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Exhibit 4.1

SAP AKTIENGESELLSCHAFT

SYSTEME, ANWENDUNGEN,

PRODUKTE IN DER

DATENVERARBEITUNG

AND

DEUTSCHE BANK TRUST COMPANY AMERICAS

As Depositary

AND

OWNERS AND HOLDERS OF AMERICAN DEPOSITARY RECEIPTS

Deposit Agreement

Dated as of September 12, 1995

As Amended and Restated as of June 26, 1998

As Further Amended and Restated as of June 23, 2000

As Further Amended and Restated as of June 18, 2001

As Further Amended and Restated as of December 3, 2004

 

Table of Contents

	 	 	 	 	 	 	 
	ARTICLE
1. 
	 	DEFINITIONS	 	  2
	Section 1.1

	 	American Depositary Shares
	 	  2

	Section 1.2

	 	Article; Section
	 	  2

	Section 1.3

	 	Commission
	 	  3

	Section 1.4

	 	Company
	 	  3

	Section 1.5

	 	Consultation
	 	  3

	Section 1.6

	 	Custodian
	 	  3

	Section 1.7

	 	Deliver, Delivery
	 	  3

	Section 1.8

	 	Deposit Agreement
	 	  4

	Section 1.9

	 	Depositary’s Corporate Trust Office
	 	  4

	Section 1.10

	 	Deposited Securities
	 	  4

	Section 1.11

	 	Dollars; euro
	 	  4

	Section 1.12

	 	Foreign Currency
	 	  4

	Section 1.13

	 	Germany
	 	  4

	Section 1.14

	 	Holder
	 	  5

	Section 1.15

	 	Owner
	 	  5

	Section 1.16

	 	Receipts
	 	  5

	Section 1.17

	 	Registrar
	 	  5

	Section 1.18

	 	Restricted Securities
	 	  5

	Section 1.19

	 	Securities Act of 1933
	 	  6

	Section 1.20

	 	Shares
	 	  6

	ARTICLE 2.

	 	FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS
	 	  6
	Section 2.1

	 	Form and Transferability of Receipts
	 	  6

	Section 2.2

	 	Deposit of Shares
	 	  8

	Section 2.3

	 	Execution and Delivery of Receipts
	 	  9

	Section 2.4

	 	Transfer of Receipts; Combination and Split-up of Receipts
	 	10

	Section 2.5

	 	Surrender of Receipts and Withdrawal of Shares
	 	11

	Section 2.6

	 	Limitations on Execution and Delivery, Transfer and Surrender of Receipts
	 	13

	Section 2.7

	 	Lost Receipts, etc.
	 	14

	Section 2.8

	 	Cancellation and Destruction of Surrendered Receipts
	 	14

	Section 2.9

	 	Pre-Release of Receipts
	 	14

	Section 2.10

	 	Maintenance of Records
	 	16

	ARTICLE 3.

	 	CERTAIN OBLIGATIONS OF HOLDERS AND OWNERS OF RECEIPTS	 	16

	Section 3.1

	 	Filing Proofs, Certificates and Other Information
	 	16

	Section 3.2

	 	Liability of Owner or Holder for Taxes
	 	17

	Section 3.3

	 	Warranties on Deposit of Shares
	 	17

	Section 3.4

	 	Compliance with Law
	 	18

	Section 3.5

	 	Disclosure of Beneficial Ownership of Receipts
	 	19

	ARTICLE 4.

	 	THE DEPOSITED SECURITIES
	 	 	19	 
	Section 4.1

	 	Cash Distributions
	 	19

	Section 4.2

	 	Distributions Other Than Cash, Shares or Rights
	 	20

	Section 4.3

	 	Distributions in Shares
	 	21

	Section 4.4

	 	Rights
	 	22

	Section 4.5

	 	Conversion of Foreign Currency
	 	24

	Section 4.6

	 	Fixing of Record Date
	 	26

	Section 4.7

	 	Voting of Deposited Securities
	 	27

	Section 4.8

	 	Changes Affecting Deposited Securities
	 	29

	Section 4.9

	 	Reports
	 	30

	Section 4.10

	 	Lists of Owners
	 	31

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	Section 4.11

	 	Withholding
	 	31

	ARTICLE
5. 

	 	THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY
	 	 	32	 
	Section 5.1

	 	Maintenance of Office and Transfer Books by the Depositary
	 	32

	Section 5.2

	 	Prevention or Delay in Performance by the Depositary or the Company
	 	33

	Section 5.3

	 	Obligations of the Depositary, the Custodian and the Company
	 	33

	Section 5.4

	 	Resignation and Removal of the Depositary
	 	35

	Section 5.5

	 	The Custodians
	 	36

	Section 5.6

	 	Notices and Reports
	 	37

	Section 5.7

	 	Distribution of Additional Shares, Rights, etc.
	 	38

	Section 5.8

	 	Indemnification
	 	39

	Section 5.9

	 	Charges of Depositary
	 	41

	Section 5.10

	 	Retention of Depositary Documents
	 	42

	Section 5.11

	 	Exclusivity
	 	42

	ARTICLE 6.

	 	AMENDMENT AND TERMINATION
	 	 	43	 
	Section 6.1

	 	Amendment
	 	43

	Section 6.2

	 	Termination
	 	43

	ARTICLE 7.

	 	MISCELLANEOUS
	 	 	45	 
	Section 7.1

	 	Counterparts
	 	45

	Section 7.2

	 	No Third Party Beneficiaries
	 	45

	Section 7.3

	 	Severability
	 	45

	Section 7.4

	 	Holders and Owners as Parties; Binding Effect
	 	45

	Section 7.5

	 	Notices
	 	46

	Section 7.6

	 	Governing Law
	 	47

	Section 7.7

	 	Compliance with U.S. Securities Laws
	 	47

	Section 7.8

	 	Assignment
	 	47

	Section 7.9

	 	Outstanding Receipts
	 	48

	Section 7.10

	 	Undertaking of Depositary
	 	48

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DEPOSIT AGREEMENT

     AMENDED AND RESTATED DEPOSIT AGREEMENT dated as of December 3, 2004 among SAP
AKTIENGESELLSCHAFT SYSTEME, ANWENDUNGEN, PRODUKTE IN DER DATENVERARBEITUNG, a stock corporation
organized under the laws of the Federal Republic of Germany (herein called the Company), DEUTSCHE
BANK TRUST COMPANY AMERICAS, a New York corporation (herein called the Depositary), and all Owners
(as hereinafter defined) and Holders (as hereinafter defined) from time to time of American
Depositary Receipts issued hereunder.

W I T N E S S E T H :

     WHEREAS, the Company and The Bank of New York entered into a deposit agreement dated as of
September 12, 1995, as amended and restated as of June 26, 1998, as further amended and restated as
of June 23, 2000, as further amended and restated as of June 18, 2001 (the “Original Deposit
Agreement”);

     WHEREAS, the Company has appointed the Depositary as successor depositary under the Original
Deposit Agreement, and the Depositary has delivered an instrument in writing to The Bank of New
York and the Company accepting that appointment;

     WHEREAS, the Company and the Depositary now wish to amend and restate the Original Deposit
Agreement pursuant to Section 6.1 of the Original Deposit Agreement in the form of this amended and
restated Deposit Agreement;

     WHEREAS, the Company and the Depositary desire to enter into this Deposit Agreement to
provide, as hereinafter set forth, for the deposit of Shares (as hereinafter defined) of the
Company from time to time with the Depositary or with the Custodian (as hereinafter defined) as
agent of the Depositary for the purposes set forth in this Deposit Agreement, for the creation of
American Depositary Shares (as hereinafter defined)

 

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representing the Shares so deposited and for the execution and delivery of American Depositary
Receipts evidencing the American Depositary Shares; and

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

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

ARTICLE 1. DEFINITIONS.

     The following definitions shall for all purposes, unless otherwise clearly indicated, apply to
the respective terms used in this Deposit Agreement:

Section 1.1 American Depositary Shares.

     The term “American Depositary Shares” shall mean the securities representing the interests in
the Deposited Securities and evidenced by the Receipts issued hereunder. Each American Depositary
Share shall represent one fourth (1/4) of one Share until there shall occur a distribution upon
Deposited Securities covered by Section 4.3 or a change in Deposited Securities covered by Section
4.8 with respect to which additional Receipts are not executed and delivered, and thereafter
American Depositary Shares shall represent the amount of Shares or Deposited Securities determined
in accordance with such Sections.

Section 1.2 Article; Section.

     Wherever references are made in this Deposit Agreement to an “Article” or “Articles” or to a
“Section” or “Sections”, such references shall mean an article or articles or a section or sections
of this Deposit Agreement, unless otherwise required by the context.

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Section 1.3 Commission.

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

Section 1.4 Company.

     The term “Company” shall mean SAP Aktiengesellschaft Systeme, Anwendungen, Produkte in der
Datenverarbeitung, a stock corporation organized under the laws of the Federal Republic of Germany,
and its successors.

Section 1.5 Consultation.

     The term “Consultation” shall include within its meaning the good faith attempt by the
Depositary to discuss, if practicable, the relevant issue in a timely manner with a person employed
by the Company reasonably believed by the Depositary to be empowered by the Company to engage in
such discussion on behalf of the Company.

Section 1.6 Custodian.

     The term “Custodian” shall mean Deutsche Bank AG, Eschborn, Domestic Custody Services Germany,
Alfred-Herrhausen-Allee 16-24, Eschborn 65760, Germany, as custodian and agent of the Depositary
for the purposes of this Deposit Agreement, and any other firm or corporation which may hereafter
be appointed by the Depositary pursuant to the terms of Section 5.5, as substitute or additional
custodian or custodians hereunder, as the context shall require and shall also mean all of them
collectively.

Section 1.7 Deliver, Delivery.

     The terms “deliver” and “delivery” shall mean, when used in respect of American Depositary
Shares, Receipts, Deposited Securities or Shares, either physical delivery of the certificate
representing such security or electronic delivery of such security by means of book-entry transfer.

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Section 1.8 Deposit Agreement.

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

Section 1.9 Depositary’s Corporate Trust Office.

     The Depositary’s “Corporate Trust Office” means at any particular time the office of the
Depositary in The City of New York at which its depositary receipt business is then administered.
At the date of this Agreement the Depositary’s Corporate Trust Office is 60 Wall Street, New York,
New York 10005, United States of America.

Section 1.10 Deposited Securities.

     The term “Deposited Securities” as of any time shall mean Shares at such time deposited or
deemed to be deposited under this Deposit Agreement and any and all other securities, property and
cash received by the Depositary or the Custodian on behalf of the Owners in respect thereof and at
such time held hereunder, subject as to cash to the provisions of Section 4.5.

Section 1.11 Dollars; euro.

     The term “Dollars” shall mean United States dollars. The term “euro” shall mean the lawful
currency of the member states of the European Union that adopt the single currency under the
legislation of the European Union for European Monetary Union.

Section 1.12 Foreign Currency.

     The term “Foreign Currency” shall mean any currency other than Dollars.

Section 1.13 Germany.

     The term “Germany” shall mean the Federal Republic of Germany, and the term “German” shall
mean of or relating to the Federal Republic of Germany.

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Section 1.14 Holder.

     The term “Holder” shall mean any person who has a beneficial interest in any Receipt or
American Depositary Shares.

Section 1.15 Owner.

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

Section 1.16 Receipts.

     The term “Receipts” shall mean the American Depositary Receipts, substantially in the form of
Exhibit A hereto, issued hereunder evidencing American Depositary Shares. A Receipt may evidence
any whole number of American Depositary Shares.

Section 1.17 Registrar.

     The term “Registrar” shall mean any bank or trust company having an office in the Borough of
Manhattan, The City of New York, which shall be appointed by the Depositary to register Receipts
and transfers of Receipts and to countersign Receipts as herein provided and shall include the
Depositary and any co-Registrars appointed by the Depositary for such purpose.

Section 1.18 Restricted Securities.

     The term “Restricted Securities” shall mean Shares, or Receipts representing such Shares,
which are acquired directly or indirectly from the Company or its affiliates (as defined in Rule
144 under the Securities Act of 1933) in a transaction or chain of transactions not involving any
public offering or which are subject to resale limitations under Regulation D under the Securities
Act of 1933 or both, or which are held by an officer, director (or persons performing similar
functions) or other affiliate of the Company, or which are subject to other restrictions on sale or
deposit under the laws

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of the United States or the Federal Republic of Germany, or under a shareholder agreement or
the Articles of Association of the Company.

Section 1.19 Securities Act of 1933.

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

Section 1.20 Shares.

     The term “Shares” shall mean Ordinary Shares of the Company, without nominal value, heretofore
or hereafter validly issued and outstanding and fully paid and nonassessable or interim
certificates representing such Shares; provided, however, that if there shall occur
any change in nominal value (including without limitation, the restatement of nominal value in any
other currency), a split-up or consolidation or other reclassification or, upon the occurrence of
an event described in Section 4.8, an exchange or conversion in respect of the Shares, the term
“Shares” shall thereafter mean the successor securities resulting from such change in nominal
value, split-up or consolidation or such other reclassification or such exchange or conversion.

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

Section 2.1 Form and Transferability of Receipts.

     Subject to the requirements of any applicable rule or regulation of any securities market upon
which the American Depositary Shares may be traded, definitive Receipts shall be substantially in
the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as hereinafter provided. No Receipt shall be entitled to any benefits
under this Deposit Agreement or be valid or obligatory for any purpose, unless such Receipt shall
have been executed by the Depositary by the manual or facsimile signature of a duly authorized
signatory of the Depositary and, if a Registrar (other than the Depositary) for the Receipts shall
have been appointed, countersigned by the manual or facsimile signature of a duly authorized

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signatory of the Registrar. The Registrar shall maintain books on which each Receipt so
executed and delivered as hereinafter provided and the transfer of each such Receipt shall be
registered. Receipts bearing the manual or facsimile signature of a duly authorized signatory of
the Depositary or Registrar who was at any time a proper signatory of the Depositary or Registrar,
as the case may be, shall bind the Depositary or the Registrar, as the case may be, notwithstanding
that such signatory has ceased to hold such office prior to the execution and delivery of such
Receipts or did not hold such office on the date of issuance of such Receipts.

     The Receipts may, and upon 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 required by the Depositary or as may be required
to comply with any applicable law or regulations thereunder or with the rules and regulations of
any securities exchange or over-the-counter market upon which American Depositary Shares may be
listed or traded or to conform with any custom and usage with respect thereto, or to indicate any
special limitations or restrictions to which any particular Receipts are subject by reason of the
date or manner of issuance of the underlying Deposited Securities or otherwise.

     The Receipts shall bear a CUSIP number that is different from any CUSIP number that is or may
be assigned to any other depositary receipt facility relating to the Shares.

     Title to a Receipt (and to the American Depositary Shares evidenced thereby), when properly
endorsed or accompanied by proper instruments of transfer, shall be transferable by delivery with
the same effect as in the case of a negotiable instrument under the laws of the State of New York;
provided, however, that the Company and the Depositary, notwithstanding any notice
to the contrary, may treat the Owner thereof as the absolute owner thereof for the purpose of
determining the person entitled to distribution of dividends or other distributions or to any
notice provided for in this Deposit Agreement and for all other purposes, and neither the
Depositary nor the Company will

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have any obligation or be subject to any liability under this Deposit Agreement to any holder
of a Receipt, unless such holder is the Owner thereof.

Section 2.2 Deposit of Shares.

     Subject to the terms and conditions of this Deposit Agreement, Shares or evidence of rights to
receive Shares may be deposited by delivery or transfer thereof to an account maintained by any
Custodian hereunder for such purpose, accompanied by any appropriate instrument or instruments of
transfer, or endorsement, in form satisfactory to the Custodian, and any dividend coupons for
dividends to be paid in the future and rights to receive such dividend coupons or appropriate
evidence thereof, together with all such certifications as may be required by the Depositary or the
Custodian in accordance with the provisions of this Deposit Agreement. If the Depositary so
requires, such person shall also deliver a written order directing the Depositary to execute and
deliver to, or upon the written order of, the person or persons stated in such order, a Receipt or
Receipts for the number of American Depositary Shares representing such deposit. No Share shall be
accepted for deposit unless accompanied by evidence satisfactory to the Depositary that all
conditions to such deposit have been satisfied by the person depositing such Shares under the laws
and regulations of Germany and any necessary approval has been granted by any governmental
authority or body in Germany which is then performing the function of the regulation of currency
exchange or any other function which requires approval for the deposit of Shares and by any
dividend coupons for dividends to be paid in the future and rights to receive such dividend coupons
or appropriate evidence thereof. If required by the Depositary and provided that no applicable
German law is violated thereby, Shares presented for deposit at any time shall also be accompanied
by an agreement or assignment, or other instrument satisfactory to the Depositary, which will
provide for the prompt transfer to the Custodian of the right to receive any dividend, the right to
subscribe for additional Shares or any other securities or to receive other property or the right
to vote which any person depositing the Shares has or may thereafter receive upon or in respect of
such deposited Shares, or in lieu thereof, such agreement of indemnity or other agreement as shall
be satisfactory to the Depositary.

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

     Deposited Securities shall be held by the Depositary or by the Custodian for the account and
to the order of the Depositary as the legal owner of the Deposited Securities at the Eschborn
office of the Custodian or at Deutsche Börse Clearing AG, the central securities clearing and
deposit bank in Germany which holds all share certificates representing the shares of German stock
corporations traded on a German stock exchange, or at such other place or places as the Depositary
shall determine following the prior written consent of the Company. The Depositary agrees to
instruct the Custodian to place all Shares accepted for deposit under this Deposit Agreement into
segregated accounts separate from any Shares of the Company that may be held by such Custodian
under any other depositary receipt facility relating to the Shares.

Section 2.3 Execution and Delivery of Receipts.

     Upon receipt by any Custodian of any deposit pursuant to Section 2.2 hereunder, together with
the other documents required as specified in Section 2.2 above, such Custodian shall notify the
Depositary of such deposit and the person or persons to whom or upon whose written order a Receipt
or Receipts are deliverable in respect thereof and the number of American Depositary Shares to be
evidenced thereby. Such notification shall be made by mail or, at the request, risk and expense of
the person making the deposit, by air courier, cable, telex or facsimile transmission. Upon
receiving such notice from such Custodian, the Depositary, subject to the terms and conditions of
this Deposit Agreement, shall execute and deliver at its Corporate Trust Office, to or upon the
order of the person or persons named in the notice delivered to the Depositary, a Receipt or
Receipts, registered in the name or names requested by such person or persons and evidencing in the
aggregate the number of American Depositary Shares to which such person or persons are entitled,
but only upon payment to the Depositary of the fees of the Depositary for the execution and
delivery of such Receipt or Receipts as provided in

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Section 5.9 and of all taxes and governmental charges and fees payable in connection with such
deposit and the transfer of the deposited Shares.

Section 2.4 Transfer of Receipts; Combination and Split-up of Receipts.

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

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

     The Depositary upon the written request or with the approval of the Company may appoint one or
more co-transfer agents for the purpose of effecting transfers, combinations and split-ups of
Receipts at designated transfer offices on behalf of the Depositary. In carrying out its
functions, a co-transfer agent may require evidence of authority and compliance with applicable
laws and other requirements by Owners or persons entitled to Receipts and will be entitled to
protection and indemnity to the same extent as the Depositary.

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Section 2.5 Surrender of Receipts and Withdrawal of Shares.

     Upon surrender at the Corporate Trust Office of the Depositary of a Receipt for the purpose of
withdrawal of a whole number of Deposited Securities represented by the American Depositary Shares
evidenced by such Receipt, and upon payment of the fee of the Depositary for the surrender of
Receipts as provided in Section 5.9 and payment of all taxes and governmental charges payable in
connection with such surrender and withdrawal of the Deposited Securities, and subject to the terms
and conditions of this Deposit Agreement, the Articles of Association of the Company, the Deposited
Securities and applicable law, the Owner of such Receipt shall be entitled to due assignment,
transfer and delivery of all right, title, legal ownership and interest, to it or upon its order,
of the amount of such whole number of Deposited Securities at the time represented by the American
Depositary Shares evidenced by such Receipt and a new Receipt for the number of American Depositary
Shares representing any fractional Deposited Securities and any Deposited Securities not being
withdrawn. Delivery of such Deposited Securities may be made by (a)(i) delivery of certificates in
the name of such Owner or as ordered by it or by certificates properly endorsed or accompanied by
proper instruments of transfer to such Owner or as ordered by it, subject to the provisions of the
Articles of Association of the Company or (ii) delivery or transfer to an account through the
facilities of Clearstream Banking, société anonyme, or Euroclear Bank S.A./N.V., as operator of the
Euroclear System, for the benefit of such Owner or as ordered by it and (b) delivery of any other
securities, property and cash to which such Owner is then entitled in respect of such Receipts to
such Owner or as ordered by it. Such delivery shall be made, as hereinafter provided, without
unreasonable delay.

     A Receipt surrendered for such purposes may be required by the Depositary to be properly
endorsed in blank or accompanied by proper instruments of transfer in blank, and if the Depositary
so requires, the Owner thereof shall execute and deliver to the Depositary a written order
directing the Depositary to cause the Deposited Securities being withdrawn to be delivered to or
upon the written order of a person or persons designated in such order. Thereupon the Depositary
shall direct the Custodian to

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deliver at the Eschborn office of such Custodian, subject to Sections 2.6, 3.1 and 3.2 and to
the other terms and conditions of this Deposit Agreement, to or upon the written order of the
person or persons designated in the order delivered to the Depositary as above provided, the amount
of Deposited Securities represented by the American Depositary Shares evidenced by such Receipt,
except that the Depositary may make delivery to such person or persons at the Corporate Trust
Office of the Depositary of any dividends or distributions with respect to the Deposited Securities
represented by the American Depositary Shares evidenced by such Receipt, or of any proceeds of sale
of any dividends, distributions or rights, which may at the time be held by the Depositary.

     At the request, risk and expense of any Owner so surrendering a Receipt, and for the account
of such Owner, the Depositary shall direct the Custodian to forward any cash or other property
(other than rights) comprising, and forward a certificate or certificates and other proper
documents of title for, the Deposited Securities represented by the American Depositary Shares
evidenced by such Receipt to the Depositary for delivery at the Corporate Trust Office of the
Depositary. Such direction shall be given by mail or, at the request, risk and expense of such
Owner, by air courier, cable, telex or facsimile transmission.

     The Depositary shall not accept for surrender a Receipt evidencing American Depositary Shares
representing in the aggregate a fractional interest in one Share or other Deposited Security. In
the case of surrender of a Receipt evidencing any number of American Depositary Shares representing
in the aggregate other than a whole number of Deposited Securities, together with payment and
delivery of written instructions for withdrawal of Deposited Securities as required under this
Section 2.5, the Depositary shall cause the whole number of Deposited Securities requested to be
withdrawn by the Owner of such Receipt to be withdrawn and delivered to or upon the order of such
Owner and shall issue and deliver to or upon the order of the person surrendering such Receipt, a
new Receipt evidencing American Depositary Shares representing the Deposited Securities not
requested to be withdrawn, including any fractional interests in the Deposited Securities.

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Section 2.6 Limitations on Execution and Delivery, Transfer and Surrender of Receipts.

     As a condition precedent to the execution and delivery, registration of transfer, split-up,
combination or surrender of any Receipt or withdrawal of any Deposited Securities, the Depositary,
Custodian or Registrar may require (i) payment from the depositor of Shares or the presenter of the
Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock
transfer or registration fee with respect thereto (including any such tax or charge and fee with
respect to Shares being deposited or Deposited Securities being withdrawn) and payment of any
applicable fees as herein provided, (ii) the production of proof satisfactory to it as to the
identity and genuineness of any signature and (iii) compliance with any regulations the Depositary
may establish consistent with the provisions of this Deposit Agreement, including, without
limitation, this Section 2.6.

     The delivery of Receipts against deposits of Shares generally or against deposits of
particular Shares may be suspended or withheld, or deposits of Shares may be refused, or the
registration of transfer, split-up or combination of outstanding Receipts in particular instances
may be refused, or the registration of transfer, split-up or combination of outstanding Receipts
generally may be suspended, during any period when the transfer books of the Depositary are closed,
or if any such action is deemed necessary or advisable by the Depositary or the Company at any time
or from time to time because of any requirement of applicable law or of any government or
governmental or regulatory authority, body or commission, or under any provision of this Deposit
Agreement, or the Articles of Association of the Company, or for any other reason, subject to the
provisions of the following sentence. Notwithstanding any other provision of this Deposit
Agreement or the Receipts, the surrender of outstanding Receipts and withdrawal of Deposited
Securities may not be suspended, except as required in connection with (i) temporary delays caused
by closing the transfer books of the Depositary or the Company or the deposit of Shares in
connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of
fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental
regulations relating to the

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Receipts or to the withdrawal of the Deposited Securities. Without limitation of the
foregoing, neither the Depositary nor the Custodian shall knowingly accept for deposit under this
Deposit Agreement any Shares required to be registered under the provisions of the Securities Act
of 1933, unless a registration statement is in effect as to such Shares. The Depositary will, and
will instruct the Custodian to, comply with written instructions of the Company not to accept for
deposit under this Deposit Agreement any Shares identified in such instructions and under such
circumstances as may reasonably be specified in such instructions in order to facilitate the
Company’s compliance with U.S. securities laws.

Section 2.7 Lost Receipts, etc.

     In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary shall
execute and deliver a new Receipt of like tenor in exchange and substitution for such mutilated
Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or
stolen Receipt. Before the Depositary shall execute and deliver a new Receipt in substitution for
a destroyed, lost or stolen Receipt, the Owner thereof shall have (a) filed with the Depositary a
request for such execution and delivery before the Depositary has notice that the Receipt has been
acquired by a bona fide purchaser, (b) deposited with the Depositary a sufficient indemnity bond
and (c) satisfied any other reasonable requirements imposed by the Depositary.

Section 2.8 Cancellation and Destruction of Surrendered Receipts.

     All Receipts surrendered to the Depositary shall be cancelled by the Depositary. Cancelled
Receipts shall not be entitled to any benefits under this Deposit Agreement or be valid or
enforceable for any purpose. The Depositary is authorized to destroy Receipts so cancelled.

Section 2.9 Pre-Release of Receipts.

     Notwithstanding Section 2.3 hereof, the Depositary may execute and deliver Receipts prior to
the receipt of Shares pursuant to Section 2.2 (a “Pre-Release”)

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unless the Company requests the Depositary to cease doing so. The Depositary may, pursuant to
Section 2.5, deliver Shares upon the receipt and cancellation of Receipts which have been
Pre-Released, whether or not such cancellation is prior to the termination of such Pre-Release or
the Depositary knows that such Receipt has been Pre-Released. The Depositary may receive Receipts
in lieu of Shares in satisfaction of a Pre-Release. In no event will the Depositary deliver Shares
prior to the receipt and cancellation of Receipts for Shares. Each Pre-Release will be (a)
preceded or accompanied by a written representation and agreement from the person to whom Receipts
are to be delivered (“Pre-Releasee”), that the Pre-Releasee, or its customer, (i) owns the Shares
or Receipts to be remitted, as the case may be, (ii) assigns all beneficial rights, title and
interest in such Shares or Receipts, as the case may be, to the Depositary in its capacity as such
and for the benefit of the Owners, and (iii) will not take any action with respect to such Shares
or Receipts, as the case may be, that is inconsistent with the transfer of beneficial ownership
(including, without the consent of the Depositary, disposing of such Shares or Receipts, as the
case may be), other than in satisfaction of a Pre-Release, (b) at all times fully collateralized
with cash, U.S. government securities or such other collateral as the Depositary determines, in
good faith, will provide substantially similar liquidity and security, (c) terminable by the
Depositary on not more than five (5) business days notice, and (d) subject to such further
indemnities and credit regulations as the Depositary deems appropriate. The number of Shares not
deposited but represented by American Depositary Shares outstanding at any time as a result of
Pre-Releases will not normally exceed thirty percent (30%) of the Shares deposited hereunder;
provided, however, that the Depositary reserves the right to disregard such limit
from time to time as it deems reasonably appropriate, and may, with the prior written consent of
the Company, change such limit for purposes of general application; provided, further, that the
Company shall have the right to request in writing that the Depositary cease any further
Pre-Releases and the Depositary shall be required to act upon such a request only with respect to
proposed Pre-Releases made two business days following the Depositary’s receipt of the request by
the Company. The Depositary will also set Dollar limits with respect to Pre-Release transactions
to be entered into hereunder

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with any particular Pre-Releasee on a case-by-case basis as the Depositary deems appropriate.
For purposes of enabling the Depositary to fulfill its obligations to the Owners under the Deposit
Agreement, the collateral referred to in clause (b) above shall be held by the Depositary as
security for the performance of the Pre-Releasee’s obligations to the Depositary in connection with
a Pre-Release transaction, including the Pre-Releasee’s obligation to deliver Shares or Receipts
upon termination of a Pre-Release transaction (and shall not, for the avoidance of doubt,
constitute Deposited Securities hereunder).

     The Depositary may retain for its own account any compensation received by it in connection
with the foregoing. The Company shall have no liability to any Holder or Owner with respect to any
representations, actions or omissions by the Depositary, or any of its agents pursuant to this
Section 2.9.

Section 2.10 Maintenance of Records.

     The Depositary agrees to maintain records of all Receipts surrendered and Deposited Securities
withdrawn under Section 2.5, of substitute Receipts delivered under Section 2.7 and of Receipts
cancelled or destroyed under Section 2.8, in keeping with procedures ordinarily followed by stock
transfer agents located in The City of New York.

ARTICLE 3. CERTAIN OBLIGATIONS OF HOLDERS AND OWNERS OF RECEIPTS.

Section 3.1 Filing Proofs, Certificates and Other Information.

     Any person presenting Shares for deposit or any Owner or Holder of a Receipt may be required
from time to time (a) to file with the Depositary or the Custodian such proof of (i) citizenship or
residence, (ii) exchange control approval and payment of all taxes and other governmental charges,
(iii) legal or beneficial ownership of Receipts, Deposited Securities and other securities and the
nature of such ownership or (iv) compliance with all applicable laws, regulations and provisions of
or governing Deposited Securities and the terms of this Deposit Agreement, or (v) other information

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and (b) to execute and deliver such certificates and to make such representations and
warranties, as the Depositary or the Company may deem necessary or proper. The Depositary may, and
upon the request of the Company shall, withhold the delivery or registration of transfer of any
Receipt or the distribution of any dividend or sale or distribution of rights or of the proceeds
thereof or the delivery of any Deposited Securities until such proof or other information is filed
or such certificates are executed and delivered or such representations and warranties made. Upon
the request of the Company, the Depositary shall provide the Company in a timely manner copies of
any such proofs and certificates and such written representations and warranties that it receives.

Section 3.2 Liability of Owner or Holder for Taxes.

     If any tax or other governmental charge shall become payable with respect to any Receipt or
any Deposited Securities represented by any Receipt, such tax or other governmental charge shall be
payable by the Owner or Holder of such Receipt to the Depositary. The Depositary may and at the
request of the Company shall refuse to effect any registration of transfer of such Receipt (or any
split-up or combination thereof) or any withdrawal of Deposited Securities represented by American
Depositary Shares evidenced by such Receipt until such payment is made, and may withhold any
dividends or other distributions, or may sell for the account of the Owner or Holder thereof any
part or all of the Deposited Securities represented by the American Depositary Shares evidenced by
such Receipt, and may apply such dividends or other distributions or the proceeds of any such sale
in payment of such tax or other governmental charge and the Owner or Holder of such Receipt shall
remain liable for any deficiency.

Section 3.3 Warranties on Deposit of Shares.

     Every person depositing Shares under this Deposit Agreement shall be deemed thereby to
represent and warrant (i) that such Shares and each certificate therefor are validly issued, fully
paid and nonassessable, (ii) that such Shares are free and clear of any lien, encumbrance, security
interest, charge, mortgage, pledge or restriction on

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transfer, (iii) that such Shares are accompanied by any dividend coupons for dividends to be
paid in the future and rights to receive any such dividend coupons or appropriate evidence thereof
and (iv) that the person making such deposit is duly authorized to do so. Every such person shall
also be deemed to represent that the deposit of such Shares and the sale of Receipts evidencing
American Depositary Shares representing such Shares by that person are not restricted under the
Securities Act of 1933. Such representations and warranties shall survive the deposit of Shares
and issuance of Receipts.

Section 3.4 Compliance with Law.

     The Depositary agrees to comply with all applicable laws. Each Owner and Holder agrees that
it is bound by and subject to the Articles of Association of the Company as if such Owner or Holder
were a holder of Shares, and each Owner and Holder agrees to comply with all applicable provisions
of German law and the Articles of Association of the Company with regard to notification to the
Company, the German Federal Supervisory Authority for Securities Trading (Bundesaufsichtsamt für
den Wertpapierhandel) and any additional governmental authorities of such Owner’s or Holder’s
interest in Shares, including any provision requiring such Owner or Holder to disclose voting
rights amounting to, exceeding or falling below, 5, 10, 25, 50 and 75 percent of the voting rights
in the Company or such other percentage as may be required from time to time pursuant to any
provision of German law or otherwise.

     Each Owner and Holder acknowledges that failure by such Owner or Holder to provide on a timely
basis any such required notification of such Owner’s or Holder’s voting rights or interests in
Shares will result in the withholding of voting rights and the rights to receive dividends or other
payments in respect of the Shares represented by such American Depositary Shares for as long as
such failure continues.

     Each such Owner or Holder required to provide the notification described above may deliver
such notification to the Depositary for forwarding to the Company. The Depositary agrees to
forward to the Company, as soon as practicable, any such notifications received by the Depositary
from any Owner or Holder.

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Section 3.5 Disclosure of Beneficial Ownership of Receipts.

     The Company and the Depositary may from time to time request Owners and Holders or former
Owners and former Holders to provide information as to the capacity in which they hold or held
Receipts and regarding the identity of any other persons then or previously interested in such
Receipts and various other matters. Each such Owner or Holder agrees to provide any such
information reasonably requested by the Company or the Depositary pursuant to this Section 3.5 and
such agreement shall survive any disposition of such Owner’s or Holder’s interest in Shares or
Receipts. The Depositary agrees to use its reasonable efforts to comply with written directions
received from the Company requesting that the Depositary forward any such request to such Owners
and to the last known address, if any, of such former Owners and to forward to the Company any
responses to such requests received by the Depositary, and to use its reasonable efforts, at the
Company’s request, to assist the Company in obtaining such information with respect to the American
Depositary Shares, provided that nothing herein shall be interpreted as obligating the Depositary
to provide or obtain any such information not provided to the Depositary by such current or former
Owners or Holders.

ARTICLE 4. THE DEPOSITED SECURITIES.

Section 4.1 Cash Distributions.

     Whenever the Depositary shall receive any cash dividend or other cash distribution on any
Deposited Securities, the Depositary shall, subject to the provisions of Section 4.5, convert such
dividend or distribution into Dollars and shall as promptly as practicable distribute the amount
thus received (net of the expenses of the Depositary in connection with the conversion of such
Foreign Currency into Dollars and such other fees and expenses as provided in Section 5.9) to the
Owners entitled thereto, in proportion to the number of American Depositary Shares representing
such Deposited Securities held by them respectively; provided, however, that in the
event that the Company or the Depositary shall be required to withhold and does withhold from such
cash dividend or such other cash distribution an amount on account of taxes or other governmental

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charges, the amount distributed to the Owner of the Receipts evidencing American Depositary
Shares representing such Deposited Securities shall be reduced accordingly; provided, further, that
the Company may elect, but is not obligated, to convert any such dividend or distribution into
Dollars on behalf of the Holders, either (x) through distribution of Dollars rather than euro to
the Depositary or (y) upon reasonable notice to the Depositary given in advance of any such
dividend or distribution, through payment to the Depositary of the number of Dollars equivalent to
(on the basis of an exchange rate which approximates the offer rate of exchange as quoted by the
Federal Reserve Bank of Germany or the European Central Bank as of the date of receipt of such
currency) the number of euro received by the Depositary pursuant to such dividend or distribution,
in exchange for such euro and the Company shall be responsible for establishing the appropriate
rate of distribution and the timely delivery of funds. The Depositary shall distribute only such
amount, however, as can be distributed without attributing to any Owner a fraction of one cent.
Any such fractional amounts shall be rounded to the nearest whole cent and so distributed to Owners
entitled thereto. The Company or its agent will remit to the appropriate governmental agency in
Germany all amounts withheld and owing to such agency. The Depositary or its agent will remit to
the appropriate governmental agency in the United States all amounts withheld and owing to such
agency. The Depositary will forward to the Company or its agent such information from its records
as the Company may reasonably request to enable the Company or its agent to file necessary reports
with governmental agencies, and the Depositary or the Company or its agent may file any such
reports necessary to obtain benefits under the applicable tax treaties for the Owners of Receipts.

Section 4.2 Distributions Other Than Cash, Shares or Rights. 

     Subject to the provisions of Section 4.11 and Section 5.9, whenever the Custodian or the
Depositary shall receive any distribution other than a distribution described in Sections 4.1, 4.3
or 4.4, the Depositary shall, as promptly as practicable, cause the securities or property received
by it or by the Custodian to be distributed to the Owners entitled thereto, in proportion to the
number of American Depositary Shares

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representing such Deposited Securities held by them respectively, in any manner that the
Depositary may deem equitable and practicable for accomplishing such distribution;
provided, however, that if the Company shall so direct or if in the reasonable
opinion of the Depositary such distribution cannot be made proportionately among the Owners
entitled thereto, or if for any other reason (including, but not limited to, any requirement that
the Company or the Depositary withhold an amount on account of taxes or other governmental charges
or that such securities must be registered under the Securities Act of 1933 in order to be
distributed to Owners) the Depositary determines that it is not lawful or feasible to make such a
distribution to all or certain Owners, the Depositary may adopt such method as it may deem lawful,
equitable and practicable for the purpose of effecting such distribution, including, but not
limited to, the public or private sale of the securities or property thus received, or any part
thereof, and the net proceeds of any such sale (net of the fees of the Depositary as provided in
Section 5.9) shall be distributed by the Depositary to the Owners entitled thereto as in the case
of a distribution received in cash pursuant to Section 4.1.

     To the extent such securities or property, or the net proceeds thereof, are not effectively
distributed to Owners as provided herein, the same shall constitute Deposited Securities and each
American Depositary Share shall thereafter represent its proportionate interest in such securities,
property or net proceeds.

Section 4.3 Distributions in Shares.

     If any distribution upon any Deposited Securities consists of a dividend in, or free
distribution of, Shares, the Depositary may, and upon the request of the Company shall, distribute
to the Owners of outstanding Receipts entitled thereto, in proportion to the number of American
Depositary Shares representing such Deposited Securities held by them respectively, additional
Receipts evidencing an aggregate number of American Depositary Shares representing the amount of
Shares received as such dividend or free distribution, subject to the terms and conditions of the
Deposit Agreement with respect to the deposit of Shares and the issuance of American Depositary
Shares evidenced by Receipts, including the withholding of any tax or other governmental charge as
provided

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in Section 4.11 and the payment of fees of the Depositary as provided in Section 5.9 hereof.
In lieu of delivering Receipts for fractional American Depositary Shares in any such case, the
Depositary shall sell the amount of Shares represented by the aggregate of such fractions and
distribute the net proceeds, all in the manner and subject to the conditions described in Section
4.1 hereof. If for any reason (including any requirement that the Company or the Depositary
withhold an amount on account of taxes or other governmental charges) the Depositary determines
that it is not lawful or feasible to make such a distribution of Shares to all or certain Owners,
the Depositary may adopt such method as it may deem lawful, equitable and practicable for the
purpose of effecting such distribution, including, but not limited to, the public or private sale
of the Shares thus received, or any part thereof, and the net proceeds of any such sale (net of
fees and expenses of the Depositary as provided in Section 5.9) shall be distributed by the
Depositary to the Owners entitled thereto as in the case of a distribution received in cash
pursuant to Section 4.1.

     To the extent such Shares, or the net proceeds thereof, are not effectively distributed to
Owners as provided herein, the same shall constitute Deposited Securities and each American
Depositary Share shall thereafter also represent its proportionate interest in the additional
Shares distributed upon the Deposited Securities represented thereby and such net proceeds.

Section 4.4 Rights.

     (a) In the event that the Company shall offer or cause to be offered to the holders of any
Deposited Securities any rights to subscribe for additional Shares or any rights of any other
nature, the Depositary shall, following Consultation with the Company as to the procedure to be
followed, (i) make such rights available to any Owners as provided in clause (A) below, (ii)
dispose of such rights on behalf of any Owners and make the net proceeds available in Dollars to
such Owners as provided in clause (B) below or (iii) if by the terms of such rights offering or for
any other reason, the Depositary may not either make such rights available to any Owners or dispose
of such rights and make the net proceeds available to such Owners, then allow the rights to lapse.

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     (A) If at the time of the offering of any rights the Depositary determines, following
Consultation with the Company, that it is lawful and feasible to make such rights available to all
Owners or to certain Owners but not to other Owners, the Depositary may distribute to any Owner to
whom it determines the distribution to be lawful and feasible, in proportion to the number of
American Depositary Shares held by such Owner, warrants or other instruments for such rights in
such form as it deems appropriate.

     If the Depositary has distributed warrants or other instruments for rights to all or certain
Owners, then upon instruction from such an Owner pursuant to such warrants or other instruments to
the Depositary from such Owner to exercise such rights, upon payment by such Owner to the
Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to
be received upon the exercise of the rights, and upon payment of the fees of the Depositary and any
other charges as set forth in such warrants or other instruments, the Depositary shall, on behalf
of such Owner, exercise the rights and purchase the Shares, and the Company shall cause the Shares
so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner,
the Depositary will cause the Shares so purchased to be deposited pursuant to Section 2.2 of this
Deposit Agreement, and shall, pursuant to Section 2.3 of this Deposit Agreement, execute and
deliver Receipts to such Owner. Such Receipts shall be legended in accordance with applicable U.S.
laws, and shall be subject to such restrictions on sale, deposit, cancellation, and transfer as the
Depositary shall deem necessary, in its reasonable discretion, in order to comply with legal
requirements or as shall be instructed by the Company.

     (B) If at the time of the offering of any rights, the Depositary determines, following
Consultation with the Company, that it is not lawful or feasible to make such rights available to
all or certain Owners, it may sell the rights, warrants or other instruments in proportion to the
number of American Depositary Shares held by the Owners to whom it has determined it may not
lawfully or feasibly make such rights available, and allocate the net proceeds of such sales (net
of the fees of the Depositary as

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provided in Section 5.9 and all taxes and governmental charges payable in connection with such
rights and subject to the terms and conditions of this Deposit Agreement) for the account of such
Owners otherwise entitled to such rights, warrants or other instruments, upon an averaged or other
practical basis without regard to any distinctions among such Owners because of exchange
restrictions or the date of delivery of any Receipt or otherwise and distribute the net proceeds,
as in the case of a distribution received in cash pursuant to Section 4.1.

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

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

Section 4.5 Conversion of Foreign Currency.

     Whenever the Depositary or the Custodian shall receive Foreign Currency, by way of dividends
or other distributions or the net proceeds from the sale of securities, property or rights, and if
at the time of the receipt thereof the Foreign Currency so received can in the reasonable judgment
of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars
transferred to the United States, the Depositary shall convert or cause to be converted, as
promptly as practicable, by sale or in

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any other manner that it may determine, such Foreign Currency into Dollars, and such Dollars
shall be distributed, as promptly as practicable, to the Owners entitled thereto or, if the
Depositary shall have distributed any warrants or other instruments which entitle the holders
thereof to such Dollars, then to the holders of such warrants and/or instruments upon surrender
thereof for cancellation and in accordance with the terms thereof, provided, however, that the
Company may convert Foreign Currency in accordance with Section 4.1 hereof. Such distribution may
be made upon an averaged or other practicable basis without regard to any distinctions among Owners
on account of exchange restrictions, the date of delivery of any Receipt or otherwise and shall be
net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section
5.9.

     If such conversion or distribution can be effected only with the approval or license of any
government or agency thereof, the Depositary shall file such application for approval or license,
if any, as it may deem desirable; provided that if such application involves or refers to
the Company or is made on behalf of the Company, such application shall not be filed until approved
by the Company.

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

     If any such conversion of Foreign Currency, in whole or in part, cannot be effected for
distribution in Dollars to some of the Owners entitled thereto, the Depositary

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may in its reasonable discretion make such conversion and distribution in Dollars to the
extent permissible to the Owners entitled thereto and distribute the balance of the Foreign
Currency (or an appropriate document evidencing the right to receive such Foreign Currency)
received by the Depositary to, or hold such balance uninvested and without liability for interest
thereon for the respective accounts of, the Owners entitled thereto.

Section 4.6 Fixing of Record Date.

     Whenever any cash dividend or other cash distribution shall become payable or any distribution
other than cash shall be made, or whenever rights shall be issued with respect to the Deposited
Securities, or whenever 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 holders of Shares or other Deposited Securities, or whenever the Depositary shall
find it necessary or convenient in respect of any matter, the Depositary shall fix a record date
which shall be, to the extent practicable, the same date as the record date for the Shares or other
Deposited Securities, as the case may be, or as close thereto as practicable, after Consultation
with the Company, (a) for the determination of the Owners who shall be (i) entitled to receive such
dividend, distribution or rights or the net proceeds of the sale thereof or (ii) entitled to
exercise, or give instructions for the exercise of, voting rights at any such meeting, or (b) for
fixing the date on or after which each American Depositary Share will represent the changed number
of Shares. Subject to the provisions of Sections 4.1 through 4.5 and to the other terms and
conditions of this Deposit Agreement, the Owners on such record date shall be entitled, as the case
may be, to receive the amount distributable by the Depositary with respect to such dividend or
other distribution or such rights or the net proceeds of sale thereof or to exercise the rights of
Owners hereunder with respect to such changed number of Shares represented by each American
Depositary Share in proportion to the number of American Depositary Shares held by them
respectively and to exercise, or give instructions for the exercise of, voting rights and to act in
respect of any other such matter.

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Section 4.7 Voting of Deposited Securities.

     Upon receipt of (a) notice from the Company of any meeting of holders of Shares or other
Deposited Securities and (b) the statement of the Custodian or such other major commercial German
bank as may be reasonably chosen by the Depositary to act as a proxy bank (the “Proxy Bank”),
setting forth its recommendations with regard to voting of the Shares as to any matter which is set
forth in the notice from the Company on which a vote is to be taken by holders of Shares, together
with an English translation thereof (the “Recommendation”), unless otherwise requested in writing
by the Company, the Depositary shall, as soon as practicable thereafter, mail to the Owners a
notice, which shall contain (i) such information as is contained in such notice of meeting and (ii)
a statement that the Owners and Holders (“Voters”) as of the close of business on a specified
record date will be entitled, subject to any applicable provision of German law, the Articles of
Association of the Company, the Receipts and the Deposited Securities, to exercise, or to give
instructions for the exercise of, the voting rights, if any, pertaining to the whole number of
Shares or other Deposited Securities represented by their respective American Depositary Shares on
such date (c) the Recommendation and (d) a statement as to the manner in which such instructions
may be given, including an express indication that if no voting instructions are received on or
before the date established by the Depositary for such purpose in accordance with Section 4.7
hereof (the “Instruction Date”) then the Voters shall in each case be deemed to have instructed the
Depositary to vote or cause the shares to be voted in accordance with the Recommendation.

     In addition, each Voter who desires to exercise, or give instructions for the exercise of,
voting rights shall be required to execute and return to the Depositary on or before the
Instruction Date, a document provided by the Depositary which (a) either (1) authorizes such
Voter’s American Depositary Shares to be delivered to a blocked account established for such
purpose at The Depository Trust Company (“DTC”) (as provided below), or (2) instructs the
Depositary to block the Shares without delivering the American Depositary Shares to the Depositary
and (b) instructs the Depositary as to how

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the whole number of Shares or other Deposited Securities represented by the American
Depositary Shares evidenced by such Voter’s Receipts are to be voted.

     Upon the written request of a Voter, as applicable, on such record date, received on or before
the Instruction Date, the Depositary shall endeavor, insofar as practicable and permitted under
German law, the Articles of Association of the Company and the Receipts, to vote or cause to be
voted the amount of Shares or other Deposited Securities represented by the American Depositary
Shares evidenced by such Receipt in accordance with the instructions set forth in such request.
The Company agrees, without any liability to the Voters arising hereunder, to provide notice, to
the extent practicable, of any meeting of Voters of Shares or other Deposited Securities containing
the requisite information, together with English translations, to the Depositary within the twelve
days following the publication of the invitation to the shareholders meeting in the German Federal
Gazette. Voting rights may be exercised only in respect of four (4) American Depositary Shares,
or integral multiples thereof. The Depositary shall not vote or attempt to exercise the right to
vote that attaches to the Shares or other Deposited Securities, other than in accordance with such
instructions or deemed instructions received from the Voters, as applicable, as of such record
date.

     Subject to the following paragraph of this Section 4.7, if no specific voting instructions are
received by the Depositary from any Voter (to whom Notice was sent by the Depositary) with respect
to the Deposited Securities represented by the American Depositary Shares evidenced by such
American Depositary Receipts on or before the Instruction Date, such Voter shall be deemed, and the
Depositary shall deem such Voter, to have instructed the Depositary to vote such Deposited
Securities or to cause such Deposited Securities to be voted in accordance with the Recommendation.
In no event may the Depositary itself exercise any voting discretion over any Shares or other
Deposited Securities.

     Anything in this Deposit Agreement to the contrary notwithstanding, in the event that the
Proxy Bank shall fail to supply the Recommendation to the Depositary at least twenty-one (21)
calendar days prior to any meeting of Voters of Shares or other

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Deposited Securities with respect to which the Depositary has received notice from the
Company, the Depositary shall mail the Notice (which in this case will not contain the
Recommendation or the indication concerning the proxy to be given to the Proxy Bank) to the Voters
as herein above provided, and, thereafter, in any case in which no specific voting instructions are
received by the Depositary from a Voter on or before the Instruction Date with respect to the
Deposited Securities represented by the American Depositary Shares evidenced by such American
Depositary Receipts, no votes shall be cast at such meeting with respect to such Deposited
Securities.

     Nothing in this Deposit Agreement shall be construed to grant to a Voter any voting rights
with respect to Deposited Securities to which, by their terms, voting rights do not otherwise
attach.

Section 4.8 Changes Affecting Deposited Securities. 

     In circumstances where the provisions of Section 4.3 do not apply, upon any change in nominal
value (including, without limitation, the restatement of nominal value in any other currency),
change in par value, split-up, consolidation or any other reclassification of Deposited Securities,
or upon any recapitalization, reorganization, merger or consolidation or sale of assets affecting
the Company or to which it is a party, any securities which shall be received by the Depositary or
a Custodian in exchange for or in conversion, replacement or otherwise in respect of Deposited
Securities, shall be treated as new Deposited Securities under this Deposit Agreement, and American
Depositary Shares shall thenceforth represent the new Deposited Securities so received, unless
additional Receipts are delivered pursuant to the following sentence. In any such case the
Depositary may, and upon the request of the Company shall, execute and deliver additional Receipts
as in the case of a dividend in Shares, or call for the surrender of outstanding Receipts to be
exchanged for new Receipts specifically describing such new Deposited Securities.

     Immediately upon the occurrence of any such change, conversion or exchange covered by this
Section 4.8 in respect of the Deposited Securities, the

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Depositary shall give notice thereof in writing to all Owners. Notwithstanding the foregoing,
in the event that any security so received may not be lawfully distributed to some or all Owners,
the Depositary may, and upon the request of the Company shall, sell such securities at a 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 sale for the account of the Owners otherwise entitled to such securities
upon an averaged or other practicable basis without regard to any distinctions among such Owners
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.

Section 4.9 Reports.

     The Depositary shall make available for inspection by Owners at its Corporate Trust Office any
reports and communications, including any proxy soliciting material, received from the Company
which are both (a) received by the Depositary as the holder of the Deposited Securities and (b)
made generally available to the holders of such Deposited Securities by the Company. Upon receipt
of such reports furnished by the Company pursuant to Section 5.6, the Depositary shall promptly
send copies to the Owners. Any such reports and communications, including any such proxy
soliciting material, furnished to the Depositary by the Company shall be furnished in English to
the extent such materials are required to be translated into English pursuant to any regulations of
the Commission.

     The Depositary shall furnish the Company with copies of reports it furnishes to the Commission
pursuant to undertakings entered into by the Depositary with the Commission. In addition, when
such information is furnished to the Commission, the Depositary shall also furnish the Company with
the total number of Shares deposited at the account maintained by the Custodian for the purpose of
this Deposit Agreement at the end of the period covered by such report.

     The Company shall furnish to the Depositary the name of each dealer known to the Company depositing
Shares against issuance of American Depositary Shares evidenced

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by Receipts during the period covered by reports required to be filed with the Commission.

Section 4.10 Lists of Owners.

     Promptly upon request by the Company, the Depositary shall 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 and a list of all such persons
who received such Receipts pursuant to a Pre-Release under Section 2.9 hereof.

Section 4.11 Withholding.

     In the event that the Depositary determines in its reasonable discretion that any distribution
in property (including Shares and rights to subscribe therefor) is subject to any tax or other
governmental charge which the Depositary is obligated to withhold, the Depositary may by public or
private sale dispose of all or a portion of such property (including Shares and rights to subscribe
therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to
pay any such taxes or charges and the Depositary shall distribute the net proceeds of any such sale
after deduction of such taxes or charges to the Owners entitled thereto in proportion to the number
of American Depositary Shares held by them respectively and the Depositary shall distribute any
unsold balance of such property in accordance with the provisions of this Deposit Agreement. The
Depositary or its agent shall remit to appropriate governmental authorities and agencies in the
United States all amounts, if any, withheld and owing to such authorities and agencies by the
Depositary.

     The Depositary will 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 any necessary reports
with governmental authorities and agencies. In addition, to the extent practicable, and in
accordance with instructions from the Company, the Depositary and the Custodian will take all
practicable administrative actions necessary to obtain all

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tax refunds and to reduce German withholding taxes on dividends and other distributions on the
Deposited Securities.

ARTICLE 5. THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY.

Section 5.1 Maintenance of Office and Transfer Books by the Depositary.

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

     The Depositary shall keep books at its Corporate Trust Office for the registration of Receipts
and transfers of Receipts which at all reasonable times shall be open for inspection by the Owners,
provided that such inspection shall not be for the purpose of communicating with Owners in the
interest of a business or object other than the business of the Company or a matter related to this
Deposit Agreement or the Receipts. At the reasonable written request of the Company, the Company
shall have the right to (i) inspect transfer and registration records of the Depositary or its
agent and take copies thereof and (ii) require the Depositary or its agent, the Registrar and any
co-transfer agents or co-registrars to supply promptly copies of such portions of such records as
the Company may reasonably request.

     The Depositary may close the transfer books, at any time or from time to time, when transfer
agents located in The City of New York generally close their transfer books or when deemed
expedient by it in connection with the performance of its duties hereunder or at the request of the
Company.

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

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Section 5.2 Prevention or Delay in Performance by the Depositary or the Company.

     None of the Depositary, the Company or any of their respective officers, directors, employees,
agents or affiliates shall incur any liability to any Owner or holder of any Receipt, if by reason
of any provision of any present or future law, order, decree, moratorium, fiat or regulation of the
United States or any other country, or of any governmental or regulatory authority or stock
exchange, or by reason of any provision, present or future, of the Articles of Association of the
Company, or by reason of any provision of or governing any Deposited Securities, or by reason of
any act of God or war or other circumstances beyond its control, the Depositary or the Company or
any of their respective officers, directors, employees, agents or affiliates shall be prevented or
forbidden from, or delayed in, or be subject to any civil or criminal penalty on account of, doing
or performing any act or thing which by the terms of this Deposit Agreement or Deposited Securities
it is provided shall be done or performed; nor shall the Depositary, the Company or any of their
respective officers, directors, employees, agents or affiliates incur any liability to any Owner or
Holder of any Receipt by reason of any non-performance or delay, caused as aforesaid, in the
performance of any act or thing which by the terms of this Deposit Agreement it is provided shall
or may be done or performed, or by reason of any exercise of, or failure to exercise, any
discretion provided for in this Deposit Agreement. Where, by the terms of a distribution pursuant
to Sections 4.1, 4.2, or 4.3 of this Deposit Agreement, or an offering or distribution pursuant to
Section 4.4 of this Deposit Agreement, or for any other reason, such distribution or offering may
not be made available to Owners, and the Depositary may not dispose of such distribution or
offering on behalf of such Owners and make the net proceeds available to such Owners, then the
Depositary shall not make such distribution or offering, and shall allow any rights, if applicable,
to lapse.

Section 5.3 Obligations of the Depositary, the Custodian and the Company. 

     Each of the Company, its agents and their respective officers, employees and affiliates assumes no
obligation nor shall it be subject to any liability under this Deposit Agreement

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to Owners or
Holders or any other persons, other than as set forth below to the Depositary and the Custodian,
and any agent of the Custodian or the Depositary appointed hereunder with the Company’s prior
written consent.

     Each of the Company, its agents and their respective officers, directors, employees and
affiliates assumes no obligation nor shall it be subject to any liability under this Deposit
Agreement to the Depositary, except that it agrees to perform its obligations specifically set
forth in this Deposit Agreement without negligence or bad faith.

     Each of the Company, its agents and their respective officers, directors, employees and
affiliates assumes no obligation nor shall it be subject to any liability under this Deposit
Agreement to the Custodian or any agent of the Depositary or the Custodian, except under Section
5.8 of this Deposit Agreement.

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

     The Depositary and the Company undertake to perform such duties and only such duties as are
specifically set forth in this Deposit Agreement, and no implied covenants or obligations shall be
read into this Deposit Agreement against the Depositary or the Company or their respective agents.

     None of the Depositary, the Company or any of their respective 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 in its sole discretion against all expense and
liability shall be furnished as often as may be

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required, and the Custodian shall not be under any
obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being
solely to the Depositary.

     None of the Depositary, the Company or any of their respective agents shall be liable for any
action or nonaction by it in relifance upon the advice of or information from legal counsel,
accountants, any person presenting Shares for deposit, any Owner, or any other person believed by
it in good faith to be competent to give such advice or information including, but not limited to,
any such action or nonaction based upon any written notice, request, direction or other document
believed by it to be genuine and to have been signed or presented by the proper party or parties.

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

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

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

Section 5.4 Resignation and Removal of the Depositary.

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

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

     In case at any time the Depositary acting hereunder shall resign or be removed, the Company
shall use its best efforts to appoint a successor depositary, which shall be a bank or trust
company having an office in the Borough of Manhattan, The City of New York. Every successor
depositary shall execute and deliver to its predecessor and to the Company an instrument in writing
accepting its appointment hereunder, and thereupon such successor depositary, without any further
act or deed, shall become fully vested with all the rights, powers, duties and obligations of its
predecessor; but such predecessor, upon payment of all sums due it and on the written request of
the Company, shall execute and deliver an instrument transferring to such successor all rights and
powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and
interest in the Deposited Securities to such successor, and shall deliver to such successor a list
of the Owners of all outstanding Receipts and any other information relating to this Deposit
Agreement or the Receipts reasonably requested by such successor. Any such successor depositary
shall promptly mail notice of its appointment to the Owners.

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

Section 5.5 The Custodians.

     The Depositary has appointed Deutsche Bank AG, Eschborn, and may appoint from time to time one
or more additional agents, to act for it as Custodian hereunder. Any such Custodian shall be
subject at all times and in all respects to the directions of the Depositary and shall be
responsible solely to it. Any Custodian may resign and be discharged from its duties hereunder by
written notice of such resignation delivered to the Depositary at least 30 days prior to the date
on which such resignation is

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to become effective. If upon such resignation there shall be no
Custodian acting hereunder, the Depositary shall, promptly after receiving such notice and after
Consultation with the Company when practicable, appoint a substitute custodian that is organized
under the laws of and domiciled in Germany which shall thereafter be a Custodian hereunder.
Whenever the Depositary determines in its reasonable discretion that it is in the best interest of
the Owners to do so, it may discharge any Custodian hereunder and appoint a substitute Custodian,
upon Consultation with the Company. Whenever the Depositary in its reasonable discretion
determines that it is in the best interest of the Owners to do so, it may appoint an additional
custodian or custodians, which shall thereafter be one of the Custodians hereunder. Upon demand of
the Depositary any Custodian shall deliver such of the Deposited Securities held by it as are
requested of it to any other Custodian or such substitute or additional custodian or custodians.
Each such substitute or additional custodian shall deliver to the Depositary, forthwith upon its
appointment, an acceptance of such appointment satisfactory in form and substance to the
Depositary. Immediately upon any such change, the Depositary shall give notice in writing to the
Company to all Owners and to each other Custodian, if any, of the name, address and appointment of
any custodian not named in the Receipts.

     Upon the appointment of any successor depositary hereunder, each Custodian then acting
hereunder shall forthwith become, without any further act or writing, the agent hereunder of such
successor depositary and the appointment of such successor depositary shall in no way impair the
authority of each Custodian hereunder; but the successor depositary so appointed shall,
nevertheless, on the written request of
any Custodian, execute and deliver to such Custodian all such instruments as may be proper to
give to such Custodian full and complete power and authority as agent hereunder of such successor
depositary.

Section 5.6 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 in

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

     The Company will arrange for the translation into English if not already in English, to the
extent required pursuant to any regulations of the Commission, and the prompt transmittal by the
Company to the Depositary and the Custodian of such notices and any other reports and
communications which are made generally available by the Company to holders of its Shares. The
Depositary will arrange for the mailing of copies of such notices, reports and communications to
all Owners. The Company will timely provide the Depositary with the quantity of such notices,
reports, and communications, as requested by the Depositary from time to time, in order for the
Depositary to effect such mailings.

Section 5.7 Distribution of Additional Shares, Rights, etc.

     The Company agrees that in the event of any issuance or distribution to Owners pursuant to the
Deposit Agreement of (1) additional Shares, (2) rights to subscribe for Shares, (3) securities
convertible into Shares, or (4) rights to subscribe for such securities, (each a “Distribution”)
the Company will promptly furnish to the
Depositary a written opinion from U.S. counsel for the Company, which counsel shall be
reasonably satisfactory to the Depositary, stating whether or not the Distribution requires a
registration statement under the Securities Act of 1933 to be in effect prior to making such
Distribution available to Owners entitled thereto. If in the opinion of such counsel a
registration statement is required, such counsel shall furnish to the Depositary a written opinion
as to whether or not there is a registration statement in effect which will cover such
Distribution. Nothing in this Deposit Agreement shall create, or shall be construed to create any
obligation on the part of the Company to file any registration statement or to endeavor to have
such a registration statement declared effective.

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     The Company agrees with the Depositary that neither the Company nor any company controlled by,
controlling or under common control with the Company will at any time deposit any Shares pursuant
to this Deposit Agreement, either originally issued or previously issued and reacquired by the
Company or any such affiliate, unless a registration statement is in effect as to such Shares under
the Securities Act of 1933.

Section 5.8 Indemnification.

     The Company agrees to indemnify the Depositary, its officers, directors, employees, agents and
affiliates and any Custodian against, and hold each of them harmless from, any loss, liability or
reasonable expense (including, but not limited to, the reasonable fees and expenses of counsel)
which may arise out of acts performed or omitted, in accordance with the provisions of this Deposit
Agreement and of the Receipts, as the same may be amended, modified or supplemented from time to
time, (i) by either the Depositary or any Custodian or their respective officers, directors,
employees, agents and affiliates, except for any liability or expense arising out of the
negligence, willful misconduct or bad faith of any of them, or (ii) by the Company or any of its
officers, directors, employees, agents and affiliates.

     The indemnities contained in the preceding paragraph shall not extend to any liability or
expense which arises solely and exclusively out of a Pre-Release transaction (as defined in Section
2.9 hereof) of a Receipt or Receipts in accordance with
Section 2.9 and which would not otherwise have arisen had such Receipt or Receipts not been
the subject of a Pre-Release pursuant to Section 2.9; provided, however, that the
indemnities provided in the preceding paragraph shall apply to any such liability or expense (i) to
the extent that such liability or expense would have arisen had a Receipt or Receipts not been the
subject of a Pre-Release, or (ii) which may arise out of any misstatement or alleged misstatement
or omission or alleged omission in any registration statement, proxy statement, prospectus (or
placement memorandum), or preliminary prospectus (or preliminary placement memorandum), relating to
the offer of sale of American Depositary Shares, except to the extent any such liability or expense
arises out of (i) information relating to the Depositary or any Custodian (other than the Company),

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as applicable, furnished in writing and not materially changed or altered by the Company expressly
for use in any of the foregoing documents, or, (ii) if such information is provided, the failure to
state a material fact necessary to make the information provided not misleading.

     The Depositary agrees to indemnify the Company, its officers, directors, employees, agents and
affiliates and hold each of them harmless from any loss, liability or expense (including, but not
limited to, reasonable fees and expenses of counsel) which may arise out of acts performed or
omitted by the Depositary or the Custodian or their respective officers, directors, employees,
agents and affiliates due to their negligence, willful misconduct or bad faith.

     If any action, claim or proceeding shall be brought or threatened to be brought against any
party in respect of which indemnity may be sought pursuant to this Section 5.8 (the “Indemnified
Party”), the Indemnified Party shall as soon as practicable (or, in the case of any action or claim
which is threatened to be brought, as soon as practicable after such Indemnified Party becomes
aware of the same) notify the party against whom indemnity may be sought (the “Indemnifying Party”)
in writing of such action, claim or proceeding, and the Indemnifying Party shall be entitled to
participate therein and, to the extent that it wishes, to assume the defense thereof with counsel
reasonably satisfactory to the Indemnified Party; provided, however, that if the
Indemnified Party reasonably believes that there may be legal defenses available to it which
are different from or in addition to those available to the Indemnifying Party it may retain
counsel at its expense and participate in such defense. In all circumstances, all other parties
hereto shall provide to the party against whom such action or claim is brought or threatened to be
brought such information and assistance as such party shall reasonably request, subject to the
provisions of the indemnity contained in this Section 5.8. Each party shall, to the extent
reasonable, practicable and consistent with such party’s legal obligations and responsibilities, in
all circumstances consult with each of the other parties as and when reasonably requested by such
party in respect of any action or claim referred to in this Section 5.8. After notice from the
Indemnifying Party to the

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Indemnified Party of its election to assume the defense of such claim or
action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other
expenses subsequently incurred by the Indemnified Party in connection with the defense or
investigation thereof. In no event shall the Indemnifying Party, in connection with any one such
proceeding or separate but substantially similar or related actions or proceedings in the same
jurisdiction arising out of the same general allegations or circumstances, be liable for fees and
expenses of more than one counsel in each such jurisdiction). The Indemnifying Party shall not be
liable for any settlement of any proceeding effected without its written consent, which consent
shall not be unreasonably withheld.

     The obligations set forth in this Section 5.8 shall survive the termination of this Deposit
Agreement and the succession or substitution of any indemnified person. No Owner or other holder
of Receipts shall have any rights under this Section 5.8.

Section 5.9 Charges of Depositary.

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

     Subject to applicable law and the regulations of any exchange upon which the American
Depositary Shares are listed, the following charges shall be incurred by any party depositing or
withdrawing Shares or by any party surrendering Receipts or to whom Receipts are issued (including,
without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or
an exchange of stock regarding the Receipts or Deposited Securities or a distribution of Receipts
pursuant to Section 4.3), whichever applicable: (1) taxes and other governmental charges, (2) such
registration fees as may from time to time be in effect for the registration of transfers of Shares
generally applicable to transfers of Shares to the name of the Depositary or its nominee or the

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Custodian or its nominee on the making of deposits or withdrawals hereunder, (3) such air courier,
cable, telex and facsimile transmission expenses as are expressly provided in this Deposit
Agreement, (4) such expenses as are incurred by the Depositary in the conversion of Foreign
Currency pursuant to Section 4.5, (5) a fee of $5.00 or less per 100 American Depositary Shares (or
portion thereof) for the execution and delivery of Receipts pursuant to Section 2.3, 4.3 or 4.4,
and the surrender of Receipts pursuant to Section 2.5 or 6.2, (6) a fee of $.02 or less per
American Depositary Share (or portion thereof) for any cash distribution made pursuant to the
Deposit Agreement including, but not limited to, Sections 4.1 through 4.4 hereof, except for any
distribution of cash dividends and (7) a fee for the distribution of securities pursuant to Section
4.2, such fee being in an amount equal to the fee for the execution and delivery of Receipts
referred to above which would have been charged as a result of the deposit of such securities (for
purposes of this clause (7) treating all such securities as if they were Shares), but which
securities are instead distributed by the Depositary to Owners.

     The Depositary, subject to Section 2.9 hereof, may own and deal in any class of securities of
the Company and its affiliates and in Receipts.

Section 5.10 Retention of Depositary Documents.

     The Depositary is authorized to destroy those documents, records, bills and other data
compiled during the term of this Deposit Agreement at the times permitted by the laws or
regulations governing the Depositary unless the Company requests that such papers be retained for a
longer period or turned over to the Company or to a successor depositary.

Section 5.11 Exclusivity.

     Subject to Section 5.4 of this Agreement, the Company agrees not to appoint any other
depositary for issuance of American Depositary Receipts so long as Deutsche Bank Trust Company
Americas is acting as Depositary hereunder.

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     The Depositary agrees with the Company not to establish any unsponsored American depositary
receipt program for any securities issued by the Company so long as the Depositary is acting
hereunder.

ARTICLE 6. AMENDMENT AND TERMINATION.

Section 6.1 Amendment.

     The form of the Receipts and any provisions of this Deposit Agreement may at any time and from
time to time be amended by agreement between the Company and the Depositary in any respect which
they may deem necessary or desirable without the consent of Owners or Holders. Any amendment which
shall impose or increase any fees or charges (other than taxes and other governmental charges,
registration fees, air courier, cable, telex or facsimile transmission costs, delivery costs or
other such expenses), or which shall otherwise prejudice any substantial existing right of Owners,
shall, however, not become effective as to outstanding Receipts until the expiration of thirty (30)
days after notice of such amendment shall have been given to the Owners of outstanding Receipts.
Every Owner and Holder at the time any amendment so becomes effective shall be deemed, by
continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the
Deposit Agreement as amended thereby. In no
event shall any amendment impair the right of the Owner of any Receipt to surrender such
Receipt and receive therefor the Deposited Securities represented thereby, except in order to
comply with mandatory provisions of applicable law.

Section 6.2 Termination.

     The Depositary shall at any time at the direction of the Company terminate this Deposit
Agreement by mailing notice of such termination to the Owners of all Receipts then outstanding at
least 30 days prior to the date fixed in such notice for such termination. The Depositary may
likewise terminate this Deposit Agreement by mailing notice of such termination to the Company and
the Owners of all Receipts then outstanding if at any time 30 days shall have expired after the
Depositary shall have delivered to the Company a written notice of its election to resign and a
successor

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depositary shall not have been appointed and accepted its appointment as provided in
Section 5.4. On and after the date of termination, the Owner of a Receipt will, upon (a) surrender
of such Receipt at the Corporate Trust Office of the Depositary, (b) payment of the fee of the
Depositary for the surrender of Receipts referred to in Section 5.9, and (c) payment of any
applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the
amount of Deposited Securities represented by the American Depositary Shares evidenced by such
Receipt. If any Receipts shall remain outstanding after the date of termination, the Depositary
thereafter shall discontinue the registration of transfers of Receipts, shall suspend the
distribution of dividends or other distributions with respect thereto to the Owners 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 and other property as provided in this Deposit Agreement,
and shall continue to deliver Deposited Securities, together with any dividends or other
distributions received with respect thereto and the net proceeds of the sale of any rights or other
property, in exchange for Receipts surrendered to the Depositary (after deducting, in each case,
the fee of the Depositary for the surrender of Receipts referred to in Section 5.9, any expenses
for the account of the Owner of such Receipts in accordance with the
terms and conditions of this Deposit Agreement, and any applicable taxes or governmental
charges). At any time after the expiration of one year from the date of termination, the
Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested
the net proceeds of any such sale, together with any other cash then held by it hereunder,
unsegregated and without liability for interest, for the pro rata benefit of the Owners of Receipts
which have not theretofore been surrendered, such Owners thereupon becoming general creditors of
the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be
discharged from all obligations under this Deposit Agreement, except to account for such net
proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender
of a Receipt, any expenses for the account of the Owner of such Receipt in accordance with the
terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges)

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and its obligations to the Company under Section 5.8 hereof. Upon the termination of this Deposit
Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except
for its obligations to the Depositary under Sections 5.8 and 5.9 hereof.

ARTICLE 7. 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 shall constitute one and the same instrument.
Copies of this Deposit Agreement shall be filed with the Depositary and the Custodian and shall be
open to inspection by any Holder or Owner of a Receipt during business hours.

Section 7.2 No Third Party Beneficiaries.

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

Section 7.3 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 Owners as Parties; Binding Effect.

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

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Section 7.5 Notices.

     Any and all notices to be given to the Company shall be deemed to have been duly given if
personally delivered or sent by mail or air courier, or by facsimile transmission confirmed by
letter, addressed to SAP Aktiengesellschaft Systeme, Anwendungen, Produkte in der
Datenverarbeitung, Neurottstraße 16, D-69190, Walldorf, Federal Republic of Germany, facsimile
number: 011-49-6227-7-42060 or any other place to which the Company may have transferred its
principal office.

     Any and all notices to be given to the Depositary shall be deemed to have been duly given if
in English and personally delivered or sent by mail or air courier, or by facsimile transmission
confirmed by letter, addressed to Deutsche Bank Trust Company Americas, 60 Wall Street, New York,
New York 10005, Attention: ADR Department, facsimile number: (212) 797 0327. Any and all notices to
be given to any Owner shall be deemed to have been duly given if personally delivered or sent by
mail or air courier or by
cable, telex or facsimile transmission confirmed by letter, addressed to such Owner at the
address of such Owner as it appears on the transfer books for Receipts of the Depositary, or, if
such Owner shall have filed with the Depositary a written request that notices intended for such
Owner be mailed to some other address, at the address designated in such request.

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

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Section 7.6 Governing Law.

     This Deposit Agreement and the Receipts (and any claims or disputes arising out of or related
thereto or to the transactions contemplated thereby or to the inducement of any party to enter
therein, whether for breach of contract, tortious conduct, or otherwise and whether predicated on
common law, statute or otherwise) shall in all respects be governed by and construed in accordance
with the laws of the State of New York, including all matters of construction, validity and
performance, in each case without reference to any conflict of law rules that might lead to the
application of the laws of any other jurisdiction. Each party to this Deposit Agreement further
agrees that the laws of the State of New York bear a reasonable relationship to this Deposit
Agreement and irrevocably and unconditionally waives, pursuant to Section 5-1401 of the New York
General Obligations Law, any objection to the application of the laws of the State of New York to
any action, suit or proceeding arising out of this Deposit Agreement or the transactions
contemplated hereby and further irrevocably and unconditionally waives and agrees not to plead or
claim that any such action, suit or proceeding should
not be governed by the laws of the State of New York. This Deposit Agreement has been
negotiated, executed and delivered in the State of New York.

Section 7.7 Compliance with U.S. Securities Laws.

     Notwithstanding anything in this Deposit Agreement to the contrary, the Company and the
Depositary each agrees that it will not exercise any rights it has under this Deposit Agreement to
prevent the withdrawal or delivery of Deposited Securities in a manner which would violate the U.S.
securities laws, including, but not limited to, Section I.A.(1) of the General Instructions to the
Form F-6 Registration Statement, as amended from time to time, under the Securities Act of 1933.

Section 7.8 Assignment.

     Unless otherwise agreed in writing, this Deposit Agreement may not be assigned by either the
Company or the Depositary.

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Section 7.9 Outstanding Receipts.

     Receipts issued prior to the date hereof, which do not reflect the changes to the Receipts
effected hereby, do not need to be called in for exchange and may remain outstanding until such
time as the Holders thereof choose to surrender them for any reason under this Deposit Agreement.
The Depositary is authorized and directed to take any and all actions deemed necessary to effect
the foregoing.

     The Company hereby instructs the Depositary to (i) promptly send notice of the execution of
the Deposit Agreement to all Owners and Holders of American depositary receipts outstanding under
the Deposit Agreement as of the date hereof and (ii) inform all Owners and Holders of American
depositary receipts outstanding under the Deposit Agreement as of the date hereof that they have
the opportunity, but are not
required, to exchange their Receipts for one or more Receipts issued pursuant to this Deposit
Agreement.

     Holders and Owners of Receipts issued pursuant to the Deposit Agreement issued prior to the
date hereof and outstanding as of the date hereof, shall, from and after the date hereof, be deemed
Holders and Owners of Receipts issued pursuant and be subject to all of the terms and conditions of
this Deposit Agreement, in all respects; provided, however, that any amendment
effectuated by this Deposit Agreement that prejudices any substantial existing right of Holders or
Owners of Receipts issued under the Deposit Agreement prior to the date hereof shall not become
effective as to Holders and Owners until thirty (30) days after notice of the amendment effectuated
by this Deposit Agreement shall have been given to holders of Receipts outstanding as of the date
hereof.

Section 7.10 Undertaking of Depositary.

     The Depositary hereby undertakes to promptly mail notice of its appointment as Depositary under the
Deposit Agreement to all Owners and Holders of Receipts outstanding as of the date hereof.

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     IN WITNESS WHEREOF, SAP AKTIENGESELLSCHAFT SYSTEME, ANWENDUNGEN, PRODUKTE IN DER
DATENVERARBEITUNG and DEUTSCHE BANK TRUST COMPANY AMERICAS have duly executed this agreement as of
the day and year first set forth above and all Owners shall become parties hereto upon acceptance
by them of Receipts issued in accordance with the terms hereof.

	 	 	 	 	 
	 	SAP AKTIENGESELLSCHAFT SYSTEME, ANWENDUNGEN, PRODUKTE IN

DER DATENVERARBEITUNG

 	 
	 	By:  	/s/ DR. WERNER BRANDT
 	 
	 	 	Name:  	Dr. Werner Brandt 	 
	 	 	Title:  	Chief Financial Officer and Member of the
Executive Board 	 
	 
	 	 	 
	 	By:  	                                         /s/ MICHAEL JUNGE
 	 
	 	 	Name:  	Michael Junge 	 
	 	 	Title:  	General Counsel 	 
	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Depositary

 	 
	 	By:  	/s/ AKBAR A. POONAWALA
 	 
	 	 	Name:  	Akbar A. Poonawala 	 
	 	 	Title:  	Managing Director 	 
	 
	 	 	 
	 	By:  	                                         /s/ CHRISTIAN C. STARCK
 	 
	 	 	Name:  	Christian C. Starck 	 
	 	 	Title:  	Director

Head, Specialized Services 	 

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Deutsche Bank Trust Company Americas

Trust & Securities Services

Exhibit A to Amended and Restated Deposit Agreement

     CERTAIN RIGHTS OF THE OWNERS AND HOLDERS OF THIS AMERICAN DEPOSITARY RECEIPT MAY BE WITHHELD IN
ACCORDANCE WITH THE PROVISIONS OF AND UNDER CIRCUMSTANCES AS SET OUT IN ARTICLE (22) HEREOF,
INCLUDING, WITHOUT LIMITATION, VOTING RIGHTS AND THE RIGHT TO RECEIVE DIVIDENDS AND OTHER
DISTRIBUTIONS

AMERICAN DEPOSITARY SHARES

(Each American Depositary Share represents one fourth

(1/4) of one Share (as defined in the Deposit

Agreement) )

DEUTSCHE BANK TRUST COMPANY AMERICAS

AMERICAN DEPOSITARY RECEIPT

FOR AMERICAN DEPOSITARY SHARES REPRESENTING

ORDINARY SHARES,

WITHOUT NOMINAL VALUE, OF

SAP AKTIENGESELLSCHAFT SYSTEME, ANWENDUNGEN,

PRODUKTE IN DER DATENVERARBEITUNG

     (A STOCK CORPORATION ORGANIZED UNDER THE LAWS OF
THE FEDERAL REPUBLIC OF GERMANY)

     Deutsche Bank Trust Company Americas as depositary (hereinafter called the “Depositary”),
hereby certifies that ____________________, or registered assigns IS THE OWNER OF _________________ AMERICAN DEPOSITARY SHARES representing deposited Ordinary Shares, without nominal
value, (herein called “Shares”) of SAP Aktiengesellschaft Systeme, Anwendungen, Produkte in der
Datenverarbeitung, a stock corporation organized under the laws of the Federal Republic of Germany
(herein called the “Company”). At the date hereof, each American Depositary Share represents one
fourth (1/4) of one Share, which is either deposited or subject to deposit under the Deposit
Agreement (as hereinafter defined) with the Custodian, which at the date of execution of the
Deposit Agreement is Deutsche Bank AG, Eschborn, Domestic Custody Services Germany (the
“Custodian”).

THE DEPOSITARY’S CORPORATE TRUST OFFICE ADDRESS IS 60 WALL STREET, NEW YORK, N.Y. 10005

 

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1. THE DEPOSIT AGREEMENT.

     This American Depositary Receipt is one of an issue (herein called “Receipts”), all issued and
to be issued upon the terms and conditions set forth in the deposit agreement, dated as of
September 12, 1995, as amended and restated as of June 26, 1998, as further amended and restated as
of June 23, 2000, as further amended and restated as of June 18, 2001 and as further amended and
restated as of December 3, 2004 (herein called the “Deposit Agreement”), by and among the Company,
the Depositary, and all Owners and Holders from time to time of Receipts issued thereunder, each of
whom by accepting a Receipt agrees to become a party thereto and become bound by all the terms and
conditions thereof. The Deposit Agreement sets forth the rights of Owners and Holders of the
Receipts and the rights and duties of the Depositary in respect of the Shares deposited thereunder
and any and all other securities, property and cash from time to time received in respect of such
Shares and held thereunder (such Shares, securities, property, and cash are herein called
“Deposited Securities”). Copies of the Deposit Agreement are on file at the Depositary’s Corporate
Trust Office in New York City and at the office of the Custodian.

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

2. SURRENDER OF RECEIPTS AND WITHDRAWAL OF SHARES.

     Upon surrender at the Corporate Trust Office of the Depositary of this Receipt, and upon
payment of the fee of the Depositary provided in Article 7 of this Receipt and Section 5.9 of the
Deposit Agreement, and subject to the terms and conditions of the Deposit Agreement, the Articles
of Association of the Company, the Deposited Securities and applicable law, the Owner hereof is
entitled to due assignment, transfer and delivery of all right, title, legal ownership and
interest, to it or upon its order, of such whole number of Deposited Securities at the time
represented by the American Depositary Shares for which this Receipt is issued and a new Receipt
for the number of American Depositary Shares representing any fractional Deposited Securities and
any Deposited Securities not being withdrawn. Delivery of such Deposited Securities may be made by
(a)(i) delivery of certificates in the name of the Owner hereof or as ordered by it or by the
delivery of certificates properly endorsed or accompanied by proper instruments of transfer to such
Owner or as ordered by it, subject to the Articles of Association of

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the Company, or (ii) delivery or transfer to an account through Clearstream Banking, société
anonyme or Euroclear Bank S.A./N.V., as operator of the Euroclear System, for the benefit of such
Owner or as ordered by it and (b) any other securities, property and cash to which such Owner is
then entitled in respect of this Receipt. Such delivery will be made without unreasonable delay at
the option of the Owner hereof, either at the office of the Custodian or at the Corporate Trust
Office of the Depositary, provided that the forwarding of certificates for Shares or other
Deposited Securities for such delivery at the Corporate Trust Office of the Depositary shall be at
the risk and expense of the Owner hereof. Notwithstanding any other provision of the Deposit
Agreement or this Receipt, the surrender of outstanding Receipts and withdrawal of Deposited
Securities may be suspended only for (i) temporary delays caused by closing the transfer books of
the Depositary or the Company or the deposit of Shares in connection with voting at a shareholders’
meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges, and
(iii) compliance with any U.S. or foreign laws or governmental regulations relating to the Receipts
or to the withdrawal of the Deposited Securities.

     The Depositary shall not accept for surrender a Receipt evidencing American Depositary Shares
representing in the aggregate a fractional interest in one Share or other Deposited Security. In
the case of surrender of a Receipt evidencing any number of American Depositary Shares representing
in the aggregate other than a whole number of Deposited Securities, together with payment and
delivery of written instructions for withdrawal of Deposited Securities as required under this
Article (2), the Depositary shall cause the whole number of Deposited Securities requested to be
withdrawn by the Owner of such Receipt to be withdrawn and delivered to or upon the order of such
Owner and shall issue and deliver to or upon the order of the person surrendering such Receipt, a
new Receipt evidencing American Depositary Shares representing the Deposited Securities not
requested to be withdrawn, including any fractional interests in the Deposited Securities.

3. TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF RECEIPTS.

     The transfer of this Receipt is registrable on the books of the Depositary upon surrender at
the Corporate Trust Office of the Depository of this Receipt, by the Owner hereof in person or by a
duly authorized attorney, properly endorsed for transfer or accompanied by proper instruments of
transfer and duly stamped as may be required by the laws of the State of New York and of the United
States of America. Thereupon, the Depositary shall execute and deliver a new Receipt or

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Receipts to or upon the order of the person entitled thereto, subject to receipt of any
certifications as the Depositary or the Company may require to comply with applicable laws. This
Receipt may be split into other such Receipts, or may be combined with other such Receipts into one
Receipt, evidencing the same aggregate number of American Depositary Shares as the Receipt or
Receipts surrendered. As a condition precedent to the execution and delivery, registration of
transfer, split-up, combination, or surrender of any Receipt or withdrawal of any Deposited
Securities, the Depositary, the Custodian, or Registrar may require (i) payment from the depositor
of Shares or the presenter of the Receipt of a sum sufficient to reimburse it for any tax or other
governmental charge and any stock transfer or registration fee with respect thereto (including any
such tax or charge and fee with respect to Shares being deposited or Deposited Securities being
withdrawn) and payment of any applicable fees as provided in the Deposit Agreement, (ii) the
production of proof satisfactory to it as to the identity and genuineness of any signature and
(iii) compliance with any regulations the Depositary may establish consistent with the provisions
of the Deposit Agreement or this Receipt. This Receipt may be surrendered for the purpose of
effecting a split-up or combination of such Receipt, and the Depositary, subject to the terms and
conditions of the Deposit Agreement, shall execute and deliver a new Receipt for any authorized
number of Shares requested, evidencing the same aggregate number of American Depositary Shares as
the Receipt or Receipts surrendered.

     The delivery of Receipts against deposits of Shares generally or against deposits of
particular Shares may be suspended or withheld, or deposits of Shares may be refused, or the
registration of transfer, split-up or combination of outstanding Receipts in particular instances
may be refused, or the registration of transfer, split-up or combination of outstanding Receipts
generally may be suspended, during any period when the transfer books of the Depositary are closed,
or if any such action is deemed necessary or advisable by the Depositary or the Company at any time
or from time to time because of any requirement of applicable law or of any government or
governmental or regulatory authority, body or commission, or under any provision of the Deposit
Agreement or this Receipt or the Articles of Association of the Company, or for any other reason,
subject to the provisions of Article 24. Without limitation of the foregoing, neither the
Depositary nor the Custodian shall knowingly accept for deposit under the Deposit Agreement any
Shares required to be registered under the provisions of the Securities Act of 1933, unless a
registration statement is in effect as to such Shares.

4. LIABILITY OF OWNER FOR TAXES.

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

5. WARRANTIES OF DEPOSITORS.

     Every person depositing Shares under the Deposit Agreement shall be deemed thereby to
represent and warrant (i) that such Shares and each certificate therefor are validly issued, fully
paid and nonassessable, (ii) that such Shares are free and clear of any lien, encumbrance, security
interest, charge, mortgage, pledge or restriction on transfer, (iii) that such Shares are
accompanied by any dividend coupons for dividends to be paid in the future and rights to receive
any such dividend coupons or appropriate evidence thereof and (iv) that the person making such
deposit is duly authorized to do so. Every such person shall also be deemed to represent that the
deposit of such Shares and the sale of Receipts evidencing American Depositary Shares representing
such Shares by that person are not restricted under the Securities Act of 1933. Such
representations and warranties shall survive the deposit of Shares and issuance of Receipts.

6. FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.

     Any person presenting Shares for deposit or any Owner or Holder of a Receipt may be required
from time to time to file with the Depositary or the Custodian such proof of citizenship or
residence, exchange control approval and payment of all taxes and other governmental charges, legal
or beneficial ownership of Receipts, Deposited Securities and other securities and the nature of
such ownership or compliance with all applicable laws, regulations and provisions of or governing
Deposited Securities and the terms of the Deposit Agreement, or other information and to execute
and deliver such certificates and to make such representations and warranties, as the Depositary or
the Company may deem necessary or proper. The Depositary

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may, and upon the request of the Company shall, withhold the delivery or registration of
transfer of any Receipt or the distribution of any dividend or sale or distribution of rights or of
the proceeds thereof or the delivery of any Deposited Securities until such proof or other
information is filed or such certificates are executed and delivered or such representations and
warranties made. Upon the request of the Company, the Depositary shall provide the Company in a
timely manner copies of any such proofs and certificates and such written representations and
warranties that it receives. No Share shall be accepted for deposit unless accompanied by evidence
satisfactory to the Depositary that all conditions to such deposit have been satisfied by the
person depositing such Shares under the laws and regulations of Germany and any necessary approval
has been granted by any governmental authority or body in Germany which is then performing the
function of the regulation of currency exchange or any other function which requires approval for
the deposit of Shares and by any dividend coupons for dividends to be paid in the future and rights
to receive such dividend coupons or appropriate evidence thereof.

7. CHARGES OF DEPOSITARY.

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

     Subject to applicable law and the regulations of any exchange upon which the American
Depositary Shares are listed, the following charges shall be incurred by any party depositing or
withdrawing Shares or by any party surrendering Receipts or to whom Receipts are issued (including,
without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or
an exchange of stock regarding the Receipts or Deposited Securities or a distribution of Receipts
pursuant to Section 4.3 of the Deposit Agreement), whichever applicable: (1) taxes and other
governmental charges, (2) such registration fees as may from time to time be in effect for the
registration of transfers of Shares generally applicable to transfers of Shares to the name of the
Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals
under the Deposit Agreement, (3) such air courier, cable, telex and facsimile transmission expenses
as are expressly provided in the Deposit Agreement, (4) such expenses as are incurred by the
Depositary in the conversion of Foreign Currency pursuant to Section 4.5 of the Deposit Agreement,
(5) a fee of $5.00 or less per 100 American Depositary Shares (or portion

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thereof) for the execution and delivery of Receipts pursuant to Sections 2.3, 4.3 or 4.4 of
the Deposit Agreement, and the surrender of Receipts pursuant to Section 2.5 or 6.2 of the Deposit
Agreement, (6) a fee of $.02 or less per American Depositary Share (or portion thereof) for any
cash distribution made pursuant to the Deposit Agreement including, but not limited to Sections 4.1
through 4.4 thereof, except for any distribution of cash dividends and (7) a fee for the
distribution of securities pursuant to Section 4.2 of the Deposit Agreement, such fee being in an
amount equal to the fee for the execution and delivery of Receipts referred to above which would
have been charged as a result of the deposit of such securities (for purposes of this clause (7)
treating all such securities as if they were Shares), but which securities are instead distributed
by the Depositary to Owners.

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

8. LOANS AND PRE-RELEASE OF SHARES AND RECEIPTS.

     Notwithstanding Section 2.3 of the Deposit Agreement, the Depositary may execute and deliver
Receipts prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement (a
“Pre-Release”) unless the Company requests the Depositary to cease doing so. The Depositary may,
pursuant to Section 2.5 of the Deposit Agreement, deliver Shares upon the receipt and cancellation
of Receipts which have been Pre-Released, whether or not such cancellation is prior to the
termination of such Pre-Release or the Depositary knows that such Receipt has been Pre-Released.
The Depositary may receive Receipts in lieu of Shares in satisfaction of a Pre-Release. In no
event will the Depositary deliver Shares prior to the receipt and cancellation of Receipts for
Shares. Each Pre-Release will be (a) preceded or accompanied by a written representation and
agreement from the person to whom Receipts are to be delivered (“Pre-Releasee”), that the
Pre-Releasee, or its customer, (i) owns the Shares or Receipts to be remitted, as the case may be,
(ii) assigns all beneficial rights, title and interest in such Shares or Receipts, as the case may
be, to the Depositary in its capacity as such and for the benefit of the Owners, and (iii) will not
take any action with respect to such Shares or Receipts, as the case may be, that is inconsistent
with the transfer of beneficial ownership (including, without the consent of the Depositary,
disposing of such Shares or Receipts, as the case may be), other than in satisfaction of a
Pre-Release, (b) at all times fully collateralized with cash, U.S. government securities or such
other collateral as the Depositary determines, in good faith, will provide substantially similar
liquidity and security, (c) terminable by the Depositary on not more than five (5) business days
notice, and (d) subject to

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such further indemnities and credit regulations as the Depositary deems appropriate. The
number of Shares not deposited but represented by American Depositary Shares outstanding at any
time as a result of Pre-Releases will not normally exceed thirty percent (30%) of the Shares
deposited under the Deposit Agreement; provided, however, that the Depositary
reserves the right to disregard such limit from time to time as it deems reasonably appropriate,
and may, with the prior written consent of the Company, change such limit for purposes of general
application; provided, further, that the Company shall have the right to request in writing that
the Depositary cease any further Pre-Releases and the Depositary shall be required to act upon such
a request only with respect to proposed Pre-Releases made two business days following the
Depositary’s receipt of the request by the Company. The Depositary will also set Dollar limits
with respect to Pre-Release transactions to be entered into under the Deposit Agreement with any
particular Pre-Releasee on a case-by-case basis as the Depositary deems appropriate. For purposes
of enabling the Depositary to fulfill its obligations to the Owners under the Deposit Agreement,
the collateral referred to in clause (b) above shall be held by the Depositary as security for the
performance of the Pre-Releasee’s obligations to the Depositary in connection with a Pre-Release
transaction, including the Pre-Releasee’s obligation to deliver Shares or Receipts upon termination
of a Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited
Securities under the Deposit Agreement).

     The Depositary may retain for its own account any compensation received by it in connection
with the foregoing. The Company shall have no liability to any Holder or Owner with respect to any
representations, actions or omissions by the Depositary, or any of its agents pursuant to Section
2.9 of the Deposit Agreement.

9. TITLE TO RECEIPTS.

     It is a condition of this Receipt and every successive Holder and Owner of this Receipt by
accepting or holding the same consents and agrees, that title to this Receipt (and the American
Depositary Shares evidenced hereby) when properly endorsed or accompanied by proper instruments of
transfer, is transferable by delivery with the same effect as in the case of a negotiable
instrument under the laws of the State of New York; provided, however, that the
Company and the Depositary, notwithstanding any notice to the contrary, may treat the Owner hereof
as the absolute owner hereof for the purpose of determining the person entitled to distribution of
dividends or other distributions or to any notice provided for in the Deposit Agreement or for all
other purposes, and neither the Depositary nor the Company will have any

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obligation or be subject to any liability under the Deposit Agreement to any holder of this
Receipt, unless such holder is the Owner hereof.

10. VALIDITY OF RECEIPT.

     This Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or
obligatory for any purpose, unless this Receipt shall have been executed by the Depositary by the
manual or facsimile signature of a duly authorized signatory of the Depositary and, if a Registrar
(other than the Depositary) for the Receipts shall have been appointed, countersigned by the manual
or facsimile signature of a duly authorized signatory of the Registrar.

11. REPORTS; INSPECTION OF TRANSFER BOOKS.

     The Company is subject to the periodic reporting requirements of the Securities Exchange Act
of 1934 and, accordingly, files certain reports with the Securities and Exchange Commission
(hereinafter called the “Commission”).

     Such reports and communications will be available for inspection and copying at the public
reference facilities maintained by the Commission located at 450 Fifth Street, N.W., Washington,
D.C. 20549.

     The Depositary will make available for inspection by Owners of Receipts at its Corporate Trust
Office any reports and communications, including any proxy soliciting material, received from the
Company which are both (a) received by the Depositary as the holder of the Deposited Securities and
(b) made generally available to the holders of such Deposited Securities by the Company. Upon the
receipt of such reports furnished by the Company pursuant to Section 5.6 of the Deposit Agreement,
the Depositary shall promptly send copies to the Owners. Any such reports and communications,
including any such proxy soliciting material, furnished to the Depositary by the Company shall be
furnished in English to the extent such materials are required to be translated into English
pursuant to any regulations of the Commission.

     The Company shall furnish to the Depositary the name of each dealer known to the Company
depositing Shares against issuance of American Depositary Shares evidenced by Receipts during the
period covered by reports required to be filed with the Commission.

     The Depositary will keep books at its Corporate Trust Office for the registration of Receipts
and transfers of Receipts which at all reasonable times shall be open for inspection by the Owners
of Receipts provided that such inspection shall not be for the purpose of

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communicating with Owners of Receipts in the interest of a business or object other than the
business of the Company or a matter related to the Deposit Agreement or the Receipts. At the
reasonable written request of the Company, the Company shall have the right to (i) inspect transfer
and registration records of the Depositary or its agent and take copies thereof and (ii) require
the Depositary or its agent, the Registrar and any co-transfer agents or co-registrars to supply
promptly copies of such portions of such records as the Company may reasonably request.

     The Depositary may close the transfer books, at any time or from time to time, when transfer
agents located in The City of New York generally close their transfer books or when deemed
expedient by it in connection with the performance of its duties under the Deposit Agreement or at
the request of the Company.

12. DIVIDENDS AND DISTRIBUTIONS.

     Whenever the Depositary receives any cash dividend or other cash distribution on any Deposited
Securities, the Depositary shall, if any amounts received in a Foreign Currency can in the
reasonable judgment of the Depositary be converted on a reasonable basis into United States dollars
transferable to the United States, and subject to the provisions of Section 4.5 of the Deposit
Agreement and Article 13 hereof, convert such dividend or distribution into Dollars and shall as
promptly as practicable distribute the amount thus received (net of the expenses of the Depositary
in connection with the conversion of such Foreign Currency into Dollars and such other fees and
expenses as provided in Section 5.9 of the Deposit Agreement) to the Owners of Receipts entitled
thereto, in proportion to the number of American Depositary Shares representing such Deposited
Securities held by them respectively; provided, however, that in the event that the
Company or the Depositary 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 or other
governmental charges, the amount distributed to the Owners of the Receipts evidencing American
Depositary Shares representing such Deposited Securities shall be reduced accordingly;
provided, further, that the Company may elect, but is not obligated, to convert any
such dividend or distribution into Dollars on behalf of the Holders, either (x) through
distribution of Dollars rather than euro to the Depositary or (y) upon reasonable notice to the
Depositary given in advance of any such dividend or distribution, through payment to the Depositary
of the number of Dollars equivalent to (on the basis of an exchange rate which approximates the
offer rate of exchange as quoted by the Federal Reserve Bank of Germany or the European Central
Bank as of the date of receipt of such currency) the number of euro received

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by the Depositary pursuant to such dividend or distribution, in exchange for such euro and the
Company shall be responsible for establishing the appropriate rate of distribution and the timely
delivery of funds.

     Subject to the provisions of Sections 4.11 and 5.9 of the Deposit Agreement, whenever the
Custodian or the Depositary receives any distribution other than a distribution described in
Sections 4.1, 4.3 or 4.4 of the Deposit Agreement, the Depositary shall, as promptly as
practicable, cause the securities or property received by it or the Custodian to be distributed to
the Owners of Receipts entitled thereto, in proportion to the number of American Depositary Shares
representing such Deposited Securities held by them respectively, in any manner that the Depositary
may deem equitable and practicable for accomplishing such distribution; provided,
however, that if the Company shall so direct or if in the reasonable opinion of the
Depositary such distribution cannot be made proportionately among the Owners of Receipts entitled
thereto, or if for any other reason the Depositary determines that it is not lawful or feasible to
make such a distribution to all or certain Owners, the Depositary may adopt such method as it may
deem lawful, equitable and practicable for the purpose of effecting a distribution, including, but
not limited to, the public or private sale of the securities or property thus received, or any part
thereof, and the net proceeds of any such sale (net of the fees of the Depositary as provided in
Section 5.9 of the Deposit Agreement) shall be distributed by the Depositary to the Owners of
Receipts entitled thereto as in the case of a distribution received in cash. To the extent such
securities or property, or the net proceeds thereof, are not effectively distributed to Owners as
provided in the Deposit Agreement, the same shall constitute Deposited Securities and each American
Depositary Share shall thereafter represent its proportionate interest, in such securities,
property or net proceeds.

     If any distribution upon Deposited Securities consists of a dividend in, or free distribution
of, Shares, the Depositary may and shall if the Company shall so request, distribute to the Owners
of outstanding Receipts entitled thereto, in proportion to the number of American Depositary Shares
representing such Deposited Securities held by them respectively, additional Receipts evidencing an
aggregate number of American Depositary Shares representing the amount of Shares received as such
dividend or free distribution, subject to the terms and conditions of the Deposit Agreement with
respect to the deposit of Shares and the issuance of American Depositary Shares evidenced by
Receipts, including the withholding of any tax or other governmental charge as provided in Section
4.11 of the Deposit Agreement and the payment of

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the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement. In lieu of
delivering Receipts for fractional American Depositary Shares in any such case, the Depositary will
sell the amount of Shares represented by the aggregate of such fractions and distribute the net
proceeds, all in the manner and subject to the conditions set forth in Section 4.1 of the Deposit
Agreement. If for any reason (including any requirement that the Company or the Depositary
withhold an amount on account of taxes or other governmental charges) the Depositary determines
that it is not lawful or feasible to make a distribution of Shares to all or certain Owners, the
Depositary may adopt such method as it may deem lawful, equitable and practicable for the purpose
of effecting such distribution, including, but not limited to, the public or private sale of the
Shares thus received, or any part thereof, and the net proceeds of any such sale (net of fees and
expenses of the Depositary as provided in Section 5.9 of the Deposit Agreement) shall be
distributed by the Depositary to the Owners entitled thereto, all in the manner and subject to the
conditions of Section 4.1 of the Deposit Agreement. To the extent such Shares, or the net proceeds
thereof, are not effectively distributed to Owners as provided in the Deposit Agreement, the same
shall constitute Deposited Securities and each American Depositary Share shall thereafter also
represent its proportionate interest in the additional Shares distributed upon the Deposited
Securities represented thereby and such net proceeds.

     In the event that the Depositary determines in its reasonable discretion that any distribution
in property (including Shares and rights to subscribe therefor) is subject to any tax or other
governmental charge which the Depositary is obligated to withhold, the Depositary may by public or
private sale dispose of all or a portion of such property (including Shares and rights to subscribe
therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to
pay any such taxes or charges, and the Depositary shall distribute the net proceeds of any such
sale after deduction of such taxes or charges to the Owners of Receipts entitled thereto in
proportion to the number of American Depositary Shares held by them respectively and the Depositary
shall distribute any unsold balance of such property in accordance with the provisions of the
Deposit Agreement. The Depositary or its agent shall remit to appropriate governmental authorities
and agencies in the United States all amounts, if any, withheld and owing to such authorities and
agencies by the Depositary.

     In addition, to the extent practicable, and in accordance with instructions from the Company,
the Depositary and the Custodian will take all practicable administrative actions

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necessary to obtain all tax refunds and to reduce German withholding taxes on dividends and
other distributions on the Deposited Securities.

13. CONVERSION OF FOREIGN CURRENCY.

     Whenever the Depositary or the Custodian shall receive Foreign Currency, by way of dividends
or other distributions or the net proceeds from the sale of securities, property or rights, and if
at the time of the receipt thereof the Foreign Currency so received can in the reasonable judgment
of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars
transferred to the United States, the Depositary shall convert or cause to be converted, as
promptly as practicable, by sale or in any other manner that it may determine, such Foreign
Currency into Dollars, and such Dollars shall be distributed, as promptly as practicable, to the
Owners entitled thereto or, if the Depositary shall have distributed any warrants or other
instruments which entitle the holders thereof to such Dollars, then to the holders of such warrants
and/or instruments upon surrender thereof for cancellation and in accordance with the terms
thereof, provided, however, that the Company may convert Foreign Currency in accordance with
Article 12 hereof. Such distribution may be made upon an averaged or other practicable basis
without regard to any distinctions among Owners on account of exchange restrictions, the date of
delivery of any Receipt or otherwise and shall be net of any expenses of conversion into Dollars
incurred by the Depositary as provided in Section 5.9 of the Deposit Agreement.

     If such conversion or distribution can be effected only with the approval or license of any
government or agency thereof, the Depositary shall file such application for approval or license,
if any, as it may deem desirable; provided that if such application involves or refers to
the Company or is made on behalf of the Company, such application shall not be filed until approved
by the Company.

     If at any time the Depositary shall determine that in its reasonable judgment any Foreign
Currency received by the Depositary or the Custodian is not convertible on a reasonable basis into
Dollars transferable to the United States, or if any approval or license of any government or
agency thereof which is required for such conversion is denied or in the reasonable opinion of the
Depositary is not obtainable, or if any such approval or license is not obtained within a
reasonable period as determined by the Depositary, the Depositary may in its reasonable discretion
distribute the Foreign Currency (or an appropriate document evidencing the right to receive such
Foreign Currency) received by the Depositary to, or hold such Foreign Currency

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uninvested and without liability for interest thereon for the respective accounts of, the
Owners entitled to receive the same.

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

14. RIGHTS.

     (a) In the event that the Company shall offer or cause to be offered to the holders of any
Deposited Securities any rights to subscribe for additional Shares or any rights of any other
nature, the Depositary shall, following Consultation with the Company as to the procedure to be
followed, (i) make such rights available to any Owners as provided in clause (A) below, (ii)
dispose of such rights on behalf of any Owners and make the net cash proceeds available in Dollars
to such Owners as provided in clause (B) below or, (iii) if by the terms of such rights offering
or, for any other reason, the Depositary may not either make such rights available to any Owners or
dispose of such rights and make the net proceeds available to such Owners, then the Depositary
shall allow the rights to lapse.

     (A) If at the time of the offering of any rights the Depositary determines, following
Consultation with the Company, that it is lawful and feasible to make such rights available to all
Owners or to certain Owners but not to other Owners, the Depositary may distribute to any Owner to
whom it determines the distribution to be lawful and feasible, in proportion to the number of
American Depositary Shares held by such Owner, warrants or other instruments therefor in such form
as it deems appropriate.

     If the Depositary has distributed warrants or other instruments for rights to all or certain
Owners, then upon instruction from such an Owner pursuant to such warrants or other instruments to
the Depositary from such Owner to exercise such rights, upon payment by such Owner to the
Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to
be received upon the exercise of the rights, and upon payment of the fees of the Depositary and any
other charges as set forth in such warrants or other instruments, the Depositary shall, on behalf
of such Owner, exercise the rights and purchase the Shares, and the

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Company shall cause the Shares so purchased to be delivered to the Depositary on behalf of
such Owner. As agent for such Owner, the Depositary will cause the Shares so purchased to be
deposited pursuant to Section 2.2 of the Deposit Agreement, and shall, pursuant to Section 2.3 of
the Deposit Agreement, execute and deliver Receipts to such Owner. Such Receipts shall be legended
in accordance with applicable U.S. laws, and shall be subject to such restrictions on sale,
deposit, cancellation, and transfer as the Depositary shall deem necessary, in its reasonable
discretion, in order to comply with legal requirements or as shall be instructed by the Company.

     (B) If at the time of the offering of any rights, the Depositary determines, following
Consultation with the Company, that it is not lawful and feasible to make such rights available to
all or certain Owners, it may sell the rights, warrants or other instruments in proportion to the
number of American Depositary Shares held by the Owners to whom it has determined it may not
lawfully or feasibly make such rights available, and allocate the net cash proceeds of such sales
(net of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement and all
taxes and governmental charges payable in connection with such rights and subject to the terms and
conditions of the Deposit Agreement) for the account of such Owners otherwise entitled to such
rights, warrants or other instruments, upon an averaged or other practical basis without regard to
any distinctions among such Owners because of exchange restrictions or the date of delivery of any
Receipt or otherwise and distribute the net cash proceeds, as in the case of a distribution
received in cash pursuant to Section 4.1 of the Deposit Agreement.

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

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

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15. RECORD DATES.

     Whenever any cash dividend or other cash distribution shall become payable or any distribution
other than cash shall be made, or whenever rights shall be issued with respect to the Deposited
Securities, or whenever 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 holders of Shares or other Deposited Securities, or whenever the Depositary shall
find it necessary or convenient in respect of any matter, the Depositary shall fix a record date
which shall be, to the extent practicable, the same date as the record date for the Shares or other
Deposited Securities, as the case may be, or as close thereto as practicable, after Consultation
with the Company, (a) for the determination of the Owners of Receipts who shall be (i) entitled to
receive such dividend, distribution or rights or the net proceeds of the sale thereof or (ii)
entitled to exercise, or give instructions for the exercise of, voting rights at any such meeting,
or (b) for fixing the date on or after which each American Depositary Share will represent the
changed number of Shares. Subject to the provisions of Sections 4.1 through 4.5 of the Deposit
Agreement and to the other terms and conditions thereof, the Owners on such record date shall be
entitled, as the case may be, to receive the amount distributable by the Depositary with respect to
such dividend or other distribution or such rights or the net proceeds of sale thereof or to
exercise the rights of Owners under the Deposit Agreement with respect to such changed number of
Shares represented by each American Depositary Share in proportion to the number of American
Depositary Shares held by them respectively and to exercise, or give instructions for the exercise
of, voting rights and to act in respect of any other such matter.

16. VOTING OF DEPOSITED SECURITIES.

     Upon receipt of (a) notice from the Company of any meeting of holders of Shares or other
Deposited Securities and (b) the statement of the Custodian or such other major commercial German
bank as may be reasonably chosen by the Depositary to act as a proxy bank (the “Proxy Bank”),
setting forth its recommendations with regard to voting of the Shares as to any matter which is set
forth in the notice from the Company on which a vote is to be taken by holders of Shares, together
with an English translation thereof (the “Recommendation”), unless otherwise requested in writing
by the Company, the Depositary shall, as soon as practicable thereafter, mail to the Owners a
notice, which shall contain (i) such information as is contained in such notice of meeting and (ii)
a statement that the Owners and Holders (“Voters”) as of the close of business on

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a specified record date will be entitled, subject to any applicable provision of German law,
the Articles of Association of the Company, the Receipts and the Deposited Securities, to exercise,
or to give instructions for the exercise of, the voting rights, if any, pertaining to the whole
number of Shares or other Deposited Securities represented by their respective American Depositary
Shares on such date (c) the Recommendation and (d) a statement as to the manner in which such
instructions may be given, including an express indication that if no voting instructions are
received on or before the date established by the Depositary for such purpose in accordance with
Section 4.7 of the Deposit Agreement (the “Instruction Date”) then the Voters shall in each case be
deemed to have instructed the Depositary to vote or cause the shares to be voted in accordance with
the Recommendation.

     In addition, each Voter who desires to exercise, or give instructions for the exercise of,
voting rights shall be required to execute and return to the Depositary on or before the
Instruction Date, a document provided by the Depositary which (a) either (1) authorizes such
Voter’s American Depositary Shares to be delivered to a blocked account established for such
purpose at The Depository Trust Company (“DTC”) (as provided below), or (2) instructs the
Depositary to block the Shares without delivering the American Depositary Shares to the Depositary
and (b) instructs the Depositary as to how the whole number of Shares or other Deposited Securities
represented by the American Depositary Shares evidenced by such Voter’s Receipts are to be voted.

     Upon the written request of a Voter, as applicable, on such record date, received on or before
the Instruction Date, the Depositary shall endeavor, insofar as practicable and permitted under
German law, the Articles of Association of the Company and the Receipts, to vote or cause to be
voted the amount of Shares or other Deposited Securities represented by the American Depositary
Shares evidenced by such Receipt in accordance with the instructions set forth in such request.
The Company agrees, without any liability to the Voters arising hereunder, to provide notice, to
the extent practicable, of any meeting of Voters of Shares or other Deposited Securities containing
the requisite information, together with English translations, to the Depositary within the twelve
days following the publication of the invitation to the shareholders meeting in the German Federal
Gazette. Voting rights may be exercised only in respect of four (4) American Depositary Shares,
or integral multiples thereof. The Depositary shall not vote or attempt to exercise the right to
vote that attaches to the Shares or other Deposited Securities, other than in

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accordance with such instructions or deemed instructions received from the Voters, as
applicable, as of such record date.

     Subject to the following paragraph of this Article (16), if no specific voting instructions
are received by the Depositary from any Voter (to whom Notice was sent by the Depositary) with
respect to the Deposited Securities represented by the American Depositary Shares evidenced by such
American Depositary Receipts on or before the Instruction Date, such Voter shall be deemed, and the
Depositary shall deem such Voter, to have instructed the Depositary to vote such Deposited
Securities or to cause such Deposited Securities to be voted in accordance with the Recommendation.
In no event may the Depositary itself exercise any voting discretion over any Shares or other
Deposited Securities.

     Anything in the Deposit Agreement to the contrary notwithstanding, in the event that the Proxy
Bank shall fail to supply the Recommendation to the Depositary at least twenty-one (21) calendar
days prior to any meeting of holders of Shares or other Deposited Securities with respect to which
the Depositary has received notice from the Company, the Depositary shall mail the Notice (which in
this case will not contain the Recommendation or the indication concerning the proxy to be given to
the Proxy Bank) to the Voters as herein above provided, and, thereafter, in any case in which no
specific voting instructions are received by the Depositary from a Voter on or before the
Instruction Date with respect to the Deposited Securities represented by the American Depositary
Shares evidenced by such American Depositary Receipts, no votes shall be cast at such meeting with
respect to such Deposited Securities.

     Nothing in the Deposit Agreement shall be construed to grant to a Voter any voting rights with
respect to Deposited Securities to which, by their terms, voting rights do not otherwise attach.

17. CHANGES AFFECTING DEPOSITED SECURITIES.

     In circumstances where the provisions of Section 4.3 of the Deposit Agreement do not apply,
upon any change in nominal value (including, without limitation, the restatement of nominal value
in any other currency), change in par value, split-up, consolidation, or any other reclassification
of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation, or
sale of assets affecting the Company or to which it is a party, any securities which shall be
received by the Depositary or a Custodian in exchange for or in conversion, replacement or
otherwise in respect of Deposited Securities shall be treated as new Deposited

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Securities under the Deposit Agreement, and American Depositary Shares shall thenceforth
represent the new Deposited Securities so received, unless additional Receipts are delivered
pursuant to the following sentence. In any such case the Depositary may, and upon the request of
the Company shall, execute and deliver additional Receipts as in the case of a distribution in the
Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts
specifically describing such new Deposited Securities.

     Immediately upon the occurrence of any such change, conversion or exchange covered by this
Article 17 in respect of the Deposited Securities, the Depositary shall give notice thereof in
writing to all Owners. Notwithstanding the foregoing, in the event that any security so received
may not be lawfully distributed to some or all Owners, the Depositary may, and upon the request of
Company shall, sell such securities at a 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 sale for the account of
the Owners otherwise entitled to such securities upon an averaged or other practicable basis
without regard to any distinctions among such Owners and distribute the net proceeds so allocated
to the extent practicable as in the case of a distribution received in cash pursuant to Section 4.1
of the Deposit Agreement.

18. LIABILITY OF THE COMPANY AND DEPOSITARY.

     None of the Depositary the Company or any of their respective officers, directors, employees,
agents or affiliates shall incur any liability to any Owner or Holder of any Receipt, if by reason
of any provision of any present or future law, order, decree, moratorium, fiat or regulation of the
United States or any other country, or of any other governmental or regulatory authority or stock
exchange, or by reason of any provision, present or future, of the Articles of Association of the
Company, or by reason of any provision of or governing any Deposited Securities, or by reason of
any act of God or war or other circumstances beyond its control, the Depositary, or the Company or
any of their respective officers, directors, employees, agents or affiliates shall be prevented or
forbidden from or delayed in, or be subject to any civil or criminal penalty on account of doing or
performing any act or thing which by the terms of the Deposit Agreement or Deposited Securities it
is provided shall be done or performed; nor shall the Depositary, the Company or any of their
respective officers, directors, employees, agents or affiliates incur any liability to any Owner or
Holder of a Receipt by reason of any non-performance or delay, caused as aforesaid, in the
performance of any act or thing which by the terms of the Deposit Agreement it is provided shall or
may be done or performed, or by reason of

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any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement.
Where, by the terms of a distribution pursuant to Sections 4.1, 4.2, or 4.3 of the Deposit
Agreement, or an offering or distribution pursuant to Section 4.4 of the Deposit Agreement, or for
any other reason, such distribution or offering may not be made available to Owners of Receipts,
and the Depositary may not dispose of such distribution or offering on behalf of such Owners and
make the net cash proceeds available to such Owners, then the Depositary shall not make such
distribution or offering, and shall allow any rights, if applicable, to lapse.

     Each of the Company, its agents and their respective officers, employees and affiliates
assumes no obligation nor shall it be subject to any liability under the Deposit Agreement to
Owners or Holders or any other persons, other than as set forth below to the Depositary and the
Custodian, and any agent of the Custodian or the Depositary appointed under the Deposit Agreement
with the Company’s prior written consent. Each of the Company, its agents and their respective
officers, directors, employees and affiliates assumes no obligation nor shall it be subject to any
liability under the Deposit Agreement to the Depositary, except that it agrees to perform its
obligations specifically set forth in the Deposit Agreement without negligence or bad faith. Each
of the Company, its agents and their respective officers, directors, employees and affiliates
assumes no obligation nor shall it be subject to any liability under the Deposit Agreement to the
Custodian or any agent of the Depositary or the Custodian, except under Section 5.8 of the Deposit
Agreement. Each of the Depositary, its agents and their respective officers, employees and
affiliates assumes no obligation nor shall it be subject to any liability under the Deposit
Agreement to any Owner or Holder (including, without limitation, liability with respect to the
validity or worth of the Deposited Securities), except that it agrees to perform its obligations
specifically set forth in the Deposit Agreement without negligence or bad faith. The Depositary
and the Company undertake to perform such duties and only such duties as are specifically set forth
in the Deposit Agreement, and no implied covenants or obligations shall be read into the Deposit
Agreement against the Depositary or the Company or their respective agents. None of the
Depositary, the Company or any of their respective 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 in its sole discretion against all expense and liability shall be
furnished as often as may be required, and the Custodian shall not be under any obligation
whatsoever with respect to such proceedings, the responsibility of the Custodian being

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solely to the Depositary. None of the Depositary, the Company or any of their respective
agents shall be liable for any action or nonaction by it in reliance upon the advice of or
information from legal counsel, accountants, any person presenting Shares for deposit, any Owner,
or any other person believed by it in good faith to be competent to give such advice or information
including, but not limited to, any such action or nonaction based upon any written notice, request,
direction or other document believed by it to be genuine and to have been signed or presented by
the proper party or parties. The Depositary shall not be liable for any acts or omissions made by
a successor depositary whether in connection with a previous act or omission of the Depositary or
in connection with any matter arising wholly after the removal or resignation of the Depositary,
provided that in connection with the issue out of which such potential liability arises the
Depositary performed its obligations without negligence or bad faith while it acted as Depositary.
The Depositary shall not be responsible for any failure to carry out any instructions to vote any
of the Deposited Securities, or for the manner in which any such vote is cast or the effect of any
such vote, provided that any such action or nonaction is in good faith. No disclaimer of
liability under the Securities Act of 1933 is intended by any provision of the Deposit Agreement.

     The Company agrees to indemnify the Depositary, its officers, directors, employees, agents and
affiliates and any Custodian against, and hold each of them harmless from, any loss, liability or
reasonable expense which may arise out of acts performed or omitted, in accordance with the
provisions of the Deposit Agreement and of the Receipts, as the same may be amended, modified or
supplemented from time to time, (i) by either the Depositary or any Custodian or their respective
officers, directors, employees, agents and affiliates, except for any liability or expense arising
out of the negligence, willful misconduct or bad faith of any of them, or (ii) by the Company or
any of its officers, directors, employees, agents and affiliates.

     The indemnities contained in the preceding paragraph shall not extend to any liability or
expense which arises solely and exclusively out of a Pre-Release transaction (as defined in Section
2.9 of the Deposit Agreement) of a Receipt or Receipts in accordance with Section 2.9 of the
Deposit Agreement and which would not otherwise have arisen had such Receipt or Receipts not been
the subject of a Pre-Release pursuant to Section 2.9 of the Deposit Agreement; provided,
however, that the indemnities provided in the preceding paragraph shall apply to any such
liability or expense (i) to the extent that such liability or expense would have arisen had a
Receipt or Receipts not been the subject of a Pre-Release, or (ii) which may arise out of any
misstatement or alleged misstatement or omission or alleged omission in any registration statement,
proxy

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statement, prospectus (or placement memorandum), or preliminary prospectus (or preliminary
placement memorandum), relating to the offer of sale of American Depositary Shares, except to the
extent any such liability or expense arises out of (i) information relating to the Depositary or
any Custodian (other than the Issuer), as applicable, furnished in writing and not materially
changed or altered by the Company expressly for use in any of the foregoing documents, or, (ii) if
such information is provided, the failure to state a material fact necessary to make the
information provided not misleading.

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

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

     The Depositary may at any time resign as Depositary under the Deposit Agreement by written
notice of its election to do so delivered to the Company, such resignation to take effect upon the
appointment of a successor depositary and its acceptance of such appointment as provided in the
Deposit Agreement. The Depositary may at any time be removed by the Company by written notice of
such removal effective upon the appointment of a successor depositary and its acceptance of such
appointment as provided in the Deposit Agreement. In case at any time the Depositary shall resign
or be removed, the Company will use its best efforts to appoint a successor depositary, which will
be a bank or trust company having an office in the Borough of Manhattan, The City of New York.
Every successor depositary will execute and deliver to its predecessor and to the Company an
instrument in writing accepting its appointment under the Deposit Agreement, and thereupon such
successor depositary, without any further act or deed, will become fully vested with all the
rights, powers, duties and obligations of its predecessor; but such predecessor, upon payment of
all sums due it and on the written request of the Company, will execute and deliver an instrument
transferring to such successor all rights and powers of such predecessor under the Deposit
Agreement, shall duly assign, transfer and deliver all right, title and interest in the Deposited
Securities to such successor, and shall deliver to such successor a list of the Owners of all
outstanding Receipts and any other information relating to the Deposit Agreement or the Receipts
reasonably requested by such successor. Any such

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successor depositary will promptly mail notice of its appointment to the Owners. Whenever the
Depositary determines in its reasonable discretion that it is in the best interest of the Owners to
do so, it may discharge any Custodian under the Deposit Agreement and appoint a substitute
Custodian, upon Consultation with the Company. Whenever the Depositary determines in its
reasonable discretion that it is in the best interest of the Owners to do so, it may appoint an
additional custodian or custodians, which shall thereafter be one of the Custodians under the
Deposit Agreement.

20. AMENDMENT.

     The form of the Receipts and any provisions of the Deposit Agreement may at any time and from
time to time be amended by agreement between the Company and the Depositary in any respect which
they may deem necessary or desirable without the consent of Owners or Holders. Any amendment which
shall impose or increase any fees or charges (other than taxes and other governmental charges,
registration fees, air courier, cable, telex or facsimile transmission costs, delivery costs or
other such expenses), or which shall otherwise prejudice any substantial existing right of Owners
of Receipts, shall, however, not become effective as to outstanding Receipts until the expiration
of thirty (30) days after notice of such amendment shall have been given to the Owners of
outstanding Receipts. Every Owner and Holder of a Receipt at the time any amendment so becomes
effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such
amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any
amendment impair the right of the Owner of any Receipt to surrender such Receipt and receive
herefor the Deposited Securities represented hereby except in order to comply with mandatory
provisions of applicable law.

21. TERMINATION OF DEPOSIT AGREEMENT.

     The Depositary shall at any time at the direction of the Company terminate the Deposit
Agreement by mailing notice of such termination to the Owners of all Receipts then outstanding at
least 30 days prior to the date fixed in such notice for such termination. The Depositary may
likewise terminate the Deposit Agreement by mailing notice of such termination to the Company and
the Owners of all Receipts then outstanding if at any time 30 days shall have expired after the
Depositary shall have delivered to the Company a written notice of its election to resign and a
successor depositary shall not have been appointed and accepted its appointment as provided in the
Deposit Agreement. On and after the date of termination, the Owner of a Receipt will, upon (a)
surrender of such Receipt at the Corporate Trust Office of the Depositary, (b) payment of the

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fee of the Depositary for the surrender of Receipts referred to in Section 2.5 of the Deposit
Agreement, and (c) payment of any applicable taxes or governmental charges, be entitled to
delivery, to him or upon his order, of the amount of Deposited Securities represented by the
American Depositary Shares evidenced by such Receipt. If any Receipts shall remain outstanding
after the date of termination, the Depositary thereafter shall discontinue the registration of
transfers of Receipts, shall suspend the distribution of dividends or other distributions with
respect thereto to the Owners thereof, and shall not give any further notices or perform any
further acts under the Deposit Agreement, except that the Depositary shall continue to collect
dividends and other distributions pertaining to Deposited Securities, shall sell rights and other
property as provided in the Deposit Agreement, and shall continue to deliver Deposited Securities,
together with any dividends or other distributions received with respect thereto and the net
proceeds of the sale of any rights or other property, in exchange for Receipts surrendered to the
Depositary (after deducting, in each case, the fee of the Depositary for the surrender of Receipts,
any expenses for the account of the Owner of such Receipts in accordance with the terms and
conditions of the Deposit Agreement, and any applicable taxes or governmental charges). At any
time after the expiration of one year from the date of termination, the Depositary may sell the
Deposited Securities then held under the Deposit Agreement and may thereafter hold uninvested the
net proceeds of any such sale, together with any other cash then held by it thereunder,
unsegregated and without liability for interest, for the pro rata benefit of the Owners of Receipts
which have not theretofore been surrendered, such Owners thereupon becoming general creditors of
the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be
discharged from all obligations under the Deposit Agreement, except to account for such net
proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender
of a Receipt, any expenses for the account of the Owner of such Receipt in accordance with the
terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges).
Upon the termination of the Deposit Agreement, the Company shall be discharged from all obligations
under the Deposit Agreement except for its obligations to the Depositary under Sections 5.8 and 5.9
of the Deposit Agreement.

22. COMPLIANCE WITH LAW.

     The Depositary agrees to comply with all applicable laws. Each Owner and Holder agrees that
it is bound by and subject to the Articles of Association of the Company as if such Owner or Holder
were a holder of Shares, and each Owner and Holder agrees to comply with all applicable

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provisions of German law and the Articles of Association of the Company with regard to
notification to the Company, the German Federal Supervisory Authority for Securities Trading
(Bundesaufsichtsamt für den Wertpapierhandel) and any additional governmental authorities of such
Owner’s or Holder’s interest in Shares, including any provision requiring such Owner or Holder to
disclose voting rights amounting to, exceeding or falling below, 5, 10, 25, 50 and 75 percent of
the voting rights in the Company or such other percentage as may be required from time to time
pursuant to any provision of German law or otherwise.

     Each Owner and Holder acknowledges that failure by such Owner or Holder to provide on a timely
basis any such required notification of such Owner’s or Holder’s voting rights or interests in
Shares will result in the withholding of voting rights and the rights to receive dividends or other
payments in respect of the Shares represented by such American Depositary Shares for as long as
such failure continues.

     Each such Owner or Holder required to provide the notification described above may deliver
such notification to the Depositary for forwarding to the Company. The Depositary agrees to
forward to the Company, as soon as practicable, any such notifications received by the Depositary
from any Owner or Holder.

23. DISCLOSURE OF BENEFICIAL OWNERSHIP OF RECEIPTS.

     The Company and the Depositary may from time to time request Owners and Holders or former
Owners or former Holders to provide information as to the capacity in which they hold or held
Receipts and regarding the identity of any other persons then or previously interested in such
Receipts and various other matters. Each such Owner and Holder agrees to provide any such
information reasonably requested by the Company or the Depositary pursuant to Section 3.5 of the
Deposit Agreement and such agreement shall survive any disposition of such Owner’s or Holder’s
interest in Shares or Receipts.

24. COMPLIANCE WITH U.S. SECURITIES LAWS.

     Notwithstanding anything in the Deposit Agreement or this Receipt to the contrary, the Company
and the Depositary each agrees that it will not exercise any rights it has under the Deposit
Agreement to prevent the withdrawal or delivery of Deposited Securities in a manner which would
violate the U.S. securities laws, including, but not limited to, Section I.A.(1) of the General
Instructions to the Form F-6 Registration Statement, as amended from time to time, under the
Securities Act of 1933.

-25-Exhibit 10.1
------------

                     FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

     This First Amendment to Employment Agreement (the "Amendment") is entered
into on this 8th day of December, 2004, by and between David Atiqi (the
"Executive") and Gexa Corp., a Texas corporation (the "Company").

                              W I T N E S S E T H:

     WHEREAS, the Company and the Executive entered into an employment agreement
as of October 28, 2004 ("the Employment Agreement") and wish to amend said
Employment Agreement.

     NOW THEREFORE, in consideration of the premises and mutual covenants and
obligations herein set forth, and for other good and valuable consideration, the
receipt, sufficiency and adequacy of which is hereby acknowledged, accepted and
agreed to, the parties hereto, intending to be legally bound, hereby agree as
follows:

     1. Employment Agreement is amended by adding the following Section 4(h):

     (h) The Company has recently announced that it has filed the necessary
applications to become a qualified Retail Electricity Provider in New York and
Massachusetts (the "New Markets"), in order to provide electricity to the
Company's customers in Texas who also have operations in the New Markets. In
order to further incentivize the Executive regarding the Company's operations in
the New Markets, the Executive will be entitled to receive additional stock
options under the Plan on the terms and conditions provided below (the "New
Options"); provided, that, the Executive will not be entitled to receive any
other compensation, including additional bonuses, commissions or equity
incentives, regarding his performance as it relates to the New Markets other
than the New Options. The terms and amount of the New Options are as follows:

     a. Term/Type - 10-year term, nonqualified options.

     b. Vesting shall occur as follows:

          o    Achievement of attached stock option bonus targets, but not
               before May 1, 2007 - one third vested

          o    Achievement of attached stock option bonus targets, but not
               before May 1, 2008 - two thirds vested

          o    Achievement of attached stock option bonus targets, but not
               before May 1, 2009 - 100% vested

     c. Grant date - effective December 8, 2004

     d. Grant Criteria - from the period beginning on May 1, 2005 through April
30, 2006 (the "Period"), the Company will determine during each month of the
Period, the total number of kWh's delivered to customers in the New Markets who
have signed agreements with the Company with a term of at least 1 year, and will
also determine the Profit Margin (defined below) per kWh during the Period.
<PAGE>

If the Profit Margin during the Period is at least $.003 per kWh, then the
Employee shall be eligible to vest in the number of Options that corresponds in
the table set forth below to the highest amount of monthly kWh's delivered by
the Company during the Period in the New Markets to customers who have signed
agreements with the Company with a term of at least 1 year. If the Profit Margin
is less than $.003 per kWh during the Period, or if the highest amount of
monthly kWh's in the Period is less than 10,000,000 kWhs, then no options will
be eligible to vest.

         highest kWh per month
         rounded up to nearest           Options Subject to Vesting
         ---------------------           --------------------------

            10,000,000                              10,000
            15,000,000                              10,000
            20,000,000                              10,000
            25,000,000                              10,000
            30,000,000                              10,000
            40,000,000                              10,000
            50,000,000                              20,000
            60,000,000                              20,000
            60,000,000+                             20,000
                                                   120,000

     For example, if the highest monthly amount of kWh in the Period (sold to
customers in the New Markets with contracts of at least 1 year) is 20,000,000,
the Executive will eligible to vest in 30,000 shares according to the vesting
schedule detailed in the Non Statutory Stock Option Grant dated December 8,
2004. The employee will forfeit 90,000 options under this scenario. If the
highest monthly amount of kWh in the Period (sold to customers in the New
Markets with contracts of at least 1 year) is 65,000,000, the Executive will be
eligible to vest in 120,000 shares according to the vesting schedule detailed in
the Non Statutory Stock Option Grant dated December 8, 2004. For purposes
hereof, the term "Profit Margin" shall mean the sum of all operating revenues
attributable to sales of kWh's in the New Markets during the Period (sold to
customers in the New Markets with contracts of at least 1 year), before taxes,
less all cost of goods sold (including cost per mWh, ancillaries, balancing, ISO
fees, congestion, transmission and distribution costs, losses of any type and
any brokerage or other fees and anniversaries regarding sales of kWhs), divided
by the total number of kWh's sold in the New Markets in the Period (sold to
customers in the New Markets with contracts of at least 1 year).

     2. Except as set forth above, the Employment Agreement remains in full
force and effect without amendment.

     IN WITNESS WHEREOF, each of the parties hereto has executed this Amendment
as of the date and year first above written.
<PAGE>

                              COMPANY:

                              GEXA CORP.

                              By:      /s/ Neil Leibman
                                       ------------------------------
                                       Neil Leibman, Chairman & CEO

                              EXECUTIVE:

                              By:      /s/ David Atiqi
                                       ------------------------------
                                       David Atiqi

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