Document:

exv4w1

Exhibit 4.1

 

 

JAMES HARDIE INDUSTRIES SE

(formerly known as JAMES HARDIE INDUSTRIES N.V.)

AND

THE BANK OF NEW YORK MELLON

As Depositary

AND

OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES

Deposit Agreement

Dated as of September 24, 2001

Amended and Restated as of February 19, 2010

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	ARTICLE 1.   DEFINITIONS	 	 	2	 
	SECTION 1.01
	 	American Depositary Shares	 	 	2	 
	SECTION 1.02
	 	Article; Section	 	 	2	 
	SECTION 1.03
	 	CHESS	 	 	3	 
	SECTION 1.04
	 	CHESS Subregister	 	 	3	 
	SECTION 1.05
	 	Commission	 	 	3	 
	SECTION 1.06
	 	CUFS Depositary	 	 	3	 
	SECTION 1.07
	 	CUFS	 	 	3	 
	SECTION 1.08
	 	Custodian	 	 	3	 
	SECTION 1.09
	 	Delivery; Deposit; Surrender; Transfer; Withdraw	 	 	4	 
	SECTION 1.10
	 	Deposit Agreement	 	 	4	 
	SECTION 1.11
	 	Depositary; Corporate Trust Office	 	 	4	 
	SECTION 1.12
	 	Deposited Securities	 	 	5	 
	SECTION 1.13
	 	Dollars; Euro	 	 	5	 
	SECTION 1.14
	 	Holding Statement	 	 	5	 
	SECTION 1.15
	 	Issuer	 	 	5	 
	SECTION 1.16
	 	Owner	 	 	5	 
	SECTION 1.17
	 	Receipts	 	 	5	 
	SECTION 1.18
	 	Registrar	 	 	6	 
	SECTION 1.19
	 	Restricted Securities	 	 	6	 
	SECTION 1.20
	 	SCH	 	 	6	 
	SECTION 1.21
	 	SCH Business Rules	 	 	6	 
	SECTION 1.22
	 	Securities Act of 1933	 	 	6	 
	SECTION 1.23
	 	Shares	 	 	7	 
	 
	 	 	 	 	 	 
	ARTICLE 2.   FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS
	 	 	7	 
	SECTION 2.01
	 	Form and Transferability of Receipts	 	 	7	 
	SECTION 2.02
	 	Deposit of CUFS	 	 	8	 
	SECTION 2.03
	 	Execution and Delivery of Receipts	 	 	9	 
	SECTION 2.04
	 	Transfer of Receipts; Combination and Split-up of Receipts	 	 	10	 
	SECTION 2.05
	 	Surrender of Receipts and Withdrawal of CUFS	 	 	11	 
	SECTION 2.06
	 	Limitations on Execution and Delivery, Transfer and Surrender of Receipts	 	 	13	 
	SECTION 2.07
	 	Lost Receipts, etc.	 	 	14	 

 

 

	 	 	 	 	 	 	 
	SECTION 2.08
	 	Cancellation and Destruction of Surrendered Receipts	 	 	14	 
	SECTION 2.09
	 	Pre-Release of Receipts	 	 	14	 
	SECTION 2.10
	 	Uncertificated American Depositary Shares; DTC Direct Registration System	 	 	15	 
	 
	 	 	 	 	 	 
	ARTICLE 3.   CERTAIN OBLIGATIONS OF OWNERS OF RECEIPTS	 	 	18	 
	SECTION 3.01
	 	Filing Proofs, Certificates and Other Information	 	 	18	 
	SECTION 3.02
	 	Liability of Owner for Taxes	 	 	18	 
	SECTION 3.03
	 	Warranties on Deposit of Shares	 	 	19	 
	 
	 	 	 	 	 	 
	ARTICLE 4.   THE DEPOSITED SECURITIES	 	 	19	 
	SECTION 4.01
	 	Cash Distributions	 	 	19	 
	SECTION 4.02
	 	Distributions Other Than Cash, CUFS or Rights	 	 	20	 
	SECTION 4.03
	 	Distributions in CUFS	 	 	21	 
	SECTION 4.04
	 	Rights	 	 	21	 
	SECTION 4.05
	 	Conversion of Foreign Currency	 	 	24	 
	SECTION 4.06
	 	Fixing of Record Date	 	 	25	 
	SECTION 4.07
	 	Voting of Deposited Securities	 	 	26	 
	SECTION 4.08
	 	Changes Affecting Deposited Securities	 	 	27	 
	SECTION 4.09
	 	Reports	 	 	27	 
	SECTION 4.10
	 	Lists of Owners	 	 	28	 
	SECTION 4.11
	 	Withholding	 	 	28	 
	 
	 	 	 	 	 	 
	ARTICLE 5.   THE DEPOSITARY, THE CUSTODIANS AND THE ISSUER	 	 	28	 
	SECTION 5.01
	 	Maintenance of Office and Transfer Books by the Depositary	 	 	28	 
	SECTION 5.02
	 	Prevention or Delay in Performance by the Depositary or the Issuer	 	 	29	 
	SECTION 5.03
	 	Obligations of the Depositary, the Custodian and the Issuer	 	 	30	 
	SECTION 5.04
	 	Resignation and Removal of the Depositary	 	 	31	 
	SECTION 5.05
	 	The Custodians	 	 	32	 
	SECTION 5.06
	 	Notices and Reports	 	 	33	 
	SECTION 5.07
	 	Distribution of Additional Shares,
Rights, etc.	 	 	34	 
	SECTION 5.08
	 	Indemnification	 	 	35	 
	SECTION 5.09
	 	Charges of Depositary	 	 	35	 
	SECTION 5.10
	 	Retention of Depositary Documents	 	 	37	 
	SECTION 5.11
	 	Exclusivity	 	 	37	 

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	SECTION 5.12
	 	List of Restricted Securities Owners	 	 	37	 
	 
	ARTICLE 6.   AMENDMENT AND TERMINATION	 	 	37	 
	SECTION 6.01
	 	Amendment	 	 	37	 
	SECTION 6.02
	 	Termination	 	 	38	 
	 
	 	 	 	 	 	 
	ARTICLE 7.   MISCELLANEOUS	 	 	39	 
	SECTION 7.01
	 	Counterparts	 	 	39	 
	SECTION 7.02
	 	No Third Party Beneficiaries	 	 	40	 
	SECTION 7.03
	 	Severability	 	 	40	 
	SECTION 7.04
	 	Holders and Owners as Parties; Binding Effect	 	 	40	 
	SECTION 7.05
	 	Notices	 	 	40	 
	SECTION 7.06
	 	Governing Law	 	 	41	 
	SECTION 7.07
	 	Compliance with U.S. Securities Laws	 	 	41	 
	SECTION 7.08
	 	Submission to Jurisdiction; Appointment of Agent for Service of Process	 	 	42	 
	SECTION 7.09
	 	Effective Date	 	 	42	 
	SECTION 7.10
	 	Summary in Respect of CHESS and CUFS	 	 	43	 

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DEPOSIT AGREEMENT

          DEPOSIT AGREEMENT dated as of September 24, 2001, as amended and restated as of February 19,
2010, and effective as of the Effective Date (as hereinafter defined), among JAMES HARDIE
INDUSTRIES SE (formerly known as JAMES HARDIE INDUSTRIES N.V.), incorporated under the laws of The
Netherlands and with its corporate seat in Amsterdam, The Netherlands (herein called the Issuer),
THE BANK OF NEW YORK MELLON, a New York banking corporation (herein called the Depositary), and all
Owners and holders from time to time of American Depositary Shares issued hereunder.

WITNESSETH :

          WHEREAS, James Hardie Industries N.V., The Bank of New York Mellon, as depositary, and all
Owners and holders from time to time of American Depositary Receipts issued thereunder entered into
a deposit agreement dated as of September 24, 2001 (the “James Hardie Industries N.V. Deposit
Agreement”):

          WHEREAS, the Issuer and the Depositary now wish to amend and restate the James Hardie
Industries N.V. Deposit Agreement to, among other things, (i) replace James Hardie Industries N.V.
with James Hardie Industries SE as the issuer, and (ii) provide for the creation of uncertificated
American Depositary Shares:

          WHEREAS, the Issuer desires to provide, as hereinafter set forth in this Deposit Agreement,
for the deposit of CUFS (as hereinafter defined), each representing a beneficial interest in one
Share (as hereinafter defined) of the Issuer 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 CUFS (subject to
the terms and conditions

 

 

of this Deposit Agreement) so deposited, in specified circumstances, 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 Shares.

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

     SECTION 1.02 Article; Section.

          Wherever references are made in this Deposit Agreement to an “Article” or “Articles” or to a
“Section” or “Sections”, such references shall mean an article or

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articles or a section or sections of this Deposit Agreement, unless otherwise required by the
context.

     SECTION 1.03 CHESS.

          The term “CHESS” shall mean Clearing House Electronic Subregister System, being the automated
clearing and settlement process for transactions executed on the Australian Stock Exchange.

     SECTION 1.04 CHESS Subregister.

          The term “CHESS Subregister” shall mean that part of the Issuer’s CUFS register that is
administered by the SCH.

     SECTION 1.05 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 1.06 CUFS Depositary.

          The term “CUFS Depositary” shall mean the CUFS depositary nominee, CHESS Depositary Nominees
Pty Limited, and its successors or any other entity appointed by the Issuer which performs
substantially identical functions in Australia.

     SECTION 1.07 CUFS.

          The term “CUFS” shall mean CHESS Units of Foreign Securities, issued by the CUFS Depositary,
representing beneficial ownership in Shares of the Issuer.

     SECTION 1.08 Custodian.

          The term “Custodian” shall mean the Australian office of Australia and New Zealand Banking
Group Limited, 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

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custodian or custodians hereunder, as the context shall require and shall also mean all of them
collectively.

     SECTION 1.09 Delivery; Deposit; Surrender; Transfer; Withdraw.

          The term “deliver”, “deposit”, surrender”, “transfer” or “withdraw”, when (i) with respect to
CUFS or other Deposited Securities: (a) in the case of book-entry CUFS or other Deposited
Securities, shall refer to an entry or entries in an account or accounts maintained by institutions
authorized under applicable law to effect transfers of the CUFS or such other Deposited Securities,
or (b) in the case of certificated Deposited Securities, to the physical delivery, deposit,
withdrawal or transfer of certificates representing such Deposited Securities and (ii) with respect
to American Depositary Shares evidenced by Receipts, (a) in the case of American Depositary Shares
available in book-entry form, shall refer to appropriate adjustments in the records maintained by
(1) the Depositary, (2) the Depository Trust Company (“DTC”) or its nominee, or (3) institutions
that have accounts with DTC, as applicable, or (b) otherwise, shall refer to the physical delivery,
deposit, surrender, transfer or withdrawal of such American Depositary Shares evidenced by
Receipts.

     SECTION 1.10 Deposit Agreement.

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

     SECTION 1.11 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
Agreement is 101 Barclay Street, New York, New York, 10286.

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     SECTION
1.12 Deposited Securities.

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

     SECTION 1.13 Dollars; Euro.

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

     SECTION 1.14 Holding Statement.

          The term “Holding Statement” shall mean the statement which sets forth the number of CUFS held
by a particular holder of CUFS.

     SECTION 1.15 Issuer.

          The term “Issuer” shall mean James Hardie Industries SE, incorporated under the laws of The
Netherlands and with its corporate seat in Amsterdam, The Netherlands and its successors.

     SECTION 1.16 Owner.

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

     SECTION 1.17 Receipts.

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

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     SECTION
1.18 Registrar.

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

     SECTION 1.19 Restricted Securities.

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

     SECTION 1.20 SCH.

          The term “SCH” shall mean ASX Settlement and Transfer Corporation Pty Limited (ABN 49008 504
532), as approved as the securities clearing house and the entity administering CHESS.

     SECTION 1.21 SCH Business Rules.

          The term “SCH Business Rules” shall mean the Business Rules regulating the functions and
operations of SCH.

     SECTION 1.22 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.

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     SECTION 1.23 Shares.

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

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

     SECTION 2.01 Form and Transferability of Receipts.

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

          The Receipts may be endorsed with or have incorporated in the text thereof such legends or
recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may be
required by the Depositary or required to comply with any applicable law or regulations thereunder
or with the rules and regulations of any

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securities exchange upon which American Depositary Shares may be listed or to conform with any
usage with respect thereto, or to indicate any special limitations or restrictions to which any
particular Receipts are subject by reason of the date of issuance of the underlying Deposited
Securities or otherwise.

          Title to a Receipt (and to the American Depositary Shares evidenced thereby), when properly
endorsed or accompanied by proper instruments of transfer, shall be transferable by delivery with
the same effect as in the case of a negotiable instrument; provided, however, that the Depositary,
notwithstanding any notice to the contrary, may treat the Owner thereof as the absolute owner
thereof for the purpose of determining the person entitled to distribution of dividends or other
distributions or to any notice provided for in this Deposit Agreement and for all other purposes.

     SECTION 2.02 Deposit of CUFS.

          Subject to the terms and conditions of this Deposit Agreement, and the SCH Business Rules,
CUFS or evidence of rights to receive CUFS may be deposited by delivery thereof (which may include
delivery by electronic transfer through the facilities of CHESS or otherwise) to any Custodian
hereunder, accompanied by any appropriate instrument or instruments of transfer, or endorsement, in
form satisfactory to the Custodian, together with all such certifications as may be required by the
Depositary or the Custodian in accordance with the provisions of this Deposit Agreement, and, if
the Depositary requires, together with a written order directing the Depositary to execute and
deliver to, or upon the written order of, the person or persons stated in such order, a Receipt or
Receipts for the number of American Depositary Shares representing such deposited CUFS. No CUFS
shall be accepted for deposit unless accompanied by evidence satisfactory to the Depositary that
any necessary approval has been granted by any applicable governmental body which is then
performing the function of the regulation of currency exchange. If required by the Depositary,
CUFS presented for deposit at any time, whether or not the transfer
books of the Issuer or the CUFS Depositary (or the

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appointed agent of the CUFS Depositary for transfer and registration of the
CUFS), 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 CUFS or to receive other
property which any person in whose name the CUFS are or have been recorded may thereafter receive
upon or in respect of such deposited CUFS, or in lieu thereof, such agreement of indemnity or other
agreement as shall be satisfactory to the Depositary.

          Upon delivery to a Custodian of CUFS to be deposited hereunder, or delivery to the Custodian
of irrevocable instructions therefor, together in either case with the other documents above
specified, such Custodian shall obtain confirmation of registration of, or registration of transfer
of, the CUFS being deposited in the name of the Depositary or its nominee or such Custodian or its
nominee.

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

     SECTION 2.03 Execution and Delivery of Receipts.

          Upon receipt by any Custodian of any deposit pursuant to Section 2.02 hereunder (and in
addition, if the CHESS Subregister of the CUFS Depositary (or the appointed agent or agents of the
CUFS Depositary for transfer and registration of the CUFS) are open, or if the Depositary so
requires, a proper acknowledgment or other evidence from the CUFS Depositary (or appointed agent or
agents of the CUFS Depositary for transfer and registration of the CUFS) satisfactory to the
Depositary that any deposited CUFS have been recorded upon the CHESS Subregister of the CUFS
Depositary (or by the appointed agent of the CUFS Depositary for transfer and registration of
CUFS), if applicable, in the name of the Depositary or its nominee or such

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Custodian or its
nominee), together with the other documents required as above
specified, such Custodian shall notify the Depositary of such deposit and the person or persons to whom or
upon whose written order a Receipt or Receipts are deliverable in respect thereof and the number of
American Depositary Shares to be evidenced thereby. Such notification shall be made by letter or,
at the request, risk and expense of the person making the deposit, by cable, telex or facsimile
transmission. Upon receiving such notice from such Custodian, the Depositary, subject to the terms
and conditions of this Deposit Agreement, shall execute and deliver at its Corporate Trust Office,
to or upon the order of the person or persons entitled thereto, a Receipt or Receipts, registered
in the name or names and evidencing any authorized number of American Depositary Shares requested
by such person or persons, but only upon payment to the Depositary of the fees of the Depositary
for the execution and delivery of such Receipt or Receipts as provided in Section 5.09, and of all
taxes and governmental charges and fees payable in connection with such deposit and the transfer of
the deposited CUFS and the issuance of such Receipt or Receipts.

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

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

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

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the same aggregate number of American Depositary Shares as the Receipt or Receipts
surrendered.

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

     SECTION 2.05 Surrender of Receipts and Withdrawal of CUFS.

          Upon surrender at the Corporate Trust Office of the Depositary of a Receipt for the purpose of
withdrawal of the Deposited Securities represented by the American Depositary Shares evidenced by
such Receipt, and upon payment of the fee of the Depositary for the surrender of Receipts as
provided in Section 5.09 and payment of all taxes and governmental charges payable in connection
with such surrender and withdrawal of the Deposited Securities, and subject to the terms and
conditions of this Deposit Agreement, the Owner of such Receipt shall be entitled to (i) with
respect to the CUFS or other uncertificated Deposited Securities held through CHESS evidenced by
such Receipt, instruct the Depositary to procure the electronic transfer through CHESS of such CUFS
or such other uncertificated Deposited Securities to an account in the name of the Owner or such
other name as the Owner may direct and (ii) physical delivery, to or upon the order of such Owner,
of any other Deposited Securities at the time represented by the American Depositary Shares
evidenced by such Receipt. Delivery of such other Deposited Securities, if applicable, may be made
by the delivery of (a) certificates in the name of such Owner or as ordered by him or by
certificates properly endorsed or accompanied by proper instruments of transfer to such Owner or as
ordered by him and (b) any other securities, property and cash to which such Owner is then entitled
in respect

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of such Receipts to such Owner or as ordered by him. Such delivery shall be made, as hereinafter
provided, without unreasonable delay.

          A Receipt surrendered for such purposes may be required by the Depositary to be properly
endorsed in blank or accompanied by proper instruments of transfer in blank, and if the Depositary
so requires, the Owner thereof shall execute and deliver to the Depositary a written order
directing the Depositary to (i) cause the electronic transfer of the CUFS represented by such
Receipt to be recorded in an account in the name of the Owner or such other name as the Owner may
direct and (ii) cause any other Deposited Securities being withdrawn to be delivered to or upon the
written order of a person or persons designated in such order. Thereupon the Depositary shall
direct the Custodian to deliver at the Australian office or account, as applicable, of such
Custodian, subject to Sections 2.06, 3.01 and 3.02 and to the other terms and conditions of this
Deposit Agreement, to or upon the written order of the person or persons designated in the order
delivered to the Depositary as above provided, the amount of Deposited Securities represented by
the American Depositary Shares evidenced by such Receipt, except that the Depositary may make
delivery to such person or persons at the Corporate Trust Office of the Depositary of any dividends
or distributions with respect to the Deposited Securities represented by the American Depositary
Shares evidenced by such Receipt, or of any proceeds of sale of any dividends, distributions or
rights, which may at the time be held by the Depositary.

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

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direction shall be given by letter or, at the request, risk and expense of such Owner, by cable,
telex or facsimile transmission.

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

          As a condition precedent to the execution and delivery, registration of transfer, split-up,
combination or surrender of any Receipt or withdrawal of any Deposited Securities, the Depositary,
the Issuer, the CUFS Depositary, Custodian or Registrar may require payment from the depositor of
CUFS or the presentor of the Receipt of a sum sufficient to reimburse it for any tax or other
governmental charge and any stock transfer or registration fee with respect thereto (including any
such tax or charge and fee with respect to CUFS being deposited or withdrawn) and payment of any
applicable fees as herein provided, may require the production of proof satisfactory to it as to
the identity and genuineness of any signature and may also require compliance with any regulations
the Depositary may establish consistent with the provisions of this Deposit Agreement, including,
without limitation, this Section 2.06.

          The delivery of Receipts against deposits of CUFS generally or against deposits of particular
CUFS may be suspended, or the transfer of Receipts in particular instances may be refused, or the
registration of transfer of outstanding Receipts generally may be suspended, during any period when
the transfer books of the Depositary are closed, or if any such action is deemed necessary or
advisable by the Depositary, the Issuer, or the CUFS Depositary 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
Section 7.07 hereof. Notwithstanding any other provision of this Deposit Agreement or the
Receipts, the surrender of outstanding Receipts and withdrawal of Deposited Securities may not be
suspended subject only to (i) temporary delays caused by closing the transfer books of the
Depositary or the Issuer or the deposit of Shares in

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connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of
fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental
regulations relating to the Receipts or to the withdrawal of the Deposited Securities. Without
limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this
Deposit Agreement any CUFS if such CUFS, or the Shares underlying such CUFS, 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 CUFS or Shares as applicable.

     SECTION 2.07 Lost Receipts, etc.

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

     SECTION 2.08 Cancellation and Destruction of Surrendered Receipts.

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

     SECTION 2.09 Pre-Release of Receipts.

          Notwithstanding Section 2.03 hereof, the Depositary may execute and deliver Receipts prior to
the receipt of CUFS pursuant to Section 2.02 (“Pre-Release”). The Depositary may, pursuant to
Section 2.05, deliver CUFS upon the receipt and cancellation of Receipts which have been
Pre-Released, whether or not such cancellation

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

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

     SECTION 2.10 Uncertificated American Depositary Shares; DTC Direct Registration
System.

          Notwithstanding anything to the contrary in this Deposit Agreement:

          (a) 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
summarizes the terms and conditions of, and will be the prospectus required under the Securities
Act of 1933 for, both certificated and uncertificated American Depositary Shares. Except for those
provisions of this Deposit Agreement that by their nature do not apply to uncertificated American
Depositary Shares, all the provisions of this Deposit Agreement shall apply, mutatis
mutandis, to both certificated and uncertificated American Depositary Shares.

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          (b) (i) The term “deliver”, or its noun form, when used with respect to Receipts, shall mean
(A) book-entry transfer of American Depositary Shares to
an account at The Depository Trust Company, or its successor (“DTC”), designated by the person
entitled to such delivery, evidencing American Depositary Shares registered in the name requested
by that person, (B) 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 (C) 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.

               (ii) The term “surrender”, when used with respect to Receipts, shall mean (A) one or more
book-entry transfers of American Depositary Shares to the DTC account of the Depositary, (B)
delivery to the Depositary at its Corporate Trust Office of an instruction to surrender American
Depositary Shares not evidenced by a Receipt or (C) surrender to the Depositary at its Corporate
Trust Office of one or more Receipts evidencing American Depositary Shares.

          (c) American Depositary Shares not evidenced by Receipts shall be transferable as
uncertificated registered securities under the laws of New York.

          (d) The Depositary shall have a duty to register a transfer, in the case of uncertificated
American Depositary Shares, upon receipt from the Owner of a proper instruction (including, for the
avoidance of doubt, instructions through DRS and Profile as provided in subsection (f) below). The
Depositary, upon surrender of a Receipt for the purpose of exchanging it for uncertificated
American Depositary Shares, shall cancel that Receipt and send the Owner a statement confirming
that the Owner is the owner of the same number of uncertificated American Depositary Shares that
the surrendered Receipt evidenced. The Depositary, upon receipt of a proper instruction (including,
for the

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avoidance of doubt, instructions through DRS and Profile as provided in subsection (f)
below) from the Owner of uncertificated American Depositary Shares for the purpose of exchanging
them for certificated American Depositary Shares, shall execute and
deliver to the Owner a Receipt evidencing the same number of certificated American Depositary Shares.

          (e) Upon satisfaction of the conditions for replacement of a Receipt that is mutilated, lost,
destroyed or stolen, the Depositary shall deliver to the Owner the American Depositary Shares
evidenced by that Receipt in uncertificated form unless otherwise requested by the Owner.

          (f) (i) 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.

               (ii) 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 (i) has the actual
authority to act on behalf of the Owner (notwithstanding any requirements under the Uniform
Commercial Code). For the

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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.

ARTICLE 3. CERTAIN OBLIGATIONS OF OWNERS OF RECEIPTS.

     SECTION 3.01 Filing Proofs, Certificates and Other Information.

          Any person presenting CUFS for deposit or any Owner of a Receipt may be required from time to
time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange
control approval, or such information relating to the registration on the CHESS Subregister if
applicable, to execute such certificates and to make such representations and warranties, as the
Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration
of transfer of any Receipt or the distribution of any dividend or sale or distribution of rights or
of the proceeds thereof or the delivery of any Deposited Securities until such proof or other
information is filed or such certificates are executed or such representations and warranties made.

     SECTION 3.02 Liability of Owner for Taxes.

          If any tax or other governmental charge shall become payable with respect to any Receipt or
any Deposited Securities represented by any Receipt, such tax or other governmental charge shall be
payable by the Owner of such Receipt to the Depositary. The Depositary may refuse to effect any
transfer of such Receipt or any withdrawal of Deposited Securities represented by American
Depositary Shares evidenced by such Receipt until such payment is made, and may withhold any
dividends or other distributions, or may sell for the account of the Owner thereof any part or all
of the Deposited Securities represented by the American Depositary Shares evidenced by such

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Receipt, and may apply such dividends or other distributions or the proceeds of any such sale in
payment of such tax or other governmental charge and the Owner of such Receipt shall remain liable
for any deficiency.

     SECTION 3.03 Warranties on Deposit of Shares.

          Every person depositing CUFS under this Deposit Agreement shall be deemed thereby to represent
and warrant that such CUFS are validly issued, fully paid, nonassessable and free of any
pre-emptive 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 CUFS and the sale of Receipts evidencing American Depositary Shares representing such CUFS by
that person are not restricted under the Securities Act of 1933. Such representations and
warranties shall survive the deposit of CUFS and issuance of Receipts.

ARTICLE 4. THE DEPOSITED SECURITIES.

     SECTION 4.01 Cash Distributions.

          Whenever the Depositary shall receive any cash dividend or other cash distribution on any
Deposited Securities, the Depositary shall, subject to the provisions of Section 4.05, convert such
dividend or distribution into Dollars if such cash dividend or other cash distribution is not
received in Dollars and shall distribute the amount thus received (net of the fees of the
Depositary as provided in Section 5.09 hereof, if applicable) 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 Issuer, the CUFS Depositary,
the Custodian, or the Depositary shall be required to withhold and does withhold from such cash
dividend or such other cash distribution an amount on account of taxes, the amount distributed to
the Owner of the Receipts evidencing American Depositary Shares representing such Deposited
Securities shall be reduced accordingly. The Depositary shall distribute only such amount,
however, as can be distributed without attributing to

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any Owner a fraction of one cent. Any such
fractional amounts shall be rounded to the nearest whole cent and so distributed to Owners entitled
thereto. The Issuer or its agent will remit to the appropriate governmental agency in The
Netherlands all amounts withheld and owing to such agency. The Depositary will forward to the Issuer or the CUFS
Depositary such information from its records as the Issuer or the CUFS Depositary may reasonably
request to enable the Issuer or the CUFS Depositary to file necessary reports with governmental
agencies, and the Depositary or the Issuer or the CUFS Depositary may file any such reports
necessary to obtain benefits under the applicable tax treaties for the Owners of Receipts.

     SECTION 4.02 Distributions Other Than Cash, CUFS or Rights.

          Subject to the provisions of Section 4.11 and Section 5.09, whenever the Depositary shall
receive any distribution other than a distribution described in Sections 4.01, 4.03 or 4.04, the
Depositary shall cause the securities or property received by it to be distributed to the Owners
entitled thereto, in proportion to the number of American Depositary Shares representing such
Deposited Securities held by them respectively, in any manner that the Depositary may deem
equitable and practicable for accomplishing such distribution; provided, however, that if in the
opinion of the Depositary such distribution cannot be made proportionately among the Owners
entitled thereto, or if for any other reason (including, but not limited to, any requirement that
the Issuer, the CUFS Depositary 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 deems such distribution not to be
feasible, the Depositary may adopt such method as it may deem equitable and practicable for the
purpose of effecting such distribution, including, but not limited to, the public or private sale
of the securities or property thus received, or any part thereof, and the net proceeds of any such
sale (net of the fees of the Depositary as provided in Section 5.09) shall be distributed by the
Depositary to the Owners entitled

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thereto as in the case of a distribution received in cash. Any
distributions received by the Depositary and not distributed to the Owners entitled thereto or sold
as provided in this Section 4.02 shall be deemed to be Deposited Securities and shall be
represented by such Owner’s Receipts.

     SECTION 4.03 Distributions in CUFS.

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

     SECTION 4.04 Rights.

          In the event that the Issuer shall offer or cause to be offered to the holders of any
Deposited Securities, or any securities of the Issuer represented by any Deposited Securities, any
rights to subscribe for additional Shares or any rights of any other nature, the Depositary shall
have discretion as to the procedure to be followed in making such rights available to any Owners or
in disposing of such rights on behalf of any Owners and

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making the net proceeds available to such
Owners or, if by the terms of such rights offering or for any other reason, the Depositary may not
either make such rights available to any Owners or dispose of such rights and make the net proceeds
available to such Owners, then the Depositary shall allow the rights to lapse. If at the time of
the offering of any rights the Depositary determines in its discretion that it is lawful and feasible to make
such rights available to all Owners or to certain Owners but not to other Owners, the Depositary
may distribute to any Owner to whom it determines the distribution to be lawful and feasible, in
proportion to the number of American Depositary Shares held by such Owner, warrants or other
instruments therefor in such form as it deems appropriate.

          In circumstances in which rights would otherwise not be distributed, if an Owner of Receipts
requests the distribution of warrants or other instruments in order to exercise the rights
allocable to the American Depositary Shares of such Owner hereunder, the Depositary will make such
rights available to such Owner upon written notice from the Issuer to the Depositary that (a) the
Issuer has elected in its sole discretion to permit such rights to be exercised and (b) such Owner
has executed such documents as the Issuer 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 relevant
security to be received upon the exercise of the rights, and upon payment of the fees of the
Depositary and any other charges as set forth in such warrants or other instruments, the Depositary
shall, on behalf of such Owner, exercise the rights and purchase the relevant security, and the
Issuer shall cause the relevant security, if Shares, to be delivered to the CUFS Depositary on
behalf of such Owner with instructions to issue CUFS representing such Shares and deliver them to
the Custodian. As agent for such Owner, the Depositary will cause such CUFS to be

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deposited
pursuant to Section 2.02 of this Deposit Agreement, and shall, pursuant to Section 2.03 of this
Deposit Agreement, execute and deliver Receipts to such Owner. In the case of a distribution
pursuant to the second paragraph of this section, such Receipts shall be legended in accordance with applicable U.S. laws, and shall be subject to the appropriate
restrictions on sale, deposit, cancellation, and transfer under such laws.

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

          The Depositary will not offer rights to Owners unless both the rights and the securities to
which such rights relate are either exempt from registration under the Securities Act of 1933 with
respect to a distribution to Owners or are registered under the provisions of such Act. If an
Owner of Receipts requests distribution of warrants or other instruments, notwithstanding that
there has been no such registration under such Act, the Depositary shall not effect such
distribution unless it has received an opinion from recognized counsel in the United States for the
Issuer upon which the Depositary may rely that such distribution to such Owner is exempt from such
registration.

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

     SECTION 4.05 Conversion of Foreign Currency.

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

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

          If at any time the Depositary shall determine that in its judgment any foreign currency
received by the Depositary 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

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reasonable period as determined by the
Depositary, the Depositary may distribute the foreign currency (or an appropriate document
evidencing the right to receive such foreign currency) received by the Depositary to, or in its
discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the
Owners entitled to receive the same.

          If any such conversion of foreign currency, in whole or in part, cannot be effected for
distribution to some of the Owners entitled thereto, the Depositary may in its discretion make such
conversion and distribution in Dollars to the extent permissible to 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 any securities of the Issuer represented by any Deposited Securities, or whenever for
any reason the Depositary causes a change in the number of CUFS that are represented by each
American Depositary Share, or whenever the Depositary shall receive notice of any meeting of
holders of CUFS or the Shares underlying the CUFS or other Deposited Securities, the Depositary
shall fix a record date which date shall, to the extent practicable, be the same date as the record
date set with respect to the Shares, if any, (a) for the determination of the Owners who shall be
(i) entitled to receive such dividend, distribution or rights or the net proceeds of the sale
thereof or (ii) entitled to give instructions for the exercise of voting rights at any such
meeting, or (b) on or after which each American Depositary Share will represent the changed number
of Shares. Subject to the provisions of Sections 4.01 through 4.05 and to the other terms and
conditions of this Deposit Agreement, the Owners on such record date shall be entitled, as the case
may be, to receive the amount distributable by the

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Depositary with respect to such dividend or
other distribution or such rights or the net proceeds of sale thereof in proportion to the number
of American Depositary Shares held by them respectively and to give voting instructions and to act in respect of any other such
matter.

     SECTION 4.07 Voting of Deposited Securities.

          Upon receipt of notice of any meeting of holders of Shares or Deposited Securities, if
requested in writing by the Issuer, the Depositary shall, as soon as practicable thereafter, mail
to the Owners a notice, the form of which notice shall be in the sole discretion of the Depositary,
which shall contain (a) such information as is contained in such notice of meeting received from
the CUFS Depositary or the Issuer, and (b) a statement that the Owners as of the close of business
on a specified record date will be entitled, subject to any applicable provision of Netherlands law
and of the Articles of Association of the Issuer, to instruct the Depositary as to the exercise of
the voting rights, if any, pertaining to the number of Shares represented by CUFS 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. Upon the written request of an Owner on
such record date, received on or before the date established by the Depositary for such purpose,
(the “Instruction Date”) the Depositary shall endeavor, in so far as practicable, to instruct, or
cause the Custodian to instruct, the CUFS Depositary to vote or cause to be voted, the Shares
underlying the CUFS in accordance with the instructions received by the Depositary from Owners.
The Depositary shall not instruct, or cause the Custodian to instruct, the CUFS Depositary to vote
the Shares other than in accordance with such Owner’s instructions.

          There can be no assurance that Owners generally or any Owner in particular will receive the
notice described in the preceding paragraph sufficiently prior to the Instruction Date to ensure
that the Depositary will have enough time to instruct the

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CUFS Depositary to vote or that the CUFS
Depositary will vote the Shares in accordance with the provisions set forth in the preceding
paragraph.

     SECTION 4.08 Changes Affecting Deposited Securities.

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

     SECTION 4.09 Reports.

          The Depositary shall make available for inspection by Owners at its Corporate Trust Office any
reports and communications, including any proxy soliciting material, received from the Issuer or
the CUFS Depositary which are both (a) received by the Depositary and the Custodian as the holder
of the Deposited Securities or by the CUFS Depositary as the holder of Shares underlying the CUFS
and (b) made generally available to the holders of such Deposited Securities or of the Shares
underlying the CUFS by the Issuer or the CUFS Depositary. The Depositary shall also, upon written
request, send to the Owners copies of such reports furnished by the Issuer pursuant to

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Section 5.06. Any such reports and communications, including any such proxy soliciting material,
furnished to the Depositary by the Issuer shall be furnished in English.

     SECTION 4.10 Lists of Owners.

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

     SECTION 4.11 Withholding.

          In the event that the Depositary determines that any distribution in property (including CUFS
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 CUFS and rights to subscribe therefor) in such amounts and in
such manner as the Depositary deems necessary and practicable to pay any such taxes or charges and
the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes or
charges to the Owners entitled thereto in proportion to the number of American Depositary Shares
held by them respectively.

ARTICLE 5. THE DEPOSITARY, THE CUSTODIANS AND THE ISSUER.

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

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

          The Depositary shall keep books for the registration of Receipts and transfers of Receipts
which at all reasonable times shall be open for inspection by the

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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 Issuer or a matter related to this Deposit Agreement or
the Receipts.

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

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

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

          Neither the Depositary nor the Issuer nor any of their directors, employees, agents or
affiliates shall incur any liability to any Owner or holder of any Receipt, if by reason of any
provision of any present or future law or regulation of the United States or any other country, or
of any governmental or regulatory authority or stock exchange, or by reason of any provision,
present or future, of the Articles of Association of the Issuer, or by reason of any act of God or
war or other circumstances beyond its control, the Depositary or the Issuer or any of their
directors, employees, agents or affiliates shall be prevented 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 it is provided shall be done or performed; nor shall the Depositary
or the Issuer incur any liability to any Owner or holder of any Receipt by reason of any
non-performance or delay, caused as aforesaid, in the performance of any act or thing which by the
terms of this Deposit Agreement it is provided shall or may be done or performed, or by reason of
any exercise of, or failure to exercise, any discretion provided for in this Deposit

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Agreement.
Where, by the terms of a distribution pursuant to Sections 4.01, 4.02, or 4.03 of the Deposit
Agreement, or an offering or distribution pursuant to Section 4.04 of the Deposit Agreement, or for
any other reason, such distribution or offering may not be made available to Owners, and the
Depositary may not dispose of such distribution or offering on behalf of such Owners and make the net proceeds
available to such Owners, then the Depositary shall not make such distribution or offering, and
shall allow any rights, if applicable, to lapse.

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

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

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

          Neither the Depositary nor the Issuer shall be under any obligation to appear in, prosecute or
defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of
the Receipts, which in its opinion may involve it in expense or liability, unless indemnity
satisfactory to it against all expense and liability shall be furnished as often as may be
required, and the Custodian shall not be under any obligation whatsoever with respect to such
proceedings, the responsibility of the Custodian being solely to the Depositary.

          Neither the Depositary nor the Issuer shall be liable for any action or nonaction by it in
reliance upon the advice of or information from legal counsel,

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accountants, any person presenting
CUFS for deposit, any Owner or any other person believed by it in good faith to be competent to
give such advice or information.

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

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

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

     SECTION 5.04 Resignation and Removal of the Depositary.

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

          The Depositary may at any time be removed by the Issuer by 120 days prior written notice of
such removal effective upon the later of (i) the 120th day after delivery of the notice
to the Depositary or (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 Issuer
shall use its best efforts to appoint a successor depositary, which shall

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be a bank or trust
company having an office in the Borough of Manhattan, The City of New York. Every successor
depositary shall execute and deliver to its predecessor and to the Issuer 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 Issuer shall execute and deliver
an instrument transferring to such successor all rights and powers of such predecessor hereunder,
shall duly assign, transfer and deliver all right, title and interest in the Deposited Securities
to such successor, and shall deliver to such successor a list of the Owners of all outstanding
Receipts. Any such successor depositary shall promptly mail notice of its appointment to the
Owners.

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

     SECTION 5.05 The Custodians.

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

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or additional
custodian shall deliver to the Depositary, forthwith upon its appointment, an acceptance of such
appointment satisfactory in form and substance to the Depositary.

          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 Issuer gives notice, by publication or otherwise, of
any meeting of holders of Shares or Deposited Securities, or of any adjourned meeting of such
holders, or of the taking of any action in respect of any cash or other distributions or the
offering of any rights, the Issuer 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 Deposited Securities.

          The Issuer will arrange for the translation into English and the prompt transmittal by the
Issuer to the Depositary and the Custodian of such notices and any other reports and communications
which are made generally available by the Issuer to holders of its Shares. If requested in writing
by the Issuer, the Depositary will arrange for the mailing, at the Issuer’s expense, of copies of
such notices, reports and communications to all Owners. The Issuer 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.

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          The Issuer shall deliver to the Depositary and the Custodian a copy (in English or with an
English translation) of all provisions of or governing the CUFS. Promptly upon any change in those
provisions, the Issuer shall deliver to the Depositary and the Custodian a copy (in English or with
an English translation) of those provisions as
changed. The Depositary and its agents may rely on the copy of those provisions for all
purposes of this Deposit Agreement.

     SECTION 5.07 Distribution of Additional Shares, Rights, etc.

          The Issuer agrees that in the event of any issuance or distribution of (1) additional CUFS or
Shares underlying the CUFS, (2) rights to subscribe for CUFS or Shares underlying the CUFS, (3)
securities convertible into or exchangeable for CUFS or Shares underlying the CUFS, or (4) rights
to subscribe for such securities, (each a “Distribution”) the Issuer will promptly furnish to the
Depositary and the CUFS Depositary a written opinion from U.S. counsel for the Issuer, which
counsel shall be satisfactory to the Depositary and the CUFS Depositary, stating whether or not the
Distribution requires a registration statement under the Securities Act of 1933 to be in effect
prior to making such Distribution available to Owners entitled thereto. If in the opinion of such
counsel a registration statement is required, such counsel shall furnish to the Depositary a
written opinion as to whether or not there is a registration statement in effect which will cover
such Distribution.

          The Issuer agrees with the Depositary that neither the Issuer nor any company controlled by,
controlling or under common control with the Issuer will at any time deposit any Shares with the
CUFS Depositary or cause the deposit of CUFS hereunder, either originally issued or previously
issued and reacquired by the Issuer or any such affiliate, unless a Registration Statement is in
effect as to such Shares or CUFS, as applicable, under the Securities Act of 1933.

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     SECTION 5.08 Indemnification.

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

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

     SECTION 5.09 Charges of Depositary.

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

          The following charges shall be incurred by any party depositing or withdrawing CUFS or by any
party surrendering Receipts or to whom Receipts are issued (including, without limitation, issuance
pursuant to a stock dividend or stock split declared by the Issuer or an exchange of stock
regarding the Receipts or Deposited Securities or a distribution of Receipts pursuant to Section
4.03), or by Owners, as

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applicable: (1) taxes and other governmental charges, (2) such
registration fees as may from time to time be in effect for the registration of transfers of CUFS
generally on the CHESS Subregister and applicable to transfers of CUFS 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 execution and delivery of Receipts pursuant to
Section 2.03, 4.03 or 4.04 and the surrender of Receipts pursuant to Section 2.05 or 6.02, (6) a
fee of $.02 or less per American Depositary Share (or portion thereof) for any cash distribution
made pursuant to the Deposit Agreement, including, but not limited to Sections 4.01 through 4.04
hereof, (7) a fee for the distribution of securities pursuant to Section 4.02, such fee being in an
amount equal to the fee for the execution and delivery of American Depositary Shares referred to
above which would have been charged as a result of the deposit of such securities (for purposes of
this clause 7 treating all such securities as if they were Shares) but which securities are instead
distributed by the Depositary to Owners, (8) a fee of $.02 or less per American Depositary Share
(or portion thereof) for depositary services, which will accrue on the last day of each calendar
year and which will be payable as provided in clause (9) below; provided, however,
that no fee will be assessed under this clause (8) if a fee was charged pursuant to clause (6)
above during that calendar year and (9) any other charge 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 CUFS 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).

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

     SECTION 5.10 Retention of Depositary Documents.

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

     SECTION 5.11 Exclusivity.

          The Issuer agrees not to appoint any other depositary for issuance of American Depositary
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 Issuer shall provide to the Depositary a list setting forth, to the
actual knowledge of the Issuer, those persons or entities who beneficially own Restricted
Securities and the Issuer shall update that list on a regular basis. The Issuer 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 Issuer and the Depositary in any respect which
they may deem necessary or desirable. Any

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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 Receipts until the expiration of thirty days after notice of such amendment shall have
been given to the Owners of outstanding Receipts. Every Owner at the time any amendment so becomes
effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such
amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any
amendment impair the right of the Owner of any Receipt to
surrender such Receipt and receive therefor the Deposited Securities represented thereby,
except in order to comply with mandatory provisions of applicable law.

     SECTION 6.02 Termination.

          The Depositary shall at any time at the direction of the Issuer terminate this Deposit
Agreement by mailing notice of such termination to the Owners of all Receipts then outstanding at
least 90 days prior to the date fixed in such notice for such termination. The Depositary may
likewise terminate this Deposit Agreement by mailing notice of such termination to the Issuer and
the Owners of all Receipts then outstanding if at any time 90 days shall have expired after the
Depositary shall have delivered to the Issuer a written notice of its election to resign and a
successor depositary shall not have been appointed and accepted its appointment as provided in
Section 5.04. On and after the date of termination, the Owner of a Receipt will, upon (a)
surrender of such Receipt at the Corporate Trust Office of the Depositary, (b) payment of the fee
of the Depositary for the surrender of Receipts referred to in Section 2.05, and (c) payment of any
applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the
amount of Deposited Securities represented by the American Depositary Shares evidenced by such
Receipt. If any Receipts shall remain outstanding after the date of termination, the Depositary
thereafter shall discontinue the registration of transfers of

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Receipts, shall suspend the
distribution of dividends to the Owners thereof, and shall not give any further notices or perform
any further acts under this Deposit Agreement, except that the Depositary shall continue to collect
dividends and other distributions pertaining to Deposited Securities, shall sell rights as provided
in this Deposit Agreement, and shall continue to deliver Deposited Securities, together with any
dividends or other distributions received with respect thereto and the net proceeds of the sale of
any rights or other property, in exchange for Receipts surrendered to the Depositary (after
deducting, in each case, the fee of the Depositary for the surrender of a Receipt, any expenses for
the account of the Owner of such Receipt in accordance with the terms and conditions of this
Deposit Agreement, and any applicable taxes or governmental charges). At any time after the
expiration of one year from the date of termination, the Depositary may sell the Deposited
Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such
sale, together with any other cash then held by it hereunder, unsegregated and without liability
for interest, for the pro rata benefit of the Owners of Receipts which have not theretofore been
surrendered, such Owners thereupon becoming general creditors of the Depositary with respect to
such net proceeds. After making such sale, the Depositary shall be discharged from all obligations
under this Deposit Agreement, except to account for such net proceeds and other cash (after
deducting, in each case, the fee of the Depositary for the surrender of a Receipt, any expenses for
the account of the Owner of such Receipt in accordance with the terms and conditions of this
Deposit Agreement, and any applicable taxes or governmental charges). Upon the termination of this
Deposit Agreement, the Issuer shall be discharged from all obligations under this Deposit Agreement
except for its obligations to the Depositary under Sections 5.08 and 5.09 hereof.

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ARTICLE 7. MISCELLANEOUS.

     SECTION 7.01 Counterparts.

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

     SECTION 7.02 No Third Party Beneficiaries.

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

     SECTION 7.03 Severability.

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

     SECTION 7.04 Holders and Owners as Parties; Binding Effect.

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

     SECTION 7.05 Notices.

          Any and all notices to be given to the Issuer 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 James Hardie Industries SE, World Trade Center, Strawinskylaan
1725, 1077 JE Amsterdam, The Netherlands,

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Attention: Company Secretary or any other place to which
the Issuer may have transferred its principal office.

          Any and all notices to be given to the Depositary shall be deemed to have been duly given if
in English and personally delivered or sent by mail or cable, telex or facsimile transmission
confirmed by letter, addressed to The Bank of New York 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.

          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
Receipts of the Depositary, or, if such Owner shall have filed
with the Depositary a written request that notices intended for such Owner be mailed to some
other address, at the address designated in such request.

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

     SECTION 7.06 Governing Law.

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

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     SECTION 7.07 Compliance with U.S. Securities Laws.

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

     SECTION 7.08 Submission to Jurisdiction; Appointment of Agent for Service of Process.

          The Issuer hereby (i) irrevocably designates and appoints National Registered Agents, Inc.,
440 9th Avenue, 5th Floor, New York, New York 10001, as the Issuer’s
authorized agent upon which process may be served in any suit or proceeding arising out of or
relating to the Shares or Deposited Securities, the American Depositary
Shares, the Receipts or this Agreement, (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 Issuer in any such suit or proceeding. The
Issuer agrees to deliver, upon the execution and delivery of this Deposit Agreement, a written
acceptance by such agent of its appointment as such agent. The Issuer 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 Agreement remains in force. In
the event the Issuer fails to continue such designation and appointment in full force and effect,
the Issuer hereby waives personal service of process upon it and consents that any such service of
process may be made by certified or registered mail, return receipt requested, directed to

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the Issuer at its address last specified for notices hereunder, and service so made shall be deemed
completed five (5) days after the same shall have been so mailed.

     SECTION 7.09 Effective Date.

          The Issuer and the Depositary hereby agree that the effective date (the “Effective Date”) of
the Deposit Agreement shall be the date on which the Commission declares effective the
Post-Effective Amendment No. 1 to the Form F-6 Registration Statement to which this Deposit
Agreement is attached as Exhibit A(1).

     SECTION 7.10 Summary in Respect of CHESS and CUFS.

          The American Depositary Shares represent deposited CUFS. The Receipt shall contain the
following description of CHESS and CUFS:

          CHESS

          CHESS facilitates the transfer of legal title and settlement of market transactions in
Australia with an electronic subregister system. CHESS, which is operated by ASX Settlement and
Transfer Corporation Pty Limited (herein called ASTC), is the
approved securities clearing house (SCH) under s779B of the Australian Corporations Act 2001
(the “Australian Corporations Act”). This allows legal title to equities to be validly transferred
electronically by virtue of provisions in the Australian Corporations Act and the SCH Business
Rules.

          Shares of the Issuer may be transferred and held indirectly in CHESS through the issue of
CUFS.

          CUFS

          CUFS are a unit of beneficial ownership in a security of a foreign issuer, registered in the
name of the depositary nominee. The depositary nominee for the Issuer is CHESS Depositary Nominees
Pty Limited (herein called the CUFS Depositary). The CUFS Depositary is a subsidiary of Australian
Stock Exchange Limited (herein called the

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ASX). The principal executive office of the CUFS
Depositary is located as of the date of the Deposit Agreement at Level 8, 20 Bridge Street, Sydney
NSW 2000, Australia.

          The Articles of Association of the Issuer contain certain provisions that are relevant to CUFS
holders, including, without limitation, any provisions therein relating to substantial
shareholdings and any provisions therein relating to a change in control of the Issuer. In
addition, the terms and conditions relating to CUFS are determined in accordance with the
Australian Corporations Act and the SCH Business Rules. Those principal terms and conditions are
briefly described as follows:

	 	(i)	 	Title to CUFS

          Each CUFS represents a unit of beneficial ownership in one Share. Legal title to the
underlying Shares will be held by the CUFS Depositary on behalf and for the benefit of CUFS
holders.

	 	(ii)	 	Voting

          CUFS holders are entitled to direct the CUFS Depositary as to how to exercise the voting
rights with respect to the underlying Shares represented by the CUFS.

	 	(iii)	 	Economic Entitlements

          CUFS holders are entitled to receive from the Issuer directly all dividends, bonus issues,
rights issues and any other economic entitlements in respect of the underlying Shares represented
by the CUFS as if they were the legal owners of the Shares.

	 	(iv)	 	Fees

          The CUFS Depositary shall charge no fees or expenses to the CUFS holder for its services. In
the event fees or expenses are accrued in connection with the

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services provided by the CUFS
Depositary, such fees and expenses shall be paid by the Issuer to the CUFS Depositary.

	 	(v)	 	Immobilization of Shares

          The certificate issued to the CUFS Depositary as evidence of its legal title to Shares is held
by the Issuer for safekeeping. The CUFS Depositary may not create any interest (including a
security interest) which is inconsistent with its title to the Shares and the interests of the
holders of CUFS in respect of Shares unless authorized by the SCH Business Rules.

	 	(vi)	 	Evidence of Ownership

          The holders of CUFS will not receive physical certificates. The Issuer will register the
Shares in the name of the CUFS Depositary and the CUFS Depositary will create uncertificated CUFS
holdings in the names of the holders. Statements of beneficial ownership will be issued to all
CUFS holders, including to the Custodian on behalf of holders of Receipts.

          CUFS holders who are sponsored by brokers or non-brokers that participate in CHESS will
receive periodic Holding Statements. The Custodian, as a
sponsored CUFS holder, shall receive periodic Holding Statements. SCH will issue the Holding
Statements on behalf of the CUFS Depositary. CUFS holders who are sponsored by the Issuer will
receive uncertificated holding statements from the Issuer’s Australian registry on behalf of the
CUFS Depositary.

	 	(vii)	 	Converting CUFS to Shares

          A holder of CUFS in CHESS who wishes to convert CUFS to Shares of the Issuer can do so by
instructing its sponsoring CHESS participant (ie, broker or non-broker participant). The
participant transmits a CHESS message to the Issuer’s registry instructing the registry to transfer
the Shares from the CUFS Depositary into the name of

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the holder. The transfer is effected by a
written instrument signed by the CUFS Depositary, as transferor, and the CUFS holder, as
transferee, to which instrument the Issuer is a signatory or which instrument is served upon, or
acknowledged by, the Issuer. The Issuer will then record the holder as registered owner of the
Shares on the shareholder register and will, if required, issue a certificate to the holder.

          Holders of Shares who wish to convert Shares back to CUFS in CHESS, can do so by lodging the
Share certificate, if applicable, with their sponsoring CHESS participant and signing the seller
side of an Australian standard transfer form. The participant lodges the Share certificate and
transfer form with the Issuer’s registry and transmits a CHESS message to the Issuer’s registry
instructing the registry to establish a
CHESS holding. The registry then transfers the securities
from the holder’s name into the name of the CUFS Depositary and establishes a CUFS holding in the
name of the holder. CHESS, on behalf of the CUFS Depositary, issues a Holding Statement to the
CUFS holders.

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          IN WITNESS WHEREOF, JAMES HARDIE INDUSTRIES SE and THE BANK OF NEW YORK MELLON have duly
executed this agreement as of the day and year first set forth above and all Owners shall become
parties hereto upon acceptance by them of Receipts issued in accordance with the terms hereof.

	 	 	 	 	 
	 	JAMES HARDIE INDUSTRIES SE

 	 
	 	By:  	/s/ Robert E. Cox
 	 
	 	 	 	 
	 	 	 	 
	 
	 	THE BANK OF NEW YORK MELLON,

as Depositary

 	 
	 	By:  	/s/ Joanne F. Di Giovanni
 	 
	 	 	 	 
	 	 	 	 

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Exhibit A to Deposit Agreement

	 	 	 
	No.

	 	 
	 

	 	AMERICAN DEPOSITARY SHARES
	 

	 	(Each American Depositary Share 
represents five
(5) deposited CUFS)

THE BANK OF NEW YORK MELLON

AMERICAN DEPOSITARY RECEIPT

FOR CHESS UNITS OF FOREIGN SECURITIES

REPRESENTING ORDINARY SHARES OF THE

PAR VALUE OF 0.59 EURO EACH OF

JAMES HARDIE INDUSTRIES SE

(INCORPORATED UNDER THE LAWS OF THE NETHERLANDS)

          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

representing deposited CHESS Units of Foreign Securities (herein called “CUFS”) of James Hardie
Industries SE, incorporated under the laws of The Netherlands (herein called the “Company”). At
the date hereof, each American Depositary Share represents five (5) CUFS which are either deposited
or subject to deposit under the deposit agreement at the Australian office of Australia and New
Zealand Banking Group Limited (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

 

 

ARTICLE 8. THE DEPOSIT AGREEMENT.

          This American Depositary Receipt is one of an issue (herein called “Receipts”), all issued and
to be issued upon the terms and conditions set forth in the deposit agreement, dated as of
September 24, 2001, as amended and restated as of February 19, 2010 (herein called the “Deposit
Agreement”), by and 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 a Receipt agrees to
become a party thereto and become bound by all the terms and conditions thereof. The Deposit
Agreement sets forth the rights of Owners and holders of the Receipts and the rights and duties of
the Depositary in respect of the CUFS deposited thereunder and any and all other securities,
property and cash from time to time received in respect of such CUFS and held thereunder (such
CUFS, securities, property, and cash are herein called “Deposited Securities”). Copies of the
Deposit Agreement are on file at the Depositary’s Corporate Trust Office in New York City and at
the office of the Custodian.

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

ARTICLE 9. SURRENDER OF RECEIPTS AND WITHDRAWAL OF CUFS.

          Upon surrender at the Corporate Trust Office of the Depositary of this Receipt, and upon
payment of the fee of the Depositary provided in this Receipt, and subject to the terms and
conditions of the Deposit Agreement, the Owner hereof is entitled to (i) with respect to the CUFS
or other uncertificated Deposited Securities held through CHESS evidenced by such Receipt, instruct
the Depositary to procure the electronic transfer through CHESS of such CUFS or such other
uncertificated Deposited Securities to an account in the name of the Owner or such other name as
the Owner may

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direct and (ii) physical delivery, to or upon the order of such Owner, of any other Deposited Securities at the time represented by the American Depositary Shares for which this Receipt is
issued. Delivery of such other Deposited Securities, if applicable, may be made by the delivery of
(a) certificates in the name of the Owner hereof or as ordered by him or by certificates properly
endorsed or accompanied by proper instruments of transfer to such Owner or as ordered by him and
(b) any other securities, property and cash to which such Owner is then entitled in respect of this
Receipt to such Owner or as ordered by him. 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. Notwithstanding any other provision of the Deposit Agreement or this Receipt, the
surrender of outstanding Receipts and withdrawal of Deposited Securities may be suspended only for
(i) temporary delays caused by closing the transfer books of the Depositary or the Company or the
deposit of Shares in connection with voting at a shareholders’ meeting, or the payment of
dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S.
or foreign laws or governmental regulations relating to the Receipts or to the withdrawal of the
Deposited Securities.

ARTICLE 10. TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF RECEIPTS.

          The transfer of this Receipt is registrable on the books of the Depositary at its Corporate
Trust Office by the Owner hereof in person or by a duly authorized attorney, upon surrender of this
Receipt properly endorsed for transfer or accompanied by proper instruments of transfer and funds
sufficient to pay any applicable transfer taxes and the expenses of the Depositary and upon
compliance with such regulations, if any, as the Depositary may establish for such purpose. This
Receipt may be split into other such Receipts, or may be combined with other such Receipts into one
Receipt, evidencing the

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same aggregate number of American Depositary Shares as the Receipt or
Receipts surrendered. As a condition precedent to the execution and delivery, registration of
transfer, split-up, combination, or surrender of any Receipt or withdrawal of any
Deposited Securities, the Depositary, the Company, the CUFS Depositary, the Custodian, or
Registrar may require payment from the depositor of CUFS or the presentor of the Receipt of a sum
sufficient to reimburse it for any tax or other governmental charge and any stock transfer or
registration fee with respect thereto (including any such tax or charge and fee with respect to
CUFS being deposited or withdrawn) and payment of any applicable fees as provided in this Receipt,
may require the production of proof satisfactory to it as to the identity and genuineness of any
signature and may also require compliance with any regulations the Depositary may establish
consistent with the provisions of the Deposit Agreement or this Receipt.

          The delivery of Receipts against deposits of CUFS generally or against deposits of particular
CUFS may be suspended, or the transfer of Receipts in particular instances may be refused, or the
registration of transfer of outstanding Receipts generally may be suspended, during any period when
the transfer books of the Depositary are closed, or if any such action is deemed necessary or
advisable by the Depositary, the Company, or the CUFS Depositary at any time or from time to time
because of any requirement of law or of any government or governmental body or commission, or under
any provision of the Deposit Agreement or this Receipt, or for any other reason, subject to Article
(22) hereof. Without limitation of the foregoing, the Depositary shall not knowingly accept for
deposit under the Deposit Agreement any CUFS if such CUFS, or the Shares underlying such CUFS,
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 CUFS or Shares as applicable.

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ARTICLE 11. LIABILITY OF OWNER FOR TAXES.

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

ARTICLE 12. WARRANTIES OF DEPOSITORS.

          Every person depositing CUFS under the Deposit Agreement shall be deemed thereby to represent
and warrant that such CUFS are validly issued, fully paid, nonassessable and free of any
pre-emptive 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 CUFS and the sale of Receipts evidencing American Depositary Shares representing such CUFS by
that person are not restricted under the Securities Act of 1933. Such representations and
warranties shall survive the deposit of CUFS and issuance of Receipts.

ARTICLE 13. FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.

          Any person presenting CUFS for deposit or any Owner of a Receipt may be required from time to
time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange
control approval, or such information relating to the registration on the CHESS Subregister, if
applicable, to execute such certificates and to make such representations and warranties, as the
Depositary may deem necessary or

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proper. The Depositary may withhold the delivery or registration
of transfer of any Receipt or the distribution of any dividend or sale or distribution of rights or
of the proceeds thereof or the delivery of any Deposited Securities until such proof or other
information is filed or such certificates are executed or such representations and warranties made.
No CUFS shall be accepted for deposit unless accompanied by evidence satisfactory to the
Depositary that any necessary approval has been granted by any
applicable governmental body which is then performing the function of the regulation of
currency exchange.

ARTICLE 14. CHARGES OF DEPOSITARY.

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

          The following charges shall be incurred by any party depositing or withdrawing CUFS or by any
party surrendering Receipts or to whom Receipts are issued (including, without limitation, issuance
pursuant to a stock dividend or stock split declared by the Company or an exchange regarding the
Receipts or Deposited Securities or a distribution of Receipts pursuant to Section 4.03 of the
Deposit Agreement), whichever applicable: (1) taxes and other governmental charges, (2) such
registration fees as may from time to time be in effect for the registration of transfers of CUFS
generally on the CHESS Subregister and applicable to transfers of CUFS 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 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

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to Section 4.05 of the Deposit Agreement, (5) a fee of
$5.00 or less per 100 American Depositary Shares (or portion thereof) for the execution and
delivery of Receipts pursuant to Sections 2.03, 4.03 or 4.04, and the surrender of Receipts
pursuant to
Sections 2.05 or 6.02 of the Deposit Agreement, (6) a fee of $.02 or less per American
Depositary Share (or portion thereof) for any cash distribution made pursuant to the Deposit
Agreement including, but not limited to Sections 4.01 through 4.04 thereof, (7) a fee for the
distribution of securities pursuant to Section 4.02 of the Deposit Agreement, such fee being in an
amount equal to the fee for the execution and delivery of American Depositary Shares referred to
above which would have been charged as a result of the deposit of such securities (for purposes of
this clause 7 treating all such securities as if they were Shares) but which securities are instead
distributed by the Depositary to Owners, (8) a fee of $.02 or less per American Depositary Share
(or portion thereof) for depositary services, which will accrue on the last day of each calendar
year and which will be payable as provided in clause (9) below; provided, however,
that no fee will be assessed under this clause (8) if a fee was charged pursuant to clause (6)
above during that calendar year and (9) any other charge 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 CUFS 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, subject to Article (8) hereof, may own and deal in any class of securities of
the Company and its affiliates and in Receipts.

ARTICLE 15. PRE-RELEASE OF RECEIPTS.

          Notwithstanding Section 2.03 of the Deposit Agreement, the Depositary may execute and deliver
Receipts prior to the receipt of CUFS pursuant to Section 2.02 of

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the Deposit Agreement
(“Pre-Release”). The Depositary may, pursuant to Section 2.05 of the Deposit Agreement, deliver
CUFS upon the receipt and cancellation of Receipts which have been Pre-Released, whether or not
such cancellation is prior to the termination of such Pre-Release or the Depositary knows that such
Receipt has been Pre-Released. The Depositary may receive Receipts in lieu of CUFS in satisfactory
of a Pre-Release. Each Pre-Release will be (a) preceded or accompanied by a written representation
from the person to whom Receipts are to be delivered that such person, or its customer, owns the
CUFS or Receipts to be remitted, as the case may be, (b) at all times fully collateralized
with cash or such other collateral as the Depositary deems appropriate, (c) terminable by the
Depositary on not more than five (5) business days notice, and (d) subject to such further
indemnities and credit regulations as the Depositary deems appropriate. The number of American
Depositary Shares which are outstanding at any time as a result of Pre-Releases will not normally
exceed thirty percent (30%) of the CUFS deposited under the Deposit Agreement; provided, however,
that the Depositary reserves the right to change or disregard such limit from time to time as it
deems appropriate.

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

ARTICLE 16. TITLE TO RECEIPTS.

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

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distribution of dividends or other distributions or to any
notice provided for in the Deposit Agreement and for all other purposes.

ARTICLE 17. VALIDITY OF RECEIPT.

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

ARTICLE 18. REPORTS; INSPECTION OF TRANSFER BOOKS.

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

          Such reports and communications will be available for inspection and copying at the public
reference facilities maintained by the Commission located at 100 F Street, N.E., Washington, D.C.
20549.

          The Depositary will make available for inspection by Owners of Receipts at its Corporate Trust
Office any reports and communications, including any proxy soliciting material, received from the
Company or the CUFS Depositary which are both (a) received by the Depositary and the Custodian as
the holder of the Deposited Securities or by the CUFS Depositary as the holder of Shares underlying
the CUFS and (b) made generally available to the holders of such Deposited Securities or of the
Shares underlying the CUFS by the Company or the CUFS Depositary. The Depositary shall also, upon
written request, send to the Owners of Receipts copies of such reports furnished by the Company
pursuant to the Deposit Agreement. Any such reports and communications, 

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including any such proxy
soliciting material, furnished to the Depositary by the Company shall be furnished in English.

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

ARTICLE 19. DIVIDENDS AND DISTRIBUTIONS.

          Whenever the Depositary shall receive any cash dividend or other cash distribution on any
Deposited Securities, the Depositary shall, if at the time of receipt thereof any amounts received
in a foreign currency can in the judgment of the Depositary be converted on a reasonable basis into
United States dollars transferable to the United States, and subject to the Deposit Agreement,
convert such dividend or distribution into Dollars if such cash dividend or other cash distribution
is not received in Dollars and shall distribute the amount thus received (net of the fees of the
Depositary as provided in the Deposit Agreement, if applicable) to the Owners of Receipts entitled
thereto, provided, however, that in the event that the Company, the CUFS Depositary, the Custodian,
or the Depositary shall be required to withhold and does withhold from such cash dividend or such
other cash distribution in respect of any Deposited Securities an amount on account of taxes, the
amount distributed to the Owners of the Receipts evidencing American Depositary Shares representing
such Deposited Securities shall be reduced accordingly.

          Subject to the provisions of Sections 4.11 and 5.09 of the Deposit Agreement, whenever the
Depositary shall receive any distribution other than a distribution described in Sections 4.01,
4.03 or 4.04 of the Deposit Agreement, the Depositary shall cause the securities or property
received by it to be distributed to the

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Owners of Receipts entitled thereto, in any manner that the
Depositary may deem equitable and practicable for accomplishing such distribution; provided,
however, that if in the opinion of the Depositary such distribution cannot be made proportionately
among the Owners of Receipts entitled thereto, or if for any other reason the Depositary deems
such distribution not to be feasible, the Depositary may adopt such method as it may deem equitable
and practicable for the purpose of effecting such distribution, including, but not limited to, the
public or private sale of the securities or property thus received, or any part thereof, and the
net proceeds of any such sale (net of the fees of the Depositary as provided in Section 5.09 of the
Deposit Agreement) shall be distributed by the Depositary to the Owners of Receipts entitled
thereto as in the case of a distribution received in cash. Any distributions received by the
Depositary and not distributed to the Owner entitled thereto or sold as provided in Section 4.02 of
the Deposit Agreement shall be deemed to Deposited Securities and shall be represented by such
Owner’s Receipts.

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

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Share shall thenceforth also represent the additional CUFS
distributed upon the Deposited Securities represented thereby.

          In the event that the Depositary determines that any distribution in property (including CUFS
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 CUFS 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.

ARTICLE 20. CONVERSION OF FOREIGN CURRENCY.

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

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

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

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

ARTICLE 21. RIGHTS.

          In the event that the Company shall offer or cause to be offered to the holders of any
Deposited Securities, or any securities of the Company represented by any Deposited Securities, any
rights to subscribe for additional Shares or any rights of any other nature, the Depositary shall
have discretion as to the procedure to be followed in making such rights available to any Owners or
in disposing of such rights on behalf of any Owners and making the net proceeds available to such
Owners or, if by the terms of such rights offering or for any other reason, the Depositary may not
either make such

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rights available to any Owners or dispose of such rights and make the net proceeds
available to such Owners, then the Depositary shall allow the rights to lapse. If at the time of
the offering of any rights the Depositary determines in its discretion that it is lawful and
feasible to make such rights available to all Owners or to certain Owners but not to other Owners,
the Depositary may distribute, to any Owner to whom it determines the distribution to be lawful and
feasible, in proportion to the number of American
Depositary Shares held by such Owner, warrants or other instruments therefor in such form as it
deems appropriate.

          In circumstances in which rights would otherwise not be distributed, if an Owner of Receipts
requests the distribution of warrants or other instruments in order to exercise the rights
allocable to the American Depositary Shares of such Owner 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 relevant
security to be received upon the exercise of the rights, and upon payment of the fees of the
Depositary and any other charges as set forth in such warrants or other instruments, the Depositary
shall, on behalf of such Owner, exercise the rights and purchase the relevant security, and the
Company shall cause the relevant security, if Shares, to be delivered to the CUFS Depositary on
behalf of such Owner with instructions to issue CUFS representing such Shares and deliver them to
the Custodian. As agent for such Owner, the Depositary will cause the

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Shares so purchased to be
deposited pursuant to Section 2.02 of the Deposit Agreement, and shall, pursuant to Section 2.03 of
the Deposit Agreement, execute and deliver Receipts to such Owner. In the case of a distribution
pursuant to the second paragraph of this Article, such Receipts shall be legended in accordance
with applicable U.S. laws, and shall be subject to the appropriate restrictions on sale, deposit,
cancellation and transfer under such laws.

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

          The Depositary will not offer rights to Owners unless both the rights and the securities to
which such rights relate are either exempt from registration under the Securities Act of 1933 with
respect to a distribution to Owners or are registered under the provisions of such Act. If an
Owner of Receipts requests distribution of warrants or other instruments, notwithstanding that
there has been no such registration under such Act, the Depositary shall not effect such
distribution unless it has received an opinion from 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.

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

ARTICLE 22. 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 any securities of the Company represented by any Deposited Securities, or whenever
for any reason the Depositary
causes a change in the number of CUFS that are represented by each American Depositary Share, or
whenever the Depositary shall receive notice of any meeting of holders of CUFS or the Shares
underlying the CUFS or other Deposited Securities, the Depositary shall fix a record date which
date shall, to the extent practicable, be the same date as the record date set with respect to the
Shares, if any, (a) for the determination of the Owners of Receipts who shall be (i) entitled to
receive such dividend, distribution or rights or the net proceeds of the sale thereof or (ii)
entitled to give instructions for the exercise of voting rights at any such meeting, or (b) on or
after which each American Depositary Share will represent the changed number of Shares, subject to
the provisions of the Deposit Agreement.

ARTICLE 23. VOTING OF DEPOSITED SECURITIES.

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

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Depositary as to the exercise of the voting rights, if any, pertaining to the number of Shares
represented by CUFS 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.
Upon the written request of an Owner of a Receipt on such record date, received on or before the
date established by the Depositary for such purpose (the “Instruction Date”), the Depositary shall
endeavor, in so far as practicable, to instruct, or cause the Custodian to instruct, the CUFS
Depositary to vote or cause to be voted, the Shares underlying the CUFS in accordance with the
instructions received by the Depositary from Owners. The Depositary shall not instruct, or cause
the Custodian to
instruct, the CUFS Depositary to vote the Shares other than in accordance with such Owner’s
instructions.

          There can be no assurance that Owners generally or any Owner in particular will receive the
notice described in the preceding paragraph sufficiently prior to the Instruction Date to ensure
that the Depositary will have enough time to instruct the CUFS Depositary to vote or that the CUFS
Depositary will vote the Shares in accordance with the provisions set forth in the preceding
paragraph.

ARTICLE 24. CHANGES AFFECTING DEPOSITED SECURITIES.

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

-17-

 

In any such case the Depositary may,
and shall if the Company shall so request, execute and deliver additional Receipts as in the case
of a distribution of Shares which results in the issuance of CUFS, or call for the surrender of
outstanding Receipts to be exchanged for new Receipts specifically describing such new Deposited
Securities.

ARTICLE 25. 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 of any Receipt, if by reason
of any provision of any present or future law or regulation of the United States or any other
country, or of any governmental or regulatory authority or
stock exchange, or by reason of any provision, present or future, of the Articles of Association of
the Company, or by reason of any act of God or war or other circumstances beyond its control, the
Depositary or the Company or any of their respective directors, employees, agents or affiliates
shall be prevented 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 it is provided
shall be done or performed; nor shall the Depositary or the Company incur any liability to any
Owner or holder of a Receipt by reason of any non-performance or delay, caused as aforesaid, in the
performance of any act or thing which by the terms of the Deposit Agreement it is provided shall or
may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion
provided for in the Deposit Agreement. Where, by the terms of a distribution pursuant to Sections
4.01, 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 the Depositary assumes any obligation or shall be subject to any
liability under the Deposit Agreement to Owners or holders of Receipts,

-18-

 

except that they agree to
perform their obligations specifically set forth in the Deposit Agreement without negligence or bad
faith. The Depositary shall not be subject to any liability with respect to the validity or worth
of the Deposited Securities. Neither the Depositary nor the Company shall be under any obligation
to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited
Securities or in respect of the Receipts, which in its opinion may involve it in expense or
liability, unless indemnity satisfactory to it against all expense and liability shall be furnished
as often as may be required, and the Custodian shall not be under any obligation whatsoever with
respect to such proceedings, the responsibility of the Custodian being solely to the
Depositary. Neither the Depositary nor the Company shall be liable for any action or nonaction by
it in reliance upon the advice of or information from legal counsel, accountants, any person
presenting CUFS for deposit, any Owner or holder of a Receipt, or any other person believed by it
in good faith to be competent to give such advice or information. The Depositary shall not be
liable for any acts or omissions made by a successor depositary whether in connection with a
previous act or omission of the Depositary or in connection with any matter arising wholly after
the removal or resignation of the Depositary, provided that in connection with the issue out of
which such potential liability arises the Depositary performed its obligations without negligence
or bad faith while it acted as Depositary. The Depositary shall not be responsible for any failure
to carry out any instructions to vote any of the Deposited Securities, or for the manner in which
any such vote is cast or the effect of any such vote, provided that any such action or nonaction is
in good faith. The Company agrees to indemnify the Depositary, its directors, employees, agents
and affiliates and any Custodian against, and hold each of them harmless from, any liability or
expense (including, but not limited to, the fees and expenses of counsel) which may arise out of
acts performed or omitted, in accordance with the provisions of the Deposit Agreement and of the
Receipts, as the same may be amended, modified or supplemented from time to time, (i) by either the
Depositary or a Custodian or their respective directors, employees, agents and affiliates,

-19-

 

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

ARTICLE 26. RESIGNATION AND REMOVAL OF THE DEPOSITARY.

          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 written notice of such removal, effective upon the
later of (i) the 120th day after delivery of the notice to the Depositary or (ii) the
appointment of a successor depositary and its acceptance of such appointment as provided in the
Deposit Agreement. Whenever the Depositary in its discretion determines that it is in the best
interest of the Owners of Receipts to do so, it may appoint substitute or additional custodian or
custodians.

ARTICLE 27. AMENDMENT.

          The form of the Receipts and any provisions of the Deposit Agreement may at any time and from
time to time be amended by agreement between the Company and the Depositary in any respect which
they may deem necessary or desirable. 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 of Receipts, shall, however, not become
effective as to outstanding Receipts until the expiration of thirty days after notice of such
amendment shall have been given to the Owners of outstanding Receipts. Every Owner of a Receipt at
the time any amendment so becomes effective shall be deemed, by continuing to hold such Receipt, to
consent and agree to such amendment and to be bound by the Deposit

-20-

 

Agreement as amended thereby.
In no event shall any amendment impair the right of the Owner of any Receipt to surrender such
Receipt and receive therefor the Deposited Securities represented thereby, except in order to
comply with mandatory provisions of applicable law.

ARTICLE 28. TERMINATION OF DEPOSIT AGREEMENT.

          The Depositary shall at any time at the direction of the Company terminate the Deposit
Agreement by mailing notice of such termination to the Owners of all Receipts then outstanding at
least 90 days prior to the date fixed in such notice for such termination. The Depositary may
likewise terminate the Deposit Agreement by mailing notice of such termination to the Company and
the Owners of all Receipts then
outstanding if at any time 90 days shall have expired after the Depositary shall have delivered to
the Company a written notice of its election to resign and a successor depositary shall not have
been appointed and accepted its appointment as provided in the Deposit Agreement. On and after the
date of termination, the Owner of a Receipt will, upon (a) surrender of such Receipt at the
Corporate Trust Office of the Depositary, (b) payment of the fee of the Depositary for the
surrender of Receipts referred to in Section 2.05 of the Deposit Agreement and (c) payment of any
applicable taxes or governmental charges, be entitled to delivery, to him or upon his order, of the
amount of Deposited Securities represented by the American Depositary Shares evidenced by such
Receipt. If any Receipts shall remain outstanding after the date of termination, the Depositary
thereafter shall discontinue the registration of transfers of Receipts, shall suspend the
distribution of dividends to the Owners thereof, and shall not give any further notices or perform
any further acts under the Deposit Agreement, except that the Depositary shall continue to collect
dividends and other distributions pertaining to Deposited Securities, shall sell rights as provided
in the Deposit Agreement, and shall continue to deliver Deposited Securities, together with any
dividends or other distributions received with respect thereto and the net proceeds of the sale of
any rights or other property, in exchange for Receipts surrendered to the Depositary (after
deducting, in each case, the fee

-21-

 

of the Depositary for the surrender of a Receipt, any expenses for
the account of the Owner of such Receipt in accordance with the terms and conditions of the Deposit
Agreement and any applicable taxes or governmental charges). At any time after the expiration of
one year from the date of termination, the Depositary may sell the Deposited Securities then held
under the Deposit Agreement and may thereafter hold uninvested the net proceeds of any such sale,
together with any other cash then held by it thereunder, unsegregated and without liability for
interest, for the pro rata benefit of the Owners of Receipts which have not theretofore been
surrendered, such Owners thereupon becoming general creditors of the Depositary with respect to
such net proceeds. After making such sale, the Depositary shall be discharged from all obligations
under the Deposit Agreement, except to account for such net proceeds and other cash (after deducting, in each
case, the fee of the Depositary for the surrender of a Receipt, any expenses for the account of the
Owner of such Receipt in accordance with the terms and conditions of the Deposit Agreement, and any
applicable taxes or governmental charges). Upon the termination of the Deposit Agreement, the
Company shall be discharged from all obligations under the Deposit Agreement except for its
obligations to the Depositary under Sections 5.08 and 5.09 of the Deposit Agreement.

ARTICLE 29. COMPLIANCE WITH U.S. SECURITIES LAWS.

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

ARTICLE 30. SUBMISSION TO JURISDICTION; APPOINTMENT OF AGENT FOR SERVICE OF PROCESS.

          The Company hereby (i) irrevocably designates and appoints National Registered Agents, Inc.,
440 9th Avenue, 5th Floor, New York, New York 10001, as the

-22-

 

Company’s
authorized agent upon which process may be served in any suit or proceeding arising out of or
relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or
this Agreement, (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, upon the
execution and delivery of this Deposit Agreement, a written acceptance by such agent of its
appointment as such 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 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 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 (5) days after
the same shall have been so mailed.

ARTICLE 31. EFFECTIVE DATE.

          The Company and the Depositary agree that the effective date (the “Effective Date”) of the
Deposit Agreement shall be the date on which the Commission declares effective the Post-Effective
No. 1 to the Form F-6 Registration Statement to which the Deposit Agreement is attached as Exhibit
A(1).

ARTICLE 32. SUMMARY IN RESPECT OF CHESS AND CUFS.

          The American Depositary Shares represent deposited CUFS. The following is a summary
description of CHESS and CUFS:

CHESS

-23-

 

          CHESS facilitates the transfer of legal title and settlement of market transactions in
Australia with an electronic subregister system. CHESS, which is operated by ASX Settlement and
Transfer Corporation Pty Limited (herein called ASTC), is the approved securities clearing house
(SCH) under s779B of the Australian Corporations Act 2001 (the “Australian Corporations Act”) This
allows legal title to equities to be validly transferred electronically by virtue of provisions in
the Australians Corporation Law and the SCH Business Rules.

          Shares of the Company may be transferred and held indirectly in CHESS through the issue of CUFS.

CUFS

          CUFS are a unit of beneficial ownership in a security of a foreign issuer, registered in the
name of the depositary nominee. The depositary nominee for the Company is CHESS Depositary Nominee
Pty Limited (herein called the CUFS Depositary). The CUFS Depositary is a subsidiary of Australian
Stock Exchange Limited (herein called the ASX). The principal executive office of the CUFS
Depositary is located as of the date of the Deposit Agreement at Level 8, 20 Bridge Street, Sydney
NSW 2000, Australia.

          The Articles of Association of the Company contain certain provisions that are relevant to
CUFS holders, including, without limitation, any provisions therein relating to substantial
shareholdings and any provisions therein relating to a change in control of the Company. In
addition, the terms and conditions relating to CUFS are determined in accordance with the
Australian Corporations Act and the SCH Business Rules. Those principal terms and conditions are
briefly described as follows:

               (i) Title to CUFS

-24-

 

          Each CUFS represents a unit of beneficial ownership in one Share. Legal title to the
underlying Shares will be held by the CUFS Depositary on behalf and for the benefit of CUFS
holders.

               (ii) Voting

          CUFS holders are entitled to direct the CUFS Depositary as to how to exercise the voting
rights with respect to the underlying Shares represented by the CUFS.

               (iii) Economic Entitlements

          CUFS holders are entitled to receive from the Company directly all dividends, bonus issues,
rights issues and any other economic entitlements in respect of the underlying Shares represented
by the CUFS as if they were the legal owners of the underlying Shares.

               (iv) Fees

          The CUFS Depositary shall charge no fees or expenses to the CUFS holder for its services. In
the event fees or expenses are accrued in connection with the services provided by the CUFS
Depositary, such fees and expenses shall be paid by the Company to the CUFS Depositary.

               (v) Immobilization of Shares

          The certificate issued to the CUFS Depositary as evidence of its legal title to Shares is held
by the Company for safekeeping. The CUFS Depositary may not create any interest (including a
security interest) which is inconsistent with its title to the Shares and the interests of the
holders of CUFS in respect of Shares unless authorized by the SCH Business Rules.

               (vi) Evidence of Ownership

-25-

 

          The holders of CUFS will not receive physical certificates. The Company will register the
Shares in the name of the CUFS Depositary and the CUFS Depositary will create uncertificated CUFS
holdings in the names of the investors. Statements of beneficial ownership will be issued to all
CUFS holders, including to the Custodian on behalf of holders of Receipts.

          CUFS holders who are sponsored by brokers or non-brokers that participate in CHESS will
receive periodic Holding Statements. The Custodian, as a sponsored CUFS holder, shall receive
periodic Holding Statements. SCH will issue the Holding Statements on behalf of the CUFS
Depositary. CUFS holders who are sponsored by the Company will receive uncertificated holding
statements from the Company’s Australian registry on behalf of the CUFS Depositary.

               (vii) Converting CUFS to Shares

          A holder of CUFS in CHESS who wishes to convert their CUFS to Shares of the Company can do so
by instructing its sponsoring CHESS participant (ie, broker or non-broker participant). The
participant transmits a CHESS message to the Company’s registry instructing the registry to
transfer the Shares from the CUFS Depositary into the name of the holder. The transfer is effected
by a written instrument signed by the CUFS Depositary, as transferor, and the CUFS holder, as
transferee, to which instrument the Company is a signatory or which instrument is served upon, or
acknowledged by, the Company. The Company will then record the holder as registered owner of the
Shares on the shareholder register and will, if required, issue a certificate to the holder.

          Holders of Shares who wish to convert Shares back to CUFS in CHESS, can do so by lodging the
Share certificate, if applicable, with their sponsoring CHESS participant and signing the seller
side of an Australian standard transfer form. The participant lodges the Share certificate and
transfer form with the Company’s registry and transmits a CHESS message to Company’s registry
instructing the registry to establish a

-26-

 

CHESS holding. The registry then transfers the securities
from the holder’s name into the name of the CUFS Depositary and establishes a CUFS holding in the
name of the holder. CHESS, on behalf of the CUFS Depositary, issues a Holding Statement to the
CUFS holders.

ARTICLE 33. UNCERTIFICATED AMERICAN DEPOSITARY SHARES; DTC DIRECT REGISTRATION SYSTEM.

          Notwithstanding anything to the contrary in the Deposit Agreement:

          (a) American Depositary Shares may be certificated securities evidenced by Receipts or
uncertificated securities. This Receipt summarizes the terms and conditions of, and is the
prospectus required under the Securities Act of 1933 for, both certificated and uncertificated
American Depositary Shares. Except for those provisions of the Deposit Agreement that by their
nature do not apply to uncertificated American Depositary Shares, all the provisions of the Deposit Agreement shall apply, mutatis
mutandis, to both certificated and uncertificated American Depositary Shares.

          (b) (i) The term “deliver”, or its noun form, when used with respect to Receipts, shall mean
(A) book-entry transfer of American Depositary Shares to an account at The Depository Trust
Company, or its successor (“DTC”), designated by the person entitled to such delivery, evidencing
American Depositary Shares registered in the name requested by that person, (B) 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 (C) 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.

               (ii) The term “surrender”, when used with respect to Receipts, shall mean (A) one or more
book-entry transfers of American Depositary Shares to the

-27-

 

DTC account of the Depositary, (B)
delivery to the Depositary at its Corporate Trust Office of an instruction to surrender American
Depositary Shares not evidenced by a Receipt or (C) surrender to the Depositary at its Corporate
Trust Office of one or more Receipts evidencing American Depositary Shares.

          (c) American Depositary Shares not evidenced by Receipts shall be transferable as
uncertificated registered securities under the laws of New York.

          (d) The Depositary shall have a duty to register a transfer, in the case of uncertificated
American Depositary Shares, upon receipt from the Owner of a proper instruction (including, for the
avoidance of doubt, instructions through DRS and Profile as provided in subsection (f) below). The
Depositary, upon surrender of a Receipt for the purpose of exchanging it for uncertificated
American Depositary Shares, shall cancel that Receipt and send the Owner a statement confirming
that the Owner is the owner of the same number of uncertificated American Depositary Shares that the surrendered Receipt evidenced.
The Depositary, upon receipt of a proper instruction (including, for the avoidance of doubt,
instructions through DRS and Profile as provided in subsection (f) below) from the Owner of
uncertificated American Depositary Shares for the purpose of exchanging them for certificated
American Depositary Shares, shall execute and deliver to the Owner a Receipt evidencing the same
number of certificated American Depositary Shares.

          (e) Upon satisfaction of the conditions for replacement of a Receipt that is mutilated, lost,
destroyed or stolen, the Depositary shall deliver to the Owner the American Depositary Shares
evidenced by that Receipt in uncertificated form unless otherwise requested by the Owner.

          (f) (i) 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

-28-

 

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.

               (ii) 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 (i) above 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 5.3 and 5.8 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.

-29-exv4w2

Exhibit 4.2

 

 

JAMES HARDIE INDUSTRIES SE

(formerly known as JAMES HARDIE INDUSTRIES N.V.)

AND

THE BANK OF NEW YORK MELLON

As Depositary

AND

OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES

Deposit Agreement

Dated as of September 24, 2001

Amended and Restated as of February 19, 2010

As Further Amended and Restated as of                     , 2010

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	ARTICLE 1. DEFINITIONS	 	 	2	 
	SECTION 1.01
	 	American Depositary Shares	 	 	2	 
	SECTION 1.02
	 	Article; Section	 	 	3	 
	SECTION 1.03
	 	CHESS	 	 	3	 
	SECTION 1.04
	 	CHESS Subregister	 	 	3	 
	SECTION 1.05
	 	Commission	 	 	3	 
	SECTION 1.06
	 	CUFS Depositary	 	 	3	 
	SECTION 1.07
	 	CUFS	 	 	3	 
	SECTION 1.08
	 	Custodian	 	 	4	 
	SECTION 1.09
	 	Delivery; Deposit; Surrender; Transfer; Withdraw	 	 	4	 
	SECTION 1.10
	 	Deposit Agreement	 	 	4	 
	SECTION 1.11
	 	Depositary; Corporate Trust Office	 	 	5	 
	SECTION 1.12
	 	Deposited Securities	 	 	5	 
	SECTION 1.13
	 	Dollars; Euro	 	 	5	 
	SECTION 1.14
	 	Holding Statement	 	 	5	 
	SECTION 1.15
	 	Issuer	 	 	5	 
	SECTION 1.16
	 	Owner	 	 	6	 
	SECTION 1.17
	 	Receipts	 	 	6	 
	SECTION 1.18
	 	Registrar	 	 	6	 
	SECTION 1.19
	 	Restricted Securities	 	 	6	 
	SECTION 1.20
	 	SCH	 	 	6	 
	SECTION 1.21
	 	SCH Business Rules	 	 	7	 
	SECTION 1.22
	 	Securities Act of 1933	 	 	7	 
	SECTION 1.23
	 	Shares	 	 	7	 
	 
	 	 	 	 	 	 
	ARTICLE 2. FORM OF RECEIPTS, DEPOSIT OF SHARES, EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS	 	 	7	 
	SECTION 2.01
	 	Form and Transferability of Receipts	 	 	7	 
	SECTION 2.02
	 	Deposit of CUFS	 	 	8	 
	SECTION 2.03
	 	Execution and Delivery of Receipts	 	 	9	 
	SECTION 2.04
	 	Transfer of Receipts; Combination and Split-up of Receipts	 	 	10	 
	SECTION 2.05
	 	Surrender of Receipts and Withdrawal of CUFS	 	 	11	 
	SECTION 2.06
	 	Limitations on Execution and Delivery, Transfer and Surrender of
Receipts	 	 	13	 
	SECTION 2.07
	 	Lost Receipts, etc.	 	 	14	 

 

 

	 	 	 	 	 	 	 
	SECTION 2.08
	 	Cancellation and Destruction of Surrendered Receipts	 	 	14	 
	SECTION 2.09
	 	Pre-Release of Receipts	 	 	14	 
	SECTION 2.10
	 	Uncertificated American Depositary Shares; DTC Direct Registration
System	 	 	15	 
	 
	 	 	 	 	 	 
	ARTICLE 3. CERTAIN OBLIGATIONS OF OWNERS OF RECEIPTS	 	 	18	 
	SECTION 3.01
	 	Filing Proofs, Certificates and Other Information	 	 	18	 
	SECTION 3.02
	 	Liability of Owner for Taxes	 	 	18	 
	SECTION 3.03
	 	Warranties on Deposit of Shares	 	 	19	 
	 
	 	 	 	 	 	 
	ARTICLE 4. THE DEPOSITED SECURITIES	 	 	19	 
	SECTION 4.01
	 	Cash Distributions	 	 	19	 
	SECTION 4.02
	 	Distributions Other Than Cash, CUFS or Rights	 	 	20	 
	SECTION 4.03
	 	Distributions in CUFS	 	 	21	 
	SECTION 4.04
	 	Rights	 	 	21	 
	SECTION 4.05
	 	Conversion of Foreign Currency	 	 	24	 
	SECTION 4.06
	 	Fixing of Record Date	 	 	25	 
	SECTION 4.07
	 	Voting of Deposited Securities	 	 	26	 
	SECTION 4.08
	 	Changes Affecting Deposited Securities	 	 	27	 
	SECTION 4.09
	 	Reports	 	 	27	 
	SECTION 4.10
	 	Lists of Owners	 	 	28	 
	SECTION 4.11
	 	Withholding	 	 	28	 
	 
	 	 	 	 	 	 
	ARTICLE 5. THE DEPOSITARY, THE CUSTODIANS AND THE ISSUER	 	 	28	 
	SECTION 5.01
	 	Maintenance of Office and Transfer Books by the Depositary	 	 	28	 
	SECTION 5.02
	 	Prevention or Delay in Performance by the Depositary or the Issuer	 	 	29	 
	SECTION 5.03
	 	Obligations of the Depositary, the Custodian and the Issuer	 	 	30	 
	SECTION 5.04
	 	Resignation and Removal of the Depositary	 	 	31	 
	SECTION 5.05
	 	The Custodians	 	 	32	 
	SECTION 5.06
	 	Notices and Reports	 	 	33	 
	SECTION 5.07
	 	Distribution of Additional Shares, Rights, etc.	 	 	34	 
	SECTION 5.08
	 	Indemnification	 	 	35	 
	SECTION 5.09
	 	Charges of Depositary	 	 	35	 
	SECTION 5.10
	 	Retention of Depositary Documents	 	 	37	 
	SECTION 5.11
	 	Exclusivity	 	 	37	 

-ii-

 

	 	 	 	 	 	 	 
	SECTION 5.12
	 	List of Restricted Securities Owners	 	 	37	 
	 
	 	 	 	 	 	 
	ARTICLE 6. AMENDMENT AND TERMINATION	 	 	37	 
	SECTION 6.01
	 	Amendment	 	 	37	 
	SECTION 6.02
	 	Termination	 	 	38	 
	 
	 	 	 	 	 	 
	ARTICLE 7. MISCELLANEOUS	 	 	39	 
	SECTION 7.01
	 	Counterparts	 	 	39	 
	SECTION 7.02
	 	No Third Party Beneficiaries	 	 	40	 
	SECTION 7.03
	 	Severability	 	 	40	 
	SECTION 7.04
	 	Holders and Owners as Parties; Binding Effect	 	 	40	 
	SECTION 7.05
	 	Notices	 	 	40	 
	SECTION 7.06
	 	Governing Law	 	 	41	 
	SECTION 7.07
	 	Compliance with U.S. Securities Laws	 	 	41	 
	SECTION 7.08
	 	Submission to Jurisdiction; Appointment of Agent for Service of
Process	 	 	42	 
	SECTION 7.09
	 	Effective Date	 	 	42	 
	fSECTION 7.10
	 	Summary in Respect of CHESS and CUFS	 	 	43	 

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DEPOSIT AGREEMENT

          DEPOSIT AGREEMENT dated as of September 24, 2001, as amended and restated as of February 19,
2010, as further amended and restated as of                     , 2010, and effective as of the Effective
Date (as hereinafter defined), among JAMES HARDIE INDUSTRIES SE (formerly known as JAMES HARDIE
INDUSTRIES N.V.), incorporated under the laws of the Republic of Ireland and with its corporate
seat in Dublin, Republic of Ireland (herein called the Issuer), THE BANK OF NEW YORK MELLON, a New
York banking corporation (herein called the Depositary), and all Owners and holders from time to
time of American Depositary Shares issued hereunder.

WITNESSETH:

          WHEREAS, James Hardie Industries N.V., The Bank of New York Mellon, as depositary, and all
Owners and holders from time to time of American Depositary Receipts issued thereunder entered into
a deposit agreement dated as of September 24, 2001 (the “James Hardie Industries N.V. Deposit
Agreement”);

          WHEREAS, the Issuer and the Depositary amended and restated the James Hardie Industries N.V.
Deposit Agreement on February 19, 2010 (the “James Hardie Industries SE Deposit Agreement”) to,
among other things, (i) replace James Hardie Industries N.V. with James Hardie Industries SE as the
issuer, and (ii) provide for the creation of uncertificated American Depositary Shares;

          WHEREAS, the Issuer and the Depositary now wish to amend and restate the James Hardie
Industries SE Deposit Agreement to, change the country of incorporation of the Issuer from The
Netherlands to the Republic of Ireland;

 

 

          WHEREAS, the Issuer desires to provide, as hereinafter set forth in this Deposit Agreement,
for the deposit of CUFS (as hereinafter defined), each representing a beneficial interest in one
Share (as hereinafter defined) of the Issuer 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 CUFS (subject to
the terms and conditions of this Deposit Agreement) so deposited, in specified circumstances, 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 Shares.

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

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and thereafter American Depositary Shares shall evidence the amount of CUFS or Deposited
Securities specified in such Sections.

     SECTION 1.02 Article; Section.

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

     SECTION 1.03 CHESS.

          The term “CHESS” shall mean Clearing House Electronic Subregister System, being the automated
clearing and settlement process for transactions executed on the Australian Stock Exchange.

     SECTION 1.04 CHESS Subregister.

          The term “CHESS Subregister” shall mean that part of the Issuer’s CUFS register that is
administered by the SCH.

     SECTION 1.05 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 1.06 CUFS Depositary.

          The term “CUFS Depositary” shall mean the CUFS depositary nominee, CHESS Depositary Nominees
Pty Limited, and its successors or any other entity appointed by the Issuer which performs
substantially identical functions in Australia.

     SECTION 1.07 CUFS.

          The term “CUFS” shall mean CHESS Units of Foreign Securities, issued by the CUFS Depositary,
representing beneficial ownership in Shares of the Issuer.

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     SECTION 1.08 Custodian.

          The term “Custodian” shall mean the Australian office of Australia and New Zealand Banking
Group Limited, 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 1.09 Delivery; Deposit; Surrender; Transfer; Withdraw.

          The term “deliver”, “deposit”, surrender”, “transfer” or “withdraw”, when (i) with respect to
CUFS or other Deposited Securities: (a) in the case of book-entry CUFS or other Deposited
Securities, shall refer to an entry or entries in an account or accounts maintained by institutions
authorized under applicable law to effect transfers of the CUFS or such other Deposited Securities,
or (b) in the case of certificated Deposited Securities, to the physical delivery, deposit,
withdrawal or transfer of certificates representing such Deposited Securities and (ii) with respect
to American Depositary Shares evidenced by Receipts, (a) in the case of American Depositary Shares
available in book-entry form, shall refer to appropriate adjustments in the records maintained by
(1) the Depositary, (2) the Depository Trust Company (“DTC”) or its nominee, or (3) institutions
that have accounts with DTC, as applicable, or (b) otherwise, shall refer to the physical delivery,
deposit, surrender, transfer or withdrawal of such American Depositary Shares evidenced by
Receipts.

     SECTION 1.10 Deposit Agreement.

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

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     SECTION 1.11 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
Agreement is 101 Barclay Street, New York, New York, 10286.

     SECTION 1.12 Deposited Securities.

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

     SECTION 1.13 Dollars; Euro.

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

     SECTION 1.14 Holding Statement.

          The term “Holding Statement” shall mean the statement which sets forth the number of CUFS held
by a particular holder of CUFS.

     SECTION 1.15 Issuer.

          The term “Issuer” shall mean James Hardie Industries SE, incorporated under the laws of the
Republic of Ireland and with its corporate seat in Dublin, Ireland and its successors.

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     SECTION 1.16 Owner.

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

     SECTION 1.17 Receipts.

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

     SECTION 1.18 Registrar.

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

     SECTION 1.19 Restricted Securities.

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

     SECTION 1.20 SCH.

          The term “SCH” shall mean ASX Settlement and Transfer Corporation Pty Limited (ABN 49008 504
532), as approved as the securities clearing house and the entity administering CHESS.

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     SECTION 1.21 SCH Business Rules.

          The term “SCH Business Rules” shall mean the Business Rules regulating the functions and
operations of SCH.

     SECTION 1.22 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 1.23 Shares.

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

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

     SECTION 2.01 Form and Transferability of Receipts.

          Definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this
Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter
provided. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or
obligatory for any purpose, unless such Receipt shall have been executed by the Depositary by the
manual or facsimile signature of a duly authorized signatory of the Depositary and, if a Registrar
for the Receipts shall have been appointed, countersigned by the manual or facsimile signature of a
duly authorized officer of the Registrar. The Depositary shall maintain books on which each
Receipt so executed and delivered as hereinafter provided and the transfer of each such Receipt
shall be registered. Receipts bearing the manual or facsimile signature of a duly authorized
signatory of the Depositary who was at any time a proper signatory of the Depositary

-7-

 

shall bind the
Depositary, notwithstanding that such signatory has ceased to hold
such office prior to the execution and delivery of such Receipts by the Registrar or did not hold such
office on the date of issuance of such Receipts.

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

          Title to a Receipt (and to the American Depositary Shares evidenced thereby), when properly
endorsed or accompanied by proper instruments of transfer, shall be transferable by delivery with
the same effect as in the case of a negotiable instrument; provided, however, that the Depositary,
notwithstanding any notice to the contrary, may treat the Owner thereof as the absolute owner
thereof for the purpose of determining the person entitled to distribution of dividends or other
distributions or to any notice provided for in this Deposit Agreement and for all other purposes.

     SECTION 2.02 Deposit of CUFS.

          Subject to the terms and conditions of this Deposit Agreement, and the SCH Business Rules,
CUFS or evidence of rights to receive CUFS may be deposited by delivery thereof (which may include
delivery by electronic transfer through the facilities of CHESS or otherwise) to any Custodian
hereunder, accompanied by any appropriate instrument or instruments of transfer, or endorsement, in
form satisfactory to the Custodian, together with all such certifications as may be required by the
Depositary or the Custodian in accordance with the provisions of this Deposit Agreement, and, if
the

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Depositary requires, together with a written order directing the Depositary to execute and
deliver to, or upon the written order of, the person or persons stated in such order, a
Receipt or Receipts for the number of American Depositary Shares representing such deposited CUFS.
No CUFS shall be accepted for deposit unless accompanied by evidence satisfactory to the Depositary
that any necessary approval has been granted by any applicable governmental body which is then
performing the function of the regulation of currency exchange. If required by the Depositary,
CUFS presented for deposit at any time, whether or not the transfer books of the Issuer or the CUFS
Depositary (or the appointed agent of the CUFS Depositary for transfer and registration of the
CUFS), 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 CUFS or to receive other
property which any person in whose name the CUFS are or have been recorded may thereafter receive
upon or in respect of such deposited CUFS, or in lieu thereof, such agreement of indemnity or other
agreement as shall be satisfactory to the Depositary.

          Upon delivery to a Custodian of CUFS to be deposited hereunder, or delivery to the Custodian
of irrevocable instructions therefor, together in either case with the other documents above
specified, such Custodian shall obtain confirmation of registration of, or registration of transfer
of, the CUFS being deposited in the name of the Depositary or its nominee or such Custodian or its
nominee.

          Deposited Securities (other than CUFS) 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.

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     SECTION 2.03 Execution and Delivery of Receipts.

          Upon receipt by any Custodian of any deposit pursuant to Section 2.02 hereunder (and in
addition, if the CHESS Subregister of the CUFS Depositary (or the appointed agent or agents of the
CUFS Depositary for transfer and registration of the CUFS) are open, or if the Depositary so
requires, a proper acknowledgment or other evidence from the CUFS Depositary (or appointed agent or agents of the CUFS Depositary for transfer
and registration of the CUFS) satisfactory to the Depositary that any deposited CUFS have been
recorded upon the CHESS Subregister of the CUFS Depositary (or by the appointed agent of the CUFS
Depositary for transfer and registration of CUFS), if applicable, in the name of the Depositary or
its nominee or such Custodian or its nominee), together with the other documents required as above
specified, such Custodian shall notify the Depositary of such deposit and the person or persons to
whom or upon whose written order a Receipt or Receipts are deliverable in respect thereof and the
number of American Depositary Shares to be evidenced thereby. Such notification shall be made by
letter or, at the request, risk and expense of the person making the deposit, by cable, telex or
facsimile transmission. Upon receiving such notice from such Custodian, the Depositary, subject to
the terms and conditions of this Deposit Agreement, shall execute and deliver at its Corporate
Trust Office, to or upon the order of the person or persons entitled thereto, a Receipt or
Receipts, registered in the name or names and evidencing any authorized number of American
Depositary Shares requested by such person or persons, but only upon payment to the Depositary of
the fees of the Depositary for the execution and delivery of such Receipt or Receipts as provided
in Section 5.09, and of all taxes and governmental charges and fees payable in connection with such
deposit and the transfer of the deposited CUFS and the issuance of such Receipt or Receipts.

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

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

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

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

     SECTION 2.05 Surrender of Receipts and Withdrawal of CUFS.

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

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withdrawal of the Deposited Securities, and subject to the terms and
conditions of this Deposit Agreement, the Owner of such Receipt shall be entitled to (i) with
respect to the CUFS or other uncertificated Deposited Securities held through CHESS evidenced by
such Receipt, instruct the Depositary to procure the electronic transfer through CHESS of such CUFS
or such other uncertificated Deposited Securities to an account in the name of the Owner or such
other name as the Owner may direct and (ii) physical delivery, to or upon the order of such Owner,
of any other Deposited Securities at the time represented by the American Depositary Shares
evidenced by such Receipt. Delivery of such other Deposited Securities, if applicable, may be made
by the delivery of (a) certificates in the name of such Owner or as ordered by him or by certificates properly endorsed or accompanied by
proper instruments of transfer to such Owner or as ordered by him and (b) any other securities,
property and cash to which such Owner is then entitled in respect of such Receipts to such Owner or
as ordered by him. Such delivery shall be made, as hereinafter provided, without unreasonable
delay.

          A Receipt surrendered for such purposes may be required by the Depositary to be properly
endorsed in blank or accompanied by proper instruments of transfer in blank, and if the Depositary
so requires, the Owner thereof shall execute and deliver to the Depositary a written order
directing the Depositary to (i) cause the electronic transfer of the CUFS represented by such
Receipt to be recorded in an account in the name of the Owner or such other name as the Owner may
direct and (ii) cause any other Deposited Securities being withdrawn to be delivered to or upon the
written order of a person or persons designated in such order. Thereupon the Depositary shall
direct the Custodian to deliver at the Australian office or account, as applicable, of such
Custodian, subject to Sections 2.06, 3.01 and 3.02 and to the other terms and conditions of this
Deposit Agreement, to or upon the written order of the person or persons designated in the order
delivered to the Depositary as above provided, the amount of Deposited Securities represented by
the American Depositary Shares evidenced by such

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 Receipt, except that the Depositary may make
delivery to such person or persons at the Corporate Trust Office of the Depositary of any dividends
or distributions with respect to the Deposited Securities represented by the American Depositary
Shares evidenced by such Receipt, or of any proceeds of sale of any dividends, distributions or
rights, which may at the time be held by the Depositary.

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

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

          As a condition precedent to the execution and delivery, registration of transfer, split-up,
combination or surrender of any Receipt or withdrawal of any Deposited Securities, the Depositary,
the Issuer, the CUFS Depositary, Custodian or Registrar may require payment from the depositor of
CUFS or the presentor of the Receipt of a sum sufficient to reimburse it for any tax or other
governmental charge and any stock transfer or registration fee with respect thereto (including any
such tax or charge and fee with respect to CUFS 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.

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          The delivery of Receipts against deposits of CUFS generally or against deposits of particular
CUFS may be suspended, or the transfer of Receipts in particular instances may be refused, or the
registration of transfer of outstanding Receipts generally may be suspended, during any period when
the transfer books of the Depositary are closed, or if any such action is deemed necessary or
advisable by the Depositary, the Issuer, or the CUFS Depositary 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
Section 7.07 hereof. Notwithstanding any other provision of this Deposit Agreement or the
Receipts, the surrender of outstanding Receipts and withdrawal of
Deposited Securities may not be suspended subject only to (i) temporary delays caused by closing
the transfer books of the Depositary or the Issuer or the deposit of Shares in connection with
voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment of fees, taxes and
similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations
relating to the Receipts or to the withdrawal of the Deposited Securities. Without limitation of
the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement
any CUFS if such CUFS, or the Shares underlying such CUFS, 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 CUFS or Shares as applicable.

     SECTION 2.07 Lost Receipts, etc.

          In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary shall
execute and deliver a new Receipt of like tenor in exchange and substitution for such mutilated
Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or
stolen Receipt. Before the Depositary shall execute and deliver a new Receipt in substitution for
a destroyed, lost or stolen Receipt, the Owner thereof shall have (a) filed with the Depositary (i)
a request for such execution

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and delivery before the Depositary has notice that the Receipt has
been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond and (b) satisfied any
other reasonable requirements imposed by the Depositary.

     SECTION 2.08 Cancellation and Destruction of Surrendered Receipts.

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

     SECTION 2.09 Pre-Release of Receipts.

          Notwithstanding Section 2.03 hereof, the Depositary may execute and deliver Receipts prior to
the receipt of CUFS pursuant to Section 2.02 (“Pre-Release”). The Depositary may, pursuant to
Section 2.05, deliver CUFS upon the receipt and cancellation of Receipts which have been Pre-Released, whether or not such cancellation is prior to
the termination of such Pre-Release or the Depositary knows that such Receipt has been
Pre-Released. The Depositary may receive Receipts in lieu of CUFS in satisfaction of a
Pre-Release. Each Pre-Release will be (a) preceded or accompanied by a written representation from
the person to whom Receipts are to be delivered that such person, or its customer, owns the CUFS or
Receipts to be remitted, as the case may be, (b) at all times fully collateralized with cash or
such other collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not
more than five (5) business days notice, and (d) subject to such further indemnities and credit
regulations as the Depositary deems appropriate. The number of American Depositary Shares which
are outstanding at any time as a result of Pre-Releases will not normally exceed thirty percent
(30%) of the CUFS deposited hereunder; provided, however, that the Depositary reserves the right to
change or disregard such limit from time to time as it deems appropriate.

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

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     SECTION 2.10 Uncertificated American Depositary Shares; DTC Direct Registration
System.

          Notwithstanding anything to the contrary in this Deposit Agreement:

          (a) 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
summarizes the terms and conditions of, and will be the prospectus required under the Securities
Act of 1933 for, both certificated and uncertificated American Depositary Shares. Except for those
provisions of this Deposit Agreement that by their nature do not apply to uncertificated American
Depositary Shares, all the provisions of this Deposit Agreement shall apply, mutatis
mutandis, to both certificated and uncertificated American Depositary Shares.

          (b) (i) The term “deliver”, or its noun form, when used with respect to Receipts, shall mean
(A) book-entry transfer of American Depositary Shares to an account at The Depository Trust
Company, or its successor (“DTC”), designated by the person entitled to such delivery, evidencing
American Depositary Shares registered in the name requested by that person, (B) 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 (C) 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.

               (ii) The term “surrender”, when used with respect to Receipts, shall mean (A) one or more
book-entry transfers of American Depositary Shares to the DTC account of the Depositary, (B)
delivery to the Depositary at its Corporate Trust Office of an instruction to surrender American
Depositary Shares not evidenced by a

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 Receipt or (C) surrender to the Depositary at its Corporate
Trust Office of one or more Receipts evidencing American Depositary Shares.

          (c) American Depositary Shares not evidenced by Receipts shall be transferable as
uncertificated registered securities under the laws of New York.

          (d) The Depositary shall have a duty to register a transfer, in the case of uncertificated
American Depositary Shares, upon receipt from the Owner of a proper instruction (including, for the
avoidance of doubt, instructions through DRS and Profile as provided in subsection (f) below). The
Depositary, upon surrender of a Receipt for the purpose of exchanging it for uncertificated
American Depositary Shares, shall cancel that Receipt and send the Owner a statement confirming
that the Owner is the owner of the same number of uncertificated American Depositary Shares that
the surrendered Receipt evidenced. The Depositary, upon receipt of a proper instruction (including,
for the avoidance of doubt, instructions through DRS and Profile as provided in subsection (f)
below) from the Owner of uncertificated American Depositary Shares for the purpose of exchanging
them for certificated American Depositary Shares, shall execute and deliver to the Owner a Receipt
evidencing the same number of certificated American Depositary Shares.

          (e) Upon satisfaction of the conditions for replacement of a Receipt that is mutilated, lost,
destroyed or stolen, the Depositary shall deliver to the Owner the American Depositary Shares
evidenced by that Receipt in uncertificated form unless otherwise requested by the Owner.

          (f) (i) 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

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 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.

               (ii) 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 (i) 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.

ARTICLE 3. CERTAIN OBLIGATIONS OF OWNERS OF RECEIPTS.

     SECTION 3.01 Filing Proofs, Certificates and Other Information.

          Any person presenting CUFS for deposit or any Owner of a Receipt may be required from time to
time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange
control approval, or such information relating to the registration on the CHESS Subregister if
applicable, to execute such certificates and to make such representations and warranties, as the
Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration
of transfer of any Receipt or the distribution of any dividend or sale or distribution of rights or
of the

-18-

 

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.

     SECTION 3.02 Liability of Owner for Taxes.

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

sale in payment of such tax or other governmental charge and the Owner of such Receipt shall remain
liable for any deficiency.

     SECTION 3.03 Warranties on Deposit of Shares.

          Every person depositing CUFS under this Deposit Agreement shall be deemed thereby to represent
and warrant that such CUFS are validly issued, fully paid, nonassessable and free of any
pre-emptive 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 CUFS and the sale of Receipts evidencing American Depositary Shares representing such CUFS by
that person are not restricted under the Securities Act of 1933. Such representations and
warranties shall survive the deposit of CUFS and issuance of Receipts.

-19-

 

ARTICLE 4. THE DEPOSITED SECURITIES.

     SECTION 4.01 Cash Distributions.

          Whenever the Depositary shall receive any cash dividend or other cash distribution on any
Deposited Securities, the Depositary shall, subject to the provisions of Section 4.05, convert such
dividend or distribution into Dollars if such cash dividend or other cash distribution is not
received in Dollars and shall distribute the amount thus received (net of the fees of the
Depositary as provided in Section 5.09 hereof, if applicable) 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 Issuer, the CUFS Depositary,
the Custodian, or the Depositary shall be required to withhold and does withhold from such cash
dividend or such other cash distribution an amount on account of taxes, the amount distributed to
the Owner of the Receipts evidencing American Depositary Shares representing such Deposited
Securities shall be reduced accordingly. The Depositary shall distribute only such amount,
however, as can be distributed without attributing to any Owner a fraction of one cent. Any such
fractional amounts shall be rounded to the

 nearest whole cent and so distributed to Owners entitled thereto. The Issuer or its agent will
remit to the appropriate governmental agency in the Republic of Ireland all amounts withheld and
owing to such agency. The Depositary will forward to the Issuer or the CUFS Depositary such
information from its records as the Issuer or the CUFS Depositary may reasonably request to enable
the Issuer or the CUFS Depositary to file necessary reports with governmental agencies, and the
Depositary or the Issuer or the CUFS Depositary may file any such reports necessary to obtain
benefits under the applicable tax treaties for the Owners of Receipts.

     SECTION 4.02 Distributions Other Than Cash, CUFS or Rights.

          Subject to the provisions of Section 4.11 and Section 5.09, whenever the Depositary shall
receive any distribution other than a distribution described in Sections 

-20-

 

4.01, 4.03 or 4.04, the
Depositary shall cause the securities or property received by it to be distributed to the Owners
entitled thereto, in proportion to the number of American Depositary Shares representing such
Deposited Securities held by them respectively, in any manner that the Depositary may deem
equitable and practicable for accomplishing such distribution; provided, however, that if in the
opinion of the Depositary such distribution cannot be made proportionately among the Owners
entitled thereto, or if for any other reason (including, but not limited to, any requirement that
the Issuer, the CUFS Depositary 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 deems such distribution not to be
feasible, the Depositary may adopt such method as it may deem equitable and practicable for the
purpose of effecting such distribution, including, but not limited to, the public or private sale
of the securities or property thus received, or any part thereof, and the net proceeds of any such
sale (net of the fees of the Depositary as provided in Section 5.09) shall be distributed by the
Depositary to the Owners entitled thereto as in the case of a distribution received in cash. Any
distributions received by the Depositary and not distributed to the Owners entitled thereto or sold
as provided in this

Section 4.02 shall be deemed to be Deposited Securities and shall be represented by such Owner’s
Receipts.

     SECTION 4.03 Distributions in CUFS.

          If any distribution upon any Deposited Securities or any securities of the Issuer represented
by any Deposited Securities results in a dividend in, or free distribution of, CUFS, the Depositary
may distribute to the Owners of outstanding Receipts entitled thereto, in proportion to the number
of American Depositary Shares representing such Deposited Securities held by them respectively,
additional Receipts evidencing an aggregate number of American Depositary Shares representing the
amount of CUFS received as such dividend or free distribution, subject to the terms and conditions
of the

-21-

 

Deposit Agreement with respect to the deposit of CUFS and the issuance of American
Depositary Shares evidenced by Receipts, including the withholding of any tax or other governmental
charge as provided in Section 4.11 and the payment of fees of the Depositary as provided in Section
5.09. In lieu of delivering Receipts for fractional American Depositary Shares in any such case,
the Depositary shall sell the amount of CUFS represented by the aggregate of such fractions and
distribute the net proceeds, all in the manner and subject to the conditions described in Section
4.01. If additional Receipts are not so distributed, each American Depositary Share shall
thenceforth also represent the additional CUFS distributed upon the Deposited Securities
represented thereby.

     SECTION 4.04 Rights.

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

          In circumstances in which rights would otherwise not be distributed, if an Owner of Receipts
requests the distribution of warrants or other instruments in order to exercise the rights
allocable to the American Depositary Shares of such Owner hereunder,

-22-

 

 the Depositary will make such
rights available to such Owner upon written notice from the Issuer to the Depositary that (a) the
Issuer has elected in its sole discretion to permit such rights to be exercised and (b) such Owner
has executed such documents as the Issuer 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 relevant
security to be received upon the exercise of the rights, and upon payment of the fees of the
Depositary and any other charges as set forth in such warrants or other instruments, the Depositary
shall, on behalf of such Owner, exercise the rights and purchase the relevant security, and the
Issuer shall cause the relevant security, if Shares, to be delivered to the CUFS Depositary on
behalf of such Owner with instructions to issue CUFS representing such Shares and deliver them to
the Custodian. As agent for such Owner, the Depositary will cause such CUFS
 to be deposited pursuant to Section 2.02 of this Deposit Agreement, and shall, pursuant to Section
2.03 of this Deposit Agreement, execute and deliver Receipts to such Owner. In the case of a
distribution pursuant to the second paragraph of this section, such Receipts shall be legended in
accordance with applicable U.S. laws, and shall be subject to the appropriate restrictions on sale,
deposit, cancellation, and transfer under such laws.

          If the Depositary determines in its discretion that it is not lawful and feasible to make such
rights available to all or certain Owners, it may sell the rights, warrants or other instruments in
proportion to the number of American Depositary Shares held by the Owners to whom it has determined
it may not lawfully or feasibly make such rights available, and allocate the net proceeds of such
sales (net of the fees of the Depositary as provided in Section 5.09 and all taxes and governmental
charges payable in connection with such rights and subject to the terms and conditions of this
Deposit

-23-

 

 Agreement) for the account of such Owners otherwise entitled to such rights, warrants or
other instruments, upon an averaged or other practical basis without regard to any distinctions
among such Owners because of exchange restrictions or the date of delivery of any Receipt or
otherwise.

          The Depositary will not offer rights to Owners unless both the rights and the securities to
which such rights relate are either exempt from registration under the Securities Act of 1933 with
respect to a distribution to Owners or are registered under the provisions of such Act. If an
Owner of Receipts requests distribution of warrants or other instruments, notwithstanding that
there has been no such registration under such Act, the Depositary shall not effect such
distribution unless it has received an opinion from recognized counsel in the United States for the
Issuer upon which the Depositary may rely that such distribution to such Owner is exempt from such
registration.

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

     SECTION 4.05 Conversion of Foreign Currency.

          Whenever the Depositary shall receive foreign currency, by way of dividends or other
distributions or the net proceeds from the sale of securities, property or rights, and if at the
time of the receipt thereof the foreign currency so received can in the judgment of the Depositary
be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United
States, the Depositary shall convert or cause to be converted, by sale or in any other manner that
it may determine, such foreign currency into Dollars, and such Dollars shall be distributed to the
Owners entitled thereto or, if the Depositary shall have distributed any warrants or other
instruments which entitle the holders thereof to such Dollars, then to the holders of such warrants
and/or instruments upon surrender thereof for cancellation. Such distribution may be made upon an
averaged 

-24-

 

or other practicable basis without regard to any distinctions among Owners on account of
exchange restrictions, the date of delivery of any Receipt or otherwise and shall be net of any
expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.09.

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

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

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

-25-

 

issued with respect to the Deposited
Securities or any securities of the Issuer represented by any Deposited Securities, or whenever for
any reason the Depositary causes a change in the number of CUFS that are represented by each
American Depositary Share, or whenever the Depositary shall receive notice of any meeting of
holders of CUFS or the Shares underlying the CUFS or other Deposited Securities, the Depositary
shall fix a record date which date shall, to the extent practicable, be the same date as the record
date set with respect to the Shares, if any, (a) for the determination of the Owners who shall be
(i) entitled to receive such dividend, distribution or rights or the net proceeds of the sale
thereof or (ii) entitled to give instructions for the exercise of voting rights at any such
meeting, or (b) on or after which each American Depositary Share will represent the changed number
of Shares. Subject to the provisions of Sections 4.01 through 4.05 and to the other terms and
conditions of this Deposit Agreement, the Owners on such record date shall be entitled, as the case
may be, to receive the amount distributable by the Depositary with respect to such dividend or
other distribution or such rights or the net proceeds of sale thereof in proportion to the number
of American Depositary Shares held
 by them respectively and to give voting instructions and to act
in respect of any other such matter.

     SECTION 4.07 Voting of Deposited Securities.

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

-26-

 

Securities represented by their respective American Depositary Shares and (c) a statement as to the
manner in which such instructions may be given. Upon the written request of an Owner on such
record date, received on or before the date established by the Depositary for such purpose, (the
“Instruction Date”) the Depositary shall endeavor, in so far as practicable, to instruct, or cause
the Custodian to instruct, the CUFS Depositary to vote or cause to be voted, the Shares underlying
the CUFS in accordance with the instructions received by the Depositary from Owners. The
Depositary shall not instruct, or cause the Custodian to instruct, the CUFS Depositary to vote the
Shares other than in accordance with such Owner’s instructions.

          There can be no assurance that Owners generally or any Owner in particular will receive the
notice described in the preceding paragraph sufficiently prior to the Instruction Date to ensure
that the Depositary will have enough time to instruct the CUFS Depositary to vote or that the CUFS
Depositary will vote the Shares in accordance with the provisions set forth in the preceding
paragraph.

     SECTION 4.08 Changes Affecting Deposited Securities.

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

-27-

 

 Receipts to be exchanged for new Receipts specifically describing such new
Deposited Securities.

     SECTION 4.09 Reports.

          The Depositary shall make available for inspection by Owners at its Corporate Trust Office any
reports and communications, including any proxy soliciting material, received from the Issuer or
the CUFS Depositary which are both (a) received by the Depositary and the Custodian as the holder
of the Deposited Securities or by the CUFS Depositary as the holder of Shares underlying the CUFS
and (b) made generally available to the holders of such Deposited Securities or of the Shares
underlying the CUFS by the Issuer or the CUFS Depositary. The Depositary shall also, upon written
request, send to the Owners copies of such reports furnished by the Issuer pursuant to Section
5.06. Any such reports and communications, including any such proxy soliciting material,
furnished to the Depositary by the Issuer shall be furnished in English.

     SECTION 4.10 Lists of Owners.

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

     SECTION 4.11 Withholding.

          In the event that the Depositary determines that any distribution in property (including CUFS
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 CUFS 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

-28-

 

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

ARTICLE 5. THE DEPOSITARY, THE CUSTODIANS AND THE ISSUER.

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

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

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

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

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

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

          Neither the Depositary nor the Issuer nor any of their directors, employees, agents or
affiliates shall incur any liability to any Owner or holder of any Receipt, if by reason of any
provision of any present or future law or regulation of the United States or

-29-

 

any other country, or
of any governmental or regulatory authority or stock exchange, or by reason of any provision,
present or future, of the Articles of Association of the Issuer, or by reason of any act of God or
war or other circumstances beyond its control, the Depositary or the Issuer or any of their
directors, employees, agents or affiliates shall be prevented 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 it is provided shall be done or performed; nor shall the Depositary
or the Issuer incur any liability to any Owner or holder of any Receipt by reason of any
non-performance or delay, caused as aforesaid, in the performance of any act or thing which by the
terms of this Deposit Agreement it is provided shall or may be done or performed, or by reason of
any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement.
Where, by the terms of a distribution pursuant to Sections 4.01, 4.02, or 4.03 of the Deposit
Agreement, or an offering or distribution pursuant to Section 4.04 of the Deposit Agreement, or for
any other reason, such distribution or offering may not be made available to Owners, and the
Depositary may not dispose of such distribution or offering on behalf of such Owners and make the
net proceeds available to such Owners, then the Depositary shall not make such distribution or
offering, and shall allow any rights, if applicable, to lapse.

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

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

          The Depositary assumes no obligation nor shall it be subject to any liability under this
Deposit Agreement to any Owner or holder of any Receipt (including, without limitation, liability
with respect to the validity or worth of the Deposited

-30-

 

Securities), except that it agrees to
perform its obligations specifically set forth in this Deposit Agreement without negligence or bad
faith.

          Neither the Depositary nor the Issuer shall be under any obligation to appear in, prosecute or
defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of
the Receipts, which in its opinion may involve it in expense or liability, unless indemnity
satisfactory to it against all expense and liability shall be furnished as often as may be
required, and the Custodian shall not be under any obligation whatsoever with respect to such
proceedings, the responsibility of the Custodian being solely to the Depositary.

          Neither the Depositary nor the Issuer 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
CUFS for deposit, any Owner or any other person believed by it in good faith to be competent to
give such advice or information.

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

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

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

-31-

 

     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 Issuer, such resignation to take effect upon the appointment of
a successor depositary and its acceptance of such appointment as hereinafter provided.

          The Depositary may at any time be removed by the Issuer by 120 days prior written notice of
such removal effective upon the later of (i) the 120th day after delivery of the notice
to the Depositary or (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 Issuer
shall use its best efforts to appoint a successor depositary, which shall be a bank or trust
company having an office in the Borough of Manhattan, The City of New York. Every successor
depositary shall execute and deliver to its predecessor and to the Issuer 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 Issuer shall execute and deliver an instrument transferring to such successor all
rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right,
title and interest in the Deposited Securities to such successor, and shall deliver to such
successor a list of the Owners of all outstanding Receipts. Any such successor depositary shall
promptly mail notice of its appointment to the Owners.

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

-32-

 

     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. If upon such resignation there
shall be no Custodian acting hereunder, the Depositary shall, promptly after receiving such notice,
appoint a substitute custodian or custodians, each of which shall thereafter be a Custodian
hereunder. Whenever the Depositary in its discretion determines that it is in the best interest of
the Owners to do so, it may appoint substitute or additional custodian or custodians, which shall
thereafter be one of the Custodians hereunder. Upon demand of the Depositary any Custodian shall
deliver such of the Deposited Securities held by it as are requested of it to any other Custodian
or such substitute or additional custodian or custodians. Each such substitute or additional
custodian shall deliver to the Depositary, forthwith upon its appointment, an acceptance of such
appointment satisfactory in form and substance to the Depositary.

          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 Issuer gives notice, by publication or otherwise, of
any meeting of holders of Shares or Deposited Securities, or of any adjourned meeting of such
holders, or of the taking of any action in respect of any cash or

-33-

 

other distributions or the
offering of any rights, the Issuer 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 Deposited Securities.

          The Issuer will arrange for the translation into English and the prompt transmittal by the
Issuer to the Depositary and the Custodian of such notices and any other reports and communications
which are made generally available by the Issuer to holders of its Shares. If requested in writing
by the Issuer, the Depositary will arrange for the mailing, at the Issuer’s expense, of copies of
such notices, reports and communications to all Owners. The Issuer will timely provide the
Depositary with the quantity of such notices, reports, and communications, as requested by the
Depositary from time to time, in order for the Depositary to effect such mailings.

          The Issuer shall deliver to the Depositary and the Custodian a copy (in English or with an
English translation) of all provisions of or governing the CUFS. Promptly upon any change in those
provisions, the Issuer shall deliver to the Depositary and the Custodian a copy (in English or with
an English translation) of those provisions as changed. The Depositary and its agents may rely on
the copy of those provisions for all purposes of this Deposit Agreement.

     SECTION 5.07 Distribution of Additional Shares, Rights, etc.

          The Issuer agrees that in the event of any issuance or distribution of (1) additional CUFS or
Shares underlying the CUFS, (2) rights to subscribe for CUFS or Shares underlying the CUFS, (3)
securities convertible into or exchangeable for CUFS or Shares underlying the CUFS, or (4) rights
to subscribe for such securities, (each a “Distribution”) the Issuer will promptly furnish to the
Depositary and the CUFS
Depositary a written opinion from U.S. counsel for the Issuer, which counsel shall be
satisfactory to the Depositary and the CUFS Depositary, stating whether or not the Distribution
requires a registration statement under the Securities Act of 1933 to be in

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effect prior to making
such Distribution available to Owners entitled thereto. If in the opinion of such counsel a
registration statement is required, such counsel shall furnish to the Depositary a written opinion
as to whether or not there is a registration statement in effect which will cover such
Distribution.

          The Issuer agrees with the Depositary that neither the Issuer nor any company controlled by,
controlling or under common control with the Issuer will at any time deposit any Shares with the
CUFS Depositary or cause the deposit of CUFS hereunder, either originally issued or previously
issued and reacquired by the Issuer or any such affiliate, unless a Registration Statement is in
effect as to such Shares or CUFS, as applicable, under the Securities Act of 1933.

     SECTION 5.08 Indemnification.

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

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

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     SECTION 5.09 Charges of Depositary.

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

          The following charges shall be incurred by any party depositing or withdrawing CUFS or by any
party surrendering Receipts or to whom Receipts are issued (including, without limitation, issuance
pursuant to a stock dividend or stock split declared by the Issuer or an exchange of stock
regarding the Receipts or Deposited Securities or a distribution of Receipts pursuant to Section
4.03), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such
registration fees as may from time to time be in effect for the registration of transfers of CUFS
generally on the CHESS Subregister and applicable to transfers of CUFS 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 execution and delivery of Receipts pursuant to Section 2.03,
4.03 or 4.04 and the surrender of Receipts pursuant to Section 2.05 or 6.02, (6) a fee of $.02 or
less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to
the Deposit Agreement, including, but not limited to Sections 4.01 through 4.04 hereof, (7) a fee
for the distribution of securities pursuant to Section 4.02, such fee being in an amount equal to
the fee for the execution and delivery of American Depositary Shares referred to above which would
have been charged as a result of the deposit of such securities (for

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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) a fee of $.02 or less per
American Depositary Share (or portion thereof) for depositary services, which will accrue on the
last day of each calendar year and which will be payable as provided in clause (9) below;
provided, however, that no fee will be assessed under this clause (8) if a fee was
charged pursuant to clause (6) above during that calendar year and (9) any other charge 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 CUFS 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, subject to Section 2.09 hereof, may own and deal in any class of securities of
the Issuer and its affiliates and in Receipts.

     SECTION 5.10 Retention of Depositary Documents.

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

     SECTION 5.11 Exclusivity.

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

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     SECTION 5.12 List of Restricted Securities Owners.

          From time to time, the Issuer shall provide to the Depositary a list setting forth, to the
actual knowledge of the Issuer, those persons or entities who beneficially
own Restricted Securities and the Issuer shall update that list on a regular basis. The
Issuer 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 Issuer and the Depositary 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 Receipts until the expiration of thirty days after notice of such amendment shall have
been given to the Owners of outstanding Receipts. Every Owner at the time any amendment so becomes
effective shall be deemed, by continuing to hold such Receipt, to consent and agree to such
amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any
amendment impair the right of the Owner of any Receipt to surrender such Receipt and receive
therefor the Deposited Securities represented thereby, except in order to comply with mandatory
provisions of applicable law.

     SECTION 6.02 Termination.

          The Depositary shall at any time at the direction of the Issuer terminate this Deposit
Agreement by mailing notice of such termination to the Owners of all

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Receipts then outstanding at
least 90 days prior to the date fixed in such notice for such termination. The Depositary may
likewise terminate this Deposit Agreement by mailing notice of such termination to the Issuer and
the Owners of all Receipts then outstanding if
at any time 90 days shall have expired after the Depositary shall have delivered to the Issuer
a written notice of its election to resign and a successor depositary shall not have been appointed
and accepted its appointment as provided in Section 5.04. On and after the date of termination,
the Owner of a Receipt will, upon (a) surrender of such Receipt at the Corporate Trust Office of
the Depositary, (b) payment of the fee of the Depositary for the surrender of Receipts referred to
in Section 2.05, and (c) payment of any applicable taxes or governmental charges, be entitled to
delivery, to him or upon his order, of the amount of Deposited Securities represented by the
American Depositary Shares evidenced by such Receipt. If any Receipts shall remain outstanding
after the date of termination, the Depositary thereafter shall discontinue the registration of
transfers of Receipts, shall suspend the distribution of dividends to the Owners thereof, and shall
not give any further notices or perform any further acts under this Deposit Agreement, except that
the Depositary shall continue to collect dividends and other distributions pertaining to Deposited
Securities, shall sell rights as provided in this Deposit Agreement, and shall continue to deliver
Deposited Securities, together with any dividends or other distributions received with respect
thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts
surrendered to the Depositary (after deducting, in each case, the fee of the Depositary for the
surrender of a Receipt, any expenses for the account of the Owner of such Receipt in accordance
with the terms and conditions of this Deposit Agreement, and any applicable taxes or governmental
charges). At any time after the expiration of one year from the date of termination, the
Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested
the net proceeds of any such sale, together with any other cash then held by it hereunder,
unsegregated and without liability for interest, for the pro rata benefit of the Owners of Receipts
which have not theretofore been surrendered, such Owners thereupon becoming

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general creditors of
the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be
discharged from all obligations under this Deposit Agreement, except to account for such net
proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender
of a Receipt, any expenses for the
account of the Owner of such Receipt in accordance with the terms and conditions of this
Deposit Agreement, and any applicable taxes or governmental charges). Upon the termination of this
Deposit Agreement, the Issuer shall be discharged from all obligations under this Deposit Agreement
except for its obligations to the Depositary under Sections 5.08 and 5.09 hereof.

ARTICLE 7. MISCELLANEOUS.

     SECTION 7.01 Counterparts.

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

     SECTION 7.02 No Third Party Beneficiaries.

          Notwithstanding any terms to the contrary hereof, 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 Holders and Owners as Parties; Binding Effect.

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

     SECTION 7.05 Notices.

          Any and all notices to be given to the Issuer 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 James Hardie Industries SE, Europa House, Second Floor, Harcourt
Centre, Harcourt Street, Dublin 2, Republic of Ireland, Attention:                      or any other
place to which the Issuer may have transferred its principal office.

          Any and all notices to be given to the Depositary shall be deemed to have been duly given if
in English and personally delivered or sent by mail or cable, telex or facsimile transmission
confirmed by letter, addressed to The Bank of New York 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.

          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
Receipts of the Depositary, or, if such Owner shall have filed with the Depositary a written
request that notices intended for such Owner be mailed to some other address, at the address
designated in such request.

          Delivery of a notice sent by mail or cable, telex or facsimile transmission shall be deemed to
be 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

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deposited, postage prepaid, in a
post-office letter box. The Depositary or the Issuer may, however, act upon any cable, telex or
facsimile transmission received by it, notwithstanding that such cable, telex or facsimile
transmission shall not subsequently be confirmed by letter as aforesaid.

     SECTION 7.06 Governing Law.

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

     SECTION 7.07 Compliance with U.S. Securities Laws.

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

     SECTION 7.08 Submission to Jurisdiction; Appointment of Agent for Service of Process.

          The Issuer hereby (i) irrevocably designates and appoints National Registered Agents, Inc.,
440 9th Avenue, 5th Floor, New York, New York 10001, as the Issuer’s
authorized agent upon which process may be served in any suit or proceeding arising out of or
relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or
this Agreement, (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 Issuer in any such suit or proceeding. The Issuer agrees to deliver, upon the
execution and delivery of this Deposit

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Agreement, a written acceptance by such agent of its
appointment as such agent. The Issuer 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 Agreement remains in force. In the event the Issuer fails
to continue such designation and appointment in full force and effect, the Issuer
hereby waives personal service of process upon it and consents that any such service of
process may be made by certified or registered mail, return receipt requested, directed to the
Issuer at its address last specified for notices hereunder, and service so made shall be deemed
completed five (5) days after the same shall have been so mailed.

     SECTION 7.09 Effective Date.

          The Issuer and the Depositary hereby agree that the effective date (the “Effective Date”) of
the Deposit Agreement shall be the date on which the Commission declares effective the
Post-Effective Amendment No. 2 to the Form F-6 Registration Statement to which this Deposit
Agreement is attached as Exhibit A(1).

     SECTION 7.10 Summary in Respect of CHESS and CUFS.

          The American Depositary Shares represent deposited CUFS. The Receipt shall contain the
following description of CHESS and CUFS:

          CHESS

          CHESS facilitates the transfer of legal title and settlement of market transactions in
Australia with an electronic subregister system. CHESS, which is operated by ASX Settlement and
Transfer Corporation Pty Limited (herein called ASTC), is the approved securities clearing house
(SCH) under s779B of the Australian Corporations Act 2001 (the “Australian Corporations Act”).
This allows legal title to equities to be validly transferred electronically by virtue of
provisions in the Australian Corporations Act and the SCH Business Rules.

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          Shares of the Issuer may be transferred and held indirectly in CHESS through the issue of
CUFS.

          CUFS

          CUFS are a unit of beneficial ownership in a security of a foreign issuer, registered in the
name of the depositary nominee. The depositary nominee for the Issuer
is CHESS Depositary Nominees Pty Limited (herein called the CUFS Depositary). The CUFS
Depositary is a subsidiary of Australian Stock Exchange Limited (herein called the ASX). The
principal executive office of the CUFS Depositary is located as of the date of the Deposit
Agreement at Level 8, 20 Bridge Street, Sydney NSW 2000, Australia.

          The Articles of Association of the Issuer contain certain provisions that are relevant to CUFS
holders, including, without limitation, any provisions therein relating to substantial
shareholdings and any provisions therein relating to a change in control of the Issuer. In
addition, the terms and conditions relating to CUFS are determined in accordance with the
Australian Corporations Act and the SCH Business Rules. Those principal terms and conditions are
briefly described as follows:

          (i) Title to CUFS

          Each CUFS represents a unit of beneficial ownership in one Share. Legal title to the
underlying Shares will be held by the CUFS Depositary on behalf and for the benefit of CUFS
holders.

          (ii) Voting

          CUFS holders are entitled to direct the CUFS Depositary as to how to exercise the voting
rights with respect to the underlying Shares represented by the CUFS.

          (iii) Economic Entitlements

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          CUFS holders are entitled to receive from the Issuer directly all dividends, bonus issues,
rights issues and any other economic entitlements in respect of the underlying Shares represented
by the CUFS as if they were the legal owners of the Shares.

          (iv) Fees

          The CUFS Depositary shall charge no fees or expenses to the CUFS holder for its services. In
the event fees or expenses are accrued in connection with the
services provided by the CUFS Depositary, such fees and expenses shall be paid by the Issuer
to the CUFS Depositary.

          (v) Immobilization of Shares

          The certificate issued to the CUFS Depositary as evidence of its legal title to Shares is held
by the Issuer for safekeeping. The CUFS Depositary may not create any interest (including a
security interest) which is inconsistent with its title to the Shares and the interests of the
holders of CUFS in respect of Shares unless authorized by the SCH Business Rules.

          (vi) Evidence of Ownership

          The holders of CUFS will not receive physical certificates. The Issuer will register the
Shares in the name of the CUFS Depositary and the CUFS Depositary will create uncertificated CUFS
holdings in the names of the holders. Statements of beneficial ownership will be issued to all
CUFS holders, including to the Custodian on behalf of holders of Receipts.

          CUFS holders who are sponsored by brokers or non-brokers that participate in CHESS will
receive periodic Holding Statements. The Custodian, as a sponsored CUFS holder, shall receive
periodic Holding Statements. SCH will issue the Holding Statements on behalf of the CUFS
Depositary. CUFS holders who are sponsored

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by the Issuer will receive uncertificated holding
statements from the Issuer’s Australian registry on behalf of the CUFS Depositary.

          (vii) Converting CUFS to Shares

          A holder of CUFS in CHESS who wishes to convert CUFS to Shares of the Issuer can do so by
instructing its sponsoring CHESS participant (ie, broker or non-broker participant). The
participant transmits a CHESS message to the Issuer’s registry instructing the registry to transfer
the Shares from the CUFS Depositary into the name of the holder. The transfer is effected by a
written instrument signed by the CUFS
Depositary, as transferor, and the CUFS holder, as transferee, to which instrument the Issuer
is a signatory or which instrument is served upon, or acknowledged by, the Issuer. The Issuer will
then record the holder as registered owner of the Shares on the shareholder register and will, if
required, issue a certificate to the holder.

          Holders of Shares who wish to convert Shares back to CUFS in CHESS, can do so by lodging the
Share certificate, if applicable, with their sponsoring CHESS participant and signing the seller
side of an Australian standard transfer form. The participant lodges the Share certificate and
transfer form with the Issuer’s registry and transmits a CHESS message to the Issuer’s registry
instructing the registry to establish a CHESS holding. The registry then transfers the securities
from the holder’s name into the name of the CUFS Depositary and establishes a CUFS holding in the
name of the holder. CHESS, on behalf of the CUFS Depositary, issues a Holding Statement to the
CUFS holders.

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          IN WITNESS WHEREOF, JAMES HARDIE INDUSTRIES SE and THE BANK OF NEW YORK MELLON have duly
executed this agreement as of the day and year first set forth above and all Owners shall become
parties hereto upon acceptance by them of Receipts issued in accordance with the terms hereof.

	 	 	 	 	 
	 	JAMES HARDIE INDUSTRIES SE

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 
	 	THE BANK OF NEW YORK MELLON,

as Depositary

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 

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Exhibit A to Deposit Agreement

	 	 	 	 	 
	No.

	 	 
	 	 
	 

	 	 	 	 
	 	 	AMERICAN DEPOSITARY SHARES
	 
	 	 	 	 
	 	 	(Each American Depositary Share represents five
(5) deposited CUFS)

THE BANK OF NEW YORK MELLON

AMERICAN DEPOSITARY RECEIPT

FOR CHESS UNITS OF FOREIGN SECURITIES

REPRESENTING ORDINARY SHARES OF

JAMES HARDIE INDUSTRIES SE

(INCORPORATED UNDER THE LAWS OF THE REPUBLIC OF IRELAND)

          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

representing deposited CHESS Units of Foreign Securities (herein called “CUFS”) of James Hardie
Industries SE, incorporated under the laws of the Republic of Ireland (herein called the
“Company”). At the date hereof, each American Depositary Share represents five (5) CUFS which are
either deposited or subject to deposit under the deposit agreement at the Australian office of
Australia and New Zealand Banking Group Limited (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

 

ARTICLE 8. THE DEPOSIT AGREEMENT.

          This American Depositary Receipt is one of an issue (herein called “Receipts”), all issued and
to be issued upon the terms and conditions set forth in the deposit agreement, dated as of
September 24, 2001, as amended and restated as of February 19, 2010, as further amended and
restated as of ______, 2010 (herein called the “Deposit Agreement”), by and 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 a Receipt agrees to become a party thereto and become bound
by all the terms and conditions thereof. The Deposit Agreement sets forth the rights of Owners and
holders of the Receipts and the rights and duties of the Depositary in respect of the CUFS
deposited thereunder and any and all other securities, property and cash from time to time received
in respect of such CUFS and held thereunder (such CUFS, securities, property, and cash are herein
called “Deposited Securities”). Copies of the Deposit Agreement are on file at the Depositary’s
Corporate Trust Office in New York City and at the office of the Custodian.

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

ARTICLE 9. SURRENDER OF RECEIPTS AND WITHDRAWAL OF CUFS.

          Upon surrender at the Corporate Trust Office of the Depositary of this Receipt, and upon
payment of the fee of the Depositary provided in this Receipt, and subject to the terms and
conditions of the Deposit Agreement, the Owner hereof is entitled to (i) with respect to the CUFS
or other uncertificated Deposited Securities held through CHESS evidenced by such Receipt, instruct
the Depositary to procure the electronic transfer through CHESS of such CUFS or such other
uncertificated Deposited

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Securities to an account in the name of the Owner or such other name as
the Owner may
direct and (ii) physical delivery, to or upon the order of such Owner, of any other Deposited
Securities at the time represented by the American Depositary Shares for which this Receipt is
issued. Delivery of such other Deposited Securities, if applicable, may be made by the delivery of
(a) certificates in the name of the Owner hereof or as ordered by him or by certificates properly
endorsed or accompanied by proper instruments of transfer to such Owner or as ordered by him and
(b) any other securities, property and cash to which such Owner is then entitled in respect of this
Receipt to such Owner or as ordered by him. 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. Notwithstanding any other provision of the Deposit Agreement or this Receipt, the
surrender of outstanding Receipts and withdrawal of Deposited Securities may be suspended only for
(i) temporary delays caused by closing the transfer books of the Depositary or the Company or the
deposit of Shares in connection with voting at a shareholders’ meeting, or the payment of
dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S.
or foreign laws or governmental regulations relating to the Receipts or to the withdrawal of the
Deposited Securities.

ARTICLE 10. TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF RECEIPTS.

          The transfer of this Receipt is registrable on the books of the Depositary at its Corporate
Trust Office by the Owner hereof in person or by a duly authorized attorney, upon surrender of this
Receipt properly endorsed for transfer or accompanied by proper instruments of transfer and funds
sufficient to pay any applicable transfer taxes and the expenses of the Depositary and upon
compliance with such regulations, if any, as the Depositary may establish for such purpose. This
Receipt may be split into other such

-3-

 

Receipts, or may be combined with other such Receipts into one Receipt, evidencing the same aggregate number of American Depositary Shares as the Receipt or
Receipts surrendered. As a condition precedent to the execution and delivery, registration of
transfer, split-up, combination, or surrender of any Receipt or withdrawal of any Deposited
Securities, the Depositary, the Company, the CUFS Depositary, the Custodian, or Registrar may
require payment from the depositor of CUFS or the presentor of the Receipt of a sum sufficient to
reimburse it for any tax or other governmental charge and any stock transfer or registration fee
with respect thereto (including any such tax or charge and fee with respect to CUFS being deposited
or withdrawn) and payment of any applicable fees as provided in this Receipt, may require the
production of proof satisfactory to it as to the identity and genuineness of any signature and may
also require compliance with any regulations the Depositary may establish consistent with the
provisions of the Deposit Agreement or this Receipt.

          The delivery of Receipts against deposits of CUFS generally or against deposits of particular
CUFS may be suspended, or the transfer of Receipts in particular instances may be refused, or the
registration of transfer of outstanding Receipts generally may be suspended, during any period when
the transfer books of the Depositary are closed, or if any such action is deemed necessary or
advisable by the Depositary, the Company, or the CUFS Depositary at any time or from time to time
because of any requirement of law or of any government or governmental body or commission, or under
any provision of the Deposit Agreement or this Receipt, or for any other reason, subject to Article
(22) hereof. Without limitation of the foregoing, the Depositary shall not knowingly accept for
deposit under the Deposit Agreement any CUFS if such CUFS, or the Shares underlying such CUFS,
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 CUFS or Shares as applicable.

-4-

 

ARTICLE 11. LIABILITY OF OWNER FOR TAXES.

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

ARTICLE 12. WARRANTIES OF DEPOSITORS.

          Every person depositing CUFS under the Deposit Agreement shall be deemed thereby to represent
and warrant that such CUFS are validly issued, fully paid, nonassessable and free of any
pre-emptive 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 CUFS and the sale of Receipts evidencing American Depositary Shares representing such CUFS by
that person are not restricted under the Securities Act of 1933. Such representations and
warranties shall survive the deposit of CUFS and issuance of Receipts.

ARTICLE 13. FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.

          Any person presenting CUFS for deposit or any Owner of a Receipt may be required from time to
time to file with the Depositary or the Custodian such proof of citizenship or residence, exchange
control approval, or such information relating to the registration on the CHESS Subregister, if
applicable, to execute such certificates and to make such representations and warranties, as the
Depositary may deem necessary or

-5-

 

proper. The Depositary may withhold the delivery or registration
of transfer of any Receipt or the distribution of any dividend or sale or distribution of rights or
of the proceeds thereof or the delivery of any Deposited Securities until such proof or other
information is filed or such certificates are executed or such representations and warranties made.
No CUFS shall be accepted for deposit unless accompanied by
evidence satisfactory to the Depositary that any necessary approval has been granted by any
applicable governmental body which is then performing the function of the regulation of currency
exchange.

ARTICLE 14. CHARGES OF DEPOSITARY.

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

          The following charges shall be incurred by any party depositing or withdrawing CUFS or by any
party surrendering Receipts or to whom Receipts are issued (including, without limitation, issuance
pursuant to a stock dividend or stock split declared by the Company or an exchange regarding the
Receipts or Deposited Securities or a distribution of Receipts pursuant to Section 4.03 of the
Deposit Agreement), whichever applicable: (1) taxes and other governmental charges, (2) such
registration fees as may from time to time be in effect for the registration of transfers of CUFS
generally on the CHESS Subregister and applicable to transfers of CUFS 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 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

-6-

 

to Section 4.05 of the Deposit Agreement, (5) a fee of
$5.00 or less per 100 American Depositary Shares (or portion thereof) for the execution and
delivery of Receipts pursuant to Sections 2.03, 4.03 or 4.04, and the surrender of Receipts
pursuant to Sections 2.05 or 6.02 of the Deposit Agreement, (6) a fee of $.02 or less per American
Depositary Share (or portion thereof) for any cash distribution made pursuant to the Deposit
Agreement including, but not limited to Sections 4.01 through 4.04 thereof, (7) a
fee for the distribution of securities pursuant to Section 4.02 of the Deposit Agreement, such
fee being in an amount equal to the fee for the execution and delivery of American Depositary
Shares referred to above which would have been charged as a result of the deposit of such
securities (for purposes of this clause 7 treating all such securities as if they were Shares) but
which securities are instead distributed by the Depositary to Owners, (8) a fee of $.02 or less per
American Depositary Share (or portion thereof) for depositary services, which will accrue on the
last day of each calendar year and which will be payable as provided in clause (9) below;
provided, however, that no fee will be assessed under this clause (8) if a fee was
charged pursuant to clause (6) above during that calendar year and (9) any other charge 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 CUFS 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, subject to Article (8) hereof, may own and deal in any class of securities of
the Company and its affiliates and in Receipts.

ARTICLE 15. PRE-RELEASE OF RECEIPTS.

          Notwithstanding Section 2.03 of the Deposit Agreement, the Depositary may execute and deliver
Receipts prior to the receipt of CUFS pursuant to Section 2.02 of

-7-

 

 the Deposit Agreement
(“Pre-Release”). The Depositary may, pursuant to Section 2.05 of the Deposit Agreement, deliver
CUFS upon the receipt and cancellation of Receipts which have been Pre-Released, whether or not
such cancellation is prior to the termination of such Pre-Release or the Depositary knows that such
Receipt has been Pre-Released. The Depositary may receive Receipts in lieu of CUFS in satisfactory
of a Pre-Release. Each Pre-Release will be (a) preceded or accompanied by a written representation
from the person to whom Receipts are to be delivered that such person, or
its customer, owns the CUFS or Receipts to be remitted, as the case may be, (b) at all times
fully collateralized with cash or such other collateral as the Depositary deems appropriate, (c)
terminable by the Depositary on not more than five (5) business days notice, and (d) subject to
such further indemnities and credit regulations as the Depositary deems appropriate. The number of
American Depositary Shares which are outstanding at any time as a result of Pre-Releases will not
normally exceed thirty percent (30%) of the CUFS deposited under the Deposit Agreement; provided,
however, that the Depositary reserves the right to change or disregard such limit from time to time
as it deems appropriate.

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

ARTICLE 16. TITLE TO RECEIPTS.

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

-8-

 

distribution of dividends or other distributions or to any
notice provided for in the Deposit Agreement and for all other purposes.

ARTICLE 17. VALIDITY OF RECEIPT.

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

ARTICLE 18. REPORTS; INSPECTION OF TRANSFER BOOKS.

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

          Such reports and communications will be available for inspection and copying at the public
reference facilities maintained by the Commission located at 100 F Street, N.E., Washington, D.C.
20549.

          The Depositary will make available for inspection by Owners of Receipts at its Corporate Trust
Office any reports and communications, including any proxy soliciting material, received from the
Company or the CUFS Depositary which are both (a) received by the Depositary and the Custodian as
the holder of the Deposited Securities or by the CUFS Depositary as the holder of Shares underlying
the CUFS and (b) made generally available to the holders of such Deposited Securities or of the
Shares underlying the CUFS by the Company or the CUFS Depositary. The Depositary shall also, upon
written request, send to the Owners of Receipts copies of such reports furnished by the Company
pursuant to the Deposit Agreement. Any such reports and communications,

-9-

 

including any such proxy
soliciting material, furnished to the Depositary by the Company shall be furnished in English.

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

ARTICLE 19. DIVIDENDS AND DISTRIBUTIONS.

          Whenever the Depositary shall receive any cash dividend or other cash distribution on any
Deposited Securities, the Depositary shall, if at the time of receipt
thereof any amounts received in a foreign currency can in the judgment of the Depositary be
converted on a reasonable basis into United States dollars transferable to the United States, and
subject to the Deposit Agreement, convert such dividend or distribution into Dollars if such cash
dividend or other cash distribution is not received in Dollars and shall distribute the amount thus
received (net of the fees of the Depositary as provided in the Deposit Agreement, if applicable) to
the Owners of Receipts entitled thereto, provided, however, that in the event that the Company, the
CUFS Depositary, the Custodian, or the Depositary shall be required to withhold and does withhold
from such cash dividend or such other cash distribution in respect of any Deposited Securities an
amount on account of taxes, the amount distributed to the Owners of the Receipts evidencing
American Depositary Shares representing such Deposited Securities shall be reduced accordingly.

          Subject to the provisions of Sections 4.11 and 5.09 of the Deposit Agreement, whenever the
Depositary shall receive any distribution other than a distribution described in Sections 4.01,
4.03 or 4.04 of the Deposit Agreement, the Depositary shall cause the securities or property
received by it to be distributed to the

-10-

 

Owners of Receipts entitled thereto, in any manner that the
Depositary may deem equitable and practicable for accomplishing such distribution; provided,
however, that if in the opinion of the Depositary such distribution cannot be made proportionately
among the Owners of Receipts entitled thereto, or if for any other reason the Depositary deems such
distribution not to be feasible, the Depositary may adopt such method as it may deem equitable and
practicable for the purpose of effecting such distribution, including, but not limited to, the
public or private sale of the securities or property thus received, or any part thereof, and the
net proceeds of any such sale (net of the fees of the Depositary as provided in Section 5.09 of the
Deposit Agreement) shall be distributed by the Depositary to the Owners of Receipts entitled
thereto as in the case of a distribution received in cash. Any distributions received by the
Depositary and not distributed to the
Owner entitled thereto or sold as provided in Section 4.02 of the Deposit Agreement shall be
deemed to Deposited Securities and shall be represented by such Owner’s Receipts.

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

-11-

 

Share shall thenceforth also represent the additional CUFS
distributed upon the Deposited Securities represented thereby.

          In the event that the Depositary determines that any distribution in property (including CUFS
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 CUFS 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.

ARTICLE 20. CONVERSION OF FOREIGN CURRENCY.

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

-12-

 

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

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

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

ARTICLE 21. RIGHTS.

          In the event that the Company shall offer or cause to be offered to the holders of any
Deposited Securities, or any securities of the Company represented by any Deposited Securities, any
rights to subscribe for additional Shares or any rights of any other nature, the Depositary shall
have discretion as to the procedure to be followed in making such rights available to any Owners or
in disposing of such rights on behalf of any Owners and making the net proceeds available to such
Owners or, if by the terms of such rights offering or for any other reason, the Depositary may not
either make such

-13-

 

rights available to any Owners or dispose of such rights and make the net proceeds
available to such Owners, then the Depositary shall allow the rights to lapse. If at the time of
the offering of any rights the Depositary determines in its discretion that it is
lawful and
feasible to make such rights available to all Owners or to certain Owners but not to other Owners,
the Depositary may distribute, to any Owner to whom it determines the distribution to be lawful and
feasible, in proportion to the number of American Depositary Shares held by such Owner, warrants or
other instruments therefor in such form as it deems appropriate.

          In circumstances in which rights would otherwise not be distributed, if an Owner of Receipts
requests the distribution of warrants or other instruments in order to exercise the rights
allocable to the American Depositary Shares of such Owner 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 relevant
security to be received upon the exercise of the rights, and upon payment of the fees of the
Depositary and any other charges as set forth in such warrants or other instruments, the Depositary
shall, on behalf of such Owner, exercise the rights and purchase the relevant security, and the
Company shall cause the relevant security, if Shares, to be delivered to the CUFS Depositary on
behalf of such Owner with instructions to issue CUFS representing such Shares and deliver them to
the Custodian. As agent for such Owner, the Depositary will cause the

-14-

 

Shares so purchased to be
deposited pursuant to Section 2.02 of the Deposit Agreement, and shall, pursuant to Section 2.03 of
the Deposit Agreement, execute and deliver Receipts to such Owner. In the case of a distribution
pursuant to the second paragraph of this Article, such Receipts shall be legended in accordance
with applicable U.S. laws, and shall be subject to the appropriate restrictions on sale, deposit,
cancellation and transfer under such laws.

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

          The Depositary will not offer rights to Owners unless both the rights and the securities to
which such rights relate are either exempt from registration under the Securities Act of 1933 with
respect to a distribution to Owners or are registered under the provisions of such Act. If an
Owner of Receipts requests distribution of warrants or other instruments, notwithstanding that
there has been no such registration under such Act, the Depositary shall not effect such
distribution unless it has received an opinion from 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.

-15-

 

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

ARTICLE 22. 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 any securities of the Company represented by any Deposited Securities, or whenever
for any reason the Depositary causes a change in the number of CUFS that are represented by each
American Depositary Share, or whenever the Depositary shall receive notice of any meeting of
holders of CUFS or the Shares underlying the CUFS or other Deposited Securities, the Depositary
shall fix a record date which date shall, to the extent practicable, be the same date as the record
date set with respect to the Shares, if any, (a) for the determination of the Owners of Receipts
who shall be (i) entitled to receive such dividend, distribution or rights or the net proceeds of
the sale thereof or (ii) entitled to give instructions for the exercise of voting rights at any
such meeting, or (b) on or after which each American Depositary Share will represent the changed
number of Shares, subject to the provisions of the Deposit Agreement.

ARTICLE 23. VOTING OF DEPOSITED SECURITIES.

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

-16-

 

exercise of the voting rights, if any, pertaining to the number of Shares
represented by CUFS 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.
Upon the written request of an Owner of a Receipt on such record date, received on or
before the
date established by the Depositary for such purpose (the “Instruction Date”), the Depositary shall
endeavor, in so far as practicable, to instruct, or cause the Custodian to instruct, the CUFS
Depositary to vote or cause to be voted, the Shares underlying the CUFS in accordance with the
instructions received by the Depositary from Owners. The Depositary shall not instruct, or cause
the Custodian to instruct, the CUFS Depositary to vote the Shares other than in accordance with
such Owner’s instructions.

          There can be no assurance that Owners generally or any Owner in particular will receive the
notice described in the preceding paragraph sufficiently prior to the Instruction Date to ensure
that the Depositary will have enough time to instruct the CUFS Depositary to vote or that the CUFS
Depositary will vote the Shares in accordance with the provisions set forth in the preceding
paragraph.

ARTICLE 24. CHANGES AFFECTING DEPOSITED SECURITIES.

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

-17-

 

and deliver additional Receipts as in the case of a distribution of Shares which
results in the issuance of CUFS, or call for the surrender of outstanding Receipts to be exchanged
for new Receipts specifically describing such new Deposited Securities.

ARTICLE 25. 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 of any Receipt, if by reason
of any provision of any present or future law or regulation of the United States or any other
country, or of any governmental or regulatory authority or stock exchange, or by reason of any
provision, present or future, of the Articles of Association of the Company, or by reason of any
act of God or war or other circumstances beyond its control, the Depositary or the Company or any
of their respective directors, employees, agents or affiliates shall be prevented 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 it is provided shall be done or performed; nor
shall the Depositary or the Company incur any liability to any Owner or holder of a Receipt by
reason of any non-performance or delay, caused as aforesaid, in the performance of any act or thing
which by the terms of the Deposit Agreement it is provided shall or may be done or performed, or by
reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit
Agreement. Where, by the terms of a distribution pursuant to Sections 4.01, 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 the Depositary assumes any obligation or shall be subject to any liability under the Deposit
Agreement to Owners or holders of Receipts, except that they agree to perform their obligations
specifically set forth in the Deposit

-18-

 

Agreement without negligence or bad faith. The Depositary
shall not be subject to any liability with respect to the validity or worth of the Deposited
Securities. Neither the Depositary nor the Company shall be under any obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or
in
respect of the Receipts, which in its opinion may involve it in expense or liability, unless
indemnity satisfactory to it against all expense and liability shall be furnished as often as may
be required, and the Custodian shall not be under any obligation whatsoever with respect to such
proceedings, the responsibility of the Custodian being solely to the Depositary. Neither the
Depositary nor the Company shall be liable for any action or nonaction by it in reliance upon the
advice of or information from legal counsel, accountants, any person presenting CUFS for deposit,
any Owner or holder of a Receipt, or any other person believed by it in good faith to be competent
to give such advice or information. The Depositary shall not be liable for any acts or omissions
made by a successor depositary whether in connection with a previous act or omission of the
Depositary or in connection with any matter arising wholly after the removal or resignation of the
Depositary, provided that in connection with the issue out of which such potential liability arises
the Depositary performed its obligations without negligence or bad faith while it acted as
Depositary. The Depositary shall not be responsible for any failure to carry out any instructions
to vote any of the Deposited Securities, or for the manner in which any such vote is cast or the
effect of any such vote, provided that any such action or nonaction is in good faith. The Company
agrees to indemnify the Depositary, its directors, employees, agents and affiliates and any
Custodian against, and
hold each of them harmless from, any liability or expense (including, but not limited to, the
fees and expenses of counsel) which may arise out of acts performed or omitted, in accordance with
the provisions of the Deposit Agreement and of the Receipts, as the same may be amended, modified
or supplemented from time to time, (i) by either the Depositary or a Custodian or their respective
directors, employees, agents and affiliates, except for any liability or expense arising out of the
negligence or bad faith of either of

-19-

 

them, or (ii) by the Company or any of its directors,
employees, agents and affiliates. No disclaimer of liability under the Securities Act of 1933 is
intended by any provision of the Deposit Agreement.

ARTICLE 26. RESIGNATION AND REMOVAL OF THE DEPOSITARY.

          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 written notice of
such removal, effective upon the later of (i) the 120th day after delivery of the notice
to the Depositary or (ii) the appointment of a successor depositary and its acceptance of such
appointment as provided in the Deposit Agreement. Whenever the Depositary in its discretion
determines that it is in the best interest of the Owners of Receipts to do so, it may appoint
substitute or additional custodian or custodians.

ARTICLE 27. AMENDMENT.

          The form of the Receipts and any provisions of the Deposit Agreement may at any time and from
time to time be amended by agreement between the Company and the Depositary in any respect which
they may deem necessary or desirable. 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 of Receipts, shall, however, not become
effective as to
outstanding Receipts until the expiration of thirty days after notice of such amendment shall
have been given to the Owners of outstanding Receipts. Every Owner of a Receipt at the time any
amendment so becomes effective shall be deemed, by continuing to hold such Receipt, to consent and
agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event
shall any amendment impair the right of the

-20-

 

Owner of any Receipt to surrender such Receipt and
receive therefor the Deposited Securities represented thereby, except in order to comply with
mandatory provisions of applicable law.

ARTICLE 28. TERMINATION OF DEPOSIT AGREEMENT.

          The Depositary shall at any time at the direction of the Company terminate the Deposit
Agreement by mailing notice of such termination to the Owners of all Receipts then outstanding at
least 90 days prior to the date fixed in such notice for such termination. The Depositary may
likewise terminate the Deposit Agreement by mailing notice of such termination to the Company and
the Owners of all Receipts then outstanding if at any time 90 days shall have expired after the
Depositary shall have delivered to the Company a written notice of its election to resign and a
successor depositary shall not have been appointed and accepted its appointment as provided in the
Deposit Agreement. On and after the date of termination, the Owner of a Receipt will, upon (a)
surrender of such Receipt at the Corporate Trust Office of the Depositary, (b) payment of the fee
of the Depositary for the surrender of Receipts referred to in Section 2.05 of the Deposit
Agreement and (c) payment of any applicable taxes or governmental charges, be entitled to delivery,
to him or upon his order, of the amount of Deposited Securities represented by the American
Depositary Shares evidenced by such Receipt. If any Receipts shall remain outstanding after the
date of termination, the Depositary thereafter shall discontinue the registration of transfers of
Receipts, shall suspend the distribution of dividends to the Owners thereof, and shall not give any
further notices or perform any further acts under the Deposit Agreement, except that the Depositary
shall continue to collect dividends and other distributions pertaining to Deposited Securities,
shall sell rights as provided in the Deposit Agreement, and shall continue to deliver
Deposited Securities, together with any dividends or other distributions received with respect
thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts
surrendered to the Depositary (after deducting, in each case, the fee of the Depositary for the
surrender of a Receipt, any expenses for the account of the

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Owner of such Receipt in accordance
with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental
charges). At any time after the expiration of one year from the date of termination, the
Depositary may sell the Deposited Securities then held under the Deposit Agreement and may
thereafter hold
uninvested the net proceeds of any such sale, together with any other cash then
held by it thereunder, unsegregated and without liability for interest, for the pro rata benefit of
the Owners of Receipts which have not theretofore been surrendered, such Owners thereupon becoming
general creditors of the Depositary with respect to such net proceeds. After making such sale, the
Depositary shall be discharged from all obligations under the Deposit Agreement, except to account
for such net proceeds and other cash (after deducting, in each case, the fee of the Depositary for
the surrender of a Receipt, any expenses for the account of the Owner of such Receipt in accordance
with the terms and conditions of the Deposit Agreement, and any applicable taxes or governmental
charges). Upon the termination of the Deposit Agreement, the Company shall be discharged from all
obligations under the Deposit Agreement except for its obligations to the Depositary under Sections
5.08 and 5.09 of the Deposit Agreement.

ARTICLE 29. COMPLIANCE WITH U.S. SECURITIES LAWS.

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

ARTICLE
30. SUBMISSION TO JURISDICTION; APPOINTMENT OF AGENT FOR SERVICE OF PROCESS.

          The Company hereby (i) irrevocably designates and appoints National Registered Agents, Inc.,
440 9th Avenue, 5th Floor, New York, New York 10001, as the Company’s
authorized agent upon which process may be served in any suit or proceeding

-22-

 

arising out of or
relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or
this Agreement, (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, upon the
execution and delivery of this Deposit Agreement, a written acceptance by such agent of its
appointment as such 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 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 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 (5) days after
the same shall have been so mailed.

ARTICLE 31. EFFECTIVE DATE.

          The Company and the Depositary agree that the effective date (the “Effective Date”) of the
Deposit Agreement shall be the date on which the Commission declares effective the Post-Effective
No. 2 to the Form F-6 Registration Statement to which the Deposit Agreement is attached as Exhibit
A(1).

ARTICLE 32. SUMMARY IN RESPECT OF CHESS AND CUFS.

          The American Depositary Shares represent deposited CUFS. The following is a summary
description of CHESS and CUFS:

CHESS

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          CHESS facilitates the transfer of legal title and settlement of market transactions in
Australia with an electronic subregister system. CHESS, which is operated by ASX Settlement and
Transfer Corporation Pty Limited (herein called ASTC), is the approved securities clearing house
(SCH) under s779B of the Australian Corporations Act 2001 (the “Australian Corporations Act”) This
allows legal title to
equities to be validly transferred electronically by virtue of provisions in
the Australians Corporation Law and the SCH Business Rules.

          Shares of the Company may be transferred and held indirectly in CHESS through the issue of
CUFS.

CUFS

          CUFS are a unit of beneficial ownership in a security of a foreign issuer, registered in the
name of the depositary nominee. The depositary nominee for the Company is CHESS Depositary Nominee
Pty Limited (herein called the CUFS Depositary). The CUFS Depositary is a subsidiary of Australian
Stock Exchange Limited (herein called the ASX). The principal executive office of the CUFS
Depositary is located as of the date of the Deposit Agreement at Level 8, 20 Bridge Street, Sydney
NSW 2000, Australia.

          The Articles of Association of the Company contain certain provisions that are relevant to
CUFS holders, including, without limitation, any provisions therein relating to substantial
shareholdings and any provisions therein relating to a change in control of the Company. In
addition, the terms and conditions relating to CUFS are determined in accordance with the
Australian Corporations Act and the SCH Business Rules. Those principal terms and conditions are
briefly described as follows:

               (i) Title to CUFS

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          Each CUFS represents a unit of beneficial ownership in one Share. Legal title to the
underlying Shares will be held by the CUFS Depositary on behalf and for the benefit of CUFS
holders.

               (ii) Voting

          CUFS holders are entitled to direct the CUFS Depositary as to how to exercise the voting
rights with respect to the underlying Shares represented by the CUFS.

               (iii) Economic Entitlements

          CUFS holders are entitled to receive from the Company directly all dividends, bonus issues,
rights issues and any other economic entitlements in respect of the underlying Shares represented
by the CUFS as if they were the legal owners of the underlying Shares.

               (iv) Fees

          The CUFS Depositary shall charge no fees or expenses to the CUFS holder for its services. In
the event fees or expenses are accrued in connection with the services provided by the CUFS
Depositary, such fees and expenses shall be paid by the Company to the CUFS Depositary.

               (v) Immobilization of Shares

          The certificate issued to the CUFS Depositary as evidence of its legal title to Shares is held
by the Company for safekeeping. The CUFS Depositary may not create any interest (including a
security interest) which is inconsistent with its title to the Shares and the interests of the
holders of CUFS in respect of Shares unless authorized by the SCH Business Rules.

               (vi) Evidence of Ownership

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          The holders of CUFS will not receive physical certificates. The Company will register the
Shares in the name of the CUFS Depositary and the CUFS Depositary will create uncertificated CUFS
holdings in the names of the investors. Statements of beneficial ownership will be issued to all
CUFS holders, including to the Custodian on behalf of holders of Receipts.

          CUFS holders who are sponsored by brokers or non-brokers that participate in CHESS will
receive periodic Holding Statements. The Custodian, as a sponsored CUFS holder, shall receive
periodic Holding Statements. SCH will issue the Holding Statements on behalf of the CUFS
Depositary. CUFS holders who are sponsored by the Company will receive uncertificated holding
statements from the Company’s Australian registry on behalf of the CUFS Depositary.

               (vii) Converting CUFS to Shares

          A holder of CUFS in CHESS who wishes to convert their CUFS to Shares of the Company can do so
by instructing its sponsoring CHESS participant (ie, broker or non-broker participant). The
participant transmits a CHESS message to the Company’s registry instructing the registry to
transfer the Shares from the CUFS Depositary into the name of the holder. The transfer is effected
by a written instrument signed by the CUFS Depositary, as transferor, and the CUFS holder, as
transferee, to which instrument the Company is a signatory or which instrument is served upon, or
acknowledged by, the Company. The Company will then record the holder as registered owner of the
Shares on the shareholder register and will, if required, issue a certificate to the holder.

          Holders of Shares who wish to convert Shares back to CUFS in CHESS, can do so by lodging the
Share certificate, if applicable, with their sponsoring CHESS participant and signing the seller
side of an Australian standard transfer form. The participant lodges the Share certificate and
transfer form with the Company’s registry and transmits a CHESS message to Company’s registry
instructing the registry to establish a

-26-

 

CHESS holding. The registry then transfers the securities
from the holder’s name into
the name of the CUFS Depositary and establishes a CUFS holding in the name of the holder.
CHESS, on behalf of the CUFS Depositary, issues a Holding Statement to the CUFS holders.

ARTICLE 33. UNCERTIFICATED AMERICAN DEPOSITARY SHARES; DTC DIRECT REGISTRATION SYSTEM.

          Notwithstanding anything to the contrary in the Deposit Agreement:

          (a) American Depositary Shares may be certificated securities evidenced by Receipts or
uncertificated securities. This Receipt summarizes the terms and conditions of, and is the
prospectus required under the Securities Act of 1933 for, both certificated and uncertificated
American Depositary Shares. Except for those provisions of the Deposit Agreement that by their
nature do not apply to uncertificated American Depositary Shares, all the provisions of the Deposit
Agreement shall apply, mutatis mutandis, to both certificated and uncertificated American
Depositary Shares.

          (b) (i) The term “deliver”, or its noun form, when used with respect to Receipts, shall mean
(A) book-entry transfer of American Depositary Shares to an account at The Depository Trust
Company, or its successor (“DTC”), designated by the person entitled to such delivery, evidencing
American Depositary Shares registered in the name requested by that person, (B) 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 (C) 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.

               (ii) The term “surrender”, when used with respect to Receipts, shall mean (A) one or more
book-entry transfers of American Depositary Shares to the

-27-

 

DTC account of the Depositary, (B)
delivery to the Depositary at its Corporate Trust Office of an instruction to surrender American
Depositary Shares not evidenced by a
Receipt or (C) surrender to the Depositary at its Corporate Trust Office of one or more
Receipts evidencing American Depositary Shares.

          (c) American Depositary Shares not evidenced by Receipts shall be transferable as
uncertificated registered securities under the laws of New York.

          (d) The Depositary shall have a duty to register a transfer, in the case of uncertificated
American Depositary Shares, upon receipt from the Owner of a proper instruction (including, for the
avoidance of doubt, instructions through DRS and Profile as provided in subsection (f) below). The
Depositary, upon surrender of a Receipt for the purpose of exchanging it for uncertificated
American Depositary Shares, shall cancel that Receipt and send the Owner a statement confirming
that the Owner is the owner of the same number of uncertificated American Depositary Shares that
the surrendered Receipt evidenced. The Depositary, upon receipt of a proper instruction (including,
for the avoidance of doubt, instructions through DRS and Profile as provided in subsection (f)
below) from the Owner of uncertificated American Depositary Shares for the purpose of exchanging
them for certificated American Depositary Shares, shall execute and deliver to the Owner a Receipt
evidencing the same number of certificated American Depositary Shares.

          (e) Upon satisfaction of the conditions for replacement of a Receipt that is mutilated, lost,
destroyed or stolen, the Depositary shall deliver to the Owner the American Depositary Shares
evidenced by that Receipt in uncertificated form unless otherwise requested by the Owner.

          (f) (i) 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

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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.

               (ii) 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 (i) above 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 5.3 and 5.8 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.

-29-

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