Document:

EX-10.3

 Exhibit 10.3 

EXCO RESOURCES, INC. 

BONUS AND RETENTION AGREEMENT 

This Bonus and Retention Agreement (this “Agreement”) is entered into effective as of January 17, 2014 (the
“Effective Date”), by and between EXCO Resources, Inc., a Texas corporation (“EXCO”), and Mark F. Mulhern (“Executive”). 

RECITALS 
 WHEREAS,
EXCO believes it is in its best interests to provide Executive with an incentive to continue providing Executive’s services and superior performance to EXCO. 

NOW, THEREFORE, in consideration of the mutual promises set forth herein, and other good and valuable consideration, the sufficiency of
which is hereby acknowledged, EXCO and Executive agree as follows: 
 1. Definitions. For purposes of this Agreement, the following
phrases or terms will have the indicated meanings unless another meaning is clearly apparent from the context: 
 (a)
“Affiliate” means, with respect to any particular Person, any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such particular Person.
As used in this definition, the term “control” shall mean (i) the ownership (directly or indirectly) of more than 50% of the ownership or voting interests of any particular Person or (ii) the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities, by contract, or otherwise. 

(b) “Base Salary” means (i) for purposes of Section 2 below, Executive’s annual
base salary on the Effective Date; and (ii) for purposes of Section 3 below, Executive’s then current annual base salary in effect as of Executive’s Separation from Service (or, if such Executive’s base salary was
reduced prior to his or her Separation from Service without his or her written consent, then Executive’s annual base salary as in effect immediately prior to the date of such reduction in base salary). 

(c) “Board” means the Board of Directors of EXCO. 

(d) “Cause” shall mean (i) the willful breach or habitual neglect of assigned duties related to
EXCO, including compliance with Company policies; (ii) conviction (including any plea of nolo contendere) of Executive of any felony or crime involving dishonesty or moral turpitude; (iii) any act of personal dishonesty knowingly taken by
Executive in connection with his or her responsibilities as an employee or as a director of EXCO, any of its Affiliates or any of its joint venture partners and intended to result in personal enrichment of Executive or any other person;
(iv) bad faith conduct that is materially detrimental to any EXCO Party; (v) inability of Executive to perform Executive’s duties due to alcohol or illegal drug use; (vi) Executive’s failure to comply with any legal written
directive of the Board; (vii) any act or omission of Executive which is of substantial detriment to an EXCO Party because of Executive’s intentional failure to comply with any statute, rule or regulation, except any act or omission
believed by Executive in good faith to have been in or not opposed to the best interest of such EXCO Party (without intent of Executive to gain, directly or indirectly, a profit to which Executive was not legally entitled) and except that Cause
shall not mean bad judgment or negligence other than habitual neglect of duty; or (viii) any other act or failure to act or other conduct which is determined by the Board, in its sole discretion, to be demonstrably and materially injurious to
an EXCO Party, monetarily or otherwise. 

 (e) “Change of Control” shall have the same meaning given
to such term in the Fourth Amended and Restated EXCO Resources, Inc. Severance Plan effective as of March 16, 2011, as amended from time to time (the “Severance Plan”). 

(f) “Code” means the Internal Revenue Code of 1986, as amended. 

(g) “Disability” means Executive is incapacitated due to physical or mental illness and such
incapacity, with or without reasonable accommodation, prevents Executive from satisfactorily performing the essential functions of his or her job for EXCO on a full-time basis for at least 90 days in a calendar year. 

(h) “EXCO” shall refer to both EXCO and its Affiliates. 

(i) “EXCO Party” or collectively, the “EXCO Parties” shall mean EXCO,
Affiliates of EXCO, and all joint ventures, partnerships, and other entities in which EXCO or its Affiliates are a partner, limited partner, joint venture, member, manager or owner. 

(j) “Good Reason” shall mean any of the following events that occur during the term of this Agreement:

 (i) Executive, without his or her consent, incurs a demotion in his or her position with EXCO from the position Executive
held immediately prior to the Effective Date and such demotion constitutes (x) a material diminution in Executive’s authority, duties, or responsibilities; (y) a material diminution in the budget over which Executive retains
authority; or (z) a material diminution in the authority, duties, or responsibilities of the supervisor to whom Executive is required to report; 

(ii) Executive, without his or her consent, incurs a material reduction in his or her Base Salary from his or her Base Salary
immediately prior to the Effective Date; 
 (iii) Executive incurs a significant adverse change in the nature or scope of the
authorities, powers, functions, responsibilities or duties attached to the position or positions with EXCO which Executive held immediately prior to the Effective Date, without the prior written consent of Executive, and such change constitutes
(x) a material diminution in Executive’s authority, duties, or responsibilities; (y) a material diminution in the budget over which Executive retains authority; or (z) a material diminution in the authority, duties, or
responsibilities of the supervisor to whom Executive is required to report; or 
 (iv) Executive’s principal place of
work changed to any location that is more than thirty-five (35) miles from his or her principal place of work immediately prior to the Effective Date, without the prior written consent of Executive. 

Notwithstanding anything to the contrary contained herein, (A) a diminution of authority, duties or responsibilities shall
not be deemed to have occurred for purposes of clauses (j)(i) or (j)(iii) above solely due to the assignment of authority, duties or responsibilities held by Executive immediately prior to the Special Severance Period to a new Chief Executive
Officer, if such authority, duties or responsibilities are those that would typically be held by a Chief 

  
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Executive Officer of a publicly-traded company; and (B) a termination of employment for “Good Reason” shall occur only if Executive provides written notice to the Board of the
occurrence of the event described in this Section 1(j) that constitutes “Good Reason” within 30 days of the event’s initial existence, the Board fails to remedy the event within 30 days of its receipt of such notice and
Executive terminates his or her employment no later than 30 days following the end of such cure period. 
 (k)
“Person” has the meaning given in Section 7701(a)(1) of the Code. Person shall include more than one Person acting as a group as defined by the Final Treasury Regulations issued under Section 409A of the Code. 

(l) “Qualifying Termination” means Executive’s Separation from Service during the Special
Severance Period due to (i) termination of Executive’s employment by EXCO without Cause; or (ii) termination of employment by Executive for Good Reason. 

(m) “Special Severance Period” means the period (i) beginning on the date (the
“Commencement Date”) that a new Person (other than a Person who was employed by any EXCO Party as of the Effective Date of this Agreement) is hired as Chief Executive Officer of EXCO; and (ii) ending on the earlier of
(A) the effective date of a Change of Control or (B) the date that is two years following the Commencement Date. 

(n) “Separation from Service” means a termination of all services provided by Executive to EXCO whether
voluntarily or involuntarily, determined in accordance with Treas. Reg. §1.409A-1(h). If Executive is on military leave, sick leave, or other bona fide leave of absence, the employment relationship between Executive and EXCO shall be treated as
continuing intact for purposes of this Agreement, provided that the period of such leave does not exceed six months; or if longer, so long as Executive retains a right to reemployment with EXCO under an applicable statute or by contract. If the
period of a military leave, sick leave, or other bona fide leave of absence exceeds six months and Executive does not retain a right to reemployment under an applicable statute or by contract, the employment relationship shall be considered to be
terminated for purposes of this Agreement as of the first day immediately following the end of such six-month period. If a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or
can be expected to last for a continuous period of not less than six months, where such impairment causes Executive to be unable to perform the duties of Executive’s position of employment or any substantially similar position of employment, a
29 month period of absence shall be substituted for such six-month period, unless the employment relationship is otherwise terminated by EXCO or Executive, regardless of whether Executive retains a contractual right to reemployment. In applying the
provisions of this definition of “Separation from Service”, a leave of absence shall be considered a bona fide leave of absence only if there is a reasonable expectation that Executive will return to perform services for EXCO. 

(o) “Severance Payment” means an amount equal to two times Executive’s Base Salary, payable in
accordance to the terms of Section 3. 
 2. Retention Bonus. Executive shall be entitled to a cash bonus payment (the
“Retention Bonus”) on June 30, 2014 equal to 50% of Executive’s Base Salary, less applicable payroll taxes and tax withholdings, provided that (i) Executive has been continuously employed by EXCO from the
Effective Date through June 30, 2014 and (ii) Executive has at all times complied with the provisions of Sections 6 – 8 below. Notwithstanding the foregoing, in the event (A) a Change of Control occurs prior to
June 30, 2014, Executive shall receive the Retention Bonus on the closing date of the Change of Control; or (B)

  
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Executive suffers a Separation from Service prior to June 30, 2014 due to Executive’s death or Disability, or due to EXCO terminating Executive’s employment without Cause or
Executive terminating his employment for Good Reason, Executive (or his or her estate) shall receive the Retention Bonus on the earlier of June 30, 2014 or the date that is 30 days following the date of Executive’s Separation from
Service.  
 3. Severance Payments. If Executive incurs a Qualifying Termination during the Special Severance Period: 

(a) EXCO shall pay to Executive a cash payment equal to the sum of the Severance Payment, less all required income and
employment tax withholdings, payable in accordance with the following schedule: (i) EXCO shall pay 50% of the Severance Payment to Executive on the 60th day following such Qualifying
Termination; and (ii) EXCO shall pay 50% of the Severance Payment to Executive on the one year anniversary of Executive’s Separation from Service. 

(b) If Executive timely elects to continue any applicable medical and/or dental benefit coverage pursuant to COBRA, subject to
the applicable employee benefit plan documents as may be in effect from time to time, EXCO shall pay the full monthly premium for such continuation of coverage (the “COBRA Payments”) for the period of beginning on the date of
Executive’s Qualifying Termination and ending on the earliest of (i) the date that is 18 months following the date of the Qualifying Termination; (ii) the date Executive’s COBRA coverage ends for any reason (other than
non-payment of premiums); or (iii) the date Executive violates any of the provisions of Sections 6 – 8 below. EXCO will provide Executive under separate cover at Executive’s home address, information necessary and as required
by law regarding the election of COBRA. 
 (c) To the extent Executive holds any unvested restricted stock awards with
time-based vesting with respect to EXCO’s common stock, EXCO shall accelerate the vesting of such awards to the date of the Qualifying Termination. Any unvested restricted stock awards with respect to EXCO’s common stock with
performance-based vesting shall be forfeited on the date of Executive’s Qualifying Termination. 
 (d) To the extent
Executive holds any vested stock options outstanding as of the date of his or her Qualifying Termination, EXCO shall extend the expiration date up to which Executive may exercise such options until the date that is one year following the date of
Executive’s Qualifying Termination (or, if earlier, the date such options would have expired if Executive had remained employed by EXCO). 

Notwithstanding the foregoing, no amount shall be due and payable pursuant to this Section 3 and no provision of Section 3(c) or 3(d)
shall be effective unless, within 30 days of Executive’s Qualifying Termination (or such greater time period as may be required by law), Executive has executed and timely delivered to EXCO a release of claims in substantially the form attached
hereto as Exhibit A (the “Release”) and any applicable revocation periods have expired. The Severance Payment and the COBRA Payments shall be immediately forfeited, and EXCO shall have no obligation to pay the
Severance Payment or the COBRA Payments to, or on behalf of, Executive under this Agreement, and the provisions of Sections 3(c) and 3(d) shall be void and of no force or effect if (i) Executive refuses to sign, or fails to timely
return, the Release, or if no Qualifying Termination occurs during the Special Severance Period; or (ii) Executive violates any of the provisions of Sections 6 – 8 below. Notwithstanding anything to the contrary contained herein, if
a Change of Control occurs prior to Executive’s Qualifying Termination, then the provisions of this Section 3 shall be of no force or effect and no amount shall be due or payable to Executive pursuant to this Section 3,
and Executive’s right to severance payments, if any, shall be governed by the Severance Plan. 

  
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 4. Term of this Agreement. The term of this Agreement will commence on the Effective Date,
and shall terminate on the first to occur of the following: 
 (a) if a Change of Control occurs prior to Executive’s
Qualifying Termination, on the effective date of the Change of Control; 
 (b) payment to Executive pursuant to
Section 3 of the full amount of the Severance Payment and COBRA Payments; 
 (c) termination of Executive’s
employment for any reason other than a Qualifying Termination; or 
 (d) if no Qualifying Termination occurs during the
Special Severance Period, the date that is one business day after the end of the Special Severance Period. 
 Upon termination of this Agreement, this
Agreement shall be null and void and of no further force or effect. 
 5. Payable from General Assets. The Retention Bonus, the
Severance Payment and the COBRA Payments are unfunded and will be paid exclusively from the general assets of EXCO, and no person entitled to payment under this Agreement will have any claim, right, priority, security interest, or other interest in
any fund, trust, account, or other asset of EXCO that may be looked to for such payment. Nothing in this Agreement will be deemed to create a trust of any kind or to create any fiduciary relationship. The rights of Executive to receive any payments
from EXCO pursuant to this Agreement are no greater than the rights of a general unsecured creditor of EXCO. 
 6. Confidentiality.

 (a) Pursuant to a relationship of trust and confidence, EXCO will provide Executive access to Confidential Information (as
defined below) in connection with the his or her employment that would not be disclosed but for Executive’s execution of this Agreement and the understanding that such information will be kept confidential. “Confidential
Information” means any Company Confidential Information. “Company Confidential Information” means any and all trade secrets, confidential proprietary information, and other non-public information of any EXCO
Party, including, but not limited to, the following: (i) information relating to the development, research, testing, marketing and financial activities of any EXCO Party, (ii) the costs, sources of supply, financial performance and
strategic plans of any EXCO Party, (iii) operations; processes; products; services; programming standards; business practices; policies; strategies; training manuals; principals; vendors; suppliers; customers and potential customers;
contractual relationships; regulatory status; research; development; know-how; technical data; designs; formulas; patents, copyrights, trademarks, trade names and inventions; methods, and processes; software; product construction and product
specifications; product, manufacturing and engineering processes; drilling and production technology and maximization means, methods, and techniques; geological and geophysical maps, charts, logs, data, seismographs, seismic records, and related
reports, interpretations and analyses; calculations, summaries, memoranda and opinions relating to the foregoing; well logs, interpretations, and analyses; production records and production information; electric logs, core data, pressure data, lease
files, well files and 

  
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records; land files, abstracts, title opinions, title or curative matters, contract files, project and prospect locations and leads; properties or prospective properties; developmental or
experimental work; plans for research or future products; improvements; discoveries; database schemas or tables; infrastructure; development tools or techniques; marketing methods; finances; business plans; marketing and sales plans and strategies;
budgets; financial information and data; pricing and pricing strategies; costs; customer and client lists and profiles; customer and client nonpublic personal information; supplier lists; business records; audits; management methods and information;
reports, recommendations and conclusions; information regarding the names, contact information, skills and compensation of employees and contractors; notes, records, drawings, manuals, correspondence, financial and accounting information,
statistical data and compilations; agreements, contracts, manuals or any documents relating to the business of an EXCO Party and information or data regarding any EXCO Party’s systems, operations, business, finances, and other business
information disclosed or made available to Executive by an EXCO Party, either directly or indirectly, in writing, orally, or by drawings or observation, that is not known to the public or any of the EXCO’s competitors, which was developed by an
EXCO Party and/or at their expense, and which is of value to any EXCO Party; and (iv) any information that any EXCO Party has received, or may receive hereafter, belonging to customers or others with any understanding, express or implied, that
the information would not be disclosed. Confidential Information does not include the following: (A) information that is or becomes generally available to the public other than as a result of unauthorized disclosure (by Executive or any other
person); (B) information that becomes available to Executive on a non-confidential basis from a person (other than Executive) who is not otherwise bound by a confidentiality agreement; or (C) information that Executive can show was already
independently developed by and in the possession of Executive at the time of the disclosure hereunder. 
 (b) Executive shall
not publicize, disclose, or reveal to any third party not employed or engaged by EXCO any Company Confidential Information, and shall never use any Company Confidential Information, except as required by law or for the benefit of any EXCO Party
during Executive’s employment with EXCO or thereafter, unless otherwise authorized by the Board. Upon Executive’s Separation from Service or upon request, Executive will return all of each EXCO Party’s property and all documents,
computer disks, drawings, schematics, models, and electronic storage media containing any Company Confidential Information, whether prepared by Executive or others. 

7. No Disparagement. During the term of this Agreement and for the one-year period thereafter, each of EXCO and Executive agrees that as
part of the consideration for this Agreement, each will not make disparaging or derogatory remarks, whether oral or written, about the other party, including, in the case of Executive, any disparaging or derogatory remarks by Executive, whether oral
or written, regarding EXCO or its business, products, subsidiaries, affiliates, directors, officers or agents. Nothing in this Agreement shall prevent any party from giving truthful testimony or providing any information requested by any agent of
the United States, State, or local government or member of Congress. 
 8. Non-Solicitation. Executive agrees that, during the term of
this Agreement through the date that is one year after Executive’s Separation from Service, neither Executive nor anyone acting in concert with Executive, on his or her behalf or at his or her behest, shall, directly or indirectly, whether as
an individual or on Executive’s own account, or as a partner or joint venture, or as an employee or agent for any person, firm, or corporation, or as an officer, director or shareholder of a corporation or other business entity, solicit,
contact, or communicate with, in any way, any EXCO employee or independent contractor for purposes of causing such person to terminate his/her relationship with EXCO. 

  
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 9. Dispute Resolution. 

(a) In the event of any dispute, controversy or claim arising out of, or in connection with or relating to this Agreement, or the
interpretation, performance or breach thereof (any such matter, a “Dispute”), the parties to such Dispute shall use commercially reasonable efforts to resolve such Dispute through negotiation between individuals with the
authority to settle the Dispute on behalf of the parties (each, an “Authorized Decision Maker”). To this end, each such party shall cause an Authorized Decision Maker to consult and negotiate in person with an Authorized
Decision Maker of the other party, and the parties shall attempt to reach a resolution satisfactory to both parties, recognizing that their mutual interests may not be aligned (and that each such party shall be entitled to reasonably seek to promote
such party’s own interests in such resolution). 
 (b) If the parties to a Dispute do not resolve such Dispute within 30 days of the
first in-person negotiation between Authorized Decision Makers, then upon written notice by either party to the other, the Dispute shall be submitted to non-binding mediation to be administered in Dallas, Texas, by the American Arbitration
Association or its successor (the “AAA”) under the AAA’s Commercial Mediation Rules. Any party receiving such notice shall respond promptly (and in any event within 10 Business Days) so that the parties to the Dispute
may jointly select a neutral mediator and schedule a mediation session. Such mediation session shall take place within 30 days of the date of receipt of the written request for mediation. If the parties are not able to agree regarding the identity
of the mediator within 10 days from the party’s delivery of the mediation demand to the other party, the AAA shall appoint a neutral mediator upon written request to the AAA by either party. 

(c) In the event EXCO and Executive are unable to resolve any Dispute pursuant to Sections 9(a) and (b) above, the parties hereto
shall resolve such Dispute by binding arbitration under the Commercial Arbitration rules of the AAA then in effect, and in accordance with applicable law, but subject to the following agreed provisions. Subject to legal privileges, the arbitrator
shall have the power to permit discovery to the fullest extent allowable under the Federal Rules of Civil Procedure. The arbitration shall be conducted in Dallas, Texas, and the proceedings shall be kept strictly confidential by the parties, their
respective advisors and the arbitrators. Notice of papers or processes relating to any arbitration proceeding, or for the confirmation of award and entry of judgment on an award may be served on each of the parties by registered or certified mail at
the addresses set forth in Section 10(e) hereof. Each such Dispute shall be promptly adjudicated by a panel of three neutral arbitrators appointed as follows: 

(i) each party shall nominate an arbitrator, and the two arbitrators so appointed shall appoint a third arbitrator who shall
act as president of the arbitral tribunal; 
 (ii) if either party fails to nominate an arbitrator within 30 days of
receiving notice of the nomination of an arbitrator by the other party, such arbitrator shall be appointed by the AAA upon the written request of either party; 

(iii) if the two arbitrators to be nominated by the parties fail to agree upon a third arbitrator within 30 days of the
appointment of the second arbitrator, the third arbitrator shall be appointed by the AAA upon the written request of either party; and 

(iv) should a vacancy arise because any arbitrator dies, resigns, refuses to act or becomes incapable of performing his
functions, the vacancy shall be filled by the method by which that arbitrator was originally appointed. 

  
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 All arbitrators shall be of good reputation and character and shall be highly knowledgeable about
the matters at issue and have legal expertise relating to the Dispute. EXCO, on the one hand, and Executive, on the other hand, shall each pay one-half of the arbitrators’ expenses. Each party shall pay its own legal expenses. The arbitrators
shall provide a written opinion supporting their conclusions, including detailed findings of fact and conclusions of law. Such findings of fact shall be final and binding on the parties. The arbitrators may award damages and/or permanent injunctive
relief, but in no event shall the arbitrators have the authority to award punitive or exemplary damages. Notwithstanding anything to the contrary in this Section 9, EXCO may apply to a court of competent jurisdiction to enforce the
covenants set forth in Sections 6 – 8 of this Agreement for relief in the form of a temporary restraining order or preliminary or permanent injunction. If proper notice of any hearing has been given, the arbitrators shall have full power
to proceed to take evidence or to perform any other acts necessary to arbitrate the matter in the absence of any party who fails to appear. 

10. Miscellaneous. 

(a) Governing Law. Any dispute in the meaning, effect, or validity of this Agreement shall be resolved in accordance
with the laws of the State of Texas without regard to the conflict of law provisions thereof. Venue of any litigation arising from this Agreement shall be in a federal or state court of competent jurisdiction in Dallas County, Texas or in any other
county in which such litigation may be required by any mandatory venue provision. 
 (b) No Right to Continued
Employment. Nothing contained in this Agreement shall be deemed to give Executive the right to be retained in the service of EXCO or an Affiliate or to interfere with the right of EXCO to discharge Executive at any time regardless of the effect
that such discharge shall have upon Executive under this Agreement. 
 (c) Administration of Agreement. The general
administration of this Agreement, as well as its construction and interpretation, is vested in the Board. Subject to the provisions of this Agreement, the Board may from time to time establish rules, forms, and procedures for the administration of
this Agreement. The Board’s decisions as to the entitlement to the Severance Payment and other matters will be based upon EXCO’s records, EXCO’s compensation policies, and all other relevant information, all as interpreted by the
Board in its sole discretion. Such decisions, actions, and records of the Board will be conclusive and binding upon EXCO and all persons having or claiming to have any right or interest in or under this Agreement. The Board has full discretionary
authority to interpret this Agreement, and such interpretations and all other decisions and determinations made by the Board will be final and binding upon all parties. In the event that Executive is a member of the Board, however, Executive may not
make decisions and determinations affecting Executive’s own benefits. 
 (d) Entire Agreement. This Agreement is
the entire agreement between the parties hereto with respect to the subject matter hereof, and supersedes any previous agreements, written or oral, between Executive and EXCO with regard to the subject matter of this Agreement. However, this
Agreement does not supersede any non-disclosure, non-disparagement, or confidentiality provisions or agreements that Executive and EXCO have previously entered into, and the parties hereto agree that this Agreement and any prior provisions and/or
agreements are both enforceable and may run concurrently and both be enforced. This Agreement may not be modified or amended orally, and any amendment or modification must be in writing and be signed by Executive and EXCO. Executive acknowledges and
represents that in executing this Agreement, Executive did not rely, and has not relied, on any communications, promises, statements, inducements, or representation(s), oral or written, by the Companies, except as expressly contained in this
Agreement. The parties represent that they relied on their own judgment in entering into this Agreement. 
  

  
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 (e) Notices. Any notice or communication required or permitted to be given
to the parties shall be delivered personally or sent by United States registered or certified mail, postage prepaid and return receipt requested, and addressed or delivered as follows, or to such other address as the party addressed may be
substituted by notice pursuant to this Section 9(e). 
 (i)      If to EXCO: 

EXCO Resources, Inc. 

12377 Merit Drive, Suite 1700 

Dallas, TX 75251 

ATTENTION: Chairman of the Board 

With a copy to: 

EXCO Resources, Inc. 

12377 Merit Drive, Suite 1700 

Dallas, TX 75251 

ATTENTION: Legal Department 

(ii)     If to Executive: 

Mark F. Mulhern 

2075 Van Gogh lane 

Apex NC 27539 

(f) Restrictions on Alienation of Benefits. The Retention Bonus, Severance Payment and COBRA Payments shall not be
subject to anticipation, alienation, sale, assignment, pledge, encumbrance, transfer, or charge by Executive or any other person, and any attempt to anticipate, alienate, sell, assign, pledge, encumber, transfer, or charge the Retention Bonus,
Severance Payment and COBRA Payments will be void. The Retention Bonus, Severance Payment and COBRA Payments shall not in any manner be liable for or subject to the debts, contract liabilities, or torts of the person entitled to such Retention
Bonus, Severance Payment and COBRA Payment. If Executive under this Agreement should become bankrupt or attempt to anticipate, alienate, sell, assign, pledge, encumber, transfer, or charge any right to the Retention Bonus, Severance Payment and
COBRA Payments under this Agreement, then such Retention Bonus, Severance Payment and COBRA Payments will, in the discretion of the Board, terminate, and in such event, the Board will hold or apply the Retention Bonus, Severance Payment and COBRA
Payments or any part thereof for the benefit of Executive, his or her spouse, children, or other dependents, or any of them, in such manner and in such portion as the Board, in its sole and absolute discretion, may deem proper. 

(g) Binding Agreement. The provisions of this Agreement will be binding upon EXCO and its successors and assigns, and
upon Executive and any permitted assigns, heirs, executors, and administrators. 

  
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 (h) Partial Invalidity and Reformation. Executive and EXCO understand that
nothing in this Agreement is intended to hinder Executive’s performance of any legally-required duty or violate any applicable law, rule, or regulation and that, in the event any court of competent jurisdiction holds any provision of this
Agreement to be invalid or unenforceable, such invalid or unenforceable portion(s) shall be limited or excluded from this Agreement to the minimum extent required, and the remaining provisions shall not be affected and shall remain in full force and
effect. 
 (i) Nonwaiver and Construction. EXCO’s waiver of any provision of this Agreement shall not constitute
(i) a continuing waiver of that provision, or (ii) a waiver of any other provision of this Agreement. Nothing contained in this Agreement shall be construed as prohibiting EXCO from pursuing any other remedies available for any breach or
threatened breach, including, without limitation, the recovery of money damages. 
 (j) Counterparts. This Agreement
may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall together constitute one in the same Agreement. 

11. Section 409A. 

(a) Executive acknowledges and agrees that EXCO has advised him to consult with his or her own tax advisor regarding the tax
consequences of this Agreement, including, without limitation, any possible tax consequences of the Severance Payment under Section 409A of the Code. 

(b) This section is intended to help ensure that payments made to Executive pursuant to this Agreement are either paid in
compliance with, or exempt from, Section 409A of the Code and the rules and regulations promulgated thereunder (collectively, “Section 409A”). This Agreement shall be interpreted on a basis consistent with such intent.
However, EXCO does not warrant to Executive that any amount paid to or for the benefit of him will be exempt from, or paid in compliance with, Section 409A. 

(c) If any payments or benefits provided to Executive by EXCO, either per this Agreement or otherwise, are non-qualified
deferred compensation subject to, and not exempt from, Section 409A (“Subject Payments”), the following provisions shall apply to such payments and/or benefits: 

(i) With regard to any payment that is required to be delayed pursuant to Code Section 409A(a)(2)(B) (the
“Delayed Payments”), such payment shall not be made prior to the earlier of (i) the expiration of the six-month period measured from the date of Executive’s “separation from service” and (ii) the date
of Executive’s death. Any payments other than the Delayed Payments shall be paid in accordance with the normal payment dates specified in this Agreement. In no case will the delay of any of the Delayed Payments by EXCO constitute a breach of
EXCO’s obligations to Executive. 
 (ii) Executive’s right to receive the payments in Section 3 above
shall be treated as a right to receive a series of separate and distinct payments. To the extent any benefits described in Section 3(b) are otherwise taxable to Executive, such benefits shall, for purposes of Section 409A, be
provided as separate monthly in-kind payments of those benefits. 

  
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 (iii) To the extent that any reimbursement or in-kind benefits are Subject
Payments: (x) the amount eligible for reimbursement or in-kind benefit in one calendar year may not affect the amount eligible for reimbursement or in-kind benefit in any other calendar year (except that a plan providing medical or health
benefits may impose a generally applicable limit on the amount that may be reimbursed or paid), (y) the right to reimbursement or an in-kind benefit is not subject to liquidation or exchange for another benefit, and (z) subject to any
shorter time periods provided herein, any such reimbursement of an expense or in-kind benefit must be made on or before the last day of the calendar year following the calendar year in which the expense was incurred. 

[Signature Page Follows] 

  
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 EXECUTED this 17th day of January, 2014. 

 

			
	EXCO RESOURCES, INC.
		
	 By:
	 	/s/ Joe D. Ford
	 Name:
	 	Joe D. Ford
	 Title:
	 	Vice President—Human Resources
	
	 EXECUTIVE

	
	             /s/
Mark F. Mulhern

	 Name: Mark F. Mulhern

  
 12EX-4.1

 Exhibit 4.1 

[Execution Copy] 
  

 
  

NAVIOS MARITIME HOLDINGS INC. 

AND 
 THE BANK OF NEW YORK MELLON

 As Depositary 
 AND 

OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES 

Deposit Agreement 
 (For one or
more series of preferred shares) 
 Dated as of January 21, 2014 

 
  

 

 TABLE OF CONTENTS 
  

							
	ARTICLE 1.	 	 DEFINITIONS
	  	 	1	  
	 SECTION 1.01
	 	 American Depositary Receipts.
	  	 	1	  
	 SECTION 1.02
	 	 American Depositary Shares.
	  	 	1	  
	 SECTION 1.03
	 	 Articles.
	  	 	2	  
	 SECTION 1.04
	 	 Commission.
	  	 	2	  
	 SECTION 1.05
	 	 Company.
	  	 	2	  
	 SECTION 1.06
	 	 Custodian.
	  	 	2	  
	 SECTION 1.07
	 	 Deliver; Surrender.
	  	 	2	  
	 SECTION 1.08
	 	 Deposit Agreement.
	  	 	3	  
	 SECTION 1.09
	 	 Depositary; Corporate Trust Office.
	  	 	3	  
	 SECTION 1.10
	 	 Deposited Securities.
	  	 	3	  
	 SECTION 1.11
	 	 Dollars.
	  	 	3	  
	 SECTION 1.12
	 	 DTC.
	  	 	4	  
	 SECTION 1.13
	 	 Foreign Registrar.
	  	 	4	  
	 SECTION 1.14
	 	 Holder.
	  	 	4	  
	 SECTION 1.15
	 	 Owner.
	  	 	4	  
	 SECTION 1.16
	 	 Receipts.
	  	 	4	  
	 SECTION 1.17
	 	 Registrar.
	  	 	4	  
	 SECTION 1.18
	 	 Restricted Securities.
	  	 	4	  
	 SECTION 1.19
	 	 Securities Act of 1933.
	  	 	5	  
	 SECTION 1.20
	 	 Shares.
	  	 	5	  
			
	ARTICLE 2.	 	 FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES
	  	 	5	  
	 SECTION 2.01
	 	 Form of Receipts; Registration and Transferability of American Depositary Shares.
	  	 	5	  
	 SECTION 2.02
	 	 Deposit of Shares.
	  	 	6	  
	 SECTION 2.03
	 	 Delivery of American Depositary Shares.
	  	 	7	  
	 SECTION 2.04
	 	 Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and
Uncertificated American Depositary Shares.
	  	 	8	  
	 SECTION 2.05
	 	 Surrender of American Depositary Shares and Withdrawal of Deposited Securities.
	  	 	9	  
	 SECTION 2.06
	 	 Limitations on Delivery, Transfer and Surrender of American Depositary Shares.
	  	 	10	  
	 SECTION 2.07
	 	 Lost Receipts, etc.
	  	 	10	  
	 SECTION 2.08
	 	 Cancellation and Destruction of Surrendered Receipts.
	  	 	11	  
	 SECTION 2.09
	 	 Pre-Release of American Depositary Shares.
	  	 	11	  

  
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	 SECTION 2.10
	 	 DTC Direct Registration System and Profile Modification System.
	  	 	12	  
	 SECTION 2.11
	 	 Issuance in Series.
	  	 	12	  
			
	ARTICLE 3.	 	 CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES
	  	 	14	  
	 SECTION 3.01
	 	 Filing Proofs, Certificates and Other Information.
	  	 	14	  
	 SECTION 3.02
	 	 Liability of Owner for Taxes.
	  	 	14	  
	 SECTION 3.03
	 	 Warranties on Deposit of Shares.
	  	 	14	  
	 SECTION 3.04
	 	 Disclosure of Interests.
	  	 	15	  
			
	ARTICLE 4.	 	 THE DEPOSITED SECURITIES
	  	 	15	  
	 SECTION 4.01
	 	 Cash Distributions.
	  	 	15	  
	 SECTION 4.02
	 	 Distributions Other Than Cash, Shares or Rights.
	  	 	16	  
	 SECTION 4.03
	 	 Distributions in Shares.
	  	 	17	  
	 SECTION 4.04
	 	 Rights.
	  	 	17	  
	 SECTION 4.05
	 	 Conversion of Foreign Currency.
	  	 	19	  
	 SECTION 4.06
	 	 Fixing of Record Date.
	  	 	20	  
	 SECTION 4.07
	 	 Voting of Deposited Securities.
	  	 	20	  
	 SECTION 4.08
	 	 Changes Affecting Deposited Securities.
	  	 	22	  
	 SECTION 4.09
	 	 Reports.
	  	 	22	  
	 SECTION 4.10
	 	 Lists of Owners.
	  	 	22	  
	 SECTION 4.11
	 	 Withholding.
	  	 	22	  
	 SECTION 4.12
	 	 Redemption of Deposited Securities.
	  	 	23	  
			
	ARTICLE 5.	 	 THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY
	  	 	24	  
	 SECTION 5.01
	 	 Maintenance of Office and Transfer Books by the Depositary.
	  	 	24	  
	 SECTION 5.02
	 	 Prevention or Delay in Performance by the Depositary or the Company.
	  	 	24	  
	 SECTION 5.03
	 	 Obligations of the Depositary, the Custodian and the Company.
	  	 	25	  
	 SECTION 5.04
	 	 Resignation and Removal of the Depositary.
	  	 	26	  
	 SECTION 5.05
	 	 The Custodians.
	  	 	27	  
	 SECTION 5.06
	 	 Notices and Reports.
	  	 	28	  
	 SECTION 5.07
	 	 Distribution of Additional Shares, Rights, etc.
	  	 	28	  
	 SECTION 5.08
	 	 Indemnification.
	  	 	29	  
	 SECTION 5.09
	 	 Charges of Depositary.
	  	 	30	  
	 SECTION 5.10
	 	 Retention of Depositary Documents.
	  	 	31	  
	 SECTION 5.11
	 	 Exclusivity.
	  	 	31	  
	 SECTION 5.12
	 	 List of Restricted Securities Owners.
	  	 	31	  

  
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	ARTICLE 6.	 	 AMENDMENT AND TERMINATION
	  	 	31	  
	 SECTION 6.01
	 	 Amendment.
	  	 	31	  
	 SECTION 6.02
	 	 Termination.
	  	 	32	  
			
	ARTICLE 7.	 	 MISCELLANEOUS
	  	 	33	  
	 SECTION 7.01
	 	 Counterparts; Signatures.
	  	 	33	  
	 SECTION 7.02
	 	 No Third Party Beneficiaries.
	  	 	33	  
	 SECTION 7.03
	 	 Severability.
	  	 	33	  
	 SECTION 7.04
	 	 Owners and Holders as Parties; Binding Effect.
	  	 	34	  
	 SECTION 7.05
	 	 Notices.
	  	 	34	  
	 SECTION 7.06
	 	 Submission to Jurisdiction; Appointment of Agent for Service of Process; Jury Trial Waiver.
	  	 	34	  
	 SECTION 7.07
	 	 Waiver of Immunities.
	  	 	36	  
	 SECTION 7.08
	 	 Governing Law.
	  	 	36	  

  
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 DEPOSIT AGREEMENT 

DEPOSIT AGREEMENT dated as of January 21, 2014 among NAVIOS MARITIME HOLDINGS INC., a company incorporated under the laws of the Republic
of the Marshall Islands (herein called the Company), THE BANK OF NEW YORK MELLON, a New York banking corporation (herein called the Depositary), and all Owners and Holders (each as hereinafter defined) from time to time of American Depositary Shares
issued hereunder. 
 W I T N E S S E T H: 

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

WHEREAS, the American Depositary Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions,
modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 NOW, THEREFORE, in consideration of the premises, it is
agreed by and between the parties hereto as follows: 
  

	ARTICLE 1.	DEFINITIONS 

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

The term “American Depositary Receipts” shall mean the American Depositary Receipts issued hereunder evidencing certificated
American Depositary Shares, as the same may be amended from time to time in accordance with the provisions hereof. 
 SECTION 1.02
American Depositary Shares. 
 The term “American Depositary Shares” shall mean the securities created under this Deposit
Agreement representing rights with respect to the Deposited Securities. American Depositary Shares may be certificated securities evidenced by Receipts or uncertificated securities. The form of Receipt annexed as Exhibit A to this Deposit Agreement
shall be the prospectus required under the Securities Act of 1933 for 

  
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sales of both certificated and uncertificated American Depositary Shares. Except for those provisions of this Deposit Agreement that refer specifically to Receipts, all the provisions of this
Deposit Agreement shall apply to both certificated and uncertificated American Depositary Shares. Each American Depositary Share shall represent the number of Shares specified in the form of Receipt applicable to the particular series of American
Depositary Shares (and which therefore may vary from one series to another), until there shall occur a distribution upon Deposited Securities covered by Section 4.03 or a change in Deposited Securities covered by Section 4.08 with respect
to which additional American Depositary Shares are not delivered, and thereafter American Depositary Shares shall represent the amount of Shares or Deposited Securities specified in such Sections. 

SECTION 1.03 Articles. 

The term “Articles” shall mean the Amended and Restated Articles of Incorporation of the Company, as the same may be amended from
time to time. 
 SECTION 1.04 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 1.05 Company. 

The term “Company” shall mean Navios Maritime Holdings Inc., a company incorporated under the laws of the Republic of the Marshall
Islands, and its successors. 
 SECTION 1.06 Custodian. 

The term “Custodian” shall mean the principal London office of The Bank of New York Mellon, as agent of the Depositary for the
purposes of this Deposit Agreement, and any other firm or corporation which may hereafter be appointed by the Depositary pursuant to the terms of Section 5.05, as substitute or additional custodian or custodians hereunder, as the context shall
require and shall also mean all of them collectively. 
 SECTION 1.07 Deliver; Surrender. 

(a) The term “deliver”, or its noun form, when used with respect to Shares or other Deposited Securities, shall mean
(i) book-entry transfer of those Shares or other Deposited Securities to an account maintained by an institution authorized under applicable law to effect transfers of such securities designated by the person entitled to that delivery or
(ii) physical transfer of certificates evidencing those Shares or other Deposited Securities registered in the name of, or duly endorsed or accompanied by proper instruments of transfer to, the person entitled to that delivery. 

  
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 (b) The term “deliver”, or its noun form, when used with respect to American Depositary
Shares, shall mean (i) book-entry transfer of American Depositary Shares to an account at DTC designated by the person entitled to such delivery, (ii) registration of American Depositary Shares not evidenced by a Receipt on the books of
the Depositary in the name requested by the person entitled to such delivery and mailing to that person of a statement confirming that registration or (iii) if requested by the person entitled to such delivery, delivery at the Corporate Trust
Office of the Depositary to the person entitled to such delivery of one or more Receipts evidencing American Depositary Shares registered in the name requested by that person. 

(c) The term “surrender”, when used with respect to American Depositary Shares, shall mean (i) one or more book-entry transfers
of American Depositary Shares to the DTC account of the Depositary, (ii) delivery to the Depositary at its Corporate Trust Office of an instruction to surrender American Depositary Shares not evidenced by a Receipt or (iii) surrender to
the Depositary at its Corporate Trust Office of one or more Receipts evidencing American Depositary Shares. 
 SECTION 1.08 Deposit
Agreement. 
 The term “Deposit Agreement” shall mean this Deposit Agreement, as the same may be amended from time to time in
accordance with the provisions hereof. 
 SECTION 1.09 Depositary; Corporate Trust Office. 

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

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, including without limitation Shares that have not been successfully delivered upon surrender of American Depositary Shares, and any and all other securities, property and cash received by the Depositary or the Custodian in respect thereof
and at such time held under this Deposit Agreement, subject as to cash to the provisions of Section 4.05. 
 SECTION 1.11
Dollars. 
 The term “Dollars” shall mean United States dollars. 

  
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 SECTION 1.12 DTC. 

The term “DTC” shall mean The Depository Trust Company or its successor. 

SECTION 1.13 Foreign Registrar. 

The term “Foreign Registrar” shall mean the entity that presently carries out the duties of registrar for the Shares or any
successor as registrar for the Shares and any other agent of the Company for the transfer and registration of Shares, including without limitation any securities depository for the Shares. 

SECTION 1.14 Holder. 

The term “Holder” shall mean any person holding a Receipt or a security entitlement or other interest in American Depositary Shares,
whether for its own account or for the account of another person, but that is not the Owner of that Receipt or those American Depositary Shares. 

SECTION 1.15 Owner. 
 The
term “Owner” shall mean the person in whose name American Depositary Shares are registered on the books of the Depositary maintained for such purpose. 

SECTION 1.16 Receipts. 

The term “Receipts” shall mean the American Depositary Receipts. 

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, that
is appointed by the Depositary to register American Depositary Shares and transfers of American Depositary Shares as herein provided. 

SECTION 1.18 Restricted Securities. 

The term “Restricted Securities” shall mean Shares, or American Depositary Shares representing Shares, that 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 that 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 that would require registration under the Securities Act of 1933 in connection with the
offer and sale thereof in the United States, or that are subject 

  
 4 

 
to other restrictions on sale or deposit under the laws of the United States or the Republic of the Marshall Islands, or under a shareholder agreement or the Articles or similar organizational
document 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 preferred shares of the Company of any series that the Company has identified to the Depositary as
eligible for deposit under this Deposit Agreement, in each case that are validly issued and outstanding and fully paid, nonassessable and that were not issued in violation of any pre-emptive or similar rights of the holders of outstanding securities
of the Company; provided, however, that, if there shall occur any change in nominal value, a split-up or consolidation or any other reclassification or, upon the occurrence of an event described in Section 4.08, an exchange or
conversion in respect of the Shares of the Company, the term “Shares” shall thereafter also 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, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES 

SECTION 2.01 Form of Receipts; Registration and Transferability of American Depositary Shares. 

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 (i) executed by the Depositary by the
manual signature of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual signature of a duly authorized signatory of the
Depositary or a Registrar. The Depositary shall maintain books on which (x) each Receipt so executed and delivered as hereinafter provided and the transfer of each such Receipt shall be registered and (y) all American Depositary Shares
delivered as hereinafter provided and all registrations of transfer of American Depositary Shares shall be registered. A Receipt bearing the facsimile signature of a person that was at any time a proper officer of the Depositary shall, subject to
the other provisions of this paragraph, bind the Depositary, notwithstanding that such person was not a proper officer of the Depositary on the date of issuance of that Receipt. 

  
 5 

 The Receipts may be endorsed with or have incorporated in the text thereof such legends or
recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may reasonably be required by the Depositary or required to comply with any applicable law or regulations thereunder or with the rules and regulations of any
securities exchange upon which American Depositary Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject by reason of the date of
issuance of the underlying Deposited Securities or otherwise. 
 American Depositary Shares evidenced by a Receipt, when properly endorsed
or accompanied by proper instruments of transfer, shall be transferable as certificated registered securities under the laws of the State of New York. American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated
registered securities under the laws of the State of New York. The Depositary, notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares 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 shall have any obligation or be subject to any liability
under this Deposit Agreement to any Holder of American Depositary Shares (but only to the Owner of those American Depositary Shares). 

SECTION 2.02 Deposit of Shares. 

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

  
 6 

 The Depositary will refuse to accept Shares for deposit if it has received written notice from
the Company that deposit of such Shares would violate applicable laws or regulations, any shareholder agreement or the Articles or similar organizational document of the Company. 

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

Upon each delivery to a Custodian of a certificate or certificates for Shares to be deposited hereunder, together with the other documents
specified above, such Custodian shall, as soon as transfer and recordation can be accomplished, present such certificate or certificates to the Company or the Foreign Registrar, if applicable, for transfer and recordation of the Shares being
deposited in the name of the Depositary or its nominee or such Custodian or its nominee. 
 Deposited Securities shall be held by the
Depositary or by a Custodian for the account and to the order of the Depositary or at such other place or places as the Depositary shall determine. 

SECTION 2.03 Delivery of American Depositary Shares. 

Upon receipt by any Custodian of any deposit pursuant to Section 2.02 hereunder, together with the other documents required as specified
above, such Custodian shall notify the Depositary of such deposit and the person or persons to whom or upon whose written order American Depositary Shares are deliverable in respect thereof and the number of American Depositary Shares to be so
delivered. Such notification shall be made by letter or, at the request, risk and expense of the person making the deposit, by cable, telex or facsimile transmission (and in addition, if the transfer books of the Company or the Foreign Registrar, if
applicable, are open, the Depositary may in its sole discretion require a proper acknowledgment or other evidence from the Company or the Foreign Registrar that any Deposited Securities have been recorded upon the books of the Company or the Foreign
Registrar, if applicable, in the name of the Depositary or its nominee or such Custodian or its nominee). Upon receiving such notice from such Custodian, or upon the receipt of Shares or evidence of the right to receive Shares by the Depositary, the
Depositary, subject to the terms and conditions of this Deposit Agreement, shall, without unreasonable delay, deliver, to or upon the order of the person or persons entitled thereto, the number of American Depositary Shares issuable in respect of
that deposit, but only upon payment to the Depositary of the fees and expenses of the Depositary for the delivery of such American Depositary Shares as provided in Section 5.09, and of all applicable taxes and governmental charges and fees
payable in connection with such deposit and the transfer of the Deposited Securities. 

  
 7 

 SECTION 2.04 Registration of Transfer of American Depositary Shares; Combination and Split-up
of Receipts; Interchange of Certificated and Uncertificated American Depositary Shares. 
 The Depositary, subject to the terms and
conditions of this Deposit Agreement, shall register transfers of American Depositary Shares on its transfer books from time to time, upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those
American Depositary Shares, by the Owner in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of
a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10), and, in either case, 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 deliver those American Depositary Shares to or upon the order of the person entitled thereto. 

The Depositary, subject to the terms and conditions of this Deposit Agreement, shall, without unreasonable delay, 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 surrender of certificated American Depositary
Shares for the purpose of exchanging for uncertificated American Depositary Shares, shall cancel those certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the owner of the same number of uncertificated
American Depositary Shares. The Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10) from the Owner of uncertificated American Depositary
Shares for the purpose of exchanging for certificated American Depositary Shares, shall cancel those uncertificated American Depositary Shares and deliver to the Owner the same number of certificated American Depositary Shares. 

The Depositary may appoint one or more co-transfer agents for the purpose of effecting registration of transfers of American Depositary Shares
and 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 American Depositary Shares and will be entitled to protection and indemnity to the same extent as the Depositary. 

  
 8 

 SECTION 2.05 Surrender of American Depositary Shares and Withdrawal of Deposited
Securities. 
 Upon surrender at the Corporate Trust Office of the Depositary of American Depositary Shares for the purpose of
withdrawal of the Deposited Securities represented thereby, and upon payment of the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.09 and payment of all applicable 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 and the Articles, the Owner of those American Depositary Shares shall be entitled to delivery, to
that Owner or as instructed, of the amount of Deposited Securities at the time represented by those American Depositary Shares. 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. The Depositary may require the surrendering Owner to 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, without unreasonable delay, direct the Custodian to deliver at the office of such Custodian, subject to Sections 2.06, 3.01 and 3.02 and to the other
terms and conditions of this Deposit Agreement and the Articles, 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
surrendered American Depositary Shares, 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
those American Depositary Shares, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the Depositary. 

At the request, risk and expense of any Owner so surrendering American Depositary Shares, 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, if applicable, and other proper documents of title for, the Deposited Securities represented by the
surrendered American Depositary Shares to the Depositary for delivery at the Corporate Trust Office of the Depositary. Such direction shall be given by letter or, at the request, risk and expense of such Owner, by cable, telex or facsimile
transmission. 
 Neither the Depositary nor the Custodian shall deliver Shares (other than to the Company or its agent), or otherwise permit
Shares to be withdrawn from the facility created hereby, except upon the surrender of American Depositary Shares or in connection with a sale of the Shares in accordance with the provisions of Section 3.02, 4.03, 4.11 or 6.02. 

  
 9 

 SECTION 2.06 Limitations on Delivery, Transfer and Surrender of American Depositary
Shares. 
 As a condition precedent to the delivery, registration of transfer or surrender of any American Depositary Shares or split-up
or combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment from the depositor of Shares or the presenter of the Receipt or instruction for registration of transfer or surrender
of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any applicable tax or other governmental charge and any stock transfer or registration fee payable with respect thereto (including any such tax or
charge and fee payable with respect to Shares being deposited or withdrawn) and payment of any applicable fees as herein provided, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may
also require compliance with any regulations the Depositary may establish consistent with the provisions of this Deposit Agreement, including, without limitation, this Section 2.06. 

The delivery of American Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended, or
the transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding American Depositary Shares generally may be suspended, during any period when the transfer books of the Depositary are
closed, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any provision of
this Deposit Agreement, or for any other reason, subject to the provisions of the following sentence. Notwithstanding anything to the contrary in this Deposit Agreement, the surrender of outstanding American Depositary Shares and withdrawal of
Deposited Securities may not be suspended subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, 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 American Depositary Shares or to
the withdrawal of the Deposited Securities. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares which would be required to be registered under the provisions of the
Securities Act of 1933 for public offer and sale in the United States unless a registration statement is in effect as to such Shares for such offer and sale. 

SECTION 2.07 Lost Receipts, etc. 

In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary shall deliver to the Owner the American Depositary Shares
evidenced by that 

  
 10 

 
Receipt in uncertificated form or, if requested by the Owner, 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 deliver American Depositary Shares in uncertificated form or execute and deliver a new Receipt, in substitution for a destroyed, lost or stolen
Receipt, the Owner thereof shall have (a) filed with the Depositary (i) a request for such execution and delivery before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient
indemnity bond and (b) satisfied any other reasonable requirements imposed by the Depositary. 
 SECTION 2.08 Cancellation and
Destruction of Surrendered Receipts. 
 All Receipts surrendered to the Depositary shall be cancelled by the Depositary. The Depositary
is authorized to destroy Receipts so cancelled. 
 SECTION 2.09 Pre-Release of American Depositary Shares. 

Unless requested in writing by the Company to cease doing so, notwithstanding Section 2.03 hereof, the Depositary may deliver American
Depositary Shares prior to the receipt of Shares pursuant to Section 2.02 (a “Pre-Release”). The Depositary may, pursuant to Section 2.05, deliver Shares upon the surrender of American Depositary Shares that have been
Pre-Released, whether or not such cancellation is prior to the termination of such Pre-Release. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or
accompanied by a written representation and agreement from the person to whom American Depositary Shares or Shares are to be delivered (the “Pre-Releasee”) that such person, or its customer, (i) beneficially owns the Shares or
American Depositary Shares to be remitted, as the case may be, (ii) assigns all beneficial right, title and interest in such American Depositary Shares or Shares, 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 American Depositary Shares or Shares, as the case may be, that is inconsistent with the transfer of beneficial ownership (including, without the consent of the Depositary,
disposing of such American Depositary Shares or Shares, as the case may be), other than in satisfaction of the Pre-Release, (b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate,
(c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate. The number of Shares represented by
American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of the Shares deposited hereunder; provided, however, that the Depositary reserves the right to
disregard such limit from time to time as it reasonably deems appropriate and may, with the prior written consent of the Company, change that limit for purposes of general application. The Depositary will also set Dollar limits with respect to
Pre-Release transactions with any particular Pre-Releasee on a case-by-case basis as the 

  
 11 

 
Depositary deems appropriate. The collateral referred to in item (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee’s obligations in
connection the related Pre-Release transaction, including the Pre-Releasee’s obligation to deliver Shares or American Depositary Shares upon termination of that Pre-Release transaction (and shall not, for the avoidance of doubt, constitute
Deposited Securities). 
 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 Owner or Holder in connection with any Pre-Release. 

SECTION 2.10 DTC Direct Registration System and Profile Modification System. 

(a) Notwithstanding the provisions of Section 2.04, the parties acknowledge that the Direct Registration System (“DRS”) and
Profile Modification System (“Profile”) shall apply to uncertificated American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of
uncertificated American Depositary Shares, which ownership shall be evidenced by periodic statements issued by the Depositary to the Owners entitled thereto. Profile is a required feature of DRS which allows a DTC participant, claiming to act on
behalf of an Owner of American Depositary Shares, to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant
without receipt by the Depositary of prior authorization from the Owner to register such transfer. 
 (b) In connection with and in
accordance with the arrangements and procedures relating to DRS/Profile, the parties understand that the Depositary will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an Owner in
requesting a registration of transfer and delivery as described in subsection (a) has the actual authority to act on behalf of the Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the
provisions of Sections 5.03 and 5.08 shall apply to the matters arising from the use of the DRS. The parties agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and
in accordance with this Deposit Agreement shall not constitute negligence or bad faith on the part of the Depositary. 
 SECTION 2.11
Issuance in Series. 
 If the Company issues Shares in more than one class or series or that otherwise entitle their holders to
rights that vary from the rights to which other Shares entitle their holders, the following provisions shall apply, notwithstanding anything to the contrary in this Deposit Agreement: 

(a) The word “series,” when used with respect to Shares, shall mean all outstanding Shares that entitle their holders to identical
rights with respect to those Shares, regardless of the title or any other designation that may be assigned to Shares. 

  
 12 

 (b) The Depositary shall direct the Custodian to hold Shares of a series deposited under this
Deposit Agreement, and other Deposited Securities it receives in respect of those Shares in a segregated account different from the account in which it holds Shares of any other series. 

(c) Shares of each series that are deposited under this Deposit Agreement shall be represented by a “series” of American Depositary
Shares separate from the American Depositary Shares representing Shares of any other series. The Depositary shall assign a designation to each series of American Depositary Shares and shall reflect in its records the series to which each American
Depositary Share belongs. The certificated American Depositary Shares of each series shall be evidenced by a “series” of Receipts separate from the Receipts evidencing American Depositary Shares of any other series. If more than one series
of American Depositary Shares exists, each Receipt shall be marked to indicate the designation of the series of the American Depositary Shares evidenced by that Receipt and to identify the series of Shares those American Depositary Shares represent.

 (d) If the rights to which deposited Shares of a series entitle their holders are modified such that those rights become identical to the
rights to which deposited Shares of another series entitle their holders, the Depositary shall (subject to the Company’s approval) cause the Custodian to combine the accounts in which the former separate series of Shares are held, the series of
American Depositary Shares representing those Shares will automatically be combined into one series of American Depositary Shares and the Depositary may take any action necessary or convenient to effect that combination. At any time after that
combination, the Owners of Receipts affected by that combination will be entitled to surrender their Receipts to the Depositary and receive Receipts reflecting the designation of the American Depositary Shares owned by them as a result of that
combination. 
 (e) Owners and Beneficial Owners of American Depositary Shares of a series shall be entitled to rights under this Deposit
Agreement only with respect to deposited Shares of the corresponding series and other Deposited Securities received in respect of deposited Shares of that series. 

(f) All other provisions of this Deposit Agreement apply to American Depositary Shares and Receipts of any series, subject to this
Section 2.11. 

  
 13 

	ARTICLE 3.	CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES 

 SECTION 3.01 Filing
Proofs, Certificates and Other Information. 
 Any person presenting Shares for deposit or any Owner or Holder may be required from time
to time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company or the Foreign Registrar, if applicable, to execute
such certificates, to make such representations and warranties and to provide such other information and documentation, as the Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of American
Depositary Shares or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities until such proof or other information is filed or such certificates are executed or such
representations and warranties made. If requested in writing, the Depositary shall, as promptly as practicable, provide the Company, at the expense of the Company, with copies of any such proofs, certificates or other information it receives
pursuant to this Section 3.01, to the extent that disclosure is permitted under applicable law. 
 SECTION 3.02 Liability of Owner
for Taxes. 
 If any applicable tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to
any American Depositary Shares or any Deposited Securities represented by any American Depositary Shares, such tax or other governmental charge shall be payable by the Owner of such American Depositary Shares to the Depositary. The Depositary may
refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until such payment is made, and may withhold any dividends or other distributions, or may
sell for the account of the Owner thereof any part or all of the Deposited Securities represented by those American Depositary Shares, and may apply such dividends or other distributions or the proceeds of any such sale in payment of such tax or
other governmental charge to the appropriate governmental authority or agency in accordance with applicable law, and the Owner of such American Depositary Shares shall remain liable for any deficiency. The Depositary will notify the Company as
promptly as practicable if the Depositary becomes aware that any tax or other governmental charge to which this Section 3.02 applies has become payable by the Custodian or the Depositary. 

SECTION 3.03 Warranties on Deposit of Shares. 

Every person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that such Shares and each
certificate therefor, if applicable, are validly issued, fully paid, nonassessable and free of any preemptive rights of the holders of outstanding Shares and that the person making such deposit is duly

  
 14 

 
authorized so to do. Every such person shall also be deemed to represent that the deposit of such Shares and the sale of 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 delivery of American Depositary Shares 

SECTION 3.04 Disclosure of Interests. 

Notwithstanding any other provision of this Deposit Agreement, each Owner and Holder of American Depositary Shares agrees to comply with
requests from the Company pursuant to applicable law, the rules and requirements of any stock exchange on which the American Depositary Shares are, or will be, registered, traded or listed, the rules and requirements of any clearing system through
which transactions in the American Depositary Shares may be settled or the Articles, as in effect from time to time, to provide information, inter alia, as to the capacity in which such Owner or Holder owns American Depositary Shares (and Shares as
the case may be) and regarding the identity of any other person(s) interested in such American Depositary Shares (and Shares, as the case may be) and the nature of such interest and various other matters, whether or not they are Owners or Holders at
the time of such request. The Depositary shall provide reasonable assistance to the Company, at the Company’s written request and expense, in obtaining information sought by the Company pursuant to this Section 3.04. Each Owner and Holder
of American Depositary Shares further agrees to comply with the laws and regulations of the Republic of the Marshall Islands (if and to the extent applicable) with respect to the disclosure requirements regarding ownership or potential for ownership
of Shares, all as if the American Depositary Shares were the Shares represented thereby, which is deemed to include, inter alia, requirements to make notifications and filings within the required timeframes to the Company and any other
authorities in the Republic of the Marshall Islands. 
  

	ARTICLE 4.	THE DEPOSITED SECURITIES 

 SECTION 4.01 Cash Distributions. 

Whenever the Depositary shall receive any cash dividend or other cash distribution on any Deposited Securities, the Depositary shall, as
promptly as practicable, subject to the provisions of Section 4.05, convert such dividend or distribution into Dollars and shall, as promptly as practicable, distribute the amount thus received (net of the fees and expenses of the Depositary as
provided in Section 5.09) to the Owners entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively; provided, however, that in the event that the
Custodian or the Depositary shall be required by applicable law to withhold and does withhold from such cash dividend or such other cash distribution an amount on account of taxes or other governmental charges, the amount distributed to the Owner of
the American Depositary Shares representing such Deposited Securities shall be reduced 

  
 15 

 
accordingly. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Owner a fraction of one cent. Any such fractional amounts shall be rounded
to the nearest whole cent and so distributed to Owners entitled thereto. Each of the Company or its agent, the Depositary and the Custodian will remit to the appropriate governmental authority or agency in each applicable jurisdiction all amounts
withheld by it and owing to such authority or agency in accordance with applicable law. The Depositary will, as promptly as practicable, 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 returns or reports with governmental agencies. 
 SECTION 4.02 Distributions Other Than
Cash, Shares or Rights. 
 Subject to the provisions of Sections 4.11 and 5.09, whenever the Depositary shall receive any distribution
other than a distribution described in Section 4.01, 4.03 or 4.04, the Depositary shall, as promptly as practicable, after consultation with the Company, cause the securities or property received by it to be distributed to the Owners entitled
thereto, after deduction or upon payment of any fees and expenses of the Depositary or any taxes or other governmental charges, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them
respectively, in any manner that the Depositary may, after consultation with the Company, reasonably deem equitable and practicable for accomplishing such distribution; provided, however, that 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 under applicable law that the Company or the Depositary withhold an amount on
account of taxes or other governmental charges or that such securities must be registered under the Securities Act of 1933 in order to be distributed to Owners or Holders) the Depositary reasonably deems such distribution not to be feasible, the
Depositary may, following consultation with the Company to the extent practicable, adopt such method as it may reasonably deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or
private sale of the securities or property thus received, or any part thereof, and the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Section 5.09) shall be distributed as promptly as practicable by
the Depositary to the Owners entitled thereto, all in the manner and subject to the conditions described in Section 4.01. The Depositary may withhold any distribution of securities under this Section 4.02 if it has not received reasonably
satisfactory assurances from the Company that the distribution does not require registration under the Securities Act of 1933. The Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise
distribute under this Section 4.02 that is sufficient to pay its fees and expenses in respect of that distribution. Any such taxes or charges withheld by the Depositary shall be remitted by the Depositary or its agent to the appropriate
governmental authority or agency in each applicable jurisdiction in accordance with applicable law. 

  
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 SECTION 4.03 Distributions in Shares. 

If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Depositary may, and shall if
the Company so requests in writing, deliver to the Owners entitled thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively, 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 issuance of American Depositary Shares, including withholding of
any applicable tax or governmental charge as provided in Section 4.11 and payment of the fees and expenses of the Depositary as provided in Section 5.09 (and the Depositary may sell, by public or private sale, an amount of the Shares
received sufficient to pay its fees and expenses in respect of that distribution). The Depositary may withhold any such delivery of American Depositary Shares if it has not received reasonably satisfactory assurances from the Company that such
distribution does not require registration under the Securities Act of 1933. In lieu of delivering fractional American Depositary Shares in any such case, the Depositary may sell the amount of Shares represented by the aggregate of such fractions
and distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.01. If additional American Depositary Shares are not so delivered, each American Depositary Share shall thenceforth also represent the
additional Shares distributed upon the Deposited Securities represented thereby. 
 SECTION 4.04 Rights. 

In the event that the Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for
additional Shares or any rights of any other nature, the Depositary, after consultation with the Company, shall have discretion as to the procedure to be followed in making such rights available to any Owners or in disposing of such rights on behalf
of any Owners and making the net proceeds available to such Owners or, if by the terms of such rights offering or for any other reason, the Depositary may not either make such rights available to any Owners or dispose of such rights and make the net
proceeds available to such Owners, then the Depositary shall allow the rights to lapse. If at the time of the offering of any rights the Depositary reasonably determines in its discretion that it is lawful and feasible to make such rights available
to all or certain Owners but not to other Owners, the Depositary may, after consultation with the Company, 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 reasonably deems appropriate. 
 In circumstances in
which rights would otherwise not be distributed, if an Owner requests the distribution of warrants or other instruments in order to exercise the rights allocable to the American Depositary Shares of such Owner hereunder, the

  
 17 

 
Depositary will make such rights available to such Owner upon written notice from the Company to the Depositary that (a) the Company has elected in its sole discretion to permit such rights
to be exercised and (b) such Owner has executed such documents as the Company has determined in its sole discretion are reasonably required under applicable law. 

If the Depositary has distributed warrants or other instruments for rights to all or certain Owners, then upon instruction from such an Owner
pursuant to such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to the Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to be
received upon the exercise of the rights, and upon payment of the fees and expenses of the Depositary and any other charges as set forth in such warrants or other instruments, the Depositary shall, on behalf of such Owner, exercise the rights and
purchase the Shares, and the Company shall cause the Shares so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the Depositary will cause the Shares so purchased to be deposited pursuant to
Section 2.02, and shall, pursuant to Section 2.03, deliver American Depositary Shares to such Owner. In the case of a distribution pursuant to the second paragraph of this Section, such deposit shall be made, and depositary shares shall be
delivered, under depositary arrangements which provide for issuance of depositary shares subject to the appropriate restrictions on sale, deposit, cancellation, and transfer under applicable United States laws. 

If the Depositary reasonably determines, after consultation with the Company to the extent practicable, 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 reasonably determined it may not lawfully or
feasibly make such rights available, and allocate the net proceeds of such sales (net of the fees and expenses of the Depositary as provided in Section 5.09 and all applicable 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 American Depositary Shares or otherwise. 
 The Depositary
will not offer rights to Owners unless both the rights and the securities to which such rights relate are either exempt from registration under the Securities Act of 1933 with respect to a distribution to all Owners or are registered under the
provisions of such Act; provided, that nothing in this Deposit Agreement shall create any obligation on the part of the Company to file a registration statement with respect to such rights or underlying securities or to endeavor to have such
a registration statement declared effective. If an Owner requests the distribution of warrants or other instruments, notwithstanding that there has been no such registration under the Securities Act of 1933,

  
 18 

 
the Depositary shall not effect such distribution unless it has received an opinion from recognized counsel in the United States for the Company upon which the Depositary may rely that such
distribution to such Owner is exempt from such registration. 
 Neither the Company nor the Depositary shall be responsible for any failure
to determine that it may be lawful or feasible to make such rights available to Owners in general or any Owner in particular. 
 SECTION
4.05 Conversion of Foreign Currency. 
 Whenever the Depositary or the Custodian shall receive foreign currency, by way of dividends
or other distributions or the net proceeds from the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a reasonable basis into
Dollars and the resulting Dollars transferred to the United States, the Depositary shall as promptly as practicable convert or cause to be converted by sale or in any other manner that it may determine such foreign currency into Dollars, and such
Dollars shall be distributed to the Owners entitled thereto or, if the Depositary shall have distributed any warrants or other instruments which entitle the holders thereof to such Dollars, then to the holders of such warrants and/or instruments
upon surrender thereof for cancellation. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Owners on account of exchange restrictions, the date of delivery of any American Depositary
Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.09. 

If such conversion or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary
shall, as promptly as practicable, file such application for approval or license, if any, as it may deem desirable. 
 If at any time the
Depositary shall, following consultation with the Company, 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 opinion of the Depositary is not obtainable, or if any such approval or license is not obtained within a reasonable
period as determined by the Depositary, the Depositary may distribute the foreign currency (or an appropriate document evidencing the right to receive such foreign currency) received by the Depositary to, or in its discretion may hold such foreign
currency uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled to receive the same. 

If any such conversion of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto,
the Depositary may in its reasonable discretion, following consultation with this Company, make such conversion 

  
 19 

 
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. 
 SECTION 4.06 Fixing
of Record Date. 
 Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall
be made, or whenever rights shall be issued with respect to the Deposited Securities, or whenever the Depositary shall receive notice of any meeting of holders of Shares or other Deposited Securities, or whenever for any reason the Depositary causes
a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a record date, which date shall be the same date, to the extent
practicable, as the record date, if any, for the Deposited Securities or, if different, as close thereto as is practicable (the “ADS Record Date”), (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, (ii) entitled to give instructions for the exercise of voting rights at any such meeting or (iii) responsible for any fee or charge assessed by the Depositary
pursuant to this Deposit Agreement, or (b) on or after which each American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections 4.01 through 4.05 and to the other terms and conditions of this
Deposit Agreement, the Owners on the ADS Record Date shall be entitled, as the case may be, to receive the amount distributable by the Depositary with respect to such dividend or other distribution or such rights or the net proceeds of sale thereof
in proportion to the number of American Depositary Shares held by them respectively and to give voting instructions and to act in respect of any other such matter. 

SECTION 4.07 Voting of Deposited Securities. 

Upon receipt of notice of any meeting or solicitation of proxies or consents of holders of Shares or other Deposited Securities, if requested
in writing by the Company, the Depositary shall, as soon as practicable thereafter, mail to the Owners a notice, the form of which notice shall be approved by the Company in advance, which shall contain (a) such information as is contained in
such notice of meeting received by the Depositary from the Company, (b) a statement that the Owners as of the close of business on the ADS Record Date will be entitled, subject to any applicable provision of Marshall Islands law and of the
Articles or similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the amount of Shares or other Deposited Securities represented by their respective American Depositary Shares and
(c) a statement as to the manner in which such instructions may be given to the Depositary or in which voting instructions may be deemed to have been given in accordance with this Section 4.07. Upon the written request of an Owner of
American Depositary Shares on the ADS Record Date, received on or before the date established by 

  
 20 

 
the Depositary for such purpose, the Depositary shall endeavor, in so far as practicable, to vote or cause to be voted the amount of Shares or other Deposited Securities represented by those
American Depositary Shares in accordance with the instructions set forth in such request. The Depositary shall not, and the Depositary shall ensure that the Custodian does not, vote or attempt to exercise the right to vote that attached to the
Shares or other Deposited Securities other than in accordance with such instructions or as provided in the following sentence. If (i) the Company instructed the Depositary to act under this Section 4.07 and complied with the following
paragraph and (ii) no instructions are received by the Depositary from an Owner with respect to a matter and an amount of American Depositary Shares of that Owner on or before the date established by the Depositary for such purpose, the
Depositary shall deem that Owner to have instructed the Depositary to give a discretionary proxy to a person designated by the Company with respect to that matter and the amount of Deposited Securities represented by that amount of American
Depositary Shares and the Depositary shall give a discretionary proxy to a person designated by the Company to vote that amount of Deposited Securities as to that matter, except that no such instruction shall be deemed given and no such
discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary (and the Company agrees to provide such information as promptly as practicable in writing, if applicable) that (x) the Company does not
wish such proxy given, (y) substantial opposition exists or (z) such matter materially and adversely affects the rights of holders of Shares. 

In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Deposited
Securities, if the Company will request the Depositary to act under this Section 4.07, the Company shall give the Depositary notice of any such meeting and details concerning the matters to be voted upon not less than 30 days prior to the
meeting date. 
 There can be no assurance that Owners generally or any Owner in particular will receive the notice described in the second
preceding paragraph sufficiently prior to the instruction cutoff date to ensure that the Depositary will vote the Shares or Deposited Securities in accordance with the provisions set forth in the second preceding paragraph. 

Notwithstanding anything in this Section 4.07 to the contrary, the Depositary and the Company may modify, amend or adopt additional
procedures relating to voting of Deposited Securities from time to time as they determine may be necessary or appropriate. 
 Upon the
written request of the Company, the Depositary shall retain all records relating to the voting of the Deposited Securities pursuant to this Section 4.07. 

  
 21 

 SECTION 4.08 Changes Affecting Deposited Securities. 

Upon any change in nominal value, 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, or upon the redemption or cancellation by the Company of the Deposited Securities, any securities, cash or property
which shall be received by the Depositary or a Custodian in exchange for, in conversion of, in lieu of or in respect of Deposited Securities, shall be treated as new Deposited Securities under this Deposit Agreement, and American Depositary Shares
shall thenceforth represent, in addition to the existing Deposited Securities, the right to receive the new Deposited Securities so received, unless additional American Depositary Shares are delivered pursuant to the following sentence. In any such
case the Depositary may deliver additional American Depositary Shares 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.

 SECTION 4.09 Reports. 

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

SECTION 4.10 Lists of Owners. 

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

SECTION 4.11 Withholding. 

In the event that the Depositary reasonably determines that any distribution in property (including Shares and rights to subscribe therefor)
is subject to any tax or other governmental charge under applicable law 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 reasonably deems necessary and 

  
 22 

 
practicable to pay such taxes or charges and the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes or charges to the Owners entitled thereto in
proportion to the number of American Depositary Shares held by them respectively. Any such taxes or charges withheld by the Depositary shall be remitted by the Depositary or its agent to the appropriate governmental authority or agency in each
applicable jurisdiction in accordance with applicable law. 
 The Depositary will, and will instruct the Custodian to, forward to the
Company or its agents such information from its records as the Company may reasonably request to enable the Company or its agents to file the necessary tax returns or reports with governmental authorities or agencies. Each Owner and Holder agrees to
indemnify the Depositary, the Company, the Custodian and any of their respective directors, officers, employees, agents and affiliates against, and to hold each of them harmless from, any claims by any governmental authority or agency or any other
entity or person with respect to taxes (including applicable additions to tax, penalties and interest with respect thereto) arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained for or by such Owner
or Holder. 
 The obligations of Holders and Owners of American Depositary Shares under this Section 4.11 and under Section 3.02
shall survive any transfer of American Depositary Shares, any surrender of American Depositary Share and withdrawal of Deposited Securities, as well as the termination of this Deposit Agreement. 

SECTION 4.12 Redemption of Deposited Securities. 

If the Depositary receives a notice that Deposited Securities have been or are to be redeemed for cash or otherwise purchased for cash in a
transaction that will be mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”), the Depositary shall as promptly as practicable (i) send a notice to Owners (A) notifying them of that
Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares and (C) notifying them that, upon that Redemption, the called American Depositary Shares will convert into a right only to receive the money or
other property received by the Depositary upon that Redemption and those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary Shares shall be entitled upon surrenders of those American Depositary
Shares in accordance with Section 2.05 or 6.02, (ii) surrender Deposited Securities that have been redeemed to the issuer of those securities or its agent on the redemption date and (iii) distribute the money or other property
received upon the Redemption to the Owners entitled to it upon surrender by them of called American Depositary Shares in accordance with Section 2.05 (and, for the avoidance of doubt, Owners shall not be entitled to receive that money or other
property under Section 4.01 or 4.02). If the Redemption affects less than all the Deposited Securities, the Depositary shall call for surrender a corresponding portion of the outstanding American Depositary Shares and only those American
Depositary Shares will automatically be converted into a 

  
 23 

 
right to receive the net proceeds of the Redemption. The Depositary shall allocate the American Depositary Shares converted under the preceding sentence among the Owners pro-rata to their
respective holdings of American Depositary Shares immediately prior to the Redemption, except that the allocations may be adjusted so that no fraction of a converted American Depositary Share is allocated to any Owner. 

 

	ARTICLE 5.	THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY 

 SECTION 5.01 Maintenance of Office and
Transfer Books by the Depositary. 
 Until termination of this Deposit Agreement in accordance with its terms, the Depositary shall
maintain in the Borough of Manhattan, The City of New York, facilities for the execution and delivery, registration, registration of transfers and surrender of American Depositary Shares in accordance with the provisions of this Deposit Agreement.

 The Depositary shall keep books, at its Corporate Trust Office, for the registration of American Depositary Shares and transfers of
American Depositary Shares 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 American Depositary Shares. 
 The Depositary may close the
transfer books, at any time or from time to time, when deemed reasonably expedient by it in connection with the performance of its duties hereunder or at the written request of the Company. 

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

The Company shall have the right, at all reasonable times, upon written request, to inspect transfer and registration records of the
Depositary, the Registrar and any co-transfer agents or co-registrars and to require such parties to supply copies of such portions of their records as the Company may reasonably request. 

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

Neither the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any
Owner or Holder (i) if by reason of any provision of any present or future law or regulation of the United States or any other country, or of any governmental or regulatory authority or stock 

  
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exchange, or by reason of any provision, present or future, of the Articles or similar document of the Company, or by reason of any provision of any securities issued or distributed by the
Company, or any offering or distribution thereof, or by reason of any act of God or war or terrorism or other circumstances beyond its control, the Depositary or the Company shall be prevented, delayed or forbidden from, or be subject to any civil
or criminal penalty on account of, doing or performing any act or thing which by the terms of this Deposit Agreement or the Deposited Securities it is provided shall be done or performed, (ii) 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, (iii) by reason of any exercise of, or failure to exercise, any discretion provided for in this
Deposit Agreement, (iv) for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of this Deposit
Agreement, made available to Owners or Holders, or (v) for any special, consequential or punitive damages for any breach of the terms of this Deposit Agreement. Where, by the terms of a distribution pursuant to Section 4.01, 4.02 or 4.03,
or an offering or distribution pursuant to Section 4.04, or for any other reason, such distribution or offering may not be made available to Owners, and the Depositary may not dispose of such distribution or offering on behalf of such Owners
and make the net proceeds available to such Owners, then the Depositary shall not make such distribution or offering, and shall allow any rights, if applicable, to lapse. 

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

Neither the Company nor any of its directors, officers, employees, agents or affiliates assume any obligation nor shall it be subject to any
liability under this Deposit Agreement to any Owner or Holder, except that the Company agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. 

Neither the Depositary nor any of its directors, officers, employees, agents or affiliates assume any 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 the Depositary agrees to perform its obligations specifically
set forth in this Deposit Agreement without negligence or bad faith. 
 Neither the Depositary nor the Company nor any of their respective
directors, officers, employees, agents or affiliates 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 American Depositary Shares on
behalf of any Owner or Holder or any other person. 

  
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 Neither the Depositary nor the Company nor any of their respective directors, officers,
employees, agents or affiliates shall be liable for any action or nonaction by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or any other person believed by it
in good faith to be competent to give such advice or information. 
 The Depositary and the Company and their respective directors,
officers, employees, agents or affiliates may rely and shall be protected in acting upon any written notice, request, direction or other documents believed by them to be genuine and to have been signed or presented by the proper party or parties.

 Neither the Depositary nor the Company nor any of their respective directors, officers, employees, agents or affiliates shall be liable
for the failure by any Owner or Holder to obtain the benefits of credits on the basis of non-U.S. tax paid against such Owner or Holder’s income tax liability. Neither the Depositary nor the Company nor any of their respective directors,
officers, employees, agents or affiliates shall incur any liability for any tax consequences that may be incurred by Owners or Holders on account of their ownership of American Depositary Shares. 

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 liable for the acts or omissions of
any securities depository, clearing agency or settlement system in connection with or arising out of book-entry settlement of Deposited Securities or otherwise, provided such acts or omissions are not the direct result of the negligence or bad faith
of the Depositary. 
 The Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited
Securities, or for the manner in which any such vote is cast or the effect of any such vote, provided that any such action or nonaction is in good faith. 

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

SECTION 5.04 Resignation and Removal of the Depositary. 

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

  
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 The Depositary may at any time be removed by the Company by 60 days prior written notice of such
removal, to become effective upon the later of (i) the 60th day after delivery of the notice to the Depositary and (ii) 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 reasonable efforts to appoint a
successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York or in any other place permitted by applicable law and stock exchange rules. Every successor depositary shall execute and
deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor; but such predecessor, nevertheless, upon payment of all sums due it and on the written request of the Company shall execute and deliver an instrument transferring to such successor all rights and powers of such
predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Deposited Securities to such successor and shall deliver to such successor a list of the Owners of all outstanding American Depositary Shares. Any
such successor depositary shall promptly mail notice of its appointment to the Owners. 
 Any corporation into or with which the Depositary
may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act. 

SECTION 5.05 The Custodians. 

The Custodian shall be subject at all times and in all respects to the directions of the Depositary and shall be responsible solely to it. Any
Custodian may resign and be discharged from its duties hereunder by notice of such resignation delivered to the Depositary at least 30 days prior to the date on which such resignation is to become effective. 

The Depositary will inform the Company of such resignation as promptly as practicable following receipt of such notice from the Custodian. If
upon such resignation there shall be no Custodian acting hereunder, the Depositary shall, promptly after receiving such notice, appoint a substitute custodian or custodians, each of which shall thereafter be a Custodian hereunder. The Depositary in
its discretion may appoint a substitute or additional custodian or custodians, each of which shall thereafter be one of the Custodians hereunder. Upon demand of the Depositary any Custodian shall deliver such of the Deposited Securities held by it
as are requested of it to any other Custodian or such substitute or additional custodian or custodians. Each such substitute or additional 

  
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custodian shall deliver to the Depositary, forthwith upon its appointment, an acceptance of such appointment satisfactory in form and substance to the Depositary. The Depositary shall notify the
Company of the appointment of a substitute or additional Custodian as promptly as practicable and, if practicable, prior to the effectiveness of such appointment. 

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

SECTION 5.06 Notices and Reports. 

On or before the first date on which the Company gives notice, by publication or otherwise, of any general shareholders’ meeting at which
holders of Shares or other Deposited Securities are entitled to vote, or of any such adjourned meeting, or of the taking of any action in respect of any cash or other distributions or the offering of any rights, the Company agrees to transmit to the
Depositary and the Custodian a copy of the notice thereof in the form given or to be given to holders of Shares or other Deposited Securities. 

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

SECTION 5.07 Distribution of Additional Shares, Rights, etc. 

If the Company or any affiliate of the Company determines to make any issuance or distribution 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 shall notify the Depositary in writing in English as promptly as practicable and
in any event before the Distribution starts and, if reasonably requested in writing by the Depositary, the Company shall promptly furnish to the Depositary a written opinion from U.S. counsel for the Company that is reasonably satisfactory to the
Depositary, stating whether or not the Distribution requires registration 

  
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under the Securities Act of 1933. If, in the opinion of that counsel, the Distribution requires registration under the Securities Act of 1933, that counsel shall furnish to the Depositary a
written opinion as to whether or not there is a registration statement under the Securities Act of 1933 in effect that will cover that Distribution. 

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, either originally issued or previously issued and reacquired by the Company or any such affiliate, unless a Registration Statement is in effect as to such Shares under the Securities Act of 1933 or the
Company delivers to the Depositary an opinion of United States counsel, satisfactory to the Depositary, to the effect that, upon deposit, those Shares will be eligible for public resale in the United States without further registration under the
Securities Act of 1933. 
 In the event that such registration under the Securities Act of 1933 would be required in connection with any
such Distribution, the Company shall have no obligation to effect such registration. To the extent the Issuer in its discretion deems it necessary or advisable in order to avoid any requirement to register such additional securities under the
Securities Act, the Company may prevent Owners in the United States from purchasing any such additional securities (whether pursuant to preemptive rights or otherwise) and direct the Depositary not to accept any Shares for deposit for such period of
time following the issuance of such additional securities and to adopt such other specific measures as the Company may reasonably request in writing. 

Notwithstanding anything to the contrary herein, nothing in this Deposit Agreement shall be deemed to oblige the Company to file any
registration statement in respect of any proposed transactions. 
 SECTION 5.08 Indemnification. 

The Company agrees to indemnify the Depositary, its directors, employees, agents and affiliates and any Custodian against, and hold each of
them harmless from, any liability or expense (including, but not limited to any fees and expenses incurred in seeking, enforcing or collecting such indemnity and the reasonable fees and expenses of counsel) which may arise out of or in connection
with (a) any registration with the Commission of American Depositary Shares or Deposited Securities or the offer or sale thereof in the United States, except to the extent the liability or expense arises out of information relating to the
Depositary or the Custodian furnished in writing to the Company by the Depositary expressly for use in any registration statement, proxy statement, prospectus or offering memorandum (or private placement memorandum) relating to the Shares (it being
agreed that, as of the date of this Deposit Agreement, no information of that kind has been furnished) or (b) acts performed or omitted, pursuant to the provisions of or in connection with this Deposit Agreement and the American Depositary
Shares, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian or their 

  
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respective directors, employees, agents and affiliates, except for any liability or expense arising out of the negligence or bad faith of either of them, or (ii) by the Company or any of its
directors, employees, agents and affiliates. 
 The Depositary agrees to indemnify the Company, its directors, employees, agents and
affiliates and hold them harmless from any liability or expense (including, but not limited to any fees and expenses incurred in seeking, enforcing or collecting such indemnity and the reasonable fees and expenses of counsel) which may arise out of
acts performed or omitted by the Depositary or its Custodian or their respective directors, employees, agents and affiliates due to their negligence or bad faith. 

SECTION 5.09 Charges of Depositary. 

The Company agrees to pay the fees and out-of-pocket expenses 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 following charges shall be incurred by any party
depositing or withdrawing Shares or by any party surrendering American Depositary Shares or to whom American Depositary Shares 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 American Depositary Shares or Deposited Securities or a delivery of American Depositary Shares pursuant to Section 4.03), or by Owners, as applicable: (1) applicable taxes and other governmental charges
payable with respect to American Depositary Shares or Deposited Securities, (2) such registration fees as may from time to time be in effect for the registration of transfers of Shares generally on the Share register of the Company or Foreign
Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals hereunder, (3) such cable, telex and facsimile transmission expenses
as are expressly provided in this Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.05, (5) a fee of $5.00 or less per 100 American Depositary Shares (or
portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.03, 4.03 or 4.04 and the surrender of American Depositary Shares pursuant to Section 2.05 or 6.02, (6) a fee of $.05 or less per American Depositary
Share (or portion thereof) for any cash distribution made pursuant to this Deposit Agreement, including, but not limited to Sections 4.01 through 4.04 hereof, (7) a fee for the distribution of securities pursuant to Section 4.02, such fee
being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the deposit of such securities (for purposes of this clause 7 treating all such
securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under clause 6, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum
for depositary services, which will be payable as provided in clause 9 below, and (9) any other charges 

  
 30 

 
payable by the Depositary, any of the Depositary’s agents, including the Custodian, or the agents of the Depositary’s agents in connection with the servicing of Shares or other
Deposited Securities (which charge shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.06 and shall be payable at the sole discretion of the Depositary by billing such Owners for such
charge or by deducting such charge from one or more cash dividends or other cash distributions). 
 The Depositary may collect any of its
fees by deduction from any cash distribution payable to Owners that are obligated to pay those fees. 
 The Depositary, subject to
Section 2.09 hereof, may own and deal in any class of securities of the Company and its affiliates and in American Depositary Shares. 

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. 

The Company agrees not to appoint any other depositary for issuance of American or global depositary shares or receipts so long as The Bank of
New York Mellon is acting as Depositary hereunder. 
 SECTION 5.12 List of Restricted Securities Owners. 

From time to time, the Company shall provide to the Depositary a list setting forth, to the actual knowledge of the Company, those persons or
entities who beneficially own Restricted Securities and the Company shall update that list on a regular basis. The Company agrees to advise in writing each of the persons or entities so listed that such Restricted Securities are ineligible for
deposit hereunder. The Depositary may rely on such a list or update but shall not be liable for any action or omission made in reliance thereon. 
  

	ARTICLE 6.	AMENDMENT AND TERMINATION 

 SECTION 6.01 Amendment. 

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

  
 31 

 
fees or charges (other than taxes and other governmental charges, registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise
prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the expiration of 30 days after notice of such amendment shall have been given to the Owners of outstanding
American Depositary Shares. Every Owner and Holder, at the time any amendment so becomes effective, shall be deemed, by continuing to hold American Depositary Shares or any interest therein, 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 to surrender American Depositary Shares and receive therefor the Deposited Securities represented thereby, except in order to comply with
mandatory provisions of applicable law. 
 SECTION 6.02 Termination. 

The Company may at any time terminate this Deposit Agreement by instructing the Depositary to mail a notice of termination to the Owners of
all American Depositary Shares then outstanding at least 30 days prior to the termination date included in such notice. The Depositary may likewise terminate this Deposit Agreement if at any time 60 days shall have expired after the Depositary
delivered to the Company a written resignation notice and if a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.04; in such case the Depositary shall mail a notice of termination to the
Owners of all American Depositary Shares then outstanding at least 30 days prior to the termination date. On and after the date of termination, the Owner of American Depositary Shares will, upon (a) surrender of such American Depositary Shares,
(b) payment of the fee of the Depositary for the surrender of American Depositary Shares referred to in Section 2.05, and (c) payment of any applicable taxes or governmental charges, be entitled to delivery, to that Owner or upon that
Owner’s order, of the amount of Deposited Securities represented by those American Depositary Shares. If any American Depositary Shares shall remain outstanding after the date of termination, the Depositary thereafter shall discontinue the
registration of transfers of American Depositary Shares, shall suspend the distribution of dividends to the Owners thereof, and shall not give any further notices or perform any further acts under this Deposit Agreement, except 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, upon surrender of American Depositary Shares (after deducting, in each case, the fee of the Depositary for the surrender
of American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement, and any applicable taxes or governmental charges). 

  
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 At any time after the expiration of four months from the date of termination, the Depositary may
sell the Deposited Securities then held under this Deposit Agreement 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 American Depositary Shares that 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 American Depositary Shares, any expenses for
the account of the Owner of such American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement, and any applicable taxes or governmental charges. Upon the termination of this Deposit Agreement, the Company shall be
discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary under Sections 5.08 and 5.09. 
  

	ARTICLE 7.	MISCELLANEOUS 

 SECTION 7.01 Counterparts; Signatures. 

This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of such counterparts
shall constitute one and the same instrument. Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians and shall be open to inspection by any Owner or Holder during business hours. 

Any manual signature on this Deposit Agreement that is faxed, scanned or photocopied, and any electronic signature valid under the Electronic
Signatures in Global and National Commerce Act, 15 U.S.C. § 7001, et. seq., shall for all purposes have the same validity, legal effect and admissibility in evidence as an original manual signature, and the parties hereby waive any
objection to the contrary. 
 SECTION 7.02 No Third Party Beneficiaries. 

This Deposit Agreement is for the exclusive benefit of the parties hereto and shall not be deemed to give any legal or equitable right, remedy
or claim whatsoever to any other person. 
 SECTION 7.03 Severability. 

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

  
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 SECTION 7.04 Owners and Holders as Parties; Binding Effect. 

The Owners and Holders 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 of American Depositary Shares or any interest therein. 
 SECTION 7.05 Notices. 

Any and all notices to be given to the Company shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex
or facsimile transmission confirmed by letter, addressed to Navios Maritime Holdings Inc., 7 Avenue de Grande Bretagne, Office 11B2, Monte Carlo, MC98000 Monaco, Attention: Secretary, or any other place to which the Company may have transferred its
principal office with notice to the Depositary; with a copy to Fried, Frank, Harris, Shriver & Jacobson LLP, One New York Plaza, New York, New York 10004, Attention: Stuart Gelfond. 

Any and all notices to be given to the Depositary shall be deemed to have been duly given if in English and personally delivered or sent by
mail or cable, telex or facsimile transmission confirmed by letter, addressed to The Bank of New York Mellon, 101 Barclay Street, New York, New York 10286, Attention: American Depositary Receipt Administration, or any other place to which
the Depositary may have transferred its Corporate Trust Office with notice to the Company. 
 Any and all notices to be given to any Owner
shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex or facsimile transmission confirmed by letter, addressed to such Owner at the address of such Owner as it appears on the transfer books for American
Depositary Shares of the Depositary, or, if such Owner shall have filed with the Depositary a written request that notices intended for such Owner be mailed to some other address, at the address designated in such request. 

Delivery of a notice sent by mail or cable, telex or facsimile transmission shall be deemed to be 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. The Depositary or the Company may, however, act upon any cable, telex or
facsimile transmission received by it, notwithstanding that such cable, telex or facsimile transmission shall not subsequently be confirmed by letter as aforesaid. 

SECTION 7.06 Submission to Jurisdiction; Appointment of Agent for Service of Process; Jury Trial Waiver. 

The Company hereby (i) irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents in any
suit or proceeding 

  
 34 

 
arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Deposit Agreement, by serving a copy thereof upon any employee of the
Company (in such capacity, the “agent”) at any business location that the Company may maintain from time to time in the United States including, without limitation, at the offices of Navios Corporation located at 825 Third Avenue, 34th
Floor, New York, New York 10022; provided that if at any time the Company does not maintain a bona fide business location in the State of New York, then the Company shall promptly (and in any event within 10 days) irrevocably designate,
appoint and empower CT Corporation System, with offices currently at 111 Eighth Avenue, New York, New York 10011 (or such other third party corporate service provider of national standing as may be reasonably acceptable to the Depositary), as their
designee, appointee and agent to receive, accept and acknowledge for and on their behalf service of any and all legal process, summons, notices and documents that may be served in any action, suit or proceeding brought against them in any such
United States or state court located in the County of New York with respect to their obligations, liabilities or any other matter arising out or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this
Deposit Agreement and that may be made on such designee, appointee and agent in accordance with legal procedures prescribed for such courts (the “third party agent” and each of the third party agent and the agent being an “authorized
agent”) and pay all fees and expenses required by the third party agent in connection therewith, (ii) consents and submits to the jurisdiction of any state or federal court in the State of New York in which any such suit or proceeding may
be instituted, and (iii) agrees that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. The Company agrees to deliver a written acceptance
by any third party agent of its appointment as such authorized agent. The Company further agrees to take any and all action, including the filing of any and all such documents and instruments, as may be necessary to continue such designation and
appointment in full force and effect for so long as any American Depositary Shares or Receipts remain outstanding or this Deposit Agreement remains in force. In the event the Company fails to continue such designation and appointment in full force
and effect, the Company hereby waives personal service of process upon it and consents that, to the extent permitted by law, any such service of process may be made by certified or registered mail, return receipt requested, directed to the Company
at its address last specified for notices hereunder, and service so made shall be deemed completed five days after the same shall have been so mailed. 

EACH PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES,
THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THIS DEPOSIT AGREEMENT OR 

  
 35 

 
ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING WITHOUT LIMITATION ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT,
TORT OR ANY OTHER THEORY). 
 SECTION 7.07 Waiver of Immunities. 

To the extent that the Company or any of its properties, assets or revenues may have or may hereafter become entitled to, or have attributed
to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service
of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any
jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or Deposited Securities, the American Depositary Shares, the
Receipts or this Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such relief and enforcement. 

SECTION 7.08 Governing Law. 

This Deposit Agreement and the Receipts shall be interpreted and all rights hereunder and thereunder and provisions hereof and thereof shall
be governed by the laws of the State of New York, except with respect to its authorization and execution by the Company, which shall be governed by the laws of the Republic of the Marshall Islands. 

  
 36 

 IN WITNESS WHEREOF, NAVIOS MARITIME HOLDINGS INC. and THE BANK OF NEW YORK MELLON have duly
executed this Deposit Agreement as of the day and year first set forth above and all Owners and Holders shall become parties hereto upon acceptance by them of American Depositary Shares or any interest therein. 

 

					
	NAVIOS MARITIME HOLDINGS INC.
		
	By:	 	 /s/ George Achniotis

		 	Name:	 	George Achniotis
		 	Title:	 	Chief Financial Officer
	
	 THE BANK OF NEW YORK MELLON,
 as
Depositary

		
	By:	 	 /s/ John DiGiovanni Hawke

		 	Name:	 	John DiGiovanni Hawke
		 	Title:	 	Managing Director

  
 37 

 EXHIBIT A 
  

			
		    	 AMERICAN DEPOSITARY SHARES

(Each American Depositary Share represents

[ratio for specified series] deposited Share[s])

 THE BANK OF NEW YORK MELLON 

AMERICAN DEPOSITARY RECEIPT 
 FOR
[SERIES DESIGNATION] PREFERRED SHARES 
 OF 

NAVIOS MARITIME HOLDINGS INC. 

(INCORPORATED UNDER THE LAWS OF THE REPUBLIC OF THE MARSHALL ISLANDS) 

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

AMERICAN DEPOSITARY SHARES [SERIES DESIGNATION] 

representing deposited [series designation] preferred shares (herein called “Shares”) of Navios Maritime Holdings Inc., a company incorporated under
the laws of the Republic of the Marshall Islands (herein called the “Company”). At the date hereof, each American Depositary Share represents [ratio for specified series] Share[s] deposited or subject to deposit under the Deposit Agreement
(as such term is hereinafter defined) at the principal London office of The Bank of New York Mellon (herein called the “Custodian”). The Depositary’s Corporate Trust Office is located at a different address than its principal
executive office. Its Corporate Trust Office is located at 101 Barclay Street, New York, N.Y. 10286, and its principal executive office is located at One Wall Street, New York, N.Y. 10286. 

THE DEPOSITARY’S CORPORATE TRUST OFFICE ADDRESS IS 

101 BARCLAY STREET, NEW YORK, N.Y. 10286 

	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 January 21, 2014 (herein called the “Deposit Agreement”) among the Company, the Depositary and all
Owners and Holders from time to time of American Depositary Shares issued thereunder, each of whom by accepting American Depositary Shares 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 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 (which shall prevail in the case of any inconsistency with any provisions of this Receipt), to which reference is hereby made. Capitalized terms defined in the
Deposit Agreement and not defined herein shall have the meanings set forth in the Deposit Agreement. 
 2. SURRENDER OF AMERICAN DEPOSITARY SHARES AND
WITHDRAWAL OF DEPOSITED SECURITIES. 
 Upon surrender at the Corporate Trust Office of the Depositary of American Depositary Shares, and
upon payment of the fee of the Depositary provided in this Receipt, and subject to the terms and conditions of the Deposit Agreement and the Articles, the Owner of those American Depositary Shares is entitled to delivery, to that Owner or as
instructed, of the amount of Deposited Securities at the time represented by those American Depositary Shares. Such delivery will be made at the option of the Owner hereof, either at the office of the Custodian or at the Corporate Trust Office of
the Depositary, provided that the forwarding of certificates for Shares or other Deposited Securities for such delivery at the Corporate Trust Office of the Depositary shall be at the risk and expense of the Owner hereof. 

 

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

 Transfers of American Depositary
Shares may be registered on the books of the Depositary by the Owner in person or by a duly authorized attorney, upon surrender of those American Depositary Shares properly endorsed for transfer or accompanied by proper instruments of transfer, in
the case of a Receipt, or pursuant to a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10 of the Deposit Agreement), in the case of uncertificated American Depositary
Shares, and funds sufficient to pay any applicable transfer taxes and the 

  
 1 

 
expenses of the Depositary and upon compliance with such regulations, if any, as the Depositary may establish for such purpose. This Receipt may be split into other such Receipts, or may be
combined with other such Receipts into one Receipt, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered. The Depositary, upon surrender of certificated American Depositary Shares for the purpose
of exchanging for uncertificated American Depositary Shares, shall cancel those certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the Owner of uncertificated American Depositary Shares. The
Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10 of the Deposit Agreement) from the Owner of uncertificated American Depositary Shares for
the purpose of exchanging for certificated American Depositary Shares, shall cancel those uncertificated American Depositary Shares and deliver to the Owner the same number of certificated American Depositary Shares. As a condition precedent to the
delivery, registration of transfer, or surrender of any American Depositary Shares or split-up or combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar may require payment from the
depositor of the Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any applicable tax or other
governmental charge and any stock transfer or registration fee payable with respect thereto (including any such tax or charge and fee payable with respect to Shares being deposited or withdrawn) and payment of any applicable fees as provided in the
Deposit Agreement, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions of the
Deposit Agreement. 
 The delivery of American Depositary Shares against deposit of Shares generally or against deposit of particular Shares
may be suspended, or the transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding American Depositary Shares generally may be suspended, during any period when the transfer books
of the Depositary are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or
under any provision of the Deposit Agreement, or for any other reason, subject to the provisions of the following sentence. Notwithstanding anything to the contrary in the Deposit Agreement or this Receipt, the surrender of outstanding American
Depositary Shares and withdrawal of Deposited Securities may not be suspended subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, 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 American Depositary Shares or to the withdrawal of the Deposited Securities. Without limitation of the foregoing, the 

  
 2 

 
Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares which would be required to be registered under the provisions of the Securities Act of 1933, unless a
registration statement is in effect as to such Shares for such offer and sale. 
  

	4.	LIABILITY OF OWNER FOR TAXES. 

 If any applicable tax or other governmental charge shall
become payable with respect to any American Depositary Shares or any Deposited Securities represented by any American Depositary Shares, such tax or other governmental charge shall be payable by the Owner to the Depositary. The Depositary may refuse
to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until such payment is made, and may withhold any dividends or other distributions, or may sell for
the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares, and may apply such dividends or other distributions or the proceeds of any such sale in payment of such tax or other governmental
charge to the appropriate governmental authority or agency in accordance with applicable law, and the Owner shall remain liable for any deficiency. 

Each Owner and Holder agrees to indemnify the Depositary, the Company, the Custodian and any of their respective directors, officers,
employees, agents and affiliates against, and to hold each of them harmless from, any claims by any governmental authority or agency or any other entity or person with respect to taxes (including applicable additions to tax, penalties or interest
with respect thereto) arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained for or by such Owner or Holder. The obligations of Holders and Owners of American Depositary Shares under Section 4.11
and under Section 3.02 of the Deposit Agreement shall survive any transfer of American Depositary Shares, any surrender of American Depositary Share and withdrawal of Deposited Securities, as well as the termination of the Deposit Agreement.

  

	5.	WARRANTIES ON DEPOSIT OF SHARES. 

 Every person depositing Shares under the Deposit
Agreement shall be deemed thereby to represent and warrant, that such Shares and each certificate therefor, if applicable, are validly issued, fully paid, nonassessable and free of any preemptive rights of the holders of outstanding Shares and that
the person making such deposit is duly authorized so to do. Every such person shall also be deemed to represent that the deposit of such Shares and the sale of 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 delivery of American Depositary Shares. 

  
 3 

	6.	FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION. 

 Any person presenting Shares for
deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the
Company or the Foreign Registrar, if applicable, to execute such certificates, to make such representations and warranties and to provide such other information and documentation, as the Depositary may deem necessary or proper. The Depositary may
withhold the delivery or registration of transfer of any American Depositary Shares or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or the delivery of any Deposited Securities until such proof or
other information is filed or such certificates are executed or such representations and warranties made. If requested in writing, the Depositary shall, as promptly as practicable, provide the Company, at the expense of the Company, with copies of
any such proofs, certificates or other information it receives pursuant to Section 3.01 of the Deposit Agreement, to the extent that disclosure is permitted under applicable law. No Share shall be accepted for deposit unless accompanied by
evidence reasonably satisfactory to the Depositary that any necessary approval has been granted by any governmental body in each applicable jurisdiction that is then performing the function of the regulation of currency exchange. 

 

	7.	CHARGES OF DEPOSITARY. 

 The following charges shall be incurred by any party depositing
or withdrawing Shares or by any party surrendering American Depositary Shares or to whom American Depositary Shares 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 American Depositary Shares or Deposited Securities or a delivery of American Depositary Shares pursuant to Section 4.03 of the Deposit Agreement), or by Owners, as applicable: (1) applicable taxes and other
governmental charges payable with respect to American Depositary Shares or Deposited Securities, (2) such registration fees as may from time to time be in effect for the registration of transfers of Shares generally on the Share register of the
Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals under the terms of the Deposit Agreement, (3) such
cable, telex and facsimile transmission expenses as are expressly provided in the Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.05 of the Deposit
Agreement, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.03, 4.03 or 4.04 of the Deposit Agreement and the surrender of American
Depositary Shares pursuant to Section 2.05 or 6.02 of the Deposit Agreement, (6) a fee of $.05 or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to the Deposit Agreement, including, but not
limited to Sections 4.01 through 4.04 of the Deposit Agreement, (7) a fee for the distribution of securities pursuant to Section 4.02 of the Deposit Agreement, such fee being in an amount equal to the fee for the execution and

  
 4 

 
delivery of American Depositary Shares referred to above which would have been charged as a result of the deposit of such securities (for purposes of this clause 7 treating all such securities as
if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under clause 6, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary
services, which will be payable as provided in clause 9 below, and (9) any other charges payable by the Depositary, any of the Depositary’s agents, including the Custodian, or the agents of the Depositary’s agents in connection with
the servicing of Shares or other Deposited Securities (which charge shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.06 of the Deposit Agreement and shall be payable at the sole
discretion of the Depositary by billing such Owners for such charge or by deducting such charge from one or more cash dividends or other cash distributions). 

The Depositary may collect any of its fees by deduction from any cash distribution payable to Owners that are obligated to pay those fees.

 The Depositary, subject to Article 8 hereof, may own and deal in any class of securities of the Company and its affiliates and in
American Depositary Shares. 
 From time to time, the Depositary may make payments to the Company to reimburse and / or share revenue from
the fees collected from Owners or Holders, or waive fees and expenses for services provided, generally relating to costs and expenses arising out of establishment and maintenance of the American Depositary Shares program. In performing its duties
under the Deposit Agreement, the Depositary may use brokers, dealers or other service providers that are affiliates of the Depositary and that may earn or share fees or commissions. 

 

	8.	PRE-RELEASE OF RECEIPTS. 

 Unless requested in writing by the Company to cease doing so,
notwithstanding Section 2.03 hereof, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.02 of the Deposit Agreement (a “Pre-Release”). The Depositary may, pursuant to
Section 2.05 of the Deposit Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not such cancellation is prior to the termination of such Pre-Release. The Depositary may receive
American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or accompanied by a written representation and agreement from the person to whom American Depositary Shares or Shares are to be
delivered (the “Pre-Releasee”) that such person, or its customer, (i) beneficially owns the Shares or American Depositary Shares to be remitted, as the case may be, (ii) assigns all beneficial right, title and interest in such
American Depositary Shares or Shares, 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 American Depositary Shares or Shares, as the case may
be, that is inconsistent with the transfer of 

  
 5 

 
beneficial ownership (including, without the consent of the Depositary, disposing of such American Depositary Shares or Shares, as the case may be), other than in satisfaction of the Pre-Release,
(b) at all times fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days’ notice, and (d) subject to such further
indemnities and credit regulations as the Depositary deems appropriate. The number of Shares represented by American Depositary Shares which are outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of
the Shares deposited hereunder; provided, however, that the Depositary reserves the right to disregard such limit from time to time as it reasonably deems appropriate and may, with the prior written consent of the Company, change that
limit for purposes of general application. The Depositary will also set Dollar limits with respect to Pre-Release transactions with any particular Pre-Releasee on a case-by-case basis as the Depositary deems appropriate. The collateral referred to
in item (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee’s obligations in connection the related Pre-Release transaction, including the Pre-Releasee’s obligation to deliver Shares or
American Depositary Shares upon termination of that Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities). 

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 Owner or Holder in connection with any Pre-Release. 

 

	9.	TITLE TO RECEIPTS. 

 It is a condition of this Receipt and every successive Owner and
Holder of this Receipt by accepting or holding the same consents and agrees that when properly endorsed or accompanied by proper instruments of transfer, the American Depositary Shares evidenced by this Receipt shall be transferable as certificated
registered securities under the laws of the State of New York. American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of the State of New York. The Depositary,
notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares 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 the Deposit Agreement and for all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement to any Holder of American Depositary Shares unless that
Holder is the Owner of those American Depositary Shares. 
  

	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 

  
 6 

 
the Depositary by the manual signature of a duly authorized signatory of the Depositary; provided, however that such signature may be a facsimile if a Registrar for the Receipts
shall have been appointed and such Receipts are countersigned by the manual signature of a duly authorized officer of the Registrar. 
  

	11.	REPORTS; INSPECTION OF TRANSFER BOOKS. 

 The Company is subject to the periodic reporting
requirements of the Securities Exchange Act of 1934 and, accordingly, files reports with the Commission. Those reports will be available for inspection and copying through the Commission’s EDGAR system on the Internet at www.sec.gov or
at public reference facilities maintained by the Commission located at 100 F Street, N.E., Washington, D.C. 20549. 
 The Depositary will
make available for inspection by Owners at its Corporate Trust Office any reports, notices and other communications, including any proxy soliciting material, received from the Company which are both (a) received by the Depositary as the holder
of the Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The Depositary will also, upon written request by the Company, send to Owners copies of such reports when furnished by the
Company pursuant to the Deposit Agreement. Any such reports and communications, including any such proxy soliciting material, furnished to the Depositary by the Company shall be furnished in English to the extent such materials are required to be
translated into English pursuant to any regulations of the Commission. 
 The Depositary will keep books, at its Corporate Trust Office, for
the registration of American Depositary Shares and transfers of American Depositary Shares 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 the Deposit Agreement or the American Depositary Shares. 
  

	12.	DIVIDENDS AND DISTRIBUTIONS. 

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

  
 7 

 Subject to the provisions of Sections 4.11 and 5.09 of the Deposit Agreement, whenever the
Depositary receives any distribution other than a distribution described in Section 4.01, 4.03 or 4.04 of the Deposit Agreement, the Depositary will, as promptly as practicable, after consultation with the Company, cause the securities or
property received by it to be distributed to the Owners entitled thereto, in any manner that the Depositary may, after consultation with the Company, reasonably deem equitable and practicable for accomplishing such distribution; provided,
however, that 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 reasonably deems such distribution not to
be feasible, the Depositary may, following consultation with the Company to the extent practicable, adopt such method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public
or private sale of the securities or property thus received, or any part thereof, and the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.09 of the Deposit
Agreement) will be distributed as promptly as practicable by the Depositary to the Owners of Receipts entitled thereto all in the manner and subject to the conditions described in Section 4.01 of the Deposit Agreement. The Depositary may
withhold any distribution of securities under Section 4.02 of the Deposit Agreement if it has not received reasonably satisfactory assurances from the Company that the distribution does not require registration under the Securities Act of 1933.
The Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise distribute under this Article that is sufficient to pay its fees and expenses in respect of that distribution. 

If any distribution consists of a dividend in, or free distribution of, Shares, the Depositary may, and shall if the Company so requests in
writing, deliver to the Owners entitled thereto, 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 issuance of American Depositary Shares, including withholding of any applicable tax or governmental charge as provided in Section 4.11 of the Deposit Agreement and payment of the fees and expenses of the
Depositary as provided in Article 7 hereof and Section 5.09 of the Deposit Agreement (and the Depositary may sell, by public or private sale, an amount of Shares received sufficient to pay its fees and expenses in respect of that distribution).
The Depositary may withhold any such delivery of American Depositary Shares if it has not received reasonably satisfactory assurances from the Company that such distribution does not require registration under the Securities Act of 1933. In lieu of
delivering fractional American Depositary Shares in any such case, the Depositary may sell the amount of Shares represented by the aggregate of such fractions and distribute the net proceeds, all in the manner and subject to the conditions described
in Section 4.01 of 

  
 8 

 
the Deposit Agreement. If additional American Depositary Shares are not so delivered, each American Depositary Share shall thenceforth also represent the additional Shares distributed upon the
Deposited Securities represented thereby. 
 In the event that the Depositary reasonably determines that any distribution in property
(including Shares and rights to subscribe therefor) is subject to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose of all or a portion of such property
(including Shares and rights to subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay any such taxes or charges, and the Depositary shall distribute the net proceeds of any such sale after
deduction of such taxes or charges to the Owners of Receipts entitled thereto. 
  

	13.	RIGHTS. 

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

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

If the Depositary has distributed warrants or other instruments for rights to all or certain Owners, then upon instruction from such an Owner
pursuant to such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to the Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to be
received upon the exercise of the rights, 

  
 9 

 
and upon payment of the fees and expenses 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 2.02 of the Deposit Agreement, and shall, pursuant to Section 2.03 of the Deposit Agreement, deliver American Depositary Shares to such Owner. In the case of a distribution pursuant to the second paragraph of this Article 13, such
deposit shall be made, and depositary shares shall be delivered, under depositary arrangements which provide for issuance of depositary shares subject to the appropriate restrictions on sale, deposit, cancellation, and transfer under applicable
United States laws. 
 If the Depositary reasonably determines, after consultation with the Company to the extent practicable, that it is
not lawful and feasible to make such rights available to all or certain Owners, it may sell the rights, warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners to whom it has determined it may not
lawfully or feasibly make such rights available, and allocate the net proceeds of such sales (net of the fees and expenses of the Depositary as provided in Section 5.09 of the Deposit Agreement and all applicable 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 American Depositary Shares or otherwise. 

The Depositary will not offer rights to Owners unless both the rights and the securities to which such rights relate are either exempt from
registration under the Securities Act of 1933 with respect to a distribution to all Owners or are registered under the provisions of such Act; provided, that nothing in the Deposit Agreement shall create any obligation on the part of the Company to
file a registration statement with respect to such rights or underlying securities or to endeavor to have such a registration statement declared effective. If an Owner requests the distribution of warrants or other instruments, notwithstanding that
there has been no such registration under the Securities Act of 1933, the Depositary shall not effect such distribution unless it has received an opinion from recognized counsel in the United States for the Company upon which the Depositary may rely
that such distribution to such Owner is exempt from such registration. 
 Neither the Company nor the Depositary shall be responsible for
any failure to determine that it may be lawful or feasible to make such rights available to Owners in general or any Owner in particular. 
  

	14.	CONVERSION OF FOREIGN CURRENCY. 

 Whenever the Depositary or the Custodian shall receive
foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property 

  
 10 

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

If such conversion or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary
shall, as promptly as practicable, file such application for approval or license, if any, as it may deem desirable. 
 If at any time the
Depositary shall determine, following consultation with the Company, 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 opinion of the Depositary is not obtainable, or if any such approval or license is not obtained within a reasonable
period as determined by the Depositary, the Depositary may distribute the foreign currency (or an appropriate document evidencing the right to receive such foreign currency) received by the Depositary to, or in its discretion may hold such foreign
currency uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled to receive the same. 

If any such conversion of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto,
the Depositary may in its reasonable discretion, following consultation with the Company, 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. 

 

	15.	RECORD DATES. 

 Whenever any cash dividend or other cash distribution shall become
payable or any distribution other than cash shall be made, or whenever rights shall be issued with respect to the Deposited Securities, or whenever the Depositary shall receive notice of any meeting of holders of Shares or other Deposited
Securities, or whenever for any reason the Depositary causes a change in the number of Shares that are represented by 

  
 11 

 
each American Depositary Share, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a record date, which date shall be the same date, to the extent
practicable, as the record date, if any, for the Deposited Securities or, if different, as close thereto as is practicable (the “ADS Record Date”), (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, (ii) entitled to give instructions for the exercise of voting rights at any such meeting or (iii) responsible for any fee assessed by the Depositary pursuant to the
Deposit Agreement, or (b) on or after which each American Depositary Share will represent the changed number of Shares, subject to the provisions of the Deposit Agreement. 

 

	16.	VOTING OF DEPOSITED SECURITIES. 

 Upon receipt of notice of any meeting or solicitation
of proxies or consents of holders of Shares or other Deposited Securities, if requested in writing by the Company, the Depositary shall, as soon as practicable thereafter, mail to the Owners of Receipts a notice, the form of which notice shall be
approved by the Company in advance, which shall contain (a) such information as is contained in such notice of meeting received by the Depositary from the Company, (b) a statement that the Owners as of the close of business on the ADS
Record Date will be entitled, subject to any applicable provision of law and of the Articles or similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the amount of Shares or other
Deposited Securities represented by their respective American Depositary Shares and (c) a statement as to the manner in which such instructions may be given to the Depositary or in which voting instructions may be deemed to have been given in
accordance with Section 4.07 of the Depositary Agreement. Upon the written request of an Owner of American Depositary Shares on the ADS Record Date, received on or before the date established by the Depositary for such purpose, the Depositary
shall endeavor, in so far as practicable, to vote or cause to be voted the amount of Shares or other Deposited Securities represented by those American Depositary Shares in accordance with the instructions set forth in such request. The Depositary
shall not, and the Depositary shall ensure that the Custodian does not, vote or attempt to exercise the right to vote that attached to the Shares or other Deposited Securities other than in accordance with such instructions or as provided in the
following sentence. If (i) the Company instructed the Depositary to act under Section 4.07 of the Deposit Agreement and complied with the following paragraph and (ii) no instructions are received by the Depositary from an Owner with
respect to a matter and an amount of American Depositary Shares of that Owner on or before the date established by the Depositary for such purpose, the Depositary shall deem that Owner to have instructed the Depositary to give a discretionary proxy
to a person designated by the Company with respect to that matter and the amount of Deposited Securities represented by that amount of American Depositary Shares and the Depositary shall give a discretionary proxy to a person designated by the
Company to vote that amount of Deposited Securities as to that matter, except that no such instruction shall be deemed given and no such discretionary proxy 

  
 12 

 
shall be given with respect to any matter as to which the Company informs the Depositary (and the Company agrees to provide such information as promptly as practicable in writing, if applicable)
that (x) the Company does not wish such proxy given, (y) substantial opposition exists or (z) such matter materially and adversely affects the rights of holders of Shares. 

In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Deposited
Securities, if the Company will request the Depositary to act under the preceding paragraph, the Company shall give the Depositary notice of any such meeting and details concerning the matters to be voted upon not less than 30 days prior to the
meeting date. 
 There can be no assurance that Owners generally or any Owner in particular will receive the notice described in the second
preceding paragraph sufficiently prior to the instruction date to ensure that the Depositary will vote the Shares or Deposited Securities in accordance with the provisions set forth in the second preceding paragraph. 

Notwithstanding anything in Section 4.07 of the Deposit Agreement to the contrary, the Depositary and the Company may modify, amend or
adopt additional procedures relating to voting of Deposited Securities from time to time as they determine may be necessary or appropriate. 
  

	17.	CHANGES AFFECTING DEPOSITED SECURITIES. 

 Upon any change in nominal value, 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, or upon the redemption
or cancellation by the Company of the Deposited Securities, any securities, cash or property which shall be received by the Depositary or a Custodian in exchange for, in conversion of, in lieu of or in respect of Deposited Securities shall be
treated as new Deposited Securities under the Deposit Agreement, and American Depositary Shares shall thenceforth represent, in addition to the existing Deposited Securities, the right to receive the new Deposited Securities so received, unless
additional Receipts are delivered pursuant to the following sentence. In any such case the Depositary may deliver additional American Depositary Shares 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. 
  

	18.	LIABILITY OF THE COMPANY AND DEPOSITARY. 

 Neither the Depositary nor the Company nor any
of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or Holder, (i) if by reason of any provision of any present or future law or regulation of the United States or any other country, or of any
governmental or regulatory authority, or by reason of any 

  
 13 

 
provision, present or future, of the Articles or any similar document of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or
distribution thereof, or by reason of any act of God or war or terrorism or other circumstances beyond its control, the Depositary or the Company shall be prevented, delayed or forbidden from or be subject to any civil or criminal penalty on account
of doing or performing any act or thing which by the terms of the Deposit Agreement or Deposited Securities it is provided shall be done or performed, (ii) 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, (iii) by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement, (iv) for the
inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Owners or Holders,
or (v) for any special, consequential or punitive damages for any breach of the terms of the Deposit Agreement. Where, by the terms of a distribution pursuant to Section 4.01, 4.02 or 4.03 of the Deposit Agreement, or an offering or
distribution pursuant to Section 4.04 of the Deposit Agreement, 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 proceeds available to such Owners, then the Depositary shall not make such distribution or offering, and shall allow any rights, if applicable, to lapse. 

Neither the Company nor any of its directors, officers, employees, agents or affiliates assume any obligation nor shall any of them be subject
to any liability under the Deposit Agreement to any Owner or Holder, except that the Company agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. Neither the Depositary nor any of its
directors, officers, employees, agents or affiliates assume any obligation nor shall any of them 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 the Depositary agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. Neither the Depositary nor the Company nor any of their respective
directors, officers, employees, agents or affiliates shall be liable for the failure by any Owner or Holder to obtain the benefits of credits on the basis of non-U.S. tax paid against such Owner or Holder’s income tax liability. Neither the
Depositary nor the Company nor any of their respective directors, officers, employees, agents or affiliates shall incur any liability for any tax consequences that may be incurred by Owners or Holders on account of their ownership of American
Depositary Shares. Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit, or other proceeding in respect of any Deposited Securities or in respect of the American Depositary Shares,
on behalf of any Owner or Holder or other person. Neither the Depositary nor the Company shall be liable for any action or nonaction by it in reliance upon the advice of or information from legal counsel,

  
 14 

 
accountants, any person presenting Shares for deposit, any Owner or Holder, or any other person believed by it in good faith to be competent to give such advice or information. The Depositary
shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with a matter arising wholly after the removal or resignation of the Depositary,
provided that in connection with the issue out of which such potential liability arises, the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. The Depositary shall not be liable for the acts or
omissions of any securities depository, clearing agency or settlement system in connection with or arising out of book-entry settlement of Deposited Securities or otherwise, provided such acts or omissions are not the direct result of the negligence
or bad faith of the 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. 
  

	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 so to do delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of
such appointment as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by 60 days prior written notice of such removal, to become effective upon the later of (i) the 60th day after delivery of the notice
to the Depositary and (ii) the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary in its discretion may appoint a substitute or additional custodian or custodians.

  

	20.	AMENDMENT. 

 The form of the Receipts and any provisions of the Deposit Agreement may at
any time and from time to time be amended by agreement between the Company and the Depositary without the consent of Owners or Holders in any respect which they may deem necessary or desirable. Any amendment which shall impose or increase any fees
or charges (other than taxes and other governmental charges, registration fees, 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 American Depositary Shares until the expiration of 30 days after notice of such amendment shall have been given to the Owners of outstanding American Depositary Shares. Every Owner and Holder of
American Depositary Shares, at the time any amendment so becomes effective, shall be deemed, by continuing to hold such American Depositary Shares or any interest therein, to consent and agree to such

  
 15 

 
amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive therefor
the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. 
  

	21.	TERMINATION OF DEPOSIT AGREEMENT. 

 The Company may terminate the Deposit Agreement by
instructing the Depositary to mail notice of termination to the Owners of all American Depositary Shares then outstanding at least 30 days prior to the termination date included in such notice. The Depositary may likewise terminate the Deposit
Agreement, if at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation notice and if a successor depositary shall not have been appointed and accepted its appointment as provided in the Deposit
Agreement; in such case the Depositary shall mail a notice of termination to the Owners of all American Depositary Shares then outstanding at least 30 days prior to the termination date. On and after the date of termination, the Owner of American
Depositary Shares will, upon (a) surrender of such American Depositary Shares, (b) payment of the fee of the Depositary for the surrender of American Depositary Shares referred to in Section 2.05, and (c) payment of any
applicable taxes or governmental charges, be entitled to delivery, to that Owner or upon that Owner’s order, of the amount of Deposited Securities represented by those American Depositary Shares. If any American Depositary Shares shall remain
outstanding after the date of termination, the Depositary thereafter shall discontinue the registration of transfers of American Depositary Shares, shall suspend the distribution of dividends to the Owners thereof, and shall not give any further
notices or perform any further acts under the Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights and other property as provided in the
Deposit Agreement, and shall continue to deliver Deposited Securities, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, upon surrender of American
Depositary Shares (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares 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 four months 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 American Depositary Shares that 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 American Depositary Shares, any expenses for the account of the Owner of

  
 16 

 
such American Depositary Shares in accordance with the terms and conditions of the Deposit Agreement, and any applicable taxes or governmental charges). Upon the termination of the Deposit
Agreement, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary with respect to indemnification, charges, and expenses. 

 

	22.	DTC DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM. 

 (a) Notwithstanding the
provisions of Section 2.04 of the Deposit Agreement, the parties acknowledge that the Direct Registration System (“DRS”) and Profile Modification System (“Profile”) shall apply to uncertificated American Depositary Shares
upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of uncertificated American Depositary Shares, which ownership shall be evidenced by periodic statements issued
by the Depositary to the Owners entitled thereto. Profile is a required feature of DRS which allows a DTC participant, claiming to act on behalf of an Owner, to direct the Depositary to register a transfer of those American Depositary Shares to DTC
or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to register such transfer. 

(b) In connection with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties understand that the
Depositary will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an Owner in requesting registration of transfer and delivery described in subsection (a) has the actual authority
to act on behalf of the Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of Sections 5.03 and 5.08 of the Deposit Agreement shall apply to the matters arising from the use of the
DRS. The parties agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and in accordance with the Deposit Agreement, shall not constitute negligence or bad faith on
the part of the Depositary. 
  

	23.	SUBMISSION TO JURISDICTION; JURY TRIAL WAIVER; WAIVER OF IMMUNITIES. 

 In the Deposit
Agreement, the Company has (i) irrevocably consented and agreed to the service of any and all legal process, summons, notices and documents in any suit or proceeding arising out of or relating to the Shares or Deposited Securities, the American
Depositary Shares, the Receipts or this Deposit Agreement, by serving a copy thereof upon any employee of the Company (in such capacity, the “agent”) at any business location that the Company may maintain from time to time in the United
States including, without limitation, at the offices of Navios Corporation located at 825 Third Avenue, 34th Floor, New York, New York 10022; provided that if at any time the Company does 

  
 17 

 
not maintain a bona fide business location in the State of New York, then the Company shall promptly (and in any event within 10 days) irrevocably designate, appoint and empower CT
Corporation System, with offices currently at 111 Eighth Avenue, New York, New York 10011 (or such other third party corporate service provider of national standing as may be reasonably acceptable to the Depositary), as their designee, appointee and
agent to receive, accept and acknowledge for and on their behalf service of any and all legal process, summons, notices and documents that may be served in any action, suit or proceeding brought against them in any such United States or state court
located in the County of New York with respect to their obligations, liabilities or any other matter arising out or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Deposit Agreement and that may
be made on such designee, appointee and agent in accordance with legal procedures prescribed for such courts (the “third party agent” and each of the third party agent and the agent being an “authorized agent”) and pay all fees
and expenses required by the third party agent in connection therewith, (ii) consented and submitted to the jurisdiction of any state or federal court in the State of New York in which any such suit or proceeding may be instituted and
(iii) agreed that service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding. 

EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) THEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES,
THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 
 To the extent that the Company or any of its properties, assets or revenues may
have or hereafter become entitled to, or have attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof, from setoff or
counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or other legal process or proceeding for the giving of any relief or for the
enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or Deposited Securities,
the American Depositary Shares, the Receipts or the Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such
relief and enforcement. 

  
 18 

	24.	REDEMPTION OF DEPOSITED SECURITIES. 

 If the Depositary receives a notice that Deposited
Securities have been or are to be redeemed for cash or otherwise purchased for cash in a transaction that will be mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”), the Depositary shall as
promptly as practicable (i) send a notice to Owners (A) notifying them of that Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares and (C) notifying them that, upon that Redemption, the
called American Depositary Shares will convert into a right only to receive the money or other property received by the Depositary upon that Redemption and those net proceeds shall be the Deposited Securities to which Owners of those converted
American Depositary Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with Section 2.05 or 6.02 of the Deposit Agreement, (ii) surrender Deposited Securities that have been redeemed to the issuer of
those securities or its agent on the redemption date and (iii) distribute the money or other property received upon the Redemption to the Owners entitled to it upon surrender by them of called American Depositary Shares in accordance with
Section 2.05 of that Agreement (and, for the avoidance of doubt, Owners shall not be entitled to receive that money or other property under Section 4.01 or 4.02 of that Agreement). If the Redemption affects less than all the Deposited
Securities, the Depositary shall call for surrender a corresponding portion of the outstanding American Depositary Shares and only those American Depositary Shares will automatically be converted into a right to receive the net proceeds of the
Redemption. The Depositary shall allocate the American Depositary Shares converted under the preceding sentence among the Owners pro-rata to their respective holdings of American Depositary Shares immediately prior to the Redemption, except
that the allocations may be adjusted so that no fraction of a converted American Depositary Share is allocated to any Owner. 
  

	25.	DISCLOSURE OF INTERESTS. 

 Notwithstanding any other provision of the Deposit Agreement,
each Owner and Holder of American Depositary Shares agrees to comply with requests from the Company pursuant to applicable law, the rules and requirements of any stock exchange on which the American Depositary Shares are, or will be, registered,
traded or listed, the rules and requirements of any clearing system through which transactions in the American Depositary Shares may be settled or the Articles, as in effect from time to time, to provide information, inter alia, as to the capacity
in which such Owner or Holder owns American Depositary Shares (and Shares as the case may be) and regarding the identity of any other person(s) interested in such American Depositary Shares (and Shares, as the case may be) and the nature of such
interest and various other matters, whether or not they are Owners or Holders at the time of such request. Each Owner and Holder of 

  
 19 

 
American Depositary Shares further agrees to comply with the laws and regulations of the Republic of the Marshall Islands (if and to the extent applicable) with respect to the disclosure
requirements regarding ownership or potential for ownership of Shares, all as if the American Depositary Shares were the Shares represented thereby, which is deemed to include, inter alia, requirements to make notifications and filings within the
required timeframes to the Company and any other authorities in the Republic of the Marshall Islands. 
  

	26.	ISSUANCE IN SERIES. 

 If the Company issues Shares in more than one class or series or
that otherwise entitle their holders to rights that vary from the rights to which other Shares entitle their holders, the following provisions shall apply, notwithstanding anything to the contrary in the Deposit Agreement: 

(a) The word “series,” when used with respect to Shares, shall mean all outstanding Shares that entitle their holders to identical
rights with respect to those Shares, regardless of the title or any other designation that may be assigned to Shares. 
 (b) The Depositary
shall direct the Custodian to hold Shares of a series deposited under the Deposit Agreement, and other Deposited Securities it receives in respect of those Shares in a segregated account different from the account in which it holds Shares of any
other series. 
 (c) Shares of each series that are deposited under the Deposit Agreement shall be represented by a “series” of
American Depositary Shares separate from the American Depositary Shares representing Shares of any other series. The Depositary shall assign a designation to each series of American Depositary Shares and shall reflect in its records the series to
which each American Depositary Share belongs. The certificated American Depositary Shares of each series shall be evidenced by a “series” of Receipts separate from the Receipts evidencing American Depositary Shares of any other series. If
more than one series of American Depositary Shares exists, each Receipt shall be marked to indicate the designation of the series of the American Depositary Shares evidenced by that Receipt and to identify the series of Shares those American
Depositary Shares represent. 
 (d) If the rights to which deposited Shares of a series entitle their holders are modified such that those
rights become identical to the rights to which deposited Shares of another series entitle their holders, the Depositary shall (subject to the Company’s approval) cause the Custodian to combine the accounts in which the former separate series of
Shares are held, the series of American Depositary Shares representing those Shares will automatically be combined into one series of American Depositary Shares and the Depositary may take any action necessary or convenient to effect that
combination. At any time after that combination, the Owners of Receipts affected by that combination will be entitled to surrender their Receipts to the Depositary and receive Receipts reflecting the designation of the American Depositary Shares
owned by them as a result of that combination. 

  
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 (e) Owners and Beneficial Owners of American Depositary Shares of a series shall be entitled to
rights under this Deposit Agreement only with respect to deposited Shares of the corresponding series and other Deposited Securities received in respect of deposited Shares of that series. 

(f) All other provisions of the Deposit Agreement apply to American Depositary Shares and Receipts of any series, subject to Section 2.11
of that Agreement. 

  
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