Document:

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                                                                    EXHIBIT 10.2

                                 ALKERMES, INC.

                        2002 RESTRICTED STOCK AWARD PLAN

                                   ARTICLE I

                                    PURPOSE

            The purpose of this 2002 Restricted Stock Award Plan (the
"Plan") is to reward selected eligible officers, directors and employees of and
consultants to Alkermes, Inc. and its subsidiaries (collectively, the "Company")
for their past services and/or to provide an incentive for their continued
service to the Company by awarding them shares of Common Stock, par value $.01
per share, of the Company.

                                   ARTICLE II

                                   DEFINITIONS

         For purposes of the Plan, the following terms shall have the following
meanings:

         Section 2.1   "ADMINISTRATOR" shall mean the Board or, if the Board has
delegated its responsibility to administer the Plan pursuant to Section 4.1, the
committee and/or subcommittee of the Board to which such responsibility has been
delegated.

         Section 2.2   "AWARD" shall mean any award representing shares of
Common Stock granted pursuant to Section 5.1.

         Section 2.3   "BOARD" shall mean the Board of Directors of the Company.

         Section 2.4   "CHANGE OF CONTROL" shall mean

         (a) The acquisition, directly or indirectly, other than from the
Company, by any person, entity or "group" (within the meaning of Section
13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), excluding, for this purpose, the Company, its subsidiaries, and
any employee benefit plan of the Company or its subsidiaries which acquires
beneficial ownership of voting securities of the Company) (a "Third Party") of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of more than 50% of the combined voting power of the Company's
then outstanding voting securities entitled to vote generally in the election of
directors; or

         (b) Individuals who, as of June 12, 2002, constitute the Board (the
"Incumbent Directors") cease for any reason to constitute at least a majority of
the Board, provided that any person becoming a director subsequent to such date
whose election, or nomination for election by the Company's shareholders, was
approved by a vote of at least a

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majority of the Incumbent Directors who are directors at the time of such vote
shall be, for purposes of this Agreement, an Incumbent Director; or

         (c) Consummation of (i) a reorganization, merger or consolidation, or
(ii) a liquidation or dissolution of the Company or the sale of all or
substantially all of the assets of the Company (whether such assets are held
directly or indirectly) to a Third Party;

except that any event or transaction which would be a "Change of Control" under
(a) or (c)(i) of this definition shall not be a "Change of Control" if persons
who were the shareholders of the Company immediately prior to such event or
transaction (other than the acquiror in the case of a reorganization, merger or
consolidation), immediately thereafter, beneficially own more than 50% of the
combined voting power of the Company's or the reorganized, merged or
consolidated company's then outstanding voting securities entitled to vote
generally in the election of directors.

         Section 2.5   "CODE" shall mean the Internal Revenue Code of 1986, as
amended.

         Section 2.6   "EFFECTIVE DATE" shall mean the date on which the Plan is
adopted by the Board.

         Section 2.7   "PARTICIPANT" shall mean (a) employees of the Company,
(b) corporate officers of the Company, (c) directors of the Company and (d)
consultants to the Company.

         Section 2.8   "SUBSIDIARY" shall mean any corporation, limited
partnership, limited liability company or any other entity of which the Company
owns, directly or indirectly, more than 50% of the voting stock or equity or a
controlling interest.

         Section 2.9   "TERMINATION OF EMPLOYMENT" shall mean, as appropriate,
(a) the termination of a Participant's employment with the Company for reasons
other than a military or personal leave of absence granted by the Company, (b)
termination of a Participant's consulting relationship with the Company or (c)
termination of a Participant's service as a member of the Board.

                                  ARTICLE III

                                     SHARES

         Section 3.1   SHARES. No more than 500,000 shares of Common Stock may
be issued under the Plan. Shares of Common Stock subject to awards which have
been forfeited pursuant to the terms of this Plan may again be awarded pursuant
to the Plan. No Participant may receive awards covering more than 100,000 shares
of Common Stock during any calendar year.

         Section 3.2   COMMON STOCK SUBJECT TO AWARD. The shares of Common Stock
issued pursuant to this Plan may be unissued shares or treasury shares,
including shares bought on the open market. Shares of Common Stock issued
pursuant to the Plan shall be validly issued, fully paid and nonassessable.

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         In the event of any merger, reorganization, consolidation,
recapitalization, dividend (other than a regular cash dividend), stock split, or
other change in corporate structure affecting the Common Stock, such
substitution or adjustment shall be made in the maximum aggregate number of
shares of Common Stock that may be issued under this Plan, in the maximum number
of shares of Common Stock with respect to which an Award may be granted under
this Plan to any individual during any calendar year, and in the number of
shares of Common Stock subject to outstanding Awards, as may be determined to be
appropriate by the Administrator, in its sole discretion.

                                   ARTICLE IV

                                 ADMINISTRATION

         Section 4.1   ADMINISTRATION. The Plan shall be administered and
interpreted by the Board; provided, however, that the Board may delegate this
responsibility to a committee, which may in turn delegate this responsibility to
a subcommittee thereof, each such committee and subcommittee to be comprised of
two or more members of the Board.

         Section 4.2   DECISIONS FINAL. Any decision, interpretation or other
action made or taken in good faith by the Administrator arising out of or in
connection with the Plan shall be final, binding and conclusive on the Company,
all Participants, officers, employees, directors and consultants, and their
respective heirs, executors, administrators, successors and assigns.

                                   ARTICLE V

                                    AWARDS

         Section 5.1   AWARDS; FORFEITURE; PERFORMANCE GOALS. The Administrator
is authorized to grant Awards under the Plan to one or more Participants. Each
such Award shall represent the right to receive a specified number of shares of
Common Stock subject to (i) certain forfeiture provisions regarding such Awards
and/or (ii) the satisfaction of any applicable performance goals. The vesting
restrictions and/or performance goals, if any, will be set by the Administrator,
in its sole discretion, at the time the Award is made and may be based on
performance to be achieved by the Company or any Subsidiary, department or
function in which the Participant is employed. The performance goals for the
Chief Executive Officer, Chief Operating Officer, Chief Financial Officer and
Senior Vice Presidents shall be based on one or more of the following: sales,
costs, earnings, shareholder return, market price of the Common Stock,
completion of specific goals such as acquisitions, new collaborations or product
development milestones or approvals or such other objective factors as the
Administrator may determine in its sole discretion. Performance may be measured
against specified targets or in relation to an industry peer group. Performance
goals relating to any particular Award need not be the same as those relating to
any other award, whether made at the same time or at a different time.

                  The persons to whom and the time or times at which Awards are
made, the number of shares of Common Stock subject to each Award, the forfeiture
provisions and/or the performance goals, if any, applicable to Awards

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and the other terms and provisions of Awards shall be wholly within the
discretion of the Administrator, subject to the limits prescribed in Article III
and Section 5.2.

         Section 5.2   AWARD TERMS. Subject to the limitations prescribed in
Section 5.1 above, an Award made under this Plan shall be on the terms stated in
clauses (a) through (e) below. The Administrator may specify additional terms
not inconsistent with this Plan by rules of general application or by specific
direction in connection with a particular Award or group of Awards.

         (a) Award Certificate. Awards granted pursuant to this Plan shall be
evidenced by a Restricted Stock Award Certificate in the form attached as
EXHIBIT A to this Plan. The Restricted Stock Award Certificate will specify the
number of shares of Common Stock subject to the Award and the applicable
forfeiture provisions and/or performance goals, if any. The Restricted Stock
Award Certificate may contain such other terms and conditions not inconsistent
with the provisions of the Plan as the Administrator considers necessary or
advisable to achieve the purposes of the Plan or to comply with applicable tax
and regulatory laws and accounting principles.

         (b) Forfeiture Provisions; Performance Goals.

                  (i) In the event no performance goals are applicable to an
Award, promptly after the forfeiture provisions applicable to such Award, if
any, lapse, a stock certificate representing the number of shares of Common
Stock specified in the Restricted Stock Award Certificate shall be issued and
registered in the name of, and delivered to, the recipient as of such date.

                  (ii) In the event performance goals are applicable to an
Award, promptly after the forfeiture provisions applicable to such Award, if
any, lapse, the Administrator shall determine whether the applicable performance
goals have been achieved. If the Administrator certifies that the applicable
performance goals have been achieved, a stock certificate representing the
number of shares of Common Stock specified in the Restricted Stock Award
Certificate shall be issued and registered in the name of, and delivered to, the
recipient as of such date. If the Administrator determines that the applicable
performance goals have not been achieved, the Award shall be forfeited.

                  (c) Termination of Employment. Unless otherwise determined by
the Administrator on or after the date of grant, in the event of a Participant's
Termination of Employment for any reason, any Award held by such Participant
which was subject to provisions of forfeiture, either because time periods had
not lapsed or goals were not achieved, on the date of such Termination of
Employment shall be forfeited.

                  (d) Change of Control. In order to preserve a Participant's
rights under an Award in the event of a Change of Control, the Administrator in
its discretion may, at the time an Award is made or at any time thereafter, take
one or more of the following actions with respect to any or all outstanding
Awards: (i) provide for immediate lapse of any forfeiture provisions, including
any performance goals, applicable to the Award, if not previously forfeited, at
which point a stock certificate representing the shares of Common Stock subject
thereto shall be issued

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and registered in the name of, and delivered to, the recipients, (ii) provide
for payment to the Participant of cash or other property with a fair market
value equal to the amount that would have been received upon issuance of the
Common Stock subject to the Award if such Common Stock were issued upon the
Change of Control, (iii) adjust the terms of the Award in a manner determined by
the Administrator to reflect the Change of Control, (iv) cause the Award to be
assumed, or new rights substituted therefor, by another entity, or (v) make such
other provision as the Administrator may, in its discretion, consider equitable
or appropriate to Participants and in the best interests of the Company.

                  (e) Fundamental Transactions. In the event the Company is
succeeded by another company in a reorganization, merger, consolidation,
acquisition of property or stock, separation or liquidation or any other
transaction occurs that affects the Common Stock such that an adjustment is
required in order to preserve the benefits intended to be provided by the Plan,
and the Administrator has not taken any action under Section 5.2(d) hereof, the
successor company or resulting entity shall assume all of the outstanding Awards
granted under this Plan or shall substitute new awards for them, which shall
provide that each Participant, at the same cost, shall be entitled upon the
lapse of the forfeiture provisions and the satisfaction of the performance
goals, if any and unless already achieved, applicable to such Award to receive
such securities as the Board of Directors (or equivalent governing body) of the
succeeding, resulting or other company shall determine to be equivalent, as
nearly as practicable, to the nearest whole number and class of shares of stock
or other securities to which the Participant would have been entitled under the
terms of the agreement governing the reorganization, merger, consolidation,
acquisition of property or stock, separation or liquidation as if, immediately
prior to such event, the Participant had been the holder of record of the number
of shares of Common Stock which were then subject to the outstanding Award
granted under this Plan.

                                   ARTICLE VI

                                  UNFUNDED PLAN

         Section 6.1   UNFUNDED STATUS. The Plan is intended to constitute an
"unfunded" plan for incentive compensation. With respect to any payment not yet
made to a Participant by the Company, nothing contained herein shall give any
such Participant any rights that are greater than those of a general creditor of
the Company.

                                  ARTICLE VII

                            TERMINATION AND AMENDMENT

         Section 7.1   TERMINATION OR AMENDMENT OF PLAN. The Board may at any
time amend, discontinue or terminate the Plan or any part thereof (including any
amendment deemed necessary to ensure that the Company may comply with any
regulatory requirement referred to in Article VIII) or amend any Award
previously granted, prospectively or retroactively (subject to Article V);
provided, however, that (a) in either case, unless otherwise required by law,
the rights of a Participant with respect to Awards granted prior to such
amendment, discontinuance or termination may not be impaired without the consent
of such Participant and (b) the Company will seek the approval of the Company's
shareholders for any amendment if (i) such amendment

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materially increases the benefits to Participants under the Plan or (ii) such
approval is necessary to comply with the Code, Federal or state securities laws,
the rules or regulations of any stock exchange or stock market on which the
Common Stock is listed or traded or any other applicable rules or regulations.

                                  ARTICLE VIII

                               GENERAL PROVISIONS

         Section 8.1   NONASSIGNMENT. Unless otherwise determined by the
Administrator on or after the date of grant, any Award made hereunder and the
rights and privileges conferred hereby and by the Restricted Stock Award
Certificate shall not be transferred, assigned, pledged or hypothecated in any
way (whether by operation of law or otherwise), and shall not be subject to
execution, attachment or similar process. Upon any attempt to transfer, assign,
pledge, hypothecate or otherwise dispose of such Award, right or privilege
contrary to the provisions hereof (unless permitted by action of the
Administrator), or upon the levy of any attachment or similar process thereon,
such Award and the rights and privileges conferred hereby shall immediately
terminate and shall be immediately forfeited to the Company.

         Section 8.2   RIGHTS OF PARTICIPANT IN SHARES. A recipient of an Award
shall not be deemed to be the holder of, or to have the rights of a holder with
respect to, any shares of Common Stock subject to the Award unless and until
forfeiture provisions and/or performance goals, as applicable to an Award, lapse
or are achieved and certificates representing such shares of Common Stock are
issued to such person.

         Section 8.3   LEGEND.

         (a) The Company may require each person acquiring shares of Common
Stock upon lapse of the forfeiture provisions or achievement of performance
goals of an Award to represent to the Company in writing that the Participant is
acquiring the shares of Common Stock for the Participant's own account and
without a view to the distribution thereof. The stock certificates representing
such shares may include any legend which the Company deems appropriate to
reflect any restrictions on transfer.

         (b) All certificates representing shares of Common Stock delivered
under the Plan shall be subject to such stop transfer orders and other
restrictions as the Company may deem advisable under the rules, regulations and
other requirements of the Securities and Exchange Commission, any stock exchange
or stock market upon which the Common Stock is then listed or traded, any
applicable Federal or state securities law, and any applicable corporate law,
and the Company may cause a legend or legends to be put on any such certificates
to make appropriate reference to such restrictions.

         Section 8.4   83(B) TAX ELECTIONS; WITHHOLDING.

         (a) Participants shall not be eligible to make an election under
Section 83(b) of the Code (a "Section 83(b) Election") with respect to the grant
of Awards under the Plan.

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Participants that are subject to the reporting requirements of Section 16(a) of
the Securities Exchange Act of 1934, as amended, may make a Section 83(b)
Election with respect to any issuance of shares of Common Stock pursuant to
Section 5.2(b) if they provide written notice to the Company on or before the
delivery of the stock certificates representing the shares that are to be
subject to the Section 83(b) Election.

         (b) In connection with its obligations to withhold Federal, state, city
or other taxes from amounts paid to Participants, the Company may make any
arrangements that are consistent with the Plan as it may deem appropriate.
Without limitation of the preceding sentence, the Company shall have the right
to reduce the number of shares of Common Stock otherwise required to be issued
to a Participant (or other recipient) in an amount that would have a fair market
value on the date of such issuance equal to all Federal, state, city or other
taxes as shall be required to be withheld by the Company pursuant to any statute
or other governmental regulation or ruling.

         Section 8.5   GOVERNING LAW. The Plan and actions taken in connection
herewith shall be governed and construed in accordance with the laws of the
Commonwealth of Pennsylvania without regard to the conflict of law principles
thereof.

         Section 8.6   CONSTRUCTION. Wherever any words are used in the Plan in
the masculine gender they shall be construed as though they were also used in
the feminine gender in all cases where they would so apply, and wherever any
words are used herein in the singular form they shall be construed as though
they were also used in the plural form in all cases where they would so apply.

         Section 8.7   LIABILITY OF THE BOARD. No member of the Board nor any
employee of the Company or any of its Subsidiaries shall be liable for any act
or action hereunder, whether of omission or commission, by any other member of
the Board or officer or employee or by any agent to whom duties in connection
with the administration of the Plan have been delegated or, except in
circumstances involving bad faith, gross negligence or fraud, for anything done
or omitted to be done by himself or herself.

         Section 8.8   NO RIGHT TO EMPLOYMENT. Neither the Plan nor the grant of
any Award shall give any Participant or other officer, employee, consultant or
director any right with respect to continuance of office, employment, consulting
relationship or directorship, as the case may be, with the Company or any
Subsidiary, nor shall the Plan impose any limitation on the right of the Company
or any Subsidiary by which a Participant is employed to terminate a
Participant's office, employment or consulting relationship at any time. Neither
the Plan nor the grant of any Award shall give any director the right to
continue as a member of the Board or obligate the Company to nominate any
director for reelection by the Company's shareholders.

         Section 8.9   OTHER PLANS. Nothing contained in the Plan shall prevent
the Company from adopting other or additional compensation arrangements, and
such arrangements may be either generally applicable or applicable only in
specific cases.

         Section 8.10  NOTICES. Any notice required or permitted hereunder
shall be sufficiently given only if sent by registered or certified mail,
postage prepaid, addressed to

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Alkermes, Inc., 64 Sidney Street, Cambridge, Massachusetts 02139 and to a
Participant at the address on file with the Company on the date an Award is made
hereunder, or to such other address as either party may hereafter designate in
writing by notice similarly given by one party to the other.

         Section 8.11   SUCCESSORS. The Plan shall be binding upon and inure to
the benefit of any successors or assigns of the Company.

         Section 8.12   SEVERABILITY. If any part of this Plan shall be
determined to be invalid or void in any respect, such determination shall not
affect, impair, invalidate or nullify the remaining provisions of this Plan
which shall continue in full force and effect.

                                   ARTICLE IX

                                  TERM OF PLAN

         Section 9.1   EFFECTIVE DATE. The Plan shall be effective as of the
Effective Date, but the grant of any Award hereunder is subject to the express
condition that the Plan be approved by the shareholders of the Company within 12
months after the Effective Date.

         Section 9.2   TERMINATION DATE. Unless sooner terminated, the Plan
shall terminate ten years after the Effective Date and no Awards may be granted
thereafter. Termination of the Plan shall not affect Awards granted before such
date.

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<PAGE>

                                   EXHIBIT A

                                 ALKERMES, INC.

                       RESTRICTED STOCK AWARD CERTIFICATE

                  This certifies that, pursuant to the 2002 Restricted Stock
Award Plan of Alkermes, Inc., the Administrator (as such term is defined in the
2002 Restricted Stock Plan) has granted an Award as follows:

                  Name and Address                Position of
                  of Participant:                 Participant:

                  Number of Shares
                  of Alkermes, Inc.
                  Common Stock Subject
                  to Award:

                  Date on which forfeiture provisions lapse:

                  Performance Goals:

                  The Award is subject to all the terms and conditions of the
aforementioned Plan, a copy of which is attached to this certificate.

Date: _________________________

                                               ALKERMES, INC.

                                               By: ___________________________

                                               Title: ________________________

                                       9<PAGE>

                                                                     Exhibit 4.1
================================================================================

                                 SMARTFORCE PLC

                              (F/K/A CBT GROUP PLC)

                                       AND

                              THE BANK OF NEW YORK

                                  As Depositary

                                       AND

          OWNERS AND BENEFICIAL OWNERS OF AMERICAN DEPOSITARY RECEIPTS

                     Amended and Restated Deposit Agreement

                           Dated as of April 13, 1995

                  as amended and restated as of April 11, 1996

               as further amended and restated as of March 9, 1998

               as further amended and restated as of May 22, 1998

             as further amended and restated as of September 4, 2002

================================================================================
<PAGE>
<TABLE>
<S>                                                                                                <C>
ARTICLE 1 DEFINITIONS............................................................................   1

      SECTION 1.01. American Depositary Shares...................................................   2
      SECTION 1.02. Beneficial Owner.............................................................   2
      SECTION 1.03. Commission...................................................................   2
      SECTION 1.04. Company......................................................................   2
      SECTION 1.05. Custodian....................................................................   2
      SECTION 1.06. Deposit Agreement............................................................   2
      SECTION 1.07. Depositary; Corporate Trust Office...........................................   3
      SECTION 1.08. Deposited Securities.........................................................   3
      SECTION 1.09. Dollars; Euro................................................................   3
      SECTION 1.10. Foreign Registrar............................................................   3
      SECTION 1.11. Owner........................................................................   3
      SECTION 1.12. Receipts.....................................................................   3
      SECTION 1.13. Registrar....................................................................   4
      SECTION 1.14. Restricted Securities........................................................   4
      SECTION 1.15. Securities Act of 1933; Act..................................................   4
      SECTION 1.16. Shares.......................................................................   4

ARTICLE 2 FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY, TRANSFER AND SURRENDER
OF RECEIPTS......................................................................................   4

      SECTION 2.01. Form and Transferability Receipts............................................   4
      SECTION 2.02. Deposit of Shares............................................................   6
      SECTION 2.03. Execution and Delivery of Receipts...........................................   7
      SECTION 2.04. Transfer of Receipts; Combination and Split-Up of Receipts...................   8
      SECTION 2.05. Surrender of Receipts and, Withdrawal of Shares..............................   8
      SECTION 2.06. Limitations on Execution and Delivery, Transfer and Surrender of Receipts....  10
      SECTION 2.07. Lost Receipts, etc...........................................................  11
      SECTION 2.08. Cancellation and Destruction of Surrendered Receipts.........................  11
      SECTION 2.09. Pre-Release of Receipts......................................................  11

ARTICLE 3 CERTAIN OBLIGATIONS OF OWNERS AND BENEFICIAL OWNERS OF RECEIPTS........................  12

      SECTION 3.01. Filing Proofs. Certificates and Other Information............................  12
      SECTION 3.02. Liability of Owner or Beneficial Owner for Taxes.............................  12
      SECTION 3.03. Warranties on Deposit of Shares..............................................  13
      SECTION 3.04. Disclosure of Interests......................................................  13

ARTICLE 4 THE DEPOSITED SECURITIES...............................................................  14

      SECTION 4.01. Cash Distributions...........................................................  14
      SECTION 4.02. Distributions Other Than Cash, Shares or Rights..............................  15
      SECTION 4.03. Distributions in Shares......................................................  15
</TABLE>
<PAGE>
<TABLE>
<S>                                                                                                <C>
      SECTION 4.04. Rights.......................................................................  16
      SECTION 4.05. Conversion of Foreign Currency...............................................  18
      SECTION 4.06. Fixing of Record Date........................................................  20
      SECTION 4.07. Voting of Deposited Securities...............................................  20
      SECTION 4.08. Changes Affecting Deposited Securities.......................................  24
      SECTION 4.09. Reports......................................................................  25
      SECTION 4.10. List of Owners...............................................................  25
      SECTION 4.11. Withholding..................................................................  25

ARTICLE 5 THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY.........................................  26

      SECTION 5.01. Maintenance of Office and Transfer Books by the Depositary...................  26
      SECTION 5.02. Prevention or Delay in Performance by the Depositary or the Company..........  26
      SECTION 5.03. Obligations of the Depositary, the Custodian and the Company.................  27
      SECTION 5.04. Resignation and Removal of the Depositary....................................  28
      SECTION 5.05. The Custodians...............................................................  29
      SECTION 5.06. Notices and Reports..........................................................  30
      SECTION 5.07. Distribution of Additional Shares, Rights, etc...............................  30
      SECTION 5.08. Indemnification..............................................................  31
      SECTION 5.09. Changes of Depositary........................................................  32
      SECTION 5.10. Retention of Depositary Documents............................................  33
      SECTION 5.11. Exclusivity..................................................................  34
      SECTION 5.12. List of Restricted Securities Owners.........................................  34

ARTICLE 6 AMENDMENT AND TERMINATION..............................................................  34

      SECTION 6.01. Amendment....................................................................  34
      SECTION 6.02. Termination..................................................................  35

ARTICLE 7 MISCELLANEOUS..........................................................................  36

      SECTION 7.01. Counterparts.................................................................  36
      SECTION 7.02. No Third Party Beneficiaries.................................................  37
      SECTION 7.03. Severability.................................................................  37
      SECTION 7.04. Owners and Beneficial Owners as Parties; Binding Effect......................  37
      SECTION 7.05. Notices......................................................................  37
      SECTION 7.06. Governing, Law...............................................................  38
</TABLE>

                                       -2-
<PAGE>
                     AMENDED AND RESTATED DEPOSIT AGREEMENT

      AMENDED AND RESTATED DEPOSIT AGREEMENT dated as of April 13, 1995, as
amended and restated as of April 11, 1996, as further amended and restated as of
March 9, 1998 and as further amended and restated as of May 22, 1998, as further
amended and restated as of September 4, 2002 among SMARTFORCE PLC (F/K/A CBT
GROUP, PLC), incorporated under the laws of The Republic of Ireland (herein
called the Company), THE BANK OF NEW YORK, a New York banking corporation
(herein called the Depositary), and all Owners and Beneficial Owners from time
to time of American Depositary Receipts issued hereunder.

                               W I T N E S S E T H

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

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

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

ARTICLE 1 DEFINITIONS

      The following definitions shall for all purposes, unless otherwise clearly
indicated, apply to the respective terms used in this Deposit Agreement:
<PAGE>
            SECTION 1.01. American Depositary Shares.

      The term "American Depositary Shares" shall mean the securities
representing the interests in the Deposited Securities and evidenced by the
Receipts issued hereunder. Each American Depositary Share shall represent the
number of Shares specified in Exhibit A annexed hereto, until there shall occur
a distribution upon Deposited Securities covered by Section 4.03 or a change in
Deposited Securities covered by Section 4.08 with respect to which additional
Receipts are not executed and delivered, and thereafter American Depositary
Shares shall evidence the amount of Shares or Deposited Securities specified in
such Sections.

            SECTION 1.02. Beneficial Owner.

      The term "Beneficial Owner" shall mean each person owning from time to
time any beneficial interest in the American Depositary Shares evidenced by any
Receipt.

            SECTION 1.03. Commission.

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

            SECTION 1.04. Company.

      The term "Company" shall mean SmartForce PLC (f/k/a CBT Group, PLC),
incorporated under the laws of The Republic of Ireland, and its successors.

            SECTION 1.05. Custodian.

      The term "Custodian" shall mean AIB Custodial Services, currently located
at Carrisbrook House, Ballsbridge, Dublin 4, The Republic of Ireland, as agent
of the Depositary for the purposes of this Deposit Agreement, and any other firm
or corporation which may hereafter be appointed by the Depositary pursuant to
the terms of Section 5.05, as substitute or additional custodian or custodians
hereunder, as the context shall require and shall also mean all of them
collectively.

            SECTION 1.06. Deposit Agreement.

      The term "Deposit Agreement" shall mean this Agreement, as the same may be
amended from time to time in accordance with the provisions hereof.

                                      -2-
<PAGE>
            SECTION 1.07. Depositary; Corporate Trust Office.

      The term "Depositary" shall mean The Bank of New York, a New York banking
corporation, and any successor as depositary hereunder. The term "Corporate
Trust Office", when used with respect to the Depositary, shall mean the office
of the Depositary which at the date of this Agreement is 101 Barclay Street, New
York, New York 10286.

            SECTION 1.08. Deposited Securities.

      The term "Deposited Securities" as of any time shall mean Shares at such
time deposited or deemed to be deposited under this Deposit Agreement and any
and all other securities, property and cash received by the Depositary or the
Custodian in respect thereof and at such time held hereunder, subject as to cash
to the provisions of Section 4.05.

            SECTION 1.09. Dollars; Euro.

      The term "Dollars" shall mean United States dollars. The term "Euro" shall
mean the common currency of the participating member countries in the European
Monetary Union.

            SECTION 1.10. Foreign Registrar.

      The term "Foreign Registrar" shall mean Allied Irish Banks, p.l.c.,
Registrars & New Issue Department or any successor entity that carries out the
duties of registrar for the Shares and any other appointed agent of the Company
for the transfer and registration of Shares.

            SECTION 1.11. Owner.

      The term "Owner" shall mean the person in whose name a Receipt is
registered on the books of the Depositary maintained for such purpose.

            SECTION 1.12. Receipts.

      The term "Receipts" shall mean the American Depositary Receipts issued
hereunder evidencing American Depositary Shares.

                                      -3-
<PAGE>
            SECTION 1.13. Registrar.

      The term "Registrar" shall mean any bank or trust company having an office
in the Borough of Manhattan, The City of New York, which shall be appointed to
register Receipts and transfers of Receipts as herein provided.

            SECTION 1.14. Restricted Securities.

      The term "Restricted Securities" shall mean Shares, or Receipts
representing such Shares, which are acquired directly or indirectly from the
Company or its affiliates (as defined in Rule 144 to the Securities Act of 1933)
in a transaction or chain of transactions not involving any public offering, or
which would require registration under the Securities Act of 1933 in connection
with the public offer and sale thereof in the United States, or which are
subject to other restrictions on sale or deposit under the laws of the United
States or The Republic of Ireland, or under a shareholder agreement or the
Memorandum and Articles of Association of the Company.

            SECTION 1.15. Securities Act of 1933; Act.

      The terms "Securities Act of 1933" or "Act" shall mean the United States
Securities Act of 1933, as from time to time amended.

            SECTION 1.16. Shares.

      The term "Shares" shall mean ordinary shares in registered form of the
Company, heretofore validly issued and outstanding and fully paid, nonassessable
and free of any pre-emptive rights of the holders of outstanding Shares or
hereafter validly issued and outstanding and fully paid, nonassessable and free
of any pre-emptive rights of the holders of outstanding Shares or interim
certificates representing such Shares.

ARTICLE 2 FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY, TRANSFER
AND SURRENDER OF RECEIPTS

            SECTION 2.01. Form and Transferability Receipts.

      Definitive Receipts shall be substantially in the form set forth in
Exhibit A annexed to this Deposit Agreement, with appropriate insertions,
modifications and

                                      -4-
<PAGE>
omissions, as hereinafter provided. No 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 signature
of a duly authorized signatory of the Depositary; provided, however, that such
signature may be a facsimile if a Registrar for the Receipts shall have been
appointed and such Receipts are countersigned by the manual or facsimile
signature of a duly authorized officer of the Registrar. The Depositary shall
maintain books on which each Receipt so executed and delivered as hereinafter
provided and the transfer of each such Receipt shall be registered. Receipts
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.

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

      Title to a Receipt (and to the American Depositary Shares evidenced
thereby), when properly endorsed or accompanied by proper instruments of
transfer, shall be transferable by delivery with the same effect as in the case
of a negotiable instrument in accordance with the laws of the State of New York;
provided, however, that the Depositary, notwithstanding any notice to the
contrary, may treat the Owner 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.

                                      -5-
<PAGE>
            SECTION 2.02. Deposit of Shares.

      Subject to the terms and conditions of this Deposit Agreement, Shares or
evidence of rights to receive Shares may be deposited by delivery thereof to any
Custodian hereunder, accompanied by any appropriate instrument or instruments of
transfer, or endorsement, in form satisfactory to the Custodian, together with
all such certifications as may be required by the Depositary or the Custodian in
accordance with the provisions of this Deposit Agreement, and, if the Depositary
requires, together with 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 such deposit. No Share shall be accepted for deposit unless
accompanied by evidence satisfactory to the Depositary that any necessary
approval has been granted by any governmental body in The Republic of Ireland
which is then performing the function of the regulation of currency exchange. If
required by the Depositary, Shares presented for deposit at any time, whether or
not the transfer books of the Company or the Foreign Registrar, if applicable,
are closed, shall also be accompanied by an agreement or assignment, or other
instrument satisfactory to the Depositary, which will provide for the prompt
transfer to the Custodian of any dividend, or right to subscribe for additional
Shares or to receive other property which any person in whose name the Shares
are or have been recorded may thereafter receive upon or in respect of such
deposited Shares, or in lieu thereof, such agreement of indemnity or other
agreement as shall be satisfactory to the Depositary.

      At the request and risk and expense of any person proposing to deposit
Shares, and for the account of such person, the Depositary may receive
certificates for Shares to be deposited, together with the other instruments
herein specified, for the purpose of forwarding such Share certificates to the
Custodian for deposit hereunder.

      Upon each delivery to a Custodian of a certificate or certificates for
Shares to be deposited hereunder, together with the other documents above
specified, such Custodian shall, as soon as transfer and recordation can be
accomplished, present such certificate or certificates to the Company or the
Foreign Registrar, if applicable, for transfer and

                                      -6-
<PAGE>
recordation of the Shares being deposited in the name of the Depositary or its
nominee or such Custodian or its nominee.

      Notwithstanding anything herein to the contrary, the Depositary shall have
no obligation to accept Shares for deposit hereunder from persons identified by
the Company as holding Restricted Securities except upon compliance with the
provisions of Section 5.12 hereof.

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

            SECTION 2.03. Execution and Delivery of Receipts.

      Upon receipt by any Custodian of any deposit pursuant to Section 2.02 (and
in addition, if the transfer books of the Company or the Foreign Registrar, if
applicable, are open, the Depositary may in its sole discretion require a proper
acknowledgment or other evidence from the Company that any Deposited Securities
have been recorded upon the books of the Company or the Foreign Registrar, if
applicable, in the name of the Depositary or its nominee or such Custodian or
its nominee), together with the other documents required as above specified,
such 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 or, at the
request, risk and expense of the person making the deposit, by cable, telex or
facsimile transmission. Upon receiving such notice from such Custodian, or upon
the receipt of Shares by the Depositary, the Depositary, subject to the terms
and conditions of this Deposit Agreement, shall execute and deliver at its
Corporate Trust Office, to or upon the order of the person or persons entitled
thereto, a Receipt or Receipts, registered in the name or names and evidencing
any authorized number of American Depositary Shares requested by such person or
persons, but only upon payment to the Depositary of the fees and expenses of the
Depositary for the execution and delivery of such Receipt or Receipts

                                      -7-
<PAGE>
as provided in Section 5.09, and of all taxes and governmental charges and fees
payable in connection with such deposit and the transfer of the Deposited
Securities.

            SECTION 2.04. Transfer of Receipts; Combination and Split-Up of
Receipts.

      The Depositary, subject to the terms and conditions of this Deposit
Agreement, shall register transfers of Receipts on its transfer books from time
to time, upon any surrender of a Receipt, by the Owner in person or by a duly
authorized attorney, properly endorsed or accompanied by proper instruments of
transfer, and duly stamped as may be required by the laws of the State of New
York and of the United States of America. Thereupon the Depositary shall execute
a new Receipt or Receipts and deliver the same to or upon the order of the
person entitled thereto.

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

      The Depositary 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 Owners or persons entitled to Receipts
and will be entitled to protection and indemnity to the same extent as the
Depositary.

            SECTION 2.05. Surrender of Receipts and, Withdrawal of Shares.

      Upon surrender at the Corporate Trust Office of the Depositary of a
Receipt for the purpose of withdrawal of the Deposited Securities represented by
the American Depositary Shares evidenced by such Receipt, and upon payment of
the fee of the Depositary for the surrender of Receipts as provided in Section
5.09 and payment of all taxes and governmental charges payable in connection
with such surrender and

                                      -8-
<PAGE>
withdrawal of the Deposited Securities, and subject to the terms and conditions
of this Deposit Agreement, the Owner of such Receipt shall be entitled to
delivery, to him or upon his order, of the amount of Deposited Securities at the
time represented by the American Depositary Shares evidenced by such Receipt.
Delivery of such Deposited Securities may be made by the delivery of (a)
certificates in the name of such Owner or as ordered by him or certificates
properly endorsed or accompanied by proper instruments of transfer to such Owner
or as ordered by him and (b) any other securities, property and cash to which
such Owner is then entitled in respect of such Receipts to such Owner or as
ordered by him. Such delivery shall be made, as hereinafter provided, without
unreasonable delay.

      A Receipt surrendered for such purposes may be required by the Depositary
to be properly endorsed in blank or accompanied by proper instruments of
transfer in blank, and if the Depositary so requires, the Owner 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 at the Dublin, The Republic of
Ireland office of such Custodian, subject to Sections 2.06, 3.01 and 3.02 and to
the other terms and conditions of this Deposit Agreement, to or upon the written
order of the person or persons designated in the order delivered to the
Depositary as above provided, the amount of Deposited Securities represented by
the American Depositary Shares evidenced by such Receipt, except that 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 the American Depositary Shares evidenced 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.

      At the request, risk and expense of any Owner so surrendering a Receipt,
and for the account of such Owner, the Depositary shall direct the Custodian to
forward any cash or other property (other than rights) comprising, and forward a
certificate or certificates and other proper documents of title for, the
Deposited Securities represented by the

                                      -9-
<PAGE>
American Depositary Shares evidenced by such Receipt to the Depositary for
delivery at the Corporate Trust Office of the Depositary, Such direction shall
be given by letter or, at the request, risk and expense of such Owner, by cable,
telex or facsimile transmission.

            SECTION 2.06. Limitations on Execution and Delivery, Transfer and
Surrender of Receipts.

      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, Custodian or Registrar may require payment
from the depositor of Shares or the 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 as herein provided, may require the production of proof
satisfactory to it as to the identity and genuineness of any signature and may
also require compliance with any regulations the Depositary may establish
consistent with the provisions of this Deposit Agreement, including, without
limitation, this Section 2.06.

      The delivery of Receipts against deposit of Shares generally or against
deposit of particular Shares may be suspended, or the transfer of Receipts in
particular instances may be refused, or the registration of transfer of
outstanding 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 at any time or from time
to time because of any requirement of law or of any government or governmental
body or commission, or under any provision of this Deposit Agreement, or for any
other reason, subject to the provisions of the following sentence.
Notwithstanding anything to the contrary in this Deposit Agreement, the
surrender of outstanding Receipts and withdrawal of Deposited Securities may not
be suspended subject only to (i) temporary delays caused by closing the transfer
books of the Depositary or the Company or the deposit of Shares in connection
with voting at a shareholders' meeting, or the payment of dividends, (ii) the
payment of fees, taxes and similar charges, and (iii)

                                      -10-
<PAGE>
compliance with any U.S. or foreign laws or governmental regulations relating to
the Receipts or to the withdrawal of the Deposited Securities. Without
limitation of the foregoing, the Depositary shall not knowingly accept for
deposit under this Deposit Agreement any Shares required to be registered under
the provisions of the Securities Act of 1933, unless a registration statement is
in effect as to such Shares.

            SECTION 2.07. Lost Receipts, etc.

      In case any Receipt shall be mutilated, destroyed, lost or stolen, the
Depositary shall execute and deliver a new Receipt of like tenor 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 Owner 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 and (b) satisfied any other
reasonable requirements imposed by the Depositary.

            SECTION 2.08. Cancellation and Destruction of Surrendered Receipts.

      All Receipts surrendered to the Depositary shall be cancelled by the
Depositary. The Depositary is authorized to destroy Receipts so cancelled.

            SECTION 2.09. Pre-Release of Receipts.

      Notwithstanding Section 2.03 hereof, the Depositary may execute and
deliver Receipts prior to the receipt of Shares pursuant to Section 2.02 (a
"Pre-Release"). The Depositary may, pursuant to Section 2.05, deliver Shares
upon the receipt and cancellation of Receipts which have been Pre-Released,
whether or not such cancellation is prior to the termination of such Pre-Release
or the Depositary knows that such Receipt has been Pre-Released. The Depositary
may receive Receipts in lieu of Shares in satisfaction of a Pre-Release. Each
Pre-Release will be (a) preceded or accompanied by a written representation from
the person to whom Receipts or Shares are to be delivered, that such person, or
its customer, owns the Shares or Receipts to be remitted, as the case may be,
(b) at all times fully collateralized with cash or such other collateral as the

                                      -11-
<PAGE>
Depositary deems appropriate, (c) terminable by the Depositary on not more than
five (5) business days notice, and (d) subject to such further indemnities and
credit regulations as the Depositary deems appropriate. The number of American
Depositary Shares which are outstanding at any time as a result of Pre-Release
will not normally exceed thirty percent (30%) of the Shares deposited hereunder;
provided, however, that the Depositary reserves the right to change or disregard
such limit from time to time as it deems appropriate.

      The Depositary may retain for its own account any compensation received by
it in connection with the foregoing.

ARTICLE 3 CERTAIN OBLIGATIONS OF OWNERS AND BENEFICIAL OWNERS OF RECEIPTS

            SECTION 3.01. Filing Proofs. Certificates and Other Information.

      Any person presenting Shares for deposit or any Owner or Beneficial Owner
of a Receipt may be required from time to time to file with the Depositary or
the Custodian such proof of citizenship or residence, exchange control approval,
or such information relating to the registration on the books of the Company or
the Foreign Registrar, if applicable, to execute such certificates and to make
such representations and warranties, as the Depositary may deem necessary or
proper. The Depositary may withhold the delivery or registration of transfer of
any Receipt or the distribution of any dividend or sale or 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 certificates are executed
or such representations and warranties made- The Depositary shall, at the
request of the Company, advise the Company of the availability of any such
proofs, certificates or other information and shall provide copies thereof to
the Company as promptly as practicable upon request by the Company, unless such
disclosure is prohibited by law.

            SECTION 3.02. Liability of Owner or Beneficial Owner for Taxes

      If any tax or other governmental charge shall become payable by the
Custodian or the Depositary with respect to any Receipt or any Deposited
Securities represented by any Receipt, such tax or other governmental charge
shall be payable by the Owner or Beneficial Owner of such Receipt to the
Depositary. The Depositary may refuse to effect

                                      -12-
<PAGE>
any transfer of such Receipt or any withdrawal of Deposited Securities
represented by American Depositary Shares evidenced by such Receipt until such
payment is made, and may withhold any dividends or other distributions, or may
sell for the account of the Owner or Beneficial Owner thereof any part or all of
the Deposited Securities represented by the American Depositary Shares evidenced
by such Receipt, and may apply such dividends or other distributions or the
proceeds of any such sale in payment of such tax or other governmental charge
and the Owner or Beneficial Owner of such Receipt shall remain liable for any
deficiency.

            SECTION 3.03. Warranties on Deposit of Shares.

      Every person depositing Shares under this Deposit Agreement shall be
deemed thereby to represent and warrant that such Shares and each certificate
therefor are validly issued, fully paid, non-assessable and free of any
preemptive rights of the holders of outstanding Shares and that the person
making such deposit is duly authorized so to do. Every such person shall also be
deemed to represent that such Shares are not, and American Depositary Shares
representing such Shares would not be, Restricted Securities. Such
representations and warranties shall survive the deposit of shares and issuance
of Receipts.

            SECTION 3.04. Disclosure of Interests.

      Notwithstanding any other provision of this Deposit Agreement, each Owner
and Beneficial Owner agrees to be bound by and subject to Irish law and the
Memorandum and Articles of Association of the Company (to the same extent as if
such American Depositary Shares evidenced by such Receipt were the Shares
represented by such American Depositary Shares evidenced by such Receipt;
provided, however, that such provisions shall apply to such persons only to the
extent feasible), and to provide such information to the Company relating to
ownership of the Shares as may be required thereunder. Under Irish law, as in
effect on the date hereof, a person who acquires an interest in 5% or more of
the Shares, must notify the Company within five business days of its interest
and of certain circumstances affecting that interest. In addition, such person
must give notice of any change in its interest above the 5% level and any
reduction

                                      -13-
<PAGE>
thereof below the 5% level. Failure of an Owner or Beneficial Owner to provide
the required information within the prescribed time period and in the prescribed
manner, is an offense under Irish law and will result in no right or interest in
respect of the relevant Shares being enforceable by action or legal proceedings
under Irish law (including voting rights and certain rights as to dividends in
respect of those Shares).

      If the Company requests information from the Depositary or the Custodian,
as the registered owners of shares, pursuant to Irish law or the Memorandum and
Articles of Association of the Company, the obligations of the Depositary or the
Custodian, as the case may be, shall be limited to disclosing to the Company
such information relating to the Shares in question as has in each case been
recorded by it pursuant to the terms of this Deposit Agreement.

ARTICLE 4 THE DEPOSITED SECURITIES

            SECTION 4.01. Cash Distributions.

      Whenever the Depositary shall receive any cash dividend or other cash
distribution on any Deposited Securities, the Depositary shall, subject to the
provisions of Section 4:05, convert such dividend or distribution into Dollars
and shall distribute the amount thus received (net of the fees and expenses of
the Depositary as provided in Section 5.09) to the Owners entitled thereto, in
proportion to the number of American Depositary Shares representing such
Deposited Securities held by them respectively; provided, however, that in the
event that the Company or the Depositary shall be required to withhold and does
withhold from such cash dividend or such other cash distribution an amount on
account of taxes, the amount distributed to the Owner of the Receipts evidencing
American Depositary Shares representing such Deposited Securities shall be
reduced accordingly. The Depositary shall distribute only such amount, however,
as can be distributed without attributing to any Owner a fraction of one cent.
Any such fractional amounts shall be rounded to the nearest whole cent and so
distributed to Owners entitled thereto. The Company or its agent will remit to
the appropriate governmental agency in The Republic of Ireland all amounts
withheld and owing to such agency. The Depositary will forward to the Company or
its agent such information from

                                      -14-
<PAGE>
its records as the Company may reasonably request to enable the Company or its
agent to file necessary reports with governmental agencies, and the Depositary
or the Company or its agent may file any such reports necessary to obtain
benefits under the applicable tax treaties for the Owners of Receipts.

            SECTION 4.02. Distributions Other Than Cash, Shares or Rights.

      Subject to the provisions of Sections 4.11 and 5.09, whenever the
Depositary shall receive any distribution other than a distribution described in
Section 4.01, 4.03 or 4.04, the Depositary shall cause the securities or
property received by it to be distributed to the Owners entitled thereto, after
deduction or upon payment of any fees and expenses of the Depositary as provided
in Section 5.09 or any taxes or other governmental charges, in proportion to the
number of American Depositary Shares representing such Deposited Securities held
by them respectively, in any manner that the Depositary may deem equitable and
practicable for accomplishing such distribution; provided, however, that if in
the opinion of the Depositary such distribution cannot be made proportionately
among the Owners entitled thereto, or if for any other reason (including, but
not limited to, any requirement that the Company or the Depositary withhold an
amount on account of taxes or other governmental charges or that such securities
must be registered under the Securities Act of 1933 in order to be distributed
to Owners or Beneficial Owners) the Depositary deems such distribution not to be
feasible, the Depositary may adopt such method as it may deem equitable and
practicable for the purpose of effecting such distribution, including, but not
limited to, the public or private sale of the securities or property thus
received, or any part thereof, and the net proceeds of any such sale (net of the
fees and expenses of the Depositary as provided in Section 5.09) shall be
distributed by the Depositary to the Owners entitled thereto, all in the manner
and subject to the conditions described in Section 4.01.

            SECTION 4.03. Distributions in Shares.

      If any distribution upon any Deposited Securities consists of a dividend
in, or free distribution of, Shares, the Depositary may distribute to the Owners
of outstanding Receipts entitled thereto, in proportion to the number of
American Depositary Shares

                                      -15-
<PAGE>
representing such Deposited Securities held by them respectively, additional
Receipts evidencing an aggregate number of American Depositary Shares
representing the amount of Shares received as such dividend or free
distribution, subject to the terms and conditions of the Deposit Agreement with
respect to the deposit of Shares and the issuance of American Depositary Shares
evidenced by Receipts, including the withholding of any tax or other
governmental charge as provided in section 4.11 and the payment of the fees and
expenses of the Depositary as provided in Section 5.09. The Depositary may
withhold any such distribution of Receipts if it has not received satisfactory
assurances from the Company that such distribution does not require registration
under the Securities Act of 1933 or is exempt from registration under the
provisions of such Act. In lieu of delivering Receipts for fractional American
Depositary Shares in any such case, the Depositary shall sell the amount of
Shares represented by the aggregate of such fractions and distribute the net
proceeds, all in the manner and subject to the conditions described in Section
4.01. If additional Receipts are not so distributed, each American Depositary
Share shall thenceforth also represent the additional Shares distributed upon
the Deposited Securities represented thereby.

            SECTION 4.04. Rights.

      In the event that the Company shall offer or cause to be offered to the
holders of any Deposited Securities any rights to subscribe for additional
Shares or any rights of any other nature, the Depositary shall have discretion
as to the procedure to be followed in making such rights available to any Owners
or in disposing of such rights on behalf of any Owners and making the net
proceeds available to such Owners or, if by the terms of such rights offering or
for any other reason, the Depositary may not either make such rights available
to any Owners or dispose of such rights and make the net proceeds available to
such Owners, then the Depositary shall allow the rights to lapse. If at the time
of the offering of any rights the Depositary determines in its discretion that
it is lawful and feasible to make such rights available to all Owners or to
certain Owners but not to other Owners, the Depositary may distribute to any
Owner to whom it determines the distribution to be lawful and feasible, in
proportion to the number of American

                                      -16-
<PAGE>
Depositary Shares held by such Owner, warrants or other instruments therefor in
such form as it deems appropriate.

      In circumstances in which rights would otherwise not be distributed, if an
Owner of Receipts requests the distribution of warrants or other instruments in
order to exercise the rights allocable to the American Depositary Shares of such
Owner hereunder, the Depositary will make such rights available to such Owner
upon written notice from the Company to the Depositary that (a) the Company has
elected in its sole discretion to permit such rights to be exercised and (b)
such Owner has executed such documents as the Company has determined in its sole
discretion are reasonably required under applicable law.

      If the Depositary has distributed warrants or other instruments for rights
to all or certain Owners, then upon instruction from such an Owner pursuant to
such warrants or other instruments to the Depositary from such Owner to exercise
such rights, upon payment by such Owner to the Depositary for the account of
such Owner of an amount equal to the purchase price of the Shares to be received
upon the exercise of the rights, and upon payment of the fees and expenses of
the Depositary as provided in Section 5.09 and any other charges as set forth in
such warrants or other instruments, the Depositary shall, on behalf of such
Owner, exercise the rights and purchase the Shares, and the Company shall cause
the Shares so purchased to be delivered to the Depositary on behalf of such
Owner. As agent for such Owner, the Depositary will cause the Shares so
purchased to be deposited pursuant to Section 2.02 of this Deposit Agreement,
and shall, pursuant to Section 2.03 of this Deposit Agreement, execute and
deliver Receipts to such Owner. In the case of a distribution pursuant to the
second paragraph of this section, such Receipts shall be legended in accordance
with applicable U.S. laws, and shall be subject to the appropriate restrictions
on sale, deposit, cancellation, and transfer under such laws.

      If the Depositary determines in its discretion that it is not lawful and
feasible to make such rights available to all or certain Owners, it may sell the
rights, warrants or other instruments in proportion to the number of American
Depositary Shares held by the Owners to whom it has determined it may not
lawfully or feasibly make such rights

                                      -17-
<PAGE>
available, and allocate the net proceeds of such sales (net of the fees and
expenses of the Depositary as provided in Section 5.09 and all taxes and
governmental charges payable in connection with such rights and subject to the
terms and conditions of this Deposit Agreement) for the account of such Owners
otherwise entitled to such rights, warrants or other instruments, upon an
averaged or other practical basis without regard to any distinctions among such
Owners because of exchange restrictions or the date of delivery of any Receipt
or otherwise.

      The Depositary will not offer rights to Owners unless both the rights and
the securities to which such rights relate are either exempt from registration
under the Securities Act of 1933 with respect to a distribution to all Owners or
are registered under the provisions of such Act; provided, that nothing in this
Deposit Agreement shall create any obligation on the part of the Company to file
a registration statement with respect to such rights or underlying securities or
to endeavor to have such a registration statement declared effective. If an
Owner of a Receipt or Receipts requests the distribution of warrants or other
instruments, notwithstanding that there has been no such registration under such
Act, the Depositary shall not effect such distribution unless it has received an
opinion from recognized counsel in the United State for the Company upon which
the Depositary may relay that such distribution to such Owner is exempt from
such registration.

      The Depositary shall not be responsible for any failure to determine that
it may be lawful or feasible to make such rights available to Owners in general
or any Owner in particular.

            SECTION 4.05. Conversion of Foreign Currency.

      Whenever the Depositary or the Custodian shall receive foreign currency,
by way of dividends or other distributions or the net proceeds from the sale of
securities, property or rights, and if at the time of the receipt thereof the
foreign currency so received can in the judgment of the Depositary be converted
on a reasonable basis into Dollars and the resulting Dollars transferred to the
United States, the Depositary shall convert or cause to be converted, by sale or
in any other manner that it may determine, such foreign currency

                                      -18-
<PAGE>
into Dollars, and such Dollars shall be distributed to the Owners entitled
thereto or, if the Depositary shall have distributed any warrants or other
instruments which entitle the holders thereof to such Dollars, then to the
holders of such warrants and/or instruments upon surrender thereof for
cancellation. Such distribution may be made upon an averaged or other
practicable basis without regard to any distinctions among Owners on account of
exchange restrictions, the date delivery of any Receipt or otherwise and shall
be net of any expenses of conversion into Dollars incurred by the Depositary as
provided in Section 5.09.

      If such conversion or distribution can be effected only with the approval
or license of any government or agency thereof, the Depositary shall file such
application for approval or license, if any, as it may deem desirable.

      If at any time the Depositary shall determine that in its judgment any
foreign currency received by the Depositary or the Custodian is not convertible
on a reasonable basis into Dollars transferable to the United States, or if any
approval or license of any government or agency thereof which is required for
such conversion is denied or in the opinion of the Depositary is not obtainable,
or if any such approval or license is not obtained within a reasonable period as
determined by the Depositary, the Depositary may distribute the foreign currency
(or an appropriate document evidencing the right to receive such foreign
currency) received by the Depositary to, or in its discretion may hold such
foreign currency uninvested and without liability for interest thereon for the
respective accounts of, the Owners entitled to receive the same.

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

                                      -19-
<PAGE>
            SECTION 4.06. Fixing of Record Date.

      Whenever any cash dividend or other cash distribution shall become payable
or any distribution other than cash shall be made, or whenever rights shall be
issued with respect to the Deposited Securities, or whenever the Depositary
shall receive notice of any of meeting of holders of Shares or other Deposited
Securities, 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 find it necessary or convenient, the Depositary
shall fix a record date, which shall be the record date, if any, established by
the Company for such purpose or, if different, as close thereto as practicable,
(a) for the determination of the Owners who shall be (i) entitled to receive
such dividend, distribution or rights or the net proceeds of the sale thereof or
(ii) entitled to give instructions for the exercise of voting rights at any such
meeting, or (b) on or after which each American Depositary Share will represent
the changed number of Shares. Subject to the provisions of Sections 4.01 through
4.05 and to the other terms and conditions of this Deposit Agreement, the Owners
on such record date shall be entitled, as the case may be, to receive the amount
distributable by the Depositary with respect to such dividend or other
distribution or such rights or the net proceeds of sale thereof in proportion to
the number of American Depositary Shares held by them respectively and to give
voting instructions and to act in respect of any other such matter.

            SECTION 4.07. Voting of Deposited Securities.

      Upon receipt of notice of any meeting of holders of Shares or other
Deposited Securities, if requested in writing by the Company, the Depositary
shall, as soon as practicable thereafter, mail to the Owners a notice, the form
of which notice shall be in the sole discretion of the Depositary, which shall
contain (a) all of the information contained in such notice of meeting received
by the Depositary from the Company, (b) a statement that the Owners as of the
close of business on a specified record date will be entitled, subject to any
applicable provision of Irish law and of the Memorandum and Articles of
Association of the Company, to instruct the Depositary as to the exercise of the
voting rights, if any, pertaining to the amount of Shares or other Deposited
Securities

                                      -20-
<PAGE>
represented by their respective American Depositary Shares, (c) a statement that
Owners who instruct the Depositary as to the exercise of their voting rights
will be deemed to have instructed the Depositary or its authorized
representative to call for a poll with respect to each matter for which such
instructions are given, subject to any applicable provisions of Irish law and of
the Memorandum and Articles of Association of the Company and (d) if applicable,
a statement as to the manner in which such instructions may be given, including
an express indication that instructions may be given or deemed given in
accordance with the last sentence of this paragraph if no instruction is
received, to the Depositary to give a discretionary proxy to a person designated
by the Company. Upon the written request of an Owner on such record date,
received on or before the date established by the Depositary for such purpose,
the Depositary shall endeavor, in so far as practicable, to vote or cause to be
voted the amount of Shares or other Deposited Securities represented by the
American Depositary Shares evidenced by such Receipt in accordance with the
instructions set forth in such request. Accordingly, pursuant to the Company's
Memorandum and Articles of Association and applicable Irish law, the Depositary
will cause its authorized representative to attend each meeting of holders of
Shares and call for a poll as instructed in accordance with clause (c) above for
the purpose of effecting such vote. The Depositary shall not vote or attempt to
exercise the right to vote that attaches to the Shares or other Deposited
Securities, other than in accordance with such instructions or deemed
instructions. If no instructions are received by the Depositary from any Owner
with respect to any of the Deposited Securities represented by the American
Depositary Shares evidenced by such Owner's Receipts on or before the date
established by the Depositary for such purpose, the Depositary will deem such
Owner to have instructed the Depositary to give a discretionary proxy to a
person designated by the Company with respect to such Deposited Securities and
the Depositary will give a discretionary proxy to a person designated by the
Company to vote such Deposited Securities; provided, however, that no such
instructions will be deemed given and no such discretionary proxy will be given
if the Company notifies the

                                      -21-
<PAGE>
Depositary (and the Company agrees to provide such notice, if applicable, as
promptly as practicable in writing) that the matter to be voted upon is one of
the following:

            1.    is a matter not submitted to shareholders by means of a proxy
            statement comparable to that specified in Schedule 14-A of the
            Commission;

            2.    is the subject of a counter-solicitation, or is part of a
            proposal made by a shareholder which is being opposed by management
            (i.e., a contest);

            3.    relates to a merger or consolidation (except when the
            Company's proposal is to merge with its own wholly-owned subsidiary,
            provided its shareholders dissenting thereto do not have rights of
            appraisal);

            4.    involves right of appraisal;

            5.    authorizes mortgaging of property;

            6.    authorizes or creates indebtedness or increases the authorized
            amount of indebtedness;

            7.    authorizes or creates preferred shares or increases the
            authorized amount of existing preferred shares;

            8.    alters the terms or conditions of any shares of the Company's
            stock then outstanding or existing indebtedness;

            9.    involves waiver or modification of preemptive rights (except
            when the Company's proposal is to waive such rights with respect to
            ordinary shares being offered pursuant to stock option or purchase
            plans involving the additional issuance of not more than 5% of the
            Company's outstanding ordinary shares (see Item 12 below));

            10.   alters voting provisions or the proportionate voting power of
            a class of shares, or the number of its votes per share (except
            where cumulative voting provisions govern the number of votes

                                      -22-
<PAGE>
            per share for election of directors and the Company's proposal
            involves a change in the number of its directors by not more than
            10% or not more than one);

            11.   changes existing quorum requirements with respect to
            shareholder meetings;

            12.   authorizes issuance of ordinary shares, or options to purchase
            ordinary shares, to directors, officers, or employees in an amount
            which exceeds 5% of the total amount of the class outstanding (when
            a plan is amended to extend its duration, the Company shall factor
            into the calculation the number of ordinary shares that remain
            available for issuance, the number of ordinary shares subject to
            outstanding options and any ordinary shares being added; should
            there be more than one plan being considered at the same meeting,
            all ordinary shares shall be aggregated);

            13.   authorizes

                  (a)   a new profit-sharing or special remuneration plan, or a
            new retirement plan, the annual cost of which will amount to more
            than 10% of average annual income before taxes for the preceding
            five years, or

                  (b)   the amendment of an existing plan which would bring its
            costs above 10% of such average annual income before taxes (should
            there be more than one plan being considered at the same meeting,
            all costs are aggregated; exceptions may be made in cases of (a)
            retirement plans based on agreement or negotiations with labor
            unions for which have been or are to be approved by such unions);
            and (b) any related retirement plan for benefit of non-union
            employees having terms substantially equivalent to the terms of such
            union-negotiated plan, which is submitted for action of stockholders
            concurrently with such union-negotiated plan);

                                      -23-
<PAGE>
            14.   changes the purposes or powers of the Company to an extent
            which would permit it to change a materially different line of
            business and it is the Company's stated intention to make such a
            change;

            15.   authorizes the acquisition of property, assets, or a company,
            where the consideration to be given has a fair value of 20% or more
            of the market value of the previously outstanding shares;

            16.   authorizes the sale or other disposition of assets or earning
            power of 20% or more of those existing prior to the transaction;

            17.   authorizes a transaction not in the ordinary course of
            business in which an officer, director or substantial security
            holder has a direct or indirect interest; or

            18.   reduces earned surplus by 51% or more, or reduces earned
            surplus to an amount less than the aggregate of three years ordinary
            share dividends computed at the current dividend rate.

            SECTION 4.08. Changes Affecting Deposited Securities.

      In circumstances where the provisions of Section 4.03 do not apply, upon
any change in nominal value, split-up, consolidation or any other
reclassification of Deposited Securities, or upon any recapitalization,
reorganization, merger or consolidation or sale of assets affecting the Company
or to which it is a party, any securities which shall be received by the
Depositary or a Custodian in exchange for or in conversion of or in respect of
Deposited Securities, shall be treated as new Deposited Securities under this
Deposit Agreement, and American Depositary Shares shall thenceforth represent,
in addition to the existing Deposited Securities, the right to receive the new
Deposited Securities so received in exchange or conversion, unless additional
Receipts are delivered pursuant to the following sentence. In any such case the
Depositary may execute and deliver additional Receipts as in the case of a
dividend in

                                      -24-
<PAGE>
Shares, or call for the surrender of outstanding Receipts to be exchanged for
new Receipts specifically describing such new Deposited Securities.

            SECTION 4.09. Reports.

      The Depositary shall make available for inspection by Owners at its
Corporate Trust Office any reports and communications, including any proxy
soliciting material, received from the Company which are both (a) received by
the Depositary as the holder of the Deposited Securities and (b) made generally
available to the holders of such Deposited Securities by the Company. The
Depositary shall also send to the Owners copies of such reports when furnished
by the Company pursuant to Section 5.06. Any such reports and communications,
including any such proxy soliciting material, furnished to the Depositary by the
Company shall be furnished in English, to the extent such materials are required
to be translated into English pursuant to any regulations of the Commission.

            SECTION 4.10. List of Owners.

      Promptly upon 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 4.11. Withholding.

      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 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 Owners entitled
thereto in proportion to the number of American Depositary Shares held by them
respectively.

                                      -25-
<PAGE>
ARTICLE 5 THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY

            SECTION 5.01. Maintenance of Office and Transfer Books by the
Depositary.

      Until termination of this Deposit Agreement in accordance with its terms,
the Depositary shall maintain in the Borough of Manhattan, The City of New York,
facilities for the execution and delivery, registration, registration of
transfers and surrender of Receipts in accordance with the provisions of this
Deposit Agreement.

      The Depositary shall keep books, at its Corporate Trust Office, for the
registration of Receipts and transfers of Receipts which at all reasonable times
shall be open for inspection by the Owners, provided that such inspection shall
not be for the purpose of communicating with Owners in the interest of a
business or object other than the business of the Company or a matter related to
this Deposit Agreement or the Receipts.

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

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

            SECTION 5.02. Prevention or Delay in Performance by the Depositary
or the Company.

      Neither the Depositary nor the Company nor any of their respective
directors, employees, agents or affiliates shall incur any liability to any
Owner or Beneficial Owner of any Receipt, if by reason of any provision of any
present or future law or regulation of the United States or any other country,
or of any governmental or regulatory authority or stock exchange, or by reason
of any provision, present or future, of the Memorandum and Articles of
Association of the Company, or by reason of any provision of any securities
issued or distributed by the Company, or any offering or distribution thereof,
or by reason of any act of God or war or other circumstances beyond its control,
the Depositary or the Company shall be prevented, delayed or forbidden from, or
be subject to any civil or

                                      -26-
<PAGE>
criminal penalty on account of, doing or performing any act or thing which by
the terms of this Deposit Agreement or Deposited Securities it is provided shall
be done or performed; nor shall the Depositary or the Company or any of their
respective directors, employees, agents or affiliates incur any liability to any
Owner or Beneficial Owner of any Receipt by reason of any nonperformance or
delay, caused as aforesaid, in the performance of any act or thing which by the
terms of this Deposit Agreement it is provided shall or may be done or
performed, or by reason of any exercise of, or failure to exercise, any
discretion provided for in this Deposit Agreement. Where, by the terms of a
distribution pursuant to Section 4.01, 4.02, or 4.03 of the Deposit Agreement,
or an offering or distribution pursuant to Section 4.04 of the Deposit
Agreement, or for any other reason, such distribution or offering may not be
made available to Owners, and the Depositary may not dispose of such
distribution or offering on behalf of such Owners and make the net proceeds
available to such Owners, then the Depositary shall not make such distribution
or offering, and shall allow any rights, if applicable, to lapse.

            SECTION 5.03. Obligations of the Depositary, the Custodian and the
Company.

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

      The Depositary assumes no obligation nor shall it be subject to any
liability under this Deposit Agreement to any Owner or Beneficial Owner
(including, without limitation, liability with respect to the validity or worth
of the Deposited Securities), except that it agrees to perform its obligations
specifically set forth in this Deposit Agreement without negligence or bad
faith.

      Neither the Depositary nor the Company shall be under any obligation to
appear in, prosecute or defend any action, suit or other proceeding in respect
of any Deposited Securities or in respect of the Receipts, which in its opinion
may involve it in expense or liability, unless indemnity satisfactory to it
against all expense and liability shall be

                                      -27-
<PAGE>
furnished as often as may be required, and the Custodian shall not be under any
obligation whatsoever with respect to such proceedings, the responsibility of
the Custodian being solely to the Depositary.

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

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

      The Depositary shall not be responsible for any failure to carry out any
instructions to vote any of the Deposited Securities, or for the manner in which
any such vote is cast or the effect of any such vote, provided that any such
action or nonaction is in good faith.

      No disclaimer of liability under the Securities Act of 1933 is intended by
any provision of this Deposit Agreement-

            SECTION 5.04. Resignation and Removal of the Depositary.

      The Depositary may at any time resign as Depositary hereunder by written
notice of its election so to do delivered to the Company, such resignation to
take effect upon the appointment of a successor depositary and its acceptance of
such appointment as hereinafter provided.

      The Depositary may at any time be removed by the Company by written notice
of such removal effective upon the appointment of a successor depositary and its
acceptance of such appointment as hereinafter provided.

      In case at any time the Depositary acting hereunder shall resign or be
removed, the Company shall use its best efforts to appoint a successor
depositary, which shall be a

                                      -28-
<PAGE>
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; but such predecessor, nevertheless,
upon payment of all sums due it and on the written request of the Company shall
execute and deliver an instrument transferring to such successor all rights and
powers of such predecessor hereunder, shall duly assign, transfer and deliver
all right, title and interest in the Deposited Securities to such successor, and
shall deliver to such successor a list of the Owners of all outstanding
Receipts. Any such successor depositary shall promptly mail notice of its
appointment to the Owners.

      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 5.05. The Custodians.

      The Custodian shall be subject at all times and in all respects to the
directions of the Depositary and shall be responsible solely to it. Any
Custodian may resign and be discharged from its duties hereunder by written
notice of such resignation delivered to the Depositary at least 30 days prior to
the date on which such resignation is to become effective- If upon such
resignation there shall be no Custodian acting hereunder, the Depositary shall,
promptly after receiving such notice, appoint a substitute custodian or
custodians, each of which shall thereafter be a Custodian hereunder. Whenever
the Depositary in its discretion determines that it is in the best interest of
the Owners to do so, it may appoint a substitute or additional custodian or
custodians, each of which shall thereafter be one of the Custodians hereunder.
Upon demand of the Depositary any Custodian shall deliver such of the Deposited
Securities held by it as are requested of it to any other Custodian or such
substitute or additional custodian or custodians. Each such substitute or
additional custodian shall deliver to the Depositary, forthwith upon its

                                      -29-
<PAGE>
appointment, an acceptance of such appointment satisfactory in form and
substance to the Depositary.

      Upon the appointment of any successor depositary hereunder, each Custodian
then acting hereunder shall forthwith become, without any further act or
writing, the agent hereunder of such successor depositary and the appointment of
such successor depositary shall in no way impair the authority of each Custodian
hereunder; but 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 as agent hereunder of such successor depositary.

            SECTION 5.06. 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 in respect of any cash or other distributions or the offering of any
rights, the Company agrees to transmit to the Depositary and the Custodian a
copy of the notice thereof in the form given or to be given to holders of Shares
or other Deposited Securities.

      The Company will arrange for the translation into English, if not already
in English, to the extent required pursuant to any regulations of the
Commission, and the prompt transmittal by the Company to the Depositary and the
Custodian of such notices and any. other reports and communications which are
made generally available by the Company to holders of its Shares. If requested
in writing by the Company, the Depositary will arrange for the mailing, at the
Company's expense, of copies of such notices, reports and communications to all
Owners. 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.

            SECTION 5.07. Distribution of Additional Shares, Rights, etc.

      The Company agrees that in the event of any issuance or distribution of
(1) additional Shares, (2) rights to subscribe for Shares, (3) securities
convertible into Shares,

                                      -30-
<PAGE>
or (4) rights to subscribe for such securities (each a "Distribution"), the
Company will promptly furnish to the Depositary a written opinion from U.S.
counsel for the Company, which counsel shall be satisfactory to the Depositary,
stating whether or not the Distribution requires a Registration Statement under
the Securities Act of 1933 to be in effect prior to making such Distribution
available to Owners entitled thereto. If in the opinion of such counsel a
Registration Statement is required, such counsel shall furnish to the Depositary
a written opinion as to whether or not there is a Registration Statement in
effect which will cover such Distribution.

      The Company agrees with the Depositary that neither the Company nor any
person controlled by, controlling or under common control with the Company will
at any time deposit any Shares, either originally issued or previously issued
and reacquired by the Company or any such affiliate, unless a Registration
Statement is in effect as to such Shares under the Securities Act of 1933 or
unless such Shares are accompanied by an opinion on which the Depositary may
rely satisfactory to the Depositary from recognized U.S. counsel for the
Company, that upon deposit of such Shares, such Shares and the American
Depositary Shares issued in respect thereof will not be "restricted securities"
as such term is defined under Rule 144(a)(3) of the Securities Act of 1933 and
that the offer and sale of such securities would not require registration under
such Act.

            SECTION 5.08. Indemnification.

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

                                      -31-
<PAGE>
negligence or bad faith of either of them, or (ii) by the Company or any of its
directors, employees, agents and affiliates.

      The indemnities contained in the preceding paragraph shall not extend to
any liability or expense which may arise out of any Pre-Release (as defined in
Section 2.09) to the extent that any such liability or expense arises in
connection with (a) any United States Federal, state or local income tax laws,
or (b) the failure of the Depositary to deliver Deposited Securities when
required under the terms of Section 2.05 hereof. However, the indemnities
contained in the preceding paragraph shall apply to any liability or expense
which may arise out of any misstatement or alleged misstatement or omission or
alleged omission in any registration statement, proxy statement, prospectus (or
placement memorandum) or preliminary prospectus (or preliminary placement
memorandum) relating to the offer or sale of American Depositary Shares, except
to the extent any such liability or expense arises out of (i) information
relating to the Depositary or any Custodian, as applicable, furnished in writing
to the Issuer by the Depositary or any Custodian, as applicable, expressly for
use in any of the foregoing documents, or, (ii) material omissions from such
information furnished by the Depositary or any Custodian.

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

            SECTION 5.09. Changes of Depositary.

      The Company agrees to pay the fees, reasonable expenses and out-of-pocket
charges of the Depositary and those of any Registrar only in accordance with
agreements in writing entered into between the Depositary and the Company from
time to time. The Depositary shall present its statement for such charges and
expenses to the Company once every three months. The charges and expenses of the
Custodian are for the sole account of the Depositary.

      The following charges shall be incurred by any party depositing or
withdrawing Shares or by any party surrendering Receipts or to whom Receipts are
issued (including,

                                      -32-
<PAGE>
without limitation, issuance pursuant to a stock dividend or stock split
declared by the Company or an exchange of stock regarding the Receipts or
Deposited Securities or a distribution of Receipts pursuant to Section 4.03),
whichever applicable: (1) taxes and other governmental charges, (2) such
registration fees as may from time to time be in effect for the registration of
transfers of Shares generally on the Share register of the Company or Foreign
Registrar and applicable to transfers of Shares to the name of the Depositary or
its nominee or the Custodian or its nominee on the making of deposits or
withdrawals hereunder, (3) such cable, telex and facsimile transmission expenses
as are expressly provided in this Deposit Agreement, (4) such expenses as are
incurred by the Depositary in the conversion of foreign currency pursuant to
Section 4.05, (5) a fee of $5.00 or less per 100 American Depositary Shares (or
portion thereof) for the execution and delivery of Receipts pursuant to Section
2.03, 4.03 or 4.04 and the surrender of Receipts pursuant to Section 2.05 or
6.02, (6) a fee of $.02 or less per American Depositary Share (or portion
thereof) for any cash distribution made pursuant to the Deposit Agreement,
including, but not limited to Sections 4.01 through 4.04 hereof, (7) a fee for
the distribution of securities pursuant to Section 4.02, such fee being in an
amount equal to the fee for the execution and delivery of American Depositary
Shares referred to above which would have been charged as a result of the
deposit of such securities (for purposes of this clause 7 treating all such
securities as if they were Shares) but which securities are instead distributed
by the Depositary to Owners and (8) a fee not in excess of $1.50 per certificate
for a Receipt or Receipts for transfers made pursuant to the terms of the
Deposit Agreement.

      The Depositary, subject to Section 2.09 hereof, may own and deal in any
class of securities of the Company and its affiliates and in Receipts.

            SECTION 5.10. Retention of Depositary Documents.

      The Depositary is authorized to destroy those documents, records, hills
and other data compiled during the term of this Deposit Agreement at the times
permitted by the laws or regulations governing the Depositary unless the Company
requests that such

                                      -33-
<PAGE>
papers be retained for a longer period or turned over to the Company or to a
successor depositary.

            SECTION 5.11. Exclusivity.

      The Company agrees not to appoint any other depositary for issuance of
American Depositary Receipts so long as The Bank of New York is acting as
Depositary hereunder.

            SECTION 5.12. List of Restricted Securities Owners.

      From time to time, 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 Company agrees to advise in writing each of the
persons or entities so listed that such Restricted Securities are ineligible for
deposit hereunder, except as provided in the following sentence. No person or
entity so listed shall deposit any Shares hereunder unless such person or entity
delivers an opinion on which the Depositary may rely satisfactory to the
Depositary from recognized U.S. counsel for the Company and related
certificates, in such form as may be agreed between the Company and the
Depositary, that upon deposit of such Shares, such Shares and the American
Depositary Shares issued in respect thereof will not be "restricted securities"
as such term is defined under Rule 144(a)(3) of the Securities Act of 1933 and
that the offer and sale of such securities would not require registration under
such Act. The Depositary may rely on such a list or update but shall not be
liable for any action or omission made in reliance thereon.

ARTICLE 6 AMENDMENT AND TERMINATION

            SECTION 6.01. Amendment.

      The form of the Receipts and any provisions of this Deposit Agreement may
at any time and from time to time be amended by agreement between the Company
and the Depositary without the consent of Owners or Beneficial Owners of
Receipts in any respect which they may deem necessary or desirable. Any
amendment which shall impose or increase any fees or charges (other than taxes
and other governmental charges,

                                      -34-
<PAGE>
registration fees, cable, telex or facsimile transmission costs, delivery costs
or other such expenses), or which shall otherwise prejudice any substantial
existing right of Owners, shall, however, not become effective as to outstanding
Receipts until the expiration of thirty days after notice of such amendment
shall have been given to the Owners of outstanding Receipts. Every Owner, at the
time any amendment so becomes effective, shall be deemed, by continuing to hold
such Receipt, to consent and agree to such amendment and to be bound by the
Deposit Agreement as amended thereby. In no event shall any amendment impair the
right of the Owner of any Receipt to surrender such Receipt and receive therefor
the Deposited Securities represented thereby, except in order to comply with
mandatory provisions of applicable law.

            SECTION 6.02. Termination.

      The Depositary shall, at any time at the direction of the Company,
terminate this Deposit Agreement by mailing notice of such termination to the
Owners of all Receipts then outstanding at least 90 days prior to the date fixed
in such notice for such termination.

      The Depositary may likewise terminate this Deposit Agreement by mailing
notice of such termination to the Company and the Owners of all Receipts then
outstanding, if at any time 90 days shall have expired after the Depositary
shall have delivered to the Company a written notice of its election to resign
and a successor depositary shall not have been appointed and accepted its
appointment as provided in Section 5.04. On and after the date of termination,
the Owner of a Receipt will, upon (a) surrender of such Receipt at the Corporate
Trust Office of the Depositary, (b) payment of the fee of the Depositary for the
surrender of Receipts referred to in Section 2.05, and (c) 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 the
American Depositary Shares evidenced by such Receipt. If any Receipts shall
remain outstanding after the date of termination, the Depositary thereafter
shall discontinue the registration of transfers of Receipts, shall suspend the
distribution of dividends to the Owners thereof, and shall not give any further
notices or perform any further acts under this Deposit Agreement, except

                                      -35-
<PAGE>
that the Depositary shall continue to collect dividends and other distributions
pertaining to Deposited securities, shall sell rights and other property as
provided in this Deposit Agreement, and shall continue to deliver Deposited
Securities, 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, in each case, the fee of the Depositary for the surrender of a
Receipt, any expenses for the account of the Owner of such Receipt in accordance
with the terms and conditions of this Deposit Agreement, and any applicable
taxes or governmental charges). At any time after the expiration of one year
from the date of termination, 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, unsegregated
and without liability for interest, for the pro rata benefit of the Owners of
Receipts which have not theretofore been surrendered, such Owners thereupon
becoming general creditors of the Depositary with respect to such net proceeds.
After making such sale, the Depositary shall be discharged from all obligations
under this Deposit Agreement, except to account for such net proceeds and other
cash (after deducting, in each case, the fee of the Depositary for the surrender
of a Receipt, any expenses for the account of the Owner of such Receipt in
accordance with the terms and conditions of this Deposit Agreement, and any
applicable taxes or governmental charges). 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 under Sections
5.08 and 5.09 hereof.

ARTICLE 7 MISCELLANEOUS

            SECTION 7.01. 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 shall
constitute one and the same instrument. Copies of this Deposit Agreement shall
be filed with the Depositary and the Custodians and shall be open to inspection
by any Owner or Beneficial Owner of a Receipt during business hours.

                                      -36-
<PAGE>
            SECTION 7.02. No Third Party Beneficiaries.

      This Deposit Agreement is for the exclusive benefit of the parties hereto
and shall not be deemed to give any legal or equitable right, remedy or claim
whatsoever to any other person.

            SECTION 7.03. 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 7.04. Owners and Beneficial Owners as Parties; Binding
Effect.

      The Owners and Beneficial Owners of Receipts from time to time shall be
parties to this Deposit Agreement and shall be bound by all of the terms and
conditions hereof and of the Receipts by acceptance thereof.

            SECTION 7.05. 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 or cable, telex or
facsimile transmission confirmed by letter, addressed to SmartForce PLC, 2(b)
Clonskeagh Square, Dublin 14, The Republic of Ireland, Attention: President, or
any other place to which the Company may have transferred its principal office.

      Any and all notices to be given to the Depositary shall be deemed to have
been duly given if in English and personally delivered or sent by mail or cable,
telex or facsimile transmission confirmed by letter, addressed to The Bank of
New York, 101 Barclay Street, New York, New York 10286, Attention: American
Depositary Receipt Administration, or any other place to which the Depositary
may have transferred its Corporate Trust Office.

      Any and all notices to be given to any Owner shall be deemed to have been
duly given if personally delivered or sent by mail or cable, telex or facsimile
transmission confirmed by letter, addressed to such Owner at the address of such
Owner as it appears

                                      -37-
<PAGE>
on the transfer books for Receipts of the Depositary, or, if such Owner shall
have filed with the Depositary a written request that notices intended for such
Owner be mailed to some other address, at the address designated in such
request.

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

            SECTION 7.06. Governing, Law.

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

                                      -38-
<PAGE>
      IN WITNESS WHEREOF, SMARTFORCE PLC (F/K/A CBT Group PLC) and THE BANK OF
NEW YORK have duly executed this Deposit Agreement as of the day and year first
set forth above and all Owners and Beneficial Owners shall become parties hereto
upon acceptance by them of Receipts issued in accordance with the terms hereof.

                                                 SMARTFORCE PLC

                                                 By: /s/ Gregory M. Priest
                                                     Name:  Gregory M. Priest
                                                     Title: Chairman & CEO

                                                 THE BANK OF NEW YORK,
                                                    as Depositary

                                                 By: /s/ Michael F. Finck
                                                     Name:  Michael F. Finck
                                                     Title: Vice President
<PAGE>
                                    EXHIBIT A

                                                 AMERICAN DEPOSITARY SHARES
                                                 (Each American Depositary Share
                                                 represents one deposited Share)

                          IN ACCORDANCE WITH IRISH LAW
                        AND THE MEMORANDUM AND ARTICLES
                         OF ASSOCIATION OF THE COMPANY,
                      THE RIGHT TO INSTRUCT THE DEPOSITARY
                    WITH RESPECT TO VOTING MAY BE RESTRICTED
                          UNDER CERTAIN CIRCUMSTANCES.
                             SEE ARTICLE 22 HEREOF

                              THE BANK OF NEW YORK
                          AMERICAN DEPOSITARY RECEIPT
                             FOR ORDINARY SHARES OF
                     THE NOMINAL VALUE OF EURO 0.11 EACH OF
                                 SMARTFORCE PLC
                             (F/K/A CBT GROUP, PLC)
            (INCORPORATED UNDER THE LAWS OF THE REPUBLIC OF IRELAND)

      The Bank of New York, as depositary (hereinafter called the "Depositary"),
hereby certifies that _________________________________________________, or
registered assigns IS THE OWNER OF ________________________________________

                           AMERICAN DEPOSITARY SHARES

representing deposited ordinary shares (herein called "Shares") of SmartForce
PLC (f/k/a CBT Group, PLC), incorporated under the laws of The Republic of
Ireland (herein called the "Company"). At the date hereof, each American
Depositary Share represents one Share deposited or subject to deposit under the
Deposit Agreement (as such term is hereinafter defined) at the Dublin, The
Republic of Ireland office of AIB Custodial Services (herein called the
"Custodian"). The Depositary's Corporate Trust Office is located at a different
address than its principal executive office. Its Corporate Trust Office is
located at 101 Barclay Street, New York, N.Y. 10286, and its principal executive
office is located at One Wall Street, New York, N.Y. 10286.

               THE DEPOSITARY'S CORPORATE TRUST OFFICE ADDRESS IS
                    101 BARCLAY STREET, NEW YORK, N.Y. 10286
<PAGE>
            1. THE DEPOSIT AGREEMENT.

            This American Depositary Receipt is one of an issue (herein called
"Receipts"), all issued and to be issued upon the terms and conditions set forth
in the deposit agreement, dated as of April 13, 1995 and amended and restated as
of April 11, 1996, as further amended and restated as of March 9, 1998, as
further amended and restated as of May 22, 1998, and as further amended and
restated as of September 4, 2002 (herein called the "Deposit Agreement"), by and
among the Company, the Depositary, and all Owners 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 become bound by all the terms and
conditions thereof. The Deposit Agreement sets forth the rights of Owners and
Beneficial Owners of the 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, securities, property, and cash are herein called
"Deposited Securities"). Copies of the Deposit Agreement are on file at the
Depositary's Corporate Trust Office in New York City and at the office of the
Custodian.

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

            2. SURRENDER OF RECEIPTS AND WITHDRAWAL OF SHARES.

            Upon surrender at the Corporate Trust Office of the Depositary of
this Receipt, and upon payment of the fee of the Depositary provided in this
Receipt, and subject to the terms and conditions of the Deposit Agreement, the
Owner hereof is entitled to delivery, to him or upon his order, of the Deposited
Securities at the time represented by the American Depositary Shares for which
this Receipt is issued. Delivery of such Deposited Securities may be made by the
delivery of (a) certificates in the name of the Owner hereof or as ordered by
him or certificates properly endorsed or accompanied by proper instruments of
transfer and (b) any other securities, property and cash to which such Owner is
then entitled in respect of this Receipt. Such delivery will be made at the
option of the Owner hereof, either at the office of the Custodian or at the
Corporate Trust Office of the Depositary, provided that the forwarding of
certificates for Shares or other Deposited Securities for such delivery at the
Corporate Trust Office of the Depositary shall be at the risk and expense of the
Owner hereof.

                                      -2-
<PAGE>
            3. TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF RECEIPTS.

            The transfer of this Receipt is registrable on the books of the
Depositary at its Corporate Trust Office by the Owner hereof in person or by a
duly authorized attorney, upon surrender of this Receipt properly endorsed for
transfer or accompanied by proper instruments of transfer and funds sufficient
to pay any applicable transfer taxes and the expenses of the Depositary and upon
compliance with such regulations, if any, as the Depositary may establish for
such purpose. This Receipt may be split into other such Receipts, or may be
combined with other such Receipts into one Receipt, evidencing the same
aggregate number of American Depositary Shares as the Receipt or Receipts
surrendered. 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, the Custodian, or
Registrar may require payment from the depositor of the Shares or the 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 as provided in this
Receipt, may require the production of proof satisfactory to it as to the
identity and genuineness of any signature and may also require compliance with
any regulations the Depositary may establish consistent with the provisions of
the Deposit Agreement or this Receipt, including, without limitation, this
Article 3.

            The delivery of Receipts against deposit of Shares generally or
against deposit of particular Shares may be suspended, or the transfer of
Receipts in particular instances may be refused, or the registration of transfer
of outstanding 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 at any time or from time
to time because of any requirement of law or of any government or governmental
body or commission, or under any provision of the Deposit Agreement or this
Receipt, or for any other reason, subject to the provisions of the following
sentence. Notwithstanding anything to the contrary in the Deposit Agreement or
this Receipt, the surrender of outstanding Receipts and withdrawal of Deposited
Securities may not be suspended subject only to (i) temporary delays caused by
closing the transfer books of the Depositary or the company or the deposit of
Shares in connection with voting at a shareholders' meeting, or the payment of
dividends, (ii) the payment of fees, taxes and similar charges, and (iii)
compliance with any U.S. or foreign laws or governmental regulations relating to
the Receipts or to the withdrawal of the Deposited Securities. Without
limitation of the foregoing, the Depositary shall not knowingly accept for
deposit under the Deposit Agreement any Shares required to be registered under
the provisions of the Securities Act of 1933, unless a registration statement is
in effect as to such Shares.

            Notwithstanding anything in this Receipt or the Deposit Agreement to
the contrary, the Depositary shall have no obligation to accept Shares for
deposit under the Deposit Agreement from persons identified by the Company as
holding Restricted

                                      -3-
<PAGE>
Securities except upon compliance with the provisions of Section 5.12 of the
Deposit Agreement.

            4. LIABILITY OF OWNER OR BENEFICIAL OWNER FOR TAXES.

            If any tax or other governmental charge shall become payable by the
Custodian or the Depositary with respect to any Receipt or any Deposited
Securities represented hereby, such tax or other governmental charge shall be
payable by the Owner or Beneficial Owner hereof to the Depositary. The
Depositary may refuse to effect any transfer of this Receipt or any withdrawal
of Deposited Securities represented by American Depositary Shares evidenced by
such Receipt until such payment is made, and may withhold any dividends or other
distributions, or may sell for the account of the Owner or Beneficial Owner
hereof any part or all of the Deposited securities represented by the American
Depositary Shares evidenced by this Receipt, and may apply such dividends or
other distributions or the proceeds of any such sale in payment of such tax or
other governmental charge and the Owner or Beneficial Owner hereof shall remain
liable for any deficiency.

            5. WARRANTIES ON DEPOSIT OF SHARES.

            Every person depositing Shares hereunder and under the Deposit
Agreement shall be deemed thereby to represent and warrant that such Shares and
each certificate therefor are validly issued, fully paid, non-assessable, and
free of any preemptive rights of the holders of outstanding Shares and that the
person making such deposit is duly authorized so to do. Every such person shall
also be deemed to represent that such Shares and the Receipts evidencing
American Depositary Shares representing such Shares would not be Restricted
Securities. Such representations and warranties shall survive the deposit of
Shares and issuance of Receipts.

            6. FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.

            Any person presenting Shares for deposit or any Owner or Beneficial
Owner of a Receipt may be required from time to time to file with the Depositary
or the Custodian such proof of citizenship or residence, exchange control
approval, or such information relating to the registration on the books of the
Company or the Foreign Registrar, if applicable, to execute such certificates
and to make such representations and warranties, as the Depositary may deem
necessary or proper. The Depositary may withhold the delivery or registration of
transfer of any Receipt or the distribution of any dividend or sale or
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
certificates are executed or such representations and warranties made. No Share
shall be accepted for deposit unless accompanied by evidence satisfactory to the
Depositary that any necessary approval has been granted by any governmental body
in The Republic of Ireland which is then performing the function of the
regulation of currency exchange.

                                      -4-
<PAGE>
            7. CHARGES OF DEPOSITARY.

            The Company agrees to pay the fees, reasonable expenses and
out-of-pocket charges of the Depositary and those of any Registrar only in
accordance with agreements in writing entered into between the Depositary and
the Company from time to time. The Depositary shall present its statement for
such charges and expenses to the Company once every three months. The charges
and expenses of the Custodian are for the sole account of the Depositary.

            The following charges shall be incurred by any party depositing or
withdrawing Shares or by any party surrendering Receipts or to whom Receipts are
issued (including, without limitation, issuance pursuant to a stock dividend or
stock split declared by the Company or an exchange of stock regarding the
Receipts or Deposited Securities or a distribution of Receipts pursuant to
Section 4.03 of the Deposit Agreement), whichever applicable: (1) taxes and
other governmental charges, (2) such registration fees as may from time to time
be in effect for the registration of transfers of Shares generally on the Share
register of the Company or Foreign Registrar and applicable to transfers of
Shares to the name of the Depositary or its nominee or the Custodian or its
nominee on the making of deposits or withdrawals under the terms of the Deposit
Agreement, (3) such cable, telex and facsimile transmission expenses as are
expressly provided in the Deposit Agreement, (4) such expenses as are incurred
by the Depositary in the conversion of foreign currency pursuant to Section 4.05
of the Deposit Agreement, (5) a fee of $5.00 or less per 100 American Depositary
Shares (or portion thereof) for the execution and delivery of Receipts pursuant
to Section 2.03, 4.03 or 4.04 of the Deposit Agreement and the surrender of
Receipts pursuant to Section 2.05 or 6.02 of the Deposit Agreement, (6) a fee of
$.02 or less per American Depositary Share (or portion thereof) for any cash
distribution made pursuant to Sections 4.01 through 4.04 of the Deposit
Agreement and (7) a fee for the distribution of securities pursuant to Section
4.02 of the Deposit Agreement, such fee being in an amount equal to the fee for
the execution and delivery of American Depositary Shares referred to above which
would have been charged as a result of the deposit of such securities (for
purposes of this clause 7 treating all such securities as if they were Shares),
but which securities are instead distributed by the Depositary to Owners and (8)
a fee not in excess of $1.50 per certificate for a Receipt or Receipts for
transfers made pursuant to the terms of the Deposit Agreement.

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

            8. PRE-RELEASE OF RECEIPTS.

            Notwithstanding Section 2.03 of the Deposit Agreement, the
Depositary may execute and deliver Receipts prior to the receipt of Shares
pursuant to Section 2.02 of the Deposit Agreement (a "Pre-Release"). The
Depositary may, pursuant to Section 2.05 of the Deposit Agreement, deliver
Shares upon the receipt and cancellation of Receipts which have been
Pre-Released, whether or not such cancellation is prior to the

                                      -5-
<PAGE>
termination of such Pre-Release or the Depositary knows that such Receipt has
been Pre-Released. The Depositary may receive Receipts in lieu of Shares in
satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or
accompanied by a written representation from the person to whom Receipts or
Shares are to be delivered that such person, or its customer, owns the Shares or
Receipts to be remitted, as the case may be, (b) at all times fully
collateralized with cash or such other collateral as the Depositary deems
appropriate, (c) terminable by the Depositary on not more than five (5) business
days notice, and (d) subject to such further indemnities and credit regulations
as the Depositary deems appropriate. The number of American Depositary Shares
which are outstanding at any time as a result of Pre-Releases will not normally
exceed thirty percent (30%) of the Shares deposited under the Deposit Agreement;
provided, however, that the Depositary reserves the right to change or disregard
such limit from time to time as it deems appropriate.

            The Depositary may retain for its own account any compensation
received by it in connection with the foregoing.

            9. TITLE TO RECEIPTS.

            It is a condition of this Receipt and every successive Owner and
Beneficial Owner of this Receipt by accepting or holding the same consents and
agrees, that title to this Receipt when properly endorsed or accompanied by
proper instruments of transfer, is transferable by delivery with the same effect
as in the case of a negotiable instrument under the laws of New York; provided,
however, that the Depositary, notwithstanding any notice to the contrary, may
treat the person in whose name this Receipt is registered on the books of the
Depositary as the absolute owner hereof for the purpose of determining the
person entitled to distribution of dividends or other distributions or to any
notice provided for in the Deposit Agreement or for all other purposes.

            10. VALIDITY OF RECEIPT.

            This Receipt shall not be entitled to any benefits under the Deposit
Agreement or be valid or obligatory for any purpose, unless this Receipt shall
have been executed by the Depositary by the manual signature of a duly
authorized signatory of the Depositary; provided, however that such signature
may be a facsimile if a Registrar for the Receipts shall have been appointed and
such Receipts are countersigned by the manual or facsimile signature of a duly
authorized officer of the Registrar.

            11. REPORTS; INSPECTION OF TRANSFER BOOKS.

            The Company is subject to the periodic reporting requirements of the
Securities Exchange Act of 1934 and, accordingly, files certain reports with the
Commission. Such reports will be available for inspection and copying by Owners
and Beneficial Owners at the public reference facilities maintained by the
Commission located at 450 Fifth Street, N.W., Washington, D.C. 20549.

                                      -6-
<PAGE>
            The Depositary will make available for inspection by Owners of
Receipts at its Corporate Trust Office any reports and communications, including
any proxy soliciting material, received from the Company which are both (a)
received by the Depository as the holder of the Deposited Securities and (b)
made generally available to the holders of such Deposited Securities by the
Company. The Depositary will also send to Owners of Receipts copies of such
reports when furnished by the Company pursuant to the Deposit Agreement. Any
such reports and communications, including any such proxy soliciting material,
furnished to the Depositary by the Company shall be furnished in English to the
extent such materials are required to be translated into English pursuant to any
regulations of the Commission.

            The Depositary will keep books, at its Corporate Trust Office, for
the registration of Receipts and transfers of Receipts which at all reasonable
times shall be open for inspection by the Owners of Receipts provided that such
inspection shall not be for the purpose of communicating with owners of Receipts
in the interest of a business or object other than the business of the Company
or a matter related to the Deposit Agreement or the Receipts.

            12. DIVIDENDS AND DISTRIBUTIONS.

            Whenever the Depositary receives any cash dividend or other cash
distribution on any Deposited Securities, the Depositary will, if at the time of
receipt thereof any amounts received in a foreign currency can in the judgment
of the Depositary be converted on a reasonable basis into United States dollars
transferable to the United States, and subject to the Deposit Agreement, convert
such dividend or distribution into dollars and will distribute the amount thus
received (net of the fees and expenses of the Depositary as provided in Article
7 hereof and Section 5.09 of the Deposit Agreement) to the Owners of Receipts
entitled thereto; provided, however, that in the event that the Company 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, the amount distributed to the Owners of the Receipts
evidencing American Depositary Shares representing such Deposited Securities
shall be reduced accordingly.

            Subject to the provisions of Section 4.11 and 5.09 of the Deposit
Agreement, whenever the Depositary receives any distribution other than a
distribution described in Section 4.01, 4.03 or 4.04 of the Deposit Agreement,
the Depositary will cause the securities or property received by it to be
distributed to the Owners entitled thereto, after deduction or upon payment of
any fees and expenses of the Depositary as provided in Article 7 hereof and
Section 5.09 of the Deposit Agreement or any taxes or other governmental
charges, in any manner that the Depositary may deem equitable and practicable
for accomplishing such distribution; provided, however, that if in the opinion
of the Depositary such distribution cannot be made proportionately among the
Owners of Receipts entitled thereto, or if for any other reason the Depositary
deems such distribution not to be feasible, the Depositary may adopt such method
as it may deem equitable and practicable for the purpose of effecting such
distribution, including, but not

                                      -7-
<PAGE>
limited to, the public or private sale of the securities or property thus
received, or any part thereof, and the net proceeds of any such sale (net of the
fees and expenses of the Depositary as provided in Article 7 hereof and Section
5.09 of the Deposit Agreement) will be distributed by the Depositary to the
Owners of Receipts entitled thereto all in the manner and subject to the
conditions described in Section 4.01 of the Deposit Agreement.

            If any distribution consists of a dividend in, or free distribution
of, Shares, the Depositary may distribute to the Owners of outstanding Receipts
entitled thereto, additional Receipts evidencing an aggregate number of American
Depositary Shares representing the amount of Shares received as such dividend or
free distribution subject to the terms and conditions of the Deposit Agreement
with respect to the deposit of Shares and the issuance of American Depositary
Shares evidenced by Receipts, including the withholding of any tax or other
governmental charge as provided in Section 4.11 of the Deposit Agreement and the
payment of the fees and expenses of the Depositary as provided in Article 7
hereof and Section 5.09 of the Deposit Agreement. In lieu of delivering Receipts
for fractional American Depositary Shares in any such case, the Depositary will
sell the amount of Shares represented by the aggregate of such fractions and
distribute the net proceeds, all in the manner and subject to the conditions
described in Section 4.01 of the Deposit Agreement. If additional Receipts are
not so distributed, each American Depositary Share shall thenceforth also
represent the additional Shares distributed upon the Deposited Securities
represented thereby.

            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 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 any 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 Owners of Receipts
entitled thereto.

            13. RIGHTS.

            In the event that the Company shall offer or cause to be offered to
the holders of any Deposited Securities any rights to subscribe for additional
Shares or any rights of any other nature, the Depositary shall have discretion
as to the procedure to be followed in making such rights available to any Owners
or in disposing of such rights on behalf of any Owners and making the net
proceeds available to such Owners or, if by the terms of such rights offering or
for any other reason, the Depositary may not either make such rights available
to any Owners or dispose of such rights and make the net proceeds available to
such Owners, then the Depositary shall allow the rights to lapse. If at the time
of the offering of any rights the Depositary determines in its discretion that
it is lawful and feasible to make such rights available to all Owners or to
certain Owners but not to other Owners, the Depositary may distribute to any
Owner to whom it determines the distribution to be lawful and feasible, in
proportion to the number of American

                                      -8-
<PAGE>
Depositary Shares held by such Owner, warrants or other instruments therefor in
such form as it deems appropriate.

            In circumstances in which rights would otherwise not be distributed,
if an Owner of Receipts requests the distribution of warrants or other
instruments in order to exercise the rights allocable to the American Depositary
Shares of such Owner hereunder, the Depositary will make such rights available
to such Owner upon written notice from the Company to the Depositary that (a)
the Company has elected in its sole discretion to permit such rights to be
exercised and (b) such owner has executed such documents as the Company has
determined in its sole discretion are reasonably required under applicable law.

            If the Depositary has distributed warrants or other instruments for
rights to all or certain Owners, then upon instruction from such an Owner
pursuant to such warrants or other instruments to the Depositary from such Owner
to exercise such rights, upon payment by such Owner to the Depositary for the
account of such Owner of an amount equal to the purchase price of the Shares to
be received upon the exercise of the rights, and upon payment of the fees and
expenses of the Depositary as provided in Article 7 hereof and Section 5.09 of
the Deposit Agreement and any other charges as set forth in such warrants or
other instruments, the Depositary shall, on behalf of such Owner, exercise the
rights and purchase the Shares, and the Company shall cause the Shares so
purchased to be delivered to the Depositary on behalf of such Owner. As agent
for such Owner, the Depositary will cause the Shares so purchased to be
deposited pursuant to Section 2.02 of the Deposit Agreement, and shall, pursuant
to Section 2.03 of the Deposit Agreement, execute and deliver Receipts to such
Owner. In the case of a distribution pursuant to the second paragraph of this
Article 13, such Receipts shall be legended in accordance with applicable U.S.
laws, and shall be subject to the appropriate restrictions on sale, deposit,
cancellation, and transfer under such laws.

            If the Depositary determines in its discretion that it is not lawful
and feasible to make such rights available to all or certain Owners, it may sell
the rights, warrants or other instruments in proportion to the number of
American Depositary Shares held by the Owners to whom it has determined it may
not lawfully or feasibly make such rights available, and allocate the net
proceeds of such sales (net of the fees and expenses of the Depositary as
provided in Article 7 hereof and Section 5.09 of the Deposit Agreement and all
taxes and governmental charges payable in connection with such rights and
subject to the terms and conditions of the Deposit Agreement) for the account of
such Owners otherwise entitled to such rights, warrants or other instruments,
upon an averaged or other practical basis without regard to any distinctions
among such Owners because of exchange restrictions or the date of delivery of
any Receipt or otherwise.

            The Depositary will not offer rights to owners unless both the
rights and the securities to which such rights relate are either exempt from
registration under the Securities Act of 1933 with respect to a distribution to
all Owners or are registered under the provisions of such Act; provided, that
nothing in this Deposit Agreement shall create, any obligation on the part of
the Company to file a registration statement with respect to

                                      -9-
<PAGE>
such rights or underlying securities or to endeavor to have such a registration
statement declared effective. If an Owner of Receipts requests the distribution
of warrants or other instruments, notwithstanding that there has been no such
registration under such Act, the Depositary shall not effect such distribution
unless it has received an opinion from recognized counsel in the United States
for the Company upon which the Depositary may rely that such distribution to
such Owner is exempt from such registration.

            The Depositary shall not be responsible for any failure to determine
that it may be lawful or feasible to make such rights available to Owners in
general or any Owner in particular.

            14. CONVERSION OF FOREIGN CURRENCY.

            Whenever the Depositary or the Custodian shall receive foreign
currency, by way of dividends or other distributions or the net proceeds from
the sale of securities, property or rights, and if at the time of the receipt
thereof the foreign currency so received can in the judgment of the Depositary
be converted on a reasonable basis into Dollars and the resulting Dollars
transferred to the United States, the Depositary shall convert or cause to be
converted, by sale or in any other manner that it may determine, such foreign
currency into Dollars, and such Dollars shall be distributed to the Owners
entitled thereto or, if the Depositary shall have distributed any warrants or
other instruments which entitle the holders thereof to such Dollars, then to the
holders of such warrants and/or instruments upon surrender thereof for
cancellation. Such distribution may be made upon an averaged or other
practicable basis without regard to any distinctions among Owners on account of
exchange restrictions, the date of delivery of any Receipt or otherwise and
shall be net of any expenses of conversion into Dollars incurred by the
Depositary as provided in Section 5.09 of the Deposit Agreement.

            If such conversion or distribution can be effected only with the
approval or license of any government or agency thereof, the Depositary shall
file such application for approval or license, if any, as it may deem desirable.

            If at any time the Depositary shall determine that in its judgment
any foreign currency received by the Depositary or the Custodian is not
convertible on a reasonable basis into Dollars transferable to the United
States, or if any approval or license of any government or agency thereof which
is required for such conversion is denied or in the opinion of the Depositary is
not obtainable, or if any such approval or license is not obtained within a
reasonable period as determined by the Depositary, the Depositary may distribute
the foreign currency (or an appropriate document evidencing the right to receive
such foreign currency) received by the Depositary to, or in its discretion may
hold such foreign currency uninvested and without liability for interest thereon
for the respective accounts of, the Owners entitled to receive the same.

            If any such conversion of foreign currency, in whole or in part,
cannot be effected for distribution to some of the Owners entitled thereto, the
Depositary may in its discretion make such conversion and distribution in
Dollars to the extent permissible to

                                      -10-
<PAGE>
the Owners entitled thereto and may distribute the balance of the foreign
currency received by the Depositary to, or hold such balance uninvested and
without liability for interest thereon for the respective accounts of, the
Owners entitled thereto.

            15. RECORD DATES.

            Whenever any cash dividend or other cash distribution shall become
payable or any distribution other than cash shall be made, or whenever rights
shall be issued with respect to the Deposited Securities, or whenever the
Depositary shall receive notice of any meeting of holders of Shares or other
Deposited Securities, 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 find it necessary or convenient, the Depositary
shall fix a record date, which shall be the record date, if any, established by
the Company for such purpose or, if different, as close thereto as practicable,
(a) for the determination of the Owners of Receipts who shall be (i) entitled to
receive such dividend, distribution or rights or the net proceeds of the sale
thereof or (ii) entitled to give instructions for the exercise of voting rights
at any such meeting, or (b) on or after which each American Depositary Share
will represent the changed number of Shares, subject to the provisions of the
Deposit Agreement.

            16. VOTING OF DEPOSITED SECURITIES.

            Upon receipt of notice of any meeting of holders of Shares or other
Deposited Securities, if requested in writing by the Company, the Depositary
shall, as soon as practicable thereafter, mail to the Owners of Receipts a
notice, the form of which notice shall be in the sole discretion of the
Depositary, which shall contain (a) all of the information contained in such
notice of meeting received by the Depositary from the Company, (b) a statement
that the Owners of Receipts as of the close of business on a specified record
date will be entitled, subject to any applicable provision of law and of the
Memorandum and Articles of Association of the Company, to instruct the
Depositary as to the exercise of the voting rights, if any, pertaining to the
amount of Shares or other Deposited Securities represented by their respective
American Depositary Shares, (c) a statement that Owners who instruct the
Depositary as to the exercise of their voting rights will be deemed to have
instructed the Depositary or its authorized representative to call for a poll
with respect to each matter for which such instructions are given, subject to
any applicable provisions of Irish law and of the Memorandum and Articles of
Association of the Company and (d) if applicable, a statement as to the manner
in which such instructions may be given, including an express indication that
instructions may be given or deemed given in accordance with the last sentence
of this paragraph if no instruction is received, to the Depositary to give a
discretionary proxy to a person designated by the Company. Upon the written
request of an Owner of a Receipt on such record date, received on or before the
date established by the Depositary for such purpose, the Depositary shall
endeavor insofar as practicable to vote or cause to be voted the amount of
Shares or other Deposited Securities represented by such American Depositary
Shares evidenced by such Receipt in accordance with the instructions set forth
in such request. Accordingly, the Depositary will cause its authorized
representative to attend each

                                      -11-
<PAGE>
meeting of holders of Shares and call for a poll as instructed in accordance
with clause (c) above for the purpose of effecting such vote. The Depositary
shall not vote or attempt to exercise the right to vote that attaches to the
Shares or other Deposited Securities, other than in accordance with such
instructions. If no instructions are received by the Depositary from any Owner
with respect to any of the Deposited Securities represented by the American
Depositary Shares evidenced by such Owner's Receipts on or before the date
established by the Depositary for such purpose, the Depositary will deem such
Owner to have instructed the Depositary to give a discretionary proxy to a
person designated by the Company with respect to such Deposited Securities and
the Depositary will give a discretionary proxy to a person designated by the
Company to vote such Deposited Securities; provided, that no such instructions
will be deemed given and no such discretionary proxy will be given if the
Company notifies the Depositary (and the Company agrees to provide such notice,
if applicable, as promptly as practicable in writing) that the matter to be
voted upon is one of the following:

            1.    is a matter not submitted to shareholders by means of a proxy
            statement comparable to that specified in Schedule 14-A of the
            Commission;

            2.    is the subject of a counter-solicitation, or is part of a
            proposal made by a shareholder which is being opposed by management
            (i.e., a contest);

            3.    relates to a merger or consolidation (except when the
            Company's proposal is to merge with its own wholly-owned subsidiary,
            provided its shareholders dissenting thereto do not have rights of
            appraisal);

            4.    involves right of appraisal;

            5.    authorizes mortgaging of property;

            6.    authorizes or creates indebtedness or increases the authorized
            amount of indebtedness;

            7.    authorizes or creates preferred shares or increases the
            authorized amount of existing preferred shares;

            8.    alters the terms or conditions of any shares of the Company's
            stock then outstanding or existing indebtedness;

            9.    involves waiver or modification of preemptive rights (except
            when the Company's proposal is to waive such rights with respect to
            ordinary shares being offered pursuant to stock option or purchase
            plans involving the

                                      -12-
<PAGE>
            additional issuance of not more than 5% of the Company's outstanding
            ordinary shares (see Item 12 below));

            10.   alters voting provisions or the proportionate voting power of
            a class of shares, or the number of its votes per share (except
            where cumulative voting provisions govern the number of votes per
            share for election of directors and the Company's proposal involves
            a change in the number of its directors by not more than 10% or not
            more than one);

            11.   changes existing quorum requirements with respect to
            shareholder meetings;

            12.   authorizes issuance of ordinary shares, or options to purchase
            ordinary shares, to directors, officers, or employees in an amount
            which exceeds 5% of the total amount of the class outstanding (when
            a plan is amended to extend its duration, the Company shall factor
            into the calculation the number of ordinary shares that remain
            available for issuance, the number of ordinary shares subject to
            outstanding options and any ordinary shares being added; should
            there be more than one plan being considered at the same meeting,
            all ordinary shares shall be aggregated).

            13.   authorizes

                  (a)   a new profit-sharing or special remuneration plan, or a
                  new retirement plan, the annual cost of which will amount to
                  more than 10% of average annual income before taxes for the
                  preceding five years, or

                  (b)   the amendment of an existing plan which would bring its
                  costs above 10% of such average annual income before taxes
                  (should there be more than one plan being considered at the
                  same meeting, all costs are aggregated; exceptions may be made
                  in cases of (a) retirement plans based on agreement or
                  negotiations with labor unions (or which have been or are to
                  be approved by such unions); and (b) any related retirement
                  plan for benefit of non-union employees having terms
                  substantially

                                      -13-
<PAGE>
                  equivalent to the terms of such union-negotiated plan, which
                  is submitted for action of stockholders concurrently with such
                  union-negotiated plan;

            14.   changes the purposes or powers of the Company to an extent
            which would permit it to change a materially different line of
            business and it is the Company's stated intention to make such a
            change;

            15.   authorizes the acquisition of property, assets, or a company,
            where the consideration to be given has a fair value of 20% or more
            of the market value of the previously outstanding shares;

            16.   authorizes the sale or other disposition of assets or earning
            power of 20% or more of those existing prior to the transaction;

            17.   authorizes a transaction not in the ordinary course of
            business in which an officer, director or substantial security
            holder has a direct or indirect interest; or

            18.   reduces earned surplus by 51% or more, or reduces earned
            surplus to an amount less than the aggregate of three years'
            ordinary share dividends computed at the current dividend rate.

            17. CHANGES AFFECTING DEPOSITED SECURITIES.

            In circumstances where the provisions of section 4.03 of the Deposit
Agreement do not apply, upon any change in nominal value, split-up,
consolidation, or any other reclassification of Deposited Securities, or upon
any recapitalization, reorganization, merger or consolidation, or sale of assets
affecting the Company or to which it is a party, any securities which shall be
received by the Depositary or a Custodian in exchange for or in conversion of or
in respect of Deposited Securities shall be treated as new Deposited Securities
under the Deposit Agreement, and American Depositary Shares shall thenceforth
represent, in addition to the existing Deposited Securities, the right to
receive the new Deposited Securities so received in exchange or conversion,
unless additional Receipts are delivered pursuant to the following sentence. In
any such case the Depositary may execute and deliver additional Receipts as in
the case of a dividend in Shares, or call for the surrender of outstanding
Receipts to be exchanged for new Receipts specifically describing such new
Deposited Securities.

                                      -14-
<PAGE>
            18. LIABILITY OF THE COMPANY AND DEPOSITARY.

            Neither the Depositary nor the Company nor any of their respective
directors, employees, agents or affiliates shall incur any liability to any
Owner or Beneficial Owner of any Receipt, if by reason of any provision of any
present or future law or regulation of the United States or any other country,
or of any other governmental or regulatory authority, or by reason of any
provision, present or future, of the Memorandum and Articles of Incorporation of
the Company, or by reason of any provision of any securities issued or
distributed by the Company, or any offering or distribution thereof, or by
reason of any act of God or war or other circumstances beyond its control, the
Depositary or the Company shall be prevented, delayed or forbidden from or be
subject to any civil or criminal penalty on account of doing or performing any
act or thing which by the terms of the Deposit Agreement or Deposited Securities
it is provided shall be done or performed; nor shall the Depositary or the
Company or any of their respective directors, employees, agents or affiliates
incur any liability to any Owner or Beneficial Owner of a Receipt by reason of
any nonperformance or delay, caused as aforesaid, in the performance of any act
or thing which by the terms of the Deposit Agreement it is provided shall or may
be done or performed, or by reason of any exercise of, or failure to exercise,
any discretion provided for in the Deposit Agreement. Where, by the terms of a
distribution pursuant to Section 4.01, 4.02 or 4.03 of the Deposit Agreement, or
an offering or distribution pursuant to Section 4.04 of the Deposit Agreement,
such distribution or offering may not be made available to Owners of Receipts,
and the Depositary may not dispose of such distribution or offering on behalf of
such Owners and make the net proceeds available to such Owners, then the
Depositary shall not make such distribution or offering, and shall allow any
rights, if applicable, to lapse. Neither the Company nor the Depositary assumes
any obligation or shall be subject to any liability under the Deposit Agreement
to Owners or Beneficial Owners of Receipts, except that they agree to perform
their obligations specifically set forth in the Deposit Agreement without
negligence or bad faith. The Depositary shall not be subject to any liability
with respect to the validity or worth of the Deposited Securities. Neither the
Depositary nor the Company shall be under any obligation to appear in, prosecute
or defend any action, suit, or other proceeding in respect of any Deposited
Securities or in respect of the Receipts, which in its opinion may involve it in
expense or liability, unless indemnity satisfactory to it against all expense
and liability shall be furnished as often as may be required, and the Custodian
shall not be under any obligation whatsoever with respect to such proceedings,
the responsibility of the Custodian being solely to the Depositary. Neither the
Depositary nor the Company shall be liable for any action or nonaction by it in
reliance upon the advice of or information from legal counsel, accountants, any
person presenting Shares for deposit, any Owner or Beneficial Owner of a
Receipt, or any other person believed by it in good faith to be competent to
give such advice or information. The Depositary shall not be responsible for any
failure to carry out any instructions to vote any of the Deposited Securities,
or for the manner in which any such vote is cast or the effect of any such vote,
provided that any such action or nonaction is in good faith. The Depositary
shall not be liable for any acts or omissions made by a successor depositary
whether in connection with a previous act or omission of the Depositary or in
connection with a matter arising wholly after the removal or resignation

                                      -15-
<PAGE>
of the Depositary, provided that in connection with the issue out of which such
potential liability arises, the Depositary performed its obligations without
negligence or bad faith while it acted as Depositary. The Company agrees to
indemnify the Depositary, its directors, employees, agents and affiliates and
any Custodian against, and hold each of them harmless from, any liability or
expense (including, but not limited to, the expenses of counsel) which may arise
out of any registration with the Commission of Receipts, American Depositary
Shares or Deposited Securities or the offer or sale thereof in the United States
or out of acts performed or omitted, in accordance with the provisions of the
Deposit Agreement and of the Receipts, as the same may be amended, modified, or
supplemented from time to time, (i) by either the Depositary or a Custodian or
their respective directors, employees, agents and affiliates, except for any
liability or expense arising out of the negligence or bad faith of either of
them, or (ii) by the Company or any of its directors, employees, agents and
affiliates. The indemnities contained in the preceding sentence shall not extend
to any liability or expense which may arise out of any Pre-Release (as defined
in Section 2.09 of the Deposit Agreement) to the extent that any such liability
or expense arises in connection with (a) any United States Federal, state or
local income tax laws, or (b) the failure of the Depositary to deliver Deposited
Securities when required under the terms of Section 2.05 of the Deposit
Agreement. However, the indemnities contained in the preceding sentence shall
apply to any liability or expense which may arise out of any misstatement or
alleged misstatement or omission or alleged omission in any registration
statement, proxy statement, prospectus (or placement memorandum) or preliminary
prospectus (or preliminary placement memorandum) relating to the offer or sale
of American Depositary Shares, except to the extent any such liability or
expense arises out of (i) information relating to the Depositary or any
Custodian, as applicable, furnished in writing to the Issuer by the Depositary
or any Custodian, as applicable, expressly for use in any of the foregoing
documents, or, (ii) material omission from such information furnished by the
Depositary or any Custodian. No disclaimer of liability under the Securities Act
of 1933 is intended by any provision of the Deposit Agreement.

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

            The Depositary may at any time resign as Depositary hereunder by
written notice of its election so to do delivered to the Company, such
resignation to take effect upon the appointment of a successor depositary and
its acceptance of such appointment as provided in the Deposit Agreement. The
Depositary may at any time be removed by the Company by written notice of such
removal, effective upon the appointment of a successor depositary and its
acceptance of such appointment as provided in the Deposit Agreement. Whenever
the Depositary in its discretion determines that it is in the best interest of
the Owners of Receipts to do so, it may appoint a substitute or additional
custodian or custodians.

                                      -16-
<PAGE>
            20. AMENDMENT.

            The form of the Receipts and any provisions of the Deposit Agreement
may at any time and from time to time be amended by agreement between the
Company and the Depositary without the consent of Owners or Beneficial Owners of
Receipts in any respect which they may deem necessary or desirable. Any
amendment which shall impose or increase any fees or charges (other than taxes
and other governmental charges, registration fees and cable, telex or facsimile
transmission costs, delivery costs or other such expenses), or which shall
otherwise prejudice any substantial existing right of Owners of Receipts, shall,
however, not become effective as to outstanding Receipts until the expiration of
thirty days after notice of such amendment shall have been given to the Owners
of outstanding Receipts. Every Owner of a Receipt at the time any amendment so
becomes effective shall be deemed, by continuing to hold such Receipt, to
consent and agree to such amendment and to be bound by the Deposit Agreement as
amended thereby. In no event shall any amendment impair the right of the Owner
of any Receipt to surrender such Receipt and receive therefor the Deposited
Securities represented thereby except in order to comply with mandatory
provisions of applicable law.

            21. TERMINATION OF DEPOSIT AGREEMENT.

            The Depositary at any time at the direction of the Company, shall
terminate the Deposit Agreement by mailing notice of such termination to the
Owners of all Receipts then outstanding at least 90 days prior to the date fixed
in such notice for such termination. The Depositary may likewise terminate the
Deposit Agreement by mailing notice of such termination to the Company and the
Owners of all Receipts then outstanding if at any time 90 days shall have
expired after the Depositary shall have delivered to the Company a written
notice of its election to resign and a successor depositary shall not have been
appointed and accepted its appointment as provided in the Deposit Agreement. On
and after the date of termination, the Owner of a Receipt will, upon (a)
surrender of such Receipt at the Corporate Trust Office of the Depositary, (b)
payment of the fee of the Depositary for the surrender of Receipts referred to
in Section 2.05 of the Deposit Agreement, and (c) 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 the American
Depositary Shares evidenced by such Receipt. If any Receipts shall remain
outstanding after the date of termination, the Depositary thereafter shall
discontinue the registration of transfers of Receipts, shall suspend the
distribution of dividends to the Owners 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 and other property as
provided in the Deposit Agreement, and shall continue to deliver Deposited
Securities, 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, in each case, the fee of the Depositary for the surrender of a
Receipt, any expenses for the account of the Owner of such Receipt in accordance
with the terms and conditions of the Deposit Agreement, and any applicable taxes
or governmental charges). At any time after

                                      -17-
<PAGE>
the expiration of one year from the date of termination, the Depositary may sell
the Deposited Securities then held under the Deposit Agreement and may
thereafter hold uninvested the net proceeds of any such sale, together with any
other cash then held by it thereunder, unsegregated and without liability for
interest, for the pro rata benefit of the Owners of Receipts which have not
theretofore been surrendered, such Owners thereupon becoming general creditors
of the Depositary with respect to such net proceeds. After making such sale, the
Depositary shall be discharged from all obligations under the Deposit Agreement,
except to account for such net proceeds and other cash (after deducting, in each
case, the fee of the Depositary for the surrender of a Receipt, any expenses for
the account of the Owner of such Receipt in accordance with the terms and
conditions of the Deposit Agreement, and any applicable taxes or governmental
charges). Upon the termination of the Deposit Agreement, the Company shall be
discharged from all obligations under the Deposit Agreement except for its
obligations to the Depositary with respect to indemnification, charges, and
expenses.

            22. DISCLOSURE OF INTERESTS.

            Notwithstanding any other provision of this Receipt or the Deposit
Agreement, each Owner and Beneficial Owner agrees to be bound by and subject to
Irish law and the Memorandum and Articles of Association of the Company (to the
same extent as if such American Depositary Shares evidenced by such Receipt were
the Shares represented by such American Depositary Shares evidenced by such
Receipt, provided, however, that such provisions shall apply to such persons
only to the extent feasible), and to provide such information to the Company
relating to ownership of the Shares as may be required thereunder. Under Irish
law, as in effect on the date of the Deposit Agreement, a person who acquires an
interest in 5% or more of the Shares, must notify the Company within five
business days of its interest and of certain circumstances affecting that
interest. In addition, such person must give notice of any change in its
interest above the 5% level and any reduction thereof below the 5% level.
Failure of an Owner or Beneficial Owner to provide the required information
within the prescribed time period and in the prescribed manner is an offense
under Irish law and will result in no right or interest in respect of the
relevant shares being enforceable by action or legal proceedings under Irish law
(including voting rights and certain rights as to dividends in respect of those
Shares).

            If the Company requests information from the Depositary or the
Custodian, as the registered owners of Shares, pursuant to Irish law or the
Memorandum and Articles of Association of the Company, the obligations of the
Depositary or the Custodian, as the case may be, shall be limited to disclosing
to the Company such information relating to the Shares in question as has in
each case been recorded by it pursuant to the terms of the Deposit Agreement.

                                      -18-

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