Document:

Exhibit 4.2

      

       

      

      
        

      DEPOSIT AGREEMENT

      
        

    

    by and among

    

    

    JUST EAT TAKEAWAY.COM N.V.

    

    

    as Issuer,

    

    

    DEUTSCHE BANK TRUST COMPANY AMERICAS

    

    

    as Depositary,

    

    

    AND

    

    

    THE HOLDERS AND BENEFICIAL OWNERS

    

    

    OF AMERICAN DEPOSITARY SHARES EVIDENCED BY

    

    

    AMERICAN DEPOSITARY RECEIPTS ISSUED HEREUNDER

    
      

    
      Dated as of       , 2021

      
        

        

        

        

      

      
        
          

      

    

    DEPOSIT AGREEMENT

    

    

    DEPOSIT AGREEMENT, dated as of       , 2021, by and among (i) Just Eat Takeaway.com N.V., a company incorporated under the laws of the Netherlands with its principal executive
      office at Oosterdoksstraat 80, 1011 DK Amsterdam, The Netherlands (together with its successors, the “Company”), (ii) Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank
      AG, acting in its capacity as depositary, with its principal office at 60 Wall Street, New York, NY 10005, United States of America (the “Depositary” which term shall include any successor depositary
      hereunder), and (iii) all Holders and Beneficial Owners of American Depositary Shares evidenced by American Depositary Receipts issued hereunder (all such capitalized terms as hereinafter defined).

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    WHEREAS, the Shares are listed on the London Stock Exchange and Euronext Amsterdam, and the American Depositary Shares to be issued pursuant to the terms of this Deposit
      Agreement are to be listed for trading on the NASDAQ Global Select Market, and

    

    

    WHEREAS, the Management Board has duly approved the establishment of an ADR facility upon the terms set forth in this Deposit Agreement, the execution and delivery of this
      Deposit Agreement on behalf of the Company, and the actions of the Company and the transactions contemplated herein.

    

    

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

    

    

    ARTICLE I.

    

    

    DEFINITIONS

    

    

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

    

    

    SECTION 1.1  “ADS Record Date” shall have the meaning given to such term in Section 4.7 hereof.

    

    

    SECTION 1.2  “Affiliate” shall have the meaning assigned to such term by the Commission under Regulation C promulgated under the Securities Act.

    
      
        

    

    
    SECTION 1.3  “Agent” shall mean such entity or entities as the Depositary may appoint under Section 7.8 hereof, including the Custodian or any successor or addition thereto.

    

    

    SECTION 1.4  “American Depositary Share(s)” and “ADS(s)” shall mean the securities represented by the rights and interests in the Deposited Securities granted to the Holders and Beneficial
      Owners pursuant to this Deposit Agreement and evidenced by the American Depositary Receipts issued hereunder.  Every [five]1 American Depositary Shares shall represent
      the right to receive one Share, until there shall occur a distribution upon Deposited Securities referred to in Section 4.2 hereof or a change in Deposited Securities referred to in Section 4.9 hereof with respect to which additional American
      Depositary Receipts are not executed and delivered and thereafter each American Depositary Share shall represent the Shares or Deposited Securities specified in such Sections.

    

    

    SECTION 1.5  “Article” shall refer to an article of the American Depositary Receipts as set forth in the Form of Face of Receipt and Form of Reverse of Receipt in Exhibit A and Exhibit B
      annexed hereto.

    

    

    SECTION 1.6  “Articles of Association” shall mean the articles of association of the Company, as amended from time to time.

    

    

    SECTION 1.7  “Beneficial Owner” shall mean as to any ADS, any person or entity having a beneficial interest in such ADS.  A Beneficial Owner need not be the Holder of the ADR evidencing such
      ADSs. A Beneficial Owner may exercise any rights or receive any benefits hereunder solely through the Holder of the ADR(s) evidencing the ADSs in which such Beneficial Owner has an interest.

    

    

    SECTION 1.8  “Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not (a) a day on which banking institutions in the Borough of Manhattan, The City of New
      York are authorized or obligated by law or executive order to close or (b) a day on which the market(s) in which ADSs are traded are closed.

    

    

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

    

    

    SECTION 1.10  “Company” shall mean Just Eat Takeaway.com N.V., a company incorporated and existing under the laws of the Netherlands, and its successors.

    

    

    SECTION 1.11  “Corporate Trust Office”, when used with respect to the Depositary, shall mean the corporate trust office of the Depositary at which at any particular time its depositary
      receipts business shall be administered, which, at the date of this Deposit Agreement, is located at 60 Wall Street, New York, New York 10005, U.S.A.

    

    

    SECTION 1.12  “Custodian” shall mean, as of the date hereof, Deutsche Bank AG, Amsterdam Branch, having its principal office at DE Entree 195, 1101 HE, Amsterdam, The Netherlands, as the
      custodian for the purposes of this Deposit Agreement, and any other firm or corporation which may hereinafter be appointed by the Depositary pursuant to the terms of Section 5.5 hereof as a successor or an additional custodian or custodians
      hereunder, as the context shall require.  The term “Custodian” shall mean all custodians, collectively.

     

      
1 The deposit agreement will initially provide that every ten American Depositary Shares shall represent the right to receive one Share and will be amended prior to closing of the acquisition of Grubhub Inc. such that every five
      American Depositary Shares shall represent the right to receive one Share.
       

    

    
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    SECTION 1.13  “Deliver”, “Deliverable” and “Delivery” shall mean, when used in respect of American Depositary Shares, Receipts, Deposited Securities and Shares, the physical
      delivery of the certificate representing such security, or the electronic delivery of such security by means of book‐entry transfer, as appropriate, including, without limitation, through DRS/Profile.  With respect to DRS/Profile ADRs, the terms “execute”,

      “issue”, “register”, “surrender”, “transfer” or “cancel” refer to applicable entries or movements to or within DRS/Profile.

    

    

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

    

    

    SECTION 1.15  “Depositary” shall mean Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank AG, in its capacity as depositary under the terms of this
      Deposit Agreement, and any successor depositary hereunder.

    

    

    SECTION 1.16  “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement and any and all other securities, property
      and cash received or deemed to be received by the Depositary or the Custodian in respect thereof and held hereunder, subject, in the case of cash, to the provisions of Section 4.6.

    

    

    SECTION 1.17  “Dollars” and “$” shall mean the lawful currency of the United States.

    

    

    SECTION 1.18  “DRS/Profile” shall mean the system for the uncertificated registration of ownership of securities pursuant to which ownership of ADSs is maintained on the books of the
      Depositary without the issuance of a physical certificate and transfer instructions may be given to allow for the automated transfer of ownership between the books of DTC and the Depositary.  Ownership of ADSs held in DRS/Profile is evidenced by
      periodic statements issued by the Depositary to the Holders entitled thereto.

    

    

    SECTION 1.19  “DTC” shall mean The Depository Trust Company, the central book‐entry clearinghouse and settlement system for securities traded in the United States, and any successor thereto.

    

    

    SECTION 1.20  “DTC Participants” shall mean participants within DTC.

    

    

    SECTION 1.21  “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as from time to time amended.

    

    

    SECTION 1.22  “Foreign Currency” shall mean any currency other than Dollars.

    

    

    SECTION 1.23  “Foreign Registrar” shall mean the entity, if any, that carries out the duties of registrar for the Shares or any successor as registrar for the Shares and any other appointed
      agent of the Company for the transfer and registration of Shares or, if no such agent is so appointed and acting, the Company. For the avoidance of doubt, the definition of “Foreign Registrar” does not include the Company’s registrar for CREST
      depositary interests for Shares traded in the United Kingdom.

    
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    SECTION 1.24  “Holder” shall mean the person in whose name a Receipt is registered on the books of the Depositary (or the Registrar, if any) maintained for such purpose.  A Holder may or may
      not be a Beneficial Owner.  A Holder shall be deemed to have all requisite authority to act on behalf of those Beneficial Owners of the ADRs registered in such Holder’s name.

    

    

    SECTION 1.25  “Indemnified Person” and “Indemnifying Person” shall have the respective meanings set forth in Section 5.8 hereof.

    

    

    SECTION 1.26  “Losses” shall have the meaning set forth in Section 5.8 hereof.

    

    

    SECTION 1.27  “Management Board” shall mean the management board of the Company.

    

    

    SECTION 1.28  “Opinion of Counsel” shall mean a written opinion from legal counsel to the Company who is acceptable to the Depositary.

    

    

    SECTION 1.29  “Receipt(s)”; “American Depositary Receipt(s)”; and “ADR(s)” shall mean the certificate(s) or statement(s) issued by the Depositary evidencing the American Depositary Shares
      issued under the terms of this Deposit Agreement, as such Receipts may be amended from time to time in accordance with the provisions of this Deposit Agreement.  References to Receipts shall include physical certificated Receipts as well as ADSs
      issued through any book-entry system, including, without limitation, DRS/Profile, unless the context otherwise requires.

    

    

    SECTION 1.30  “Registrar” shall mean the Depositary or any bank or trust company having an office in the Borough of Manhattan, The City of New York, which shall be appointed by the Depositary
      to register ownership of Receipts and transfer of Receipts as herein provided, and shall include any co‐registrar appointed by the Depositary for such purposes.  Registrars (other than the Depositary) may be removed and substitutes appointed by the
      Depositary.

    

    

    SECTION 1.31 “Restricted Securities” shall mean Shares which (i) have been acquired directly or indirectly from the Company or any of its Affiliates in a transaction or chain of transactions
      not involving any public offering and subject to resale limitations under the Securities Act or the rules issued thereunder, or (ii) are held by an officer or director (or persons performing similar functions) or other Affiliate of the Company or
      (iii) are subject to other restrictions on sale or deposit under the laws of the United States or the Netherlands, under a shareholders’ agreement, shareholders’ lock‐up agreement or the Articles of Association or other constituent documents or under
      the regulations of an applicable securities exchange or listing authority unless, in each case, such Shares are being sold to persons other than an Affiliate of the Company in a transaction (x) covered by an effective resale registration statement or
      (y) exempt from the registration requirements of the Securities Act (as hereafter defined) and the Shares are not, when held by such person, Restricted Securities.

    

    

    SECTION 1.32  “Securities Act” shall mean the United States Securities Act of 1933, as from time to time amended.

    
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    SECTION 1.33  “Shares” shall mean ordinary shares in registered form of the Company, nominal value €0.04 each, heretofore or hereafter validly issued and outstanding and fully paid. 
      References to Shares shall include evidence of rights to receive Shares, whether or not stated in the particular instance; provided, however, that in no event shall Shares include evidence of rights to receive Shares with respect to which the full
      purchase price has not been paid or Shares as to which pre‐emptive rights have theretofore not been validly waived or exercised; provided further, however, that, if there shall occur any change in par value, split‐up, consolidation, reclassification,
      exchange, conversion or any other event described in Section 4.9 hereof in respect of the Shares, the term “Shares” shall thereafter, to the extent permitted by law, represent the successor securities resulting from such change in par value,
      split‐up, consolidation, reclassification, exchange, conversion or event.

    

    

    SECTION 1.34  “Supervisory Board” shall mean the supervisory board of the Company.

    

    

    SECTION 1.35  “United States” or “U.S.” shall mean the United States of America.

    

    

    ARTICLE II.

    

    

    APPOINTMENT OF DEPOSITARY; FORM OF RECEIPT; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS

    

    

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

    

    

    SECTION 2.2  Form and Transferability of Receipts.

    

    

    (a)          Form.  Receipts in certificated form shall be substantially in the form set forth in Exhibit A and Exhibit B annexed to this Deposit Agreement, with appropriate insertions,
      modifications and omissions, as hereinafter provided.  Receipts may be issued in denominations of any number of American Depositary Shares.  No Receipt in certificated form shall be entitled to any benefits under this Deposit Agreement or be valid or
      obligatory for any purpose, unless such Receipt shall have been dated and signed by the manual or facsimile signature of a duly authorized signatory of the Depositary.  The Depositary shall maintain books on which each Receipt so executed and
      Delivered, in the case of Receipts in certificated form, and each Receipt issued through any book‐entry system, including, without limitation, DRS/Profile, in either case as hereinafter provided, and the transfer of each such Receipt shall be
      registered.  Receipts in certificated form bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding the fact 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.

    
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    Notwithstanding anything in this Deposit Agreement or in the form of Receipt to the contrary, to the extent available by the Depositary, ADSs shall be evidenced by Receipts issued through any book-entry system,
      including, without limitation, DRS/Profile, unless certificated Receipts are specifically requested by the Holder.  Holders and Beneficial Owners shall be bound by the terms and conditions of this Deposit Agreement and of the form of Receipt,
      regardless of whether their Receipts are in certificated form or are issued through any book-entry system, including, without limitation, DRS/Profile.

    

    

    (b)          Legends.  In addition to the foregoing, the Receipts may, and upon the written request of the Company shall, 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 (i) necessary to enable the Depositary and the Company to perform their respective obligations hereunder, (ii) required to comply with any applicable laws or
      regulations, or with the rules and regulations of any securities exchange or market upon which ADSs may be traded, listed or quoted, or to conform with any usage with respect thereto, (iii) necessary to indicate any special limitations or
      restrictions to which any particular ADRs or ADSs are subject by reason of the date of issuance of the Deposited Securities or otherwise or (iv) required by any book‐entry system in which the ADSs are held.  Holders and Beneficial Owners shall be
      deemed, for all purposes, to have notice of, and to be bound by, the terms and conditions of the legends set forth, in the case of Holders, on the ADR registered in the name of the applicable Holders or, in the case of Beneficial Owners, on the ADR
      representing the ADSs owned by such Beneficial Owners.

    

    

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

    

    

    SECTION 2.3  Deposits.

    
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    (a)          Subject to the terms and conditions of this Deposit Agreement and applicable law, Shares or evidence of rights to receive Shares may be deposited by any person (including the Depositary in its individual
      capacity but subject, however, in the case of the Company or any Affiliate of the Company, to Section 5.7 hereof) at any time, whether or not the transfer books of the Company or the Foreign Registrar, if any, are closed, by Delivery of the Shares to
      the Custodian.  Every deposit of Shares shall be accompanied by the following: (A)(i) in the case of Shares represented by certificates issued in registered form, appropriate instruments of transfer or endorsement, in a form satisfactory to the
      Custodian, (ii) in the case of Shares represented by certificates issued in bearer form, such Shares or the certificates representing such Shares and (iii) in the case of Shares Delivered by book‐entry transfer, confirmation of such book‐entry
      transfer to the Custodian or that irrevocable instructions have been given to cause such Shares to be so transferred, (B) such certifications and payments (including, without limitation, the Depositary’s fees and related charges) and evidence of such
      payments (including, without limitation, stamping or otherwise marking such Shares by way of receipt) as may be required by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement or as may be deemed by them to be
      appropriate in the circumstances, (C) if the Depositary so requires, a written order directing the Depositary to execute and Deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the number of
      American Depositary Shares representing the Shares so deposited, (D) evidence satisfactory to the Depositary (which may include an opinion of counsel reasonably satisfactory to the Depositary provided at the cost of the person seeking to deposit
      Shares) that all conditions to such deposit have been met and all necessary approvals have been granted by, and there has been compliance with the rules and regulations of, any applicable governmental agency and (E) if the Depositary so requires, (i)
      an agreement, assignment or instrument satisfactory to the Depositary or the Custodian which provides for the prompt transfer by any person in whose name the Shares are or have been recorded to the Custodian of any distribution, or right to subscribe
      for additional Shares or to receive other property in respect of any such deposited Shares or, in lieu thereof, such indemnity or other agreement as shall be satisfactory to the Depositary or the Custodian and (ii) if the Shares are registered in the
      name of the person on whose behalf they are presented for deposit, a proxy or proxies entitling the Custodian to exercise voting rights in respect of the Shares for any and all purposes until the Shares so deposited are registered in the name of the
      Depositary, the Custodian or any nominee.  No Share shall be accepted for deposit unless accompanied by confirmation or such additional evidence, if any is required by the Depositary, that is reasonably satisfactory to the Depositary or the Custodian
      that all conditions to such deposit have been satisfied by the person depositing such Shares under the laws and regulations of the Netherlands and any necessary approval has been granted by any governmental body in the Netherlands, if any, which is
      then performing the function of the regulator of currency exchange.  The Depositary may issue Receipts against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing
      agency or other entity involved in ownership or transaction records in respect of the Shares.  Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement (i) any Shares or other Deposited
      Securities required to be registered under the provisions of the Securities Act, unless a registration statement is in effect as to such Shares or other Deposited Securities, or (ii) any Shares or other Deposited Securities the deposit of which would
      violate any provisions of the Articles of Association.  The Depositary shall use commercially reasonable efforts to comply with reasonable written instructions of the Company that the Depositary shall not accept for deposit hereunder any Shares
      specifically identified in such instructions at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company’s compliance with the securities laws in the United States and other
      jurisdictions; provided that, subject to and in accordance with Section 5.8 hereof, the Company shall indemnify the Depositary and the Custodian for any claims and losses arising from not accepting the deposit of any Shares identified in the
      Company’s instructions.

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

    

    

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

    

    

    SECTION 2.4  Execution and Delivery of Receipts.  After the deposit of any Shares pursuant to Section 2.3 hereof, the Custodian shall notify the Depositary of such deposit and the person or
      persons to whom or upon whose written order a Receipt or Receipts are Deliverable in respect thereof and the number of American Depositary Shares to be evidenced thereby.  Such notification shall be made by letter, first class airmail postage
      prepaid, or, at the request, risk and expense of the person making the deposit, by cable, telex, SWIFT, facsimile or electronic transmission.  After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement
      (including, without limitation, the payment of the fees, expenses, taxes and/or other charges owing hereunder), shall issue the ADSs representing the Shares so deposited to or upon the order of the person or persons named in the notice delivered to
      the Depositary and shall execute and Deliver a Receipt registered in the name or names requested by such person or persons evidencing in the aggregate the number of American Depositary Shares to which such person or persons are entitled.

    

    

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

    

    

    (a)          Transfer.  The Depositary, or, if a Registrar (other than the Depositary) for the Receipts shall have been appointed, the Registrar, subject to the terms and conditions of this Deposit Agreement,
      shall register transfers of Receipts on its books, upon surrender at the Corporate Trust Office of the Depositary of a Receipt by the Holder thereof in person or by duly authorized attorney, properly endorsed in the case of a certificated Receipt or
      accompanied by, or in the case of Receipts issued through any book-entry system, including, without limitation, DRS/Profile, receipt by the Depositary of, proper instruments of transfer (including signature guarantees in accordance with standard
      industry practice) and duly stamped as may be required by the laws of the State of New York, of the United States, of the Netherlands or of any other applicable jurisdiction.  Subject to the terms and conditions of this Deposit Agreement, including
      payment of the applicable fees and charges of the Depositary set forth in Section 5.9 hereof and Article (9) of the Receipt, the Depositary shall execute a new Receipt or Receipts and Deliver the same to or upon the order of the person entitled
      thereto evidencing the same aggregate number of American Depositary Shares as those evidenced by the Receipts surrendered.

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

    

    

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

    

    

    (d)          Substitution of Receipts. At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated Receipt with a Receipt issued through any book-entry system, including,
      without limitation, DRS/Profile, or vice versa, execute and Deliver a certificated Receipt or deliver a statement, as the case may be, for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as those evidenced by the
      relevant Receipt.

    

    

    SECTION 2.6  Surrender of Receipts and Withdrawal of Deposited Securities.  Upon surrender, at the Corporate Trust Office of the Depositary, of American Depositary Shares for the purpose of
      withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the fees and charges of the Depositary for the making of withdrawals of Deposited Securities and cancellation of Receipts (as set forth in Section 5.9 hereof and
      Article (9) of the Receipt) and (ii) all fees, taxes and/or governmental charges payable in connection with such surrender and withdrawal, and subject to the terms and conditions of this Deposit Agreement, the Articles of Association, Section 7.11
      hereof and any other provisions of or governing the Deposited Securities and other applicable laws, the Holder of such American Depositary Shares shall be entitled to Delivery, to him or upon his order, of the Deposited Securities at the time
      represented by the American Depositary Shares so surrendered.  American Depositary Shares may be surrendered for the purpose of withdrawing Deposited Securities by Delivery of a Receipt evidencing such American Depositary Shares (if held in
      certificated form) or by book‐entry Delivery of such American Depositary Shares to the Depositary.

    

    

    A Receipt surrendered for such purposes shall, if so required by the Depositary, be properly endorsed in blank or accompanied by proper instruments of transfer in blank, and if the Depositary so requires, the Holder
      thereof shall execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written order of a person or persons designated in such order. Thereupon,
      the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated office of the Custodian or through a book‐entry delivery of the Shares (in either case, subject to Sections 2.7, 3.1, 3.2, 5.9, hereof and to the
      other terms and conditions of this Deposit Agreement, to the Articles of Association, and to the provisions of or governing the Deposited Securities and applicable laws, now or hereafter in effect) to or upon the written order of the person or
      persons designated in the order delivered to the Depositary as provided above, the Deposited Securities represented by such American Depositary Shares, together with any certificate or other proper documents of or relating to title of the Deposited
      Securities as may be legally required, as the case may be, to or for the account of such person.

    
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    The Depositary may refuse to accept for surrender American Depositary Shares only in the circumstances described in Article (4) of the Receipt.  Subject thereto, in the case of surrender of a Receipt evidencing a
      number of American Depositary Shares representing other than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion of
      the Depositary, either (i) issue and Deliver to the person surrendering such Receipt a new Receipt evidencing American Depositary Shares representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Shares represented
      by the Receipt surrendered and remit the proceeds of such sale (net of (a) applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and (b) taxes and/or governmental charges) to the
      person surrendering the Receipt.

    

    

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

    

    

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

    

    

    (a)          Additional Requirements.  As a condition precedent to the execution and Delivery, registration, registration of transfer, split‐up, subdivision, combination or surrender of any Receipt, the Delivery
      of any distribution thereon (whether in cash or shares) or withdrawal of any Deposited Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of the Receipt of a sum sufficient to reimburse it
      for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of
      the Depositary as provided in Section 5.9 hereof and Article (9) of the Receipt, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any other matter contemplated by Section 3.1 hereof and (iii)
      compliance with (A) any laws or governmental regulations relating to the execution and Delivery of Receipts or American Depositary Shares or to the withdrawal or Delivery of Deposited Securities and (B) such reasonable regulations and procedures as
      the Depositary may establish consistent with the provisions of this Deposit Agreement and applicable law.

    
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    (b)          Additional Limitations.  The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended, or the issuance of ADSs against the deposit of
      particular Shares may be withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration of transfers of Receipts generally may be suspended, during any period when the transfer books of the
      Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of law, any government or governmental body or commission or any
      securities exchange on which the Receipts or Shares are listed, or under any provision of this Deposit Agreement or provisions of, or governing, the Deposited Securities, or any meeting of shareholders of the Company or for any other reason, subject,
      in all cases, to Section 7.11 hereof.

    

    

    (c)          The Depositary shall not issue ADSs prior to the receipt of Shares or deliver Shares prior to the receipt and cancellation of ADSs.

    

    

    SECTION 2.8  Lost Receipts, etc.  To the extent the Depositary has issued Receipts in physical certificated form, in case any Receipt shall be mutilated, destroyed, lost or stolen, unless the
      Depositary has notice that such ADR has been acquired by a bona fide purchaser, subject to Section 5.9 hereof, the Depositary shall execute and Deliver a new Receipt (which, in the discretion of the Depositary may be issued through any book-entry
      system, including, without limitation, DRS/Profile, unless specifically requested otherwise) in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or stolen
      Receipt.  Before the Depositary shall execute and Deliver a new Receipt in substitution for a destroyed, lost or stolen Receipt, the Holder thereof shall have (a) filed with the Depositary (i) a request for such execution and Delivery before the
      Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond in form and amount acceptable to the Depositary and (b) satisfied any other reasonable requirements imposed by the Depositary.

    

    

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

    

    

    SECTION 2.10 Maintenance of Records.  The Depositary agrees to maintain records of all Receipts surrendered and Deposited Securities withdrawn under Section 2.6, substitute Receipts
      Delivered under Section 2.8 and cancelled or destroyed Receipts under Section 2.9, in keeping with the procedures ordinarily followed by stock transfer agents located in the United States.

    

    

    ARTICLE III.

    

    

    CERTAIN OBLIGATIONS OF HOLDERS

    AND BENEFICIAL OWNERS OF RECEIPTS

    

    

    SECTION 3.1  Proofs, Certificates and Other Information.  Any person presenting Shares for deposit shall provide, any Holder and any Beneficial Owner may be required to provide and every
      Holder and Beneficial Owner agrees, from time to time to provide to the Depositary or the Custodian such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental charges, exchange control approval,
      legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of this Deposit Agreement and the provisions of, or governing, the Deposited Securities or other information, to execute such certifications
      and to make such representations and warranties and to provide such other information and documentation as the Depositary may deem necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its
      obligations hereunder. The Depositary and the Registrar, as applicable, may, withhold the execution or Delivery or registration of transfer of any Receipt or the distribution or sale of any dividend or other distribution of rights or of the proceeds
      thereof, or to the extent not limited by the terms of Section 7.11 hereof, the Delivery of any Deposited Securities, until such proof or other information is filed or such certifications are executed, or such representations and warranties are made,
      or such other documentation or information provided, in each case to the Depositary’s and the Company’s satisfaction. The Depositary shall from time to time on the written request of the Company advise the Company of the availability of any such
      proofs, certificates or other information and shall, at the Company’s sole expense, provide or otherwise make available copies thereof to the Company upon written request therefor by the Company, unless such disclosure is prohibited by law.  Each
      Holder and Beneficial Owner agrees to provide any information requested by the Company or the Depositary pursuant to this Section 3.1. Nothing herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the
      Holders or Beneficial Owners or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners.

    
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    Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, the Agents and each of their respective directors, officers, employees, agents and Affiliates
      against, and to hold each of them harmless from, any Losses which any of them may incur or which may be made against any of them as a result of or in connection with any inaccuracy in or omission from any such proof, certificate, representation,
      warranty, information or document furnished by or on behalf of such Holder and/or Beneficial Owner or as a result of any such failure to furnish any of the foregoing.

    

    

    The obligations of Holders and Beneficial Owners under Section 3.1 shall survive any transfer of Receipts, any surrender of Receipts or withdrawal of Deposited Securities or the termination of the
      Deposit Agreement.

    

    

    SECTION 3.2  Liability for Taxes and Other Charges.  If any present or future tax or other governmental charge shall become payable by the Depositary or the Custodian with respect to any ADR
      or any Deposited Securities or American Depositary Shares, such tax or other governmental charge shall be payable by the applicable Holders and Beneficial Owners to the Depositary and such Holders and Beneficial Owners shall be deemed liable
      therefor.  The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Securities and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Securities
      and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) and charges, with the Holder and the Beneficial Owner remaining fully liable for any deficiency.  In addition to any other remedies
      available to it, the Depositary and the Custodian may refuse the deposit of Shares, and the Depositary may refuse to issue ADSs, to Deliver ADRs, to register the transfer, split‐up or combination of ADRs and (subject to Section 7.11 hereof) the
      withdrawal of Deposited Securities with respect to a Holder or Beneficial Holder liable for any tax, charge, penalty or interest hereunder, until payment in full of such tax, charge, penalty or interest is received. The liability of Holders and
      Beneficial Owners under this Section 3.2 shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities or the termination of this Deposit Agreement.

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

    

    

    SECTION 3.4  Compliance with Information Requests.  Notwithstanding any other provision of the Deposit Agreement, the Articles of Association and applicable law, each Holder and Beneficial
      Owner agrees to (a) provide such information as the Company or the Depositary may request pursuant to  law (including, without limitation, relevant laws of the Netherlands, any applicable law of the United States, the Articles of Association, any
      resolutions of the Management Board and Supervisory Board adopted pursuant to the Articles of Association, the requirements of any markets or exchanges upon which the Shares, ADSs or Receipts are listed or traded, or to any requirements of any
      electronic book‐entry system by which the ADSs or Receipts may be transferred), (b) be bound by and subject to applicable provisions of Dutch law, the Articles of Association and the requirements of any markets or exchanges upon which the ADSs,
      Receipts or Shares are listed or traded, or pursuant to any requirements of any electronic book‐entry system by which the ADSs, Receipts or Shares may be transferred, to the same extent as if such Holder and Beneficial Owner held Shares directly, in
      each case irrespective of whether or not they are Holders or Beneficial Owners at the time such request is made and, without limiting the generality of the foregoing, (c) comply with all applicable provisions of Dutch law, the rules and requirements
      of any stock exchange on which the Shares are, or will be registered, traded or listed and the Articles of Association regarding any such Holder or Beneficial Owner’s interest in Shares (including the aggregate of ADSs and Shares held by each such
      Holder or Beneficial Owner) and/or the disclosure of interests therein, whether or not the same may be enforceable against such Holder or Beneficial Owner. The Depositary agrees to use its reasonable efforts to forward upon the request of the
      Company, and at the Company’s expense, any such request from the Company to the Holders and to forward to the Company any such responses to such requests received by the Depositary.

    
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    ARTICLE IV.

    

    

    THE DEPOSITED SECURITIES

    

    

    SECTION 4.1  Cash Distributions.  Whenever the Depositary receives confirmation from the Custodian of receipt of any cash dividend or other cash distribution on any Deposited Securities, or
      receives proceeds from the sale of any Shares, rights, securities or other entitlements under the terms hereof, the Depositary will, if at the time of receipt thereof any amounts received in a Foreign Currency can in the judgment of the Depositary
      (pursuant to Section 4.6 hereof) be converted on a practicable basis into Dollars transferable to the United States, promptly convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (on the terms described in
      Section 4.6 hereof) and will distribute promptly the amount thus received (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and (b) taxes and/or governmental
      charges) to the Holders of record as of the ADS Record Date in proportion to the number of American Depositary Shares held by such Holders respectively as of the ADS Record Date.  The Depositary shall distribute only such amount, however, as can be
      distributed without attributing to any Holder a fraction of one cent.  Any such fractional amounts shall be rounded down to the nearest whole cent and so distributed to Holders entitled thereto.  Holders and Beneficial Owners understand that in
      converting Foreign Currency, amounts received on conversion are calculated at a rate which exceeds the number of decimal places used by the Depositary to report distribution rates.  The excess amount may be retained by the Depositary as an additional
      cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment.  If the Company, the Custodian or the Depositary is required to withhold and
      does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders of the ADSs representing such Deposited
      Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority.  Evidence of payment thereof by the Company shall be forwarded by the Company to
      the Depositary upon request.  The Depositary shall forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file with governmental agencies such reports as are
      necessary to obtain benefits under the applicable tax treaties for the Holders and Beneficial Owners of Receipts.

    

    

    SECTION 4.2  Distribution in Shares.  If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be
      deposited with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or any of their nominees.  Upon receipt of confirmation of such deposit from the Custodian, the Depositary shall establish the ADS Record
      Date upon the terms described in Section 4.7 hereof and shall, subject to Section 5.9 hereof, either (i) distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which
      represent in the aggregate the number of Shares received as such dividend, or free distribution, subject to the other terms of this Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by,
      the Depositary and (b) taxes and/or governmental charges), or (ii) if additional ADSs are not so distributed, each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and
      interests in the additional Shares distributed upon the Deposited Securities represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges).  In lieu of
      Delivering fractional ADSs, the Depositary shall sell the number of Shares represented by the aggregate of such fractions and distribute the proceeds upon the terms described in Section 4.1 hereof. The Depositary may withhold any such distribution of
      Receipts if it has not received satisfactory assurances from the Company (including an Opinion of Counsel furnished at the expense of the Company) that such distribution does not require registration under the Securities Act or is exempt from
      registration under the provisions of the Securities Act.  To the extent such distribution may be withheld, the Depositary may dispose of all or a portion of such distribution in such amounts and in such manner, including by public or private sale, as
      the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of applicable taxes and/or governmental charges and fees and charges of, and expenses incurred by, the Depositary
      and/or a division or Affiliate(s) of the Depositary) to Holders entitled thereto upon the terms described in Section 4.1 hereof.

    
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    SECTION 4.3  Elective Distributions in Cash or Shares.  Whenever the Company intends to distribute a dividend payable at the election of the holders of Shares in cash or in additional Shares,
      the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution stating whether or not it wishes such elective distribution to be made available to Holders of ADSs.  Upon receipt of notice indicating that
      the Company wishes such elective distribution to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably
      practicable to make such elective distribution available to the Holders of ADSs.  The Depositary shall make such elective distribution available to Holders only if (i) the Company shall have timely requested that the elective distribution is
      available to Holders of ADRs, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof (including, without limitation, any legal opinions of counsel in any applicable jurisdiction that the Depositary
      in its reasonable discretion may request, at the expense of the Company) and (iii) the Depositary shall have determined that such distribution is lawful and reasonably practicable.  If the above conditions are not satisfied, the Depositary shall, to
      the extent permitted by law, distribute to the Holders, on the basis of the same determination as is made in the local market in respect of the Shares for which no election is made, either cash upon the terms described in Section 4.1 hereof or
      additional ADSs representing such additional Shares upon the terms described in Section 4.2 hereof.  If the above conditions are satisfied, the Depositary shall establish an ADS Record Date (on the terms described in Section 4.7 hereof) and establish
      procedures to enable Holders to elect the receipt of the proposed dividend in cash or in additional ADSs.  The Company shall assist the Depositary in establishing such procedures to the extent necessary.  Subject to Section 5.9 hereof, if a Holder
      elects to receive the proposed dividend in cash, the dividend shall be distributed upon the terms described in Section 4.1 hereof or in ADSs, the dividend shall be distributed upon the terms described in Section 4.2 hereof.  Nothing herein shall
      obligate the Depositary to make available to Holders a method to receive the elective dividend in Shares (rather than ADSs).  There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive
      elective distributions on the same terms and conditions as the holders of Shares.

    
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    SECTION 4.4  Distribution of Rights to Purchase Shares.

    

    

    (a)          Distribution to ADS Holders.  Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe for additional Shares, the Company shall give notice thereof
      to the Depositary at least 45 days prior to the proposed distribution stating whether or not it wishes such rights to be made available to Holders of ADSs.  Upon timely receipt of a notice indicating that the Company wishes such rights to be made
      available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall determine, whether it is lawful and reasonably practicable to make such rights available to the Holders.  The Depositary shall make such
      rights available to Holders only if (i) the Company shall have timely requested that such rights be made available to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof and (iii) the
      Depositary shall have determined that such distribution of rights is lawful and reasonably practicable.  In the event any of the conditions set forth above are not satisfied, the Depositary shall proceed with the sale of the rights as contemplated in
      Section 4.4(b) below or, if timing or market conditions may not permit, do nothing thereby allowing such rights to lapse.  In the event all conditions set forth above are satisfied, the Depositary shall establish an ADS Record Date (upon the terms
      described in Section 4.7 hereof) and establish procedures to distribute such rights (by means of warrants or otherwise) and to enable the Holders to exercise the rights (upon payment of applicable fees and charges of, and expenses incurred by, the
      Depositary and taxes and/or other governmental charges).  Nothing herein shall obligate the Depositary to make available to the Holders a method to exercise such rights to subscribe for Shares (rather than ADSs).

    

    

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

    

    

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

    

    

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

    

    

    The Company shall not be responsible to Holders or Beneficial Owners for (i) any failure to determine that it may be lawful or practicable to make such rights available to Holders in general or any Holders in
      particular or (ii) any foreign exchange exposure or loss incurred in connection with such sale or exercise.

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

    

    

    There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to exercise rights on the same terms and conditions as the holders of Shares or be able to exercise such
      rights.  Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the exercise of such rights or otherwise to register or qualify the offer or sale of such
      rights or securities under the applicable law of any other jurisdiction for any purpose.

    

    

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

    

    

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

    

    

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

    
      17

      
        

    

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

    

    

    SECTION 4.6  Conversion of Foreign Currency.  Whenever the Depositary or the Custodian shall receive Foreign Currency, by way of dividends or other distributions or the net proceeds from the
      sale of securities, property or rights, and in the judgment of the Depositary such Foreign Currency can at such time be converted on a practicable basis (by sale or in any other manner that it may determine in accordance with applicable law) into
      Dollars transferable to the United States and distributable to the Holders entitled thereto, the Depositary shall convert or cause to be converted, by sale or in any other manner that it may determine, such Foreign Currency into Dollars, and shall
      distribute such Dollars (net of any fees, expenses, taxes and/or other governmental charges incurred in the process of such conversion) in accordance with the terms of the applicable sections of this Deposit Agreement.  If the Depositary shall have
      distributed warrants or other instruments that entitle the holders thereof to such Dollars, the Depositary shall distribute such Dollars to the holders of such warrants and/or instruments upon surrender thereof for cancellation, in either case
      without liability for interest thereon. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Holders on account of exchange restrictions, the date of delivery of any Receipt or otherwise.

    

    

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

    

    

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

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

    

    

    Holders and Beneficial Owners are directed to refer to Section 7.9 hereof for certain disclosure related to conversion of Foreign Currency.

    

    

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

    

    

    SECTION 4.8  Voting of Deposited Securities.  Subject to the next sentence, as soon as practicable after receipt of notice of any meeting at which the holders of Deposited Securities are entitled to vote, or of
      solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or such solicitation of consents or proxies. The Depositary shall, if requested by the Company in
      writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not have been received by the Depositary at least 42 days prior to the date of such vote or meeting) and at the Company’s expense, and
      provided no U.S. legal prohibitions exist, mail by regular, ordinary mail delivery (or by electronic mail or as otherwise may be agreed between the Company and the Depositary in writing from time to time) or otherwise distribute as soon as
      practicable after receipt thereof to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a statement that the Holders as of the close of business on the ADS Record Date will be entitled, subject to
      any applicable law, the provisions of this Deposit Agreement, the Articles of Association and the provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the
      Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder’s American Depositary Shares; and (c) a brief statement as to the manner in which such voting instructions may be given to
      the Depositary, or in which instructions may be deemed to have been given in accordance with this Section 4.8, including, solely to the extent the Depositary has been provided with at least 42 days’ notice of the proposed meeting or vote, an express
      indication that instructions may be given (or be deemed to have been given in accordance with the immediately following paragraph of this section if no instruction is received) to the Depositary to give a discretionary proxy to a person or persons
      designated by the Company. Voting instructions may be given by a Holder as of the close of business on the ADS Record Date as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder’s American
      Depositary Shares. Upon the timely receipt of voting instructions of a Holder on the ADS Record Date in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions
      of this Deposit Agreement, the Articles of Association and the provisions of or governing the Deposited Securities, to vote or cause the Custodian to vote the Deposited Securities (in person or by proxy) represented by American Depositary Shares
      evidenced by such Receipt in accordance with such voting instructions; provided that the Depositary may aggregate Holders’ voting instructions in respect of any particular matter and (i) will vote or cause the Custodian to vote Deposited Securities
      (in person or by proxy) in accordance with voting instructions timely received from all Holders of American Depositary Shares as of the ADS Record Date to the extent that such voting instructions, in aggregate, are with respect to a number of
      American Depositary Shares representing an integral number of Deposited Securities and (ii) only to the extent that such voting instructions, in aggregate, are with respect to a number of American Depositary Shares which do not represent an integral
      number of Deposited Securities, will disregard such voting instructions.

    
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    In the event that (i) the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder’s ADSs or
      (ii) no timely instructions are received by the Depositary from a Holder with respect to any of the Deposited Securities represented by the ADSs held by such Holder on the ADS Record Date, solely to the extent the Depositary has been provided with at
      least 42 days’ notice of the proposed meeting or vote, the Depositary shall (unless otherwise specified in the notice distributed to Holders) deem such Holder to have instructed the Depositary to give a discretionary proxy to a person designated by
      the Company with respect to such Deposited Securities and the Depositary shall give a discretionary proxy to a person designated by the Company to vote such Deposited Securities, provided, however, that no such instruction shall be deemed to have
      been given and no such discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary (and the Company agrees to provide such information as promptly as practicable in writing, if applicable) that (x) the
      Company does not wish to give such proxy, (y) the Company is aware or should reasonably be aware that substantial opposition exists from Holders against the outcome for which the person designated by the Company would otherwise vote or (z) the
      outcome for which the person designated by the Company would otherwise vote would materially and adversely affect the rights of holders of Deposited Securities, provided, further, that the Company will have no liability to any Holder or Beneficial
      Owner resulting from such notification.

    

    

    In the event that voting on any resolution or matter is conducted on a show of hands basis in accordance with the Articles of Association, the Depositary will refrain from voting and the voting instructions (or the
      deemed voting instructions, as set out above) received by the Depositary from Holders shall lapse.  The Depositary will have no obligation to demand voting on a poll basis with respect to any resolution and shall have no liability to any Holder or
      Beneficial Owner for not having demanded voting on a poll basis.

    

    

    Neither the Depositary nor the Custodian shall, under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any
      way make use of for purposes of establishing a quorum or otherwise, the Deposited Securities represented by ADSs except pursuant to and in accordance with such written instructions from Holders, including the deemed instruction to the Depositary to
      give a discretionary proxy to a person designated by the Company. Deposited Securities represented by ADSs for which (i) no timely voting instructions are received by the Depositary from the Holder, or (ii) timely voting instructions are received by
      the Depositary from the Holder but such voting instructions fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder’s ADSs, shall be voted in the manner provided in this Section 4.8.
      Notwithstanding anything to the contrary contained herein, and subject to applicable law, regulation and the Articles of Association, the Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether or not
      voting instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the purpose of establishing a quorum at a meeting of shareholders.

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

    

    

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

    

    

    SECTION 4.9  Changes Affecting Deposited Securities.  Upon any change in par value, split‐up, subdivision, cancellation, consolidation or any other reclassification of Deposited Securities or
      upon any recapitalization, reorganization, amalgamation, merger or consolidation or sale of assets affecting the Company or to which it is otherwise a party, any securities which shall be received by the Depositary or the Custodian in exchange for,
      or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities under this Deposit Agreement and the Receipts shall, subject to the provisions of
      this Deposit Agreement and applicable law, evidence American Depositary Shares representing the right to receive such additional securities.  Alternatively, the Depositary may, with the Company’s approval, and shall, if the Company shall so request,
      subject to the terms of this Deposit Agreement and receipt of an Opinion of Counsel furnished at the Company’s expense satisfactory to the Depositary (stating that such distributions are not in violation of any applicable laws or regulations),
      execute and deliver additional Receipts, as in the case of a stock dividend on the Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts. In either case, as well as in the event of newly deposited Shares,
      necessary modifications to the form of Receipt contained in Exhibit A and Exhibit B hereto, specifically describing such new Deposited Securities and/or corporate change, shall also be made. The Company agrees that it will, jointly
      with the Depositary, amend the Registration Statement on Form F‐6 as filed with the Commission to permit the issuance of such new form of Receipt. Notwithstanding the foregoing, in the event that any security so received may not be lawfully
      distributed to some or all Holders, the Depositary may, with the Company’s approval, and shall, if the Company requests, subject to receipt of an Opinion of Counsel (furnished at the Company’s expense) satisfactory to the Depositary that such action
      is not in violation of any applicable laws or regulations, sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of fees and charges of,
      and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) for the account of the Holders otherwise entitled to such securities upon an averaged or other practicable basis
      without regard to any distinctions among such Holders and distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to Section 4.1 hereof. The Depositary shall not be responsible for
      (i) any failure to determine that it may be lawful or feasible to make such securities available to Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale or (iii) any
      liability to the purchaser of such securities.

    
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    SECTION 4.10  Available Information.  As of the date of this Deposit Agreement, the Company publishes information in English required to maintain the exemption from registration under Rule
      12g3-2(b) under the Exchange Act on its website (https://www.justeattakeaway.com) or through an electronic information delivery system generally available to the public in its primary trading market. The Company represents that as of the date of this
      Deposit Agreement, the statements in this Section 4.10 and in Article (12) of the Receipts with respect to the exemption from registration under Rule 12g3-2(b) under the Exchange Act are true and correct and agrees to promptly notify the Depositary
      in the event of any change in the truth of any such statements. The Depositary does not assume any duty to determine if the Company is complying with the current requirements of Rule 12g3-2(b) under the Exchange Act or to take any action if the
      Company is not complying with those requirements.

    

    

    Should the Company become subject to the periodic reporting or other informational requirements of the Exchange Act, it will be required in accordance therewith to file reports and other documents with the Commission.
      These reports and documents can be inspected and copied at the Commission’s website at www.sec.gov.

    

    

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

    

    

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

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

    

    

    The Company shall remit to the appropriate governmental authority or agency any amounts required to be withheld by the Company and owing to such governmental authority or agency.  Upon any such withholding, the Company
      shall remit to the Depositary information, in a form reasonably satisfactory to the Depositary, about such taxes and/or governmental charges withheld or paid, and, if so requested, the tax receipt (or other proof of payment to the applicable
      governmental authority) therefor.  The Depositary shall, to the extent required by U.S. law, report to Holders (i) any taxes withheld by it; (ii) any taxes withheld by the Custodian, subject to information being provided to the Depositary by the
      Custodian and (iii) any taxes withheld by the Company, subject to information being provided to the Depositary by the Company. The Depositary and the Custodian shall not be required to provide the Holders with any evidence of the remittance by the
      Company (or its agents) of any taxes withheld, or of the payment of taxes by the Company, except to the extent the evidence is provided by the Company to the Depositary.  None of the Depositary, the Custodian or the Company shall be liable for the
      failure by any Holder or Beneficial Owner to obtain the benefits of credits on the basis of non‐U.S. tax paid against such Holder’s or Beneficial Owner’s income tax liability.

    

    

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

    
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    The Depositary is under no obligation to provide the Holders and Beneficial Owners with any information about the tax status of the Company.  The Depositary shall not incur any liability for any tax consequences that
      may be incurred by Holders and Beneficial Owners on account of their ownership of the American Depositary Shares, including without limitation, tax consequences resulting from the Company (or any of its subsidiaries) being treated as a “Passive
      Foreign Investment Company” (as defined in the U.S. Internal Revenue Code of 1986, as amended and the regulations issued thereunder) or otherwise.

    

    

    ARTICLE V.

    

    

    THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    
      24

      
        

    

    Each Registrar and co-registrar appointed under this Section 5.1 shall give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable terms of the Deposit Agreement.

    

    

    SECTION 5.2  Exoneration.  None of the Depositary, the Custodian or the Company shall be obligated to do or perform any act which is inconsistent with the provisions of this Deposit Agreement
      or shall incur any liability to Holders, Beneficial Owners or any third parties (i) if the Depositary, the Custodian or the Company or their respective controlling persons or agents (including without limitation, the Agents) shall be prevented or
      forbidden from, or delayed in, doing or performing any act or thing required by the terms of this Deposit Agreement, by reason of any provision of any present or future law or regulation of the United States or any state thereof, the Netherlands or
      any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account of the possible criminal or civil penalties or restraint, or by reason of any provision, present or future, of the Articles of
      Association or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control (including, without limitation, nationalization, expropriation, currency restrictions, work
      stoppage, strikes, civil unrest, revolutions, rebellions, explosions, epidemics, pandemics and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement or in the Articles of
      Association or provisions of or governing Deposited Securities, (iii) for any action or inaction of the Depositary, the Custodian or the Company or their respective controlling persons or agents (including without limitation, the Agents) in reliance
      upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to
      give such advice or information, (iv) for the inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of this
      Deposit Agreement, made available to Holders of American Depositary Shares or (v) for any special, consequential, indirect or punitive damages for any breach of the terms of this Deposit Agreement or otherwise.

    

    

    The Depositary, its controlling persons, its agents (including without limitation, the Agents), the Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any
      written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the proper party or parties.

    

    

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

    

    

    SECTION 5.3  Standard of Care.  The Company and the Depositary and their respective directors, officers, Affiliates, employees and agents (including without limitation, the Agents) assume no
      obligation and shall not be subject to any liability under this Deposit Agreement or any Receipts to any Holder(s) or Beneficial Owner(s) or other persons, except in accordance with Section 5.8 hereof, provided, that the Company and the Depositary
      and their respective directors, officers, Affiliates, employees and agents (including without limitation, the Agents) agree to perform their respective obligations specifically set forth in this Deposit Agreement or the applicable ADRs without gross
      negligence or willful misconduct.

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

    

    

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

    

    

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

    

    

    The Company shall use reasonable efforts to appoint such successor depositary, and give notice to the Depositary of such appointment, not more than 90 days after delivery by the Depositary of written notice of
      resignation as provided in this Section 5.4.  In the event that notice of the appointment of a successor depositary is not provided by the Company in accordance with the preceding sentence, the Depositary shall be entitled to take the actions
      contemplated in Section 6.2 hereof.

    

    

    The Depositary may at any time be removed by the Company by written notice of such removal, which removal shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary (whereupon the
      Depositary shall be entitled to take the actions contemplated in Section 6.2 hereof if a successor depositary has not been appointed), and (ii)  the appointment by the Company of a successor depositary and its acceptance of such appointment as
      hereinafter provided, save that, any amounts, fees, costs or expenses owed to the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to
      the Depositary prior to such removal.

    
      26

      
        

    

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

    

    

    Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act and, notwithstanding anything
      to the contrary in this Deposit Agreement, the Depositary may assign or otherwise transfer all or any of its rights and benefits under this Deposit Agreement (including any cause of action arising in connection with it) to Deutsche Bank AG or any
      branch thereof or any entity which is a direct or indirect subsidiary or other affiliate of Deutsche Bank AG.

    

    

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

    

    

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

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

    

    

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

    

    

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

    
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    SECTION 5.7  Issuance of Additional Shares, ADSs etc.  The Company agrees that in the event it or any of its Affiliates proposes (i) an issuance, sale or distribution of additional Shares,
      (ii) an offering of rights to subscribe for Shares or other Deposited Securities, (iii) an issuance of securities convertible into or exchangeable for Shares, (iv) an issuance of rights to subscribe for securities convertible into or exchangeable for
      Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of Deposited Securities, (vii) a meeting of holders of Deposited Securities, or solicitation of consents or proxies, relating to any reclassification of securities, merger,
      subdivision, amalgamation or consolidation or transfer of assets, (viii) any reclassification, recapitalization, reorganization, merger, amalgamation, consolidation or sale of assets which affects the Deposited Securities or (ix) a distribution of
      property other than cash, Shares or rights to purchase additional Shares it will obtain U.S. legal advice and take all steps necessary to ensure that the application of the proposed transaction to Holders and Beneficial Owners does not violate the
      registration provisions of the Securities Act, or any other applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act or the securities laws of the states of the United States).  In support of
      the foregoing, the Company will furnish to the Depositary at its request, at the Company’s expense, (a) a written opinion of U.S. counsel (satisfactory to the Depositary) stating whether or not application of such transaction to Holders and
      Beneficial Owners (1) requires a registration statement under the Securities Act to be in effect or (2) is exempt from the registration requirements of the Securities Act and/or (3) dealing with such other issues requested by the Depositary; (b) a
      written opinion of Dutch counsel (satisfactory to the Depositary) stating that (1) making the transaction available to Holders and Beneficial Owners does not violate the laws or regulations of the Netherlands and (2) all requisite regulatory and
      corporate consents and approvals have been obtained in the Netherlands and (c) as the Depositary may request, a written Opinion of Counsel in any other jurisdiction in which Holders or Beneficial Owners reside to the effect that making the
      transaction available to such Holders or Beneficial Owners does not violate the laws or regulations of such jurisdiction, as well as certificates of the Company as to such matters as the Depositary may deem necessary or appropriate in the
      circumstances.  If the filing of a registration statement is required, the Depositary shall not have any obligation to proceed with the transaction unless it shall have received evidence reasonably satisfactory to it that such registration statement
      has been declared effective and that such distribution is in accordance with all applicable laws or regulations.  If, being advised by counsel, the Company determines that a transaction is required to be registered under the Securities Act, the
      Company will either (i) register such transaction to the extent necessary, (ii) alter the terms of the transaction to avoid the registration requirements of the Securities Act or (iii) direct the Depositary to take specific measures, in each case as
      contemplated in this Deposit Agreement, to prevent such transaction from violating the registration requirements of the Securities Act.

    

    

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

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

    

    

    SECTION 5.8  Indemnification.  The Company agrees to indemnify the Depositary, any Custodian and each of their respective directors, officers, employees, agents (including without limitation,
      the Agents) and Affiliates against, and hold each of them harmless from, any losses, liabilities, taxes, costs, claims, judgments, proceedings, actions, demands and any charges or expenses of any kind whatsoever (including, but not limited to,
      reasonable fees and expenses of counsel together with, in each case, value added tax and any similar tax charged or otherwise imposed in respect thereof) (collectively referred to as “Losses”) which the
      Depositary or any agent (including without limitation, the Agents) thereof may incur or which may be made against it as a result of or in connection with its appointment or the exercise of its powers and duties under this Deposit Agreement or that
      may arise (a) out of or in connection with any offer, issuance, sale, resale, transfer, deposit or withdrawal of Receipts, American Depositary Shares, the Shares, or other Deposited Securities, as the case may be, (b) out of or in connection with any
      offering documents in respect thereof or (c) out of or in connection with acts performed or omitted, including, but not limited to, any delivery by the Depositary on behalf of the Company of information regarding the Company in connection with this
      Deposit Agreement, the Receipts, the American Depositary Shares, the Shares, or any Deposited Securities, in any such case (i) by the Depositary, the Custodian or any of their respective directors, officers, employees, agents (including without
      limitation, the Agents) and Affiliates, except to the extent any such Losses arise out of the gross negligence or wilful misconduct of any of them, or (ii) by the Company or any of its directors, officers, employees, agents and Affiliates.

    

    

    The Depositary agrees to indemnify the Company and hold it harmless from any Losses which may arise out of acts performed or omitted to be performed by the Depositary arising out of its gross negligence or wilful
      misconduct.  Notwithstanding the above, in no event shall the Depositary or any of its directors, officers, employees, agents (including without limitation, the Agents) and/or Affiliates be liable for any special, consequential, indirect or punitive
      damages to the Company, Holders, Beneficial Owners or any other person.

    

    

    Any person seeking indemnification hereunder (an “Indemnified Person”) shall notify the person from whom it is seeking indemnification (the “Indemnifying

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

    

    

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

    

    

    SECTION 5.9  Fees and Charges of Depositary.  The Company, the Holders, the Beneficial Owners, and persons depositing Shares or surrendering ADSs for cancellation and withdrawal of Deposited
      Securities shall be required to pay to the Depositary the Depositary’s fees and related charges identified as payable by them respectively as provided for under Article (9) of the Receipt.  All fees and charges so payable may, at any time and from
      time to time, be changed by agreement between the Depositary and the Company, but, in the case of fees and charges payable by Holders and Beneficial Owners, only in the manner contemplated in Section 6.1 hereof.  The Depositary shall provide, without
      charge, a copy of its latest fee schedule to anyone upon request.

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

    

    

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

    

    

    	

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

          

    

    

    	

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

          

    

    

    	

          	(iii)	
            the Depositary may request, in its sole but reasonable discretion after reasonable consultation with the Company, an Opinion of Counsel regarding U.S. law, the laws of the Netherlands, or of any
              other relevant jurisdiction, to be furnished at the expense of the Company, if at any time it deems it necessary to seek such an Opinion of Counsel regarding the validity of any action to be taken or instructed to be taken under this
              Agreement.

          

    

    

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

    

    

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

    

    

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

    
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    SECTION 5.10  Restricted Securities Owners/Ownership Restrictions.  From time to time or upon request of the Depositary, the Company shall provide to the Depositary a list setting forth, to
      the actual knowledge of the Company, those persons or entities who beneficially own Restricted Securities and the Company shall update such list on a regular basis. The Depositary may rely on such list or update but shall not be liable for any action
      or omission made in reliance thereon. The Company agrees to advise in writing each of the persons or entities who, to the knowledge of the Company, holds Restricted Securities that such Restricted Securities are ineligible for deposit hereunder and,
      to the extent practicable, shall require each of such persons to represent in writing that such person will not deposit Restricted Securities hereunder.  Holders and Beneficial Owners shall comply with any limitations on ownership of Shares under the
      Articles of Association or applicable Dutch law and the rules and regulations of any exchange or listing authority on which the Shares or ADSs are listed as if they held the number of Shares their ADSs represent. The Company shall, in accordance with
      Article (24) of the Receipt, inform Holders and Beneficial Owners and the Depositary of any other limitations on ownership of Shares that the Holders and Beneficial Owners may be subject to by reason of the number of ADSs held under the Articles of
      Association or applicable Dutch law and the rules and regulations of any exchange or listing authority on which the Shares or ADSs are listed, as such restrictions may be in force from time to time.

    

    

    The Company may, in its sole discretion, but subject to applicable law, instruct the Depositary to take action with respect to the ownership interest of any Holder or Beneficial Owner pursuant to the Articles of
      Association, including but not limited to, the removal or limitation of voting rights or the mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADRs held by such Holder or Beneficial Owner in
      excess of such limitations, if and to the extent such disposition is permitted by applicable law and the Articles of Association; provided that any such measures are practicable and legal and can be undertaken without undue burden or expense, and
      provided further the Depositary’s agreement to the foregoing is conditional upon it being advised of any applicable changes in the Articles of Association.  The Depositary shall have no liability for any actions taken in accordance with such
      instructions.

    

    

    ARTICLE VI.

    

    

    AMENDMENT AND TERMINATION

    

    

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

    
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    SECTION 6.2  Termination.  The Depositary shall, at any time at the written direction of the Company, terminate this Deposit Agreement by mailing notice of such termination to the Holders of
      all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such termination, provided that, the Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in accordance with the terms of this
      Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing between the Company and the Depositary from time to time, prior to such termination shall take effect. If 90 days shall have expired after (i) the Depositary
      shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and in either case a successor depositary shall not have
      been appointed and accepted its appointment as provided in Section 5.4 hereof, the Depositary may terminate this Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days prior to the
      date fixed for such termination. On and after the date of termination of this Deposit Agreement, each Holder will, upon surrender of such Receipt at the Corporate Trust Office of the Depositary, upon the payment of the charges of the Depositary for
      the surrender of Receipts referred to in Section 2.6 hereof and subject to the conditions and restrictions therein set forth, and upon payment of any applicable taxes and/or governmental charges, be entitled to Delivery, to him or upon his order, of
      the amount of Deposited Securities represented by such Receipt. If any Receipts shall remain outstanding after the date of termination of this Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of Receipts,
      and the Depositary shall suspend the distribution of dividends to the Holders thereof, and shall not give any further notices or perform any further acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and
      other distributions pertaining to Deposited Securities, shall sell rights or other property as provided in this Deposit Agreement, and shall continue to Deliver Deposited Securities, subject to the conditions and restrictions set forth in Section 2.6
      hereof, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the Depositary (after deducting, or charging, as the
      case may be, in each case, the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes and/or governmental
      charges or assessments). At any time after the expiration of six months from the date of termination of this Deposit Agreement, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds
      of any such sale, together with any other cash then held by it hereunder, in an unsegregated account, without liability for interest for the pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered. After
      making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement with respect to the Receipts and the Shares, Deposited Securities and American Depositary Shares, except to account for such net proceeds and other
      cash (after deducting, or charging, as the case may be, in each case, the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of this Deposit Agreement and
      any applicable taxes and/or governmental charges or assessments). Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary
      hereunder. The obligations under the terms of the Deposit Agreement and Receipts of Holders and Beneficial Owners of ADSs outstanding as of the effective date of any termination shall survive such effective date of termination and shall be discharged
      only when the applicable ADSs are presented by their Holders to the Depositary for cancellation under the terms of the Deposit Agreement and the Holders have each satisfied any and all of their obligations hereunder (including, but not limited to,
      any payment and/or reimbursement obligations which relate to prior to the effective date of termination but which payment and/or reimbursement is claimed after such effective date of termination).

    
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    Notwithstanding anything contained in the Deposit Agreement or any ADR, in connection with the termination of the Deposit Agreement, the Depositary may, independently and without the need for any action by the Company,
      make available to Holders of ADSs a means to withdraw the Deposited Securities represented by their ADSs and to direct the deposit of such Deposited Securities into an unsponsored American depositary shares program established by the Depositary, upon
      such terms and conditions as the Depositary may deem reasonably appropriate, subject however, in each case, to satisfaction of the applicable registration requirements by the unsponsored American depositary shares program under the Securities Act,
      and to receipt by the Depositary of payment of the applicable fees and charges of, and reimbursement of the applicable expenses incurred by, the Depositary.

    

    

    ARTICLE VII.

    

    

    MISCELLANEOUS

    

    

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

    

    

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

    

    

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

    

    

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

    

    

              SECTION 7.5  Notices.  Any and all notices to be given to the Company shall be deemed to have been duly given if personally delivered or sent by first-class mail, air courier or cable, telex, facsimile
      transmission or electronic transmission, confirmed by letter, addressed to Just Eat Takeaway.com N.V., Oosterdoksstraat 80, 1011 DK Amsterdam, The Netherlands, Attention: Company Secretary or to any other address which the Company may specify in
      writing to the Depositary, or at which it may be effectively given such notice in accordance with applicable law.

    

    

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

    
      34

      
        

    

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

    

    

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

    

    

    SECTION 7.6  Governing Law and Jurisdiction.  This Deposit Agreement and the Receipts shall be interpreted in accordance with, and all rights hereunder and thereunder and provisions hereof and
      thereof shall be governed by, the laws of the State of New York without reference to the principles of choice of law thereof.  Subject to the Depositary’s rights under the third paragraph of this Section 7.6, the Company and the Depositary agree that
      the  United States District Court for the Southern District of New York (or, if the United States District Court for the Southern District of New York lacks subject matter jurisdiction over a particular dispute, the state courts in New York County,
      New York) shall have exclusive jurisdiction to hear and determine any suit, action or proceeding and to settle any dispute between them that may arise out of or relate in any way to this Deposit Agreement including without limitation claims under the
      Securities Act and, for such purposes, each irrevocably submits to the exclusive jurisdiction of such courts. Notwithstanding the above, the parties hereto agree that any judgment and/or order from any such New York court can be enforced in any court
      having jurisdiction thereof.  The Company hereby irrevocably designates, appoints and empowers Puglisi & Associates, (the “Process Agent”), now at 850 Library Avenue, Suite 204, Newark, Delaware 19711,
      United States, as its authorized agent to receive and accept for and on its behalf, and on behalf of its properties, assets and revenues, service by mail of any and all legal process, summons, notices and
      documents that may be served in any suit, action or proceeding brought against the Company in such courts as described in the preceding sentence or in the next paragraph of this Section 7.6. If for any reason the Process Agent shall cease to be
      available to act as such, the Company agrees to designate a new agent in the City of New York on the terms and for the purposes of this Section 7.6 reasonably satisfactory to the Depositary. The Company further hereby irrevocably consents and agrees
      to the service of any and all legal process, summons, notices and documents in any suit, action or proceeding against the Company, by service by mail of a copy thereof upon the Process Agent (whether or not the appointment of such Process Agent shall
      for any reason prove to be ineffective or such Process Agent shall fail to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 7.5 hereof. The
      Company agrees that the failure of the Process Agent to give any notice of such service to it shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon.

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

    

    

    The Company, the Depositary and by holding an American Depositary Share (or interest therein) Holders and Beneficial Owners each agree that, notwithstanding the
        foregoing, with regard to any claim or dispute or difference of whatever nature between or involving the parties hereto arising directly or indirectly from the relationship created by this Deposit Agreement, the Depositary, in its sole discretion,
        shall be entitled to refer such dispute or difference for final settlement by arbitration (“Arbitration”) in accordance with the Commercial Arbitration
        Rules of the American Arbitration Association (the “Rules”) then in force.  The arbitration shall be conducted by three arbitrators, one nominated by the
        Depositary, one nominated by the Company, and one nominated by the two party-appointed arbitrators within 30 calendar days of the confirmation of the nomination of the second arbitrator.  If any arbitrator has not been nominated within the time
        limits specified herein and in the Rules, then such arbitrator shall be appointed by the American Arbitration Association in accordance with the Rules.  Judgment upon the award rendered by the arbitrators may be enforced in any court having
        jurisdiction thereof.  The seat and place of any reference to arbitration shall be New York City, New York, and the procedural law of such arbitration shall be New York law.  The language to be used in the arbitration shall be English. The fees of the arbitrator and other costs incurred by the parties in connection with such Arbitration shall be paid by the party or parties that is (are) unsuccessful in such Arbitration. For the avoidance of doubt this
        paragraph does not preclude Holders and Beneficial Owners from pursuing claims under the Securities Act or the Exchange Act in federal courts.

    

    

    Holders and Beneficial Owners understand, and by holding an American Depositary Share or an interest therein, such Holders and Beneficial Owners each irrevocably agrees that any legal suit, action or
      proceeding against or involving the Company or the Depositary,  regardless of whether such legal suit, action or proceeding also involves parties other than the Company or the Depositary, arising out of or relating in any way to this Deposit
      Agreement, the American Depositary Shares, Receipts or the transactions contemplated hereby or thereby or by virtue of ownership thereof, including without limitation claims under the Securities Act, may only be instituted in the United States
      District Court for the Southern District of New York (or, if the United States District Court for the Southern District of New York lacks subject matter jurisdiction over a particular dispute, in the state courts in New York County, New York), and by
      holding an American Depositary Share or an interest therein each irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts
      in any such suit, action or proceeding.   Holders and Beneficial Owners agree that the provisions of this paragraph shall survive such Holders’ and Beneficial Owners’ ownership of American Depositary Shares or interests therein.

    
      36

      
        

    

    EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN ANY ADRs) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
      LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT
      AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).

    

    

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

    

    

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

    

    

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

    

    

    SECTION 7.9  Affiliates etc.  The Depositary reserves the right to utilize and retain a division or Affiliate(s) of the Depositary to direct, manage and/or execute any public and/or private
      sale of Shares, rights, securities, property or other entitlements hereunder and to engage in the conversion of Foreign Currency hereunder.  It is anticipated that such division and/or Affiliate(s) will charge the Depositary a fee and/or commission
      in connection with each such transaction, and seek reimbursement of its costs and expenses related thereto.  Such fees/commissions, costs and expenses, shall be deducted from amounts distributed hereunder and shall not be deemed to be fees of the
      Depositary under Article (9) of the Receipt or otherwise.  Persons are advised that in converting foreign currency into U.S. dollars the Depositary may utilize Deutsche Bank AG or its affiliates (collectively, “DBAG”)

      to effect such conversion by seeking to enter into a foreign exchange (“FX”) transaction with DBAG.  When converting currency, the Depositary is not acting as a fiduciary for the holders or beneficial owners of
      depositary receipts or any other person.  Moreover, in executing FX transactions, DBAG will be acting in a principal capacity, and not as agent, fiduciary or broker, and may hold positions for its own account that are the same, similar, different or
      opposite to the positions of its customers, including the Depositary.  When the Depositary seeks to execute an FX transaction to accomplish such conversion, customers should be aware that DBAG is a global dealer in FX for a full range of FX products
      and, as a result, the rate obtained in connection with any requested foreign currency conversion may be impacted by DBAG executing FX transactions for its own account or with another customer.  In addition, in order to source liquidity for any FX
      transaction relating to any foreign currency conversion, DBAG may internally share economic terms relating to the relevant FX transaction with persons acting in a sales or trading capacity for DBAG or one of its agents.  DBAG may charge fees and/or
      commissions to the Depositary or add a mark-up in connection with such conversions, which are reflected in the rate at which the foreign currency will be converted into U.S. dollars. The Depositary, its Affiliates and their agents, on their own
      behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs.

    
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    SECTION 7.10  Exclusivity.  The Company agrees not to appoint any other depositary for the issuance or administration of depositary receipts evidencing any class of stock of the Company so
      long as Deutsche Bank Trust Company Americas is acting as Depositary hereunder.

    

    

    SECTION 7.11  Compliance with U.S. Securities Laws.  Notwithstanding anything in this Deposit Agreement to the contrary, the withdrawal or Delivery of Deposited Securities will not be
      suspended by the Company or the Depositary except as would be permitted by Instruction I.A.(1) of the General Instructions to Form F‐6 Registration Statement, as amended from time to time, under the Securities Act.

    

    

    SECTION 7.12  Titles.  All references in this Deposit Agreement to exhibits, Articles, sections, subsections, and other subdivisions refer to the exhibits, Articles, sections, subsections and
      other subdivisions of this Deposit Agreement unless expressly provided otherwise.  The words “this Deposit Agreement”, “herein”, “hereof”,

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

    
      38

      
        

    

    IN WITNESS WHEREOF, JUST EAT TAKEAWAY.COM N.V. and DEUTSCHE BANK TRUST COMPANY AMERICAS have duly executed this Deposit Agreement as of the day and year first above set forth and each Holder and Beneficial Owner shall become parties hereto upon
      acceptance by them of American Depositary Shares evidenced by Receipts issued in accordance with the terms hereof.

    

    

    
      	 	
              JUST EAT TAKEAWAY.COM N.V.

            
	
               

            	
               

            	
               

            
	
               

            	By:

            	
               

            
	
               

            	
               

            	Name:

            
	 	 	Title:

            

    

    

    

    
      	 	
              
                DEUTSCHE BANK TRUST COMPANY AMERICAS

              

            
	
               

            	
               

            	
               

            
	
               

            	By:

            	
               

            
	
               

            	
               

            	Name:

            
	 	 	Title:

            
	 	 	 
	 	By:

            	 
	 	 	Name:

            
	 	 	Title:

            

    

    

    

    
      39

      
        

    

    EXHIBIT A

    

    

    CUSIP________

    

    

    ISIN________

    

    

     

    

    American Depositary 

    Shares (Every [five]

     American Depositary

     Shares representing one

    Fully Paid Ordinary Share)

    

    

    [FORM OF FACE OF RECEIPT]

    

    

    AMERICAN DEPOSITARY RECEIPT

    

    

    for

    

    

    AMERICAN DEPOSITARY SHARES

    

    

    representing

    

    

    DEPOSITED ORDINARY SHARES

    

    

    of

    

    

    JUST EAT TAKEAWAY.COM N.V.

    

    

     (Incorporated under the laws of the Netherlands)

    

    

    DEUTSCHE BANK TRUST COMPANY AMERICAS, as depositary (herein called the “Depositary”), hereby certifies that ________________ is the owner of ______________ American Depositary
      Shares (hereinafter “ADS”), representing deposited ordinary shares, each of nominal value €0.04 including evidence of rights to receive such ordinary shares (the “Shares”)

      of Just Eat Takeaway.com N.V., a company incorporated under the laws of the Netherlands (the “Company”). As of the date of the Deposit Agreement (hereinafter referred
      to), every [five] ADSs represents one Share deposited under the Deposit Agreement with the Custodian which at the date of execution of the Deposit Agreement is Deutsche Bank AG, Amsterdam Branch (the “Custodian”).

      The ratio of Depositary Shares to shares of stock is subject to subsequent amendment as provided in Article IV of the Deposit Agreement.  The Depositary’s Corporate Trust Office is located at 60 Wall Street, New York, New York 10005, U.S.A.

    

    

    (1)          The Deposit Agreement.  This American Depositary Receipt is one of an issue of American Depositary Receipts (“Receipts”), all issued or to be issued upon the
      terms and conditions set forth in the Deposit Agreement, dated as of       , 2021 (as amended from time to time, the “Deposit Agreement”), by and among the Company, the Depositary, and all Holders and
      Beneficial Owners from time to time of Receipts issued thereunder, each of whom by accepting a Receipt agrees to become a party thereto and becomes bound by all the terms and conditions thereof. The Deposit Agreement sets forth the rights and
      obligations of Holders and Beneficial Owners of Receipts and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time to time, received in respect of such
      Shares and held thereunder (such Shares, other securities, property and cash are herein called “Deposited Securities”). Copies of the Deposit Agreement are on file at the Corporate Trust Office of the
      Depositary and the Custodian.

    
      40

      
        

    

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

    

    

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

    

    

    (2)          Surrender of Receipts and Withdrawal of Deposited Securities.  Upon surrender, at the Corporate Trust Office of the Depositary, of ADSs evidenced by this Receipt for the purpose of withdrawal of the
      Deposited Securities represented thereby, and upon payment of (i) the fees and charges of the Depositary for the making of withdrawals of Deposited Securities and cancellation of Receipts (as set forth in Section 5.9 of the Deposit Agreement and
      Article (9) hereof) and (ii) all fees, taxes and/or governmental charges payable in connection with such surrender and withdrawal, and, subject to the terms and conditions of the Deposit Agreement, the Articles of Association, Section 7.11 of the
      Deposit Agreement, Article (22) hereof and the provisions of or governing the Deposited Securities and other applicable laws, the Holder of the American Depositary Shares evidenced hereby is entitled to Delivery, to him or upon his order, of the
      Deposited Securities represented by the ADS so surrendered.  ADS may be surrendered for the purpose of withdrawing Deposited Securities by Delivery of a Receipt evidencing such ADS (if held in registered form) or by book‐entry delivery of such ADS to
      the Depositary.

    
      41

      
        

    

    A Receipt surrendered for such purposes shall, if so required by the Depositary, be properly endorsed in blank or accompanied by proper instruments of transfer in blank, and if the Depositary so requires, the Holder
      thereof shall execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written order of a person or persons designated in such order. Thereupon,
      the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated office of the Custodian or through a book-entry delivery of the Shares (in either case subject to the terms and conditions of the Deposit Agreement,
      to the Articles of Association, and to the provisions of or governing the Deposited Securities and applicable laws, now or hereafter in effect), to or upon the written order of the person or persons designated in the order delivered to the Depositary
      as provided above, the Deposited Securities represented by such ADSs, together with any certificate or other proper documents of or relating to title for the Deposited Securities or evidence of the electronic transfer thereof (if available) as the
      case may be to or for the account of such person.  Subject to Article (4) hereof, in the case of surrender of a Receipt evidencing a number of ADSs representing other than a whole number of Shares, the Depositary shall cause ownership of the
      appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) issue and Deliver to the person surrendering such Receipt a new Receipt evidencing American Depositary
      Shares representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Shares represented by the Receipt so surrendered and remit the proceeds thereof (net of (a) applicable fees and charges of, and expenses incurred by,
      the Depositary and/or a division or Affiliate(s) of the Depositary and (b) taxes and/or governmental charges) to the person surrendering the Receipt.  At the request, risk and expense of any Holder so surrendering a Receipt, and for the account of
      such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held in respect of, and any certificate or certificates and other proper documents of or relating to
      title to, the Deposited Securities represented by such Receipt to the Depositary for Delivery at the Corporate Trust Office of the Depositary, and for further Delivery to such Holder.  Such direction shall be given by letter or, at the request, risk
      and expense of such Holder, by cable, telex or facsimile transmission. Upon receipt of such direction by the Depositary, the Depositary may make delivery to such person or persons entitled thereto at the Corporate Trust Office of the Depositary of
      any dividends or cash distributions with respect to the Deposited Securities represented by such Receipt, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the Depositary.

    

    

    (3)          Transfers, Split‐Ups and Combinations of Receipts.  Subject to the terms and conditions of the Deposit Agreement, the Registrar shall register transfers of Receipts on its books, upon surrender at
      the Corporate Trust Office of the Depositary of a Receipt by the Holder thereof in person or by duly authorized attorney, properly endorsed in the case of a certificated Receipt or accompanied by, or in the case of Receipts issued through any
      book-entry system, including, without limitation, DRS/Profile, receipt by the Depositary of proper instruments of transfer (including signature guarantees in accordance with standard industry practice) and duly stamped as may be required by the laws
      of the State of New York, of the United States, of the Netherlands and of any other applicable jurisdiction.  Subject to the terms and conditions of the Deposit Agreement, including payment of the applicable fees and expenses incurred by, and charges
      of, the Depositary, the Depositary shall execute and Deliver a new Receipt(s) (and if necessary, cause the Registrar to countersign such Receipt(s)) and deliver same to or upon the order of the person entitled to such Receipts evidencing the same
      aggregate number of ADSs as those evidenced by the Receipts surrendered. Upon surrender of a Receipt or Receipts for the purpose of effecting a split‐up or combination of such Receipt or Receipts upon payment of the applicable fees and charges of the
      Depositary, and subject to the terms and conditions of the Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as the Receipt
      or Receipts surrendered.

    
      42

      
        

    

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

    

    

    The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended, or the issuance of ADSs against the deposit of particular Shares may be withheld, or the registration
      of transfer of Receipts in particular instances may be refused, or the registration of transfer of Receipts generally may be suspended, during any period when the transfer books of the Depositary are closed or if any such action is deemed necessary
      or advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of law, any government or governmental body or commission or any securities exchange upon which the Receipts or Share are
      listed, or under any provision of the Deposit Agreement or provisions of, or governing, the Deposited Securities or any meeting of shareholders of the Company or for any other reason, subject in all cases to Article (22) hereof.

    

    

    The Depositary shall not issue ADSs prior to the receipt of Shares or deliver Shares prior to the receipt and cancellation of ADSs.

    

    

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

    
      43

      
        

    

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

    

    

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

    

    

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

    

    

    (8)          Filing Proofs, Certificates and Other Information.  Any person presenting Shares for deposit, shall provide, any Holder and any Beneficial Owner may be required to provide and every Holder and
      Beneficial Owner agrees, from time to time to provide to the Depositary such proof of citizenship or residence, taxpayer status, payment of all applicable taxes and/or other governmental charges, exchange control approval, legal or beneficial
      ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of the Deposit Agreement and the provisions of, or governing, the Deposited Securities or other information as the Depositary deems necessary or proper or as
      the Company may reasonably require by written request to the Depositary consistent with its obligations under the Deposit Agreement. Pursuant to the Deposit Agreement, the Depositary and the Registrar, as applicable, may, withhold the execution or
      Delivery or registration of transfer of any Receipt or the distribution or sale of any dividend or other distribution of rights or of the proceeds thereof, or to the extent not limited by the terms of Article (22) hereof or the terms of the Deposit
      Agreement, the Delivery of any Deposited Securities until such proof or other information is filed or such certifications are executed, or such representations and warranties are made, or such other documentation or information provided, in each case
      to the Depositary’s and the Company’s satisfaction. The Depositary shall from time to time on the written request of the Company advise the Company of the availability of any such proofs, certificates or other information and shall, at the Company’s
      sole expense, provide or otherwise make available copies thereof to the Company upon written request therefor by the Company, unless such disclosure is prohibited by law. Each Holder and Beneficial Owner agrees to provide any information requested by
      the Company or the Depositary pursuant to this paragraph.  Nothing herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial Owners or (ii) verify or vouch for the accuracy of the
      information so provided by the Holders or Beneficial Owners.

    
      44

      
        

    

    Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, the Agents and each of their respective directors, officers, employees, agents and Affiliates against, and to hold each
      of them harmless from, any Losses which any of them may incur or which may be made against any of them as a result of or in connection with any inaccuracy in or omission from any such proof, certificate, representation, warranty, information or
      document furnished by or on behalf of such Holder and/or Beneficial Owner or as a result of any such failure to furnish any of the foregoing.

    

    

    The obligations of Holders and Beneficial Owners under the Deposit Agreement shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities or the termination of this Deposit
      Agreement.

    

    

    (9)          Charges of Depositary.  The Depositary reserves the right to charge the following fees for the services performed under the terms of the Deposit Agreement, provided, however, that no fees shall be
      payable upon distribution of cash dividends so long as the charging of such fee is prohibited by the exchange, if any, upon which the ADSs are listed:

    

    

    (i)          to any person to whom ADSs are issued or to any person to whom a distribution is made in respect of ADS distributions pursuant to stock dividends or other free distributions of stock,
      bonus distributions, stock splits or other distributions (except where converted to cash), a fee not in excess of U.S. $ 5.00 per 100 ADSs (or fraction thereof) so issued under the terms of the Deposit Agreement to be determined by the Depositary;

    

    

    (ii)          to any person surrendering ADSs for withdrawal of Deposited Securities or whose ADSs are cancelled or reduced for any other reason including, inter alia, cash distributions made
      pursuant to a cancellation or withdrawal, a fee not in excess of U.S. $ 5.00 per 100 ADSs reduced, cancelled or surrendered (as the case may be);

    

    

    (iii)          to any holder of ADSs (including, without limitation, Holders), a fee not in excess of U.S. $ 5.00 per 100 ADSs  held for the distribution of cash dividends;

    

    

    (iv)          to any holder of ADSs (including, without limitation, Holders), a fee not in excess of U.S. $ 5.00 per 100 ADSs  held for the distribution of cash entitlements (other than cash
      dividends) and/or cash proceeds, including proceeds from the sale of rights, securities and other entitlements;

    
      45

      
        

    

    (v)          to any holder of ADSs (including, without limitation, Holders), a fee not in excess of U.S. $ 5.00 per 100 ADSs (or portion thereof) issued upon the exercise of rights; and

    

    

    (vi)          for the operation and maintenance costs in administering the ADSs an annual fee of U.S. $ 5.00 per 100 ADSs, such fee to be assessed against Holders of record as of the date or dates
      set by the Depositary as it sees fit and collected at the sole discretion of the Depositary by billing such Holders for such fee or by deducting such fee from one or more cash dividends or other cash distributions.

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    (iv)          the expenses and charges incurred by the Depositary and/or a division or Affiliate(s) of the Depositary in the conversion of Foreign Currency;

    

    

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

    

    

    (vi)          the fees and expenses incurred by the Depositary in connection with the delivery of Deposited Securities, including any fees of a central depository for securities in the local market,
      where applicable;

    

    

    (vii)          any additional fees, charges, costs or expenses that may be incurred by the Depositary or a division or Affiliate(s) of the Depositary from time to time.

    

    

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

    
      46

      
        

    

    The Depositary may make payments to the Company and/or may share revenue with the Company derived from fees collected from Holders and Beneficial Owners, upon such terms and conditions as the Company and the Depositary
      may agree from time to time.

    

    

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

    

    

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

    

    

    (12)          Available Information; Reports; Inspection of Transfer Books.  As of the date of this Deposit Agreement, the Company publishes information in English required to maintain the
      exemption from registration under Rule 12g3-2(b) under the Exchange Act on its website (https://www.justeattakeaway.com) or through an electronic information delivery system generally available to the public in its primary trading market. The Company
      represents that as of the date of this Deposit Agreement, the statements in this paragraph with respect to the exemption from registration under Rule 12g3-2(b) under the Exchange Act are true and correct and agrees to promptly notify the Depositary
      in the event of any change in the truth of any such statements. The Depositary does not assume any duty to determine if the Company is complying with the current requirements of Rule 12g3-2(b) under the Exchange Act or to take any action if the
      Company is not complying with those requirements.

    

    

    Should the Company become subject to the periodic reporting or other informational requirements of the Exchange Act, it will be required in accordance therewith to file reports and other documents with the Commission.
      These reports and documents can be inspected and copied at the Commission’s website at www.sec.gov.

    

    

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

    
      47

      
        

    

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

    

    
      	Dated:

            	
              DEUTSCHE BANK TRUST 

              

              
                COMPANY AMERICAS, as Depositary

              

            
	
               

            	
               

            	
               

            
	
               

            	By:

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	By:

            	
               

            

    

    

    

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

    
      48

      
        

    

    EXHIBIT B

    

    

    [FORM OF REVERSE OF RECEIPT]

    SUMMARY OF CERTAIN ADDITIONAL PROVISIONS

    OF THE DEPOSIT AGREEMENT

    

    

    (13)          Dividends and Distributions in Cash, Shares, etc.  Whenever the Depositary receives confirmation from the Custodian of receipt of any cash dividend or other cash distribution on any Deposited
      Securities, or receives proceeds from the sale of any Shares, rights securities or other entitlements under the Deposit Agreement, the Depositary will, if at the time of receipt thereof any amounts received in a Foreign Currency can, in the judgment
      of the Depositary (upon the terms of the Deposit Agreement), be converted on a practicable basis, into Dollars transferable to the United States, promptly convert or cause to be converted such dividend, distribution or proceeds into Dollars and will
      distribute promptly the amount thus received (net of applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) to the Holders of record as of
      the ADS Record Date in proportion to the number of ADSs representing such Deposited Securities held by such Holders respectively as of the ADS Record Date.  The Depositary shall distribute only such amount, however, as can be distributed without
      attributing to any Holder a fraction of one cent.  Any such fractional amounts shall be rounded down to the nearest whole cent and so distributed to Holders entitled thereto.  Holders and Beneficial Owners understand that in converting Foreign
      Currency, amounts received on conversion are calculated at a rate which exceeds the number of decimal places used by the Depositary to report distribution rates. The excess amount may be retained by the Depositary as an additional cost of conversion,
      irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment. If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash
      distribution in respect of any Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders on the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld
      amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority.  Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary upon request. The Depositary shall
      forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file with governmental agencies such reports as are necessary to obtain benefits under the applicable
      tax treaties for the Holders and Beneficial Owners of Receipts.

    

    

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

    
      49

      
        

    

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

    

    

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

    
      50

      
        

    

    Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe for additional Shares, the Company shall give notice thereof to the Depositary at least 45 days prior to the
      proposed distribution stating whether or not it wishes such rights to be made available to Holders of ADSs. Upon timely receipt by the Depositary of a notice indicating that the Company wishes such rights to be made available to Holders of ADSs, the
      Company shall determine whether it is lawful and reasonably practicable to make such rights available to the Holders. The Depositary shall make such rights available to any Holders only if the Company shall have timely requested that such rights be
      made available to Holders, the Depositary shall have received the documentation required by the Deposit Agreement, and the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable.  If such conditions are
      not satisfied, the Depositary shall sell the rights as described below.  In the event all conditions set forth above are satisfied, the Depositary shall establish an ADS Record Date and establish procedures (x) to distribute such rights (by means of
      warrants or otherwise) and (y) to enable the Holders to exercise the rights (upon payment of the applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or
      governmental charges).  Nothing herein or in the Deposit Agreement shall obligate the Depositary to make available to the Holders a method to exercise such rights to subscribe for Shares (rather than ADSs).  If (i) the Company does not timely request
      the Depositary to make the rights available to Holders or if the Company requests that the rights not be made available to Holders, (ii) the Depositary fails to receive the documentation required by the Deposit Agreement or determines it is not
      lawful or reasonably practicable to make the rights available to Holders, or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell
      such rights, and if it so determines that it is lawful and reasonably practicable, endeavour to sell such rights in a riskless principal capacity or otherwise, at such place and upon such terms (including public and/or private sale) as it may deem
      proper.  The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or
      governmental charges) upon the terms hereof and in the Deposit Agreement.  If the Depositary is unable to make any rights available to Holders or to arrange for the sale of the rights upon the terms described above, the Depositary shall allow such
      rights to lapse.  The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or practicable to make such rights available to Holders in general or any Holders in particular, (ii) any foreign exchange exposure or
      loss incurred in connection with such sale, or exercise, or (iii) the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution.

    

    

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

    
      51

      
        

    

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

    

    

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

    

    

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

    

    

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

    
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    (15)          Voting of Deposited Securities. Subject to the next sentence, as soon as practicable after receipt of notice of any meeting at which the holders of Deposited Securities are entitled to vote, or of
      solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or such solicitation of consents or proxies. The Depositary shall, if requested by the Company in
      writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not have been received by the Depositary at least 42 days prior to the date of such vote or meeting) and at the Company’s expense, and
      provided no U.S. legal prohibitions exist, mail by regular, ordinary mail delivery (or by electronic mail or as otherwise may be agreed between the Company and the Depositary in writing from time to time) or otherwise distribute as soon as
      practicable after receipt thereof to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any
      applicable law, the provisions of this Deposit Agreement, the Company’s Articles of Association and the provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct
      the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder’s American Depositary Shares; and (c) a brief statement as to the manner in which such voting instructions may be given
      to the Depositary, or in which instructions may be deemed to have been given in accordance with this Article (15), including, solely to the extent the Depositary has been provided with at least 42 days’ notice of the proposed meeting or vote, an
      express indication that instructions may be given (or be deemed to have been given in accordance with the immediately following paragraph of this section if no instruction is received) to the Depositary to give a discretionary proxy to a person or
      persons designated by the Company. Voting instructions may be given by a Holder as of the close of business on the ADS Record Date as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder’s
      American Depositary Shares. Upon the timely receipt of voting instructions of a Holder on the ADS Record Date in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the
      provisions of this Deposit Agreement, the Articles of Association and the provisions of or governing the Deposited Securities, to vote or cause the Custodian to vote the Deposited Securities (in person or by proxy) represented by American Depositary
      Shares evidenced by such Receipt in accordance with such voting instructions; provided that the Depositary may aggregate Holders’ voting instructions in respect of any particular matter and (i) will vote or cause the Custodian to vote Deposited
      Securities (in person or by proxy) in accordance with voting instructions timely received from all Holders of American Depositary Shares as of the ADS Record Date to the extent that such voting instructions, in aggregate, are with respect to a number
      of American Depositary Shares representing an integral number of Deposited Securities and (ii) only to the extent that such voting instructions, in aggregate, are with respect to a number of American Depositary Shares which do not represent an
      integral number of Deposited Securities, will disregard such voting instructions.

    
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    In the event that (i) the Depositary timely receives voting instructions from a Holder which fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder’s ADSs or
      (ii) no timely instructions are received by the Depositary from a Holder with respect to any of the Deposited Securities represented by the ADSs held by such Holder on the ADS Record Date, solely to the extent the Depositary has been provided with at
      least 42 days’ notice of the proposed meeting or vote, the Depositary shall (unless otherwise specified in the notice distributed to Holders) deem such Holder to have instructed the Depositary to give a discretionary proxy to a person designated by
      the Company with respect to such Deposited Securities and the Depositary shall give a discretionary proxy to a person designated by the Company to vote such Deposited Securities, provided, however, that no such instruction shall be deemed to have
      been given and no such discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary (and the Company agrees to provide such information as promptly as practicable in writing, if applicable) that (x) the
      Company does not wish to give such proxy, (y) the Company is aware or should reasonably be aware that substantial opposition exists from Holders against the outcome for which the person designated by the Company would otherwise vote or (z) the
      outcome for which the person designated by the Company would otherwise vote would materially and adversely affect the rights of holders of Deposited Securities, provided, further, that the Company will have no liability to any Holder or Beneficial
      Owner resulting from such notification.

    

    

    In the event that voting on any resolution or matter is conducted on a show of hands basis in accordance with the Articles of Association, the Depositary will refrain from voting and the voting instructions (or the
      deemed voting instructions, as set out above) received by the Depositary from Holders shall lapse.  The Depositary will have no obligation to demand voting on a poll basis with respect to any resolution and shall have no liability to any Holder or
      Beneficial Owner for not having demanded voting on a poll basis.

    

    

    Neither the Depositary nor the Custodian shall, under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any
      way make use of for purposes of establishing a quorum or otherwise, Deposited Securities represented by ADSs except pursuant to and in accordance with such written instructions from Holders, including the deemed instruction to the Depositary to give
      a discretionary proxy to a person designated by the Company.  Deposited Securities represented by ADSs for which (i) no timely voting instructions are received by the Depositary from the Holder, or (ii) timely voting instructions are received by the
      Depositary from the Holder but such voting instructions fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder’s ADSs, shall be voted in the manner provided in this Article (15).
      Notwithstanding anything else contained herein, and subject to applicable law, regulation and the Articles of Association, the Depositary shall, if so requested in writing by the Company, represent all Deposited Securities (whether or not voting
      instructions have been received in respect of such Deposited Securities from Holders as of the ADS Record Date) for the purpose of establishing quorum at a meeting of shareholders.

    

    

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

    

    

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

    
      54

      
        

    

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

    

    

    (17)          Exoneration.  None of the Depositary, the Custodian or the Company shall be obligated to do or perform any act which is inconsistent with the provisions of the Deposit Agreement or shall incur any
      liability to Holders, Beneficial Owners or any third parties (i) if the Depositary, the Custodian or the Company or their respective controlling persons or agents shall be prevented or forbidden from, or subjected to any civil or criminal penalty or
      restraint on account of, or delayed in, doing or performing any act or thing required by the terms of the Deposit Agreement and this Receipt, by reason of any provision of any present or future law or regulation of the United States, the Netherlands or any other country, or of any other governmental authority or regulatory authority or stock exchange, or by reason of any provision, present or future of the Articles of Association or any
      provision of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control, (including, without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil
      unrest, revolutions, rebellions, explosions, epidemics, pandemics and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement or in the Articles of Association or provisions
      of or governing Deposited Securities, (iii) for any action or inaction of the Depositary, the Custodian or the Company or their respective controlling persons or agents in reliance upon the advice of or information from legal counsel, accountants,
      any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for any inability by a Holder
      or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Holders of ADSs or (v) for any
      special, consequential, indirect or punitive damages for any breach of the terms of the Deposit Agreement or otherwise.  The Depositary, its controlling persons, its agents (including without limitation, the Agents), any Custodian and the Company,
      its controlling persons and its agents may rely and shall be protected in acting upon any written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the proper party or parties.  No
      disclaimer of liability under the Securities Act or the Exchange Act is intended by any provision of the Deposit Agreement.

    
      55

      
        

    

    (18)          Standard of Care.  The Company and the Depositary and their respective directors, officers, Affiliates, employees and agents (including without limitation, the Agents) assume no obligation and
      shall not be subject to any liability under the Deposit Agreement or the Receipts to Holders or Beneficial Owners or other persons, except in accordance with Section 5.8 of the Deposit Agreement, provided, that the Company and the Depositary and
      their respective directors, officers, Affiliates, employees and agents (including without limitation, the Agents) agree to perform their respective obligations specifically set forth in the Deposit Agreement without gross negligence or wilful
      misconduct.  The Depositary and its directors, officers, Affiliates, employees and agents (including without limitation, the Agents) shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the
      manner in which any vote is cast or the effect of any vote.  The Depositary shall not incur any liability for any failure to determine that any distribution or action may be lawful or reasonably practicable, for the content of any information
      submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited
      Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit‐worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the
      failure or timeliness of any notice from the Company or for any action or non-action by it in reliance upon the opinion, advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder or any other
      person believed by it in good faith to be competent to give such advice or information. The Depositary and its agents (including without limitation, the Agents) shall not be liable for any acts or omissions made by a successor depositary whether in
      connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises
      the Depositary performed its obligations without gross negligence or willful misconduct while it acted as Depositary.

    
      56

      
        

    

    (19)          Resignation and Removal of the Depositary; Appointment of Successor Depositary.  The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of resignation
      delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall, in the event no successor depositary has been appointed by the Company, be entitled
      to take the actions contemplated in the Deposit Agreement), or (ii) the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement, save that, any amounts, fees, costs or expenses owed to the
      Depositary under the Deposit Agreement or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such resignation. The Company shall use
      reasonable efforts to appoint such successor depositary, and give notice to the Depositary of such appointment, not more than 90 days after delivery by the Depositary of written notice of resignation as provided in the Deposit Agreement.  The
      Depositary may at any time be removed by the Company by written notice of such removal which notice shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the
      actions contemplated in the Deposit Agreement if a successor depositary has not been appointed), or (ii) the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement save that, any amounts,
      fees, costs or expenses owed to the Depositary under the Deposit Agreement or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such
      removal. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary which shall be a bank or trust company having an office in the Borough of Manhattan, the
      City of New York and if it shall have not appointed a successor depositary the provisions referred to in Article (21) hereof and correspondingly in the Deposit Agreement shall apply. Every successor depositary shall be required by the Company to
      execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers,
      duties and obligations of its predecessor.  The predecessor depositary, upon payment of all sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor all rights and powers of
      such predecessor hereunder (other than as contemplated in the Deposit Agreement), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the
      Holders of all outstanding Receipts and such other information relating to Receipts and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly mail notice of its appointment to such Holders.  Any
      corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act and, notwithstanding anything to the contrary in the Deposit
      Agreement, the Depositary may assign or otherwise transfer all or any of its rights and benefits under the Deposit Agreement (including any cause of action arising in connection with it) to Deutsche Bank AG or any branch thereof or any entity which
      is a direct or indirect subsidiary or other affiliate of Deutsche Bank AG.

    

    

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

    
      57

      
        

    

    (21)          Termination.  The Depositary shall, at any time at the written direction of the Company, terminate the Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then
      outstanding at least 90 days prior to the date fixed in such notice for such termination provided that, the Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in accordance with the terms of the Deposit Agreement and
      in accordance with any other agreements as otherwise agreed in writing between the Company and the Depositary from time to time, prior to such termination shall take effect. If 90 days shall have expired after (i) the Depositary shall have delivered
      to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and in either case a successor depositary shall not have been appointed and
      accepted its appointment as provided herein and in the Deposit Agreement, the Depositary may terminate the Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days prior to the date
      fixed for such termination. On and after the date of termination of the Deposit Agreement, each Holder will, upon surrender of such Holder’s Receipt at the Corporate Trust Office of the Depositary, upon the payment of the charges of the Depositary
      for the surrender of Receipts referred to in Article (2) hereof and in the Deposit Agreement and subject to the conditions and restrictions therein set forth, and upon payment of any applicable taxes and/or governmental charges, be entitled to
      delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt. If any Receipts shall remain outstanding after the date of termination of the Deposit Agreement, the Registrar thereafter shall discontinue the
      registration of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the Holders thereof, and shall not give any further notices or perform any further acts under the Deposit Agreement, except that the Depositary
      shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights or other property as provided in the Deposit Agreement, and shall continue to deliver Deposited Securities, subject to the conditions
      and restrictions set forth in the Deposit Agreement, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the
      Depositary (after deducting, or charging, as the case may be, in each case the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of the Deposit Agreement
      and any applicable taxes and/or governmental charges or assessments). At any time after the expiration of six months from the date of termination of the Deposit Agreement, the Depositary may sell the Deposited Securities then held hereunder and may
      thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, in an unsegregated account, without liability for interest for the pro rata benefit of the Holders of Receipts whose Receipts have
      not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under the Deposit Agreement with respect to the Receipts and the Shares, Deposited Securities and ADSs, except to account for such net
      proceeds and other cash (after deducting, or charging, as the case may be, in each case the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of the
      Deposit Agreement and any applicable taxes and/or governmental charges or assessments) and except as set forth in the Deposit Agreement. Upon the termination of the Deposit Agreement, the Company shall be discharged from all obligations under the
      Deposit Agreement except as set forth in the Deposit Agreement. The obligations under the terms of the Deposit Agreement and Receipts of Holders and Beneficial Owners of ADSs outstanding as of the effective date of any termination shall survive such
      effective date of termination and shall be discharged only when the applicable ADSs are presented by their Holders to the Depositary for cancellation under the terms of the Deposit Agreement and the Holders have each satisfied any and all of their
      obligations hereunder (including, but not limited to, any payment and/or reimbursement obligations which relate to prior to the effective date of termination but which payment and/or reimbursement is claimed after such effective date of termination).

    
      58

      
        

    

    Notwithstanding anything contained in the Deposit Agreement or any ADR, in connection with the termination of the Deposit Agreement, the Depositary may, independently and without the need for any action by the Company,
      make available to Holders of ADSs a means to withdraw the Deposited Securities represented by their ADSs and to direct the deposit of such Deposited Securities into an unsponsored American depositary shares program established by the Depositary, upon
      such terms and conditions as the Depositary may deem reasonably appropriate, subject however, in each case, to satisfaction of the applicable registration requirements by the unsponsored American depositary shares program under the Securities Act,
      and to receipt by the Depositary of payment of the applicable fees and charges of, and reimbursement of the applicable expenses incurred by, the Depositary.

    

    

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

    

    

     (23)          Certain Rights of the Depositary. The Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs.
      The Depositary may issue ADSs against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect
      of the Shares.

    
      59

      
        

    

     (24)          Ownership Restrictions.  Owners and Beneficial Owners shall comply with any limitations on ownership of Shares under the Articles of Association or applicable Dutch law and the rules and
      regulations of any exchange or listing authority on which the Shares or ADSs are listed as if they held the number of Shares their American Depositary Shares represent.  The Company shall inform the Owners, Beneficial Owners and the Depositary of any
      such ownership restrictions in place from time to time.

    

    

    (25)          Waiver. EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN ANY ADRs) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
      EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES,
      THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).

    

    

    
      60

      
        

    

    (ASSIGNMENT AND TRANSFER SIGNATURE LINES)

    

    

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

    

    

    
      	Dated:

            	 	Name:

            	 
	
               

            	By:

            	
               

            
	
               

            	Title:

            	
               

            
	
               

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

              

              

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

            
	
               

            	 	
               

            

    

    

    SIGNATURE GUARANTEED

    

    

    ________________________

     

    

    
      61

      
        

    

    

    	
            ARTICLE I.

          	
            DEFINITIONS

          	
            1

          
	 	 	 	 
	 	
            SECTION 1.1

          	
            “ADS Record Date”

          	
            1

          
	 	
            SECTION 1.2

          	
            “Affiliate”

          	
            1

          
	 	
            SECTION 1.3

          	
            “Agent”

          	
            2

          
	 	
            SECTION 1.4

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

          	
            2

          
	 	
            SECTION 1.5

          	
            “Article”

          	
            2

          
	 	
            SECTION 1.6

          	
            “Articles of Association”

          	
            2

          
	 	
            SECTION 1.7

          	
            “Beneficial Owner”

          	
            2

          
	 	
            SECTION 1.8

          	
            “Business Day”

          	
            2

          
	 	
            SECTION 1.9

          	
            “Commission”

          	
            2

          
	 	
            SECTION 1.10

          	
            “Company”

          	
            2

          
	 	
            SECTION 1.11

          	
            “Corporate Trust Office”

          	
            2

          
	 	
            SECTION 1.12

          	
            “Custodian”

          	
            2

          
	 	
            SECTION 1.13

          	
            “Deliver” and “Delivery”

          	
            3

          
	 	
            SECTION 1.14

          	
            “Deposit Agreement”

          	
            3

          
	 	
            SECTION 1.15

          	
            “Depositary”

          	
            3

          
	 	
            SECTION 1.16

          	
            “Deposited Securities”

          	
            3

          
	 	
            SECTION 1.17

          	
            “Dollars” and “$”

          	
            3

          
	 	
            SECTION 1.18

          	
            “DRS/Profile”

          	
            3

          
	 	
            SECTION 1.19

          	
            “DTC”

          	
            3

          
	 	
            SECTION 1.20

          	“DTC Participants” 

          	 
	 	
            SECTION 1.21

          	
            “Exchange Act”

          	
            3

          
	 	
            SECTION 1.22

          	
            “Foreign Currency”

          	
            3

          
	 	
            SECTION 1.23

          	
            “Foreign Registrar”

          	
            3

          
	 	
            SECTION 1.24

          	
            “Holder”

          	
            4

          
	 	
            SECTION 1.25

          	
            “Indemnified Person” and “Indemnifying Person”

          	
            4

          
	 	
            SECTION 1.26

          	
            “Losses”

          	
            4

          
	 	
            SECTION 1.27

          	
            “Management Board”

          	
            4

          
	 	
            SECTION 1.28

          	
            “Opinion of Counsel”

          	
            4

          
	 	
            SECTION 1.29

          	
            “Receipt(s)

          	
            4

          
	 	
            SECTION 1.30

          	
            “Registrar”

          	
            4

          
	 	
            SECTION 1.31

          	
            “Restricted Securities”

          	
            4

          
	 	
            SECTION 1.32

          	
            “Securities Act”

          	
            4

          
	 	
            SECTION 1.33

          	
            “Share(s)”

          	
            4

          
	 	
            SECTION 1.34

          	
            “Supervisory Board” or “U.S.”

          	
            5

          
	 	
            SECTION 1.35

          	
            “United States” or “U.S.”

          	
            5

          
	 	 	 	 
	
            ARTICLE II.

          	
            APPOINTMENT OF DEPOSITARY; FORM OF RECEIPT; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS

          	
            5

          
	 	 	 	 
	 	
            SECTION 2.1

          	
            Appointment of Depositary

          	
            5

          
	 	
            SECTION 2.2

          	
            Form and Transferability of Receipts

          	
            5

          
	 	
            SECTION 2.3

          	
            Deposits

          	
            6

          
	 	
            SECTION 2.4

          	
            Execution and Delivery of Receipts

          	
            8

          
	 	
            SECTION 2.5

          	
            Transfer of Receipts; Combination and Split‐up of Receipts

          	
            8

          
	 	
            SECTION 2.6

          	
            Surrender of Receipts and Withdrawal of Deposited Securities

          	
            9

          
	 	
            SECTION 2.7

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

          	
            10

          
	 	
            SECTION 2.8

          	
            Lost Receipts, etc.

          	
            11

          

    
      62

      
        

    

    	 	
            SECTION 2.9

          	
            Cancellation and Destruction of Surrendered Receipts

          	
            11

          
	 	
            SECTION 2.10

          	
            Maintenance of Records

          	
            11

          
	 	 	 	 
	
            ARTICLE III.

          	
            CERTAIN OBLIGATIONS OF HOLDERS AND BENEFICIAL OWNERS OF RECEIPTS

          	
            11

          
	 	 	 	 
	 	
            SECTION 3.1

          	
            Proofs, Certificates and Other Information

          	
            11

          
	 	
            SECTION 3.2

          	
            Liability for Taxes and Other Charges

          	
            12

          
	 	
            SECTION 3.3

          	
            Representations and Warranties on Deposit of Shares

          	
            12

          
	 	
            SECTION 3.4

          	
            Compliance with Information Requests

          	
            13

          
	 	 	 	 
	
            ARTICLE IV

          	
            THE DEPOSITED SECURITIES.

          	
            13

          
	 	 	 	 
	 	
            SECTION 4.1

          	
            Cash Distributions

          	
            13

          
	 	
            SECTION 4.2

          	
            Distribution in Shares

          	
            14

          
	 	
            SECTION 4.3

          	
            Elective Distributions in Cash or Shares

          	
            15

          
	 	
            SECTION 4.4

          	
            Distribution of Rights to Purchase Shares

          	
            15

          
	 	
            SECTION 4.5

          	
            Distributions Other Than Cash, Shares or Rights to Purchase Shares

          	
            17

          
	 	
            SECTION 4.6

          	
            Conversion of Foreign Currency

          	
            18

          
	 	
            SECTION 4.7

          	
            Fixing of Record Date

          	
            19

          
	 	
            SECTION 4.8

          	
            Voting of Deposited Securities

          	
            19

          
	 	
            SECTION 4.9

          	
            Changes Affecting Deposited Securities

          	
            21

          
	 	
            SECTION 4.10

          	
            Available Information

          	
            21

          
	 	
            SECTION 4.11

          	
            Reports

          	
            22

          
	 	
            SECTION 4.12

          	
            List of Holders

          	
            22

          
	 	
            SECTION 4.13

          	
            Taxation; Withholding

          	
            22

          
	 	 	 	 
	
            ARTICLE V.

          	
            THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY

          	
            23

          
	 	 	 	 
	 	
            SECTION 5.1

          	
            Maintenance of Office and Transfer Books by the Registrar

          	
            23

          
	 	
            SECTION 5.2

          	
            Exoneration

          	
            24

          
	 	
            SECTION 5.3

          	
            Standard of Care

          	
            25

          
	 	
            SECTION 5.4

          	
            Resignation and Removal of the Depositary; Appointment of Successor Depositary

          	
            26

          
	 	
            SECTION 5.5

          	
            The Custodian

          	
            27

          
	 	
            SECTION 5.6

          	
            Notices and Reports

          	
            27

          
	 	
            SECTION 5.7

          	
            Issuance of Additional Shares, ADSs etc.

          	
            28

          
	 	
            SECTION 5.8

          	
            Indemnification

          	
            29

          
	 	
            SECTION 5.9

          	
            Fees and Charges of Depositary

          	
            30

          
	 	
            SECTION 5.10

          	
            Restricted Securities Owners/Ownership Restrictions

          	
            31

          
	 	 	 	 
	
            ARTICLE VI.

          	
            AMENDMENT AND TERMINATION

          	
            32

          
	 	 	 	 
	 	
            SECTION 6.1

          	
            Amendment/Supplement

          	
            32

          
	 	
            SECTION 6.2

          	
            Termination

          	
            33

          
	 	 	 	 
	
            ARTICLE VII.

          	
            MISCELLANEOUS

          	
            34

          
	 	 	 	 
	 	
            SECTION 7.1

          	
            Counterparts

          	
            34

          
	 	
            SECTION 7.2

          	
            No Third‐Party Beneficiaries

          	
            34

          
	 	
            SECTION 7.3

          	
            Severability

          	
            34

          
	 	
            SECTION 7.4

          	
            Holders and Beneficial Owners as Parties; Binding Effect

          	
            34

          
	 	
            SECTION 7.5

          	
            Notices

          	
            35

          
	 	
            SECTION 7.6

          	
            Governing Law and Jurisdiction

          	
            35

          
	 	
            SECTION 7.7

          	
            Assignment

          	
            37

          

    
      63

      
        

    

    	 	
            SECTION 7.8

          	
            Agents

          	
            37

          
	 	
            SECTION 7.9

          	
            Affiliates etc

          	
            37

          
	 	
            SECTION 7.10

          	
            Exclusivity

          	
            38

          
	 	
            SECTION 7.11

          	
            Compliance with U.S. Securities Laws

          	
            38

          
	 	
            SECTION 7.12

          	
            Titles

          	
            38

          
	
            EXHIBIT A

          	
            

            

          	
            

            

          	40
	
            EXHIBIT B

          	
            

            

          	
            

            

          	49

          

     

    

     

    

  

  64Exhibit 4.3

   

  

  EXECUTION VERSION

   

   

  Dated 25 January 2019

   

  TAKEAWAY.COM N.V.

   

  as Issuer

   

  and

   

  STICHTING TRUSTEE TAKEAWAY.COM

   

  as Trustee

   

  TRUST DEED

   

  constituting

  €250,000,000 2.25 per cent. Senior Unsecured Convertible Bonds due 2024

   

  

  Linklaters

   

  Ref: BJD/CD

   

  Linklaters LLP

    

  
     

    
        

  

   

  Table of Contents

   

  

  	 	Contents	Page
	 	 	 
	1	Interpretation	3
	 	 	 
	2	Amount of the Original Bonds and Covenant to pay	7
	 	 	 
	3	Form of the Original Bonds	8
	 	 	 
	4	Stamp Duties and Taxes	8
	 	 	 
	5	Further Issues	9
	 	 	 
	6	Application of Moneys received by the Trustee	10
	 	 	 
	7	Covenant to Comply	11
	 	 	 
	8	Covenants relating to Conversion Rights and Investor Cash Settlement Rights	11
	 	 	 
	9	Covenants	12
	 	 	 
	10	Remuneration and Indemnification of the Trustee	14
	 	 	 
	11	Proceedings and Actions by the Trustee	15
	 	 	 
	12	Trustee’s Rights and Obligations	16
	 	 	 
	13	Modification, Waiver and Proof of Default	21
	 	 	 
	14	Trustee not precluded from entering into Contracts	21
	 	 	 
	15	Appointment, Retirement and Removal of the Trustee:	21
	 	 	 
	16	Currency Indemnity	23
	 	 	 
	17	Communications	24
	 	 	 
	18	No rescission	24
	 	 	 
	19	Governing Law and Jurisdiction	24
	 	 	 
	20	Counterparts	25
	 	 	 
	 	SCHEDULE 1 Terms and Conditions of the Bonds	26
	 	 	 
	 	SCHEDULE 2 Form of Original Individual Certificate	69
	 	 	 
	 	SCHEDULE 3 Form of Original Global Bond Certificate	73
	 	 	 
	 	SCHEDULE 4 Provisions for Meetings of Bondholders	77
	 	 	 
	 	SCHEDULE 5 Form of Directors’ Certificate	83

  

   

  

  
  
     

  

  
  2 

  
     

    
        

  

   

  This Trust Deed is made on 25 January 2019 between:

   

  		(1)	TAKEAWAY.COM N.V., a limited liability company (naamloze vennootschap) incorporated
            under the laws of the Netherlands, having its corporate seat (statutaire zetel) in Amsterdam, the Netherlands, and its office at Oosterdoksstraat 80, 1011 DK Amsterdam, the Netherlands, and registered with the trade register of the
            chamber of commerce under number 08142836, as issuer (the “Issuer”); and

   

  		(2)	STICHTING TRUSTEE TAKEAWAY.COM, a foundation (stichting) incorporated under the laws of
            the Netherlands, having its corporate seat (statutaire zetel) in Amsterdam, the Netherlands, with its office at Hoogoorddreef 15, 1101 BA Amsterdam, and registered with the trade register of the chamber of commerce under number 73734675,
            as trustee (the “Trustee”, which expression shall, where the context so admits, include all persons for the time being the trustee or trustees of this Trust Deed).

   

  Whereas:

   

  		(A)	The Issuer has by resolutions of (i) its management board passed on 17 January 2019, (ii) its
            supervisory board passed on 17 January 2019 and (iii) the convertible pricing committee established by the management board passed on 18 January 2019, authorised the issue of €250,000,000 2.25 per cent. Senior Unsecured Convertible Bonds due
            2024 to be constituted by this Trust Deed and, following satisfaction of the Share Settlement Condition, the issue of the Shares on conversion of the Bonds.

   

  		(B)	The Trustee has agreed to act as trustee of this Trust Deed on the following terms and conditions.

   

  This Deed witnesses and it is declared as follows:

   

  		1	Interpretation

   

  		1.1	Definitions: The following expressions shall have the following meanings:

   

  “Agents” means, in relation to the Original
      Bonds, the Principal Paying, Transfer and Conversion Agent, the Registrar and any other paying and conversion agent appointed pursuant to the Paying, Transfer and Conversion Agency Agreement (and “Agent” means any one of them) and, in relation
      to any Further Bonds, means any agent or registrar appointed in relation to them;

   

  “Bondholder” and “holder” mean, in
      relation to a Bond, the person in whose name the Bond is registered in the Bonds Register;

   

  “Bonds” means the Original Bonds and/or, as
      the context may require, any Further Bonds except that in Schedules 2 and 3 “Bonds” means the Original Bonds;

   

  “Bonds Register” has the meaning specified
      in Section 14 of the Conditions;

   

  “Business Day” means a calendar day other
      than a Saturday or a Sunday which in Amsterdam is neither a public holiday nor a calendar day on which banking institutions are closed;

   

  “Certification Date” has the meaning specified in Clause 9.5;

   

  “Clearstream, Luxembourg” means Clearstream Banking S.A.;

   

  “Conditions” means, in relation to the
      Original Bonds, the terms and conditions set out in Schedule 1 and, in relation to any Further Bonds, the terms and conditions relating to such Further Bonds (which may, for the avoidance of doubt, be the terms and conditions set out in Schedule 1)
      as any of the same may from time to time be modified in accordance with this Trust Deed, and, with respect to any Bonds evidenced by a Global Bond Certificate, as modified by the provisions of such Global Bond Certificate and references in this Trust
      Deed to a particular numbered Section of the Conditions shall be construed accordingly and, in relation to any Further Bonds, as a reference to the provision (if any) in the Conditions thereof which corresponds to the particular Section of the
      Conditions of the Original Bonds;

  

   

  

  
  
     

  

  
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  “Consolidated Financial Statements” means
      the Issuer’s audited consolidated annual financial statements or its unaudited condensed consolidated interim financial statements, as the case may be, including the relevant accounting policies and notes to the accounts and in each case prepared in
      accordance with IFRS from time to time;

   

  “Contractual Currency” has the meaning specified in Clause 16.1;

   

  “Conversion Price” has the meaning specified in Section 5.1(a) of
      the Conditions;

   

  “Conversion Rights” has the meaning specified in Section 5.1(a) of the Conditions;

   

  “Euroclear” means Euroclear Bank SA/NV;

   

  “Event of Default” means any of the events described in Section 8
      of the Conditions;

   

  “Extraordinary Resolution” has the meaning set out in Schedule 4;

   

  “Further Bonds” means any further Bonds issued
      in accordance with the provisions of Clause 5 and the Conditions and constituted by a deed supplemental to this Trust Deed;

   

  “Global Bond Certificate” means the Original
      Global Bond Certificate and/or as the context may require any other global bond certificate evidencing Further Bonds or any of them except that in Schedule 3 Global Bond Certificate means the Original Global Bond Certificate;

   

  a “holding company” of a company or a
      corporation means any company or corporation of which the first mentioned company or corporation is a subsidiary;

   

  “IFRS” means the international accounting
      standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements, as amended;

   

  “Individual Certificates” means the Original
      Individual Certificates and/or as the context may require any other individual certificates evidencing Further Bonds or any of them;

   

  “Investor Cash Settlement Rights” has the meaning specified in
      Section 5.1(a) of the Conditions;

   

  “Liability” and “Liabilities” mean
      any loss, damage, cost, charge, claim, demand, expense, judgment, action, proceeding or other liability whatsoever (including, without limitation, in respect of taxes, duties, levies, imposts and other charges) and including any value added tax or
      similar tax charged or chargeable in respect thereof and legal fees and expenses on a full indemnity basis;

   

  “Original Bonds” means the bonds in or
      substantially in the form set out in Schedule 2 comprising the €250,000,000 2.25 per cent. Senior Unsecured Convertible Bonds due 2024 constituted by this Trust Deed and for the time being outstanding or, as the context may require, a specific number
      of them and includes any replacement Bonds issued pursuant to the Conditions and (except for the purposes of Clauses 3.1 and 3.2) the Global Bond Certificate;

  

   

  

  
  
     

  

  
  4 

  
     

    
        

  

   

  “Original Bondholders” means, in relation to
      an Original Bond, the person in whose name the Original Bond is registered in the Bonds Register;

   

  “Original Individual Certificates” means
      those Original Bonds for the time being evidenced by definitive certificates in the form or substantially in the form set out in Schedule 2 and in accordance with Section 1.1 of the Conditions;

   

  “Original Global Bond Certificate” means the
      global bond certificate in registered form which will evidence the Original Bonds, substantially in the form set out in Schedule 3, and evidencing the registration of the person named therein in the Bonds Register;

   

  “outstanding” means, in relation to the
      Bonds, all the Bonds issued except (a) those which have been redeemed in accordance with the Conditions, (b) those in respect of which Conversion Rights have been exercised and all the obligations of the Issuer to issue or transfer and deliver Shares
      have been performed in relation thereto, (c) those in respect of which Investor Cash Settlement Rights have been exercised and all the obligations of the Issuer to pay the relevant Cash Alternative Amount have been satisfied, (d) those in respect of
      which the date for redemption has occurred and the redemption moneys (including all interest accrued on such Bonds to the date for such redemption and any interest payable under the Conditions after such date) have been duly paid to the relevant
      Bondholder or on its behalf or to the Trustee or to the Principal Paying, Transfer and Conversion Agent as provided in Clause 2 and remain available for payment against surrender of Bonds (if so required), as the case may be, (e) those which have
      become void or those in respect of which claims have become prescribed, (f) those mutilated or defaced Bonds which have been surrendered in exchange for replacement Bonds (if so required), (g) those which have been purchased and cancelled as provided
      in the Conditions and (h) the Global Bond Certificate to the extent that it shall have been exchanged for interests in another Global Bond Certificate and any certificate to the extent that it shall have been exchanged for Individual Certificates
      pursuant to its provisions;

   

  “Paying, Transfer and Conversion Agency
        Agreement” means, in relation to the Original Bonds, the Paying, Transfer and Conversion Agency Agreement dated on or about the date hereof, as altered from time to time, between the Issuer, the Trustee, the Principal Paying, Transfer and
      Conversion Agent, and the Registrar whereby the initial Principal Paying, Transfer and Conversion Agent and the Registrar were appointed in relation to the Original Bonds and includes any other agreements approved in writing by the Trustee (such
      approval not to be unreasonably withheld or delayed) appointing Successor Agents amending or modifying any of such agreements;

   

  “Principal Paying, Transfer and Conversion Agent”
      means, in relation to the Original Bonds, ABN AMRO Bank N.V. at its specified office, in its capacity as Principal Paying, Transfer and Conversion Agent (in respect of the Original Bonds) and, in relation to any Further Bonds, the Principal Paying,
      Transfer and Conversion Agent appointed in respect of such Further Bonds and, in each case, any Successor Principal Paying, Transfer and Conversion Agent;

   

  “Proceedings” has the meaning specified in
      Clause 19.2;

   

  “Registrar” means Bank of America Merrill
      Lynch International Designated Activity Company at its specified office, in its capacity as Registrar and any Successor Registrar;

   

  

  
  
     

  

  
  5 

  
     

    
        

  

   

  “Shares” has the meaning specified in
      Section 14 of the Conditions;

   

  “specified office” means, in relation to any
      Agent, either the office identified with its name in Section 15.7 of the Conditions or any other office approved by the Trustee and notified to the Bondholders pursuant to Clause 9.11;

   

  “Subsidiary” has the meaning specified in
      Section 14 of the Conditions;

   

  “Successor” means, in relation to the
      Agents, such other or further person as may from time to time be appointed by the Issuer as an Agent with the prior written approval of, and on terms approved in writing by, the Trustee (such approval not to be unreasonably withheld or delayed) and
      notice of whose appointment is given to Bondholders pursuant to Clause 9.11; and

   

  “this Trust Deed” means this Trust Deed, the
      Schedules (as from time to time amended, modified and/or supplemented in accordance with this Trust Deed) and any other document executed in accordance with this Trust Deed (as from time to time so altered) and expressed to be supplemental to this
      Trust Deed.

   

  		1.2	Construction of Certain References: 

   

  References to:

   

  		1.2.1	costs, charges, remuneration or expenses shall include any value added tax, turnover tax or similar
            tax charged in respect thereof;

   

  		1.2.2	“euro” and “€” means the currency introduced at the start of the third stage of
            European economic and monetary union pursuant to the Treaty establishing the European Community, as amended;

   

  		1.2.3	any action, remedy or method of judicial proceedings for the enforcement of rights of creditors shall
            include, in respect of any jurisdiction other than the Netherlands, references to such action, remedy or method of judicial proceedings for the enforcement of rights of creditors available or appropriate in such jurisdiction as shall most
            nearly approximate thereto;

   

  		1.2.4	any provision of any statute shall be deemed also to refer to any statutory modification or
            re-enactment thereof or any statutory instrument, order or regulation made thereunder or under such modification or re-enactment;

   

  		1.2.5	“such approval not to be unreasonably withheld or delayed” or like references shall mean, when
            used in this Trust Deed, the Paying, Transfer and Conversion Agency Agreement or the Conditions, in relation to the Trustee that, in determining whether to give consent or approval, the Trustee shall have due regard to the interests of
            Bondholders and any determination as to whether or not its consent or approval is unreasonably withheld or delayed shall be made on that basis; and

   

  		1.2.6	references in this Trust Deed to “reasonable” or “reasonably” and similar expressions
            relating to the Trustee and any exercise of power, opinion, determination or other similar matter shall be construed as meaning reasonable or reasonably (as the case may be) having due regard to, and taking into account the interests of, the
            Bondholders.

   

  		1.3	Conditions: Words and expressions defined in the Conditions and not defined in the main body
            of this Trust Deed shall when used in this Trust Deed (including the recitals) have the same meanings as are given to them in the Conditions.

   

  

  
  
     

  

  
  6 

  
     

    
        

  

   

  		1.4	Headings: Headings shall be ignored in construing this Trust Deed.

   

  		1.5	Schedules: The Schedules are part of this Trust Deed and shall have effect accordingly.

   

  		1.6	Modification etc. of Statutes: References to a statutory provision include that provision as
            from time to time modified or re-enacted whether before or after the date of this Trust Deed.

   

  		1.7	Certificates: Where a director of the Issuer is required pursuant to the provisions of this
            Trust Deed to sign a certificate, any such certificate shall be given for and on behalf of the Issuer and the relevant director shall have no personal liability therefor.

   

  		2	Amount of the Original Bonds and Covenant to pay

   

  		2.1	Amount of the Original Bonds: The aggregate principal amount of the Original Bonds is limited
            to €250,000,000.

   

  		2.2	Covenant to pay: Unless previously redeemed, converted, settled or purchased and cancelled as
            provided for in the Conditions, the Issuer will, on any date when any Original Bonds become due to be redeemed, in accordance with this Trust Deed or the Conditions, unconditionally pay (or procure to be paid) to or to the order of the Trustee
            in euro in same day funds the principal amount of the Original Bonds or such other amount as provided in the Conditions becoming due for redemption on that date and will (subject to the Conditions) until such payment (both before and after
            judgment) unconditionally so pay or procure to be paid to or to the order of the Trustee interest on the principal amount of the Original Bonds outstanding as set out in the Conditions provided that:

   

  		2.2.1	subject to the provisions of Clause 2.4, payment of any sum due in respect of the Original Bonds made
            to or to the account of the Principal Paying, Transfer and Conversion Agent as provided in the Paying, Transfer and Conversion Agency Agreement shall, to that extent, satisfy such obligation except to the extent that there is failure in its
            subsequent payment to the relevant Original Bondholders under the Conditions; and

   

  		2.2.2	a payment made after the due date or pursuant to Section 8 of the Conditions will be deemed to have
            been made when the full amount due has been received by the Trustee or the Principal Paying, Transfer and Conversion Agent and notice to that effect has been given to the Original Bondholders (if required under Clause 9.6), except to the extent
            that there is a failure in the subsequent payment to the relevant holders under the Conditions.

   

  		2.3	Discharge: Subject to Clause 2.4, any payment to be made in respect of the Bonds by the Issuer
            or the Trustee may be made as provided in the Conditions and any payment so made will (subject to Clause 2.4) to such extent be a good discharge to the Issuer or the Trustee, as the case may be.

   

  		2.4	Payment after a Default: At any time after an Event of Default has occurred, the Trustee may:

   

  		2.4.1	by notice in writing to the Issuer and the Agents, require the Agents (or any of them), until
            notified by the Trustee to the contrary, so far as permitted by any applicable law:

   

  		(i)	to act as Agents of the Trustee under this Trust Deed and the Bonds on the terms of the Paying,
            Transfer and Conversion Agency Agreement (with consequential amendments as necessary and except that the Trustee’s liability for the indemnification, remuneration and all other out-of-pocket expenses of the Agents will be limited to the amounts
            for the time being held by the Trustee in respect of the Bonds on the terms of this Trust Deed) and thereafter to hold all Bonds and all moneys, documents and records held by them in respect of Bonds to the order of the Trustee; or

   

  

  
  
     

  

  
  7

  
     

    
        

  

   

  		(ii)	to deliver all Bonds and all moneys, documents and records held by them in respect of the Bonds to
            the Trustee or as the Trustee directs in such notice, provided that such notice shall be deemed not to apply to any documents or records which the relevant Agent is obliged not to release by any law or regulation; and

   

  		2.4.2	by notice in writing to the Issuer, require the Issuer to make all subsequent payments in respect of
            the Bonds to, or to the order of, the Trustee and not to the Principal Paying, Transfer and Conversion Agent with effect from the issue of any such notice to the Issuer; and from then until such notice is withdrawn, proviso 2.2.1 to Clause 2.2 shall cease to have effect.

   

  		3	Form of the Original Bonds

   

  		3.1	The Original Global Bond Certificate: The Original Bonds will be evidenced by the Original
            Global Bond Certificate initially in the principal amount of €250,000,000 and the Issuer shall procure that appropriate entries be made in the Bonds Register by the Registrar to reflect the issue of such Original Bonds. The Original Global Bond
            Certificate will be delivered to and the Original Bonds registered in the name of a common depositary for Euroclear and Clearstream, Luxembourg. The Original Global Bond Certificate will be exchangeable for Original Individual Certificates in
            accordance with Section 13.3 of the Conditions.

   

  		3.2	The Original Individual Certificates: The Original Individual Certificates may be printed or
            typed and need not be security printed unless otherwise required by applicable stock exchange requirements. The Original Individual Certificates and Original Global Bond Certificate will be in or substantially in the respective forms set out in
            Schedules 2 and 3. Original Individual Certificates will be endorsed with the Conditions.

   

  		3.3	Signature: The Original Global Bond Certificate and any Original Individual Certificate (if
            issued) will be signed manually or in facsimile by an executive director of the Issuer and will be authenticated by or on behalf of the Registrar. The Issuer may use the manual or facsimile signature of any person who is at the date of this
            Trust Deed an executive director of the Issuer even if at the time of issue of any Original Bonds he no longer holds such office. Original Bonds (including the Original Global Bond Certificate) so executed and authenticated will be valid and
            binding obligations of the Issuer.

   

  		4	Stamp Duties and Taxes

   

  		4.1	Stamp Duties: The Issuer will pay any capital, stamp, issue, registration, transfer and other
            taxes and duties (excluding, for the avoidance of doubt, capital gains tax or similar taxes on gains or profits) payable (i) in the Netherlands, Belgium or Luxembourg on or in respect of the creation, issue and initial offering of the Bonds and
            the execution of this Trust Deed and (ii) in the Netherlands upon the issue or delivery of the Shares on conversion pursuant to the Conditions. The Issuer will also indemnify the Trustee and the Bondholders from and against all capital, stamp,
            issue, registration, transfer and other taxes (excluding, for the avoidance of doubt, capital gains tax or similar taxes on gains or profits) paid by any of them in any jurisdiction in relation to which the liability to pay arises directly as a
            result of any action taken by or on behalf of the Trustee or, as the case may be and where entitled under Section 10 of the Conditions to do so, the Bondholders to enforce the obligations of the Issuer under this Trust Deed or the Bonds.

   

  

  
  
     

  

  
  8 

  
     

    
        

  

   

  		4.2	Change of Taxing Jurisdiction: If the Issuer becomes subject generally to the taxing
            jurisdiction of any territory or any authority of or in that territory having power to tax other than or in addition to the Netherlands then the Issuer will (unless the Trustee otherwise agrees) give to the Trustee an undertaking satisfactory
            to the Trustee in terms corresponding to the terms of Section 6 of the Conditions with the substitution for, or (as the case may require) the addition to, the references in that Condition to the Netherlands of references to that other territory
            or authority or additional territory or authority to whose taxing jurisdiction the Issuer has become so subject (provided that such undertaking shall be subject to such exceptions as reflect exceptions under the law of the relevant taxing
            jurisdiction and as are similar in scope and effect to those exceptions set out in Section 6 of the Conditions) and in such event this Trust Deed and the Bonds will be read accordingly.

   

  		5	Further Issues

   

  		5.1	Liberty to Create: The Issuer may, from time to time without the consent of the Bondholders,
            create and issue further bonds, notes or debentures either having the same terms and conditions in all respects (or in all respects except for the amount and due date for the first payment of interest thereon and the first date on which
            Conversion Rights may be exercised) as (i) the Original Bonds or (ii) any previously issued Further Bonds so that the same shall be consolidated and form a single series with the Original Bonds or any Further Bonds, or (in any case) upon such
            terms as to interest, conversion, cash settlement, premium, redemption and otherwise as the Issuer may at the time of issue thereof determine.

   

  		5.2	Means of Constitution: Any further bonds, notes or debentures created and issued pursuant to
            the provisions of Clause 5.1 so as to form a single series with the Original Bonds and/or the Further Bonds of any series shall be constituted by a deed supplemental to this Trust Deed and any other Further Bonds of any series created and
            issued pursuant to the provisions of Clause 5.1 may be so constituted. The Issuer shall, prior to the issue of any Further Bonds to be so constituted, execute and deliver to the Trustee a deed supplemental to this Trust Deed and containing a
            covenant by the Issuer in the form mutatis mutandis of Clause 2 of this Trust Deed in relation to such Further Bonds and such other provisions (corresponding to any of the provisions contained in this Trust Deed) as the Trustee shall
            require.

   

  		5.3	Notice of Further Issues: Whenever it is proposed to create and issue any Further Bonds, the
            Issuer shall give to the Trustee not less than 14 days’ notice in writing of its intention to do so, stating the principal amount of Further Bonds proposed to be created or issued. The Trustee shall keep this information confidential in
            accordance with Clause 12.2.13.

   

  		5.4	Separate Series: Any Further Bonds not forming a single series with the Original Bonds and/or
            previously issued Further Bonds of any series shall form a separate series and accordingly, unless for any purpose the Trustee in its absolute discretion shall otherwise determine, the provisions of Clauses 5 and 6.2 and Clauses 7 to 20
            (inclusive) and Schedule 4 shall apply mutatis mutandis separately and independently to the Bonds of each such series and in such Clauses and Schedule the expressions “Bonds” and “Bondholders” shall be construed
            accordingly.

   

  

  
  
     

  

  
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  		6	Application of Moneys received by the Trustee

   

  		6.1	Application: All moneys received by the Trustee in respect of the Original Bonds and any
            Further Bonds forming a single series with the Original Bonds or amounts payable under this Trust Deed will, regardless of any appropriation of all or part of them by the Issuer, be applied by the Trustee (subject to Clause 6.2):

   

  		6.1.1	first, in payment of all fees, costs, charges, expenses and liabilities properly incurred by the
            Trustee (including remuneration and any indemnity amounts payable to it) and/or any agent or delegate appointed by the Trustee in carrying out its or their functions under this Trust Deed;

   

  		6.1.2	secondly, in payment of any amounts owing in respect of the Original Bonds and any Further Bonds
            forming a single series with the Original Bonds pari passu and rateably; and

   

  		6.1.3	thirdly, in payment of the balance (if any) to the Issuer for itself.

   

  If the Trustee holds any moneys in respect of
      Original Bonds and any Further Bonds forming a single series with the Original Bonds which have become void or in respect of which claims have become prescribed under the Conditions, the Trustee will hold them in accordance with this Clause 6.1.

   

  		6.2	Accumulation: If the amount of the moneys at any time available for payment in respect of the
            Bonds under Clause 6.1 is less than 10 per cent. of the principal amount of the Bonds then outstanding, the Trustee may, at its discretion, invest such moneys. The Trustee may retain such investments and accumulate the resulting income until
            the investments and the accumulations, together with any other funds for the time being under the control of the Trustee and available for such payment, amount to at least 10 per cent. of the principal amount of the Bonds then outstanding
            whereupon such investments, accumulations and funds (after deduction of, or provision for, any applicable taxes) will be applied as specified in Clause 6.1.

   

  		6.3	Investment: Moneys held by the Trustee may be invested in the name, or under the control, of
            the Trustee in any investments or other assets anywhere, for the time being authorised by Dutch law for the investment by trustees of trust monies, whether or not they produce income, or placed on deposit in the name or under the control of the
            Trustee at such bank or other financial institution and in such currency as the Trustee may, in its absolute discretion, think fit. If that bank or institution is the Trustee or a subsidiary, holding company or associated company of the
            Trustee, it need only account for an amount of interest equal to the standard amount of interest payable by it on such a deposit to an independent customer. The Trustee may at any time vary or transpose any such investments or assets for or
            into other such investments or assets or convert any moneys so deposited into any other currency, and will not be responsible to any person whatsoever for any loss occasioned thereby, whether by depreciation in value, fluctuation in exchange
            rates or otherwise.

   

  

  
  
     

  

  
  10 

  
     

    
        

  

   

  		7	Covenant to Comply

   

  So long as any Bond remains outstanding, the Issuer
      hereby covenants with the Trustee that it will comply with and perform and observe all the provisions of this Trust Deed which are expressed to be binding on it. The Conditions shall be binding on the Issuer and the Bondholders. The Trustee shall be
      entitled to enforce the obligations of the Issuer under the Bonds and the Conditions as if the same were set out and contained in this Trust Deed which shall be read and construed as one document with the Bonds. The provisions contained in Schedule 1
      shall have effect in the same manner as if herein set forth.

   

  

  		8	Covenants relating to Conversion Rights and Investor Cash Settlement Rights

   

  So long as any Bond is outstanding, the Issuer
      hereby undertakes to and covenants with the Trustee that:

   

  		8.1	Conversion Rights: it will, save with the approval of an Extraordinary Resolution or with the
            approval of the Trustee where, in the Trustee’s opinion, it is not materially prejudicial to the interests of the Bondholders to give such approval, observe and perform all its obligations under the Conditions and this Trust Deed with respect
            to Conversion Rights, it being acknowledged that Conversion Rights shall be exercisable by a Bondholder only after the Share Settlement Condition has been satisfied.

   

  		8.2	Investor Cash Settlement Rights: it will, save with the approval of an Extraordinary
            Resolution or with the approval of the Trustee where, in the Trustee’s opinion, it is not materially prejudicial to the interests of the Bondholders to give such approval, observe and perform all its obligations under the Conditions and this
            Trust Deed with respect to Investor Cash Settlement Rights, it being acknowledged that Investor Cash Settlement Rights shall be exercisable by a Bondholder only during a Change of Control Period.

   

  		8.3	Notices:

   

  		8.3.1	Share Settlement Condition: it, not later than 5 Business Days following the Long Stop Date
            (or, if the Share Settlement Condition is satisfied prior to the Long Stop Date, not later than 5 Business Days following satisfaction of the Share Settlement Condition) give notice to the Bondholders in accordance with Section 15.7 of the
            Conditions and to the Principal Paying, Transfer and Conversion Agent, the Registrar and the Calculation Agent: (i) where the Share Settlement Condition has been satisfied, stating that with effect from and including the Physical Settlement
            Date specified in such notice, Conversion Rights shall be exercisable; or (ii) where the Share Settlement Condition has not been satisfied, stating that the Share Settlement Condition has not been satisfied and that it intends to redeem the
            Bonds by publishing a Shareholder Event Notice in accordance with Section 7.3 of the Conditions.

   

  		8.3.2	Adjustment to Conversion Price: as soon as practicable after the announcement of the terms of
            any event giving rise to an adjustment of the Conversion Price, give notice to the Bondholders in accordance with Section 15.7 of the Conditions advising them of the date on which the relevant adjustment of the Conversion Price is likely to
            become effective and of the effect of exercising their Conversion Rights pending such date; and

   

  

  
  
     

  

  
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  		(i)	Directors’ Certificate: upon the happening of an event as a result of which the Conversion Price will be adjusted, as soon as reasonably practicable deliver to the
            Trustee a certificate signed by an executive director of the Issuer (which the Trustee shall be entitled to accept and rely on without further enquiry or liability in respect thereof as sufficient evidence of the correctness of the matters
            referred to therein) setting forth brief particulars of the event, and the adjusted Conversion Price and the date on which such adjustment takes effect and in any case setting forth such other particulars and information as the Trustee may
            reasonably require.

   

  		9	Covenants

   

  So long as any Bond is outstanding, the Issuer
      covenants with the Trustee that it will:

   

  		9.1	Books of Account: keep, and procure that each Subsidiary keeps, proper books of account.

   

  		9.2	Notice of Events of Default etc: notify the Trustee in writing immediately on becoming aware
            of the occurrence of any Event of Default or Change of Control.

   

  		9.3	Information: so far as permitted by applicable law, give or procure to be given to the Trustee
            such information as it reasonably requires to perform its functions.

   

  		9.4	Financial Statements, etc.: send to the Trustee:

   

  		9.4.1	as soon as the same become available, but in any event within the longer of 120 days of its most
            recent financial year-end and the legal period for making this document generally available, a copy of the Issuer’s audited annual Consolidated Financial Statements for such financial year, prepared and presented in accordance with IFRS,
            together with the report thereon by the Issuer’s independent auditors; and

   

  		9.4.2	as soon as the same become available, but in any event within the longer of 90 days of the end of the
            first half of each financial year and the legal period of making this document generally available, a copy of the Issuer’s interim Consolidated Financial Statements, prepared and presented in accordance with IFRS, as at, and for the period
            ending on, the end of such period,

   

  each certified by an executive director of the
      Issuer as presenting a true and fair view of the consolidated financial position of the Issuer and its consolidated subsidiaries as at the relevant date, and the consolidated results of operations and changes in consolidated financial position of the
      Issuer and its consolidated subsidiaries for the relevant period then ended.

   

  		9.5	Certificate of executive directors: send to the Trustee within 14 days of the Issuer’s audited
            annual Consolidated Financial Statements being made publicly available, and also within 14 days of any request by the Trustee a certificate substantially in the form set out in Schedule 5 from the Issuer signed by any executive director that,
            having made all reasonable enquiries, to the best of the knowledge, information and belief of the Issuer as at a date (the “Certification Date”) not more than five days before the date of the certificate, no Change of Control, Event of
            Default or other breach of this Trust Deed had occurred since the Certification Date of the last such certificate or (if none) the date of this Trust Deed or, if such an event had occurred, giving details of it.

   

  

  
  
     

  

  
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  		9.6	Notices to Bondholders: send or procure to be sent to the Trustee not less than three days
            prior to the date of publication, for the Trustee’s review, a copy of each notice to be given to the Bondholders as a class in accordance with the Conditions and not publish such notice without consulting the Trustee, and upon publication, send
            to the Trustee a copy of such notice. The Trustee shall keep this information confidential in accordance with Clause 12.2.13.

   

  		9.7	Further Acts: so far as permitted by applicable law, do such further things as may be
            necessary in the reasonable opinion of the Trustee to give effect to this Trust Deed.

   

  		9.8	Notice of late payment: forthwith upon request by the Trustee give notice to the Bondholders
            of any unconditional payment to the Principal Paying, Transfer and Conversion Agent or the Trustee of any sum due in respect of the Bonds made after the due date for such payment.

   

  		9.9	Obligations of Agents and Registrar: observe and comply with its obligations and use all
            reasonable endeavours to procure that the Agents observe and comply with all their obligations under the Paying, Transfer and Conversion Agency Agreement and notify the Trustee immediately if it becomes aware of any material breach or failure
            by an Agent in relation to the Bonds.

   

  		9.10	Listing and Trading: use its reasonable endeavours to obtain the admission of the Original
            Bonds to trading on an EEA Regulated Market no later than 25 July 2019. Thereafter, and in respect of any Further Bonds, the Issuer will use its reasonable endeavours to maintain such listing and admission to trading. If, however, the Issuer
            determines in good faith that it can no longer comply with its requirements for such listing, having used such endeavours, or if the maintenance of such listing or admission to trading is unduly onerous, the Issuer will instead use its
            reasonable endeavours to obtain and maintain a listing on such other stock exchange or admission to trading on such other securities market of the Bonds as the Issuer may (with the written approval of the Trustee, such approval not to be
            unreasonably withheld or delayed) decide, and shall upon obtaining a quotation or listing of the Bonds on such other stock exchange or exchanges or securities market or markets as aforesaid, comply with the requirements of any such stock
            exchange or securities market.

   

  		9.11	Change in Agents: give at least 14 days’ prior notice to the Bondholders of any future
            appointment, resignation or removal of an Agent or of any change by an Agent of its specified office and not make any such appointment or removal without the Trustee’s written approval (such approval not to be unreasonably withheld or delayed).

   

  		9.12	Early Redemption: give prior notice to the Trustee and the Bondholders of any proposed
            redemption pursuant to Sections 4.1 to 4.3 of the Conditions in accordance therewith.

   

  		9.13	Authorised but Unissued Capital: at all times, following the date on which the Physical
            Settlement Notice is given, keep available for issue free from pre-emptive rights a sufficient number of Shares to enable the exercise of Conversion Rights pursuant to the Conditions and all other rights of subscription and exchange for Shares,
            to be satisfied in full at the then current Conversion Price.

   

  		9.14	Bonds Register: deliver or procure the delivery to the Trustee of an up-to-date copy of the
            Bonds Register in respect of the Bonds, certified as being a true, accurate and complete copy, as soon as practicable following the date hereof and in any event within three Business Days following the date hereof and at such other times as the
            Trustee may reasonably require.

   

  

  
  
     

  

  
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  		10	Remuneration and Indemnification of the Trustee 

   

  		10.1	Normal Remuneration: So long as any Bond is outstanding, the Issuer will pay to the Trustee by
            way of remuneration for its services as Trustee such sum as may from time to time be agreed between them. Such remuneration will accrue from day to day from the date of this Trust Deed and shall be payable in advance, annually as may be agreed
            between the Issuer and the Trustee. However, if any payment to a Bondholder of the moneys due in respect of any Bond is improperly withheld or refused upon due surrender (if so required) of such Bond, such remuneration will again accrue as from
            the date of such surrender (if so required) until payment to such Bondholder is duly made.

   

  		10.2	Extra Remuneration: If an Event of Default shall have occurred, the Issuer hereby agrees that
            the Trustee shall be entitled to be paid additional remuneration calculated at its normal hourly rates in force from time to time for any additional time spent on its duties that is reasonably attributable to that Event of Default. In any other
            case, if the Trustee finds it expedient or necessary or is requested by the Issuer to undertake duties which the Trustee and the Issuer agree to be of an exceptional nature or otherwise outside the scope of the Trustee’s normal duties under
            this Trust Deed and the Trustee’s scope of work agreed between the Issuer and the Trustee, the Issuer will pay such additional reasonable remuneration as they may agree (and which may be calculated by reference to the Trustee’s normal hourly
            rates in force from time to time) or, failing agreement as to any of the matters in this Clause (or as to such sums referred to in Clause 10.1), as determined by a financial institution or person (acting as an expert) selected by the Trustee
            and approved by the Issuer. The expenses involved in such nomination and such financial institution’s fee will be borne by the Issuer. The determination of such financial institution or person will, in the absence of manifest error, be
            conclusive and binding on the Issuer, the Trustee and the Bondholders.

   

  		10.3	Expenses: Subject to the separate fee arrangements made between the Issuer and the Trustee,
            the Issuer will on demand by the Trustee pay or discharge all reasonable and documented costs, charges, liabilities and expenses properly incurred by the Trustee in the preparation and execution of this Trust Deed and the performance of its
            functions under this Trust Deed including, but not limited to, legal and travelling expenses and any stamp, documentary or other taxes or duties paid by the Trustee in connection with any legal proceedings properly brought or reasonably
            contemplated by the Trustee against the Issuer to enforce any provision of this Trust Deed and the Bonds. Such costs, charges, liabilities and expenses will:

   

  		10.3.1	in the case of payments made by the Trustee before such demand carry interest from the date of the
            demand at a rate equal to the Trustee’s cost of funding for the relevant period of time, and

   

  		10.3.2	in other cases carry interest at such rate from 30 days after the date of the demand or (where the
            demand specifies that payment is to be made on an earlier date) from such earlier date.

   

  		10.4	Indemnity: The Issuer will on demand by the Trustee indemnify it in respect of Amounts or
            Claims paid or properly incurred by it in acting as trustee under this Trust Deed (including (1) any Agent/Delegate Liabilities and (2) in respect of disputing or defending any Amounts or Claims made against the Trustee or any Agent/Delegate
            Liabilities). The Issuer will on demand by such agent or delegate indemnify it against such Agent/Delegate Liabilities. “Amounts or Claims” are losses, liabilities, claims, actions, and “Agent/Delegate Liabilities” are Amounts or
            Claims which the Trustee is or would be obliged to pay or reimburse to any of its agents or delegates appointed pursuant to this Trust Deed.

   

  

  
  
     

  

  
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  		10.5	Provisions Continuing: The provisions of Clauses 10.3 and 10.4 will continue in full force and
            effect in relation to the Trustee even if it may have ceased to be Trustee and not withstanding any termination or discharge of this Trust Deed.

   

  		11	Proceedings and Actions by the Trustee 

   

  		11.1	Trustee not bound unless specific action taken:

   

  		11.1.1	The Trustee may at any time, at its discretion and without notice, take such proceedings, actions or
            steps (including lodging an appeal in any proceedings) against the Issuer as it may think fit to enforce the provisions of this Trust Deed and the Bonds, but it shall not be bound to take any such proceedings, actions or steps in relation to
            this Trust Deed or the Bonds unless (i) it shall have been so directed by an Extraordinary Resolution of the Bondholders or so requested in writing by the holders of at least one-quarter in principal amount of the Bonds then outstanding, and
            (ii) it shall have been indemnified and/or secured and/or prefunded to its satisfaction.

   

  		11.1.2	In urgent cases, such as imminent bankruptcy, moratorium or reorganisation of the Issuer, the Trustee
            will be entitled at its discretion to relinquish, reduce or alter the rights of Bondholders in whole or in part, and to take other measures which it considers to be in the interests of the Bondholders, if the Trustee considers, in its sole
            discretion, that such action can no longer be delayed. For the avoidance of doubt, any such action may be taken by the Trustee without having been previously directed or authorised by an Extraordinary Resolution of the Bondholders. The Trustee
            will forthwith notify the Bondholders of any such actions and steps at a meeting of Bondholders to be convened by the Trustee within one month after such action has been taken by the Trustee. The Trustee will in no event be liable in respect of
            the exercise, or failure to exercise, the power of the Trustee granted to it in this Clause 11.1.2 or the consequences thereof.

   

  		11.1.3	Notwithstanding Clauses 11.1.1 and 11.1.2 above, the Trustee may: (i) refrain from taking any
            proceedings, actions or steps in any jurisdiction if the taking of such action in that jurisdiction would, in its opinion based upon legal advice in the relevant jurisdiction, be contrary to any law of that jurisdiction; and (ii) refrain from
            taking any proceedings, actions or steps in any jurisdiction if in its opinion based upon legal advice in the relevant jurisdiction it would or may render it liable to any person in that jurisdiction or, it would or may not have the power to do
            the relevant thing in that jurisdiction by virtue of any applicable law in that jurisdiction or if it is determined by any court or other competent authority in that jurisdiction that it does not have such power.

   

  		11.1.4	No Bondholder shall be entitled to (i) take any proceedings, actions or steps against the Issuer to
            enforce the performance of any of the provisions of this Trust Deed or the Bonds or (ii) take any other proceedings, actions or steps (including lodging an appeal in any proceedings) in respect of or concerning the Issuer, in each case unless
            the Trustee, having become bound so to take any such proceedings, actions or steps or fails so to do within a reasonable period and the failure shall be continuing.

   

  

  
  
     

  

  
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  		11.2	Accounts: If at any time the Issuer’s obligations under the Bonds have become immediately due
            and payable, the Trustee may draw up duly specified accounts of all amounts due in relation to the Bonds outstanding according to the records made available by the Principal Paying, Transfer and Conversion Agent and the Registrar under the
            Paying, Transfer and Conversion Agency Agreement, together with accrued interest and any other amounts owed by the Issuer in respect of the Bonds, including the Trustee’s fee and indemnification for costs incurred by the Trustee. The Issuer
            will act in accordance with and fully accept the accounts drawn up by the Trustee, subject to evidence to the contrary.

   

  		11.3	Action by Trustee:

   

  		11.3.1	Only the Trustee may enforce the rights under the Bonds of the Bondholders against the Issuer. Save
            as provided in Section 10 of the Conditions, no person shall be entitled to proceed directly against the Issuer to enforce the performance of any provision of the Bonds.

   

  		11.3.2	If any Bonds become due and payable under Section 8 of the Conditions the only remedy of the Trustee
            against the Issuer consists of enforcing the rights granted to the Trustee pursuant to this Trust Deed and the Conditions.

   

  		12	Trustee’s Rights and Obligations 

   

  		12.1	Reliance on Information 

   

  		12.1.1	Advice: The Trustee may in relation to this Trust Deed act, without thereby incurring any
            Liability, on a report, confirmation or certificate or any advice of any lawyers, accountants, financial advisers, financial institution or other expert, whether or not addressed to it and whether or not their liability in relation thereto is
            limited (by its terms or by any engagement letter relating thereto entered into by the Trustee or in any other manner) by reference to a monetary cap, methodology or otherwise. The Trustee may accept and shall be entitled to rely on any such
            report, confirmation or certificate or advice and such report, confirmation or certificate or advice shall be binding on the Issuer, the Trustee and the Bondholders;

   

  		12.1.2	Certificate of an Executive Director: the Trustee may call for and shall be at liberty to
            accept a certificate signed by any executive director as to any fact or matter prima facie within the knowledge of the Issuer as sufficient evidence thereof and a like certificate to the effect that any particular dealing, transaction
            or step or thing is, in the opinion of the person so certifying, expedient as sufficient evidence that it is expedient and the Trustee shall not be bound in any such case to call for further evidence or be responsible for any Liability that may
            be occasioned by its failing so to do;

   

  		12.1.3	Resolution of Bondholders: the Trustee shall not be responsible for acting upon any resolution
            purporting to have been passed at a meeting of Bondholders in respect whereof minutes have been made and signed, even though it may subsequently be found that there was some defect in the constitution of the meeting of Bondholders or the
            passing of the resolution or that for any reason the resolution purporting to have been passed at any meeting of Bondholders was not valid or binding upon the Bondholders;

   

  

  
  
     

  

  
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  		12.1.4	Reliance on certification of clearing system: the Trustee may call for any certificate or
            other document issued by Euroclear or Clearstream, Luxembourg or any other relevant clearing system or a common depository therefor. Any such certificate or other document shall, in the absence of manifest error, be conclusive and binding for
            all purposes. Any such certificate or other document may comprise any form of statement or print out of electronic records provided by the relevant clearing system (including Euroclear’s EUCLID or Clearstream, Luxembourg’s CreationOnline
            system) in accordance with its usual procedures and in which the holder of a particular principal or nominal amount of the Bonds is clearly identified together with the amount of such holding. The Trustee shall not be liable to any person by
            reason of having accepted as valid or not having rejected any certificate or other document to such effect purporting to be issued by Euroclear, Clearstream, Luxembourg, or any other relevant clearing system and subsequently found to be forged
            or not authentic;

   

  		12.1.5	Entry on the Bonds Register: the Trustee shall not be liable to the Issuer or any Bondholder
            by reason of having accepted as valid or not having rejected any entry on the Bonds Register later found to be forged or not authentic and shall assume for all purposes in relation hereto that any entry on the Bonds Register is correct;

   

  		12.1.6	Forged Bonds: the Trustee shall not be liable to the Issuer or any Bondholder by reason of
            having accepted as valid or not having rejected any Bond or assignment deed or notification thereof as such and subsequently found to be forged or not authentic; and

   

  		12.1.7	Trustee not responsible for investigations: the Trustee shall not be responsible for, or for
            investigating any matter which is the subject of, any recital, statement, representation, warranty or covenant of any person contained in this Trust Deed, the Paying, Transfer and Conversion Agency Agreement, the Bonds, or any other agreement
            or document relating to the transactions herein or therein contemplated or for the execution, legality, effectiveness, adequacy, genuineness, validity, enforceability or admissibility in evidence thereof and shall assume the accuracy and
            correctness thereof nor shall the Trustee, by execution of this Trust, be deemed to make any representation as to the validity, sufficiency or enforceability of either the whole or any part of the Trust Deed.

   

  		12.2	Trustee’s powers and duties 

   

  		12.2.1	Trustee’s determination: The Trustee may determine whether or not a default in the performance
            by the Issuer of any obligation under the provisions of or contained in the Trust Deed or the Bonds is capable of remedy and/or materially prejudicial to the interests of the Bondholders. If the Trustee shall certify that any such default is,
            in its opinion, not capable of remedy and/or materially prejudicial to the interests of the Bondholders, such certificate shall be conclusive and binding upon the Issuer and/or, as the case may be, the Bondholders;

   

  		12.2.2	Determination of questions: the Trustee as between itself and the Bondholders shall have full
            power to determine all questions and doubts arising in relation to any of the provisions of the Trust Deed and the Bonds and every such determination, whether made upon a question actually raised or implied in the acts or proceedings of the
            Trustee, shall be conclusive and shall bind the Trustee and the Bondholders;

   

  

  
  
     

  

  
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  		12.2.3	Trustee’s discretion: the Trustee shall (save as expressly otherwise provided herein) as
            regards all the trusts, powers, authorities and discretions vested in it by this Trust Deed or by operation of law have absolute and uncontrolled discretion as to the exercise or non-exercise thereof and the Trustee shall not be responsible for
            any Liability that may result from the exercise or non-exercise thereof but, whenever the Trustee is under the provisions of this Trust Deed bound to act at the request or direction of the Bondholders, the Trustee shall nevertheless not be so
            bound unless first indemnified and/or provided with security to its satisfaction against all actions, proceedings, claims and demands to which it may render itself liable and all Liabilities which it may incur by so doing;

   

  		12.2.4	Trustee’s consent: any consent given by the Trustee for the purposes of the Trust Deed and the
            Bonds may be given on such terms and subject to such conditions (if any) as the Trustee may require and (notwithstanding any provision to the contrary) may be given retrospectively;

   

  		12.2.5	Conversion of currency: where it is necessary or desirable for any purpose in connection with
            this Trust Deed to convert any sum from one currency to another it shall (unless otherwise provided by this Trust Deed or required by law) be converted at such rate(s) of exchange, in accordance with such method and as at such date for the
            determination of such rate(s) of exchange as may be specified by the Trustee in its absolute discretion as relevant and any rate of exchange, method and date so specified shall be binding on the Issuer and the Bondholders;

   

  		12.2.6	Application of proceeds: the Trustee shall not be responsible for the receipt or application
            by the Issuer of the proceeds of the issue of the Bonds;

   

  		12.2.7	Events of Default: the Trustee shall inform the Bondholders upon its receipt of a notice in
            writing from the Issuer of the occurrence of an Event of Default or a breach of the covenants given by the Issuer, however, the Trustee shall not be bound to take any steps to ascertain whether any Event of Default has happened and, until it
            shall have actual knowledge or express notice to the contrary, the Trustee shall be entitled to assume that no Event of Default has happened and that the Issuer is observing and performing all the obligations on its part contained in the Trust
            Deed, the Bonds or any other agreement or document relating to the transactions herein or therein contemplated and no event has happened as a consequence of which any of the Bonds may become repayable;

   

  		12.2.8	Initiate proceedings: the Trustee may settle or litigate any claims, debts or damages due by
            it or owing to it, it may take all action, initiate all proceedings and exercise all rights and powers as it may deem appropriate for the purposes of this Trust Deed;

   

  		12.2.9	External advice: the Trustee may, in the conduct of its obligations pursuant to the Trust Deed and the Bonds,
            appoint and pay reasonable fees to an external adviser, whether or not a lawyer or other professional person, to advise or provide legal or expert assistance, or concur in advising or providing such assistance, on any business and such
            appointment shall be notified to the Issuer and the Trustee shall not be responsible for any misconduct or omission on the part of any person appointed by it hereunder or be bound to supervise the proceedings or acts of, and shall not in any way or to any extent be responsible for any Liability incurred by reason of the misconduct, omission or default on the part of, any such person (except insofar as the same are incurred because of the
              wilful misconduct or gross negligence of the Trustee or such other third parties). The Trustee shall not appoint an external adviser who provides similar services to the Issuer;

   

  

  
  
     

  

  
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  		12.2.10	Bondholders as a class: whenever in this Trust Deed or the Conditions the Trustee is required
            in connection with the exercise of its functions to have regard to the interests of the Bondholders, it shall have regard to the interests of the Bondholders as a class. The Trustee shall not have regard to any interests arising from
            circumstances particular to individual Bondholders (whatever their number) and, in particular but without limitation, shall not have regard to the consequences of the exercise of its trusts, powers or discretions for individual Bondholders
            resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory, and the Trustee shall not be entitled to require, nor shall any Bondholder be
            entitled to claim, from the Issuer or any other person any indemnification or payment in respect of any tax consequence of any such exercise upon individual Bondholders, except to the extent provided for in this Trust Deed or the Conditions;

   

  		12.2.11	Agents: the Trustee may, in conducting its rights and obligations under this Trust Deed
            instead of acting personally, employ and pay an agent on any terms, whether or not a lawyer or other professional person, to transact or conduct, or concur in transacting or conducting, any business and to do or concur in doing all acts
            required to be done by the Trustee (including the receipt and payment of money) and the Trustee shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or
            default on the part of any person appointed by it hereunder to the extent that the Trustee has selected the agent exercising due care and has exercised reasonable oversight over the agent’s actions;

   

  		12.2.12	Delegation: the Trustee may, in the execution and exercise of all or any of the powers,
            authorities and discretions vested in it by the Trust Deed, whenever it thinks fit, whether by power of attorney or otherwise, delegate to any person or persons reasonably deemed competent for the intended purpose all or any of the powers,
            authorities and discretions vested in it by the Trust Deed. Any such delegation may be made upon such terms and conditions and subject to such regulations (including power to sub-delegate with the consent of the Trustee) as the Trustee may
            think fit in the interests of the Bondholders and the Trustee shall not in any way or to any extent be responsible for any Liability incurred by reason of the misconduct, omission or default on the part of such delegate or sub-delegate to the
            extent that the Trustee has selected the delegate or sub-delegate exercising due care and has exercised reasonable oversight over its actions; and

   

  		12.2.13	Confidentiality: the Trustee shall, and shall ensure that each of its agents as referred to in Clause 12.2.11
            above and its delegates and sub-delegates as referred to in Clause 12.2.12 above will and are bound by the same obligation to, respect and protect the confidentiality of all information acquired as a result of or pursuant to the Trust Deed,
            including (but not limited to) any notices pursuant to Clause 5.3 or Clause 9.6 and the Issuer's intention to give any such notice, and will not, without the Issuer's prior written consent, disclose any such information to a third party, unless it is required to do so by any applicable law or regulation or is specifically authorised to do so hereunder or by any separate agreement, especially where the provision of such information is the
              object or part of the service to be provided by the Trustee. Where any such information may constitute price-sensitive information, the Trustee shall, and shall ensure that each of its delegates and sub-delegates will and are bound by the
              same obligation to keep that information strictly confidential until that information has been made publicly available other than as a result of a breach by the Trustee or any of its delegates or sub-delegates of this Clause.

   

  

  
  
     

  

  
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  		12.3	Financial matters 

   

  		12.3.1	Annual Reports: The Trustee shall make available for public inspection, at its Amsterdam
            office and at the Principal Paying, Transfer and Conversion Agent’s specified office, copies of the Trustee’s balance sheet and its profit and loss account for the preceding calendar year, and a written report of its activities during that
            calendar year;

   

  		12.3.2	Expenditure by the Trustee: the Trustee may refrain from taking any action or exercising any
            right, power, authority or discretion vested in it under the Bonds, the Trust Deed or any other agreement relating to the transactions herein or therein contemplated or from taking any action to enforce the security until it has been
            indemnified and/or secured to its satisfaction against any and all Liabilities which might be brought, made or conferred against or suffered, incurred or sustained by it as a result (which may include payment on account). When determining
            whether an indemnity or any security or pre-funding is satisfactory to it, the Trustee shall be entitled (i) to evaluate its risk in any given circumstance by considering the worst-case scenario and (ii) to require that any indemnity or
            security or prefunding given to it by the Bondholders or any of them be given on a joint and several basis and be supported by evidence satisfactory to it as to the financial standing and creditworthiness of each counterparty and/or as to the
            value of the security and an opinion as to the capacity, power and authority of each counterparty and/or the validity and effectiveness of the security. Nothing contained in the Trust Deed or the Bonds shall require the Trustee to expend or
            risk its own funds or otherwise incur any financial liability in the performance of its duties or the exercise of any right, power, authority or discretion hereunder if it has grounds for believing the repayment of such funds or adequate
            indemnity against, or security for, such risk or liability is not reasonably assured to it; and

   

  		12.3.3	Deductions and withholdings: notwithstanding anything contained in the Trust Deed or the
            Bonds, to the extent required by applicable law, if the Trustee is required to make any deduction or withholding from any distribution or payment made by it under the Trust Deed or the Bonds (other than in connection with its remuneration as
            provided for herein) or if the Trustee is otherwise charged to, or may become liable to, tax as a consequence of performing its duties under the Trust Deed or the Bonds, then the Trustee shall be entitled to make such deduction or withholding
            or (as the case may be) to retain out of sums received by it an amount sufficient to discharge any liability to tax which relates to sums so received or distributed or to discharge any such other liability of the Trustee to tax from the funds
            held by the Trustee pursuant to the Trust Deed.

   

  

  
  
     

  

  
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  		12.4	Trustee Liability: Notwithstanding anything to the contrary in the Trust Deed or the
            Conditions, the Trustee shall not be liable to any person for any matter or thing done or omitted in any way in connection with or in relation to the Trust Deed or the Conditions save in relation to its own wilful misconduct or gross
            negligence.

   

  		13	Modification, Waiver and Proof of Default 

   

  		13.1	Modification and Waiver: The Trustee may agree, without the consent of the Bondholders, to (i)
            any modification of any of the provisions of this Trust Deed, any trust deed supplemental to this Trust Deed, the Paying, Transfer and Conversion Agency Agreement, any agreement supplemental to the Paying, Transfer and Conversion Agency
            Agreement, the Bonds or the Conditions which in the Trustee’s opinion is of a formal, minor or technical nature or is made to correct a manifest error or to comply with mandatory provisions of law, and (ii) any other modification to this Trust
            Deed, any trust deed supplemental to this Trust Deed, the Paying, Transfer and Conversion Agency Agreement, any agreement supplemental to the Paying, Transfer and Conversion Agency Agreement, the Bonds or the Conditions (except the matters set
            out in paragraph 16.7 of Schedule 4), and any waiver or authorisation of any breach or proposed breach, of any of the provisions of this Trust Deed, any trust deed supplemental to this Trust Deed, the Paying, Transfer and Conversion Agency
            Agreement, any agreement supplemental to the Paying, Transfer and Conversion Agency Agreement, the Bonds or the Conditions which is, in the opinion of the Trustee, not materially prejudicial to the interests of the Bondholders. The Trustee may,
            without the consent of the Bondholders, determine that any Event of Default should not be treated as such, provided that in the opinion of the Trustee, the interests of Bondholders will not be materially prejudiced thereby. Any such
            modification, authorisation, waiver or determination shall be binding on the Bondholders and, if the Trustee so requires, shall be notified to the Bondholders promptly in accordance with the proviso to paragraph 16 of Schedule 4.

   

  		13.2	Proof of Default: If it is proved that as regards any specified Bond the Issuer has made
            default in paying any sum due to the relevant Bondholder, such proof will (unless the contrary be proved) be sufficient evidence that the same default has been made as regards all other Bonds which are then payable.

   

  		14	Trustee not precluded from entering into Contracts 

   

  The Trustee and any other person, whether or not acting for itself may acquire,
      hold or dispose of, any Bond or any Shares or other securities (or any interest therein) of the Issuer or any other person with the same rights as it would have had if the Trustee were not Trustee and may enter into or be interested in any contracts
      or transactions with the Issuer or any such person and may act on, or as depositary or agent for, any committee or body of holders of any securities of any such person in each case with the same rights as it would have had if the Trustee were not
      acting as Trustee and need not account for any profit.

   

  		15	Appointment, Retirement and Removal of the Trustee:

   

  		15.1	Appointment: Subject as provided in Clause 15.2 below, the Issuer has the power of appointing
            a new trustee or trustees but no one may be so appointed unless previously approved by an Extraordinary Resolution. Any appointment of a new Trustee will be notified by the Issuer to the Bondholders and the Principal Paying, Transfer and
            Conversion Agent as soon as practicable.

   

  

  
  
     

  

  
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  		15.2	Retirement and Removal: Any Trustee may retire at any time on giving not less than three
            months’ notice in writing to the Issuer without giving any reason and without being responsible for any costs (which costs shall be borne by the Issuer) occasioned by such retirement and the Bondholders may by Extraordinary Resolution remove
            any Trustee. If a trustee gives notice of retirement or an Extraordinary Resolution is passed for its removal under this Clause 15.2, the Issuer will use all reasonable endeavours to procure that another trustee be appointed as Trustee but if
            it fails to do so before the expiry of such three month notice period, the Trustee shall have the power to appoint a new Trustee.

   

  		15.3	Appointment, Resignation and Removal of Directors:

   

  		15.3.1	Pursuant to the Trustee’s articles of association, the Trustee’s board (bestuur) shall consist
            of one or more Trustee directors (bestuurders) to be appointed by the Trustee’s board. Trustee directors may only be trust companies in the Netherlands having a licence under the Dutch Act on Supervision of Trust Companies (Wet
              toezicht trustkantoren) as well as natural persons and/or legal entities engaged by such trust companies. Trustee directors may be suspended and dismissed by the Trustee’s board. The Bondholders may also dismiss a Trustee director by
            Extraordinary Resolution, provided that neither the Trustee nor the Trustee director so dismissed shall be responsible for any costs or expenses arising from any such dismissal.

   

  		15.3.2	The Trustee’s board shall elect out of its midst a chairman, in case the Trustee’s board would
            consist of more than one Trustee director.

   

  		15.3.3	In case of one or more vacancies in the Trustee’s board, the remaining Trustee directors unanimously
            (or the sole remaining Trustee director) shall fill such vacancy or vacancies by the appointment of one or more successors within three months after the creation of the vacancy or vacancies.

   

  	

        	15.3.4	In case of any vacancies then the remaining Trustee directors or the sole remaining Trustee director
            shall nevertheless constitute a lawful Trustee’s board.

   

   

  
  		15.3.5	In case of any disagreement among the remaining Trustee directors about the appointment and also in
            case at any time all Trustee directors would be absent and finally in case the remaining Trustee directors should fail to fill the vacancy or vacancies within the period mentioned in Clause 15.3.3, those vacancies shall be filled by the
            Bondholders by Extraordinary Resolution.

   

  		15.3.6	Membership of the Trustee’s board shall terminate by:

   

  		(i)	death or dissolution;

   

  		(ii)	loss of free disposal of assets;

   

  		(iii)	voluntary resignation (vrijwillig aftreden), provided that in case the resigning Trustee
            director was the sole Trustee director (for the avoidance of doubt, unless dismissal is automatic per the Trustee’s articles of association), such resignation will not become effective until a successor Trustee director has been appointed;

   

  		(iv)	dismissal by virtue of Section 2:298 of the Dutch Civil Code;

   

  

  
  
     

  

  
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  		(v)	a resolution of the other Trustee directors passed unanimously;

   

  		(vi)	cancellation of the licence under the Dutch Act on Financial Supervision of Trust Companies (Wet
              toezicht trustkantoren);

   

  		(vii)	bankruptcy or suspension of payments;

   

  		(viii)	Extraordinary Resolution, provided that neither the Trustee nor the Trustee director so removed shall
            be responsible for any costs or expenses arising from any such removal; or

   

  		(ix)	in case a Trustee director engaged by a trust company as defined in Clause 15.3.1 is no longer
            engaged by such trust company.

   

  		15.4	Merger: A corporation or other legal entity into which the Trustee may be merged or converted,
            or any corporation or other legal entity with which the Trustee may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, shall, on the date when the merger, conversion
            or consolidation becomes effective and to the extent permitted by any applicable laws and subject to any requirements set out in this Trust Deed become the successor trustee under this Trust Deed without the execution or filing of any paper or
            any further act on the part of the parties to this Trust Deed, unless otherwise required by the Issuer, and after the said effective date, all references in this Trust Deed to the Trustee shall be deemed to be references to such successor
            corporation or legal entity. Written notice of any such merger, conversion or consolidation shall immediately be given to the Issuer by the Trustee.

   

  		16	Currency Indemnity 

   

  		16.1	Currency of Account and Payment: Euro (the “Contractual Currency”) is the sole currency of account and
            payment for all sums payable by the Issuer under or in connection with this Trust Deed and the Bonds, including damages.

   

  		16.2	Extent of Discharge: An amount received or recovered in a currency other than the Contractual
            Currency (whether as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction, in the insolvency, winding-up or dissolution of the Issuer or otherwise) by the Trustee or any Bondholder in respect of any sum
            expressed to be due to it from the Issuer will only discharge the Issuer to the extent of the Contractual Currency amount which the recipient is able to purchase with the amount so received or recovered in that other currency on the date of
            that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so).

   

  		16.3	Indemnity: If that Contractual Currency amount is less than the Contractual Currency amount
            expressed to be due to the recipient under this Trust Deed or the Bonds, the Issuer will indemnify it against any loss sustained by it as a result. In any event, the Issuer will indemnify the recipient against the cost of making any such
            purchase.

   

  		16.4	Indemnity separate: The indemnities in this Clause 16 and in Clause 10.4 constitute separate
            and independent obligations from the other obligations in this Trust Deed, will give rise to a separate and independent cause of action.

  

   

  

  
  
     

  

  
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  		17	Communications 

   

  Any communication shall be by letter, facsimile transmission or electronic
      communication:

   

  in the case of the Issuer, to it at:

   

  	
          Address:

          

        	Takeaway.com N.V.
	 	 
	 	Oosterdoksstraat 80, 1011 DK Amsterdam, the Netherlands
	 	 
	Email:	brent.wissink@takeaway.com / jitse.groen@takeaway.com
	Attention:	Brent Wissink / Jitse Groen
	 	 
	and in the case of the Trustee, to it at:
	 	 
	Address:	Stichting Trustee Takeaway.com
	 	Hoogoorddreef 15, 1101 BA, Amsterdam
	 	 
	Fax no.:	+31 20 5222 500
	Email:	NLSupervisory@sgggroup.com
	Attention:	The Directors

   

  or to such other address, facsimile number, email address or attention details of
      which shall have been notified in writing (in accordance with this Clause 17) to the other parties hereto.

   

  Communications will take effect, in the case of a letter, when delivered, in the
      case of a fax, when the relevant delivery receipt is received by the sender, or in the case of an electronic communication when the relevant receipt of such communication being read is given, or where no read receipt is requested by the sender, at
      the time of sending, provided that no delivery failure notification is received by the sender within 24 hours of sending such communication; provided that any communication which is received (or deemed to take effect in accordance with the foregoing)
      outside business hours or on a non-business day in the place of receipt shall be deemed to take effect at the opening of business on the next following business day in such place. Any communication delivered to any party under this Trust Deed which
      is to be sent by fax or electronic communication will be written legal evidence.

   

  		18	No rescission 

   

  Each party to this Trust Deed waives its rights under Sections 6:228 (Dwaling),

      6:265 (Ontbinding) and, to the extent legally permissible, 6:230 (Wijziging op verzoek) of the Dutch Civil Code to rescind, annul or to dissolve this Trust Deed in whole or in part.

   

  		19	Governing Law and Jurisdiction 

   

  		19.1	Governing Law: This Trust Deed and any non-contractual obligations arising out of or in
            connection with it, including, for the avoidance of doubt, Clause 19.2, shall be governed by and construed in accordance with the law of The Netherlands.

   

  		19.2	Jurisdiction: The courts of Amsterdam, the Netherlands, subject to the authority of the
            Trustee, if it considers this expedient to do so, to agree to prorogation (prorogatie), are to have exclusive jurisdiction to settle any disputes which may arise out of or in connection with this Trust Deed or the Bonds (and any
            non-contractual obligations arising out of or in connection with them) and accordingly any legal action or proceedings arising out of or in connection with this Trust Deed or the Bonds (“Proceedings”) may be brought in such courts. The
            Issuer irrevocably submits to the jurisdiction of such courts and waives any objections to Proceedings in such courts on the ground of venue or on the ground that the Proceedings have been brought in an inconvenient forum. This submission is
            for the benefit of each of the Trustee and the Bondholders.

   

  

  
  
     

  

  
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  		20	Counterparts 

   

  This Trust Deed and any trust deed supplemental hereto may be executed in any
      number of counterparts, and by each party on separate counterparts. Each counterpart is an original, but all counterparts shall together constitute one and the same instrument. Delivery of a counterpart of this Trust Deed or any trust deed
      supplemental hereto by email attachment or telecopy shall be an effective mode of delivery.

   

  

  
  
     

  

  
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  SCHEDULE 1

  Terms and Conditions of the Bonds

   

  		1	General

   

  		1.1	Description

   

  Each Bond evidenced by this certificate is one of a duly authorised issue of debt
      securities of Takeaway.com N.V., a limited liability company (naamloze vennootschap) incorporated under the laws of The Netherlands (the “Issuer”), designated as its €250,000,000 2.25 per cent. convertible bonds due 2024 (the “Bonds”,

      which expression shall include any Further Bonds issued pursuant to Section 15.6). The Bonds will mature on 25 January 2024 (the “Maturity Date”). The Bonds are issued in denominations of €100,000 each. The Bonds are constituted by a Trust
      Deed (the “Trust Deed”) dated 25 January 2019 between the Issuer and Stichting Trustee Takeaway.com (the “Trustee” which expression shall include all persons for the time being the trustee or trustees under the Trust Deed) as trustee
      for the holders of the Bonds. The Issuer has also entered into a paying, transfer and conversion agency agreement (the “Agency Agreement”) dated 25 January 2019 with ABN AMRO Bank N.V., as principal paying, transfer and conversion agent (the “Principal

        Paying, Transfer and Conversion Agent”) and as registrar in respect of the Bonds (the “Registrar”) and the other paying and conversion agents named therein (the “Conversion Agents” and, together with the Principal Paying, Transfer
      and Conversion Agent and the Registrar, collectively, the “Agents”, which term shall include successors and assigns of any such Agent as the context requires). The holders of the Bonds are entitled to the benefit of, are bound by, and are
      deemed to have notice of, all the provisions of the Trust Deed and are deemed to have notice of those applicable to them of the Agency Agreement. The Issuer has also entered into a calculation agency agreement dated 25 January 2019 (the “Calculation

        Agency Agreement”) with Conv-Ex Advisors Limited (the “Calculation Agent”, which expression shall include any successor as calculation agent under the Calculation Agency Agreement) whereby the Calculation Agent has been appointed to make
      certain calculations in relation to the Bonds. Copies of the Trust Deed, Agency Agreement and Calculation Agency Agreement are available for inspection by holders of the Bonds during usual office hours at the office of the Trustee at Hoogoorddreef
      15, 1101 BA, Amsterdam, the Netherlands, and at the specified offices of the Principal Paying, Transfer and Conversion Agent and the Registrar.

   

  		1.2	Definitions

   

  Capitalised terms used herein are defined in Section 14. Capitalised terms used but
      not defined in these terms and conditions (these “Conditions”) shall have the meanings attributed to them in the Trust Deed unless the context requires otherwise or unless otherwise stated.

   

  		2	Status of the Bonds and Negative Pledge

   

  		2.1	Status

   

  The Bonds constitute direct, unconditional, unsubordinated and (subject to Section
      2.2) unsecured obligations of the Issuer and shall at all times rank pari passu and without preference among themselves and at least equally with all other unsecured and unsubordinated obligations of the Issuer, present and future (subject to
      any obligations preferred by mandatory provisions of law).

   

  

  
  
     

  

  
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  		2.2	Negative Pledge

   

  So long as any Bond remains outstanding (as defined in the Trust Deed), the Issuer
      will not, and will ensure that none of its Material Subsidiaries will, create or permit to subsist any mortgage, charge, lien, pledge or other security interest, upon the whole or any part of its present or future undertaking, assets or revenues
      (including any uncalled capital) to secure any Capital Markets Indebtedness or to secure any guarantee or indemnity in respect of any Capital Markets Indebtedness, without at the same time or prior thereto providing the Bonds with the same security
      as is created or subsisting to secure any such Capital Markets Indebtedness, guarantee or indemnity or such other security as either (i) the Trustee shall in its absolute discretion deem not materially less beneficial to the interest of the
      Bondholders or (ii) shall be approved by an Extraordinary Resolution of the Bondholders.

   

  In this Section 2.2, “Capital Markets Indebtedness” means any present or future
      indebtedness (whether being principal, interest or other amounts) which is in the form of, or represented or evidenced by, bonds, notes, debentures, loan stock or other securities, whether issued for cash or in whole or in part for a consideration
      other than cash, which for the time being are, or are intended to be or capable of being, quoted, listed or dealt in or traded on any stock exchange or over-the-counter or other securities market.

   

  		3	Payments

   

  		3.1	Principal

   

  Unless previously redeemed, converted, settled or purchased and cancelled as provided
      herein, the principal amount of each Bond will be payable on the Maturity Date. The amount due on the Maturity Date shall be 100 per cent. of its principal amount (the “Redemption Price”).

   

  		3.2	Interest

   

  		(a)	Generally

   

  The Bonds bear interest from and including the Closing Date at a rate of 2.25 per
      cent. per annum, payable semi-annually in arrear in equal instalments on 25 July and 25 January in each year and on the Maturity Date (each an “Interest Payment Date”), commencing on 25 July 2019. The interest payable on each Interest Payment
      Date will be the interest accrued (a) in respect of the interest period commencing on the Closing Date, from and including the Closing Date to but excluding such Interest Payment Date; and (b) in respect of each subsequent interest period, from and
      including the most recent prior Interest Payment Date to which interest on the Bonds has been fully paid or duly provided for, to but excluding such Interest Payment Date (each, an “Interest Period”). The amount of interest payable in respect
      of a Bond for any period (a “Short Period”) which is shorter than an Interest Period shall be calculated on the basis of the number of days in such Short Period from (and including) the first day of such Short Period to (but excluding) the
      last day of such Short Period divided by the product of (x) the number of days from (and including) the first day of such Short Period to (but excluding) the Interest Payment Date falling after the first day of such Short Period and (y) the number of
      Interest Periods normally ending in any year.

   

  		(b)	Accrued Interest

   

  In respect of any Bonds for which a Conversion Notice has been given, interest shall
      cease to accrue with effect from the Interest Payment Date immediately preceding the relevant Conversion Date (or, if none, the Closing Date) and, subject as provided below, no interest shall be paid on such Bonds in respect of any period commencing
      on or after such Interest Payment Date (or, as the case may be, the Closing Date) to which interest on the Bonds has been fully paid or duly provided for.

   

  

  
  
     

  

  
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  In respect of Bonds for which the Issuer has given a Redemption Notice and
      subsequently Conversion Rights have been exercised, interest shall accrue at the rate provided in Section 3.2(a) above to but excluding the Conversion Date if the Redemption Notice is given on or after the 15th Business Day prior to a Dividend Determination Date in respect of any Cash or Stock Dividend on the Shares, and the redemption date specified in such notice falls on or prior to 14 Business
      Days after the first Interest Payment Date following such Dividend Determination Date. The Issuer shall pay any such interest by not later than 14 days after the relevant Conversion Date by transfer to a euro account with a bank in a city in which
      banks have access to the TARGET System in accordance with instructions given by the relevant Bondholder in the relevant Conversion Notice. However, no such interest shall be paid if the relevant Cash or Stock Dividend on the Shares has resulted in an
      adjustment to the Conversion Price and which is applicable to the relevant exercise of Conversion Rights.

   

  Where a Bond is redeemed pursuant to Section 4.1, 4.2, 4.3 or 4.4, interest on such
      Bond will accrue up to, but excluding, the due date for redemption thereof unless payment of principal is improperly withheld or refused, in which event interest will continue to accrue at the rate specified in Section 3.2(a) (both before and
      after judgment) up to, but excluding, the Relevant Date.

   

  		(c)	Repayment of Certain Amounts

   

  If any Bondholder shall have received any interest payment to which it was not
      entitled by virtue of Section 3.2(d) below, such Bondholder shall promptly repay the amount of such interest payment to the Issuer by wire transfer in immediately available funds or in such other manner notified by the Issuer to such
      Bondholder.

   

  		(d)	Record Date

   

  The interest payable on any Interest Payment Date will be paid to the Person in whose
      name the Bonds are registered at 5:00 p.m. (local time in the place of payment) on the Record Date. In these Conditions, “Record Date” means the date falling five Business Days before the due date for any payment.

   

  		3.3	Due Date not a Business Day

   

  Notwithstanding any other provision of the Bonds or the Agency Agreement, if the date
      on which any principal, interest or other payment obligation is due falls on a day that is not a Business Day, the Issuer shall have until (and including) the next succeeding Business Day to satisfy its payment obligation, and any such payment shall
      be given the same force and effect as if made on the date on which such principal, interest or other payment obligation was due. Bondholders shall not be entitled to any further interest or other payments for such delay.

   

  		3.4	Overdue Payment Obligations

   

  Any overdue principal of or interest on the Bonds, or any other overdue amount on any
      payment obligation hereunder, will bear interest payable on demand at a rate per annum equal to EURIBOR but not less than zero, from and including the date of default to but excluding the date when paid.

   

  

  
  
     

  

  
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  		3.5	Payment Procedures

   

  The Issuer will, unless otherwise specified in these Conditions, discharge its payment
      obligations hereunder by paying to the Principal Paying, Transfer and Conversion Agent under the Agency Agreement, and causing the Principal Paying, Transfer and Conversion Agent to tender to each Bondholder, on or before the due date thereof for
      value as of such due date an amount of euros in immediately available funds that is sufficient to satisfy such payment obligation. All amounts payable to any Bondholder hereunder, or to the Principal Paying, Transfer and Conversion Agent under the
      Agency Agreement will, unless otherwise specified in these Conditions, be paid to such account as appears on the Bonds Register at 5:00 p.m. (local time in the place of payment) on the Record Date or as the Principal Paying, Transfer and Conversion
      Agent shall notify to the Issuer, as the case may be, in accordance with the terms of the Agency Agreement. Bonds in certificated form shall be presented and surrendered for payment on maturity at the office of the Principal Paying, Transfer and
      Conversion Agent or such other establishment as notified to the Bondholders from time to time in accordance with Section 15.7.

   

  		4	Redemption

   

  		4.1	Redemption at the Option of the Issuer

   

  On giving not less than 30 nor more than 60 days’ notice (an “Optional Redemption
        Notice”) to the Principal Paying, Transfer and Conversion Agent, the Trustee and to the Bondholders in accordance with Section 15.7, the Issuer may elect to redeem all but not some only of the Bonds on the date (the “Optional Redemption Date”)

      specified in the Optional Redemption Notice at the Redemption Price, together with accrued but unpaid interest up to (but excluding) the Optional Redemption Date:

   

  		(a)	at any time on or after 9 February 2022, if the
            Parity Value on each of at least 20 Trading Days in any period of 30 consecutive Trading Days ending not more than seven Trading Days prior to the giving of the relevant Optional Redemption Notice, shall have equalled or exceeded €130,000, as
            verified by the Calculation Agent; or

   

  		(b)	at any time following the date on which
            Conversion Rights become exercisable if, prior to the date the relevant Optional Redemption Notice is given, Conversion Rights or Investor Cash Settlement Rights shall have been exercised and/or purchases (and corresponding cancellations)
            and/or redemptions effected in respect of 85 per cent. or more in principal amount of the Bonds originally issued (which shall for this purpose include any Further Bonds).

   

  		4.2	Redemption for Taxation Reasons

   

  At any time the Issuer may, having given not less than 30 nor more than 60 days’
      notice (a “Tax Redemption Notice”) to the Principal Paying, Transfer and Conversion Agent, the Trustee and the Bondholders in accordance with Section 15.7, redeem (subject to the second following paragraph) all but not some only of the Bonds
      outstanding on the date (the “Tax Redemption Date”) specified in the Tax Redemption Notice at the Redemption Price plus accrued interest to but excluding the Tax Redemption Date, if (a) the Issuer satisfies the Trustee immediately prior to the
      giving of such notice that the Issuer has or will become obliged to pay additional amounts in respect of payments of interest on the Bonds pursuant to Section 6 as a result of any change in, or amendment to, the laws or regulations of any Taxing
      Jurisdiction or any political subdivision or any authority thereof or therein having power to tax, or any change in the general application or official interpretation of such laws or regulations, which change or amendment becomes effective on or
      after 18 January 2019, and (b) such obligation cannot be avoided by the Issuer taking reasonable measures available to it, provided that no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer
      would be obliged to pay such additional amounts were a payment in respect of the Bonds then due. Prior to the publication of any notice of redemption pursuant to this paragraph, the Issuer shall deliver to the Trustee (1) a certificate signed by a
      member of the board of management (lid van de raad van bestuur) of the Issuer stating that the Issuer is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the right of the Issuer
      so to redeem have occurred, and (2) an opinion of independent legal or tax advisers of recognised standing to the effect that such change or amendment has occurred and that the Issuer has or will become obliged to pay such additional amounts as a
      result thereof (irrespective of whether such amendment or change is then effective).

   

  

  
  
     

  

  
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  On the Tax Redemption Date the Issuer shall (subject to the next following paragraph)
      redeem the Bonds at the Redemption Price, together with accrued interest to such date.

   

  If the Issuer gives a Tax Redemption Notice, each Bondholder will have the right to
      elect that its Bonds shall not be redeemed and that the provisions of Section 6 shall not apply in respect of any payment of interest to be made on such Bonds which falls due after the relevant Tax Redemption Date, whereupon no additional amounts
      shall be payable in respect thereof pursuant to Section 6 and payment of all amounts of such interest on such Bonds shall be made subject to the deduction or withholding of any taxation in the relevant Taxing Jurisdiction required to be withheld or
      deducted. To exercise such right, the holder of the relevant Bond must complete, sign and deposit at the specified office of the Principal Paying, Transfer and Conversion Agent or any Conversion Agent, a duly completed and signed notice of election,
      in the form for the time being current, obtainable from the specified office of the Principal Paying, Transfer and Conversion Agent or any Conversion Agent together with the relevant Bonds on or before the day falling 10 days prior to the Tax
      Redemption Date.

   

  		4.3	Redemption due to non-satisfaction of Share Settlement Condition

   

  The Issuer (A) may, at any time after an EGM has been held (at which Shareholder
      Resolutions have been presented) but the Shareholder Resolutions have not been passed, and (B) shall, (i) if the Shareholder Resolutions have not been passed on or before the Long Stop Date or (ii) a No-Acquisition Event has occurred, having given
      not less than 30 nor more than 60 days’ notice to the Principal Paying, Transfer and Conversion Agent, the Trustee and the Bondholders in accordance with Section 15.7:

   

  		(i)	in the case of (A) or (B)(i) above, such notice
            (a “Shareholder Event Notice”) to be given not later than the date which is the tenth Business Day following the Long Stop Date (the “Shareholder Event Notice Deadline”); or

   

  		(ii)	in the case of (B)(ii) above, such notice (a “No-Acquisition

              Event Notice”) to be given not later than the date which is the tenth Business Day following the date on which the No-Acquisition Event occurs,

   

  in each case, redeem all but not some only of the Bonds outstanding on the date (the “Fair

        Bond Value Redemption Date”) falling three Business Days after the end of the Fair Bond Value Calculation Period at an amount equal to the Fair Bond Value Redemption Price.

   

  

  
  
     

  

  
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  		4.4	Redemption at the Option of Bondholders upon a Change of Control

   

  Following the occurrence of a Change of Control, the holder of each Bond will have the
      right to require the Issuer to redeem that Bond on the Change of Control Put Date at its Redemption Price, plus accrued interest to but excluding the Change of Control Put Date. To exercise such right, the holder of the relevant Bond must deliver
      such Bond to the specified office of the Principal Paying, Transfer and Conversion Agent or any Conversion Agent, together with a duly completed and signed notice of exercise in the form for the time being current obtainable from the specified office
      of the Principal Paying, Transfer and Conversion Agent or any Conversion Agent (a “Change of Control Put Exercise Notice”), at any time during the Change of Control Period. The “Change of Control Put Date” shall be the fourteenth
      calendar day after the expiry of the Change of Control Period.

   

  Payment in respect of any such Bond shall be made by transfer to a euro account with a
      bank in a city in which banks have access to the TARGET System as specified by the relevant Bondholder in the relevant Change of Control Put Exercise Notice.

   

  A Change of Control Put Exercise Notice, once delivered, shall be irrevocable and the
      Issuer shall redeem all Bonds the subject of Change of Control Put Exercise Notices delivered as aforesaid on the Change of Control Put Date.

   

  Within 14 calendar days following the occurrence of a Change of Control, the Issuer
      shall give notice thereof to the Bondholders in accordance with Section 15.7 (a “Change of Control Notice”). The Change of Control Notice shall contain a statement informing Bondholders of their entitlement to exercise their Investor Cash
      Settlement Rights or Conversion Rights, as the case may be, as provided in these Conditions and their entitlement to exercise their rights to require redemption of their Bonds pursuant to this Section 4.4.

   

  The Change of Control Notice shall also specify:

   

  		(a)	all information material to Bondholders concerning the Change of
            Control;

   

  		(b)	the Conversion Price immediately prior to the
            occurrence of the Change of Control and the Change of Control Conversion Price applicable pursuant to Section 5.4(c) during the Change of Control Period on the basis of the Conversion Price in effect immediately prior to the occurrence
            of the Change of Control;

   

  		(c)	the Closing Price of the Shares as at the latest practicable date
            prior to the publication of the Change of Control Notice;

   

  		(d)	the Change of Control Period;

   

  		(e)	the Change of Control Put Date; and

   

  		(f)	such other information relating to the Change of Control as the
            Trustee may reasonably require.

   

  The Trustee shall not be required to monitor or take any steps to ascertain whether a
      Change of Control or any event which could lead to a Change of Control has occurred or may occur and will not be responsible or liable to Bondholders or any other person for any loss arising from any failure by it to do so.

   

  		4.5	Redemption Notices

   

  Any Redemption Notice shall be irrevocable. Any such notice shall specify (i) the
      Optional Redemption Date, the Tax Redemption Date or, as the case may be, the expected Fair Bond Value Redemption Date which shall be a Business Day, (ii) the Conversion Price, the aggregate principal amount of the Bonds outstanding and the Closing
      Price of the Shares, in each case as at the latest practicable date prior to the publication of the Redemption Notice and (iii) the last day on which Investor Cash Settlement Rights or Conversion Rights, as applicable, may be exercised by
      Bondholders.

   

  

  
  
     

  

  
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  		5	Conversion Rights and Investor Cash Settlement Rights

   

  		5.1	Conversion Rights, Investor Cash Settlement Rights and Conversion Price

   

  		(a)	Conversion Rights and Investor Cash Settlement Rights

   

  Subject as provided in these Conditions, each Bond shall entitle the Bondholder to require the Issuer to:

   

  		(i)	if the Issuer shall have given a Physical
            Settlement Notice and provided that the relevant Conversion Date falls during the Conversion Period, convert each Bond into the relevant number of Shares as provided in Section 5.3 (“Conversion Rights”), as determined by the Calculation
            Agent by reference to the conversion price (the “Conversion Price”) in effect on the relevant Conversion Date; and

   

  		(ii)	upon the occurrence of a Change of Control (if
            any) prior to the start of the Conversion Period and in circumstances where the relevant Conversion Date falls within the Change of Control Period and prior to the Conversion Period, settle such Bond at the relevant Cash Alternative Amount (the
            “Investor Cash Settlement Right”).

   

  Subject to and as provided in these Conditions and following the Physical Settlement
      Date (if any), Conversion Rights may only be exercised from the later of (i) such Physical Settlement Date (inclusive) and (ii) 7 March 2019 (inclusive) in each case, until (and including) the earlier of (a) the seventh Business Day preceding the
      Maturity Date or (b) if the Bonds have been called for redemption prior to the Maturity Date, the seventh Business Day preceding the relevant redemption date.

   

  The period during which Conversion Rights may (subject as provided herein) be
      exercised by a Bondholder is referred to as the “Conversion Period”. Investor Cash Settlement Rights may not be exercised at any time if the relevant Conversion Date would fall during the Conversion Period.

   

  The Issuer shall, not later than 5 Business Days following the Long Stop Date (or, if
      the Share Settlement Condition is satisfied prior to the Long Stop Date, not later than 5 Business Days following satisfaction of the Share Settlement Condition) give notice to the Bondholders in accordance with Section 15.7 and to the Principal
      Paying, Transfer and Conversion Agent, the Registrar and the Calculation Agent:

   

  		(1)	where the Share Settlement Condition has been
            satisfied, stating that with effect from and including the Physical Settlement Date specified in such notice, Conversion Rights shall be exercisable (such notice, the “Physical Settlement Notice”); or

   

  		(2)	where the Share Settlement Condition has not
            been satisfied, stating that the Share Settlement Condition has not been satisfied and that it intends to redeem the Bonds by publishing a Shareholder Event Notice in accordance with Section 4.3(i).

   

  

  
  
     

  

  
  32 

  
    
        

  

   

  		(b)	Conversion Price

   

  The initial Conversion Price is €69.525 per Share. The Conversion Price is subject to adjustment in the
      circumstances described in Section 5.4.

   

  		5.2	Procedures for Exercising Investor Cash Settlement Rights and
              Conversion Rights

   

  		(a)	Delivery of Conversion Notice on exercise of Investor Cash
              Settlement Rights and Conversion Rights

   

  Subject to the terms and conditions of this Section 5.2, each Bondholder may exercise
      its Investor Cash Settlement Rights or Conversion Rights by giving at its own expense to the Conversion Agent a conversion notice (and, if required under Section 5.2(c) below, the relevant Bond certificate) substantially in the form set forth
      in the Agency Agreement (a “Conversion Notice”). The Business Day following the day on which such Conversion Notice shall have been received (or, if such day is not a Business Day, the following Business Day) by the Conversion Agent shall be
      the “Conversion Date” and shall be deemed to be the date on which Investor Cash Settlement Rights or, as the case may be, Conversion Rights, have been exercised. Copies of the Conversion Notice can be obtained during normal business hours at
      the registered office of the Conversion Agent. Shares to be delivered following an exercise of Conversion Rights will be delivered by credit to an account with a financial institution. The Bondholder must include sufficient details about the account
      and the financial institution in the Conversion Notice to permit the Issuer to make or to cause to be made such delivery by credit to such account. Once delivered to the Conversion Agent, a Conversion Notice will be irrevocable unless an Event of
      Default shall have occurred and is continuing on the Delivery Date, in which case the relevant Bondholders shall be entitled to revoke the relevant Conversion Notice by giving notice to the Conversion Agent.

   

  		(b)	Write-down of Global Bond Certificate

   

  If the Bondholder is a Central Securities Depository (as defined below) and the
      certificate evidencing the Bonds being converted is the Global Bond Certificate, the Bondholder must certify to the Conversion Agent that the principal amount of such global certificate will be written down upon the conversion to reflect such
      conversion as provided in the Agency Agreement.

   

  		(c)	Surrender of Bond Certificates

   

  Any other Bondholder must surrender any certificate evidencing the Bonds being converted to the Conversion
      Agent on or before the Conversion Date.

   

  		5.3	Delivery of Shares and Payment of Cash Alternative Amount

   

  		(a)	Delivery of Shares

   

  Where Conversion Rights shall have been exercised, the Issuer shall deliver to the
      relevant Bondholder or Bondholders such number of Shares equal to the Reference Shares in respect of such exercise, thereby satisfying by way of set off the obligation to pay up the issue price of the Shares (which issue price shall be equal to the
      principal amount of the Bonds to be converted).

   

  

  
  
     

  

  
  33 

  
    
        

  

   

  		(b)	Fractions

   

  Fractions of Shares will not be issued or transferred and delivered and no cash
      payment or other adjustment will be made in lieu thereof.

   

  If a Conversion Right in respect of more than one Bond is exercised at any one time
      such that Shares to be issued and delivered in respect of such exercise are to be delivered to the same person, the number of Shares to be issued and delivered in respect thereof shall be calculated by the Calculation Agent on the basis of the
      aggregate principal amount of such Bonds, and rounded down to the nearest whole number of Shares in accordance with, and subject to, the definition of Reference Shares.

   

  		(c)	Procedures for Delivery of Shares

   

  Following the exercise of Conversion Rights by a Bondholder, the Issuer shall deliver,
      or procure the delivery, to the relevant Bondholder or Bondholders the Reference Shares (if any) on or before the relevant Delivery Date by crediting the account with the financial institution specified by in the relevant Conversion Notice with the
      Reference Shares.

   

  All Shares delivered to Bondholders on exercise of Conversion Rights will be fully
      paid and non-assessable on the relevant Delivery Date. In these Conditions, “non-assessable” (which term has no equivalent in Dutch) means that neither the Issuer nor any other Person has any right to require the holder of a Share to pay to
      the Issuer or any other Person any additional or further amount solely as a result of its holding of such Share.

   

  “Delivery Date” means the date on which the relevant Reference Shares are
      issued and/or delivered to the relevant Bondholder, which shall be no later than the date falling five Trading Days following the relevant Conversion Date (or, if later, the date falling five Trading Days following the first date on which the
      Conversion Price in effect on the Conversion Date is capable of being determined in accordance with these Conditions).

   

  		(d)	Settlement Disruption Event

   

  If a Settlement Disruption Event occurs between the Conversion Date and the Delivery
      Date, and delivery of any Shares cannot be effected on the Delivery Date, then solely for purposes of this Section 5.3 the Delivery Date will be postponed until the first succeeding calendar day on which delivery of the Shares can take place through
      a national or international settlement system or in any other commercially reasonable manner.

   

  		(e)	No Payment or Adjustment for Accrued Dividends

   

  Shares made available to Bondholders on exercise of their Conversion Rights will rank
      pari passu in all respects with the fully paid Shares in issue on the relevant Delivery Date, except that Bondholders will not be entitled to receive any dividend or other distribution declared payable to holders of Shares by reference to a
      record date falling prior to the Conversion Date. No interest or other amount or adjustment will be paid or made in respect of any such dividend or dividends.

   

  		(f)	Ranking

   

  Where a Bondholder shall have exercised its Conversion Rights, the relevant Bondholder
      or Bondholders shall be entitled to all dividends, distributions and other entitlements determined by reference to a record date on or after the relevant Conversion Date.

   

  

  
  
     

  

  
  34 

  
    
        

  

  

   

  		(g)	Cash Alternative Amount

   

  The Issuer will pay the Cash Alternative Amount, together with any other amount due in
      satisfaction of the relevant exercise of Investor Cash Settlement Rights, by not later than five Trading Days following the last day of the Cash Alternative Calculation Period by transfer to a euro account with a bank in a city in which banks have
      access to the TARGET System in accordance with instructions given by the relevant Bondholder in the relevant Conversion Notice. The Bondholder must include sufficient details about the account and the financial institution in the Conversion Notice to
      permit the Issuer to make or to cause to be made such delivery by credit to such account.

   

  		5.4	Adjustment of Conversion Price

   

  		(a)	Non-Merger Events

   

  The Conversion Price will be adjusted by (unless otherwise specified) the Calculation
      Agent as follows under the following circumstances (each, an “Adjustment Event”):

   

  		(i)	Stock Split or Consolidation

   

  If there shall have occurred a subdivision or consolidation of the Shares (except for
      a Merger Event) into a greater or lesser number of Shares, the Conversion Price will be adjusted as of the date on which such event occurred by multiplying the Conversion Price then in effect by Formula 1 in Section 5.4(b) below.

   

  		(ii)	Granting of Rights or Warrants for Shares

   

  If the Issuer grants or causes to be granted a right, warrant or other security to
      existing holders of Shares as a class giving them the right to purchase or subscribe for additional Shares, (for the avoidance of doubt, other than constituting a Cash or Stock Dividend), the Conversion Price will be adjusted as of the Ex-Date of
      such grant by multiplying the Conversion Price then in effect by Formula 2 in Section 5.4(b) below.

   

  		(iii)	Sale of Shares at a Substantial Discount

   

  If the Issuer issues Shares for no consideration or sells Shares for cash, or causes
      Shares to be sold for cash, for a price that is less than 95 per cent. of the Current Market Price for the Shares on the date of first public announcement of the terms of such sale (other than in the circumstances the subject of Section 5.4(a)(ii)

      or 5.4(a)(iv)), the Conversion Price will be adjusted as of the date of issuance of the Shares by multiplying the Conversion Price then in effect by Formula 3 in Section 5.4(b) below.

   

  

  
  
     

  

  
  35 

  
    
        

  

   

  		(iv)	Free Distributions of Shares

   

  If the Issuer makes or causes to be made a free distribution of Shares by way of
      capitalisation of profits or reserves to existing holders of Shares as a class (other than constituting a Cash or Stock Dividend), the Conversion Price will be adjusted as of the Ex-Date of such distribution by multiplying the Conversion Price then
      in effect by Formula 1 in Section 5.4(b) below.

   

  		(v)	Free Distribution of an Equity-Linked Security

   

  If the Issuer makes or causes to be made a free distribution or dividend of securities
      that are convertible, exchangeable or otherwise exercisable into the Shares to existing holders of Shares as a class (other than in the circumstances the subject of Section 5.4(a)(ii)), the Conversion Price will be adjusted as of the Ex-Date
      of such free distribution or dividend by multiplying the Conversion Price then in effect by Formula 2 in Section 5.4(b) below.

   

  		(vi)	Granting of Rights or Warrants for an Equity-Linked Security

   

  If the Issuer grants or causes to be granted a right, warrant or other security to
      existing holders of Shares as a class giving them the right to purchase or subscribe for securities that are convertible, exchangeable or otherwise exercisable into the Shares, (other than in the circumstances the subject of Section 5.4(a)(v))
      the Conversion Price will be adjusted as of the Ex-Date of such grant by multiplying the Conversion Price then in effect by Formula 2 in Section 5.4(b) below.

   

  		(vii)	Issuance of Equity-Linked Securities at a Substantial Discount

   

  If the Issuer issues for no consideration or issues and sells for cash, or causes to
      be issued and sold for cash, securities that are convertible, exchangeable or otherwise exercisable into, or grants rights or options to purchase or subscribe, Shares (other than in the circumstances the subject of Section 5.4(a)(v) or Section
      5.4(a)(vi)) and the price per equity-linked security (determined on a per Share basis by reference to the initial conversion or exchange price or ratio) together with any other consideration received or receivable by the Issuer in respect of
      such equity-linked security (determined on a per Share basis as aforesaid) is less than 95 per cent. of the Current Market Price for the Shares on the date of first public announcement of the terms of such newly issued equity-linked securities, the
      Conversion Price will be adjusted as of the date of issuance of such equity-linked security by multiplying the Conversion Price then in effect by Formula 3 in Section 5.4(b) below.

   

  		(viii)	Granting of Rights or Warrants for other Property

   

  If the Issuer grants a right, warrant or other security giving the right to purchase
      at less than Fair Market Value (determined as at the Ex-Date of such grant), any other property (not covered by another Section of this Section 5.4(a)) to existing holders of Shares, the Conversion Price will be adjusted as of the Ex-Date of
      such grant by multiplying the Conversion Price then in effect by Formula 2 in Section 5.4(b) below.

  

   

  

  
  
     

  

  
  36 

  
    
        

  

   

  

  

  	 	(ix)	Cash or Stock Dividend

  

  If a Cash or Stock Dividend is paid or made on the Shares, where the Ex-Date in respect
      of such Cash or Stock Dividend falls on or after the Closing Date, then the Conversion Price will be adjusted as of the Ex-Date of such Cash or Stock Dividend, by multiplying the Conversion Price then in effect by Formula 5 in Section 5.4(b)
      below.

  	 	(x)	Spin-off or Subdivision of Shares into Classes

  

  If the Issuer distributes, or causes to be distributed, to existing holders of Shares
      (a “Spin-off Event”) equity securities of any entity other than the Issuer (the “Spin-off Securities”), or subdivides (a “Reclassification”) the Shares into two or more separately quoted classes of equity securities (such new
      classes of equity securities, the “Reclassified Securities”), then one of the following adjustments will be made (as appropriate and subject as provided therein), as selected by the Issuer (in consultation with an Independent Financial
      Adviser) from among the options applicable to such event, effective as of the Ex-Date of any Spin-off Event or as of the effective date of any Reclassification:

  	 	(1)	in the case of a Spin-off Event or a Reclassification where the Spin-off Securities or Reclassified Securities, as the case may be, are
            publicly traded on a Recognised Exchange, the Shares shall thereafter comprise the securities comprising either the Shares immediately prior to such adjustment together with the Spin-off Securities (in the case of a Spin-off Event) or the
            Reclassified Securities (in the case of a Reclassification), in either case in the same amount as the Bondholder would have been entitled to receive had he converted the Bonds into Shares immediately prior to the record date of such Spin-off
            Event or the effective date of such Reclassification;
	 	 	 
	 	(2)	in the case of a Spin-off Event, the Conversion Price will be adjusted by multiplying the Conversion Price then in effect by the fraction
            expressed by Formula 2 in Section 5.4(b) below;
	 	 	 
	 	(3)	in the case of a Spin-off Event, where the Spin-off Securities are publicly traded on a Recognised Exchange, within five Trading Days after the
            Ex-Date of the Spin-off Event, the Issuer will deliver the Spinoff Securities to each Bondholder in the same amount as the Bondholder would have been entitled to receive had he converted the Bonds into Shares immediately prior to the record
            date of such Spin-off Event or the effective date of such Reclassification; or
	 	 	 
	 	(4)	in the case of a Spin-off Event, where the Spin-off Securities are publicly traded on a Recognised Exchange, within five Trading Days after the
            Ex-Date of the Spin-off Event, the Issuer will pay to each Bondholder an amount in cash in euros (rounded to the nearest €0.01, with €0.005
            rounded upwards) equal to the number of such Spin-off Securities as such Bondholder would have been entitled to receive had he converted the Bonds into Shares immediately prior to the record date of such Spin-off Event multiplied by the Fair
            Market Value of the Spin-off Securities on a per Share basis. 

  

  
  
     

  

  
  37

  
    
        

  

   

  If the Issuer selects option (1):

  	 	(y)	in the case of a Spin-off Event, each Bond will thereafter be convertible into the Shares and the relevant Spin-off Securities (in the amount
            determined as provided in option (1) subject to adjustment mutatis mutandis as provided in these Conditions and for such purposes the initial Conversion Price in respect of such Spin-off Securities upon the relevant Spin-off Event shall
            be calculated by dividing the principal amount of each Bond by the number of Spin-off Securities the holder of such Bond would have been entitled to receive had he converted the Bonds into Shares immediately prior to the record date of such
            Spin-off Event). 

  

  No adjustment shall be made to the Conversion Price in respect of the Shares as a
      result of such Spin-off Event.

  	 	(z)	in the case of a Reclassification, the Bonds will thereafter be convertible into each class of the Reclassified Securities (in each case in the
            amount determined as provided in option (1) subject to adjustment mutatis mutandis as provided in these Conditions) and for such purposes the initial Conversion Price in respect of each class of Reclassified Securities upon the
            Reclassification shall be calculated by dividing the principal amount of each Bond by the number of such Reclassified Securities as the holder of such Bond would have been entitled to receive had he converted the Bonds into Shares immediately
            prior to the effective date of such Reclassification. If the Issuer shall select option (3) or (4) the Bonds will continue to be convertible into Shares as provided in these Conditions and no adjustment shall be made to the Conversion Price as
            a result of the relevant Spin-off Event. 

  

  	 	(xi)	Share Buybacks by means of a Tender or Exchange Offer above Market

  

  If the Issuer or any of its Subsidiaries commences a tender or exchange offer for the
      Shares and the Fair Market Value of the cash and other consideration offered per Share (determined as at the Expiration Time) exceeds the value of “P” in Formula 4 in Section 5.4(b) below, the Conversion Price will be adjusted as of the
      Trading Day immediately following the Expiration Time (as defined below) by multiplying the Conversion Price then in effect by the fraction (which shall not be greater than one) expressed by Formula 4 in Section 5.4(b) below. For the avoidance
      of doubt, this clause does not apply to on-market buybacks by the Issuer other than by means of a tender or exchange offer (such as on-market buybacks that are part of a buyback programme).

  
  
     

  

  
  38 

  
    
        

  

   

  	 	(b)	Adjustment Formulae

  

  The formulae to be applied in Section 5.4(a) above to adjust the Conversion
      Price are as follows:

  Formula 1 (Sections 5.4(a)(i) and 5.4(a)(iv) above):

  	X
	Y

  

  	 	where:	 
	 	 	 	 
	 	X	=	the number of Shares outstanding immediately prior to the occurrence of such event.
	 	 	 	 
	 	Y	=	the number of Shares outstanding immediately after the occurrence of such event.

  

  Formula 2 (Sections 5.4(a)(ii), 5.4(a)(v), 5.4(a)(vi), 5.4(a)(viii)

      and 5.4(a)(x)(2) above):

  	P - d
	P

  	 	 	 
	 	where:	 
	 	 	 	 
	 	P	=	the Current Market Price on the first day on which the Shares are traded on the Relevant Exchange ex the relevant distribution, dividend,
            rights, warrants or other securities or other property.
	 	 	 	 
	 	d	=	the Fair Market Value per Share of the distribution, dividend, rights, warrants or securities or other property the subject of the relevant
            grant, as the case may be, such Fair Market Value as aforesaid being determined as at the first day on which the Shares are traded on the Relevant Exchange ex such distribution, dividend, rights, warrants or other securities or other property.
	 	 	 	 
	 	Formula 3 (Sections 5.4(a)(iii) and 5.4(a)(vii) above):
	 	 

  	X + (Z x c/P)
	X + Z

  	 	 	 
	 	where:	 
	 	 	 	 
	 	X	=	the number of Shares outstanding immediately prior to the date of first public announcement of the terms of the relevant issue or sale.
	 	 	 	 
	 	P	=	the Current Market Price on the date of first public announcement of the terms of the relevant issue or sale.
	 	 	 	 
	 	Z	=	the number of (i) Shares to be sold or (ii) Shares into which such other securities to be sold or issued are convertible, exchangeable or
            otherwise exercisable.
	 	 	 	 
	 	c	=	(i) the sale price per security of the Shares to be sold or (ii) the sale price of the securities to be sold or issued that are convertible,
            exchangeable or otherwise exercisable into the Shares, together with any other consideration received or receivable in respect of such securities, in each case determined on a per Share basis by reference to the initial issue, sale, conversion
            or exchange price or ratio, as the case may be (and in any such case if the relevant Shares or securities are issued for no consideration, the sale price shall be zero).

  

  
  
     

  

  
  39

  
    
        

  

   

  Formula 4 (Section 5.4(a)(xi) above):

  	N1 x P
	A + (N2 x P)

   

  	 	where:	 
	 	 	 	 
	 	N1	=	the number of Shares outstanding at the latest time (the “Expiration Time”) tenders or exchanges may be made pursuant to such tender or
            exchange offer (as it shall have been amended), inclusive of all Shares validly tendered or exchanged and not withdrawn as of the Expiration Time (the “Purchased Shares”).
	 	 	 	 
	 	N2	=	the number of Shares outstanding at the Expiration Time, exclusive of any Purchased Shares.
	 	 	 	 
	 	P	=	the Current Market Price of the Shares on the date of first public announcement of the terms of the tender or exchange offer.
	 	 	 	 
	 	A	=	the Fair Market Value (determined as at the Expiration Time) of the aggregate consideration payable to holders of Shares based on the
            acceptance (up to any maximum specified in the terms of the tender or exchange offer) of the Purchased Shares.
	 	 	 	 
	 	Formula 5 (Section 5.4(a)(ix) above):
	 	 	 	 

  	P - d
	P

  	 	 	 	 
	 	P	=	the Current Market Price of the Shares on the Ex-Date in respect of the relevant Cash or Stock Dividend.
	 	 	 	 
	 	d	=	the Fair Market Value of the relevant Cash or Stock Dividend per Share as at the Ex-Date of such Cash or Stock Dividend.

  

  	 	(c)	Change of Control

  

  If a Change of Control occurs, the Conversion Price (the “Change of Control
        Conversion Price”) in respect of any Bonds in respect of which Investor Cash Settlement Rights or Conversion Rights are exercised and the Conversion Date falls during the Change of Control Period, will be determined as set out below:

  COCCP = OCP/(1+ (CP x c/t))

  	 	 	 	 
	 	where:	 	 
	 	 	 	 	 
	 	 	COCCP	=	means the Change of Control Conversion Price
	 	 	 	 	 
	 	 	OCP	=	means the Conversion Price in effect on the relevant Conversion Date
	 	 	 	 	 
	 	 	CP	=	means 35 per cent.
	 	 	 	 	 
	 	 	c	=	means the number of days from and including the date the Change of Control occurs to but excluding the Maturity Date
	 	 	 	 	 
	 	 	t	=	means the number of days from and including the Closing Date to but excluding the Maturity Date

  

  
  
     

  

  
  40

  
    
        

  

   

  	 	(d)	Merger Events 

  

  If, in respect of a Merger Event, the consideration for the Shares consists (or, at the
      option of the holder of the Shares, may consist) of New Securities, Other Consideration or Combined Consideration, then on or after the Merger Date each Bond shall be convertible into the number of New Securities, the amount of Other Consideration or
      the amount of Combined Consideration, as the case may be, to which a holder of the number of Shares which would have been required to be delivered had such Bond been converted immediately prior to the Merger Event would be entitled upon consummation
      of the Merger Event. Where pursuant to the foregoing the Bonds will be convertible into property including or comprising New Securities, the initial Conversion Price in respect of such New Securities shall be calculated by dividing the principal
      amount of each Bond by the number of such New Securities (determined as provided above), all as determined by an Independent Financial Adviser.

  	 	(e)	Other Adjustments

  

  No adjustment to the Conversion Price will be required other than those specified
      above. However, if the Issuer (following consultation with the Calculation Agent) determines in good faith that an adjustment should be made to the Conversion Price (or that a determination should be made as to whether an adjustment should be made)
      as a result of one or more events or circumstances not referred to above in this Section 5.4 (even if the relevant event or circumstances are specifically excluded from the operation of any or all of Sections 5.4(a) and 5.4(c) above),
      the Issuer shall, at its own expense and acting reasonably, in consultation with the Calculation Agent, request an Independent Financial Adviser to determine as soon as practicable what adjustment (if any) to the Conversion Price is fair and
      reasonable to take account of such events or circumstances and the date on which such adjustment should take effect. Upon such determination, such adjustment (if any) shall be made and shall take effect in accordance with such determination.

  	 	(f)	Procedures

  

  Except as otherwise provided, the Calculation Agent (or, to the extent so specified in
      these Conditions, an Independent Financial Adviser) will make all adjustments to the Conversion Price pursuant to Sections 5.4(a), 5.4(c), 5.4(d) and 5.4(e) above, and its calculation shall be binding on all parties
      except in the event of bad faith or manifest or proven error.

  The Calculation Agent shall act solely as agent of the Issuer and will not thereby
      assume any obligation towards, or relationship of agency or trust with, and shall not incur any liability in respect of anything done or omitted to be done when acting in such Calculation Agency capacity as against the Trustee or the Bondholders, and
      the Calculation Agent shall not be required or be under any duty to monitor whether any event or other circumstance shall have occurred that would give rise to an adjustment to the Conversion Price. The Calculation Agent shall not be under any duty
      to monitor whether any event or circumstance has occurred or exists or may occur or exist which would entitle the Bondholders to exercise Investor Cash Settlement Rights or Conversion Rights.

  
  
     

  

  
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  The Calculation Agent may consult, at the expense of the Issuer, on any matter
      (including but not limited to, any legal matter), any legal or other professional adviser and it shall be able to rely upon, and it shall not be liable and shall incur no liability as against the Trustee or the Bondholders in respect of anything
      done, or omitted to be done, relating to that matter in good faith in accordance with, that adviser’s opinion.

  Any Independent Financial Adviser appointed pursuant to these Conditions will not
      assume any obligation towards or relationship of agency or trust with, and shall not be liable and shall incur no liability in respect of anything done, or omitted to be done in good faith, in accordance with these Conditions as against the Trustee
      or the Bondholders.

  All references in the foregoing provisions to the number of Shares outstanding shall
      exclude Shares held by or on behalf of the Issuer or any Subsidiary.

  None of the foregoing adjustment provisions shall apply to any bona fide plan for the
      benefit of employees, directors or consultants of the Issuer or any of its Subsidiaries now or hereafter in effect.

  The Conversion Price resulting from any adjustment provided for in Section 5.4(a),
      5.4(c) or 5.4(e) above will be rounded down to the nearest 0.0001, subject to Section 5.4(g).

  	 	(g)	De Minimis Exception

  

  No adjustment to the Conversion Price pursuant to Sections 5.4(a), 5.4(c) and

      5.4(e) above will be made if the adjustment would result in a change in the Conversion Price of less than 1 per cent. of the then prevailing Conversion Price, provided that any adjustment that would otherwise be required to be made and any
      amount by which the Conversion Price has been rounded down pursuant to Section 5.4(f) above will be carried forward and taken into account in any subsequent adjustment.

  	 	(h)	Notice

  

  The Issuer shall give notice to the Principal Paying, Transfer and Conversion Agent,
      the Trustee and the Bondholders in accordance with Section 15.7 of any change (or, at the Issuer’s discretion, any prospective change) to the Conversion Price as soon as reasonably practicable following such change (or, if the notice is given in
      respect of a prospective change, at such time as the Issuer shall determine).

  	 	(i)	Share or Option Schemes, Dividend Reinvestment Plans 

  

  No adjustment will be made to the Conversion Price pursuant to this Section 5.4 where
      Shares or other securities (including rights, warrants and options) are issued, offered, exercised, allotted, purchased, appropriated, modified or granted to, or for the benefit of, employees or former employees (including directors holding or
      formerly holding executive office or non-executive office or the personal service company of any such person) or their spouses or relatives, in each case, of the Issuer or any of its Subsidiaries or any associated company or to a trustee or trustees
      to be held for the benefit of any such person, in any such case pursuant to any share or option scheme or pursuant to any dividend reinvestment plan or similar plan or scheme.

  
  
     

  

  
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  	 	5.5	Stamp, Transfer, Registration or other Taxes or Duties 

  

  The Issuer shall pay all capital, stamp, issue, registration, transfer and other taxes
      or duties imposed by The Netherlands, or any jurisdiction in which the Issuer may be domiciled or resident or to whose taxing jurisdiction the Issuer may generally be subject, payable upon delivery of Shares on exercise of Conversion Rights (“Specified

        Taxes”). If the Issuer shall fail to pay any Specified Taxes, the relevant Bondholder shall be entitled to tender and pay the same and the Issuer as a separate and independent stipulation, covenants to reimburse and indemnify each Bondholder in
      respect of any payment thereof and any penalties payable in respect thereof.

  A Bondholder exercising Conversion Rights must pay directly to the relevant authorities
      any capital, stamp, issue, registration, transfer and other taxes or duties arising on the exercise of such Conversion Rights, other than any Specified Taxes. A Bondholder must also pay all, if any, taxes imposed on it and arising by reference to any
      disposal or deemed disposal by it of a Bond or interest therein in connection with the exercise of Investor Cash Settlement Rights or Conversion Rights by it.

  Any duties or taxes payable by a Bondholder pursuant to this Section 5.5 in the
      jurisdiction of the Conversion Agent with whom the relevant Conversion Notice is deposited shall be required to be paid to such Conversion Agent as a condition precedent to conversion. None of the Issuer, the Trustee or any Agent will impose any
      charge upon the exercise of Investor Cash Settlement Rights or Conversion Rights.

  	 	5.6	Repurchase of Bonds 

  

  The Issuer and any Subsidiary may at any time purchase Bonds at any price in the open
      market or in privately negotiated transactions, provided that such purchases are in compliance with applicable law and stock exchange regulations. All Bonds which are so purchased will forthwith be cancelled and may not be reissued or resold, and the
      principal amount of the Global Bond Certificate will be reduced.

  	6	Withholding Taxes 

  

  All payments of principal, interest and other amounts made by the Issuer in respect of
      the Bonds (including any Cash Alternative Amounts) will be made without deduction or withholding for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied, collected, withheld
      or assessed by or on behalf of any Taxing Jurisdiction, unless the withholding or deduction of such taxes, duties, assessments or governmental charges is required by law or regulation or by the official interpretation thereof. If any corporation
      assumes the Issuer’s rights and obligations under the Bonds, the term “Taxing Jurisdiction” will include each jurisdiction in which such corporation is resident for tax purposes from the time it assumes the Issuer’s rights and obligations.

  In the event that any such withholding or deduction is required to be made, the Issuer
      will pay such additional amounts as will result in the receipt by the Bondholders of the amounts which would otherwise have been receivable had no such withholding or deduction been required, except that no such additional amount shall be payable in
      respect of interest on any Bond to a Bondholder (or to a third party on behalf of a Bondholder) who is subject to such taxes, duties, assessments or governmental charges in respect of such Bond by reason of its having some connection with such Taxing
      Jurisdiction otherwise than merely by holding the Bond or by the receipt of amounts in respect of the Bond.

  
  
     

  

  
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  References in these Conditions to principal and/or interest and/or any other amounts
      payable in respect of the Bonds shall be deemed also to refer to any additional amounts which may be payable under this Section 6 or any undertaking or covenant given in addition thereto or in substitution therefor pursuant to the Trust Deed.

  The provisions of this Section 6 shall not apply in respect of any payments of interest
      which fall due after the relevant Tax Redemption Date in respect of any Bonds which are the subject of a Bondholder election pursuant to Section 4.2.

  	7	Covenants  

  

  So long as any Bond remains outstanding, save with the approval of an Extraordinary
      Resolution or with the prior written approval of the Trustee where, in its opinion, it is not materially prejudicial to the interest of the Bondholders to give such approval:

  	 	(a)	Covenant not to Merge, Consolidate, Amalgamate, Sell, Lease or Transfer Assets under Certain Conditions: The Issuer will not
            consolidate or amalgamate with or merge into any other corporation or corporations (other than where the Issuer is the continuing entity), or sell, lease, or transfer all or substantially all its assets, unless (A) the corporation formed by
            such consolidation or amalgamation, or into which the Issuer shall have been merged, or which shall have acquired such assets upon any such sale, lease or transfer shall have expressly assumed the due and punctual payment of the principal of
            and interest on all the Bonds and the due and punctual performance and observance of all of the covenants and conditions of the Bonds to be performed or observed by the Issuer and (B) (x) each Bond shall thereafter be convertible into the class
            and amount of Shares and other securities, property and assets (including cash) receivable upon such consolidation, amalgamation or merger or sale, lease or transfer by a holder of the number of Shares which would have been required to be
            delivered had such Bond been converted into Shares immediately prior to such merger, consolidation, amalgamation, sale, lease or transfer or (y) if, in the case of any such sale, lease or transfer, no such Shares or other securities, property
            or assets are receivable by holders of Shares, the Bonds will be convertible into Shares or common stock or the like (comprising equity securities) of the corporation which shall have acquired the relevant assets on such basis and with a
            Conversion Price (subject to adjustment as provided in these Conditions) as determined in good faith an Independent Financial Adviser. For the purposes thereof, the Issuer shall execute and deliver to each of the Agents a supplement to the
            Agency Agreement satisfactory to the Principal Paying, Transfer and Conversion Agent. Such supplement will provide for adjustments which will be as nearly equivalent as may be practicable to the adjustments provided for in these Conditions. The
            provisions of this Section 7(a) will apply in the same way to any subsequent merger, consolidation, amalgamation, sale, lease or transfer. In case of any such consolidation, merger, sale, lease or transfer, and following such an
            assumption by the successor corporation, such successor corporation will succeed to and be substituted for the Issuer with the same effect as if it had been named herein. In the event of any such sale, lease or transfer, following such an
            assumption by the successor corporation, the Issuer will be discharged from all obligations and covenants under the Bonds and the Agency Agreement and may be liquidated and dissolved. 

  

  	 	(b)	Reservation of Share Capital: The Issuer undertakes that it will, at all times following the date on which the Physical Settlement
            Notice is given, maintain treasury shares or authorised share capital, free of pre-emption rights sufficient in aggregate for the issuance of Shares that would be required to be delivered to Bondholders on exercise of Conversion Rights in
            respect of all outstanding Bonds from time to time. 

  

  
  
     

  

  
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  	 	(c)	Listing of Shares: The Issuer undertakes to use all reasonable endeavours to ensure that the Shares issued upon exercise of the
            Conversion Rights will be admitted to Euronext Amsterdam and will be listed, quoted or dealt in on any other stock exchange or securities market on which the Shares may then be listed or quoted or dealt in. 
	 	 	 
	 	(d)	Listing of Bonds: The Issuer undertakes to use its reasonable endeavours to cause the Bonds to be admitted to trading on an EEA
            Regulated Market (the “Admission”) no later than 25 July 2019 and use its reasonable endeavours to maintain such Admission for so long as any of the Bonds remain outstanding.  
	 	 	 
	 	(e)	Terms and Conditions: The Issuer undertakes that by no later than the Closing Date it will (i) publish a copy of these Conditions
            (including a legend regarding the intended target market for the Bonds) on its website and (ii) thereafter (and for so long as any of the Bonds remain outstanding) maintain the availability of these Conditions (as the same may be amended in
            accordance with their terms) on such website. 
	 	 	 
	 	(f)	Independent Financial Adviser: The Issuer undertakes, whenever a function expressed in these Conditions to be performed by an
            Independent Financial Adviser falls to be performed, to appoint and (for so long as such function is required to be performed) maintain an Independent Financial Adviser. 

  

  	8	Events of Default  

  

  If any of the following events (each an “Event of Default”) occurs and is
      continuing, the Trustee at its discretion may, and if so requested by a meeting of Bondholders shall, give notice to the Issuer at its registered office that the Bonds are, and they shall accordingly immediately become, due and repayable at their
      Redemption Price together with accrued interest (if any) to the date of payment or, in the case of a failure to give a Physical Settlement Notice if required to do so under Section 5.1, the Fair Bond Value Redemption Price (provided that for such
      purpose the Fair Bond Value Calculation Period shall be deemed to commence on the Trading Day following the Shareholder Event Notice Deadline):

  	 	(a)	Payment Default: the Issuer fails to pay the principal of or interest on or any other amount in respect of any Bonds (including any Cash
            Alternative Amount) when the same becomes due and payable and such failure continues for a period of 10 days; or 
	 	 	 
	 	(b)	Conversion: there is a failure to issue or transfer and deliver Shares upon exercise of Conversion Rights when the same is required to
            be delivered or otherwise a failure to duly and punctually comply with any of the Issuer’s obligations in respect of the exercise of Conversion Rights and such default continues for a period of seven days; or 
	 	 	 
	 	(c)	Breach of Agreement: a default in the observance or performance of any other covenant or agreement contained in these Conditions or the
            Trust Deed which default continues for a period of 30 days after the Issuer receives written notice specifying the default (and demanding that such default be remedied) from the Trustee; or 
	 	 	 
	 	(d)	Cross-Default: (i) any other present or future indebtedness of the Issuer or any of its Material Subsidiaries for or in respect of
            moneys borrowed or raised becomes (or becomes capable of being declared) due and payable prior to its stated maturity by reason of any actual or potential default, event of default or the like (howsoever described), or (ii) any such
            indebtedness is not paid when due or, as the case may be, within any originally applicable grace period, or (iii) the Issuer or any of its Material Subsidiaries fails to pay when due any amount payable by it under any present or future
            guarantee for, or indemnity in respect of, any moneys borrowed or raised provided that the aggregate amount of the relevant indebtedness, guarantees and indemnities in respect of which one or more of the events mentioned above in this Section
            8(d) have occurred equals or exceeds €15,000,000 or its equivalent (as
            reasonably determined by the Trustee); or

  

  
  
     

  

  
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  	 	(e)	Insolvency:  

  

  	 	(i)	the Issuer or any Material Subsidiary: 

  

  	 	(A)	is unable or admits inability to pay its debts generally as they fall due;
	 	 	 
	 	(B)	suspends making payments on any of its debts generally; or
	 	 	 
	 	(C)	by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling
            all or a material part of its indebtedness. 

  

  	 	(ii)	a moratorium is declared in respect of any indebtedness of the Issuer or any Material Subsidiary. 

  

  	 	(f)	Insolvency Proceedings:  

  

  	 	(i)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary
            arrangement, scheme of arrangement or otherwise) of the Issuer or any Material Subsidiary other than a solvent liquidation or reorganisation of any Material Subsidiary (other than the Issuer);
	 	 	 
	 	(i)	a composition, compromise, assignment or arrangement with any creditor of the Issuer or any Material Subsidiary; or 
	 	 	 
	 	(ii)	the appointment of a liquidator (other than in respect of a solvent liquidation of the Issuer or any Material Subsidiary), receiver,
            administrative receiver, administrator, compulsory manager or other similar officer in respect of the Issuer or any Material Subsidiary or any of its assets, which, in the case of an involuntary case or proceeding, remains unstayed and in
            effect for a period of 90 consecutive days,  

  

  or any analogous procedure or step is taken in any jurisdiction; or

  This paragraph (f) shall not apply to any winding-up petition which is frivolous or
      vexatious and is discharged, stayed or dismissed within 30 days of commencement.

  	 	(g)	Creditors’ Process: any expropriation, attachment, sequestration, distress or execution affects any material part of the asset or assets
            of the Issuer or any Material Subsidiary provided that it shall not be an Event of Default under this paragraph (g) if the relevant expropriation, attachment, sequestration, distress or execution is released or discharged within, in respect of
            an interlocutory attachment (conservatoir beslag), 30 days and, in respect of any other attachment, 14 days; or
	 	 	 
	 	(h)	Analogous Proceedings: there occurs, in relation to any Material Subsidiary, in any jurisdiction to which it or any of its assets are
            subject, any event which reasonably corresponds with any of those mentioned in Section 8(e) to 8(g) above; 
	 	 	 
	 	(i)	Illegality: it is or will become unlawful for the Issuer to perform or comply with any one or more of its obligations under any of the
            Bonds or the Trust Deed; or
	 	 	 
	 	(j)	Cessation of Business: the Issuer or any Material Subsidiary ceases (or threatens to cease) to carry on all or a substantial part of its
            business. 

  

  
  
     

  

  
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  	9	Meetings of Bondholders, Modification and Waiver 

   

  		9.1	Meetings of Bondholders

   

  The Trust Deed contains provisions
      for convening meetings of Bondholders to consider matters affecting their interests, including the sanctioning by Extraordinary Resolution of a modification of any of these Conditions or any provisions of the Trust Deed. Such a meeting may be
      convened by the Issuer or the Trustee and shall be convened by the Issuer if requested in writing by Bondholders holding not less than 10 per cent. in principal amount of the Bonds for the time being outstanding. The quorum for any meeting convened
      to consider an Extraordinary Resolution will be one or more persons holding or representing a clear majority in principal amount of the Bonds for the time being outstanding, or at any adjourned meeting one or more persons being or representing
      Bondholders whatever the principal amount of the Bonds so held or represented, unless the business of such meeting includes consideration of proposals, inter alia, (i) to change the Maturity Date or the dates on which interest is payable in
      respect of the Bonds, (ii) to modify the circumstances in which the Issuer or Bondholders are entitled to redeem the Bonds pursuant to Section 4.1, 4.2, 4.3 or 4.4 (other than removing the right of the Issuer to redeem the Bonds pursuant to Section
      4.1 or 4.2), (iii) to reduce or cancel the principal amount of, or interest on, the Bonds or to reduce the amount payable on redemption of the Bonds, (iv) to modify the basis for calculating the interest payable in respect of the Bonds, (v) to modify
      the provisions relating to, or cancel, Investor Cash Settlement Rights or Conversion Rights or the rights of Bondholders to receive Shares or a Cash Alternative Amount on exercise of Investor Cash Settlement Rights or Conversion Rights, as
      applicable, pursuant to these Conditions (other than a reduction to the Conversion Price), (vi) to increase the Conversion Price (other than in accordance with these Conditions), (vii) to modify the basis for calculating the Cash Alternative Amount,
      (viii) to change the currency of the denomination of the Bonds or of any payment in respect of the Bonds, (ix) to change the governing law of the Bonds, the Trust Deed or the Agency Agreement, or (x) to modify the provisions concerning the quorum
      required at any meeting of Bondholders or the majority required to pass an Extraordinary Resolution, in which case the necessary quorum will be one or more persons holding or representing not less than two-thirds, or at any adjourned meeting not less
      than one-half, in principal amount of the Bonds for the time being outstanding. Any Extraordinary Resolution duly passed by the Bondholders shall be binding on all Bondholders (whether or not they were present at any meeting at which such resolution
      was passed and whether or not they voted on such resolution).

   

  The Trust Deed provides that (i) a resolution in
      writing signed by or on behalf of the holders of not less than 75 per cent. of the aggregate principal amount of Bonds outstanding (which may be contained in one document or several documents in the same form, each signed by or on behalf of one or
      more Bondholders) or (ii) consents given by way of electronic consent through the relevant clearing system(s) (in a form satisfactory to the Trustee) by or on behalf of the holders of not less than 75 per cent. of the aggregate principal amount of
      the Bonds outstanding, shall, in any such case, be effective as an Extraordinary Resolution passed at a meeting of Bondholders duly convened and held.

   

  		9.2	Modification and Waiver

   

  The Trustee may agree, without the consent of the
      Bondholders, to (i) any modification of any of the provisions of the Trust Deed, any trust deed supplemental to the Trust Deed, the Agency Agreement, any agreement supplemental to the Agency Agreement, the Bonds or these Conditions which in the
      Trustee’s opinion is of a formal, minor or technical nature or is made to correct a manifest error or to comply with mandatory provisions of law, and (ii) any other modification to the Trust Deed, any trust deed supplemental to the Trust Deed, the
      Agency Agreement, any agreement supplemental to the Agency Agreement, the Bonds or these Conditions (except as mentioned in the Trust Deed), and any waiver or authorisation of any breach or proposed breach, of any of the provisions of the Trust Deed,
      any trust deed supplemental to the Trust Deed, the Agency Agreement, any agreement supplemental to the Agency Agreement, the Bonds or these Conditions which is, in the opinion of the Trustee, not materially prejudicial to the interests of the
      Bondholders. The Trustee may, without the consent of the Bondholders, determine that any Event of Default should not be treated as such, provided that in the opinion of the Trustee, the interests of Bondholders will not be materially prejudiced
      thereby. Any such modification, authorisation, waiver or determination shall be binding on the Bondholders and, if the Trustee so requires, shall be notified to the Bondholders promptly in accordance with Section 15.7.

   

  

  
  
     

  

  
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  		9.3	Entitlement of the Trustee

   

  In connection with the exercise of its functions
      (including but not limited to those referred to in this Section 9) the Trustee shall have regard to the interests of the Bondholders as a class but shall not have regard to any interests arising from circumstances particular to individual Bondholders
      (whatever their number) and, in particular but without limitation, shall not have regard to the consequences of the exercise of its trusts, powers or discretions for individual Bondholders resulting from their being for any purpose domiciled or
      resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory, and the Trustee shall not be entitled to require, nor shall any Bondholder be entitled to claim, from the Issuer or any other person any
      indemnification or payment in respect of any tax consequence of any such exercise upon individual Bondholders, except to the extent provided for in these Conditions or the Trust Deed.

   

  	10	Enforcement

   

  The Trustee may at any time, at its discretion and
      without notice, take such proceedings, actions or steps (including lodging an appeal in any proceedings) against the Issuer as it may think fit to enforce the provisions of the Trust Deed and the Bonds, but it shall not be bound to take any such
      proceedings, actions or steps in relation to the Trust Deed or the Bonds unless (i) it shall have been so directed by an Extraordinary Resolution of the Bondholders or so requested in writing by the holders of at least one-quarter in principal amount
      of the Bonds then outstanding, and (ii) it shall have been indemnified and/or secured and/or prefunded to its satisfaction. Notwithstanding the above:

   

  		(a)	the Trustee may refrain from taking any proceedings, actions or steps in any jurisdiction if the taking of such action in that jurisdiction would, in its opinion based
            upon legal advice in the relevant jurisdiction, be contrary to any law of that jurisdiction; and

   

  		(b)	the Trustee may refrain from taking any proceedings, actions or steps in any jurisdiction if in its opinion based upon legal advice in the relevant jurisdiction it would
            or may render it liable to any person in that jurisdiction or, it would or may not have the power to do the relevant thing in that jurisdiction by virtue of any applicable law in that jurisdiction or if it is determined by any court or other
            competent authority in that jurisdiction that it does not have such power.

   

  No Bondholder shall be entitled to (i) take any
      proceedings, actions or steps against the Issuer to enforce the performance of any of the provisions of the Trust Deed or the Bonds or (ii) take any other proceedings, actions or steps (including lodging an appeal in any proceedings) in respect of or
      concerning the Issuer, in each case unless the Trustee, having become bound so to take any such proceedings, actions or steps, fails so to do within a reasonable period and the failure shall be continuing.

   

  

  
  
     

  

  
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  	11	The Trustee

   

  The Trust Deed contains provisions for the indemnification of the Trustee
      and for its relief from responsibility, including:

   

  		(a)	provisions relieving it from taking any proceedings, actions or steps unless indemnified and/or secured and/or prefunded to its satisfaction; and

   

  		(b)	provisions limiting or excluding its liability in certain circumstances.

   

  The Trustee is entitled to enter into business transactions with the
      Issuer and any entity related to the Issuer without accounting for any profit.

   

  The Trust Deed provides that, when determining
      whether an indemnity or any security or pre-funding is satisfactory to it, the Trustee shall be entitled (i) to evaluate its risk in any given circumstance by considering the worst-case scenario and (ii) to require that any indemnity or security or
      prefunding given to it by the Bondholders or any of them be given on a joint and several basis and be supported by evidence satisfactory to it as to the financial standing and creditworthiness of each counterparty and/or as to the value of the
      security and an opinion as to the capacity, power and authority of each counterparty and/or the validity and effectiveness of the security.

   

  The Trustee may rely without liability to Bondholders
      on a report, confirmation or certificate or any advice of any accountants, financial advisers, financial institution or other expert, whether or not addressed to it and whether their liability in relation thereto is limited (by its terms or by any
      engagement letter relating thereto entered into by the Trustee or in any other manner) by reference to a monetary cap, methodology or otherwise. The Trustee may accept and shall be entitled to rely on any such report, confirmation or certificate or
      advice and such report, confirmation or certificate or advice shall be binding on the Issuer, the Trustee and the Bondholders.

   

  	12	Agents

   

  		12.1	Agent to the Issuer

   

  The Agents and the Calculation Agent, when acting in
      that capacity, act solely as agents of the Issuer and do not assume any obligation towards or relationship of agency or trust for or with any Bondholder or any Person holding an interest in respect of any Bond through an account with a financial
      intermediary or otherwise.

   

  		12.2	Appointment and Termination of Agents and the Calculation Agent

   

  The Issuer has initially appointed the Principal
      Paying, Transfer and Conversion Agent, the Registrar, the Conversion Agents and the Calculation Agent for the Bonds as stated above. The Issuer may at any time, with the approval of the Trustee, appoint additional or other Agents or Calculation Agent
      and terminate the appointment of such Agents or Calculation Agent. Notice of any such termination or appointment and of any change in the office through which any Agent will act will be promptly given to each Bondholder in the manner described in
      Section 15.7 hereof.

   

  		12.3	Duty to Maintain Office

   

  As long as the Bonds, including in the event that
      some but not all Bonds originally issued, are outstanding, the Issuer shall maintain a Principal Paying, Transfer and Conversion Agent and a Calculation Agent which shall each be a financial institution of international repute or a financial adviser
      with appropriate expertise.

   

  

  
  
     

  

  
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  	13	Securities Holding Structure

   

  		13.1	Form and Custody of Bonds

   

  The entire issue of the Bonds will be initially
      evidenced by a global certificate (the “Global Bond Certificate”) in fully registered form which will be deposited on the Closing Date with and registered in the name of a common depositary or its nominee for Euroclear Bank SA/NV (“Euroclear”)

      and Clearstream Banking, S.A. (“Clearstream, Luxembourg” and together with Euroclear, the “Central Securities Depositories” and each a “Central Securities Depository”).

   

  		13.2	Multi-Tiered Holding System

   

  As long as the Global Bond Certificate is on deposit with the Central
      Securities Depositories or any of their respective successors, then:

   

  		(a)	any Person wishing to acquire, hold or transfer an interest in respect of the Bonds must do so through an account with a Central Securities Depository or any of their
            respective successors or another securities intermediary holding an equivalent interest in respect of the Bonds directly or indirectly through a Central Securities Depository or any of its successors;

   

  		(b)	there will be one or more financial intermediaries standing between each such accountholder and the underlying Bonds;

   

  		(c)	the Issuer and the Trustee will have the right to treat the Central Securities Depositories or their respective successors or agents as the holders or Persons exclusively
            entitled to receive interest and other payments or property in respect of or in exchange for the Bonds, including the Shares, and otherwise to exercise all the rights and powers with respect to any Bond;

   

  		(d)	the obligation of the Issuer to make payments of interest and principal (except as provided by a Bondholder pursuant to a Change of Control Put Exercise Notice or
            Conversion Notice) and other amounts with respect to any Bond shall be discharged at the time payment in the appropriate amount is made in accordance with the Agency Agreement to a Central Securities Depository or its successor or agent;

   

  		(e)	the obligation of the Issuer to deliver Shares upon the exercise by any Bondholder of any Conversion Rights shall be discharged at the time the Shares are delivered to a
            Central Securities Depository or its successor or agent in accordance with Section 5.3; and

   

  		(f)	any Person that acquires, holds or transfers interests in respect of any Bond through accounts with a Central Securities Depository or with any other financial
            intermediary will be subject to the laws and contractual provisions governing such Person’s relationship with its financial intermediary, as well as the laws and contractual provisions governing the relationship between its financial
            intermediary and each other financial intermediary, if any, standing between itself and the Global Bond Certificate and, the Bonds Register to determine (A) the legal nature of its interest in respect of any Bond and whether such interest is
            protected against the insolvency of its financial intermediary or any financial intermediary standing between such investor and the underlying Bonds and, the Bonds Register, (B) whether a Central Securities Depository or its successor, and each
            other securities intermediary, if any, standing between such Person and the underlying Bonds and, the Bonds Register, is required to enforce the payment and other terms of the Bonds against the Issuer or to put its accountholders in a position
            to do so directly and (C) whether such Person’s financial intermediary and each financial intermediary, if any, standing between such Person and the underlying Bonds and, the Bonds Register, is required to pass on to such Person the benefits of
            ownership of any Bonds.

   

  

  
  
     

  

  
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  	13.3	Right to Obtain Individual Certificates in Exchange for the Global Bond Certificate

   

  Except as described in this Section 13.3, the Global
      Bond Certificate will not be exchangeable for individual certificates each evidencing a single Bond or less than the entire issue of the Bonds. Subject to the foregoing sentence, if (A) a Central Securities Depository or its successor notifies the
      Issuer that it is unwilling or unable to continue as depository and a successor depository is not appointed within 14 days, (B) an Event of Default shall have occurred and the maturity of the Bonds shall have been accelerated in accordance with the
      terms of the Bonds or (C) the Issuer shall have decided in its sole discretion that the Bonds should no longer be evidenced solely by the Global Bond Certificate, then upon having prepared a deed or deeds with a fixed date, governed by Dutch law,
      between the relevant Bondholder, the relevant Central Securities Depository and the relevant accountholders of such Central Securities Depository with an interest in such Bonds:

   

  		(a)	the Issuer will promptly and in any event not later than 10 Business Days thereafter cause individual certificates each evidencing a single Bond or such other number of
            Bonds as specified by the Central Securities Depositories or their respective successors to be duly executed, authenticated and delivered to the Central Securities Depositories or their respective successors and, registered in the name of the
            relevant Central Securities Depository or its nominee, against surrender of the Global Bond Certificate by the Central Securities Depositories or their respective successors;

   

  		(b)	notwithstanding any other provision of these Conditions or the Agency Agreement, the individual certificates so delivered to the Central Securities Depositories or their
            respective successors may be delivered by them to their respective accountholders in such amounts as shall correspond to the amount of Bonds credited to the accounts of such accountholders on the records of the Central Securities Depositories
            or their respective successors at the time of such delivery and, the Issuer will register the Bonds evidenced by such individual certificates in such names and amounts as the Central Securities Depositories or their respective successors shall
            specify to the Issuer or the Principal Paying, Transfer and Conversion Agent, which specification shall serve as notification of transfer (mededeling); and

   

  		(c)	if for any reason individual certificates are not issued, authenticated and delivered to the Central Securities Depositories or their respective successors in accordance
            with Sections 13.3(a) and 13.3(b) above, then:

   

  		(i)	each Central Securities Depository or its respective successor may provide to each of its accountholders a statement of each accountholder’s interest in the Bonds
            evidenced by the Global Bond Certificate held by such Central Securities Depository or its successor, together with a copy of the Global Bond Certificate; and

   

  		(ii)	notwithstanding any other provision of these Conditions or of the Agency Agreement, each such accountholder or its successors and assigns (x) shall have a claim, directly
            against the Issuer, for the payment of any amount due or to become due in respect of such accountholder’s interest in the Bonds evidenced by the Global Bond Certificate, and shall be empowered to bring any claim, to the extent of such
            accountholder’s interest in the Bonds evidenced by the Global Bond Certificate and to the exclusion of such Central Securities Depository or its successor, that as a matter of law could be brought by the holder of the Global Bond Certificate
            and the Person in whose name the Bonds are registered and (y) may, without the consent and to the exclusion of such Central Securities Depository or its successor, file any claim, take any action or institute any proceeding, directly against
            the Issuer, to compel the payment of such amount or enforce any such rights, as fully as though the interest of such accountholder in the Bonds evidenced by the Global Bond Certificate were evidenced by an individual certificate in such
            accountholder’s actual possession and as if an amount of Bonds equal to such accountholder’s stated interest were registered in such accountholder’s name and without the need to produce the Global Bond Certificate in its original form. This
            Section 13.3(c)(ii) constitutes an unconditional and irrevocable third party stipulation (derdenbeding, as used in Article 6:253 of The Netherlands Civil Code).

   

  

  
  
     

  

  
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  For purposes of this Section 13.3, the account
      records of a Central Securities Depository or its successor will, in the absence of manifest error, be conclusive evidence of the identity of each accountholder that has any interest in the Bonds evidenced by the Global Bond Certificate held by such
      Central Securities Depository or its successor and the amount of such interest. Individual certificates will be issued in denominations of €100,000 of that amount and, when delivered against surrender of such Global Bond Certificate shall be issued
      in registered form without coupons.

   

  	13.4	Direct Holding System

   

  Subject to Section 13.2, if the Global Bond Certificate is exchanged for
      individual certificates each evidencing a single Bond or less than the entire issue of Bonds, then:

   

  		(a)	the Issuer and the Trustee will have the right to treat each Bondholder as the holder and Person exclusively entitled to receive interest and other payments or property in
            respect of or in exchange for the Bonds, including the Shares, and otherwise to exercise all the rights and powers with respect to any Bond;

   

  		(b)	the obligation of the Issuer to make payments of interest and principal and other amounts with respect to the Bonds shall be discharged at the time payment in the
            appropriate amount is made in accordance with the Agency Agreement to each Bondholder; and

   

  		(c)	the obligation of the Issuer to deliver Shares upon the exercise by any Bondholder of any Conversion Rights shall be discharged at the time the Shares are delivered to
            such Bondholder in accordance with Section 5.3.

   

  	13.5	Lost, Stolen or Mutilated Certificates

   

  In case any certificate evidencing one or more Bonds
      shall become mutilated, defaced or apparently destroyed, lost or stolen, the Issuer may execute, and, upon the request of the Issuer, the Registrar shall authenticate and deliver, a new certificate evidencing such Bonds, bearing a number not
      contemporaneously outstanding, in exchange and substitution for the mutilated or defaced certificate evidencing such Bonds or in lieu of and in substitution for the apparently destroyed, lost or stolen certificate evidencing such Bonds. In every case
      the applicant for a substitute certificate evidencing such Bonds shall furnish to the Issuer and to the Registrar such security or indemnity as may be required by them to indemnify and defend and to save each of them and any agent of the Issuer or
      the Registrar harmless and, in every case of destruction, loss or theft, evidence to their satisfaction of the apparent destruction, loss or theft of such certificate evidencing such Bonds and of the ownership thereof. Upon the issuance of any
      substitute certificate evidencing such Bonds, the Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the
      Registrar) connected therewith together with such indemnity or security as is reasonably required by the Issuer and the Registrar.

   

  

  
  
     

  

  
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  	14	Definitions

   

  As used herein, the following capitalised terms have the meanings set
      forth below:

   

  “Agency Agreement” has the meaning set forth in Section 1.1.

   

  “Agents” has the meaning set forth in Section 1.1.

   

  “Bond Market Price” means, in respect of any
      Trading Day, as determined by an Independent Financial Adviser, the arithmetic average of the Mid-Market Bond Prices in respect of such Trading Day from at least three Leading Institutions as such Independent Financial Adviser shall consider
      appropriate (or such lesser number of such Leading Institutions (if any) as such Independent Financial Adviser is able to obtain a Mid-Market Bond Price from), provided that where such Independent Financial Adviser is able to obtain only one such
      Mid-Market Bond Price, the Bond Market Price shall be such Mid-Market Bond Price, and provided further that where such Independent Financial Adviser is not able to obtain any Mid-Market Bond Price, the Bond Market Price shall be considered (by such
      Independent Financial Adviser in making its determination) not to be available in respect of such Trading Day.

   

  “Bondholder” means any Person who is registered as the owner of
      such Bonds on the Bonds Register.

   

  “Bonds” has the meaning set forth in Section 1.1.

   

  “Bonds Register” means the register of the Bonds maintained by the
      Registrar to register ownership of the Bonds.

   

  “Business Day” means a calendar day other than
      a Saturday or a Sunday which in Amsterdam is neither a public holiday nor a calendar day on which banking institutions are closed and, in the case of payments in euro, on which the TARGET System is open and, in the case of surrender of a certificate
      evidencing a Bond, in the place where such certificate is surrendered.

   

  “Calculation Agent” has the meaning set forth in Section 1.1.

   

  “Capital Markets Indebtedness” has the meaning set forth in Section
      2.2.

   

  “cash” includes any promise or undertaking to pay cash or any
      release or extinguishment of, or set-off against, a liability to pay a cash amount.

   

  “Cash Alternative Amount” means, in respect of
      any exercise of Investor Cash Settlement Rights, an amount (rounded to nearest €0.01, with €0.005 rounded upwards) calculated by the Calculation Agent in accordance with the following formula and which shall be payable by the Issuer to a Bondholder
      in respect of the Reference Shares:

   

  

  
  
     

  

  
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  	where:	 
	 	 
	CAA =	the Cash Alternative Amount;
	 	 
	S    =	the Reference Shares;
	 	 
	Pn   =	the Volume Weighted Average Price of a Share on the nth Trading Day of the Cash Alternative Calculation Period; and
	 	 
	N    =	25, being the number of Trading Days in the Cash Alternative Calculation Period,

   

  provided that:

   

  		(a)	if any dividend or other entitlement in respect of the Shares is announced, whether on or prior to or after the relevant Conversion Date in circumstances where the record
            date or other due date for the establishment of entitlement in respect of such dividend or other entitlement shall be on or after the relevant Conversion Date and if on any Trading Day in the Cash Alternative Calculation Period the Volume
            Weighted Average Price determined as provided above is based on a price ex-such dividend or ex-such other entitlement, then such Volume Weighted Average Price shall be increased by an amount equal to the Fair Market Value of any such dividend
            or other entitlement per Share as at the Ex-Date in respect of such dividend or entitlement, determined on a gross basis and disregarding any withholding or deduction required to be made for or on account of tax, and disregarding any associated
            tax credit, all as determined by the Calculation Agent;

   

  		(b)	if any Adjustment Event is announced, whether on or prior to or after the relevant Conversion Date in circumstances where the Deemed Record Date in respect thereof shall
            be prior to the relevant Conversion Date but the relevant adjustment to the Conversion Price is not yet in effect on the relevant Conversion Date, and if any Trading Day in the Cash Alternative Calculation Period falls on or after the Deemed
            Ex-Date in respect of such Adjustment Event, then the Volume Weighted Average Price on any such Trading Day shall be divided by the adjustment factor subsequently determined by the Calculation Agent to be applicable in respect of the relevant
            Conversion Price adjustment (provided that if such adjustment factor is not (but for the operation of this proviso) capable of being determined in accordance with these Conditions on or before the date falling two Business Days prior to the day
            on which the Cash Alternative Amount is to be paid in accordance with these Conditions, such adjustment factor shall (solely for the purpose of this definition) be determined by an Independent Financial Adviser by no later than such date as
            aforesaid); and

   

  		(c)	if any doubt shall arise as to the calculation of the Cash Alternative Amount or if such amount cannot be determined as provided above, the Cash Alternative Amount shall
            be equal to such amount as is determined in such other manner as an Independent Financial Adviser shall consider in good faith to be appropriate to give the intended result.

   

  “Cash Alternative Calculation Period” means,
      in respect of any exercise of Investor Cash Settlement Rights, the period of 25 consecutive Trading Days commencing on the second Trading Day following the Conversion Date.

   

  

  
  
     

  

  
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  “Cash or Stock Dividend” means (i) any
      dividend or distribution paid or payable solely in cash on a Share, and (ii) any dividend or distribution which shall be treated to be paid or payable in cash on a Share pursuant to the following provisions:

   

  	 	(a)	(i)	where a dividend or distribution in cash is announced which is to be, or may at the election of a holder or holders of a Share be, satisfied by the issue or delivery of Shares or other property or assets; or

   

  		(ii)	where a capitalisation of profits or reserves is announced which is to be, or may at the election of a holder or holders of a Share be, satisfied by the payment of cash,

   

  then the dividend, distribution or capitalisation in
      question shall be treated as a dividend or distribution in cash of an amount equal to the greater of:

   

  		(x)	the Fair Market Value of such cash amount as at the Ex-Date in relation to such dividend or distribution; and

   

  		(y)	the Current Market Price of such Shares, or, as the case may be, the Fair Market Value of such other property or assets, as at the Ex-Date in relation to such dividend or
            distribution or capitalisation or, in any such case, if later, the date on which the number of Shares (or amount of such other property or assets, as the case may be) which may be issued or delivered is determined; or

   

  		(b)	where there shall be (other than in the circumstances the subject of paragraph (a) above) any issue of Shares by way of capitalisation of profits or reserves where
            such issue is expressed to be, or in lieu of, a dividend or distribution in cash (whether or not a cash dividend or distribution equivalent or amount is announced or would otherwise be payable to holders of the Shares, whether at their election
            or otherwise), then the issue in question shall be treated as a dividend or distribution in cash of an amount equal to the Current Market Price of such Shares as at the Ex-Date in respect of such dividend or entitlement in relation to such
            issue or, if later, the date on which the number of Shares to be issued is determined.

   

  “Central Securities Depositories” has the meaning set forth in
      Section 13.1.

   

  A “Change of Control” shall occur if a person
      or persons acting together acquires or acquire directly or indirectly (i) more than 50 per cent. of Voting Rights or (ii) the right to appoint and/or remove all or a majority of the members of the executive board (raad van bestuur) or
      supervisory board (raad van commissarissen) of the Issuer, provided that a Change of Control will not be deemed to have occurred solely as a result of the issuance of cumulative preference shares in the capital of the Issuer to Stichting
      Continuïteit Takeaway.com or subsequent cancellation or repurchase thereof.

   

  “Change of Control Conversion Price” has the meaning set forth in
      Section 5.4(c).

   

  “Change of Control Notice” has the meaning set forth in Section
      4.4.

   

  “Change of Control Period” means the period
      commencing on the occurrence of a Change of Control and ending 60 calendar days following the Change of Control or, if later, 60 calendar days following the date on which a Change of Control Notice is given to Bondholders as required by Section 4.4.

   

  “Change of Control Put Date” has the meaning set forth in Section
      4.4.

   

  “Change of Control Put Exercise Notice” has the meaning set forth
      in Section 4.4.

   

  “Closing Date” means 25 January 2019.

   

  

  
  
     

  

  
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  “Closing Price” means, in respect of a Share,
      Security, Reclassified Security or, as the case may be, a Spin-off Security, option, warrant or other right or asset, on any Trading Day, the closing price of a Share, Security, Reclassified Security, or, as the case may be, a Spin-off Security,
      option, warrant or other right or asset published by or derived from Bloomberg page HP (setting “Last Price”, or any other successor setting and using values not adjusted for any event occurring after such Trading Day; and for the avoidance of doubt,
      all values will be determined with all adjustment settings on the DPDF Page, or any successor or similar setting, switched off) in respect of such Share, Security, Reclassified Security, Spin-off Security, options, warrants or other rights or assets
      and such Relevant Exchange (and for the avoidance of doubt such Bloomberg page for the Shares as at the Closing Date is TKWY NA Equity HP) if any, or, in any other case, such other pricing source (if any) as shall be determined to be appropriate by
      an Independent Financial Adviser on such Trading Day and translated, if not in the Relevant Currency, into the Relevant Currency at the Prevailing Rate on such Trading Day, provided that if on any such Trading Day (for the purpose of this definition,
      the “Original Date”) such price is not available or cannot otherwise be determined as provided above, the Closing Price of a Share, Security, Reclassified Security, a Spin-off Security, option, warrant or other right or asset, as the case may
      be, in respect of such Trading Day shall be the Closing Price, determined as provided above, on the immediately preceding Trading Day on which the same can be so determined, and further provided that if such immediately preceding Trading Day falls
      prior to the fifth day before the Original Date, an Independent Financial Adviser shall determine the Closing Price in respect of the Original Date in good faith, all as determined by (where specifically provided above) an Independent Financial
      Adviser or (in any other case) the Calculation Agent.

   

  “Combined Consideration” means New Securities in combination with
      Other Consideration.

   

  “Conditions” has the meaning set forth in Section 1.2.

   

  “Conversion Agent” has the meaning set forth in Section 1.1.

   

  “Conversion Date” has the meaning set forth in Section 5.2.

   

  “Conversion Notice” has the meaning set forth in Section 5.2.

   

  “Conversion Period” has the meaning set forth in Section 5.1.

   

  “Conversion Price” has the meaning set forth in Section 5.1.

   

  “Conversion Rights” has the meaning set forth in Section 5.1.

   

  “Current Market Price” means, in respect of a
      Share at a particular date, the arithmetic average of the daily Volume Weighted Average Price of a Share on each of the five consecutive Trading Days ending on the Trading Day immediately preceding such date, as determined by the Calculation Agent,
      provided that:

   

  		(a)	for the purposes of determining the Current Market Price pursuant to Section 5.4(a)(ii) or (iii) (and pursuant to Formulas 2 and 3 when used in the application thereof) in
            circumstances where the relevant event relates to an issue of Shares, if at any time during the said five Trading Day period (which may be on each of such five Trading Days) the Volume Weighted Average Price shall have been based on a price
            ex-dividend (or ex- any other entitlement) and/or during some other part of that period (which may be on each of such five Trading Days) the Volume Weighted Average Price shall have been based on a price cum-dividend (or cum- any other
            entitlement), in any such case which has been declared or announced, then:

   

  		(i)	if the Shares to be so issued do not rank for the dividend (or entitlement) in question, the Volume Weighted Average Price on the dates on which the Shares shall have been
            based on a price cum-dividend (or cum- any other entitlement) shall for the purpose of this definition be deemed to be the amount thereof reduced by an amount equal to the Fair Market Value of any such dividend or entitlement per Share as at
            the Ex-Date in respect of such dividend or entitlement (or, where on each of the said five Trading Days the Volume Weighted Average Price shall have been based on a price cum-dividend (or cum-any other entitlement), as at the date of first
            public announcement of such dividend or entitlement), in any such case, determined by the Calculation Agent on a gross basis and disregarding any withholding or deduction required to be made on account of tax, and disregarding any associated
            tax credit; or

   

  

  
  
     

  

  
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  		(ii)	if the Shares to be so issued or transferred and delivered (if applicable) do rank for the dividend or entitlement in question, the Volume Weighted Average Price on the
            dates on which the Shares shall have been based on a price ex-dividend (or ex- any other entitlement) shall for the purpose of this definition be deemed to be the amount thereof increased by an amount equal to the Fair Market Value of any such
            dividend or entitlement per Share as at the Ex-Date in respect of such dividend or entitlement, in any such case, determined by the Calculation Agent on a gross basis and disregarding any withholding or deduction required to be made for or on
            account of tax, and disregarding any associated tax credit; and

   

  		(b)	if any day during the said five Trading Day period was the Ex-Date in relation to any dividend (or any other entitlement) the Volume Weighted Average Prices that shall
            have been based on a price cum- such dividend (or cum- such entitlement) shall for the purpose of this definition be deemed to be the amount thereof reduced by an amount equal to the Fair Market Value of any such dividend or entitlement per
            Share as at the Ex-Date in respect of such dividend or entitlement.

   

  “Deemed Ex-Date” means in respect of any
      Adjustment Event (i) the Ex-Date in relation to any Adjustment Event pursuant to Sections 5.4(a)(i), 5.4(a)(ii), 5.4(a)(iv), 5.4(a)(v), 5.4(a)(vi), 5.4(a)(viii), 5.4(a)(ix) or 5.4(a)(x) or (ii) the relevant date of first public announcement as
      referred to in Sections 5.4(a)(iii) or 5.4(a)(vii) (or the Trading Day immediately following the Expiration Time as referred to in Sections 5.4(a)(xi)) in respect of which an adjustment is required to be made to the Conversion Price pursuant to
      Sections 5.4(a)(iii) or 5.4(a)(vii) (or, as the case may be, Section 5.4(a)(xi)).

   

  “Deemed Record Date” means in respect of any
      Adjustment Event (i) the record date or other due date for the establishment of entitlement in respect of the relevant Adjustment Event pursuant to Sections 5.4(a)(i), 5.4(a)(ii), 5.4(a)(iv), 5.4(a)(v), 5.4(a)(vi), 5.4(a)(viii), 5.4(a)(ix) or
      5.4(a)(x) or (ii) (in respect of any other Adjustment Event) the Deemed Ex-Date in respect thereof.

   

  “Delivery Date” has the meaning set forth in Section 5.3(c).

   

  “Dividend Determination Date” means the record date or other due
      date for establishment of entitlement in respect of the relevant Cash or Stock Dividend.

   

  “EEA Regulated Market” means a regulated
      market which complies with the requirements set out on Article 4.1(21) of Directive 2014/65/EU of the European Parliament and of the Council on Markets in Financial Instruments.

   

  “EGM” means an extraordinary general meeting of Shareholders.

   

  

  
  
     

  

  
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  “equity securities” means, in relation to any
      entity, its issued share capital, excluding any part of that capital which does not carry any right to participate beyond a specified amount in a distribution of dividends or assets.

   

  “euro” and “€” means the currency
      introduced at the start of the third stage of European economic and monetary union pursuant to the Treaty establishing the European Community, as amended.

   

  “Euronext Amsterdam” means Euronext in
      Amsterdam, a regulated market of Euronext Amsterdam N.V. or any successor thereof.

   

  “Event of Default” has the meaning set forth
      in Section 8.

   

  “Ex-Date” means, in respect of any Cash or
      Stock Dividend, other dividend, distribution, entitlement, capitalisation, resignation, reclassification, sub-division, issue, offer, grant or other entitlement, the first date on which the Shares are traded ex- such relevant Cash or Stock Dividend,
      other dividend, distribution, entitlement, capitalisation, resignation, reclassification, sub-division, issue, offer, grant or other entitlement on the Relevant Exchange (or, in the case of a dividend which is a purchase or redemption of Shares (or,
      as the case may be, any depositary or other receipts or certificates representing Shares), the date on which such purchase or redemption is made).

   

  “Expiration Time” has the meaning set forth in
      Section 5.4(b).

   

  “Extraordinary Resolution” has the meaning set
      forth in the Trust Deed.

   

  “Fair Bond Value” means, as determined by an
      Independent Financial Adviser, the arithmetic average of (A) the Bond Market Price on each Trading Day comprised in the Fair Bond Value Calculation Period and on which such Bond Market Price is available, subject to such Bond Market Price being
      available in respect of a minimum of three Trading Days, or (B) (where (A) does not apply) in respect of each Trading Day comprised in the Fair Bond Value Calculation Period, the Bond Market Price on each Trading Day on which such Bond Market Price
      is available (if any) or (if no such Bond Market Price in available in respect of such Trading Day) the fair mid-market value (as determined by such Independent Financial Adviser on the basis of a commonly accepted market valuation method and taking
      account of such factors as it considers appropriate) per €100,000 in principal amount of the Bonds (as at the close of business on such Trading Day and using a reference price for the Share equal to the closing price of the Share on such Trading
      Day).

   

  “Fair Bond Value Calculation Period” means the
      period of five consecutive Trading Days commencing on the second Trading Day following (i) in the case of redemption following the giving of a Shareholder Event Notice, the date on which the Shareholder Event Notice is given to the Bondholders in
      accordance with Section 15.7 and (ii) in the case of redemption following the occurrence of a No-Acquisition Event, the date on which the No-Acquisition Event Notice is given to the Bondholders in accordance with Section 15.7.

   

  “Fair Bond Value Redemption Date” has the meaning set forth in
      Section 4.3.

   

  “Fair Bond Value Redemption Price” means an
      amount equal to the greater of (i) 102 per cent. of the principal amount of the Bonds, together with accrued but unpaid interest to (but excluding) the Fair Bond Value Redemption Date and (ii) 102 per cent. of the Fair Bond Value of the Bonds,
      together with accrued but unpaid interest to (but excluding) the Fair Bond Value Redemption Date.

   

  “Fair Market Value” means, on any date (the “FMV Date”):

   

  		(a)	in the case of a Cash or Stock Dividend, the amount of such Cash or Stock Dividend, as determined in good faith by the Calculation Agent;

   

  

  
  
     

  

  
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  		(b)	in the case of any other cash amount, the amount of such cash, as determined in good faith by the Calculation Agent;

   

  		(c)	in the case of Securities (including Shares), Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets that are publicly traded on a
            Relevant Exchange of adequate liquidity (as determined in good faith by the Calculation Agent or an Independent Financial Adviser), the arithmetic mean of (i) in the case of Shares or (to the extent constituting equity securities) other
            Securities, Reclassified Securities or Spin-Off Securities, the daily Volume Weighted Average Prices of the Shares or such other Securities, Reclassified Securities or Spin-Off Securities and (ii) in the case of other Securities, Reclassified
            Securities or Spin-Off Securities (to the extent not constituting equity securities), options, warrants or other rights or assets, the Closing Prices of such Securities, Reclassified Securities, Spin-Off Securities, options, warrants or other
            rights or assets, in the case of both (i) and (ii) during the period of five Trading Days on the Relevant Exchange for such Securities, Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets commencing on such
            FMV Date (or, if later, the date (the “Adjusted FMV Date”) which falls on the first such Trading Day on which such Securities, Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets are publicly traded,
            provided that where such Adjusted FMV Date falls after the fifth day following the FMV Date, the Fair Market Value of such Securities, Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets shall instead be
            determined pursuant to paragraph (d) below, and no such Adjusted FMV Date shall be deemed to apply) or such shorter period as such Securities, Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets are
            publicly traded, all as determined in good faith by the Calculation Agent;

   

  		(d)	in the case of Securities, Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets that are not publicly traded on a Relevant Exchange of
            adequate liquidity (as aforesaid) or where otherwise provided paragraph (c) above to be determined pursuant to this paragraph (d), an amount equal to the fair market value of such Securities, Reclassified Securities, Spin-Off Securities,
            options, warrants or other rights or assets as determined in good faith by an Independent Financial Adviser, on the basis of a commonly accepted market valuation method and taking account of such factors as it (acting reasonably) considers
            appropriate, including the market price per Share, the dividend yield of an Share, the volatility of such market price, prevailing interest rates and the terms of such Securities, Reclassified Securities, Spin-Off Securities, options, warrants
            or other rights or assets, and including as to the expiry date and exercise price (if any) thereof.

   

  Such amounts shall, if necessary, be translated into
      the Relevant Currency (if not expressed in the Relevant Currency on the FMV Date (or, as the case may be, the Adjusted FMV Date)) at the Prevailing Rate on the FMV Date (or, as the case may be, the Adjusted FMV Date), all as determined in good faith
      by the Calculation Agent. In addition, in the case of (i) and (ii) above, the Fair Market Value shall be determined on a gross basis and disregarding any withholding or deduction required to be made for or on account of tax, and disregarding any
      associated tax credit.

   

  “Further Bonds” means any further Bonds issued
      pursuant to Section 15.6 and consolidated and forming a single series with the then outstanding Bonds.

   

  “Global Bond Certificate” has the meaning set
      forth in Section 13.1.

   

  “indebtedness” shall be construed so as to
      include any obligation for the payment or repayment of money, whether present or future, actual or contingent.

   

  

  
  
     

  

  
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  “Independent Financial Adviser” means an
      independent institution with appropriate expertise, which may be the initial Calculation Agent, appointed by the Issuer (other than where the initial Calculation Agent is appointed) in consultation with the Calculation Agent and (other than where the
      initial Calculation Agent is appointed) approved in writing by the Trustee or, if the Issuer fails to make such appointment and such failure continues for a reasonable period (as determined by the Trustee in its sole discretion) and the Trustee is
      indemnified and/or secured and/or prefunded to its satisfaction against the costs, fees and expenses of such adviser and otherwise in connection with such appointment, appointed by the Trustee (without liability for so doing) following notification
      to the Issuer.

   

  “Interest Payment Date” has the meaning set forth in Section 3.2.

   

  “Interest Period” has the meaning set forth in Section 3.2.

   

  “Investor Cash Settlement Right” has the meaning set forth in
      Section 5.1.

   

  “Judgment Currency” has the meaning set forth in Section 15.4.

   

  “Leading Institution” means an investment bank
      or any other bank or financial institution of recognised standing which is a leading European convertible bond dealer or a market maker in pricing European corporate convertible bond issues.

   

  “Long Stop Date” means 25 October 2019.

   

  “Market Disruption Event” means, for any
      Trading Day, any suspension of or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) (i) in the Shares on the Relevant Exchange occurring or existing during the one-half
      hour period immediately prior to the close of business of the Relevant Exchange or (ii) in any options contracts or futures contracts relating to the Shares on the Relevant Exchange if, in any such case, such suspension or limitation is, in the
      determination of an Independent Financial Adviser, material.

   

  a “Material Subsidiary” means any Subsidiary:

   

  		(a)	whose (i) total assets or (ii) total revenues (consolidated in the case of a Subsidiary which itself has subsidiaries) represent five per cent. or more of the consolidated
            total assets of the Issuer and its Subsidiaries or, as the case may be, consolidated total revenues of the Issuer and its Subsidiaries, in each case as calculated by reference to the then latest audited financial statements of such Subsidiary
            (consolidated or, as the case may be, unconsolidated) and the then latest audited consolidated financial statements of the Issuer provided that:

   

  		(i)	in the case of a Subsidiary acquired or an entity which becomes a Subsidiary after the end of the financial period to which the then latest audited consolidated financial
            statements of the Issuer relate, the reference to the then latest audited consolidated financial statements of the Issuer for the purposes of the calculation of the above shall until the consolidated audited financial statements of the Issuer
            are published for the financial period in which the acquisition is made or, as the case may be, in which such entity becomes a Subsidiary, be deemed to be a reference to the then latest consolidated financial statements of the Issuer adjusted
            in such manner as may be deemed appropriate by the Issuer to consolidate the latest audited financial statements (consolidated or, as the case may be, unconsolidated) of such Subsidiary in such financial statements;

   

  

  
  
     

  

  
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  		(ii)	if, in the case of any Subsidiary, no audited financial statements (consolidated or, as the case may be, unconsolidated) are prepared, then the determination of whether or
            not such Subsidiary is a Material Subsidiary shall be determined by reference to its unaudited annual financial statements (if any) or on the basis of pro forma financial statements (consolidated or, as the case may be, unconsolidated); and

   

  		(iii)	if the latest financial statements of any Subsidiary are not prepared on the basis of the same accounting principles, policies and practices of the latest consolidated
            audited financial statements of the Issuer, then the determination of whether or not such Subsidiary is a Material Subsidiary shall be based on pro forma financial statements or, as the case may be, consolidated financial statements of such
            Subsidiary prepared on the same accounting principles, policies and practices as adopted in the latest consolidated audited financial statements of the Issuer, or an appropriate restatement or adjustment to the relevant financial statements of
            each Subsidiary; or

   

  		(b)	to which is transferred all or substantially all of the business, undertaking and assets of a Subsidiary which immediately prior to such transfer is a Material Subsidiary,
            whereupon the transferor Subsidiary shall immediately cease to be a Material Subsidiary and the transferee Subsidiary shall immediately become a Material Subsidiary under the provisions of this sub-paragraph (b) upon publication of its next
            audited financial statements but so that such transferor Subsidiary or such transferee Subsidiary may be a Material Subsidiary on or at any time after the date on which such audited financial statements have been published by virtue of the
            provisions of sub-paragraph (a) above or (as a result of another transfer to which this sub-paragraph (b) applies) before, on or at any time after such date by virtue of the provisions of this sub-paragraph (b).

   

  “Maturity Date” has the meaning set forth in Section 1.1.

   

  “Merger Date” means, in respect of any Merger
      Event, the date on which all holders of the Shares (other than, in the case of a takeover offer, any Shares owned or controlled by the offeror) have agreed or irrevocably become obligated to transfer their Shares.

   

  “Merger Event” means any (i) consolidation,
      amalgamation or merger of the Issuer with or into another entity (other than a consolidation, amalgamation or merger where the Issuer is the continuing entity) or (ii) a statutory split up (other than a Spin-off Event).

   

  “Mid-Market Bond Price” means, in respect of
      any Trading Day and from any Leading Institution, the average of the prices (per €100,000 in principal amount of the Bonds) provided by such Leading Institution for (x) the purchase by such Leading Institution (bid price), and (y) the purchase from
      such Leading Institution (ask price), in each case in respect of the Bonds as at the close of business on such Trading Day and using a reference price for the Share equal to the closing price of the Share on such Trading Day.

   

  “New Securities” means equity securities (whether of the Issuer or
      a third party) which are publicly traded on a Recognised Exchange.

   

  A “No-Acquisition Event” shall occur if (i) on
      or before the Long Stop Date, the Issuer announces to the public that its acquisition of the German business of Delivery Hero S.E. (as announced by the Issuer on 21 December 2018) will not proceed or (ii) the Issuer has not, on or before the Long
      Stop Date, announced completion of the Acquisition.

   

  “No-Acquisition Event Notice” has the meaning set forth in Section
      4.3.

   

  “Optional Redemption Date” has the meaning set forth in Section
      4.1.

   

  

  
  
     

  

  
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  “Optional Redemption Notice” has the meaning set forth in Section
      4.1.

   

  “Other Consideration” means cash, securities (other than New
      Securities) or other property (whether of the Issuer or a third party).

   

  “Parity Value” means, in respect of any Trading Day, the amount
      determined in good faith by the Calculation Agent and calculated as follows:

   

  	PV	=	N x VWAP
	 	 	 
	where:	 	 
	 	 	 
	PV	=	the Parity Value.
	 	 	 
	N	=	€100,000 divided by the Conversion Price in effect on such Trading Day, provided that if (A) such Trading Day falls on or after the Deemed
            Ex-Date in respect of an Adjustment Event, and (B) such adjustment is not yet in effect on such Trading Day, the Conversion Price in effect on such Trading Day shall for the purpose of this definition only be multiplied by the adjustment factor
            subsequently determined by the Calculation Agent to be applicable in respect of the relevant Conversion Price adjustment.
	 	 	 
	VWAP	=	the Volume Weighted Average Price of a Share on such Trading Day.

   

  “Person” means an individual, a corporation, a
      limited liability company, a partnership, an association, a trust or any other entity or organisation, including a government or political subdivision or an agency or instrumentality thereof.

   

  “Physical Settlement Date” means the date
      specified as such in any Physical Settlement Notice, which shall be not earlier than 10 nor later than 20 Business Days after the date on which the Physical Settlement Notice is given.

   

  “Physical Settlement Notice” has the meaning set forth in Section
      5.1.

   

  “Prevailing Rate” means in respect of any pair
      of currencies on any day, the spot mid-rate of exchange between the relevant currencies prevailing as at or about 12 noon (Amsterdam time) on that day (for the purpose of this definition, the “Original Date”) as appearing on or derived from
      Bloomberg page BFIX (or any successor page) in respect of such pair of currencies, or, if such a rate cannot be so determined, the rate prevailing as at 12 noon (Amsterdam time) on the immediately preceding day on which such rate can be so
      determined, provided that if such immediately preceding day falls earlier than the fifth day prior to the Original Date or if such rate cannot be so determined (all as determined in good faith by the Calculation Agent), the Prevailing Rate in respect
      of the Original Date shall be the rate determined in such other manner as an Independent Financial Adviser shall consider appropriate.

   

  “Principal Paying, Transfer and Conversion Agent” has the meaning
      set forth in Section 1.1.

   

  “Purchased Shares” has the meaning set forth in Section 5.4(b).

   

  “Reclassification” has the meaning set forth in Section 5.4(a)(x).

   

  “Reclassified Securities” has the meaning set forth in Section 5.4(a)(x).

   

  “Recognised Exchange” means a regulated and regularly operating stock exchange.

   

  “Record Date” has the meaning set forth in Section 3.2(d).

   

  “Redemption Notice” means an Optional Redemption Notice, a Tax
      Redemption Notice, a Shareholder Event Notice or a No-Acquisition Event Notice.

   

  

  
  
     

  

  
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  “Redemption Price” has the meaning set forth in Section 3.1.

   

  “Reference Shares” means, in respect of the
      exercise of Investor Cash Settlement Rights or Conversion Rights by a Bondholder, the number of Shares (rounded down, if necessary, to the nearest whole number of Shares) determined in good faith by the Calculation Agent by dividing the aggregate
      principal amount of the Bonds being the subject of the relevant exercise of Investor Cash Settlement Rights or Conversion Rights by the Conversion Price in effect on the relevant Conversion Date, except that where the Conversion Date falls on or
      after the date an adjustment to the Conversion Price takes effect pursuant to Sections 5.4(a)(i), (ii), (iv), (v), (vi), (viii), (ix) or (x) but on or prior to the record date or other due date for establishment of entitlement in respect of the
      relevant event giving rise to such adjustment, then (provided, in respect of an exercise of Conversion Rights only, that the Issuer is able to confer the benefit of the relevant consolidation, reclassification, redesignation or subdivision, dividend,
      issue or grant (as the case may be) on the relevant Bondholder in respect of the relevant Shares to be issued or transferred and delivered to such Bondholder), the Conversion Price in respect of such exercise shall be such Conversion Price as would
      have been applicable to such exercise had no such adjustment been made.

   

  “Relevant Currency” means the euro.

   

  “Relevant Date” means, in respect of any Bond, whichever is the
      later of:

   

  		(i)	the date on which payment in respect of it first becomes due; and

   

  		(ii)	if any payment is improperly withheld or refused, the earlier of (a) the date on which payment in full of the amount outstanding is made or (b) the date falling seven days
            after the date on which notice is given to Bondholders that, upon further presentation of the Bond, where required pursuant to these Conditions, being made, such payment will be made, provided that such payment is in fact made as provided in
            these Conditions.

   

  “Relevant Exchange” means:

   

  		(i)	in respect of the Shares, Euronext Amsterdam or, if at the relevant time the Shares are not at that time listed and admitted to trading on Euronext Amsterdam, the
            principal stock exchange or securities market on which the Shares are then listed, admitted to trading or quoted or dealt in, and

   

  		(ii)	in respect of any Securities (other than Shares), Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets, the principal stock exchange
            or securities market on which such Securities, Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets are then listed, admitted to trading or quoted or dealt in,

   

  where “principal stock exchange or securities
        market” shall mean the stock exchange or securities market on which such Shares, Securities, Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets are listed, admitted to trading or quoted or dealt in,
      provided that if such Shares, Securities, Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets are listed, admitted to trading or quoted or dealt in (as the case may be) on more than one stock exchange or
      securities market at the relevant time, then “principal stock exchange or securities market” shall mean that stock exchange or securities market on which such Shares, Securities, Reclassified Securities, Spin-Off Securities, options, warrants or
      other rights or assets are then traded as determined by the Calculation Agent (if the Calculation Agent determines that it is able to make such determination) or (in any other case) by an Independent Financial Adviser by reference to the stock
      exchange or securities market with the highest average daily trading volume in respect of such Shares, Securities, Reclassified Securities, Spin-Off Securities, options, warrants or other rights or assets.

   

  

  
  
     

  

  
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  “Securities” means any securities including,
      without limitation, shares in the capital of the Issuer, or options, warrants or other rights to subscribe for or purchase or acquire shares in the capital of the Issuer.

   

  “Settlement Disruption Event” means an event
      beyond the control of the Issuer as a result of which any Central Securities Depository or any of their respective successors or any other central securities depository cannot settle the book-entry transfer of the Shares on such date.

   

  “Share Settlement Condition” means the
      approval at a general meeting of the Shareholders of such resolutions as are required to enable the issuance of, or transfer and delivery of, such number of Shares as may be required to be issued or transferred and delivered from time to time to
      satisfy the exercise of Conversion Rights pursuant and subject to these Conditions.

   

  “Shareholder Event Notice” has the meaning set
      forth in Section 4.3.

   

  “Shareholder Resolutions” means resolutions in
      respect of (i) the granting of rights to subscribe for Shares and the disapplication of pre-emptive rights in respect thereof to enable the issue of Shares in connection with the conversion of the Bonds and (ii) the approval of the Issuer’s
      acquisition of the German business of Delivery Hero S.E. (as announced by the Issuer on 21 December 2018).

   

  “Shareholders” means the holders of Shares.

   

  “Shares” means the ordinary shares in the
      capital of the Issuer with, as at the Closing Date, a nominal value €0.04 each.

   

  “Short Period” has the meaning set forth in
      Section 3.2.

   

  “Spin-off Event” has the meaning set forth in
      Section 5.4(a)(x).

   

  “Spin-off Securities” has the meaning set
      forth in Section 5.4(a)(x).

   

  “Subsidiary” means a subsidiary (dochtermaatschappij)
      as defined in Section 2:24a of Book 2 of the Dutch Civil Code.

   

  “TARGET” means the Trans-European Automated
      Real-Time Gross Settlement Express Transfer System (known as TARGET 2) or any successor thereto.

   

  “TARGET System” means the Trans-European
      Automated Real-Time Gross Settlement Express Transfer (TARGET2) System.

   

  “Tax Redemption Date” has the meaning set
      forth in Section 4.2.

   

  “Tax Redemption Notice” has the meaning set
      forth in Section 4.2.

   

  “Taxing Jurisdiction” means, in respect of any
      entity, the jurisdiction in which it is resident for tax purposes generally or any political subdivision or territory or possession or taxing authority thereof or therein.

   

  “Trading Day” means any calendar day other
      than a Saturday or Sunday that is (or, but for the occurrence of a Market Disruption Event, would have been) a trading day on which the Relevant Exchange is scheduled to be open for business and on which the Shares are scheduled to be capable of
      being dealt in (other than a day on which trading is scheduled to close prior to the regular closing time).

   

  “Trustee” has the meaning set forth in Section
      1.1.

   

  “Volume Weighted Average Price” means, in
      respect of a Share, Security, Reclassified Security or, as the case may be, a Spin-Off Security, on any Trading Day, the volume weighted average price on such Trading Day on the Relevant Exchange of a Share, Security, Reclassified Security or, as the
      case may be, a Spin-Off Security, as published by or derived from Bloomberg page HP (or any successor page) (setting “Weighted Average Line”, or any other successor setting and using values not adjusted for any event occurring after such Trading Day;
      and for the avoidance of doubt, all values will be determined with all adjustment settings on the DPDF Page, or any successor or similar setting, switched off) in respect of such Share, Security, Reclassified Security or, as the case may be, Spin-Off
      Security and such Relevant Exchange (and for the avoidance of doubt such Bloomberg page for the Shares as at the Closing Date is TKWY NA Equity HP), if any or, in any such case, such other pricing source (if any) as shall be determined in good faith
      to be appropriate by an Independent Financial Adviser on such Trading Day and translated, if not in the Relevant Currency, into the Relevant Currency at the Prevailing Rate on such Trading Day, provided that if on any such Trading Day (for the
      purposes of this definition, the “Original Date”) such price is not available or cannot otherwise be determined as provided above, the Volume Weighted Average Price of a Share, Security, Reclassified Security or Spin-Off Security, as the case
      may be, in respect of such Trading Day shall be the Volume Weighted Average Price, determined as provided above, on the immediately preceding Trading Day on which the same can be so determined and further provided that if such immediately preceding
      Trading Day falls prior to the fifth day before the Original Date, an Independent Financial Adviser shall (acting reasonably) determine the Volume Weighted Average Price in respect of the Original Date in good faith, all as determined by (where
      specifically provided above) an Independent Financial Adviser or (in any other, case) the Calculation Agent.

   

  

  
  
     

  

  
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  “Voting Rights” means the right generally to
      vote at a general meeting of shareholders of the Issuer (irrespective of whether or not, at the time, stock of any other class or classes shall have, or might have, voting power by reason of the happening of any contingency) or to elect the majority
      of the members of the board of management or supervisory board of the Issuer.

   

  References to any issue or offer or grant to existing
      holders of Shares “as a class” shall be taken to be references to an issue or offer or grant to all or substantially all existing holders of Shares, other than those to whom, by reason of the laws of any territory or requirements of any
      recognised regulatory body or any other stock exchange or securities market in any territory or in connection with fractional entitlements, it is determined not to make such issue or offer or grant.

   

  	15	Miscellaneous

   

  		15.1	Authentication

   

  The Bonds evidenced by this certificate shall not
      become valid or obligatory until the certificate of authentication hereon shall have been duly signed by the Registrar acting under the Agency Agreement.

   

  		15.2	Repayment of Funds

   

  All monies paid by the Issuer to the Principal
      Paying, Transfer and Conversion Agent or Conversion Agent for payment of principal or interest on any Bond which remain unclaimed at the end of two years after such payment has been made will be repaid to the Issuer and all liability of such Agent
      with respect thereto will cease, and, to the extent permitted by law, the Bondholders shall thereafter look only to the Issuer for payment as a general unsecured creditor thereof.

   

  		15.3	Prescription

   

  Claims for payment on the Bonds which are not
      exercised within five years from the due date of the relevant payment will lapse and revert to the Issuer.

   

  

  
  
     

  

  
  65

   

  
    
      
 

  

  

  

   

  		15.4	Indemnification of Judgment Currency

   

  The Issuer will indemnify each Bondholder against loss
      incurred by such Bondholder as a result of any judgment or order being given or made for any amount due under the Bonds and such judgment or order being expressed and paid in a currency other than euro (the “Judgment Currency”) and as a result
      of any variation as between (i) the rate of exchange at which euro is converted into the Judgment Currency for the purpose of such judgment or order and (ii) the spot rate of exchange in euro at which the Bondholder on the date of payment of such
      judgment or order is able to purchase euro with the amount of the Judgment Currency actually received by the Bondholder.

   

  		15.5	Descriptive Headings

   

  The descriptive headings appearing in these Conditions
      are for convenience of reference only and shall not alter, limit or define the provisions hereof.

   

  		15.6	Further Issues

   

  The Issuer may from time to time without the consent
      of the Bondholders create and issue further bonds having the same terms and conditions in all respects as the outstanding Bonds or in all respects except for the first payment of interest on them and the first date on which Conversion Rights may be
      exercised and so that such further issue shall be consolidated and form a single series with the outstanding Bonds. Any further notes, bonds or debentures forming a single series with the outstanding Bonds constituted by the Trust Deed or any deed
      supplemental to it shall, and any other notes, bonds or debentures may, with the consent of the Trustee, be constituted by a deed supplemental to the Trust Deed. The Trust Deed contains provisions for convening a single meeting of the Bondholders and
      the holders of notes, bonds or debentures of other series in certain circumstances where the Trustee so decides.

   

  		15.7	Notices

   

  		(a)	Notice to the Issuer

   

  Any notice or demand to or on the Issuer may be given or served by being
      deposited in the mail, first class postage prepaid (if available), and addressed to:

   

  Takeaway.com N.V. 

  Oosterdoksstraat 80, 

  1011 DK Amsterdam 

  The Netherlands 

   

  Attention: Brent Wissink / Jitse Groen

   

  or such other address as the Issuer may provide to the Bondholders, the
      Trustee and the Agents in writing.

   

  		(b)	Notice to the Trustee

   

  Any notice or demand to or on the Trustee may be given or served by being
      deposited in the mail, first class postage prepaid (if available), and addressed to:

   

  Stichting Trustee Takeaway.com 

  Hoogoorddreef 15 

  1101 BA 

  Amsterdam 

  The Netherlands

   

  

  
  
     

  

  
  66

   

  
    
        

  

   

  Attention: The Directors

   

  or such other address as the Trustee may provide to a Bondholder, the
      Issuer or the Agents in writing.

   

  		(c)	Notice to Agents

   

  Any notice or demand to or on the Agents may be given or served by being
      deposited in the mail, first class postage prepaid (if available), and addressed to:

   

  The Principal Paying, Transfer and Conversion Agent:

   

  ABN AMRO Bank N.V. 

  Gustav Mahlerlaan 10 

  1082 PP Amsterdam 

  The Netherlands

   

  Attention: Equity Capital Markets

   

  The Registrar:

   

  Bank of America Merrill Lynch International Designated Activity Company 

  Bank of America Merrill Lynch 

  Block D, Central Park 

  Leopardstown 

  D18 N924 

  Ireland

   

  Attention: Asset Services, Common Depository/Registrar

   

  or such other address as the Agents may provide to a Bondholder, the
      Issuer or the Trustee in writing.

   

  		(d)	Notice to Bondholders

   

  Where these Bonds or the Trust Deed requires any
      notice to be given to a Bondholder then unless specified otherwise in these Conditions, such notice shall be given as follows: (A) (x) in the case of Bonds evidenced by the Global Bond Certificate on deposit with a Central Securities Depository, such
      notice shall be delivered in writing to such Central Securities Depository (and the date on which such notice is so delivered shall be the date on which such notice shall be deemed to have been given) and (y) in the case of Bonds evidenced by
      individual certificates in registered form, such notice shall be given by publication on the website of the Issuer (and the date on which such notice is so published shall be the date on which such notice shall be deemed to have been given), and (B)
      so long as the Bonds are listed on any stock exchange or trading platform (and the rules of that stock exchange or trading platform so require), published in a manner which complies with the rules and regulations of such stock exchange or trading
      platform) (and the date on which such notice is so published shall be the date on which such notice shall be deemed to have been given).

   

  If any notice is required to be given more than once
      or on different dates pursuant to this Section 15.7(d), then such notice shall be deemed to have been given on the first date on which such notice is deemed to be given as provided above. 

   

  

  
  
     

  

  
  67

   

  
    
        

  

   

  In addition, at the direction of the Issuer and if the
      Calculation Agent determines in its sole discretions it is able to do so, the Calculation Agent will request Bloomberg to publish the relevant notice on the relevant page for the Bonds (at the expense (if any) of the Issuer) for information purposes
      only.

   

  		15.8	Governing Law and Jurisdiction

   

  The Bonds (including, for the avoidance of doubt, the
      second paragraph of this Section 15.8), the Trust Deed and the Agency Agreement, and any non-contractual obligations arising out of or in connection with them, shall be governed by, and construed in accordance with, the law of The Netherlands.

   

  Any dispute in connection with or arising from the
      Bonds, the Trust Deed and the Agency Agreement or their implementation will be exclusively decided by the competent courts of Amsterdam, The Netherlands, subject to the authority of the Trustee, if it considers this expedient to do so, to agree to
      prorogation (prorogatie).

   

  

  
  
     

  

  
  68

   

  
    
        

  

   

  SCHEDULE 2 

  Form of Original Individual Certificate

   

  On the front:

   

  ISIN: XS1940192039

   

  THE BONDS EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN
      AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES, THE BONDS ARE BEING OFFERED AND SOLD
      OUTSIDE THE UNITED STATES IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT. THE BONDS MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
      OF THE SECURITIES ACT. TERMS IN THIS LEGEND ARE USED AS USED IN REGULATION S UNDER THE SECURITIES ACT.

   

  TAKEAWAY.COM N.V. 

  (a limited liability company (naamloze vennootschap)
        incorporated under the laws of the Netherlands with registered number 08142836)

   

  €250,000,000 2.25 per cent. Senior Unsecured
        Convertible Bonds due 2024

   

  This Bond is an Individual Certificate and forms part of
      a series designated as specified in the title (the “Bonds”) of Takeaway.com N.V. (the “Issuer”) and constituted by the Trust Deed referred to on the reverse hereof. The Bonds are subject to, and have the benefit of, that Trust Deed and
      the terms and conditions (the “Conditions”) set out on the reverse hereof.

   

  The Issuer hereby certifies that [●] is/are, at the date
      hereof, entered in the Bonds Register as the holder(s) of Bonds in the principal amount of €[●].

   

  The Bonds evidenced by this Individual Certificate are
      convertible into ordinary shares of the Issuer (“Shares”) as provided in the Conditions. On the relevant Delivery Date, the Issuer will issue or transfer and deliver to the converting holder such number of Shares, or make payment to the
      relevant holder of the relevant cash amounts, all as specified in and subject to and in accordance with the Conditions and the Trust Deed.

   

  This Individual Certificate is evidence of entitlement
      only. Title to Bonds passes only on due registration on the Bonds Register and only the duly registered holder is entitled to payments in respect of this Individual Certificate.

   

  This Individual Certificate and any non-contractual
      obligations arising out of or in connection with it are governed by, and shall be construed in accordance with, Dutch law.

   

  Capitalised terms not defined herein shall have the
      meaning ascribed thereto in the Trust Deed and the Conditions.

   

  

  
  
     

  

  
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  In Witness whereof the Issuer has caused this Bond to be signed in
      facsimile on its behalf.

   

  Dated ________

   

  	 	 

  Authorised Signatory

   

  For and on behalf of

   

  TAKEAWAY.COM N.V.

   

  This Individual Certificate is authenticated without recourse, warranty or
      liability by or on behalf of the Registrar

   

  BANK OF AMERICA MERRILL LYNCH INTERNATIONAL DESIGNATED ACTIVITY COMPANY

   

  	By:	By:
	 	 
	Authorised Signatory	Authorised Signatory

   

  For use by the Principal Paying, Transfer and Conversion Agent:

   

  	☐	Following the exercise by the Issuer on ......................... of its tax redemption option pursuant to Section 4.2 of the Conditions, a Bondholder’s Tax
            Redemption Notice was received by the Principal Paying, Transfer and Conversion Agent on ....................... in respect of the Bonds evidenced by this Individual Certificate. Accordingly, the provisions of Section 6 of the Conditions shall not apply in
            respect of any payment in respect of principal or interest to be made on such Bonds which falls due after the Tax Redemption Date specified in the Tax Redemption Notice.

   

  

  
  
     

  

  
  70 

   

  
    
        

  

   

  On the back:

   

  Terms and Conditions of the Bonds

   

  [THE TERMS AND CONDITIONS THAT ARE SET OUT IN
          SCHEDULE 1 TO THE TRUST DEED WILL BE SET OUT HERE]

   

  Principal Paying, Transfer and Conversion Agent

   

  ABN AMRO Bank N.V. 

  Gustav Mahlerlaan 10 

  1082 PP Amsterdam 

  The Netherlands 

  Fax no.: +31 (0) 20 383 1661 

  Email: as.exchange.agency@nl.abnamro.com 

  Attention: AS Exchange Agency / Corporate Broking

   

  Registrar

   

  Bank of America Merrill Lynch International Designated
      Activity Company 

  Bank of America Merrill Lynch 

  Block D, Central Park 

  Leopardstown 

  D18 N924 

  Ireland 

  Email: common.depository@bankofamerica.com;
      ipa.europe@baml.com 

  Attention: Asset Services, Common Depository/Registrar

   

  

  
  
     

  

  
  71

   

  
    
        

  

   

  Form of Transfer

   

  FOR VALUE RECEIVED the undersigned hereby transfers to

   

  	 	 
	 	 
	 	 

   

  (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF TRANSFEREE)

   

  (not more than four names may appear as joint holders)

   

  €[●] in principal amount of this Bond, and all rights in respect thereof, and
      irrevocably requests the Registrar to transfer such principal amount of this Bond on the books kept for registration thereof.

   

  	Dated	 	 
	 	 	 
	Signed	 	 

   

  Notes:

   

  	(i)	The signature to this transfer must correspond with the name as it appears on the face of this Bond.

   

  	(ii)	A representative of the Bondholder should state the capacity in which he signs e.g. executor.

   

  	(iii)	The signature of the person effecting a transfer shall conform to any list of duly authorised specimen signatures supplied by the registered
            holder or be certified by a recognised bank, notary public or in such other manner as the Registrar may require.

   

  	(iv)	Any transfer of Bonds shall be in the minimum amount of €100,000.

   

  

  
  
     

  

  
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  SCHEDULE 3 

  Form of Original Global Bond Certificate

   

  THE BONDS EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN
      AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES, THE BONDS ARE BEING OFFERED AND SOLD
      OUTSIDE THE UNITED STATES IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT. THE BONDS MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
      OF THE SECURITIES ACT. TERMS IN THIS LEGEND ARE USED AS USED IN REGULATION S UNDER THE SECURITIES ACT.

   

  ISIN: XS1940192039

   

  TAKEAWAY.COM N.V. 

  (a limited liability company (naamloze vennootschap)
        incorporated under the laws of the Netherlands with registered number 08142836)

   

  €250,000,000 2.25 per cent. Senior Unsecured
        Convertible Bonds due 2024

   

  Global Bond Certificate

   

  	Registered Holder	:	Bank of America GSS Nominees Limited as nominee of Bank of
	 	 	America N.A., London Branch, as Common Depositary for
	 	 	Euroclear and Clearstream Luxembourg.
	 	 	 
	Address of Registered	:	2 King Edward Street
	Holder	 	London EC1A 1HQ
	 	 	United Kingdom

   

  This Global Bond Certificate is issued in respect of the
      €250,000,000 2.25 per cent. Senior Unsecured Convertible Bonds due 2024 (the “Bonds”) of Takaway.com N.V. (the “Issuer”). This Global Bond Certificate certifies that the Registered Holder (as defined above) is registered as the holder
      of such nominal amount of the Bonds at the date hereof.

   

  Interpretation and Definitions

   

  References in this Global Bond Certificate to the
      “Conditions” are to the Terms and Conditions applicable to the Bonds (which are in the form set out in Schedule 1 to the Trust Deed dated 25 January 2019 between the Issuer and Stichting Trustee Takeaway.com as Trustee, as such form is supplemented
      and/or modified and/or superseded by the provisions of this Global Bond Certificate, which in the event of any conflict shall prevail). Other capitalised terms used in this Global Bond Certificate shall have the meanings given to them in the
      Conditions or the Trust Deed.

   

  Promise to Pay

   

  The Issuer, for value received, promises to pay to the
      registered holder of the Bonds evidenced by this Global Bond Certificate (subject to surrender of this Global Bond Certificate if no further payment falls to be made in respect of such Bonds) on the Maturity Date (or on such earlier date as the
      amount payable upon redemption under the Conditions may become payable in accordance with the Conditions) the amount payable upon redemption under the Conditions in respect of the Bonds evidenced by this Global Bond Certificate and to pay interest in
      respect of such Bonds from 25 July 2019 in arrear at the rates, in the amounts and on the dates for payment provided for in the Conditions together with such other sums and additional amounts (if any) as may be payable under the Conditions, in
      accordance with the Conditions.

   

  

  
  
     

  

  
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  For the purposes of this Global Bond Certificate, (a)
      the holder of the Bonds evidenced by this Global Bond Certificate is bound by the provisions of the Trust Deed, (b) the Issuer certifies that the Registered Holder is, at the date hereof, entered in the Bonds Register as the holder of the Bonds
      evidenced by this Global Bond Certificate, (c) this Global Bond Certificate is evidence of entitlement only, (d) title to the Bonds evidenced by this Global Bond Certificate passes only on due registration on the Bonds Register, and (e) only the
      holder of the Bonds evidenced by this Global Bond Certificate is entitled to payments in respect of the Bonds evidenced by this Global Bond Certificate.

   

  Meetings

   

  The holder of the Bonds evidenced by this Global Bond
      Certificate shall (unless this Global Bond Certificate represents only one Bond) be treated as two persons for the purposes of any quorum requirements of a meeting of Bondholders.

   

  Conversion

   

  For so long as this Global Bond Certificate is held on
      behalf of any one or more of Euroclear, Clearstream, Luxembourg or an alternative clearing system, Conversion Rights and Investor Cash Settlement Rights may be exercised as against the Issuer in accordance with the Conditions by the delivery to or to
      the order of the Conversion Agent in accordance with the standard procedures of Euroclear, Clearstream, Luxembourg or the alternative clearing system of one or more Conversion Notices duly completed by or on behalf of a holder of a book-entry
      interest representing entitlements to the Global Bond Certificate. Upon exercise of Conversion Rights or Investor Cash Settlement Rights, the Conversion Agent shall annotate Schedule A hereto accordingly.

   

  This Global Bond Certificate shall not become valid for
      any purpose until authenticated by or on behalf of the Registrar.

   

  

  
  
     

  

  
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  In witness whereof the Issuer has caused this Global Bond Certificate
      to be signed on its behalf. 

   

  Dated 25 January 2019

   

  TAKEAWAY.COM N.V.

   

  By:

   

  Authorised Signatory

   

  This Global Bond Certificate is authenticated by or on behalf of the
      Registrar.

   

  BANK OF AMERICA MERRILL LYNCH INTERNATIONAL DESIGNATED ACTIVITY COMPANY

   

  By:

   

  Authorised Signatory

   

  Authorised Signatory

   

  For the purposes of authentication only.

   

  

  
  
     

  

  
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  Schedule A 

  Schedule of Reductions in Principal Amount of Bonds in
        respect of which this 

  Global Bond Certificate is Issued

   

  The following reductions in the principal amount of the
      Bonds in respect of which this Global Bond Certificate is issued have been made as a result of: (i) exercise of Conversion Rights or Investor Cash Settlement Rights attaching to the Bonds, or (ii) redemption of the Bonds, or (iii) purchase and
      cancellation of the Bonds or (iv) issue of Individual Certificates in respect of the Bonds:

   

  	Date of Conversion/Investor Cash Settlement Redemption/ Purchase and Cancellation/ Issue of Individual Certificates (stating which)	 	Amount of decrease in principal amount of this Global Bond Certificate (€)	 	Principal Amount of this Global Bond Certificate following such decrease (€)	 	Notation made by or on behalf of the Principal Paying, Transfer and Conversion Agent

   

  

  
  
     

  

  
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  SCHEDULE 4 

  Provisions for Meetings of Bondholders

   

  	1	In this Schedule the following expressions have the following meanings:

   

  	1.1	“Electronic Consent” has the meaning set out in paragraph 19;

   

  	1.2	“Extraordinary Resolution” means a resolution passed (i) at a meeting of Bondholders duly convened and held in accordance with these
            provisions by or on behalf of the Bondholder(s) of not less than 75 per cent. of the persons eligible to vote at such meeting, (ii) by a Written Resolution or (iii) by an Electronic Consent; and

   

  	1.3	“Written Resolution” means a resolution in writing signed by or on behalf of Bondholders representing in aggregate not less than 75 per
            cent. in aggregate principal amount of the Bonds for the time being outstanding.

   

  	2	         

   

  	2.1	A holder of a Bond in registered form may by an instrument in writing in the form available from any Agent in English signed by the holder or,
            in the case of a corporation, executed under its common seal or signed on its behalf by an attorney or a duly authorised officer of the corporation and delivered to any Agent not later than 48 hours before the time fixed for any meeting,
            appoint any person as a proxy to act on his or its behalf in connection with any meeting or proposed meeting of Bondholders.

   

  	2.2	A holder of a Bond (whether such Bonds are evidenced by a Global Bond Certificate or an Individual Certificate) in registered form which is a
            corporation may, by delivering to any Agent not later than 48 hours before the time fixed for any meeting a resolution in English of its directors or other governing body, authorise any person to act as its representative (a “representative”)

            in connection with any meeting or proposed meeting of Bondholders.

   

  	2.3	A proxy or representative so appointed shall so long as such appointment remains in force be deemed, for all purposes in connection with any
            meeting or proposed meeting of Bondholders specified in such appointment, to be the holder of the Bonds to which such appointment relates and the holder of the Bonds shall be deemed for such purposes not to be the holder.

   

  	3	Each of the Issuer and the Trustee at any time may, and the Issuer upon a request in writing of Bondholders holding not less than 10 per cent.
            in principal amount of the Bonds for the time being outstanding shall, convene a meeting of Bondholders. Whenever any such party is about to convene any such meeting, it shall forthwith give notice in writing to each other party of the day,
            time and place of the meeting and of the nature of the business to be transacted at it. Every such meeting shall be held at such time and place as the Trustee may approve.

   

  	4	At least 21 days’ notice (exclusive of the day on which the notice is given and of the day on which the meeting is held) specifying the day,
            time and place of meeting shall be given to the Bondholders. A copy of the notice shall in all cases be given by the party convening the meeting to each of the other parties. Such notice shall also specify the nature of the resolutions to be
            proposed.

   

  	5	A person (who may, but need not, be a Bondholder) nominated in writing by the Trustee may take the chair at every such meeting but if no such
            nomination is made or if at any meeting the person nominated shall not be present within 15 minutes after the time fixed for the meeting, the Bondholders present shall choose one of their number to be chairman, failing which the Issuer may
            appoint a chairman. The chairman of an adjourned meeting need not be the same person as was chairman of the original meeting.

   

  

  
  
     

  

  
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  	6	At any such meeting any one or more persons present in person holding Bonds or being proxies or representatives and holding or representing in
            the aggregate not less than 15 per cent. in aggregate principal amount of the Bonds for the time being outstanding shall (except for the purpose of passing an Extraordinary Resolution) form a quorum for the transaction of business and no
            business (other than the choosing of a chairman) shall be transacted at any meeting unless the requisite quorum be present at the commencement of business. The quorum at any such meeting for passing an Extraordinary Resolution shall (subject as
            provided below) be one or more persons present in person holding Bonds or being proxies or representatives and holding or representing in the aggregate a majority in principal amount of the Bonds for the time being outstanding; provided that at
            any meeting the business of which includes any of the matters specified in the proviso to paragraph 16, the quorum shall be one or more persons present in person holding Bonds or being proxies or representatives and holding or representing in
            the aggregate not less than two-thirds in principal amount of the Bonds for the time being outstanding, a holder of a Global Bond Certificate being treated as two persons.

   

  	7	If within 15 minutes from the time fixed for any such meeting a quorum is not present, the meeting shall, if convened upon the requisition of
            Bondholders, be dissolved. In any other case it shall stand adjourned (unless the Issuer and the Trustee agree that it be dissolved) for such period, not being less than 14 days nor more than 42 days, and to such place, as may be decided by the
            chairman. At such adjourned meeting one or more persons present in person holding Bonds or voting certificates or being proxies or representatives (whatever the principal amount of the Bonds so held or represented) shall form a quorum and may
            pass any resolution and decide upon all matters which could properly have been dealt with at the meeting from which the adjournment took place had a quorum been present at such meeting; provided that at any adjourned meeting at which is to be
            proposed an Extraordinary Resolution for the purpose of effecting any of the modifications specified in the proviso to paragraph 16, the quorum shall be one or more persons so present holding Bonds or being proxies or representatives and
            holding or representing in the aggregate not less than one-half in principal amount of the Bonds for the time being outstanding. If a quorum is not present within 15 minutes from the time fixed for a meeting so adjourned, the meeting shall be
            dissolved.

   

  	8	The chairman may with the consent of (and shall if directed by) any meeting adjourn such meeting from time to time and from place to place but
            no business shall be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting from which the adjournment took place.

   

  	9	At least 10 days’ notice of any meeting adjourned through want of a quorum shall be given in the same manner as for an original meeting and
            such notice shall state the quorum required at such adjourned meeting. It shall not, however, otherwise be necessary to give any notice of an adjourned meeting.

   

  	10	Every question submitted to a meeting shall be decided in the first instance by a show of hands and in case of equality of votes the chairman
            shall both on a show of hands and on a poll have a casting vote in addition to the vote or votes (if any) which he may have as a Bondholder or as a proxy or representative.

   

  

  
  
     

  

  
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  	11	At any meeting, unless a poll is (before or on the declaration of the result of the show of hands) demanded by the chairman, the Issuer, the
            Trustee or by one or more persons holding one or more Bonds or being proxies or representatives and holding or representing in the aggregate not less than one-fiftieth in principal amount of the Bonds for the time being outstanding, a
            declaration by the chairman that a resolution has been carried or carried by a particular majority or lost or not carried by any particular majority shall be conclusive evidence of the fact without proof of the number or proportion of the votes
            recorded in favour of or against such resolution.

   

  	12	If at any meeting a poll is so demanded, it shall be taken in such manner and (subject as provided below) either at once or after such an
            adjournment as the chairman directs and the result of such poll shall be deemed to be the resolution of the meeting at which the poll was demanded as at the date of the taking of the poll. The demand for a poll shall not prevent the
            continuation of the meeting for the transaction of any business other than the question on which the poll has been demanded.

   

  	13	Any poll demanded at any meeting on the election of a chairman or on any question of adjournment shall be taken at the meeting without adjournment.

   

  	14	The Issuer and the Trustee (through their respective representatives) and their respective financial and legal advisers may attend and speak at
            any meeting of Bondholders. No one else may attend at any meeting of Bondholders or join with others in requesting the convening of such a meeting unless he is the holder of a Bond or is a proxy or a representative of a Bondholder.

   

  	15	At any meeting on a show of hands every person who is present in person and who produces a Bond or is a proxy or a representative shall have
            one vote and on a poll every person who is so present shall have one vote in respect of each €100,000 in principal amount of the Bonds so produced or represented or in respect of which he is a proxy or a representative. Without prejudice to the
            obligations of proxies, any person entitled to more than one vote need not use all his votes or cast all the votes to which he is entitled in the same way.

   

  	16	A meeting of Bondholders shall, subject to the Conditions, in addition to the powers given above, but without prejudice to any powers conferred
            on other persons by this Trust Deed, have power exercisable by Extraordinary Resolution:

   

  	16.1	to sanction any proposal by the Issuer or the Trustee for any modification, abrogation, variation or compromise of, or arrangement in respect
            of, the rights of the Bondholders against the Issuer or against any of its property whether such rights shall arise under this Trust Deed, the Paying, Transfer and Conversion Agency Agreement, or otherwise;

   

  	16.2	to sanction any scheme or proposal for the exchange, substitution or sale of the Bonds for, or the conversion of the Bonds into, or the
            cancellation of the Bonds in consideration of, shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities of the Issuer or any other body corporate formed or to be formed, or partly for or into or in
            consideration of such shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities as aforesaid;

   

  	16.3	to assent to any modification of this Trust Deed or the Conditions which shall be proposed by the Issuer or the Trustee;

   

  

  
  
     

  

  
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  	16.4	to authorise anyone to concur in and do all such things as may be necessary to carry out and to give any authority, direction or sanction which
            under this Trust Deed or the Bonds is required to be given by Extraordinary Resolution;

   

  	16.5	to appoint any persons (whether Bondholders or not) as a committee or committees to represent the interests of the Bondholders and to confer
            upon such committee or committees any powers or discretions which the Bondholders could themselves exercise by Extraordinary Resolution;

   

  	16.6	to approve a person proposed to be appointed as a new Trustee and to remove any Trustee; and

   

  	16.7	to discharge or exonerate the Trustee from any liability in respect of any act or omission for which it may become responsible under this Trust
            Deed or the Bonds,

   

  		provided that the special quorum provisions contained in the proviso to paragraph 6 and, in the case of an adjourned meeting, in the proviso to
            paragraph 7 shall apply in relation to any Extraordinary Resolution for the purpose of paragraph 16.2 and making any modification to the provisions contained in this Trust Deed or the Conditions which would have the effect of:

  

   

  		(i)	changing the Maturity Date or the dates on which interest is payable in respect of the Bonds,

   

  		(ii)	modifying the circumstances in which the Issuer or Bondholders are entitled to redeem the Bonds pursuant to Sections 4.1, 4.2, 4.3 or 4.4 of
            the Conditions (other than removing the right of the Issuer to redeem the Bonds pursuant to Sections 4.1 or 4.2 of the Conditions);

   

  		(iii)	reducing or cancelling the principal amount of, or interest on, the Bonds or to reduce the amount payable on redemption of the Bonds;

   

  		(iv)	modifying the basis for calculating the interest payable in respect of the Bonds;

   

  		(v)	modifying the provisions relating to, or cancelling, Investor Cash Settlement Rights or Conversion Rights or the rights of Bondholders to
            receive Shares or a Cash Alternative Amount on exercise of Investor Cash Settlement Rights or Conversion Rights, as applicable, pursuant to the Conditions (other than a reduction to the Conversion Price);

   

  		(vi)	increasing the Conversion Price (other than in accordance with the Conditions);

   

  		(vii)	modifying the basis for calculating the Cash Alternative Amount;

   

  		(viii)	changing the currency of the denomination of the Bonds or of any payment in respect of the Bonds;

   

  		(ix)	changing the governing law of the Bonds, the Trust Deed or the Paying, Transfer and Conversion Agency Agreement;

   

  		(x)	modifying the provisions concerning the quorum required at any meeting of Bondholders or the majority required to pass an Extraordinary Resolution; or

   

  		(xi)	amending this proviso.

   

  	17	An Extraordinary Resolution passed at a meeting of Bondholders duly convened and held in accordance with this Trust Deed shall be binding upon
            all the Bondholders, whether or not present at such meeting and whether or not they vote in favour, and each of the Bondholders shall be bound to give effect to it accordingly. The passing of any such resolution shall be conclusive evidence
            that the circumstances of such resolution justify the passing of it.

   

  

  
  
     

  

  
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  	18	Minutes of all resolutions and proceedings at every such meeting shall be made and entered in the books to be from time to time provided for
            that purpose by the Issuer or the Trustee and any such minutes, if purporting to be signed by the chairman of the meeting at which such resolutions were passed or proceedings transacted or by the chairman of the next succeeding meeting of
            Bondholders, shall be conclusive evidence of the matters contained in them and until the contrary is proved every such meeting in respect of the proceedings of which minutes have been so made and signed shall be deemed to have been duly
            convened and held and all resolutions passed or proceedings transacted at it to have been duly passed and transacted.

   

  	19	Subject to the following paragraph, a Written Resolution may be contained in one document or in several documents in like form, each signed by
            or on behalf of one or more of the Bondholders.

   

  For so long as the Bonds are in the form of a Global
      Bond Certificate registered in the name of a common depositary for Euroclear, Clearstream, Luxembourg or another clearing system, or a nominee of any of the above then, in respect of any resolution proposed by the Issuer or the Trustee:

   

  		(i)	where the terms of the proposed resolution have been notified to the Bondholders through the relevant clearing system(s), each of the Issuer
            and the Trustee shall be entitled to rely upon approval of such resolution proposed by the Issuer or the Trustee (as the case may be) given by way of electronic consents communicated through the electronic communications systems of the relevant
            clearing system(s) in accordance with their operating rules and procedures by or on behalf of the Bondholder(s) of not less than 75 per cent. in aggregate principal amount of the Bonds for the time being outstanding (“Electronic Consent”).

            Neither the Issuer nor the Trustee shall be liable or responsible to anyone for such reliance; and

   

  		(ii)	where Electronic Consent is not being sought, for the purpose of determining whether a Written Resolution has been validly passed, the Issuer
            and the Trustee shall be entitled to rely on consent or instructions given in writing directly to the Issuer and/or the Trustee, as the case may be, by accountholders in the clearing system with entitlements to such Global Bond Certificate or,
            where the accountholders hold any such entitlement on behalf of another person, on written consent from or written instruction by the person for whom such entitlement is ultimately beneficially held, whether such beneficiary holds directly with
            the accountholder or via one or more intermediaries and provided that, in each case, the Issuer and the Trustee have obtained commercially reasonable evidence to ascertain the validity of such holding and have taken reasonable steps to ensure
            that such holding does not alter following the giving of such consent or instruction and prior to the effecting of such amendment. Any resolution passed in such manner shall be binding on all Bondholders, even if the relevant consent or
            instruction proves to be defective. As used in this paragraph, “commercially reasonable evidence” includes any certificate or other document issued by Euroclear, Clearstream, Luxembourg or any other relevant clearing system, and/or
            issued by an accountholder of them or an intermediary in a holding chain, in relation to the holding of interests in the Bonds. Any such certificate or other document shall, in the absence of manifest error, be conclusive and binding for all
            purposes. Any such certificate or other document may comprise any form of statement or print out of electronic records provided by the relevant clearing system (including Euroclear’s EUCLID or Clearstream, Luxembourg’s CreationOnline system) in
            accordance with its usual procedures and in which the accountholder of a particular principal or nominal amount of the Bonds is clearly identified together with the amount of such holding. Neither the Issuer nor the Trustee shall be liable to
            any person by reason of having accepted as valid or not having rejected any certificate or other document to such effect purporting to be issued by any such person and subsequently found to be forged or not authentic.

   

  

  
  
     

  

  
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  A Written Resolution and/or Electronic Consent shall
      take effect as an Extraordinary Resolution. A Written Resolution and/or Electronic Consent will be binding on all Bondholders, whether or not they participated in such Written Resolution and/or Electronic Consent.

   

  	20	Subject to all other provisions contained in this Trust Deed the Trustee may without the consent of the Bondholders prescribe such further
            regulations regarding the holding of meetings of Bondholders and attendance and voting at them as the Trustee may in its sole discretion determine including particularly (but without prejudice to the generality of the foregoing) such
            regulations and requirements as the Trustee thinks reasonable:

   

  	20.1	so as to satisfy itself that persons who purport to requisition a meeting in accordance with paragraph 3 or who purport to make any requisition
            to the Trustee in accordance with this Trust Deed are in fact Bondholders; and

   

  	20.2	so as to satisfy itself that persons who purport to attend or vote at any meeting of Bondholders are entitled to do so in accordance with this
            Trust Deed.

   

  	21	Nothing in this Trust Deed shall prevent any of the proxies named in any form of proxy from being a director, managing director, officer or
            representative of, or otherwise connected with, the Issuer or any of its other Subsidiaries.

   

  	22	References in this Schedule to Agents shall, where the context requires, be taken to be references to Principal Paying, Transfer and Conversion Agent.

   

  

  
  
     

  

  
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  SCHEDULE 5 

  Form of Directors’ Certificate

   

  [ON THE HEADED PAPER OF THE ISSUER]

   

  	To:	Stichting Trustee Takeaway.com

  Hoogoorddreef 15 

  1101 BA 

  Amsterdam

   

  [Date]

   

  Dear Sirs

   

  Takeaway.com N.V. 

  €250,000,000 2.25 per cent. Senior Unsecured Convertible Bonds due 2024

   

  This certificate is delivered to you in accordance with
      Clause 9.5 of the Trust Deed dated 25 January 2019 (the “Trust Deed”) and made between Takeaway.com N.V. (the “Issuer”) and Stichting Trustee Takeaway.com (the “Trustee”). All words and expressions defined in the Trust Deed shall
      (save as otherwise provided herein or unless the context otherwise requires) have the same meanings herein. The undersigned, having made all reasonable enquiries to the best of their knowledge, information and belief, hereby confirms (but without any
      personal liability):

   

  	(a)	As at [●]1, no Event of Default or Change of Control existed
            [other than [●]]2 and no Event of Default or Change of Control had existed at any time since [●]3 [the Certification Date (as defined in the Trust Deed) of the last certificate delivered under Clause 9.54]/[the date of this Trust Deed]
            [other than [●]]5; and

   

  	(a)	From and including [●]3 [the Certification Date of the last
            certificate delivered under Clause 9.5]4/[the date of this Trust Deed] to and including [●]1, the Issuer confirms that there has been no breach in respect of its obligations under the Trust Deed [other than [●]]6 and that no Change of
            Control [other than [●]]7 has occurred.

   

  For and on behalf of the Issuer

   

  Executive Director

   

  
  
     

  

  
  	1	Specify a date not more than 5 days before the date of delivery of the certificate.

  

  	2	If any Event of Default or Change of Control did exist, give details; otherwise delete.

  

  	3	Insert date of Trust Deed in respect of the first certificate delivered under Clause 9.5, otherwise delete.

  

  	4	Include unless the certificate is the first certificate delivered under Clause 9.5, in which case delete.

  

  	5	If any Event of Default or Change of Control did exist, give details; otherwise delete.

  

  	6	If the Issuer has failed to comply with any obligation(s), give details; otherwise delete.

  

  	7	If a Change of Control has occurred, give details; otherwise delete.

   

  

  
  
     

  

  
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  	SIGNED by	 
	 	 
	TAKEAWAY.COM N.V.	 
	 	 
	By:	 
	 	 
	/s/ Brent Wissink	 
	 	 
	Authorised Signatory
	 
	Name: Brent Wissink
	Title:   Managing Director

   

  

  
  
     

  

  
  Signature page to Trust Deed

   

  
    
        

  

   

  	SIGNED by	 	 
	 	 	 
	STICHTING TRUSTEE TAKEAWAY.COM	 	 
	 	 	 
	By:	SGG Custody B.V.	 	 
	 	 	 
	/s/ Douglas Tessers	 	/s/ J. van der Sluis
	 	 	
          J. van der Sluis

          Director

        
	Authorised Signatory	 	 
	 	 	 
	Douglas Tessers	 	 
	Proxy Holder	 	 

   

  

  
  
     

  

  
  Signature page to Trust Deed

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