to be furnished at the
				  expense of the Company, if at any 
				

			 

 

	 
		 
	 

	 
		27
	 

	 
		 
	 

	 

	 
	 

	 

	 
		time it deems it
		necessary to seek such an opinion of counsel regarding the validity of any
		action to be taken or instructed to be taken under this Agreement.
	 

	 
		The Company agrees to
		promptly pay to the Depositary such other fees, charges and expenses and to
		reimburse the Depositary for such properly documented out-of-pocket expenses as
		the Depositary and the Company may agree to in writing from time to time.
		Responsibility for payment of such charges may at any time and from time to
		time be changed by agreement between the Company and the Depositary.
	 

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

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

	 
		SECTION 5.10 Restricted Securities Owners/Ownership
		Restrictions. From time to time or
		upon the reasonable request of the Depositary, the Company shall provide to the
		Depositary a list setting forth, to the actual knowledge of the Company, those
		persons or entities who beneficially own Restricted Securities and the Company
		shall update that list on a regular basis. The Depositary may rely on such a
		list or update but shall not be liable for any action or omission made in
		reliance thereon. The Company agrees to advise in writing each of the persons
		or entities who, to the knowledge of the Company, holds Restricted Securities
		that such Restricted Securities are ineligible for deposit hereunder (except
		under the circumstances contemplated in Section 2.11) 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 2.11). Each Holder and Beneficial Owner
		acknowledges and agrees that each Receipt, and the terms upon which it is held
		by such Holder or Beneficial Owner, are subject to the Company’s
		Memorandum of Association and Bye-laws, and that so long as the Company’s
		Memorandum of Association or Bye-laws provide a means by which the Company may
		require Holders or Beneficial Owners to take certain actions with respect to
		their holdings, beneficial ownership or control over the Company’s
		securities (including, without limitation, obligations imposed on Competitors
		(as defined in the Company’s Bye-laws)), such Holders or Beneficial Owners
		will be bound by such obligations. The Company and the Depositary may implement
		such other procedures as necessary in order to conform the rights and
		responsibilities of Holders or Beneficial Owners to ensure monitoring,
		compliance and enforcement of the Company’s Memorandum of Association or
		Bye-laws. The Company shall, in accordance with Article (24), inform Owners and
		Beneficial Owners and the Depositary of any other limitations on ownership of
		Shares that the Owners and Beneficial Owners may be subject to by reason of the
		number of American Depositary Shares held under the Memorandum of Association
		or Bye-laws of the Company or applicable Bermuda law, as such restrictions may
		be in force from time to time.
	 

	 
		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 pursuant to the Company’s Bye-laws, including but not limited to,
		the removal or limitation of voting rights or the mandatory sale or disposition
		on behalf of a Holder or Beneficial Owner of the Shares 
	 

	 
		 
	 

	 
		28
	 

	 
		 
	 

	 

	 
	 

	 

	 
		represented by the
		ADRs 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
		Company’s Memorandum of Association and Bye-laws; provided that any such
		measures are practicable and can be undertaken without undue burden or expense.
		The Depositary shall have no liability for any actions taken in accordance with
		such instructions.
	 

	 
		ARTICLE VI.
	 

	 
		AMENDMENT AND
		TERMINATION
	 

	 
		SECTION 6.1 Amendment/Supplement . Subject to the terms and conditions of this Section
		6.1 and applicable law, the Receipts outstanding at any time, the provisions of
		this Deposit Agreement and the form of Receipt attached hereto and to be issued
		under the terms hereof may at any time and from time to time be amended or
		supplemented by written agreement between the Company and the Depositary in any
		respect which they may deem necessary or desirable and not materially
		prejudicial to the Holders without the consent of the Holders or Beneficial
		Owners. Any amendment or supplement which shall impose or increase any fees or
		charges (other than charges in connection with foreign exchange control
		regulations, and taxes and other governmental charges, delivery and other such
		expenses payable by Holders or Beneficial Owners), or which shall otherwise
		materially prejudice any substantial existing right of Holders or Beneficial
		Owners, shall not, however, become effective as to outstanding Receipts until
		30 days after notice of such amendment or supplement shall have been given to
		the Holders of outstanding Receipts. The parties hereto agree that any
		amendments or supplements which (i) are reasonably necessary (as agreed by the
		Company and the Depositary) in order for (a) the American Depositary Shares to
		be registered on Form F-6 under the Securities Act or (b) the American
		Depositary Shares or the Shares to be traded solely in electronic book-entry
		form and (ii) do not in either such case impose or increase any fees or charges
		to be borne by Holders, shall be deemed not to materially prejudice any
		substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial
		Owner at the time any amendment or supplement so becomes effective shall be
		deemed, by continuing to hold such American Depositary Share or Shares, to
		consent and agree to such amendment or supplement and to be bound by the
		Deposit Agreement as amended and supplemented thereby. In no event shall any
		amendment or supplement impair the right of the Holder to surrender such
		Receipt and receive therefor the Deposited Securities represented thereby,
		except in order to comply with mandatory provisions of applicable law.
		Notwithstanding the foregoing, if any governmental body should adopt new laws,
		rules or regulations which would require amendment or supplement of the Deposit
		Agreement to ensure compliance therewith, the Company and the Depositary may
		amend or supplement the Deposit Agreement and the Receipt at any time in
		accordance with such changed laws, rules or regulations. Such amendment or
		supplement to the Deposit Agreement in such circumstances may become effective
		before a notice of such amendment or supplement is given to Holders or within
		any other period of time as required for compliance with such laws, rules or
		regulations.
	 

	 
		SECTION 6.2 Termination.
		The Depositary shall, at any time at the written direction of the Company,
		terminate this Deposit Agreement by mailing notice of such termination to the
		Holders of all Receipts then outstanding at least 90 days prior to the date
		fixed in such notice for such termination, provided that, the Depositary shall
		be reimbursed by the Company for any amounts, fees, costs or expenses owed to
		it in accordance with the terms of this Deposit Agreement and in accordance
		with any other agreements as otherwise agreed in writing between the Company
		and the Depositary from time to time, prior to such termination shall take
		effect. If 90 days shall have expired after (i) the Depositary shall have
		delivered to the Company a written notice of its election to resign, or (ii)
		the Company shall have delivered to the Depositary a written notice of the
		removal of the Depositary, and in either case a successor depositary shall not
		have been appointed and accepted its appointment as provided in Section 

	 

	 
		 
	 

	 
		29
	 

	 
		 
	 

	 

	 
	 

	 

	 
		5.4, the Depositary
		may terminate this Deposit Agreement by mailing notice of such termination to
		the Holders of all Receipts then outstanding at least 30 days prior to the date
		fixed for such termination. On and after the date of termination of this
		Deposit Agreement, the Holder will, upon surrender of such Receipt at the
		Corporate Trust Office of the Depositary, upon the payment of the charges of
		the Depositary for the surrender of Receipts referred to in Section 2.6 and
		subject to the conditions and restrictions therein set forth, and upon payment
		of any applicable taxes or governmental charges, be entitled to delivery, to
		him or upon his order, of the amount of Deposited Securities represented by
		such Receipt. If any Receipts shall remain outstanding after the date of
		termination of this Deposit Agreement, the Registrar thereafter shall
		discontinue the registration of transfers of Receipts, and the Depositary shall
		suspend the distribution of dividends to the Holders thereof, and shall not
		give any further notices or perform any further acts under this Deposit
		Agreement, except that the Depositary shall continue to collect dividends and
		other distributions pertaining to Deposited Securities, shall sell rights or
		other property as provided in this Deposit Agreement, and shall continue to
		deliver Deposited Securities, subject to the conditions and restrictions set
		forth in Section 2.6, together with any dividends or other distributions
		received with respect thereto and the net proceeds of the sale of any rights or
		other property, in exchange for Receipts surrendered to the Depositary (after
		deducting, or charging, as the case may be, in each case, the charges of the
		Depositary for the surrender of a Receipt, any expenses for the account of the
		Holder in accordance with the terms and conditions of this Deposit Agreement
		and any applicable taxes or governmental charges or assessments). At any time
		after the expiration of six months from the date of termination of this Deposit
		Agreement, the Depositary may sell the Deposited Securities then held hereunder
		and may thereafter hold uninvested the net proceeds of any such sale, together
		with any other cash then held by it hereunder, in an unsegregated account,
		without liability for interest for the pro rata benefit of the Holders of
		Receipts whose Receipts have not theretofore been surrendered. After making
		such sale, the Depositary shall be discharged from all obligations under this
		Deposit Agreement with respect to the Receipts and the Shares, Deposited
		Securities and American Depositary Shares, except to account for such net
		proceeds and other cash (after deducting, or charging, as the case may be, in
		each case, the charges of the Depositary for the surrender of a Receipt, any
		expenses for the account of the Holder in accordance with the terms and
		conditions of this Deposit Agreement and any applicable taxes or governmental
		charges or assessments). Upon the termination of this Deposit Agreement, the
		Company shall be discharged from all obligations under this Deposit Agreement
		except for its obligations to the Depositary hereunder.
	 

	 
		ARTICLE VII.
	 

	 
		MISCELLANEOUS
	 

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

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

	 
		 
	 

	 
		30
	 

	 
		 
	 

	 

	 
	 

	 

	 
		Depositary or any of
		its Affiliates from engaging in such transactions or establishing or
		maintaining such relationships, or (b) obligate the Depositary or any of its
		Affiliates to disclose such transactions or relationships or to account for any
		profit made or payment received in such transactions or relationships.
	 

	 
		SECTION 7.3 Severability. In case any one or more of the
		provisions contained in this Deposit Agreement or in the Receipts should be or
		become invalid, illegal or unenforceable in any respect, the validity, legality
		and enforceability of the remaining provisions contained herein or therein
		shall in no way be affected, prejudiced or disturbed thereby.
	 

	 
		SECTION 7.4 Holders and Beneficial Owners as
		Parties; Binding Effect. The Holders and Beneficial
		Owners from time to time of American Depositary Shares shall be parties to the
		Deposit Agreement and shall be bound by all of the terms and conditions hereof
		and of any Receipt by acceptance hereof or any beneficial interest
		therein.
	 

	 
		SECTION 7.5 Notices. Any and all notices to be given
		to the Company shall be deemed to have been duly given if personally delivered
		or sent by mail, air courier or cable, telex, facsimile transmission or
		electronic transmission, confirmed by letter, addressed to Genesis Lease
		Limited, [International Financial Services Centre, North Wall Quay, Dublin 1,
		Ireland], Attention: [CONTACT], or to any other address which the Company may
		specify in writing to the Depositary.
	 

	 
		Any and all notices
		to be given to the Depositary shall be deemed to have been duly given if
		personally delivered or sent by mail, air courier or cable, telex, facsimile
		transmission or by electronic transmission (if agreed by the Company and the
		Depositary), at the Company’s expense, unless otherwise agreed in writing
		between the Company and the Depositary, confirmed by letter, addressed to
		Deutsche Bank Trust Company Americas, 60 Wall Street, New York, New York 10005,
		USA, Attention: ADR Department, telephone: +1 212 250-9100,
		facsimile:+ 1 212 797 0327 or to any other address which the
		Depositary may specify in writing to the Company.
	 

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

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

	 
		SECTION 7.6 Governing Law and
		Jurisdiction.
		This Deposit Agreement and the Receipts shall be interpreted in accordance
		with, and all rights hereunder and thereunder and provisions hereof and thereof
		shall be governed by, the laws of the State of New York without reference to
		the principles of choice of law thereof. Except as set forth in the following
		paragraph of this Section 7.6, the Company and the Depositary agree that the
		federal or state courts in the City of New York shall have non-exclusive
		
	 

	 
		 
	 

	 
		31
	 

	 
		 
	 

	 

	 
	 

	 

	 
		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 this Deposit Agreement and,
		for such purposes, each irrevocably submits to the non-exclusive jurisdiction
		of such courts. The Company hereby irrevocably designates, appoints and
		empowers Puglisi & Associates (the “Process Agent”), now
		at 850 Library Avenue, Suite 204, Newark, DE 19711, United States of America,
		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 Process Agent shall cease to be available to act as
		such, the Company agrees to designate a new agent in The City of New York on
		the terms and for the purposes of this Section 7.6 reasonably satisfactory to
		the Depositary. The Company further hereby irrevocably consents and agrees to
		the service of any and all legal process, summons, notices and documents in any
		suit, action or proceeding against the Company, by service by mail of a copy
		thereof upon the Process Agent (whether or not the appointment of such Process
		Agent shall for any reason prove to be ineffective or such Process 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 hereof. The Company agrees that the failure of the Process Agent
		to give any notice of such service to it shall not impair or affect in any way
		the validity of such service or any judgment rendered in any action or
		proceeding based thereon.
	 

	 
		Notwithstanding the
		foregoing, the Depositary and the Company unconditionally agree that in the
		event that a Holder or Beneficial Owner brings a suit, action or proceeding
		against (a) the Company, (b) the Depositary in its capacity as Depositary under
		this Deposit Agreement or (c) against both the Company and the Depositary, in
		any state or federal court of the United States, and the Depositary or the
		Company have any claim, for indemnification or otherwise, against each other
		arising out of the subject matter of such suit, action or proceeding, then the
		Company and the Depositary may pursue such claim against each other in the
		state or federal court in the United States in which such suit, action, or
		proceeding is pending, and for such purposes, the Company and the Depositary
		irrevocably submit to the non-exclusive jurisdiction of such courts. The
		Company agrees that service of process upon the Process 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 and the
		Depositary agree that, notwithstanding the foregoing, with regard to any claim
		or dispute or difference of whatever nature between the parties hereto arising
		directly or indirectly from the relationship created by this Deposit Agreement,
		the Depositary, in its sole discretion, shall be entitled to refer such dispute
		or difference for final settlement by arbitration
		(“Arbitration”) in accordance with the applicable rules of the
		American Arbitration Association (the “Rules”) then in force,
		by a sole arbitrator appointed in accordance with the Rules. The seat and place
		of any reference to Arbitration shall be New York, New York State. The
		procedural law of any Arbitration shall be New York law and the language to be
		used in the Arbitration shall be English. The fees of the arbitrator and other
		costs incurred by the parties in connection with such Arbitration shall be paid
		by the party that is unsuccessful in such Arbitration.
	 

	 
		 
	 

	 
		32
	 

	 
		 
	 

	 

	 
	 

	 

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

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

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

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

	 
		SECTION 7.10 Compliance with U.S. Securities
		Laws.
		Notwithstanding anything in this Deposit Agreement to the contrary, the
		withdrawal or delivery of Deposited Securities will not be suspended by the
		Company or the Depositary except as would be permitted by Instruction I.A.(1)
		of the General Instructions to Form F-6 Registration Statement, as amended from
		time to time, under the Securities Act.
	 

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

	 
		
	 

	 
		 
	 

	 
		33
	 

	 
		 
	 

	 

	 
	 

	 

	 
		 
	 

	 
		IN WITNESS WHEREOF,
		GENESIS LEASE LIMITED and DEUTSCHE BANK TRUST COMPANY AMERICAS have duly
		executed this Deposit Agreement as of the day and year first above set forth
		and all Holders and Beneficial Owners shall become parties hereto upon
		acceptance by them of American Depositary Shares evidenced by Receipts issued
		in accordance with the terms hereof.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  GENESIS
				  LEASE LIMITED
				

			 
	 	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				  By:
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:

				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By:
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:

				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  DEUTSCHE
				  BANK TRUST COMPANY AMERICAS
				

			 
	 	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				  By:
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:

				

			 

 

	 
		 
	 

	 
			
				
				

			 	
				
				   
				

			 	
				
				  By:
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:

				

			 

 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 

	 
	 

	 

	 
		EXHIBIT
		A
	 

	 
		 
	 

	 
			
				
				  Number
				  
				

			 	
				
				  CUSIP
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  American
				  Depositary Shares (Each 

				  American Depositary Share
				  
 representing
				  one Fully Paid Ordinary Share)
				

			 

 

	 
		[FORM OF FACE OF
		RECEIPT]
	 

	 
		AMERICAN DEPOSITARY
		RECEIPT
	 

	 
		for
	 

	 
		AMERICAN DEPOSITARY
		SHARES
	 

	 
		representing
	 

	 
		DEPOSITED ORDINARY
		SHARES
	 

	 
		of
	 

	 
		GENESIS LEASE LIMITED
		
	 

	 
		(Incorporated under
		the laws of Bermuda)
	 

	 
		DEUTSCHE BANK TRUST
		COMPANY AMERICAS, as depositary (herein called the “Depositary”), hereby certifies that ________________is the
		owner of ______________ American Depositary Shares (hereinafter
		“ADS”), representing deposited common shares, each of
		Par Value of $0.001 including evidence of rights to receive such common shares
		(the “Shares”)
		of Genesis Lease Limited, a company incorporated under the laws of Bermuda (the
		“Company”). As of the date of the Deposit Agreement
		(hereinafter referred to), each ADS represents one Share deposited under the
		Deposit Agreement with the Custodian which at the date of execution of the
		Deposit Agreement is The Governer and Company of the Bank of Ireland (the
		“Custodian”). The ratio of Depositary
		Shares to the Shares is subject to subsequent amendment as provided in Article
		IV of the Deposit Agreement. The Depositary’s Corporate Trust Office is
		located at 60 Wall Street, New York, New York 10005, U.S.A.
	 

	 
		(1) The Deposit Agreement. This American Depositary Receipt is one of an issue
		of American Depositary Receipts (“Receipts”), all issued and to be issued upon the terms and
		conditions set forth in the Deposit Agreement, dated as of [DATE], 2006 (as
		amended 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 Receipts issued
		thereunder, each of whom by accepting a Receipt agrees to become a party
		thereto and becomes bound by all the terms and conditions thereof. The Deposit
		Agreement sets forth the rights and obligations of Holders and Beneficial
		Owners of Receipts and the rights and duties of the Depositary in respect of
		the Shares deposited thereunder and any and all other securities, property and
		cash from time to time, received in respect of such Shares and held thereunder
		(such Shares, other securities, property and cash are herein called
		“Deposited
		Securities”). Copies of the Deposit
		Agreement are on file at the Corporate Trust Office of the Depositary and the
		Custodian.
	 

	 
		 
	 

	 
		A-1
	 

	 
		 
	 

	 

	 
	 

	 

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

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

	 
		(2) Surrender of Receipts and Withdrawal of Deposited
		Securities. Upon surrender, at the
		Corporate Trust Office of the Depositary, of ADSs evidenced by this Receipt for
		the purpose of withdrawal of the Deposited Securities represented thereby, and
		upon payment of (i) the charges of the Depositary for the making of withdrawals
		and cancellation of Receipts (as set forth in Section 5.9 of the Deposit
		Agreement and Article (9) hereto) and (ii) all fees, taxes and governmental
		charges payable in connection with such surrender and withdrawal, and, subject
		to the terms and conditions of the Deposit Agreement, the Company’s
		Bye-laws, Section 7.10 of the Deposit Agreement, Article (22) of this Receipt
		and the provisions of or governing the Deposited Securities and other
		applicable laws, the Holder of the American Depositary Shares evidenced hereby
		is entitled to delivery, to him or upon his order, of the Deposited Securities
		represented by the ADS so surrendered. Subject to the last sentence of this
		paragraph, such Deposited Securities may be delivered in certificated form or,
		except for Shares, by electronic delivery. ADS may be surrendered for the
		purpose of withdrawing Deposited Securities by delivery of a Receipt evidencing
		such ADS (if held in registered form) or by book-entry delivery of such ADS to
		the Depositary.
	 

	 
		A Receipt surrendered
		for such purposes shall, if so required by the Depositary, be properly endorsed
		in blank or accompanied by proper instruments of transfer in blank, and if the
		Depositary so requires, the Holder thereof shall execute and deliver to the
		Depositary a written order directing the Depositary to cause the Deposited
		Securities being withdrawn to be delivered to or upon the written order of a
		person or persons designated in such order. Thereupon, the Depositary shall
		direct the Custodian to Deliver (without unreasonable delay) at the designated
		office of the Custodian (subject to the terms and conditions of the Deposit
		Agreement, to the Company’s Bye-laws, and to the provisions of or
		governing the Deposited Securities and applicable laws, now or hereafter in
		effect), to or upon the written order of the person or persons designated in
		the order delivered to the Depositary as provided above, the Deposited
		Securities represented by such ADSs, together with any certificate or other
		proper 
	 

	 
		 
	 

	 
		A-2
	 

	 
		 
	 

	 

	 
	 

	 

	 
		documents of or
		relating to title for the Deposited Securities or evidence of the electronic
		transfer thereof (if available) as the case may be to or for the account of
		such person. The Depositary may make delivery to such person or persons at the
		Corporate Trust Office of the Depositary of any dividends or distributions with
		respect to the Deposited Securities represented by such Receipt, or of any
		proceeds of sale of any dividends, distributions or rights, which may at the
		time be held by the Depositary. 
	 

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

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

	 
		(4) Pre-Conditions to Registration, Transfer,
		Etc. As a condition precedent to the
		execution and delivery, registration of transfer, split-up, combination or
		surrender of any Receipt or withdrawal of any Deposited Securities, the
		Depositary or the Custodian may require (i) payment from the depositor of
		Shares or presenter of the Receipt of a sum sufficient to reimburse it for any
		tax or other governmental charge and any stock transfer or registration fee
		with respect thereto (including any such tax or charge and fee with respect to
		Shares being deposited or withdrawn) and payment of any applicable fees and
		charges of the Depositary as provided in the Deposit Agreement and in this
		Receipt, (ii) the production of proof satisfactory to it as to the identity and
		genuineness of any signature or any other matters and (iii) compliance with (A)
		any laws or governmental regulations relating to the execution and 
	 

	 
		 
	 

	 
		A-3
	 

	 
		 
	 

	 

	 
	 

	 

	 
		delivery of Receipts
		and ADSs or to the withdrawal of Deposited Securities and (B) such reasonable
		regulations of the Depositary or the Company consistent with the Deposit
		Agreement and applicable law.
	 

	 
		The issuance of ADSs
		against deposits of Shares generally or against deposits of particular Shares
		may be suspended, or the issuance of ADSs against the deposit of particular
		Shares may be withheld, or the registration of transfer of Receipts in
		particular instances may be refused, or the registration of transfer of
		Receipts generally may be suspended, during any period when the transfer books
		of the Depositary are closed or if any such action is deemed necessary or
		advisable by the Depositary or the Company, in good faith, at any time or from
		time to time because of any requirement of law, any government or governmental
		body or commission or any securities exchange upon which the Receipts or Share
		are listed, or under any provision of the Deposit Agreement or provisions of,
		or governing, the Deposited Securities or any meeting of shareholders of the
		Company or for any other reason, subject in all cases to Article (22) hereof.
		Notwithstanding any provision of the Deposit Agreement or this Receipt to the
		contrary, the Holders of Receipts are entitled to surrender outstanding ADSs to
		withdraw the Deposited Securities at any time subject only to (i) temporary
		delays caused by closing the transfer books of the Depositary or the Company or
		the deposit of Shares in connection with voting at a shareholders’ meeting
		or the payment of dividends, (ii) the payment of fees, taxes and similar
		charges, (iii) compliance with any U.S. or foreign laws or governmental
		regulations relating to the Receipts or to the withdrawal of the Deposited
		Securities, and (iv) other circumstances specifically contemplated by Section
		I.A.(l) of the General Instructions to Form F-6 (as such General Instructions
		may be amended from time to time). Without limitation of the foregoing, the
		Depositary shall not knowingly accept for deposit under the Deposit Agreement
		any Shares or other Deposited Securities required to be registered under the
		provisions of the Securities Act, unless a registration statement is in effect
		as to such Shares.
	 

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

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

	 
		 
	 

	 
		A-4
	 

	 
		 
	 

	 

	 
	 

	 

	 
		them harmless from,
		any claims with respect to taxes (including applicable interest and penalties
		thereon) arising from any tax benefit obtained for such Holder and/or
		Beneficial Owner.
	 

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

	 
		(7) Representations and Warranties of
		Depositors. Each person depositing
		Shares under the Deposit Agreement shall be deemed thereby to represent and
		warrant that (i) such Shares (and the certificates therefor) are duly
		authorized, validly issued, fully paid, non-assessable and were legally
		obtained by such person, (ii) all preemptive (and similar) rights, if any, with
		respect to such Shares, have been validly waived or exercised, (iii) the person
		making such deposit is duly authorized so to do, (iv) the Shares presented for
		deposit are free and clear of any lien, encumbrance, security interest, charge,
		mortgage or adverse claim, and are not, and the American Depositary Shares
		issuable upon such deposit will not be, Restricted Securities (except as
		contemplated by Section 2.1 1) and (v) the Shares presented for deposit have
		not been stripped of any rights or entitlements. Such representations and
		warranties shall survive the deposit and withdrawal of Shares and the issuance,
		cancellation and transfer of ADSs. If any such representations or warranties
		are false in any way, the Company and Depositary shall be authorized, at the
		cost and expense of the person depositing Shares, to take any and all actions
		necessary to correct the consequences thereof.
	 

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

	 
		(9) Charges of
		Depositary. The
		Depositary shall charge to any person surrendering ADSs for cancellation and
		withdrawal of Deposited Securities including, inter alia, cash distributions made
		pursuant to a cancellation or withdrawal, a fee not in excess of U.S. $5.00 per
		100 ADSs (or fraction thereof) so surrendered; provided, however, that in
		connection with a termination of the ADR facility the charge to holders of ADSs
		shall be no more than US $2.50 per 100 ADSs (or fraction thereof). 
	 

	 
		In addition, any
		depositor depositing Shares for deposit and any person surrendering ADSs for
		cancellation and withdrawal of Deposited Securities will be required to pay the
		following charges:
	 

	 
		 
	 

	 
		A-5
	 

	 
		 
	 

	 

	 
	 

	 

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

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

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

	 
		(iv) the expenses and
		charges incurred by the Depositary in the conversion of Foreign Currency, if
		any; and
	 

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

	 
		Any other fees and
		charges of, and expenses incurred by, the Depositary shall be for the account
		of the Company unless otherwise agreed between the Company and the Depositary
		in writing from time to time. All fees and charges may, at any time and from
		time to time, be changed by agreement between the Depositary and Company but,
		in the case of fees and charges payable by Holders or Beneficial Owners, only
		in the manner contemplated by Article (20) of this Receipt. 
	 

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

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

	 
		 
	 

	 
		A-6
	 

	 
		 
	 

	 

	 
	 

	 

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

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

	 
		 
	 

	 
		A-7
	 

	 
		 
	 

	 

	 
	 

	 

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

	 
		 
	 

	 
			
				
				  Dated:

				

			 	
				
				   
				

			 	
				
				  DEUTSCHE
				  BANK TRUST 
 COMPANY AMERICAS, as
				  Depositary
				

			 
	 	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				  By:
				

			 	
				
				

			 
	 	 	 	 
	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  By:
				

			 	
				
				   
				

			 

 

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

	 
		 
	 

	 
		A-8
	 

	 
		 
	 

	 

	 
	 

	 

	 
		 
	 

	 
		[FORM OF REVERSE
		OF RECEIPT]
	 

	 
		SUMMARY OF CERTAIN
		ADDITIONAL PROVISIONS
	 

	 
		OF THE DEPOSIT
		AGREEMENT
	 

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

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

	 
		In the event that (x)
		the Depositary determines that any distribution in property (including Shares)
		is subject to any tax or other governmental charges which the Depositary is
		obligated to withhold, or, (y) if the Company, in the fulfillment of its
		obligations under the Deposit Agreement, has either (a) furnished an opinion of
		U.S. counsel determining that Shares must be registered under the Securities
		Act or other laws in order to be distributed to Holders (and no such
		registration statement has been declared effective), or (b) fails to timely
		deliver the documentation contemplated in the Deposit Agreement, the Depositary
		may dispose of all or a portion of such property (including Shares and rights
		to subscribe therefor) in such amounts and in such manner, including by public
		or private sale, as the Depositary deems necessary and practicable, and the
		Depositary shall distribute the net proceeds of any such sale 
	 

	 
		 
	 

	 
		 
	 

	 
		A-9
	 

	 
		 
	 

	 

	 
	 

	 

	 
		(after deduction of
		taxes and fees and charges of, and expenses incurred by, the Depositary) to
		Holders entitled thereto upon the terms of the Deposit Agreement. The
		Depositary shall hold and/or distribute any unsold balance of such property in
		accordance with the provisions of the Deposit Agreement. 
	 

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

	 

	 
		Upon receipt by the
		Depositary of a notice indicating that the Company wishes rights to subscribe
		for additional Shares to be made available to Holders of ADSs, the Company
		shall determine whether it is lawful and reasonably practicable to make such
		rights available to the Holders. The Depositary shall make such rights
		available to any Holders only if the Company shall have timely requested that
		such rights be made available to Holders, the Depositary shall have received
		the documentation required by the Deposit Agreement, and the Depositary shall
		have determined that such distribution of rights is lawful and reasonably
		practicable. If such conditions are not satisfied, the Depositary shall sell
		the rights as described below. In the event all conditions set forth above are
		satisfied, the Depositary shall establish an ADS Record Date and establish
		procedures (x) to distribute such rights (by means of warrants or otherwise)
		and (y) to enable the Holders to exercise the rights (upon payment of the
		applicable fees and charges of, and expenses incurred by, the Depositary and
		taxes). Nothing herein or in the Deposit Agreement shall obligate the
		Depositary to make available to the Holders a method to exercise such rights to
		subscribe for Shares (rather than ADSs). If (i) the Company does not timely
		request the Depositary to make the rights available to Holders or if the
		Company requests that the rights not be made available to Holders, (ii) the
		Depositary fails to receive the documentation required by the Deposit Agreement
		or determines it is not lawful or reasonably practicable to make the rights
		available to Holders, or (iii) any rights made available are not exercised and
		appear to be about to lapse, the Depositary shall determine whether it is
		lawful and reasonably practicable to sell such rights, in a riskless principal
		capacity or otherwise, at such place and upon such terms (including public and
		private sale) as it may deem proper. The Depositary shall, upon such sale,
		convert (if applicable) and distribute proceeds of such sale (net of applicable
		fees and charges of, and expenses incurred by, the Depositary and taxes) upon
		the terms hereof and in the Deposit Agreement. If the Depositary is unable to
		make any rights available to Holders or to arrange for the sale of the rights
		upon the terms described above, the Depositary shall allow such rights to
		lapse. The Depositary shall not be responsible for (i) any failure to determine
		that it may be lawful or feasible to make such rights available to Holders in
		general or any Holders in particular, (ii) any foreign exchange exposure or
		loss incurred in connection with such sale, or 
	 

	 
		 
	 

	 
		 
	 

	 
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		exercise, or (iii)
		the content of any materials forwarded to the Holders on behalf of the Company
		in connection with the rights distribution. 
	 

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

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

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

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

	 
		 
	 

	 
		 
	 

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

	 
		(15) Voting of Deposited Securities. As soon as practicable after receipt of notice of any
		meeting at which the holders of Shares are entitled to vote, or of solicitation
		of consents or proxies from holders of Shares or other Deposited Securities,
		the Depositary shall fix the ADS Record Date in respect of such meeting or
		solicitation of such consent or proxy. The Depositary shall, if requested by
		the Company in writing in a timely manner (the Depositary having no obligation
		to take any further action if the request shall not have been received by the
		Depositary at least 30 days prior to the date of such vote or meeting), at the
		Company’s expense and provided no U.S. legal prohibitions exist, mail by
		ordinary, regular mail delivery or by electronic transmission (if agreed by the
		Company and the Depositary), unless otherwise agreed in writing by the Company
		and the Depositary, to Holders as of the ADS Record Date: (a) such notice of
		meeting or solicitation of consent or proxies; (b) a statement that the Holders
		as of the ADS Record Date will be entitled, subject to (i) any applicable law,
		the provisions of the Deposit Agreement, the Company’s Bye-laws and the
		provisions of or governing Deposited Securities (which provisions, if any,
		shall be summarized in pertinent part by the Company), to instruct the
		Depositary as to the exercise of the voting rights, if any, pertaining to the
		Shares or other Deposited Securities represented by such Holder’s American
		Depositary Shares; and (c) a brief statement as to the manner in which such
		instructions may be given. Voting instructions may be given only in respect of
		a number of American Depositary Shares representing an integral number of
		Shares or other Deposited Securities. Upon the timely receipt of written
		instructions of a Holder of American Depositary Shares on the ADS Record Date
		of voting instructions in the manner specified by the Depositary, the
		Depositary shall endeavor, insofar as practicable and permitted under
		applicable law, the provisions of the Deposit Agreement, the Company’s
		Bye-laws and the provisions of or governing the Deposited Securities, to vote
		or cause the Custodian to vote the Shares and/or other Deposited Securities (in
		person or by proxy) represented by American Depositary Shares evidenced by such
		Receipt in accordance with such voting instructions.
	 

	 
		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, or attempt to exercise the right to vote, or in any way make use of for
		purposes of establishing a quorum or otherwise, the Shares or other Deposited
		Securities represented by ADSs except pursuant to and in accordance with such
		written instructions from Holders. 
	 

	 
		There can be no
		assurance that Holders or Beneficial Owners generally or any Holder or
		Beneficial Owner 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. 
	 

	 
		 
	 

	 
		 
	 

	 
		A-12
	 

	 
		 
	 

	 

	 
	 

	 

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

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

	 
		(17) Exoneration.
		Neither the Depositary, the Custodian or the Company shall be obligated to do
		or perform any act which is inconsistent with the provisions of the Deposit
		Agreement or shall incur any liability (i) if the Depositary, the Custodian or
		the Company or their respective controlling persons or agents shall be
		prevented or forbidden from, or subjected to any civil or criminal penalty or
		restraint on account of, or delayed in, doing or performing any act or thing
		required by the terms of the Deposit Agreement and this Receipt, by reason of
		any provision of any present or future law or regulation of the United
		States, Bermuda or any other country, or of any other
		governmental authority or regulatory authority or stock exchange, or by reason
		of any provision, present or future of the Company’s Bye-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, revolutions, rebellions, explosions and
		computer failure), (ii) by reason of any exercise of, or failure to exercise,
		any discretion provided for in the Deposit Agreement or in the Company’s
		Bye-laws or provisions of or governing Deposited Securities, (iii) for any
		action or inaction of the Depositary, the Custodian or the Company or their
		respective controlling persons or agents in reliance upon the advice of or
		information from legal counsel, accountants, any person presenting Shares for
		deposit, any Holder, any Beneficial Owner or authorized representative thereof,
		or any other person believed by it in good faith to be competent to give such
		advice or information, (iv) for any inability by a Holder or Beneficial Owner
		to benefit from any distribution, offering, right or other 
	 

	 
		 
	 

	 
		 
	 

	 
		A-13
	 

	 
		 
	 

	 

	 
	 

	 

	 
		benefit which is made
		available to holders of Deposited Securities but is not, under the terms of the
		Deposit Agreement, made available to Holders of ADS or (v) for any
		consequential or punitive damages for any breach of the terms of the Deposit
		Agreement. The Depositary, its controlling persons, its agents, any Custodian
		and the Company, its controlling persons and its agents may rely and shall be
		protected in acting upon any written notice, request, opinion or other document
		believed by it to be genuine and to have been signed or presented by the proper
		party or parties. No disclaimer of liability under the Securities Act is
		intended by any provision of the Deposit Agreement.
	 

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

	 
		(19) Resignation and Removal of the Depositary; Appointment
		of Successor Depositary. The
		Depositary may at any time resign as Depositary under the Deposit Agreement by
		written notice of resignation delivered to the Company, such resignation to be
		effective on the earlier of (i) the 90th day after delivery thereof
		to the Company, or (ii) upon the appointment of a successor depositary and its
		acceptance of such appointment as provided in the Deposit Agreement, save that,
		any amounts, fees, costs or expenses owed to the Depositary under the Deposit
		Agreement or in accordance with any other agreements otherwise agreed in
		writing between the Company and the Depositary from time to time shall be paid
		to the Depositary prior to such resignation. The Company shall use reasonable
		efforts to appoint such successor depositary, and give notice to the Depositary
		of such appointment, not more than 90 days after delivery by the Depositary of
		written notice of resignation as provided in the Deposit Agreement. The
		Depositary may at any time be removed by the Company by written notice of such
		removal which notice shall be effective on the later of (i) the 90th
		day after delivery thereof to the Depositary, or (ii) upon the appointment of a
		successor depositary and its acceptance of such appointment as provided in the
		Deposit Agreement save that, any amounts, fees, costs or expenses owed to the
		Depositary under the Deposit Agreement or in accordance with any other
		agreements otherwise agreed in writing between the Company and the Depositary
		from time to time shall be paid to the Depositary prior to such removal. In
		case at any time the Depositary acting hereunder shall resign or be removed,
		the Company shall use its best efforts to appoint a successor depositary which
		shall be a bank or trust company having an office in the Borough of Manhattan,
		the City of New York. Every successor depositary shall execute and deliver to
		its predecessor and to the Company an instrument in writing accepting its
		appointment hereunder, and thereupon such successor depositary, without any
		further act or deed, shall become fully vested with all the rights, powers,
		duties and obligations of its predecessor. The predecessor depositary, upon
		payment of all sums due it and on the written request of the Company, shall (i)
		execute and deliver an instrument transferring to such successor all rights and
		powers of such 
	 

	 
		 
	 

	 
		 
	 

	 
		A-14
	 

	 
		 
	 

	 

	 
	 

	 

	 
		predecessor hereunder
		(other than as contemplated in the Deposit Agreement), (ii) duly assign,
		transfer and deliver all right, title and interest to the Deposited Securities
		to such successor, and (iii) deliver to such successor a list of the Holders of
		all outstanding Receipts and such other information relating to Receipts and
		Holders thereof as the successor may reasonably request. Any such successor
		depositary shall promptly mail notice of its appointment to such Holders. Any
		corporation into or with which the Depositary may be merged or consolidated
		shall be the successor of the Depositary without the execution or filing of any
		document or any further act.
	 

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

	 
		(21) Termination.
		The Depositary shall, at any time at the written direction of the Company,
		terminate the Deposit Agreement by mailing notice of such termination to the
		Holders of all Receipts then outstanding at least 90 days prior to the date
		fixed in such notice for such termination provided that, the Depositary shall
		be reimbursed for any amounts, fees, costs or expenses owed to it in accordance
		with the terms of the Deposit Agreement and in accordance with any other
		agreements as otherwise agreed in writing between the Company and the
		Depositary from time to time, prior to such termination shall take effect. If
		90 days shall have expired after (i) the Depositary shall have delivered to the
		Company a written notice of its election to resign, or (ii) the Company shall
		have delivered to the Depositary a written notice of the removal of the
		Depositary, and in either case a successor depositary shall not have been
		appointed and accepted its appointment as provided herein and in the Deposit
		Agreement, the Depositary may terminate the Deposit Agreement by mailing notice
		of such termination to the Holders of all Receipts then outstanding at least 30
		days prior to the date fixed for such termination. On and after the date of
		termination of the Deposit Agreement, the Holder will, upon surrender of such
		Holder’s Receipt at the Corporate Trust Office of the Depositary, upon the
		payment of the charges of the 
	 

	 
		 
	 

	 
		 
	 

	 
		A-15
	 

	 
		 
	 

	 

	 
	 

	 

	 
		Depositary for the
		surrender of Receipts referred to in Article (2) hereof and in the Deposit
		Agreement and subject to the conditions and restrictions therein set forth, and
		upon payment of any applicable taxes or governmental charges, be entitled to
		delivery, to him or upon his order, of the amount of Deposited Securities
		represented by such Receipt. If any Receipts shall remain outstanding after the
		date of termination of the Deposit Agreement, the Registrar thereafter shall
		discontinue the registration of transfers of Receipts, and the Depositary shall
		suspend the distribution of dividends to the Holders thereof, and shall not
		give any further notices or perform any further acts under the Deposit
		Agreement, except that the Depositary shall continue to collect dividends and
		other distributions pertaining to Deposited Securities, shall sell rights as
		provided in the Deposit Agreement, and shall continue to deliver Deposited
		Securities, subject to the conditions and restrictions set forth in the Deposit
		Agreement, together with any dividends or other distributions received with
		respect thereto and the net proceeds of the sale of any rights or other
		property, in exchange for Receipts surrendered to the Depositary (after
		deducting, or charging, as the case may be, in each case the charges of the
		Depositary for the surrender of a Receipt, any expenses for the account of the
		Holder in accordance with the terms and conditions of the Deposit Agreement and
		any applicable taxes or governmental charges or assessments). At any time after
		the expiration of six months from the date of termination of the Deposit
		Agreement, the Depositary may sell the Deposited Securities then held hereunder
		and may thereafter hold uninvested the net proceeds of any such sale, together
		with any other cash then held by it hereunder, in an unsegregated account,
		without liability for interest for the pro rata benefit of the Holders of
		Receipts whose Receipts have not theretofore been surrendered. After making
		such sale, the Depositary shall be discharged from all obligations under the
		Deposit Agreement with respect to the Receipts and the Shares, Deposited
		Securities and ADSs, except to account for such net proceeds and other cash
		(after deducting, or charging, as the case may be, in each case the charges of
		the Depositary for the surrender of a Receipt, any expenses for the account of
		the Holder in accordance with the terms and conditions of the Deposit Agreement
		and any applicable taxes or governmental charges or assessments). Upon the
		termination of the Deposit Agreement, the Company shall be discharged from all
		obligations under the Deposit Agreement except as set forth in the Deposit
		Agreement.
	 

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

	 
		(23) Certain Rights of the Depositary;
		Limitations. Subject to the further
		terms and provisions of this Article (23), the Depositary, its Affiliates and
		their agents, on their own behalf, may own and deal in any class of securities
		of the Company and its affiliates and in ADSs. In its capacity as Depositary,
		the Depositary may (i) issue ADSs prior to the receipt of Shares (each such
		transaction a “Pre-Release Transaction”) as provided below and (ii)
		deliver Shares upon the receipt and cancellation of ADSs that were issued in a
		Pre-Release Transaction, but for which Shares may not yet have been received.
		The Depositary may receive ADSs in lieu of Shares under (i) above and receive
		shares in lieu of ADSs under (ii) above. Each such Pre-Release Transaction will
		be (a) subject to a written agreement whereby the person or entity (the
		“Applicant”) to whom ADSs or Shares are to be delivered (1)
		represents that at the time of the Pre-Release Transaction the Applicant or its
		customer owns the Shares or ADSs that are to be delivered by the Applicant
		under such Pre-Release Transaction, (2) agrees to indicate the Depositary as
		owner of such Shares or ADSs in its records and to hold such Shares or ADSs in
		trust for the Depositary until such Shares or ADSs are delivered to the
		Depositary or the Custodian, (3) unconditionally guarantees to deliver to the
		Depositary or the Custodian, as applicable, such Shares or ADSs, and (4) agrees
		to any additional restrictions or requirements that the Depositary deems
		appropriate, (b) at all times fully collateralized with cash, United States
		government securities or such other collateral 
	 

	 
		 
	 

	 
		 
	 

	 
		A-16
	 

	 
		 
	 

	 

	 
	 

	 

	 
		as the Depositary
		deems appropriate, (c) terminable by the Depositary on not more than five (5)
		business days’ notice (save for a prescribed termination event in which
		case any such Pre-Release Transaction may be immediately terminable by the
		Depositary) and (d) subject to such further indemnities and credit regulations
		as the Depositary deems appropriate. The Depositary will normally limit the
		number of ADSs involved in such Pre-Release Transactions at any one time to
		thirty percent (30%) of the ADSs outstanding (without giving effect to ADSs
		outstanding pursuant to any Pre-Release Transaction), provided,
		however, that the Depositary reserves the right to disregard
		such limit from time to time as it deems appropriate. The Depositary may also
		set limits with respect to the number of ADSs involved in Pre-Release
		Transactions with any one person on a case by case basis as it deems
		appropriate.
	 

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

	 
		(24) Ownership Restrictions. Owners and Beneficial Owners shall comply with any
		limitations on ownership of Shares under the Bye-laws of the Company or
		applicable Bermuda law as if they held the number of Shares their American
		Depositary Shares represent. The Company shall inform the Owners, Beneficial
		Owners and the Depositary of any such ownership restrictions in place from time
		to time. The Company may restrict transfers of the Shares where such transfer
		might result in ownership of Shares exceeding the limits applicable to the
		Shares under applicable law or the Company’s Memorandum of Association or
		Bye-laws. 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 pursuant to the Company’s
		Bye-laws, including but not limited to, 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 ADRs 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 Company’s Memorandum of Association
		and Bye-laws; provided that any such measures are practicable and can be
		undertaken without undue burden or expense. The Depositary shall have no
		liability for any actions taken in accordance with such instructions.
	 

	 
		 
	 

	 
		 
	 

	 
		A-17
	 

	 
		 
	 

	 

	 
	 

	 

	 
		 
	 

	 
		 
	 

	 
		(ASSIGNMENT AND
		TRANSFER SIGNATURE LINES)
	 

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

	 
		 
	 

	 
			
				
				  Dated:

				

			 	
				
				   
				

			 	
				
				  Name: 

				

			 	
				
				   

				

			 
	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:

				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

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

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

			 
	 	 

			
				
				  SIGNATURE
				  GUARANTEED
				

			 	 
	
				
				  
				

			 	 

 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		A-18
	 

	 
		 
	 

	 

	 
	 

	 

	 
		TABLE OF
		CONTENTS
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Page
				

			 
	
				
				   
				

			 	
				
				   
				

			 	  
	
				
				  ARTICLE I.
				  DEFINITIONS
				

			 	
				
				   
				

			 	
				
				  1
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION
				  1.1
				

			 	
				
				   
				

			 	
				
				  “Affiliate”
				

			 	
				
				   
				

			 	
				
				  1
				

			 
	
				
				  SECTION
				  1.2
				

			 	
				
				   
				

			 	
				
				  “Agent”
				

			 	
				
				   
				

			 	
				
				  1
				

			 
	
				
				  SECTION
				  1.3
				

			 	
				
				   
				

			 	
				
				  “American Depositary
				  Share(s)” and “ADS(s)”
				

			 	
				
				   
				

			 	
				
				  2
				

			 
	
				
				  SECTION
				  1.4
				

			 	
				
				   
				

			 	
				
				  “Article” shall refer
				  to an article of the form of Receipt set out at Exhibit A hereto
				

			 	
				
				   
				

			 	
				
				  2
				

			 
	
				
				  SECTION
				  1.5
				

			 	
				
				   
				

			 	
				
				  “ADS
				  Record Date”
				

			 	
				
				   
				

			 	
				
				  2
				

			 
	
				
				  SECTION
				  1.6
				

			 	
				
				   
				

			 	
				
				  “Beneficial
				  Owner”
				

			 	
				
				   
				

			 	
				
				  2
				

			 
	
				
				  SECTION
				  1.7
				

			 	
				
				   
				

			 	
				
				  “Business Day”
				

			 	
				
				   
				

			 	
				
				  2
				

			 
	
				
				  SECTION
				  1.8
				

			 	
				
				   
				

			 	
				
				  “Commission”
				

			 	
				
				   
				

			 	
				
				  2
				

			 
	
				
				  SECTION
				  1.9
				

			 	
				
				   
				

			 	
				
				  “Company”
				

			 	
				
				   
				

			 	
				
				  2
				

			 
	
				
				  SECTION
				  1.10
				

			 	
				
				   
				

			 	
				
				  “Corporate Trust
				  Office”
				

			 	
				
				   
				

			 	
				
				  2
				

			 
	
				
				  SECTION
				  1.11
				

			 	
				
				   
				

			 	
				
				  “Custodian”
				

			 	
				
				   
				

			 	
				
				  2
				

			 
	
				
				  SECTION
				  1.12
				

			 	
				
				   
				

			 	
				
				  “Deliver” and
				  “Delivery”
				

			 	
				
				   
				

			 	
				
				  2
				

			 
	
				
				  SECTION
				  1.13
				

			 	
				
				   
				

			 	
				
				  “Deposit
				  Agreement”
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  SECTION
				  1.14
				

			 	
				
				   
				

			 	
				
				  “Depositary”
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  SECTION
				  1.15
				

			 	
				
				   
				

			 	
				
				  “Deposited
				  Securities”
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  SECTION
				  1.16
				

			 	
				
				   
				

			 	
				
				  “Dollars” and
				  “$”
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  SECTION
				  1.17
				

			 	
				
				   
				

			 	
				
				  “DRS/Profile”
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  SECTION
				  1.18
				

			 	
				
				   
				

			 	
				
				  “DTC”
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  SECTION
				  1.19
				

			 	
				
				   
				

			 	
				
				  “Exchange Act”
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  SECTION
				  1.20
				

			 	
				
				   
				

			 	
				
				  “Foreign
				  Currency”
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  SECTION
				  1.21
				

			 	
				
				   
				

			 	
				
				  “Foreign
				  Registrar”
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  SECTION
				  1.22
				

			 	
				
				   
				

			 	
				
				  “Holder”
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  SECTION
				  1.23
				

			 	
				
				   
				

			 	
				
				  “Indemnified Person”
				  and “Indemnifying Person”
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  SECTION
				  1.24
				

			 	
				
				   
				

			 	
				
				  “Pre-Release
				  Transaction”
				

			 	
				
				   
				

			 	
				
				  3
				

			 
	
				
				  SECTION
				  1.25
				

			 	
				
				   
				

			 	
				
				  “Receipt(s)”;
				  “American Depositary Receipt(s)”; and “ADR(s)”
				

			 	
				
				   
				

			 	
				
				  4
				

			 
	
				
				  SECTION
				  1.26
				

			 	
				
				   
				

			 	
				
				  “Registrar”
				

			 	
				
				   
				

			 	
				
				  4
				

			 
	
				
				  SECTION
				  1.27
				

			 	
				
				   
				

			 	
				
				  “Restricted ADRs”;
				  “Restricted ADSs”; and “Restricted Shares”
				

			 	
				
				   
				

			 	
				
				  4
				

			 
	
				
				  SECTION
				  1.28
				

			 	
				
				   
				

			 	
				
				  “Restricted
				  Securities”
				

			 	
				
				   
				

			 	
				
				  4
				

			 
	
				
				  SECTION
				  1.29
				

			 	
				
				   
				

			 	
				
				  “Securities Act”

				

			 	
				
				   
				

			 	
				
				  4
				

			 
	
				
				  SECTION
				  1.30
				

			 	
				
				   
				

			 	
				
				  “Shares”
				

			 	
				
				   
				

			 	
				
				  4
				

			 
	
				
				  SECTION
				  1.31
				

			 	
				
				   
				

			 	
				
				  “United
				  States” or “U.S.”
				

			 	
				
				   
				

			 	
				
				  4
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

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

			 	
				
				   
				

			 	
				
				  4
				

			 
	 	 	 	 	 
	
				
				  SECTION
				  2.1
				

			 	
				
				   
				

			 	
				
				  Appointment
				  of Depositary
				

			 	
				
				   
				

			 	
				
				  5
				

			 
	
				
				  SECTION
				  2.2
				

			 	
				
				   
				

			 	
				
				  Form and
				  Transferability of Receipts
				

			 	
				
				   
				

			 	
				
				  5
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		(i)
	 

	 
		 
	 

	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Page
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION
				  2.3
				

			 	
				
				   
				

			 	
				
				  Deposits
				

			 	
				
				   
				

			 	
				
				  6
				

			 
	
				
				  SECTION
				  2.4
				

			 	
				
				   
				

			 	
				
				  Execution and
				  Delivery of Receipts
				

			 	
				
				   
				

			 	
				
				  7
				

			 
	
				
				  SECTION
				  2.5
				

			 	
				
				   
				

			 	
				
				  Transfer of
				  Receipts; Combination and Split-up of Receipts
				

			 	
				
				   
				

			 	
				
				  7
				

			 
	
				
				  SECTION
				  2.6
				

			 	
				
				   
				

			 	
				
				  Surrender of
				  Receipts and Withdrawal of Deposited Securities
				

			 	
				
				   
				

			 	
				
				  8
				

			 
	
				
				  SECTION
				  2.7
				

			 	
				
				   
				

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

			 	
				
				   
				

			 	
				
				  9
				

			 
	
				
				  SECTION
				  2.8
				

			 	
				
				   
				

			 	
				
				  Lost
				  Receipts, etc.
				

			 	
				
				   
				

			 	
				
				  10
				

			 
	
				
				  SECTION
				  2.9
				

			 	
				
				   
				

			 	
				
				  Cancellation
				  and Destruction of Surrendered Receipts; Maintenance of Records
				

			 	
				
				   
				

			 	
				
				  10
				

			 
	
				
				  SECTION
				  2.10
				

			 	
				
				   
				

			 	
				
				  Pre-Release
				

			 	
				
				   
				

			 	
				
				  10
				

			 
	
				
				  SECTION
				  2.11
				

			 	
				
				   
				

			 	
				
				  Restricted
				  ADSs
				

			 	
				
				   
				

			 	
				
				  11
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  11
				

			 	
				
				   
				

			 	  
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE III.
				  CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF RECEIPTS
				

			 	
				
				   
				

			 	
				
				  12
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION
				  3.1
				

			 	
				
				   
				

			 	
				
				  Proofs,
				  Certificates and Other Information
				

			 	
				
				   
				

			 	
				
				  12
				

			 
	
				
				  SECTION
				  3.2
				

			 	
				
				   
				

			 	
				
				  Liability for
				  Taxes and Other Charges
				

			 	
				
				   
				

			 	
				
				  12
				

			 
	
				
				  SECTION
				  3.3
				

			 	
				
				   
				

			 	
				
				  Representations and Warranties on
				  Deposit of Shares
				

			 	
				
				   
				

			 	
				
				  13
				

			 
	
				
				  SECTION
				  3.4
				

			 	
				
				   
				

			 	
				
				  Compliance
				  with Information Requests
				

			 	
				
				   
				

			 	
				
				  13
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE IV.
				  THE DEPOSITED SECURITIES
				

			 	
				
				   
				

			 	
				
				  14
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION
				  4.1
				

			 	
				
				   
				

			 	
				
				  Cash
				  Distributions
				

			 	
				
				   
				

			 	
				
				  14
				

			 
	
				
				  SECTION
				  4.2
				

			 	
				
				   
				

			 	
				
				  Distribution
				  in Shares
				

			 	
				
				   
				

			 	
				
				  14
				

			 
	
				
				  SECTION
				  4.3
				

			 	
				
				   
				

			 	
				
				  Elective
				  Distributions in Cash or Shares
				

			 	
				
				   
				

			 	
				
				  15
				

			 
	
				
				  SECTION
				  4.4
				

			 	
				
				   
				

			 	
				
				  Distribution
				  of Rights to Purchase Shares
				

			 	
				
				   
				

			 	
				
				  15
				

			 
	
				
				  SECTION
				  4.5
				

			 	
				
				   
				

			 	
				
				  Distributions
				  Other Than Cash, Shares or Rights to Purchase Shares
				

			 	
				
				   
				

			 	
				
				  17
				

			 
	
				
				  SECTION
				  4.6
				

			 	
				
				   
				

			 	
				
				  Conversion of
				  Foreign Currency
				

			 	
				
				   
				

			 	
				
				  17
				

			 
	
				
				  SECTION
				  4.7
				

			 	
				
				   
				

			 	
				
				  Fixing of
				  Record Date
				

			 	
				
				   
				

			 	
				
				  18
				

			 
	
				
				  SECTION
				  4.8
				

			 	
				
				   
				

			 	
				
				  Voting of
				  Deposited Securities
				

			 	
				
				   
				

			 	
				
				  18
				

			 
	
				
				  SECTION
				  4.9
				

			 	
				
				   
				

			 	
				
				  Changes
				  Affecting Deposited Securities
				

			 	
				
				   
				

			 	
				
				  19
				

			 
	
				
				  SECTION
				  4.10
				

			 	
				
				   
				

			 	
				
				  Available
				  Information
				

			 	
				
				   
				

			 	
				
				  20
				

			 
	
				
				  SECTION
				  4.11
				

			 	
				
				   
				

			 	
				
				  Reports
				

			 	
				
				   
				

			 	
				
				  20
				

			 
	
				
				  SECTION
				  4.12
				

			 	
				
				   
				

			 	
				
				  List of
				  Holders
				

			 	
				
				   
				

			 	
				
				  20
				

			 
	
				
				  SECTION
				  4.13
				

			 	
				
				   
				

			 	
				
				  Taxation;
				  Withholding
				

			 	
				
				   
				

			 	
				
				  20
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE V.
				  THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY
				

			 	
				
				   
				

			 	
				
				  21
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION
				  5.1
				

			 	
				
				   
				

			 	
				
				  Maintenance
				  of Office and Transfer Books by the Registrar
				

			 	
				
				   
				

			 	
				
				  21
				

			 
	
				
				  SECTION
				  5.2
				

			 	
				
				   
				

			 	
				
				  Exoneration
				

			 	
				
				   
				

			 	
				
				  22
				

			 
	
				
				  SECTION
				  5.3
				

			 	
				
				   
				

			 	
				
				  Standard of
				  Care
				

			 	
				
				   
				

			 	
				
				  22
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		(ii)
	 

	 
		 
	 

	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Page
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION
				  5.4
				

			 	
				
				   
				

			 	
				
				  Resignation
				  and Removal of the Depositary; Appointment of Successor Depositary
				

			 	
				
				   
				

			 	
				
				  23
				

			 
	
				
				  SECTION
				  5.5
				

			 	
				
				   
				

			 	
				
				  The
				  Custodian
				

			 	
				
				   
				

			 	
				
				  24
				

			 
	
				
				  SECTION
				  5.6
				

			 	
				
				   
				

			 	
				
				  Notices and
				  Reports
				

			 	
				
				   
				

			 	
				
				  24
				

			 
	
				
				  SECTION
				  5.7
				

			 	
				
				   
				

			 	
				
				  Issuance of
				  Additional Shares, ADSs etc.
				

			 	
				
				   
				

			 	
				
				  25
				

			 
	
				
				  SECTION
				  5.8
				

			 	
				
				   
				

			 	
				
				  Indemnification
				

			 	
				
				   
				

			 	
				
				  26
				

			 
	
				
				  SECTION
				  5.9
				

			 	
				
				   
				

			 	
				
				  Fees and
				  Charges of Depositary
				

			 	
				
				   
				

			 	
				
				  27
				

			 
	
				
				  SECTION
				  5.10
				

			 	
				
				   
				

			 	
				
				  Restricted
				  Securities Owners/Ownership Restrictions
				

			 	
				
				   
				

			 	
				
				  28
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE VI.
				  AMENDMENT AND TERMINATION
				

			 	
				
				   
				

			 	
				
				  29
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION
				  6.1
				

			 	
				
				   
				

			 	
				
				  Amendment/Supplement
				

			 	
				
				   
				

			 	
				
				  29
				

			 
	
				
				  SECTION
				  6.2
				

			 	
				
				   
				

			 	
				
				  Termination
				

			 	
				
				   
				

			 	
				
				  29
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  ARTICLE VII.
				  MISCELLANEOUS
				

			 	
				
				   
				

			 	
				
				  30
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  SECTION
				  7.1
				

			 	
				
				   
				

			 	
				
				  Counterparts
				

			 	
				
				   
				

			 	
				
				  30
				

			 
	
				
				  SECTION
				  7.2
				

			 	
				
				   
				

			 	
				
				  No
				  Third-Party Beneficiaries
				

			 	
				
				   
				

			 	
				
				  30
				

			 
	
				
				  SECTION
				  7.3
				

			 	
				
				   
				

			 	
				
				  Severability
				

			 	
				
				   
				

			 	
				
				  31
				

			 
	
				
				  SECTION
				  7.4
				

			 	
				
				   
				

			 	
				
				  Holders and
				  Beneficial Owners as Parties; Binding Effect
				

			 	
				
				   
				

			 	
				
				  31
				

			 
	
				
				  SECTION
				  7.5
				

			 	
				
				   
				

			 	
				
				  Notices
				

			 	
				
				   
				

			 	
				
				  31
				

			 
	
				
				  SECTION
				  7.6
				

			 	
				
				   
				

			 	
				
				  Governing Law
				  and Jurisdiction
				

			 	
				
				   
				

			 	
				
				  31
				

			 
	
				
				  SECTION
				  7.7
				

			 	
				
				   
				

			 	
				
				  Assignment
				

			 	
				
				   
				

			 	
				
				  33
				

			 
	
				
				  SECTION
				  7.8
				

			 	
				
				   
				

			 	
				
				  Agents

				

			 	
				
				   
				

			 	
				
				  33
				

			 
	
				
				  SECTION
				  7.9
				

			 	
				
				   
				

			 	
				
				  Exclusivity
				

			 	
				
				   
				

			 	
				
				  33
				

			 
	
				
				  SECTION
				  7.10
				

			 	
				
				   
				

			 	
				
				  Compliance
				  with U.S. Securities Laws
				

			 	
				
				   
				

			 	
				
				  33
				

			 
	
				
				  SECTION
				  7.11
				

			 	
				
				   
				

			 	
				
				  Titles

				

			 	
				
				   
				

			 	
				
				  33
				

			 

 

	 
		 
	 

	 
			
				
				  EXHIBIT
				  A Form of Face
				  of Receipt
				

			 	
				
				  A-1
				

			 
	
				
				  EXHIBIT
				  B Form of
				  Reverse of Receipt
				

			 	
				
				  B-1
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		(iii)

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